{
  "docId": "019dd923-622c-750b-8b98-ce8e8f2b4a97",
  "docSlug": "c5a10320e53e",
  "documentTitle": "Cintas Corp. (CTAS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-11-13 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 49,
  "pageCount": 73,
  "prevPage": 48,
  "nextPage": 50,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 35,
  "notes": "The slide uses red boxes to highlight specific rows (Capex and Share Repurchases) where the contradiction is most evident.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-ce8e8f2b4a97/49",
  "deckHref": "/decks/019dd923-622c-750b-8b98-ce8e8f2b4a97",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-ce8e8f2b4a97.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ce8e8f2b4a97#slide-49",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "For Q4'19 Cintas explicitly guided to no repurchases, yet conducted its biggest buyback in Q4'19.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b65-734e-a97b-2ce84d69e577",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Share Repurchases: $408.3",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b65-734e-a97b-32692739e6e2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.9,
        "x": 0.05,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "For Q4'19 Cintas explicitly guided to no repurchases, yet conducted its biggest buyback in Q4'19. Cintas originally guided to $7.00 - $7.15 of EPS from continuing operations (ex: items) in FY 2019, and kept raising guidance all year to end at $7.60. However, we believe financial and accounting gamesmanship accounted for more than the earnings beat for the year management proclaimed was a “very successful year”.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "83f6705c-d076-435b-a570-a52e08a06fd2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.8,
        "x": 0.05,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "1) In Q3'19, Cintas issued guidance assuming no future share repurchases. Yet, it's largest repurchase came in the following quarter",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "52ca0238-07fa-4c15-8973-6633637db330",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.9,
        "x": 0.05,
        "y": 0.35
      },
      "kind": "table",
      "text": "Progression of FY 2019 Guidance by Quarter table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "72c2e96e-ee6c-438e-8087-13c0529e554b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "Cintas Says One Thing And Does Another Thing On Capital Priorities To Inflate Results (Cont'd)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c32d1a9d-4a2d-4196-93bd-ef48a5fb2a00",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "29a59621-8bf5-485b-90ff-332a71d5357b",
      "evidence": "The slide explicitly contrasts management's stated guidance with their actual financial actions.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 73,
      "from": 41,
      "beatId": "9295e289-b490-44ae-9536-0b75d2572428",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "The deck concludes with a clear call to action for investors and a valuation analysis.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [
    {
      "to": 50,
      "from": 40,
      "name": "Hypothesis Test",
      "slug": "42-hypothesis-test",
      "bestFor": "Strategy validation, due diligence, research presentations",
      "matchId": "419bea6a-e653-4797-aa13-d8f59b9ebe1e",
      "evidence": "The deck presents evidence that Cintas' 'beat and raise' story is not justified.",
      "position": 2,
      "objective": "Is Cintas' 'beat and raise' story justified?",
      "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)",
      "confidence": 0.8,
      "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}