{
  "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": 18,
  "pageCount": 145,
  "prevPage": 17,
  "nextPage": 19,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Uses a before-after comparison to highlight a specific change in legal disclosure language.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "screenshot",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-3dd81deb19cb/18",
  "deckHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb#slide-18",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "However, even more worrisome we see that it added language about \"significant legal proceedings, claims, lawsuits or government investigations.\" We will illustrate highly shady practices by both Generac and its distributors that could be the basis for a government investigation.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6ed-775b-bcbc-77b23258714b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.62,
        "w": 0.48,
        "x": 0.51,
        "y": 0.32
      },
      "kind": "image",
      "text": "Feb 16, 2022 disclosure text",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3ac1e071-c110-4f4f-ad66-67108e3d0a61",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.62,
        "w": 0.48,
        "x": 0.02,
        "y": 0.32
      },
      "kind": "image",
      "text": "Dec 1, 2021 disclosure text",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e1873010-f5b6-40e5-9757-caaf5f8172de",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.11,
        "w": 0.96,
        "x": 0.02,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "Spruce Point believes investors should pay particularly close attention to the fine print when it comes to “forward looking” risk factors outlined by Generac at the bottom of press releases. We observe it recently reprioritized higher the warning that acquisitions may not be successful as planned. However, even more worrisome we see that it added language about “significant legal proceedings, claims, lawsuits or government investigations.” We will illustrate highly shady practices by both Generac and its distributors that could be the basis for a government investigation.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "73a5acf9-68ba-4168-a2ad-18e148c81ff2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.25,
        "x": 0.51,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: FY 2021 Earnings: Feb 16, 2022",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "864276cb-250f-48ee-9724-f05edf8b8ca7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.25,
        "x": 0.02,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: ecobee Press Release, Dec 1, 2021",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ff847043-5345-4650-bd54-6dbdeb4e70e1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.68,
        "x": 0.31,
        "y": 0.02
      },
      "kind": "title",
      "text": "Subtle But Important Changes Made To Forward Looking Statements, Raises Possibility Generac Is Under Government Investigation",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "63d1fbcd-d229-48ec-b3ac-9d95708994eb",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "45f92ee4-2472-4e74-be87-569771133511",
      "evidence": "Comparison of two documents over time to highlight a change in disclosure.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 50,
      "from": 14,
      "beatId": "6efea6c0-5238-48d2-864d-0ad94f8d4ead",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "Multiple contradictions in Generac's financials and operations",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 20,
      "from": 10,
      "name": "Pattern Hunter",
      "slug": "02-pattern-hunter",
      "bestFor": "Time-pressed audiences, building consensus, when data is strong",
      "matchId": "55a0dd58-d916-4cc6-b30f-b960dbf17dfb",
      "evidence": "Multiple examples of financial stress and contradictions",
      "position": 0,
      "objective": "Identify patterns of financial stress",
      "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion",
      "confidence": 0.7,
      "description": "Group multiple pieces of evidence that together point to a pattern or conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}