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  "documentTitle": "Generac Holdings, Inc. (GNRC)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2022-06-22 00:00:00",
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      "text": "Based on this assessment, our management has concluded that our internal control over financial reporting was effective as of December 31, 2019. In conducting this assessment, our management excluded Neurio Technology Inc... 0.4% of net sales...",
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      "text": "This implies that Q4 acquisition sales were $4.1 million, not $9.1 million.",
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      "text": "acquisition sales contribution: $4.1 million",
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      "text": "On the Q4 2019 conference call, Generac claimed acquisitions contributed $9.1 million of sales for the quarter. However, when the 10-K was filed, total sales contribution from acquisitions for the year was reported at $36.1 million. This implies that Q4 acquisition sales were $4.1 million, not $9.1 million.",
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      "text": "Based on this assessment, our management has concluded that our internal control over financial reporting was effective as of December 31, 2019. In conducting this assessment, our management excluded Neurio Technology Inc., which was acquired in March 2019, and Pika Energy, Inc., which was acquired in April 2019, and whose financial statements constitute 5.0% and 2.8% of net and total assets, respectively, 0.4% of net sales, and (2.2)% of net income of the consolidated financial statement amounts as of and for the year ended December 31, 2019. — Generac Internal Control Disclosure",
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      "text": "1) Q4 2019 Conference Call. 2) Based on Captiva's financial statements, we estimate it contributed ~$1.5m of revenue per quarter.",
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      "text": "2019: Acquisitions Contribution To Sales table comparing SEC Disclosure vs Conference Call Disclosure across Q1-Q4",
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      "kind": "title",
      "text": "A Closer Look At 2019 Acquisition Misreporting",
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