{
  "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": 94,
  "pageCount": 145,
  "prevPage": 93,
  "nextPage": 95,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 12,
  "notes": "Uses a table to strip out acquisition impacts to reveal flat organic growth.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "quote_block",
    "kpi_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-3dd81deb19cb/94",
  "deckHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-3dd81deb19cb#slide-94",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Despite the CEO's overly bullish comments, we find no organic growth driving the Other Revenue segment.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6ed-775b-bcc2-9cf1baa27bca",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Organic Growth: 0.4%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6ed-775b-bcc2-a41e843e5626",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Generac's CEO has been heavily promoting Grid Services and formed a new group in Q3 2021. This is the exact time when Enbala's contribution would become inorganic. It then added revenue from Tank Utility and ecobee. Despite the CEO's overly bullish comments, we find no organic growth driving the Other Revenue segment.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ac5ae7b2-7674-48fb-9886-e28414e732cc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.79,
        "x": 0.17,
        "y": 0.29
      },
      "kind": "quote",
      "text": "Generac Grid Services has been making excellent progress in expanding its sales pipeline, including meaningful opportunities beyond traditional software-as-a-service contracts. The fourth quarter saw significant progress in new deals closed and in the final stages of negotiation, increasing our top line visibility for 2022.",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3ccb3f5c-1594-42c1-bafd-b331ab1c1ef1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.79,
        "x": 0.17,
        "y": 0.42
      },
      "kind": "quote",
      "text": "We're seeing some tremendous potential out of our Grid Services teams. We've got the entire Clean Energy story that is -- we're just tapping into a whole new market opportunity.",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5a964816-a992-43d9-909c-975ac2ed9f86",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Generac Grid Services has been making excellent progress in expanding its sales pipeline, including meaningful opportunities beyond traditional software-as-a-service contracts. The fourth quarter saw significant progress in new deals closed and in the final stages of negotiation, increasing our top line visibility for 2022. — Generac CEO (Q4 2021 Conference Call)",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-e6ed-775b-bcc2-a221ae6b2e2b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.35,
        "x": 0.01,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "1) Q4 2021 Conference Call and Q1 2022 Conference Call",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5b95428c-dc6a-4a7d-bc3f-05fe5c2b4b90",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.38,
        "w": 0.92,
        "x": 0.04,
        "y": 0.53
      },
      "kind": "table",
      "text": "Generac's Other Products & Services Revenue Segment table showing organic growth calculation",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e6fdc4c7-2cec-4c03-86d5-7ae6a4fb8d8f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.68,
        "x": 0.28,
        "y": 0.03
      },
      "kind": "title",
      "text": "Enbala And Grid Services Doesn't Appear To Be Driving Growth......",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5e3505bb-a46a-47ae-98b3-b820dae9b21a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "29ccd76d-a18e-46f8-9758-965bf0c829f8",
      "evidence": "Contrasts CEO bullish quotes with quantitative organic growth analysis",
      "confidence": 1
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}