Cintas Corporation

Good day, everyone, and welcome to the Cintas Corporation announces fiscal 2023 fourth quarter and full year results conference call. Today's call is being recorded. At this time, I'd like to turn the call over to Mr. Jared Mattingly, Vice President, Treasurer, and Investor Relations. Please go ahead, sir.

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 23 fourth quarter results. After our commentary, we will open the call to questions from analysts. Private Securities and 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 discussion on these points contained in our most recent filings with the Securities and Exchange Commission. I'll now turn the call over to Todd.

Thank you, Jared. Fourth quarter total revenue grew 10.1% to $2.28 billion. The organic growth rate, which adjusts for the impacts of acquisitions and foreign currency exchange rate fluctuations, was 10.3%. We are pleased with these fourth quarter results where each of our businesses continue to grow and execute at a high level, especially coming off our highest growth quarter in fiscal 22. Fourth quarter gross margin was $1.09 billion. Gross margin increased 210 basis points, from 45.6% to 47.7%, an increase of 15.1% over the prior year. Operating income for the fourth quarter of fiscal 23 of $470.8 million increased 16.4% over the prior year. Operating margin increased 110 basis points to 20.6% from 19.5% in the prior year. Fourth quarter net income