Cintas Corporation (NASDAQ:CTAS) Q3 2023 Earnings Call Transcript

Todd M. Schneider: Yes. Certainly, Scott. It is — you’re talking about changing behavior within customers. So it tends to be a higher percentage of new customers that are coming on board that are participating at a high level. And the reason being is, it’s new behavior, period. So then changing the customer — the current customer behavior takes longer. And because they’re used to a certain way of how we’re doing business and some are leaning into it faster than others. But we’re — we see a very long runway here of benefits that we’re going to get. And where does it show up? It shows up in so many places, but certainly trying to be easier to do business with is a focus here, and it makes it easier to do business with us. So I think you’ll see that benefit for years to come.

J. Michael Hansen: It’s a little bit of an evolution with My Cintas in that a customer starts to use it and they like the benefits. And so there’s — they then start to grow in the way that they use it and expand. And as we continue to see that growth too, we can add more options and other functionality to that, that over time grows and grows. And so this is not a — we have flipped the switch on My Cintas and now let’s see how many people we get, how many customers we get adopting. This is really — we’ve opened it and this is going to grow — just the product itself is going to continue to grow and add opportunity for us. So more and more customers will be added, but also more and more functionality will come with it into the future. And so to Todd’s point, this is a journey, and it’s an evolution, and we are in the very early stages of it.

Operator: And at this time, there are no further questions. I’d like to turn the call back over to Paul Adler for closing remarks.

Paul F. Adler: Okay, Ross. Thank you all for joining us this morning. We will issue our fourth quarter fiscal 2023 financial results in July, and we look forward to speaking with you again at that time. Good day.

Operator: This concludes today’s conference call. Thank you for your participation. You may now disconnect.