Business Strategy
Cintas helps more than one million businesses of all types and sizes, primarily
in the United States (U.S.), as well as Canada and Latin America, get READY™ to
open their doors with confidence every day by providing a wide range of products
and services that enhance our customers' image and help keep their facilities
and employees clean, safe and looking their best. With products and services
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®. Cintas is also the creator of the Total
Clean Program™ - a first-of-its-kind service that includes scheduled delivery of
essential cleaning supplies, hygienically clean laundering, and sanitizing and
disinfecting products and services.

We are North America's leading provider of corporate identity uniforms through
rental and sales programs, as well as a significant provider of related business
services, including entrance mats, restroom cleaning services and supplies,
first aid and safety services and fire protection products and services.

Cintas' principal objective is "to exceed customers' expectations in order to
maximize the long-term value of Cintas for shareholders and working partners,"
and it provides the framework and focus for Cintas' business strategy. This
strategy is to achieve revenue growth for all our products and services by
increasing our penetration at existing customers and by broadening our customer
base to include market segments to which we have not historically served. We
will also continue to identify additional product and service opportunities for
our current and future customers.

To pursue the strategy of increasing penetration, we have a highly talented and
diverse team of service professionals visiting our customers on a regular basis.
This frequent contact with our customers enables us to develop close personal
relationships. The combination of our distribution system and these strong
customer relationships provides a platform from which we launch additional
products and services.

We pursue the strategy of broadening our customer base in several ways. Cintas
has a national sales organization introducing all its products and services to
prospects in all market segments. Our broad range of products and services
allows our sales organization to consider any type of business a prospect. We
also broaden our customer base through geographic expansion. Finally, we
evaluate strategic acquisitions as opportunities arise.

Results of Operations
Cintas classifies its business into two reportable operating segments and places
the remainder of its operating segments in an All Other category. Cintas' two
reportable operating segments are Uniform Rental and Facility Services and First
Aid and Safety Services. The Uniform Rental and Facility Services reportable
operating segment consists of the rental and servicing of uniforms and other
garments including flame resistant clothing, mats, mops and shop towels and
other ancillary items. In addition to these rental items, restroom cleaning
services and supplies and the sale of items from our catalogs to our customers
on route are included within this reportable operating segment. The First Aid
and Safety Services reportable operating segment consists of first aid and
safety products and services. The remainder of Cintas' business, which consists
of the Fire Protection Services operating segment and the Uniform Direct Sale
operating segment, is included in All Other. These operating segments consist of
fire protection products and services and the direct sale of uniforms and
related items. Cintas evaluates operating segment performance based on revenue
and income before income taxes. Revenue and income before income taxes for the
three and six months ended November 30, 2021 and 2020, for the two reportable
operating segments and All Other are presented in   Note     1    1   entitled
Segment Information of "Notes to Consolidated Condensed Financial Statements."

We have operations throughout the U.S. and Canada and participate in a global
supply chain. During most of fiscal 2021, the existence of the novel strain of
coronavirus (COVID-19) pandemic, the fear associated with the COVID-19 pandemic
and the reactions of governments around the world in response to the COVID-19
pandemic to regulate the flow of labor and products and impede the business of
our customers, impacted our ability to conduct normal business operations, which
had an adverse effect on our business. Many of Cintas' customers were also
impacted by the COVID-19 pandemic, and we saw an impact on some customer's
ability to pay timely. While there was
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minimal disruption to our supply chain, Cintas did increase inventory, primarily
personal protective equipment and facility services inventory, in response to
the customer needs and demand associated with the safety and cleanliness
requirements of COVID-19. The increase in inventory resulted in additional
inventory reserves during fiscal 2021 and could result in future inventory
reserve increases if demand for personal protective equipment materially
declines. The on-going roll out of the COVID-19 vaccines and gradual lifting of
COVID-19 restrictions had a positive impact on our business during the three and
six months ended November 30 2021. The impact of the COVID-19 pandemic,
including the emergence of the Omicron variant, is fluid and continues to
evolve, and therefore, we cannot predict the extent to which our business,
consolidated results of operations, consolidated financial condition or
liquidity will ultimately be impacted.

Consolidated Results
Three Months Ended November 30, 2021 Compared to Three Months Ended November 30,
2020

Total revenue increased 9.4% to $1,922.3 million for the three months ended
November 30, 2021, compared to $1,757.0 million for the three months ended
November 30, 2020. The organic revenue growth rate, which adjusts for the impact
of acquisitions, divestitures and foreign currency exchange rate fluctuations,
was 9.3%. Revenue growth was negatively impacted by a net 0.2% due to
acquisitions and divestitures and positively impacted by 0.3% due to foreign
currency exchange rate fluctuations.

Uniform Rental and Facility Services reportable operating segment revenue was
$1,535.3 million for the three months ended November 30, 2021, compared to
$1,410.5 million for the same period in the prior fiscal year, which was an
increase of 8.8%. The organic revenue grow rate for this reportable operating
segment was 8.5%. Revenue growth in the Uniform Rental and Facility Services
reportable operating segment was positively impacted by 0.3% due to foreign
currency exchange rate fluctuations. 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. New business
growth resulted from an increase in the number and productivity of sales
representatives.

Other revenue, consisting of revenue from the First Aid and Safety Services
reportable operating segment and All Other, increased 11.7% for the three months
ended November 30, 2021, compared to the same period in the prior fiscal year,
from $346.6 million to $387.0 million. The organic revenue growth rate for other
revenue was 12.8%. Revenue growth was negatively impacted by a net 1.2% due to
acquisitions and divestitures and positively impacted by 0.1% due to foreign
currency exchange rate fluctuations.

Cost of uniform rental and facility services consists primarily of production
expenses, delivery expenses and the amortization of in service inventory,
including uniforms, mats, shop towels and other ancillary items. Cost of uniform
rental and facility services increased $77.5 million, or 10.5%, for the three
months ended November 30, 2021, compared to the three months ended November 30,
2020. This change from the prior fiscal year was primarily due to higher Uniform
Rental and Facility Services reportable operating segment sales volume, as well
as increased energy costs and labor to generate the revenue growth achieved
during the three months ended November 30, 2021 as well as anticipated revenue
growth during the remainder of the current fiscal year.

Cost of other consists primarily of cost of goods sold (predominantly first aid
and safety products, personal protective equipment, uniforms, and fire
protection products), delivery expenses and distribution expenses in the First
Aid and Safety Services reportable operating segment and All Other. Cost of
other increased $22.5 million, or 11.4%, for the three months ended November 30,
2021, compared to the three months ended November 30, 2020, primarily due to
increased sales volume in each of the underlying operating segments. Cost of
other improved as a percentage of revenue, decreasing from 56.9% for three
months ended November 30, 2020 to 56.8% for the three months ended November 30,
2021. The improvement in cost of sales as a percent to revenue was primarily due
to a favorable change in sales mix, including a decrease in the proportion of
sales related to personal protective equipment.

Selling and administrative expenses increased $36.9 million, or 7.9%, in the
three months ended November 30, 2021, compared to the same period of the prior
fiscal year. The increase in expense was primarily due to increases in selling
labor and increased travel and meeting expenses. Selling and administrative
expenses as a percent of revenue were 26.2% for the three months ended November
30, 2021, which is a 40 basis point improvement compared to 26.6% for the same
period in the prior fiscal year. The improvement as a percent of revenue was
primarily due to revenue growth outpacing the growth in expenses. In addition,
lower labor and employee-partner
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related expenses during the three months ended November 30, 2021 more than offset a one-time benefit from the gain on the sale of certain operating assets during the three months ended November 30, 2020.



Operating income was $381.2 million, or 19.8% of revenue, for the three months
ended November 30, 2021, compared to $352.9 million, or 20.1% of revenue, for
the three months ended November 30, 2020. The 30 basis point decrease in
operating income as a percent of revenue was due to a one-time benefit from the
gain on the sale of certain operating assets for the three months ended November
30, 2020.

Net interest expense (interest expense less interest income) was $21.8 million
for the three months ended November 30, 2021, compared to $24.3 million for the
three months ended November 30, 2020. The change was primarily due to the
replacement of the $250.0 million of senior notes with an interest rate of 4.30%
that matured on June 1, 2021, with commercial paper that had an interest rate of
0.22% at November 30, 2021.

Cintas' effective tax rate for continuing operations was 18.0% and 13.3% for the
three months ended November 30, 2021 and 2020, respectively. The effective tax
rate in both periods was impacted by certain discrete items, primarily the tax
accounting impact for stock-based compensation. In addition, the effective tax
rate for the three months ended November 30, 2020 included a one-time tax
benefit on the sale of certain operating assets.

Net income for the three months ended November 30, 2021 increased $9.8 million,
or 3.4%, compared to the three months ended November 30, 2020. Diluted earnings
per share were $2.76 for the three months ended November 30, 2021, which was an
increase of 5.3% compared to the same period in the prior fiscal year. Diluted
earnings per share increased primarily due to the increase in net income
combined with the decrease in diluted weighted average common shares
outstanding. The decrease in diluted weighted average common shares outstanding
resulted from purchasing an aggregate of approximately 3.0 million shares of
common stock under the October 30, 2018 and October 29, 2019 share buyback
programs since the beginning of the third quarter of fiscal 2021 through the
first quarter of fiscal 2022.

Uniform Rental and Facility Services Reportable Operating Segment Three Months Ended November 30, 2021 Compared to Three Months Ended November 30, 2020



Uniform Rental and Facility Services reportable operating segment revenue was
$1,535.3 million for the three months ended November 30, 2021 compared to
$1,410.5 million for the same period of the prior fiscal year, and the cost of
uniform rental and facility services increased $77.5 million, or 10.5%. The
organic revenue grow rate for the reportable operating segment was 8.5%. The
reportable operating segment's gross margin was $718.0 million, or 46.8% of
revenue. The gross margin was 70 basis points lower than the prior fiscal year's
second quarter gross margin of 47.5%. The difference in gross margin as a
percent to revenue was driven primarily by a 40 basis point increase in energy
costs and labor to generate the revenue growth achieved during the six months
ended November 30, 2021 as well as anticipated revenue growth during the
remainder of the current fiscal year.

Selling and administrative expenses for the Uniform Rental and Facility Services
reportable operating segment increased $25.3 million in the three months ended
November 30, 2021 compared to the same period of the prior fiscal year primarily
due to an investment in the sales force and the inclusion of a one-time gain on
sale of certain assets in the prior fiscal year period. Selling and
administrative expenses as a percent of revenue for the three months ended
November 30, 2021 improved to 24.8% compared to the 25.2% in the second quarter
of the prior fiscal year. The improvement in percent of revenue was primarily
due to efficiencies in labor and employee-partner related expenses during the
three months ended November 30, 2021, that more than offset the gain on sale of
certain operating assets during the three months ended November 30, 2020.

Income before income taxes increased $22.0 million, or 7.0%, for the Uniform
Rental and Facility Services reportable operating segment for the three months
ended November 30, 2021, compared to the same period in the prior fiscal
year. Income before income taxes was 22.0% of the reportable operating segment's
revenue, which was a 40 basis point decrease from the second quarter of the
prior fiscal year of 22.4%. This decrease was primarily due to the previously
discussed changes in gross margin and selling and administrative expenses as a
percent of revenue.




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First Aid and Safety Services Reportable Operating Segment Three Months Ended November 30, 2021 Compared to Three Months Ended November 30, 2020



First Aid and Safety Services reportable operating segment revenue increased
from $194.4 million to $202.2 million, or 4.0%, for the three months ended
November 30, 2021, over the same period in the prior fiscal year. The organic
revenue growth rate for the reportable operating segment was 3.2%. First Aid and
Safety Services reportable operating segment revenue was positively impacted by
0.6% due to acquisitions and by 0.2% due to foreign currency exchange rate
fluctuations. The increase in revenue was driven by many factors including new
business sold by sales representatives, penetration of additional products and
services into existing customers and strong customer retention, which more than
offset the significant one-time sales of personal protective equipment in the
prior fiscal year period.

Cost of first aid and safety services increased $3.3 million, or 3.0%, for the
three months ended November 30, 2021, over the three months ended November 30,
2020, due to higher sales volume. The gross margin as a percent of revenue was
43.5% for the quarter ended November 30, 2021, compared to the gross margin as a
percent of revenue of 43.0% in the same period of the prior fiscal year. The
improvement in gross margin from the second quarter of the prior year was
primarily driven by a decrease in the proportion of sales related to personal
protective equipment, which typically have lower gross margins than first aid
cabinet sales.
Selling and administrative expenses increased $3.9 million in the three months
ended November 30, 2021, compared to the same period of the prior fiscal year,
Selling and administrative expenses as a percent of revenue for the three months
ended November 30, 2021 were 32.6%, compared to 31.9% in the second quarter of
the prior fiscal year. The change as a percent of revenue from the prior year
was primarily due to an investment in the sales force to support our strong
current revenue growth and anticipated revenue growth.

Income before income taxes for the First Aid and Safety Services reportable
operating segment increased $0.6 million to $22.1 million for the three months
ended November 30, 2021, compared to the same period in the prior fiscal
year. Income before income taxes was 10.9% of the reportable operating segment's
revenue compared to the second quarter of the prior fiscal year of 11.1%. The
increase in income before income taxes was due to the previously discussed
increase in gross margin.

Consolidated Results
Six Months Ended November 30, 2021 Compared to Six Months Ended November 30,
2020

Total revenue increased 9.0% to $3,819.2 million for the six months ended
November 30, 2021, compared to $3,503.6 million for the six months ended
November 30, 2020. Total organic revenue growth was 9.0%. Organic growth adjusts
for the impact of acquisitions, divestitures and foreign currency exchange rate
fluctuations. Revenue growth was negatively impacted by a net 0.3% due to
acquisitions and divestitures and positively impacted by 0.3% due to foreign
currency exchange rate fluctuations.

Uniform Rental and Facility Services reportable operating segment revenue was
$3,043.4 million for the six months ended November 30, 2021, compared to
$2,804.9 million in the same period of the prior fiscal year, which was an
increase of 8.5%. Organic revenue growth for this reportable operating segment
was 8.3%. Uniform Rental and Facility Services reportable operating segment
revenue was negatively impacted by a net 0.3% due to acquisitions and
divestitures and positively impacted by 0.5% due to foreign currency exchange
rate fluctuations. 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. New business growth resulted from an increase
in the number and productivity of sales representatives.

Other revenue, consisting of revenue from the First Aid and Safety Services
reportable operating segment and All Other, was $775.8 million for the six
months ended November 30, 2021, compared to $698.7 million for the six months
ended November 30, 2020, which was an increase of 11.0%. Other revenue organic
growth was 11.5%. Revenue growth was negatively impacted by a net 0.7% due to
acquisitions and divestitures and positively impacted by 0.2% due to foreign
currency exchange rate fluctuations.

Cost of uniform rental and facility services consists primarily of production
expenses, delivery expenses and the amortization of in service inventory,
including uniforms, mats, shop towels and other ancillary items. Cost of uniform
rental and facility services increased $141.3 million, or 9.7%, for the six
months ended November 30, 2021, compared to the six months ended November 30,
2020. This increase over the same period of the prior fiscal year
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was due to higher Uniform Rental and Facility Services reportable operating segment sales volume, as well as higher energy costs.



Cost of other consists primarily of cost of goods sold (predominantly first aid
and safety products, personal protective equipment, uniforms, and fire
protection products), delivery expenses and distribution expenses in the First
Aid and Safety Services reportable operating segment and All Other. Cost of
other increased $32.5 million, or 8.1%, for the six months ended November 30,
2021, compared to the six months ended November 30, 2020. Cost of other improved
as a percentage of revenue, decreasing from 57.6% for six months ended November
30, 2020 to 56.0% for the six months ended November 30, 2021. The decrease as a
percent of revenue was due to a decrease in the proportion of sales in the First
Aid and Safety Services reportable operating segment of personal protective
equipment, which typically have lower gross margins compared to the First Aid
cabinet sales.

Selling and administrative expenses increased $69.1 million, or 7.3%, for the
six months ended November 30, 2021, compared to the same period in the prior
fiscal year. Selling and administrative expenses improved as a percent to
revenue for the six months ended November 30, 2021 to 26.5%, compared to 26.9%
for the same period of the prior fiscal year. The improvement as a percent of
revenue was primarily due to lower labor and employee-partner related expenses
during the six months ended November 30, 2021, which more than offset the year
over year net negative impact of the gains on the sale of certain operating
assets.

Operating income was $775.3 million, or 20.3% of revenue, for the six months
ended November 30, 2021, compared to $702.6 million, or 20.1% of revenue, for
the six months ended November 30, 2020. The improvement in operating income as a
percent of revenue was due to the reasons previously discussed.

Net interest expense (interest expense less interest income) was $43.6 million
for the six months ended November 30, 2021, compared to $48.8 million for the
six months ended November 30, 2020. The change was primarily due to the
replacement of the $250.0 million of senior notes with an interest rate of 4.30%
that matured on June 1, 2021, with commercial paper that had an interest rate of
0.22% at November 30, 2021.

Cintas' effective tax rate was 14.5% and 10.5% for the six months ended November
30, 2021 and November 30, 2020, respectively. The effective tax rate in both
periods was impacted by certain discrete items, primarily the tax accounting for
stock-based compensation. In addition, the effective tax rate for the six months
ended November 30, 2020 included a one-time tax benefit on the sale of certain
operating assets.

Net income for the six months ended November 30, 2021 increased $41.0 million,
or 7.0%, compared to the six months ended November 30, 2020. Diluted earnings
per share was $5.87 for the six months ended November 30, 2021, which was an
increase of 8.7% compared to the same period in the prior fiscal year. Diluted
earnings per share increased due to the increase in net income combined with the
decrease in diluted weighted average common shares outstanding. The decrease in
diluted weighted average common shares outstanding resulted from purchasing an
aggregate of approximately 3.0 million shares of common stock under the October
30, 2018 and October 29, 2019 share buyback programs since the beginning of the
third quarter of fiscal 2021 through the first quarter of fiscal 2022.

Uniform Rental and Facility Services Reportable Operating Segment Six Months Ended November 30, 2021 Compared to Six Months Ended November 30, 2020



Uniform Rental and Facility Services reportable operating segment revenue
increased 8.5% to $3,043.4 million for the six months ended November 30, 2021,
compared to $2,804.9 million for the same period of the prior fiscal year, and
the cost of uniform rental and facility services increased $141.3 million, or
9.7%. Organic revenue growth for this reportable operating segment was 8.3%. The
reportable operating segment's gross margin was $1,446.9 million, or 47.5% of
revenue. The change in gross margin from the gross margin of 48.1% for the six
months ended November 30, 2020, was primarily due to an increase of 40 basis
points in energy costs.
Selling and administrative expenses for the Uniform Rental and Facility Services
reportable operating segment increased $60.8 million but remained the same as a
percent of revenue at 25.6% for both the six months ended November 30, 2021 and
2020. Efficiencies in labor and employee-partner related expense during the six
months ended November 30, 2021 offset a prior year gain on the sale of certain
operating assets during the six months ended November 30, 2020.

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Income before income taxes increased $36.4 million, or 5.8%, for the Uniform
Rental and Facility Services reportable operating segment for the six months
ended November 30, 2021, compared to the same period in the prior fiscal
year. Income before income taxes was 21.9% of the reportable operating segment's
revenue, which was a 60 basis point decrease compared to 22.5% for the six
months ended November 30, 2020. This increase was primarily due to the decrease
in gross margin.

First Aid and Safety Services Reportable Operating Segment Six Months Ended November 30, 2021 Compared to Six Months Ended November 30, 2020



First Aid and Safety Services reportable operating segment revenue increased
from $398.9 million to $401.3 million, or 0.6%, for the six months ended
November 30, 2021, over the same period in the prior fiscal year. Revenue for
this reportable operating segment declined organically by 0.1%. First Aid and
Safety Services reportable operating segment revenue was positively impacted by
0.6% due to acquisitions and by 0.1% due to foreign currency exchange rate
fluctuations. Increases in new business sold by sales representatives,
penetration of additional products and services into existing customers and
strong customer retention offset significant, non-recurring sales of personal
protective equipment in the prior fiscal year period.

Cost of first aid and safety services decreased $9.2 million, or 4.0%, for the
six months ended November 30, 2021, from the six months ended November 30, 2020,
due to a decrease in the proportion of sales related to personal protective
equipment, which typically have lower gross margins than First Aid cabinet
sales. The gross margin as a percent of revenue was 44.2% for the six months
ended November 30, 2021, which was an increase of 270 basis points compared to
the gross margin as a percent of revenue of 41.5% in the same period of the
prior fiscal year. The change in gross margin from the first half of the prior
fiscal year was primarily a result of the decrease in the proportion of sales
related to personal protective equipment.

Selling and administrative expenses increased $3.8 million, and increased as a
percent of revenue to 32.3%, compared to 31.5% for the six months ended November
30, 2020. The increase in expenses as a percent of revenue was primarily due to
an investment in the sales force to support our strong current fiscal year
revenue growth as well as anticipated revenue growth through the remainder of
the fiscal year.

Income before income taxes for the First Aid and Safety Services reportable
operating segment was $47.8 million for the six months ended November 30, 2021,
compared to $40.0 million for the same period in the prior fiscal year. Income
before income taxes, at 11.9% of the reportable operating segment's revenue,
increased 190 basis points compared to the same period of the prior fiscal year
due to the increase in gross margin.

Liquidity and Capital Resources
The following is a summary of our cash flows and cash and cash equivalents as of
and for the six months ended November 30:
(In thousands)                                            2021

2020



Net cash provided by operating activities             $  593,782      $

572,964


Net cash used in investing activities                 $ (151,595)     $

(51,242)

Net cash (used in) provided by financing activities $ (819,876) $ 34,461

Cash and cash equivalents at the end of the period $ 113,170 $ 703,175

Cash and cash equivalents as of November 30, 2021 and 2020, include $64.8 million and $37.5 million, respectively, that is located outside of the U.S.



Cash flows provided by operating activities have historically supplied us with a
significant source of liquidity. We generally use these cash flows to fund most,
if not all, of our operations and expansion activities and dividends on our
common stock. We may also use cash flows provided by operating activities, as
well as proceeds from long-term debt and short-term borrowings, to fund growth
and expansion opportunities, as well as other cash requirements such as the
repurchase of our common stock and payment of long-term debt.

We expect our cash flows from operating activities to remain sufficient to
provide us with adequate levels of short-term liquidity. In addition, we have
access to $1.0 billion of short-term debt from our revolving credit facility.
Although
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the impact of the COVID-19 pandemic is fluid and continues to evolve, we believe
our long-term liquidity position remains strong. We believe the Company has
sufficient liquidity to operate in the current business environment.
Acquisitions, repurchases of our common stock and dividends remain strategic
objectives, but they will be dependent on the economic outlook and liquidity of
the Company.

Net cash provided by operating activities was $593.8 million for the six months
ended November 30, 2021, compared to $573.0 million for the six months ended
November 30, 2020. The change from the prior fiscal year was primarily due to an
increase in net income, which was partially offset by unfavorable changes in
working capital, specifically, accounts receivable and Uniforms and other rental
items in service, which resulted from the growth in sales. In addition, we had a
favorable change in inventories, net, which was the result of a large amount of
inventory purchases in the prior fiscal year period related to the COVID-19
pandemic, including sanitizer, sanitizer stands, masks and gloves.

Net cash used in investing activities includes capital expenditures, purchases
of investments, proceeds from sale of operating assets and cash paid for
acquisitions of businesses. Capital expenditures were $108.6 million and $57.7
million for the six months ended November 30, 2021 and 2020, respectively.
Capital expenditures in the six months ended November 30, 2021 included $76.3
million for the Uniform Rental and Facility Services reportable operating
segment and $25.1 million for the First Aid and Safety Services reportable
operating segment. Cash paid for acquisitions of businesses was $45.7 million
and $6.9 million for the six months ended November 30, 2021 and 2020,
respectively. The acquisitions during both the six months ended November 30,
2021 and 2020 occurred in our Uniform Rental and Facility Services reportable
operating segment, our First Aid and Safety Services reportable operating
segment and our Fire Protection operating segment, which is included in All
Other. Also, during the six months ended November 30, 2021, the Company received
proceeds of $15.3 million from the sale of certain operating assets in All
Other. During the six months ended November 30, 2020, the Company received
proceeds of $23.4 million from the sale of certain operating assets, net of cash
disposed in the Uniform Rental and Facility Services reportable operating
segment. Net cash used in investing activities also includes $6.0 million and
$7.2 million of purchases of investments during the six months ended November
30, 2021 and 2020, respectively.

Net cash used in financing activities was $819.9 million for the six months
ended November 30, 2021, and net cash provided by financing activities was $34.5
million for the six months ended November 30, 2020. The change in cash used in
financing activities was primarily due to the increase in share buyback
activity, debt payments and dividend payments, partially offset by the net
issuance of commercial paper in the six months ended November 30, 2021.

On October 29, 2019, we announced the Board of Directors authorized a
$1.0 billion share buyback program, which was completed during the first quarter
of fiscal 2022. On July 27, 2021, we announced that the Board of Directors
authorized a new $1.5 billion share buyback program, which does not have an
expiration date. The following table summarizes the buyback activity by program
for the six months ended November 30:
                                                    2021                                                       2020
Buyback Program
(In thousands except per                         Avg. Price           Purchase                             Avg. Price           Purchase
share data)                    Shares            per Share             Price             Shares            per Share              Price

October 29, 2019               1,590           $    365.41          $ 581,220                -           $         -          $        -
July 27, 2021                      -           $         -          $       -                -           $         -          $        -
                               1,590           $    365.41          $ 581,220                -           $         -          $        -



In addition, for the six months ended November 30, 2021, Cintas acquired 0.2
million shares of Cintas common stock for employee payroll taxes due on
restricted stock awards that vested during the six months ended November 30,
2021. These shares were acquired at an average price of $395.84 per share for a
total purchase price of $83.5 million. For the six months ended November 30,
2020, Cintas acquired 0.2 million shares of Cintas common stock for employee
payroll taxes due on restricted stock awards that vested during the six months
ended November 30, 2020. These shares were acquired at an average price of
$301.01 per share for a total purchase price of $71.4 million.

On April 13, 2021, our Board of Directors declared a quarterly dividend of $0.75
per share on outstanding common stock. These dividends, totaling $79.1 million,
were paid on June 15, 2021, to shareholders of record as of May 15, 2021. On
July 27, 2021, the Board of Directors declared a quarterly dividend of $0.95 per
share on outstanding common stock. These dividends, totaling $98.8 million, were
paid on September 15, 2021, to shareholders of record as of August 13, 2021. On
October 26, 2021, the Board of Directors declared a quarterly dividend of $0.95
per
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share on outstanding common stock. This dividend of $99.1 million was accrued on
the November 30, 2021 consolidated condensed balance sheet and was paid on
December 15, 2021, during the third quarter of fiscal 2022, to shareholders of
record as of November 15, 2021. Any future dividend declarations, including the
amount of any dividends, are at the discretion of the Board of Directors and
dependent upon then-existing conditions, including the Company's consolidated
operating results and consolidated financial condition, capital requirements,
contractual restrictions, business prospects and other factors that the Board of
Directors may deem relevant.

During the six months ended November 30, 2021, Cintas issued $167.0 million, net
of commercial paper borrowings. On June 1, 2021, in accordance with the terms of
the notes, Cintas paid the $250.0 million aggregate principal amount of its
4.30%, 10-year senior notes that matured on that date with cash on hand. During
the next 12 months, Cintas expects to issue long-term debt to pay the $650
million principal amount of its 2.90%, 5-year senior notes that mature in the
fourth quarter of fiscal 2022 and the $300 million principal amount of its
3.25%, 10-year senior notes that mature in the first quarter of fiscal 2023.

The following table summarizes Cintas' outstanding debt:


                                     Interest              Fiscal Year            Fiscal Year           November 30,            May 31,
(In thousands)                         Rate                   Issued                Maturity                2021                  2021

Debt due within one year
Senior notes                              4.30  %              2012                   2022             $          -          $   250,000
Senior notes                              2.90  %              2017                   2022                  650,000              650,000
Senior notes                              3.25  %              2013                   2023                  300,000                    -
Commercial paper                          0.22  % (1)          2022                   2022                  167,000                    -
Debt issuance costs                                                                                            (493)                (930)
Total debt due within one year                                                                         $  1,116,507          $   899,070

Debt due after one year
Senior notes                              3.25  %              2013                   2023             $          -          $   300,000
Senior notes (2)                          2.78  %              2013                   2023                   50,598               50,815
Senior notes (3)                          3.11  %              2015                   2025                   51,133               51,301
Senior notes                              3.70  %              2017                   2027                1,000,000            1,000,000
Senior notes                              6.15  %              2007                   2037                  250,000              250,000

Debt issuance costs                                                                                          (8,364)              (9,283)
Total debt due after one year                                                                          $  1,343,367          $ 1,642,833



(1)  Variable rate debt instrument. The rate presented is the variable borrowing
rate at November 30, 2021.
(2) Cintas assumed these senior notes with the acquisition of G&K Services, Inc.
(G&K) in the fourth quarter of fiscal 2017, and they were recorded at fair
value. The interest rate shown above is the effective interest rate. The
principal amount of these notes is $50.0 million with a stated interest rate of
3.73%.
(3)  Cintas assumed these senior notes with the acquisition of G&K in the fourth
quarter of fiscal 2017, and they were recorded at fair value. The interest rate
shown above is the effective interest rate. The principal amount of these notes
is $50.0 million with a stated interest rate of 3.88%.
The credit agreement that supports our commercial paper program has a revolving
credit facility with capacity to $1.0 billion. The credit agreement has an
accordion feature that provides Cintas the ability to request increases to the
borrowing commitments under the revolving credit facility of up to $250.0
million in the aggregate, subject to customary conditions. The maturity date of
the revolving credit facility is May 23, 2024. As of November 30, 2021, there
was $167.0 million of commercial paper outstanding and no borrowings on our
revolving credit facility. As of May 31, 2021, there was no commercial paper
outstanding and no borrowings on our revolving credit facility.

Cintas has certain covenants related to debt agreements. These covenants limit
our ability to incur certain liens, to engage in sale-leaseback transactions and
to merge, consolidate or sell all or substantially all of Cintas' assets. These
covenants also require Cintas to maintain certain debt to earnings before
interest, taxes, depreciation and amortization (EBITDA) and interest coverage
ratios. Cross-default provisions exist between certain debt instruments. If a
default of a significant covenant were to occur, the default could result in an
acceleration of the
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maturity of the indebtedness, impair liquidity and limit the ability to raise
future capital. Cintas was in compliance with all of the debt covenants for all
periods presented.

Our access to the commercial paper and long-term debt markets has historically
provided us with sources of liquidity. We do not anticipate having difficulty in
obtaining financing from those markets in the future in view of our favorable
experiences in the debt markets in the recent past, including, without
limitation, to repay our long-term debt that is maturing in the next twelve
months. However, the COVID-19 pandemic, which has caused disruption in the
capital markets, could make financing more difficult and/or expensive.
Additionally, our ability to continue to access the commercial paper and
long-term debt markets on favorable interest rate and other terms will depend,
to a significant degree, on the ratings assigned by the credit rating agencies
to our indebtedness. As of November 30, 2021, our ratings were as follows:
                                                 Commercial       Long-term
Rating Agency                     Outlook          Paper             Debt

Standard & Poor's                 Stable            A-2              A-
Moody's Investors Service         Stable            P-2              A3



In the event that the ratings of our commercial paper or our outstanding
long-term debt issues were substantially lowered or withdrawn for any reason, or
if the ratings assigned to any new issue of long-term debt securities were
significantly lower than those noted above, particularly if we no longer had
investment grade ratings, our ability to access the debt markets may be
adversely affected. In addition, in such a case, our cost of funds for new
issues of commercial paper and long-term debt would be higher than our cost of
funds would have been had the ratings of those new issues been at or above the
level of the ratings noted above. The rating agency ratings are not
recommendations to buy, sell or hold our commercial paper or debt securities.
Each rating may be subject to revision or withdrawal at any time by the
assigning rating organization and should be evaluated independently of any other
rating. Moreover, each credit rating is specific to the security to which it
applies.

To monitor our credit rating and our capacity for long-term financing, we
consider various qualitative and quantitative factors. One such factor is the
ratio of our total debt to EBITDA. For the purpose of this calculation, debt is
defined as the sum of short-term borrowings, long-term debt due within one year,
long-term debt and standby letters of credit.
Subsequent to November 30, 2021, Cintas purchased the remaining shares of an
equity method investment for cash consideration of $47.7 million.

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Financial and Nonfinancial Disclosure About Issuers and Guarantors of Cintas'
Senior Notes
Cintas Corporation No. 2 (Corp. 2) is the indirectly, wholly owned principal
operating subsidiary of Cintas. Corp. 2 is the issuer of the $2,300.0 million
aggregate principal amount of senior notes outstanding as of November 30, 2021,
which are unconditionally guaranteed, jointly and severally, by Cintas
Corporation and its wholly owned, direct and indirect domestic subsidiaries.

Basis of Preparation of the Summarized Financial Information
The following tables include summarized financial information of Cintas
Corporation (Issuer), Corp. 2 and subsidiary guarantors (together, the Obligor
Group). Investments in and equity in the earnings of non-guarantors, which are
not members of the Obligor Group, have been excluded. Non-guarantor subsidiaries
are located outside the U.S., and therefore, excluded from the Obligor Group.

The summarized financial information of the Obligor Group is presented on a
combined basis with intercompany balances and transactions between entities in
the Obligor Group eliminated. The Obligor Group's amounts due from, amounts due
to and transactions with non-guarantors have been presented in separate line
items, if they are material. Summarized financial information of the Obligor
Group is as follows:
                                                                    Six Months Ended
Summarized Consolidated Condensed Statement of Income        November 30,      November 30,
(In thousands)                                                   2021

2020



Net sales to unrelated parties                              $  3,599,543      $  3,301,634
Net sales to non-guarantors                                 $      3,242      $      1,642
Operating income                                            $    749,944      $    664,707
Net income                                                  $    607,272      $    552,368

Summarized Consolidated Condensed Balance Sheets November 30, May 31, (In thousands)

                                             2021             2021

ASSETS

Receivables due from non-obligor subsidiaries $ 21,590 $ 


  2,292
Total other current assets                            $  2,435,218      $ 2,652,810
Total other noncurrent assets                         $  4,927,310      $ 4,924,550

LIABILITIES
Amounts due to non-obligor subsidiaries               $     12,495      $       457
Current liabilities                                   $  2,140,115      $ 1,893,352
Noncurrent liabilities                                $  2,215,449      $ 2,549,911



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Litigation and Other Contingencies
Cintas is subject to other 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. In the opinion of management, the aggregate liability, if any, with
respect to such ordinary course of business actions will not have a material
adverse effect on the consolidated financial position, consolidated results of
operations or consolidated cash flows of Cintas.

                           Forward-Looking Statements
This Quarterly Report on Form 10-Q contains forward-looking statements. 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
Quarterly Report. 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;
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; the cost,
results and ongoing assessment of internal controls for financial reporting; the
effect of new accounting pronouncements; disruptions caused by the
inaccessibility of computer systems data, including cybersecurity risks; 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 viral pandemics such as the
COVID-19 coronavirus; the amount and timing of repurchases of our common stock,
if any; changes in federal and state 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. 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, 2021 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.

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ITEM 3.
                          QUANTITATIVE AND QUALITATIVE
                         DISCLOSURES ABOUT MARKET RISK

In our normal operations, Cintas has market risk exposure to interest rates. There has been no material change to this market risk exposure to interest rates from that which was previously disclosed on page 29 of our Annual Report on Form 10-K for the year ended May 31, 2021.

Through its foreign operations, Cintas is exposed to foreign currency risk. Foreign currency exposures arise from transactions denominated in a currency other than the functional currency and from foreign currency denominated revenue and profit translated into U.S. dollars. The primary foreign currency to which Cintas is exposed is the Canadian dollar.

ITEM 4.


                            CONTROLS AND PROCEDURES

Disclosure Controls and Procedures
With the participation of Cintas' management, including Cintas' President and
Chief Executive Officer, Chief Financial Officer, General Counsel and
Controllers, Cintas has evaluated the effectiveness of the disclosure controls
and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Securities
Exchange Act of 1934 (Exchange Act)) as of November 30, 2021. Based on such
evaluation, Cintas' management, including Cintas' President and Chief Executive
Officer, Chief Financial Officer, General Counsel and Controllers, has concluded
that Cintas' disclosure controls and procedures were effective as of November
30, 2021, in ensuring (i) information required to be disclosed by Cintas in the
reports that it files or submits under the Exchange Act is recorded, processed,
summarized and reported, within the time periods specified in the Securities and
Exchange Commission's rules and forms and (ii) information required to be
disclosed by Cintas in the reports that it files or submits under the Exchange
Act is accumulated and communicated to Cintas' management, including its
principal executive and principal financial officers, or persons performing
similar functions, as appropriate to allow timely decisions regarding required
disclosure.

Internal Control over Financial Reporting
There were no changes in Cintas' internal control over financial reporting (as
defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the
fiscal quarter ended November 30, 2021, that have materially affected, or are
reasonably likely to materially affect, Cintas' internal control over financial
reporting.




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