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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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  "notes": "The slide uses a table to debunk a specific CFO quote by showing the actual age of the acquired companies.",
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      "kind": "callout",
      "text": "The average age of the clean energy business acquired by Generac is 14.9 years but according to the CFO they are still start-ups. We interpret his comments to mean these are money losing investments.",
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      "kind": "quote",
      "text": "Operating expenses as a percentage of revenue, excluding intangible amortization, increased approximately 50 basis points as compared to the prior year period due to the impact of recent acquisitions that have a higher operating expense load relative to sales, given their start-up nature.",
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      "text": "\"Operating expenses as a percentage of revenue, excluding intangible amortization, increased approximately 50 basis points as compared to the prior year period due to the impact of recent acquisitions that have a higher operating expense load relative to sales, given their start-up nature.\" — CFO Ragen Q1 2022",
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      "text": "Source: Generac press releases and SEC Filings",
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      "text": "Table of acquisitions including Date, Company, Location, Year Founded, Description, Acquisition Cost, and Actual Cash Investment.",
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      "kind": "title",
      "text": "Generac's Clean Energy Acquisitions",
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