{
  "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,
  "pageCount": 145,
  "prevPage": 99,
  "nextPage": 101,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 10,
  "notes": "Uses a series of CFO quotes to expose potential contradictions in management's narrative regarding clean energy revenue growth.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "quote_block"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-3dd81deb19cb/100",
  "deckHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb#slide-100",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Note that the trained and certified dealer network slowed in Q1 2022 to 4%. One of our concerns is that Generac does not break-out clean energy revenues or margins in SEC filings as a separate reporting segment.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6ed-775b-bcc3-238509f2f12c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "QoQ Dealer Growth: 4.0%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6ed-775b-bcc3-292b289c037f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.86,
        "x": 0.07,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "After a big uplift in revenue growth in “clean energy” PWRcell sales to $115m (2020), and $230m (2021), the sales growth rate is projected to decline from 100% to 50% in 2022. Note that the trained and certified dealer network slowed in Q1 2022 to 4%. One of our concerns is that Generac does not break-out clean energy revenues or margins in SEC filings as a separate reporting segment.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f913b86f-f553-4e17-a8b4-21b2b82e24ee",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.86,
        "x": 0.07,
        "y": 0.77
      },
      "kind": "quote",
      "text": "The solar plus storage market continues to expand rapidly within the U.S., and we are making good progress in building considerable momentum for our energy storage products...",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "385cb144-358a-44e5-b638-f2b3314daa09",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.86,
        "x": 0.07,
        "y": 0.53
      },
      "kind": "quote",
      "text": "We are still expecting Clean Energy revenue growth well above 50% for the full year...",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "78f2bb74-d9e1-424e-9999-86d0450ac907",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.86,
        "x": 0.07,
        "y": 0.65
      },
      "kind": "quote",
      "text": "Despite industry-wide supply chain and logistics challenges impacting our clean energy solutions, full year 2021 clean energy-related revenue approximately doubled...",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b39f3ca3-c052-448e-90b3-f4304d21abb4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"We are still expecting Clean Energy revenue growth well above 50% for the full year, with continued strength in PWRcell energy storage systems along with contributions from the initial rollout of new products.\" — CFO York, Q1 2022 Conf Call",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-e6ed-775b-bcc3-244d1569a563",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.86,
        "x": 0.07,
        "y": 0.3
      },
      "kind": "table",
      "text": "Installer Network: Clean Energy table showing Q1 2021 to Q1 2022 dealer counts and QoQ growth.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "03e1a67a-fd7d-4273-9ba4-b11acc126f92",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.305,
        "y": 0.05
      },
      "kind": "title",
      "text": "Dealer Growth Slows, Revenue Grow Slowing",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "64ec83ba-2199-42f3-9a13-7422e4afd471",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "250d353c-431a-4ccd-b28e-72da51f4afd1",
      "evidence": "Contrasting management quotes with operational data to highlight discrepancies.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}