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  "docId": "019dd923-622c-750b-8b98-ce8e8f2b4a97",
  "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": 47,
  "pageCount": 73,
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  "nextPage": 48,
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  "density": "balanced",
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  "notes": "Uses a table to compare sales guidance midpoints against actual results to highlight a discrepancy.",
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      "kind": "callout",
      "text": "Recall on the previous slide, G&K revenue guidance was suppressed ~$165-$195 below G&K projections. Is it a coincidence that Cintas actual results came in above the initial range by an amount close to the reduced G&K revenue?",
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      "text": "Sales Guidance: $161m",
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      "text": "Cintas raised revenue guidance twice in 2018. The final revenue figure outperformed initial guidance by the amount of G&K revenue that was talked-down. At best a pure coincidence, or at worst highly engineered results designed to portray great outperformance.",
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      "kind": "source-note",
      "text": "Source: Cintas guidance, Spruce Point analysis",
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      "text": "Table showing Sales Guidance and Midpoints across Q4 17, Q1 18, Q2 18, Q3 18, and Full Year Actuals.",
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      "kind": "title",
      "text": "\"Beat And Raise\" Story Not As Strong As It Actually Appears",
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