{
  "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": 51,
  "pageCount": 73,
  "prevPage": 50,
  "nextPage": 52,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "The slide uses a 'bridge' logic to strip away non-operational EPS drivers.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-ce8e8f2b4a97/51",
  "deckHref": "/decks/019dd923-622c-750b-8b98-ce8e8f2b4a97",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-ce8e8f2b4a97.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ce8e8f2b4a97#slide-51",
  "components": [
    {
      "bbox": {
        "h": 0.07,
        "w": 0.92,
        "x": 0.04,
        "y": 0.77
      },
      "kind": "callout",
      "text": "We estimate that, at best, EPS would have been flat or modestly down without Cintas’ crafty financial and accounting gamesmanship",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8125778b-00c4-49d7-ae15-51b34b37b569",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "We estimate that, at best, EPS would have been flat or modestly down without Cintas’ crafty financial and accounting gamesmanship that involved lowering its tax rate, redirecting capital towards share repurchases despite repeatedly saying it was the lowest capital priority, and lowering amortization expense for G&K service contracts.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b65-734e-a97b-f1840346b0fa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EPS: $6.99",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b65-734e-a97b-f5c07742b086",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.96,
        "x": 0.02,
        "y": 0.2
      },
      "kind": "paragraph",
      "text": "We estimate that, at best, EPS would have been flat or modestly down without Cintas’ crafty financial and accounting gamesmanship that involved lowering its tax rate, redirecting capital towards share repurchases despite repeatedly saying it was the lowest capital priority, and lowering amortization expense for G&K service contracts.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "175ead53-4101-4271-86fd-92a06c3d760c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.92,
        "x": 0.04,
        "y": 0.39
      },
      "kind": "table",
      "text": "Bridge table comparing Initial FY 2019 Guidance to Actual FY 2019 with adjustments.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "711afca4-c81c-4735-a822-bb373553fa90",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.68,
        "x": 0.28,
        "y": 0.03
      },
      "kind": "title",
      "text": "In Our View, 2019 Had No Outperformance Relative To Initial Guidance",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9ac05cf5-fdaa-4fb1-b2a4-bcde39b6e053",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "c271c47e-ad9b-4126-a71f-920bdce77047",
      "evidence": "The slide explicitly frames financial adjustments as 'crafty financial and accounting gamesmanship' to expose misleading performance.",
      "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": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}