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  "documentTitle": "Generac Holdings, Inc. (GNRC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-06-22 00:00:00",
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  "notes": "The slide uses two tables to compare 2020 and 2021 performance metrics, specifically pointing out that 'Individual Performance Goals' are also tied to Adjusted EBITDA.",
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      "text": "Generac's goals are heavily tied to EBITDA over actual cash flow. In fact, even the 25% “Individual Performance Goals” references back to EBITDA. Generac doesn't define how it calculates “PWC” or Primary Working Capital. What's clear though is there's a large divergence between how Adjusted EBITDA outperformed, while working capital improvements have struggled (and worsened according to our calculations).",
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      "text": "Generac's goals are heavily tied to EBITDA over actual cash flow. In fact, even the 25% “Individual Performance Goals” references back to EBITDA.",
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      "text": "Adjusted EBITDA: 122%",
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      "text": "Source: 2022 Proxy Statement",
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