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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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      "kind": "paragraph",
      "text": "We illustrated how WD-40 insiders have used the corporate buyback in a period where they have sold a significant amount of stock to reduce their ownership to record low levels. In addition, we believe insiders milk compensation with loose pay practices. To illustrate, management recently adjusted its EBITDA bonus calculation for advertising and sales promotion expense “to increase digital presence and build brand awareness”. Excuse our ignorance, but how can this cost not reasonably be expected to form a part of the Company’s core operations?",
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      "text": "For purposes of computing the actual financial results to be measured against the goals established for the Regional EBITDA and Global EBITDA performance measures, the Company may exclude certain expenditures as approved by the Committee. For fiscal year 2019, the Committee approved the exclusion of certain expenses in the amount of approximately $275,000 associated with the Company’s acquisition and renovation of a new office building for the Company’s U.K. subsidiary and certain incremental advertising and sales promotion expenses in the amount of approximately $1,143,000 incurred in order to increase the Company’s digital presence and to build brand awareness.",
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      "text": "The following table sets forth the actual fiscal year 2019 performance results and percentage achievement for each of the performance measures under the Performance Incentive Program formulas applicable to the NEOs. Actual earnings results for measurement against the Regional and Global EBITDA goals were adjusted to exclude (a) Incentive Compensation amounts consistent with the manner in which the minimum and maximum performance measure goals are determined as described with reference to the table above and (b) certain Company expenditures as approved by the Committee, as described above.",
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      "text": "Source: Proxy Statement",
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      "text": "Level, Performance Measure, Actual FY 2019 ($ thousands), % Achievement. A, Regional EBITDA (Americas), 56622, 16.9%. A, Regional EBITDA (EMEA), 43933, 100.0%. A, Global EBITDA, 99096, 100.0%. C, Global EBITDA, 92011, 35.6%.",
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      "text": "Absurd Bonus Calculations",
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