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"storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Short report, not activist long equity. Striking cover: CGI-rendered burning suburban house with solar panels, motorcycle, and Spruce Point 'Strong Sell' plaque — best visual asset in the deck. Internal style is functional institutional teal/grey with red down-arrows signaling deterioration. Ben Axler (Spruce Point founder) is quoted directly on p.4 and is the named author. Dated from filename '6-22-2022' and valuation slide price reference 6/21/2022. Sector is primarily industrials (backup generators) with clean-energy overlay. Track-record slides up front (Just Energy, Sunnova, Ballard, Stryker, Church & Dwight, Mettler-Toledo, A.O. Smith) are a signature Spruce Point credibility move worth noting as a pattern.", "kpisCited": [ { "detail": "40-50% ($110-$132 vs. $220 reference)", "metric": "Downside to share price" }, { "detail": "~20% price reduction, ~$100m cash-flow headwind", "metric": "Portable generator price cut" }, { "detail": "4.5x sales vs. 1.8x peer comp; >$800m goodwill/intangibles", "metric": "ecobee acquisition multiple" }, { "detail": "Sales +94% since 2017, A/R +444%; bad debt provision 5.5% vs. consolidated 1.5%", "metric": "Pramac UK receivables growth" }, { "detail": "$25m commitment; >$6m contributed since Q2 2021", "metric": "Sunnova TEP V-A tax equity" }, { "detail": "34,894 shares for $9.8m on Feb 1, 2022 via overlapping 10b5-1 plans", "metric": "CEO stock sale" }, { "detail": "Turned negative in Q1 2022 — worst in public history", "metric": "Cash from operations" }, { "detail": "12.2% of sales, down from 37.1% prior year", "metric": "Liquidity (cash + ABL)" }, { "detail": "Only 6 of 12 large promoted distributors still carry Generac", "metric": "Dealer channel check" }, { "detail": "14.1x 2022E vs. peer average 11.1x", "metric": "EV/EBITDA multiple" }, { "detail": "Consensus $382.68 implies 74% upside; 89% Buy / 11% Hold / 0% Sell", "metric": "Analyst price target" } ], "closingAsk": "Sell Generac shares: Spruce Point estimates 40-50% downside risk to $110-$132 per share as financials deteriorate and lofty analyst expectations are missed.", "extraction": { "at": "2026-04-22 21:37:12+00", "model": "unknown-legacy", "runId": null, "seconds": 127.23885, "promptVersion": null }, "scqaReward": "40-50% downside to $110-$132 per share from a $220 reference, based on 1.6-1.9x legacy revenue and 2.0-2.5x clean-energy revenue, or 10-11x 2022E EBITDA — a discount to peers for opaque disclosure and acquisition baggage.", "thesisTypes": [ "fraud_exposure", "governance_board", "management_change", "multiple_rerating" ], "top3Reasons": [ "Core HSB and portable generator business under pressure, ~20% price cuts = ~$100m cash flow headwind", "Shady acquisitions and partnerships: Pramac channel stuffing, Sunnova tax-equity round-tripping, Pink Energy FTC probe", "CEO lacks M&A/clean-energy skillset and used two overlapping 10b5-1 plans to cash out $9.8m before guidance cut" ], "scqaSituation": "Generac is an S&P 500 maker of home-standby and portable generators heavily promoted to retail investors on CNBC, riding a COVID-19 stay-at-home and 2021 Texas-outage demand windfall while pivoting into clean energy via PWRcell, Pramac, and ecobee.", "thesisSummary": "Spruce Point argues Generac Holdings, a COVID-19 stay-at-home beneficiary heavily promoted to retail investors on CNBC, is materially overvalued. The core home-standby and portable-generator business is decelerating: Generac cut portable prices ~20% under foreign competition, faces excess capacity after 2-4x buildouts, and is absorbing product-recall costs for finger-amputation and carbon-monoxide defects. Management is deflecting by pivoting to clean energy through acquisitions Spruce Point calls shady — Pramac (Italy) with evidence of inflated receivables and channel stuffing, Off Grid Energy, ecobee at 4.5x sales, plus a suspicious $25m Sunnova tax-equity structure that may finance sales of Generac's own products. CEO Aaron Jagdfeld, whom the board's own skill matrix flags as lacking M&A expertise, ran two overlapping 10b5-1 plans to sell $9.8m of stock ahead of a guidance cut. Target: $110-$132/share, 40-50% downside.", "primaryDemands": [ "Recognize Generac is materially overvalued with 40-50% downside risk", "Replace CEO/Chairman Aaron Jagdfeld with a seasoned executive with M&A and clean energy expertise", "Provide transparent disclosure on PWRcell revenue, Pramac channel stuffing, Sunnova tax-equity investment, and price cuts in portable generators", "Explain the undisclosed 50% indirect interest in Pramac Racing linked to arrested executive Luigi Scavone", "Compensate consumers harmed by finger-amputation and carbon-monoxide-poisoning product defects" ], "scqaResolution": "Sell GNRC. Spruce Point calls on Generac to replace CEO/Chairman Jagdfeld, disclose PWRcell revenue, explain the Sunnova TEP V-A tax-equity structure, and clarify the 50% indirect interest in Pramac Racing linked to the arrested Alma Group executive.", "thesisOneLiner": "Generac is a COVID-era generator beneficiary masking collapsing core demand and a string of shady clean-energy acquisitions; Spruce Point sees 40-50% downside to $110-$132/share.", "precedentsCited": [ "Just Energy (NYSE: JE) — Spruce Point 2013 short, CEO resigned, bankruptcy", "Sunnova (NYSE: NOVA) — Spruce Point 2020 short, shares down ~50%", "Ballard Power (Nasdaq: BLDP) — Spruce Point 2018 short, -40%", "Stryker, Church & Dwight, Mettler-Toledo, A.O. 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Any investment involves substantial risks, including complete loss of capital. There can be no assurance that any statement, information, projection, estimate, or assumption made reference to directly or indirectly in this presentation will be realized or accurate. Any forecasts, estimates, and examples are for illustrative purposes only and should not be taken as limitations of the minimum or maximum possible loss, gain, or outcome. Any information contained in this report may include forward looking statements, expectations, pro forma analyses, estimates, and projections. You should assume these types of statements, expectations, pro forma analyses, estimates, and projections may turn out to be incorrect for reasons beyond Spruce Point Capital Management LLC's control. This is not investment or accounting advice nor should it be construed as such. Use of Spruce Point Capital Management LLC's research is at your own risk. You should do your own research and due diligence, with assistance from professional financial, legal and tax experts, before making any investment decision with respect to securities covered herein. All figures assumed to be in US Dollars, unless specified otherwise.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:56.224+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "295e2595-7c80-40c5-b0c4-3ba44a4efa64", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "disclaimer", "text": "This research presentation expresses our research opinions. You should assume that as of the publication date of any presentation, report or letter, Spruce Point Capital Management LLC (\"SPCM\") (possibly along with or through our members, partners, affiliates, employees, contributors and/or consultants) along with our subscribers and clients has a short position in all stocks (and are long/short combinations of puts and calls on the stock) covered herein, including without limitation Generac Holdings Inc. (\"GNRC\") and therefore stand to realize significant gains in the event that the price declines. Following publication of any presentation, report or letter, we intend to continue transacting in the securities covered therein, and we may be long, short, or neutral at any time hereafter regardless of our initial recommendation. All expressions of opinion are subject to change without notice, and Spruce Point Capital Management does not undertake to update this report or any information contained herein. 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However, Spruce Point Capital Management LLC recognizes that there may be non-public information in the possession of GNRC or other insiders of GNRC that has not been publicly disclosed by GNRC. Therefore, such information contained herein is presented \"as is,\" without warranty of any kind – whether express or implied. 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(NYSE: GNRC), a highly promoted S&P 500 company often pitched to retail investors on CNBC as a play on home standby (back-up) (\"HSBs\") and portable power generators during times of a weather crisis and power outages, Spruce Point believes shares are materially overvalued as Generac struggles to suppress core business challenges, while pivoting towards a highly speculative and unproven acquisition spree in clean energy products and services. By the Board’s own admission, Generac’s Chairman and CEO lacks the expertise to implement its strategy shift, which we believe is evident by our research which shows numerous shady M&A deals and partnership decisions. Spruce Point believes that Generac was an extreme COVID-19 beneficiary from the stay and work-at-home effect, and committed to material capacity expansion which will be a drag going forward as demand tapers. Furthermore, we find recent evidence that Generac fails to discuss that its core portable generator business is under extreme pressure with it having to cut prices by nearly 20% to compete against an onslaught of new foreign competition. We estimate this to be up to a $100m cash flow headwind. Generac has also been dealing with product recalls due to safety issues resulting in finger amputations, and products that don’t adequately protect against carbon monoxide poising. As a result, Generac subtly updated its “Forward Looking Statements” warning of a potential government investigation.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:57.934+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "00fdbf0a-b780-4e32-b464-2406d22be2c9", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.94, "x": 0.03, "y": 0.85 }, "kind": "paragraph", "text": "Our recent channel checks into twelve (12) Generac promoted large regional distributors indicates that only six (6) still carry its products. Generac’s Chief Marketing Officer recently “retired” in February 2022 and forfeited millions in stock compensation after the proxy statement revealed his compensation goals would be linked going forward to its new Clean Energy business. Generac also recently expanded its Clawback Policy and the Chairman and CEO has recently been an aggressive seller of well-timed stock sales using two 10b5-1 programs.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:57.934+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "09633290-d876-4d6d-b226-6a9b090a295a", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.94, "x": 0.03, "y": 0.55 }, "kind": "paragraph", "text": "To deflect from growing core challenges, we believe Generac is trying to position itself as a new clean energy play to buff its ESG and transparency image. However, our review of its recent M&A activity to expand its core and clean energy efforts reveal a host of serious concerns. Notably, we question its recent minority acquisition of Pramac in Italy at an irrationally low multiple, and after a review of its foreign financial statements find evidence of ballooning receivables, a hallmark of channel stuffing. Pramac’s racing arm also had partnered with the Alma Group, whose “capo” was arrested.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:57.934+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4a632a8e-7031-4c24-8f42-7066a635695d", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.94, "x": 0.03, "y": 0.95 }, "kind": "paragraph", "text": "We believe Generac trades at an undeserved premium to peers and analysts give it premature credit as a proven player in clean energy. After heavily promoting its recent clean energy acquisitions, Generac recently guided down margins and blamed it on, \"the start-up nature\" of the acquisitions. Buyer beware: on average, Generac’s acquisitions were founded nearly 15 years ago. We estimate 40% - 50% downside risk ($110 - $132 per share) as Generac’s financial situation deteriorates and lofty analyst expectations are missed.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:57.934+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "513b582d-e9f4-4fa4-9613-a1c818c349b2", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.94, "x": 0.03, "y": 0.7 }, "kind": "paragraph", "text": "Among other alarming findings, we find evidence to suggest a sham revenue transaction at Off Grid Energy, its recent UK acquisition acquired by Pramac’s subsidiary. Even more concerning, we find evidence that to grow its residential solar business and compete against the likes of Tesla, Generac has engaged in a shady transaction with Sunnova, a company we previously profiled for its shoddy financial reporting, which we believe may have been designed to finance its own sales. Generac has also partnered with a large solar distributor named Powerhome (now Pink Energy) which multiple undercover investigations allege it has been misleading customers. 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it is even tweaking its penetration assumptions in its core business. Generac recently changed its claim twice that the market opportunity for its core product has expanded from $2.0, to $2.5, and now to $3 billion for each 1% penetration, but is narrowing its buyer demographic by now focusing on buyers aged 60 or older vs. 50 or older.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:01.416+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "038a57d6-3cdd-45f3-89ef-cdb39bb4764c", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.81, "x": 0.17, "y": 0.21 }, "kind": "paragraph", "text": "Generac's core products are heavily marketed towards the residential and consumer market as an “insurance” policy from grid and power outages. We find evidence that since its IPO, its penetration has failed to grow at the rate of other discretionary home products. Recently, Generac modified a key slide to show that the penetration rate was actually less than expected. 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Based on our research, we find an onslaught of new competitors, and that Generac slashed prices by nearly 20%. We estimate this to be a $100 million headwind to cash flow.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:01.416+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4644f10a-c4be-42e3-bb22-764c6e09c33a", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.81, "x": 0.17, "y": 0.74 }, "kind": "paragraph", "text": "Consumer Reports, a well-regarded independent consumer review and advocacy group, has reviewed Generac's products. Generac's core competency has always been HSBs. However, a recent study shows that brands such as Champion, Briggs & Stratton, Cummins and Winco receive overall higher scores. In the category of inverters, where engines tend to be more complex and expensive, Generac did not even make the list.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:01.416+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "81104d85-4220-4cb5-84ab-c014b8c39e8c", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.81, "x": 0.17, "y": 0.85 }, "kind": "paragraph", "text": "Generac has conducted two recent product recalls, one related to finger amputations, and another related to the risk of carbon monoxide poisoning. There have been a raft of lawsuits, and Generac even made subtle changes to its “Forward Looking Statements” noting “significant legal proceedings, claims, lawsuits or government investigations.” A recent investigation into the generator industry, including Generac, by the non-profit Texas Tribune And ProPublica says that the industry has historically resisted measures to make the products safer.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:01.416+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8e19b632-b33a-4f8f-a665-c544c54625a8", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.81, "x": 0.17, "y": 0.47 }, "kind": "paragraph", "text": "Due to the stay-at-home effect from COVID-19 and the Texas power outage of 2021, we believe Generac experienced a black swan demand event for its products, causing a surge in sales and profits. Generac, along with competitors such as Kohler and Briggs & Stratton, each announced plans to increase capacity by 2x - 4x in early 2021 in response. However, with supply chain complications, Generac's ability to bring on new capacity has fallen behind schedule. 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Liquidity, as measured by its cash and ABL borrowing capacity is just 12.2% of sales, and has fallen markedly from the prior year at 37.1% of sales. Now 15% and 10% of its sales and EBITDA are international. Notably, it has unhedged exposures to the Euro, British Pound and Mexican Peso. A strengthening of the US Dollar hurts Generac. 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However, none of these claims are backed with firm reporting in SEC filings. Generac also once claimed superior product attributes to Tesla's Powerwall, but has since retracted such claims. Spruce Point not only finds evidence of dealer growth slowing, but also evidence key dealers have stopped selling Generac. Our recent channel checks into twelve (12) Generac promoted large regional distributors indicates that only six (6) still carry its products and that dealers we spoke with believe Tesla is cheaper and easier to install the PWRcell.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:57.919+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "49d2640c-4367-40e1-abc3-035ab146e082", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.81, "x": 0.17, "y": 0.92 }, "kind": "paragraph", "text": "Even worse, some Generac clean energy distributors are alleged to be using deceptive marketing practices to fuel sales growth. Powerhome Solar (now dba as Pink Energy) one of Generac's largest partners in over 13 states, has had multiple investigations into its sales practices and has allegedly overcharged for Generac batteries. Its CEO settled charges with a State Attorney General earlier in his career, while the Chief Marketing Officer settled charges by the FTC for deceptive marketing practices. A recent source says that Pink Energy is under FTC investigation. How much in sales has Generac done with this organization, and why after numerous investigations showing the alleged fraudulent practices, does Generac continue to promote them as partners?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:57.919+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "90f8aae9-5296-4156-9a75-3c825b594bd9", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.81, "x": 0.17, "y": 0.19 }, "kind": "paragraph", "text": "There are many signs that Generac is under increasing financial strain. Its working capital to sales ratio has increased for three quarters in a row, and its short-term borrowings at foreign subsidiaries hit a multi-year high. Gross margins are declining, inventory turns are decreasing and earnings quality, as measured by the difference between net income and cash flow, is deteriorating. It appears that Generac is significantly stretching out its payables, which would help improve cash flow, but may be agitating suppliers. Furthermore, as more of its products are offered online, and to remain competitive, we find evidence that Generac has been absorbing higher shipping costs.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:57.919+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b441d0cd-485d-436a-8e07-bf99233f2b75", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.81, "x": 0.17, "y": 0.57 }, "kind": "paragraph", "text": "In early 2019, Generac started making acquisitions oriented towards clean energy products and solutions, a strategy we believe is fraught with risk given our evidence that Generac has been challenged with prior acquisitions. Specifically, Spruce Point questions Generac's rapid growth from two speculative acquisitions in 2019 of Pika Energy and Neurio Technology that have formed the basis of PWRcell, its home residential storage solution. We find evidence of prior failures at Neurio, revenue reporting concerns, and that the acquisition value was revised lower in a non-transparent way. At Pika, we find evidence of a large sales increase to Puerto Rico ahead of Generac's acquisition. One of Pika's notable distributors in Puerto Rico was Dynamic Solar whose President and Partner was arrested in a kick-back scheme.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:57.919+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b5a99688-550d-41da-a1c8-5c36fa7e1d11", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Financials Showing Stress, While Generac 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Suspicious Recent Added Investment In Pramac (Italy) With Evidence To Suggest Inflated Sales And Channel Stuffing. Racing Entity Linked To Arrested Executive", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:55.725+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "921226b1-6ca0-487d-a256-38e82d1c9835", "parentComponentId": null }, { "bbox": { "h": 0.32, "w": 0.14, "x": 0.01, "y": 0.16 }, "kind": "other", "text": "Shady Business Dealings With Sunnova, A Public Company We Warned About Earlier", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:55.725+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f29c6d81-5caf-4934-84a7-1a61103cda69", "parentComponentId": null }, { "bbox": { "h": 0.32, "w": 0.82, "x": 0.16, "y": 0.16 }, "kind": "paragraph", "text": "Generac has heavily promoted its partnership with Sunnova (NYSE: NOVA)...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:55.725+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "112b6d40-34d2-40e5-97cb-01f43d0ffddc", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.82, "x": 0.16, "y": 0.51 }, "kind": "paragraph", "text": "Pramac IPO'ed in Italy in 2007... Spruce Point also questions Generac's interest in Pramac Racing.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:55.725+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "415062a9-7e47-4195-9b57-49fa0dddc388", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Certain information has been excluded from this exhibit because it is both not material and would likely cause harm to the company if publicly disclosed. — Sunnova (regarding investor capital commitment); In application of the law, we inform you that the information relating to the payment periods provided for in article D. 441-6 of the commercial code is not mentioned in the management report. 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The business was sold for £162 million ($213.1 million). 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Generac's corporate press release obscured the fact that its Pramac (Italy) business... was the end acquiror. Generac's SEC filings show the deal price fell 30%. 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Amazon has dropped the price by an additional 20% to $47.99. 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The CEO also made his largest stock sale ever on Feb 1, 2022 by disposing of 34,894 shares for proceeds of $9.8 million.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:57.01+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ddd9c2ce-b78d-4cc4-9271-05fc09f5d43e", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.75, "x": 0.22, "y": 0.45 }, "kind": "paragraph", "text": "There is clear evidence that ecobee's revenues were greatly diminished... Generac has given conflicting statements that put ecobee's revenues in the range of $125 - $171 million.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:57.01+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e3c7bae4-a2e5-411b-a2bb-4f55168923cc", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.75, "x": 0.22, "y": 0.19 }, "kind": "paragraph", "text": "Spruce Point believes Generac massively overpaid for ecobee... ecobee's balance sheet appears stressed with negative -$11 million of working capital at closing.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:57.01+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ea994bca-0c86-4543-9b32-d380a1cbe14e", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.75, "x": 0.22, "y": 0.88 }, "kind": "paragraph", "text": "The Board's own skill matrix shows that Mr. Jagdfeld lacks expertise in M&A and clean energy markets, which is exactly the strategy Generac has opted to pursue. We believe it is time for him to be replaced by a more seasoned executive.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:57.01+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f34a28c5-685d-4628-abc9-18289a078e8a", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.65, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "The CEO/Chairman Lacks The Skillset To Lead Generac Forward And Is Cashing Out", "attrs": null, 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"extraction": { "at": "2026-04-22 22:47:51+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ed-775b-bcbc-14629370b280", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.18, "y": 0.34 }, "kind": "paragraph", "text": "In light of our findings that: 1) Generac’s core and clean energy business dealership growth is slowing and it has lost partners, 2) Its PWRcell solar competitive advantage vis-à-vis Tesla’s Powerwall has diminished, and 3) Some Generac dealers are engaging in allegedly misleading and deceptive marketing practices, we believe the CMO’s departure should be a serious red flag. Following his departure, Generac expanded its Clawback Policy in March 2022 to cover management “gross negligence” or “misconduct resulting in violation of law or company policy” that causes harm to the firm. In the context of all of our research findings, we find this recent policy expansion troubling.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:58.688+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "33742965-7b66-4bee-bc08-29df59109c9f", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.18, "y": 0.18 }, "kind": "paragraph", "text": "We believe Generac is an aggressive marketing company geared toward residential consumers and retail investors. In Feb 2022, its Chief Marketing Officer “retired”. By doing so, he forfeited millions in stock compensation. The proxy statement revealed, that for the first time, his compensation would be tied to goals for the Clean Energy business. Based on our review of social media placement and advertising, we believe Generac’s clean energy marketing is falling behind in establishing connections with younger millennials.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:58.688+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "38bf1a9b-74f0-4350-b38d-cd5e44617c89", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.8, "x": 0.18, "y": 0.75 }, "kind": "paragraph", "text": "Our research shows that the core of these businesses are based on acquisitions with legacy challenges, and that Generac itself has not proven to be an astute acquiror. We question the sustainability of its “success” with PWRcell, which Generac projects to be a ~$350 million revenue business by 2022. Generac’s does not break out the revenue or margins of this business in SEC filings, but we believe its lofty margin ambitions, which would place it on par with larger and more established players in the solar industry, will severely disappoint. Generac’s dealer growth is already slowing, and it has increased incentives for new dealer recruitment. Meanwhile, we question Generac’s due diligence in recruiting solar installers given what we uncovered at one of its largest dealers Pink Energy. Generac trades at 3.2x and 16.0x our 2022E sales and EBITDA estimates which is large premium to peers, and still reflects a multiple expansion from pre COVID-19 levels. We believe estimates are too high and must come down. Valuing it at a discount of peers on lower-than-consensus estimates, we see 40% – 50% downside risk ($110 – $132 per share).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:58.688+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b81ba2ed-fd01-4fc0-b4fa-1796cd92d786", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.8, "x": 0.18, "y": 0.52 }, "kind": "paragraph", "text": "Analysts are extremely bullish on Generac with the average analyst price target of $383 per share, implying 74% upside. However, we don’t believe any analysts have conducted a rigorous forensic financial review of Generac’s financial reporting or accounting policies. We find numerous instances of acquisition revenue and spending not adding up, along with other financial and accounting anomalies especially at Pramac, its European business. However, our biggest concern, which we don’t believe the sell-side has adequately explored, are the increasing financial pressures from Generac’s legacy HSB and portable generator business. In particular, we believe portable generators are experiencing longer-term pricing pressures, which we conservatively estimate to be a $108m headwind to cash flow. 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But the industry resists rules to make them safer,\" Dec 17, 2021", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Generator sparked a fire & it started at Derek's sleeve & continued on a spiral of hell. Derek was burned over 70% of his body with 4th degree burns. Garage & house burnt down.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:58.647+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "af1975a6-6246-48f3-bb2f-fe7c79283052", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Generator sparked a fire & it started at Derek's sleeve & continued on a spiral of hell. Derek was burned over 70% of his body with 4th degree burns. Garage & house burnt down. 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We observe that warranty payments, provisions, and liabilities are increasing faster than its recent organic revenues.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:47:53+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ed-775b-bcbc-f32e7d64b9dc", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Warranty Liabilities: $101.5", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:47:53+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ed-775b-bcbc-f7835113668c", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.864, "x": 0.068, "y": 0.168 }, "kind": "paragraph", "text": "Spruce Point has analyzed Generac's warranty reporting and has serious concerns mirrored by numerous consumer complaints, product recalls, and reported injuries. We observe that warranty payments, provisions, and liabilities are increasing faster than its recent organic revenues. Also, a very large change in warranty estimate was made in 2020. 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These units tend to cost less than home standby generators. They typically run on gasoline that must be stored in large quantities. Stabilizer must be added to the fuel for prolonged storage. As noted earlier, these models can quickly produce deadly levels of carbon monoxide. 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Partnerships with homebuilders could allow them to offer backup generators as standard for new homes, or an upsell option so that homeowners can have the benefits of backup power. Generac promoted this opportunity as an attractive sales channel for new investors in its early 2009 IPO filings. Fast forward a decade later, the Company is finally admitting the strategy is a failure. To make matters worse, we believe the CEO may have insulted the homebuilding industry by referring to them as \"land developers\" interested in flipping.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:00.404+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a58d24db-e6f9-47db-97ca-2f80d8e2f444", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "we have some relationships with some builders on a direct basis. But that largely has not been that successful. In fact, many of the really large builders, the production homebuilders, they're not even really builders. They're in that classification of a builder, but they're really developers, they're really land developers. And so by and large, what they do is they're buying tracks of land and they're subcontracting the actual construction of the home on that land and they're putting -- they're putting together a property that can flip and they can turn so that they can get the value of the land out from underneath it. So they're less about building and more about developing. And that doesn't really fit in with us trying to talk about, \"hey, we want to add a $4,000 product to the cost of a home.\" They want to make the home affordable so they can flip the land underneath it. That's really what they're interested in. So we're -- we have a misalignment of interest when it comes to talking to big production builders. — CEO Response, Analyst Day, Sept 4, 2019", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:47:57+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ed-775b-bcbf-a51f3303d2e4", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.51, "y": 0.96 }, "kind": "source-note", "text": "Source: Analyst Day, Sept 4, 2019", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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}, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:47:55+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ed-775b-bcbd-bdb332058db0", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "Generac says that it is the only domestic manufacturer of portable generators, which means the market is heavily reliant on imports. According to trade records, we've seen a recent explosion of imports and corresponding decrease in prices up to 20% by Generac. Furthermore, according to a statement made by Generac management, portable generators have a 10 year life cycle which means any recent surge in buying could be difficult to replace going forward.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:59.6+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d95d76fc-9646-4c98-ae71-2e06389b6ef8", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.86, "x": 0.12, "y": 0.32 }, "kind": "quote", "text": "Every portable generator in North America is imported with the exception of the ones that we make in Jefferson, Wisconsin. So nobody else makes portable generators in North America, we do.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:31:59.6+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0ae76a8e-c0df-464c-ba3f-31fb62cb4b2b", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Every portable generator in North America is imported with the exception of the ones that we make in Jefferson, Wisconsin. 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"text": "Spruce Point finds clear evidence that Generac's portable generator business is under pricing pressures, and management has failed to disclose any price issues associated with the business line.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:47:55+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ed-775b-bcbd-f2b9b6a9302d", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.46, "x": 0.52, "y": 0.54 }, "kind": "image", "text": "Pre-COVID-19 Featured Portable Generators", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:00.553+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "679a49e4-a10a-4f9a-b7b0-c6f22fea5283", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.48, "x": 0.02, "y": 0.54 }, "kind": "image", "text": "Current Featured Portable Generators", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:00.553+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f424f6b8-b9f9-4efb-8526-5bbdfb1fc720", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "gross margin: 19%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:47:55+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ed-775b-bcbd-f89beef6ea9d", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "Spruce Point finds clear evidence that Generac's portable generator business is under pricing pressures, and management has failed to disclose any price issues associated with the business line. Using the Wayback Machine, we see that Pre-COVID-19 Generac featured 46 SKUs, which has been reduced to 32 SKUs. In addition, we see clear evidence of price deflation. Two of Generac's prominently featured models, #7127 and #7117, have been price cut by 17% and 19%, respectively. Portables already carried below average margins before the price cuts took into effect.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:00.553+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "94ffbc37-c204-48b5-bd24-5ffd64257dbd", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.85, "x": 0.13, "y": 0.33 }, "kind": "quote", "text": "This 250-basis-point decline in gross margin as compared to the prior year was mainly the result of an unfavorable mix -- sales mix. The shift in mix was driven by the significant growth in shipments of portable generators and mobile products during the quarter, which carry lower gross margins relative to the consolidated corporate average.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:00.553+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8f3525c8-46df-4828-af6c-acc4b0ef6b27", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"This 250-basis-point decline in gross margin as compared to the prior year was mainly the result of an unfavorable mix -- sales mix. The shift in mix was driven by the significant growth in shipments of portable generators and mobile products during the quarter, which carry lower gross margins relative to the consolidated corporate average.\" — CFO Q3 2017", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:47:55+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ed-775b-bcbd-f7fd612f8f6c", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Generac website", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:00.553+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "31c92ae1-a306-4483-9f93-54337a5de44a", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.13, "y": 0.44 }, "kind": "source-note", "text": "Source: Q3 2017 Conf Call", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:00.553+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8ecb3392-7ebd-4093-82c3-04ece3b2b0d4", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.52, "y": 0.95 }, "kind": "source-note", "text": "Source: Wayback Machine", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:00.553+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d55e5198-cf97-494b-ac06-01f98b21204b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.6, "x": 0.305, "y": 0.03 }, "kind": "title", "text": "Undisclosed Pricing Pressures In Portable Generators", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, 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"019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 14, "name": "Expose Contradiction", "beatId": "6efea6c0-5238-48d2-864d-0ad94f8d4ead", "matchId": "77191828-f32a-4a76-89a5-f5aa71c5663c", "beatType": null, "evidence": "Multiple contradictions in Generac's financials and operations", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 36, "type": "tension", "title": "Uses screenshots of retail websites (Home Depot, Lowes, Walmart) to demonstrate market saturation and brand dilution.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": 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{ "bbox": { "h": 0.6, "w": 0.3, "x": 0.65, "y": 0.3 }, "kind": "image", "text": "Walmart search results", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:00.29+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "67c12104-149e-4ca5-9a0c-322ba18a7304", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.28, "x": 0.35, "y": 0.6 }, "kind": "image", "text": "Lowes search results", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:00.29+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f5fcb35a-7a2a-4be5-98e2-bc7773aff41f", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.17 }, "kind": "paragraph", "text": "The last time Generac specifically referenced its competitors in the portable power generator market was in 2014 when it listed four companies: Honda, Briggs & Stratton, Champion and Techtronics. Fast forward to today, WalMart lists 25 brands when searching for “portable generators.” In fact, nowhere do we see Generac listed among “Top Rated”, “Best Seller” or “Trending” among our searches at leading U.S. retailers including Home Depot and Lowe’s.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:00.29+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e38c1f1b-2bf1-4a7b-b105-d482576dd4fc", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“In the portable generator market, our primary competitors include Briggs & Stratton, Honda and Techtronics International (TTI), along with a number of smaller domestic and foreign competitors.” — 2009 IPO Prospectus", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:47:57+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ed-775b-bcbf-7115c5309f68", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: SEC Filings, Home Depot, Lowes, Walmart", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:00.29+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2db5d2ec-3b38-433d-922d-ca9696ad4c96", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.57, "x": 0.05, "y": 0.3 }, "kind": "table", "text": "Generac's Listed Competitors: 2009 IPO Prospectus and 2014 SEC Filings", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": 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Generac is having to absorb increasingly more shipping costs which would pressure gross margins.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:47:56+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ed-775b-bcbf-0a4070f825ee", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.3, "x": 0.05, "y": 0.38 }, "kind": "image", "text": "2017 Shipping 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In response, competitors also doubled and tripled capacity. Now with consumer spending slowing, mortgage rates doubling, and housing poised to slow, we expect demand to decline and Generac’s margins to be weighed down from the added overhead.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:07.753+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "87556ea7-a27b-4614-8ee4-ee5e5d2cfefd", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "With this expansion, we will more than triple our current capacity for residential standby generators and take further advantage of our world-class engine manufacturing facility that we more than doubled in the last two years. 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This implies that Q4 acquisition sales were $4.1 million, not $9.1 million.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:06.489+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bebb4f6d-a1d3-444d-ab91-0e0bc1cca14c", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Based on this assessment, our management has concluded that our internal control over financial reporting was effective as of December 31, 2019. In conducting this assessment, our management excluded Neurio Technology Inc., which was acquired in March 2019, and Pika Energy, Inc., which was acquired in April 2019, and whose financial statements constitute 5.0% and 2.8% of net and total assets, respectively, 0.4% of net sales, and (2.2)% of net income of the consolidated financial statement amounts as of and for the year ended December 31, 2019. — Generac Internal Control Disclosure", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:47:58+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ed-775b-bcc0-46fcee31dc24", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.06, "y": 0.93 }, "kind": "source-note", "text": "1) Q4 2019 Conference Call. 2) Based on Captiva's financial statements, we estimate it contributed ~$1.5m of revenue per quarter.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:06.489+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6c2aaa16-4d8f-4a26-9d2f-83b95a69f899", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.88, "x": 0.06, "y": 0.425 }, "kind": "table", "text": "2019: Acquisitions Contribution To Sales table comparing SEC Disclosure vs Conference Call Disclosure across Q1-Q4", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:06.489+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5744cb01-f7e5-4d92-ad7b-6a522c4bef2e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.29, "y": 0.05 }, "kind": "title", "text": "A Closer Look At 2019 Acquisition Misreporting", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:06.489+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "45020163-7c43-47b6-8050-1574ee116af5", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "f494243e-14de-4303-8a51-f40c1d7e11e1", "evidence": "Contrasts conference call claims with SEC filing data", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:32:06.489+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 57, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "7a934588-da3b-4e1e-8d9f-6ef1f74cc44a", "evidence": "Highlights misreporting of financial metrics", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:32:06.489+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 57, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 80, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "Evidence", "beatId": "30393ebc-bd24-4c79-ab91-e425a1618c42", "matchId": "77191828-f32a-4a76-89a5-f5aa71c5663c", "beatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "evidence": "Detailed analysis of Generac's financial strains", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 58, "type": "tension", "title": "The slide uses a red flag icon to emphasize the contradiction.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 23, "componentCount": 4, "textChars": 415, "nDataPoints": 3, "notes": "The slide uses a red flag icon to emphasize the contradiction.", "elementsJson": [ "headline_text", "callout_box", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:32:03.188+00", "seconds": 2.752, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-3dd81deb19cb/58", "deck": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb", "deckAnchor": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb#slide-58", "deckJson": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.18 }, "kind": "callout", "text": "There is a continuation of acquisition revenue contribution misreporting into early 2020. The Company first claimed that $21.2 million of sales were contributed by Captiva, Neurio and Pika in Q1 2020. The 10-Q later revised this figure to just $1.0 million.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:03.188+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0fed220f-bce0-4a3e-b61f-d387818ab9c5", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "acquisition revenue contribution: $21.2 million", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:48:00+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ed-775b-bcc1-58b007b0ec03", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.82, "x": 0.09, "y": 0.325 }, "kind": "table", "text": "Table comparing SEC Disclosure vs Conference Call Disclosure for 2020 acquisitions", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:03.188+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0ad2c75d-8776-44e7-a61e-599cd200e98e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.305, "y": 0.05 }, "kind": "title", "text": "2020 Acquisition Misreporting", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:03.188+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "de21a590-2382-442e-b701-76443c8a9f53", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "0261dd6c-e641-4659-a6dd-ac0253ab2c50", "evidence": "The slide explicitly identifies a discrepancy between public company disclosures and conference call statements to suggest misreporting.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:32:03.188+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 58, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 80, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "Evidence", "beatId": "30393ebc-bd24-4c79-ab91-e425a1618c42", "matchId": "77191828-f32a-4a76-89a5-f5aa71c5663c", "beatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). 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The discrepancy didn't appear until the 10-K was filed, and we can calculate the implied Q4 acquisition spending. We observe a negative $8.85 million spend, which could suggest a reversal from an amended acquisition. Looking carefully, we see that Neurio's final goodwill was reduced by 25% or $6.2 million despite Generac claiming there was “no material adjustments” to the preliminary purchase price allocation. If goodwill declined, then the total assets had to have declined – all else equal – resulting in a lower purchase price. Our interpretation is that Neurio was a problematic acquisition requiring a reversal of payment back to Generac.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:04.006+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2c948ece-55fc-48e0-ac60-cf6130a52578", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Our interpretation is that Neurio was a problematic acquisition requiring a reversal of payment back to Generac.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64d2-7657-bbd8-7dd1972f01d5", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.4, "x": 0.56, "y": 0.87 }, "kind": "quote", "text": "The Company finalized the Neurio purchase price allocation during the first quarter of 2020 based upon its estimates of the fair value of the acquired assets and assumed liabilities. 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Two days earlier, audit committee member Ralph Castner offered his resignation.(1) Both E&Y and Mr. Castner claimed no disagreements with the Company. Spruce Point finds it is concerning that the auditor change came shortly after the acquisition of Pramac closed on March 1, 2016.(2) The Pramac acquisition was not unusually large in size, but carried a considerable audit fee premium as evidenced by a sharp increase in audit and tax fees paid by Generac.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:03.676+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "81a74a5e-b90d-410b-a07e-ef8793973102", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.06, "y": 0.91 }, "kind": "source-note", "text": "Source: Proxy Statements and SEC filings 1) 8-K Auditor Dismissal 2) \"Generac To Acquire Majority Share of PR Industrial\", Press Release and closing Press Release", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Why?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:08.772+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "132127a8-b2c4-494d-b640-a7222382cca4", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.14, "x": 0.85, "y": 0.76 }, "kind": "callout", "text": "Why earnings multiple contraction and a low multiple if earnings are real and sustainable?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:08.772+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b77cd93-9140-4ecf-86ff-b50675db66dd", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.14, "x": 0.85, "y": 0.65 }, "kind": "callout", "text": "Additional investment by Generac is very close to the reported Net Income.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:08.772+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eceef2d7-e314-402c-9a71-54c5c2da32ce", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Pramac Multiple of Adj Net Inc: 7.3x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:47:59+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ed-775b-bcc0-a9288ed7e26b", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "Spruce Point has serious concerns about Generac's investment in Pramac (Italy). It acquired a controlling 65% interest in 2016 for $60.1 million. The minority owner is Mr. Paolo Campinoti, now EVP of Generac. Today he is EVP of EMEA, APAC and South America. If Pramac's financials are to be believed, it had a record year in 2021, and Generac purchased an additional 15% interest in an amount of $27.2 million, closely related to the size of its abnormal net income. 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Note: Generac average multiple per Bloomberg. 1) Campinoti profile 2) Only to account for 2016 results from March 1st closing 3) See next slide for our 2016 estimate. 2021 estimate per Pramac Press kit", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Includes a table calculating annualized Pramac figures and a snippet from a 10-K report.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "data_table", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:32:08.734+00", "seconds": 7.593, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-3dd81deb19cb/65", "deck": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb", "deckAnchor": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb#slide-65", "deckJson": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.35, "x": 0.58, "y": 0.79 }, "kind": "callout", "text": "The increase in International sales for the year ended December 31, 2016 was due to the contribution from the Pramac acquisition. Partially offsetting this impact were declines in organic shipments of mobile products into the European region.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:08.734+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bd95d630-6576-47c3-83c6-f52cfc1d19b6", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.86, "x": 0.07, "y": 0.16 }, "kind": "paragraph", "text": "There is also a slight discrepancy around initial sales contribution from Pramac. The MD&A suggests that the $158.2 million increase in international revenue is largely from Pramac. Yet, in Management's Report on Internal Controls of Financial Reporting, we see that revenue contribution is estimated closer to $182 million.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:08.734+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d1711584-662a-40f2-836a-0177b7d06c57", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.86, "x": 0.07, "y": 0.26 }, "kind": "quote", "text": "Based on this assessment, our management has concluded that our internal control over financial reporting was effective as of December 31, 2016. In conducting this assessment, our management excluded the Pramac business, which was acquired on March 1, 2016 and whose financial statements constitute 22.5% and 11.1% of net and total assets, respectively, 12.6% of revenues, and 0.7% of net income of the total consolidated financial statement amounts as of and for the year ended December 31, 2016.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:08.734+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "00ace797-53ce-48a1-90bd-fb0510666461", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.07, "y": 0.94 }, "kind": "source-note", "text": "Source: 2016 10-K Annual Report", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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In application of the law, we inform you that the information relating to the payment periods provided for in article D. 441-6 of the commercial code is not mentioned in the management report. 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Other arcs embed evidence inline within development." }, "evidence": "Detailed analysis of Generac's financial strains", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 70, "type": "tension", "title": "The slide uses red boxes to highlight the discrepancy between sales growth and the ballooning accounts receivable balance.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 68, "componentCount": 8, "textChars": 782, "nDataPoints": 45, "notes": "The slide uses red boxes to highlight the discrepancy between sales growth and the ballooning accounts receivable balance.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:32:08.638+00", "seconds": 6.817, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-3dd81deb19cb/70", "deck": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb", "deckAnchor": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb#slide-70", "deckJson": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.0017 }, "kind": "callout", "text": "There is clear evidence to suggest revenue inflation through channel stuffing when looking at Pramac’s UK subsidiary filings. Notice that sales increased 27.1% in 2020, yet receivables and payables increased 160% and 143%, respectively. Gross margins also materially contracted by 650bps. As observed elsewhere, the accounts receivable to sales ratio is abnormally high at 59%. 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The Company disclosed a bad debt provision amounting to 5.5% of gross receivables. We observe this is materially higher than Generac's consolidated bad debts provision of just 1.5%.(1)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:07.854+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e48c1153-6197-484c-8cbd-2c24e6d2c855", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Looking carefully, we see the UK subsidiary added a new \"key source of estimation uncertainty\" related to trade receivables. The Company disclosed a bad debt provision amounting to 5.5% of gross receivables. 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The racing business introduces unique risks to Generac such as its recent association with Italy's Alma Group.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:05.172+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2b3fb365-a117-4a27-a55b-b8675b6d91f2", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.46, "x": 0.03, "y": 0.45 }, "kind": "image", "text": "Campinoti and Luigi Scavone", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:05.172+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "96ecd5c3-19d1-43d1-b3f0-4394ae664ff5", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.46, "x": 0.51, "y": 0.45 }, "kind": "image", "text": "Alma's Scavone Arrested", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:05.172+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "38442eca-7daf-43be-808d-f8a0d18d39a7", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.82, "x": 0.12, "y": 0.29 }, "kind": "quote", "text": "We arrive at the start of the 2018 MotoGP season... I would like to thank Luigi Scavone for the trust with which he shared our project.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:05.172+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c7177431-14ea-42ae-977e-eecd45e23a06", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "We arrive at the start of the 2018 MotoGP season with high expectations. Today we are enthusiastically celebrating the presentation of our team in such a prestigious location as Lamborghini and with the welcome participation of Ducati. A great Italian event that we hope will be a good omen starting from the first race in Qatar next Sunday. We start a fascinating new adventure with Alma and I would like to thank Luigi Scavone for the trust with which he shared our project. — Paolo Campinoti, Generac EVP", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:48:08+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ed-775b-bcc5-6c4bde105f36", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.9, "x": 0.03, "y": 0.95 }, "kind": "source-note", "text": "1) 2021 Subsidiary List 2) \"Alma and subsidiaries admitted to the arrangement with creditors by the Court of Naples\", beeez.it, May 25, 2020", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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We know that Alma Group was a key sponsor. Did it also have an indirect interest in Generac's subsidiary? Generac should disclose who is the mysterious indirect interest?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:07.144+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2d2e07ad-6008-450a-890f-467040dccdfb", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Spruce Point finds that Generac’s subsidiary disclosed receiving €500,000 for a sponsorship from “a company with an 50% indirect interest” and that it is owed money. We know that Alma Group was a key sponsor. Did it also have an indirect interest in Generac’s subsidiary? Generac should disclose who is the mysterious indirect interest?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:48:00+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ed-775b-bcc1-7e00a1eac846", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.85, "x": 0.12, "y": 0.318 }, "kind": "quote", "text": "We are very pleased to link the name Pramac Racing to Alma,” Campinoti said. “A relationship that began halfway through last season and grew up week after week to then flourish in this partnership that will accompany us on MotoGP circuits around the world for the next three years. I thank Luigi Scavone [Alma Group CEO] for the enthusiasm with which he joined our team. We are proud to have as title sponsor a group like Alma that perfectly understands the dynamics of the labour market, always looking for a constant growth in terms of professionalism and results.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:07.144+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "13f3ad8d-851c-457f-8d23-a9146d45d828", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "We are very pleased to link the name Pramac Racing to Alma, I thank Luigi Scavone [Alma Group CEO] for the enthusiasm with which he joined our team. We are proud to have as title sponsor a group like Alma that perfectly understands the dynamics of the labour market, always looking for a constant growth in terms of professionalism and results. — Campinoti (Generac EVP)", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:48:00+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ed-775b-bcc1-82b1314b0dff", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.14, "y": 0.925 }, "kind": "source-note", "text": "Source: Companies House UK", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:07.144+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "561b7e7d-21b4-47a1-be9f-52a34dcb2abe", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.13, "y": 0.495 }, "kind": "source-note", "text": "Source: “Pramac Racing Secures New Title Sponsor Alma”, crash.net, Jan 1, 2018", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:07.144+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bceab7a0-f109-49ed-8470-e35722c4bfd5", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.85, "x": 0.13, "y": 0.56 }, "kind": "table", "text": "13. RELATED PARTY TRANSACTIONS Included with other debtors is €2,588,551 (2018 - €2,301,929) due from a company with an 50% indirect interest in Pramac Racing Limited. During the year interest of €32,227 (2018 - €31,923) was received. The loan is interest bearing and repayable on demand. During the year sponsorship of €500,000 (2018 - €500,000) was received from a company with an 50% indirect interest in Pramac Racing Limited.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:07.144+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bc340582-6415-47ef-9b8c-4b1e5169c717", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.28, "y": 0.03 }, "kind": "title", "text": "Did Generac's Subsidiary Have An Indirect Owner Linked To Mr. Scavone?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:07.144+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a7de093c-b353-4ba1-b3d9-9a28d016deaf", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "35a60143-4a89-4089-aa84-631a1445a42f", "evidence": "The slide explicitly links a disclosed related party transaction to a potential undisclosed conflict of interest involving a specific individual.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:32:07.144+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 76, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 80, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "Evidence", "beatId": "30393ebc-bd24-4c79-ab91-e425a1618c42", "matchId": "77191828-f32a-4a76-89a5-f5aa71c5663c", "beatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "evidence": "Detailed analysis of Generac's financial strains", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 77, "type": "setup", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 8, "componentCount": 3, "textChars": 183, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:32:04.564+00", "seconds": 2.05, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-3dd81deb19cb/77", "deck": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb", "deckAnchor": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb#slide-77", "deckJson": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb.json" }, "components": [ { "bbox": { "h": 0.03, "w": 0.5, "x": 0.45, "y": 0.95 }, "kind": "disclaimer", "text": "Proprietary and Confidential - May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:04.564+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "03a12008-6018-472c-b773-297747277842", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.25, "x": 0.07, "y": 0.3 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:04.564+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d10d7491-41fe-40a3-8430-1ef54dbb36a3", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.6, "x": 0.35, "y": 0.4 }, "kind": "title", "text": "B. Off Grid Energy (UK): Suspicious And Dubious Related-Party Sales", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:04.564+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "220acc50-0b45-4f78-b092-ddaaaa755116", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 80, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "Evidence", "beatId": "30393ebc-bd24-4c79-ab91-e425a1618c42", "matchId": "77191828-f32a-4a76-89a5-f5aa71c5663c", "beatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "evidence": "Detailed analysis of Generac's financial strains", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 78, "type": "tension", "title": "Uses side-by-side comparison of SEC filings and UK subsidiary filings to expose inconsistencies in deal valuation and structure.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 48, "componentCount": 5, "textChars": 1084, "nDataPoints": 6, "notes": "Uses side-by-side comparison of SEC filings and UK subsidiary filings to expose inconsistencies in deal valuation and structure.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:32:09.059+00", "seconds": 6.517, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-3dd81deb19cb/78", "deck": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb", "deckAnchor": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb#slide-78", "deckJson": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb.json" }, "components": [ { "bbox": { "h": 0.18, "w": 0.88, "x": 0.06, "y": 0.0017 }, "kind": "callout", "text": "Off Grid Energy was acquired on Sept 1, 2021. Generac’s corporate press release obscured the fact that its Pramac business was the end acquiror.(1) Generac’s SEC filings show the deal price fell 30%. Upfront cash declined from $32.5m to $24.4m. However, the Generac-Pramac UK subsidiary filing disclosed GBP 20.75m ($28.5m) of initial consideration. The earnout period was later disclosed as March 31, 2022 which is just 6 months after closing. Spruce Point believes this is an unusually short earnout period. We observe that no contingent consideration was paid by Generac in Q1 2022 which suggests that Off Grid failed to hit its milestones.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:09.059+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa99a862-931c-4d54-84a5-5d5db9094fe9", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Spruce Point believes this is an unusually short earnout period. We observe that no contingent consideration was paid by Generac in Q1 2022 which suggests that Off Grid failed to hit its milestones.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:48:00+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ed-775b-bcc1-6be972d6f55a", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.01, "y": 0.96 }, "kind": "source-note", "text": "1) Generac issued a corporate press release and Pramac subsidiary press release", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:09.059+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8491b3e9-7652-4ecb-ac6f-3f16370d3fd8", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.88, "x": 0.06, "y": 0.0033 }, "kind": "table", "text": "Initial Deal Disclosure (Q3 2021 10-Q) vs Revised Final Disclosure (2021 10-K) vs Generac-Pramac UK filing", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:09.059+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e78020e6-7c31-454b-9ebb-8c57aa56c01d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.6, "x": 0.305, "y": 0.02 }, "kind": "title", "text": "Evidence of Generac’s Shady Acquisition of Off Grid Energy", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:09.059+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "88e5c13c-ce15-42ae-9493-618bca95a2bf", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "fdb615f8-fdb2-483d-b22f-d9ba754b9a8b", "evidence": "The slide explicitly aims to expose 'shady' acquisition practices and discrepancies in financial reporting.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:32:09.059+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 78, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 80, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 51, "name": "Evidence", "beatId": "30393ebc-bd24-4c79-ab91-e425a1618c42", "matchId": "77191828-f32a-4a76-89a5-f5aa71c5663c", "beatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "evidence": "Detailed analysis of Generac's financial strains", "position": 3, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 79, "type": "tension", "title": "The slide uses a red box to highlight the 'Debtors' line item in the balance sheet and an arrow to connect it to the 'Related Party Disclosures' footnote.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 25, "componentCount": 4, "textChars": 488, "nDataPoints": 4, "notes": "The slide uses a red box to highlight the 'Debtors' line item in the balance sheet and an arrow to connect it to the 'Related Party Disclosures' footnote.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:32:05.152+00", "seconds": 2.48, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-3dd81deb19cb/79", "deck": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb", "deckAnchor": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb#slide-79", "deckJson": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.86, "x": 0.07, "y": 0.18 }, "kind": "callout", "text": "Off Grid's last UK filings through March 31, 2021 (six months prior to acquisition) do not show an income statement, but the balance sheet shows a large increase in receivables. A footnote discloses that it was owed £4.1 million from a related-party with common director ownership. Spruce Point investigated this further and finds that the related company is called Hybrid Power Hire Ltd.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:05.152+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2a1e1b0b-8352-4fd3-b298-68e0f7e3bbda", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.5, "x": 0.25, "y": 0.29 }, "kind": "image", "text": "Balance sheet and related party disclosure snippet", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:05.152+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "726a525b-beab-4553-a0c9-d7acf3096cfe", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Companies House UK", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Despite this long operating history, its largest customer appears to be a related-party located right next door that sells its products.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:07.617+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "06faa3e4-21b1-4327-8cec-6681f2a8866c", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.48, "x": 0.51, "y": 0.29 }, "kind": "image", "text": "Hybrid Power Hire website screenshot", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:07.617+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "45d82a3a-52db-47d4-aa35-7e2d7476ed59", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.48, "x": 0.02, "y": 0.29 }, "kind": "image", "text": "Off Grid Energy website screenshot", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:07.617+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e0ff6be3-64ae-4bb6-bb47-f4500502b75e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.97, "x": 0.02, "y": 0.78 }, "kind": "paragraph", "text": "Business Addresses: Next Door Neighbors", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:07.617+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5b292ebf-2d23-4da6-86b3-c4689ed2daba", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Off Grid website", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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25-per-cent market share in North America.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:07.057+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2010c1a0-7b6f-4361-820c-4206e02a736e", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.18, "y": 0.45 }, "kind": "quote", "text": "Today, Ecobee holds around 30% market share in smart thermostats across North America, second to Nest, the California-based smart home devices company that was acquired by Google in 2014.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:07.057+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dde235e1-3fd3-4bce-a26d-f9a94ced542a", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.18, "y": 0.315 }, "kind": "quote", "text": "Ecobee claims to have captured one-third of the smart thermostat market, citing figures from NPD Group.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:07.057+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fb7b4810-884f-4fb4-80c9-63d717b513f9", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Ecobee claims to have captured one-third of the smart thermostat market, citing figures from NPD Group. — Amazon Gets Serious About Voice-Activated Smart Thermostats, Investing in Ecobee, Greentech Media, March 7, 2018; Today, Ecobee holds around 30% market share in smart thermostats across North America, second to Nest, the California-based smart home devices company that was acquired by Google in 2014. — 2019 Brand of the Year: Ecobee brings purpose to smart thermostats, StrategyOnline.ca, Oct 8, 2019; Ecobee still commands a 25-per-cent market share in North America. — Smart thermostat pioneer ecobee, facing growing threats from Amazon, sells to U.S. generator maker for up to $770-million, Globe & Mail, Nov 1, 2021", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:48:01+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ed-775b-bcc1-e4f7b561e286", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.18, "y": 0.63 }, "kind": "source-note", "text": "Source: \"2019 Brand of the Year: Ecobee brings purpose to smart thermostats\", StrategyOnline.ca, Oct 8, 2019", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:07.057+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "846b6d17-fa41-44b3-bcfb-7b8984942756", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.18, "y": 0.38 }, "kind": "source-note", "text": "Source: \"Amazon Gets Serious About Voice-Activated Smart Thermostats, Investing in Ecobee\", Greentech Media, March 7, 2018", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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What Generac Hasn't Told You Directly About Other Acquisitions: Pika Energy, Deep Sea, Enbala Power And Others", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:06.515+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a9f97366-9fe0-4db7-9c04-bb4c6f94f75b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 90, "type": "tension", "title": "Uses a red flag icon to highlight the contradiction between corporate marketing and legal reality.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 85, "componentCount": 9, "textChars": 2670, "nDataPoints": 1, "notes": "Uses a red flag icon to highlight the contradiction between corporate marketing and legal reality.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:32:08.548+00", "seconds": 4.015, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-3dd81deb19cb/90", "deck": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb", "deckAnchor": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb#slide-90", "deckJson": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.88, "x": 0.06, "y": 0.16 }, "kind": "callout", "text": "Generac acquired Pika Energy to enter the energy storage market in April 2019. Its SEC filings later disclosed it paid $49 million. It appears that much of Pika's early success in 2018 before Generac acquired the business from what the company says was \"exponential\" growth in Florida and Puerto Rico. The president of Pika's Puerto Rician distributor Dynamic Solar was arrested in a kickback scheme. How much in sales has Pika done with Dynamic Solar?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:08.548+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4ad2d410-24c0-4036-a6b6-2a4fbae5530c", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "The president of Pika's Puerto Rician distributor Dynamic Solar was arrested in a kickback scheme.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:48:03+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ed-775b-bcc2-bbced57366c3", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.76, "x": 0.18, "y": 0.68 }, "kind": "paragraph", "text": "Individual Indicted And Arrested For Conspiracy Against The United States To Provide Kickbacks. SAN JUAN, Puerto Rico- On June 11, 2019, Leonardo Lebrón-Torres, president of Dynamic Solar Solutions, Inc., a corporation organized under the laws of Puerto Rico, was indicted for conspiracy against the United States to provide kickbacks, and six substantive charges for providing kickbacks, announced U.S. Attorney Rosa Emilia Rodríguez-Vélez of the District of Puerto Rico.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:08.548+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "02055025-32f4-4928-87ab-b3ef0650454c", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.76, "x": 0.18, "y": 0.29 }, "kind": "paragraph", "text": "The demand for Pika's systems has seen strong growth in the last year with Pika's Energy Island sales up 400% in 2018 over 2017 sales. \"Our growth in Florida and Puerto Rico alone has been exponential,\" said Kristen Helsel, Vice President of Operations and Marketing for Pika. \"Since opening these markets in early 2018 we have delivered and installed hundreds of systems and expect to install thousands of Energy Island systems in this market in 2019.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:08.548+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a782e464-fc3b-4b59-9336-660dcd3a7502", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.76, "x": 0.18, "y": 0.42 }, "kind": "paragraph", "text": "\"Pika's systems have set the bar for excellence in the Puerto Rican energy storage market,\" said Juan C. Díaz-Galarza, Vice President of Operations at Dynamic Solar in Puerto Rico. \"By taking a platform approach, Pika enables homeowners to add more storage and access more power as their needs change. This is very important as storms in the Caribbean continue to intensify and people look for new technologies to keep their homes safe. Instead of living in fear the next hurricane, Pika system owners are ready for the next big storm.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:08.548+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f9a7e89d-b8e9-40d6-87ea-690132350244", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Our growth in Florida and Puerto Rico alone has been exponential,\" said Kristen Helsel, Vice President of Sales and Marketing for Pika. — Kristen Helsel; \"Pika's systems have set the bar for excellence in the Puerto Rican energy storage market,\" said Juan C. Díaz-Galarza, Vice President of Operations at Dynamic Solar in Puerto Rico. — Juan C. Díaz-Galarza; \"Individual Indicted And Arrested For Conspiracy Against The United States To Provide Kickbacks\" — USDOJ, District of Puerto Rico", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:48:03+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ed-775b-bcc2-bca1bce5925c", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.18, "y": 0.85 }, "kind": "source-note", "text": "Source: USDOJ, District of Puerto Rico", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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So expecting EBITDA margins to grow throughout the year as well, along with gross margins, maybe hitting double digits there by the end of the year for EBITDA margins.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:11.093+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bfeceab4-8fbb-4828-a7b3-e61fd9c5a0d5", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "And then can you talk a little bit more about the profitability in your clean energy business and with PWRcell? I mean you mentioned that you were profitable. I think that was an EBITDA comment, but I want to clarify that. And can you talk at all about the gross margins for your clean energy business? Where roughly will they be by the end of 2021 in comparison to your overall gross margin? And just how should we think of it more on like a 2 to 3-year basis as you continue to ramp? — Roth Analyst. Yes. Ross, it's York. So yes, making very good progress on gross margin optimization, a lot of focus on the bill of material, a lot of focus on supply chain. And you're right. Leaving the year here in 2020, in Q4, we were profitable. That was a nice landmark or a milestone for the start-up business being profitable in Q4. But throughout 2021, yes, we do expect to ramp up our gross margins to somewhere in the mid-30% range. So that's relative what we do, almost 40%, I guess, high 30s here, gross margin for 2020. So close to the company average by the end of 2020 is the plan. 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One reason, I'm not well versed in the details of the financing package as others are. 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We view this as a major red flag, and will provide evidence that Generac has hidden the fact it is secretly funding Sunnova.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:11.341+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6389ab17-7f2e-481d-959a-702d6843fd77", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "I'm not going to comment on the specifics of the financing package itself. 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At the same time as Sunnova disclosed that an unnamed investor closed on a $25m commitment to Sunnova TEP V-A, LLC, Generac started disclosing an equity method investment in Q2 2021. Generac has not disclosed any further details about this investment, including any contractual obligations to fulfill its $25m commitment. Previously, Generac's CEO deflected the notion that it wanted to be a financing partner.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:15.277+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef745fa0-6842-4d67-a18a-17df0a11fe50", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.81, "x": 0.17, "y": 0.33 }, "kind": "quote", "text": "We see this -- we have a very good partnership with Sunnova. And so Sunnova for us, they have, I think, a program there. They could end up being another partner for us perhaps on the residential side because they've got a very strong set of capabilities there. And those are core competencies that they have that I would argue we don't have internally around true finance, right? I mean that's just not -- we're a manufacturer. We're a distributor. We're a servicer of products and solutions. We want to turn that into a recurring revenue stream, but I'm not sure we want to have it rise to the level of us putting it on the balance sheet. I may -- I will reserve the right with my response to perhaps change our views on that as the market continues to mature. 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Despite multiple public investigations, Generac still promotes these dealers on its website. 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with leading defects.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:12.815+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5e77f6a8-deb7-4308-a137-605f06d57ec0", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.45, "x": 0.05, "y": 0.28 }, "kind": "image", "text": "Reddit comment 1", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, 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"019dd952-e6ed-775b-bcc5-3d14a2486e6d", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Gross Margin: 31.8%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:48:07+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ed-775b-bcc5-446993b055dd", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.94, "x": 0.03, "y": 0.17 }, "kind": "paragraph", "text": "Looking carefully, we observe that Generac Chairman & CEO Aaron Jagdfeld entered into a new 10b5-1 stock sale program on November 8, 2021. 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This corresponds with the CEO forming a family foundation and entering into his second stock sale program on November 8, 2021 which wasn't disclosed until Feb 1, 2022.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:13.115+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a3a0a813-93c4-4c76-9f39-51235a76faeb", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.88, "x": 0.11, "y": 0.28 }, "kind": "chart", "text": "U.S. Import Records For Generac Holdings", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:13.115+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6984ea37-5334-4bb9-8b02-bf1ec5b230a1", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "import shipments", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:48:08+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6ee-7118-86f9-3675b9feba37", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.11, "y": 0.96 }, "kind": "source-note", "text": "Source: Panjiva.com", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Our project remains online and on target and the internal excitement here around what we can do with that product line is -- if you talk to Ross Minick (Chief Marketing Officer) and his team, he's incredibly bullish on what we're going to be able to do with that longer-term\".(1) Minick would later retire in Feb 2022 and forfeit millions in compensation, some of which was tied to Chilicon's success.(2) In addition, the 2022 guidance provided the worst cash flow conversion expectation in history.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:32:13.748+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d578e952-f3c5-42d9-88c6-8a6281d98bf6", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"We got to put all that together when we put our 2022 guidance together formally, but I would say the initial receptivity (related to the Chilicon Power acquisition) continues to be strong. 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