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  "docSlug": "c5a10320e53e",
  "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": 48,
  "pageCount": 73,
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  "notes": "Uses a 'ceo-quote-contradiction' framework to highlight management inconsistency.",
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      "text": "Cintas repeatedly claimed in 2019 that capex, acquisitions, dividends and lastly share repurchase were its capital priorities. Yet, with capex stated as the #1 priority, it cut its capex guidance three times, and share repurchases soared to $1bn – making repurchases clearly the largest capital priority despite management saying otherwise.",
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      "text": "Three sequential quotes from the CFO highlighting the shift in capital allocation priorities.",
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      "text": "Cintas repeatedly claimed in 2019 that capex, acquisitions, dividends and lastly share repurchase were its capital priorities. Yet, with capex stated as the #1 priority, it cut its capex guidance three times, and share repurchases soared to $1bn – making repurchases clearly the largest capital priority despite management saying otherwise.",
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      "kind": "quote",
      "text": "One important area in which fiscal '19 will differ from fiscal '18 is in capital allocation. With $600 million of acquisition debt repaid and our leverage target achieved, we returned to our historical priorities for deployment of cash, which our CapEx, acquisitions, dividend payments and share repurchases. — Cintas CFO Q4 2018 Earnings Call July 19, 2018",
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      "kind": "title",
      "text": "Red Flag: Cintas Says One Thing And Does Another Thing On Capital Priorities To Inflate Results",
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