{
  "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",
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  "pageNumber": 30,
  "pageCount": 145,
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  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 2,
  "notes": "Uses a 'before-after' comparison to highlight the lack of progress in market penetration metrics.",
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      "kind": "callout",
      "text": "Generac has been pitching its story that HSB's have a low market penetration, with powerful macro trends that will materially increase adoption. They have continuously shown a slide comparing generators with central air conditioning, and home security alarms to illustrate the potential of where portable and home standby generators can grow. In 2015, the penetration was 3.5% and now seven years later, it is only 5.5%.",
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      "kind": "callout",
      "text": "Generac has been pitching its story that HSB’s have a low market penetration, with powerful macro trends that will materially increase adoption. They have continuously shown a slide comparing generators with central air conditioning, and home security alarms to illustrate the potential of where portable and home standby generators can grow. In 2015, the penetration was 3.5% and now seven years later, it is only 5.5%.",
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      "kind": "framework",
      "text": "Comparison of penetration story over time",
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      "text": "May 2022 slide",
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      "text": "May 2015 slide",
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      "text": "market penetration: 5.5%",
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      "kind": "title",
      "text": "Generac Pitching An Old Story Which We Will Show Has Failed To Gain Meaningful Traction",
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      "arcName": "Overcoming the Monster",
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      "evidence": "Multiple contradictions in Generac's financials and operations",
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