Cintas Corp. Files 10-Q for Period Ending November 30, 2023

TL;DR

<b>Cintas Corporation filed its Q2 FY2024 10-Q report on January 8, 2024, detailing financial performance through November 30, 2023.</b>

AI Summary

CINTAS CORP (CTAS) filed a Quarterly Report (10-Q) with the SEC on January 8, 2024. Cintas Corporation filed a 10-Q report for the period ending November 30, 2023. The filing covers the second quarter of fiscal year 2024. The report details financial information for Cintas Corporation. Key dates include the fiscal year end of May 31, 2024. The filing was submitted on January 8, 2024.

Why It Matters

For investors and stakeholders tracking CINTAS CORP, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance data for Cintas Corporation, crucial for assessing the company's operational health and growth trajectory. Understanding the details within this report allows stakeholders to evaluate Cintas's financial position, including revenue, net income, and debt levels, in the context of its industry and economic conditions.

Risk Assessment

Risk Level: low — CINTAS CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain unusual or high-risk disclosures, indicating a routine update of financial information.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand Cintas's revenue drivers and profitability trends for Q2 FY2024.

Key Numbers

• 2023-11-30 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-01-08 — Filing Date (FILED AS OF DATE)
• 0531 — Fiscal Year End (FISCAL YEAR END)
• 2023-05-31 — Previous Fiscal Year End (Previous Fiscal Year End)

Key Players & Entities

• CINTAS CORP (company) — COMPANY CONFORMED NAME
• CTAS (company) — tk
• 2024-01-08T00:00:00.000Z (date) — FILED AS OF DATE
• 20231130 (date) — CONFORMED PERIOD OF REPORT
• 5134591200 (phone) — BUSINESS PHONE
• CINCINNATI (location) — CITY
• OH (location) — STATE
• WA (location) — STATE OF INCORPORATION

Forward-Looking Statements

• Cintas Corp. will continue to see strong demand in its Uniform Rental and Facility Services segment. (Cintas Corp.) — high confidence, target: 2024-05-31
• The company's net income and EPS will maintain an upward trend in the next fiscal quarter. (Cintas Corp.) — medium confidence, target: 2024-02-29

FAQ

Industry Context

Cintas Corporation operates in the uniform rental and facility services industry, providing a wide range of products and services to businesses.

Regulatory Implications

The filing is made in accordance with the Securities Exchange Act of 1934, requiring public companies to submit regular financial reports.

What Investors Should Do

1. Analyze the revenue and profitability trends for the Uniform Rental and Facility Services segment.
2. Examine any disclosed changes in financial condition or significant events during the quarter.
3. Compare key financial metrics to previous periods to identify performance changes.

Key Dates

• 2024-01-08: Filing Date — Submission of the quarterly report.
• 2023-11-30: Reporting Period End — End date for the financial data presented in the 10-Q.
• 2024-05-31: Fiscal Year End — Indicates the end of the company's current fiscal year.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, providing the first set of quarterly financial data for the current fiscal year.

Filing Documents

• ctas-20231130.htm (10-Q) — 1282KB
• ctas-ex311x2023x11x30x10q.htm (EX-31.1) — 13KB
• ctas-ex312x2023x11x30x10q.htm (EX-31.2) — 12KB
• ctas-ex321x2023x11x30x10q.htm (EX-32.1) — 6KB
• ctas-ex322x2023x11x30x10q.htm (EX-32.2) — 6KB
• ctas-20231130_g1.jpg (GRAPHIC) — 1466KB
• 0000723254-24-000005.txt (&nbsp;) — 10006KB
• ctas-20231130.xsd (EX-101.SCH) — 38KB
• ctas-20231130_cal.xml (EX-101.CAL) — 73KB
• ctas-20231130_def.xml (EX-101.DEF) — 166KB
• ctas-20231130_lab.xml (EX-101.LAB) — 551KB
• ctas-20231130_pre.xml (EX-101.PRE) — 355KB
• ctas-20231130_htm.xml (XML) — 1212KB

Financial Information

Part I. Financial Information Item 1.

Financial Statements

Financial Statements Consolidated Condensed Statements of Income – Three and Six Months Ended November 30 , 2023 and 2022 3 Consolidated Condensed Statements of Comprehensive Income – Three and Six Months Ended November 30 , 2023 and 2022 4 Consolidated Condensed Balance Sheets – November 30, 2023 and May 31, 2023 5 Consolidated Condensed Statements of Shareholders' Equity - Three and Six Months Ended November 30 , 2023 and 2022 6 Consolidated Condensed Statements of Cash Flows – Six Months Ended November 3 0 , 2023 and 2022 8 Notes to Consolidated Condensed Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 31 Item 4.

Controls and Procedures

Controls and Procedures 31

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 32 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 32 Item 5. Other Information 32 Item 6. Exhibits 33

Signatures

Signatures 34 Table of Contents

Financial Information

Part I. Financial Information ITEM 1.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS CINTAS CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited) Three Months Ended Six Months Ended (In thousands except per share data) November 30, 2023 November 30, 2022 November 30, 2023 November 30, 2022 Revenue: Uniform rental and facility services $ 1,850,542 $ 1,709,987 $ 3,677,367 $ 3,407,759 Other 526,635 464,871 1,042,140 933,553 Total revenue 2,377,177 2,174,858 4,719,507 4,341,312 Costs and expenses: Cost of uniform rental and facility services 974,231 906,727 1,921,814 1,797,493 Cost of other 261,398 245,684 514,574 493,260 Selling and administrative expenses 641,865 577,513 1,282,880 1,165,505 Operating income 499,683 444,934 1,000,239 885,054 Interest income ( 769 ) ( 344 ) ( 1,191 ) ( 499 ) Interest expense 26,590 28,920 51,134 56,640 Income before income taxes 473,862 416,358 950,296 828,913 Income taxes 99,249 92,065 190,598 152,931 Net income $ 374,613 $ 324,293 $ 759,698 $ 675,982 Basic earnings per share $ 3.67 $ 3.18 $ 7.43 $ 6.63 Diluted earnings per share $ 3.61 $ 3.12 $ 7.32 $ 6.51 Dividends declared per share $ 1.35 $ 1.15 $ 2.70 $ 2.30 See accompanying notes. 3 Table of Contents CINTAS CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) Three Months Ended Six Months Ended (In thousands) November 30, 2023 November 30, 2022 November 30, 2023 November 30, 2022 Net income $ 374,613 $ 324,293 $ 759,698 $ 675,982 Other comprehensive (loss) income, net of tax: Foreign currency translation adjustments ( 1,813 ) ( 9,901 ) 821 ( 29,107 ) Change in fair value of interest rate lock agreements, net of tax expense of $ 3,115 , $ 2,531 , $ 5,921 and $ 2,851 , respectively 9,099 7,394 17,298 8,328 Amortization of interest rate lock agreements, net of tax benefit of $( 503 ), $( 513 ), $( 990 ) and $( 1,025 ), respectively ( 1,495 ) ( 1,521 ) ( 2,937 ) ( 3,042 ) Other, net of tax expense of $ 130 , $ 0 , $ 130 and $ 0 , respecti

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