| May'19 | May'18 | May'17 | May'16 | May'15 | May'14 | May'13 | May'12 | May'11 | May'10 | May'09 |
|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||||||
Net income | ||||||||||
884,981 | 842,586 | 480,708 | 693,520 | 430,618 | 374,442 | 315,442 | 297,637 | 246,989 | 215,620 | 226,357 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
Depreciation | ||||||||||
223,631 | 215,476 | 171,565 | 149,691 | 140,624 | 168,220 | 165,664 | 155,831 | 150,886 | 152,059 | 157,572 |
Amortization of intangible assets and capitalized contract costs | ||||||||||
136,462 | 63,940 | 25,030 | 15,588 | 14,458 | 22,642 | 23,713 | 38,334 | 42,581 | 41,082 | 42,534 |
Stock-based compensation | ||||||||||
139,210 | 112,835 | 88,868 | 79,293 | 47,002 | 29,875 | 23,310 | 20,312 | 15,203 | 15,349 | 11,953 |
Gain on sale of a cost method investment | ||||||||||
69,400 | 0 | 0 | - | - | - | - | - | - | - | - |
Gain on sale of business | ||||||||||
3,200 | 96,400 | 26,917 | 0 | 38,573 | 0 | 0 | - | - | - | - |
Gain on Shred-it | ||||||||||
- | - | - | - | - | 108,441 | 0 | - | - | - | - |
Gain on deconsolidation | ||||||||||
- | - | - | 354,071 | -3,851 | - | 0 | 0 | - | - | - |
Gain on sale of stock of an equity method investment | ||||||||||
- | - | - | - | 21,739 | 0 | 0 | - | - | - | - |
Asset impairment charge | ||||||||||
0 | 0 | 23,331 | 0 | 0 | 16,143 | 0 | 0 | - | - | 48,888 |
G&K Services, Inc. transaction and integration costs | ||||||||||
0 | 0 | 31,445 | 0 | 0 | - | - | - | - | - | - |
Short-term debt financing fees included in net income | ||||||||||
0 | 0 | 17,062 | 0 | 0 | - | - | - | - | - | - |
Settlement of cash flow hedges | ||||||||||
0 | 0 | -30,194 | 0 | 0 | - | - | - | - | - | - |
Shredding Transaction costs | ||||||||||
- | - | - | - | - | 26,057 | 0 | 0 | - | - | - |
Deferred income taxes | ||||||||||
-31,708 | 119,295 | -3,902 | 59,302 | -20,866 | -47,109 | -48,023 | -56,727 | -47,908 | -13,295 | -1,174 |
Change in current assets and liabilities, net of acquisitions of businesses: | ||||||||||
Accounts receivable, net | ||||||||||
94,918 | 66,267 | 93,557 | 52,762 | 1,443 | 56,231 | 42,704 | 24,261 | 48,986 | -5,222 | -71,149 |
Inventories, net | ||||||||||
60,039 | 3,323 | 668 | 17,917 | -23,785 | 11,062 | -10,997 | 2,330 | 78,824 | -30,293 | -35,136 |
Uniforms and other rental items in service | ||||||||||
90,228 | 64,299 | 8,732 | 6,306 | 31,994 | 11,435 | 44,179 | 60,279 | 58,180 | -4,164 | -29,661 |
Prepaid expenses and other current assets and capitalized contract costs | ||||||||||
100,765 | 15,526 | -24,201 | 965 | 3,202 | 2,177 | 3,281 | 1,496 | -360 | -3,715 | 4,949 |
Accounts payable | ||||||||||
12,276 | 35,275 | 13,726 | -564 | -33,445 | 30,446 | 25,023 | -12,557 | 29,215 | 8,939 | -24,560 |
Accrued compensation and related liabilities | ||||||||||
15,321 | -9,392 | 13,654 | 13,512 | 3,234 | 10,931 | -13,161 | 11,625 | 12,493 | 18,393 | -2,012 |
Accrued liabilities and other | ||||||||||
30,910 | 42,468 | -501 | 22,714 | 33,066 | 54,237 | 31,873 | -20,371 | -2,167 | 47,528 | -28,991 |
Income taxes, current | ||||||||||
11,886 | 26,082 | -29,424 | -800 | -6,832 | 15,213 | 12,028 | 10,690 | -16,592 | 9,995 | 38,042 |
Net cash provided by operating activities | ||||||||||
1,067,862 | 964,160 | 763,887 | 465,845 | 580,276 | 605,969 | 552,748 | 469,862 | 340,886 | 565,654 | 523,522 |
Cash flows from investing activities: | ||||||||||
Capital expenditures | ||||||||||
276,719 | 271,699 | 273,317 | 275,385 | 217,720 | 145,580 | 196,486 | 160,802 | 182,592 | 111,078 | 160,092 |
Proceeds from redemption of marketable securities | ||||||||||
0 | 179,857 | 218,324 | 434,179 | 161,938 | 54,196 | 161,478 | 665,016 | 139,056 | 34,712 | 116,433 |
Purchases of investments | ||||||||||
17,841 | 153,708 | 181,065 | 494,146 | 195,471 | 63,858 | 178,464 | 585,655 | 78,307 | 81,269 | 128,402 |
Proceeds from sale of assets | ||||||||||
- | - | - | - | 158,428 | 0 | 0 | 0 | - | - | - |
Proceeds from sale of a cost method investment | ||||||||||
73,300 | 0 | 0 | - | - | - | - | - | - | - | - |
Proceeds from sale of business | ||||||||||
3,200 | 127,835 | 28,276 | 0 | 3,344 | 179,359 | 0 | - | - | - | - |
Proceeds from sale of stock of an equity method investment | ||||||||||
- | - | - | - | 29,933 | 0 | 0 | - | - | - | - |
Dividends received on equity method investment | ||||||||||
- | - | - | - | 5,247 | 0 | 0 | - | - | - | - |
Acquisitions of businesses, net of cash acquired | ||||||||||
9,813 | 19,346 | 2,102,371 | 156,579 | 15,495 | 33,441 | 69,370 | 24,864 | 171,552 | 50,444 | 30,909 |
Other, net | ||||||||||
7,807 | -1,363 | 196 | -4,137 | -1,383 | 5,219 | 1,339 | -2,011 | 5,198 | -497 | 251 |
Net cash used in investing activities | ||||||||||
-235,638 | -135,698 | -2,310,349 | 128,381 | 44,987 | -14,543 | -284,181 | -104,294 | -298,593 | -207,582 | -203,221 |
Cash flows from financing activities: | ||||||||||
(Payments) issuance of commercial paper, net | ||||||||||
112,500 | -50,500 | 50,500 | 0 | 0 | - | - | - | - | - | - |
Proceeds from issuance of debt, net | ||||||||||
200,000 | 0 | 1,932,229 | 0 | 0 | - | 250,000 | 0 | 1,002,281 | 0 | 7,500 |
Repayment of debt | ||||||||||
0 | 550,000 | 250,000 | 16 | 518 | 8,187 | 225,636 | 1,323 | 502,208 | 603 | 164,649 |
Payment of short-term debt financing fees | ||||||||||
0 | 0 | 17,062 | 0 | 0 | - | - | - | - | - | - |
Proceeds from exercise of stock-based compensation awards | ||||||||||
65,371 | 41,848 | 31,870 | 28,226 | 40,230 | 41,902 | 14,807 | 3,341 | 0 | 0 | - |
Dividends paid | ||||||||||
220,764 | 175,589 | 142,433 | 115,273 | 201,891 | 93,320 | 79,744 | 70,820 | 71,812 | 73,960 | 72,207 |
Repurchase of common stock | ||||||||||
1,016,300 | 127,319 | 20,724 | 780,151 | 551,970 | 370,599 | 215,681 | 392,328 | 443,690 | 969 | 25,847 |
Other, net | ||||||||||
-14,112 | -2,580 | -5,878 | 490 | 1,589 | 469 | 196 | 555 | -4,609 | -977 | 855 |
Net cash used in financing activities | ||||||||||
-873,305 | -864,140 | 1,578,502 | -866,724 | -712,560 | -429,735 | -256,058 | -460,575 | -20,038 | -76,509 | -254,348 |
Effect of exchange rate changes on cash and cash equivalents | ||||||||||
-998 | 5,136 | -2,131 | -5,218 | -8,918 | -676 | -61 | -3,274 | 4,570 | -27 | -2,432 |
Net increase (decrease) in cash and cash equivalents | ||||||||||
-42,079 | -30,542 | 29,909 | -277,716 | -96,215 | 161,015 | 12,448 | -98,281 | 26,825 | 281,536 | 63,521 |
Storage | ||||||||||
Gain on sale of business | ||||||||||
- | - | - | 15,786 | - | - | - | - | - | - | - |
Deconsolidation, Gain (Loss), Amount | ||||||||||
- | - | - | 15,786 | - | - | - | - | - | - | - |
Proceeds from Divestiture of Businesses | ||||||||||
- | - | - | 35,338 | - | - | - | - | - | - | - |
Shred-it | ||||||||||
Deconsolidation, Gain (Loss), Amount | ||||||||||
- | - | - | 354,071 | - | - | - | - | - | - | - |
Proceeds from Divestiture of Businesses | ||||||||||
- | - | - | 580,837 | - | - | - | - | - | - | - |