$VSTS
Vestis Corp

2024 Q3 Form 10-Q Financial Statement

#000196764924000043 Filed on August 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $684.3M $698.2M $709.4M
YoY Change -4.42% -1.57%
Cost Of Revenue $487.3M $495.8M $484.6M
YoY Change -0.56% 2.3%
Gross Profit $197.0M $202.5M $224.8M
YoY Change -12.78% -9.92%
Gross Profit Margin 28.78% 29.0% 31.69%
Selling, General & Admin $131.9M $130.0M $124.2M
YoY Change -0.27% 4.7%
% of Gross Profit 66.97% 64.22% 55.25%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $35.28M $34.93M $34.20M
YoY Change 1.37% 2.12% -48.88%
% of Gross Profit 17.91% 17.25% 15.21%
Operating Expenses $167.2M $130.0M $158.4M
YoY Change 0.08% -17.9%
Operating Profit $29.78M $37.52M $66.40M
YoY Change -49.34% -43.49%
Interest Expense -$29.85M -$29.39M -$100.0K
YoY Change -157.9% 29286.0%
% of Operating Profit -100.24% -78.31% -0.15%
Other Income/Expense, Net -$1.199M -$29.39M -$83.00K
YoY Change 35304.82%
Pretax Income -$1.271M $8.137M $66.30M
YoY Change -101.16% -87.73%
Income Tax $1.027M $3.100M $17.40M
% Of Pretax Income 38.1% 26.24%
Net Earnings -$2.298M $5.037M $48.90M
YoY Change -102.45% -89.7%
Net Earnings / Revenue -0.34% 0.72% 6.89%
Basic Earnings Per Share $0.04 $0.37
Diluted Earnings Per Share -$0.02 $0.04 $0.37
COMMON SHARES
Basic Shares Outstanding 131.5M shares 131.5M shares 130.7M shares
Diluted Shares Outstanding 131.8M shares 130.7M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $31.01M $29.10M $14.20M
YoY Change -13.98% 104.92%
Cash & Equivalents $31.01M $29.10M $14.20M
Short-Term Investments
Other Short-Term Assets $18.10M $28.78M $411.8M
YoY Change -95.65% -93.01%
Inventory $164.9M $153.5M $209.1M
Prepaid Expenses
Receivables $177.3M $409.9M $388.4M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $787.4M $1.020B $1.024B
YoY Change -22.8% -0.36%
LONG-TERM ASSETS
Property, Plant & Equipment $670.9M $726.1M $713.0M
YoY Change -7.14% 1.84%
Goodwill $963.8M $963.0M
YoY Change 0.03%
Intangibles $212.8M $219.0M $232.6M
YoY Change -10.83% -5.83%
Long-Term Investments
YoY Change
Other Assets $224.0M $217.5M $208.1M
YoY Change 5.37% 4.51%
Total Long-Term Assets $2.145B $2.126B $2.130B
YoY Change 0.37% -0.22%
TOTAL ASSETS
Total Short-Term Assets $787.4M $1.020B $1.024B
Total Long-Term Assets $2.145B $2.126B $2.130B
Total Assets $2.932B $3.146B $3.154B
YoY Change -7.12% -0.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $163.1M $150.5M $145.5M
YoY Change 21.23% 3.47%
Accrued Expenses $145.0M $117.1M $198.4M
YoY Change -29.97% -40.97%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $8.000M $23.50M
YoY Change -100.0% -65.96%
Total Short-Term Liabilities $456.1M $429.8M $367.3M
YoY Change 15.32% 17.01%
LONG-TERM LIABILITIES
Long-Term Debt $1.148B $1.395B $99.60M
YoY Change -26.8% 1300.13%
Other Long-Term Liabilities $52.60M $50.12M $101.6M
YoY Change -46.7% -50.67%
Total Long-Term Liabilities $1.200B $1.445B $201.2M
YoY Change -27.98% 618.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $456.1M $429.8M $367.3M
Total Long-Term Liabilities $1.200B $1.445B $201.2M
Total Liabilities $2.029B $2.244B $772.2M
YoY Change -10.98% 190.66%
SHAREHOLDERS EQUITY
Retained Earnings $2.565M $9.466M
YoY Change
Common Stock $1.315M $1.315M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $903.1M $901.2M $2.382B
YoY Change
Total Liabilities & Shareholders Equity $2.932B $3.146B $3.154B
YoY Change -7.12% -0.27%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income -$2.298M $5.037M $48.90M
YoY Change -102.45% -89.7%
Depreciation, Depletion And Amortization $35.28M $34.93M $34.20M
YoY Change 1.37% 2.12% -48.88%
Cash From Operating Activities $295.6M $48.66M $75.10M
YoY Change 161.4% -35.21% -13.08%
INVESTING ACTIVITIES
Capital Expenditures $28.12M $20.96M $20.30M
YoY Change 11.27% 3.26% -16.12%
Acquisitions
YoY Change
Other Investing Activities $5.269M $0.00 $300.0K
YoY Change -89.89% -100.0% -102.7%
Cash From Investing Activities -$22.85M -$20.96M -$19.90M
YoY Change -185.09% 5.34% -43.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -270.7M -29.15M -51.70M
YoY Change 129.83% -43.62% -23.63%
NET CHANGE
Cash From Operating Activities 295.6M 48.66M 75.10M
Cash From Investing Activities -22.85M -20.96M -19.90M
Cash From Financing Activities -270.7M -29.15M -51.70M
Net Change In Cash 2.073M -1.452M 3.500M
YoY Change -90.65% -141.49% -121.08%
FREE CASH FLOW
Cash From Operating Activities $295.6M $48.66M $75.10M
Capital Expenditures $28.12M $20.96M $20.30M
Free Cash Flow $267.5M $27.70M $54.80M
YoY Change 204.61% -49.46% -11.9%

Facts In Submission

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dei Security12b Title
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us-gaap Income Tax Expense Benefit
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CY2023Q2 us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Earnings Per Share Diluted
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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us-gaap Depreciation Depletion And Amortization
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Repayments Of Long Term Debt
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CY2024Q1 us-gaap Dividends
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CY2024Q2 us-gaap Dividends
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vsts Net Cash Distributions To From Parent
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<div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:10pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the Consolidated and Combined Financial Statements and accompanying notes. The Company utilizes key estimates in preparing the financial statements including environmental estimates, goodwill, intangibles, insurance reserves, income taxes and long-lived assets. These estimates are based on historical information, current trends and information available from other sources. Actual results could materially differ from those estimates.</span></div>
CY2024Q2 us-gaap Inventory Valuation Reserves
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CY2023Q3 us-gaap Inventory Valuation Reserves
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us-gaap Amortization Of Intangible Assets
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1920000 usd
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CY2024Q2 us-gaap Capitalized Contract Cost Amortization Period
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us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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us-gaap Operating Lease Payments
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2023Q3 us-gaap Finance Lease Weighted Average Discount Rate Percent
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0.043
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2024Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
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CY2024Q2 vsts Lessee Liability To Be Paid Year One
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CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2024Q2 us-gaap Finance Lease Liability Payments Due Year Four
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CY2024Q2 vsts Lessee Liability To Be Paid Year Four
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CY2024Q2 vsts Lessee Operating Lease Liability To Be Paid After Year Four
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CY2024Q2 vsts Finance Lease Liability To Be Paid After Year Four
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CY2024Q2 vsts Lease Liability To Be Paid After Year Four
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CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
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CY2024Q2 us-gaap Finance Lease Liability Payments Due
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CY2024Q2 vsts Lessee Liability To Be Paid Due
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CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2024Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
20090000 usd
CY2024Q2 vsts Lessee Liability To Be Paid Undiscounted Excess Amount
LesseeLiabilityToBePaidUndiscountedExcessAmount
39535000 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
77564000 usd
CY2024Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
141631000 usd
CY2024Q2 vsts Operating And Finance Lease Liability
OperatingAndFinanceLeaseLiability
219195000 usd
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3856000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2795000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13303000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8749000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1768000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.53
vsts Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsGrantsInPeriod
2941000 shares
CY2024Q2 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
7200000 usd
CY2023Q3 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
6800000 usd
CY2024Q2 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
15200000 usd
CY2023Q3 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
17300000 usd
CY2024Q2 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
12900000 usd
CY2023Q3 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
12300000 usd
us-gaap Litigation Settlement Loss
LitigationSettlementLoss
3100000 usd
CY2024Q2 us-gaap Loss Contingency Patents Found Not Infringed Number
LossContingencyPatentsFoundNotInfringedNumber
3 trademark
CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
698248000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
709384000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2121539000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2109385000 usd
CY2024Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
37523000 usd
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
66367000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
128175000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
160134000 usd
CY2024Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
37523000 usd
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
66367000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
128175000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
160134000 usd
CY2024Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-29386000 usd
CY2023Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-83000 usd
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-94874000 usd
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
268000 usd
CY2024Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
8137000 usd
CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
66284000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
33301000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
160402000 usd
CY2023Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
131200000 shares
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
5037000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
48863000 usd
us-gaap Net Income Loss
NetIncomeLoss
23268000 usd
us-gaap Net Income Loss
NetIncomeLoss
119186000 usd
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
131543000 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
130725000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
131486000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
130725000 shares
CY2024Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
290000 shares
CY2023Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
299000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
131833000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
130725000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
131785000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
130725000 shares
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.37
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.18
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.91
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.04
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.37
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.18
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.91
CY2024Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2932000 shares
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2165000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2024Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.381
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.263
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.301
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.257
CY2024Q2 vsts Deferred Tax Liabilities Increase Decrease Net
DeferredTaxLiabilitiesIncreaseDecreaseNet
-8500000 usd
CY2024Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
200000 usd
CY2023Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
4400000 usd
us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
-4200000 usd
CY2024Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
100000 usd
CY2024Q2 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
-3699000 usd
us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
-3508000 usd
CY2023Q2 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
1223000 usd
us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
7011000 usd
CY2024Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.035
CY2024Q2 us-gaap Dividends Payable Current
DividendsPayableCurrent
4600000 usd
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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