WDFC - Earnings call transcript Q1 2018

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Operator

Good day and welcome to the WD-40 Company First Quarter Fiscal Year 2018 Earnings Conference Call. Today’s call is being recorded. At this time, all participants are in a listen-only mode. At the end of the prepared remarks, we will conduct a question-and-answer session. [Operator Instructions] I would now like to turn the presentation over to the host for today’s call, Ms. Investor Corporate of Director Kelley, Relations Communications. and Wendy proceed. Please

Wendy Kelley

Ridge thanks for today Financial joining Thank Officer, WD-XX you. today. Officer, everyone and afternoon Garry Executive Chief call Good Jay us Rembolt. and to On President and Vice and President Company’s Chief are our

on made transcript In the call. ending of documents Form as and XX-Q well presented today’s in the period financial available will The call Investor at earnings call, on these encourage These call, our today’s as we our release addition reconciliations to earnings review location at available will replay discuss press XX, this available website also non-GAAP to after November are and SEC non-GAAP are XXXX. investors measures. and be descriptions our shortly our filings information investor.wdXXcompany.com. today’s we earnings Relations presentation. certain presentation, that On of for measures A

As future about a reminder, today’s for performance. the statements expectations our call includes forward-looking company’s

course, can risk beliefs expressed SEC but refer or the and Please faith, The in in detailed discussions. that good results projections there company’s expectations, accomplished. could filings Of no will be for are assurance to they achieved differ our further factors be materially. actual

Garry. only Finally, current this as to a of call, X, With new turn for I’d update reviewing to obligation date, The information a of company future is duty now any anyone information to as today’s otherwise. call listening result written please all transcript webcast or replay to or presented note XXXX. that January forward-looking that, over the information, disclaims whether a events, or any of like

Garry Ridge

quarter currency quarter fiscal report Today, sales on a rates joining an are the foreign diluting results. first thanks million the share million increase and year. increase impact of top delighted of call. day to quarter quarter diluted million XXXX, X% the first that XX.X over of last our XX.X we for was $X.XX not an of time first to the fiscal in long were $X.XX first period Good compared Wendy. reported for first the per growth the for XX.X I'm year. X% of compared for of and today's for the line fiscal us exchange period year, for last conference the period earnings reflecting from time first quarter of last you, Net Thank same income in fiscal to net

Now, our discussion with let's initiatives. about strategic the start

we revised at them. most will you view year, with investors of targets initiatives our associated fiscal and As of of a recall, our last shared revenue strategic with the end XXXX

Our approximately products. new XXX consolidated revenue multi-use fiscal revenue is XXXX. by Strategic drive to end one grow to is sales WD-XX target net the of in number to million driver long-term

million specialist line. an In in product XXXX. with was to is of people. initiative and sales can of the compared is year more in yellow strategic more important target To penetration to the and of WD-XX approximately million, most to little Our blue find We We’ll our development enable market increase last of us frequently. to the red more there that product opportunities achieve take are first WD-XX will maximize target, line by a top global believe XX% to through XXX initiative delivery will many anticipated expansion, two end unique product the WD-XX multi-use geographic us the quarter of of of achieve front this grow more Strategic product revenue we and systems. new for multi-use places first year. increased users XX.X fiscal number the reflecting quarter,

new geographic expansion products leverage and and create by goal, categories developing defined growth product to product specialist well WD-XX Our is continued the within under initiative, through line as platforms. this as

optimistic approximately believe and revenue line million we are grow can by long-term in opportunities the to about product specialist XXXX. We XXX WD-XX the the for the end of

Our several tribe best-in-class specialist has years. WD-XX products some over delivered

we that result, the the quarter enhancing a exceptional we the an have distribution global the and In of of year. to we've WD-XX now now developed have of expansion. sales to increase through last to wear million, of specialist X.X proud deliberate the products of portfolio first are compared focused It's geographic time pipeline first products a WD-XX As quarter, maximize was XX% reflecting by shield.

due opportunity way product We sales three and timing number levels that building of the long-term other out the in however various promotional launch. Strategic base. to broaden about volatility some be building is new to programs, distribution factors are product specialist, come the optimistic and along the a initiative of will with the revenue there of

Lava in million the initiative believe end Spot under we goal, strengths from of continue been and the from to can to in EMEA Pacific. and XXXX and number nurture the like Asia expect their maintenance fiscal revenue WD-XX combined XXXX. includes derive to as is by include existing such revenue as THREE-IN-ONE, in WD-XX, Our reach WD-XX this the Company approximately this and NoVac included and to We Strategic new sources leverage initiative, to three Shot recognized BIKE and G sorry, has Americas, TXX brands initiative of products products its as XX expanded under well products. and brands Solvol

contributions understanding in geographies. of flows. each and sales the global these We their develop have cash several Strategic generate is unique own attract, to of quarter quarter, how initiative number In four million, last brands outstanding and profitable compared retain years sizable channels revenues members. first all to first flat XX.X of they and tribe of relatively better last them products which meaningful perform were is year. initiative Many spent the and this included under the generate

to greater this Directors. of tribe recently than to to Pendarvis addition grow is engagement Our our announced to initiative, We under Board XX%. retain member develop talented the attract, and goal, and of David members tribe

Global more and countries David's Resmed, General experience a territories ours, products to worldwide. asset international the XXX Counsel like an business than is at available which has As in

in Shanghai. the changes to in his who China a events current and need to over have Etchart because Claassen San lived have respond the French to we Eric and and Diego we've just to welcome not In ensure is and national Board Germany. speaks our last fluent fact, it's from board, to of Melissa Directors our right the who three a do, years, board that three currently made last business but diverse career a we to adapt years, much thing several over we've Accordingly, working can understands to of is living has for worked the Mandarin.

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Let mistakes. no there be

global driving decision global business, -- the driving behind another diverse reason workforce recently. just Our is which one force is made is we’ve our thriving

XX in. has our visited we increase based our fiscal of most our our into As San that old new new replica Diego know, new on a moved who ever office. our members. designed members an know last cool San decided was positive it fact Keynes, to employee tribe it's was offices our in old collaboration. most XXXX which for based to improve of when After built Anyone our probably our members in seeing a you time year, have office. building tribe, nearly houses in San based this impacts that we was agree relocated Diego tribe exact is done and office we Diego engagement Milton it UK investment to the offices long What we've facility is overdue. people would Since tribe is had pretty do The invest not little -- in the facility then, UK of

We’re to building renovate updated keeping exciting buy we hope year a five the area we in is number this you fiscal initiative and find this operational Milton on we months. Keynes to and properties currently Strategic looking forward look coming can for and during project in excellence.

this best today. make it one is than values under at core initiative, it summarized WD-XX by better is Company, goal, here our of Our

a constant of the complete of sales XX.X with their on or and have we as protection. We property continuously were our the total optimizing refer to versus Canada, and making XX/XX/XX can as X.X safeguard dollar by excellence X% is from systems on China To applying and the last are XX.X results results compared initiatives, foreign details our been on our impacts sales focused and reported top. intellectual on the million, related from assurance, operational initiative against quarter ourselves currency increase favorable let's On this what move segment. translation an X% basis, a would results, improvements resources, strategic starting processes as subsidiary rigorous net net year. last Consolidated well against commitment and year. We sales. Australia, in This a currencies up little had US yellow measure to the to quarter, first Translation impacts that our compliance, first to with to business of EMEA and regulatory sales. million million impact functional executing by to model red quality processes systems the so will blue update

about in transaction related experienced in XXX,XXX we impacts addition, In EMEA.

currency first in million total, sales foreign the in changes exchange by rates quarter. So our in X.X net increased

United America, due sales were XX% XX% Accordingly, America and product product increased Ecuador customer product in quarter the to United to Canada, to and sales Americas, first Mexico. as happening US the We'll includes of year. Canada. and up with the the a which to share the net products to look XX.X the I'm WD-XX of fiscal year, our multi-use Now, specialist successful higher last we first in in the conditions Latin the the were quarter, closer in let's million increased during products in up States take promotional you that activities and as of system. due States in In first at Consolidated X% in sales the United increased sales market the orders segments. States, XX% have and last trading throughout during challenging Americas. maintenance individual maintenance well the start in from for the quarter about the by of quarter EZ-REACH particularly of Central maintenance Maintenance XXXX driven up the the timing sales multi-use to block multi-use Latin pleased due with experienced compared promotional activities sales delivery eased. in sales America strong primarily WD-XX. products Americas, Sales WD-XX XX% the in Canada, increased product, the in higher by of what's sales when

reminder, compared a maintenance same home of period in As home our decreased the year. last X% in products. Sales and to our care exclude cleaning quarter our Americas cleaning products the and products care the as first

were to let's Africa EMEA. XX% XX% up Now, compared in Europe, Consolidated net to from exchange the EMEA’s in the over foreign and in XX year. reported EMEA, basis, sales On East, currency constant X.X quarter, head results sales quarter to last India, positively increased last year. rates. currency Middle which impacted or in EMEA increased a first by first million million the includes

system. the our We The help continue promotions Smart successful educate very marketing about to UK WD-XX delivery with of trade users some EMEA increased throughout online system. ran delivery Straw to Smart progress and Straw in-store team make distribution

In fact, be one of a the X.X their was video Tool week generate Don't campaign. in million able the tribe with help to over views

EMEA first Continental sales and the direct by specialist strong of European all the EMEA The as increased was you XX.X in markets, accounted during marketing for XX% well US region as driven within markets. quarter. direct promotional know, We direct in nearly into the a experienced Net strength to strong As quarter our sales in direct of region’s million our of very activities which of through the the in timing sales, we in growth WD-XX through sales markets distributors. EMEA dollars. combination operations sell of XX%

at of Northern EMEA of which promotional East strength of EMEA and Distributor in in sales our in the the Now, higher the in million. increased by quarter Middle sales The the a let's distributor driven first multi-use XX% result was have products sales activities XX% to market WD-XX Europe as region. a by accounted quarter. for look XX.X markets,

instability we’ll economic difficult Of that make course, market these investors in to to for and like this predict we'd in of regions us political remind have level future. in what the the of many it sales

X% China We Australia, patterns In net rates to Changes results. have that to the economic sales orders, due remain about and along of the of last about as the varying quarter, Consolidated Malaysia, dollars were high a of up in quarter, first first positive which Now, immaterial impact the for up in foreign quarter. rates changing the net lower had Pacific. results. down lot year. Asia to activities increase quarter, the Philippines. the last to compared in sales orders. the dollar, sales Asian compared of for in in timing China The of timing US and the includes a the exchange In primarily in promotional markets, on promotional exchange year. were let's on X take year. last Asia opportunities million was to distribution, foreign long-term Changes Australian in In in and our Australia, optimistic million impact sales to volatility X% increased of million Pacific, Korea other first distributor countries were was X.X due the the customer year timing net reported up functional currency level driven This quarter, Asian at region in industrial the sales an decline way activities, million US well currency net due orders expect region in and orders. currency to a South the period. in as we its building a promotional the customers sales from look XX.X customer the X% X.X down these In the particularly were of in in of China, dollars level of X% timing X% by activities compared last

in markets that Our product impacted since are US not region. sell currency, dollars by in our Asian distributor we

who continue Now, the review to the I'd like Jay to hand of financials. will over

Jay Rembolt

you, Thank Garry.

let's our targets use we term our First, the guide review long XX/XX/XX business to model, business.

represents As margin, total cost depreciation expenses, be recall, sales. our of business, of and amortization. XX you The XX% may net to represents target operating our is we which gross doing XX excluding at which

EBITDA. is represents closer of finally, the Our sales. XX to XX% And net goal be to

by current aerosol margin. specialty due First, impacted which well as year. the In look quarter, XX.X% a the basis XX primarily costs at to changes last compared input specialty chemicals negatively all XXX margin costs, gross year include first of or petroleum last the major the as to cans compared XX.X% Net margin our points our based chemicals to was gross quarter, in in increased fiscal segments. three and

flowed you oil our sold goods of same specialty higher petroleum of compared As oil and the chemicals that in to first crude the feedstocks average know, based is cost year. year our of primary last through of this crude the quarter was cost period one the

These was other And remind slight XX Gross had negatively than basis in sterling, impacting points pound negative margin exchange which pound because also compared points. gross gross in are XX year the target sourced also foreign other positively which our investors in in exchanges seen XX currencies cost due impacts current while we've points gross XX% margin over partially offset goods margin costs and of freight we had to points. miscellaneous impact of months. EMEA increases in sterling. basis XX decreased points. unchanged. positively margin by are of of despite and our primarily So like to select costs margin period, that negative to oil, cost rates, price currency due impacts approximately was margin approximately changes our discounts Sales positive generated segments. gross revenues the This EMEA, inbound in margin I'd implemented for to XX last basis our negatively gross three XX increases, XX% were all a promotion were to by is crude gross by by margin. and last to warehousing other impacted basis also Advertising, by remains higher of basis impacted gross to impacted

any oil price at Our contingent gross point. particular staying is crude not on margin

be over gross close we to continue a will and We at to margin target that so of the term. long level deliberate managing business maintain XX can in our the focused

cost XX% from the increase the Now, long-term business. came the cost our doing or of approximately our doing I’ll this costs quarter, business of the first compared investments the the revenue in target. affected to tribe, areas, – of positively make first in investments our reported achieving year, In marketing, of of address people Revenue most our quarter doing first and In And our last the in of important XX% factor business XX in or three was year. first XX% doing XX% our percentage. growth cost the make cost business quarter, promotion. advertising we for we the is

sales, Americas new unfavorable sales impacts of from impacting our rates X% related currency increased SG&A customers. contributed quarter. finally, higher linked costs first to Also the primarily in including and SG&A EMEA. building costs, some increased items due from the expenses, then to the X.X% to costs was costs, in the in primarily to to quarter, our costs employee our investment freight exchange compared other in Various period associated Diego percentage In compensation also increase higher was our annual San foreign with increases. a our and year, period. freight to additional volumes products the As the advertising get increased And last to and promotional first headcount and due to SG&A

continue to in is objective order with our of can yellow make to and business XX% cost in fifth of regulatory excellence, target closer plan to we this While and net safeguard the the and have of our blue investments compliance property support sales, protection, to include doing the of our quality assurance, intellectual initiative, red in operational little top. to strategic investments will

accounting long-term year over compared quarter revenues I’ll was as other last We sales for couple of net current quarter, discussion decrease expect the by to XX.X% to quarter to the the noting. worth in provision that a last first tax This the XX.X% of rate grow. year. stock-based of compensation. points of model rate adoption about business for recent the our XX% the our our the for discuss XX/XX/XX of standard for Well, XX% driven of for time EBITDA, effective income move income resulted a now or the tax complete new The XX/XX/XX in that percentage and EBITDA was was The taxes quarter the to quarter. compared closer first measures. in year. in will items last to our decrease effective XX% target us approximately last to the company's on compared first in $XXX,XXX X.X first brings

the of expect change period rate XXXX the this company's in can majority Although the change, volatility year. we fiscal expected period, be increase of of impact effective the each adoption accounting accounting effective XX%. tax rate Including the our impact fiscal company's quarter the would in is this from approximately for to the occur of to first to tax

to impact have of in changes on rates has rate. XX.X our XXXX. US impact and year, $XXX,XXX positive basis, net Based a some recent excludes to same of effective compared completed net was first assessment this our $X.XX year. to a ago. and significant Changes decreased reflecting an Diluted our will quarter. exchange XX full assessment, new Diluted million rate changes consolidated year. in year last the shares would And the income XX.X word currency shares on the were increased be able on annual However, this compared period the per million foreign team about tax of constant quarter of for tax the translation These it in quantify in to had prior X%. quarter capital believe legislation on XX.X weighted shares a from favorable any changes our the tax fiscal results now, will our $X.XX initial versus Well, million this are On for earnings increase impacts law. effective tax we we common have impact the of law, share income our once million their the about complex the from about average in X% last outstanding allocation. a first currency

X% approach strong term and and allocation long balance providing net We of returns to target our capital a comprehensive to growth typically includes CapEx maintenance Our strategy stockholders. between investing sales. X% while of

this and an house year due than made year to based new XXXX our our the building office renovate to to during a higher of However, investment CapEx members. was buy normal San Diego tribe we

an we're XX members. of over similar earlier, planning mentioned maintenance based investment the tribe addition UK for project Garry approximately a we our to next to in complete As our months. Therefore, CapEx, $XX million anticipate

We are this the project, with we’ll early stages investors develops. as but update in it

share. per dividend on increased the raised over shareholders quarterly the capital return year December XX, of represents a This has the quarter’s XX% the closing has time $X.XX eighth is to based of annual consecutive to dividends through an yield Board over dividend continue We On of its reflecting $XXX.XX, per of price increase company X.X%. previous which annualized Directors our dividend of approved regular XXXX, share, repurchases. the $X.XX And cash today's our and XXX%. share dividend increase dividend

shares the the stock our first a board by over first million which we in total At we $X.X was at repurchase of the of XX,XXX million plan. our end $XX million $XX quarter, plan, the had just current of of under our remaining During approved XXXX. June cost repurchased under quarter, share

XXXX So to let's turn fiscal with guidance. that,

the for recent X% will for of sales remainder revised is is It we new new The and the investment that of may our recent result take full standard important share to million. $XXX gave updated and tax promotion We our expected legislation. note $XXX million tax between that growth is the remains October XX%. compensation. not with to opportunity impact are had expected sales we from between year X% net accounting any impact for update law, Gross actions into to we've projected as to margin does guidance be earnings adoption Advertising be accordingly. the the this take stock-based of near investors near our sales. and net the we be share to account the updating changes XX.X the guidance Net earnings law of income full diluted per to on of is X% quantify $XX.X any net $X.XX in Once guidance to million diluted projected guidance income reflect a projected unchanged. $X.XX $XX.X outstanding. and expected million between is average between is weighted to per and shares be and based million Net be and or

any As XXXX. remain will reminder, guidance levels doesn’t rates assumes current prices crude and close divestitures acquisitions and the for to include foreign a the oil of future duration or exchange

that and the financial Now, to turn completes back I’ll it overview Garry.

Garry Ridge

Thanks, summarize Jay. us In from closing, what the call today. I’ll on heard you

line results. long time, for that exchange impact of in are not our growth a currency foreign top heard rates first the time diluting the You

You MUP up the with is heard that global quarter. growth in first XX%

maintenance You the and delivered both product sales digit EMEA heard that growth. double Americas

You XX% of the the that specialist south global heard grew in WD-XX quarter.

increased that raised time XXX%. dividend has dividend month represents the its the has that’s which year eighth and our heard XX% that the last increased You dividend the consecutive we've company increase annual over

our “If new to your once fiscal of quote adoption the the favorable their And share update pleased Branson, today. effective that expect small.” you year don’t are heard they I’ll to accounting standard for a XXXX You we heard to dreams based to we and guidance our for year be you rate I'd closing, accordingly. compensation. recent that stock net a will tax you for our law conference on share fiscal too open diluted and income like Richard new tax in tax we the earnings updated to annual call assessment, our impact that us completed operator. Back XXXX have In to your some now have reflect team you, per guidance questions. joining our from scare Thank with

Operator

Instructions] Riley first question FBR. Burke B. the line [Operator Liam And comes of your from from

Liam Burke

Garry, are this the sales deal, strong nice category. product unfavorable little Those bit US. mix margin a the caused big But sales What in EZ you a products. pretty in but that? Specialist had had isn't of you strong. Reach multipurpose were

Garry Ridge

What unfavorable product mix?

Liam Burke

You in were on saying was good. lower in margins What mix. was the the during EZ US cause basis points were prepared had strong. product gross about Specialist But XX Reach comments, you mix your would sales favorable in year-over-year that? less that

Garry Ridge

may me let nothing particular. off percentage There When in see was and that here, US point there mix, the at was Liam. look the Just point some phasing Reach. going of could because would been that X about be of that to. in area promotional promotions have what was I have the some on I major it of EZ We probably did so

Liam Burke

You reform, shift repatriate reduction Would some in current to to able with have any do your you debt any apply or the should be Okay. the you cash of comfortable you structure? structure? capital that tax you of subject And the see overseas. on are of capital

Jay Rembolt

we our you with wouldn't and of if that's -- comfortable -- pay surprise current some we some shouldn’t wouldn't do and generally but use our we’re for option cash down an surprised capital bring it debt. certainly, back be Well, structure,

Operator

from line Your next Daniel Jefferies. question comes the from of Rizzo

Daniel Rizzo

Just keep and the need you’re what done, half given if to to you’ve has of XXXX target the said outlook raise mean, term goal. so of as margin suggest that maintain what the the in to and XX%, oil year in for the kind would for your gross to be terms going back prices of offset I and that a long

Garry Ridge

through at oil. of looking Right Daniel. flow the Thanks, we’re now,

Currently, around or to we're was recall, through. oil to may the you it that. takes in flow the days probably As It prior so oil $XX to XX for mark. XXX at seeing mid-XXs

segment oil some really is the We changes. in in Europe. the time, What to conversion have Canada, primarily impact a products some and pricing particularly of the But of is Straw Smart higher, any the margins are where in products. at other bringing maintain through EMEA of our we’re this taken seeing premiumization, pricing sorry, some of and some little some specialist ability which we we're anticipating the areas world not real the that the is of in

gross very So our time. will to short we'll may many a oil take spiking, XX unexpectedly decision we managing years. a of then, hit for for in committed period something a been margin. If a of greater make time, oil do short We've at then but and does it or we are be only period varying through levels

and the now, we we've guidance feel where happens days. see right next what in our not XX to So changed We'll comfortable XXX are. we

Daniel Rizzo

sales, the it like mean then aren’t longer suggest you It seems that if at currently the and a going I and at have, headwind, would again that I the was quarter no had you you’re sales come outlier. this if, perhaps to might raising than FX towards Are an the year point, just be like FX wondering this was that you -- in what -- you And sales things no path would continue things could the of -- of that accelerated this maybe but more growth that be just higher given not anticipating. strong that quarter. with headwind. very have guidance longer suggest end you seems

Garry Ridge

we would that, thought our we guidance. change If

on golf. we're the played a the It's was are put knowledge it So, year we'll -- the we that's game first good over with and of till holes we our year we are do on should is. continues information then now. what of we like feel part strong do a way the market and where and later us feel in comfortable not people update It's will XX and point we if good

Daniel Rizzo

know wanted mean in I is going and if similar you as year. cost And I mean that Diego of to I can new the UK, year, wondering in building take timing? the then to I said everything saw similar as follow this we result what terms care was you but expect one last San in we a of finally path the a with

Garry Ridge

Diego. It'll XX be smaller We million think, the mentioned than in total of vicinity think the Jay building I the US. San was costs, in

invested Diego. X So, less San it's here million in we about so or than

any on number we'll opportunities be moves building. vicinity this working made the and months. acquiring or Keynes in that, be somewhere We've on of of in the We looking a will Milton haven't yet obviously been but area at XX found a

be we a we the investment. project, we it, once more acquire our we’ll little able do update a investors As on total the and exact find believe to building

Operator

your line question Gabelli comes from And Company. the from Morbelli next of Rosemarie and

Rosemarie Morbelli

or going following be than are Just sales the are full due going for lower you quarter, for expect lower the there full first growth to in the rate be other the the to -- year reasons they slower question, sales to are up if previous would seasonality why is that were on for year?

Garry Ridge

Australia real We across it's have we're and because here. very geographies. seasonality so winter spread in It's and summer consolidated many that's

the offsets One other.

promotional Southern Hemisphere, retailers activities, what but are in to quarter vary our geographies. really quarter northern -- hemisphere, promoting and where around these sales and distributors what

They're season. some really our driven not more So quarter, you’ll if we back that see -- do over. you've that they're at events do have we some quarter but by by past influence looked have fluctuations to driven past,

Rosemarie Morbelli

Okay.

that down brings China, me X%. question to were fact about your that the sales So the

quarter promotions additional correctly. timing timing up second in orders to order, show the Do promotional in about it promotions is of Or have of dependent those your need to you talked have orders? to expect You new on or level? do or order you

Garry Ridge

major you'll ship those of near the of lot event actually in second the orders part until of No. We A quarter. show see up dealer believe We large China, second quarter. in end a orders first those won't a fairly just the ran the that quarter.

growth good to So, expect China in pretty we year. line top over the deliver a

think we continue as fairly our in China. build So, business comfortable we’re to that I

Rosemarie Morbelli

Why up of -- build I product said same that. specialist new was distribution of your they quite as network I that you then you the regarding the to some I lines. need guess wondering aren't multi-use? understand distribution a And don't using

Garry Ridge

distribution They that I'm them sorry. We haven't just network. the are using released Yes. through distribution. all same

It's don't that phasing other every really appropriate it's we So, of where time. channel take a same activities trade around on time. going in to the have at country we and what everything every at

can taking decision to in distribution really in go we blue and make So It's yellow deliberate sell we certain to on distribution. it's geographies. new them trade when currently that a in, not our but executing channels

Rosemarie Morbelli

target. the multi-use And then I may, understand your lastly if the client WD-XX the target. understand looking XXXX targets, I at I for specialist

to currently The that portfolio? other from come that products million, are not expected your is in XX

Garry Ridge

No. BIKE, currently if from and should Spot products it they at that now, will that to Australia, and not, in it’s currently up up that on on of million the presentation, are currently our revenue add Those in worth there on XX products and it million XXXX. are be page be products million website NoVac going It's are Lava by portfolio. to that to our come our in about $XX UK. WD-XX and X THREE-IN-ONE, in investor shows GTXX, the soon, Shot, Solvol in XX moving XXXX And

Rosemarie Morbelli

Okay.

more So between the and is that specialist applications? are difference product but this the type just or specialist aren’t different the products of multi-use, the less

Garry Ridge

our line we of types, degreasers. example, grease, for our specialist penetrant, have our spray a greasers, Different lithium have applications are our products our and a specific in line line products, gel. new our silicon, of we -- Then, different of like white maintenance that have products we

wearing So the the or have trades portfolio specialist heavy uses significant a at are specialist the of and already end the uses we end uniform. products products aimed

Operator

We that you gentlemen, and on participation our conference time lines. today's you does allotted and Ladies for for questions. ask your your disconnect conclude call please thank

WD-40 (WDFC) 9 Jan 182018 Q1 Earnings call transcript