(In thousands except per share and percentage data) Fiscal Years Ended May 31,
2014(1)
2015(1)
2016(1)
2017(1)(2)
2018(1)
Compound Annual Growth (2014-2018)
Revenue
$
4,091,204
$
4,369,677
$
4,795,772
$
5,323,381
$
6,476,632
12.2
%
Net Income, Continuing Operations
330,541
402,553
448,605
457,286
783,932
24.1
%
Net Income, Discontinued Operations
43,901
28,065
244,915
23,422
58,654
7.5
%
Net Income
$
374,442
$
430,618
$
693,520
$
480,708
$
842,586
22.5
%
Basic Earnings Per Share:
Continuing Operations
$
2.72
$
3.44
$
4.08
$
4.27
$
7.24
27.7
%
Discontinued Operations
0.36
0.24
2.22
0.22
0.54
10.7
%
Basic Earnings Per Share
$
3.08
$
3.68
$
6.30
$
4.49
$
7.78
26.1
%
Diluted Earnings Per Share:
Continuing Operations
$
2.69
$
3.39
$
4.02
$
4.17
$
7.03
27.1
%
Discontinued Operations
0.36
0.24
2.19
0.21
0.53
10.2
%
Diluted Earnings Per Share
$
3.05
$
3.63
$
6.21
$
4.38
$
7.56
25.5
%
Dividends Per Share
$
0.77
$
1.70
$
1.05
$
1.33
$
1.62
20.4
%
Total Assets (3)
$
4,454,457
$
4,185,675
$
4,098,815
$
6,844,057
$
6,958,214
11.8
%
Shareholders' Equity
$
2,192,858
$
1,932,455
$
1,842,659
$
2,302,793
$
3,016,526
8.3
%
Return on Average Equity (4)
15.0
%
19.5
%
23.8
%
22.1
%
29.5
%
Long-Term Debt (3)
$
1,292,482
$
1,293,215
$
1,294,422
$ 3,133,524(5)
$
2,535,309
(1)
In accordance with the applicable accounting guidance for the disposal of long-lived assets and discontinued operations, the results of Discontinued Services, Shredding and Storage have been excluded from continuing operations for all periods presented. Please see Note 16 entitled Discontinued Operations of "Notes to Consolidated Financial Statements" for additional information.
(2)
Includes G&K results of operations from March 21, 2017 through May 31, 2017. Historical periods presented prior to fiscal 2017 do not include G&K, and as a result, the information may not be comparable. Please see Note 9 entitled Acquisitions and Divestitures of "Notes to Consolidated Financial Statements" for additional information regarding the G&K acquisition.
(3)
In accordance with the applicable accounting guidance for simplifying the presentation of debt issuance costs, the debt costs related to recognized debt liabilities have been excluded from Total Assets and reclassified to Long-Term Debt as a direct deduction from the carrying amount of the debt liabilities. The impact of this change in accounting principle on balances previously reported for fiscal 2016, 2015 and 2014 were reclassifications of $5.6 million, $6.8 million and $8.0 million, respectively, from other assets to long-term liabilities.
(4)
Return on average equity is computed as net income from continuing operations divided by the average of shareholders' equity. We believe that disclosure of this non-GAAP financial measure gives management and shareholders a good indication of Cintas' historical performance.
(5)
Includes issuance of approximately $2.1 billion in debt to fund the G&K acquisition. Please see Note 6 entitled Debt and Derivatives of "Notes to Consolidated Financial Statements" for additional information.
filings.tools