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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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  "notes": "Uses a direct quote comparison to frame management as evasive or incompetent.",
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      "kind": "callout",
      "text": "Management won't admit it uses stock buybacks to manage market expectations and to engineer low quality “beat and raises” stories to get analysts giddy.",
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      "text": "Management won't admit it uses stock buybacks to manage market expectations and to engineer low quality “beat and raises” stories to get analysts giddy. Instead management spins a non-sensical explanation of its share repurchase strategy calling it “consistently inconsistent”. This should hardly inspire any confidence from investors.",
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      "kind": "quote",
      "text": "We've always looked at that buyback as we've executed as an opportunistic program. And if you go back over the course of the last 10 years, we are not consistent from quarter-to-quarter and that's by design. We kind of look at a bunch of different things. We look at the performance of the business, the investment needs of the business. We look at M&A opportunities on the horizon. We look at things like upcoming dividends and we have a consistent history of not being consistent in the way that we execute on that buyback program. And I'm not sure I look into anything more than that.",
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      "kind": "quote",
      "text": "Usually when companies don't buyback stock and their leverage is below the level that the -- consider a target level there is usually something that is a potential out there, is that an unfair assumption for us to make that there might be something in the near to intermediate term?",
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      "text": "“We've always looked at that buyback as we've executed as an opportunistic program. And if you go back over the course of the last 10 years, we are not consistent from quarter-to-quarter and that's by design. We look at a bunch of different things. We look at the performance of the business, the investment needs of the business. We look at M&A opportunities on the horizon. We look at things like upcoming dividends and we have a consistent history of not being consistent in the way that we execute on that buyback program. And I'm not sure I look into anything more than that.” — Cintas CFO",
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      "text": "When Asked About Share Buybacks, Management Gave A Ridiculous Response",
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