Thu, Jul 25, 6:02 PM (44 days ago)
Cintas Corporation's Form 10-K for the fiscal year ended May 31, 2024, highlights the following: **Financial Performance:** - **Revenue:** $9.6 billion, up 8.9% from $8.8 billion in FY 2023, driven by increased sales volume and acquisitions. - **Net Income:** $1.57 billion, a 16.6% increase from $1.35 billion in FY 2023. - **Operating Expenses:** Selling and administrative expenses rose to 27.3% of revenue, up from 26.9% in FY 2023. - **Earnings Per Share:** Diluted EPS increased to $15.15 from $12.99 in FY 2023. **Strategic Overview:** - **Business Segments:** Revenue from Uniform Rental and Facility Services grew 8.2%, while First Aid and Safety Services saw a 12.2% increase. - **Acquisitions:** $186.8 million spent on acquisitions, enhancing service capabilities. **Future Outlook:** - **Liquidity:** Strong cash flow from operations ($2.08 billion) and a $2.0 billion revolving credit facility ensure sufficient liquidity. - **Dividend:** Increased to $5.40 per share, up from $4.60 in FY 2023. - **Share Buybacks:** $700 million spent, with a new $1.0 billion buyback program authorized. **Risk Factors:** - **Economic Conditions:** Potential adverse effects from inflation, labor costs, and geopolitical developments. - **Cybersecurity:** Ongoing investments in IT security to mitigate risks. **Financial Condition:** - **Debt:** Total debt of $2.49 billion, with $450 million maturing within one year. - **Capital Expenditures:** Increased to $409.5 million, reflecting investments in growth and technology. **Market Position:** Cintas remains a leading provider in North America, with a focus on expanding its customer base and service offerings.