Revenue growth was positively impacted by 0.9% due to acquisitions. Cintas acquired several individually immaterial businesses by reportable operating segment and All Other during the nine months ended February 28, 2025.

Revenue growth was a result of new business, the penetration of additional products and services into existing customers and price increases, partially offset by lost business. This indicates successful cross-selling strategies.

Cost of uniform rental and facility services improved as a percent of revenue due to more efficient routing due to our SmartTruck initiative. This indicates successful investment in technology to improve operational efficiency.

Cost of uniform rental and facility services improved as a percent of revenue, decreasing from 51.2% to 50.0%. This indicates effective cost management by the management team.

Selling and administrative expenses as a percent of revenue increased due to investments in technology. This indicates management is investing in technology to improve future performance.

Cintas continues to repurchase shares under its share buyback program. From the inception of the July 26, 2022 share buyback program through April 3, 2025, Cintas has purchased 3.1 million shares of Cintas common stock in the aggregate, at an average price of $172.85 per share, for a total purchase price of $530.7 million.

We recorded $15.0 million in costs associated with a tentative legal settlement in the three months ended February 29, 2024. This indicates potential legal risks that could impact future profitability.

Cintas acknowledges uncertainties regarding its ability to meet its aspirations relating to sustainability opportunities, improvements and efficiencies. This highlights the challenges in achieving sustainability goals.

Cintas acknowledges risks associated with cybersecurity threats, including disruptions caused by the inaccessibility of computer systems data and cybersecurity risk management. This indicates a potential risk to operations and data security.

Cintas is North America's leading provider of corporate identity uniforms through rental and sales programs, as well as a significant provider of related business services. This indicates a strong competitive position.

Cintas broadens its customer base through geographic expansion. This indicates a strategy to increase market share.

Cintas acknowledges the reactions of competitors in terms of price and service as a risk factor. This indicates a competitive market environment.

The SmartTruck initiative led to more efficient routing, contributing to improved cost of uniform rental and facility services as a percent of revenue. This demonstrates a focus on operational efficiency.

Sourcing and productivity initiatives in the First Aid and Safety Services reportable operating segment contributed to improved gross margin. This indicates successful operational improvements.

More efficient usage of in-service inventory contributed to improved cost of uniform rental and facility services as a percent of revenue. This demonstrates a focus on operational efficiency.

Selling and administrative expenses as a percent of revenue increased due to investments in technology. This indicates management is investing in technology to improve future performance.

The SmartTruck initiative led to more efficient routing, contributing to improved cost of uniform rental and facility services as a percent of revenue. This demonstrates a focus on operational efficiency.

Cintas acknowledges risks associated with cybersecurity threats, including disruptions caused by the inaccessibility of computer systems data and cybersecurity risk management. This indicates a potential risk to operations and data security.

Cintas continues to repurchase shares under its share buyback program. From the inception of the July 26, 2022 share buyback program through April 3, 2025, Cintas has purchased 3.1 million shares of Cintas common stock in the aggregate, at an average price of $172.85 per share, for a total purchase price of $530.7 million.

Capital expenditures were $294.3 million and $307.6 million for the nine months ended February 28, 2025 and February 29, 2024, respectively. Capital expenditures in the nine months ended February 28, 2025, included $219.3 million for the Uniform Rental and Facility Services reportable operating segment and $37.7 million for the First Aid and Safety Services reportable operating segment.

Nine months ended February 28, 2025, total dividends were $453.7 million, compared to $393.3 million year over year.

Cintas acknowledges uncertainties regarding its ability to meet its aspirations relating to sustainability opportunities, improvements and efficiencies. This highlights the challenges in achieving sustainability goals.

Cintas acknowledges the failure to comply with government regulations concerning employment discrimination, employee pay and benefits and employee health and safety as a risk factor.

Cintas is subject to legal proceedings, insurance receipts, legal settlements and claims arising from the ordinary course of its business, including personal injury, customer contract, environmental and employment claims.

Cintas acknowledges macroeconomic conditions, including inflationary pressures and higher interest rates, as factors that could cause actual results to differ from those set forth in or implied by this Quarterly Report.

Cintas acknowledges changes in global trade policies, tariffs, and other measures that could restrict international trade as a risk factor.

Cintas acknowledges changes in global tax and labor laws as a risk factor.