d746041da7917a07f9f3a7ae1a98f9847fb4fdcb36e6e4522e814a8fd51c5827

Cintas Corporation is a company that provides a wide range of products and services designed to enhance customer image and maintain clean and safe facilities, primarily operating in the United States, Canada, and Latin America. Serving over one million businesses, Cintas organizes its business activities into two main reportable operating segments: Uniform Rental and Facility Services, and First Aid and Safety Services. The company offers products such as uniforms, flame-resistant clothing, mats, mops, shop towels, restroom cleaning services, first aid, and safety products **[0000723254-24-000036_ctas-20240531.htm:3]** **[0000723254-24-000036_ctas-20240531.htm:58]** **[0000723254-24-000036_ctas-20240531.htm:33]**.

1. **Uniform Rental and Facility Services** - Offers rental and servicing of uniforms and other garments, including flame-resistant clothing, mats, mops, and shop towels, along with restroom cleaning services and supplies.
2. **First Aid and Safety Services** - Provides first aid and safety products and services to businesses.
3. **All Other** - Includes Fire Protection Services and Uniform Direct Sale operating segments, offering fire protection solutions and direct sales of uniforms.

8a1114fcb639871cc3007a15f584b9efba8c15ba0090bdfb1e15470b11262892

| Metric [USD Million] | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **Uniform Rental and Facility Services** | 1,709.99  **[0000723254-23-000003_ctas-20221130.htm:6]**  | 1,716.2  **[0000723254-23-000008_ctas-20230228.htm:23]**  | 1,770  **[CTAS_3254612_1]**  | 1,826.8  **[0000723254-23-000037_ctas-20230831.htm:6]**  | 1,850.5  **[0000723254-24-000005_ctas-20231130.htm:6]** **[0000723254-24-000005_ctas-20231130.htm:18]**  | 1,876.6  **[0000723254-24-000018_ctas-20240229.htm:8]**  | 1,910  **[CTAS_3393423_3]**  | 1,933.839  **[0000723254-24-000053_ctas-20240831.htm:7]**  |
| **First Aid and Safety Services** | 235.97  **[0000723254-23-000003_ctas-20221130.htm:6]**  | 231.6  **[0000723254-23-000008_ctas-20230228.htm:23]**  | 249.8  **[CTAS_3254612_1]**  | 260.7  **[0000723254-23-000037_ctas-20230831.htm:6]**  | 266.4  **[0000723254-24-000005_ctas-20231130.htm:6]** **[0000723254-24-000005_ctas-20231130.htm:18]**  | 262.6  **[0000723254-24-000018_ctas-20240229.htm:8]**  | 277.6  **[CTAS_3393423_3]**  | 292.567  **[0000723254-24-000053_ctas-20240831.htm:7]**  |
| **Fire Protection Services** | 146.60  **[0000723254-23-000003_ctas-20221130.htm:6]**  | 155.8  **[CTAS_3246106_0]** **[0000723254-23-000008_ctas-20230228.htm:7]**  | 173.5  **[CTAS_3254612_1]** **[CTAS_3384021_2]**  | 174.3  **[0000723254-23-000037_ctas-20230831.htm:6]**  | 173.95  **[0000723254-24-000005_ctas-20231130.htm:6]**  | 182.4  **[0000723254-24-000018_ctas-20240229.htm:8]**  | N/A | 197.497  **[0000723254-24-000053_ctas-20240831.htm:7]**  |
| **Uniform Direct Sales** | 82.30  **[0000723254-23-000003_ctas-20221130.htm:6]**  | 86.5  **[CTAS_3246106_0]** **[0000723254-23-000008_ctas-20230228.htm:7]**  | 88  **[CTAS_3254612_1]** **[CTAS_3384021_2]**  | 80.5  **[0000723254-23-000037_ctas-20230831.htm:6]**  | 86.28  **[0000723254-24-000005_ctas-20231130.htm:6]**  | 84.5  **[0000723254-24-000018_ctas-20240229.htm:8]**  | N/A | 77.684  **[0000723254-24-000053_ctas-20240831.htm:7]**  |
| **All Other** (including Fire Protection Services and Uniform Direct Sales) | N/A | 242.2  **[0000723254-23-000008_ctas-20230228.htm:7]**  | 261.5  **[CTAS_3254612_1]** **[CTAS_3384021_2]**  | N/A | N/A | N/A | 282.1  **[CTAS_3393423_3]**  | N/A |
| **Total Revenue** | 2,174.86  **[0000723254-23-000003_ctas-20221130.htm:6]**  | 2,190.0  **[0000723254-23-000008_ctas-20230228.htm:23]** **[0000723254-23-000008_ctas-20230228.htm:7]**  | 2,280  **[CTAS_3254612_1]** **[CTAS_3384021_2]**  | 2,342.3  **[0000723254-23-000037_ctas-20230831.htm:6]**  | 2,377.2  **[0000723254-24-000005_ctas-20231130.htm:6]**  | 2,406.2  **[0000723254-24-000018_ctas-20240229.htm:8]**  | N/A | 2,501.587  **[0000723254-24-000053_ctas-20240831.htm:7]**  |

eca29e2eee959dec8cef35d5001294b7345110981710f580cb3b8cbac38bc359

| Metric (Unit)                                      | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 |
|----------------------------------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Cost of Uniform Rental and Facility Services ($M)  | 906.7  **[0000723254-22-000037_ex992022-11x30.htm:5]**  | 907.993  **[0000723254-23-000005_ex992023-2x28.htm:5]**  | 926.7  **[0000723254-23-000021_ex992023-5x31.htm:5]**  | 947.6  **[0000723254-23-000034_ex992023-8x31.htm:3]**  | 974.2  **[0000723254-23-000041_ex992023-11x30.htm:5]**  | 960.2  **[0000723254-24-000016_ex992024-2x29.htm:3]**  | 983.0  **[0000723254-24-000032_ex992024-5x31.htm:5]**  | 981.1  **[0000723254-24-000053_ctas-20240831.htm:21]**  |
| Revenue ($M)                                       | 1,709.987  **[0000723254-23-000003_ctas-20221130.htm:6]**  | 1,716.2  **[0000723254-23-000008_ctas-20230228.htm:23]**  | 1,770  **[CTAS_3254612_1]**  | 1,826.8  **[0000723254-23-000037_ctas-20230831.htm:21]**  | 1,850.5  **[0000723254-24-000005_ctas-20231130.htm:23]**  | 1,876.6  **[0000723254-24-000018_ctas-20240229.htm:24]**  | 1,910  **[CTAS_3393423_3]**  | 1,933.8  **[0000723254-24-000053_ctas-20240831.htm:23]**  |
| Cost as Percent of Revenue (%)                     | 53.02% | 52.92% | 52.36% | 51.88% | 52.64% | 51.16% | 51.47% | 50.73% |

9ef6974565c1dcecf560fb896f6438525d6b9cf7971d624d2d3c4775adab13d1

1. **Uniform Direct Sales have experienced organic declines for the past five quarters.** Could you elaborate on the factors contributing to this sustained decline and what strategies you have in place to reverse this trend?  **[CTAS_3402081_28]** 

2. **Your strong free cash flow in the first quarter appears to be driven by working capital changes.** Is this indicative of a timing issue, or should we anticipate a particularly strong cash flow year in fiscal '25?  **[CTAS_3402081_28]** 

3. **In light of potential industry consolidation and aggressive competitive activity,** how do you plan to maintain your market share and competitive edge, especially considering challenges from both traditional and non-traditional competitors?  **[CTAS_3402081_25]** **[CTAS_3402081_26]** **[CTAS_3402081_14]** 

4. **Regarding the rollout of RFID and auto sortation technologies,** can you provide details on the timeline for full implementation, any challenges you've encountered, and how these technologies are expected to improve operational efficiency?  **[CTAS_3402081_17]** 

5. **With your focus on key verticals such as healthcare, hospitality, education, and government,** how does the growth and performance in these sectors compare to the broader company, and what specific challenges are you facing in these markets?  **[CTAS_3402081_7]** 

3011dc65e07be8c9cc26e3071e85c26aa91cba400e2f0a2c054b05672089db27

e487df848c2af85d3d41ea7182e296a27426435b29af43321772d79a2908de4e

Adjustments for Non-Cash Items (USD, thousands)

Stock-Based Compensation (USD, thousands)

Changes in Working Capital (USD, thousands)

Capital Expenditures (CapEx) (USD, thousands)

Proceeds from / Repayments of Debt (USD, thousands)

Share Repurchases (USD, thousands)

Dividend Payments (USD, thousands)

Net Change in Cash (USD, thousands)

7e68e0cad666b3c42dbd6142baf92ca043b98503ba1cc03239c98823b6a996e9

### Q1 2025 Earnings Call
- **Issued Period**: Q1 2025
- **Guided Period**: FY 2025
- **Guidance**:
  1. **Annual Revenue Expectations**: $10.22 billion to $10.32 billion, growth rate of 6.5% to 7.5%  **[CTAS_3402081_2]** .
  2. **Organic Growth Rate**: 7.0% to 8.1%  **[CTAS_3402081_2]** .
  3. **Annual Diluted EPS Expectations**: $4.17 to $4.25, growth rate of 10.0% to 12.1%  **[CTAS_3402081_2]** .
  4. **Net Interest Expense**: Approximately $101 million  **[CTAS_3402081_4]** .
  5. **Effective Tax Rate**: 20.4%  **[CTAS_3402081_4]** .
  6. **Capital Expenditures**: 3.5% to 4% of revenue  **[CTAS_3402081_4]** .

### Q4 2024 Earnings Call
- **Issued Period**: Q4 2024
- **Guided Period**: FY 2025
- **Guidance**:
  1. **Revenue**: $10.16 billion to $10.31 billion, growth rate of 5.9% to 7.4%  **[CTAS_3393423_5]** .
  2. **Organic Growth Rate**: 6.4% to 8%  **[CTAS_3393423_5]** .
  3. **Diluted EPS**: $16.25 to $16.75, growth rate of 7.3% to 10.6%  **[CTAS_3393423_5]** .
  4. **Net Interest Expense**: Approximately $106 million  **[CTAS_3393423_5]** .
  5. **Effective Tax Rate**: 20.4%  **[CTAS_3393423_5]** .
  6. **Capital Expenditures**: 3.5% to 4% of revenue  **[CTAS_3393423_23]** .

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Annual Revenue Expectations**: $9.57 billion to $9.6 billion, growth rate of 8.6% to 8.9%  **[CTAS_3379112_1]** .
  2. **Annual Diluted EPS Expectations**: $14.80 to $15, growth rate of 13.9% to 15.5%  **[CTAS_3379112_1]** .
  3. **Interest Expense**: $99 million  **[CTAS_3379112_3]** .
  4. **Effective Tax Rate**: 20.6%  **[CTAS_3379112_3]** .
  5. **Capital Expenditures**: 4.25% of revenue  **[CTAS_3379112_3]** .
  6. **Acquired Revenue**: $17.4 million for the fourth quarter  **[CTAS_3379112_3]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Annual Revenue Expectations**: $9.48 billion to $9.56 billion, growth rate of 7.5% to 8.4%  **[CTAS_3369665_1]** .
  2. **Annual Diluted EPS Expectations**: $14.35 to $14.65, growth rate of 10.5% to 12.8%  **[CTAS_3369665_1]** .
  3. **Interest Expense**: $100 million  **[CTAS_3369665_3]** .
  4. **Effective Tax Rate**: 21.3%  **[CTAS_3369665_3]** .
  5. **Workdays**: Impact of one more workday in fiscal 2024  **[CTAS_3369665_3]** .

b7ea9427a4cd8790197dc5c2128cea0acb5f27fc4ddde55c083e62d391b47459

Cost of Uniform Rental and Facility Services ($M)

Revenue ($M)

Cost as Percent of Revenue (%)

ede4937013c817d43f9033cc730a3210ae8a2ce61fb2baf2c44cd34422826bc4

- **ABM Industries** - Included in the peer group for the stock performance graph, representing companies in the business services industry with similar characteristics to Cintas, such as route-based delivery of products and services  **[0000723254-24-000036_ctas-20240531.htm:30]** .
- **Aramark** - Included in the peer group for the stock performance graph  **[0000723254-24-000036_ctas-20240531.htm:30]** .
- **Rollins, Inc.** - Included in the peer group for the stock performance graph  **[0000723254-24-000036_ctas-20240531.htm:30]** .
- **UniFirst Corporation** - Included in the peer group for the stock performance graph  **[0000723254-24-000036_ctas-20240531.htm:30]** .

4a6862dd1277dd03f0faa1b8b7395e60d1b17a4c5cdb8382fc8474d94d2eab22

**Annual guidance for FY 2025:**
- **Annual Revenue Expectations**: $10.255B to $10.32B  **[CTAS_3411951_1]**  (raised from $10.22B to $10.32B  **[CTAS_3402081_2]** )  
- **Organic Growth Rate**: 7.0% to 7.7%  **[CTAS_3411951_1]**  (lowered from 7.0% to 8.1%  **[CTAS_3402081_2]** )  
- **Annual Diluted EPS Expectations**: $4.28 to $4.34  **[CTAS_3411951_1]**  (raised from $4.17 to $4.25  **[CTAS_3402081_2]** )  
- **Net Interest Expense**: $101M  **[CTAS_3411951_2]**  (no change from $101M  **[CTAS_3402081_4]** )  
- **Effective Tax Rate**: 20.2%  **[CTAS_3411951_2]**  (lowered from 20.4%  **[CTAS_3402081_4]** )  

24f9d75f706e771423ca93995b83f29e42bd14d0559357ed28dfc6e64cfec368

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

| Name               | Position                                           | Start Date | Short Bio                                                                                                                                                                                                 |
|--------------------|----------------------------------------------------|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Todd M. Schneider  | President and Chief Executive Officer              | 1989       | Todd M. Schneider joined Cintas in **1989** and has held various management positions. He became President and CEO in **June 2021**. Previously, he was Executive Vice President and COO since July 2018  **[0000723254-24-000047_ctas-20240919.htm:10]** **[0000723254-23-000030_ctas-20230912.htm:10]** . |
| Scott D. Farmer    | Executive Chairman of the Board                    | 1981       | Scott D. Farmer joined Cintas in **1981**. He served as CEO from **July 2003** to **May 2021** and was appointed Chairman of the Board in **September 2016**. He became Executive Chairman in May 2021  **[0000723254-24-000047_ctas-20240919.htm:14]** **[0000723254-24-000047_ctas-20240919.htm:9]** .   |
| J. Michael Hansen  | Executive Vice President and Chief Financial Officer| 1995       | J. Michael Hansen joined Cintas in **1995**. He has held roles such as Corporate Controller and Vice President - Finance. He became Executive Vice President and CFO in July 2018  **[0000723254-24-000047_ctas-20240919.htm:24]** **[0000723254-23-000030_ctas-20230912.htm:23]** .                     |
| James N. Rozakis   | Executive Vice President and Chief Operating Officer| 1999       | James N. Rozakis joined Cintas in **1999**. He was Senior Vice President of the Rental Division until June 2020 and became Executive Vice President and COO in June 2023  **[0000723254-24-000047_ctas-20240919.htm:24]** **[0000723254-23-000030_ctas-20230912.htm:23]** .                               |
| D. Brock Denton    | Senior Vice President, Secretary and General Counsel| June 2021  | D. Brock Denton joined Cintas in **June 2021** and became Senior Vice President, Secretary and General Counsel in **August 2021**. He was previously a partner at KMK Law  **[0000723254-24-000047_ctas-20240919.htm:24]** **[0000723254-23-000030_ctas-20230912.htm:23]** .                             |

5d154adc6ab665f4bd040689cb79b2cf54a50ca68593e7f21f76daea83e8553c

| Program Details          | Program 1          | Program 2          |
|--------------------------|--------------------|--------------------|
| Approval Date            | July 26, 2022  **[0000723254-24-000053_ctas-20240831.htm:26]**   | July 23, 2024  **[0000723254-24-000053_ctas-20240831.htm:26]**   |
| End Date/Duration        | No expiration date  **[0000723254-24-000053_ctas-20240831.htm:26]**  | No expiration date  **[0000723254-24-000053_ctas-20240831.htm:26]**  |
| Total additional amount  | **$1.0 billion**  **[0000723254-24-000053_ctas-20240831.htm:26]**  | **$1.0 billion**  **[0000723254-24-000053_ctas-20240831.htm:26]**  |
| Remaining authorization amount | **$469.3 million**  **[0000723254-24-000053_ctas-20240831.htm:12]**  | **$1.0 billion**  **[0000723254-24-000053_ctas-20240831.htm:26]**  |
| Details                  | Purchased 3.1 million shares for $530.7 million  **[0000723254-24-000053_ctas-20240831.htm:12]**  | No purchases made as of October 4, 2024  **[0000723254-24-000053_ctas-20240831.htm:26]**  |

662ca8fe882c668e54018aecee91e29e74a0647b44aad2224f3e343185aa1355

| Name               | Start Date | End Date | Reason for Change |
|--------------------|------------|----------|-------------------|
| Ernst & Young LLP | 1968  **[0000723254-24-000036_ctas-20240531.htm:51]**    | Present  | Current auditor   |

6e2bfe6f12655ecdc8ecf2a136ba001af1ba60737f7ef60acad5f357ad0907e9

Uniform Rental and Facility Services

First Aid and Safety Services

All Other

- Fire Protection Services

- Uniform Direct Sales

Document Management Services

Total Revenue

d55de30eedd4cbc88bce36f51fcc9f0461362e0e52193cda17f2041aeee4439b

79fbc7e071044c1f1427914ead3c33863c3bdf27674f89efe9652e6dbb0a2a9b

- Total Revenue: $2,561.8 million (+8% YoY)  **[0000723254-24-000005_ctas-20231130.htm:2]** **[0000723254-24-000005_ctas-20231130.htm:18]** **[0000723254-25-000003_ctas-20241130.htm:2]** **[0000723254-25-000003_ctas-20241130.htm:7]**   
- Uniform Rental & Facility Services: $1,990.4 million (+8% YoY)  **[0000723254-24-000005_ctas-20231130.htm:2]** **[0000723254-24-000005_ctas-20231130.htm:18]** **[0000723254-25-000003_ctas-20241130.htm:2]** **[0000723254-25-000003_ctas-20241130.htm:7]**   
- First Aid & Safety Services: $299.4 million (+12% YoY)  **[0000723254-24-000005_ctas-20231130.htm:2]** **[0000723254-24-000005_ctas-20231130.htm:18]** **[0000723254-25-000003_ctas-20241130.htm:7]**   
- SG&A: $685.3 million (+7% YoY)  **[0000723254-24-000005_ctas-20231130.htm:2]** **[0000723254-25-000003_ctas-20241130.htm:2]**   
- Operating Income: $591.4 million (+18% YoY)  **[0000723254-24-000005_ctas-20231130.htm:2]** **[0000723254-25-000003_ctas-20241130.htm:2]**   
- Net Income: $448.5 million (**+20%** YoY)  **[0000723254-24-000005_ctas-20231130.htm:2]** **[0000723254-25-000003_ctas-20241130.htm:2]**   
- Diluted EPS: $1.09 (**-70%** YoY)  **[0000723254-24-000005_ctas-20231130.htm:2]** **[0000723254-25-000003_ctas-20241130.htm:2]**   

f7c7cc7a375c0254c2410f7fc24e985429ac5ffbef15c4bdfb54008f4e6fd7ed

08980738bd5c75093395e94a8634070bd7815d6097cd833060b2e44012c22908

| Year | Amount Due (in billions) | Debt Type              | Interest Rate (%) | % of Total Debt                                                                 |
|----------|------------------------------|----------------------------|-----------------------|------------------------------------------------------------------------------------|
| 2025     | 0.181                        | Commercial Paper           | 4.70                 | 6.8% = (0.181 / 2.658) * 100 **[0000723254-25-000003_ctas-20241130.htm:14]**                                              |
| 2025     | 0.050                        | Senior Notes (3.11%)       | 3.11                 | 1.9% = (0.050 / 2.658) * 100 **[0000723254-25-000003_ctas-20241130.htm:14]**                                              |
| 2025     | 0.400                        | Senior Notes (3.45%)       | 3.45                 | 15.1% = (0.400 / 2.658) * 100 **[0000723254-25-000003_ctas-20241130.htm:14]**                                             |
| 2027     | 1.000                        | Senior Notes (3.70%)       | 3.70                 | 37.6% = (1.000 / 2.658) * 100 **[0000723254-25-000003_ctas-20241130.htm:14]**                                             |
| 2032     | 0.800                        | Senior Notes (4.00%)       | 4.00                 | 30.1% = (0.800 / 2.658) * 100 **[0000723254-25-000003_ctas-20241130.htm:14]**                                             |
| 2037     | 0.237                        | Senior Notes (6.15%)       | 6.15                 | 8.9% = (0.237 / 2.658) * 100 **[0000723254-25-000003_ctas-20241130.htm:14]**                                              |

aea465cbe7fa8d10de0cc61a1730045e548c763c2856df21088a2e33d168a8b7

- **Continuous investment in innovative technologies**, such as RFID and proprietary auto sortation systems, is enhancing Cintas's operational efficiencies and driving growth.  **[CTAS_3402081_17]**
- **Significant growth opportunities in an underpenetrated market**, as Cintas currently serves over **1 million customers out of 16 million businesses in North America**, indicating a vast potential for future expansion.  **[CTAS_3402081_9]** **[CTAS_3402081_26]**
- **Strong performance in key focus verticals**, including healthcare, hospitality, education, and government, driven by tailored solutions and investments in technology, positioning Cintas for sustained growth.  **[CTAS_3402081_7]** **[CTAS_3402081_23]**

deb70dd13ed7c214f5b21f97aaed562fa13c920628b71055e6996860d017ef77

- **Uniform Direct Sales segment has experienced organic revenue declines for five consecutive quarters**, with management attributing this to the "lumpy" nature of the business and timing of national account rollouts. This persistent decline could indicate underlying weaknesses in this segment.  **[CTAS_3402081_28]**
- **Intense competition and aggressive pricing strategies** in the industry pose challenges, with management acknowledging that the environment is "really competitive" and that price adjustments lead to "challenging conversations" with customers. This could pressure margins and growth.  **[CTAS_3402081_25]** **[CTAS_3402081_29]**
- **Industry consolidation and competition from nontraditional competitors like Amazon and Walmart** may increase competitive pressures. Management noted that consolidation is "not necessarily a bad thing" but also emphasized the need to stay vigilant in a competitive landscape that includes both traditional and nontraditional players.  **[CTAS_3402081_26]**

31566e122c16a44447cde2be901a141104fbd240d651675001fda3d12a534e8a

1. **Margin Expansion Sustainability**  
   **Q:** Are margin gains sustainable or one-time?  
   **A:** The margin expansion is due to sustainable factors like sourcing, supply chain efficiencies, technology, and operating improvements, with **no one-time factors** to call out.  **[CTAS_3402081_13]**  We are focused on extracting inefficiencies, and there's **more to come**.  **[CTAS_3402081_13]** 

2. **M&A Pipeline and Strategy**  
   **Q:** What's your M&A appetite for large deals?  
   **A:** M&A is important to our strategy, and we're open to deals of various sizes across the platform.  **[CTAS_3402081_22]**  While some large acquisitions might pose challenges, we're interested in M&A generally and will pursue opportunities that generate value.  **[CTAS_3402081_22]** 

3. **First Aid Business Growth**  
   **Q:** Can you discuss First Aid's strong growth?  
   **A:** The First Aid and Safety business is growing rapidly due to increased demand for health and wellness solutions.  **[CTAS_3402081_23]**  We've invested in technology and salespeople and see a significant runway ahead.  **[CTAS_3402081_23]** 

4. **Competitive Environment and Pricing**  
   **Q:** Is competition affecting pricing or customer retention?  
   **A:** The industry is always highly competitive, but we've not seen significant changes.  **[CTAS_3402081_25]**  We're focused on delivering value to customers, and while price adjustments are challenging, they're returning to more historical levels.  **[CTAS_3402081_25]** **[CTAS_3402081_30]** 

5. **No-Programmer Market Penetration**  
   **Q:** What's driving no-programmer customer wins?  
   **A:** About **two-thirds** of new customers come from the no-program market.  **[CTAS_3402081_8]**  These wins are broad-based across industries and sizes, highlighting significant growth opportunity in a market of **16 million businesses**.  **[CTAS_3402081_8]** **[CTAS_3402081_9]** 

6. **SmartTruck Efficiency Benefits**  
   **Q:** Update on SmartTruck and efficiency gains?  
   **A:** SmartTruck has been very helpful, allowing us to spend more time with customers rather than driving.  **[CTAS_3402081_11]**  Our partnership with Google enhances insights and leverages infrastructure, benefiting future operations.  **[CTAS_3402081_11]** 

7. **Fire Business Margins and Investments**  
   **Q:** How are fire business margins and investments progressing?  
   **A:** The fire business is growing nicely with **50% gross margins** for the second quarter in a row.  **[CTAS_3402081_12]**  We're investing in SAP implementation, which may pressure margins slightly in fiscal '25 but offers future benefits.  **[CTAS_3402081_12]** 

8. **Hiring Market Conditions**  
   **Q:** Is it easier or harder to hire now?  
   **A:** The hiring market has eased since the pandemic peak but remains challenging.  **[CTAS_3402081_29]**  We're investing for the future and focused on finding great people.  **[CTAS_3402081_29]** 

9. **Potential Industry Consolidation Impact**  
   **Q:** How might consolidation affect competition and capital allocation?  
   **A:** We are aware of industry consolidation but don't foresee a significant impact on competitive dynamics.  **[CTAS_3402081_26]**  We'll continue investing to position ourselves competitively.  **[CTAS_3402081_26]** 

10. **Price Increases and Customer Reception**  
    **Q:** How are price increases being received?  
    **A:** Price adjustments are returning closer to historical levels after inflation peaks.  **[CTAS_3402081_30]**  While challenging conversations, we focus on providing value to ease customer acceptance.  **[CTAS_3402081_30]** 

11. **Merchandise Amortization Trends**  
    **Q:** Is merchandise amortization a headwind or tailwind?  
    **A:** Material costs are a tailwind, trending nicely due to supply chain efforts and better sourcing.  **[CTAS_3402081_10]**  This benefits gross margins and is expected to continue.  **[CTAS_3402081_10]** 

12. **Uniform Direct Sales Decline and Outlook**  
    **Q:** What's the outlook for Uniform Direct Sales?  
    **A:** The decline is due to lumpiness and timing of national account rollouts.  **[CTAS_3402081_28]**  There's no real change in the business, and we feel well-positioned for the future.  **[CTAS_3402081_28]** 

13. **Strong Free Cash Flow Expectations**  
    **Q:** Is strong free cash flow in Q1 sustainable?  
    **A:** The strong cash flow is partly due to timing and working capital improvements.  **[CTAS_3402081_28]**  For the year, we expect free cash flow conversion of net income in the **90% to 100% range**, typical for us.  **[CTAS_3402081_28]** 

14. **Incremental Margin Guidance**  
    **Q:** How should we think about incremental margins ahead?  
    **A:** We target incremental margins of **25% to 35%** and expect to operate within that range.  **[CTAS_3402081_21]**  Variability may occur due to workdays and investments, but margin improvement is anticipated.  **[CTAS_3402081_21]** 

15. **Traction in Key Verticals**  
    **Q:** How are key verticals performing?  
    **A:** We're seeing good growth across the board, especially in health care, hospitality, education, and government.  **[CTAS_3402081_7]**  Investments in these verticals continue to yield better-than-average growth.  **[CTAS_3402081_7]** 

16. **Customer Purchasing Behaviors**  
    **Q:** Any changes in customer purchasing due to macro environment?  
    **A:** We haven't seen much change in customer behavior.  **[CTAS_3402081_6]**  Demand remains strong as we help with their needs, allowing them to focus on their constituents.  **[CTAS_3402081_6]** 

17. **Automation Initiatives**  
    **Q:** Progress on RFID and automation in plants?  
    **A:** We're constantly innovating, testing RFID, and investing in auto sortation technologies to extract inefficiencies.  **[CTAS_3402081_16]**  Proprietary technologies are enabling broader adoption despite space constraints.  **[CTAS_3402081_16]** 

18. **Emerging End Markets**  
    **Q:** Any new end markets you're excited about?  
    **A:** While always looking for new verticals, we're not currently focusing on areas like residential services.  **[CTAS_3402081_17]**  Our investments remain in our key verticals.  **[CTAS_3402081_17]** 

19. **Revenue Synergies Between Businesses**  
    **Q:** Are there synergies between First Aid and Uniform businesses?  
    **A:** We share data and cross-sell where appropriate but operate separate trucks for focus.  **[CTAS_3402081_24]**  We leverage customer relationships to provide additional solutions.  **[CTAS_3402081_24]** 

20. **Profile of No-Programmer Conversions**  
    **Q:** What's the profile of no-programmer customer wins?  
    **A:** Wins come from all industries and sizes, highlighting the vast opportunity in the market.  **[CTAS_3402081_9]** 

9cea99dd9a6d62f0442d8ebeeaab39bc66ab5adcc9185bca1e6fcadd5601d21f

- **Cintas is facing a more challenging pricing environment**, making it more difficult to obtain price increases beyond historical levels, which could pressure revenue growth.  **[CTAS_3411951_10]** ,  **[CTAS_3411951_5]** ,  **[CTAS_3411951_28]**
- **Incremental operating margins are expected to normalize in the second half**, down from the unusually high levels in the first half, suggesting that current profitability levels may not be sustainable.  **[CTAS_3411951_28]** ,  **[CTAS_3411951_7]** ,  **[CTAS_3411951_4]**
- **Growth in the Fire Protection Services segment slowed to 10%**, compared to higher growth rates in prior quarters, indicating potential deceleration in certain business segments.  **[CTAS_3411951_11]**

f60bc7b3622dbcc6eb6f3b608924596f67cd92010f1b38717e64d336ef6638f9

- **Strong Volume Growth Driven by New Business and High Retention Rates**: The company is experiencing robust **volume growth**, with the majority of growth coming from new business rather than pricing increases.  **[CTAS_3379112_5]**  Their sales team is performing at a high level, and retention levels are **very attractive**.  **[CTAS_3379112_5]**  They service over **1 million customers** out of **16 million businesses** in North America, indicating a significant market opportunity, with **60% of new accounts coming from no-programmers**.  **[CTAS_3379112_6]**
- **Margin Expansion Through Operational Efficiencies and Technology Investments**: Cintas is achieving high incremental margins at the higher end of the **20% to 30% range**, focusing on extracting inefficiencies and leveraging technology.  **[CTAS_3379112_7]**  They are in the early stages of technology advancements, including a migration to the **Google Cloud Platform**, which is expected to enhance efficiencies and provide value to customers.  **[CTAS_3379112_15]** **[CTAS_3379112_18]**
- **Positive Outlook Across Business Segments and Focus Verticals**: The company is seeing growth across all businesses, including uniforms and facility services, with good demand in both areas.  **[CTAS_3379112_13]**  Their focus verticals, such as healthcare, hospitality, education, and government, are expected to **grow faster than the business in general**, helping them organize around customer needs and drive additional growth.  **[CTAS_3379112_10]** **[CTAS_3379112_17]**

1887896741deb6f187a4138c463f61a3fd761339bdd7a2f85fb925a6cf37dbac

- **Expected operating margin expansion for fiscal 2025 is lower than previous years, with only 20 to 30 basis points of implied expansion**, indicating a deceleration from prior periods and potential margin pressure.  **[CTAS_3393423_10]**
- **Competitors have noted increased competition and pricing pushback**, suggesting that customers are more price-sensitive and putting contracts out to bid, which could impact Cintas's pricing power and margins.  **[CTAS_3393423_9]** **[CTAS_3393423_12]**
- **Limited growth in customer headcount and hiring**, as management indicates the environment is stable and hasn't changed much, potentially limiting organic growth from increased customer demand.  **[CTAS_3393423_15]**

bc7353a3b2e7abf91324110305df02b3be6ea4a2888b56dbddadff278f1f3348

1. **Lowered Organic Growth Guidance**  
   **Q:** Why did you lower the high end of your organic growth guidance from 8.1% to 7.7%?  
   **A:** The slight decrease reflects actual results, with organic growth at **7.1%** this quarter, right in the middle of our range. The implied growth for the rest of the year remains consistent, and we still expect strong mid- to high single-digit growth. ** **[CTAS_3411951_3]** **[CTAS_3411951_8]** **

2. **Incremental Margins Sustainability**  
   **Q:** Are the high incremental margins of 60% this quarter sustainable in the second half?  
   **A:** The strong incremental margins are due to operational efficiencies and revenue leverage, not one-offs. While we achieved incrementals above **40%** in the first half, we expect to return to our typical range of **25% to 35%** in the second half as business isn't linear, and we plan for long-term sustainability. ** **[CTAS_3411951_4]** **[CTAS_3411951_7]**  **

3. **Pricing Environment Challenges**  
   **Q:** Is it getting harder to implement price increases across the board?  
   **A:** Yes, obtaining price increases is more challenging now, and they've returned to our historical range of **0% to 2%** as inflation has come down significantly. This trend is consistent across all verticals and reflects the competitive market. ** **[CTAS_3411951_5]** **[CTAS_3411951_10]** **[CTAS_3411951_22]** **[CTAS_3411951_28]** **

4. **M&A Activity and Focus**  
   **Q:** Can you discuss your increased M&A activity this quarter and areas of focus?  
   **A:** We were active in acquisitions across all our route-based businesses, including rental, fire, and first aid safety. We're targeting quality businesses with great customer bases and employees, aiming to obtain synergies and broaden our offerings. M&A is a strategic long-term investment for us. ** **[CTAS_3411951_9]** **[CTAS_3411951_14]** **[CTAS_3411951_23]** **[CTAS_3411951_25]** **

5. **First Aid and Fire Divisions Growth**  
   **Q:** Are the double-digit growth rates in First Aid and Fire divisions sustainable?  
   **A:** Yes, both divisions continue to perform well, and we expect to maintain double-digit growth by investing in products and services that meet customer needs. ** **[CTAS_3411951_3]** **[CTAS_3411951_11]** **

6. **Uniform Direct Sales Performance**  
   **Q:** Why was the Uniform Direct Sale business down this quarter?  
   **A:** The Uniform Direct Sale business can be quite lumpy and was negative this quarter. It's a strategic market for us, selling to Fortune 1000 companies, and while direct sales may fluctuate, we continue to offer other products and services to these customers. **[CTAS_3411951_16]**

7. **Tariffs Impact on Material Costs**  
   **Q:** How might proposed tariffs affect your material costs?  
   **A:** It's too early to tell the exact impact. However, we have a world-class global supply chain, sourcing over **90%** of our products from multiple geographies, allowing us to pivot as necessary and mitigate potential tariff effects. **[CTAS_3411951_6]**

8. **Efficiency Initiatives and Margins**  
   **Q:** Can you elaborate on efficiency initiatives impacting margins?  
   **A:** Our ongoing initiatives in sourcing, engineering, Six Sigma, and technologies like SmartTruck are yielding substantial efficiencies in material, production, and service costs. These continuous improvements are driving sustainable margin expansion. ** **[CTAS_3411951_4]** **[CTAS_3411951_18]** **[CTAS_3411951_13]** **

9. **Customer Sentiment and Behavior**  
   **Q:** How are customer sentiment and purchasing behaviors evolving?  
   **A:** Customer behavior remains stable with strong new business and high retention rates. We're successfully selling to "no programmers," which make up about **two-thirds** of our new accounts, indicating a vast market opportunity ahead. ** **[CTAS_3411951_5]** **[CTAS_3411951_12]** **[CTAS_3411951_20]** **

10. **Innovations in Vertical Markets**  
    **Q:** What innovations are you developing in key verticals like health care?  
    **A:** In health care, we've introduced products like microfiber mops to reduce infections and technology for garment dispensing to control inventory loss. We've also developed a patented solution for privacy curtains to address compliance and infection control issues, which customers are embracing. **[CTAS_3411951_24]**

5a9f7276f13b70430dbad32cef054ce4c708b9d9e7341f8cd93eaef3e19dc11a

1. **Margin Performance and Sustainability**  
   **Q:** How sustainable is the strong margin performance?  
   **A:** Todd Schneider emphasized that their strong margins result from multiple inputs, including investments in **SmartTruck**, **Six Sigma teams**, engineering, and supply chain improvements. While he couldn't quantify each contribution, he stated that these investments and the company's culture are driving results, and they are pleased with the sustainability of margins.  **[CTAS_3379112_4]** 

2. **Growth Drivers and Sustainability**  
   **Q:** Is the current growth rate sustainable as pricing moderates?  
   **A:** The company believes their growth is sustainable, primarily driven by volume growth rather than pricing. With pricing moderating to historical levels, new business from **no-programmers**, high retention rates, and effective cross-selling are contributing to growth. Serving over **1 million** customers out of **16 million** businesses in North America, Cintas sees an incredible runway for continued growth.  **[CTAS_3379112_5]** **[CTAS_3379112_6]** 

3. **Outlook and Guidance for Q4**  
   **Q:** Is there a change in fundamental outlook in Q4 guidance?  
   **A:** Management stated that business momentum remains good with no change in customer behavior. The fourth-quarter guidance aligns with their targeted growth profile, and they continue to expect strong performance.  **[CTAS_3379112_9]** 

4. **M&A Activity and Impact**  
   **Q:** Can you discuss recent M&A and future plans?  
   **A:** Cintas completed two acquisitions this quarter, each less than **$20 million** in annual revenue, contributing **$17.4 million** to fourth-quarter revenue. The acquisitions provided needed capacity and synergies by absorbing volume into existing facilities, enhancing customer proximity and cross-selling opportunities. The company remains actively interested in M&A of all sizes.  **[CTAS_3379112_8]** **[CTAS_3379112_18]** **[CTAS_3379112_22]** 

5. **Labor Costs and Automation**  
   **Q:** How are labor costs impacting the business?  
   **A:** Cintas is managing labor costs by offering competitive wages and investing in automation through **Six Sigma** and engineering teams. These efforts help mitigate wage inflation and improve efficiency, allowing the company to attract top talent while controlling costs.  **[CTAS_3379112_15]** **[CTAS_3379112_14]** 

6. **Investment in Technology (Google Partnership)**  
   **Q:** What benefits are you seeing from the Google partnership?  
   **A:** Cintas has migrated to the **Google Cloud Platform** and is in the early stages of this partnership. They anticipate that the relationship will provide tools to enhance customer value and employee effectiveness, though it's too soon to quantify benefits.  **[CTAS_3379112_16]** **[CTAS_3379112_18]** 

7. **First Aid and Safety Business Growth**  
   **Q:** What is driving growth in First Aid and Safety?  
   **A:** The First Aid and Safety segment is experiencing strong growth due to a resonating value proposition and significant market opportunity. Investments in selling and marketing resources are contributing to impressive gross margins of **56%** this quarter, with operating margins over **22%**, reflecting substantial improvement.  **[CTAS_3379112_11]** **[CTAS_3379112_12]** **[CTAS_3379112_13]** **[CTAS_3379112_15]** 

8. **Focus Verticals' Growth Potential**  
   **Q:** How much runway do focus verticals have as growth drivers?  
   **A:** Cintas is seeing attractive growth across all focus verticals, such as healthcare and hospitality. Organizing around customer needs in these verticals enhances their ability to provide tailored products and services, contributing positively to organic revenue growth.  **[CTAS_3379112_10]** **[CTAS_3379112_11]** **[CTAS_3379112_23]** 

9. **Competitive Environment**  
   **Q:** Has there been any change in competition after a competitor's spin-off?  
   **A:** Management observes that competition remains business as usual. They acknowledge their competitor as strong and continue to focus on their own value proposition and employee success.  **[CTAS_3379112_20]** 

10. **Fire Protection and Uniform Direct Sales Outlook**  
    **Q:** What's the outlook for Fire Protection and Uniform Direct Sales?  
    **A:** The Fire Protection business is performing well with revenue growth and margin improvement. Cintas plans to implement **SAP** in this segment, which may cause some SG&A pressure but is expected to drive future efficiencies. Uniform Direct Sales is strategic, serving large accounts, but may experience variability due to the nature of purchases.  **[CTAS_3379112_19]** 

11. **Marketing Spend**  
    **Q:** Has there been an increase in marketing budget?  
    **A:** Management indicates there hasn't been a significant change in marketing spend but is focusing on ensuring investments are well placed and leveraging analytics to maximize ROI.  **[CTAS_3379112_24]** 

12. **Inventory Management and Efficiency**  
    **Q:** What's driving the decrease in Uniform and Rental inventory?  
    **A:** Improved garment sharing and better utilization of existing inventory are reducing the need for new purchases. This is part of ongoing efforts to enhance efficiency across the business.  **[CTAS_3379112_17]** 

13. **Energy Costs**  
    **Q:** How are energy costs impacting margins?  
    **A:** Energy spend is down **40 basis points**, not solely due to price decreases but also driven by strategic initiatives to extract inefficiencies.  **[CTAS_3379112_18]** 

14. **Impact of Legal Settlement**  
    **Q:** Did the legal settlement impact guidance?  
    **A:** The **60 basis point** impact from the **$45 million** legal settlement was not contemplated in the initial guidance but was absorbed during the quarter without affecting the overall outlook.  **[CTAS_3379112_9]** 

15. **Customer Add-Stops Activity**  
    **Q:** Any changes in add-stops within uniforms?  
    **A:** There hasn't been much change in customer behavior regarding add-stops; it remains business as usual.  **[CTAS_3379112_14]** 

9ee6ae2863ebc743ae25dfd167bb7fe4d79d881e403f3e1a1bd4f4d5ed323a2a

- **Revenue growth was positively impacted by 170 basis points due to an extra workday in the quarter, but next fiscal year will have two fewer workdays, potentially reducing growth**.  **[CTAS_3379112_2]**
- **The company absorbed a $45 million legal settlement that was not included in initial guidance, highlighting potential legal risks**.  **[CTAS_3379112_2]** **[CTAS_3379112_9]**
- **Management indicated that incremental margins may fluctuate and may not always be at the higher end of the 20-30% range, suggesting possible margin pressures in some quarters**.  **[CTAS_3379112_7]**

81d21f8668b766e3a766ec38985998043900d9df2220992cb6e168e5ec0648e0

- **Continued Margin Expansion through Technology and Operational Efficiencies**: Cintas is achieving impressive operating margins, with some locations already operating at **30% incremental margins**.  **[CTAS_3393423_19]**  The company is in the early stages of leveraging its investments in technology, such as the **SAP system**, which is fully implemented in the rental business and underway in the fire division.  **[CTAS_3393423_19]**  Partnerships with **Google and Verizon** are expected to drive further margin expansion in the future.  **[CTAS_3393423_19]** **[CTAS_3393423_8]**
- **Strong Growth in High-Potential Verticals**: Cintas is successfully penetrating focused verticals like **healthcare, hospitality, education, and government**, all of which are performing well.  **[CTAS_3393423_11]**  Notably, the company secured a significant win with a **large hospital network** implementing scrub dispensing technology, and is expanding services to non-acute facilities such as surgery centers and clinics, indicating robust growth opportunities.  **[CTAS_3393423_11]**
- **Strategic Acquisitions Driving Expansion**: Cintas invested over **$186.8 million** in acquisitions in fiscal '24, the most since fiscal '17, showing a commitment to growth through strategic M&A.  **[CTAS_3393423_1]** **[CTAS_3393423_25]**  The company remains highly acquisitive, particularly in route-based businesses like **Fire Protection Services** and **First Aid and Safety Services**, seeking attractive deals to expand its market presence.  **[CTAS_3393423_25]**

26cd9656d7f7471c0bdb41c4cb6c938ff063aeb4a981099352577fc1e3d55f6e

- **Strong Growth in Focus Verticals and Significant Market Opportunity**: Cintas's four focus verticals—health care, hospitality, education, and state and local government—are performing above normal operating levels and are expected to continue driving growth. Additionally, with over one million businesses currently serviced out of 60 million in North America, there is a massive untapped market for new customer acquisition and cross-selling opportunities.  **[CTAS_3411951_12]** ,  **[CTAS_3411951_20]** ,  **[CTAS_3411951_14]** ,  **[CTAS_3411951_15]**
- **Successful Strategic Acquisitions Enhancing Offerings**: The company is actively pursuing and integrating quality acquisitions in the rental, fire protection, and first aid safety spaces. These strategic acquisitions are expected to create synergies, broaden Cintas's product and service offerings, and position the company well for future growth.  **[CTAS_3411951_9]** ,  **[CTAS_3411951_14]** ,  **[CTAS_3411951_15]**
- **Operational Efficiencies Driving Margin Expansion**: Despite a more challenging pricing environment, Cintas continues to increase margins through operational excellence initiatives. By leveraging revenue growth and extracting inefficiencies via Six Sigma and engineering teams, the company achieved high incremental EBITDA margins of 60% in the quarter, contributing to strong free cash flow generation.  **[CTAS_3411951_22]** ,  **[CTAS_3411951_5]** ,  **[CTAS_3411951_4]**

6553c5f232442bbf3f8caeec8116b1b3b79fa8a81a26bddf0caed4e699da0fce

1. **Margin Expansion Outlook**  
   **Q:** Can margins continue to improve toward 25% or 30%?  
   **A:** Management is confident that margins can continue to improve, noting some locations already operating at **30%+ margins**.  **[CTAS_3393423_19]**  They believe ongoing operational excellence and technology investments, like SAP, will drive further expansion, though they won't set a specific timeline.  **[CTAS_3393423_19]** 

2. **Pricing Dynamics**  
   **Q:** Are you seeing increased price sensitivity from customers?  
   **A:** They haven't observed significant pushback on pricing.  **[CTAS_3393423_12]**  While moderating price increases back toward historical levels, they're passing through **modest price increases** to customers.  **[CTAS_3393423_13]**  Despite this moderation, they expanded operating margins by **120 basis points** in fiscal '24.  **[CTAS_3393423_12]** 

3. **Organic Growth Guidance**  
   **Q:** What's behind the fiscal '25 organic growth guidance?  
   **A:** The guidance reflects expectations of the business continuing as in the second half of fiscal '24, with organic growth in the **6.7% to 8.3%** range.  **[CTAS_3393423_21]**  They haven't seen much change in customer behavior and believe their value proposition continues to resonate.  **[CTAS_3393423_21]** 

4. **Competitive Environment**  
   **Q:** Are you experiencing increased competition as peers suggest?  
   **A:** While acknowledging a highly competitive market, management hasn't seen a significant change.  **[CTAS_3393423_9]**  Their revenue retention rates remain attractive, and new business wins largely come from the **no-program market**, indicating market share gains from non-served customers rather than competitors.  **[CTAS_3393423_9]** 

5. **M&A Activity**  
   **Q:** Why have you been more active in M&A recently?  
   **A:** The increased M&A activity is due to timing and deal flow rather than a strategic shift.  **[CTAS_3393423_17]**  They find M&A attractive for gaining new customers, synergies, and infrastructure, and remain acquisitive across all route-based businesses.  **[CTAS_3393423_17]** 

6. **Impact of SAP Implementation**  
   **Q:** How will SAP implementation affect Fire Protection margins?  
   **A:** SAP implementation in the Fire Protection business will exert some margin pressure in fiscal '25.  **[CTAS_3393423_20]**  This includes inefficiencies during training and implementation phases, but it's accounted for in the overall margin guidance.  **[CTAS_3393423_20]** 

7. **CapEx Outlook**  
   **Q:** What is the outlook for CapEx investments?  
   **A:** CapEx was **4.3% of revenue** in fiscal '24 due to truck purchases and SAP investment.  **[CTAS_3393423_23]**  They expect CapEx to normalize to **3.5% to 4% of revenue** in fiscal '25.  **[CTAS_3393423_23]** 

8. **Progress in High-Growth Verticals**  
   **Q:** How are you progressing in health care and other verticals?  
   **A:** Management is pleased with growth in chosen verticals like health care.  **[CTAS_3393423_11]**  They highlighted recent wins with large hospital networks, providing scrub dispensing technology and expanding services to non-acute facilities.  **[CTAS_3393423_11]** 

9. **Customer Hiring and Retention**  
   **Q:** What are you seeing in customer hiring and retention?  
   **A:** Customer hiring behavior remains stable with no significant changes.  **[CTAS_3393423_15]**  Retention rates are at attractive levels, and they haven't observed much change in customer behavior.  **[CTAS_3393423_6]** **[CTAS_3393423_15]** 

10. **Investments in Technology and Training**  
    **Q:** Can you update on investments in selling capabilities and technology?  
    **A:** Investments are ongoing to make it easier for partners to do their jobs and for customers to do business with Cintas.  **[CTAS_3393423_18]**  This includes technology enhancements and training, contributing to operational excellence.  **[CTAS_3393423_18]** 

fc01c45a984d49dfc213317e72d8c76570580af172104dd568b482a9dca4c503

Cintas Corp (CTAS)

Financials