Aramark (NYSE:ARMK) Q4 2019 Earnings Conference Call - Final Transcript

Nov 19, 2019 • 08:30 am ET


Aramark (NYSE:ARMK) Q4 2019 Earnings Conference Call - Final Transcript


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Good morning and welcome to Aramark's Fourth Quarter and Full-Year 2019 Earnings Results Conference Call. My name is John, and I'll 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 remarks.

And I will now turn the call over to Felise Kissell, Vice President, Investor Relations and Corporate Affairs. Ms. Kissell, please proceed.

Felise Kissell

Thank you, and welcome to Aramark's fourth quarter and full-year fiscal 2019 earnings conference call and webcast. This morning, we have the pleasure of hearing from our new Chief Executive Officer, John Zillmer; as well as Steve Bramlage, our Executive Vice President and Chief Financial Officer.

As a reminder, our notice regarding forward-looking statements is included in our press release this morning, which can be found on our website and in our earnings slide deck. During this call, we will be making comments that are forward looking. Actual results may differ materially from those expressed or implied as a result of various risks, uncertainties and important factors, including those discussed in the Risk Factors, MD&A, and other sections of our Annual Report on Form 10-K and our other SEC filings. Additionally, we will be discussing certain non-GAAP financial measures. A reconciliation of these items to US GAAP can be found in this morning's press release as well as on our website.

Our results are affected by accounting rule changes as well as changes to the definitions of adjusted operating income and adjusted net income, which we began to utilize in the first quarter. Please refer to the appendix and the earnings slide materials for detailed reconciliation.

With that, I will now turn the call over to John.

John J. Zillmer

Thank you, Felise, and thanks to all of you for joining us today to discuss Aramark, our fourth quarter and full-year results as well as our key strategic areas of focus going forward. As you know, I returned to Aramark nearly 45 days ago as CEO after spending over 23 years with the company earlier in my career. Today, there is truly nowhere I would rather be given my passion for the business combined with the many promising opportunities ahead as the team and I offer a path forward for the company that is focused on elevating culture, accelerating revenue growth and unlocking the economic potential of the business. I expect our commitment and progress in these three areas will be increasingly evident as the year unfolds, reflecting an unwavering goal of positioning Aramark for a strong and value creating future.

Before Steve reviews the specific drivers for our year-end performance, I would like to provide you with a few initial insights and observations as I continue my immersion with our clients and employees, many of whom are familiar faces. I've spent time in the field over the past weeks and it is clear