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  "documentTitle": "Generac Holdings, Inc. (GNRC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-06-22 00:00:00",
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  "notes": "Includes heat-map style color coding for liquidity ratios and credit line usage.",
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      "kind": "callout",
      "text": "Generac's liquidity situation is the worse its been in years and at the exact wrong time when the FED is withdrawing liquidity from the system. Its cash and ABL borrowing capacity is the worst it has been at 12.2% of sales, and has fallen markedly from the prior year at 37.1%. As another indicator of stress, its foreign subsidiary short-term lines of credit just hit a multi-year high and it increased the size of its ABL recently for more borrowing capacity.",
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      "kind": "callout",
      "text": "Generac's liquidity situation is the worse its been in years and at the exact wrong time when the FED is withdrawing liquidity from the system.",
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      "text": "Total Liquidity % of Sales: 12.2%",
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      "text": "Source: Company filings and Spruce Point analysis. Note: Other Lines of credit are foreign subsidiary borrowing",
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      "text": "Generac Liquidity Analysis table showing Cash, ABL, Total Liquidity, LTM Sales, Liquidity % of Sales, Short-Term Lines of Credit, and ABL Facility Size from 2017 to Q1 2022.",
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      "kind": "title",
      "text": "Liquidity Situation Is Becoming Precarious",
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