Aramark (NYSE:ARMK) Q4 2022 Earnings Call Transcript

John Zillmer: Yes. That business has continued to have a net new business growth year-over-year and it’s performing very nicely. We do have varying states of recovery amongst the clients that we serve. Some are back on 100%. Obviously, the blue collar operations back at 100%. And still some white collar operations lagging and particularly in the coastal environments, if you will, so call it the financial sector, or the high tech sector. But even those over the course of the last couple of months, those have begun to improve dramatically. We saw based on these results is a significant transition in September. We continue to see an acceleration of that return to work throughout the first quarter of the new year, which I won’t comment on.

But we do see that pace of change accelerating. We believe that this business will be highly profitable going forward. There is plenty of growth opportunity in this segment and while individual client locations may be different than they were pre-COVID, that overall, the business will be very strong, fundamentally a good business to be in. And so it may look a little bit different in terms of the customers we serve and the type of services that they want and the individual locations. But ultimately, we see this as a core business for the company with strong growth dynamics, and in a very strong leadership team in place to continue that growth.

Stephanie Moore: Great, appreciate the time. Thank you.

John Zillmer: Thank you.

Operator: Thank you. I will not going to call back over to Mr. Zillmer, for closing remarks.

John Zillmer: Terrific. Thank you very much, everybody, for joining us this morning. We obviously are very excited about the performance of the company in the fourth quarter, and our prospects for fiscal ’23. We’re excited about the growth the company has been able to achieve in the net new business wins. And we have a strong commitment to those goals that we’ve established as an organization during our analyst day for both growth and margin and we will be back together again here at the end of the first quarter to talk about, to talk more about the spin and the implications for both sides of the business going forward. And we will update you then at that time. So thank you again for the time this morning and I look forward to continuing our conversations in the near future. Thank you.

Operator: Ladies and gentlemen, thank you for participating. This concludes today’s conference. You may now disconnect. Good day.