Financial Performance & Targets - Generac's revenue CAGR from 2010 IPO through 2023F is 16%[19] - The company anticipates approximately 25% GAAP effective tax rate[83] - The company projects to double its adjusted EBITDA from approximately $650 million in 2023F to approximately $1300 million in 2026[90] - The company targets net sales of approximately $585 billion midpoint with 12%-14% CAGR and $1+ billion cumulative FCF from 2024-2026[90] - The company's consolidated net sales decreased by 125% LTM[118] Market Opportunity & Strategy - The company projects approximately 5X expansion of Served Addressable Market (SAM) since 2018, reaching $66 billion in 2026[37] - Every 1% of Home Standby Generator (HSB) penetration represents approximately $3 billion end market opportunity[52] - The company's Energy Technology sales are expected to grow to 21% of overall sales mix[90] - The company's Global C&I net sales are expected to grow from approximately $15 billion in 2023F to approximately $20 billion by 2026[90] HSB Market - The total US penetration rate of Home Standby Generators (HSB) is approximately 575% as of 2022[54]

Generac Overview and Growth - Generac's purpose is to lead the evolution to more resilient, efficient, and sustainable energy solutions[2, 51] - The company has shown a track record of growth with a 15% revenue CAGR from its 2010 IPO through 2024F[33] - In 2024, Generac estimates net sales of $2.1 billion from residential products, $1.4 billion from C&I products, and $0.5 billion from other products[18] Financial Performance and Outlook - The company's 2024F guidance includes consolidated revenue increasing between 4% to 8%, with residential products increasing at a mid-teens rate and C&I products decreasing at a mid-to-high single-digit rate[107] - Generac anticipates adjusted EBITDA margins between 17% and 18% in 2024F[102] - The company expects free cash flow to be well above 100% conversion of adjusted net income in 2024F[104] Market Opportunities and Strategies - The US HSB (Home Standby) penetration rate is at 6.25% as of 2023, with every 1% of US penetration representing ~$3.5 billion end market opportunity[62, 63] - The company is building a home energy ecosystem to prioritize energy resilience and independence, deliver savings by optimizing for energy efficiency, and balance comfort and conservation[57] - Generac is developing optimized solutions for C&I energy evolution, including multi-asset connected microgrids[90, 96]