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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 combination of market data, company quotes, and financial statement excerpts to build a case for currency risk.",
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      "text": "All of our foreign subsidiaries currently operate in currencies other than the U.S. Dollar and a significant portion of our consolidated cash balance is denominated in these foreign functional currencies, particularly at our U.K. subsidiary which operates in Pound Sterling.",
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      "kind": "callout",
      "text": "We estimate 75% of WD-40's cash is in its U.K. subsidiary. A falling British Pound creates material risk to the business.",
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      "text": "British Pound / US$ Under Pressure",
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      "text": "cash exposure: 75%",
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      "text": "We estimate 75% of WD-40's cash is in its U.K. subsidiary. A falling British Pound creates material risk to the business. The Company doesn't quantify the amount, but based on its UK filings, we can estimate the exposure. First Brexit, and now a coronavirus scare, has sent the Pound to multi-year lows",
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      "text": "All of our foreign subsidiaries currently operate in currencies other than the U.S. Dollar and a significant portion of our consolidated cash balance is denominated in these foreign functional currencies, particularly at our U.K. subsidiary which operates in Pound Sterling. As a result, our cash and cash equivalents balances are subject to the effects of the fluctuations in these functional currencies against the U.S. Dollar at the end of each reporting period. — WD-40 2019 Annual Report",
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      "text": "Source: Bloomberg, 10-K",
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      "text": "WD-40 COMPANY LIMITED REGISTERED NUMBER: 01755958 BALANCE SHEET AS AT 31 AUGUST 2018",
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      "text": "WD-40 COMPANY CONSOLIDATED BALANCE SHEETS",
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      "text": "Extreme Exposure To Currency",
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