Vestis Corp Files 10-Q for Q3 2024

TL;DR

Vestis Corp's Q3 2024 10-Q is in, showing financial details for the period ending Dec 27.

AI Summary

Vestis Corp filed its 10-Q for the period ending December 27, 2024. The filing details financial information for the quarter, including assets and equity. The company, formerly known as Epic NewCo, Inc., is incorporated in Delaware and operates in the wholesale-nondurable goods sector.

Why It Matters

This 10-Q filing provides investors with a quarterly update on Vestis Corp's financial health and operational performance, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information that could reveal risks or opportunities, but without specific performance metrics, the risk level is moderate.

Key Numbers

• 10-Q — Form Type (Quarterly report filed with the SEC)
• 2024-12-27 — Reporting Period End Date (The end date for the financial data presented)

Key Players & Entities

• Vestis Corp (company) — Filer of the 10-Q
• Epic NewCo, Inc. (company) — Former name of Vestis Corp
• 2024-12-27 (date) — End of the reporting period
• 0001967649-25-000014 (other) — Accession Number for the filing

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share VSTS New York Stock Exchange

Filing Documents

• vsts-20241227.htm (10-Q) — 831KB
• ceo10-q302certification1q25.htm (EX-31.1) — 10KB
• cfo10-q302certification1q25.htm (EX-31.2) — 10KB
• ceoandcfo906certification1.htm (EX-32.1) — 5KB
• image_0.jpg (GRAPHIC) — 0KB
• image_0a.jpg (GRAPHIC) — 0KB
• image_0b.jpg (GRAPHIC) — 0KB
• image_1.jpg (GRAPHIC) — 0KB
• vsts-20241227_g1.jpg (GRAPHIC) — 54KB
• 0001967649-25-000014.txt ( ) — 6120KB
• vsts-20241227.xsd (EX-101.SCH) — 44KB
• vsts-20241227_cal.xml (EX-101.CAL) — 88KB
• vsts-20241227_def.xml (EX-101.DEF) — 205KB
• vsts-20241227_lab.xml (EX-101.LAB) — 581KB
• vsts-20241227_pre.xml (EX-101.PRE) — 413KB
• vsts-20241227_htm.xml (XML) — 761KB

- Financial Information

PART I - Financial Information Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 5 Consolidated Balance Sheets 5 Consolidated Statements of Income 6 Consolidated Statements of Comprehensive Income 7 Consolidated Statements of Cash Flows 8 Consolidated Statements of Changes in Equity 9

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 10 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 32 Item 4.

Controls and Procedures

Controls and Procedures 33

- Other Information

PART II - Other Information 34 Item 1.

Legal Proceedings

Legal Proceedings 34 Item 1A.

Risk Factors

Risk Factors 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35 Item 3. Defaults Upon Senior Securities 35 Item 4. Mine Safety Disclosures 35 Item 5. Other Information 35 Item 6. Exhibits 36 2 Table of Contents Cautionary Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q 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 ar

- Financial Information

PART I - Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) VESTIS CORPORATION CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except per share amounts) December 27, 2024 September 27, 2024 ASSETS Current Assets: Cash and cash equivalents $ 18,564 $ 31,010 Receivables (net of allowances: $ 19,888 and $ 19,804 ) 187,242 177,271 Inventories, net 170,028 164,913 Rental merchandise in service, net 395,200 396,094 Other current assets 38,555 18,101 Total current assets 809,589 787,389 Property and Equipment, at cost: Land, buildings and improvements 580,173 590,972 Equipment 1,151,814 1,168,142 1,731,987 1,759,114 Less - Accumulated depreciation ( 1,073,922 ) ( 1,088,256 ) Total property and equipment, net 658,064 670,858 Goodwill 959,620 963,844 Other Intangible Assets, net 208,690 212,773 Operating Lease Right-of-use Assets 71,078 73,530 Other Assets 190,112 223,993 Total Assets $ 2,897,153 $ 2,932,387 LIABILITIES AND EQUITY Current Liabilities: Current maturities of long-term borrowings $ — $ — Current maturities of financing lease obligations 32,383 31,347 Current operating lease liabilities 19,535 19,886 Accounts payable 164,924 163,054 Accrued payroll and related expenses 86,636 96,768 Accrued expenses and other current liabilities 145,218 145,047 Total current liabilities 448,696 456,102 Long-Term Borrowings 1,128,444 1,147,733 Noncurrent Financing Lease Obligations 117,827 115,325 Noncurrent Operating Lease Liabilities 63,770 66,111 Deferred Income Taxes 186,689 191,465 Other Noncurrent Liabilities 52,137 52,600 Total Liabilities 1,997,563 2,029,336 Commitments and Contingencies (see Note 9) Equity: Common stock, par value $ 0.01 per share, 350,000,000 shares authorized, 131,700,887 and 131,481,967 issued and outstanding as of December 27, 2024 and September 27, 2024,respectively 1,317 1,315 Additional paid-in capital 931,554 928,082 (Accumulated deficit) retained earnings ( 1,213 ) 2,565 Accumulated other comprehensive loss ( 3

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 1. NATURE OF BUSINESS AND BASIS OF PRESENTATION: Vestis Corporation ("Vestis", the "Company", "we" or "us") is a leading provider of uniforms and workplace supplies across the United States and Canada. The Company provides uniforms, mats, towels, linens, restroom supplies, first-aid supplies and safety products. The Company's customer base participates in a wide variety of industries, including manufacturing, hospitality, retail, government, automotive, healthcare, food processing and pharmaceuticals. The Company serves customers ranging from small, family-owned operations with a single location to large corporations and national franchises with multiple locations. The Company's customers value the uniforms and workplace supplies it delivers as its services and products can help them reduce operating costs, enhance their brand image, maintain a safe and clean workplace and focus on their core business. The Company leverages its broad footprint and its supply chain, delivery fleet and route logistics capabilities to serve customers on a recurring basis, typically weekly, and primarily through multi-year contracts. In addition, the Company offers customized uniforms through direct sales agreements, typically for large, regional or national companies. The Company manages and evaluates its business activities based on geography and, as a result, determined that its United States and Canada businesses are its operating segments. The Company's operating segments are also its reportable segments. The United States and Canada reportable segments both provide a range of uniforms and workplace supplies programs. The Company's uniforms business ("Uniforms") generates revenue from the rental, servicing and direct sale of uniforms to customers, including the design, sourcing, manufacturing, customization, personalization, delivery, laundering, sanitization, repair and replacement of uniforms. The uniform options inc

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