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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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      "kind": "callout",
      "text": "Ecobee's Revenues Were Claimed To Be \"Not Far Behind\" Nest's in 2016",
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      "kind": "callout",
      "text": "Or $125m of Revenues By The CEO?",
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      "text": "Ecobee Founder Claims $1bn Revenue Target",
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      "text": "$171m of LTM Sales Based on Multiple Cited By The CEO",
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      "kind": "callout",
      "text": "There is clear evidence that ecobee's revenues were greatly diminished in the past few years and have fallen wildly short of its goal to hit $1 billion of revenue by 2020.",
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      "text": "In November 2021, Generac announced it would acquire ecobee, a maker of smart thermostats in a deal valued up to $770 million. There is clear evidence that ecobee’s revenues were greatly diminished in the past few years and have fallen wildly short of its goal to hit $1 billion of revenue by 2020.",
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      "text": "\"Instead of pegging itself as a thermostat maker, Ecobee wants to become a leader in the larger-but still nascent-connected home business. It's a tall order for a company with no platform of its own, working in an overhyped corner of the tech industry. But Lombard is optimistic, setting a goal of $1 billion in revenues by 2020.\" — Fast Company, Oct 24, 2016; \"So far, the singular focus has served Toronto-based Ecobee well. Thermostats are the most popular type of self-installed smart home devices, according to The NPD Group, and Ecobee-whose revenues have been doubling every year-is not far behind Nest in sales.\" — Fast Company, Oct 24, 2016; \"Nest generated about $340 million in sales last year, according to three people with knowledge of the matter. That's an impressive figure for a company in the very nascent market of Internet-connected devices.\" — CNBC, March 30, 2016; \"Generac chief executive officer Aaron Jagdfeld said his company was paying 4.5 times ecobee's last 12 months revenue. 'Strategically we think we're getting a great deal,' he said. 'It really fits well with where we're going, powering a smarter world ... with a focus on energy conservation and the grid of the future.'\" — Globe & Mail, Nov 1, 2021; \"Yes. No, good question, Phil. And again, we're really excited about this one. Now ecobee's quite a bit bigger than that. So they're about probably closer to $125 million in revs and that's supply chain constrained, to your point on chips, they could be going higher than that, but they do have, as you would imagine, some supply chain constraints there. They're working through those like we all are.\" — Q3 2021 Conference Call, Nov 2, 2021",
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      "text": "1) \"Generac to acquire ecobee\", Press Release, Nov 1, 2021",
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      "text": "Evidence Points To ecobee’s Revenues Having Materially Contracted, Failed To Hit Targets",
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