{
  "docId": "019dd923-622c-750b-8b98-e7fa892a99b5",
  "docSlug": "6ceec0b99264",
  "documentTitle": "WD-40 Company (WDFC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-04-02 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 57,
  "pageCount": 68,
  "prevPage": 56,
  "nextPage": 58,
  "slideType": "section_divider",
  "function": "transition",
  "density": "sparse",
  "nDataPoints": 0,
  "notes": "Spruce Point Capital Management branding (pine tree logo).",
  "elementsJson": [
    "headline_text",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-e7fa892a99b5/57",
  "deckHref": "/decks/019dd923-622c-750b-8b98-e7fa892a99b5",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-e7fa892a99b5.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-e7fa892a99b5#slide-57",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Valuation Extreme Leads To Horrible Risk / Reward: Simple Downside Case",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0936-7173-ab22-3aa60b682db4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.54,
        "x": 0.45,
        "y": 0.96
      },
      "kind": "disclaimer",
      "text": "Proprietary and Confidential –May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0c386ee7-d262-4bcf-bdea-5b4f6ad2bea6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.25,
        "x": 0.07,
        "y": 0.3
      },
      "kind": "image",
      "text": null,
      "attrs": null,
      "subkind": "logo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e39e30cf-4505-4a92-8256-b043710dc859",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.14,
        "w": 0.62,
        "x": 0.34,
        "y": 0.43
      },
      "kind": "title",
      "text": "Valuation Extreme Leads To Horrible Risk / Reward: Simple Downside Case",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e8652ba4-db59-4bf0-8edb-ef2c5fb17b8f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 64,
      "from": 9,
      "beatId": "5e962958-907a-481e-a341-ae36245a2e9e",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The document spends most of its pages exposing contradictions in WD-40's claims, financials, and operations.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}