{
  "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": 7,
  "pageCount": 68,
  "prevPage": 6,
  "nextPage": 8,
  "slideType": "executive_summary",
  "function": "diagnose_problem",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "The slide uses a two-column layout with sidebar labels for thematic grouping of arguments.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-e7fa892a99b5/7",
  "deckHref": "/decks/019dd923-622c-750b-8b98-e7fa892a99b5",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-e7fa892a99b5.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-e7fa892a99b5#slide-7",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We Believe WD-40 Has Few, If Any, Growth Avenues Left And The Company Is Leaving Subtle Hints We’re Right",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0936-7173-ab1e-abdd8ef1d15d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.85,
        "x": 0.12,
        "y": 0.17
      },
      "kind": "list",
      "text": "We Believe WD-40 Has Few, If Any, Growth Avenues Left And The Company Is Leaving Subtle Hints We're Right",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3a62ed99-0306-4599-a216-878111cbddb2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.28,
        "w": 0.85,
        "x": 0.12,
        "y": 0.68
      },
      "kind": "list",
      "text": "Recent Management Transition Plan Announcement More Evidence That The Best Days Are Behind WD-40",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ccf1047d-e83d-435a-afa6-90ad9296d5a7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "downside risk: 55% - 60%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0936-7173-ab1e-ae48c9b45736",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.11,
        "x": 0.01,
        "y": 0.35
      },
      "kind": "other",
      "text": "Growth Objectives Highly Likely To Disappoint",
      "attrs": null,
      "subkind": "unclassified",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "024e385b-17c6-4a7a-9ac1-ed98feccb841",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.11,
        "x": 0.01,
        "y": 0.75
      },
      "kind": "other",
      "text": "Alarming Governance Challenges Accounting And Audit Concerns Too Cozy of A Tribal Culture",
      "attrs": null,
      "subkind": "unclassified",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e80d0ecd-f3a3-4280-bad7-b376e7f84a3b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.68,
        "x": 0.28,
        "y": 0.03
      },
      "kind": "title",
      "text": "Spruce Point Is Short WD-40 (Nasdaq: WDFC) And Estimates 55% - 60% Downside Risk",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0e78cae7-fcdd-4545-9485-f65ed623a086",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Thesis archetype",
      "slug": "thesis-archetype",
      "agent": null,
      "layer": "slide",
      "matchId": "81a1dfc5-cd8e-47a6-b3e6-6e4370710205",
      "evidence": "This slide presents additional evidence supporting the thesis statement from slide 3.",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "faefd527-c5c3-4ad1-8347-498f0e505fb2",
      "evidence": "The slide explicitly lists accounting errors, audit concerns, and insider interest conflicts as part of a short thesis.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}