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  "documentTitle": "WD-40 Company (WDFC)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2020-04-02 00:00:00",
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  "notes": "The slide uses a combination of current 2019 data and historical 2009 data to argue that the company is more vulnerable to international risks now than in the past.",
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      "kind": "callout",
      "text": "Global operations outside the U.S. expose the Company to uncertain conditions, foreign currency exchange rate risk and other risks in international markets.",
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      "text": "Looking carefully today vs. the last financial crisis, we see that WD-40 is materially more exposed to international markets today (63%) vs. the last crisis (52%).",
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      "text": "WD-40 Company Limited Statement of Comprehensive Income snippet.",
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      "text": "WD-40's #1 Risk Factor Is That 63% of Sales Are Outside The U.S. Current Disclosure Provides No Country-Level Sales, Only Regional",
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      "text": "During The Last Financial Crisis, International Sales Was The #7 Risk Factor And Sales Were 52% of Total. More Country Level Disclosure Was Provided",
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      "text": "international revenue exposure: 63%",
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      "text": "Looking carefully today vs. the last financial crisis, we see that WD-40 is materially more exposed to international markets today (63%) vs. the last crisis (52%). The Company now obscures country-level revenue detail. However, we estimate the U.K is 37% of total revenues vs. 9% during the last crisis.",
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      "text": "Fiscal Year Ended August 31, 2019 Net sales and Income from operations by region.",
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      "text": "Greater International Exposure Will Exacerbate WD-40's Pain This Cycle",
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