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  "documentTitle": "WD-40 Company (WDFC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-04-02 00:00:00",
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  "notes": "The slide uses a red circle annotation to highlight the ratio calculation between total cash from ops and total repurchases.",
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      "text": "62% of cash flow blown on share repurchases",
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      "text": "Source: Company financial statements",
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      "text": "share repurchases: 62%",
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      "text": "Spruce Point believes management has wasted significant shareholder capital repurchasing its shares at increasingly excessive valuations. (See: valuation section)",
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      "text": "Annual table of Date, Cash From Ops, Capex, Free Cash Flow, and Repurchases from 2007 to Q1 2020.",
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      "text": "Repurchases In Context",
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