J. Michael JonesIntroduction Mid-cap stocks have not been the best place to be. Over the past ten years, the iShares Russell 2000 ETF (IWM) has returned roughly 100%, including dividends. During this period, the S&P 500 has returned more than twice as much. Data by YChartsEven worse, in the current environment of elevated rates, Apollo Global Management (APO) finds that 40% of Russell 2000 companies have negative earnings. That's as much as during the peak of the Great Financial Crisis. Even worse, we a ...

onurdongel/iStock via Getty Images Investment thesis Our current investment thesis is: Generac is positioned well to achieve outsized growth in the coming years, with the climate change impact, electrification of society, and infrastructure spending key value drivers. Generac’s innovation to create market-leading products and services, its international exposure, and its presence in both the Residential and Commercial segments make Generac a top choice for investors seeking exposure to a growing indust ...

Table of Contents OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-34627 GENERAC HOLDINGS INC. (Exact name of registrant as specified in its charter) | | | UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 (State or other jurisdiction o ...

Financial Performance - Generac's net sales for the latest twelve months (LTM) reached $40258 billion, a decrease of 93% year-over-year[29] - Residential sales for LTM were $21564 billion, down 278% year-over-year[29] - Commercial & Industrial sales for LTM were $14200 billion, up 256% year-over-year[29] - Adjusted EBITDA for LTM was $5941 million, a decrease of 338% year-over-year, with a margin of 148%[29] - Free cash flow for LTM was $190 million, a decrease of 639% year-over-year[29] Market and Strategy - The company estimates a served addressable market (SAM) of $72 billion by 2025, a projected 5x expansion since 2018[75] - The company has a high home standby (HSB) penetration opportunity, with the highest penetrated markets in the US at 15-20%+[78] - US tower count has increased by 30% over the last 2 years to 416000[130] Outlook - The company anticipates a consolidated revenue decrease between 10% to 12%[89] - The company expects a 2% net impact from acquisitions and foreign currency[89] - The company projects adjusted EBITDA margins of approximately 155% to 165%[103, 117]

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-34627 GENERAC HOLDINGS INC. (Exact name of registrant as specified in its charter) | | | (State or other jurisdiction of (IR ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 GENERAC HOLDINGS INC. FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-34627 Indicate by check mark whether the registrant (1) has filed all reports required to ...

Generac Holdings Inc. (NYSE:GNRC) Q1 2023 Earnings Conference Call May 3, 2023 10:00 AM ET Company Participants Mike Harris - SVP, Corporate Development and IR Aaron Jagdfeld - President and CEO York Ragen - CFO Conference Call Participants Tommy Moll - Stephens Inc. Michael Halloran - Baird Jeff Hammond - KeyBanc Markets Christopher Glynn - Oppenheimer Mark Strouse - JPMorgan Jerry Revich - Goldman Sachs Joseph Osha - Guggenheim Kashy Harrison - Piper Sandler George Gianarikas - Canaccord Genuity Donovan S ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-34627 GENERAC HOLDINGS INC. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of i ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-34627 GENERAC HOLDINGS INC. (Exact name of registrant as specified in its charter) (State or other jurisdict ...

Generac Holdings, Inc. (NYSE:GNRC) Q3 2022 Earnings Conference Call November 2, 2022 10:00 AM ET Company Participants Michael Harris - VP, Corporate Development & IR Aaron Jagdfeld - Chairman, President & Chief Executive Officer York Ragen - Chief Financial Officer & CAO Conference Call Participants Michael Halloran - Robert W. Baird & Co. Jeff Hammond - KeyBanc Capital Markets Brian Drab - William Blair & Company Mark Strouse - JPMorgan Chase & Co. Joseph Osha - Guggenheim Partners Jerry Revich - Goldman S ...