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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": 44,
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  "notes": "The slide uses a red box and arrow to highlight a specific footnote in the financial disclosure.",
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      "kind": "callout",
      "text": "(f) Amortization of intangible assets for customer contracts - The unaudited pro forma condensed consolidated statements of income for all periods include an adjustment for the amortization of newly acquired intangible assets related to customer contracts, net of the current amortization of G&K Services for customer contracts. Intangible assets related to customer contracts are estimated to have a useful life of 10 years and will be amortized on a straight-line basis over that period.",
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      "text": "A classic example of earnings management is when management over-estimates expenses, and claims great performance when results are better than expected.",
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      "kind": "paragraph",
      "text": "A classic example of earnings management is when management over-estimates expenses, and claims great performance when results are better than expected. A brazen example is when Cintas offered guidance for intangible amortization expenses related to G&K. Cintas twice cut the estimate of intangible asset amortization. In its first pro-forma G&K disclosure, it estimated $68.5m and said the contracts had a 10 year estimated life.",
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      "kind": "source-note",
      "text": "Source: Cintas 8-K 3/6/17",
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      "text": "Cintas Corporation + G&K Services, Inc. Unaudited Pro Forma Consolidated Statements of Income",
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      "kind": "title",
      "text": "Evidence Suggests Cintas Engineers Its Guidance To Make It Appear As If It's Outperforming Expectations",
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