{
  "docId": "019dd923-622c-750b-8b98-e7fa892a99b5",
  "docSlug": "6ceec0b99264",
  "documentTitle": "WD-40 Company (WDFC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-04-02 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 21,
  "pageCount": 68,
  "prevPage": 20,
  "nextPage": 22,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Uses a before-after comparison of regulatory text to expose a business risk.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "screenshot",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-e7fa892a99b5/21",
  "deckHref": "/decks/019dd923-622c-750b-8b98-e7fa892a99b5",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-e7fa892a99b5.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-e7fa892a99b5#slide-21",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.07,
        "x": 0.04,
        "y": 0.83
      },
      "kind": "other",
      "text": "Red arrow pointing to the critical warning note.",
      "attrs": null,
      "subkind": "unclassified",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b2ef8cd5-14db-4c71-94c8-07a03240542f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.94,
        "x": 0.05,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "WD-40 has recently expanded its safety disclosure to give explicit advice not to ship its aerosol products by air. This presents potential challenges in an e-commerce driven world where air transportation is a critical shipment route.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "91b3aeeb-8d94-4f1f-9bec-1a213eacb35e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.08,
        "x": 0.11,
        "y": 0.93
      },
      "kind": "source-note",
      "text": "Source: WD-40",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "421f3961-8ee9-4ef8-8fe1-aa5db7760d7e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.08,
        "x": 0.11,
        "y": 0.56
      },
      "kind": "source-note",
      "text": "Source: WD-40",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "64ed35b5-85fb-4a05-8aaa-7862731bd95b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.89,
        "x": 0.1,
        "y": 0.61
      },
      "kind": "table",
      "text": "Now: 2019/20. 14 – Transportation Information. DOT Surface Shipping Description: UN1950, Aerosols, 2.1 Ltd. Qty. IMDG Shipping Description: UN1950, Aerosols, 2.1, LTD QTY. ICAO Shipping Description: UN1950, Aerosols, flammable, 2.1. NOTE: WD-40 Company does not test aerosol cans to assure that they meet the pressure and other requirements for transport by air. We do not recommend that our aerosol products be transported by air.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "90d892fd-b506-4740-a1ee-94e61238a06e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.89,
        "x": 0.1,
        "y": 0.32
      },
      "kind": "table",
      "text": "Then: 2012. 14 – Transportation Information. DOT Surface Shipping Description: Consumer Commodity, ORM-D until 12/31/2013. After 1/1/2014 UN1950, Aerosols, 2.1 Ltd. Qty. IMDG Shipping Description: Un1950, Aerosols, 2.1, LTD QTY",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f9bd5bee-c09f-4a12-9234-c13f84b442c1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.68,
        "x": 0.29,
        "y": 0.03
      },
      "kind": "title",
      "text": "A Product Not Suited For An E-Commerce Driven Retail Environment",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "968bfdb2-5421-4b84-84d3-063d33367cc1",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "fd0ae9db-84e5-48bc-970a-32d970b79262",
      "evidence": "Compares 2012 vs 2019/20 disclosures to highlight a change in risk profile.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 64,
      "from": 9,
      "beatId": "5e962958-907a-481e-a341-ae36245a2e9e",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The document spends most of its pages exposing contradictions in WD-40's claims, financials, and operations.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 34,
      "from": 14,
      "beatId": "7e19016a-1c30-40da-8e17-e72518e075e7",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Villain Critique",
      "beatSlug": null,
      "evidence": "The document critiques WD-40's management, industry, and market position, portraying them as weaknesses.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}