Cintas Corporation Announces Fiscal 2025 First Quarter Results
Cintas (CTAS) reported strong fiscal 2025 Q1 results, with revenue increasing 6.8% to $2.50 billion. Organic revenue growth was 8.0%. Gross margin improved by 140 basis points to 50.1%. Operating income rose 12.1% to $561.0 million, while net income increased 17.4% to $452.0 million. Diluted EPS grew 18.3% to $1.10.
The company raised its full fiscal year guidance, projecting revenue between $10.22 billion and $10.32 billion, and diluted EPS between $4.17 and $4.25. Cintas also increased its quarterly dividend by 15.6% and repurchased shares worth $473.6 million during Q1.
Cintas (CTAS) ha riportato risultati solidi per il primo trimestre fiscale 2025, con un aumento del fatturato del 6,8% a 2,50 miliardi di dollari. La crescita del fatturato organico è stata dell'8,0%. Il margine lordo è migliorato di 140 punti base, raggiungendo il 50,1%. L'utile operativo è aumentato del 12,1% a 561,0 milioni di dollari, mentre l'utile netto è cresciuto del 17,4% a 452,0 milioni di dollari. L'EPS diluito è cresciuto del 18,3% a 1,10 dollari.
La società ha alzato le previsioni per l'intero anno fiscale, prevedendo un fatturato tra 10,22 miliardi di dollari e 10,32 miliardi di dollari, e un EPS diluito tra 4,17 e 4,25 dollari. Inoltre, Cintas ha aumentato il suo dividendo trimestrale del 15,6% e ha riacquistato azioni per un valore di 473,6 milioni di dollari durante il primo trimestre.
Cintas (CTAS) reportó fuertes resultados para el primer trimestre fiscal de 2025, con un aumento en los ingresos del 6,8% a $2.50 mil millones. El crecimiento en ingresos orgánicos fue del 8,0%. El margen bruto mejoró en 140 puntos básicos, alcanzando el 50,1%. El ingreso operativo subió un 12,1% a $561.0 millones, mientras que el ingreso neto aumentó un 17,4% a $452.0 millones. El EPS diluido creció un 18,3% a $1.10.
La compañía elevó su guía para todo el año fiscal, proyectando ingresos entre $10.22 mil millones y $10.32 mil millones, y EPS diluido entre $4.17 y $4.25. Cintas también aumentó su dividendo trimestral en un 15,6% y recompró acciones por valor de $473.6 millones durante el primer trimestre.
Cintas (CTAS)는 2025 회계연도 1분기 강력한 실적을 보고했으며, 매출은 6.8% 증가하여 25억 달러에 달했습니다. 유기적 매출 성장률은 8.0%였습니다. 총 마진은 140 베이시스 포인트 개선되어 50.1%에 도달했습니다. 운영 소득은 12.1% 증가하여 5억 6천만 달러에 이르렀고, 순이익은 17.4% 증가하여 4억 5천 2백만 달러가 되었습니다. 희석 주당 순이익(EPS)은 18.3% 증가하여 1.10 달러에 달했습니다.
회사는 전체 회계연도 가이던스를 상향 조정하였으며, 매출은 102억 2천만 달러에서 103억 2천만 달러 사이로, 희석 EPS는 4.17에서 4.25 달러 사이가 될 것으로 전망하고 있습니다. Cintas는 또한 분기 배당금을 15.6% 인상하였고, 1분기 동안 4억 7천 3백 60만 달러 규모의 자사주 매입을 실시했습니다.
Cintas (CTAS) a rapporté de solides résultats pour le premier trimestre de l'exercice 2025, avec une augmentation des revenus de 6,8% à 2,50 milliards de dollars. La croissance des revenus organiques a été de 8,0%. La marge brute s'est améliorée de 140 points de base, atteignant 50,1%. Le revenu d'exploitation a augmenté de 12,1% pour atteindre 561,0 millions de dollars, tandis que le revenu net a augmenté de 17,4% à 452,0 millions de dollars. Le BPA dilué a crû de 18,3% à 1,10 dollar.
L'entreprise a relevé ses prévisions pour l'ensemble de l'exercice, projetant des revenus compris entre 10,22 milliards de dollars et 10,32 milliards de dollars, et un BPA dilué entre 4,17 et 4,25 dollars. Cintas a également augmenté son dividende trimestriel de 15,6% et a racheté des actions d'une valeur de 473,6 millions de dollars au cours du premier trimestre.
Cintas (CTAS) berichtete über solide Ergebnisse im ersten Quartal des Geschäftsjahres 2025, mit einem Umsatzanstieg von 6,8% auf 2,50 Milliarden Dollar. Das organische Umsatzwachstum betrug 8,0%. Die Bruttomarge verbesserte sich um 140 Basispunkte auf 50,1%. Das Betriebsergebnis stieg um 12,1% auf 561,0 Millionen Dollar, während der Nettogewinn um 17,4% auf 452,0 Millionen Dollar zunahm. Der verwässerte Gewinn pro Aktie (EPS) wuchs um 18,3% auf 1,10 Dollar.
Das Unternehmen hob die Prognose für das gesamte Geschäftsjahr an und rechnet mit einem Umsatz zwischen 10,22 Milliarden Dollar und 10,32 Milliarden Dollar sowie einem verwässerten EPS zwischen 4,17 und 4,25 Dollar. Cintas erhöhte außerdem die vierteljährliche Dividende um 15,6% und erwarb im ersten Quartal eigene Aktien im Wert von 473,6 Millionen Dollar zurück.
- Revenue increased 6.8% to $2.50 billion, with 8.0% organic growth
- Gross margin improved by 140 basis points to 50.1%
- Operating income rose 12.1% to $561.0 million
- Net income increased 17.4% to $452.0 million
- Diluted EPS grew 18.3% to $1.10
- Quarterly dividend increased by 15.6%
- Full fiscal year guidance raised for both revenue and EPS
- One less workday in Q1 fiscal 2025 compared to Q1 fiscal 2024
- Higher interest expenses expected for fiscal 2025 ($101.0 million vs $95.0 million in fiscal 2024)
Insights
Cintas 's Q1 FY2025 results demonstrate strong financial performance and operational efficiency. Revenue grew
- Gross margin expanded by 140 basis points to
50.1% - Operating income increased
12.1% to$561.0 million - Net income rose
17.4% to$452.0 million - Diluted EPS grew
18.3% to$1.10
The company's strong cash flow generation of
Cintas' Q1 results underscore its strong market position in the business services sector. The
Key growth drivers include:
- Diversified customer base across multiple sectors
- Expansion of service offerings beyond traditional uniforms
- Focus on safety and compliance solutions, which are increasingly important for businesses
Gross margin for the first quarter of fiscal 2025 was
Operating income for the first quarter of fiscal 2025 increased
Net income was
Cash flow from operating activities was
Todd M. Schneider, Cintas' President and Chief Executive Officer, stated, “Our first quarter fiscal 2025 results reflect the strength and breadth of Cintas’ value proposition for businesses of all types and stellar execution by our employee-partners. Cintas delivered revenue and earnings growth, continued margin expansion and strong cash generation, all of which enabled our balanced approach to capital allocation. Alongside returning capital to shareholders through our 41st consecutive annual dividend increase and significant share repurchase activity in the quarter, Cintas continued to reinvest in our customers and our employee-partners to ensure we are best positioned to deliver long-term value for our shareholders.”
Mr. Schneider concluded, "We are increasing our full fiscal year financial guidance. We are raising our annual revenue expectations from a range of
Please keep in mind there are two fewer workdays in fiscal 2025 compared to fiscal 2024. The following table helps illustrate the impact of two fewer workdays:
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Initial Guidance |
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Updated Guidance |
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Fiscal 2025 |
Fiscal 2025 |
||||||||||||||
(in millions) |
Fiscal
|
|
|
Low end
|
Growth
|
|
High end
|
Growth
|
|
|
Low end
|
Growth
|
|
High end
|
Growth
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A |
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|
B |
E |
|
H |
I |
|
|
L |
M |
|
P |
Q |
Total revenue |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
E=(B-A)/A |
|
|
I=(H-A)/A |
|
|
|
M=(L-A)/A |
|
|
Q=(P-A)/A |
|
C |
|
|
D |
|
|
D |
|
|
|
D |
|
|
D |
|
Workdays in the period |
262 |
|
|
260 |
|
|
260 |
|
|
|
260 |
|
|
260 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A |
|
|
F |
G |
|
J |
K |
|
|
N |
O |
|
R |
S |
Workday adjusted revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
F=(B/D)*C |
E=(F-A)/A |
|
F=(H/D)*C |
K=(J-A)/A |
|
|
N=(L/D)*C |
O=(N-A)/A |
|
R=(P/D)*C |
S=(R-A)/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition impact |
|
|
|
(0.3)% |
|
|
(0.3)% |
|
|
|
(0.3)% |
|
|
(0.3)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Organic revenue growth |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Please note the following regarding the total revenue guidance:
- Guidance does not assume any future acquisitions.
- Guidance assumes a constant foreign currency exchange rate.
For fiscal 2025, we are raising our diluted EPS expectations from a range of
|
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|
|
Initial Guidance |
|
|
Updated Guidance |
|||||||||||||||||
Fiscal 2025 |
Fiscal 2025 |
|||||||||||||||||||||||
|
Fiscal
|
|
|
Low end
|
Growth
|
|
High end
|
Growth
|
|
|
Low end
|
Growth
|
|
High end
|
Growth
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Diluted EPS |
$ |
3.79 |
|
|
$ |
4.06 |
7.1 |
% |
|
$ |
4.19 |
10.6 |
% |
|
|
$ |
4.17 |
10.0 |
% |
|
$ |
4.25 |
12.1 |
% |
(1) |
Fiscal 2024 diluted EPS reflects the four-for-one split of Cintas' common stock on September 11, 2024. |
Please note the following regarding diluted EPS guidance:
-
Fiscal year 2025 interest, net is expected to be approximately
$101.0 million $95.0 million
-
Fiscal year 2025 effective tax rate is expected to be
20.4% , the same compared to fiscal year 2024.
- Our diluted EPS guidance includes no future share buybacks or significant economic disruptions or downturn.
Cintas
Cintas Corporation helps more than one million businesses of all types and sizes get Ready™ to open their doors with confidence every day by providing products and services that help keep their customers’ facilities and employees clean, safe and looking their best. With offerings including uniforms, mats, mops, restroom supplies, first aid and safety products, fire extinguishers and testing, and safety training, Cintas helps customers get Ready for the Workday®. Headquartered in
Cintas will host a live webcast to review the fiscal 2025 first quarter results today at 10:00 a.m., Eastern Time. The webcast will be available to the public on Cintas' website at www.Cintas.com. A replay of the webcast will be available approximately two hours after the completion of the live call and will remain available for two weeks.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This Press Release contains forward-looking statements regarding our future business plans and expectations, including the company's fiscal 2025 full-year guidance. The Private Securities Litigation Reform Act of 1995 provides a safe harbor from civil litigation for forward-looking statements. Forward-looking statements may be identified by words such as “estimates,” “anticipates,” “predicts,” “projects,” “plans,” “expects,” “intends,” “target,” “forecast,” “believes,” “seeks,” “could,” “should,” “may” and “will” or the negative versions thereof and similar words, terms and expressions and by the context in which they are used. Such statements are based upon current expectations of Cintas and speak only as of the date made. You should not place undue reliance on any forward-looking statement. We cannot guarantee that any forward-looking statement will be realized. These statements are subject to various risks, uncertainties, potentially inaccurate assumptions and other factors that could cause actual results to differ from those set forth in or implied by this Press Release. Factors that might cause such a difference include, but are not limited to, the possibility of greater than anticipated operating costs including energy and fuel costs; lower sales volumes; loss of customers due to outsourcing trends; the performance and costs of integration of acquisitions; supply chain constraints and macroeconomic conditions, including inflationary pressures and higher interest rates; fluctuations in costs of materials and labor, including increased medical costs; costs and possible effects of union organizing activities; failure to comply with government regulations concerning employment discrimination, employee pay and benefits and employee health and safety; the effect on operations of exchange rate fluctuations, tariffs and other political, economic and regulatory risks; uncertainties regarding any existing or newly-discovered expenses and liabilities related to environmental compliance and remediation; our ability to meet our aspirations relating to environmental, social and governance (ESG) opportunities, improvements and efficiencies; the cost, results and ongoing assessment of internal controls for financial reporting; the effect of new accounting pronouncements; risks associated with cybersecurity threats, including disruptions caused by the inaccessibility of computer systems data and cybersecurity management, the initiation or outcome of litigation, investigations or other proceedings; higher assumed sourcing or distribution costs of products; the disruption of operations from catastrophic or extraordinary events including global health pandemics; the amount and timing of repurchases of our common stock, if any; changes in global tax and labor laws; and the reactions of competitors in terms of price and service. Cintas undertakes no obligation to publicly release any revisions to any forward-looking statements or to otherwise update any forward-looking statements whether as a result of new information or to reflect events, circumstances or any other unanticipated developments arising after the date on which such statements are made, except otherwise as required by law. A further list and description of risks, uncertainties and other matters can be found in our Annual Report on Form 10-K for the year ended May 31, 2024 and in our reports on Forms 10-Q and 8-K. The risks and uncertainties described herein are not the only ones we may face. Additional risks and uncertainties presently not known to us, or that we currently believe to be immaterial, may also harm our business.
Cintas Corporation |
|||||||||||
Consolidated Condensed Statements of Income |
|||||||||||
(Unaudited) |
|||||||||||
(In thousands except per share data) |
|||||||||||
|
Three Months Ended |
||||||||||
|
August 31,
|
|
August 31,
|
|
%
|
||||||
Revenue: |
|
|
|
|
|
||||||
Uniform rental and facility services |
$ |
1,933,839 |
|
|
$ |
1,826,825 |
|
|
5.9 |
% |
|
Other |
|
567,748 |
|
|
|
515,505 |
|
|
10.1 |
% |
|
Total revenue |
|
2,501,587 |
|
|
|
2,342,330 |
|
|
6.8 |
% |
|
|
|
|
|
|
|
||||||
Costs and expenses: |
|
|
|
|
|
||||||
Cost of uniform rental and facility services |
|
981,163 |
|
|
|
947,583 |
|
|
3.5 |
% |
|
Cost of other |
|
268,293 |
|
|
|
253,176 |
|
|
6.0 |
% |
|
Selling and administrative expenses |
|
691,100 |
|
|
|
641,015 |
|
|
7.8 |
% |
|
|
|
|
|
|
|
||||||
Operating income |
|
561,031 |
|
|
|
500,556 |
|
|
12.1 |
% |
|
|
|
|
|
|
|
||||||
Interest income |
|
(1,250 |
) |
|
|
(422 |
) |
|
196.2 |
% |
|
Interest expense |
|
25,619 |
|
|
|
24,544 |
|
|
4.4 |
% |
|
|
|
|
|
|
|
||||||
Income before income taxes |
|
536,662 |
|
|
|
476,434 |
|
|
12.6 |
% |
|
Income taxes |
|
84,629 |
|
|
|
91,349 |
|
|
(7.4 |
)% |
|
Net income |
$ |
452,033 |
|
|
$ |
385,085 |
|
|
17.4 |
% |
|
|
|
|
|
|
|
||||||
Basic earnings per share |
$ |
1.12 |
|
|
$ |
0.94 |
|
|
19.1 |
% |
|
|
|
|
|
|
|
||||||
Diluted earnings per share |
$ |
1.10 |
|
|
$ |
0.93 |
|
|
18.3 |
% |
|
|
|
|
|
|
|
||||||
Basic weighted average common shares outstanding |
|
403,382 |
|
|
|
407,580 |
|
|
|
||
Diluted weighted average common shares outstanding |
|
410,496 |
|
|
|
414,289 |
|
|
|
||
CINTAS CORPORATION SUPPLEMENTAL DATA
Gross Margin and Net Income Margin Results |
||||||
|
Three Months Ended |
|||||
|
August 31,
|
|
August 31,
|
|||
|
|
|
|
|||
Uniform rental and facility services gross margin |
49.3 |
% |
|
48.1 |
% |
|
Other gross margin |
52.7 |
% |
|
50.9 |
% |
|
Total gross margin |
50.1 |
% |
|
48.7 |
% |
|
Net income margin |
18.1 |
% |
|
16.4 |
% |
|
Reconciliation of Non-GAAP Financial Measures
The press release contains non-GAAP financial measures within the meaning of the rules promulgated by the
Computation of Free Cash Flow |
||||||||
|
Three Months Ended |
|||||||
(In thousands) |
August 31,
|
|
August 31,
|
|||||
|
|
|
|
|||||
Net cash provided by operations |
$ |
466,732 |
|
|
$ |
336,945 |
|
|
Capital expenditures |
|
(92,921 |
) |
|
|
(106,697 |
) |
|
Free cash flow |
$ |
373,811 |
|
|
$ |
230,248 |
|
|
Management uses free cash flow to assess the financial performance of the Company. Management believes that free cash flow is useful to investors because it relates the operating cash flow of the Company to the capital that is spent to continue, improve and grow business operations.
Computation of Organic Revenue Growth |
|||||||||
|
Three Months Ended |
||||||||
|
August 31,
|
|
August 31,
|
|
Growth
|
||||
|
A |
|
B |
|
G |
||||
Revenue |
$ |
2,501,587 |
|
$ |
2,342,330 |
|
6.8 |
% |
|
|
|
|
|
|
G=(A-B)/B |
||||
|
C |
|
D |
|
|
||||
Workdays in the period |
|
65 |
|
|
66 |
|
|
||
|
|
|
|
|
|
||||
|
E |
|
F |
|
H |
||||
Workday adjusted revenue |
$ |
2,540,073 |
|
$ |
2,342,330 |
|
8.4 |
% |
|
|
E=(A/C)*D |
|
F=(B/D)*D |
|
H=(E-F)/F |
||||
|
|
|
|
|
|
||||
Acquisition and foreign currency exchange impact, net |
|
|
|
|
(0.4 |
)% |
|||
|
|
|
|
|
|
||||
Organic revenue growth |
|
|
|
|
8.0 |
% |
|||
Management believes that organic revenue growth is valuable to investors because it reflects the revenue performance compared to a prior period with the same number of revenue generating days and excludes the impact from acquisitions and foreign currency exchange rate fluctuations.
SUPPLEMENTAL SEGMENT DATA |
||||||||||||
(In thousands) |
Uniform Rental
|
|
First Aid
|
|
All
|
|
Total |
|||||
For the three months ended August 31, 2024 |
|
|
|
|
|
|
||||||
Revenue |
$ |
1,933,839 |
|
$ |
292,567 |
|
$ |
275,181 |
|
$ |
2,501,587 |
|
Gross margin |
$ |
952,676 |
|
$ |
168,803 |
|
$ |
130,652 |
|
$ |
1,252,131 |
|
Selling and administrative expenses |
$ |
506,238 |
|
$ |
97,515 |
|
$ |
87,347 |
|
$ |
691,100 |
|
Operating income |
$ |
446,438 |
|
$ |
71,288 |
|
$ |
43,305 |
|
$ |
561,031 |
|
|
|
|
|
|
|
|
|
|||||
For the three months ended August 31, 2023 |
|
|
|
|
|
|
||||||
Revenue |
$ |
1,826,825 |
|
$ |
260,693 |
|
$ |
254,812 |
|
$ |
2,342,330 |
|
Gross margin |
$ |
879,242 |
|
$ |
145,776 |
|
$ |
116,553 |
|
$ |
1,141,571 |
|
Selling and administrative expenses |
$ |
472,713 |
|
$ |
86,196 |
|
$ |
82,106 |
|
$ |
641,015 |
|
Operating income |
$ |
406,529 |
|
$ |
59,580 |
|
$ |
34,447 |
|
$ |
500,556 |
|
Cintas Corporation |
||||||||
Consolidated Condensed Balance Sheets |
||||||||
(In thousands except per share data) |
||||||||
|
August 31,
|
|
May 31,
|
|||||
|
(Unaudited) |
|
|
|||||
ASSETS |
|
|
|
|||||
Current assets: |
|
|
|
|||||
Cash and cash equivalents |
$ |
101,373 |
|
|
$ |
342,015 |
|
|
Accounts receivable, net |
|
1,293,791 |
|
|
|
1,244,182 |
|
|
Inventories, net |
|
399,078 |
|
|
|
410,201 |
|
|
Uniforms and other rental items in service |
|
1,061,065 |
|
|
|
1,040,144 |
|
|
Prepaid expenses and other current assets |
|
188,085 |
|
|
|
148,665 |
|
|
Total current assets |
|
3,043,392 |
|
|
|
3,185,207 |
|
|
|
|
|
|
|||||
Property and equipment, net |
|
1,554,640 |
|
|
|
1,534,168 |
|
|
|
|
|
|
|||||
Investments |
|
325,651 |
|
|
|
302,212 |
|
|
Goodwill |
|
3,223,528 |
|
|
|
3,212,424 |
|
|
Service contracts, net |
|
311,199 |
|
|
|
321,902 |
|
|
Operating lease right-of-use assets, net |
|
190,965 |
|
|
|
187,953 |
|
|
Other assets, net |
|
419,332 |
|
|
|
424,951 |
|
|
|
$ |
9,068,707 |
|
|
$ |
9,168,817 |
|
|
|
|
|
|
|||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|||||
Current liabilities: |
|
|
|
|||||
Accounts payable |
$ |
395,931 |
|
|
$ |
339,166 |
|
|
Accrued compensation and related liabilities |
|
125,004 |
|
|
|
214,130 |
|
|
Accrued liabilities |
|
717,093 |
|
|
|
761,283 |
|
|
Income taxes, current |
|
84,622 |
|
|
|
18,618 |
|
|
Operating lease liabilities, current |
|
46,537 |
|
|
|
45,727 |
|
|
Debt due within one year |
|
615,702 |
|
|
|
449,595 |
|
|
Total current liabilities |
|
1,984,889 |
|
|
|
1,828,519 |
|
|
|
|
|
|
|||||
Long-term liabilities: |
|
|
|
|||||
Debt due after one year |
|
2,026,448 |
|
|
|
2,025,934 |
|
|
Deferred income taxes |
|
474,461 |
|
|
|
475,512 |
|
|
Operating lease liabilities |
|
149,345 |
|
|
|
146,824 |
|
|
Accrued liabilities |
|
412,141 |
|
|
|
375,656 |
|
|
Total long-term liabilities |
|
3,062,395 |
|
|
|
3,023,926 |
|
|
|
|
|
|
|||||
Shareholders’ equity: |
|
|
|
|||||
Preferred stock, no par value: |
|
— |
|
|
|
— |
|
|
400,000 shares authorized, none outstanding |
||||||||
Common stock, no par value, and paid-in capital: |
|
2,415,723 |
|
|
|
2,305,301 |
|
|
1,700,000,000 shares authorized |
||||||||
FY 2025: 775,230,624 issued and 403,258,456 outstanding |
||||||||
FY 2024: 773,097,184 issued and 405,007,976 outstanding |
||||||||
Retained earnings |
|
10,912,033 |
|
|
|
10,617,955 |
|
|
Treasury stock: |
|
(9,389,711 |
) |
|
|
(8,698,085 |
) |
|
FY 2025: 371,972,168 shares |
||||||||
FY 2024: 368,089,208 shares |
||||||||
Accumulated other comprehensive income |
|
83,378 |
|
|
|
91,201 |
|
|
Total shareholders’ equity |
|
4,021,423 |
|
|
|
4,316,372 |
|
|
|
$ |
9,068,707 |
|
|
$ |
9,168,817 |
|
|
Cintas Corporation |
||||||||
Consolidated Condensed Statements of Cash Flows |
||||||||
(Unaudited) |
||||||||
(In thousands) |
||||||||
|
Three Months Ended |
|||||||
|
August 31,
|
|
August 31,
|
|||||
Cash flows from operating activities: |
|
|
|
|||||
Net income |
$ |
452,033 |
|
|
$ |
385,085 |
|
|
|
|
|
|
|||||
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|||||
Depreciation |
|
73,838 |
|
|
|
67,613 |
|
|
Amortization of intangible assets and capitalized contract costs |
|
41,366 |
|
|
|
39,199 |
|
|
Stock-based compensation |
|
33,367 |
|
|
|
30,242 |
|
|
Deferred income taxes |
|
1,887 |
|
|
|
(1,367 |
) |
|
Change in current assets and liabilities, net of acquisitions of businesses: |
|
|
|
|||||
Accounts receivable, net |
|
(49,129 |
) |
|
|
(43,892 |
) |
|
Inventories, net |
|
11,318 |
|
|
|
8,541 |
|
|
Uniforms and other rental items in service |
|
(20,144 |
) |
|
|
(7,414 |
) |
|
Prepaid expenses and other current assets and capitalized contract costs |
|
(68,719 |
) |
|
|
(66,791 |
) |
|
Accounts payable |
|
56,698 |
|
|
|
12,443 |
|
|
Accrued compensation and related liabilities |
|
(86,965 |
) |
|
|
(124,408 |
) |
|
Accrued liabilities and other |
|
(44,268 |
) |
|
|
(48,952 |
) |
|
Income taxes, current |
|
65,450 |
|
|
|
86,646 |
|
|
Net cash provided by operating activities |
|
466,732 |
|
|
|
336,945 |
|
|
|
|
|
|
|||||
Cash flows from investing activities: |
|
|
|
|||||
Capital expenditures |
|
(92,921 |
) |
|
|
(106,697 |
) |
|
Purchases of investments |
|
(7,124 |
) |
|
|
(6,525 |
) |
|
Acquisitions of businesses, net of cash acquired |
|
(9,436 |
) |
|
|
(55,651 |
) |
|
Other, net |
|
(4,851 |
) |
|
|
(963 |
) |
|
Net cash used in investing activities |
|
(114,332 |
) |
|
|
(169,836 |
) |
|
|
|
|
|
|||||
Cash flows from financing activities: |
|
|
|
|||||
Issuance of commercial paper, net |
|
166,000 |
|
|
|
— |
|
|
Repayment of debt |
|
— |
|
|
|
(10,000 |
) |
|
Proceeds from exercise of stock-based compensation awards |
|
231 |
|
|
|
479 |
|
|
Dividends paid |
|
(138,237 |
) |
|
|
(117,565 |
) |
|
Repurchase of common stock |
|
(614,802 |
) |
|
|
(73,276 |
) |
|
Other, net |
|
(5,984 |
) |
|
|
(2,013 |
) |
|
Net cash used in financing activities |
|
(592,792 |
) |
|
|
(202,375 |
) |
|
|
|
|
|
|||||
Effect of exchange rate changes on cash and cash equivalents |
|
(250 |
) |
|
|
(757 |
) |
|
|
|
|
|
|||||
Net decrease in cash and cash equivalents |
|
(240,642 |
) |
|
|
(36,023 |
) |
|
Cash and cash equivalents at beginning of period |
|
342,015 |
|
|
|
124,149 |
|
|
Cash and cash equivalents at end of period |
$ |
101,373 |
|
|
$ |
88,126 |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240925521842/en/
J. Michael Hansen, Executive Vice President & Chief Financial Officer - 513-972-2079
Jared S. Mattingley, Vice President, Treasurer & Investor Relations - 513-972-4195
Source: Cintas Corporation
FAQ
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