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20 24 ANNUAL REPORT

A Message from Our Chief Executive Officer To Our Shareholders, Fiscal 2024 was a very strong year at Aramark, a year of historic results in revenue and adjusted operating income (AOI) for Global Food and Support Services, and a year that brought us closer to our long-term goals. We attribute the year s success to a few principal factors: the soundness of our strategy, the power of our teams, and the passion and commitment of our more than 266,000 employees who are the soul of this organization. To tell the story of Fiscal 2024, consider these: R evenue and organic revenue increased 8% and 10% over prior year, respectively, due to strong growth in base business and net new business. O perating income and AOI increased 13% and 20% over prior year, respectively. Our profitable growth strategies are working across the organization and are resulting in margin expansion. N et cash from operations grew by 42% and free cash flow grew by 121% compared to the prior year from higher earnings and favorable working capital. W e improved our leverage ratio by 50 basis points and reduced our net debt. This strong cash flow performance and improved leverage strengthened our balance sheet and improved our financial flexibility. In recognition, the Board of Directors approved a new $500 million share repurchase program, a move that reflects the strength of our capital structure, highlights our confidence in our future, and emphasizes our focus on shareholder value creation. This year also saw continued growth and optimization in our Global Supply Chain Group. Our global GPOs expanded aggressively and posted double-digit organic net new growth across all channels, contributing more than $1 billion in new spend, and resulting in total spend of $20 billion. We launched Avendra International, which will enhance our GPO offerings and capabilities around the world. We believe this area is one full of promise and opportunity, and we anticipate another strong year in 2025. Our engagement with artificial intelligence (AI) led us to launch Hospitality IQ, packaging together tools that enhance the guest experience, empower operators, and drive client business objectives. We have addressed appropriate and responsible use of AI while seeking to harness its benefits and advantages.
And beyond the bottom line, we remain dedicated to all our stakeholders, including our employees, shareholders, and the customers we serve. Our Be Well. Do Well. ESG platform focuses on sustainability, limiting greenhouse gases, and reducing food waste. A pproximately 77% of our U.S. client locations reached safety Target Zero. W e made Newsweek s Most Admired Companies list, as well as its Greenest Companies and Most Responsible Companies lists. F air360 highlighted Aramark as a Top Employer for both Diversity and Black Executives. A ramark was named among the 50 Most Community-Minded Companies in the U.S., known as The Civic 50 , by Points of Light, an organization dedicated to accelerating people-powered change. Entering this new fiscal year, we are confident in our ability to build upon the success we ve worked to establish, leveraging our hospitality culture and growth mindset. We believe our teams have laid the groundwork for significant growth and new value creation opportunities. We know what needs to be done, and we will continue to take the necessary steps to reach new heights in financial performance. I believe the best still lies ahead, in 2025 and the years to come. Sincerely, John Zillmer The reconciliation of certain financial measures presented in the above message, including adjusted revenue (organic), adjusted operating income (which is presented on a constant currency basis), consolidated leverage ratio and free cash flow, to measures calculated in accordance with generally accepted accounting principles (GAAP) are provided in Annex A.
 • shareholder letter icon 12/12/2024 Letter Continued (Full PDF)
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ARMK Shareholder/Stockholder Letter Transcript:

20
24
ANNUAL REPORT


A Message from Our Chief Executive Officer
To Our Shareholders,
Fiscal 2024 was a very strong year at Aramark, a year of historic results
in revenue and adjusted operating income (AOI) for Global Food and
Support Services, and a year that brought us closer to our long-term
goals. We attribute the year   s success to a few principal factors: the
soundness of our strategy, the power of our teams, and the passion
and commitment of our more than 266,000 employees who are the
soul of this organization.
To tell the story of Fiscal 2024, consider these:
    R
  evenue and organic revenue increased 8% and 10% over prior year,
respectively, due to strong growth in base business and net new
business.
    O
  perating income and AOI increased 13% and 20% over prior year,
respectively. Our profitable growth strategies are working across
the organization and are resulting in margin expansion.
    N
  et cash from operations grew by 42% and free cash flow grew by
121% compared to the prior year from higher earnings and favorable
working capital.
    W
  e improved our leverage ratio by 50 basis points and reduced
our net debt.
This strong cash flow performance and improved leverage strengthened
our balance sheet and improved our financial flexibility. In recognition,
the Board of Directors approved a new $500 million share repurchase
program, a move that reflects the strength of our capital structure,
highlights our confidence in our future, and emphasizes our focus on
shareholder value creation.
This year also saw continued growth and optimization in our
Global Supply Chain Group. Our global GPOs expanded aggressively
and posted double-digit organic net new growth across all channels,
contributing more than $1 billion in new spend, and resulting in total
spend of $20 billion.
We launched Avendra International, which will enhance our GPO
offerings and capabilities around the world. We believe this area
is one full of promise and opportunity, and we anticipate another
strong year in 2025.
Our engagement with artificial intelligence (AI) led us to launch
Hospitality IQ, packaging together tools that enhance the guest
experience, empower operators, and drive client business objectives.
We have addressed appropriate and responsible use of AI while
seeking to harness its benefits and advantages.

And beyond the bottom line, we remain dedicated to all our stakeholders,
including our employees, shareholders, and the customers we serve.
Our Be Well. Do Well. ESG platform focuses on sustainability, limiting
greenhouse gases, and reducing food waste.
    A
  pproximately 77% of our U.S. client locations reached safety
Target Zero.
    W
  e made Newsweek   s Most Admired Companies list, as well as its
Greenest Companies and Most Responsible Companies lists.
    F
  air360 highlighted Aramark as a Top Employer for both Diversity
and Black Executives.
    A
  ramark was named among the 50 Most Community-Minded Companies
in the U.S., known as    The Civic 50   , by Points of Light, an organization
dedicated to accelerating people-powered change.
Entering this new fiscal year, we are confident in our ability to build upon
the success we   ve worked to establish, leveraging our hospitality culture
and growth mindset. We believe our teams have laid the groundwork
for significant growth and new value creation opportunities. We know
what needs to be done, and we will continue to take the necessary steps
to reach new heights in financial performance. I believe the best still lies
ahead, in 2025 and the years to come.
Sincerely,
John Zillmer
The reconciliation of certain financial measures presented in the above message, including adjusted revenue (organic),
adjusted operating income (which is presented on a constant currency basis), consolidated leverage ratio and free cash flow,
to measures calculated in accordance with generally accepted accounting principles (GAAP) are provided in Annex A.



shareholder letter icon 12/12/2024 Letter Continued (Full PDF)
 

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