{
  "docId": "019dd923-622c-750b-8b98-ce8e8f2b4a97",
  "docSlug": "c5a10320e53e",
  "documentTitle": "Cintas Corp. (CTAS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-11-13 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 23,
  "pageCount": 73,
  "prevPage": 22,
  "nextPage": 24,
  "slideType": "competitive_analysis",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 8,
  "notes": "Includes a callout box highlighting the competitive advantage of APi over Cintas.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "bar_chart_vertical",
    "pie_chart",
    "data_table",
    "logo_grid",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-ce8e8f2b4a97/23",
  "deckHref": "/decks/019dd923-622c-750b-8b98-ce8e8f2b4a97",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-ce8e8f2b4a97.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ce8e8f2b4a97#slide-23",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.94,
        "x": 0.03,
        "y": 0.34
      },
      "kind": "callout",
      "text": "APi is a credible national competitor to Cintas that offers a full suite of safety solutions including engineering, design, installation, inspection, repair and monitoring. We believe Cintas offers a narrower range of services, and does not do the more lucrative repair business",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ea4212e6-b4cd-4dd3-ad2d-4bced7e628a7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.18,
        "x": 0.28,
        "y": 0.52
      },
      "kind": "chart",
      "text": "Reported Revenue",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "09f940b9-2030-4a39-82f3-2c135ecfb666",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.18,
        "x": 0.28,
        "y": 0.72
      },
      "kind": "chart",
      "text": "Adjusted EBITDA",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cd9bf012-5bca-43c4-8274-78a10638e5c2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.42,
        "w": 0.45,
        "x": 0.52,
        "y": 0.47
      },
      "kind": "list",
      "text": "Segment Overview details for Safety Solutions, Specialty Services, and Industrial Solutions",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6502ed91-1c42-49c2-b3f4-dd79e7feafe3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EBITDA margin: 10%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b65-734e-a979-cfd8b0805194",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.11,
        "w": 0.94,
        "x": 0.03,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "APi Group is a national, market leading provider of commercial life safety solutions and industrial specialty services...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "22550713-cd66-4562-a689-0f8d6cd3d018",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.25,
        "x": 0.03,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Investor Presentation, Sept 2019",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4a0039d5-4ee9-43d8-941a-693a568b31a7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Cintas' Fire Competitor APi Group To Be Publicly Listed",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "460b6cce-577e-4b75-bc97-0ce7f0b15a87",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 40,
      "from": 21,
      "beatId": "08a57d58-a3bb-413f-b60b-9f1e254d6671",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle",
      "beatSlug": "overcoming-monster-the-struggle",
      "evidence": "The deck presents a detailed analysis of Cintas' financial struggles.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}