Cintas Corp Q4 2023 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Ashish Sabadra - RBC Capital Markets, Research Division - Analyst : I wanted to turn down into the First Aid and Safety Services, we saw some material acceleration and growth there. I was wondering if you can talk about what's driving that strength. And then as we think about '24 any puts and takes that you would call out? Or how do we think about that momentum going forward?

Question: Ashish Sabadra - RBC Capital Markets, Research Division - Analyst : That's very helpful color. I just wanted to drill down further on the vertical sales strategy. Obviously, you mentioned you're seeing some pretty good success on that front. I was wondering if you could drill down further on the key verticals. And then also on your healthcare initiative, how those are trending, but also any other verticals that you would call out.

Question: Joshua K. Chan - UBS Investment Bank, Research Division - Analyst : Todd, Mike and Jared, congrats on a strong quarter. Yes. My first question, when you are selling First Aid and Fire, basically those adjacent businesses, how much of that growth is selling to existing customers? And how much of it gets you kind of entirely new customers that don't run Uniform from you? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JULY 13, 2023 / 2:00PM, CTAS.OQ - Q4 2023 Cintas Corp Earnings Call

Question: Joshua K. Chan - UBS Investment Bank, Research Division - Analyst : Great. That makes sense. Thanks for the color. And I guess for my follow-up, if I look at your incremental margin, it's climbed pretty steadily through 2023. I assume if you got better alignment between price and cost. So how are you thinking about the cadence of incremental margins looking into 2024?