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  "docSlug": "c5a10320e53e",
  "documentTitle": "Cintas Corp. (CTAS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-11-13 00:00:00",
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  "pageNumber": 20,
  "pageCount": 73,
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  "slideType": "expose_contradiction",
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  "density": "dense",
  "nDataPoints": 8,
  "notes": "Uses screenshots of actual contracts as evidence of pricing.",
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      "kind": "callout",
      "text": "Core fire extinguisher inspection pricing is contracting. Based on our industry conversations, we understand that Cintas has been willing to price as low as $1.50 per extinguisher, particularly to commercial and national customers, which are more price savvy.",
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      "text": "Contract 1",
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      "text": "Contract 2",
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      "text": "service pricing: $1.50",
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      "text": "Core fire extinguisher inspection pricing is contracting. Based on our industry conversations, we understand that Cintas has been willing to price as low as $1.50 per extinguisher, particularly to commercial and national customers, which are more price savvy. Recent prices suggest $2.85 - $3.25 per extinguisher. At $1.50 pricing, some competitors thought it was not even economical to do the business. Some municipalities are being charged more, but as word spreads that Cintas is willing to do it for much cheaper, there is downside risk to pricing as contracts are renewed.",
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      "kind": "source-note",
      "text": "Source: St Joe's School",
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      "kind": "source-note",
      "text": "Source: Oshkosh",
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      "kind": "title",
      "text": "Cintas Prices And Margins Appear To Be In Contraction",
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