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  "docSlug": "c5a10320e53e",
  "documentTitle": "Cintas Corp. (CTAS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-11-13 00:00:00",
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  "pageNumber": 32,
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  "nextPage": 33,
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  "notes": "The slide uses a grid of job listings to prove that A/R functions are not centralized, specifically calling out the continued existence of G&K Services roles long after the acquisition.",
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      "kind": "callout",
      "text": "Management is claiming success with cost synergies, yet wouldn't some of the easiest cost synergies have been from centralizing collection agents?",
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      "kind": "list",
      "text": "Grid of 18 job listings showing A/R roles in various US cities, with a red box highlighting G&K Services roles.",
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      "text": "Cintas appears to have organizational dysfunction when it comes to A/R collections. Rather than centralizing collections in one location, the Company employs hundreds of collection agents in locations across the country. It even still appears to have active G&K collection agents despite completing the deal more than two and half years ago. Management is claiming success with cost synergies, yet wouldn't some of the easiest cost synergies have been from centralizing collection agents?",
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      "text": "Source: Linkedin",
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      "kind": "title",
      "text": "Accounts Receivable Dysfunction",
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      "arcName": "Overcoming the Monster",
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