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  "docSlug": "c5a10320e53e",
  "documentTitle": "Cintas Corp. (CTAS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-11-13 00:00:00",
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  "pageNumber": 13,
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  "notes": "Uses a table to compare segment growth and a bar chart to show market growth projections.",
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      "kind": "callout",
      "text": "Cintas growth has generally outperformed the U.S. Fire Safety market. However, NFPA projects the market growth at 8%, and Spruce Point believes Cintas' period of double digit growth will moderate.",
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      "text": "Cintas growth has generally outperformed the U.S. Fire safety market. However, NFPA projects the market growth at 8%, and Spruce Point believes Cintas' period of double digit growth will moderate.",
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      "text": "U.S. Fire Safety Market ($ billion) 2016-2025E",
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      "text": "CAGR: 14.1%",
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      "kind": "paragraph",
      "text": "Starting in FY 2019, Cintas started to break out revenues in its \"Other\" segment between Fire Protection and Uniform Direct sales. We can now observe that Fire Protection has been its fastest growing business line, with double digit organic growth.",
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      "text": "Source: Cintas FY 2019 10-K and Q1 2019 10-Q And National Fire Prevention Association (\"NFPA\") 1) G&K acquired in 2017. Based on average organic growth",
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      "kind": "title",
      "text": "Cintas Fastest Growing Organic Revenues Are From Fire Protection Services",
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      "evidence": "The deck presents evidence of Cintas' potential law violations in its fire protection business.",
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