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  "documentTitle": "Cintas Corp. (CTAS)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2019-11-13 00:00:00",
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      "kind": "callout",
      "text": "The Grants of Plan-Based Awards for Fiscal 2019 table outlines estimated possible payouts under this non-equity incentive plan award. Based on Cintas' EPS and sales growth for fiscal 2019, Mr. Farmer and Mr. Schneider earned an annual cash incentive payout of $1,726,322 and $934,552, respectively. The fiscal 2019 Cintas EPS used in the incentive plan calculations was $7.60. This EPS figure differs from the Company's reported diluted EPS from continuing operations because it takes into consideration various one-time, extraordinary financial impacts that occurred during the fiscal year, which consisted of acquisition-related integration expenses and a gain on the sale of an equity method investment.",
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      "kind": "callout",
      "text": "The fiscal 2019 Cintas EPS used in the incentive plan calculations was $7.60. This EPS figure differs from the Company's reported diluted EPS from continuing operations because it takes into consideration various one-time, extraordinary financial impacts that occurred during the fiscal year, which consisted of acquisition-related integration expenses and a gain on the sale of an equity method investment.",
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      "text": "EPS: $7.60",
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      "kind": "paragraph",
      "text": "Scott D. Farmer, Cintas' Chairman and Chief Executive Officer, stated, \"We are pleased with these fourth quarter financial results which conclude a very successful year. For the ninth consecutive year, our organic revenue growth was in the mid- to high- single digits and EPS grew double digits when adjusted for one-time and special items. Additionally, our strong cash flow and balance sheet enabled us to deploy cash to increase shareholder value. In fiscal 2019 we paid an annual dividend of $220.8 million that increased 26.5% over the prior year, and we purchased 4.8 million shares of company stock in a total amount of $953.4 million.\"",
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      "text": "Cintas' annual incentive plan is based on sales and EPS growth, along with non-financial goals. In 2019, 41.75% of CEO Farmer's bonus was tied to EPS performance while for most other executives, it accounted for 50% of the bonus. Cintas conveniently achieved almost the maximum EPS target within one penny, and claims its $7.60 EPS took into consideration various one-time items. We will demonstrate why we believe this to be inaccurate.",
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      "text": "Scott D. Farmer, Cintas's Chairman and Chief Executive Officer, stated, \"We are pleased with these fourth quarter financial results which conclude a very successful year. For the ninth consecutive year, our organic revenue growth was in the mid- to high- single digits and EPS grew double digits when adjusted for one-time and special items. Additionally, our strong cash flow and balance sheet enabled us to deploy cash to increase shareholder value. In fiscal 2019 we paid an annual dividend of $220.8 million that increased 26.5% over the prior year, and we purchased 4.8 million shares of company stock in a total amount of $953.4 million.\" — Fiscal Year 2019 results press release",
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      "text": "Source: Fiscal Year 2019 results press release",
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      "text": "Source: 2019 Proxy Statement, p. 46",
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      "text": "EPS Component Level of Achievement table showing thresholds and payouts.",
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      "text": "Twelve Months Ended EPS reconciliation table.",
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      "text": "Dubious EPS To Reap Unjust Bonuses",
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