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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": "Uses a red box to highlight the slowdown in inventory growth in the table.",
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      "kind": "callout",
      "text": "Inventory outpaced sales by +6%",
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      "text": "If inventory and working capital growth is a signal of Cintas’ flourishing business, as suggested by the CFO’s recent quote, then investors’ should be concerned that inventory growth has slowed for three quarters. Inventory growth historically outpaced sales by an uncomfortable amount.",
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      "text": "Inventory Growth: +6%",
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      "text": "If inventory and working capital growth is a signal of Cintas’ flourishing business, as suggested by the CFO’s recent quote, then investors’ should be concerned that inventory growth has slowed for three quarters. Inventory growth historically outpaced sales by an uncomfortable amount.",
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      "text": "Yeah, when we -- our thoughts on working capital are when we are growing, we're going to use some working capital. So for example, if we're growing the way we want to grow. Accounts receivable is going to grow. Inventories are going to grow, in-service inventory is going to grow because we are injecting new inventory into new customers and penetrated customers. So generally speaking, we expect in a growth environment, we expect to use working capital.",
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      "text": "Yeah, when we -- our thoughts on working capital are when we are growing, we're going to use some working capital. So for example, if we're growing the way we want to grow. Accounts receivable is going to grow. Inventories are going to grow, in-service inventory is going to grow because we are injecting new inventory into new customers and penetrated customers. So generally speaking, we expect in a growth environment, we expect to use working capital. — CFO, Q1 2020 Earnings Call",
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      "text": "Source: Cintas financials",
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      "text": "CFO Statement About Working Capital And Inventory Not Mirroring Reality",
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