{
  "docId": "019dd923-622c-750b-8b99-3dd81deb19cb",
  "docSlug": "0cee9cc55960",
  "documentTitle": "Generac Holdings, Inc. (GNRC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-06-22 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 88,
  "pageCount": 145,
  "prevPage": 87,
  "nextPage": 89,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "Uses a red box and red arrow to connect the timing of share repurchases to the equity accounts, implying a link between the acquisition and the buyback.",
  "elementsJson": [
    "callout_box",
    "data_table",
    "data_table",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-3dd81deb19cb/88",
  "deckHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb#slide-88",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Spruce Point believes that Generac paid way more cash in acquiring ecobee than it reported on face value.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6ed-775b-bcc1-fb4285d3aa26",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Total purchase price: $350 million",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6ed-775b-bcc1-ff1541d8d1db",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.96,
        "x": 0.02,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "Spruce Point believes that Generac paid way more cash in acquiring ecobee than it reported on face value. According to the deal allocation, it paid $224.5 million in cash. But this doesn't tell the whole story.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "13abd62d-e882-4b89-8497-f5468257b46a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.2,
        "x": 0.02,
        "y": 0.89
      },
      "kind": "source-note",
      "text": "Source: Generac 2021 10-K",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ae632233-35e2-46be-a97a-c6690720b3e6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.47,
        "x": 0.02,
        "y": 0.54
      },
      "kind": "table",
      "text": "Stock Repurchases table showing 350,610 shares purchased in Dec 2021.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1a524f87-24aa-4a2f-9ac5-1f5ade3eeeaf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.49,
        "x": 0.49,
        "y": 0.31
      },
      "kind": "table",
      "text": "ecobee Funding Allocation table showing $224.5M cash and $734.6M total purchase price.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9141c424-7c72-432b-9625-35b3ab7f0ccb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.49,
        "x": 0.49,
        "y": 0.54
      },
      "kind": "table",
      "text": "Generac Equity Accounts table showing share repurchases and stock issued for business combination.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f61267e7-bdda-415b-ade2-7d96a7007f51",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.305,
        "y": 0.03
      },
      "kind": "title",
      "text": "We Believe Generac Sunk More Cash Into ecobee Than Its Headline Report",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1ba67359-235c-4c35-94f2-3e172404b8a7",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "4b95815e-0e4f-49d5-ae2f-8bb6524fa221",
      "evidence": "The slide explicitly attempts to expose a contradiction between reported acquisition costs and actual cash outflows.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}