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drxdrg08 OP t1_j6b5nxz wrote

Reply to comment by Little_Noodles in Does Philadelphia really financially support the whole state? by drxdrg08

> The CEO of Aramark, one of the city’s biggest employers? A company whose HQ is in Philly and makes 14.6 billion annually?

Everything you say is nonsense. It's just made up.

But let's pick just one thing. Can you prove the 14.6 billion figure?

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Little_Noodles t1_j6b688y wrote

Huh, I did make a mistake. I didn’t see their most recent annual report, which has upped the figure to 16.3 billion in revenue.

I also just looked for info on their senior Vice President. She lives in the “greater Philadelphia area” (aka the PA suburbs in counties outside Philly).

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drxdrg08 OP t1_j6b7lv0 wrote

> Huh, I did make a mistake. I didn’t see their most recent annual report, which has upped the figure to 16.3 billion in revenue.

Do you know the difference between revenue and profit?

Aramark made $194M in profit in 2022, lost -$91M in 2021, lost -$462M in 2020.

So in the last 3 years they made no profits, but lost -$359M.

You said they make $14.6B in profit. So clearly you have no clue about finances whatsoever. Even the basics.

And this is precisely how a lot of people think Philadelphia supports the whole state.

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Little_Noodles t1_j6b99ds wrote

At no point was I talking about net profits. Just revenue (which is why I said words like “revenue”). Like a lot of businesses, the past couple years have been a mess. I dunno if you noticed, but some shit was going down in 2020 and 2021 in Aramark's industry. But they’re a multi-billion dollar global corporation that makes money, and lots of it, more often than it doesn’t.

If you want to go lecture their lawyers and financial team about their “basics”, I can tell you where to find them (hint, drive outside the city limits and start knocking on the doors of mansions).

Now, if you want to argue that last years earnings mean that John Zillmer doesn’t deserve to be taking $1,118,750 from the city back home to Chester County in base salary, plus bonuses, stock options, and other benefits, we can agree on that.

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drxdrg08 OP t1_j6ba1bo wrote

> At no point was I talking about net profits. Just revenue.

Please stop embarrassing yourself any further.

> The CEO of Aramark, one of the city’s biggest employers? A company whose HQ is in Philly and makes 14.6 billion annually?

You were literally talking about profits. You were talking how Aramark, a national company, somehow extracts billions of profits from Philadelphia.

Have a good say sir. This conversation where you just make things up is clearly unproductive. You can keep thinking Philadelphia supports the whole state. Maybe even the whole country.

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Little_Noodles t1_j6bb46j wrote

When someone asks you how much you “make” do you subtract expenses first and only state your year end profit? Or are you hung up on “revenue”, which is the word for what that figure represents?

And top level staff absolutely does make their money in Philly and take it somewhere else, regardless of their company’s revenue or net profit year to year, and that is where it gets taxed for the purposes of this discussion (this process of taking something from somewhere where it is created and moving it somewhere else is also known as extraction).

Again - the richest guy in the whole state has his HQ out of Philly, but is not living here. He lives in Montgomery County. Philly’s biggest companies are almost all headed by executives making millions of dollars, but who live over the border, and the same can be said of their second tier staff. Dude that owns the Philadelphia Eagles (personal net worth in the $3-$4 billion range)? Montgomery County. The billionaire that owns most of the Phillies? Bryn Mawr.

In 2019, seven of the city’s biggest corporations (which includes Aramark) spent $2 billion across 19 categories of locally deliverable goods and services (construction, IT, security/public safety, pest control services, courier services, catering, architecture/design, lab supplies, facilities management, communications/public relations, business advisory consulting, special event planning, lobbying, accounting, personal protective equipment, legal services, and insurance.). Only 22.5% of that money was spent within the city.

Lots of money is made in Philadelphia - but a ton of it gets funneled directly out to the suburbs.

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