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Cintas Corp (CTAS) SEC Filing 10-K Annual Report for the fiscal year ending Tuesday, May 31, 2022

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Cintas Corp

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CIK: 723254 Ticker: CTAS

Exhibit 99
FOR IMMEDIATE RELEASE
July 14, 2022


Cintas Corporation Announces
Fiscal 2022 Fourth Quarter and Full Year Results


CINCINNATI, July 14, 2022 -- Cintas Corporation (Nasdaq: CTAS) today reported results for its fiscal 2022 fourth quarter ended May 31, 2022. Revenue for the fourth quarter of fiscal 2022 was $2.07 billion compared to $1.84 billion in last year’s fourth quarter, an increase of 13.0%. The organic revenue growth rate for the fourth quarter of fiscal 2022, which adjusts for the impacts of acquisitions, divestitures and foreign currency exchange rate fluctuations, was 12.7%. The organic revenue growth rates for the Uniform Rental and Facility Services and First Aid and Safety Services reportable operating segments were 10.5% and 15.1%, respectively.

Gross margin for the fourth quarter of fiscal 2022 was $946.2 million compared to $859.1 million in last year’s fourth quarter, an increase of 10.1%. Gross margin as a percentage of revenue was 45.6% for the fourth quarter of fiscal 2022 compared to 46.8% in last year's fourth quarter. Operating income for the fourth quarter of fiscal 2022 was $404.4 million compared to $356.4 million in last year's fourth quarter, an increase of 13.5%. Operating income as a percentage of revenue was 19.5% in the fourth quarter of fiscal 2022 compared to 19.4% in last year's fourth quarter.

Net income was $294.5 million for the fourth quarter of fiscal 2022 compared to $267.7 million in last year's fourth quarter. Fourth quarter of fiscal 2022 diluted earnings per share (EPS) were $2.81 compared to $2.47 in last year's fourth quarter, an increase of 13.8%.

Fiscal 2022 fourth quarter free cash flow, defined as net cash provided by operating activities less capital expenditures, increased 15.2% compared to fiscal 2021, to $475.7 million. On June 15, 2022, Cintas paid shareholders an aggregate of $98.2 million in quarterly cash dividends. During the fourth quarter of fiscal 2022 and through July 13, 2022, Cintas purchased $496.5 million of Cintas common stock under its buyback program.

Todd M. Schneider, Cintas' President and Chief Executive Officer, stated, "We are pleased with our fourth quarter financial results which were led by a strong increase in revenue. Challenged with finding labor to run their businesses, heightened concerns over sanitization, and inflationary labor and purchasing costs, businesses increasingly outsource to Cintas to help them get Ready for the Workday®. We provide products and services better, faster, and economically, enabling businesses to concentrate on their core competencies."

For the fiscal year ended May 31, 2022, revenue was $7.85 billion, compared to $7.12 billion for fiscal 2021, an increase of 10.4%. Diluted EPS for fiscal 2022 was $11.65 compared to $10.24 in fiscal 2021, an increase of 13.8%. Fiscal year 2022 diluted EPS included a gain on sale of operating assets and a gain on an equity method investment transaction. Adjusted to exclude the gains, diluted EPS for fiscal 2022 was $11.28, an increase of 10.2%. For the fiscal year ended May 31, 2022, free cash flow was $1.30 billion, an increase of 6.5% compared to the fiscal year ended May 31, 2021.

Mr. Schneider continued, "We achieved significant accomplishments this fiscal year despite significant inflation, including delivering upon our stated financial goals of mid- to high-single digit organic revenue growth rates, incremental operating margins in the range of 20% to 30%, double-digit EPS growth, and the allocation of capital to improve shareholder returns. We achieved these great results by productively selling new business, penetrating existing customers with more products and services, providing excellent service, driving operational efficiencies, and obtaining price increases. I thank our employees, whom we call "partners", for their continued focus on our customers, our shareholders, and each other."

Mr. Schneider concluded, "For our fiscal year 2023, we expect revenue to be in the range of $8.47 billion to $8.58 billion and diluted EPS to be in the range of $11.90 to $12.30. The following table provides a comparison of fiscal 2022 revenue and diluted EPS to fiscal 2023 guidance.



The following information was filed by Cintas Corp (CTAS) on Thursday, July 14, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Cintas Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Income
Consolidated Statements Of Income (Parenthetical)
Consolidated Statements Of Shareholders' Equity
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Tables)
Accumulated Other Comprehensive Income (Loss) - Changes In Aoci (Details)
Accumulated Other Comprehensive Income (Loss) - Schedule Of Reclassifications (Details)
Acquisitions
Acquisitions (Tables)
Acquisitions - Aggregate Purchase Price And Fair Value Allocations (Details)
Acquisitions - Narrative (Details)
Acquisitions - Purchase Price Allocation For Other Acquisitions (Details)
Debt And Derivatives
Debt And Derivatives (Tables)
Debt And Derivatives - Interest Rate Lock Agreements (Details)
Debt And Derivatives - Narrative (Details)
Debt And Derivatives - Summary Of Outstanding Debt (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Computation Of Eps (Details)
Earnings Per Share - Narrative (Details)
Earnings Per Share - Summary Of Buyback Activity By Program (Details)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - Asset Allocations In The Pension Plan (Details)
Employee Benefit Plans - Components Of Net Periodic Pension (Benefit) Cost (Details)
Employee Benefit Plans - Narrative (Details)
Employee Benefit Plans - Obligations And Funded Status (Details)
Employee Benefit Plans - Pension Plan Investments Using The Fair Value Hierarchy (Details)
Employee Benefit Plans - Weighted Average Assumptions Used To Determine Benefit Obligations (Details)
Fair Value Disclosures
Fair Value Disclosures (Details)
Fair Value Disclosures (Tables)
Goodwill, Service Contracts And Other Assets
Goodwill, Service Contracts And Other Assets (Tables)
Goodwill, Service Contracts And Other Assets - Amortization (Details)
Goodwill, Service Contracts And Other Assets - Goodwill (Details)
Goodwill, Service Contracts And Other Assets - Information Regarding Service Contracts And Other Assets (Details)
Goodwill, Service Contracts And Other Assets - Narrative (Details)
Goodwill, Service Contracts And Other Assets - Service Contracts (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Components Of Deferred Income Taxes (Details)
Income Taxes - Components Of Income Before Taxes (Details)
Income Taxes - Components Of Income Taxes (Details)
Income Taxes - Narrative (Details)
Income Taxes - Reconciliation Of Income Tax Expense (Details)
Income Taxes - Reconciliation Unrecognized Tax Benefits (Details)
Income Taxes - Summary Of Valuation Allowance (Details)
Investments
Investments (Details)
Investments (Tables)
Leases
Leases (Tables)
Leases - Cash Flow Information (Details)
Leases - Contractual Future Minimum Lease Payments (Details)
Leases - Narrative (Details)
Operating Segment Information
Operating Segment Information (Details)
Operating Segment Information (Tables)
Property And Equipment
Property And Equipment (Details)
Property And Equipment (Tables)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Disaggregated Revenue (Details)
Revenue Recognition - Narrative (Details)
Schedule Ii - Valuation And Qualifying Accounts And Reserves
Schedule Ii - Valuation And Qualifying Accounts And Reserves (Details)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Significant Accounting Policies - Accrued Liabilities (Details)
Significant Accounting Policies - Estimated Useful Lives (Details)
Significant Accounting Policies - Inventories (Details)
Significant Accounting Policies - Narrative (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Assumptions Used To Determine Fair Value Of Options (Details)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Restricted Stock Awards Granted And Outstanding (Details)
Stock-Based Compensation - Stock Options Granted And Outstanding (Details)
Stock-Based Compensation - Summary Of Information Related To Stock Options Outstanding (Details)
Ticker: CTAS
CIK: 723254
Form Type: 10-K Annual Report
Accession Number: 0000723254-22-000019
Submitted to the SEC: Wed Jul 27 2022 2:21:24 PM EST
Accepted by the SEC: Wed Jul 27 2022
Period: Tuesday, May 31, 2022
Industry: Mens And Boys Furnishgs Work Clothg And Allied Garments

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