{
  "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": 38,
  "pageCount": 68,
  "prevPage": 37,
  "nextPage": 39,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 8,
  "notes": "Uses two side-by-side text blocks to contrast the credit agreement terms with the company's stated rationale for the draw down.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "paragraph"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-e7fa892a99b5/38",
  "deckHref": "/decks/019dd923-622c-750b-8b98-e7fa892a99b5",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-e7fa892a99b5.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-e7fa892a99b5#slide-38",
  "components": [
    {
      "bbox": null,
      "kind": "metric",
      "text": "credit facility draw down: $149.0 mil",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-64d2-7657-bbf5-36b5dc1aa747",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.46,
        "x": 0.51,
        "y": 0.27
      },
      "kind": "paragraph",
      "text": "During the week of March 23, 2020, WD-40 Company drew an additional $80.0 million... bringing the balance to approximately $149.0 million... Company does not have any current need for this additional liquidity...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "36e103a7-3a36-496b-b6da-6ef9c5dcc531",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.46,
        "x": 0.03,
        "y": 0.27
      },
      "kind": "paragraph",
      "text": "On March 16, 2020, WD-40 Company entered into an Amended and Restated Credit Agreement... increases the Revolving Commitment from $100.0 million to $150.0 million...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4ae2e297-e10f-4c5a-b6b5-e5ee968984c1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.96,
        "x": 0.02,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "Late Friday on March 27th, WD-40 disclosed it had drawn down its entire credit facility. We will explain why the magnitude of the draw down should be incredibly alarming in the context of its business.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b40fe834-b07c-4520-829d-0f648de5d32a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.08,
        "x": 0.03,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: 8-K",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ac902c02-a0d9-4491-84bf-0264307ee015",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.08,
        "x": 0.51,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Source: 8-K",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ce0f3bb1-ff6e-4848-936f-f7d6b38b2319",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.39,
        "x": 0.305,
        "y": 0.05
      },
      "kind": "title",
      "text": "Liquidity Becomes Tight",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5239d1eb-b28a-47b3-86ab-a0eb48d6124c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "9f977a15-b7ab-4837-97f9-3dcbdd805ac6",
      "evidence": "Contrasts the company's stated lack of need for liquidity with the action of drawing down the full facility.",
      "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
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}