CTAS Cintas Corporation

Cintas Corporation (Nasdaq: CTAS) today reported results for its fiscal 2025 second quarter ended November 30, 2024. Revenue for the second quarter of fiscal 2025 was $2.56 billion compared to $2.38 billion in last year’s second quarter, an increase of 7.8%. The organic revenue growth rate for the second quarter of fiscal 2025, which adjusts for the impacts of acquisitions and foreign currency exchange rate fluctuations, was 7.1%.

Gross margin for the second quarter of fiscal 2025 was $1.28 billion compared to $1.14 billion in last year’s second quarter, an increase of 11.8%. Gross margin as a percentage of revenue was 49.8% for the second quarter of fiscal 2025 compared to 48.0% in last year's second quarter, an increase of 180 basis points. Energy expenses comprised of gasoline, natural gas and electricity were 20 basis points lower for the second quarter of fiscal 2025 compared to last year's second quarter.

Operating income for the second quarter of fiscal 2025 increased 18.4% to $591.4 million compared to $499.7 million in last year's second quarter. Operating income as a percentage of revenue was 23.1% in the second quarter of fiscal 2025 compared to 21.0% in last year's second quarter.

Net income was $448.5 million for the second quarter of fiscal 2025 compared to $374.6 million in last year's second quarter, an increase of 19.7%. The second quarter of fiscal 2025 effective tax rate was 20.7% compared to 20.9% in last year's second quarter. The tax rates in both quarters were impacted by certain discrete items, primarily the tax accounting impact for stock-based compensation. Second quarter of fiscal 2025 diluted earnings per share (EPS) was $1.09 compared to $0.90 in last year's second quarter, an increase of 21.1%. The diluted EPS in each period is reflective of the impact of the four-for-one split of Cintas' common stock on September 11, 2024 (the Stock Split).

On December 13, 2024, Cintas paid an aggregate quarterly dividend of $158.0 million to shareholders, an increase of 14.9% from the amount paid last December.

Todd M. Schneider, Cintas' President and Chief Executive Officer, stated, “Cintas delivered strong results in the second quarter, with robust year-over-year revenue and earnings growth, excellent margin expansion and strong cash generation. Our results reflect the exceptional execution of our employee-partners and the comprehensive value proposition we provide to our customers in supporting their image, safety, cleanliness and compliance needs.”

Mr. Schneider concluded, "We are updating our annual revenue expectations from a range of $10.220 billion to $10.320 billion to a range of $10.255 billion to $10.320 billion and updating our diluted EPS guidance from a range of $4.17 to $4.25 to a range of $4.28 to $4.34. We believe that Cintas’ differentiated culture, superior products and services and industry-best talent continue to position us to deliver meaningful value creation in fiscal 2025 and beyond.”

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:

 

 

 

 

Previous Guidance

Fiscal 2025

 

 

Updated Guidance

Fiscal 2025

(in millions)

Fiscal 2024

 

 

Low end

of Range

Growth

vs. 2024

 

High end

of Range

Growth

vs. 2024

 

 

Low end

of Range

Growth

vs. 2024

 

High end

of Range

Growth

vs. 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A

 

 

B

E

 

H

I

 

 

L

M

 

P

Q

Total revenue

$9,596.6

 

 

$10,220.0

6.5%

 

$10,320.0

7.5%

 

 

$10,255.0

6.9%

 

$10,320.0

7.5%

 

 

 

 

 

E=(B-A)/A

 

 

I=(H-A)/A

 

 

 

M=(L-A)/A

 

 

Q=(P-A)/A

 

C

 

 

D

 

 

D

 

 

 

D

 

 

D

 

Workdays in the period

262

 

 

260

 

 

260

 

 

 

260

 

 

260

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A

 

 

F

G

 

J

K

 

 

N

O

 

R

S

Workday adjusted revenue

$9,596.6

 

 

$10,298.6

7.3%

 

$10,399.4

8.4%

 

 

$10,333.9

7.7%

 

$10,399.4

8.4%

 

 

 

 

F=(B/D)*C

E=(F-A)/A

 

F=(H/D)*C

K=(J-A)/A

 

 

N=(L/D)*C

O=(N-A)/A

 

R=(P/D)*C

S=(R-A)/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition impacts

 

 

 

(0.3)%

 

 

(0.3)%

 

 

 

(0.7)%

 

 

(0.7)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Organic revenue growth

 

 

 

7.0%

 

 

8.1%

 

 

 

7.0%

 

 

7.7%

Please note the following regarding the total revenue guidance:

• Guidance does not assume any future acquisitions.
• Guidance assumes a constant foreign currency exchange rate.
• Guidance assumes no significant economic disruption or downturn.

For fiscal 2025, we are raising our diluted EPS expectations from a range of $4.17 to $4.25 to a range of $4.28 to $4.34.

 

 

 

 

Previous Guidance

Fiscal 2025

 

 

Updated Guidance

Fiscal 2025

 

Fiscal

2024 (1)

 

 

Low end

of Range

Growth

vs. 2024

 

High end

of Range

Growth

vs. 2024

 

 

Low end

of Range

Growth

vs. 2024

 

High end

of Range

Growth

vs. 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted EPS

$ 3.79

 

 

$ 4.17

10.0%

 

$ 4.25

12.1%

 

 

$ 4.28

12.9%

 

$ 4.34

14.5%

(1)

All references made to common stock shares, common stock per share amounts and treasury stock shares in this table, in the accompanying consolidated condensed financial statements and applicable disclosures have been retroactively adjusted to reflect the effects of the Stock Split.

Please note the following regarding diluted EPS guidance:

• Fiscal year 2025 interest, net is expected to be approximately $101.0 million compared to $95.0 million in fiscal year 2024, predominately as a result of higher variable rate debt. This may change as a result of future share buybacks or acquisition activity.
• Fiscal year 2025 effective tax rate is expected to be 20.2%.
• Our diluted EPS guidance includes no future share buybacks or significant economic disruptions or downturn.

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 2025 second quarter 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, including the company's fiscal 2025 full-year guidance. 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; changes in global trade policies, tariffs, and other measures that could restrict international trade; 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, 2024 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

 

November 30, 2024

 

November 30, 2023

 

%

Change

Revenue:

 

 

 

 

 

Uniform rental and facility services

$

1,990,410

 

 

$

1,850,542

 

 

7.6

%

Other

 

571,373

 

 

 

526,635

 

 

8.5

%

Total revenue

 

2,561,783

 

 

 

2,377,177

 

 

7.8

%

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

Cost of uniform rental and facility services

 

1,014,052

 

 

 

974,231

 

 

4.1

%

Cost of other

 

271,028

 

 

 

261,398

 

 

3.7

%

Selling and administrative expenses

 

685,313

 

 

 

641,865

 

 

6.8

%

 

 

 

 

 

 

Operating income

 

591,390

 

 

 

499,683

 

 

18.4

%

 

 

 

 

 

 

Interest income

 

(962

)

 

 

(769

)

 

25.1

%

Interest expense

 

26,665

 

 

 

26,590

 

 

0.3

%

 

 

 

 

 

 

Income before income taxes

 

565,687

 

 

 

473,862

 

 

19.4

%

Income taxes

 

117,192

 

 

 

99,249

 

 

18.1

%

Net income

$

448,495

 

 

$

374,613

 

 

19.7

%

 

 

 

 

 

 

Basic earnings per share

$

1.11

 

 

$

0.92

 

 

20.7

%

 

 

 

 

 

 

Diluted earnings per share

$

1.09

 

 

$

0.90

 

 

21.1

%

 

 

 

 

 

 

Basic weighted average common shares outstanding

 

403,581

 

 

 

406,669

 

 

 

Diluted weighted average common shares outstanding

 

410,667

 

 

 

413,066

 

 

 

Cintas Corporation

Consolidated Condensed Statements of Income

(Unaudited)

(In thousands except per share data)

 

 

Six Months Ended

 

November 30, 2024

 

November 30, 2023

 

%

Change

Revenue:

 

 

 

 

 

Uniform rental and facility services

$

3,924,249

 

 

$

3,677,367

 

 

6.7

%

Other

 

1,139,121

 

 

 

1,042,140

 

 

9.3

%

Total revenue

 

5,063,370

 

 

 

4,719,507

 

 

7.3

%

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

Cost of uniform rental and facility services

 

1,995,215

 

 

 

1,921,814

 

 

3.8

%

Cost of other

 

539,321

 

 

 

514,574

 

 

4.8

%

Selling and administrative expenses

 

1,376,413

 

 

 

1,282,880

 

 

7.3

%

 

 

 

 

 

 

Operating income

 

1,152,421

 

 

 

1,000,239

 

 

15.2

%

 

 

 

 

 

 

Interest income

 

(2,212

)

 

 

(1,191

)

 

85.7

%

Interest expense

 

52,284

 

 

 

51,134

 

 

2.2

%

 

 

 

 

 

 

Income before income taxes

 

1,102,349

 

 

 

950,296

 

 

16.0

%

Income taxes

 

201,821

 

 

 

190,598

 

 

5.9

%

Net income

$

900,528

 

 

$

759,698

 

 

18.5

%

 

 

 

 

 

 

Basic earnings per share

$

2.22

 

 

$

1.86

 

 

19.4

%

 

 

 

 

 

 

Diluted earnings per share

$

2.19

 

 

$

1.83

 

 

19.7

%

 

 

 

 

 

 

Basic weighted average common shares outstanding

 

403,489

 

 

 

407,125

 

 

 

Diluted weighted average common shares outstanding

 

410,613

 

 

 

413,673

 

 

 

CINTAS CORPORATION SUPPLEMENTAL DATA

Gross Margin and Net Income Margin Results

 

 

Three Months Ended

 

Six Months Ended

 

November 30, 2024

 

November 30, 2023

 

November 30, 2024

 

November 30, 2023

 

 

 

 

 

 

 

 

Uniform rental and facility services

gross margin

49.1%

 

47.4%

 

49.2%

 

47.7%

Other gross margin

52.6%

 

50.4%

 

52.7%

 

50.6%

Total gross margin

49.8%

 

48.0%

 

49.9%

 

48.4%

Net income margin

17.5%

 

15.8%

 

17.8%

 

16.1%

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

 

 

Six Months Ended

(In thousands)

November 30, 2024

 

November 30, 2023

 

 

 

 

Net cash provided by operations

$

908,136

 

 

$

729,631

 

Capital expenditures

 

(194,337

)

 

 

(200,527

)

Free cash flow

$

713,799

 

 

$

529,104

 

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

 

 

Three Months Ended

 

 

Six Months Ended

 

November 30, 2024

 

November 30, 2023

 

Growth

%

 

 

November 30, 2024

 

November 30, 2023

 

Growth

%

 

A

 

B

 

G

 

 

I

 

J

 

O

Revenue

$2,561,783

 

$2,377,177

 

7.8%

 

 

$5,063,370

 

$4,719,507

 

7.3%

 

 

 

 

 

G=(A-B)/B

 

 

 

 

 

 

O=(I-J)/J

 

C

 

D

 

 

 

 

K

 

L

 

 

Workdays in the

period

65

 

65

 

 

 

 

130

 

131

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

E

 

F

 

H

 

 

M

 

N

 

P

Workday adjusted

revenue

$2,561,783

 

$2,377,177

 

7.8%

 

 

$5,102,319

 

$4,719,507

 

8.1%

 

E=(A/C)*D

 

F=(B/D)*D

 

H=(E-F)/F

 

 

M=(I/K)*L

 

N=(J/L)*L

 

P=(M-N)/N

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition and foreign currency

exchange impact, net

 

 

 

(0.7)%

 

 

 

 

 

 

(0.5)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Organic revenue growth

 

 

 

7.1%

 

 

 

 

 

 

7.6%

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 November 30, 2024

 

 

 

 

 

 

Revenue

$

1,990,410

 

$

299,367

 

$

272,006

 

$

2,561,783

Gross margin

$

976,358

 

$

171,485

 

$

128,860

 

$

1,276,703

Selling and administrative expenses

$

503,999

 

$

96,262

 

$

85,052

 

$

685,313

Operating income

$

472,359

 

$

75,223

 

$

43,808

 

$

591,390

 

 

 

 

 

 

 

 

For the three months ended November 30, 2023

 

 

 

 

 

 

Revenue

$

1,850,542

 

$

266,401

 

$

260,234

 

$

2,377,177

Gross margin

$

876,311

 

$

145,316

 

$

119,921

 

$

1,141,548

Selling and administrative expenses

$

476,700

 

$

86,785

 

$

78,380

 

$

641,865

Operating income

$

399,611

 

$

58,531

 

$

41,541

 

$

499,683

 

 

 

 

 

 

 

 

For the six months ended November 30, 2024

 

 

 

 

 

 

Revenue

$

3,924,249

 

$

591,934

 

$

547,187

 

$

5,063,370

Gross margin

$

1,929,034

 

$

340,288

 

$

259,512

 

$

2,528,834

Selling and administrative expenses

$

1,010,237

 

$

193,777

 

$

172,399

 

$

1,376,413

Operating income

$

918,797

 

$

146,511

 

$

87,113

 

$

1,152,421

 

 

 

 

 

 

 

 

For the six months ended November 30, 2023

 

 

 

 

 

 

Revenue

$

3,677,367

 

$

527,094

 

$

515,046

 

$

4,719,507

Gross margin

$

1,755,553

 

$

291,092

 

$

236,474

 

$

2,283,119

Selling and administrative expenses

$

949,414

 

$

172,980

 

$

160,486

 

$

1,282,880

Operating income

$

806,139

 

$

118,112

 

$

75,988

 

$

1,000,239

Cintas Corporation

Consolidated Condensed Balance Sheets

(In thousands)

 

 

November 30, 2024

 

May 31, 2024

 

(Unaudited)

 

 

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

122,395

 

 

$

342,015

 

Accounts receivable, net

 

1,370,493

 

 

 

1,244,182

 

Inventories, net

 

394,605

 

 

 

410,201

 

Uniforms and other rental items in service

 

1,094,039

 

 

 

1,040,144

 

Income taxes, current

 

10,920

 

 

 

—

 

Prepaid expenses and other current assets

 

177,939

 

 

 

148,665

 

Total current assets

 

3,170,391

 

 

 

3,185,207

 

 

 

 

 

Property and equipment, net

 

1,590,688

 

 

 

1,534,168

 

 

 

 

 

Investments

 

340,134

 

 

 

302,212

 

Goodwill

 

3,323,043

 

 

 

3,212,424

 

Service contracts, net

 

323,504

 

 

 

321,902

 

Operating lease right-of-use assets, net

 

184,159

 

 

 

187,953

 

Other assets, net

 

434,610

 

 

 

424,951

 

 

$

9,366,529

 

 

$

9,168,817

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

418,259

 

 

$

339,166

 

Accrued compensation and related liabilities

 

157,793

 

 

 

214,130

 

Accrued liabilities

 

753,986

 

 

 

761,283

 

Income taxes, current

 

—

 

 

 

18,618

 

Operating lease liabilities, current

 

46,921

 

 

 

45,727

 

Debt due within one year

 

630,808

 

 

 

449,595

 

Total current liabilities

 

2,007,767

 

 

 

1,828,519

 

 

 

 

 

Long-term liabilities:

 

 

 

Debt due after one year

 

2,026,963

 

 

 

2,025,934

 

Deferred income taxes

 

476,929

 

 

 

475,512

 

Operating lease liabilities

 

141,973

 

 

 

146,824

 

Accrued liabilities

 

419,791

 

 

 

375,656

 

Total long-term liabilities

 

3,065,656

 

 

 

3,023,926

 

 

 

 

 

Shareholders’ equity:

 

 

 

Preferred stock, no par value:

100 shares authorized, none outstanding

 

—

 

 

 

—

 

Common stock, no par value, and paid-in capital:

1,700,000 shares authorized

FY 2025: 775,764 issued and 403,496 outstanding

FY 2024: 773,097 issued and 405,008 outstanding

 

2,474,313

 

 

 

2,305,301

 

Retained earnings

 

11,202,524

 

 

 

10,617,955

 

Treasury stock:

FY 2025: 372,268 shares

FY 2024: 368,089 shares

 

(9,452,256

)

 

 

(8,698,085

)

Accumulated other comprehensive income

 

68,525

 

 

 

91,201

 

Total shareholders’ equity

 

4,293,106

 

 

 

4,316,372

 

 

$

9,366,529

 

 

$

9,168,817

 

Cintas Corporation

Consolidated Condensed Statements of Cash Flows

(Unaudited)

(In thousands)

 

 

Six Months Ended

 

November 30, 2024

 

November 30, 2023

Cash flows from operating activities:

 

 

 

Net income

$

900,528

 

 

$

759,698

 

 

 

 

 

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

 

 

 

Depreciation

 

149,340

 

 

 

136,803

 

Amortization of intangible assets and capitalized contract costs

 

95,907

 

 

 

79,235

 

Stock-based compensation

 

65,784

 

 

 

53,182

 

Gain on sale of property and equipment

 

(4,295

)

 

 

—

 

Deferred income taxes

 

3,753

 

 

 

(7,105

)

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

 

 

 

Accounts receivable, net

 

(129,053

)

 

 

(120,881

)

Inventories, net

 

18,751

 

 

 

32,093

 

Uniforms and other rental items in service

 

(53,665

)

 

 

(21,649

)

Prepaid expenses and other current assets and capitalized contract costs

 

(110,105

)

 

 

(80,056

)

Accounts payable

 

80,292

 

 

 

14,981

 

Accrued compensation and related liabilities

 

(53,759

)

 

 

(86,725

)

Accrued liabilities and other

 

(25,770

)

 

 

(30,453

)

Income taxes, current

 

(29,572

)

 

 

508

 

Net cash provided by operating activities

 

908,136

 

 

 

729,631

 

 

 

 

 

Cash flows from investing activities:

 

 

 

Capital expenditures

 

(194,337

)

 

 

(200,527

)

Purchases of investments

 

(7,092

)

 

 

(7,475

)

Proceeds from sale of property and equipment

 

5,908

 

 

 

—

 

Acquisitions of businesses, net of cash acquired

 

(154,884

)

 

 

(73,997

)

Other, net

 

1,402

 

 

 

(196

)

Net cash used in investing activities

 

(349,003

)

 

 

(282,195

)

 

 

 

 

Cash flows from financing activities:

 

 

 

Issuance of commercial paper, net

 

181,000

 

 

 

210,000

 

Repayment of debt

 

—

 

 

 

(13,450

)

Proceeds from exercise of stock-based compensation awards

 

575

 

 

 

929

 

Dividends paid

 

(295,564

)

 

 

(255,839

)

Repurchase of common stock

 

(651,518

)

 

 

(423,128

)

Other, net

 

(11,438

)

 

 

(4,322

)

Net cash used in financing activities

 

(776,945

)

 

 

(485,810

)

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

(1,808

)

 

 

(219

)

 

 

 

 

Net decrease in cash and cash equivalents

 

(219,620

)

 

 

(38,593

)

Cash and cash equivalents at beginning of period

 

342,015

 

 

 

124,149

 

Cash and cash equivalents at end of period

$

122,395

 

 

$

85,556

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20241219759206/en/

J. Michael Hansen, Executive Vice President & Chief Financial Officer - 513-972-2079 Jared S. Mattingley, Vice President, Treasurer & Investor Relations - 513-972-4195