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  "docSlug": "0cee9cc55960",
  "documentTitle": "Generac Holdings, Inc. (GNRC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2022-06-22 00:00:00",
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  "notes": "The slide uses a direct comparison format to highlight discrepancies between company/analyst projections and the activist's bearish thesis.",
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      "kind": "callout",
      "text": "We consider it a major red flag that Generac is now lowering EBITDA margin guidance by 50bps and blaming it on this reason.",
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      "text": "Generac: \"Raising sales guidance net sales are now expected to increase between 36% to 40% from the previous guidance of net sales growth between 32% to 36% and assumes shipments of residential products increased at a mid- to high 40% rate during 2022, up from prior expectation for a low 40% rate.\" — Generac Q1 2022 Conf Call",
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      "text": "Source: Generac Q1 2022 Conf Call",
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      "text": "Comparison table with columns: Item, What Generac and Street Says, Spruce Point Concern",
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      "text": "Generac Guidance And Street Expectations vs. Spruce Point Reality",
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