ARMK - Earnings call transcript Q2 2018

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Operator

Good morning and welcome to Aramark's Second Quarter 2018 Earnings Results Conference Call. My name is Ellen and I will be your operator for today's call. At this time, I would like to inform you that this conference is being recorded for rebroadcast and that all participants are in a listen-only mode.

We will open the conference call for questions at the conclusion of the company's prepared remarks. In order to accommodate all participants in the question queue, please initially limit yourself to one question and one follow-up. the Relations. to turn President Pearlman, now Investor of will call Kate over Vice I proceed. please Kate,

Kate Pearlman

Thank you fiscal to for and welcome the operating to second results review quarter of XXXX. Aramark's conference call

can included Eric deck. this that Here with Executive found and in forward-looking our be would Chief notice Bramlage, Steve like our morning, and is President Executive President Officer. earnings and regarding Officer; our Vice website, Foss, in our Financial our me release www.aramark.com, Chief Chairman, to which our are press today I on remind statements you and slide

During filings. of be fiscal other XX-K forward XXXX. our call, Report risks, factors important various implied from discussed comments for looking, may Annual on results Form that or differ materially uncertainties, the and and this are MD&A, we those Risk will Factors, Actual those SEC sections including expectations result including in and our a our of expressed making as other

certain A well as Additionally, be morning's as release, be U.S. reconciliation press found our in financial website. can to items discussing on GAAP we'll these this of non-GAAP measures.

partial Before in from in call I Eric, includes to wanted AmeriPride mention Avendra turn December. that full quarter second which over to closed quarter a January our closed and I of the results which

that, them, With quickly will quarters. track ability we to for to will to integrate next Eric. the as call lose over several we we While the revenue will distinguish turn earnings deals related the the separately I

Eric J. Foss

earnings basis. in on from a momentum across constant year solid up a increase This per Thanks, X%. sales Adjusted were Kate, broad-based company results reported operating last constant good driven morning, another we business. $X.XX X% by currency currency the was share of Total everyone. morning, quarter, and the quarter

on grew on X% the strategic With a point X% which was I'd business shift. quarter, against well Easter weather up provide in related in million, roughly as mind, to percentage to impact $XXX was we're income with like that X update expectations conditions, factoring basis. our as holiday after constant operating the Adjusted how in an executing Our adverse currency consistent with objectives. you legacy

Our first which growth calendar calendar, our of as roughly also to strategic Easter impacted X% our – the the from in In was one accelerating legacy point quarter, well U.S. segment shift is was and imperative growth. business, as weather. by Easter due

saw legacy Our China International growth emerging growth, constant X% segment delivered which strong increase was revenue from X% our and segment And of good currency led and performance in Europe by with XX%, Mexico. Uniform across our business. markets Uniform

we sit as legacy retention a combination at our new rates, net the So, about the business of business of point up for growth, top X.X%, year, which is the wins. and line business base growth solid is fiscal strong halfway

across broad-based growth geographies experiencing in results sectors and improving United International, well all in are States, across line Uniform We business. the as our growth as strong top

and workforce. particular appeal our operating to with complement in been with Jamie Restaurant Group our brands more and Jamie celebrity to convenience. retail see decade Oliver well-being, relentless health strong Europe driven and excellence. top through over pleased Oliver premium for Northern to needs key to expanded to we that And growth a satisfaction product a report I'm always on are improvements centered team. consumer being of a to millennial that dimensions: menus to menus We to has The on-trend consumer is and portfolio convenience service our Our line around success across chefs brands consumer-centric partner flavors, overall continue offer component health, welcome focus result and our critical will pleased be I'm create personalization. in we as efforts as fresh, quality, a options Innovation and of good-for-you exceed four an a

strategy So, We've through menus. to for also our a done the a food experience. fit brand premium both innovation this lot our our improve us. But with stop segmentation Today's increasingly values and was doesn't offerings. and consumer natural core

to also So, vibrant increase options a wellness, in meet speed Because with their continue the dining consumers clients to innovating help and we're more of goals. and friction of solutions on-trend we're delivery service critical, nutritional create ordering, With to reduce payment environment. food. our health working we that technology regard to is

Park Chile. leading plant-based at to to doing introduce our many training Service in we the culinary quarter, raw our Ocean expanded Association by well winning of This with And also we five-year are winning relationship Billiton, we working and BHP fruits, International, to at Oregon. contract with mining sodium, the family, business Southeast improve University In I'm partner Park our our to leisure the And encouraged as across with in fats, Spence of with by growing in Medical Results with our wins. plus first the Pittsburgh In our are notable we've global reduction saturated a schedule of pleased XX% vegetables the our Heart win midpoint the schools health in contract We're alternative We're of Lake number at American initiative tuna. the XXXX. with Crater business, began Foods we've plant-based Conference increases across now Hugger the Auburn world's expanding country. National the grains. ahead also whole new a calories, University and Americans mine with a Conference. significant the healthcare a by Center. XX% sector expanded is of welcome average by relationship company

And forward, X% confident retention deliver of growth encouraging and momentum, pleased full-year pipeline. rates mid-XXs we within our at that business new remain Looking framework. multi-year least will solid we I'm our growth with

increased shifts in strong adjusted on-boarding of and margins objective, improvements due XX calendar the Turning productivity to of second XX quarter which new our reinvestments. operations basis activating points, and productivity, partly points was offset the our by to basis in base our the approximately operating accounts

we productivity Investor that and confident pressures, which our leverage to target strong income established at XXXX. we all to to sets enhancements of Looking finish Day, achieving continue for operating inflationary offset adjusted have to up a XXXX forward, that our we us clear path a margin will we're

into Turning been that diversity, our be have objective, both The strategic people best organization, succeed. to technology targets. by to are well efforts I'm as strategic workplace track, have fourth strides build And DiversityInc and as our company. grow, is achieving integration of all is announce on top a one we as Avendra to synergy recognized the AmeriPride backgrounds of for best each clear from from employer and again attracting a of can we talent I in inclusive objective realizing sight once the top we employer about Magazine. blending and to and talent, all finally, our made and third diverse line where XX Opportunity pleased portfolio contribute to optimization. our proud a We've continue combining a by Equal XX and

turn has to So, exciting why time Steve, like for call company before we bright I'd and that very you frame to this this for future. why believe a over I the Aramark is an

company company a across be will business with is the record this XXXX for year another First, momentum multiple where financial metrics. strong

at We in least of framework expect top growth X%. line

$X.XX I-Day. again will fifth XXX-basis-point our EPS of XXXX, margin We're outlook that our our to $X.XX, growth. achieving double-digit strong consecutive represent adjusted to made in expect improvement raising commitment EPS our margin We which XXXX year we at

year. to expect than We million this in greater cash free generate $XXX flow

Second, tailwinds we're well positioned that large, that to an favorable has is should industry continue. outsourcing compete in growing and

win. We've right innovation clear a offering, we're upgraded to have and real bringing We our market. product to

insulated no interest improve have our business. rising that XX% and competitive just of of inflation, fixed business Uniform and attractive well us made resilient and model debt as across gains from our good scope us. as a XXXX. purchasing periods strong have that challenging significant has in and two completed and Third, Fourth, strategic maturities capability, line low our that acquisitions periods we extend financially that geography as and reach, on expand no we finally, inflation of works the our times, we have and of portfolio, And ahead keeps productivity enhance until and rates industry flexibility works have we runway our economic proven still is financial in the solid and margin or well higher our we of position

held All be all XX of Stock Exchange. which discuss this sets can our the framework really you of York New hoping Day, on the that stage will December our strategy multi-year next forward join and for event, to this Investor we'll we look us. and at At

the our to I customer express laser experience and a that, want let Steve. my turn XXX,XXX on every me With day. global members to Finally, over appreciation great delivering their thank call for focus for team

Stephen P. Bramlage Jr.

the up quarter, million the by increase weakened remaining $X.X growth more This grew was with of therefore, or of primarily Thanks, sales, coming dollar U.S. X%. or the currency Eric. composed the $XXX includes X% than in sales our GAAP from currency AmeriPride, via were This the versus as approximately business. million X% from tailwinds prior acquisitions, legacy Constant year. X% $XX billion generally X%.

business currency impacted these XX headwinds increase was a margins was weather multi-year basis After basis income point and related basis. the within sales mentioned rose constant quarter, X% This a our which was framework. approximately X.X%. Easter on previously. currency revenue to on growth million, were on to an factors the underlying account, taking adversely our into legacy by operating constant percentage Adjusted X $XXX AOI points

from we improvement As modest well our impact continued was from reinvestment operations, an as points Eric which of about basis weather. adverse as mentioned, by had XX a offset

the from a the AmeriPride negative the The from was per in completed approximately were to on the and currency basis, from this and charges, expense. benefit lower detailed a quarter. GAAP EPS share as be as streamline improvement overhead well in our increased structure. As offset impacted this sequential X% continued constant than These as by are more integration-related profitability financing $X.XX charges Avendra $X.XX the with higher operating income, first expected, tables higher not in tax press XX% and happier versus AOI the M&A in quarter from release impact results regard our benefit was I interest to quarter, which significant share. charges XX% X% impact the we other dilutive quarter. our had could Adjusted XX-Q. rate severance With to or and materially efforts our our

and timing were our Our excellent. results

with We XXXX for plan significant receivable accounts our have maintained financial is to refinancing it of as shortly our program years. cost We seven source flexibility securitization the do required funds. events no renew tremendous next lowest

us in increase target and rates with impact interest eliminate progress and X.X to XX% by have decrease on by annually, X today Equally about A as we next years. the end in and debt. and variable Our LIBOR $X.XX times a this be fixed though share those that maturities We is times within XXXX. focus our X.X to the to year below repaying end remain XXXX of important deleveraging figure committed of the five will rising for years. expect of we XXX-basis-point near-term per well advance exposure target would will to by XXXX the range of low rate debt delevering

and at prior X% revenue full-year Our expectation from the year. least on an is legacy XXXX the unchanged of business improvement is

We increase company at to larger will report a the due percentage level the acquisitions.

$X.XX. $X.XX improvement we versus firm low to from have our us Productivity end target XXXX. to of to sight prior margin leading achieving three-year by the Eric mentioned, points is of $X.XX basis line XXX progress raise EPS our As range of

Our range approximate The $X.XX, XX% for to represents adjusted versus increase midpoint now an XXXX. share. $X.XX EPS that full-year of range, is $X.XX per

we exchange billion $XXX geography understand agreed cash paid is The for seller in of dollar-for-dollar This reform in are from acquisitions. $XXX versus the we our original million. Offsetting this $XXX our approximately deals. for greater easiest also benefit approximately in one-time annual net flow is an reductions accretion approximately We cash that as to the of to the $X.XX guidance change way million obligations cash purchase due benefit price. tax affirming pay million We year, incremental to anticipate free this outlook than our follows. and

an The under outflow of In the remaining price of from $XXX-million-plus investing operating Our included the calculation capital as it's on reflected line. statement cash of words, cash cash outflow other flow flow in billion. the is free GAAP. an approximately purchase $X.X reflects working cash

fiscal XXXX a flow unchanged. $XXX of result, than million is as cash our free So greater outlook

impacts We in cash flow work the half free of as consolidation balance we expectations will update second continue year. sheet to through the the

important However, highlight flow free midpoint to it geography conversion the change, range. EPS absent that is XX% is of our of cash deal-related the our

at be our that free quite should XX% adjusted least earnings. ratio confident conversion remain cash I forward, flow or Going consistently of more

margin the assumptions year, at this accelerate the In we reform M&A second of Our previously unchanged will regarding remain expect time. communicated that of tax half impact this and sequentially. expansion

growth and due Our EPS our to benefit XX% Remember comparables be actions expected that the third is and to quarter therefore, significantly will prior the year. momentum, of easier to in XX% to expected Uniform in beyond XX% year. fourth adjusted than the be more ahead between weather from pricing is productivity quarter above we improved prior year, also fourth quarter, prior

So, all sitting double-digit supporting growth. to marketplace XXXX, here adjusted from our expecting am by months of very year remains profitability for a and out like prospects. I The Investor Day Eric, our our and conducive in encouraged EPS segments future six growth of record

and to continue technology, significant we face needs be inflationary profitability with improvement this our higher reinvestment our company and for will and dealing has While will actionable opportunities. still business a environment

strategic and earnings synergies our have businesses, will Food growing deals and two as spending. our and Our integration of outpace strengthened provide cash start momentum to positions Uniform certainly the

efforts deleveraging designed the for the Our rising us year. environment. Tax a are from rate and to insulate remain for low a will tailwind interest reform rate us next exposure

the and increasing shareholder to amounts ways maximum in of allocate improve to free drive we're expect cash it going sheet flow, value. and We that generate balance

for several the see it'll financial financial XXXX, to the turn create Eric. back now to specific expectations over next strategic take carry going I'll Aramark love the into is while I months what So, years. regarding call momentum the few to the and I

Eric J. Foss

Steve. Thanks,

we businesses executing against of summary, of strategy. our on to growth. remain our across future we by momentum look focused the and the encouraged in portfolio forward We're So, prospects

any and So, we'd take line with happy be that, open Ellen, the to questions. up

Operator

Thank you.

question-and-answer the begin now will We session.

is Our morning. - Inc. Macquarie question from (USA), Thank Macquarie from you. Capital first Hamzah Good Research. Mazari Hamzah Mazari

just on question business. first is International The the

about just changes frame higher of sort whereby for think see If structurally regard growth you're that, any you you numbers us with U.S. could to putting the the internationally. of has also sustainability that going or in versus International up to growth how forward? And International competitively

Eric J. Foss

Well, for question. Hamzah, Eric. Thanks it's your

growth specific we I the past saw talked we've of think portfolio. the quarter. our strong in mean, International, we position to I like in the And

as comments, calendar across While we mid-single-digit and mid-single-digit emerging shift broad-based. in and Europe And, countries as did strong. Mexico. Easter I headwind, was markets, it by the again, have China seeing some was mentioned as growth growth same We're certainly that led well like prepared my

you as generating is only I talk I in of each I not as think heard well before, So, top the know, as at business done improvement portfolio large think it's market South above geographies International our unit you and into or that showing three grow very our a business, We're our mean, even Asia. focused beauty costs think of the really on in Europe, we're margin to have way our top really And line that I market business. is a positioned each that. of good I decent focused. the well. very Brent strong to geographies emerging run, more you've and either particularly is some a job the business, – those the team than look extent, think us and we America, emerging to we've And growth, growth, to in line in U.S. address, focused of doing but have that tried as addition

see as term? market spoken number helpful. bps past, (USA), look take you seeing forward? And Hamzah like expect given then the should you as U.S. trends. you to business. well sort continue relative hold, Mazari pull-through the on Europe those has had grow. over at what investors And we're productivity XX initiatives That's to as productivity. just that look of forward, use baseline XX as - second all again, is question we we sort technology what Inc. outsourcing the the expect So, good on the we of momentum going certainly in both very in business, emerging some Is a And would of the the going our It and longer business the of bps then Macquarie to as on to it Capital to long-term, our International would

Eric J. Foss

So future both very And the Steve I I'll of following. remainder Day. into productivity. just would the we had year. year I strong But as based guidance address through that our year-to-date we've talk commented, I get on and based mean, we'll the as Investor December the say

XX really basis on savings. think about that, those referenced in the as investments. we SG&A strong improvement think being And are second in by driven those things, food by as of the quarter And offset numbers some you variety so management as a is strong start-ups, well points obviously I side, being

the as goes As costs you you'll margin to trajectory see start-up at start the both year of subside to tend along. rest of look for the the well the as year, as investments

you so, And quarters, through facility the now take base on to at in Uniform fully consistent. that, lapping the pricing some addition productivity those the a the last been really we you that food And for it's in look actions, when to you're if things side us our several Steve see half addition very going fourth lot very, I and lap natural of of disasters think year. to as And flow now in of the through then second referenced, quarter. more the

we know have Thanks. million, very reform Steve for And sort Capital Hamzah I the referenced any just cash helpful. said tax march. that's all That's it includes the as remain Does of quantification I on deals? a from convicted we Macquarie think I'll answer over, follow-up which the very well. and - just So, margin accretion turn $XXX had Mazari that confident your our very question? and why and along, in Inc. (USA),

Stephen P. Bramlage Jr.

The a that $XXX of right, referenced a the deal reform is from coming million, is is tax and from of you're net tax net accretion combination The number. is – No. the combination a deals. million $XXX accretion reform positive the we the because majority

cash and that integration-related spending of being AmeriPride we're the from the Avendra So, both the against is operations by reduced positive those. putting

net $XXX Capital the fiscal majority Mazari tax a will Inc. So, that be this is the year Hamzah - result for Macquarie but of (USA), million increase reform. of positive,

lot. a Thanks Okay.

Eric J. Foss

Thank you.

Operator

The next Stanley. question from with Kaplan Morgan is Toni

Toni M. Kaplan

morning. Good Hi.

the... On

Eric J. Foss

Toni. Hi,

Toni M. Kaplan

Thank you.

from the us bridge was just On the quarter, what margin the businesses? acquired part can XX from and bps total was in of part legacy expansion what business help you the

Stephen P. Bramlage Jr.

was businesses. good Toni, from There impact not a morning. Yeah. hi, material the acquired

I AmeriPride structure, positive, was think directionally given margin a the Avendra a was negative.

Given those net structures, significant two on of those the not result. was two that

As we against have before, deals. of thrown those of internal tremendous deals. two both of even integrating for quarter And a a of said full resources there's those it's not being results amount investment

I the drop clean through you're a basis you XX business points quarter So, in to legacy positive getting the the from productivity think points. when go XX basis down very

Eric J. Foss

I would and offset recorded. of and to think we start-ups the calendar it, Toni, shift in that's and kind then bps bps going bps be bps or about investments, the way get XX weather, of to simple by XX of base XX XX to of you think improvement XX roughly productivity XX to

Toni M. Kaplan

recently, environment could sort that your benefiting helpful. That's as of become rational great. sort any all risk Thank look update competitors the or And they would that environment at you. current profitability and issues of be then increase largest facing? of is with you new the they're growth issues contract to are new the hand the an on less from Just one other competitive there wins, having on

Eric J. Foss

going play we I control would the I mean and to control. I Well, game what following. our can Sure. we're mean, say

we do in client product market. of to control experience things connected our we bring that do meaningful make the is is and What delivering customer strong So terms great what controlling well is can really We're can portfolio is that what we focused positioned. a sure innovation on relations. we're building

we're So game the that's playing.

the no worked well this to your my the and change to I've pretty retention last it's Relative the well seen competitive to relative environment over I to the think date. perspective, numbers several environment, competitive months the It's question year. or us. pretty certainly new worked wins business on for from

So, I perspective, think very rational. from it's my

Toni M. Kaplan

you. Thank

Operator

Our Andrew next question is from from JPMorgan. Steinerman

Andrew Charles Steinerman

Andrew. Hi. have I It's two questions.

the revenue positive could you just On provide the question second any U.S. the organic calendar Uniform Support as for quantify and third And you, second and growth negative? fiscal Food is the could Services quarter, effects for well give division? or as reported, the quarter

Stephen P. Bramlage Jr.

Andrew. Sure,

just I question. your I want first to understand So, make sure

So, your second question is for quarter in the growth U.S.?

Andrew Charles Steinerman

organic revenue for growth U.S. Uniform. growth revenue Services, Organic Food and for Support

Stephen P. Bramlage Jr.

same. news sports, really kind see the X% is, answer business, grew. good the much Well, is corrections. Sure. Education growth care growth leisure grew. grew. U.S. our apart across did Facilities is It's Again, the X% we on of you verticals, if in and break both. across pretty Health all the

the portfolio. answer the So, is food consistent fairly U.S. and But X% facilities on and growth across specific Uniforms. X% on

Eric J. Foss

on your... And

Andrew Charles Steinerman

regarding question. second And the

Eric J. Foss

Yeah.

On benefits, flips certainly less the positive modest third Easter the very third into quarter, so quarter, a point. than

Andrew Charles Steinerman

other things no bring up And third about quarter? calendar the to

Eric J. Foss

any of. I'm significance that aware of Not

Andrew Charles Steinerman

Okay.

Okay. Thank you very much.

Eric J. Foss

Sure.

Operator

The question Justin next Baird. Hauke with from is

Justin P. Hauke

for for that from giving I XQ make versus Thank question. you the benefit want Yes, progression. fourth the sure hi. taking little quarter in earnings Thanks XQ the bit to color of I storms. on a understand just my

you hit XQ last in XX-basis-point XXXX. like out, was I So margin to year, it the think called a

about think thinking get top we and then of that we would basis XXXX, on productivity XX should up the think whatever be from the seasonality? flat about XQ overstating the being of that when gains, or that So basically you'd you're points way

Eric J. Foss

when this is it a that they becomes fact fourth fourth disasters the quarter, natural quarter. think I did like become headwind tailwind last No, a

you So, the basis points referenced. will that be we basically lapping XX

Justin P. Hauke

it. Got

growth, a organic then was it new my was was sense. much change Okay, a much much question that second price, in from on give to is, able how retention? the and business the breakdown that makes how how of extent to And X% you're of

Eric J. Foss

Yeah.

that be you're on I year-to-date the okay sense that? are shift, may just more make okay, a if some of you given little more number If and a give you relevant calendar of kind

Justin P. Hauke

Sure. Sure.

Eric J. Foss

of the take growth again, first roughly revenue So X.X%. half

price very about about the you between the and wins way XX% split think base then base it's and And retention. to our well, on business combination our of that I'd comes ask net is perform the by continues of new and driven that business about points volume, the to is business point remaining performance, – from X.X price. new really think probably I

you that the X.X%. to gets So,

Justin P. Hauke

And then one helpful. it the here. and That's think than you last I revenue clarification, still that you to right in a as just the quarter realize $XXX the accounts? Is closed full Is number? a million number about annual less AmeriPride, had consolidated all those right

Stephen P. Bramlage Jr.

Yeah.

is timing size not that's business. communication given will the but previous of clearly around figure. annualized of the of annualized, that number. good that the a the reasonable all a closing, current Yes, that's year Our still We realize in

Justin P. Hauke

Great.

Thank very much. Okay. you

Eric J. Foss

you. Thank

Operator

The is next from with Manav question Barclays. Patnaik

Manav Patnaik

My was think EPS third to to to XX%, quarter clarify, would just which you Steve, you. up first $X.XX. be I question think Thank XX% is Yeah. said I $X.XX

FX quantify what or make could just to you would And was dilution that on that the right. impact wanted if Just impact be. sure number

Stephen P. Bramlage Jr.

it'll year XX% current to would referenced. or think in over you that a other. I be impact Yeah. about material, in terms XX% the one currency, don't prior currency And at the rates, be way of range

we've for is year full basically far realized currency the first so in the Our what half. expectation

for relates deals the finalized your to any to we don't back I I haven't in accounting. because then deals, comment particular have I reflected go would currency And So, full-year just dilutive expectation presume the we purchase and changed haven't figure our there.

a $X.XX when $X.XX number full finish you the for That's the said we be year. good to until we we otherwise accounting. And so, it'd tell

picked you on four So, so if come up can figure up in that. with the based first quarter, some we've or reasonable

Manav Patnaik

easy costs there's how last away a little give that each year. probably like to again there any then quantification contribute? the around way there's Got there's the reverses, break a just And like the margin then so a – sounds timing you much go second Is those maybe confidence that little out just bit, to there's half just could maybe of component, out it comp from it. flash could and startup different

Eric J. Foss

Yeah.

I it, Manav, think the as way I answer follows. is would

in march, As result year hopefully out that's not going you we've but of had to line And what SG&A half very going plan items. has continued you're see the for really improvement. multiple base comprehensive going this what across productivity development strong two that's be to kind look to and of to a margin the see second years. our pretty food and to is productivity driven across in place, those And as particular call only a come that you're

thing as will see second reinvestments year, and second year, and start-up The of you every subside. you to each is get begin half see the into costs we the as

these year, why we with quarter throughout But deals, how the I year earlier, that is all is is thing weather one put on the points we And The you'll that the would thing third deliver see this against the one-offs. been at year through of confident the pricing extremely as in real fully we're pressure really fourth in a year have end final to this Uniform of mentioned has the for been us ability lap is number margin see this that you'll now our market ago quarter. second the then along, progress.

in how Steve that and beginning and And quarter a have perform. come see I the confidence second bit second through so, seeing that to little you're half relative you're to will

Manav Patnaik

Got it.

And Okay. one me. then for last just

I'm a next the million year negative side, that million that think On starting like flow meaning right one-time, I of guess, but sure of call not of wouldn't because the you the is is and what way your the geography be because $XXX so you higher? the geography, so Is made? repeat, cash to it, free changes $XXX base should

Stephen P. Bramlage Jr.

Yes.

Manav Patnaik

Thanks, easy. was That Okay. guys.

Eric J. Foss

Thanks.

Operator

Rosenbaum Stifel, from Shlomo from comes question Nicolaus. final Our

Unknown Speaker

This Shlomo. Hi. (XX:XX) Adam is on for

I was already was Uniform number the adjusted in kind more the how the weather/Easter on the this. kind did operating or of acquisition touched You issue? was of low may margin have impact this curious, just and pricing so it why

Eric J. Foss

No.

at look quarter? – second to largely second quarter way the is question think your I

Unknown Speaker

Right.

Eric J. Foss

Yeah.

I think the is it's AmeriPride. way due to to look at that almost entirely

think to transaction. the is really I amount entire So that due

Unknown Speaker

it. Got

Okay. thank so answered already, My were other you. questions

Eric J. Foss

(XX:XX). Adam Thanks, Okay.

Operator

the turn session back concludes like ladies management call and the Q&A the remarks. that team And closing for for gentlemen, to today. I'd to

Eric J. Foss

Thanks, Ellen. in look you at Day We you next in York Thanks interest. hope and quarter New City. to our speaking Investor for end at December to the forward your to see of time everyone and

Operator

Thank today's you you. for Ladies and may gentlemen, now this and disconnect. conference. you concludes participating Thank

Aramark (ARMK) 8 May 182018 Q2 Earnings call transcript