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  "docId": "019dd923-622c-750b-8b99-3dd81deb19cb",
  "docSlug": "0cee9cc55960",
  "documentTitle": "Generac Holdings, Inc. (GNRC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-06-22 00:00:00",
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  "pageNumber": 46,
  "pageCount": 145,
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  "density": "dense",
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  "notes": "Includes a direct quote from the CFO as a callout to highlight the contradiction.",
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      "kind": "callout",
      "text": "We measure Generac's working capital stress in relation to its LTM sales. We see that the ratio has worsened three quarters in a row with a sharp drop in Q1 2022.",
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      "text": "Working Capital / LTM Sales: 18.6%",
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      "kind": "quote",
      "text": "I think that probably has worked its way through and hopefully should level off here into next year.",
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      "kind": "quote",
      "text": "I think that probably has worked its way through and hopefully should level off here into next year. — GNRC CFO on Working Capital",
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      "kind": "source-note",
      "text": "Source: Q3 2021 Conf Call, Nov 2, 2021",
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      "kind": "table",
      "text": "Generac's Working Capital Analysis table",
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      "kind": "title",
      "text": "Working Capital Trends Worsening Despite CFO's View It Would Moderate",
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      "evidence": "Contrasts CFO quote with actual financial data trends.",
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