Aramark delivered a robust QQ3 2024 despite a challenging inflation backdrop, underscored by broad-based growth across geographies and services. Reported revenue of $4.376 billion on a GAAP basis, up 8% year over year, with organic growth of 11%, led by base business expansion and meaningful gains from new client wins. Management highlighted decisive margin discipline, with AOI (adjusted operating income) up 21% YoY on a constant currency basis and AOI margin expanding roughly 40 basis points. FSS U.S. produced 14% AOI growth on a constant currency basis, while International AOI rose 41% YoY, supported by volume growth, net new business, and cost controls across food, labor, and SG&A. The quarter featured notable strategic milestones, including the Everton Stadium partnership in the English Premier League, a Michelin-star chef collaboration (Daniel Boulud) to expand B&I capabilities, and ongoing expansion of the global GPO network, with spend expected to surpass $20 billion by year-end. Cash flow remained positive, with net cash from operating activities of $141 million and free cash flow of $62 million, while leverage improved by ~50 basis points and the company extended liquidity by increasing revolver capacity and terms. For the balance sheet and capital allocation, Aramark reinforced deleveraging efforts toward a target of ~3.5x by year-end and signaled potential capital returns, including a possible share repurchase program, to be discussed at the next earnings cycle. Looking ahead, management guided for roughly 10% organic revenue growth, ~20% AOI growth, and ~35% growth in adjusted EPS for the full year, with inflation tailwinds expected to moderate into FY25. Investors should monitor GPO expansion velocity, international outsourcing momentum, retention and net-new sales cadence, inflation trajectory, and leverage trajectory toward the 3.5x goal as key indicators of sustainable upside.