Cash Flow Statement

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.

Cintas Corp., consolidated cash flow statement

US$ in thousands

12 months ended:	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
Net income	1,571,592)	1,348,010)	1,235,757)	1,110,968)	876,037)	884,981)
Depreciation	280,866)	257,041)	249,376)	243,836)	235,905)	223,631)
Amortization of intangible assets and capitalized contract costs	161,518)	152,121)	150,325)	144,115)	143,148)	136,462)
Stock-based compensation	116,986)	103,621)	109,308)	112,035)	115,435)	139,210)
Gain on equity method investment transaction	—)	—)	(30,151)	—)	—)	—)
Net gain on sale of operating assets	—)	—)	(12,129)	(22,030)	—)	(3,200)
Long-lived asset impairment	—)	—)	—)	5,114)	9,220)	—)
Gain on sale of a cost method investment	—)	—)	—)	—)	—)	(69,373)
Deferred income taxes	(28,912)	23,233)	52,110)	(42,242)	(16,252)	31,708)
Accounts receivable, net	(91,399)	(151,771)	(100,392)	(32,576)	39,681)	(94,918)
Inventories, net	95,766)	(35,658)	16,194)	(75,501)	(74,773)	(60,039)
Uniforms and other rental items in service	(22,815)	(98,252)	(111,332)	(35,659)	12,773)	(90,228)
Prepaid expenses and other current assets and capitalized contract costs	(117,674)	(132,173)	(28,581)	(102,600)	(110,248)	(100,765)
Accounts payable	36,896)	53,369)	22,697)	(2,604)	2,629)	12,276)
Accrued compensation and related liabilities	(27,013)	2,711)	(3,625)	113,769)	(26,476)	15,321)
Accrued liabilities and other	97,750)	41,314)	(9,241)	(6,735)	49,906)	30,910)
Income taxes, current	6,220)	34,248)	(2,691)	(49,150)	34,498)	11,886)
Change in current assets and liabilities, net of acquisitions of businesses	(22,269)	(286,212)	(216,971)	(191,056)	(72,010)	(275,557)
Adjustments to reconcile net income to net cash provided by operating activities	508,189)	249,804)	301,868)	249,772)	415,446)	182,881)
Net cash provided by operating activities	2,079,781)	1,597,814)	1,537,625)	1,360,740)	1,291,483)	1,067,862)
Capital expenditures	(409,469)	(331,109)	(240,672)	(143,470)	(230,289)	(276,719)
Purchases of investments	(7,546)	(4,566)	(6,076)	(4,299)	(10,031)	(17,841)
Proceeds from sale of operating assets, net of cash disposed	—)	—)	15,347)	31,705)	13,300)	3,200)
Proceeds from sale of a cost method investment	—)	—)	—)	—)	—)	73,342)
Acquisitions of businesses, net of cash acquired	(186,837)	(46,357)	(164,228)	(10,038)	(53,720)	(9,813)
Other, net	(4,779)	(6,640)	(7,006)	(11,113)	(4,658)	(7,807)
Net cash used in investing activities	(608,631)	(388,672)	(402,635)	(137,215)	(285,398)	(235,638)
Issuance (payments) of commercial paper, net	—)	(261,200)	261,200)	—)	(112,500)	112,500)
Proceeds from issuance of debt	—)	—)	1,190,506)	—)	—)	200,000)
Repayment of debt	(13,450)	(50,000)	(1,200,000)	—)	(200,000)	—)
Proceeds from exercise of stock-based compensation awards	1,370)	3,021)	117,737)	129,957)	90,519)	65,371)
Dividends paid	(530,909)	(449,917)	(375,119)	(451,327)	(267,956)	(220,764)
Repurchase of common stock	(700,033)	(398,865)	(1,525,873)	(554,121)	(464,518)	(1,016,300)
Other, net	(10,468)	(15,875)	(6,394)	(4,377)	(752)	(14,112)
Net cash used in financing activities	(1,253,490)	(1,172,836)	(1,537,943)	(879,868)	(955,207)	(873,305)
Effect of exchange rate changes on cash and cash equivalents	206)	(2,628)	(216)	4,581)	(2,121)	(998)
Net increase (decrease) in cash and cash equivalents	217,866)	33,678)	(403,169)	348,238)	48,757)	(42,079)
Cash and cash equivalents at beginning of year	124,149)	90,471)	493,640)	145,402)	96,645)	138,724)
Cash and cash equivalents at end of year	342,015)	124,149)	90,471)	493,640)	145,402)	96,645)

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).

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Cash flow statement item	Description	The company
Net cash provided by operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	Cintas Corp. net cash provided by operating activities increased from 2022 to 2023 and from 2023 to 2024.
Net cash used in investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	Cintas Corp. net cash used in investing activities increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.
Net cash used in financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	Cintas Corp. net cash used in financing activities increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

Cintas Corp. (NASDAQ:CTAS)

Cash Flow Statement