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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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  "notes": "Includes a red flag icon indicating a warning or investigative finding.",
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      "kind": "callout",
      "text": "There is a clear misreporting of acquisition spending in Q4 2019. The discrepancy didn't appear until the 10-K was filed, and we can calculate the implied Q4 acquisition spending. We observe a negative $8.85 million spend, which could suggest a reversal from an amended acquisition. Looking carefully, we see that Neurio's final goodwill was reduced by 25% or $6.2 million despite Generac claiming there was “no material adjustments” to the preliminary purchase price allocation. If goodwill declined, then the total assets had to have declined – all else equal – resulting in a lower purchase price. Our interpretation is that Neurio was a problematic acquisition requiring a reversal of payment back to Generac.",
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      "text": "Our interpretation is that Neurio was a problematic acquisition requiring a reversal of payment back to Generac.",
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      "text": "The Company finalized the Neurio purchase price allocation during the first quarter of 2020 based upon its estimates of the fair value of the acquired assets and assumed liabilities. The finalization did not result in material adjustments to the Company's preliminary estimates.",
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      "text": "The Company finalized the Neurio purchase price allocation during the first quarter of 2020 based upon its estimates of the fair value of the acquired assets and assumed liabilities. The finalization did not result in material adjustments to the Company's preliminary estimates. — Generac SEC filings",
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      "text": "Source: Generac SEC filings",
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      "text": "2019: Acquisition Spending, Net of Cash table",
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      "text": "Reporting of Neurio Technology Purchase Allocation table",
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      "text": "A Closer Look At Neurio: Evidence of a Problematic Transaction",
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