Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 01, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001474735 | |
Entity Registrant Name | GENERAC HOLDINGS INC. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-34627 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-5654756 | |
Entity Address, Address Line One | S45 W29290 Hwy 59 | |
Entity Address, City or Town | Waukesha | |
Entity Address, State or Province | WI | |
Entity Address, Postal Zip Code | 53189 | |
City Area Code | 262 | |
Local Phone Number | 544-4811 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | GNRC | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 61,431,577 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 161,525 | $ 132,723 |
Accounts receivable, less allowance for credit losses of $29,580 and $27,664 at September 30, 2023 and December 31, 2022, respectively | 589,226 | 522,458 |
Inventories | 1,311,129 | 1,405,384 |
Prepaid expenses and other current assets | 105,169 | 121,783 |
Total current assets | 2,167,049 | 2,182,348 |
Property and equipment, net | 511,893 | 467,604 |
Customer lists, net | 188,513 | 206,987 |
Patents and technology, net | 426,552 | 454,757 |
Other intangible assets, net | 30,317 | 41,719 |
Tradenames, net | 219,012 | 227,251 |
Goodwill | 1,417,564 | 1,400,880 |
Deferred income taxes | 17,140 | 12,746 |
Operating lease and other non-current assets | 188,301 | 175,170 |
Total assets | 5,166,341 | 5,169,462 |
Current liabilities: | ||
Short-term borrowings | 74,346 | 48,990 |
Accounts payable | 394,168 | 446,050 |
Accrued wages and employee benefits | 56,454 | 45,741 |
Accrued product warranty | 70,572 | 89,141 |
Other accrued liabilities | 267,217 | 349,389 |
Current portion of long-term borrowings and finance lease obligations | 37,337 | 12,733 |
Total current liabilities | 900,094 | 992,044 |
Long-term borrowings and finance lease obligations | 1,465,141 | 1,369,085 |
Deferred income taxes | 113,390 | 125,691 |
Deferred revenue | 160,264 | 143,726 |
Operating lease and other long-term liabilities | 155,326 | 169,190 |
Total liabilities | 2,794,215 | 2,799,736 |
Redeemable noncontrolling interests | 5,639 | 110,471 |
Stockholders’ equity: | ||
Common stock, par value $0.01, 500,000,000 shares authorized, 73,108,913 and 72,701,257 shares issued at September 30, 2023 and December 31, 2022, respectively | 732 | 728 |
Additional paid-in capital | 1,064,418 | 1,016,138 |
Treasury stock, at cost, 11,739,423 and 11,284,350 shares at September 30, 2023 and December 31, 2022, respectively | (880,858) | (808,491) |
Excess purchase price over predecessor basis | (202,116) | (202,116) |
Retained earnings | 2,423,346 | 2,316,224 |
Accumulated other comprehensive loss | (41,614) | (65,102) |
Stockholders’ equity attributable to Generac Holdings Inc. | 2,363,908 | 2,257,381 |
Noncontrolling interests | 2,579 | 1,874 |
Total stockholders' equity | 2,366,487 | 2,259,255 |
Total liabilities and stockholders’ equity | $ 5,166,341 | $ 5,169,462 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Allowance for credit losses | $ 29,580 | $ 27,664 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 73,108,913 | 72,701,257 |
Treasury stock, shares (in shares) | 11,739,423 | 11,284,350 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Net sales | $ 1,070,667 | $ 1,088,258 | $ 2,958,997 | $ 3,515,505 | |
Costs of goods sold | 694,880 | 727,154 | 1,982,290 | 2,336,668 | |
Gross profit | 375,787 | 361,104 | 976,707 | 1,178,837 | |
Operating expenses: | |||||
Selling and service | 117,929 | 170,381 | 334,360 | 388,690 | |
Research and development | 43,312 | 39,985 | 129,074 | 121,328 | |
General and administrative | 83,052 | 37,464 | 199,108 | 132,036 | |
Amortization of intangibles | 26,718 | 25,751 | 78,934 | 77,681 | |
Total operating expenses | 271,011 | 273,581 | 741,476 | 719,735 | |
Income from operations | 104,776 | 87,523 | 235,231 | 459,102 | |
Other (expense) income: | |||||
Interest expense | (24,707) | (15,514) | (72,862) | (35,303) | |
Investment income | 1,160 | 451 | 2,789 | 620 | |
Loss on extinguishment of debt | [1] | 0 | 0 | 0 | (3,743) |
Other, net | (1,167) | (420) | (1,664) | 331 | |
Total other expense, net | (24,714) | (15,483) | (71,737) | (38,095) | |
Income before provision for income taxes | 80,062 | 72,040 | 163,494 | 421,007 | |
Provision for income taxes | 19,428 | 11,594 | 43,184 | 86,028 | |
Net income | 60,634 | 60,446 | 120,310 | 334,979 | |
Net income attributable to noncontrolling interests | 257 | 2,176 | 2,305 | 6,492 | |
Net income attributable to Generac Holdings Inc. | $ 60,377 | $ 58,270 | $ 118,005 | $ 328,487 | |
Net income attributable to Generac Holdings Inc. per common share - basic: (in dollars per share) | $ 0.98 | $ 0.84 | $ 1.74 | $ 4.69 | |
Weighted average common shares outstanding - basic: (in shares) | 61,368,440 | 63,249,881 | 61,552,949 | 63,480,161 | |
Net income attributable to Generac Holdings Inc. per common share - diluted: (in dollars per share) | $ 0.97 | $ 0.83 | $ 1.72 | $ 4.61 | |
Weighted average common shares outstanding - diluted: (in shares) | 62,091,163 | 64,267,638 | 62,362,743 | 64,630,346 | |
Comprehensive income attributable to Generac Holdings Inc. | $ 37,041 | $ 21,683 | $ 141,463 | $ 264,912 | |
[1]Represents the write-off of original issue discount and capitalized debt issuance costs due to voluntary debt prepayment. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock, Common [Member] | Excess Purchase Price over Predecessor Basis [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 72,386,017 | (8,667,031) | |||||||
Balance at Dec. 31, 2021 | $ 725 | $ 952,939 | $ (448,976) | $ (202,116) | $ 1,965,957 | $ (54,755) | $ 2,213,774 | $ 313 | $ 2,214,087 |
Unrealized gain (loss) on interest rate swaps, net of tax | 39,614 | 39,614 | 39,614 | ||||||
Foreign currency translation adjustment | (105,265) | (105,265) | (470) | (105,735) | |||||
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price (in shares) | 253,984 | ||||||||
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price | $ 3 | (361) | (358) | (358) | |||||
Net share settlement of restricted stock awards | $ (26,428) | (26,428) | (26,428) | ||||||
Net share settlement of restricted stock awards (in shares) | (88,875) | ||||||||
Stock repurchases (in shares) | (536,633) | ||||||||
Stock repurchases | $ (123,900) | (123,900) | (123,900) | ||||||
Share-based compensation | 23,423 | 23,423 | 23,423 | ||||||
Redemption value adjustment | (30,817) | (30,817) | (30,817) | ||||||
Net income attributable to Generac Holdings Inc. | 328,487 | 328,487 | 328,487 | ||||||
Net income | 1,232 | ||||||||
Net income | 329,719 | ||||||||
Balance (in shares) at Sep. 30, 2022 | 72,640,001 | (9,292,539) | |||||||
Balance at Sep. 30, 2022 | $ 728 | 976,001 | $ (599,304) | (202,116) | 2,263,627 | (120,406) | 2,318,530 | 1,075 | 2,319,605 |
Balance (in shares) at Jun. 30, 2022 | 72,588,588 | (8,755,451) | |||||||
Balance at Jun. 30, 2022 | $ 727 | 967,819 | $ (475,294) | (202,116) | 2,210,582 | (82,839) | 2,418,879 | 883 | 2,419,762 |
Unrealized gain (loss) on interest rate swaps, net of tax | 13,757 | 13,757 | 13,757 | ||||||
Foreign currency translation adjustment | (51,324) | (51,324) | (396) | (51,720) | |||||
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price (in shares) | 51,413 | ||||||||
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price | $ 1 | 1,321 | 1,322 | 1,322 | |||||
Net share settlement of restricted stock awards | $ (110) | (110) | (110) | ||||||
Net share settlement of restricted stock awards (in shares) | (455) | ||||||||
Stock repurchases (in shares) | (536,633) | ||||||||
Stock repurchases | $ (123,900) | (123,900) | (123,900) | ||||||
Share-based compensation | 6,861 | 6,861 | 6,861 | ||||||
Redemption value adjustment | (5,225) | (5,225) | (5,225) | ||||||
Net income attributable to Generac Holdings Inc. | 58,270 | 58,270 | 58,270 | ||||||
Net income | 588 | ||||||||
Net income | 58,858 | ||||||||
Balance (in shares) at Sep. 30, 2022 | 72,640,001 | (9,292,539) | |||||||
Balance at Sep. 30, 2022 | $ 728 | 976,001 | $ (599,304) | (202,116) | 2,263,627 | (120,406) | 2,318,530 | 1,075 | 2,319,605 |
Balance (in shares) at Dec. 31, 2022 | 72,701,257 | (11,284,350) | |||||||
Balance at Dec. 31, 2022 | $ 728 | 1,016,138 | $ (808,491) | (202,116) | 2,316,224 | (65,102) | 2,257,381 | 1,874 | 2,259,255 |
Unrealized gain (loss) on interest rate swaps, net of tax | 2,309 | 2,309 | 2,309 | ||||||
Foreign currency translation adjustment | 21,179 | 21,179 | (38) | 21,141 | |||||
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price (in shares) | 396,713 | ||||||||
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price | $ 4 | 2,563 | 2,567 | 2,567 | |||||
Net share settlement of restricted stock awards | $ (5,496) | (5,496) | (5,496) | ||||||
Net share settlement of restricted stock awards (in shares) | (45,611) | ||||||||
Stock repurchases (in shares) | (875,580) | ||||||||
Stock repurchases | $ (100,267) | (100,267) | (100,267) | ||||||
Share-based compensation | 30,306 | 30,306 | 30,306 | ||||||
Redemption value adjustment | (10,883) | (10,883) | (10,883) | ||||||
Net income attributable to Generac Holdings Inc. | 118,005 | 118,005 | 118,005 | ||||||
Net income | 743 | ||||||||
Net income | 118,748 | ||||||||
Payment of contingent consideration (in shares) | 10,943 | 466,118 | |||||||
Payment of contingent consideration | $ 0 | 15,411 | $ 33,396 | 48,807 | 48,807 | ||||
Balance (in shares) at Sep. 30, 2023 | 73,108,913 | (11,739,423) | |||||||
Balance at Sep. 30, 2023 | $ 732 | 1,064,418 | $ (880,858) | (202,116) | 2,423,346 | (41,614) | 2,363,908 | 2,579 | 2,366,487 |
Balance (in shares) at Jun. 30, 2023 | 73,097,016 | (10,858,348) | |||||||
Balance at Jun. 30, 2023 | $ 732 | 1,053,759 | $ (779,892) | (202,116) | 2,363,015 | (16,216) | 2,419,282 | 2,474 | 2,421,756 |
Unrealized gain (loss) on interest rate swaps, net of tax | 1,045 | 1,045 | 1,045 | ||||||
Foreign currency translation adjustment | (26,443) | (26,443) | (93) | (26,536) | |||||
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price (in shares) | 11,897 | ||||||||
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price | $ 0 | 732 | 732 | 732 | |||||
Net share settlement of restricted stock awards | $ (699) | (699) | (699) | ||||||
Net share settlement of restricted stock awards (in shares) | (5,495) | ||||||||
Stock repurchases (in shares) | (875,580) | ||||||||
Stock repurchases | $ (100,267) | (100,267) | (100,267) | ||||||
Share-based compensation | 9,927 | 9,927 | 9,927 | ||||||
Redemption value adjustment | (46) | (46) | (46) | ||||||
Net income attributable to Generac Holdings Inc. | 60,377 | 60,377 | 60,377 | ||||||
Net income | 198 | ||||||||
Net income | 60,575 | ||||||||
Balance (in shares) at Sep. 30, 2023 | 73,108,913 | (11,739,423) | |||||||
Balance at Sep. 30, 2023 | $ 732 | $ 1,064,418 | $ (880,858) | $ (202,116) | $ 2,423,346 | $ (41,614) | $ 2,363,908 | $ 2,579 | $ 2,366,487 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Unrealized gain (loss) on interest rate swaps, tax | $ 349 | $ 4,647 | $ 772 | $ 13,381 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | ||
Operating activities | ||||||
Net income | $ 60,634 | $ 60,446 | $ 120,310 | $ 334,979 | ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||
Depreciation | 45,215 | 39,043 | ||||
Amortization of intangible assets | 26,718 | 25,751 | 78,934 | 77,681 | ||
Amortization of original issue discount and deferred financing costs | 2,902 | 2,261 | ||||
Loss on extinguishment of debt | [1] | 0 | 0 | 0 | 3,743 | |
Deferred income taxes | (18,715) | (83,272) | ||||
Share-based compensation expense | [2] | 9,927 | 6,861 | 30,306 | 23,423 | |
Gain on disposal of assets | (538) | (555) | ||||
Other noncash charges | 380 | 7,037 | ||||
Net changes in operating assets and liabilities, net of acquisitions: | ||||||
Accounts receivable | (68,975) | (20,810) | ||||
Inventories | 101,894 | (353,618) | ||||
Other assets | 32,175 | (7,033) | ||||
Accounts payable | (57,866) | (136,289) | ||||
Accrued wages and employee benefits | 10,244 | (17,418) | ||||
Other accrued liabilities | (70,622) | 105,544 | ||||
Excess tax benefits from equity awards | (920) | (17,068) | ||||
Net cash provided by (used in) operating activities | 204,724 | (42,352) | ||||
Investing activities | ||||||
Proceeds from sale of property and equipment | 1,933 | 2,049 | ||||
Proceeds from sale of investment | 0 | 1,308 | ||||
Proceeds from beneficial interests in securitization transactions | 2,533 | 2,745 | ||||
Contribution to equity method investment | (6,627) | (14,930) | ||||
Purchase of long-term investment | (2,592) | 0 | ||||
Expenditures for property and equipment | (77,718) | (64,833) | ||||
Acquisition of business, net of cash acquired | (15,974) | (11,421) | ||||
Net cash used in investing activities | (98,445) | (85,082) | ||||
Financing activities | ||||||
Proceeds from short-term borrowings | 49,078 | 237,182 | ||||
Proceeds from long-term borrowings | 345,384 | 935,614 | ||||
Repayments of short-term borrowings | (25,910) | (239,550) | ||||
Repayments of long-term borrowings and finance lease obligations | (233,101) | (540,481) | ||||
Stock repurchases | (100,267) | (123,900) | ||||
Payment of contingent acquisition consideration | (4,979) | (16,135) | ||||
Payment of debt issuance costs | 0 | (10,330) | ||||
Purchase of additional ownership interest | (104,844) | (375) | ||||
Cash dividends paid to noncontrolling interest of subsidiary | 0 | (309) | ||||
Taxes paid related to equity awards | (10,068) | (40,472) | ||||
Proceeds from exercise of stock options | 7,139 | 13,627 | ||||
Net cash (used in) provided by financing activities | (77,568) | 214,871 | ||||
Effect of exchange rate changes on cash and cash equivalents | 91 | (4,865) | ||||
Net increase in cash and cash equivalents | 28,802 | 82,572 | ||||
Cash and cash equivalents at beginning of period | 132,723 | 147,339 | $ 147,339 | |||
Cash and cash equivalents at end of period | $ 161,525 | $ 229,911 | $ 161,525 | $ 229,911 | $ 132,723 | |
[1]Represents the write-off of original issue discount and capitalized debt issuance costs due to voluntary debt prepayment.[2]Represents share-based compensation expense to account for stock options, restricted stock, and other stock awards over their respective vesting periods. |
Note 1 - Description of Busines
Note 1 - Description of Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Description of Business and Basis of Presentation Founded in 1959, Over the years, the Company has executed a number of acquisitions that support its strategic plan (as discussed in Item 1 10 December 31, 2022 ● In June 2022, ● In October 2022, ● In February 2023, The condensed consolidated financial statements include the accounts of the Company and its subsidiaries that are consolidated in conformity with U.S. generally accepted accounting principles ("GAAP"). All intercompany amounts and transactions have been eliminated in consolidation. The condensed consolidated balance sheet as of September 30, 2023, three nine September 30, 2023 2022 three nine September 30, 2023 2022 nine September 30, 2023 2022, not not The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10 December 31, 2022 New Accounting Pronouncements Changes to GAAP are established by the Financial Accounting Standards Board ("FASB") in the form of accounting standard updates ("ASUs") to the FASB Accounting Standards Codification ("ASC"). ASUs issued were assessed and have already been adopted in a prior period or determined to be either not not |
Note 2 - Acquisitions
Note 2 - Acquisitions | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2 . Acquisitions Fiscal 2023 On February 1, 2023, The Company recorded its preliminary purchase price allocation for REFUstor during the first 2023, March 31, 2024, not September 30, 2023. September 30, 2023. not not Fiscal 2022 On June 30, 2022, On October 3, 2022, The combined purchase price for these two second fourth 2022, second 2023 not fourth 2023. third 2023, September 30, 2023. not 2022 not |
Note 3 - Redeemable Noncontroll
Note 3 - Redeemable Noncontrolling Interest | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Redeemable Noncontrolling Interest [Text Block] | 3. On March 1, 2016, May 2021, March 8, 2023, first 2023 twenty December 31, 2022, December 31, 2025. On February 1, 2019, five may five March 2022, May 2022, The redeemable noncontrolling interests are recorded at the greater of the initial fair value, increased or decreased for the noncontrolling interests’ share of comprehensive income (loss), or the estimated redemption value, with any adjustments to the redemption value impacting retained earnings, but not 13, Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Balance at beginning of period $ 5,688 $ 82,830 $ 110,471 $ 58,050 Net income 58 1,589 1,728 5,261 Foreign currency translation (153 ) (2,708 ) (689 ) (6,817 ) Purchase of additional ownership interest - - (116,754 ) (375 ) Redemption value adjustment 46 5,225 10,883 30,817 Balance at end of period $ 5,639 $ 86,936 $ 5,639 $ 86,936 |
Note 4 - Derivative Instruments
Note 4 - Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 4 . Derivative Instruments and Hedging Activities The Company records all derivatives in accordance with ASC 815, Derivatives and Hedging not The Company periodically utilizes commodity derivatives and foreign currency forward purchase and sales contracts in the normal course of business. Because these contracts do not not Interest Rate Swaps In 2017, ap agreements, the final four May 2023. March 2020, three which were still outstanding as o September 30, 2023 In June 2022, 11, The amount of gains, net of tax recognized, for the three nine September 30, 2023, s, net of tax recognized, for the three nine September 30, 2022, Fair Value The following table presents the fair value of all of the Company’s derivatives: September 30, 2023 December 31, 2022 Commodity contracts $ 9 $ - Foreign currency contracts (181 ) 94 Interest rate swaps 52,360 49,279 In the condensed consolidated balance sheets, the fair value of the commodity contracts is included in prepaid expenses and other current assets. The fair value of the foreign currency contracts is included in other accrued liabilities at September 30, 2023, December 31, 2022. September 30, 2023, and December 31, 2022, is an asset of $54,388 and $51,184, respect |
Note 5 - Fair Value Measurement
Note 5 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 5. Measurements ASC 820 10, Fair Value Measurement 820 10 three 1 2 3 no The Company believes the carrying amount of its financial instruments (cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, short-term borrowings, and revolving facility borrowings), excluding Term Loan borrowings, approximates the fair value of these instruments based on their short-term nature. The fair value of the Term Loan B borrowing, which has a net carrying value of $524,529, was $530,000 (Level 2 September 30, 2023, he fair value of Term Loan A approximates the carrying value. For the fair value of the derivatives measured on a recurring basis, refer to the fair value table in Note 4, 2. 820 10. Contingent Consideration Certain of the Company's business combinations involve potential payment of future consideration contingent upon the achievement of certain milestones. As part of purchase accounting, a liability is recorded for the estimated fair value of the contingent consideration on the acquisition date. The fair value of the contingent consideration is remeasured at each reporting period, and the change in fair value is recognized within general and administrative expenses in the Company's condensed consolidated statements of comprehensive income. The fair value measurement of contingent consideration is typically categorized as a Level 3 not At September 30, 2023, $38,746 and is included i December 31, 2022, December 31, 2028. December 31, 2025. The following table provides a reconciliation of the activity for contingent consideration: Beginning balance, January 1, 2023 $ 81,533 Changes in fair value - Additional contingent consideration (1) 11,490 Payment of contingent consideration (2) (53,786 ) Present value interest accretion (491 ) Ending balance, September 30, 2023 $ 38,746 ( 1 3, ( 2 |
Note 6 - Accumulated Other Comp
Note 6 - Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 6. Loss The following table presents a disclosure of changes in AOCL during the three nine September 30, 2023 2022 Foreign Currency Translation Adjustments Unrealized Gain (Loss) on Cash Flow Hedges Total Beginning Balance – July 1, 2023 $ (53,923 ) $ 37,707 $ (16,216 ) Other comprehensive income (loss) (26,443 ) (1) 1,045 (2) (25,398 ) Ending Balance – September 30, 2023 $ (80,366 ) $ 38,752 $ (41,614 ) Foreign Currency Translation Adjustments Unrealized Gain (Loss) on Cash Flow Hedges Total Beginning Balance – July 1, 2022 $ (106,645 ) $ 23,806 $ (82,839 ) Other comprehensive income (loss) (51,324 ) (3) 13,757 (4) (37,567 ) Ending Balance – September 30, 2022 $ (157,969 ) $ 37,563 $ (120,406 ) Foreign Currency Translation Adjustments Unrealized Gain (Loss) on Cash Flow Hedges Total Beginning Balance – January 1, 2023 $ (101,545 ) $ 36,443 $ (65,102 ) Other comprehensive income (loss) 21,179 (5) 2,309 (6) 23,488 Ending Balance – September 30, 2023 $ (80,366 ) $ 38,752 $ (41,614 ) Foreign Currency Translation Adjustments Unrealized Gain (Loss) on Cash Flow Hedges Total Beginning Balance – January 1, 2022 $ (52,704 ) $ (2,051 ) $ (54,755 ) Other comprehensive income (loss) (105,265 ) (3) 39,614 (7) (65,651 ) Ending Balance – September 30, 2022 $ (157,969 ) $ 37,563 $ (120,406 ) ( 1 Represents unfavorable impact from the strengthening of the U.S. dollar against foreign currencies during the three September 30, 2023, ( 2 Represents unrealized gains of $1,394 on the interest rate swaps, net of tax effect of $(349) for the three September 30, 2023. ( 3 Represents unfavorable impact from the strengthening of the U.S. dollar against foreign currencies during the three nine September 30, 2022, ( 4 Represents unrealized gains of $18,404 on the interest rate swaps, net of tax effect of $(4,647) for the three September 30, 2022. ( 5 Represents favorable impact from the weakening of the U.S. dollar against foreign currencies during the nine September 30, 2023, ( 6 Represents unrealized gains of $3,081 on the interest rate swaps, net of tax effect of $(772) for the nine September 30, 2023. ( 7 Represents unrealized gains of $52,995 on the interest rate swaps, net of tax effect of $(13,381) for the nine September 30, 2022. |
Note 7 - Segment Reporting
Note 7 - Segment Reporting | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 7 . Segment Reporting The Company has two two The Company's product offerings consist primarily of power generation equipment, energy storage systems, energy management devices and solutions, and other power products designed for varying end customer uses. While Residential products and Commercial & Industrial (C&I) products include similar products, they differ based on power output and end customer. The breakout of net sales between residential, C&I, and other products and services by reportable segment is as follows: Net Sales by Segment Three Months Ended September 30, 2023 Product Classes Domestic International Total Residential products $ 539,775 $ 25,312 $ 565,087 Commercial & industrial products 238,212 146,321 384,533 Other 108,378 12,669 121,047 Total net sales $ 886,365 $ 184,302 $ 1,070,667 Net Sales by Segment Three Months Ended September 30, 2022 Product Classes Domestic International Total Residential products $ 635,772 $ 28,343 $ 664,115 Commercial & industrial products 196,485 114,701 311,186 Other 98,875 14,082 112,957 Total net sales $ 931,132 $ 157,126 $ 1,088,258 Net Sales by Segment Nine Months Ended September 30, 2023 Product Classes Domestic International Total Residential products $ 1,389,112 $ 93,426 $ 1,482,538 Commercial & industrial products 700,941 430,935 1,131,876 Other 305,239 39,344 344,583 Total net sales $ 2,395,292 $ 563,705 $ 2,958,997 Net Sales by Segment Nine Months Ended September 30, 2022 Product Classes Domestic International Total Residential products $ 2,246,113 $ 90,959 $ 2,337,072 Commercial & industrial products 515,771 383,492 899,263 Other 241,353 37,817 279,170 Total net sales $ 3,003,237 $ 512,268 $ 3,515,505 Residential products consist primarily of automatic home standby generators ranging in output from 7.5kW 150kW, C&I products consist of larger output stationary generators used in C&I applications with power outputs up to 3,250kW. The Other product class consists primarily of aftermarket service parts and product accessories sold to our customers, the amortization of extended warranty deferred revenue, remote monitoring and grid services subscription revenue, as well as certain installation and maintenance service revenue. The aftermarket service parts and product accessories are generally transferred to the customer at a point in time, while the extended warranty revenue and subscription revenue are recognized over the life of the contract. Other service revenue is recognized when the service is performed. The following table sets forth total sales by reportable segment and is inclusive of intersegment sales: Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Domestic International Eliminations Total Domestic International Eliminations Total External net sales $ 886,365 $ 184,302 $ - $ 1,070,667 $ 931,132 $ 157,126 $ - $ 1,088,258 Intersegment sales 7,640 23,293 (30,933 ) - 15,485 25,416 (40,901 ) - Total sales $ 894,005 $ 207,595 $ (30,933 ) $ 1,070,667 $ 946,617 $ 182,542 $ (40,901 ) $ 1,088,258 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Domestic International Eliminations Total Domestic International Eliminations Total External net sales $ 2,395,292 $ 563,705 $ - $ 2,958,997 $ 3,003,237 $ 512,268 $ - $ 3,515,505 Intersegment sales 33,960 84,078 (118,038 ) - 44,742 59,075 (103,817 ) - Total sales $ 2,429,252 $ 647,783 $ (118,038 ) $ 2,958,997 $ 3,047,979 $ 571,343 $ (103,817 ) $ 3,515,505 Management evaluates the performance of the Company's segments based primarily on Adjusted EBITDA, which is reconciled to income before provision for income taxes below. The computation of Adjusted EBITDA is defined as net income before noncontrolling interest adjusted for the following items: interest expense, depreciation expense, amortization of intangible assets, income tax expense, certain non-cash gains and losses including purchase accounting and contingent consideration adjustments, share-based compensation expense, losses on extinguishment of debt, certain transaction costs and credit facility fees, business optimization expenses, and certain other specific provisions noted below. Adjusted EBITDA Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Domestic $ 160,270 $ 159,810 $ 331,134 $ 572,159 International 28,332 24,006 94,088 79,532 Total adjusted EBITDA $ 188,602 $ 183,816 $ 425,222 $ 651,691 Interest expense (24,707 ) (15,514 ) (72,862 ) (35,303 ) Depreciation and amortization (42,951 ) (39,165 ) (124,149 ) (116,724 ) Non-cash write-down and other adjustments (1) (2,055 ) 6,840 5,257 10,025 Non-cash share-based compensation expense (2) (9,927 ) (6,861 ) (30,306 ) (23,423 ) Loss on extinguishment of debt (3) - - - (3,743 ) Transaction costs and credit facility fees (4) (921 ) (1,250 ) (3,161 ) (3,831 ) Business optimization and other charges (5) (5,291 ) (622 ) (8,151 ) (3,371 ) Provision for regulatory, legal, and clean energy product charges (6) (22,113 ) (55,265 ) (27,913 ) (55,265 ) Other (575 ) 61 (443 ) 951 Income before provision for income taxes $ 80,062 $ 72,040 $ 163,494 $ 421,007 ( 1 Includes gains/losses on disposals of assets and sales of certain investments, unrealized mark-to-market adjustments on commodity contracts, certain foreign currency related adjustments, and certain purchase accounting and contingent consideration adjustments. ( 2 Represents share-based compensation expense to account for stock options, restricted stock, and other stock awards over their respective vesting periods. ( 3 Represents the write-off of original issue discount and capitalized debt issuance costs due to voluntary debt prepayment. ( 4 Represents transaction costs incurred directly in connection with any investment, as defined in our credit agreement, equity issuance or debt issuance or refinancing, together with certain fees relating to our senior secured credit facilities. ( 5 Represents severance and other restructuring charges related to the consolidation of certain operating facilities and organizational functions. ( 6 The amount recorded in the third 2023 first 2023 July 29, 2021. third 2022 The Company’s sales in the U.S. represented approximately 79% and 82% of total sales for the three September 30, 2023 2022, nine September 30, 2023 and 2022, September 30, 2023, and December 31, 2022 , respectively. |
Note 8 - Balance Sheet Details
Note 8 - Balance Sheet Details | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 8 . Balance Sheet Details Inventories consist of the following: September 30, December 31, 2023 2022 Raw material $ 766,826 $ 798,340 Work-in-process 14,365 14,899 Finished goods 529,938 592,145 Total $ 1,311,129 $ 1,405,384 Property and equipment consists of the following: September 30, December 31, 2023 2022 Land and improvements $ 22,811 $ 22,589 Buildings and improvements 255,165 243,553 Machinery and equipment 261,170 229,593 Dies and tools 41,536 37,343 Vehicles 10,920 9,807 Office equipment and systems 178,364 148,166 Leasehold improvements 8,494 6,849 Construction in progress 59,536 52,522 Gross property and equipment 837,996 750,422 Accumulated depreciation (326,103 ) (282,818 ) Total $ 511,893 $ 467,604 Total property and equipment includes finance leases of $27,168 and $24,719 on September 30, 2023, December 31, 2022 |
Note 9 - Product Warranty Oblig
Note 9 - Product Warranty Obligations | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | 9. Obligations The Company records a liability for standard product warranty obligations accounted for as assurance warranties at the time of sale of the product to a customer based upon historical warranty experience. The Company also records a liability for specific warranty matters when they become known and are reasonably estimable. The following is a tabular reconciliation of the Company’s standard product warranty liability accounted for as an assurance warranty: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Balance at beginning of period $ 122,222 $ 110,338 $ 138,011 $ 94,213 Payments (24,427 ) (22,677 ) (76,069 ) (54,135 ) Provision for warranty issued 18,136 19,076 51,353 62,169 Changes in estimates for pre-existing warranties (1) 3,630 38,571 6,266 43,061 Balance at end of period $ 119,561 $ 145,308 $ 119,561 $ 145,308 ( 1 third 2022 Additionally, the Company sells extended warranty coverage for certain products, which it accounts for as a service warranty. The sales of extended warranties are recorded as deferred revenue, and typically have a duration of five ten Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Balance at beginning of period $ 140,922 $ 121,898 $ 132,813 $ 111,647 Deferred revenue contracts issued 10,615 10,324 30,774 31,202 Amortization of deferred revenue contracts (6,414 ) (5,470 ) (18,464 ) (16,097 ) Balance at end of period $ 145,123 $ 126,752 $ 145,123 $ 126,752 The timing of recognition of the Company’s deferred revenue balance related to extended warranties as of September 30, 2023, Remainder of 2023 $ 6,521 2024 27,066 2025 28,060 2026 24,554 2027 19,461 After 2027 39,461 Total $ 145,123 Standard product warranty obligations and extended warranty related deferred revenues are included in the condensed consolidated balance sheets as follows: September 30, December 31, 2023 2022 Product warranty liability Current portion - Accrued product warranty $ 70,572 $ 89,141 Long-term portion - other long-term liabilities 48,989 48,870 Total $ 119,561 $ 138,011 Deferred revenue related to extended warranties Current portion - other accrued liabilities $ 23,597 $ 30,291 Long-term portion - Deferred revenue 121,526 102,522 Total $ 145,123 $ 132,813 |
Note 10 - Contract Balances
Note 10 - Contract Balances | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 10. While the Company’s standard payment terms are less than one September 30, 2023, December 31, 2022 nine September 30, 2023, December 31, 2022, one |
Note 11 - Credit Agreements
Note 11 - Credit Agreements | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 11 . Credit Agreements Short-term borrowings included in the condensed consolidated balance sheets as of September 30, 2023, December 31, 2022, 74,346 a Long-term borrowings are included in the condensed consolidated balance sheets as follows: September 30, December 31, 2023 2022 Tranche A Term Loan $ 750,000 $ 750,000 Tranche B Term Loan 530,000 530,000 Original issue discount and deferred financing costs (13,666 ) (16,568 ) Revolving Facility 200,000 90,000 Finance lease obligation 30,235 27,420 Other 5,909 966 Total 1,502,478 1,381,818 Less: current portion of debt 33,823 10,083 Less: current portion of finance lease obligation 3,514 2,650 Total $ 1,465,141 $ 1,369,085 Maturities of the Company's Tranche A Term Loan Facility, Tranche B Term Loan Facility, and Revolving Facility outstanding at September 30, 2023, Tranche A Term Loan Tranche B Term Loan Revolving Facility Total 2023 $ 9,375 $ - $ - $ 9,375 2024 28,125 - - 28,125 2025 46,875 - - 46,875 2026 65,625 530,000 - 595,625 2027 600,000 - 200,000 800,000 Total $ 750,000 $ 530,000 $ 200,000 $ 1,480,000 The Tranche B Term Loan Facility matures on December 13, 2026 June 29, 2027 first September 2023. The Company’s credit agreements originally provided for a $1,200,000 term loan B credit facility ("Tranche B Term Loan Facility") and included a $300,000 uncommitted incremental term loan on that facility. The Tranche B Term Loan Facility initially bore interest at rates based on either a base rate plus an applicable margin of 1.75% or adjusted LIBOR rate plus an applicable margin of 2.75%, subject to a LIBOR floor of 0.75%. After a number of amendments, the Tranche B Term Loan Facility currently bears interest at rates based on either a base rate plus an applicable margin of 0.75% or adjusted Secured Overnight Financing Rate ("SOFR") rate plus an applicable margin of 1.75%, subject to a SOFR floor of 0.00%. The interest rate for the Tranche B Term Loan Facility as of September 30, 2023, 7.18%. The Tranche B Term Loan Facility does not 1.00. September 30, 2023, as 2.25 to 1. 00, There are no In June 2022, second 2022 The Tranche A Term Loan Facility and the Revolving Facility initially bore interest at a rate based on adjusted SOFR plus an applicable margin of 1.5% through December 31, 2022, January 1, 2023, September 30, 2023, 7.1 0%. The Tranche A Term Loan Facility and the Revolving Facility added certain financial covenants that require the Company to maintain a total leverage ratio below 3.75 to 1.00 1.00. September 30, 2023, age ratio was 2.37 to 1.00, s 7.00 to 1.00. September 30, 2023. The Tranche B Term Loan Facility, Tranche A Term Loan Facility and Revolving Facility are guaranteed by substantially all of the Company’s wholly-owned domestic restricted subsidiaries and are secured by associated collateral agreements which pledge a first In connection with the June 2022 470 50, not, As of September 30, 2023, See Note 4, 7A 10 |
Note 12 - Stock Repurchase Prog
Note 12 - Stock Repurchase Program | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 12 . Stock Repurchase Program In September 2020, October 27, 2020, third 2022. July 2022, August 5, 2022, may may may may third 2023, for $100,267. T first second 2023. third 2022, first second 2022. Since the inception of all stock repurchase programs (starting in August 2015), |
Note 13 - Earnings Per Share
Note 13 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 13. Share Basic earnings per share is calculated by dividing net income attributable to the common shareholders of the Company by the weighted average number of common shares outstanding during the period, exclusive of restricted shares. Except where the result would be anti-dilutive, diluted earnings per share is calculated by assuming the vesting of unvested restricted stock and the exercise of stock options, as well as the satisfaction of certain contingent consideration conditions as of the end of the period. Refer to Note 3, The following table reconciles the numerator and the denominator used to calculate basic and diluted earnings per share: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Numerator Net income attributable to Generac Holdings Inc. $ 60,377 $ 58,270 $ 118,005 $ 328,487 Redeemable noncontrolling interest redemption value adjustment (46 ) (5,225 ) (10,883 ) (30,817 ) Net income attributable to common shareholders $ 60,331 $ 53,045 $ 107,122 $ 297,670 Denominator Weighted average shares, basic 61,368,440 63,249,881 61,552,949 63,480,161 Dilutive effect of stock compensation awards (1) 722,723 1,006,814 809,794 1,139,242 Dilutive effect of contingently issued shares - 10,943 - 10,943 Diluted shares 62,091,163 64,267,638 62,362,743 64,630,346 Net income attributable to common shareholders per share Basic $ 0.98 $ 0.84 $ 1.74 $ 4.69 Diluted $ 0.97 $ 0.83 $ 1.72 $ 4.61 ( 1 Excludes approximately 370,000 and 344,000 stock options and restricted stock awards for the three nine September 30, 2023, three nine September 30, 2022, |
Note 14 - Income Taxes
Note 14 - Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 14 . Income Taxes The effective income tax rates for the nine September 30, 2023 2022, 26.4% and not |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 15 . Commitments and Contingencies The Company has an arrangement with a finance company to provide floor plan financing for certain dealers. The Company receives payment from the finance company after shipment of product to the dealer. The Company participates in the cost of dealer financing up to certain limits and has agreed to repurchase products repossessed by the finance company, but does not The amount financed by dealers which remained outstanding under this arrangement on September 30, 2023, December 31, 2022, On August 1, 2022, September 23, 2022, October 7, 2022, 7 one not October 11, 2022. not may On October 28, 2022, Eight additional putative class actions were filed by consumers of Generac clean energy products between November 21, 2022 July 5, 2023. Basler, et al. v. Generac Power Systems, Inc. No. 22 01386; Dillon v. Generac Power Systems, Inc. No. 23 00034; Kates v. Generac Power Systems, Inc., et al., No. 23 00892; Zukas, et al., v. Generac Power Systems, Inc., et al., No. 23 00874 Moon v. Generac Power Systems, Inc. et al. No. 22 09183; Hufton, et al., v. Generac Power Systems, Inc., et al., No. 23 02462 Locatell v. Generac Power Systems, Inc., et al. No. 23 00203 Baltimore, et al. v. Generac Power Systems, Inc., No. 23 00217 On March 3, 2023, Moon September 1, 2023, October 31, 2023. On December 1, 2022, January 20, 2023, April 29, 2021 November 1, 2022 March 14, 2023, two May 30, 2023, July 31, 2023, October 9, 2023. On February 3, 2023, 14 10 20 1934, March 6, 2023, second May 2, 2023, two May 30, 2023, Between March 20, 2023, April 11, 2023, three June 1, 2023, three On October 28, 2022, 1.85 2019 2020 2020 . On November 30, 2022, 19 4 15 2068 4 July 29, 2021. May 3, 2023, not July 21, 2023, In 2019, 2021. three one June 23, 2023, 21 00428 20 00078 one two August 23, 2023, two two No. 22 00033 September 16, 2024, three No. 21 00323 December 11, 2023, On March 8, 2022, No. 22 00072 four October 5, 2023, one one On June 9, 2023, two Spartronics Vietnam, Inc. v. Generac Power Systems, Inc., et al. No. 23 00957 Spartronics Vietnam, Inc. v. Generac Power Systems, Inc., et al. No. 23 7206 third EXIM & Mfr Enter. v. Spartronics Vietnam, Inc. No. 23 00660 JC Global, Inc. v. Spartronics 23 1155 Circuit Interruption Tech. v. Spartronics Vietnam, Inc. No. 23 2140 In the opinion of management, it is presently unlikely that any legal or regulatory proceedings pending against or involving the Company will have a material adverse effect on the Company’s financial condition, results of operations or cash flows. However, in many of these matters, it is inherently difficult to determine whether a loss is probable or to estimate the size or range of the possible loss given the variety and potential outcomes of actual and potential claims, the uncertainty of future rulings, the behavior or incentives of adverse parties, and other factors outside the control of the Company. Accordingly, the Company’s loss reserves may |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 | Sep. 30, 2023 | |
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] | 5. Other Information During the three September 30, 2023, no 10b5 1 10b5 1 408 | |
Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Note 3 - Redeemable Noncontro_2
Note 3 - Redeemable Noncontrolling Interest (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Redeemable Noncontrolling Interest [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Balance at beginning of period $ 5,688 $ 82,830 $ 110,471 $ 58,050 Net income 58 1,589 1,728 5,261 Foreign currency translation (153 ) (2,708 ) (689 ) (6,817 ) Purchase of additional ownership interest - - (116,754 ) (375 ) Redemption value adjustment 46 5,225 10,883 30,817 Balance at end of period $ 5,639 $ 86,936 $ 5,639 $ 86,936 |
Note 4 - Derivative Instrumen_2
Note 4 - Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule Of Derivative Assets (Liabilities) at Fair Value [Table Text Block] | September 30, 2023 December 31, 2022 Commodity contracts $ 9 $ - Foreign currency contracts (181 ) 94 Interest rate swaps 52,360 49,279 |
Note 5 - Fair Value Measureme_2
Note 5 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | Beginning balance, January 1, 2023 $ 81,533 Changes in fair value - Additional contingent consideration (1) 11,490 Payment of contingent consideration (2) (53,786 ) Present value interest accretion (491 ) Ending balance, September 30, 2023 $ 38,746 |
Note 6 - Accumulated Other Co_2
Note 6 - Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Foreign Currency Translation Adjustments Unrealized Gain (Loss) on Cash Flow Hedges Total Beginning Balance – July 1, 2023 $ (53,923 ) $ 37,707 $ (16,216 ) Other comprehensive income (loss) (26,443 ) (1) 1,045 (2) (25,398 ) Ending Balance – September 30, 2023 $ (80,366 ) $ 38,752 $ (41,614 ) Foreign Currency Translation Adjustments Unrealized Gain (Loss) on Cash Flow Hedges Total Beginning Balance – July 1, 2022 $ (106,645 ) $ 23,806 $ (82,839 ) Other comprehensive income (loss) (51,324 ) (3) 13,757 (4) (37,567 ) Ending Balance – September 30, 2022 $ (157,969 ) $ 37,563 $ (120,406 ) Foreign Currency Translation Adjustments Unrealized Gain (Loss) on Cash Flow Hedges Total Beginning Balance – January 1, 2023 $ (101,545 ) $ 36,443 $ (65,102 ) Other comprehensive income (loss) 21,179 (5) 2,309 (6) 23,488 Ending Balance – September 30, 2023 $ (80,366 ) $ 38,752 $ (41,614 ) Foreign Currency Translation Adjustments Unrealized Gain (Loss) on Cash Flow Hedges Total Beginning Balance – January 1, 2022 $ (52,704 ) $ (2,051 ) $ (54,755 ) Other comprehensive income (loss) (105,265 ) (3) 39,614 (7) (65,651 ) Ending Balance – September 30, 2022 $ (157,969 ) $ 37,563 $ (120,406 ) |
Note 7 - Segment Reporting (Tab
Note 7 - Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Net Sales by Segment Three Months Ended September 30, 2023 Product Classes Domestic International Total Residential products $ 539,775 $ 25,312 $ 565,087 Commercial & industrial products 238,212 146,321 384,533 Other 108,378 12,669 121,047 Total net sales $ 886,365 $ 184,302 $ 1,070,667 Net Sales by Segment Three Months Ended September 30, 2022 Product Classes Domestic International Total Residential products $ 635,772 $ 28,343 $ 664,115 Commercial & industrial products 196,485 114,701 311,186 Other 98,875 14,082 112,957 Total net sales $ 931,132 $ 157,126 $ 1,088,258 Net Sales by Segment Nine Months Ended September 30, 2023 Product Classes Domestic International Total Residential products $ 1,389,112 $ 93,426 $ 1,482,538 Commercial & industrial products 700,941 430,935 1,131,876 Other 305,239 39,344 344,583 Total net sales $ 2,395,292 $ 563,705 $ 2,958,997 Net Sales by Segment Nine Months Ended September 30, 2022 Product Classes Domestic International Total Residential products $ 2,246,113 $ 90,959 $ 2,337,072 Commercial & industrial products 515,771 383,492 899,263 Other 241,353 37,817 279,170 Total net sales $ 3,003,237 $ 512,268 $ 3,515,505 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Domestic International Eliminations Total Domestic International Eliminations Total External net sales $ 886,365 $ 184,302 $ - $ 1,070,667 $ 931,132 $ 157,126 $ - $ 1,088,258 Intersegment sales 7,640 23,293 (30,933 ) - 15,485 25,416 (40,901 ) - Total sales $ 894,005 $ 207,595 $ (30,933 ) $ 1,070,667 $ 946,617 $ 182,542 $ (40,901 ) $ 1,088,258 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Domestic International Eliminations Total Domestic International Eliminations Total External net sales $ 2,395,292 $ 563,705 $ - $ 2,958,997 $ 3,003,237 $ 512,268 $ - $ 3,515,505 Intersegment sales 33,960 84,078 (118,038 ) - 44,742 59,075 (103,817 ) - Total sales $ 2,429,252 $ 647,783 $ (118,038 ) $ 2,958,997 $ 3,047,979 $ 571,343 $ (103,817 ) $ 3,515,505 |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Adjusted EBITDA Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Domestic $ 160,270 $ 159,810 $ 331,134 $ 572,159 International 28,332 24,006 94,088 79,532 Total adjusted EBITDA $ 188,602 $ 183,816 $ 425,222 $ 651,691 Interest expense (24,707 ) (15,514 ) (72,862 ) (35,303 ) Depreciation and amortization (42,951 ) (39,165 ) (124,149 ) (116,724 ) Non-cash write-down and other adjustments (1) (2,055 ) 6,840 5,257 10,025 Non-cash share-based compensation expense (2) (9,927 ) (6,861 ) (30,306 ) (23,423 ) Loss on extinguishment of debt (3) - - - (3,743 ) Transaction costs and credit facility fees (4) (921 ) (1,250 ) (3,161 ) (3,831 ) Business optimization and other charges (5) (5,291 ) (622 ) (8,151 ) (3,371 ) Provision for regulatory, legal, and clean energy product charges (6) (22,113 ) (55,265 ) (27,913 ) (55,265 ) Other (575 ) 61 (443 ) 951 Income before provision for income taxes $ 80,062 $ 72,040 $ 163,494 $ 421,007 |
Note 8 - Balance Sheet Details
Note 8 - Balance Sheet Details (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, December 31, 2023 2022 Raw material $ 766,826 $ 798,340 Work-in-process 14,365 14,899 Finished goods 529,938 592,145 Total $ 1,311,129 $ 1,405,384 |
Property, Plant and Equipment [Table Text Block] | September 30, December 31, 2023 2022 Land and improvements $ 22,811 $ 22,589 Buildings and improvements 255,165 243,553 Machinery and equipment 261,170 229,593 Dies and tools 41,536 37,343 Vehicles 10,920 9,807 Office equipment and systems 178,364 148,166 Leasehold improvements 8,494 6,849 Construction in progress 59,536 52,522 Gross property and equipment 837,996 750,422 Accumulated depreciation (326,103 ) (282,818 ) Total $ 511,893 $ 467,604 |
Note 9 - Product Warranty Obl_2
Note 9 - Product Warranty Obligations (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Balance at beginning of period $ 122,222 $ 110,338 $ 138,011 $ 94,213 Payments (24,427 ) (22,677 ) (76,069 ) (54,135 ) Provision for warranty issued 18,136 19,076 51,353 62,169 Changes in estimates for pre-existing warranties (1) 3,630 38,571 6,266 43,061 Balance at end of period $ 119,561 $ 145,308 $ 119,561 $ 145,308 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Balance at beginning of period $ 140,922 $ 121,898 $ 132,813 $ 111,647 Deferred revenue contracts issued 10,615 10,324 30,774 31,202 Amortization of deferred revenue contracts (6,414 ) (5,470 ) (18,464 ) (16,097 ) Balance at end of period $ 145,123 $ 126,752 $ 145,123 $ 126,752 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | Remainder of 2023 $ 6,521 2024 27,066 2025 28,060 2026 24,554 2027 19,461 After 2027 39,461 Total $ 145,123 |
Product Warranty Obligations Included In Consolidated Balance Sheet [Table Text Block] | September 30, December 31, 2023 2022 Product warranty liability Current portion - Accrued product warranty $ 70,572 $ 89,141 Long-term portion - other long-term liabilities 48,989 48,870 Total $ 119,561 $ 138,011 Deferred revenue related to extended warranties Current portion - other accrued liabilities $ 23,597 $ 30,291 Long-term portion - Deferred revenue 121,526 102,522 Total $ 145,123 $ 132,813 |
Note 11 - Credit Agreements (Ta
Note 11 - Credit Agreements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | September 30, December 31, 2023 2022 Tranche A Term Loan $ 750,000 $ 750,000 Tranche B Term Loan 530,000 530,000 Original issue discount and deferred financing costs (13,666 ) (16,568 ) Revolving Facility 200,000 90,000 Finance lease obligation 30,235 27,420 Other 5,909 966 Total 1,502,478 1,381,818 Less: current portion of debt 33,823 10,083 Less: current portion of finance lease obligation 3,514 2,650 Total $ 1,465,141 $ 1,369,085 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Tranche A Term Loan Tranche B Term Loan Revolving Facility Total 2023 $ 9,375 $ - $ - $ 9,375 2024 28,125 - - 28,125 2025 46,875 - - 46,875 2026 65,625 530,000 - 595,625 2027 600,000 - 200,000 800,000 Total $ 750,000 $ 530,000 $ 200,000 $ 1,480,000 |
Note 13 - Earnings Per Share (T
Note 13 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Numerator Net income attributable to Generac Holdings Inc. $ 60,377 $ 58,270 $ 118,005 $ 328,487 Redeemable noncontrolling interest redemption value adjustment (46 ) (5,225 ) (10,883 ) (30,817 ) Net income attributable to common shareholders $ 60,331 $ 53,045 $ 107,122 $ 297,670 Denominator Weighted average shares, basic 61,368,440 63,249,881 61,552,949 63,480,161 Dilutive effect of stock compensation awards (1) 722,723 1,006,814 809,794 1,139,242 Dilutive effect of contingently issued shares - 10,943 - 10,943 Diluted shares 62,091,163 64,267,638 62,362,743 64,630,346 Net income attributable to common shareholders per share Basic $ 0.98 $ 0.84 $ 1.74 $ 4.69 Diluted $ 0.97 $ 0.83 $ 1.72 $ 4.61 |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Payments to Acquire Businesses, Net of Cash Acquired | $ 15,974 | $ 11,421 | |
EEC and Blue Pillar [Member] | |||
Payments to Acquire Businesses, Net of Cash Acquired | $ 27,456 | $ 25,654 |
Note 3 - Redeemable Noncontro_3
Note 3 - Redeemable Noncontrolling Interest (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | ||||||
Mar. 08, 2023 | Feb. 01, 2019 | May 31, 2022 | Mar. 31, 2022 | May 31, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Mar. 01, 2016 | |
Payments for Repurchase of Redeemable Noncontrolling Interest | $ 104,844 | $ 375 | ||||||
Pramac [Member] | ||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 20% | 35% | ||||||
Captiva Energy Solutions [Member] | ||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 49% | |||||||
Pramac [Member] | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 15% | 65% | ||||||
Redeemable Noncontrolling Interest, Equity, Fair Value, Total | $ 34,253 | |||||||
Payments for Repurchase of Redeemable Noncontrolling Interest | $ 116,754 | $ 27,164 | ||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, including Subsequent Acquisition, Percentage, Total | 100% | 80% | ||||||
Business Combination, Consideration Transferred | $ 105,264 | |||||||
Payments to Acquire Businesses, Gross | 104,844 | |||||||
Gain (Loss), Foreign Currency Transaction, before Tax | 420 | |||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 11,490 | |||||||
Pramac [Member] | Restricted Shares for Contingent Consideration [Member | ||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 135,205 | |||||||
Captiva Energy Solutions [Member] | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 51% | 15% | ||||||
Redeemable Noncontrolling Interest, Equity, Fair Value, Total | $ 3,165 | |||||||
Payments for Repurchase of Redeemable Noncontrolling Interest | $ 461 | |||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, including Subsequent Acquisition, Percentage, Total | 66% | |||||||
Business Acquisition, Noncontrolling Interest, Term of Put Option (Year) | 5 years | |||||||
Captiva Energy Solutions [Member] | Amendment to Purchase Agreement [Member] | ||||||||
Payments for Repurchase of Redeemable Noncontrolling Interest | $ 375 |
Note 3 - Redeemable Noncontro_4
Note 3 - Redeemable Noncontrolling Interest - Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Redemption value adjustment | $ (46) | $ (5,225) | $ (10,883) | $ (30,817) |
Redeemable Noncontrolling Interest [Member] | ||||
Balance | 5,688 | 82,830 | 110,471 | 58,050 |
Net income | 58 | 1,589 | 1,728 | 5,261 |
Foreign currency translation | (153) | (2,708) | (689) | (6,817) |
Purchase of additional ownership interest | 0 | 0 | (116,754) | (375) |
Redemption value adjustment | 46 | 5,225 | 10,883 | 30,817 |
Balance | $ 5,639 | $ 86,936 | $ 5,639 | $ 86,936 |
Note 4 - Derivative Instrumen_3
Note 4 - Derivative Instruments and Hedging Activities (Details Textual) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 USD ($) | Mar. 31, 2020 | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2017 | Dec. 31, 2022 USD ($) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | $ 1,045 | $ 13,757 | $ 2,309 | $ 39,614 | ||||
Derivative Assets (Liabilities), Net Fair Value of Derivative Contracts, Excluding Impact of Credit Risk | $ 54,388 | 54,388 | $ 54,388 | $ 51,184 | ||||
Commodity Contract [Member] | ||||||||
Derivative, Number of Instruments Held, Total | 0 | 0 | ||||||
Interest Rate Swap [Member] | ||||||||
Number of New Contracts Entered | 3 | 20 | ||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | $ 2,309 | $ 1,045 | $ 13,757 | $ 39,614 |
Note 4 - Derivative Instrumen_4
Note 4 - Derivative Instruments and Hedging Activities - Fair Value of Derivatives (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Commodity Contract [Member] | ||
Derivative | $ 9 | $ 0 |
Foreign Exchange Contract [Member] | ||
Derivative | (181) | 94 |
Interest Rate Swap [Member] | ||
Derivative | $ 52,360 | $ 49,279 |
Note 5 - Fair Value Measureme_3
Note 5 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Mar. 08, 2023 | Dec. 31, 2022 | |
Long-Term Debt | $ 1,480,000 | |||
Payment for Contingent Consideration Liability, Financing Activities | 4,979 | $ 16,135 | ||
Pramac [Member] | ||||
Business Combination, Contingent Consideration, Liability | $ 11,490 | |||
ecobee Inc. [Member] | ||||
Payment for Contingent Consideration Liability, Financing Activities | 479 | |||
Contingent Consideration, Share Payments, Value | 44,521 | |||
Acquisition of Chilicon [Member] | ||||
Contingent Consideration, Share Payments, Value | 4,286 | |||
Mean Green [Member] | ||||
Payment for Contingent Consideration Liability, Financing Activities | 4,500 | |||
Other Long-term Liabilities [Member] | ||||
Business Combination, Contingent Consideration, Liability | 38,746 | $ 32,033 | ||
Other Accrued Liabilities [Member] | ||||
Business Combination, Contingent Consideration, Liability | $ 49,500 | |||
Fair Value, Inputs, Level 2 [Member] | ||||
Debt Instrument, Fair Value Disclosure | 530,000 | |||
Term Loan [Member] | ||||
Long-Term Debt | $ 524,529 |
Note 5 - Fair Value Measureme_4
Note 5 - Fair Value Measurements - Reconciliation of Contingent Consideration (Details) - Contingent Consideration Liability [Member] $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 USD ($) | ||
Balance | $ 81,533 | |
Changes in fair value | 0 | |
Additional contingent consideration (1) | 11,490 | [1] |
Payment of contingent consideration (2) | (53,786) | [2] |
Present value interest accretion | (491) | |
Balance | $ 38,746 | |
[1]Represents $11,490 of contingent deferred consideration for the Pramac buyout. See Note 3, "Redeemable Noncontrolling Interest".[2]Includes payments of $479 in cash and $44,521 in shares for the ecobee acquisition, $4,286 in shares for the Chilicon acquisition, and $4,500 in cash for the Mean Green Products ("Mean Green") acquisition. The payment of common stock is accounted for as a non-cash item in the condensed consolidated statement of cash flows. |
Note 6 - Accumulated Other Co_3
Note 6 - Accumulated Other Comprehensive Loss (Details Textual) - Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | $ 1,394 | $ 18,404 | $ 3,081 | $ 52,995 |
Other Comprehensive Income (Loss) before Reclassifications, Tax | $ 349 | $ 4,647 | $ 772 | $ 13,381 |
Note 6 - Accumulated Other Co_4
Note 6 - Accumulated Other Comprehensive Loss - Disclosure of Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |||||
Balance | $ 2,421,756 | $ 2,419,762 | $ 2,259,255 | $ 2,214,087 | ||||
Balance | 2,366,487 | 2,319,605 | 2,366,487 | 2,319,605 | ||||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||||||
Balance | (53,923) | (106,645) | (101,545) | (52,704) | ||||
Other comprehensive income (loss) | (26,443) | [1] | (51,324) | [2] | 21,179 | [3] | (105,265) | [2] |
Balance | (80,366) | (157,969) | (80,366) | (157,969) | ||||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||||||
Balance | 37,707 | 23,806 | 36,443 | (2,051) | ||||
Other comprehensive income (loss) | 1,045 | [4] | 13,757 | [5] | 2,309 | [6] | 39,614 | [7] |
Balance | 38,752 | 37,563 | 38,752 | 37,563 | ||||
AOCI Attributable to Parent [Member] | ||||||||
Balance | (16,216) | (82,839) | (65,102) | (54,755) | ||||
Other comprehensive income (loss) | (25,398) | (37,567) | 23,488 | (65,651) | ||||
Balance | $ (41,614) | $ (120,406) | $ (41,614) | $ (120,406) | ||||
[1]Represents unfavorable impact from the strengthening of the U.S. dollar against foreign currencies during the three months ended September 30, 2023, particularly the Euro, British Pound, and Mexican Peso.[2]Represents unfavorable impact from the strengthening of the U.S. dollar against foreign currencies during the three and nine months ended September 30, 2022, particularly the Euro and British Pound.[3]Represents favorable impact from the weakening of the U.S. dollar against foreign currencies during the nine months ended September 30, 2023, particularly the Euro, British Pound, and Mexican Peso.[4]Represents unrealized gains of $1,394 on the interest rate swaps, net of tax effect of $(349) for the three months ended September 30, 2023.[5]Represents unrealized gains of $18,404 on the interest rate swaps, net of tax effect of $(4,647) for the three months ended September 30, 2022.[6]Represents unrealized gains of $3,081 on the interest rate swaps, net of tax effect of $(772) for the nine months ended September 30, 2023.[7]Represents unrealized gains of $52,995 on the interest rate swaps, net of tax effect of $(13,381) for the nine months ended September 30, 2022. |
Note 7 - Segment Reporting (Det
Note 7 - Segment Reporting (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 | ||
Number of Reportable Segments | 2 | ||||||
Provision for Product Charges | [1] | $ 22,113 | $ 55,265 | $ 27,913 | $ 55,265 | ||
Standard Product Warranty Accrual, Warranty Provision | $ 37,338 | ||||||
Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | UNITED STATES | |||||||
Concentration Risk, Percentage | 79% | 82% | 77% | 82% | |||
Geographic Concentration Risk [Member] | Long-lived Assets [Member] | UNITED STATES | |||||||
Concentration Risk, Percentage | 75% | 77% | |||||
Product [Member] | |||||||
Provision for Product Charges | $ 5,800,000 | ||||||
Clean Energy Product [Member] | |||||||
Accounts Receivable, Credit Loss Expense (Reversal) | $ 17,926,000 | ||||||
Standard Product Warranty Accrual, Warranty Provision | $ 37,338,000 | ||||||
[1]The amount recorded in the third quarter 2023 represents a provision for judgments, estimates of pre-judgment interest and costs, and legal expenses related to certain patent lawsuits. The amount recorded in the first quarter 2023 represents a provision of $5.8 million for a matter with the Consumer Product Safety Commission (CPSC) concerning the imposition of civil fines for allegedly failing to timely submit a report under the Consumer Product Safety Act (CPSA) in relation to certain portable generators that were subject to a voluntary recall previously announced on July 29, 2021. The amount recorded in the third quarter of 2022 represents a specific bad debt provision of $17.9 million for a clean energy product customer that filed for bankruptcy as well as a warranty provision of $37.3 million to address certain clean energy product warranty-related matters. |
Note 7 - Segment Reporting - Ne
Note 7 - Segment Reporting - Net Sales by Products and Services (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net sales | $ 1,070,667 | $ 1,088,258 | $ 2,958,997 | $ 3,515,505 |
Residential Power Products [Member] | ||||
Net sales | 565,087 | 664,115 | 1,482,538 | 2,337,072 |
Commercial and Industrial Power Products [Member] | ||||
Net sales | 384,533 | 311,186 | 1,131,876 | 899,263 |
Other Products and Services [Member] | ||||
Net sales | 121,047 | 112,957 | 344,583 | 279,170 |
Domestic [Member] | ||||
Net sales | 886,365 | 931,132 | 2,395,292 | 3,003,237 |
Domestic [Member] | Residential Power Products [Member] | ||||
Net sales | 539,775 | 635,772 | 1,389,112 | 2,246,113 |
Domestic [Member] | Commercial and Industrial Power Products [Member] | ||||
Net sales | 238,212 | 196,485 | 700,941 | 515,771 |
Domestic [Member] | Other Products and Services [Member] | ||||
Net sales | 108,378 | 98,875 | 305,239 | 241,353 |
International [Member] | ||||
Net sales | 184,302 | 157,126 | 563,705 | 512,268 |
International [Member] | Residential Power Products [Member] | ||||
Net sales | 25,312 | 28,343 | 93,426 | 90,959 |
International [Member] | Commercial and Industrial Power Products [Member] | ||||
Net sales | 146,321 | 114,701 | 430,935 | 383,492 |
International [Member] | Other Products and Services [Member] | ||||
Net sales | $ 12,669 | $ 14,082 | $ 39,344 | $ 37,817 |
Note 7 - Segment Reporting - To
Note 7 - Segment Reporting - Total Sales by Reportable Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Total sales | $ 1,070,667 | $ 1,088,258 | $ 2,958,997 | $ 3,515,505 |
External Net Sales [Member] | ||||
Total sales | 1,070,667 | 1,088,258 | 2,958,997 | 3,515,505 |
Intersegment Sales [Member] | ||||
Total sales | 0 | 0 | 0 | 0 |
Intersegment Eliminations [Member] | ||||
Total sales | (30,933) | (40,901) | (118,038) | (103,817) |
Intersegment Eliminations [Member] | External Net Sales [Member] | ||||
Total sales | 0 | 0 | 0 | 0 |
Intersegment Eliminations [Member] | Intersegment Sales [Member] | ||||
Total sales | (30,933) | (40,901) | (118,038) | (103,817) |
Domestic [Member] | ||||
Total sales | 886,365 | 931,132 | 2,395,292 | 3,003,237 |
Domestic [Member] | Operating Segments [Member] | ||||
Total sales | 894,005 | 946,617 | 2,429,252 | 3,047,979 |
Domestic [Member] | Operating Segments [Member] | External Net Sales [Member] | ||||
Total sales | 886,365 | 931,132 | 2,395,292 | 3,003,237 |
Domestic [Member] | Operating Segments [Member] | Intersegment Sales [Member] | ||||
Total sales | 7,640 | 15,485 | 33,960 | 44,742 |
International [Member] | ||||
Total sales | 184,302 | 157,126 | 563,705 | 512,268 |
International [Member] | Operating Segments [Member] | ||||
Total sales | 207,595 | 182,542 | 647,783 | 571,343 |
International [Member] | Operating Segments [Member] | External Net Sales [Member] | ||||
Total sales | 184,302 | 157,126 | 563,705 | 512,268 |
International [Member] | Operating Segments [Member] | Intersegment Sales [Member] | ||||
Total sales | $ 23,293 | $ 25,416 | $ 84,078 | $ 59,075 |
Note 7 - Segment Reporting - Se
Note 7 - Segment Reporting - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Total adjusted EBITDA | $ 188,602 | $ 183,816 | $ 425,222 | $ 651,691 | |
Interest expense | (24,707) | (15,514) | (72,862) | (35,303) | |
Depreciation and amortization | (42,951) | (39,165) | (124,149) | (116,724) | |
Non-cash write-down and other adjustments (1) | [1] | (2,055) | 6,840 | 5,257 | 10,025 |
Non-cash share-based compensation expense (2) | [2] | (9,927) | (6,861) | (30,306) | (23,423) |
Loss on extinguishment of debt | [3] | 0 | 0 | 0 | (3,743) |
Transaction costs and credit facility fees (4) | [4] | (921) | (1,250) | (3,161) | (3,831) |
Business optimization and other charges (5) | [5] | (5,291) | (622) | (8,151) | (3,371) |
Provision for regulatory, legal, and clean energy product charges (6) | [6] | (22,113) | (55,265) | (27,913) | (55,265) |
Other | (575) | 61 | (443) | 951 | |
Income before provision for income taxes | 80,062 | 72,040 | 163,494 | 421,007 | |
Domestic [Member] | |||||
Total adjusted EBITDA | 160,270 | 159,810 | 331,134 | 572,159 | |
International [Member] | |||||
Total adjusted EBITDA | $ 28,332 | $ 24,006 | $ 94,088 | $ 79,532 | |
[1]Includes gains/losses on disposals of assets and sales of certain investments, unrealized mark-to-market adjustments on commodity contracts, certain foreign currency related adjustments, and certain purchase accounting and contingent consideration adjustments.[2]Represents share-based compensation expense to account for stock options, restricted stock, and other stock awards over their respective vesting periods.[3]Represents the write-off of original issue discount and capitalized debt issuance costs due to voluntary debt prepayment.[4]Represents transaction costs incurred directly in connection with any investment, as defined in our credit agreement, equity issuance or debt issuance or refinancing, together with certain fees relating to our senior secured credit facilities.[5]Represents severance and other restructuring charges related to the consolidation of certain operating facilities and organizational functions.[6]The amount recorded in the third quarter 2023 represents a provision for judgments, estimates of pre-judgment interest and costs, and legal expenses related to certain patent lawsuits. The amount recorded in the first quarter 2023 represents a provision of $5.8 million for a matter with the Consumer Product Safety Commission (CPSC) concerning the imposition of civil fines for allegedly failing to timely submit a report under the Consumer Product Safety Act (CPSA) in relation to certain portable generators that were subject to a voluntary recall previously announced on July 29, 2021. The amount recorded in the third quarter of 2022 represents a specific bad debt provision of $17.9 million for a clean energy product customer that filed for bankruptcy as well as a warranty provision of $37.3 million to address certain clean energy product warranty-related matters. |
Note 8 - Balance Sheet Detail_2
Note 8 - Balance Sheet Details (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization | $ 27,168 | $ 24,719 |
Note 8 - Balance Sheet Detail_3
Note 8 - Balance Sheet Details - Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Raw material | $ 766,826 | $ 798,340 |
Work-in-process | 14,365 | 14,899 |
Finished goods | 529,938 | 592,145 |
Total | $ 1,311,129 | $ 1,405,384 |
Note 8 - Balance Sheet Detail_4
Note 8 - Balance Sheet Details - Property and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Property and equipment, gross | $ 837,996 | $ 750,422 |
Accumulated depreciation | (326,103) | (282,818) |
Total | 511,893 | 467,604 |
Land and Land Improvements [Member] | ||
Property and equipment, gross | 22,811 | 22,589 |
Building and Building Improvements [Member] | ||
Property and equipment, gross | 255,165 | 243,553 |
Machinery and Equipment [Member] | ||
Property and equipment, gross | 261,170 | 229,593 |
Dies and Tools [Member] | ||
Property and equipment, gross | 41,536 | 37,343 |
Vehicles [Member] | ||
Property and equipment, gross | 10,920 | 9,807 |
Office Equipment [Member] | ||
Property and equipment, gross | 178,364 | 148,166 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | 8,494 | 6,849 |
Construction in Progress [Member] | ||
Property and equipment, gross | $ 59,536 | $ 52,522 |
Note 9 - Product Warranty Obl_3
Note 9 - Product Warranty Obligations (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2023 | |
Standard Product Warranty Accrual, Warranty Provision | $ 37,338 | |
Minimum [Member] | ||
Extended Warranty Term (Year) | 5 years | |
Maximum [Member] | ||
Extended Warranty Term (Year) | 10 years |
Note 9 - Product Warranty Obl_4
Note 9 - Product Warranty Obligations - Reconciliation of Product Warranty Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Balance at beginning of period | $ 122,222 | $ 110,338 | $ 138,011 | $ 94,213 | |
Payments | (24,427) | (22,677) | (76,069) | (54,135) | |
Provision for warranty issued | 18,136 | 19,076 | 51,353 | 62,169 | |
Changes in estimates for pre-existing warranties (1) | [1] | 3,630 | 38,571 | 6,266 | 43,061 |
Balance at end of period | 119,561 | 145,308 | 119,561 | 145,308 | |
Balance at beginning of period | 140,922 | 121,898 | 132,813 | 111,647 | |
Deferred revenue contracts issued | 10,615 | 10,324 | 30,774 | 31,202 | |
Amortization of deferred revenue contracts | (6,414) | (5,470) | (18,464) | (16,097) | |
Balance at end of period | $ 145,123 | $ 126,752 | $ 145,123 | $ 126,752 | |
[1]Includes a specific warranty provision recorded during the third quarter of 2022 in the amount of $37,338 to address certain clean energy product warranty-related matters. |
Note 9 - Product Warranty Obl_5
Note 9 - Product Warranty Obligations - Recognition of Deferred Revenue Related to Extended Warranties (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Revenue performance obligation | $ 145,123 |
Note 9 - Product Warranty Obl_6
Note 9 - Product Warranty Obligations - Recognition of Deferred Revenue Related to Extended Warranties 2 (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Revenue performance obligation | $ 145,123 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | |
Revenue performance obligation | 6,521 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue performance obligation | 27,066 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue performance obligation | 28,060 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue performance obligation | 24,554 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue performance obligation | 19,461 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue performance obligation | $ 39,461 |
Note 9 - Product Warranty Obl_7
Note 9 - Product Warranty Obligations - Recognition of Deferred Revenue Related to Extended Warranties (Details) (Parentheticals) | Sep. 30, 2023 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | |
Revenue performance period (Year) | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue performance period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue performance period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue performance period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue performance period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue performance period (Year) | 1 year |
Note 9 - Product Warranty Obl_8
Note 9 - Product Warranty Obligations - Deferred Product Obligations (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Current portion - Accrued product warranty | $ 70,572 | $ 89,141 | ||||
Long-term portion - other long-term liabilities | 48,989 | 48,870 | ||||
Total | 119,561 | $ 122,222 | 138,011 | $ 145,308 | $ 110,338 | $ 94,213 |
Current portion - other accrued liabilities | 23,597 | 30,291 | ||||
Long-term portion - Deferred revenue | 121,526 | 102,522 | ||||
Total | $ 145,123 | $ 140,922 | $ 132,813 | $ 126,752 | $ 121,898 | $ 111,647 |
Note 10 - Contract Balances (De
Note 10 - Contract Balances (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Contract with Customer, Liability | $ 17,871 | $ 33,551 |
Contract with Customer, Liability, Revenue Recognized | $ 30,252 |
Note 11 - Credit Agreements (De
Note 11 - Credit Agreements (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | ||||||
Jan. 01, 2023 | May 31, 2013 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Short-Term Debt | $ 74,346 | $ 48,990 | $ 74,346 | |||||||
Gain (Loss) on Extinguishment of Debt, Total | [1] | 0 | $ 0 | $ 0 | $ (3,743) | |||||
Revolving Credit Facility [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,250,000 | $ 1,250,000 | ||||||||
Covenant Maximum Total Leverage Ratio | 3.75 | |||||||||
Covenant Minimum Interest Coverage Ratio | 3 | |||||||||
Total Leverage Ratio | 2.37 | |||||||||
Interest Coverage Ratio | 7 | |||||||||
Debt Issuance Costs, Net, Total | 10,330 | 10,330 | ||||||||
Debt Instrument, Fee Amount | 800 | 800 | ||||||||
Long-Term Line of Credit | 200,000 | $ 200,000 | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 1,049,945 | 1,049,945 | ||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 822,111 | $ 822,111 | ||||||||
ABL Revolving Credit Facility [Member] | ||||||||||
Write off of Deferred Debt Issuance Cost | 197 | |||||||||
Tranche B Term Loan Facility [Member] | ||||||||||
Long-Term Debt, Maturity Date | Dec. 13, 2026 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,200,000 | |||||||||
Uncommitted Incremental Term Loan Facility | $ 300,000 | |||||||||
Debt Instrument, SOFR Floor | 0% | 0% | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 7.18% | 7.18% | ||||||||
Repayments of Long-Term Debt, Total | $ 250,000 | |||||||||
Gain (Loss) on Extinguishment of Debt, Total | $ 3,546 | |||||||||
Tranche B Term Loan Facility [Member] | Maximum [Member] | ||||||||||
Threshold for Secured Leverage Ratio Excess Cash Flow Payment Requirement | 3.75 | |||||||||
Secured Leverage Ratio | 2.25 | |||||||||
Tranche B Term Loan Facility [Member] | Base Rate [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | 0.75% | ||||||||
Tranche B Term Loan Facility [Member] | Adjusted LIBOR Rate [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||||||||
Tranche B Term Loan Facility [Member] | LIBOR Floor Rate [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||||||||
Tranche B Term Loan Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||||
Tranche A Term Loan Facility and Revolving Credit Facility [Member] | ||||||||||
Long-Term Debt, Maturity Date | Jun. 29, 2027 | Jun. 29, 2027 | ||||||||
Debt Instrument, SOFR Floor | 0% | 0% | 0% | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 7.10% | 7.10% | ||||||||
Tranche A Term Loan Facility and Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||||||
Tranche A Term Loan Facility and Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Maximum [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||||
Tranche A Term Loan Facility and Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Minimum [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||||||
Tranche A Term Loan Facility [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 750,000 | $ 750,000 | ||||||||
[1]Represents the write-off of original issue discount and capitalized debt issuance costs due to voluntary debt prepayment. |
Note 11 - Credit Agreements - L
Note 11 - Credit Agreements - Long-term Borrowings (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Original issue discount and deferred financing costs | $ (13,666) | $ (16,568) |
Finance lease obligation | 30,235 | 27,420 |
Other | 5,909 | 966 |
Total | 1,502,478 | 1,381,818 |
Less: current portion of debt | 33,823 | 10,083 |
Less: current portion of finance lease obligation | (3,514) | (2,650) |
Total | 1,465,141 | 1,369,085 |
Revolving Credit Facility [Member] | ||
Revolving Facility | 200,000 | 90,000 |
Tranche A Term Loan Facility [Member] | ||
Term Loan | 750,000 | 750,000 |
Tranche B Term Loan Facility [Member] | ||
Term Loan | $ 530,000 | $ 530,000 |
Note 11 - Credit Agreements - M
Note 11 - Credit Agreements - Maturities of Long-term Borrowings Outstanding (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
2023 | $ 9,375 |
2024 | 28,125 |
2025 | 46,875 |
2026 | 595,625 |
2027 | 800,000 |
Total | 1,480,000 |
Tranche A Term Loan Facility [Member] | |
2023 | 9,375 |
2024 | 28,125 |
2025 | 46,875 |
2026 | 65,625 |
2027 | 600,000 |
Total | 750,000 |
Tranche B Term Loan Facility [Member] | |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 530,000 |
2027 | 0 |
Total | 530,000 |
ABL Revolving Credit Facility [Member] | |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
2027 | 200,000 |
Total | $ 200,000 |
Note 12 - Stock Repurchase Pr_2
Note 12 - Stock Repurchase Program (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 98 Months Ended | ||||||||
Aug. 31, 2022 | Sep. 30, 2020 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Aug. 05, 2022 | |
Stock Repurchase Program, Authorized Amount | $ 250,000 | $ 500,000 | ||||||||||
Stock Repurchase Program, Period in Force (Month) | 24 years | 24 months | ||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 100,267 | $ 123,900 | $ 100,267 | $ 123,900 | ||||||||
Treasury Stock, Common [Member] | ||||||||||||
Treasury Stock, Shares, Acquired (in shares) | 875,580 | 536,633 | 875,580 | 536,633 | ||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 100,267 | $ 123,900 | $ 100,267 | $ 123,900 | ||||||||
Stock Repurchase Program [Member] | Treasury Stock, Common [Member] | ||||||||||||
Treasury Stock, Shares, Acquired (in shares) | 875,580 | 0 | 0 | 536,633 | 0 | 0 | 12,624,293 | |||||
Treasury Stock, Value, Acquired, Cost Method | $ 100,267 | $ 123,900 | $ 877,396 | |||||||||
Shares Acquired, Average Cost Per Share (in dollars per share) | $ 69.5 |
Note 13 - Earnings Per Share (D
Note 13 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Payment Arrangement [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 370,000 | 85,000 | 344,000 | 44,000 |
Note 13 - Earnings Per Share -
Note 13 - Earnings Per Share - Reconciliation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Net income attributable to Generac Holdings Inc. | $ 60,377 | $ 58,270 | $ 118,005 | $ 328,487 | |
Redeemable noncontrolling interest redemption value adjustment | (46) | (5,225) | (10,883) | (30,817) | |
Net income attributable to common shareholders | $ 60,331 | $ 53,045 | $ 107,122 | $ 297,670 | |
Weighted average shares, basic (in shares) | 61,368,440 | 63,249,881 | 61,552,949 | 63,480,161 | |
Dilutive effect of stock compensation awards (in shares) | [1] | 722,723 | 1,006,814 | 809,794 | 1,139,242 |
Dilutive effect of contingently issued shares (in shares) | 0 | 10,943 | 0 | 10,943 | |
Diluted shares (in shares) | 62,091,163 | 64,267,638 | 62,362,743 | 64,630,346 | |
Net income attributable to Generac Holdings Inc. per common share - basic: (in dollars per share) | $ 0.98 | $ 0.84 | $ 1.74 | $ 4.69 | |
Net income attributable to Generac Holdings Inc. per common share - diluted: (in dollars per share) | $ 0.97 | $ 0.83 | $ 1.72 | $ 4.61 | |
[1]Excludes approximately 370,000 and 344,000 stock options and restricted stock awards for the three and nine months ended September 30, 2023, respectively, because they would be anti-dilutive. Excludes approximately 85,000 and 44,000 stock options and restricted stock awards for the three and nine months ended September 30, 2022, respectively, because they would be anti-dilutive. |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Effective Income Tax Rate Reconciliation, Percent | 26.40% | 20.40% |
Note 15 - Commitments and Con_2
Note 15 - Commitments and Contingencies (Details Textual) - USD ($) | Oct. 05, 2023 | Aug. 23, 2023 | Jun. 23, 2023 | May 03, 2023 | Aug. 01, 2022 | Sep. 30, 2023 | Dec. 31, 2022 | Oct. 07, 2022 |
Amount Financed by Dealers | $ 168,500 | $ 212,200 | ||||||
Power Home Solar, LLC [Member] | Collectibility of Receivables [Member] | ||||||||
Accounts Receivable, before Allowance for Credit Loss | $ 17,700 | |||||||
Consumer Product Safety Commission [Member] | ||||||||
Settlement Agreement, Civil Fine Payments | $ 15,800 | |||||||
Power Home Solar, LLC Against Generac Power Systems, Inc. [Member] | Minimum [Member] | ||||||||
Loss Contingency, Damages Sought, Value | $ 25,000 | |||||||
Case Nos. 21-cv-00428-ADA and 20-cv-00078-ADA [Member] | ||||||||
Litigation Settlement, Amount Awarded to Other Party | $ 5,400,000 | $ 5,400,000 | ||||||
Case No. 22-cv-00072-JRG [Member] | Subsequent Event [Member] | ||||||||
Litigation Settlement, Amount Awarded to Other Party | $ 11,500,000 |