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  "docSlug": "6ceec0b99264",
  "documentTitle": "WD-40 Company (WDFC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-04-02 00:00:00",
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  "pageNumber": 42,
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  "notes": "The slide uses a red box highlight to draw attention to the increasing trend of Working Capital % of LTM Sales.",
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      "kind": "callout",
      "text": "Increasing Working Capital Intensity = Increasing Strain",
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      "text": "Working Capital % of LTM Sales: 16.3%",
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      "text": "Spruce Point's working capital analysis has proven a prescient indicator of numerous financial disasters. We conducted a similar analysis on WD-40 and find that its current working capital to LTM sales ratio is materially higher today at 16.3% of sales than it was prior to the last financial crisis.",
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      "text": "Source: Company filings",
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      "text": "Financial data table showing Trailing 12 Month Revenues, Current Assets, Liabilities, and Working Capital calculations from 2005 to Q1 2020.",
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      "kind": "title",
      "text": "Evidence of Peak Financial Strain",
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