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  "documentTitle": "Cintas Corp. (CTAS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-11-13 00:00:00",
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  "pageNumber": 29,
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  "notes": "The slide uses a table to contrast 'Cintas Normal' (pre-acquisition) with 'Cintas + G&K = Irregular' (post-acquisition) periods.",
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      "text": "We observe that prior to acquiring G&K, Cintas's cumulative sale and accounts receivables growth tracked each other very closely. However, we find that post deal closing, receivables are growing at nearly 2.0x sales.",
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      "text": "Accounts Receivable Growth: 2.0x",
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      "kind": "paragraph",
      "text": "A classic sign of accounting shenanigans is when accounts receivable are growing faster than reported sales. It is often cited as a top red flag to predict fraud or accounting irregularities.",
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      "kind": "quote",
      "text": "A classic sign of accounting shenanigans is when accounts receivable are growing faster than reported sales. It is often cited as a top red flag to predict fraud or accounting irregularities. — Spruce Point Capital Management",
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      "kind": "source-note",
      "text": "Source: Cintas financials, Spruce Point analysis",
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      "kind": "source-note",
      "text": "1) \"How to Predict the Next Fiasco In Accounting and Bail Early\", Wall St Journal, Jan 2002\n2) \"How To Detect And Prevent Financial Statement Fraud\", ACFE – Association of Certified Fraud Examiners",
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      "text": "Comparison table of Sales vs A/R growth across FY2011-Q1 2020",
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      "kind": "title",
      "text": "Obvious Signs of Financial Strain At Cintas (Cont'd)",
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