Latest news with #uniforms
ABC News
26-05-2025
- Sport
- ABC News
Netball's dress debate mirrored in Ireland's camogie skort fight
The protest from Ireland's camogie players refusing to wear "uncomfortable" uniforms that conformed to tradition mirrors the discussion about whether netballers in Australia should still be mandated to wear dresses. After years of discontent and backlash from players, the Camogie's ruling body last Thursday ended the obligation to wear skorts (a skirt with built-in shorts underneath), which critics said had deterred girls from taking up the sport. The Camogie Association made the change after Dublin and Kilkenny players turned up at their provincial Leinster semifinal in shorts. After the referee threatened to abandon the game, the players changed into skorts. However, the protest galvanised public solidarity with their cause. This echoes a discussion point in recent years around the netball dress here in Australia, as some leaders have been calling for change, citing the uniform as uncomfortable and restrictive. Bess Schnioffsky, a researcher at RMIT University, whose thesis looks at femininity in Australia netball, said the tight-fitting, very short nature of the netball dress often left players pulling down their uniform. "A lot of netball moves involving putting your hands over your head, so if you're constantly worrying about pulling down your dress then you're not playing the game to the fullest of your ability," Dr Schnioffsky said. Dr Schnioffsky said there's an interesting tension at the moment in netball at the higher levels, with some players loving the traditional dress and others finding it outdated. "(Some) players are like 'Why are we still playing in a dress in 2025, this makes no sense' and other players are like 'No, I love playing in a dress, it's part of the game and I love that I can be feminine and sporty'," Dr Schnioffsky said. When the option was given at the Team Girls Cup, the sport's official pre-season tournament, most players still opted for the dress despite some choosing a shorts or leggings and singlet combination. GWS co-captain Jo Harten told ABC Sport last year that behind the scenes, she's been pushing for a more inclusive uniform policy at club level. "I think, the broader options we can have as a uniform, the more people it will attract, because it doesn't have to be one body type playing this sport," Harten, who has played netball at the top level for close to 20 years, said. "We should be looking at people of all different sizes, ethnicities, styles of hair, because essentially, that is what makes a global game and the more we can be inclusive, the better." A state of the game review in 2020 found that a lack of flexibility in uniforms was proving to be a barrier to girls taking up the sport. A 2021 national study by Victoria University found 58 per cent of girls do not want to wear skirts while playing sport outside of school, and 65 per cent do not want to wear skirts during school sport. Following this, Netball Australia revealed changes to their uniform policy in late 2022, which would allow players and umpires to choose between a dress, singlet, bodysuit, short-sleeved or long-sleeved shirt, skirt, shorts and long pants. These changes were implemented for the first time during the Super Netball pre-season Team Girls Cup by three teams. However, once the main season commenced, all teams returned to the netball dress. The discussion around netball uniforms has been simmering for years. Former Diamonds world champion Ash Brazill, in 2023, said that when she started playing netball, she didn't know where she belonged, partly because of the attire. "You know, I didn't have the blonde ponytail with the ribbon in their hair and I would have preferred to wear shorts than a dress," Brazill told The Age in 2023. "And going into footy and hearing [people] asking girls 'why did they stop playing netball', and a lot of it was not feeling like they belonged." Similarly, Dr Schnioffsky said if she was choosing a sport to play as a girl today, she'd likely opt for football over netball, given the comfort of the kit. "That was the part of the game that I really had to grapple with, how I felt in a dress," Schnioffsky said. "Because I didn't like it and I was very conscious of how my body looked in the dress and how I was being perceived in the dress. Whereas if I was growing up now I think I would have played footy. "Because even though the uniform is still somewhat restrictive in terms of the short shorts, there's a greater diversity of bodies at that higher level who are modelling how it looks to fit in a footy jumper versus how, if you look at the elite professional netball bodies, that diversity isn't there."
New York Times
23-05-2025
- Sport
- New York Times
Were this year's City Connect uniforms an upgrade or downgrade? We grade all eight
Now four years into the City Connect uniform program from Nike and Major League Baseball, each of the 28 participating teams (sans the New York Yankees and the city-less Athletics) has unveiled alternate looks. When announced in 2021, MLB announced that each City Connect uniform would have a lifespan of roughly three years, which was the case for every team but the Los Angeles Dodgers, who introduced their do-over last year. A total of eight teams have introduced new uniforms this season, culminating with the Boston Red Sox last week. The City Connect uniforms have brought together not just good and bad uniforms, but also bold designs, head-scratching decisions and utterly boring looks. Some fans love the looks and some hate them, but few garner no response. There will always be differing opinions in matters of taste. For this exercise, our resident tastemakers are looking at how each team has handled its second swing at an alternate uniform. MLB writers Tyler Kepner and C. Trent Rosecrans and Culture writer Jason Jones take a look at this year's suite to assess whether teams upgraded or downgraded with their new threads. Tyler Kepner Grade: C Downgrade The Nationals' first City Connects had a tasteful homage to Washington's cherry blossom trees. The pink-and-gray color scheme was unique to the Nats, and while I didn't like the 'WSH' lettering on the jerseys, it was a very nice set overall and proved that an all-new color palette can work. The new one sort of disproves that theory. Lots of teams have light blue, so there's nothing special about it here. If they'd done it to honor the Expos' light blue, I could see it. But this set is all about DC. I like how the outline of the Capitol Dome wedges into the W on the cap, though I don't understand why there's a different W on the helmet. And while I like the concept of etching a city map on the jersey, it falls a little flat here. C. Trent Rosecrans Grade: C+ Downgrade The best part of the Nationals' new set? The old ones went on sale, and I picked up the gray Nationals cap with the cherry blossoms on the side for the price you'd pay for a New Era 5950 cap back before there was a Nationals cap. The design itself is fine, but it lacks impact after the beautiful (though not perfect — I'm looking at you 'WSH') previous model. Advertisement Jason Jones Grade: B+ Upgrade My opinion is based largely on being a fan of various shades of blue. I'm more pro-blue than anti-cherry blossoms. The blueprint design also works for me. It's better than a basic gray backdrop. If the Nationals hadn't changed, they would have been fine. But give me various shades of blue over gray any day. Kepner Grade: B- Upgrade I liked this one a lot when it first came out because it combines Houston's shooting star of the '60s with its open-sided star of the '90s. On the field, though, the STROS wordmark looks too small, and the star above it should be bolder. In other words, it's too white. And while that's better than the navy jersey over navy pants that preceded it, it's short of the 'Tequila Sunrise' explosion that an ideal Astros' City Connect needs. The colorful high socks accomplish this best, but most of the Astros, alas, still wear their pants low. Rosecrans Grade: B- Upgrade When the socks are the best part, like they were in the previous iteration, that's not a great sign — especially when the best part is routinely covered. These are better than the previous ones, but also look like a home version of the first Astros City Connect uniform. It's fine. Boring, but fine. Jones Grade: B Upgrade Just about anything was going to be better than last year's 'Space City' jerseys. I can't recall the last time someone told me they were going to Space City or were from Space City. Even knowing NASA's history in Houston, I just wasn't feeling the name. I would have kept the hat closer to the 2024 model, keeping the H for H-Town. Beyond that, this is an overall improvement. Kepner Grade: A Upgrade The ideal City Connect outfit was staring at the Red Sox from their vantage point in Fenway's home dugout. The Green Monster has a distinctive color and distinctive lettering. Why not incorporate both into the new uniforms? Green isn't a Red Sox color – but that green is. It evokes something unique to the city and team, and feels fresh and timeless all at once. This is the new City Connect standard. Advertisement Rosecrans Grade: A+ Upgrade Even as someone who liked the Boston Marathon City Connects, the Red Sox took a huge step forward. The last set required an explanation. If someone asks why the Red Sox are wearing green, all you have to do is point to the wall. The design team also did a nice job ensuring the details are fun and not forced. The yellow and white numbers tell a story and aren't distracting. The notches on the numbers? Very cool, if and when you notice them. And the team not only learned from the Rockies' initial City Connect, but improved upon it. The simple switch from green pants to white lets the rest of the kit shine. Honestly, this is not only the best of the City Connects so far, but it's also proof of concept that the City Connect program can work wonderfully. Jones Grade: A Upgrade What took so long? It's as if going with green for the Green Monster was so obvious that previous editions really overthought the design. This should have been the look from the start. If the Red Sox keep this look for years to come, it'll always be one of the better City Connect uniforms. Previous editions needed too much explaining and guessing. This is perfect. Kepner Grade: A- Upgrade I don't care what anyone says: Arizona's first City Connect outfit was inspired by The Man In The Yellow Hat from the 'Curious George' books. Now they look like the Diamondbacks should, with all sorts of fun elements. The Diamondbacks have had several insignias that utilize the snake, and the Serpientes' 'S' on the cap and jersey works well. The sleeve patch that mimics the state flag, the snakeskin gradients on the jersey front, the subtle black pinstripes, the white pants — all of it works. I wonder if it might pop better with a white outline, but that's a minor point. Well done. Rosecrans Grade: C+ Upgrade From visually boring to conceptually boring. Upgrade? Sure. Good grade? No. It's a nostalgic throwback, sure, but not a particularly good one. Jones Grade: C+ Downgrade I get the goal was nostalgia, but I was never too keen on the Diamondbacks wearing purple, especially since their division-mates, Colorado, also wear that color. The 'Serpientes' across the chest and the snake forming the 'S' on the hat are winners. I just would have liked it more on the gold-colored uniforms from last year. Advertisement Kepner Grade B+ Upgrade The Giants used only two colors in their last City Connects — white and orange — so it always sort of looked unfinished. The old logo-in-the-clouds conceit should have worked, but didn't quite get there. The new ones are a bit simple, but I like the splash of purple; it doesn't detract from the team's traditional colors, which are all still there. The groovy sleeve patch, shaped like a glove, looks like it was peeled off a poster for a '60s music festival. And the graffiti letters and numbers work well, too. Rosecrans Grade: C Upgrade The key to life? Low expectations. The 'fog' whites were an interesting first draft, but the Giants' first City Connect uniform shouldn't have advanced past the planning stages. It doesn't take much to improve upon what they had. This set, though, leans too hard into trying to be cute and appease everyone. It's the type of safe design that doesn't move people either way. It's fine. It's better than what they had, but that's damning with faint praise. Jones Grade: D Upgrade The Giants' creamsicle jerseys were one of the worst City Connect uniforms I'd ever seen. I recently saw the 2025 version in person and didn't care too much for it. Reminds me of a logo that belongs on Scooby Doo's Mystery Machine, which was probably the goal — to give us something that feels like Woodstock. Still not my favorite, but much better than the previous edition. Kepner Grade: C Downgrade The Rockies' license plate jerseys were one of the charms of the first City Connect wave, especially when the team paired them with white pants. Alas, now the Rockies are struggling in this area, too. I'm fine with the pullover look — a first for the City Connect series — but they should have gone all in with that. Pullover jerseys were popular in the '70s and '80s, before MLB came to Denver. How would the Rockies have looked back then? Tampa Bay tried this years ago with its fun 'fauxback' style, and I'd have liked to see Colorado do it, too. Instead, Nike gives us 'a palette that pays homage to that perfect transition between day and night,' which apparently happens only in Denver. Advertisement Rosecrans Grade: B- Downgrade The orange and pink look great on the light blue. But a good color palette isn't enough. The entire look feels like a rough draft and I'm not even sure what the assignment was. The biggest problem with this isn't the uniform itself, it's just that the previous look was among the best City Connects. Alas, time moves on without us. Jones Grade: C- Downgrade Some teams needed to change things up. The Rockies were not one of those teams. The green license plate models from 2022 were elite. (We even had them at No.1 in our uniform rankings.) Now the Rockies look like part of a spring display at a grocery store. I don't see the Denver sunset, I see dye for Easter eggs. Kepner Grade: C- Downgrade Hey, look, the White Sox are dressing like the Bulls. Did you know that Jerry Reinsdorf owns both teams? Do you think we'll see the reverse when the Bulls start up again in the fall? The White Sox have worn red before, and they wear black now, but it just feels like a Reinsdorf vanity project. The cap logo is great: an homage to the 'Go-Go Sox' of 1959, the only team besides the Yankees to win an AL pennant from 1955 to 1964. But it drowns in all the Bulls nostalgia. Rosecrans Grade: D Downgrade The first White Sox City Connect uniform garnered some rave reviews and served as proof that the program could work. The second attempt? Well, the logo on the hat is cool. The rest? The jersey looks like a Chicago Bulls baseball jersey you'd find at a T.J. Maxx. At the very least, they could've made them sleeveless like a basketball jersey. In the end, it just seems like it's an ode to Reinsdorf, something that I'm sure every baseball fan can appreciate. (Sadly, The Athletic doesn't have a sarcasm font, so I'll just have to go ahead and point out my joke was a joke, which in itself is always a good indicator of the quality of a joke.) Advertisement Jones Grade: D+ Downgrade I don't hate these, but they feel unnecessary. It isn't 1996. And the red with the black pinstripes is just way too Bulls. The sock logo with the wing? Looks like the logo for some knockoff Air Jordans. Reminds me too much of a Cincinnati Reds uniform, too. Kepner Grade: B- Upgrade This makes me want to eat a Miami Subs sandwich while watching 'Miami Vice.' I don't know if that's advisable, or even possible anymore. But I have a low bar for Marlins uniforms, and this one clears it. The franchise that once paired black letters with black jerseys now boldly declares itself 'MIAMI' in teal letters with a neon pink outline on a black backdrop. Gotta love that. And while I don't like numbers on a cap, folks from Miami sure seem to love their 305 area code. For a team that always struggles to connect to its city, that seems like a good thing. JUST IN: The Marlins have revealed their new City Connect uniforms 🎆 — MLB (@MLB) April 30, 2025 Rosecrans Grade: D- Downgrade There's a big 'dog ate my homework' vibe with this one. It looks like the Marlins forgot their assignment and went through the files from the last uniform redesign and submitted a rejected idea. Not only that, the one thing they turned in that resembles anything new is the hat, but that, too, backfired. Using an area code on an official MLB hat is like using ChatGPT to write your report and still leaving your prompts in. The gradient piping on the pants and the pink hem on the sleeves just slightly help bring up the grade for me. This one doesn't just fail to live up to its predecessor, it fails to show up at all. Jones Grade: C- Downgrade The Miami Heat already have the 'Miami Vice' look covered and they did it better. The cap is the best part, but the Marlin inside of the '305' doesn't work and the brim of the hat reminds me of cotton candy. The hat, however, isn't terrible. Remove 'Marlins' from the jersey and this could be something to wear for a night of dancing. That's the only justification for those random horizontal pinstripes. Even then, I'm only doing that if it's last minute, Marshalls is closed and I haven't done laundry. (Top photo of Chicago's Luis Robert Jr.: Matt Dirksen / Getty Images)
Yahoo
11-05-2025
- Business
- Yahoo
Vestis Reports Second Quarter 2025 Results and Updates Outlook; Amends Credit Agreement Enhancing Financial Flexibility
ATLANTA, May 06, 2025--(BUSINESS WIRE)--Vestis Corporation (NYSE: VSTS), a leading provider of uniforms and workplace supplies, today announced its results for the second quarter ended March 28, 2025 and updated its outlook. Second Quarter 2025 Results Revenue of $665 million Operating Loss of $9 million and Net Loss of $28 million Adjusted EBITDA of $48 million, inclusive of $15 million one-time bad debt expense; Adjusted EBITDA of $63 million, 9.4% of Revenue excluding bad debt expense Operating Cash Flow of $7 million and Free Cash Flow of $(7) million Amended net leverage covenant extending ratio of 5.25x for another year Eliminates dividend to further strengthen balance sheet First Half 2025 Results Revenue of $1.35 billion Operating Income of $22 million and Net Loss of $27 million Adjusted EBITDA of $129 million, inclusive of $15 million one-time bad debt expense; Adjusted EBITDA of $144 million, 10.7% of Revenue excluding bad debt Management Commentary "We are disappointed with our second quarter results, which do not reflect the true potential of our business. As Interim CEO, I've been engaging with our teammates and focusing on our operations to drive immediate action," said Phillip Holloman, Interim Executive Chairman, President and CEO. "Despite the challenges in the quarter, I'm pleased that we have continued to improve our new customer sales with both local and national accounts. The uniform and workplace supplies industry remains a highly attractive market segment, and I am energized by the significant opportunity for Vestis to deliver long-term value creation." "Since joining the company I've been partnering with our team to provide robust financial analysis and insights for our business. In January, we saw a decline in volume as some customers seasonally adjusted their demand for our products. Since then, much of that volume has recovered and we saw revenue growth each month during the quarter which has continued through April," added Kelly Janzen, Chief Financial Officer. "We are also pleased to have executed an amendment to our credit agreement which strengthens our balance sheet and provides additional financial flexibility through the end of fiscal 2026. We appreciate the partnership and support from our lenders." Second Quarter 2025 Financial Performance Second quarter fiscal 2025 revenue totaled $665.2 million, a decrease of $40.1 million year over year, and the company generated an operating loss of $8.6 million during the period, a decrease of $51.6 million when compared with operating income in the second quarter of 2024. The decline in revenue was primarily due to a $17.5 million decline from lost business in excess of new business, a $5.8 million decline in revenue related to existing customers, and a $6.8 million decrease in direct sales primarily driven by the loss of a national account customer. In addition, the second quarter of fiscal 2024 included approximately $5.0 million of revenue from one-time customer exit billings that did not repeat in fiscal 2025. Cost of services decreased $14.4 million year over year, as a result of lower volume. Selling, general and administrative ("SG&A") expenses were $147.9 million in the second quarter of fiscal 2025, which were $25.3 million higher than the same period in the prior year. The year-over-year increase in SG&A was due primarily to a one-time $15.0 million expense related to adjusting the company's bad debt reserve and approximately $10.0 million related to executive exit costs. Additionally, the prior year period included approximately $6.0 million of favorable, non-recurring cost adjustments that reduced SG&A. Excluding these items, SG&A was lower by approximately $6.0 million year-over-year on a normalized basis. Net loss was $27.8 million or $(0.21) per diluted share, versus net income of $6.0 million, or $0.05 per diluted share, in the prior year period. Adjusted net loss was $6.0 million or $(0.05) per diluted share, compared to Adjusted net income of $17.4 million or $0.13 per diluted share in the second quarter of last year. Adjusted EBITDA was $47.6 million for the second quarter of 2025 and excluding a $15.0 million one-time adjustment for bad debt expense was $62.6 million or 9.4% of revenue as compared to $87.2 million, or 12.4% of revenue in the second quarter of 2024. Net cash provided by operating activities was $6.7 million for the second quarter of 2025 and free cash flow was $(6.9) million, a decrease of $69.4 million and $70.0 million, respectively, from the comparative periods. The reduction in cash flow was primarily due to the decrease in earnings as well as investments in inventory to support new customers and more effectively serve existing customers. Approximately $6.0 million of the inventory increase was due to purchases in advance of anticipated tariffs. As of March 28, 2025, the total principal bank debt outstanding was $1.17 billion. Net leverage was 4.16x at the end of the second quarter of fiscal 2025, as compared to 3.62x at the end of fiscal 2024. Amendment to Revolving and Term Loan Credit Agreements and Elimination of Dividend Subsequent to the end of the second quarter, the Company favorably amended both its revolving credit facility and term loan facility to provide additional financial flexibility by increasing the net leverage covenant ratio through the end of fiscal 2026. Following the amendment, the net leverage covenant ratio is now 5.25x through the second quarter of fiscal 2026, after which the net leverage covenant ratio steps down to 5.00x in the third quarter of fiscal 2026, 4.75x in the fourth quarter of fiscal 2026, and 4.50x in the first quarter of fiscal 2027 and beyond. The amendment also includes an allowance for a one-time $15.0 million bad debt expense adjustment to Adjusted EBITDA in the second quarter of fiscal 2025. The company's Adjusted EBITDA for the second quarter of fiscal 2025 is $62.6 million for the purposes of determining the covenant net leverage ratio, resulting in a covenant net leverage ratio of 4.16x at the end of the second quarter of fiscal 2025. The principal amounts of both the revolving credit facility commitment and term loan facility remain unchanged following the amendment. During the second quarter, the Company borrowed $30 million on its $300 million revolving credit facility and had outstanding letters of credit of $6 million, resulting in $264 million of undrawn credit capacity available as of March 28, 2025. As part of the amendment, the Company agreed to restrict all dividends and share repurchases through the end of the first quarter of fiscal 2027, or such time that the Company achieves a net leverage ratio below 4.50x for two consecutive quarters, whichever is earlier. Revised Outlook and Third Quarter Guidance The Company expects fiscal third quarter 2025 revenue to be in the range of $674 million to $682 million and fiscal third quarter 2025 Adjusted EBITDA to be at least $63 million. In shifting to quarterly guidance, the Company is not providing full-year guidance for fiscal 2025. The Company's strategic imperatives include disciplined capital allocation with deleveraging as a priority. The Company will continue to focus on driving free cash flow conversion over the long term but will no longer be providing guidance for free cash flow. CEO Transition In a separate press release today, Vestis announced the appointment of Jim Barber as President and Chief Executive Officer and as a member of the company's Board of Directors, effective June 2, 2025. Mr. Barber succeeds Phillip Holloman, who has been serving as Interim Executive Chairman, President and Chief Executive Officer since March 18, 2025. Mr. Holloman will return to his role as Chairman of the Board following the transition. Forward Looking Non-GAAP Information This release includes certain non-GAAP financial information that is forward-looking in nature, including without limitation adjusted EBITDA. Vestis believes that a quantitative reconciliation of such forward-looking information to the most comparable financial measure calculated and presented in accordance with GAAP cannot be made available without unreasonable efforts. A reconciliation of forward-looking non-GAAP financial measures would require Vestis to predict the timing and likelihood of among other things future acquisitions and divestitures, restructurings, asset impairments, other charges and other factors not within Vestis' control. Neither these forward-looking measures, nor their probable significance, can be quantified with a reasonable degree of accuracy. Accordingly, the most directly comparable forward-looking GAAP measures are not provided. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. The estimates of revenue growth for fiscal year 2025 and adjusted EBITDA for fiscal year 2025 do not attempt to forecast currency fluctuations and, accordingly, reflect an assumption of constant currency. Conference Call Information Vestis will host a webcast to discuss its fiscal second quarter 2025 results on Wednesday, May 7, 2025 at 9:00 AM ET. The webcast can be accessed live through the investor relations section of the Company's website at Additionally, a slide presentation will accompany the call and will also be available on the Company's website. A replay of the live event will be available on the Company's website shortly after the call for 90 days. About Vestis™ Vestis is a leader in the B2B uniform and workplace supplies category. Vestis provides uniform services and workplace supplies to a broad range of North American customers from Fortune 500 companies to locally owned small businesses across a broad set of end sectors. The Company's comprehensive service offering primarily includes a full-service uniform rental program, floor mats, towels, linens, managed restroom services, first aid supplies, and cleanroom and other specialty garment processing. Forward-Looking Statements This press release 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, forecasts relating to discussions of future operations and financial performance and statements regarding our strategy for growth, future product development, regulatory approvals, competitive position and expenditures. In some cases, forward-looking statements can be identified by words such as "potential," "outlook," "guidance," "anticipate," "continue," "estimate," "expect," "will," and "believe," 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 including, but not limited to: unfavorable economic conditions; increases in fuel and energy costs; the failure to retain current customers, renew existing customer contracts and obtain new customer contracts; natural disasters, global calamities, climate change, pandemics, strikes and other adverse incidents; increased operating costs and obstacles to cost recovery due to the pricing and cancellation terms of our support services contracts; a determination by our customers to reduce their outsourcing or use of preferred vendors; risks associated with suppliers from whom our products are sourced; challenge of contracts by our customers; our expansion strategy and our ability to successfully integrate the businesses we acquire and costs and timing related thereto; currency risks and other risks associated with international operations; our inability to hire and retain key or sufficient qualified personnel or increases in labor costs; continued or further unionization of our workforce; liability resulting from our participation in multiemployer-defined benefit pension plans; liability associated with noncompliance with applicable law or other governmental regulations; laws and governmental regulations including those relating to the environment, wage and hour and government contracting; increases or changes in income tax rates or tax-related laws; risks related to recent U.S. tariff announcements; new interpretations of or changes in the enforcement of the government regulatory framework; a cybersecurity incident or other disruptions in the availability of our computer systems or privacy breaches; stakeholder expectations relating to environmental, social and governance considerations; any failure by Aramark to perform its obligations under the various separation agreements entered into in connection with the separation and distribution; a determination by the IRS that the distribution or certain related transactions are taxable; and the timing and occurrence (or non-occurrence) of other transactions, events and circumstances which may be beyond our control. The above list of factors is not exhaustive or necessarily in order of importance. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see Vestis' filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law. Non-GAAP Definitions This release could include certain non-GAAP financial measures, such as Adjusted Revenue Growth (Organic), Adjusted Revenue (Organic), Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Net Debt, Net Leverage, and Trailing Twelve Months Adjusted EBITDA. Vestis utilizes these measures when monitoring and evaluating operating performance. The non-GAAP financial measures presented herein are supplemental measures of Vestis' performance that Vestis believes help investors because they enable better comparisons of Vestis' historical results and allow Vestis' investors to evaluate its performance based on the same metrics that Vestis uses to evaluate its performance and trends in its results. Vestis' presentation of these metrics has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of Vestis' results as reported under U.S. GAAP. Because of their limitations, these non-GAAP financial measures should not be considered as measures of cash available to Vestis to invest in the growth of Vestis' business or that will be available to Vestis to meet its obligations. Vestis compensates for these limitations by using these non-GAAP financial measures along with other comparative tools, together with U.S. GAAP financial measures, to assist in the evaluation of operating performance. You should not consider these measures as alternatives to revenue, operating income, operating income margin, net income, net income margin or net cash provided by operating activities determined in accordance with U.S. GAAP. Vestis believes that these non-GAAP financial measures, in addition to the corresponding U.S. GAAP financial measures, are important supplemental measures which exclude non-cash or other items that may not be indicative of or are unrelated to Vestis' core operating results and the overall health of Vestis. Non-GAAP financial measures as presented by Vestis may not be comparable to other similarly titled measures of other companies because not all companies use identical calculations. Adjusted Revenue Growth (Organic) Adjusted Revenue Growth (Organic) measures our revenue growth trends excluding the impact of acquisitions and foreign currency, and we believe it is useful for investors to understand growth through internal efforts. We define "organic revenue growth" as the growth in revenues, excluding (i) acquisitions, (ii) the impact of foreign currency exchange rate changes, and (iii) the impact of the 53rd week, when applicable. Adjusted Revenue (Organic) Adjusted Revenue (Organic) represents revenue as determined in accordance with U.S. GAAP, adjusted to exclude (i) acquisitions, (ii) the impact of foreign currency exchange rate changes, and (iii) the impact of the 53rd week, when applicable. Adjusted Operating Income Adjusted Operating Income represents Operating Income adjusted for Amortization Expense of Acquired Intangibles; Share-based Compensation Expense; Severance and Other Charges; Merger and Integration Related Charges; Management Fee; Separation Related Charges; Estimated Impact of 53rd Week, when applicable; and Gain, Losses, Settlements and Other Items impacting comparability. Adjusted results are presented in order to reflect the results in a manner that allows a better understanding of operational activities separate from the financial impact of decisions made for the long-term benefit of the company and other items impacting comparability between periods. Similar adjustments have been recorded in earlier periods and similar types of adjustments can reasonably be expected to be recorded in future periods. Adjusted Operating Income Margin Adjusted Operating Income Margin represents Adjusted Operating Income as a percentage of Revenue. Adjusted EBITDA Adjusted EBITDA represents Net Income adjusted for Provision for Income Taxes; Interest Expense and Other, net; and Depreciation and Amortization (EBITDA), further adjusted for Share-based Compensation Expense; Severance and Other Charges; Merger and Integration Charges; Management Fee; Separation Related Charges; Estimated Impact of 53rd Week (when applicable); Gains, Losses, Settlements; and other items impacting comparability. Adjusted results are presented in order to reflect the results in a manner that allows a better understanding of operational activities separate from the financial impact of decisions made for the long-term benefit of the company and other items impacting comparability between periods. Similar adjustments have been recorded in earlier periods and similar types of adjustments can reasonably be expected to be recorded in future periods. Adjusted EBITDA Margin Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of Revenue. Free Cash Flow Free Cash Flow represents Net cash provided by operating activities adjusted for Purchases of Property and Equipment and Other and Disposals of property and equipment. Net Debt Net Debt represents total principal debt outstanding and finance lease obligations, less cash and cash equivalents. Net Leverage Net Leverage represents Net Debt divided by the Trailing Twelve Months Adjusted EBITDA. Trailing Twelve Months Adjusted EBITDA Trailing Twelve Months Adjusted EBITDA represents Adjusted EBITDA for the preceding four fiscal quarters. VESTIS CORPORATION CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited) (In thousands, except per share amounts) Three Months Ended Six Months Ended March 28,2025 March 29,2024 March 28,2025 March 29,2024 Revenue $ 665,249 $ 705,368 $ 1,349,029 $ 1,423,291 Operating Expenses: Cost of services provided (exclusive of depreciation and amortization) 489,991 504,417 985,251 1,006,797 Depreciation and amortization 35,882 35,213 72,818 70,575 Selling, general and administrative expenses 147,946 122,684 269,131 255,264 Total Operating Expenses 673,819 662,314 1,327,200 1,332,636 Operating Income (Loss) (8,570 ) 43,054 21,829 90,655 Interest Expense, net 22,329 35,326 45,426 66,857 Other Expense (Income), net 3,293 (613 ) 9,055 (1,369 ) Income (Loss) Before Income Taxes (34,192 ) 8,341 (32,652 ) 25,167 Provision (Benefit) for Income Taxes (6,362 ) 2,376 (5,654 ) 6,934 Net Income (Loss) $ (27,830 ) $ 5,965 $ (26,998 ) $ 18,233 Earnings (Loss) per share: Basic $ (0.21 ) $ 0.05 $ (0.21 ) $ 0.14 Diluted $ (0.21 ) $ 0.05 $ (0.21 ) $ 0.14 Weighted Average Shares Outstanding: Basic 131,751 131,524 131,672 131,457 Diluted 131,751 131,893 131,672 131,788 VESTIS CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share and per share amounts) March 28, 2025 September 27, 2024 ASSETS Current Assets: Cash and cash equivalents $ 28,806 $ 31,010 Receivables (net of allowances: $35,530 and $19,804, respectively) 162,359 177,271 Inventories, net 199,661 164,913 Rental merchandise in service, net 394,454 396,094 Other current assets 31,971 18,101 Total current assets 817,251 787,389 Property and Equipment, at cost: Land, buildings and improvements 565,790 590,972 Equipment 1,160,055 1,168,142 1,725,845 1,759,114 Less - Accumulated depreciation (1,075,574 ) (1,088,256 ) Total property and equipment, net 650,271 670,858 Goodwill 960,033 963,844 Other Intangible Assets, net 202,203 212,773 Operating Lease Right-of-use Assets 80,774 73,530 Other Assets 188,475 223,993 Total Assets $ 2,899,007 $ 2,932,387 LIABILITIES AND EQUITY Current Liabilities: Current maturities of financing lease obligations 31,869 31,347 Current operating lease liabilities 19,693 19,886 Accounts payable 150,752 163,054 Accrued payroll and related expenses 92,394 96,768 Accrued expenses and other current liabilities 142,448 145,047 Total current liabilities 437,156 456,102 Long-Term Borrowings 1,158,995 1,147,733 Noncurrent Financing Lease Obligations 119,387 115,325 Noncurrent Operating Lease Liabilities 73,122 66,111 Deferred Income Taxes 182,939 191,465 Other Noncurrent Liabilities 51,134 52,600 Total Liabilities 2,022,733 2,029,336 Commitments and Contingencies Equity: Common stock, par value $0.01 per share, 350,000,000 authorized, 131,780,869 and 131,481,967 issued and outstanding as of March 28, 2025 and September 27, 2024 ,respectively. 1,318 1,315 Additional paid-in capital 939,440 928,082 (Accumulated deficit) retained earnings (33,654 ) 2,565 Accumulated other comprehensive loss (30,830 ) (28,911 ) Total Equity 876,274 903,051 Total Liabilities and Equity $ 2,899,007 $ 2,932,387 VESTIS CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands) Three months ended Six months ended March 28, 2025 March 29, 2024 March 28, 2025 March 29, 2024 Cash flows from operating activities: Net Income (Loss) $ (27,832 ) $ 5,965 $ (26,998 ) $ 18,233 Adjustments to reconcile Net Income (Loss) to Net cash provided by operating activities: Depreciation and amortization 35,882 35,213 72,818 70,575 Deferred income taxes (3,847 ) (3,159 ) (7,126 ) (5,735 ) Share-based compensation expense 7,977 4,731 13,157 9,447 Loss on sale of equity investment, net — — 2,150 — Asset write-down 189 772 189 772 (Gain) Loss on disposals of property and equipment (972 ) 242 (972 ) 242 Amortization of debt issuance costs 925 (196 ) 1,771 799 Loss on extinguishment of debt — 3,883 — 3,883 Changes in operating assets and liabilities: Receivables, net 25,263 (3,461 ) 12,942 (12,923 ) Inventories, net (29,586 ) 8,784 (34,578 ) 33,838 Rental merchandise in service, net 991 (1,372 ) (330 ) (1,490 ) Other current assets 6,922 (1,113 ) (10,268 ) (9,283 ) Accounts payable (7,931 ) 17,092 (5,158 ) 12,334 Accrued expenses and other current liabilities 8,542 15,739 11,073 25,242 Changes in other noncurrent liabilities (8,215 ) (4,674 ) (14,924 ) (12,025 ) Changes in other assets (2,028 ) (2,273 ) (2,511 ) (6,194 ) Other operating activities 378 (136 ) (797 ) (173 ) Net cash provided by operating activities 6,658 76,037 10,438 127,542 Cash flows from investing activities: Purchases of property and equipment and other (13,510 ) (12,876 ) (28,242 ) (29,825 ) Proceeds from disposals of property and equipment 4,854 — 5,198 — Proceeds from sale of equity investment — — ... 36,792 — Other investing activities 3 — (4,547 ) — Net cash provided by (used in) investing activities (8,653 ) (12,876 ) 9,201 (29,825 ) Cash flows from financing activities: Proceeds from long-term borrowings 40,000 798,000 40,000 798,000 Payments of long-term borrowings (10,000 ) (853,750 ) (30,000 ) (862,500 ) Payments of financing lease obligations (8,519 ) (7,536 ) (16,822 ) (15,148 ) Net cash distributions to Parent — (2,478 ) — (6,051 ) Dividend payments (9,221 ) (4,600 ) (13,822 ) (4,600 ) Debt issuance costs — (11,134 ) — (11,134 ) Other financing activities (89 ) (18 ) (1,795 ) (1,728 ) Net cash provided by (used in) financing activities 12,171 (81,516 ) (22,439 ) (103,161 ) Effect of foreign exchange rates on cash and cash equivalents 66 157 596 52 Increase (decrease) in cash and cash equivalents 10,242 (18,198 ) (2,204 ) (5,392 ) Cash and cash equivalents, beginning of period 18,564 48,857 31,010 36,051 Cash and cash equivalents, end of period $ 28,806 $ 30,659 $ 28,806 $ 30,659 VESTIS CORPORATION RECONCILIATION OF NON-GAAP MEASURES (In thousands) Consolidated Consolidated Consolidated Three Months Ended Six Months Ended Trailing Twelve Months Ended March 28, March 29, March 28, March 29, March 28, March 29, 2025 2024 2025 2024 2025 2024 Net Income (Loss) $ (27,830 ) $ 5,965 $ (26,998 ) $ 18,233 $ (24,261 ) $ 161,068 Adjustments: Depreciation and Amortization 35,882 35,213 72,818 70,575 143,024 139,572 Provision (Benefit) for Income Taxes (6,362 ) 2,376 (5,654 ) 6,934 (1,528 ) 39,710 Interest Expense 22,329 35,326 45,426 66,857 105,132 69,317 Share-Based Compensation 7,977 4,731 13,157 9,447 20,046 15,964 Severance and Other Charges 7,558 (603 ) 11,951 (170 ) 16,563 (770 ) Separation Related Charges 3,665 4,074 8,283 13,049 17,836 37,275 Gains, Losses, Settlements and Other 4,399 88 9,780 607 19,335 (57,355 ) Adjusted EBITDA (Non-GAAP) $ 47,618 $ 87,170 $ 128,763 $ 185,532 $ 296,147 $ 404,781 Bad Debt Expense Adjustment 15,000 — 15,000 — 15,000 — Operational Adjusted EBITDA (Non-GAAP) (1) $ 62,618 $ 87,170 $ 143,763 $ 185,532 $ 311,147 $ 404,781 Revenue (as reported) $ 665,249 $ 705,368 $ 1,349,029 $ 1,423,291 $ 2,731,558 $ 2,848,575 Adjusted EBITDA Margin (Non-GAAP) 7.2 % 12.4 % 9.5 % 13.0 % 10.8 % 14.2 % Operational Adjusted EBITDA Margin (Non-GAAP) 9.4 % 12.4 % 10.7 % 13.0 % 11.4 % 14.2 % VESTIS CORPORATION RECONCILIATION OF NON-GAAP MEASURES (In thousands, except per share amounts) Consolidated Consolidated Three Months Ended Six Months Ended March 28, March 29, March 28, March 29, 2025 2024 2025 2024 Net Income (Loss) $ (27,830 ) $ 5,965 $ (26,998 ) $ 18,233 Adjustments: Amortization Expense 6,568 6,502 13,333 13,003 Share-Based Compensation 7,977 4,731 13,157 9,447 Severance and Other Charges 7,558 (603 ) 11,951 (170 ) Separation Related Charges 3,665 4,074 8,283 13,049 Gains, Losses, and Settlements 1,107 701 724 1,976 Loss on Sale of Equity Investment — — 2,150 — Tax Impact of Reconciling Items Above (5,000 ) (3,955 ) (8,589 ) (9,551 ) Adjusted Net Income (Loss) (Non-GAAP) $ (5,955 ) $ 17,415 $ 14,011 $ 45,987 Basic weighted-average shares outstanding 131,751 131,524 131,672 131,457 Diluted weighted-average shares outstanding 131,751 131,893 132,338 131,788 Basic (Loss) Earnings Per Share $ (0.21 ) $ 0.05 $ (0.21 ) $ 0.14 Diluted (Loss) Earnings Per Share $ (0.21 ) $ 0.05 $ (0.21 ) $ 0.14 Adjusted Basic (Loss) Earnings Per Share $ (0.05 ) $ 0.13 $ 0.11 $ 0.35 Adjusted Diluted (Loss) Earnings Per Share $ (0.05 ) $ 0.13 $ 0.11 $ 0.35 VESTIS CORPORATION RECONCILIATION OF NON-GAAP MEASURES FREE CASH FLOW, NET DEBT, NET LEVERAGE, AND PRO FORMA NET LEVERAGE (In thousands) Three months ended Six Months Ended March 28, 2025 March 29, 2024 March 28, 2025 March 29, 2024 Net cash provided by operating activities $ 6,658 $ 76,037 $ 10,438 $ 127,542 Purchases of property and equipment and other (13,510 ) (12,876 ) (28,242 ) (29,825 ) Free Cash Flow (Non-GAAP) $ (6,852 ) $ 63,161 $ (17,804 ) $ 97,717 As of March 28, 2025 September 27, 2024 Total principal debt outstanding $ 1,172,500 $ 1,162,500 Finance lease obligations 151,256 146,672 Less: Cash and cash equivalents (28,806 ) (31,010 ) Net Debt (Non-GAAP) $ 1,294,950 $ 1,278,162 Trailing Twelve Months Adjusted EBITDA (Non-GAAP) $ 296,147 $ 352,916 Bad Debt Expense Adjustment (1) 15,000 — Trailing Twelve Months Operational Adjusted EBITDA (Non-GAAP) $ 311,147 $ 352,916 Net Leverage (Non-GAAP) (1) 4.16 3.62 (1) For the Trailing Twelve Months Ended March 28, 2025, Net Leverage includes an allowance for a one-time, $15 million Bad Debt Expense Adjustment, as permitted by the May 1, 2025 Amendment to our Credit Agreement. 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Yahoo
08-05-2025
- Sport
- Yahoo
Browns Announce Mysterious Uniform Change Plan
The Cleveland Browns boast one of the more traditional and unchanged uniforms in the history of the NFL. Fans have shown excitement and optimism after the team got a haul in the NFL Draft, including a pair of signal callers, one of whom could be the future franchise quarterback. Advertisement While the team frequently disappoints on the field, Browns fans take pride in traditions like the Dawg Pound and the lack of a standard team logo, which is usually represented by just a picture of the blank helmet. That might be changing. While the team has re-adopted Brownie the elf as an on-field logo in recent years, the uniform remains largely unchanged, other than the Color Rush variety that also included a return to the all white helmets that Cleveland wore years ago. Earlier this week, the Browns were named as one of the teams in the league that will debut an alternate helmet in 2025, as Andrew Lind described. Advertisement "The Browns unveiled white alternate helmets in 2023 and have paired them with their 1946 throwback uniforms ever since, but they could be adjusting the stripes to better match their pants," Lind wrote. "They could also reveal a new brown shell to pair with their Color Rush design, though that hasn't been worn since 2022." There are no specifics on what changes will be made or what the alternate helmet will look like for Cleveland. But as the Browns remain the only team in the league with no logo on their lid, it's possible, however unlikely, that the organization finally makes the jump to a standardized logo. It's also possible that the change is so small that it's barely noticeable. Advertisement Then again, who wouldn't like to see Brownie on the side of the Browns helmets? Related: Browns Shedeur Sanders Move Could Mean Trade? Related: Elijah Moore Takes Shot At Browns, Needs Bills' Josh Allen To Save Career
