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  "documentTitle": "Cintas Corp. (CTAS)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2019-11-13 00:00:00",
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  "notes": "The slide uses a direct quote from a 10-Q filing to support the activist's thesis.",
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      "text": "However, as a whole, both long and short-term accrued liability accounts have grown from $600m to $764m since FY 2017.",
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      "text": "accrued liability: $764m",
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      "text": "We observe that Cintas made its first disclosure in October 2018 about certain contracts including “discounts and rebates” earned through specified volume levels. This indicates a more competitive environment. G&K did not make any such disclosures prior to its acquisition. While Cintas says it maintains a liability within its accounts for these discounts and rebates, it does not break out the specific line item. However, as a whole, both long and short-term accrued liability accounts have grown from $600m to $764m since FY 2017.",
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      "kind": "quote",
      "text": "“Certain of our customer contracts, primarily within our Uniform Direct Sales business, include pricing terms and conditions that include components of variable consideration... some contracts contain discounts or rebates that the customer can earn through the achievement of specified volume levels... Cintas maintains a liability for these discounts and rebates within accrued liabilities on the consolidated condensed balance sheets.”",
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      "text": "\"Certain of our customer contracts, primarily within our Uniform Direct Sales business, include pricing terms and conditions that include components of variable consideration... Specifically, some contracts contain discounts or rebates that the customer can earn through the achievement of specified volume levels.\" — Cintas 10-Q First Reference Filed October 2018",
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      "text": "Source: CTAS 10-Q",
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