Vestis (VSTS) 10-Q 7 Aug 24 2024 Q3 Quarterly report Financial data

COVER

COVER - shares	9 Months Ended
	Jun. 28, 2024	Jul. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 28, 2024
Document Transition Report	false
Entity File Number	001-41783
Entity Registrant Name	Vestis Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	92-2573927
Entity Address, Address Line One	500 Colonial Center Parkway,
Entity Address, Address Line Two	Suite 140,
Entity Address, City or Town	Roswell,
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30076
City Area Code	470
Local Phone Number	226-3655
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	VSTS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		131,481,967
Current Fiscal Year End Date	--09-27
Document Fiscal Year Focus	2024
Entity Central Index Key	0001967649
Amendment Flag	false
Document Fiscal Period Focus	Q3

CONSOLIDATED AND COMBINED BALAN

CONSOLIDATED AND COMBINED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 28, 2024	Sep. 29, 2023
Current Assets:
Cash and cash equivalents	$ 29,098	$ 36,051
Receivables (net of allowances: $19,540 and $25,066)	409,926	392,916
Inventories, net	153,539	174,719
Rental merchandise in service, net	398,616	399,035
Other current assets	28,778	17,244
Total current assets	1,019,957	1,019,965
Property and Equipment, at cost:
Property and Equipment, at cost	1,736,942	1,696,609
Less - Accumulated depreciation	(1,081,039)	(1,032,078)
Total property and equipment, net	655,903	664,531
Goodwill	963,036	963,543
Other Intangible Assets, net	219,010	238,608
Operating Lease Right-of-use Assets	70,241	57,890
Other Assets	217,483	212,587
Total Assets	3,145,630	3,157,124
Current Liabilities:
Current maturities of long-term borrowings	8,000	26,250
Current maturities of financing lease obligations	29,701	27,659
Current operating lease liabilities	19,857	19,935
Accounts payable	150,542	134,498
Accrued payroll and related expenses	104,569	113,771
Accrued expenses and other current liabilities	117,123	73,412
Total current liabilities	429,792	395,525
Long-Term Borrowings	1,394,528	1,462,693
Noncurrent Financing Lease Obligations	111,930	105,217
Noncurrent Operating Lease Liabilities	57,707	46,084
Deferred Income Taxes	200,379	217,647
Other Noncurrent Liabilities	50,117	52,598
Total Liabilities	2,244,453	2,279,764
Commitments and Contingencies (see Note 9)
Equity:
Common stock, par value $0.01 per share, 350,000,000 shares authorized, 131,477,853 shares issued and outstanding as of June 28, 2024	1,315	0
Additional paid-in capital	925,077	0
Retained earnings	9,466	0
Net parent investment	0	908,533
Accumulated other comprehensive loss	(34,681)	(31,173)
Total Equity	901,177	877,360
Total Liabilities and Equity	3,145,630	3,157,124
Land, Buildings and Improvements
Property and Equipment, at cost:
Property and Equipment, at cost	582,758	585,797
Equipment
Property and Equipment, at cost:
Property and Equipment, at cost	$ 1,154,184	$ 1,110,812

CONSOLIDATED AND COMBINED BAL_2

CONSOLIDATED AND COMBINED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Jun. 28, 2024	Sep. 29, 2023
Statement of Financial Position [Abstract]
Receivables allowances	$ 19,540	$ 25,066
Common stock par value (in usd per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	350,000,000	350,000,000
Common stock issued (in shares)	131,477,853
Common stock outstanding (in shares)	131,477,853

CONSOLIDATED AND COMBINED STATE

CONSOLIDATED AND COMBINED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 698,248	$ 709,384	$ 2,121,539	$ 2,109,385
Operating Expenses:
Cost of services provided (exclusive of depreciation and amortization)	495,759	484,568	1,502,557	1,480,143
Depreciation and amortization	34,925	34,204	105,500	101,712
Selling, general and administrative expenses	130,041	124,245	385,307	367,396
Total Operating Expenses	660,725	643,017	1,993,364	1,949,251
Operating Income	37,523	66,367	128,175	160,134
Interest Expense and Other, net	(29,386)	(83)	(94,874)	268
Income Before Income Taxes	8,137	66,284	33,301	160,402
Provision for Income Taxes	3,100	17,421	10,033	41,216
Net Income	$ 5,037	$ 48,863	$ 23,268	$ 119,186
Earnings per share:
Basic (in usd per share)	$ 0.04	$ 0.37	$ 0.18	$ 0.91
Diluted (in usd per share)	$ 0.04	$ 0.37	$ 0.18	$ 0.91
Weighted Average Shares Outstanding:
Basic (in shares)	131,543	130,725	131,486	130,725
Diluted (in shares)	131,833	130,725	131,785	130,725

CONSOLIDATED AND COMBINED STA_2

CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net Income	$ 5,037	$ 48,863	$ 23,268	$ 119,186
Other Comprehensive Income, net of tax:
Foreign currency translation adjustments	(3,699)	1,223	(3,508)	7,011
Other Comprehensive (Loss) Income, net of tax	(3,699)	1,223	(3,508)	7,011
Comprehensive Income	$ 1,338	$ 50,086	$ 19,760	$ 126,197

CONSOLIDATED AND COMBINED STA_3

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net Income	$ 23,268	$ 119,186
Adjustments to reconcile Net Income to Net cash provided by operating activities:
Depreciation and amortization	105,500	101,712
Deferred income taxes	(10,166)	1,551
Share-based compensation expense	13,303	11,580
Asset write-down	980	7,698
Loss on disposals of property and equipment	618	0
Amortization of debt issuance costs	1,478	0
Loss on extinguishment of debt	3,883	0
Changes in operating assets and liabilities:
Receivables, net	(17,230)	(18,317)
Inventories, net	21,136	(25,183)
Rental merchandise in service, net	178	(1,207)
Other current assets	(6,230)	2,335
Accounts payable	14,471	(22,146)
Accrued expenses	54,511	(17,560)
Changes in other noncurrent liabilities	(16,900)	(1,440)
Changes in other assets	(10,932)	(6,845)
Other operating activities	(1,668)	(7,427)
Net cash provided by operating activities	176,200	143,937
Cash flows from investing activities:
Purchases of property and equipment and other	(50,787)	(52,641)
Disposals of property and equipment	0	10,968
Other investing activities	0	75
Net cash used in investing activities	(50,787)	(41,598)
Cash flows from financing activities:
Proceeds from long-term borrowings	798,000	0
Payments of long-term borrowings	(879,500)	0
Payments of financing lease obligations	(22,572)	(20,803)
Net cash distributions to Parent	(6,051)	(91,706)
Dividend payments	(9,199)	0
Debt issuance costs	(11,134)	0
Other financing activities	(1,853)	0
Net cash used in financing activities	(132,309)	(112,509)
Effect of foreign exchange rates on cash and cash equivalents	(57)	682
(Decrease) increase in cash and cash equivalents	(6,953)	(9,488)
Cash and cash equivalents, beginning of period	36,051	23,736
Cash and cash equivalents, end of period	$ 29,098	$ 14,248

CONSOLIDATED AND COMBINED STA_4

CONSOLIDATED AND COMBINED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($)		Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Net Parent Investment	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Sep. 30, 2022			0
Beginning balance at Sep. 30, 2022		$ 2,335,812,000	$ 0	$ 0	$ 0	$ 2,367,492,000	$ (31,680,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income		33,468,000				33,468,000
Net Transfers from (to) Parent		9,077,000				9,077,000
Other Comprehensive Income (Loss)		5,748,000					5,748,000
Ending balance (in shares) at Dec. 30, 2022			0
Ending balance at Dec. 30, 2022		2,384,105,000	$ 0	0	0	2,410,037,000	(25,932,000)
Beginning balance (in shares) at Sep. 30, 2022			0
Beginning balance at Sep. 30, 2022		2,335,812,000	$ 0	0	0	2,367,492,000	(31,680,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income		119,186,000
Other Comprehensive Income (Loss)		7,011,000
Ending balance (in shares) at Jun. 30, 2023			0
Ending balance at Jun. 30, 2023		2,381,882,000	$ 0	0	0	2,406,551,000	(24,669,000)
Beginning balance (in shares) at Dec. 30, 2022			0
Beginning balance at Dec. 30, 2022		2,384,105,000	$ 0	0	0	2,410,037,000	(25,932,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income		36,855,000				36,855,000
Net Transfers from (to) Parent		(48,068,000)				(48,068,000)
Other Comprehensive Income (Loss)		40,000					40,000
Ending balance (in shares) at Mar. 31, 2023			0
Ending balance at Mar. 31, 2023		2,372,932,000	$ 0	0	0	2,398,824,000	(25,892,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income		48,863,000				48,863,000
Net Transfers from (to) Parent		(41,136,000)				(41,136,000)
Other Comprehensive Income (Loss)		1,223,000					1,223,000
Ending balance (in shares) at Jun. 30, 2023			0
Ending balance at Jun. 30, 2023		2,381,882,000	$ 0	0	0	2,406,551,000	(24,669,000)
Beginning balance (in shares) at Sep. 29, 2023			0
Beginning balance at Sep. 29, 2023		$ 877,360,000	$ 0	0	0	908,533,000	(31,173,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with the Separation and reclassification of net parent investment (in shares)			131,200,000
Ending balance (in shares) at Sep. 30, 2023		131,200,000
Beginning balance (in shares) at Sep. 29, 2023			0
Beginning balance at Sep. 29, 2023		$ 877,360,000	$ 0	0	0	908,533,000	(31,173,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Separation-related adjustments		9,485,000				9,485,000
Issuance of common stock in connection with the Separation and reclassification of net parent investment (in shares)	[1]		131,225,000
Issuance of common stock in connection with the Separation and reclassification of net parent investment	[1]	0	$ 1,312,000	916,706,000		(918,018,000)
Net Income		12,266,000			12,266,000
Dividends Declared ($0.035 per common share)		(4,599,000)			(4,599,000)
Other Comprehensive Income (Loss)		6,640,000					6,640,000
Share-based compensation expense		4,716,000		4,716,000
Issuance of common stock upon exercise of stock options or awards of restricted stock units (in shares)			212,000
Issuance of common stock upon exercise of stock options or awards of restricted stock units		73,000	$ 2,000	71,000
Tax payments related to shares withheld for share based compensation plans		(1,783,000)		(1,783,000)
Ending balance (in shares) at Dec. 29, 2023			131,437,000
Ending balance at Dec. 29, 2023		904,158,000	$ 1,314,000	919,710,000	7,667,000	0	(24,533,000)
Beginning balance (in shares) at Sep. 29, 2023			0
Beginning balance at Sep. 29, 2023		877,360,000	$ 0	0	0	908,533,000	(31,173,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Separation-related adjustments		6,400,000
Net Income		23,268,000
Other Comprehensive Income (Loss)		$ (3,508,000)
Ending balance (in shares) at Jun. 28, 2024		131,477,853	131,478,000
Ending balance at Jun. 28, 2024		$ 901,177,000	$ 1,315,000	925,077,000	9,466,000	0	(34,681,000)
Beginning balance (in shares) at Dec. 29, 2023			131,437,000
Beginning balance at Dec. 29, 2023		904,158,000	$ 1,314,000	919,710,000	7,667,000	0	(24,533,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Separation-related adjustments		(3,079,000)				(3,079,000)
Issuance of common stock in connection with the Separation and reclassification of net parent investment		0		(3,079,000)		3,079,000
Net Income		5,965,000			5,965,000
Dividends Declared ($0.035 per common share)		(4,600,000)			(4,600,000)
Other Comprehensive Income (Loss)		(6,449,000)					(6,449,000)
Share-based compensation expense		4,731,000		4,731,000
Issuance of common stock upon exercise of stock options or awards of restricted stock units (in shares)			14,000
Issuance of common stock upon exercise of stock options or awards of restricted stock units		85,000	$ 1,000	84,000
Tax payments related to shares withheld for share based compensation plans		(100,000)		(100,000)
Ending balance (in shares) at Mar. 29, 2024			131,451,000
Ending balance at Mar. 29, 2024		900,711,000	$ 1,315,000	921,346,000	9,032,000	0	(30,982,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Separation-related adjustments		0
Net Income		5,037,000			5,037,000
Dividends Declared ($0.035 per common share)		(4,603,000)			(4,603,000)
Other Comprehensive Income (Loss)		(3,699,000)					(3,699,000)
Share-based compensation expense		3,856,000		3,856,000
Issuance of common stock upon exercise of stock options or awards of restricted stock units (in shares)			27,000
Tax payments related to shares withheld for share based compensation plans		$ (125,000)		(125,000)
Ending balance (in shares) at Jun. 28, 2024		131,477,853	131,478,000
Ending balance at Jun. 28, 2024		$ 901,177,000	$ 1,315,000	$ 925,077,000	$ 9,466,000	$ 0	$ (34,681,000)
[1]The issuance of common stock in connection with the Separation consists of 130.7 million shares of common stock distributed and 0.5 million shares contributed to an Aramark donor advised fund for charitable contributions.

CONSOLIDATED AND COMBINED STA_5

CONSOLIDATED AND COMBINED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) (Parenthetical) - $ / shares shares in Thousands			3 Months Ended
	May 23, 2024	Sep. 30, 2023	Jun. 28, 2024	Mar. 29, 2024	Dec. 29, 2023
Dividends declared per common share (in usd per share)	$ 0.035		$ 0.035	$ 0.035	$ 0.035
Common Stock
Shareholders received conversion ratio (in shares)		131,200			131,225	[1]
Common Stock | Distributed
Shareholders received conversion ratio (in shares)					130,700
Common Stock | Aramark donor advised fund
Shareholders received conversion ratio (in shares)		500			500
[1]The issuance of common stock in connection with the Separation consists of 130.7 million shares of common stock distributed and 0.5 million shares contributed to an Aramark donor advised fund for charitable contributions.

NATURE OF BUSINESS AND BASIS OF

NATURE OF BUSINESS AND BASIS OF PRESENTATION	9 Months Ended
	Jun. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF BUSINESS AND BASIS OF PRESENTATION	NATURE OF BUSINESS AND BASIS OF PRESENTATION: Vestis Corporation ("Vestis", the "Company", “we” or “us”) is a leading provider of uniforms and workplace supplies across the United States and Canada. The Company provides uniforms, mats, towels, linens, restroom supplies, first-aid supplies and safety products. The Company’s customer base participates in a wide variety of industries, including manufacturing, hospitality, retail, government, automotive, healthcare, food processing and pharmaceuticals. The Company serves customers ranging from small, family-owned operations with a single location to large corporations and national franchises with multiple locations. The Company’s customers value the uniforms and workplace supplies it delivers as its services and products can help them reduce operating costs, enhance their brand image, maintain a safe and clean workplace and focus on their core business. The Company leverages its broad footprint and its supply chain, delivery fleet and route logistics capabilities to serve customers on a recurring basis, typically weekly, and primarily through multi-year contracts. In addition, the Company offers customized uniforms through direct sales agreements, typically for large, regional or national companies. The Company manages and evaluates its business activities based on geography and, as a result, determined that its United States and Canada businesses are its operating segments. The Company’s operating segments are also its reportable segments. The United States and Canada reportable segments both provide a range of uniforms and workplace supplies programs. The Company’s uniforms business (“Uniforms”) generates revenue from the rental, servicing and direct sale of uniforms to customers, including the design, sourcing, manufacturing, customization, personalization, delivery, laundering, sanitization, repair and replacement of uniforms. The uniform options include shirts, pants, outerwear, gowns, scrubs, high visibility garments, particulate-free garments and flame-resistant garments, along with shoes and accessories. The Company’s workplace supplies business (“Workplace Supplies”) generates revenue from the rental and servicing of workplace supplies, including managed restroom supply services, first-aid supplies and safety products, floor mats, towels and linens. On September 30, 2023 (the "Distribution Date"), Aramark completed the previously announced spin-off of Vestis (the “Separation”). The Separation was completed through a distribution of the Company's common stock to holders of record of Aramark’s common stock as of the close of business on September 20, 2023 (the “Distribution”), which resulted in the issuance of approximately 131.2 million shares of common stock, which includes 0.5 million shares contributed to an Aramark donor advised fund for charitable contributions. Aramark stockholders of record received one share of Vestis common stock for every two shares of common stock, par value $0.01, of Aramark. As a result of the Separation, the Company became an independent public company. Our common stock is listed under the symbol “VSTS” on the NYSE. In connection with the Separation, the Company entered into or adopted several agreements that provide a framework for the relationship between the Company and Aramark. See Note 13. "Related Parties" for more information on these agreements. During the nine months ended June 28, 2024 , certain Separation-related adjustments were recorded which included a net increase in total equity of $6.4 million. These adjustments primarily consisted of: (a) cash transfers paid to Aramark of $6.1 million to settle transactions related to the Separation, and (b) adjustments to the Company's deferred income tax liabilities totaling a $12.7 million net increase. No Separation-related adjustments were recorded that impacted equity for the three months ended June 28, 2024. Basis of Presentation The Consolidated and Combined Financial Statements (the "Financial Statements") were prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) applicable to interim financial statements. The Financial Statements reflect the historical results of operations and comprehensive income for the three and nine months ended June 28, 2024 and June 30, 2023, the cash flows for the nine months ended June 28, 2024 and June 30, 2023, and the financial position as of June 28, 2024 and September 29, 2023 for the Company and are denominated in United States (“U.S.”) dollars. Prior to the Separation, the Company’s business functioned together with other Aramark businesses. The assets, liabilities, revenue and expenses of the Company prior to the Separation have been reflected as Combined Financial Statements on a historical cost basis, as included in the consolidated financial statements of Aramark, using the historical accounting policies applied by Aramark. Prior to the Separation, separate financial statements had not been prepared for the Company, and it had not operated as a standalone business from Aramark. The historical results of operations, financial position and cash flows of the Company prior to the Separation presented in these Combined Financial Statements may not be indicative of what they would have been had the Company actually been an independent standalone public company. Transactions between the Company and Aramark for the three and nine months ended June 30, 2023 have been included in the Combined Financial Statements and are considered related party transactions (see Note 13. "Related Parties") . After the Separation, Vestis became a standalone public company and the Consolidated Financial Statements were prepared in accordance with U.S. GAAP and pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in the Consolidated Financial Statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. These Consolidated and Combined Financial Statements reflect, in the opinion of management, all material adjustments (which include only normal recurring adjustments) necessary to fairly state, in all material respects, our financial position, results of operations and cash flows for the periods presented. All intercompany transactions and balances within the Company have been eliminated. It is suggested that these Consolidated and Combined Financial Statements be read in conjunction with the Combined Financial Statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 29, 2023. There have been no material changes in the accounting policies followed by the Company during the current fiscal year. New Accounting Standards Updates Adopted Standards (from most to least recent date of issuance) In September 2022, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU") to enhance the transparency of supplier finance programs, which may be referred to as reverse factoring, payables finance or structured payables arrangements. The guidance requires that a buyer in a supplier finance program disclose the program’s nature, activity and potential magnitude. The guidance was effective for the Company in the first quarter of fiscal 2024. The Company adopted the ASU prospectively and adoption of this guidance did not have an impact on the Consolidated Financial Statements. In October 2021, the FASB issued an ASU which requires that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Accounting Standards Codification 606, Revenue from Contracts with Customers as if it had originated the contracts. The guidance was effective for the Company in the first quarter of fiscal 2024. The Company adopted the ASU prospectively and adoption of this guidance did not have an impact on the Consolidated Financial Statements. Standards Not Yet Adopted (from most to least recent date of issuance) In December 2023, the FASB issued an ASU which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company’s annual periods beginning October 4, 2025, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently evaluating the ASU to determine its impact on the Company’s disclosures. In November 2023, the FASB issued an ASU which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The amendments will require public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker and included within segment profit and loss. The amendments are effective for the Company's annual periods beginning September 28, 2024, and interim periods beginning October 4, 2025, with early adoption permitted, and will be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures. Other new accounting pronouncements recently issued or newly effective were not applicable to the Company, did not have a material impact on the Consolidated and Combined Financial Statements or are not expected to have a material impact on the Consolidated and Combined Financial Statements. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the Consolidated and Combined Financial Statements and accompanying notes. The Company utilizes key estimates in preparing the financial statements including environmental estimates, goodwill, intangibles, insurance reserves, income taxes and long-lived assets. These estimates are based on historical information, current trends and information available from other sources. Actual results could materially differ from those estimates. Fair Value of Financial Assets and Financial Liabilities Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities recorded at fair value are classified based upon the level of judgment associated with the inputs used to measure their fair value. The hierarchical levels related to the subjectivity of the valuation inputs are defined as follows: • Level 1 —inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets • Level 2 —inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument • Level 3 —inputs to the valuation methodology are unobservable and significant to the fair value measurement Recurring Fair Value Measurements The Company’s financial instruments consist primarily of cash and cash equivalents, accounts receivable, accounts payable, financing leases, derivatives and borrowings. Management believes that the carrying value of cash and cash equivalents, accounts receivable, accounts payable, financing leases a nd borrowings are representative of their respective fair values. All derivatives are recognized as either assets or liabilities on the balan ce sheet at fair value at the end of each quarter (refer to Note 5. "Derivative Instruments" for additional information). Nonrecurring Fair Value Measurements The Company’s assets measured at fair value on a nonrecurring basis include long-lived assets, indefinite-lived intangible assets and goodwill. The Company reviews the carrying amounts of such assets at least annually or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Any resulting asset impairment would require that the asset be recorded at its fair value. The resulting fair value measurement of the assets are considered to be Level 3 measurements. Inventories Inventories are valued at the lower of cost (principally the first-in, first-out method) or net realizable value. The Company records valuation adjustments to its inventories if the cost of inventory on hand exceeds the amount it expects to realize from the ultimate sale or disposal of the inventory. These estimates are based on management’s judgment regarding future demand and market conditions and analysis of historical experience. As of June 28, 2024 and September 29, 2023, the Company’s reserve for inventory was approximately $15.8 million and $18.7 million, respectively. The inventory reserve is determined based on history and projected customer consumption and specific identification. The components of inventories are as follows (in thousands): June 28, September 29, Raw Materials $ 29,714 $ 35,332 Work in Process 1,735 1,104 Finished Goods 122,090 138,283 Inventories, net $ 153,539 $ 174,719 Rental merchandise in service Rental merchandise in service represents personalized work apparel, linens and other rental items in service. Rental merchandise in service is valued at cost less amortization, calculated using the straight-line method. Rental merchandise in service is amortized over its useful life, which primarily range from one During the three and nine months ended June 28, 2024, the Company recorded $81.2 million and $243.2 million, respectively, of amortization related to rental merchandise in service within “Cost of services provided (exclusive of depreciation and amortization)” on the Consolidated Statements of Income. During the three and nine months ended June 30, 2023, the Company recorded $87.1 million and $257.0 million, respectively, of amortization related to rental merchandise in service within “Cost of services provided (exclusive of depreciation and amortization)” on the Combined Statements of Income. Supplemental Cash Flow Information During the three and nine months ended June 28, 2024, the Company paid interest related to principal debt of $27.6 million and $79.7 million, respectively. During the three and nine months ended June 30, 2023, the Company did not have payments of interest as the Company did not have principal debt. During the three and nine months ended June 28, 2024, the Company paid cash for income taxes of $3.4 million and $18.9 million, respectively. During the three and nine months ended June 30, 2023, the Company received net cash refunds for income taxes of $1.1 million and $0.8 million, respectively.

SEVERANCE

SEVERANCE	9 Months Ended
	Jun. 28, 2024
Restructuring and Related Activities [Abstract]
SEVERANCE	SEVERANCE: In fiscal 2024, the Company approved headcount reductions to streamline and improve the efficiency and effectiveness of operational and administrative functions. As a result of these actions, severance charges of $1.0 million and $1.4 million were recorded within "Selling, general and administrative expenses" for the three and nine months ended June 28, 2024, respectively. Additionally, in fiscal 2023, the Company approved headcount reductions to streamline and improve the efficiency and effectiveness of operational and administrative functions. As a result of these actions, severance charges of $6.6 million were recorded within "Selling, general and administrative expenses" for the nine months ended June 30, 2023 . No severance charges were recorded for the three months ended June 30, 2023. As of June 28, 2024 and September 29, 2023, the Company had an accrual of approximately $0.9 million and $3.4 million, respectively, related to unpaid severance obligations.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	9 Months Ended
	Jun. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER INTANGIBLE ASSETS	GOODWILL AND OTHER INTANGIBLE ASSETS: Goodwill represents the excess of the fair value of consideration paid for an acquired entity over the fair value of assets acquired and liabilities assumed in a business combination. Goodwill is not amortized and is subject to an impairment test that is conducted annually or more frequently if a change in circumstances or the occurrence of events indicates that potential impairment exists, using discounted cash flows. Changes in total goodwill for our reporting units during the nine months ended June 28, 2024 are as follows (in thousands): September 29, Translation June 28, United States $ 896,237 $ — $ 896,237 Canada 67,306 (507) 66,799 Total $ 963,543 $ (507) $ 963,036 Other intangible assets consist of (in thousands): June 28, September 29, Gross Amount Accumulated Net Amount Gross Amount Accumulated Net Amount Customer relationship assets $ 383,841 $ (181,219) $ 202,622 $ 383,869 $ (161,773) $ 222,096 Trade names 16,388 — 16,388 16,512 — 16,512 $ 400,229 $ (181,219) $ 219,010 $ 400,381 $ (161,773) $ 238,608 Amortization of intangible assets for the three and nine months ended June 28, 2024 was approximately $6.4 million and $19.4 million, respectively. Amortization of intangible assets for the three and nine months ended June 30, 2023 was approximately $6.5 million and $19.5 million, respectively.

BORROWINGS

BORROWINGS	9 Months Ended
	Jun. 28, 2024
Debt Disclosure [Abstract]
BORROWINGS	BORROWINGS: Long-term borrowings, net, are summarized in the following table (in thousands): June 28, September 29, Senior secured term loan facility, due September 2025 $ — $ 800,000 Senior secured term loan facility, due September 2028 622,500 700,000 Senior secured term loan facility, due February 2031 798,000 — Total principal debt issued 1,420,500 1,500,000 Unamortized debt issuance costs (16,052) (11,057) Discounts (1,920) — Less - current portion (8,000) (26,250) Long-term borrowings, net of current portion $ 1,394,528 $ 1,462,693 On February 22, 2024 the Company entered into Amendment No. 1 to its Credit Agreement dated September 29, 2023 (the "Credit Agreement") and refinanced its $800 million Term Loan A-1 due September 2025 ("Term Loan A-1") with an $800 million Term Loan B-1 due February 2031 ("Term Loan B-1"). The Term Loan B-1 requires $2.0 million of principal payments each quarter until the maturity date, at which the remaining unpaid principal amount is due. The Term Loan B-1 interest rate for fiscal 2024 is at the Secured Overnight Financing Rate ("SOFR") plus 225 basis points and will adjust to SOFR plus 200 basis points once the Company reaches 3.30x Net Leverage as defined in the Credit Agreement. The Company recorded approximately $11.1 million of debt issuance costs related to Term Loan B-1 for the three months ended March 29, 2024, which are presented as a reduction of debt in the Consolidated Balance Sheet and are amortized as a component of interest expense over the term of the related debt using the effective interest method. The Company also incurred an original issue discount of $2.0 million upon the issuance of the Term Loan B-1 which is presented as a reduction of debt in the Consolidated Balance Sheet and is amortized as a component of interest expense over the term of the related debt using the effective interest method. In conjunction with Amendment No. 1 to the Credit Agreement and the repayment for Term Loan A-1, the Company recorded a $3.9 million non-cash loss during the three months ended March 29, 2024 for the write-off of unamortized debt issuance costs to "Interest Expense and Other, net" on the Consolidated Statements of Income. During the three and nine months ended June 28, 2024, the Company prepaid a principal amount of $15.0 million and $60.0 million , respectively, of its $700 million Term Loan A-2 due September 2028. The weighted-average interest rate for our senior secured term loan facilities was 7.68% for the nine months ended June 28, 2024. The carrying amounts of the Company’s senior secured term loan facilities approximate their fair value as the interest rates are variable and reflective of market rates. As of June 28, 2024, the re was $5.3 million of letters of credit outstanding leaving $294.7 million avail able for borrowing under the Company's revolving credit facility. At June 28, 2024, the Company was in compliance with all covenants under its credit facilities.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	9 Months Ended
	Jun. 28, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	DERIVATIVE INSTRUMENTS: Prior to the Separation, Aramark entered into contractual derivative arrangements to manage changes in market conditions related to exposure to fluctuating gasoline, diesel and natural gas fuel prices at the Company. These derivative arrangements transferred in-kind to the Company upon the execution of the Separation and Distribution Agreement between the Company and Aramark, which was effective upon the Separation on September 30, 2023. Derivative instruments utilized during the period include pay fixed/receive floating gasoline and diesel fuel agreements based on the Department of Energy weekly retail on-highway index, and pay fixed/receive floating natural gas fuel agreements based on the Henry Hub New York Mercantile Exchange index in order to limit the Company's exposure to price fluctuations for gasoline, diesel, and natural gas fuel mainly for the Company’s operations. All derivative instruments are recognized as either assets or liabilities on the Consolidated Balance Sheet as of June 28, 2024. The counterparties to the contractual derivative agreements are all major international financial institutions. The Company is exposed to credit loss in the event of nonperformance by these counterparties. The Company continually monitors its positions and the credit ratings of its counterparties, and does not anticipate nonperformance by the counterparties. The Company did not enter into any new derivative arrangements for the three and nine months ended June 28, 2024. The corresponding impact on earnings related to the contractual derivative arrangements have been recorded within the Consolidated Statement of Income for the three and nine months ended June 28, 2024. Additionally, prior to the Separation the impact on earnings related to the contractual derivative arrangements were allocated to the Company and recorded within the Combined Statement of Income for the three and nine months ended June 30, 2023. Derivatives not Designated in Hedging Relationships As of June 28, 2024, the Company had gasoline contracts for approximately 0.1 million gallons through June of fiscal 2024. The Company does not record its gasoline, diesel and natural gas fuel agreements as hedges for accounting purposes. The impact on earnings related to the change in fair value of these unsettled contracts was a gain of $0.1 million for the three months ended June 28, 2024 and a gain of $1.8 million for the three months ended June 30, 2023. The impact on earnings related to the change in fair value of these unsettled contracts was a gain of $0.1 million for the nine months ended June 28, 2024 and a gain of $0.5 million for the nine months ended June 30, 2023. As of June 28, 2024, the Company had $0.1 million of gasoline fuel agreements recorded within "Accrued expenses and other current liabilities" in the Consolidated Balance Sheet. The following table summarizes the location of realized and unrealized loss (gain) for the Company’s derivatives not designated as hedging instruments in the Consolidated and Combined Statements of Income (in thousands): Three months ended Income Statement Location June 28, June 30, Gasoline, diesel and natural fuel agreements Cost of services provided (exclusive of depreciation and amortization) $ 315 $ 758 Nine months ended Income Statement Location June 28, June 30, Gasoline, diesel and natural fuel agreements Cost of services provided (exclusive of depreciation and amortization) $ 2,588 $ 4,001

REVENUE RECOGNITION

REVENUE RECOGNITION	9 Months Ended
	Jun. 28, 2024
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION: Disaggregation of Revenue The following table presents revenue disaggregated by revenue source (in thousands): Three months ended Nine months ended June 28, June 30, June 28, June 30, United States: Uniforms $ 255,401 $ 265,281 $ 792,459 $ 803,977 Workplace Supplies 381,438 381,122 1,139,677 1,117,089 Total United States 636,839 646,403 1,932,136 1,921,066 Canada: Uniforms $ 23,603 $ 25,330 $ 73,831 $ 76,044 Workplace Supplies 37,806 37,651 115,572 112,275 Total Canada 61,409 62,981 189,403 188,319 Total Revenue $ 698,248 $ 709,384 $ 2,121,539 $ 2,109,385 Revenue Recognition Policy The Company generates and recognizes approximately 93% of its total revenue from route servicing contracts on both Uniforms, which the Company generally manufactures, and Workplace Supplies, such as mats, towels, and linens that are procured from third-party suppliers. Revenue from these contracts represent a single-performance obligation and are recognized over time as services are performed based on the nature of services provided and contractual rates (output method). The Company generates its remaining revenue primarily from the direct sale of uniforms to customers, with such revenue being recognized when the Company’s performance obligation is satisfied, typically upon the transfer of control of the promised product to the customer. Revenue is recognized in an amount that reflects the consideration the Company expects to be entitled to in exchange for the services or products described above and is presented net of sales and other taxes we collect on behalf of governmental authorities. Certain customer route servicing contracts include terms and conditions that include components of variable consideration, which are typically in the form of consideration paid to a customer based on performance metrics specified within the contract. Some contracts provide for customer discounts or rebates that can be earned through the achievement of specified volume levels. Each component of variable consideration is earned based on the Company’s actual performance during the measurement period specified within the contract. To determine the transaction price, the Company estimates the variable consideration using the most likely amount method, based on the specific contract provisions and known performance results during the relevant measurement period. When assessing if variable consideration should be limited, the Company evaluates the likelihood of whether uncontrollable circumstances could result in a significant reversal of revenue. The Company’s performance period generally corresponds with the monthly invoice period. No significant constraints on the Company’s revenue recognition were applied during the three and nine months ended June 28, 2024 or three and nine months ended June 30, 2023. The Company reassesses these estimates during each reporting period. The Company maintains a liability for these discounts and rebates within “Accrued expenses and other current liabilities” on the Consolidated and Combined Balance Sheets. Variable consideration can also include consideration paid to a customer at the beginning of a contract. This type of variable consideration is capitalized as an asset (in “Other Assets” on the Consolidated and Combined Balance Sheets) and is amortized over the life of the contract as a reduction to revenue in accordance with the accounting guidance for revenue recognition. Contract Balances The Company defers sales commissions earned by its sales force that are considered to be incremental and recoverable costs of obtaining a contract. The deferred costs are amortized using the portfolio approach on a straight-line basis over the average period of benefit, approximately nine years, and are assessed for impairment on a periodic basis. Determination of the amortization period and the subsequent assessment for impairment of the contract cost asset requires judgment. The Company expenses sales commissions as incurred if the amortization period is one year or less. As of June 28, 2024 and September 29, 2023, the Company has $106.0 million and $104.4 million, respectively, of employee sales commissions recorded as assets within “Other Assets” on the Company’s Consolidated and Combined Balance Sheets. During the three and nine months ended June 28, 2024, the Company recorded $5.3 million and $15.8 million, respectively, of expense related to employee sales commissions within “Selling, general and administrative expenses” on the Consolidated Statements of Income. During the three and nine months ended June 30, 2023, the Company recorded $5.2 million and $15.0 million, respectively, of expense related to employee sales commissions within “Selling, general and administrative expenses” on the Combined Statements of Income.

LEASES

LEASES	9 Months Ended
	Jun. 28, 2024
Leases [Abstract]
LEASES	LEASES: The Company has lease arrangements primarily related to real estate, vehicles and equipment. Finance leases primarily relate to vehicles. The Company assesses whether an arrangement is a lease, or contains a lease, upon inception of the related contract. A right-of-use asset and corresponding lease liability are not recorded for leases with an initial term of 12 months or less (“short-term leases”). Variable lease payments, which primarily consist of real estate taxes, common area maintenance charges, insurance costs and other operating expenses, are not included in the operating lease right-of-use asset or operating lease liability balances and are recognized in the period in which the expenses are incurred. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain they will be exercised or not, respectively. Options to extend lease terms that are reasonably certain of exercise are recognized as part of the operating lease right-of-use asset and operating lease liability balances. The Company is required to discount its future minimum lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate. The Company uses a portfolio approach to determine the incremental borrowing rate based on the geographic location of the lease and the remaining lease term. The incremental borrowing rate is calculated using a base line rate plus an applicable margin. The following table summarizes operating lease costs, consisting of fixed lease costs, variable lease costs and short-term lease costs. Additionally, the table summarizes finance lease costs, consisting of amortization of right-of-use asset and interest on lease liabilities (in thousands): Three months ended Nine months ended June 28, June 30, June 28, June 30, Lease costs: Operating lease costs $ 11,019 $ 10,150 $ 31,748 $ 31,034 Finance lease costs $ 9,522 $ 8,488 $ 27,635 $ 25,508 Supplemental cash flow information related to leases for the period reported is as follows (in thousands): Nine months ended June 28, June 30, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 18,169 $ 18,209 Operating cash flows from finance leases 4,241 3,072 Financing cash flows from finance leases 22,572 20,803 Lease assets obtained in exchange for lease obligations: Operating leases $ 27,004 $ 10,440 Finance leases 31,906 25,704 Other information related to the operating lease right-of-use assets, net and operating lease liabilities was as follows (in thousands): June 28, September 29, Weighted average remaining lease term (in years) Operating leases 5.8 4.7 Finance leases 5.7 5.7 Weighted average discount rate Operating leases 5.7 % 4.4 % Finance leases 4.5 % 4.3 % Future minimum lease payments under non-cancelable leases as of June 28, 2024 are as follows (in thousands): Operating leases Finance leases Total 2024 (remaining three months) $ 3,412 $ 9,396 $ 12,808 2025 20,052 34,830 54,882 2026 17,158 30,574 47,732 2027 13,667 26,104 39,771 2028 10,162 21,797 31,959 Thereafter 32,558 39,020 71,578 Total future minimum lease payments $ 97,009 $ 161,721 $ 258,730 Less: Interest (19,445) (20,090) (39,535) Present value of lease liabilities $ 77,564 $ 141,631 $ 219,195
LEASES	LEASES: The Company has lease arrangements primarily related to real estate, vehicles and equipment. Finance leases primarily relate to vehicles. The Company assesses whether an arrangement is a lease, or contains a lease, upon inception of the related contract. A right-of-use asset and corresponding lease liability are not recorded for leases with an initial term of 12 months or less (“short-term leases”). Variable lease payments, which primarily consist of real estate taxes, common area maintenance charges, insurance costs and other operating expenses, are not included in the operating lease right-of-use asset or operating lease liability balances and are recognized in the period in which the expenses are incurred. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain they will be exercised or not, respectively. Options to extend lease terms that are reasonably certain of exercise are recognized as part of the operating lease right-of-use asset and operating lease liability balances. The Company is required to discount its future minimum lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate. The Company uses a portfolio approach to determine the incremental borrowing rate based on the geographic location of the lease and the remaining lease term. The incremental borrowing rate is calculated using a base line rate plus an applicable margin. The following table summarizes operating lease costs, consisting of fixed lease costs, variable lease costs and short-term lease costs. Additionally, the table summarizes finance lease costs, consisting of amortization of right-of-use asset and interest on lease liabilities (in thousands): Three months ended Nine months ended June 28, June 30, June 28, June 30, Lease costs: Operating lease costs $ 11,019 $ 10,150 $ 31,748 $ 31,034 Finance lease costs $ 9,522 $ 8,488 $ 27,635 $ 25,508 Supplemental cash flow information related to leases for the period reported is as follows (in thousands): Nine months ended June 28, June 30, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 18,169 $ 18,209 Operating cash flows from finance leases 4,241 3,072 Financing cash flows from finance leases 22,572 20,803 Lease assets obtained in exchange for lease obligations: Operating leases $ 27,004 $ 10,440 Finance leases 31,906 25,704 Other information related to the operating lease right-of-use assets, net and operating lease liabilities was as follows (in thousands): June 28, September 29, Weighted average remaining lease term (in years) Operating leases 5.8 4.7 Finance leases 5.7 5.7 Weighted average discount rate Operating leases 5.7 % 4.4 % Finance leases 4.5 % 4.3 % Future minimum lease payments under non-cancelable leases as of June 28, 2024 are as follows (in thousands): Operating leases Finance leases Total 2024 (remaining three months) $ 3,412 $ 9,396 $ 12,808 2025 20,052 34,830 54,882 2026 17,158 30,574 47,732 2027 13,667 26,104 39,771 2028 10,162 21,797 31,959 Thereafter 32,558 39,020 71,578 Total future minimum lease payments $ 97,009 $ 161,721 $ 258,730 Less: Interest (19,445) (20,090) (39,535) Present value of lease liabilities $ 77,564 $ 141,631 $ 219,195

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Jun. 28, 2024
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION: The following table summarizes the share-based compensation expense and related information for Time-Based Options (“TBOs”), Time-Based Restricted Stock Units (“RSUs”), Performance Stock Units (“PSUs”), Deferred Stock Units ("DSUs") and Employee Stock Purchase Plan (“ESPP”) classified as “Selling, general and administrative expenses” on the Consolidated and Combined Statements of Income (in thousands). Three months ended Nine months ended June 28, June 30, June 28, June 30, TBOs $ 1,015 $ 338 $ 3,201 $ 938 RSUs 1,704 2,176 5,216 6,499 PSUs 1,137 281 3,439 715 DSUs — — 1,447 — ESPP — — — 597 $ 3,856 $ 2,795 $ 13,303 $ 8,749 During the third quarter of fiscal 2024, the Company granted 29,116 R SUs with a weighted-average grant-date fair value per unit of $17.22 that vest from one Shares Granted (in thousands) Weighted-Average Grant-Date Fair Value TBOs 1,768 $ 6.53 RSUs 427 $ 18.59 PSUs 661 $ 17.88 DSUs 85 $ 17.01 Total 2,941

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Jun. 28, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES: From time to time, the Company and its subsidiaries are a party to various legal actions, proceedings and investigations involving claims incidental to the conduct of their business or otherwise related to the Company, including actions by customers, employees, government entities and third parties, including under federal, state, international, national, provincial and local employment laws, wage and hour laws, discrimination laws, immigration laws, human health and safety laws, import and export controls and customs laws, environmental laws, false claims or whistleblower statutes, tax codes, antitrust and competition laws, customer protection statutes, procurement regulations, intellectual property laws, supply chain laws, the Foreign Corrupt Practices Act and other anti-corruption laws, lobbying laws, motor carrier safety laws, data privacy and security laws, or alleging negligence and/or breaches of contractual and other obligations. Based on information currently available, advice of counsel, available insurance coverage, established reserves and other resources, except as set forth below with respect to the shareholder class action lawsuits and shareholder derivative action lawsuit, the Company does not believe that any such actions are likely to be, individually or in the aggregate, material to its business, financial condition, results of operations or cash flows. However, in the event of unexpected further developments, it is possible that the ultimate resolution of these matters, or other similar matters, if unfavorable, may be materially adverse to the Company’s business, financial condition, results of operations or cash flows. The Company is involved with environmental investigation and remediation activities at certain sites that it currently or formerly owned or operated or to which it sent waste for disposal (including sites which were previously owned and/or operated by businesses acquired by the Company or sites to which such businesses sent waste for disposal). The Company initially provides for estimated costs of environmental-related activities relating to its past operations and third-party sites for which commitments or clean-up plans have been developed and when such costs can be reasonably estimated based on industry standards and professional judgment. These estimated costs, which are mostly undiscounted, are determined based on currently available facts regarding each site. If the reasonably estimable costs can only be identified as a range and no specific amount within that range can be determined more likely, the minimum of the range is used. The Company continuously assesses its potential liability for investigation and remediation-related activities and adjusts its environmental-related accruals as information becomes available upon which more accurate costs can be reasonably estimated. As of June 28, 2024 and September 29, 2023, the Company has $7.2 million and $6.8 million, respectively, recorded as liabilities within “Accrued expenses and other current liabilities” and $15.2 million and $17.3 million, respectively, recorded as liabilities within “Other Noncurrent Liabilities” on the Company’s Consolidated and Combined Balance Sheets. The Company records the fair value of a liability for an asset retirement obligation both as an asset and a liability when there is a legal obligation associated with the retirement of a tangible long-lived asset and the liability can be reasonably estimated. The Company has identified certain conditional asset retirement obligations at various current and closed facilities. These obligations relate primarily to asbestos abatement, underground storage tank closures and restoration of leased properties to the original condition. Using investigative, remediation and disposal methods that are currently available to the Company, the estimated costs of these obligations were accrued. As of June 28, 2024 and September 29, 2023, the Company has $12.9 million and $12.3 million, respectively, recorded as liabilities within “Other Noncurrent Liabilities” on the Company’s Consolidated and Combined Balance Sheets. On May 13, 2022, Cake Love Co. (“Cake Love”) commenced a putative class action lawsuit against AmeriPride Services, LLC (“AmeriPride”), a subsidiary of Vestis, in the United States District Court for the District of Minnesota. The lawsuit was subsequently updated to add an additional named plaintiff, Q-Mark Manufacturing, Inc. (“Q-Mark” and, together with Cake Love, the “Plaintiffs”). Plaintiffs allege that the defendants increased certain pricing charged to members of the purported class without the proper notice required by service agreements between AmeriPride and members of the purported class and that AmeriPride breached the duty of good faith and fair dealing. Plaintiffs seek damages on behalf of the purported class representing the amount of the allegedly improperly noticed price increases along with attorneys’ fees, interest and costs. In the current quarter, the parties reached a settlement in principle, subject to court approval. The settlement includes, among other terms, a monetary component of $3.1 million. The full amount of the proposed settlement has been provided for in the Consolidated and Combined Financial Statements. On April 19, 2024, Consolidated Mills Supply, Inc., operating as Vestis Group, an entity involved in the food ingredients business, provided a notice to the Company alleging trademark infringement based on the Company's use of the “Vestis” trademark and logo. On April 30, 2024, the United States Patent and Trademark Office granted the Company three federal trademark registrations for the Company's “Vestis” trademarks and its associated logos for use in connection with several classes of goods and services that the Company offers to its customers. On April 30, 2024, the Company responded to Consolidated Mills Supply denying any trademark infringement. Based on continued discussions, the Company does not believe this matter will have a material effect on its business, financial condition or results of operations. With respect to the below matters, the Company cannot predict the outcome of these legal matters, nor can it predict whether any outcome may be materially adverse to its business, financial condition, results of operations or cash flows. The Company intends to vigorously defend these matters. On May 17, 2024, a purported Vestis shareholder commenced a putative class action lawsuit against Vestis and certain of its officers, in the United States District Court for the Northern District of Georgia, captioned Plumbers, Pipefitters and Apprentices Local No. 112 Pension Fund v. Vestis Corporation, et al., Case No. 1: 24-cv-02175-SDG. The lawsuit is purportedly brought on behalf of purchasers of Vestis’ common stock between October 2, 2023 and May 1, 2024, inclusive. The complaint alleges claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, based on allegedly false or misleading statements generally related to the Company’s business and operations, pricing practices, and financial results and outlook. The lawsuit seeks unspecified damages and other relief. On July 16, 2024, multiple shareholders moved to be appointed lead plaintiff. The Court has not yet ruled on those motions. On June 4, 2024, a purported Vestis shareholder commenced a putative class action lawsuit against Vestis, in the Court of Chancery of the State of Delaware, captioned O’Neill v. Vestis Corp., Case No. 2024-0600-JTL . The lawsuit is purportedly brought on behalf of Vestis shareholders. The complaint alleges a single claim for declaratory judgment, seeking to invalidate and void Section II.5(d) of Vestis’ Amended and Restated Bylaws, effective September 29, 2023. On July 10, 2024, a purported Vestis shareholder commenced a derivative action against Vestis’ directors and certain of its officers, in the United States District Court for the Northern District of Georgia, captioned Hollin v. Scott, et al., Case No. 1:

BUSINESS SEGMENTS

BUSINESS SEGMENTS	9 Months Ended
	Jun. 28, 2024
Segment Reporting [Abstract]
BUSINESS SEGMENTS	BUSINESS SEGMENTS: The Company manages and evaluates its business activities based on geography and, as a result, determined that its United States and Canada businesses are its operating segments. The United States and Canada operating segments both provide a full range of uniform programs, managed restroom supply services and first-aid and safety products, as well as ancillary items such as floor mats, towels and linens. The Company’s operating segments are also its reportable segments. Corporate includes administrative expenses not specifically allocated to an individual segment. The Company evaluates the performance of each operating segment based on several factors of which the primary financial measure is operating income. Financial information by segment is as follows (in thousands): Three months ended Nine months ended Revenue June 28, June 30, June 28, June 30, United States $ 636,839 $ 646,403 $ 1,932,136 $ 1,921,066 Canada 61,409 62,981 189,403 188,319 Total Revenue $ 698,248 $ 709,384 $ 2,121,539 $ 2,109,385 Three months ended Nine months ended Operating Income June 28, June 30, June 28, June 30, United States $ 64,520 $ 84,102 $ 209,796 $ 216,114 Canada 1,293 3,284 6,824 10,173 Total Segment Operating Income 65,813 87,386 216,620 226,287 Corporate (28,290) (21,019) (88,445) (66,153) Total Operating Income $ 37,523 $ 66,367 $ 128,175 $ 160,134 Three months ended Nine months ended Reconciliation to Income Before Income Taxes June 28, June 30, June 28, June 30, Total Operating Income $ 37,523 $ 66,367 $ 128,175 $ 160,134 Interest Expense and Other, net (29,386) (83) (94,874) 268 Income Before Income Taxes $ 8,137 $ 66,284 $ 33,301 $ 160,402

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Jun. 28, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE: Basic earnings per share is computed using the weighted average number of common shares outstanding during the periods presented. Diluted earnings per share is computed using the weighted average number of common shares outstanding adjusted to include the potentially dilutive effect of stock awards. On September 30, 2023, the Company separated from Aramark. As referenced in Note 1. "Nature of Business and Basis of Presentation", the Separation resulted in the initial issuance of approximately 131.2 million shares of Vestis common stock. For purposes of computing basic and diluted earnings per common share for the three and nine months ended June 30, 2023, the number of Vestis common shares issued upon completion of the Separation were used to reflect the outstanding shares. The following table sets forth the computation of basic and diluted earnings per share attributable to the Company's stockholders (in thousands, except per share data): Three months ended Nine months ended June 28, June 30, June 28, June 30, Earnings: Net Income $ 5,037 $ 48,863 $ 23,268 $ 119,186 Shares: Basic weighted-average shares outstanding 131,543 130,725 131,486 130,725 Effect of dilutive securities 290 — 299 — Diluted weighted-average shares outstanding 131,833 130,725 131,785 130,725 Basic Earnings Per Share $ 0.04 $ 0.37 $ 0.18 $ 0.91 Diluted Earnings Per Share $ 0.04 $ 0.37 $ 0.18 $ 0.91 Antidilutive securities (1) 2,932 — 2,165 — __________________ (1) Diluted earnings per share excludes certain shares issuable under share-based compensation plans because the effect would have been antidilutive.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Jun. 28, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES: The Company’s operations were included in Aramark’s U.S. federal and state tax returns for taxable periods through the Company’s Separation from Aramark on September 30, 2023. With respect to such taxable periods, income taxes on the Company’s financial statements were calculated on a separate tax return basis. Beginning after the Separation, the Company is filing tax returns separate from Aramark, and its deferred taxes and effective tax rates may differ from those of the historical periods. The Company's effective tax rate was 38.1% and 26.3% for the three months ended June 28, 2024 and June 30, 2023, respectively. For the nine months ended June 28, 2024 and June 30, 2023, the Company's effective tax rate was 30.1% and 25.7%, respectively. The Company’s effective tax rate for the nine months ended June 28, 2024 was higher than the U.S. statutory rate primarily due to state taxes, permanent book/tax differences, and international operations in jurisdictions with higher income tax rates. For the nine months ended June 30, 2023, the Company’s effective tax rate was higher than the U.S. statutory rate primarily due to state taxes and permanent book/tax differences. In connection with the Separation, the Company's net deferred tax liabilities decreased by $8.5 million, primarily related to shared-based compensation, inventoriable costs and tax attributes that were not part of the Company while consolidated with Aramark. The total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate was approximately $0.2 million as of June 28, 2024 and $4.4 million as of September 29, 2023. Our unrecognized benefits with respect to our uncertain tax positions decreased by $4.2 million as these remained the obligation of Aramark under the Tax Matters Agreement. The amount of accrued interest and penalties payabl e related to unrecognized tax benefits was less than $0.1 million as of June 28, 2024. It is reasonably possible that the amount of unrecognized benefits with respect to certain of our unrecognized tax positions will increase or decrease within the next 12 months. At this time, we estimate that the amount of gross unrecognized tax positions will not decrease within the next 12 months.

RELATED PARTIES

RELATED PARTIES	9 Months Ended
	Jun. 28, 2024
Related Party Transactions [Abstract]
RELATED PARTIES	RELATED PARTIES: Prior to Separation The Company’s Combined Financial Statements for the three and nine months ended June 30, 2023 include general corporate expenses of Aramark, which were not historically allocated to the Company for certain support functions that are provided on a centralized basis by Aramark and are not recorded at the Company level, such as expenses related to finance, supply chain, human resources, information technology, share-based compensation, insurance and legal, among others (collectively, “General Corporate Expenses”). For purposes of these Combined Financial Statements, General Corporate Expenses have been allocated to the Company. General Corporate Expenses are included in the Combined Statements of Income in “Selling, general and administrative expenses” with the impact related to Aramark’s gasoline, diesel and natural gas derivative agreements included in “Cost of services provided”. These expenses have been allocated to the Company on the basis of direct usage where identifiable, with the remainder allocated on a pro rata basis of revenues, headcount or other drivers. Management believes the assumptions underlying the Combined Financial Statements, including the assumptions regarding allocating General Corporate Expenses from Aramark, are reasonable. Nevertheless, the Combined Financial Statements may not include all of the actual expenses that would have been incurred and may not reflect the Company’s combined results of operations, financial position and cash flows had it been a standalone public company during the periods presented. Actual costs that would have been incurred if the Company had been a standalone public company would depend on multiple factors, including organizational structure and strategic decisions made in various areas, including information technology and infrastructure. During the three and nine months ended June 30, 2023, General Corporate Expenses allocated to the Company were $4.4 million and $20.4 million, respectively. After Separation On September 30, 2023, the Separation was completed through the Distribution of the Company’s common stock to Aramark shareholders who held shares of Aramark common stock as of the close of business on September 20, 2023, the record date for the Distribution, which resulted in the issuance of approximately 131.2 million shares of common stock. As a result of the Distribution, Aramark shareholders received one share of the Company’s common stock for every two shares of common stock, par value $0.01, of Aramark. On October 2, 2023, the Company began trading as an independent, publicly traded company under the stock symbol “VSTS” on the NYSE. In connection with the Separation, the Company entered into or adopted several agreements that provide a framework for the relationship between the Company and Aramark, including, but not limited to the following: Separation and Distribution Agreement - governs the rights and obligations of the parties regarding the distribution following the completion of the separation, including the transfer of assets and assumption of liabilities, and establishes certain rights and obligations between the Company and Aramark following the distribution, including procedures with respect to claims subject to indemnification and related matters. Transition Services Agreement - governs services between the Company and Aramark and their respective affiliates to provide each other on an interim, transitional basis, various services, including, but not limited to, administrative, information technology and cybersecurity support services and certain finance, treasury, tax and governmental function services. The services commenced on the distribution date and terminate no later than 24 months following the distribution date. Tax Matters Agreement - governs the parties’ respective rights, responsibilities and obligations with respect to tax liabilities and benefits, tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings and other matters regarding taxes. In addition, the Company is restricted from taking certain actions that could prevent the distribution and certain related transactions from being tax-free for U.S. federal income tax purposes, including specific restrictions on its ability to pursue or enter into acquisition, merger, sale and redemption transactions with respect to the Company’s stock. Employee Matters Agreement - governs the allocation of liabilities and responsibilities relating to employment matters, employee compensation and benefits plans and programs and other related matters. During the three and nine months ended June 28, 2024, the Company paid $2.6 million and $10.5 million, respectively, to Aramark under the various agreements described above. Current amounts due from and to Aramark as of June 28, 2024 were not material.

EQUITY

EQUITY	9 Months Ended
	Jun. 28, 2024
Equity [Abstract]
EQUITY	EQUITY: Accumulated Other Comprehensive Loss The changes in each component of accumulated other comprehensive loss, net of tax, for the three and nine months ended June 28, 2024 and June 30, 2023 were as follows (in thousands): Three months ended June 28, 2024 Foreign Currency Translation Pension-related Total Accumulated Other Comprehensive Loss Balance as of March 29, 2024 $ (25,912) $ (5,070) $ (30,982) Other comprehensive loss (3,699) — (3,699) Balance as of June 28, 2024 $ (29,611) $ (5,070) $ (34,681) Nine months ended June 28, 2024 Foreign Currency Translation Pension-related Total Accumulated Other Comprehensive Loss Balance as of September 29, 2023 $ (26,103) $ (5,070) $ (31,173) Other comprehensive income (3,508) — (3,508) Balance as of June 28, 2024 $ (29,611) $ (5,070) $ (34,681) Three months ended June 30, 2023 Foreign Currency Translation Pension-related Total Accumulated Other Comprehensive Loss Balance as of March 31, 2023 $ (21,478) $ (4,414) $ (25,892) Other comprehensive income 1,223 — 1,223 Balance as of June 30, 2023 $ (20,255) $ (4,414) $ (24,669) Nine months ended June 30, 2023 Foreign Currency Translation Pension-related Total Accumulated Other Comprehensive Loss Balance as of September 30, 2022 $ (27,266) $ (4,414) $ (31,680) Other comprehensive income 7,011 — 7,011 Balance as of June 30, 2023 $ (20,255) $ (4,414) $ (24,669) Dividends On May 23, 2024, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.035 per common share payable on July 2, 2024 to shareholders of record at the close of business on June 14, 2024. The dividend payable of $4.6 million was recorded within "Accrued expenses and other current liabilities" on the Consolidated Balance Sheet as of June 28, 2024. The amount and timing of any future dividend payment is subject to the approval of the Company's Board of Directors.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Jun. 28, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS: Receivables Securitization Facility On August 2, 2024, Vestis Services, LLC (“Vestis Services”) and certain other subsidiaries of the Company entered into a three-year $250 million accounts receivable securitization facility (the “A/R Facility”). Under the A/R Facility, Vestis Services and certain other wholly-owned subsidiaries of the Company transfer accounts receivable and certain related assets to VS Financing, LLC, a bankruptcy remote special purpose entity formed as a wholly-owned subsidiary of Vestis Services, who in turn, may sell the receivables to a financial institution. The net proceeds of the A/R Facility will be used to repay a portion of the outstanding borrowings under the existing term loans. The A/R Facility is scheduled to terminate on August 2, 2027 , unless terminated earlier pursuant to its terms.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Jun. 28, 2024	Mar. 29, 2024	Dec. 29, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 30, 2022	Jun. 28, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income	$ 5,037	$ 5,965	$ 12,266	$ 48,863	$ 36,855	$ 33,468	$ 23,268	$ 119,186

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 28, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

NATURE OF BUSINESS AND BASIS _2

NATURE OF BUSINESS AND BASIS OF PRESENTATION (Policies)	9 Months Ended
	Jun. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The Consolidated and Combined Financial Statements (the "Financial Statements") were prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) applicable to interim financial statements. The Financial Statements reflect the historical results of operations and comprehensive income for the three and nine months ended June 28, 2024 and June 30, 2023, the cash flows for the nine months ended June 28, 2024 and June 30, 2023, and the financial position as of June 28, 2024 and September 29, 2023 for the Company and are denominated in United States (“U.S.”) dollars. Prior to the Separation, the Company’s business functioned together with other Aramark businesses. The assets, liabilities, revenue and expenses of the Company prior to the Separation have been reflected as Combined Financial Statements on a historical cost basis, as included in the consolidated financial statements of Aramark, using the historical accounting policies applied by Aramark. Prior to the Separation, separate financial statements had not been prepared for the Company, and it had not operated as a standalone business from Aramark. The historical results of operations, financial position and cash flows of the Company prior to the Separation presented in these Combined Financial Statements may not be indicative of what they would have been had the Company actually been an independent standalone public company. Transactions between the Company and Aramark for the three and nine months ended June 30, 2023 have been included in the Combined Financial Statements and are considered related party transactions (see Note 13. "Related Parties") .
Intercompany Transactions	All intercompany transactions and balances within the Company have been eliminated.
New Accounting Standards Updates	New Accounting Standards Updates Adopted Standards (from most to least recent date of issuance) In September 2022, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU") to enhance the transparency of supplier finance programs, which may be referred to as reverse factoring, payables finance or structured payables arrangements. The guidance requires that a buyer in a supplier finance program disclose the program’s nature, activity and potential magnitude. The guidance was effective for the Company in the first quarter of fiscal 2024. The Company adopted the ASU prospectively and adoption of this guidance did not have an impact on the Consolidated Financial Statements. In October 2021, the FASB issued an ASU which requires that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Accounting Standards Codification 606, Revenue from Contracts with Customers as if it had originated the contracts. The guidance was effective for the Company in the first quarter of fiscal 2024. The Company adopted the ASU prospectively and adoption of this guidance did not have an impact on the Consolidated Financial Statements. Standards Not Yet Adopted (from most to least recent date of issuance) In December 2023, the FASB issued an ASU which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company’s annual periods beginning October 4, 2025, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently evaluating the ASU to determine its impact on the Company’s disclosures. In November 2023, the FASB issued an ASU which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The amendments will require public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker and included within segment profit and loss. The amendments are effective for the Company's annual periods beginning September 28, 2024, and interim periods beginning October 4, 2025, with early adoption permitted, and will be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures. Other new accounting pronouncements recently issued or newly effective were not applicable to the Company, did not have a material impact on the Consolidated and Combined Financial Statements or are not expected to have a material impact on the Consolidated and Combined Financial Statements.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the Consolidated and Combined Financial Statements and accompanying notes. The Company utilizes key estimates in preparing the financial statements including environmental estimates, goodwill, intangibles, insurance reserves, income taxes and long-lived assets. These estimates are based on historical information, current trends and information available from other sources. Actual results could materially differ from those estimates.
Fair Value of Financial Assets and Financial Liabilities	Fair Value of Financial Assets and Financial Liabilities Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities recorded at fair value are classified based upon the level of judgment associated with the inputs used to measure their fair value. The hierarchical levels related to the subjectivity of the valuation inputs are defined as follows: • Level 1 —inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets • Level 2 —inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument • Level 3 —inputs to the valuation methodology are unobservable and significant to the fair value measurement Recurring Fair Value Measurements The Company’s financial instruments consist primarily of cash and cash equivalents, accounts receivable, accounts payable, financing leases, derivatives and borrowings. Management believes that the carrying value of cash and cash equivalents, accounts receivable, accounts payable, financing leases a nd borrowings are representative of their respective fair values. All derivatives are recognized as either assets or liabilities on the balan ce sheet at fair value at the end of each quarter (refer to Note 5. "Derivative Instruments" for additional information). Nonrecurring Fair Value Measurements The Company’s assets measured at fair value on a nonrecurring basis include long-lived assets, indefinite-lived intangible assets and goodwill. The Company reviews the carrying amounts of such assets at least annually or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Any resulting asset impairment would require that the asset be recorded at its fair value. The resulting fair value measurement of the assets are considered to be Level 3 measurements.
Inventories	Inventories
Rental merchandise in service	Rental merchandise in service Rental merchandise in service represents personalized work apparel, linens and other rental items in service. Rental merchandise in service is valued at cost less amortization, calculated using the straight-line method. Rental merchandise in service is amortized over its useful life, which primarily range from one
Revenue Recognition Policy	Revenue Recognition Policy The Company generates and recognizes approximately 93% of its total revenue from route servicing contracts on both Uniforms, which the Company generally manufactures, and Workplace Supplies, such as mats, towels, and linens that are procured from third-party suppliers. Revenue from these contracts represent a single-performance obligation and are recognized over time as services are performed based on the nature of services provided and contractual rates (output method). The Company generates its remaining revenue primarily from the direct sale of uniforms to customers, with such revenue being recognized when the Company’s performance obligation is satisfied, typically upon the transfer of control of the promised product to the customer. Revenue is recognized in an amount that reflects the consideration the Company expects to be entitled to in exchange for the services or products described above and is presented net of sales and other taxes we collect on behalf of governmental authorities. Certain customer route servicing contracts include terms and conditions that include components of variable consideration, which are typically in the form of consideration paid to a customer based on performance metrics specified within the contract. Some contracts provide for customer discounts or rebates that can be earned through the achievement of specified volume levels. Each component of variable consideration is earned based on the Company’s actual performance during the measurement period specified within the contract. To determine the transaction price, the Company estimates the variable consideration using the most likely amount method, based on the specific contract provisions and known performance results during the relevant measurement period. When assessing if variable consideration should be limited, the Company evaluates the likelihood of whether uncontrollable circumstances could result in a significant reversal of revenue. The Company’s performance period generally corresponds with the monthly invoice period. No significant constraints on the Company’s revenue recognition were applied during the three and nine months ended June 28, 2024 or three and nine months ended June 30, 2023. The Company reassesses these estimates during each reporting period. The Company maintains a liability for these discounts and rebates within “Accrued expenses and other current liabilities” on the Consolidated and Combined Balance Sheets. Variable consideration can also include consideration paid to a customer at the beginning of a contract. This type of variable consideration is capitalized as an asset (in “Other Assets” on the Consolidated and Combined Balance Sheets) and is amortized over the life of the contract as a reduction to revenue in accordance with the accounting guidance for revenue recognition.

NATURE OF BUSINESS AND BASIS _3

NATURE OF BUSINESS AND BASIS OF PRESENTATION (Tables)	9 Months Ended
	Jun. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Components of Inventories	The components of inventories are as follows (in thousands): June 28, September 29, Raw Materials $ 29,714 $ 35,332 Work in Process 1,735 1,104 Finished Goods 122,090 138,283 Inventories, net $ 153,539 $ 174,719

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	9 Months Ended
	Jun. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill Changes	Changes in total goodwill for our reporting units during the nine months ended June 28, 2024 are as follows (in thousands): September 29, Translation June 28, United States $ 896,237 $ — $ 896,237 Canada 67,306 (507) 66,799 Total $ 963,543 $ (507) $ 963,036
Schedule of Other Finite Intangible Assets	Other intangible assets consist of (in thousands): June 28, September 29, Gross Amount Accumulated Net Amount Gross Amount Accumulated Net Amount Customer relationship assets $ 383,841 $ (181,219) $ 202,622 $ 383,869 $ (161,773) $ 222,096 Trade names 16,388 — 16,388 16,512 — 16,512 $ 400,229 $ (181,219) $ 219,010 $ 400,381 $ (161,773) $ 238,608
Schedule of Other Indefinite Intangible Assets	Other intangible assets consist of (in thousands): June 28, September 29, Gross Amount Accumulated Net Amount Gross Amount Accumulated Net Amount Customer relationship assets $ 383,841 $ (181,219) $ 202,622 $ 383,869 $ (161,773) $ 222,096 Trade names 16,388 — 16,388 16,512 — 16,512 $ 400,229 $ (181,219) $ 219,010 $ 400,381 $ (161,773) $ 238,608

BORROWINGS (Tables)

BORROWINGS (Tables)	9 Months Ended
	Jun. 28, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Borrowings, Net	Long-term borrowings, net, are summarized in the following table (in thousands): June 28, September 29, Senior secured term loan facility, due September 2025 $ — $ 800,000 Senior secured term loan facility, due September 2028 622,500 700,000 Senior secured term loan facility, due February 2031 798,000 — Total principal debt issued 1,420,500 1,500,000 Unamortized debt issuance costs (16,052) (11,057) Discounts (1,920) — Less - current portion (8,000) (26,250) Long-term borrowings, net of current portion $ 1,394,528 $ 1,462,693

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	9 Months Ended
	Jun. 28, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of (Gain) Loss of Derivatives not Designated as Hedging Instruments	The following table summarizes the location of realized and unrealized loss (gain) for the Company’s derivatives not designated as hedging instruments in the Consolidated and Combined Statements of Income (in thousands): Three months ended Income Statement Location June 28, June 30, Gasoline, diesel and natural fuel agreements Cost of services provided (exclusive of depreciation and amortization) $ 315 $ 758 Nine months ended Income Statement Location June 28, June 30, Gasoline, diesel and natural fuel agreements Cost of services provided (exclusive of depreciation and amortization) $ 2,588 $ 4,001

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	9 Months Ended
	Jun. 28, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Revenue Disaggregated by Revenue Source	The following table presents revenue disaggregated by revenue source (in thousands): Three months ended Nine months ended June 28, June 30, June 28, June 30, United States: Uniforms $ 255,401 $ 265,281 $ 792,459 $ 803,977 Workplace Supplies 381,438 381,122 1,139,677 1,117,089 Total United States 636,839 646,403 1,932,136 1,921,066 Canada: Uniforms $ 23,603 $ 25,330 $ 73,831 $ 76,044 Workplace Supplies 37,806 37,651 115,572 112,275 Total Canada 61,409 62,981 189,403 188,319 Total Revenue $ 698,248 $ 709,384 $ 2,121,539 $ 2,109,385

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Jun. 28, 2024
Leases [Abstract]
Schedule of Location of Lease Related Costs	The following table summarizes operating lease costs, consisting of fixed lease costs, variable lease costs and short-term lease costs. Additionally, the table summarizes finance lease costs, consisting of amortization of right-of-use asset and interest on lease liabilities (in thousands): Three months ended Nine months ended June 28, June 30, June 28, June 30, Lease costs: Operating lease costs $ 11,019 $ 10,150 $ 31,748 $ 31,034 Finance lease costs $ 9,522 $ 8,488 $ 27,635 $ 25,508 Supplemental cash flow information related to leases for the period reported is as follows (in thousands): Nine months ended June 28, June 30, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 18,169 $ 18,209 Operating cash flows from finance leases 4,241 3,072 Financing cash flows from finance leases 22,572 20,803 Lease assets obtained in exchange for lease obligations: Operating leases $ 27,004 $ 10,440 Finance leases 31,906 25,704
Schedule of Other Information Related to the Operating Leases	Other information related to the operating lease right-of-use assets, net and operating lease liabilities was as follows (in thousands): June 28, September 29, Weighted average remaining lease term (in years) Operating leases 5.8 4.7 Finance leases 5.7 5.7 Weighted average discount rate Operating leases 5.7 % 4.4 % Finance leases 4.5 % 4.3 %
Schedule of Minimum Operating Lease Payments	Future minimum lease payments under non-cancelable leases as of June 28, 2024 are as follows (in thousands): Operating leases Finance leases Total 2024 (remaining three months) $ 3,412 $ 9,396 $ 12,808 2025 20,052 34,830 54,882 2026 17,158 30,574 47,732 2027 13,667 26,104 39,771 2028 10,162 21,797 31,959 Thereafter 32,558 39,020 71,578 Total future minimum lease payments $ 97,009 $ 161,721 $ 258,730 Less: Interest (19,445) (20,090) (39,535) Present value of lease liabilities $ 77,564 $ 141,631 $ 219,195
Schedule of Minimum Finance Lease Payments	Future minimum lease payments under non-cancelable leases as of June 28, 2024 are as follows (in thousands): Operating leases Finance leases Total 2024 (remaining three months) $ 3,412 $ 9,396 $ 12,808 2025 20,052 34,830 54,882 2026 17,158 30,574 47,732 2027 13,667 26,104 39,771 2028 10,162 21,797 31,959 Thereafter 32,558 39,020 71,578 Total future minimum lease payments $ 97,009 $ 161,721 $ 258,730 Less: Interest (19,445) (20,090) (39,535) Present value of lease liabilities $ 77,564 $ 141,631 $ 219,195

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Jun. 28, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share-based Compensation Expense	The following table summarizes the share-based compensation expense and related information for Time-Based Options (“TBOs”), Time-Based Restricted Stock Units (“RSUs”), Performance Stock Units (“PSUs”), Deferred Stock Units ("DSUs") and Employee Stock Purchase Plan (“ESPP”) classified as “Selling, general and administrative expenses” on the Consolidated and Combined Statements of Income (in thousands). Three months ended Nine months ended June 28, June 30, June 28, June 30, TBOs $ 1,015 $ 338 $ 3,201 $ 938 RSUs 1,704 2,176 5,216 6,499 PSUs 1,137 281 3,439 715 DSUs — — 1,447 — ESPP — — — 597 $ 3,856 $ 2,795 $ 13,303 $ 8,749
Schedule of Shares Granted and Weighted-Average Grant-Date Fair Value	The below table summarizes the number of shares granted and the weighted-average grant-date fair value per unit during the nine months ended June 28, 2024: Shares Granted (in thousands) Weighted-Average Grant-Date Fair Value TBOs 1,768 $ 6.53 RSUs 427 $ 18.59 PSUs 661 $ 17.88 DSUs 85 $ 17.01 Total 2,941

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	9 Months Ended
	Jun. 28, 2024
Segment Reporting [Abstract]
Schedule of Financial Information by Segment	Financial information by segment is as follows (in thousands): Three months ended Nine months ended Revenue June 28, June 30, June 28, June 30, United States $ 636,839 $ 646,403 $ 1,932,136 $ 1,921,066 Canada 61,409 62,981 189,403 188,319 Total Revenue $ 698,248 $ 709,384 $ 2,121,539 $ 2,109,385 Three months ended Nine months ended Operating Income June 28, June 30, June 28, June 30, United States $ 64,520 $ 84,102 $ 209,796 $ 216,114 Canada 1,293 3,284 6,824 10,173 Total Segment Operating Income 65,813 87,386 216,620 226,287 Corporate (28,290) (21,019) (88,445) (66,153) Total Operating Income $ 37,523 $ 66,367 $ 128,175 $ 160,134 Three months ended Nine months ended Reconciliation to Income Before Income Taxes June 28, June 30, June 28, June 30, Total Operating Income $ 37,523 $ 66,367 $ 128,175 $ 160,134 Interest Expense and Other, net (29,386) (83) (94,874) 268 Income Before Income Taxes $ 8,137 $ 66,284 $ 33,301 $ 160,402

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Jun. 28, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share attributable to the Company's stockholders (in thousands, except per share data): Three months ended Nine months ended June 28, June 30, June 28, June 30, Earnings: Net Income $ 5,037 $ 48,863 $ 23,268 $ 119,186 Shares: Basic weighted-average shares outstanding 131,543 130,725 131,486 130,725 Effect of dilutive securities 290 — 299 — Diluted weighted-average shares outstanding 131,833 130,725 131,785 130,725 Basic Earnings Per Share $ 0.04 $ 0.37 $ 0.18 $ 0.91 Diluted Earnings Per Share $ 0.04 $ 0.37 $ 0.18 $ 0.91 Antidilutive securities (1) 2,932 — 2,165 — __________________ (1) Diluted earnings per share excludes certain shares issuable under share-based compensation plans because the effect would have been antidilutive.

EQUITY (Tables)

EQUITY (Tables)	9 Months Ended
	Jun. 28, 2024
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Loss, Net of Tax	The changes in each component of accumulated other comprehensive loss, net of tax, for the three and nine months ended June 28, 2024 and June 30, 2023 were as follows (in thousands): Three months ended June 28, 2024 Foreign Currency Translation Pension-related Total Accumulated Other Comprehensive Loss Balance as of March 29, 2024 $ (25,912) $ (5,070) $ (30,982) Other comprehensive loss (3,699) — (3,699) Balance as of June 28, 2024 $ (29,611) $ (5,070) $ (34,681) Nine months ended June 28, 2024 Foreign Currency Translation Pension-related Total Accumulated Other Comprehensive Loss Balance as of September 29, 2023 $ (26,103) $ (5,070) $ (31,173) Other comprehensive income (3,508) — (3,508) Balance as of June 28, 2024 $ (29,611) $ (5,070) $ (34,681) Three months ended June 30, 2023 Foreign Currency Translation Pension-related Total Accumulated Other Comprehensive Loss Balance as of March 31, 2023 $ (21,478) $ (4,414) $ (25,892) Other comprehensive income 1,223 — 1,223 Balance as of June 30, 2023 $ (20,255) $ (4,414) $ (24,669) Nine months ended June 30, 2023 Foreign Currency Translation Pension-related Total Accumulated Other Comprehensive Loss Balance as of September 30, 2022 $ (27,266) $ (4,414) $ (31,680) Other comprehensive income 7,011 — 7,011 Balance as of June 30, 2023 $ (20,255) $ (4,414) $ (24,669)

NATURE OF BUSINESS AND BASIS _4

NATURE OF BUSINESS AND BASIS OF PRESENTATION - Narrative (Details) $ / shares in Units, shares in Thousands		3 Months Ended					9 Months Ended
	Sep. 30, 2023 $ / shares shares	Jun. 28, 2024 USD ($) $ / shares	Mar. 29, 2024 USD ($)	Dec. 29, 2023 USD ($) shares		Jun. 30, 2023 USD ($)	Jun. 28, 2024 USD ($) $ / shares	Jun. 30, 2023 USD ($)	Sep. 29, 2023 USD ($) $ / shares
Basis Of Presentation And Summary Of Significant Accounting Policies Line Items [Line Items]
Common stock par value (in usd per share) | $ / shares	$ 0.01	$ 0.01					$ 0.01		$ 0.01
Separation-related adjustments		$ 0	$ (3,079,000)	$ 9,485,000			$ 6,400,000
Net cash transfers paid to Aramark							6,051,000	$ 91,706,000
Deferred income taxes liabilities adjustments							12,700,000
Inventory valuation reserves		15,800,000					15,800,000		$ 18,700,000
Amortization of rental merchandise in service		81,200,000				$ 87,100,000	243,200,000	257,000,000
Interest paid		27,600,000				0	79,700,000	0
Income tax paid		$ 3,400,000				$ 1,100,000	$ 18,900,000	$ 800,000
Minimum
Basis Of Presentation And Summary Of Significant Accounting Policies Line Items [Line Items]
Rental merchandise, useful life		1 year					1 year
Maximum
Basis Of Presentation And Summary Of Significant Accounting Policies Line Items [Line Items]
Rental merchandise, useful life		4 years					4 years
Common Stock
Basis Of Presentation And Summary Of Significant Accounting Policies Line Items [Line Items]
Shareholders received conversion ratio (in shares) | shares	131,200			131,225	[1]
Common Stock | Aramark
Basis Of Presentation And Summary Of Significant Accounting Policies Line Items [Line Items]
Shareholders received conversion ratio	0.5
Common Stock | Aramark donor advised fund
Basis Of Presentation And Summary Of Significant Accounting Policies Line Items [Line Items]
Shareholders received conversion ratio (in shares) | shares	500			500
[1]The issuance of common stock in connection with the Separation consists of 130.7 million shares of common stock distributed and 0.5 million shares contributed to an Aramark donor advised fund for charitable contributions.

NATURE OF BUSINESS AND BASIS _5

NATURE OF BUSINESS AND BASIS OF PRESENTATION - Schedule of Components of Inventories (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Sep. 29, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw Materials	$ 29,714	$ 35,332
Work in Process	1,735	1,104
Finished Goods	122,090	138,283
Inventories, net	$ 153,539	$ 174,719

SEVERANCE (Details)

SEVERANCE (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Sep. 29, 2023
Restructuring Cost and Reserve [Line Items]
Severance charges	$ 1,000,000	$ 0	$ 1,400,000	$ 6,600,000
Employee Severance
Restructuring Cost and Reserve [Line Items]
Unpaid severance obligations	$ 900,000		$ 900,000		$ 3,400,000

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill Changes (Details) $ in Thousands	9 Months Ended
	Jun. 28, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 963,543
Translation	(507)
Goodwill, ending balance	963,036
United States
Goodwill [Roll Forward]
Goodwill, beginning balance	896,237
Translation	0
Goodwill, ending balance	896,237
Canada
Goodwill [Roll Forward]
Goodwill, beginning balance	67,306
Translation	(507)
Goodwill, ending balance	$ 66,799

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Other Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Sep. 29, 2023
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (181,219)	$ (161,773)
Indefinite-Lived Intangible Assets [Line Items]
Gross Amount	400,229	400,381
Net Amount	219,010	238,608
Trade names
Indefinite-Lived Intangible Assets [Line Items]
Gross Amount	16,388	16,512
Customer relationship assets
Finite-Lived Intangible Assets [Line Items]
Gross Amount	383,841	383,869
Accumulated Amortization	(181,219)	(161,773)
Net Amount	$ 202,622	$ 222,096

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 6.4	$ 6.5	$ 19.4	$ 19.5

BORROWINGS - Schedule of Long-t

BORROWINGS - Schedule of Long-term Borrowings, Net (Details) - USD ($) $ in Thousands	Jun. 28, 2024	Feb. 22, 2024	Sep. 29, 2023
Debt Instrument [Line Items]
Total principal debt issued	$ 1,420,500		$ 1,500,000
Unamortized debt issuance costs	(16,052)		(11,057)
Discounts	(1,920)		0
Less - current portion	(8,000)		(26,250)
Long-term borrowings, net of current portion	1,394,528		1,462,693
Secured loan | Credit facility | Senior secured term loan facility, due September 2025
Debt Instrument [Line Items]
Total principal debt issued	0		800,000
Secured loan | Credit facility | Senior secured term loan facility, due September 2028
Debt Instrument [Line Items]
Total principal debt issued	622,500		700,000
Secured loan | Credit facility | Senior secured term loan facility, due February 2031
Debt Instrument [Line Items]
Total principal debt issued	$ 798,000		$ 0
Discounts		$ (2,000)

BORROWINGS - Narrative (Details

BORROWINGS - Narrative (Details) - USD ($)		3 Months Ended		9 Months Ended
	Feb. 22, 2024	Jun. 28, 2024	Mar. 29, 2024	Jun. 28, 2024	Feb. 21, 2024	Sep. 29, 2023
Debt Instrument [Line Items]
Debt issuance costs		$ 1,920,000		$ 1,920,000		$ 0
Total principal debt issued		1,420,500,000		1,420,500,000		1,500,000,000
Letters of credit outstanding		5,300,000		$ 5,300,000
Secured loan | Credit facility
Debt Instrument [Line Items]
Weighted-average interest rate				7.68%
Secured loan | Senior secured term loan facility, due September 2025 | Credit facility
Debt Instrument [Line Items]
Debt amount					$ 800,000,000
Unamortized debt issuance costs write-off			$ 3,900,000
Total principal debt issued		0		$ 0		800,000,000
Secured loan | Senior secured term loan facility, due February 2031 | Credit facility
Debt Instrument [Line Items]
Debt amount	$ 800,000,000
Quarterly payments	$ 2,000,000
Debt instrument, net leverage ratio	3.30
Debt issuance costs			$ 11,100,000
Debt issuance costs	$ 2,000,000
Total principal debt issued		798,000,000		798,000,000		0
Secured loan | Senior secured term loan facility, due February 2031 | Credit facility | Initial period
Debt Instrument [Line Items]
Variable rate	2.25%
Secured loan | Senior secured term loan facility, due February 2031 | Credit facility | Contingent period
Debt Instrument [Line Items]
Variable rate	2%
Secured loan | Senior secured term loan facility, due September 2028 | Credit facility
Debt Instrument [Line Items]
Debt amount						700,000,000
Repayments of lines of credit		15,000,000		60,000,000
Total principal debt issued		622,500,000		622,500,000		$ 700,000,000
Revolving credit facility | Credit facility
Debt Instrument [Line Items]
Remaining borrowing capacity		$ 294,700,000		$ 294,700,000

DERIVATIVE INSTRUMENTS - Narrat

DERIVATIVE INSTRUMENTS - Narrative (Details) - Gasoline, diesel and natural fuel agreements - Derivatives not Designated in Hedging Relationships gal in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Jun. 28, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 28, 2024 USD ($) gal	Jun. 30, 2023 USD ($)
Derivative [Line Items]
Derivative (in gallons) | gal			0.1
Gain (loss) on derivative	$ 0.1	$ 1.8	$ 0.1	$ 0.5
Gasoline, diesel and natural gas fuel agreements	$ 0.1		$ 0.1

DERIVATIVE INSTRUMENTS - Schedu

DERIVATIVE INSTRUMENTS - Schedule of Loss (Gain) of Derivatives not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Gasoline, diesel and natural fuel agreements | Derivatives not Designated in Hedging Relationships
Derivative [Line Items]
(Gain) loss reclassified recognized in income	$ 315	$ 758	$ 2,588	$ 4,001

REVENUE RECOGNITION - Schedule

REVENUE RECOGNITION - Schedule of Revenue Disaggregated by Revenue Source (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 698,248	$ 709,384	$ 2,121,539	$ 2,109,385
United States
Disaggregation of Revenue [Line Items]
Revenue	636,839	646,403	1,932,136	1,921,066
Canada
Disaggregation of Revenue [Line Items]
Revenue	61,409	62,981	189,403	188,319
Uniforms | United States
Disaggregation of Revenue [Line Items]
Revenue	255,401	265,281	792,459	803,977
Uniforms | Canada
Disaggregation of Revenue [Line Items]
Revenue	23,603	25,330	73,831	76,044
Workplace Supplies | United States
Disaggregation of Revenue [Line Items]
Revenue	381,438	381,122	1,139,677	1,117,089
Workplace Supplies | Canada
Disaggregation of Revenue [Line Items]
Revenue	$ 37,806	$ 37,651	$ 115,572	$ 112,275

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Sep. 29, 2023
Disaggregation of Revenue [Line Items]
Deferred costs amortization period	9 years		9 years
Employee sales commissions recorded as assets	$ 106		$ 106		$ 104.4
Employee sales commissions	$ 5.3	$ 5.2	$ 15.8	$ 15
Revenue | Product Concentration Risk | Transferred over Time
Disaggregation of Revenue [Line Items]
Revenue percentage			93%

LEASES - Schedule of Operating

LEASES - Schedule of Operating and Finance Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Lease costs:
Operating lease costs	$ 11,019	$ 10,150	$ 31,748	$ 31,034
Finance lease costs	$ 9,522	$ 8,488	$ 27,635	$ 25,508

LEASES - Schedule of supplement

LEASES - Schedule of supplemental Cash Flow (Details) - USD ($) $ in Thousands	9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 18,169	$ 18,209
Operating cash flows from finance leases	4,241	3,072
Financing cash flows from finance leases	22,572	20,803
Lease assets obtained in exchange for lease obligations:
Operating leases	27,004	10,440
Finance leases	$ 31,906	$ 25,704

LEASES - Schedule of Other Info

LEASES - Schedule of Other Information Related to the Operating Leases (Details)	Jun. 28, 2024	Sep. 29, 2023
Weighted average remaining lease term (in years)
Operating leases	5 years 9 months 18 days	4 years 8 months 12 days
Finance leases	5 years 8 months 12 days	5 years 8 months 12 days
Weighted average discount rate
Operating leases	5.70%	4.40%
Finance leases	4.50%	4.30%

LEASES - Schedule of Minimum Le

LEASES - Schedule of Minimum Lease Payments (Details) $ in Thousands	Jun. 28, 2024 USD ($)
Operating leases
2024 (remaining three months)	$ 3,412
2025	20,052
2026	17,158
2027	13,667
2028	10,162
Thereafter	32,558
Total future minimum lease payments	97,009
Less: Interest	(19,445)
Present value of lease liabilities	77,564
Finance leases
2024 (remaining three months)	9,396
2025	34,830
2026	30,574
2027	26,104
2028	21,797
Thereafter	39,020
Total future minimum lease payments	161,721
Less: Interest	(20,090)
Present value of lease liabilities	141,631
Total
2024 (remaining three months)	12,808
2025	54,882
2026	47,732
2027	39,771
2028	31,959
Thereafter	71,578
Total future minimum lease payments	258,730
Less: Interest	(39,535)
Present value of lease liabilities	$ 219,195

SHARE-BASED COMPENSATION - Sche

SHARE-BASED COMPENSATION - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	$ 3,856	$ 2,795	$ 13,303	$ 8,749
TBOs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	1,015	338	3,201	938
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	1,704	2,176	5,216	6,499
PSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	1,137	281	3,439	715
DSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	0	0	1,447	0
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	$ 0	$ 0	$ 0	$ 597

SHARE-BASED COMPENSATION - Narr

SHARE-BASED COMPENSATION - Narrative (Details) - RSUs - $ / shares	3 Months Ended	9 Months Ended
	Jun. 28, 2024	Jun. 28, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted (in shares)	29,116	427,000
Weighted-average grant-date fair value (dollars per share)	$ 17.22	$ 18.59
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period (in years)	1 year
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period (in years)	3 years

SHARE-BASED COMPENSATION - Sc_2

SHARE-BASED COMPENSATION - Schedule of Shares Granted and Weighted-Average Grant-Date Fair Value (Details) - $ / shares	3 Months Ended	9 Months Ended
	Jun. 28, 2024	Jun. 28, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares Granted (in shares)		1,768,000
Weighted-Average Grant-Date Fair Value (in usd per share)		$ 6.53
Total (in shares)		2,941,000
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares Granted (in shares)	29,116	427,000
Weighted-Average Grant-Date Fair Value (in usd per share)	$ 17.22	$ 18.59
PSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares Granted (in shares)		661,000
Weighted-Average Grant-Date Fair Value (in usd per share)		$ 17.88
DSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares Granted (in shares)		85,000
Weighted-Average Grant-Date Fair Value (in usd per share)		$ 17.01

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions		9 Months Ended
	Apr. 30, 2024 trademark	Jun. 28, 2024 USD ($)	Sep. 29, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Current environmental-related accruals		$ 7.2	$ 6.8
Noncurrent environmental-related accruals		15.2	17.3
Liability for asset retirement obligation		12.9	$ 12.3
Monetary settlement		$ 3.1
Federal trademark registrations | trademark	3

BUSINESS SEGMENTS (Details)

BUSINESS SEGMENTS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Total Revenue	$ 698,248	$ 709,384	$ 2,121,539	$ 2,109,385
Total Operating Income	37,523	66,367	128,175	160,134
Interest Expense and Other, net	(29,386)	(83)	(94,874)	268
Income Before Income Taxes	8,137	66,284	33,301	160,402
United States
Segment Reporting Information [Line Items]
Total Revenue	636,839	646,403	1,932,136	1,921,066
Canada
Segment Reporting Information [Line Items]
Total Revenue	61,409	62,981	189,403	188,319
Operating Segments
Segment Reporting Information [Line Items]
Total Operating Income	65,813	87,386	216,620	226,287
Operating Segments | United States
Segment Reporting Information [Line Items]
Total Operating Income	64,520	84,102	209,796	216,114
Operating Segments | Canada
Segment Reporting Information [Line Items]
Total Operating Income	1,293	3,284	6,824	10,173
Corporate
Segment Reporting Information [Line Items]
Total Operating Income	$ (28,290)	$ (21,019)	$ (88,445)	$ (66,153)

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details) - shares	Jun. 28, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Common stock outstanding (in shares)	131,477,853	131,200,000

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Jun. 28, 2024	Mar. 29, 2024	Dec. 29, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 30, 2022	Jun. 28, 2024	Jun. 30, 2023
Earnings:
Net Income	$ 5,037	$ 5,965	$ 12,266	$ 48,863	$ 36,855	$ 33,468	$ 23,268	$ 119,186
Shares:
Basic weighted-average shares outstanding (in shares)	131,543			130,725			131,486	130,725
Effect of dilutive securities (in shares)	290			0			299	0
Diluted weighted-average shares outstanding (in shares)	131,833			130,725			131,785	130,725
Basic Earnings Per Share (in usd per share)	$ 0.04			$ 0.37			$ 0.18	$ 0.91
Diluted Earnings Per Share (in usd per share)	$ 0.04			$ 0.37			$ 0.18	$ 0.91
Antidilutive securities (in shares)	2,932			0			2,165	0

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Sep. 29, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	38.10%	26.30%	30.10%	25.70%
Net deferred tax liabilities decrease	$ 8.5		$ 8.5
Unrecognized tax benefits that, if recognized, would impact the effective tax rate	0.2		0.2		$ 4.4
Unrecognized tax benefits decrease			4.2
Accrued interest and penalties payable related to unrecognized tax benefits	$ 0.1		$ 0.1

RELATED PARTIES (Details)

RELATED PARTIES (Details) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended				9 Months Ended
	Sep. 30, 2023 $ / shares shares	Jun. 28, 2024 USD ($) $ / shares	Dec. 29, 2023 shares	[1]	Jun. 30, 2023 USD ($)	Jun. 28, 2024 USD ($) $ / shares	Jun. 30, 2023 USD ($)	Sep. 29, 2023 $ / shares
Related Party Transaction [Line Items]
Selling, general and administrative expenses		$ 130,041			$ 124,245	$ 385,307	$ 367,396
Common stock par value (in usd per share) | $ / shares	$ 0.01	$ 0.01				$ 0.01		$ 0.01
Common Stock
Related Party Transaction [Line Items]
Shareholders received conversion ratio (in shares) | shares	131,200		131,225
Aramark | Common Stock
Related Party Transaction [Line Items]
Shareholders received conversion ratio	0.5
Aramark
Related Party Transaction [Line Items]
Common stock par value (in usd per share) | $ / shares	$ 0.01
Related Party | Aramark
Related Party Transaction [Line Items]
Selling, general and administrative expenses					$ 4,400		$ 20,400
Transition services agreement termination (no later than)						24 months
Paid under various agreements		$ 2,600				$ 10,500
[1]The issuance of common stock in connection with the Separation consists of 130.7 million shares of common stock distributed and 0.5 million shares contributed to an Aramark donor advised fund for charitable contributions.

EQUITY - Schedule of Components

EQUITY - Schedule of Components of Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 900,711	$ 2,372,932	$ 877,360	$ 2,335,812
Other comprehensive income (loss)	(3,699)	1,223	(3,508)	7,011
Ending balance	901,177	2,381,882	901,177	2,381,882
Total Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(30,982)	(25,892)	(31,173)	(31,680)
Ending balance	(34,681)	(24,669)	(34,681)	(24,669)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(25,912)	(21,478)	(26,103)	(27,266)
Other comprehensive income (loss)	(3,699)	1,223	(3,508)	7,011
Ending balance	(29,611)	(20,255)	(29,611)	(20,255)
Pension-related
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(5,070)	(4,414)	(5,070)	(4,414)
Other comprehensive income (loss)	0	0	0	0
Ending balance	$ (5,070)	$ (4,414)	$ (5,070)	$ (4,414)

EQUITY - Narrative (Details)

EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	May 23, 2024	Jun. 28, 2024	Mar. 29, 2024	Dec. 29, 2023
Equity [Abstract]
Dividends declared per common share (in usd per share)	$ 0.035	$ 0.035	$ 0.035	$ 0.035
Dividend payable	$ 4.6

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent event $ in Millions	Aug. 02, 2024 USD ($)
Subsequent Event [Line Items]
Account receivable securitization facility, term	3 years
Account receivable securitization facility, amount	$ 250