Cintas Corporation (NASDAQ:CTAS) Q2 2024 Earnings Call Transcript December 21, 2023 10:00 AM ET

Company Participants

Jared Mattingley - VP, Treasurer & IR

Todd Schneider - President & CEO

Mike Hansen - EVP & CFO

Conference Call Participants

Ashish Sabadra - RBC

Manav Patnaik - Barclays Capital

Joshua Chan - UBS

Heather Balsky - Bank of America

Andy Wittmann - RW Baird

George Tong - Goldman Sachs

Tim Mulrooney - William Blair

Andrew Steinerman - JPMorgan Securities

Jasper Bibb - Truist Securities

Faiza Alwy - Deutsche Bank Securities

Seth Weber - Wells Fargo

Stephanie Moore - Jefferies

Scott Schneeberger - Oppenheimer

Shlomo Rosenbaum - Stifel

Leo Carrington - Citigroup

Toni Kaplan - Morgan Stanley

Operator

Good day, everyone, and welcome to the Cintas Corporation Announces Fiscal 2024 Second Quarter Earnings Release Conference Call. Today's call is being recorded. At this time, I would like to turn the meeting over to Mr. Jared Mattingley, Vice President, Treasurer and Investor Relations. Please go ahead, sir.

Jared Mattingley

Thank you for joining us. With me is Todd Schneider, President and Chief Executive Officer, and Mike Hansen, Executive Vice President and Chief Financial Officer. We will discuss our fiscal 2024 second quarter results. After our commentary, we will open the call to questions from analysts.

The Private Securities Litigation Reform Act of 1995 provides a safe harbor from civil litigation for forward-looking statements. This conference call contains forward-looking statements that reflect the company's current views as to future events and financial performance. These forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those we may discuss. I refer you to the discussions on these points contained in our most recent filings with the Securities and Exchange Commission.

I will now turn the call over to Todd.

Todd Schneider

Thank you, Jared. We are pleased with our second quarter results and are excited about the future. Second quarter total revenue grew 9.3% to $2.38 billion. Each of our businesses continue to execute at a high level. Our momentum in the business is good and volume remains robust. We can grow in a number of different ways. Contribution to our growth from new business remained strong and comes from companies that either outsource their program today or they are managing it themselves. We continue to have great success cross-selling to existing customers. Retention levels are strong and remain at very attractive levels, and our value proposition of image, safety, cleanliness, and compliance continues to resonate across businesses of all sizes and in all verticals.