GENERAC HOLDINGS INC
For the period ended Mar 31, 2024. Filed May 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 7, 2024
GNRC$176.78+2.6%Stored close · as of Nov 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Table of Contents
GENERAC HOLDINGS INC.
TABLE OF CONTENTS
| Page | ||
|---|---|---|
| PART I. FINANCIAL INFORMATION | ||
| Item 1. · Financial Statements | ||
| Condensed Consolidated Balance Sheets as of March 31, 2024, and December 31, 2023 | 1 | |
| Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 | 2 | |
| Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31, 2024 and 2023 | 3 | |
| Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 | 4 | |
| Notes to Condensed Consolidated Financial Statements | 5 | |
| Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 16 |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 26 |
| Item 4. | Controls and Procedures | 26 |
| PART II. OTHER INFORMATION | ||
| Item 1. | Legal Proceedings | 26 |
| Item 1A. | Risk Factors | 26 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 27 |
| Item 3. | Defaults Upon Senior Securities | 27 |
| Item 4. | Mine Safety Disclosures | 27 |
| Item 5. | Other Information | 27 |
| Item 6. | Exhibits | 27 |
| Signatures | 28 | |
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Generac Holdings Inc.
Condensed Consolidated Balance Sheets
(U.S. Dollars in Thousands, Except Share and Per Share Data)
(Unaudited)
| March 31, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $249,355 | $200,994 |
| Accounts receivable, less allowance for credit losses of $34,594 and $33,925 at March 31, 2024 and December 31, 2023, respectively | 520,725 | 537,316 |
| Inventories | 1,182,350 | 1,167,484 |
| Prepaid expenses and other current assets | 101,483 | 91,898 |
| Total current assets | 2,053,913 | 1,997,692 |
| Property and equipment, net | 605,466 | 598,577 |
| Customer lists, net | 175,632 | 184,513 |
| Patents and technology, net | 407,928 | 417,441 |
| Other intangible assets, net | 23,956 | 27,127 |
| Tradenames, net | 214,136 | 216,995 |
| Goodwill | 1,429,495 | 1,432,384 |
| Deferred income taxes | 16,035 | 15,532 |
| Operating lease and other assets | 202,959 | 203,051 |
| Total assets | $5,129,520 | $5,093,312 |
| Liabilities and stockholders’ equity | ||
| Current liabilities: | ||
| Short-term borrowings | $78,086 | $81,769 |
| Accounts payable | 381,352 | 340,719 |
| Accrued wages and employee benefits | 46,198 | 54,970 |
| Accrued product warranty | 61,801 | 65,298 |
| Other accrued liabilities | 287,026 | 292,120 |
| Current portion of long-term borrowings and finance lease obligations | 43,438 | 45,895 |
| Total current liabilities | 897,901 | 880,771 |
| Long-term borrowings and finance lease obligations | 1,439,736 | 1,447,553 |
| Deferred income taxes | 84,923 | 90,012 |
| Deferred revenue | 172,500 | 167,008 |
| Operating lease and other long-term liabilities | 155,031 | 158,349 |
| Total liabilities | 2,750,091 | 2,743,693 |
| Redeemable noncontrolling interests | 9,117 | 6,549 |
| Stockholders’ equity: | ||
| Common stock, par value $0.01, 500,000,000 shares authorized, 73,492,146 and 73,195,055 shares issued at March 31, 2024 and December 31, 2023, respectively | 735 | 733 |
| Additional paid-in capital | 1,081,985 | 1,070,386 |
| Treasury stock, at cost, 13,087,185 and 13,057,298 shares at March 31, 2024 and December 31, 2023, respectively | (1,037,227) | (1,032,921) |
| Excess purchase price over predecessor basis | (202,116) | (202,116) |
| Retained earnings | 2,542,859 | 2,519,313 |
| Accumulated other comprehensive loss | (18,832) | (15,143) |
| Stockholders’ equity attributable to Generac Holdings Inc. | 2,367,404 | 2,340,252 |
| Noncontrolling interests | 2,908 | 2,818 |
| Total stockholders' equity | 2,370,312 | 2,343,070 |
| Total liabilities and stockholders’ equity | $5,129,520 | $5,093,312 |
See notes to condensed consolidated financial statements.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.