Cintas Corporation (Nasdaq: CTAS) today reported results for its fiscal 2024 third quarter ended February 29, 2024. Revenue for the third quarter of fiscal 2024 was $2.41 billion compared to $2.19 billion in last year’s third quarter, an increase of 9.9%. The organic revenue growth rate for the third quarter of fiscal 2024, which adjusts for the impacts of acquisitions, foreign currency exchange rate fluctuations and differences in the number of workdays, was 7.7%.
Gross margin for the third quarter of fiscal 2024 was $1.19 billion compared to $1.03 billion in last year’s third quarter, an increase of 14.9%. Gross margin as a percentage of revenue was 49.4% for the third quarter of fiscal 2024 compared to 47.2% in last year's third quarter, an increase of 220 basis points. Energy expenses comprised of gasoline, natural gas and electricity were 40 basis points lower for the third quarter of fiscal 2024 compared to last year's third quarter.
Operating income for the third quarter of fiscal 2024 increased 16.6% to $520.8 million compared to $446.8 million in last year's third quarter. Operating income as a percentage of revenue was 21.6% in the third quarter of fiscal 2024 compared to 20.4% in last year's third quarter.
Net income was $397.6 million for the third quarter of fiscal 2024 compared to $325.8 million in last year's third quarter, an increase of 22.0%. The third quarter of fiscal 2024 effective tax rate was 19.9% compared to 22.1% in last year's third quarter. The tax rates in both quarters were impacted by certain discrete items, primarily the tax accounting impact for stock-based compensation. Third quarter of fiscal 2024 diluted earnings per share (EPS) was $3.84 compared to $3.14 in last year's third quarter, an increase of 22.3%.
On March 15, 2024, Cintas paid an aggregate quarterly cash dividend of $137.6 million to shareholders, an increase of 17.1% from the amount paid last March.
Todd M. Schneider, Cintas' President and Chief Executive Officer, stated, "Our third quarter results reflect the outstanding dedication and execution of our employees, whom we call partners. Each of our operating segments continue to execute at a high level, which led to robust revenue growth of 9.9%, record high gross margin of 49.4%, record high operating margin of 21.6% and diluted EPS growth of 22.3%."
Mr. Schneider concluded, "Based on our third quarter results, we are increasing our full fiscal year financial guidance. We are raising our annual revenue expectations from a range of $9.48 billion to $9.56 billion to a range of $9.57 billion to $9.60 billion and our diluted EPS from a range of $14.35 to $14.65 to a range of $14.80 to $15.00." Please note the following regarding guidance:
- Fiscal year 2024 interest expense is expected to be approximately $99.0 million compared to $109.5 million in fiscal year 2023, predominately as a result of less variable rate debt. This may change as a result of future share buybacks or acquisition activity.
- Fiscal year 2024 effective tax rate is expected to be 20.6% compared to a rate of 20.4% in fiscal year 2023.
- Our diluted EPS guidance includes no future share buybacks.
Cintas
Cintas Corporation helps more than one million businesses of all types and sizes get Ready™ to open their doors with confidence every day by providing products and services that help keep their customers’ facilities and employees clean, safe and looking their best. With offerings 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®. Headquartered in Cincinnati, Cintas is a publicly held Fortune 500 company traded over the Nasdaq Global Select Market under the symbol CTAS and is a component of both the Standard & Poor’s 500 Index and Nasdaq-100 Index.
Cintas will host a live webcast to review the fiscal 2024 third quarter results today at 10:00 a.m., Eastern Time. The webcast will be available to the public on Cintas' website at www.Cintas.com. A replay of the webcast will be available approximately two hours after the completion of the live call and will remain available for two weeks.
CAUTION CONCERNING 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 Press Release. 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; inflationary pressures and fluctuations in costs of materials and labor, including increased medical costs; interest rate volatility; costs and possible effects of union organizing activities; failure to comply with government regulations concerning employment discrimination, employee pay and benefits and employee health and safety; the effect on operations of exchange rate fluctuations, tariffs and other political, economic and regulatory risks; uncertainties regarding any existing or newly-discovered expenses and liabilities related to environmental compliance and remediation; our ability to meet our goals relating to environmental, social and governance (ESG) opportunities, improvements and efficiencies; the cost, results and ongoing assessment of internal controls for financial reporting; the effect of new accounting pronouncements; disruptions caused by the inaccessibility of computer systems data, including cybersecurity risks; the initiation or outcome of litigation, investigations or other proceedings; higher assumed sourcing or distribution costs of products; the disruption of operations from catastrophic or extraordinary events including global health pandemics such as the COVID-19 coronavirus; the amount and timing of repurchases of our common stock, if any; changes in federal and state tax and labor laws; and the reactions of competitors in terms of price and service. Cintas undertakes no obligation to publicly release any revisions to any forward-looking statements or to otherwise update any forward-looking statements whether as a result of new information or to reflect events, circumstances or any other unanticipated developments arising after the date on which such statements are made, except otherwise as required by law. A further list and description of risks, uncertainties and other matters can be found in our Annual Report on Form 10-K for the year ended May 31, 2023 and in our reports on Forms 10-Q and 8-K. The risks and uncertainties described herein are not the only ones we may face. Additional risks and uncertainties presently not known to us, or that we currently believe to be immaterial, may also harm our business.
Cintas Corporation Consolidated Condensed Statements of Income (Unaudited) (In thousands except per share data) |
|||||||||
|
|||||||||
|
Three Months Ended |
||||||||
|
February 29,
|
|
February 28,
|
|
% Change |
||||
Revenue: |
|
|
|
|
|
||||
Uniform rental and facility services |
$ |
1,876,642 |
|
|
$ |
1,716,165 |
|
|
9.4% |
Other |
|
529,531 |
|
|
|
473,821 |
|
|
11.8% |
Total revenue |
|
2,406,173 |
|
|
|
2,189,986 |
|
|
9.9% |
|
|
|
|
|
|
||||
Costs and expenses: |
|
|
|
|
|
||||
Cost of uniform rental and facility services |
|
960,208 |
|
|
|
907,993 |
|
|
5.8% |
Cost of other |
|
258,117 |
|
|
|
247,962 |
|
|
4.1% |
Selling and administrative expenses |
|
667,048 |
|
|
|
587,219 |
|
|
13.6% |
|
|
|
|
|
|
||||
Operating income |
|
520,800 |
|
|
|
446,812 |
|
|
16.6% |
|
|
|
|
|
|
||||
Interest income |
|
(930 |
) |
|
|
(373 |
) |
|
149.3% |
Interest expense |
|
25,530 |
|
|
|
28,819 |
|
|
(11.4)% |
|
|
|
|
|
|
||||
Income before income taxes |
|
496,200 |
|
|
|
418,366 |
|
|
18.6% |
Income taxes |
|
98,621 |
|
|
|
92,539 |
|
|
6.6% |
Net income |
$ |
397,579 |
|
|
$ |
325,827 |
|
|
22.0% |
|
|
|
|
|
|
||||
Basic earnings per share |
$ |
3.90 |
|
|
$ |
3.19 |
|
|
22.3% |
|
|
|
|
|
|
||||
Diluted earnings per share |
$ |
3.84 |
|
|
$ |
3.14 |
|
|
22.3% |
|
|
|
|
|
|
||||
Basic weighted average common shares outstanding |
|
101,477 |
|
|
|
101,714 |
|
|
|
Diluted weighted average common shares outstanding |
|
103,187 |
|
|
|
103,418 |
|
|
|
Cintas Corporation Consolidated Condensed Statements of Income (Unaudited) (In thousands except per share data) |
|||||||||
|
|||||||||
|
Nine Months Ended |
||||||||
|
February 29,
|
|
February 28,
|
|
% Change |
||||
Revenue: |
|
|
|
|
|
||||
Uniform rental and facility services |
$ |
5,554,009 |
|
|
$ |
5,123,924 |
|
|
8.4% |
Other |
|
1,571,671 |
|
|
|
1,407,374 |
|
|
11.7% |
Total revenue |
|
7,125,680 |
|
|
|
6,531,298 |
|
|
9.1% |
|
|
|
|
|
|
||||
Costs and expenses: |
|
|
|
|
|
||||
Cost of uniform rental and facility services |
|
2,882,022 |
|
|
|
2,705,486 |
|
|
6.5% |
Cost of other |
|
772,691 |
|
|
|
741,222 |
|
|
4.2% |
Selling and administrative expenses |
|
1,949,928 |
|
|
|
1,752,724 |
|
|
11.3% |
|
|
|
|
|
|
||||
Operating income |
|
1,521,039 |
|
|
|
1,331,866 |
|
|
14.2% |
|
|
|
|
|
|
||||
Interest income |
|
(2,121 |
) |
|
|
(872 |
) |
|
143.2% |
Interest expense |
|
76,664 |
|
|
|
85,459 |
|
|
(10.3)% |
|
|
|
|
|
|
||||
Income before income taxes |
|
1,446,496 |
|
|
|
1,247,279 |
|
|
16.0% |
Income taxes |
|
289,219 |
|
|
|
245,470 |
|
|
17.8% |
Net income |
$ |
1,157,277 |
|
|
$ |
1,001,809 |
|
|
15.5% |
|
|
|
|
|
|
||||
Basic earnings per share |
$ |
11.34 |
|
|
$ |
9.82 |
|
|
15.5% |
|
|
|
|
|
|
||||
Diluted earnings per share |
$ |
11.15 |
|
|
$ |
9.65 |
|
|
15.5% |
|
|
|
|
|
|
||||
Basic weighted average common shares outstanding |
|
101,681 |
|
|
|
101,589 |
|
|
|
Diluted weighted average common shares outstanding |
|
103,347 |
|
|
|
103,363 |
|
|
|
CINTAS CORPORATION SUPPLEMENTAL DATA
Gross Margin and Net Income Margin Results |
|||||||
|
Three Months Ended |
|
Nine Months Ended |
||||
|
February 29,
|
|
February 28,
|
|
February 29,
|
|
February 28,
|
|
|
|
|
|
|
|
|
Uniform rental and facility services gross margin |
48.8% |
|
47.1% |
|
48.1% |
|
47.2% |
Other gross margin |
51.3% |
|
47.7% |
|
50.8% |
|
47.3% |
Total gross margin |
49.4% |
|
47.2% |
|
48.7% |
|
47.2% |
Net income margin |
16.5% |
|
14.9% |
|
16.2% |
|
15.3% |
Reconciliation of Non-GAAP Financial Measures
The press release contains non-GAAP financial measures within the meaning of the rules promulgated by the U.S. Securities and Exchange Commission. To supplement its consolidated condensed financial statements presented in accordance with U.S. generally accepted accounting principles (GAAP), the Company provides these additional non-GAAP financial measures of free cash flow and organic revenue growth. The Company believes that these non-GAAP financial measures are appropriate to enhance understanding of its past performance as well as prospects for future performance. A reconciliation of the differences between these non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP are shown in the tables below.
Computation of Free Cash Flow |
|||||||
|
Nine Months Ended |
||||||
(In thousands) |
February 29,
|
|
February 28,
|
||||
|
|
|
|
||||
Net cash provided by operations |
$ |
1,386,741 |
|
|
$ |
1,044,191 |
|
Capital expenditures |
|
(307,558 |
) |
|
|
(224,116 |
) |
Free cash flow |
$ |
1,079,183 |
|
|
$ |
820,075 |
|
Management uses free cash flow to assess the financial performance of the Company. Management believes that free cash flow is useful to investors because it relates the operating cash flow of the Company to the capital that is spent to continue, improve and grow business operations.
Computation of Organic Growth |
|||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
February 29,
|
|
February 28,
|
|
Growth % |
|
February 29,
|
|
February 28,
|
|
Growth % |
||||
|
A |
|
B |
|
G |
|
I |
|
J |
|
O |
||||
Revenue |
$ |
2,406,173 |
|
$ |
2,189,986 |
|
9.9% |
|
$ |
7,125,680 |
|
$ |
6,531,298 |
|
9.1% |
|
|
|
|
|
G=(A-B)/B |
|
|
|
|
|
O=(I-J)/J |
||||
|
C |
|
D |
|
|
|
K |
|
L |
|
|
||||
Workdays in the period |
65 |
|
64 |
|
|
|
196 |
|
195 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
E |
|
F |
|
H |
|
M |
|
N |
|
P |
||||
Workday adjusted revenue growth |
$ |
2,369,155 |
|
$ |
2,189,986 |
|
8.2% |
|
$ |
7,089,324 |
|
$ |
6,531,298 |
|
8.5% |
|
E=(A/C)*D |
|
F=(B/D)*D |
|
H=(E-F)/F |
|
M=(I/K)*L |
|
N=(J/L)*L |
|
P=(M-N)/N |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
Acquisition and foreign currency exchange impact, net |
|
|
|
|
(0.5)% |
|
|
|
|
|
(0.3)% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
Organic growth |
|
|
|
|
7.7% |
|
|
|
|
|
8.2% |
||||
Management believes that organic revenue growth is valuable to investors because it reflects the revenue performance compared to a prior period with the same number of revenue generating days and excludes the impact from acquisitions, divestitures and foreign currency exchange rate fluctuations.
SUPPLEMENTAL SEGMENT DATA
(In thousands) |
Uniform Rental and Facility Services |
|
First Aid and Safety Services |
|
All Other |
|
Corporate |
|
Total |
|||||||
For the three months ended February 29, 2024 |
|
|
|
|
|
|
|
|
||||||||
Revenue |
$ |
1,876,642 |
|
$ |
262,602 |
|
$ |
266,929 |
|
$ |
— |
|
|
$ |
2,406,173 |
|
Gross margin |
$ |
916,434 |
|
$ |
147,732 |
|
$ |
123,682 |
|
$ |
— |
|
|
$ |
1,187,848 |
|
Selling and administrative expenses |
$ |
496,027 |
|
$ |
90,015 |
|
$ |
81,006 |
|
$ |
— |
|
|
$ |
667,048 |
|
Interest income |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(930 |
) |
|
$ |
(930 |
) |
Interest expense |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
25,530 |
|
|
$ |
25,530 |
|
Income (loss) before income taxes |
$ |
420,407 |
|
$ |
57,717 |
|
$ |
42,676 |
|
$ |
(24,600 |
) |
|
$ |
496,200 |
|
|
|
|
|
|
|
|
|
|
|
|||||||
For the three months ended February 28, 2023 |
|
|
|
|
|
|
|
|
||||||||
Revenue |
$ |
1,716,165 |
|
$ |
231,605 |
|
$ |
242,216 |
|
$ |
— |
|
|
$ |
2,189,986 |
|
Gross margin |
$ |
808,172 |
|
$ |
119,408 |
|
$ |
106,451 |
|
$ |
— |
|
|
$ |
1,034,031 |
|
Selling and administrative expenses |
$ |
448,177 |
|
$ |
72,137 |
|
$ |
66,905 |
|
$ |
— |
|
|
$ |
587,219 |
|
Interest income |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(373 |
) |
|
$ |
(373 |
) |
Interest expense |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
28,819 |
|
|
$ |
28,819 |
|
Income (loss) before income taxes |
$ |
359,995 |
|
$ |
47,271 |
|
$ |
39,546 |
|
$ |
(28,446 |
) |
|
$ |
418,366 |
|
|
|
|
|
|
|
|
|
|
|
|||||||
For the nine months ended February 29, 2024 |
|
|
|
|
|
|
|
|
||||||||
Revenue |
$ |
5,554,009 |
|
$ |
789,696 |
|
$ |
781,975 |
|
$ |
— |
|
|
$ |
7,125,680 |
|
Gross margin |
$ |
2,671,987 |
|
$ |
438,824 |
|
$ |
360,156 |
|
$ |
— |
|
|
$ |
3,470,967 |
|
Selling and administrative expenses |
$ |
1,445,440 |
|
$ |
262,996 |
|
$ |
241,492 |
|
$ |
— |
|
|
$ |
1,949,928 |
|
Interest income |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(2,121 |
) |
|
$ |
(2,121 |
) |
Interest expense |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
76,664 |
|
|
$ |
76,664 |
|
Income (loss) before income taxes |
$ |
1,226,547 |
|
$ |
175,828 |
|
$ |
118,664 |
|
$ |
(74,543 |
) |
|
$ |
1,446,496 |
|
|
|
|
|
|
|
|
|
|
|
|||||||
For the nine months ended February 28, 2023 |
|
|
|
|
|
|
|
|
||||||||
Revenue |
$ |
5,123,924 |
|
$ |
701,740 |
|
$ |
705,634 |
|
$ |
— |
|
|
$ |
6,531,298 |
|
Gross margin |
$ |
2,418,438 |
|
$ |
354,698 |
|
$ |
311,454 |
|
$ |
— |
|
|
$ |
3,084,590 |
|
Selling and administrative expenses |
$ |
1,324,577 |
|
$ |
221,086 |
|
$ |
207,061 |
|
$ |
— |
|
|
$ |
1,752,724 |
|
Interest income |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(872 |
) |
|
$ |
(872 |
) |
Interest expense |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
85,459 |
|
|
$ |
85,459 |
|
Income (loss) before income taxes |
$ |
1,093,861 |
|
$ |
133,612 |
|
$ |
104,393 |
|
$ |
(84,587 |
) |
|
$ |
1,247,279 |
|
Cintas Corporation Consolidated Condensed Balance Sheets (In thousands except per share data) |
|||||||
|
February 29,
|
|
May 31,
|
||||
|
(Unaudited) |
|
|
||||
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
128,483 |
|
|
$ |
124,149 |
|
Accounts receivable, net |
|
1,262,077 |
|
|
|
1,152,993 |
|
Inventories, net |
|
451,215 |
|
|
|
506,604 |
|
Uniforms and other rental items in service |
|
1,025,597 |
|
|
|
1,011,918 |
|
Prepaid expenses and other current assets |
|
163,624 |
|
|
|
142,795 |
|
Total current assets |
|
3,030,996 |
|
|
|
2,938,459 |
|
|
|
|
|
||||
Property and equipment, net |
|
1,505,810 |
|
|
|
1,396,476 |
|
|
|
|
|
||||
Investments |
|
294,261 |
|
|
|
247,191 |
|
Goodwill |
|
3,212,432 |
|
|
|
3,056,201 |
|
Service contracts, net |
|
335,863 |
|
|
|
346,574 |
|
Operating lease right-of-use assets, net |
|
186,514 |
|
|
|
178,464 |
|
Other assets, net |
|
412,999 |
|
|
|
382,991 |
|
|
$ |
8,978,875 |
|
|
$ |
8,546,356 |
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
307,941 |
|
|
$ |
302,292 |
|
Accrued compensation and related liabilities |
|
182,669 |
|
|
|
239,086 |
|
Accrued liabilities |
|
720,545 |
|
|
|
632,504 |
|
Income taxes, current |
|
18,310 |
|
|
|
12,470 |
|
Operating lease liabilities, current |
|
44,430 |
|
|
|
43,710 |
|
Total current liabilities |
|
1,273,895 |
|
|
|
1,230,062 |
|
|
|
|
|
||||
Long-term liabilities: |
|
|
|
||||
Debt due after one year |
|
2,474,908 |
|
|
|
2,486,405 |
|
Deferred income taxes |
|
481,177 |
|
|
|
498,356 |
|
Operating lease liabilities |
|
146,060 |
|
|
|
138,278 |
|
Accrued liabilities |
|
368,752 |
|
|
|
329,269 |
|
Total long-term liabilities |
|
3,470,897 |
|
|
|
3,452,308 |
|
|
|
|
|
||||
Shareholders’ equity: |
|
|
|
||||
Preferred stock, no par value: |
— |
|
— |
||||
100,000 shares authorized, none outstanding |
|
|
|
|
|||
Common stock, no par value, and paid-in capital: |
2,246,329 |
|
2,031,542 |
||||
425,000,000 shares authorized |
|||||||
FY 2024: 193,090,252 issued and 101,444,090 outstanding |
|||||||
FY 2023: 192,198,938 issued and 101,732,148 outstanding |
|
|
|
|
|
|
|
Retained earnings |
|
10,341,248 |
|
|
|
9,597,315 |
|
Treasury stock: |
|
(8,439,817 |
) |
|
|
(7,842,649 |
) |
FY 2024: 91,646,162 shares |
|||||||
FY 2023: 90,466,790 shares |
|||||||
Accumulated other comprehensive income |
|
86,323 |
|
|
|
77,778 |
|
Total shareholders’ equity |
|
4,234,083 |
|
|
|
3,863,986 |
|
|
$ |
8,978,875 |
|
|
$ |
8,546,356 |
|
Cintas Corporation Consolidated Condensed Statements of Cash Flows (Unaudited) (In thousands) |
|||||||
|
Nine Months Ended |
||||||
|
February 29,
|
|
February 28,
|
||||
Cash flows from operating activities: |
|
|
|
||||
Net income |
$ |
1,157,277 |
|
|
$ |
1,001,809 |
|
|
|
|
|
||||
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation |
|
207,637 |
|
|
|
190,801 |
|
Amortization of intangible assets and capitalized contract costs |
|
119,815 |
|
|
|
113,281 |
|
Stock-based compensation |
|
84,490 |
|
|
|
75,334 |
|
Deferred income taxes |
|
(21,366 |
) |
|
|
22,001 |
|
Change in current assets and liabilities, net of acquisitions of businesses: |
|
|
|
||||
Accounts receivable, net |
|
(109,040 |
) |
|
|
(132,473 |
) |
Inventories, net |
|
55,834 |
|
|
|
(60,563 |
) |
Uniforms and other rental items in service |
|
(9,060 |
) |
|
|
(85,991 |
) |
Prepaid expenses and other current assets and capitalized contract costs |
|
(104,873 |
) |
|
|
(116,842 |
) |
Accounts payable |
|
5,771 |
|
|
|
32,851 |
|
Accrued compensation and related liabilities |
|
(58,511 |
) |
|
|
(32,666 |
) |
Accrued liabilities and other |
|
52,945 |
|
|
|
17,856 |
|
Income taxes, current |
|
5,822 |
|
|
|
18,793 |
|
Net cash provided by operating activities |
|
1,386,741 |
|
|
|
1,044,191 |
|
|
|
|
|
||||
Cash flows from investing activities: |
|
|
|
||||
Capital expenditures |
|
(307,558 |
) |
|
|
(224,116 |
) |
Purchases of investments |
|
(7,592 |
) |
|
|
(4,618 |
) |
Acquisitions of businesses, net of cash acquired |
|
(185,028 |
) |
|
|
(32,983 |
) |
Other, net |
|
(3,100 |
) |
|
|
(6,894 |
) |
Net cash used in investing activities |
|
(503,278 |
) |
|
|
(268,611 |
) |
|
|
|
|
||||
Cash flows from financing activities: |
|
|
|
||||
Payments of commercial paper, net |
|
— |
|
|
|
(62,200 |
) |
Repayment of debt |
|
(13,450 |
) |
|
|
— |
|
Proceeds from exercise of stock-based compensation awards |
|
1,275 |
|
|
|
2,941 |
|
Dividends paid |
|
(393,310 |
) |
|
|
(332,421 |
) |
Repurchase of common stock |
|
(468,146 |
) |
|
|
(370,917 |
) |
Other, net |
|
(5,839 |
) |
|
|
(11,996 |
) |
Net cash used in financing activities |
|
(879,470 |
) |
|
|
(774,593 |
) |
|
|
|
|
||||
Effect of exchange rate changes on cash and cash equivalents |
|
341 |
|
|
|
(2,895 |
) |
|
|
|
|
||||
Net increase (decrease) in cash and cash equivalents |
|
4,334 |
|
|
|
(1,908 |
) |
Cash and cash equivalents at beginning of period |
|
124,149 |
|
|
|
90,471 |
|
Cash and cash equivalents at end of period |
$ |
128,483 |
|
|
$ |
88,563 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240327195550/en/
Contacts
J. Michael Hansen, Executive Vice President & Chief Financial Officer - 513-972-2079
Jared S. Mattingley, Vice President, Treasurer & Investor Relations - 513-972-4195
