Cintas Corp Files 2024 10-K
Ticker: CTAS · Form: 10-K · Filed: Jul 25, 2024 · CIK: 723254
Sentiment: neutral
Topics: 10-k, annual-report, financials
TL;DR
Cintas filed its 2024 10-K, detailing FY performance. All systems go.
AI Summary
Cintas Corporation filed its 10-K for the fiscal year ending May 31, 2024, reporting on its financial performance and business operations. The company, headquartered in Cincinnati, OH, operates within the Men's & Boys' Furnishings, Work Clothing, and Allied Garments sector. Key financial data and operational segments, including Uniform Rental and Facility Services, are detailed within the filing.
Why It Matters
This filing provides investors and analysts with a comprehensive overview of Cintas Corporation's financial health and strategic direction for the fiscal year 2024, impacting investment decisions.
Risk Assessment
Risk Level: low — The filing is a standard annual report and does not indicate any immediate or unusual risks.
Key Numbers
- 20240531 — Fiscal Year End (Reporting period for the 10-K)
- 20240725 — Filing Date (Date the 10-K was submitted to the SEC)
Key Players & Entities
- CINTAS CORP (company) — Filer
- 20240531 (date) — Fiscal Year End
- CINCINNATI (location) — Headquarters City
- OH (location) — Headquarters State
- Uniform Rental and Facility Services (business_segment) — Key Operating Segment
FAQ
What was Cintas Corporation's fiscal year end for this filing?
Cintas Corporation's fiscal year end was 20240531.
When was this 10-K filing submitted to the SEC?
This 10-K filing was submitted on 20240725.
What is the primary business address of Cintas Corporation?
The business address is 6800 CINTAS BLVD, P O BOX 625737, CINCINNATI, OH 45262.
What is the Standard Industrial Classification code for Cintas Corporation?
The SIC code is [2320] for MEN'S & BOYS' FURNISHINGS, WORK CLOTHING, AND ALLIED GARMENTS.
Which key operating segments are mentioned in the filing data?
Key operating segments mentioned include UniformRentalAndFacilityServicesSegment and OtherProductsAndServicesMember.
Filing Stats: 4,355 words · 17 min read · ~15 pages · Grade level 15.2 · Accepted 2024-07-25 14:01:02
Key Financial Figures
- $553.25 — 61,360 based on a closing sale price of $553.25 per share. As of June 30, 2024, 193,308
- $27.0 million — ent and waste removal was approximately $27.0 million in fiscal 2024, approximately $26.0 mil
- $26.0 million — 0 million in fiscal 2024, approximately $26.0 million in fiscal 2023 and approximately $22.0
- $22.0 million — illion in fiscal 2023 and approximately $22.0 million in fiscal 2022. Capital expenditures to
- $1.7 million — ardous substances totaled approximately $1.7 million in fiscal 2024, approximately $1.0 mill
- $1.0 million — 7 million in fiscal 2024, approximately $1.0 million in fiscal 2023 and approximately $0.2 m
- $0.2 million — illion in fiscal 2023 and approximately $0.2 million in fiscal 2022. In addition, health a
Filing Documents
- ctas-20240531.htm (10-K) — 2041KB
- exhibit19-insidertradingpo.htm (EX-19) — 39KB
- exhibit21-subsidiaries2024.htm (EX-21) — 22KB
- exhibit22-subsidiaryguaran.htm (EX-22) — 22KB
- exhibit23-consentofey2024.htm (EX-23) — 5KB
- ctas10k2024ex311.htm (EX-31.1) — 8KB
- ctas10k2024ex312.htm (EX-31.2) — 9KB
- ctas10k2024ex321.htm (EX-32.1) — 5KB
- ctas10k2024ex322.htm (EX-32.2) — 5KB
- exhibit97-compensationreco.htm (EX-97) — 45KB
- ctas-20240531_g1.jpg (GRAPHIC) — 1466KB
- ctas-20240531_g2.jpg (GRAPHIC) — 34KB
- image_01a.jpg (GRAPHIC) — 124KB
- image_0a.jpg (GRAPHIC) — 2KB
- 0000723254-24-000036.txt ( ) — 15360KB
- ctas-20240531.xsd (EX-101.SCH) — 69KB
- ctas-20240531_cal.xml (EX-101.CAL) — 114KB
- ctas-20240531_def.xml (EX-101.DEF) — 336KB
- ctas-20240531_lab.xml (EX-101.LAB) — 932KB
- ctas-20240531_pre.xml (EX-101.PRE) — 662KB
- ctas-20240531_htm.xml (XML) — 2059KB
Business
Business 3 Item 1A.
Risk Factors
Risk Factors 7 Item 1B. Unresolved Staff Comments 13 Item 1C. Cybersecurity 14 Item 2.
Properties
Properties 15 Item 3.
Legal Proceedings
Legal Proceedings 16 Item 4. Mine Safety Disclosures 16 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 17 Item 6. [Reserved] 18 Item 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 29 Item 8.
Financial Statements and Supplementary Data
Financial Statements and Supplementary Data 30 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 66 Item 9A.
Controls and Procedures
Controls and Procedures 66 Item 9B. Other Information 66 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 66 Part III Item 10. Directors, Executive Officers and Corporate Governance 67 Item 11.
Executive Compensation
Executive Compensation 67 Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 67 Item 13. Certain Relationships and Related Transactions, and Director Independence 67 Item 14. Principal Accountant Fees and Services 67 Part IV Item 15. Exhibits and Financial Statement Schedules 68 Item 16. Form 10-K Summary 70 2 Part I
Business
Item 1. Business Overview Cintas Corporation (Cintas, Company, we, us or our), a Washington corporation, helps more than one million businesses of all types and sizes, primarily in the United States (U.S.), as well as Canada and Latin America, get READY to open their doors with confidence every day by providing a wide range of products and services that enhance our customers' image and help keep their facilities and employees clean, safe and looking their best. With products and services 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 . Cintas was founded in 1968 by Richard T. Farmer when he left his family's industrial laundry business in order to develop uniform programs using an exclusive new fabric. In the early 1970's, Cintas acquired the family industrial laundry business. Over the years, Cintas developed additional products and services that complemented its core uniform business and broadened the scope of products and services available to its customers. Business Segments Cintas' reportable operating segments are the Uniform Rental and Facility Services operating segment and the First Aid and Safety Services operating segment. The Uniform Rental and Facility Services reportable operating segment consists of the rental and servicing of uniforms and other garments, including flame resistant clothing, mats, mops and shop towels and other ancillary items. In addition to these rental items, restroom cleaning services and supplies and the sale of items from our catalogs to our customers on route are included within this reportable operating segment. The First Aid and Safety Services reportable operating segment consists of first aid and safety products and services. The remainder of Cintas' business, which consists of the Fire Protection Services operating segment and the Uniform Direct Sale operating segment, is included in
Risk Factors
Item 1A. Risk Factors The statements in this section describe the most significant risks that could materially and adversely affect our business, consolidated financial condition and consolidated results of operation and the trading price of our debt or equity securities. Although the risks are organized by headings, and each risk is discussed separately, many are interrelated. Readers should not interpret the disclosure of any risk factor to imply that the risk has not already materialized. In addition, this section sets forth statements which constitute our cautionary statements under the Private Securities Litigation Reform Act of 1995. This Annual Report on Form 10-K contains forward-looking statements. 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 Annual Report. 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, inc