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Cintas Corporation Announces Fiscal 2024 Fourth Quarter and Full Year Results

Cintas Corporation (Nasdaq: CTAS) today reported results for its fiscal 2024 fourth quarter ended May 31, 2024. Revenue for the fourth quarter of fiscal 2024 was $2.47 billion compared to $2.28 billion in last year’s fourth quarter, an increase of 8.2%. The organic revenue growth rate for the fourth quarter of fiscal 2024, which adjusts for the impacts of acquisitions, foreign currency exchange rate fluctuations and workday differences, was 7.5%.

Gross margin for the fourth quarter of fiscal 2024 was $1,215.4 million compared to $1,088.8 million in last year’s fourth quarter, an increase of 11.6%. Gross margin as a percentage of revenue was 49.2% for the fourth quarter of fiscal 2024 compared to 47.7% in last year's fourth quarter, an increase of 150 basis points.

Operating income for the fourth quarter of fiscal 2024 was $547.6 million compared to $470.8 million in last year's fourth quarter, an increase of 16.3%. Operating income as a percentage of revenue was 22.2% in the fourth quarter of fiscal 2024 compared to 20.6% in last year's fourth quarter.

Net income was $414.3 million for the fourth quarter of fiscal 2024 compared to $346.2 million in last year's fourth quarter. Fourth quarter of fiscal 2024 diluted earnings per share (EPS) was $3.99 compared to $3.33 in last year's fourth quarter, an increase of 19.8%.

For the fiscal year ended May 31, 2024, revenue was $9.60 billion compared to $8.82 billion for fiscal 2023, an increase of 8.9%. Operating income for fiscal 2024 was $2.07 billion compared to $1.80 billion for fiscal 2023, an increase of 14.8%. Operating income as a percent of revenue was 21.6% in fiscal 2024 compared to 20.4% in fiscal 2023. Diluted EPS for fiscal 2024 was $15.15 compared to $12.99 in fiscal 2023, an increase of 16.6%.

Cash flow from operating activities was $2.08 billion in fiscal 2024 compared to $1.60 billion in fiscal 2023, an increase of 30.2%. Cintas spent $409.5 million on capital expenditures in fiscal 2024, which is 4.3% as a percentage of revenue. Cintas acquired businesses for a total of $186.8 million in fiscal 2024. During fiscal 2024, Cintas paid cash dividends of $530.9 million, an increase of 18.0% over fiscal 2023. During fiscal 2024, and as of July 17, 2024, Cintas purchased 1,623,870 shares of Cintas common stock at an average price of $609.04 per share, for a total purchase price of $1.0 billion.

Todd M. Schneider, Cintas' President and Chief Executive Officer, stated, "Our strong fourth quarter results conclude another successful fiscal year of robust revenue growth and margin expansion, including an all-time high in operating income as a percent of revenue. Strong cash generation continued to fuel our balanced capital allocation strategy, focusing on new products and services for our customers and new technology to further enhance our position for the long-term, investing in strategic acquisitions and on returning capital to shareholders. We believe our results demonstrate the Cintas value proposition continues to resonate - we have a product or service to help nearly every business across North America focus on what they do best, while we take care of their image, safety, cleanliness and compliance needs."

"Our fiscal 2025 outlook reflects our continued confidence in our strategy. We remain focused on delivering outstanding customer experiences, nurturing the differentiated Cintas culture that drives our employee-partners and our success, and achieving growth and margin expansion aided by superior operations and investments in technology."

For fiscal 2025, revenue is expected to be in the range of $10.16 billion to $10.31 billion. Please keep in mind there are two fewer workdays in fiscal 2025 compared to fiscal 2024. The following table helps illustrate the impact of two fewer workdays:

 

 

 

 

Fiscal 2025

 

Fiscal 2025

(in millions)

Fiscal

2024

 

 

Low end

of Range

Growth

vs. 2024

 

High end

of Range

Growth

vs. 2024

 

 

 

 

 

 

 

 

 

 

A

 

 

B

E

 

H

I

Total revenue guidance

$

9,596.6

 

 

$

10,160.0

5.9%

 

$

10,310.0

7.4%

 

 

 

 

 

E=(B-A)/A

 

 

I=(H-A)/A

 

C

 

 

D

 

 

D

 

Workdays in the period

262

 

 

260

 

 

260

 

 

 

 

 

 

 

 

 

 

 

A

 

 

F

G

 

J

K

Workday adjusted revenue growth

$

9,596.6

 

 

$

10,238.2

6.7%

 

$

10,389.3

8.3%

 

 

 

 

F=(B/D)*C

E=(F-A)/A

 

F=(H/D)*C

K=(J-A)/A

 

 

 

 

 

 

 

 

 

Acquisition impact

 

 

 

 

(0.3)%

 

 

(0.3)%

 

 

 

 

 

 

 

 

 

Organic revenue growth

 

 

 

 

6.4%

 

 

8.0%

Please note the following regarding the total revenue guidance:

  • Guidance does not assume any future acquisitions;
  • Guidance assumes a constant foreign currency exchange rate.

For fiscal 2025, diluted EPS is expected to be in the range of $16.25 to $16.75.

 

 

 

 

Fiscal 2025

 

Fiscal 2025

 

 

Fiscal

2024

 

Low end

of Range

Growth

vs. 2024

 

High end

of Range

Growth

vs. 2024

 

 

 

 

 

 

 

 

 

Diluted EPS guidance

$

15.15

 

$

16.25

7.3%

 

$

16.75

10.6%

Please note the following regarding diluted EPS guidance:

  • Fiscal year 2025 interest, net is expected to be approximately $106.0 million compared to $95.0 million in fiscal year 2024, predominately as a result of higher variable rate debt used to complete a portion of the previously mentioned share buybacks through July 17, 2024. This may change as a result of future share buybacks or acquisition activity;
  • Our fiscal 2025 effective tax rate is expected to be 20.4%, the same compared to fiscal 2024;
  • Guidance does not include any future share buybacks or significant economic disruptions or downturn.

On May 2, 2024, Cintas announced that its Board of Directors approved a four-for-one split of its common stock. Shareholders of record, as of September 4, 2024, will receive three additional shares for each share held, which will be distributed after market close on September 11, 2024. Cintas anticipates its common stock to begin trading at the split-adjusted price on September 12, 2024. Our financial results for the first quarter of fiscal 2025 will be reported after the completion of the stock split.

The following table shows our fiscal 2024 diluted EPS and our fiscal 2025 diluted EPS outlook on a proforma basis after the impact of the recently announced common stock split.

 

 

 

Fiscal 2025

 

Fiscal 2025

($s in millions, except EPS)

Fiscal

2024

 

 

Low end

of Range

Growth

vs. 2024

 

High end

of Range

Growth

vs. 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted EPS guidance

$

15.15

 

 

$

16.25

7.3%

 

$

16.75

10.6%

 

 

 

 

 

 

 

 

 

Net income allocated to common shareholders,

as reported

$

1,565.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proforma basic weighted average common shares outstanding

 

406.6

 

 

 

 

 

 

 

Proforma effect of dilutive securities - employee stock options

 

6.9

 

 

 

 

 

 

 

Proforma diluted weighted average common shares

outstanding

 

413.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proforma diluted earnings per share

$

3.79

 

 

$

4.06

7.1%

 

$

4.19

10.6%

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 fourth quarter and fiscal year 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

This Press Release contains forward-looking statements regarding our future business plans and expectations. 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; supply chain constraints and macroeconomic conditions, including inflationary pressures and higher interest rates; fluctuations in costs of materials and labor, including increased medical costs; 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 aspirations 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; risks associated with cybersecurity threats, including disruptions caused by the inaccessibility of computer systems data and cybersecurity management, 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; the amount and timing of repurchases of our common stock, if any; changes in global 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

 

May 31,

2024

 

May 31,

2023

 

%

Change

Revenue:

 

 

 

 

 

Uniform rental and facility services

$

1,911,190

 

 

$

1,773,206

 

 

7.8%

Other

 

559,745

 

 

 

511,265

 

 

9.5%

Total revenue

 

2,470,935

 

 

 

2,284,471

 

 

8.2%

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

Cost of uniform rental and facility services

 

983,049

 

 

 

926,689

 

 

6.1%

Cost of other

 

272,437

 

 

 

269,004

 

 

1.3%

Selling and administrative expenses

 

667,855

 

 

 

617,980

 

 

8.1%

 

 

 

 

 

 

Operating income

 

547,594

 

 

 

470,798

 

 

16.3%

 

 

 

 

 

 

Interest income

 

(3,621

)

 

 

(844

)

 

329.0%

Interest expense

 

24,076

 

 

 

25,773

 

 

(6.6)%

 

 

 

 

 

 

Income before income taxes

 

527,139

 

 

 

445,869

 

 

18.2%

Income taxes

 

112,824

 

 

 

99,668

 

 

13.2%

Net income

$

414,315

 

 

$

346,201

 

 

19.7%

 

 

 

 

 

 

Basic earnings per share

$

4.06

 

 

$

3.39

 

 

19.8%

 

 

 

 

 

 

Diluted earnings per share

$

3.99

 

 

$

3.33

 

 

19.8%

 

 

 

 

 

 

Basic weighted average common shares outstanding

 

101,545

 

 

 

101,788

 

 

 

Diluted weighted average common shares outstanding

 

103,332

 

 

 

103,418

 

 

 

Cintas Corporation

Consolidated Condensed Statements of Income

(In thousands except per share data)

 

 

Twelve Months Ended

 

May 31,

2024

 

May 31,

2023

 

%

Change

Revenue:

 

 

 

 

 

Uniform rental and facility services

$

7,465,199

 

 

$

6,897,130

 

 

8.2%

Other

 

2,131,416

 

 

 

1,918,639

 

 

11.1%

Total revenue

 

9,596,615

 

 

 

8,815,769

 

 

8.9%

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

Cost of uniform rental and facility services

 

3,865,071

 

 

 

3,632,175

 

 

6.4%

Cost of other

 

1,045,128

 

 

 

1,010,226

 

 

3.5%

Selling and administrative expenses

 

2,617,783

 

 

 

2,370,704

 

 

10.4%

 

 

 

 

 

 

Operating income

 

2,068,633

 

 

 

1,802,664

 

 

14.8%

 

 

 

 

 

 

Interest income

 

(5,742

)

 

 

(1,716

)

 

234.6%

Interest expense

 

100,740

 

 

 

111,232

 

 

(9.4)%

 

 

 

 

 

 

Income before income taxes

 

1,973,635

 

 

 

1,693,148

 

 

16.6%

Income taxes

 

402,043

 

 

 

345,138

 

 

16.5%

Net income

$

1,571,592

 

 

$

1,348,010

 

 

16.6%

 

 

 

 

 

 

Basic earnings per share

$

15.40

 

 

$

13.21

 

 

16.6%

 

 

 

 

 

 

Diluted earnings per share

$

15.15

 

 

$

12.99

 

 

16.6%

 

 

 

 

 

 

Basic weighted average common shares outstanding

 

101,653

 

 

 

101,645

 

 

 

Diluted weighted average common shares outstanding

 

103,367

 

 

 

103,377

 

 

 

CINTAS CORPORATION SUPPLEMENTAL DATA

Gross Margin and Net Income Margin Results

 

Three Months Ended

 

Twelve Months Ended

 

May 31,

2024

 

May 31,

2023

 

May 31,

2024

 

May 31,

2023

 

 

 

 

 

 

 

 

Uniform rental and facility services gross margin

48.6%

 

47.7%

 

48.2%

 

47.3%

Other gross margin

51.3%

 

47.4%

 

51.0%

 

47.3%

Total gross margin

49.2%

 

47.7%

 

48.8%

 

47.3%

Net income margin

16.8%

 

15.2%

 

16.4%

 

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

 

Twelve Months Ended

(In thousands)

May 31,

2024

 

May 31,

2023

 

 

 

 

Net cash provided by operations

$

2,079,781

 

 

$

1,597,814

 

Capital expenditures

 

(409,469

)

 

 

(331,109

)

Free cash flow

$

1,670,312

 

 

$

1,266,705

 

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 Revenue Growth

 

Twelve Months Ended

 

May 31,

2024

 

May 31,

2023

 

Growth

%

 

A

 

B

 

G

Revenue

$

9,596,615

 

$

8,815,769

 

8.9%

 

 

 

 

 

G=(A-B)/B

 

C

 

D

 

 

Workdays in the period

262

 

261

 

 

 

 

 

 

 

 

 

E

 

F

 

H

Workday adjusted revenue growth

$

9,559,987

 

$

8,815,769

 

8.4%

 

E=(A/C)*D

 

F=(B/D)*D

 

H=(E-F)/F

 

 

 

 

 

 

Acquisition and foreign currency exchange impact, net

 

 

 

 

(0.4)%

 

 

 

 

 

 

Organic revenue growth

 

 

 

 

8.0%

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 and foreign currency exchange rate fluctuations.

SUPPLEMENTAL SEGMENT DATA

(In thousands)

Uniform Rental

and Facility

Services

 

First Aid

and Safety

Services

 

All

Other

 

Total

For the three months ended May 31, 2024

 

 

 

 

 

 

Revenue

$

1,911,190

 

$

277,638

 

$

282,107

 

$

2,470,935

Gross margin

$

928,141

 

$

153,832

 

$

133,476

 

$

1,215,449

Selling and administrative expenses

$

495,187

 

$

90,507

 

$

82,161

 

$

667,855

Operating income

$

432,954

 

$

63,325

 

$

51,315

 

$

547,594

 

 

 

 

 

 

 

 

For the three months ended May 31, 2023

 

 

 

 

 

 

Revenue

$

1,773,206

 

$

249,756

 

$

261,509

 

$

2,284,471

Gross margin

$

846,517

 

$

127,390

 

$

114,871

 

$

1,088,778

Selling and administrative expenses

$

461,621

 

$

80,312

 

$

76,047

 

$

617,980

Operating income

$

384,896

 

$

47,078

 

$

38,824

 

$

470,798

 

 

 

 

 

 

 

 

For the twelve months ended May 31, 2024

 

 

 

 

 

 

Revenue

$

7,465,199

 

$

1,067,334

 

$

1,064,082

 

$

9,596,615

Gross margin

$

3,600,128

 

$

592,656

 

$

493,632

 

$

4,686,416

Selling and administrative expenses

$

1,940,627

 

$

353,503

 

$

323,653

 

$

2,617,783

Operating income

$

1,659,501

 

$

239,153

 

$

169,979

 

$

2,068,633

 

 

 

 

 

 

 

 

For the twelve months ended May 31, 2023

 

 

 

 

 

 

Revenue

$

6,897,130

 

$

951,496

 

$

967,143

 

$

8,815,769

Gross margin

$

3,264,955

 

$

482,088

 

$

426,325

 

$

4,173,368

Selling and administrative expenses

$

1,786,198

 

$

301,398

 

$

283,108

 

$

2,370,704

Operating income

$

1,478,757

 

$

180,690

 

$

143,217

 

$

1,802,664

Cintas Corporation

Consolidated Condensed Balance Sheets

(In thousands except per share data)

 

 

May 31,

2024

 

May 31,

2023

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

342,015

 

 

$

124,149

 

Accounts receivable, net

 

1,244,182

 

 

 

1,152,993

 

Inventories, net

 

410,201

 

 

 

506,604

 

Uniforms and other rental items in service

 

1,040,144

 

 

 

1,011,918

 

Prepaid expenses and other current assets

 

148,665

 

 

 

142,795

 

Total current assets

 

3,185,207

 

 

 

2,938,459

 

 

 

 

 

Property and equipment, net

 

1,534,168

 

 

 

1,396,476

 

 

 

 

 

Investments

 

302,212

 

 

 

247,191

 

Goodwill

 

3,212,424

 

 

 

3,056,201

 

Service contracts, net

 

321,902

 

 

 

346,574

 

Operating lease right-of-use assets, net

 

187,953

 

 

 

178,464

 

Other assets, net

 

424,951

 

 

 

382,991

 

 

$

9,168,817

 

 

$

8,546,356

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

339,166

 

 

$

302,292

 

Accrued compensation and related liabilities

 

214,130

 

 

 

239,086

 

Accrued liabilities

 

761,283

 

 

 

632,504

 

Income taxes, current

 

18,618

 

 

 

12,470

 

Operating lease liabilities, current

 

45,727

 

 

 

43,710

 

Debt due within one year

 

449,595

 

 

 

 

Total current liabilities

 

1,828,519

 

 

 

1,230,062

 

 

 

 

 

Long-term liabilities:

 

 

 

Debt due after one year

 

2,025,934

 

 

 

2,486,405

 

Deferred income taxes

 

475,512

 

 

 

498,356

 

Operating lease liabilities

 

146,824

 

 

 

138,278

 

Accrued liabilities

 

375,656

 

 

 

329,269

 

Total long-term liabilities

 

3,023,926

 

 

 

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:

425,000,000 shares authorized

FY 2024: 193,274,296 issued and 101,251,994 outstanding

FY 2023: 192,198,938 issued and 101,732,148 outstanding

 

2,305,301

 

 

 

2,031,542

 

Retained earnings

 

10,617,955

 

 

 

9,597,315

 

Treasury stock:

FY 2024: 92,022,302 shares

FY 2023: 90,466,790 shares

 

(8,698,085

)

 

 

(7,842,649

)

Accumulated other comprehensive income

 

91,201

 

 

 

77,778

 

Total shareholders’ equity

 

4,316,372

 

 

 

3,863,986

 

 

$

9,168,817

 

 

$

8,546,356

 

Cintas Corporation

Consolidated Condensed Statements of Cash Flows

(In thousands)

 

 

Twelve Months Ended

 

May 31,

2024

 

May 31,

2023

Cash flows from operating activities:

 

 

 

Net income

$

1,571,592

 

 

$

1,348,010

 

 

 

 

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation

 

280,866

 

 

 

257,041

 

Amortization of intangible assets and capitalized contract costs

 

161,518

 

 

 

152,121

 

Stock-based compensation

 

116,986

 

 

 

103,621

 

Deferred income taxes

 

(28,912

)

 

 

23,233

 

Change in current assets and liabilities, net of acquisitions of businesses:

 

 

 

Accounts receivable, net

 

(91,399

)

 

 

(151,771

)

Inventories, net

 

95,766

 

 

 

(35,658

)

Uniforms and other rental items in service

 

(22,815

)

 

 

(98,252

)

Prepaid expenses and other current assets and capitalized contract costs

 

(117,674

)

 

 

(132,173

)

Accounts payable

 

36,896

 

 

 

53,369

 

Accrued compensation and related liabilities

 

(27,013

)

 

 

2,711

 

Accrued liabilities and other

 

97,750

 

 

 

41,314

 

Income taxes, current

 

6,220

 

 

 

34,248

 

Net cash provided by operating activities

 

2,079,781

 

 

 

1,597,814

 

 

 

 

 

Cash flows from investing activities:

 

 

 

Capital expenditures

 

(409,469

)

 

 

(331,109

)

Purchases of investments

 

(7,546

)

 

 

(4,566

)

Acquisitions of businesses, net of cash acquired

 

(186,837

)

 

 

(46,357

)

Other, net

 

(4,779

)

 

 

(6,640

)

Net cash used in investing activities

 

(608,631

)

 

 

(388,672

)

 

 

 

 

Cash flows from financing activities:

 

 

 

Payments of commercial paper, net

 

 

 

 

(261,200

)

Repayment of debt

 

(13,450

)

 

 

(50,000

)

Proceeds from exercise of stock-based compensation awards

 

1,370

 

 

 

3,021

 

Dividends paid

 

(530,909

)

 

 

(449,917

)

Repurchase of common stock

 

(700,033

)

 

 

(398,865

)

Other, net

 

(10,468

)

 

 

(15,875

)

Net cash used in financing activities

 

(1,253,490

)

 

 

(1,172,836

)

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

206

 

 

 

(2,628

)

 

 

 

 

Net increase in cash and cash equivalents

 

217,866

 

 

 

33,678

 

Cash and cash equivalents at beginning of year

 

124,149

 

 

 

90,471

 

Cash and cash equivalents at end of year

$

342,015

 

 

$

124,149

 

 

Contacts

J. Michael Hansen, Executive Vice President & Chief Financial Officer - 513-972-2079

Jared S. Mattingley, Vice President, Treasurer & Investor Relations - 513-972-4195

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