Vestis Corp. Files 2024 Annual Report

Ticker: VSTS · Form: 10-K · Filed: Nov 22, 2024 · CIK: 1967649

Vestis CORP 10-K Filing Summary
FieldDetail
CompanyVestis CORP (VSTS)
Form Type10-K
Filed DateNov 22, 2024
Risk Levelmedium
Pages14
Reading Time17 min
Key Dollar Amounts$0.01, $2.8 billion, $2.8 b, $158.0 m, $21.0 m
Sentimentneutral

Sentiment: neutral

Topics: 10-K, annual-report, financials

TL;DR

Vestis Corp 10-K filed: FY24 results are in, check financials and risks.

AI Summary

Vestis Corp. filed its 10-K for the fiscal year ending September 27, 2024, reporting on its financial performance and operations. The company, formerly known as Epic NewCo, Inc., is incorporated in Delaware and operates in the wholesale-miscellaneous nondurable goods sector. Its principal executive offices are located in Roswell, Georgia.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Vestis Corp.'s financial health, strategic direction, and potential risks for the fiscal year 2024.

Risk Assessment

Risk Level: medium — As a publicly traded company filing a 10-K, Vestis Corp. is subject to various market, operational, and regulatory risks inherent in its industry.

Key Numbers

Key Players & Entities

FAQ

What was Vestis Corp.'s former name?

Vestis Corp.'s former name was Epic NewCo, Inc., with a date of name change on 20230228.

In which state was Vestis Corp. incorporated?

Vestis Corp. was incorporated in Delaware (DE).

What is the SIC code for Vestis Corp.?

The Standard Industrial Classification (SIC) code for Vestis Corp. is 5190, Wholesale-Miscellaneous Nondurable Goods.

What is the physical address of Vestis Corp.'s business?

The business address for Vestis Corp. is 1035 Alpharetta Street, Suite 2100, Roswell, GA 30075.

What is the accession number for this 10-K filing?

The accession number for this 10-K filing is 0001967649-24-000060.

Filing Stats: 4,332 words · 17 min read · ~14 pages · Grade level 16.1 · Accepted 2024-11-22 16:18:14

Key Financial Figures

Filing Documents

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 27 I tem 1C. C ybersecurity 27 Item 2 .

Properties

Properties 28 Item 3.

Legal Proceedings

Legal Proceedings 29 Item 4. Mine Safety Disclosures 30 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31 Item 6. [Reserved] 32 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 44 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 46 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosures 87 Item 9A.

Controls and Procedures

Controls and Procedures 87 Item 9B. Other Information 87 Item 9C. Disclosure Regarding Foreign Jurisdiction that Prevent Inspections 87 PART III Item 10. Directors, Executive Officers and Corporate Governance 88 Item 11.

Executive Compensation

Executive Compensation 88 Item 12.

Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters 88 Item 13. Certain Relationships and Related Transactions, and Director Independence 88 Item 14. Principal Accounting Fees and Services 88 PART IV Item 15. Exhibits, Financial Statement Schedules 89 Item 16. Form 10-K Summary 91

Signatures

Signatures 92 1 Table of Contents Cautionary Note Regarding Forward-Looking Statements This Annual Report on Form 10-K contains "forward-looking statements" within the meaning of the securities laws. All statements that reflect our expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements relating to future operations and financial performance (including volume growth, pricing, sales and cash flows) and statements regarding our strategy for growth, future product development, regulatory approvals, competitive position and expenditures. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our operations, our liquidity and capital resources, the conditions in our industry and our growth strategy. In some cases, forward-looking statements can be identified by words such as "believe," "aim," "anticipate," "estimate," "expect," "future," "goal," "have confidence," "intend," "likely," "look to," "may," "outlook," "project," "plan," "seek," "see," "should," "will," "will be," "will continue," "will likely," and other words and terms of similar meaning or the negative versions of such words. These forward-looking statements are subject to risks and uncertainties that may change at any time, and actual results or outcomes may differ materially from those that we expected. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Although we believe that the expectations reflected in any forward-looking statements we make are based on reasonable assumptions, we can give no assurance that these expectations will be attained and it is possible that actual results may differ materially from those indicated by these forward-looking statements due

Business

Item 1. Business Overview Vestis Corporation ("Vestis", the "Company", "our", "we" or "us") is a leading provider of uniform rentals and workplace supplies across the United States and Canada. We provide uniforms, mats, towels, linens, restroom supplies, first-aid supplies, safety products and other workplace supplies. In fiscal year 2024, we generated revenue of approximately $2.8 billion. We are one of the largest companies operating within the United States and Canada in our industry. We have over 75 years of experience providing uniforms and workplace supplies and a broad footprint that supports efficient delivery of our services and products to more than 300,000 customer locations across the United States and Canada. Our customer base participates in a wide variety of industries including manufacturing, hospitality, retail, food processing, pharmaceuticals, healthcare and automotive. We serve customers ranging from small, family-owned operations with a single location to large corporations and national franchises with multiple locations. Our customers value the uniforms and workplace supplies we deliver as our services and products can help them reduce operating costs, enhance brand image, maintain a safe and clean workplace and focus on their core business. We provide a full range of uniform programs, restroom supply services and first-aid and safety products, as well as ancillary items such as floor mats, towels and linens. Additionally, we provide garments and contamination control supplies that help customers maintain controlled, cleanroom environments commonly used in the manufacturing of electronics, pharmaceuticals and medical equipment. Our team consists of approximately 19,600 teammates who operate over 350 sites including laundry plants, satellite plants, distribution centers and manufacturing plants. We leverage our broad footprint and our supply chain, delivery fleet and route logistics capabilities to serve customers on a recurring basis, ty

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