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  "docSlug": "0cee9cc55960",
  "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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  "pageNumber": 65,
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  "notes": "Uses a red flag icon to signal a warning/contradiction. Includes a table calculating annualized Pramac figures and a snippet from a 10-K report.",
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      "kind": "callout",
      "text": "The increase in International sales for the year ended December 31, 2016 was due to the contribution from the Pramac acquisition. Partially offsetting this impact were declines in organic shipments of mobile products into the European region.",
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      "kind": "paragraph",
      "text": "There is also a slight discrepancy around initial sales contribution from Pramac. The MD&A suggests that the $158.2 million increase in international revenue is largely from Pramac. Yet, in Management's Report on Internal Controls of Financial Reporting, we see that revenue contribution is estimated closer to $182 million.",
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      "kind": "quote",
      "text": "Based on this assessment, our management has concluded that our internal control over financial reporting was effective as of December 31, 2016. In conducting this assessment, our management excluded the Pramac business, which was acquired on March 1, 2016 and whose financial statements constitute 22.5% and 11.1% of net and total assets, respectively, 12.6% of revenues, and 0.7% of net income of the total consolidated financial statement amounts as of and for the year ended December 31, 2016.",
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      "kind": "source-note",
      "text": "Source: 2016 10-K Annual Report",
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      "kind": "table",
      "text": "Segment information table from 10-K",
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      "kind": "table",
      "text": "Table showing Pramac Revenue and Net Income calculations",
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      "kind": "title",
      "text": "Initial Pramac Estimated Financial Contribution And Reporting Anomalies",
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      "evidence": "Detailed analysis of Generac's financial strains",
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