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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": 38,
  "pageCount": 73,
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  "slideType": "expose_contradiction",
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  "nDataPoints": 12,
  "notes": "The slide uses a chronological comparison of SEC filing excerpts to point out a lack of transparency and suspicious accounting.",
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      "text": "Something doesn't seem correct here: Cintas produced a 35x cash return on investment and won't explain how.",
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      "text": "Three-part comparison of SEC filing excerpts across three quarters (Before, During, After sale).",
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      "text": "As we believe Cintas' cash flow quality has worsened post the acquisition of G&K, we observe that management reported the sale of a cost method investment in Q2'19, and provided no information about what was sold, and who was the buyer. However, based on the disclosure that Cintas received $73.3m and booked a $69.4m pre-tax gain, we estimate its book value was $3.9m. Yet, Cintas reduced the book value of cost investments by only $2.0m. Something doesn't seem correct here: Cintas produced a 35x cash return on investment and won't explain how.",
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      "kind": "quote",
      "text": "Investments at August 31, 2018 of $180.3 million include the cash surrender value of insurance policies of $160.2 million, equity method investments of $14.9 million and cost method investments of $5.2 million. ... Cintas reached an agreement to sell a cost method investment to a third party. The anticipated gain on the sale will be recorded upon consummation of the sale. — Cintas SEC filings",
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      "text": "Source: Cintas SEC filings",
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      "kind": "title",
      "text": "Under Pressue, Cintas Makes Shady Investment Sale",
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