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  "documentTitle": "WD-40 Company (WDFC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2020-04-02 00:00:00",
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  "notes": "Uses a contrast-pairs framework to highlight the gap between corporate rhetoric and financial reality.",
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      "kind": "callout",
      "text": "So why does the Company spend less and less on R&D every single year?",
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      "text": "The Company recognizes the importance of innovation and renovation to its long-term success and is focused on and committed to research and new product development activities...",
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      "text": "WD-40 Stresses R&D vs Spruce Point Reality",
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      "text": "R&D Expense: 1.5%",
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      "text": "WD-40 says one thing, but does another when it comes to R&D spending. It stresses the importance of innovation and new product development to its long-term success. Yet, over the long-term its R&D spending keeps falling.",
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      "text": "The Company recognizes the importance of innovation and renovation to its long-term success and is focused on and committed to research and new product development activities, primarily in its maintenance product group. The Company's product development team engages in consumer research, product development, current product improvement and testing activities. The product development team also leverages its development capabilities by partnering with a network of outside resources including the Company's current and prospective outsource suppliers. In addition, the research and development team engages in activities and product development efforts which are necessary to ensure that the Company meets all regulatory requirements for the formulation of its products. — WD-40 Company Filings",
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      "text": "Fiscal Year Ended Aug 31: 2015-2019 data for Net Sales, R&D Expense, and % Margin.",
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      "text": "Product Innovator Or Not?",
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