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  "documentTitle": "Generac Holdings, Inc. (GNRC)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2022-06-22 00:00:00",
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  "notes": "The slide uses a table-like structure to contrast Domestic vs International segment performance and management's shifting narratives.",
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      "text": "Spruce Point has difficulty believing Generac's reasons for why Domestic EBITDA margins keep falling. First off, it keeps citing commodity input costs, yet this same factor is never mentioned in the International segment.",
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      "text": "Spruce Point has difficulty believing Generac's reasons for why Domestic EBITDA margins keep falling. First off, it keeps citing commodity input costs, yet this same factor is never mentioned in the International segment. Commodity costs are a universal problem and it has foreign manufacturing, so why does it only impact the Domestic segment? Plant start-up costs were only mentioned once at year end despite the Company's efforts to increase capacity all year and through 2022 while it still has not completed its expansion. In Q1 2022 it is now blaming \"impact of acquisitions\" though no mention was made at all in 2021.",
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