Vestis Q3 rev $698M (-1.6% YoY), adj EBITDA $87M; enters $250M AR facility to cut debt

Vestis Corp

2024-Q3 EPS reported $0.18 revenue$2,121,539,000

Revenue $698M, down 1.6% YoY; operating income $38M (5.4% of rev); adj EBITDA $87M (12.4% of rev)
Operating cash flow YTD $176M (+22.4%); free cash flow YTD $125M (+22.6%)
Net leverage 3.98x, net debt $1.53B at Q3 end; pro forma post-AR facility net leverage 3.33x, net debt $1.28B
Entered $250M AR securitization facility on Aug 2, 2024, to repay term loans; scheduled term Aug 2, 2027
Reiterated FY2024 outlook; adj EBITDA margin expected toward higher end of guidance range

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