(In thousands except per share and percentage data)
Fiscal Years Ended May 31,
2015(1)
2016(1)
2017(1)(3)
2018(1)
2019(1)(2)
Compound Annual Growth (2015-2019)
Revenue
$
4,369,677
$
4,795,772
$
5,323,381
$
6,476,632
$
6,892,303
12.1%
Net Income, Continuing Operations
402,553
448,605
457,286
783,932
882,635
21.7%
Net Income, Discontinued Operations
28,065
244,915
23,422
58,654
2,346
(46.2)%
Net Income
$
430,618
$
693,520
$
480,708
$
842,586
$
884,981
19.7%
Basic Earnings Per Share:
Continuing Operations
$
3.44
$
4.08
$
4.27
$
7.24
$
8.23
24.4%
Discontinued Operations
0.24
2.22
0.22
0.54
0.02
(46.3)%
Basic Earnings Per Share
$
3.68
$
6.30
$
4.49
$
7.78
$
8.25
22.4%
Diluted Earnings Per Share:
Continuing Operations
$
3.39
$
4.02
$
4.17
$
7.03
$
7.97
23.8%
Discontinued Operations
0.24
2.19
0.21
0.53
0.02
(46.3)%
Diluted Earnings Per Share
$
3.63
$
6.21
$
4.38
$
7.56
$
7.99
21.8%
Dividends Per Share
$
1.70
$
1.05
$
1.33
$
1.62
$
2.05
4.8%
Total Assets (4)
$
4,185,675
$
4,098,815
$
6,844,057
$
6,958,214
$
7,436,662
15.5%
Shareholders' Equity
$
1,932,455
$
1,842,659
$
2,302,793
$
3,016,526
$
3,002,721
11.6%
Return on Average Equity (5)
19.5
%
23.8
%
22.1
%
29.5
%
29.3
%
Long-Term Debt (4)
$
1,293,215
$
1,294,422
$ 3,133,524(6)
$
2,535,309
$
2,849,771
(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 17 entitled Discontinued Operations of "Notes to Consolidated Financial Statements" for additional information.
(2)
In accordance with the applicable accounting guidance for revenue from contracts with customers, Cintas capitalizes commission expenses and amortizes them on a straight-line basis over the expected period of benefit. The current and noncurrent assets related to capitalized contract costs included in the consolidated balance sheet at May 31, 2019, totaled $69.6 million and $206.0 million, respectively. Historical periods presented prior to fiscal 2019 do not include capitalized contract costs, and, as a result, the information may not be comparable. Please see Note 2 entitled Revenue Recognition of "Notes to Consolidated Financial Statements" for additional information.
(3)
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.
(4)
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 and 2015 were reclassifications of $5.6 million and $6.8 million, respectively, from other assets to long-term liabilities.
(5)
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.
(6)
Includes issuance of approximately $2.1 billion in debt to fund the G&K acquisition. Please see Note 7 entitled Debt and Derivatives of "Notes to Consolidated Financial Statements" for additional information.
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