Name: Cintas Corp. (NASDAQ:CTAS) | Cash Flow Statement (Quarterly)
Creator: Stock Analysis on Net

Cash Flow Statement
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

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Cintas Corp., consolidated cash flow statement (quarterly data)

US$ in thousands

3 months ended:	Nov 30, 2024	Aug 31, 2024	May 31, 2024	Feb 29, 2024	Nov 30, 2023	Aug 31, 2023	May 31, 2023	Feb 28, 2023	Nov 30, 2022	Aug 31, 2022	May 31, 2022	Feb 28, 2022	Nov 30, 2021	Aug 31, 2021	May 31, 2021	Feb 28, 2021	Nov 30, 2020	Aug 31, 2020	May 31, 2020	Feb 29, 2020	Nov 30, 2019	Aug 31, 2019	May 31, 2019	Feb 28, 2019	Nov 30, 2018	Aug 31, 2018
Net income	448,495)	452,033)	414,315)	397,579)	374,613)	385,085)	346,201)	325,827)	324,293)	351,689)	294,461)	315,448)	294,669)	331,179)	267,722)	258,384)	284,857)	300,005)	144,585)	234,520)	246,120)	250,812)	226,119)	203,334)	243,013)	212,515)
Depreciation	75,502)	73,838)	73,229)	70,834)	69,190)	67,613)	66,240)	64,240)	63,504)	63,057)	64,912)	62,190)	61,319)	60,955)	61,704)	61,036)	60,522)	60,574)	60,644)	59,894)	58,641)	56,726)	59,251)	57,268)	54,367)	52,745)
Amortization of intangible assets and capitalized contract costs	54,541)	41,366)	41,703)	40,580)	40,036)	39,199)	38,840)	38,588)	37,704)	36,989)	37,466)	38,494)	37,371)	36,994)	36,426)	36,131)	35,953)	35,605)	35,916)	36,269)	35,695)	35,268)	34,513)	34,390)	34,009)	33,550)
Stock-based compensation	32,417)	33,367)	32,496)	31,308)	22,940)	30,242)	28,287)	23,797)	25,255)	26,282)	25,621)	22,794)	24,397)	36,496)	28,614)	25,819)	28,547)	29,055)	19,007)	27,030)	29,003)	40,395)	33,657)	30,769)	28,612)	46,172)
Gain on equity method investment transaction	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(30,151)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Gain on sale of property and equipment	(4,295)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	49)	(12,178)	(169)	(3,898)	(17,963)	—)	—)	—)	—)	—)	(781)	(2,419)	—)	—)
Long-lived asset impairment	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	5,114)	—)	—)	—)	9,220)	—)	—)	—)	—)	—)	—)	—)
Gain on sale of a cost method investment	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(69,373)	—)
Deferred income taxes	1,866)	1,887)	(7,546)	(14,261)	(5,738)	(1,367)	1,232)	3,436)	3,736)	14,829)	9,458)	12,711)	7,054)	22,887)	(5,983)	(13,160)	(14,383)	(8,716)	(21,265)	(2,619)	(278)	7,910)	6,629)	5,852)	10,205)	9,022)
Accounts receivable, net	(79,924)	(49,129)	17,641)	11,841)	(76,989)	(43,892)	(19,298)	1,424)	(54,500)	(79,397)	(1,169)	(21,880)	(49,601)	(27,742)	30,602)	(23,286)	(47,010)	7,118)	70,816)	6,805)	(31,304)	(6,636)	(33,816)	24,646)	(70,697)	(15,051)
Inventories, net	7,433)	11,318)	39,932)	23,741)	23,552)	8,541)	24,905)	(17,297)	(40,790)	(2,476)	13,883)	(11,095)	(1,580)	14,986)	48,177)	1,271)	(47,005)	(77,944)	(56,993)	(4,378)	(11,676)	(1,726)	10,677)	(17,489)	(18,598)	(34,629)
Uniforms and other rental items in service	(33,521)	(20,144)	(13,755)	12,589)	(14,235)	(7,414)	(12,261)	(12,516)	(34,148)	(39,327)	(33,748)	(8,071)	(30,239)	(39,274)	(29,390)	(3,355)	(19,466)	16,552)	46,505)	(988)	(21,439)	(11,305)	(17,892)	(14,652)	(34,665)	(23,019)
Prepaid expenses and other current assets and capitalized contract costs	(41,386)	(68,719)	(12,801)	(24,817)	(13,265)	(66,791)	(15,331)	(31,310)	(21,891)	(63,641)	48,869)	(29,472)	(11,254)	(36,724)	(25,629)	(19,676)	(15,018)	(42,277)	(15,079)	(26,760)	(26,481)	(41,928)	(15,642)	(26,962)	(11,231)	(46,930)
Accounts payable	23,594)	56,698)	31,125)	(9,210)	2,538)	12,443)	20,518)	(28,570)	19,740)	41,681)	16,529)	(5,232)	37,672)	(26,272)	(7,717)	(37,115)	21,870)	20,358)	(11,642)	(13,784)	14,698)	13,357)	12,197)	2,034)	(1,626)	(329)
Accrued compensation and related liabilities	33,206)	(86,965)	31,498)	28,214)	37,683)	(124,408)	35,377)	(4,454)	31,745)	(59,957)	24,775)	31,588)	25,846)	(85,834)	16,295)	73,665)	33,876)	(10,067)	(21,684)	24,534)	29,392)	(58,718)	19,187)	17,103)	35,217)	(56,186)
Accrued liabilities and other	18,498)	(44,268)	44,805)	83,398)	18,499)	(48,952)	23,458)	51,208)	15,753)	(49,105)	8,476)	(7,198)	13,823)	(24,342)	(5,378)	(22,927)	35,867)	(14,297)	46,480)	21,309)	6,199)	(24,082)	27,296)	18,936)	12,234)	(27,556)
Income taxes, current	(95,022)	65,450)	398)	5,314)	(86,138)	86,646)	15,455)	10,669)	(49,408)	57,532)	41,037)	23,147)	(77,885)	11,010)	35,537)	(1,038)	(79,975)	(3,674)	50,424)	1,366)	(34,120)	16,828)	35,750)	(6,660)	(29,885)	12,681)
Change in current assets and liabilities, net of acquisitions of businesses	(167,122)	(135,759)	138,843)	131,070)	(108,355)	(183,827)	72,823)	(30,846)	(133,499)	(194,690)	118,652)	(28,213)	(93,218)	(214,192)	62,497)	(32,461)	(116,861)	(104,231)	108,827)	8,104)	(74,731)	(114,210)	37,757)	(3,044)	(119,251)	(191,019)
Adjustments to reconcile net income to net cash provided by operating activities	(7,091)	14,699)	278,725)	259,531)	18,073)	(48,140)	207,422)	99,215)	(3,300)	(53,533)	256,109)	77,825)	36,972)	(69,038)	188,203)	73,467)	(24,185)	12,287)	212,349)	128,678)	48,330)	26,089)	171,026)	122,816)	(61,431)	(49,530)
Net cash provided by operating activities	441,404)	466,732)	693,040)	657,110)	392,686)	336,945)	553,623)	425,042)	320,993)	298,156)	550,570)	393,273)	331,641)	262,141)	455,925)	331,851)	260,672)	312,292)	356,934)	363,198)	294,450)	276,901)	397,145)	326,150)	181,582)	162,985)
Capital expenditures	(101,416)	(92,921)	(101,911)	(107,031)	(93,830)	(106,697)	(106,993)	(77,712)	(76,388)	(70,016)	(74,821)	(57,222)	(59,881)	(48,748)	(43,060)	(42,751)	(26,783)	(30,876)	(40,910)	(63,212)	(61,424)	(64,743)	(68,914)	(70,191)	(73,086)	(64,528)
Purchases of investments	32)	(7,124)	46)	(117)	(950)	(6,525)	52)	564)	748)	(5,930)	(52)	(57)	2,771)	(8,738)	3,574)	(668)	(2,265)	(4,940)	430)	(340)	(730)	(9,391)	(297)	(3,473)	(14,071)	—)
Proceeds from sale of property and equipment	5,908)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	277)	15,070)	(785)	9,064)	23,426)	—)	—)	—)	13,300)	—)	—)	3,200)	—)	—)
Proceeds from sale of a cost method investment	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	73,342)	—)
Acquisitions of businesses, net of cash acquired	(145,448)	(9,436)	(1,809)	(111,031)	(18,346)	(55,651)	(13,374)	(17,526)	(8,397)	(7,060)	(13,384)	(105,174)	(9,945)	(35,725)	(2,468)	(638)	(4,948)	(1,984)	(5,870)	(41,268)	(2,686)	(3,896)	(2,410)	(823)	1,033)	(7,613)
Other, net	6,253)	(4,851)	(1,679)	(2,904)	767)	(963)	254)	(2,513)	(792)	(3,589)	1,933)	(2,263)	(496)	(6,180)	(5,812)	(2,429)	(730)	(2,142)	(2,568)	13)	(1,994)	(109)	(1,003)	(5,087)	(3,073)	1,356)
Net cash used in investing activities	(234,671)	(114,332)	(105,353)	(221,083)	(112,359)	(169,836)	(120,061)	(97,187)	(84,829)	(86,595)	(86,324)	(164,716)	(67,274)	(84,321)	(48,551)	(37,422)	(11,300)	(39,942)	(48,918)	(104,807)	(53,534)	(78,139)	(72,624)	(76,374)	(15,855)	(70,785)
Issuance (payments) of commercial paper, net	15,000)	166,000)	—)	(210,000)	210,000)	—)	(199,000)	(186,246)	(71,954)	196,000)	(298,010)	392,210)	(159,000)	326,000)	—)	—)	—)	—)	—)	—)	(139,000)	26,500)	(105,000)	44,000)	173,500)	—)
Proceeds from issuance of debt	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	1,190,506)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	200,000)	—)	—)	—)
Repayment of debt	—)	—)	—)	—)	(3,450)	(10,000)	(50,000)	—)	—)	—)	(950,000)	—)	—)	(250,000)	—)	—)	—)	—)	(200,000)	—)	—)	—)	—)	—)	—)	—)
Proceeds from exercise of stock-based compensation awards	344)	231)	95)	346)	450)	479)	80)	816)	1,078)	1,047)	101)	8,438)	36,302)	72,896)	9,908)	12,519)	35,407)	72,123)	8,972)	18,346)	25,286)	37,915)	11,097)	21,662)	5,100)	27,512)
Dividends paid	(157,327)	(138,237)	(137,599)	(137,471)	(138,274)	(117,565)	(117,496)	(117,404)	(117,362)	(97,655)	(98,197)	(98,973)	(98,814)	(79,135)	(79,509)	(371,818)	—)	—)	86)	(268,042)	—)	—)	(4)	(220,760)	—)	—)
Repurchase of common stock	(36,716)	(614,802)	(231,887)	(45,018)	(349,852)	(73,276)	(27,948)	(22,235)	(28,348)	(320,334)	(304,032)	(557,115)	(5,491)	(659,235)	(399,631)	(83,108)	(2,371)	(69,011)	(203,191)	(2,586)	(1,911)	(256,830)	(408,076)	(100,095)	(368,661)	(139,468)
Other, net	(5,454)	(5,984)	(4,629)	(1,517)	(2,309)	(2,013)	(3,879)	(3,156)	(3,583)	(5,257)	263)	(3,258)	(2,789)	(610)	(541)	(2,149)	(818)	(869)	(782)	1,982)	(760)	(1,192)	(6,024)	(2,726)	(4,810)	(552)
Net cash provided by (used in) financing activities	(184,153)	(592,792)	(374,020)	(393,660)	(283,435)	(202,375)	(398,243)	(328,225)	(220,169)	(226,199)	(459,369)	(258,698)	(229,792)	(590,084)	(469,773)	(444,556)	32,218)	2,243)	(394,915)	(250,300)	(116,385)	(193,607)	(308,007)	(257,919)	(194,871)	(112,508)
Effect of exchange rate changes on cash and cash equivalents	(1,558)	(250)	(135)	560)	538)	(757)	267)	(866)	(754)	(1,275)	1,458)	1,107)	(1,154)	(1,627)	2,428)	563)	43)	1,547)	(2,140)	(185)	(127)	331)	(728)	523)	(733)	(60)
Net increase (decrease) in cash and cash equivalents	21,022)	(240,642)	213,532)	42,927)	(2,570)	(36,023)	35,586)	(1,236)	15,241)	(15,913)	6,335)	(29,034)	33,421)	(413,891)	(59,971)	(149,564)	281,633)	276,140)	(89,039)	7,906)	124,404)	5,486)	15,786)	(7,620)	(29,877)	(20,368)

The financial data indicates a period of significant growth in profitability and cash generation from 2018 through 2024. Net income exhibits a consistent upward trajectory, rising from approximately 212 million USD in August 2018 to 448 million USD by November 2024, despite a temporary contraction during the second quarter of 2020. This growth in earnings is mirrored by the net cash provided by operating activities, which has trended upward from 163 million USD in August 2018 to peaks exceeding 690 million USD in mid-2024.

Operating Cash Flow Trends: A strong correlation exists between the growth in net income and operating cash flow. Net cash from operations has expanded significantly, providing a robust foundation for the company's investment and financing activities. While there is quarterly volatility attributed to changes in working capital—specifically fluctuations in accounts receivable and inventories—the long-term trend reflects increased operational efficiency and scaling of the core business.
Investment Strategy and Capital Expenditures: Investing activities are characterized by consistent outflows, primarily driven by capital expenditures and strategic acquisitions. Capital expenditures have steadily increased from approximately 64 million USD per quarter in 2018 to over 100 million USD per quarter by late 2024, signaling continued investment in infrastructure and service capacity. Furthermore, an active acquisition strategy is evident, with significant cash outlays occurring in February 2022, February 2024, and November 2024, indicating a focus on inorganic growth.
Capital Allocation and Shareholder Returns: Financing activities are dominated by substantial returns to shareholders through dividends and common stock repurchases. Dividends have transitioned into a steady, increasing quarterly obligation, reaching approximately 157 million USD by November 2024. Stock repurchase activity is highly aggressive and episodic, with several quarters seeing outflows exceeding 400 million USD, including a peak of 659 million USD in August 2021 and 614 million USD in August 2024. These returns are funded through a combination of operating cash flow and strategic debt management.
Debt and Liquidity Management: The company utilizes a mix of commercial paper and long-term debt to manage liquidity and fund its capital allocation strategy. A notable issuance of debt totaling approximately 1.19 billion USD occurred in May 2022, which was balanced by periodic repayments and the active use of commercial paper. The net increase or decrease in cash and cash equivalents varies widely quarter-to-quarter, reflecting the timing of large share buybacks and business acquisitions rather than a lack of liquidity.
Working Capital Volatility: The "Change in current assets and liabilities" represents a significant source of quarterly variance in cash flow. Large fluctuations in accounts receivable and the "Uniforms and other rental items in service" account suggest a business model with significant investment in rental assets that fluctuate based on seasonal demand or growth cycles. These working capital adjustments often create temporary divergences between net income and net cash provided by operating activities.

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Cintas Corp. (NASDAQ:CTAS)

Cash Flow StatementQuarterly Data

Cash Flow Statement
Quarterly Data