On this page of StockholderLetter.com we present the 11/2/2023 shareholder letter from WD 40 CO — ticker symbol WDFC. Reading current and past WDFC letters to shareholders can bring important insights into the investment thesis.
2023 ANNUAL REPORT WD-40 COMPANY 2023 ANNUAL REPORT HONORING OUR LEGACY, INNOVATING FOR TOMORROW.
It was 1953 when scientists at Rocket Chemical Company set their sights on a challenging mission: helping rockets get into space. Today, the same spirit of perseverance, innovation and exploration exists within our hallways. Guided by our extraordinary past of discovery and innovation we embrace our future of limitless possibilities... With gratitude to Chairman Emeritus Garry Ridge for the legacy he created
LONG-TERM GROWTH AMBITION FOR MAINTENANCE PRODUCTS BY SEGMENT COMPOUND ANNUAL GROWTH RATE TARGET: COMPOUND ANNUAL GROWTH RATE TARGET: COMPOUND ANNUAL GROWTH RATE TARGET: 5-8% 8-11% 10-13% AMERICAS United States, Latin America and Canada EMEA Europe, India, Middle East, and Africa ASIA-PACIFIC Australia, China, and Asia distributors LONG-TERM GROWTH AMBITION FOR TOTAL COMPANY Targeting a compound annual growth rate for maintenance products in the mid-to-high single digits on a non-GAAP constant currency basis WD-40 COMPANY | 2023 1
Our Four-by-Four Strategic Framework The first element of our framework, which we refer to as our Must-Win Battles, focuses on increasing sales of our maintenance products. Our Must-Win Battles include: Lead Geographic Expansion Accelerate Premiumization Preston Ley, Managing Director Asia-Pacific and Emerging Markets | U.K. John Lynch, Marketing Manager, Global Lead Premiumization | Netherlands WD-40 Company s largest growth opportunity is the geographic expansion of the blue and yellow can with the little red top. We estimate the potential global growth opportunity for WD-40 Multi-Use Product to be approximately one billion dollars and we are laserfocused on delivering long-term growth in our top 20 growth markets around the world. Our innovation efforts have always been focused on solving problems for our end users. Our premiumized WD-40 Smart Straw delivery system has been the most successful innovation in the Company s 70-year history and is loved by end users around the world. Our WD-40 EZ-REACH Flexible Straw delivery system provides our end users with more options to solve problems in their factories, workshops, and homes. Drive WD-40 Specialist Growth Damien Tillet, General Manager Brand Marketing, Global Lead WD-40 Specialist | France WD-40 Specialist was originally launched in 2011 to leverage our most iconic asset, the blue and yellow can with the little red top. Today, WD-40 Specialist is utilized to achieve category leadership through range extension. The products are geared toward one use rather than multi-use, reach a broader audience of end users, and enable additional market share capture. 2 WD-40 COMPANY | 2023 ANNUAL REPORT Turbo-Charge Digital Commerce Claudia Fenske, VP, Global Brand & Innovation | USA Our ambition is to engage with end users at scale and become the global leader in our category within the digital commerce platform. We see digital as an accelerant of all our Must-Win Battles. Digital commerce leads to increased online sales but also drives awareness and engagement online.
Our new Four-by-Four Strategic Framework was designed to help us achieve our long-term revenue and profitability objectives. Sara Hyzer | Vice President, Finance and Chief Financial Officer The second element of our framework, which we refer to as our Strategic Enablers, focuses on operational excellence. Our Strategic Enablers include: Ensuring a People-First Mindset Build a Sustainable Business for the Future Roxanne Johnson, VP, Global Organizational Learning | USA Alina Darragh, Global Environmental Programs Director | U.K. At WD-40 Company we know our people make us great. We strive to be an employer of choice where all employees can bring their best and genuine selves to work. We are committed to fostering a culture of belonging, recognition, rewards and resiliency, while attracting, developing, and engaging talent that will drive our sustainable forward momentum. We define sustainability as the ability of a business to exist for a long period of time, perhaps indefinitely. We are committed to operating our business in a manner that will have positive environmental and societal impacts that will continue to create and protect longterm stakeholder value. Achieve Operational Excellence in Supply Chain Drive Productivity Via Enhanced Systems Nick Green, VP Global Supply Chain Strategy | U.K. Doug Cyphers, VP Global Information & Technology | USA We believe that a resilient and high-performing supply chain enabled by people, capacity, and capabilities will secure the long-term success of our company. This enabler is built on four pillars of success: a balanced global supply chain, progress on ESG integration, integrated end-to-end planning and commercial innovation. We will identify and implement productivity solutions by using secure technologies to improve processes, provide effective access to critical analytics, and deliver the highest value investments through effective project and program management. This will drive profitability improvements through enhanced productivity, controlled IT spending, increased employee satisfaction, as well as access to timely and accurate data that drives better decision making. WD-40 COMPANY | 2023 3
 • shareholder letter icon 11/2/2023 Letter Continued (Full PDF)
 • stockholder letter icon 11/8/2024 WDFC Stockholder Letter
 • stockholder letter icon 10/31/2025 WDFC Stockholder Letter
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WDFC 11/2/2023 Shareholder/Stockholder Letter Transcript:

2023 ANNUAL REPORT
WD-40 COMPANY 2023 ANNUAL REPORT
HONORING OUR LEGACY,
INNOVATING FOR TOMORROW.

It was 1953 when scientists at Rocket Chemical
Company set their sights on a challenging
mission: helping rockets get into space.
Today, the same spirit of perseverance,
innovation and exploration exists within our
hallways. Guided by our extraordinary past of
discovery and innovation we embrace our future
of limitless possibilities...
With gratitude to Chairman
Emeritus Garry Ridge for
the legacy he created

LONG-TERM GROWTH AMBITION FOR
MAINTENANCE PRODUCTS BY SEGMENT
COMPOUND
ANNUAL GROWTH
RATE TARGET:
COMPOUND
ANNUAL GROWTH
RATE TARGET:
COMPOUND
ANNUAL GROWTH
RATE TARGET:
5-8%
8-11%
10-13%
AMERICAS
United States, Latin America and Canada
EMEA
Europe, India, Middle East, and Africa
ASIA-PACIFIC
Australia, China, and Asia distributors
LONG-TERM GROWTH AMBITION FOR TOTAL COMPANY
Targeting a compound annual growth rate for maintenance products in the mid-to-high
single digits on a non-GAAP constant currency basis
WD-40 COMPANY | 2023
1

Our Four-by-Four Strategic Framework
The first element of our framework, which we refer to as our
Must-Win Battles, focuses on increasing sales of our maintenance products.
Our Must-Win Battles include:
Lead Geographic Expansion
Accelerate Premiumization
Preston Ley, Managing Director Asia-Pacific and
Emerging Markets | U.K.
John Lynch, Marketing Manager, Global Lead
Premiumization | Netherlands
WD-40 Company   s largest growth opportunity is the
geographic expansion of the blue and yellow can with
the little red top. We estimate the potential global
growth opportunity for WD-40    Multi-Use Product to
be approximately one billion dollars and we are laserfocused on delivering long-term growth in our top 20
growth markets around the world.
Our innovation efforts have always been focused on
solving problems for our end users. Our premiumized
WD-40 Smart Straw   delivery system has been the
most successful innovation in the Company   s 70-year
history and is loved by end users around the world.
Our WD-40 EZ-REACH   Flexible Straw delivery system
provides our end users with more options to solve
problems in their factories, workshops, and homes.
Drive WD-40 Specialist    Growth
Damien Tillet, General Manager Brand Marketing,
Global Lead WD-40 Specialist   | France
WD-40 Specialist   was originally launched in 2011 to
leverage our most iconic asset, the blue and yellow
can with the little red top. Today, WD-40 Specialist   is
utilized to achieve category leadership through range
extension. The products are geared toward one use
rather than multi-use, reach a broader audience of end
users, and enable additional market share capture.
2
WD-40 COMPANY | 2023 ANNUAL REPORT
Turbo-Charge Digital Commerce
Claudia Fenske, VP, Global Brand & Innovation | USA
Our ambition is to engage with end users at scale
and become the global leader in our category within
the digital commerce platform. We see digital as
an accelerant of all our Must-Win Battles. Digital
commerce leads to increased online sales but also
drives awareness and engagement online.

   Our new Four-by-Four Strategic Framework was designed to help us
achieve our long-term revenue and profitability objectives.   
Sara Hyzer | Vice President, Finance and Chief Financial Officer
The second element of our framework, which we refer to as our
Strategic Enablers, focuses on operational excellence.
Our Strategic Enablers include:
Ensuring a People-First Mindset
Build a Sustainable
Business for the Future
Roxanne Johnson, VP, Global Organizational Learning |
USA
Alina Darragh, Global Environmental Programs
Director | U.K.
At WD-40 Company we know our people make us
great. We strive to be an employer of choice where all
employees can bring their best and genuine selves
to work. We are committed to fostering a culture of
belonging, recognition, rewards and resiliency, while
attracting, developing, and engaging talent that will drive
our sustainable forward momentum.
We define sustainability as the ability of a business to
exist for a long period of time, perhaps indefinitely. We
are committed to operating our business in a manner
that will have positive environmental and societal
impacts that will continue to create and protect longterm stakeholder value.
Achieve Operational Excellence
in Supply Chain
Drive Productivity Via
Enhanced Systems
Nick Green, VP Global Supply Chain Strategy | U.K.
Doug Cyphers, VP Global Information & Technology | USA
We believe that a resilient and high-performing supply
chain enabled by people, capacity, and capabilities will
secure the long-term success of our company. This
enabler is built on four pillars of success: a balanced
global supply chain, progress on ESG integration,
integrated end-to-end planning and commercial
innovation.
We will identify and implement productivity solutions
by using secure technologies to improve processes,
provide effective access to critical analytics, and deliver
the highest value investments through effective project
and program management. This will drive profitability
improvements through enhanced productivity,
controlled IT spending, increased employee satisfaction,
as well as access to timely and accurate data that drives
better decision making.
WD-40 COMPANY | 2023
3


shareholder letter icon 11/2/2023 Letter Continued (Full PDF)
 

WDFC Stockholder/Shareholder Letter (WD 40 CO) 11/2/2023 | www.StockholderLetter.com
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