CINTAS CORP
For the period ended May 31, 2024. Filed Jul 25, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Jul 25, 2024
CTAS$225.28+0.9%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| ConsolidatedStatements of Cash Flows | Fiscal Years Ended May 31, | ||
|---|---|---|---|
| (In thousands) | 2024 | 2023 | 2022 |
| Cash flows from operating activities: | |||
| Net income | $1,571,592 | $1,348,010 | $1,235,757 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 280,866 | 257,041 | 249,376 |
| Amortization of intangible assets and capitalized contract costs | 161,518 | 152,121 | 150,325 |
| Stock-based compensation | 116,986 | 103,621 | 109,308 |
| Gain on equity method investment transaction | — | — | (30,151) |
| Net gain on sale of operating assets | — | — | (12,129) |
| Deferred income taxes | (28,912) | 23,233 | 52,110 |
| Change in current assets and liabilities, net of acquisitions of businesses: | |||
| Accounts receivable, net | (91,399) | (151,771) | (100,392) |
| Inventories, net | 95,766 | (35,658) | 16,194 |
| Uniforms and other rental items in service | (22,815) | (98,252) | (111,332) |
| Prepaid expenses and other current assets and capitalized contract costs | (117,674) | (132,173) | (28,581) |
| Accounts payable | 36,896 | 53,369 | 22,697 |
| Accrued compensation and related liabilities | (27,013) | 2,711 | (3,625) |
| Accrued liabilities and other | 97,750 | 41,314 | (9,241) |
| Income taxes, current | 6,220 | 34,248 | (2,691) |
| Net cash provided by operating activities | 2,079,781 | 1,597,814 | 1,537,625 |
| Cash flows from investing activities: | |||
| Capital expenditures | (409,469) | (331,109) | (240,672) |
| Purchases of investments | (7,546) | (4,566) | (6,076) |
| Proceeds from sale of operating assets, net of cash disposed | — | — | 15,347 |
| Acquisitions of businesses, net of cash acquired | (186,837) | (46,357) | (164,228) |
| Other, net | (4,779) | (6,640) | (7,006) |
| Net cash used in investing activities | (608,631) | (388,672) | (402,635) |
| Cash flows from financing activities: | |||
| (Payments) issuance of commercial paper, net | — | (261,200) | 261,200 |
| Proceeds from issuance of debt | — | — | 1,190,506 |
| Repayment of debt | (13,450) | (50,000) | (1,200,000) |
| Proceeds from exercise of stock-based compensation awards | 1,370 | 3,021 | 117,737 |
| Dividends paid | (530,909) | (449,917) | (375,119) |
| Repurchase of common stock | (700,033) | (398,865) | (1,525,873) |
| Other, net | (10,468) | (15,875) | (6,394) |
| Net cash used in financing activities | (1,253,490) | (1,172,836) | (1,537,943) |
| Effect of exchange rate changes on cash and cash equivalents | 206 | (2,628) | (216) |
| Net increase (decrease) in cash and cash equivalents | 217,866 | 33,678 | (403,169) |
| Cash and cash equivalents at beginning of year | 124,149 | 90,471 | 493,640 |
| Cash and cash equivalents at end of year | $342,015 | $124,149 | $90,471 |
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