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(GNRC)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2022-06-22 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 82, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a 'villain' critique style to highlight management's misleading communication.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-3dd81deb19cb/82", "deckHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb#slide-82", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-3dd81deb19cb", "docSlug": "0cee9cc55960", "documentTitle": "Generac Holdings, Inc. (GNRC)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2022-06-22 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 83, "slideType": "section_divider", "function": "transition", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-3dd81deb19cb/83", "deckHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb#slide-83", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-3dd81deb19cb", "docSlug": "0cee9cc55960", "documentTitle": "Generac Holdings, Inc. (GNRC)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2022-06-22 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 84, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a series of callouts to juxtapose past claims against current data points.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-3dd81deb19cb/84", "deckHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb#slide-84", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-3dd81deb19cb", "docSlug": "0cee9cc55960", "documentTitle": "Generac Holdings, Inc. (GNRC)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2022-06-22 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 85, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a vertical arrow diagram to visualize the decline in market share over time.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-3dd81deb19cb/85", "deckHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb#slide-85", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-3dd81deb19cb", "docSlug": "0cee9cc55960", "documentTitle": "Generac Holdings, Inc. (GNRC)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2022-06-22 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 86, "slideType": "competitive_analysis", "function": "name_villain", "notes": "Uses screenshots of news articles and Amazon product listings to demonstrate price erosion.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-3dd81deb19cb/86", "deckHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb#slide-86", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-3dd81deb19cb", "docSlug": "0cee9cc55960", "documentTitle": "Generac Holdings, Inc. (GNRC)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2022-06-22 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 87, "slideType": "comparison_table", "function": "compare_peers", "notes": "The slide uses a combination of a peer valuation table and a financial statement extract to support the thesis of overpayment and financial stress.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-3dd81deb19cb/87", "deckHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb#slide-87", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-3dd81deb19cb", "docSlug": "0cee9cc55960", "documentTitle": "Generac Holdings, Inc. 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(GNRC)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2022-06-22 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 90, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a red flag icon to highlight the contradiction between corporate marketing and legal reality.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-3dd81deb19cb/90", "deckHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb#slide-90", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-3dd81deb19cb", "docSlug": "0cee9cc55960", "documentTitle": "Generac Holdings, Inc. (GNRC)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2022-06-22 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 91, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a 'red flag' icon to signal the contradiction/fraud exposure.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-3dd81deb19cb/91", "deckHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb#slide-91", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-3dd81deb19cb", "docSlug": "0cee9cc55960", "documentTitle": "Generac Holdings, Inc. (GNRC)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2022-06-22 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 92, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses red arrow to visually link the inventory line item between two financial tables.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-3dd81deb19cb/92", "deckHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb#slide-92", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-3dd81deb19cb", "docSlug": "0cee9cc55960", "documentTitle": "Generac Holdings, Inc. (GNRC)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2022-06-22 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 93, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a table to show capital raised vs. acquisition price to highlight value destruction.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-3dd81deb19cb/93", "deckHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb#slide-93", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-3dd81deb19cb", "docSlug": "0cee9cc55960", "documentTitle": "Generac Holdings, Inc. (GNRC)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2022-06-22 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 94, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a table to strip out acquisition impacts to reveal flat organic growth.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-3dd81deb19cb/94", "deckHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb#slide-94", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-3dd81deb19cb", "docSlug": "0cee9cc55960", "documentTitle": "Generac Holdings, Inc. (GNRC)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2022-06-22 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 95, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a red box to highlight the acquisition year (2017) and a red border for the quote to emphasize the contradiction.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-3dd81deb19cb/95", "deckHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb#slide-95", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-3dd81deb19cb", "docSlug": "0cee9cc55960", "documentTitle": "Generac Holdings, Inc. (GNRC)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2022-06-22 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 96, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide highlights the inconsistency in the reported 'combined purchase price' across four different reporting periods.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-3dd81deb19cb/96", "deckHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb#slide-96", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-3dd81deb19cb", "docSlug": "0cee9cc55960", "documentTitle": "Generac Holdings, Inc. (GNRC)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2022-06-22 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 97, "slideType": "cover", "function": "front_matter", "notes": "Includes Spruce Point Capital Management logo/branding (the tree).", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-3dd81deb19cb/97", "deckHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb#slide-97", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-3dd81deb19cb", "docSlug": "0cee9cc55960", "documentTitle": "Generac Holdings, Inc. (GNRC)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2022-06-22 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 98, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Includes a quote from a Q1 2020 conference call and two Google Trends charts.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-3dd81deb19cb/98", "deckHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb#slide-98", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-3dd81deb19cb", "docSlug": "0cee9cc55960", "documentTitle": "Generac Holdings, Inc. (GNRC)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2022-06-22 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 99, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a table to debunk a specific CFO quote by showing the actual age of the acquired companies.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-3dd81deb19cb/99", "deckHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb#slide-99", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-3dd81deb19cb", "docSlug": "0cee9cc55960", "documentTitle": "Generac Holdings, Inc. (GNRC)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2022-06-22 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 100, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a series of CFO quotes to expose potential contradictions in management's narrative regarding clean energy revenue growth.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-3dd81deb19cb/100", "deckHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb#slide-100", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-3dd81deb19cb", "docSlug": "0cee9cc55960", "documentTitle": "Generac Holdings, Inc. (GNRC)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2022-06-22 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 101, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a 'before-after' visual comparison to challenge the company's public narrative regarding dealer recruitment health.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-3dd81deb19cb/101", "deckHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb#slide-101", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true } ] }