Balance Sheet: Assets
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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Cintas Corp., consolidated balance sheet: assets
US$ in thousands
Based on: 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31).
The financial data exhibits several notable trends in the company’s asset composition over the six-year period.
- Liquidity and Cash Position
- Cash and cash equivalents demonstrate significant volatility, peaking sharply in May 2021 at 493,640 thousand USD before retreating in May 2022 and then increasing again notably by May 2024 to 342,015 thousand USD. This suggests fluctuating liquidity management or varying cash flows from operations or financing activities.
- Trade Receivables
- Accounts receivable show a steady upward trajectory from 910,120 thousand USD in May 2019 to 1,244,182 thousand USD in May 2024, indicating consistent growth in credit sales or extended credit terms to customers.
- Inventory Levels
- Inventories increased from 334,589 thousand USD in May 2019 to a high of 506,604 thousand USD in May 2023, followed by a decrease to 410,201 thousand USD in May 2024. This points to inventory buildup with a recent adjustment or optimization in stock levels.
- Rental Items in Service
- The value of uniforms and other rental items in service steadily rose throughout the period, from 784,133 thousand USD to 1,040,144 thousand USD, indicating expansion in rental assets or increased customer usage.
- Current Assets
- Total current assets rose consistently, albeit with some fluctuation, from approximately 2,236,280 thousand USD in May 2019 to 3,185,207 thousand USD in May 2024, reflecting overall growth in short-term asset holdings.
- Property and Equipment
- The net value of property and equipment initially declined from 1,430,685 thousand USD in May 2019 to 1,318,438 thousand USD in May 2021, then recovered and increased to 1,534,168 thousand USD by May 2024, suggesting investment in fixed assets following a period of depreciation or asset disposals.
- Investments
- Investments show a clear upward trend, climbing from 192,346 thousand USD to 302,212 thousand USD, signaling enhanced investment activities or appreciation in held assets.
- Goodwill
- Goodwill gradually increased from 2,842,441 thousand USD to 3,212,424 thousand USD, indicating acquisitions or increased recorded goodwill values over time.
- Service Contracts
- Service contracts, net, decreased steadily from 494,595 thousand USD in 2019 to 321,902 thousand USD in 2024, reflecting possible amortization or a strategic reduction in these intangible assets.
- Operating Lease Right-of-Use Assets
- Reported beginning in May 2020, these assets consistently increased, reaching 187,953 thousand USD by May 2024, consistent with capitalizing leased assets in compliance with lease accounting standards and possibly reflecting new lease agreements.
- Other Assets
- Other noncurrent assets increased from 240,315 thousand USD to 424,951 thousand USD, showing a steady accumulation of miscellaneous long-term assets.
- Total Assets
- Total assets showed a positive overall growth trend from 7,436,662 thousand USD in May 2019 to 9,168,817 thousand USD in May 2024, underscoring asset base expansion despite some fluctuations within individual asset categories.
Overall, the data suggests the company has experienced growth in its asset base accompanied by fluctuations in liquidity and inventory levels. The increasing goodwill and investments hint at expansion through acquisitions or strategic investments, while the declining service contracts net and rising right-of-use assets indicate changes in intangible asset composition and leasing strategies. The steady increase in accounts receivable and rental items in service reflects ongoing business activity growth.