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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 table to show the lack of increase in bad debt allowance, pointing out a lack of disclosure and questioning the accounting logic.",
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      "kind": "callout",
      "text": "Generac stopped providing quarterly disclosure of its allowance for bad debts. We find it suspicious that there was no increase in the allowance throughout 2021, even after it made various small and speculative acquisitions exposing it to more residential customers.",
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      "kind": "callout",
      "text": "Even after adding a consumer heavy business such as ecobee, bad debts didn't rise at all?",
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      "text": "Allowance for bad debts: $12.0",
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      "text": "Source: Generac Financials and Spruce Point Analysis",
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      "text": "Table showing Accounts Receivable, Allowance for bad debts, Gross Receivables, and % Allowance to gross from 2018 to Q1 2022.",
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      "kind": "title",
      "text": "A Close Look At Receivables",
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