Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 03, 2024 | |
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 | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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, $0.01 par value | |
Trading Symbol | GNRC | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 60,614,444 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
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 |
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 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts receivable, allowance for doubtful accounts | $ 34,594 | $ 33,925 |
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) | 73,492,146 | 73,195,055 |
Treasury stock, shares (in shares) | 13,087,185 | 13,057,298 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net sales | $ 889,273 | $ 887,910 |
Costs of goods sold | 572,894 | 615,411 |
Gross profit | 316,379 | 272,499 |
Operating expenses: | ||
Selling and service | 108,586 | 100,688 |
Research and development | 49,410 | 41,820 |
General and administrative | 66,764 | 59,685 |
Amortization of intangibles | 24,750 | 25,823 |
Total operating expenses | 249,510 | 228,016 |
Income from operations | 66,869 | 44,483 |
Other (expense) income: | ||
Interest expense | (23,605) | (22,995) |
Investment income | 1,688 | 688 |
Change in fair value of investment | (6,019) | 0 |
Other, net | (422) | (166) |
Total other expense, net | (28,358) | (22,473) |
Income before provision for income taxes | 38,511 | 22,010 |
Provision for income taxes | 12,033 | 7,849 |
Net income | 26,478 | 14,161 |
Net income attributable to noncontrolling interests | 246 | 1,731 |
Net income attributable to Generac Holdings Inc. | $ 26,232 | $ 12,430 |
Net income attributable to Generac Holdings Inc. per common share - basic: (in dollars per share) | $ 0.39 | $ 0.06 |
Weighted average common shares outstanding - basic: (in shares) | 59,849,362 | 61,556,044 |
Net income attributable to Generac Holdings Inc. per common share - diluted: (in dollars per share) | $ 0.39 | $ 0.05 |
Weighted average common shares outstanding - diluted: (in shares) | 60,486,125 | 62,294,447 |
Comprehensive income attributable to Generac Holdings Inc. | $ 22,564 | $ 35,362 |
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, 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 | (4,488) | (4,488) | (4,488) | ||||||
Foreign currency translation adjustment | 27,247 | 27,247 | 60 | 27,307 | |||||
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price (in shares) | 340,560 | ||||||||
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price | $ 3 | 904 | 907 | 907 | |||||
Net share settlement of restricted stock awards (in shares) | (36,971) | ||||||||
Net share settlement of restricted stock awards | $ (4,438) | (4,438) | (4,438) | ||||||
Share-based compensation | 10,334 | 10,334 | 10,334 | ||||||
Redemption value adjustment | (9,016) | (9,016) | (9,016) | ||||||
Net income attributable to Generac Holdings Inc. | 12,430 | 12,430 | 12,430 | ||||||
Net income | 282 | ||||||||
Net income | 12,712 | ||||||||
Balance (in shares) at Mar. 31, 2023 | 73,052,760 | (10,855,203) | |||||||
Balance at Mar. 31, 2023 | $ 731 | 1,042,786 | $ (779,533) | (202,116) | 2,319,638 | (42,343) | 2,339,163 | 2,216 | 2,341,379 |
Payment of contingent consideration (in shares) | 10,943 | 466,118 | |||||||
Payment of contingent consideration | 15,410 | $ 33,396 | 48,806 | 48,806 | |||||
Balance (in shares) at Dec. 31, 2023 | 73,195,055 | (13,057,298) | |||||||
Balance at Dec. 31, 2023 | $ 733 | 1,070,386 | $ (1,032,921) | (202,116) | 2,519,313 | (15,143) | 2,340,252 | 2,818 | 2,343,070 |
Unrealized gain (loss) on interest rate swaps, net of tax | 1,982 | 1,982 | 1,982 | ||||||
Foreign currency translation adjustment | (5,671) | (5,671) | (87) | (5,758) | |||||
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price (in shares) | 297,091 | ||||||||
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price | $ 2 | (841) | (839) | (839) | |||||
Net share settlement of restricted stock awards (in shares) | (38,304) | ||||||||
Net share settlement of restricted stock awards | $ (4,306) | (4,306) | (4,306) | ||||||
Share-based compensation | 12,440 | 12,440 | 12,440 | ||||||
Redemption value adjustment | (2,686) | (2,686) | (2,686) | ||||||
Net income attributable to Generac Holdings Inc. | 26,232 | 26,232 | 26,232 | ||||||
Net income | 177 | ||||||||
Net income | 26,409 | ||||||||
Balance (in shares) at Mar. 31, 2024 | 73,492,146 | (13,087,185) | |||||||
Balance at Mar. 31, 2024 | $ 735 | $ 1,081,985 | $ (1,037,227) | $ (202,116) | $ 2,542,859 | $ (18,832) | $ 2,367,404 | $ 2,908 | $ 2,370,312 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
AOCI Attributable to Parent [Member] | ||
Unrealized gain (loss) on interest rate swaps, tax | $ 662 | $ 1,500 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Operating activities | |||
Net income | $ 26,478 | $ 14,161 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation | 17,152 | 14,128 | |
Amortization of intangible assets | 24,750 | 25,823 | |
Amortization of original issue discount and deferred financing costs | 973 | 954 | |
Change in fair value of investment | 6,019 | 0 | |
Deferred income taxes | (5,405) | (10,712) | |
Share-based compensation expense | [1] | 12,440 | 10,334 |
(Gain) loss on disposal of assets | (52) | 30 | |
Other noncash charges | 1,410 | (160) | |
Excess tax expense (benefits) from equity awards | 1,009 | (998) | |
Net changes in operating assets and liabilities, net of acquisitions: | |||
Accounts receivable | 13,664 | 33,925 | |
Inventories | (18,109) | (23,820) | |
Other assets | (920) | (5,576) | |
Accounts payable | 44,682 | (24,488) | |
Accrued wages and employee benefits | (8,512) | 1,630 | |
Other accrued liabilities | (3,681) | (53,790) | |
Net cash provided by (used in) operating activities | 111,898 | (18,559) | |
Investing activities | |||
Proceeds from sale of property and equipment | 51 | 84 | |
Proceeds from beneficial interests in securitization transactions | 0 | 795 | |
Contribution to tax equity investment | (1,629) | 0 | |
Net proceeds from (purchase of) long-term investment | 1,761 | (2,000) | |
Expenditures for property and equipment | (26,820) | (23,977) | |
Acquisition of business, net of cash acquired | 0 | (16,188) | |
Net cash used in investing activities | (26,637) | (41,286) | |
Financing activities | |||
Proceeds from short-term borrowings | 8,970 | 19,515 | |
Proceeds from long-term borrowings | 471 | 267,869 | |
Repayments of short-term borrowings | (18,489) | (5,080) | |
Repayments of long-term borrowings and finance lease obligations | (7,030) | (113,573) | |
Payment of contingent acquisition consideration | 0 | (479) | |
Payment of deferred acquisition consideration | (6,000) | 0 | |
Payment for additional ownership interest | (9,117) | (104,844) | |
Taxes paid related to equity awards | (5,455) | (4,710) | |
Proceeds from exercise of stock options | 319 | 4,975 | |
Net cash (used in) provided by financing activities | (36,331) | 63,673 | |
Effect of exchange rate changes on cash and cash equivalents | (569) | 814 | |
Net increase in cash and cash equivalents | 48,361 | 4,642 | |
Cash and cash equivalents at beginning of period | 200,994 | 132,723 | |
Cash and cash equivalents at end of period | $ 249,355 | $ 137,365 | |
[1]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 | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023 ● 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 March 31, 2024, three March 31, 2024 2023 three March 31, 2024 2023 three March 31, 2024 2023 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, 2023 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"). In March 2024, No. 33 11275, 1 2 December 31, 2025. In December 2023, ASU 2023 09 December 15, 2024, December 15, 2025. may may not 2023 09 In November 2023, 2023 07 Segment Reporting - Improving Reportable Segment Disclosures (Topic 280 280 December 15, 2023, December 15, 2024, not 2023 07 There have been no first 2024 |
Note 2 - Acquisitions
Note 2 - Acquisitions | 3 Months Ended |
Mar. 31, 2024 | |
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, first 2024 not March 31, 2024. not not |
Note 3 - Redeemable Noncontroll
Note 3 - Redeemable Noncontrolling Interest | 3 Months Ended |
Mar. 31, 2024 | |
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, April 5, 2024, 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 March 31, 2024 2023 Balance at beginning of period $ 6,549 $ 110,471 Net income 58 1,448 Foreign currency translation (176 ) (367 ) Purchase of additional ownership interest - (116,754 ) Redemption value adjustment 2,686 9,016 Balance at end of period $ 9,117 $ 3,814 |
Note 4 - Derivative Instruments
Note 4 - Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2024 | |
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 Additionally, during the fourth 2023, Interest Rate Swaps In 2017, four May 2023. March 2020, three March 31, 2024 In June 2022, 11, The amount of gains/(losses), net of tax recognized, for the three March 31, 2024 2023 Stock Warrants During the fourth 2023, The loss specifically ascribed to the warrant derivative instruments, for the three March 31, 2024, Fair Value The following table presents the fair value of all the Company’s derivatives: March 31, 2024 December 31, 2023 Foreign currency contracts $ (13) $ (147 ) Interest rate swaps 41,245 38,601 Stock warrants 10,014 14,862 In the condensed consolidated balance sheets, the fair value of the foreign currency contracts is included in prepaid expenses and other current assets as well as other accrued liabilities at both March 31, 2024, December 31, 2023. March 31, 2024, December 31, 2023. March 31, 2024 December 31, 2023 |
Note 5 - Fair Value Measurement
Note 5 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
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 $525,361, was $528,675 (Level 2 March 31, 2024. 2 March 31, 2024. For the fair value of the derivatives measured on a recurring basis, refer to the fair value table in Note 4, 2. 820 10. 3. 2029. Equity Securities Equity securities consist of shares of Wallbox N.V. Class A common stock. The Company owned 9,836,066 Wallbox Shares as of March 31, 2024. 1 March 31, 2024, December 31, 2023, Contingent Consideration Certain of the Company's business combinations involve potential payment of future consideration that is 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 consolidated statements of comprehensive income. The fair value measurement of contingent consideration is typically categorized as a Level 3 not The fair value of contingent consideration for Chilicon and Pramac as of March 31, 2024, December 31, 2023, December 31, 2028, December 31, 2025. The following table provides a reconciliation of the activity for contingent consideration: Beginning balance, January 1, 2024 $ 38,937 Changes in fair value - Present value interest accretion 145 Ending balance, March 31, 2024 $ 39,082 |
Note 6 - Accumulated Other Comp
Note 6 - Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 2023 Foreign Currency Translation Adjustments Unrealized Gain (Loss) on Cash Flow Hedges Total Beginning Balance – January 1, 2024 $ (43,582 ) $ 28,439 $ (15,143 ) Other comprehensive income (loss) (5,671 ) (1) 1,982 (2) (3,689 ) Ending Balance – March 31, 2024 $ (49,253 ) $ 30,421 $ (18,832 ) 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) 27,247 (3) (4,488 ) (4) 22,759 Ending Balance – March 31, 2023 $ (74,298 ) $ 31,955 $ (42,343 ) ( 1 Represents unfavorable impact from the strengthening of the U.S. dollar against foreign currencies during the three March 31, 2024. ( 2 Represents unrealized gains of $2,644 on the interest rate swaps, net of tax effect of $(662), for the three March 31, 2024. ( 3 Represents favorable impact from the weakening of the U.S. dollar against foreign currencies during the three March 31, 2023, ( 4 Represents unrealized losses of $(5,988) on the interest rate swaps, net of tax effect of $1,500, for the three March 31, 2023. |
Note 7 - Segment Reporting
Note 7 - Segment Reporting | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 7 . Segment Reporting The Company has two not two The Company's product offerings consist primarily of power generation equipment, energy storage systems, energy management devices & solutions, and other power products geared 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 composition of net sales between residential, C&I, and other products & services by reportable segment is as follows: Net Sales by Reportable Segment Three Months Ended March 31, 2024 Product Classes Domestic International Total Residential products $ 412,153 $ 16,797 $ 428,950 Commercial & industrial products 206,493 147,477 353,970 Other 93,691 12,662 106,353 Total net sales $ 712,337 $ 176,936 $ 889,273 Net Sales by Reportable Segment Three Months Ended March 31, 2023 Product Classes Domestic International Total Residential products $ 381,151 $ 37,712 $ 418,863 Commercial & industrial products 228,123 134,867 362,990 Other 95,112 10,945 106,057 Total net sales $ 704,386 $ 183,524 $ 887,910 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. Other 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 and subscription revenue are recognized over the life of the contract. Other service revenue is recognized when the service is performed, sometimes based on achievement of milestones. The following table sets forth total sales by reportable segment and is inclusive of intersegment sales: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Domestic International Eliminations Total Domestic International Eliminations Total External net sales $ 712,337 $ 176,936 $ - $ 889,273 $ 704,386 $ 183,524 $ - $ 887,910 Intersegment sales 8,136 9,772 (17,908 ) - 15,607 32,942 (48,549 ) - Total sales $ 720,473 $ 186,708 $ (17,908 ) $ 889,273 $ 719,993 $ 216,466 $ (48,549 ) $ 887,910 Management evaluates the performance of its segments based primarily on Adjusted EBITDA, which is reconciled to Income before provision for income taxes below. The computation of Adjusted EBITDA is based primarily on the definition that is contained in the Company’s credit agreements. Adjusted EBITDA by Reportable Segment Three Months Ended March 31, 2024 2023 Domestic $ 99,175 $ 67,662 International 28,058 32,413 Total Adjusted EBITDA $ 127,233 $ 100,075 Interest expense (23,605 ) (22,995 ) Depreciation and amortization (41,902 ) (39,951 ) Non-cash write-down and other adjustments (1) (510 ) 3,160 Non-cash share-based compensation expense (2) (12,440 ) (10,334 ) Transaction costs and credit facility fees (3) (1,425 ) (1,091 ) Business optimization and other charges (4) (486 ) (1,100 ) Provision for regulatory, legal, and clean energy product charges (5) (2,535 ) (5,800 ) Change in fair value of investment (6) (6,019 ) - Other 200 46 Income before provision for income taxes $ 38,511 $ 22,010 ( 1 Includes gains/losses on dispositions of assets other than in the ordinary course of business, gains/losses on 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 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, such as administrative agent fees and credit facility commitment fees under our Amended Credit Agreement, which we believe to be akin to, or associated with, interest expense and whose inclusion in Adjusted EBITDA is therefore similar to the inclusion of interest expense in that calculation. ( 4 Represents severance and other restructuring charges related to the consolidation of certain operating facilities and organizational functions. ( 5 Represents the following significant and unusual charges not 2024. 2022 2024. • A provision 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 - first 2023. ( 6 Represents non-cash gains and losses from changes in the fair value of the Company's investment in warrants and equity securities of Wallbox N.V. The Company’s sales in the U.S. represented approximately 76% and 75% of total sales for the three March 31, 2024 2023, March 31, 2024 December 31, 2023. |
Note 8 - Balance Sheet Details
Note 8 - Balance Sheet Details | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 8 . Balance Sheet Details Inventories consist of the following: March 31, December 31, 2024 2023 Raw material $ 683,145 $ 677,428 Work-in-process 7,609 10,877 Finished goods 491,596 479,179 Total $ 1,182,350 $ 1,167,484 Property and equipment consists of the following: March 31, December 31, 2024 2023 Land and improvements $ 24,549 $ 22,556 Buildings and improvements 316,350 298,483 Machinery and equipment 271,215 271,879 Dies and tools 45,722 45,998 Vehicles 11,960 11,411 Office & information technology equipment and internal use software 185,323 185,601 Leasehold improvements 8,957 8,772 Construction in progress 85,831 98,083 Gross property and equipment 949,907 942,783 Accumulated depreciation (344,441 ) (344,206 ) Total $ 605,466 $ 598,577 Total property and equipment includes finance leases of $68,535 and $68,079 on March 31, 2024 December 31, 2023 |
Note 9 - Product Warranty Oblig
Note 9 - Product Warranty Obligations | 3 Months Ended |
Mar. 31, 2024 | |
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 related product to a customer based on 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 March 31, 2024 2023 Balance at beginning of period $ 116,408 $ 138,011 Payments (21,347 ) (26,152 ) Provision for warranty issued 15,304 15,865 Changes in estimates for pre-existing warranties 761 875 Balance at end of period $ 111,126 $ 128,599 The Company also 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 March 31, 2024 2023 Balance at beginning of period $ 155,870 $ 132,813 Deferred revenue contracts issued 14,784 9,726 Amortization of deferred revenue contracts (6,861 ) (5,854 ) Balance at end of period $ 163,793 $ 136,685 The timing of recognition of the Company’s deferred revenue balance related to extended warranties as of March 31, 2024 Remainder of 2024 $ 22,014 2025 31,430 2026 29,697 2027 24,251 2028 18,247 After 2028 38,154 Total $ 163,793 Standard product warranty obligations and extended warranty related deferred revenues are included in the condensed consolidated balance sheets as follows: March 31, December 31, 2024 2023 Product warranty liability Current portion - accrued product warranty $ 61,801 $ 65,298 Long-term portion - other long-term liabilities 49,325 51,110 Total $ 111,126 $ 116,408 Deferred revenue related to extended warranties Current portion - other accrued liabilities $ 29,750 $ 28,203 Long-term portion - deferred revenue 134,043 127,667 Total $ 163,793 $ 155,870 |
Note 10 - Contract Balances
Note 10 - Contract Balances | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 10. While the Company’s standard payment terms for its customers are less than one March 31, 2024 December 31, 2023 three March 31, 2024, December 31, 2023 one |
Note 11 - Credit Agreements
Note 11 - Credit Agreements | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 11 . Credit Agreements Short-term borrowings included in the condensed consolidated balance sheets as of March 31, 2024, December 31, 2023, Long-term borrowings are included in the condensed consolidated balance sheets as follows: March 31, December 31, 2024 2023 Tranche A Term Loan $ 740,625 $ 745,313 Tranche B Term Loan 530,000 530,000 Original issue discount and deferred financing costs (11,710 ) (12,685 ) Revolver 150,000 150,000 Finance lease obligation 72,543 71,308 Other 1,716 9,512 Total 1,483,174 1,493,448 Less: current portion of debt 39,030 42,110 Less: current portion of finance lease obligation 4,408 3,785 Total $ 1,439,736 $ 1,447,553 Maturities of the Company's Tranche A Term Loan Facility, Tranche B Term Loan Facility, and Revolving Facility outstanding on March 31, 2024, Tranche A Term Loan Tranche B Term Loan Revolving Facility Total 2024 $ 28,125 $ - $ - $ 28,125 2025 46,875 - - 46,875 2026 65,625 530,000 - 595,625 2027 600,000 - 150,000 750,000 Total $ 740,625 $ 530,000 $ 150,000 $ 1,420,625 The Tranche B Term Loan Facility matures on December 13, 2026 June 29, 2027 September 2023. The Company’s credit agreements originally provided for a $1,200,000 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 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 March 31, 2024, The Tranche B Term Loan Facility does not 1.00. March 31, 2024, 1.00, 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, 0.0%. March 31, 2024, The Tranche A Term Loan Facility and the Revolving Facility contain certain financial covenants that require the Company to maintain a total leverage ratio below 3.75 to 1.00 1.00. March 31, 2024, 1.00, 1.00. March 31, 2024. 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 March 31, 2024, See Note 4, 7A 10 |
Note 12 - Stock Repurchase Prog
Note 12 - Stock Repurchase Program | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 12 . Stock Repurchase Program In September 2020, third 2022. July 2022, August 5, 2022, February 12, 2024, 24 may may may may There were no share repurchases during the three March 31, 2024 2023. August 2015), |
Note 13 - Earnings Per Share
Note 13 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
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 acquisition 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 March 31, 2024 2023 Numerator Net income attributable to Generac Holdings Inc. $ 26,232 $ 12,430 Redeemable noncontrolling interest redemption value adjustment (2,686 ) (9,016 ) Net income attributable to common shareholders $ 23,546 $ 3,414 Denominator Weighted average shares, basic 59,849,362 61,556,044 Dilutive effect of stock compensation awards (1) 636,763 738,403 Diluted shares 60,486,125 62,294,447 Net income attributable to common shareholders per share Basic $ 0.39 $ 0.06 Diluted $ 0.39 $ 0.05 ( 1 three March 31, 2024 2023, |
Note 14 - Income Taxes
Note 14 - Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 14 . Income Taxes The effective income tax rates for the three March 31, 2024 2023 35.7%, |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024, December 31, 2023, On August 1, 2022, $25,000 liability 7 one not may On October 28, 2022, In re: Generac Solar Power Systems Marketing, Sales Practices and Products Liability Litigation No. 23 3078. On December 1, 2022, Oakland County October 9, 2023. On February 3, 2023, 14 10 20 1934, Oakland County On October 28, 2022, Generac approximately 1.85 in 2019 and 2020 and in 2020. The On November 30, 2022, the 29, 2021. On May 3, 2023, not $15,800. On July 21, 2023, October 23, 2023, September 14, 2023. On March 8, 2022, No. 22 00072 four October 5, 2023, one one first 2024, On June 9, 2023, third On November 21, 2023, May 3, 2023, August 3, 2023, Walling On February 14, 2024, Walling It is presently unlikely that any legal, regulatory or other 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 |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5. Other Information During the three March 31, 2024, 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) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Redeemable Noncontrolling Interest [Table Text Block] | Three Months Ended March 31, 2024 2023 Balance at beginning of period $ 6,549 $ 110,471 Net income 58 1,448 Foreign currency translation (176 ) (367 ) Purchase of additional ownership interest - (116,754 ) Redemption value adjustment 2,686 9,016 Balance at end of period $ 9,117 $ 3,814 |
Note 4 - Derivative Instrumen_2
Note 4 - Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule Of Derivative Assets (Liabilities) at Fair Value [Table Text Block] | March 31, 2024 December 31, 2023 Foreign currency contracts $ (13) $ (147 ) Interest rate swaps 41,245 38,601 Stock warrants 10,014 14,862 |
Note 5 - Fair Value Measureme_2
Note 5 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | Beginning balance, January 1, 2024 $ 38,937 Changes in fair value - Present value interest accretion 145 Ending balance, March 31, 2024 $ 39,082 |
Note 6 - Accumulated Other Co_2
Note 6 - Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 – January 1, 2024 $ (43,582 ) $ 28,439 $ (15,143 ) Other comprehensive income (loss) (5,671 ) (1) 1,982 (2) (3,689 ) Ending Balance – March 31, 2024 $ (49,253 ) $ 30,421 $ (18,832 ) 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) 27,247 (3) (4,488 ) (4) 22,759 Ending Balance – March 31, 2023 $ (74,298 ) $ 31,955 $ (42,343 ) |
Note 7 - Segment Reporting (Tab
Note 7 - Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Net Sales by Reportable Segment Three Months Ended March 31, 2024 Product Classes Domestic International Total Residential products $ 412,153 $ 16,797 $ 428,950 Commercial & industrial products 206,493 147,477 353,970 Other 93,691 12,662 106,353 Total net sales $ 712,337 $ 176,936 $ 889,273 Net Sales by Reportable Segment Three Months Ended March 31, 2023 Product Classes Domestic International Total Residential products $ 381,151 $ 37,712 $ 418,863 Commercial & industrial products 228,123 134,867 362,990 Other 95,112 10,945 106,057 Total net sales $ 704,386 $ 183,524 $ 887,910 |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Domestic International Eliminations Total Domestic International Eliminations Total External net sales $ 712,337 $ 176,936 $ - $ 889,273 $ 704,386 $ 183,524 $ - $ 887,910 Intersegment sales 8,136 9,772 (17,908 ) - 15,607 32,942 (48,549 ) - Total sales $ 720,473 $ 186,708 $ (17,908 ) $ 889,273 $ 719,993 $ 216,466 $ (48,549 ) $ 887,910 |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Adjusted EBITDA by Reportable Segment Three Months Ended March 31, 2024 2023 Domestic $ 99,175 $ 67,662 International 28,058 32,413 Total Adjusted EBITDA $ 127,233 $ 100,075 Interest expense (23,605 ) (22,995 ) Depreciation and amortization (41,902 ) (39,951 ) Non-cash write-down and other adjustments (1) (510 ) 3,160 Non-cash share-based compensation expense (2) (12,440 ) (10,334 ) Transaction costs and credit facility fees (3) (1,425 ) (1,091 ) Business optimization and other charges (4) (486 ) (1,100 ) Provision for regulatory, legal, and clean energy product charges (5) (2,535 ) (5,800 ) Change in fair value of investment (6) (6,019 ) - Other 200 46 Income before provision for income taxes $ 38,511 $ 22,010 |
Note 8 - Balance Sheet Details
Note 8 - Balance Sheet Details (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2024 2023 Raw material $ 683,145 $ 677,428 Work-in-process 7,609 10,877 Finished goods 491,596 479,179 Total $ 1,182,350 $ 1,167,484 |
Property, Plant and Equipment [Table Text Block] | March 31, December 31, 2024 2023 Land and improvements $ 24,549 $ 22,556 Buildings and improvements 316,350 298,483 Machinery and equipment 271,215 271,879 Dies and tools 45,722 45,998 Vehicles 11,960 11,411 Office & information technology equipment and internal use software 185,323 185,601 Leasehold improvements 8,957 8,772 Construction in progress 85,831 98,083 Gross property and equipment 949,907 942,783 Accumulated depreciation (344,441 ) (344,206 ) Total $ 605,466 $ 598,577 |
Note 9 - Product Warranty Obl_2
Note 9 - Product Warranty Obligations (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended March 31, 2024 2023 Balance at beginning of period $ 116,408 $ 138,011 Payments (21,347 ) (26,152 ) Provision for warranty issued 15,304 15,865 Changes in estimates for pre-existing warranties 761 875 Balance at end of period $ 111,126 $ 128,599 Three Months Ended March 31, 2024 2023 Balance at beginning of period $ 155,870 $ 132,813 Deferred revenue contracts issued 14,784 9,726 Amortization of deferred revenue contracts (6,861 ) (5,854 ) Balance at end of period $ 163,793 $ 136,685 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | Remainder of 2024 $ 22,014 2025 31,430 2026 29,697 2027 24,251 2028 18,247 After 2028 38,154 Total $ 163,793 |
Product Warranty Obligations Included In Consolidated Balance Sheet [Table Text Block] | March 31, December 31, 2024 2023 Product warranty liability Current portion - accrued product warranty $ 61,801 $ 65,298 Long-term portion - other long-term liabilities 49,325 51,110 Total $ 111,126 $ 116,408 Deferred revenue related to extended warranties Current portion - other accrued liabilities $ 29,750 $ 28,203 Long-term portion - deferred revenue 134,043 127,667 Total $ 163,793 $ 155,870 |
Note 11 - Credit Agreements (Ta
Note 11 - Credit Agreements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | March 31, December 31, 2024 2023 Tranche A Term Loan $ 740,625 $ 745,313 Tranche B Term Loan 530,000 530,000 Original issue discount and deferred financing costs (11,710 ) (12,685 ) Revolver 150,000 150,000 Finance lease obligation 72,543 71,308 Other 1,716 9,512 Total 1,483,174 1,493,448 Less: current portion of debt 39,030 42,110 Less: current portion of finance lease obligation 4,408 3,785 Total $ 1,439,736 $ 1,447,553 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Tranche A Term Loan Tranche B Term Loan Revolving Facility Total 2024 $ 28,125 $ - $ - $ 28,125 2025 46,875 - - 46,875 2026 65,625 530,000 - 595,625 2027 600,000 - 150,000 750,000 Total $ 740,625 $ 530,000 $ 150,000 $ 1,420,625 |
Note 13 - Earnings Per Share (T
Note 13 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2024 2023 Numerator Net income attributable to Generac Holdings Inc. $ 26,232 $ 12,430 Redeemable noncontrolling interest redemption value adjustment (2,686 ) (9,016 ) Net income attributable to common shareholders $ 23,546 $ 3,414 Denominator Weighted average shares, basic 59,849,362 61,556,044 Dilutive effect of stock compensation awards (1) 636,763 738,403 Diluted shares 60,486,125 62,294,447 Net income attributable to common shareholders per share Basic $ 0.39 $ 0.06 Diluted $ 0.39 $ 0.05 |
Note 3 - Redeemable Noncontro_3
Note 3 - Redeemable Noncontrolling Interest (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | |||||||
Apr. 05, 2024 | Mar. 08, 2023 | Feb. 01, 2019 | May 31, 2022 | Mar. 31, 2022 | May 31, 2021 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 01, 2016 | |
Payments for Repurchase of Redeemable Noncontrolling Interest | $ 9,117 | $ 104,844 | |||||||
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 | ||||||||
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 | $ 375 | $ 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] | Subsequent Event [Member] | |||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 34% | ||||||||
Payments for Repurchase of Redeemable Noncontrolling Interest | $ 9,117 |
Note 3 - Redeemable Noncontro_4
Note 3 - Redeemable Noncontrolling Interest - Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Redemption value adjustment | $ (2,686) | $ (9,016) |
Redeemable Noncontrolling Interest [Member] | ||
Balance | 6,549 | 110,471 |
Net income | 58 | 1,448 |
Foreign currency translation | (176) | (367) |
Purchase of additional ownership interest | 0 | (116,754) |
Redemption value adjustment | 2,686 | 9,016 |
Balance | $ 9,117 | $ 3,814 |
Note 4 - Derivative Instrumen_3
Note 4 - Derivative Instruments and Hedging Activities (Details Textual) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2017 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | $ 1,982 | $ (4,488) | |||
Gain (Loss) on Investments | (6,019) | 0 | |||
Derivative Assets (Liabilities), Net Fair Value of Derivative Contracts, Excluding Impact of Credit Risk | $ 52,576 | $ 55,042 | |||
Wallbox N.V. [Member] | |||||
Payments to Acquire Investments | $ 30,000 | ||||
Investment Owned, Net Assets, Percentage | 5% | ||||
Gain (Loss) on Investments | $ (6,019) | ||||
Wallbox N.V. [Member] | Option to Purchase Additional Interest [Member] | |||||
Investment Owned, Net Assets, Percentage | 5% | ||||
Commodity Contract [Member] | |||||
Derivative, Number of Instruments Held, Total | 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 | $ 1,982 | $ (4,488) | |||
Stock Warrants [Member] | Wallbox N.V. [Member] | |||||
Unrealized Gain (Loss) on Derivatives | $ (4,849) |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Foreign Exchange Contract [Member] | ||
Fair Value of Derivatives | $ (13) | $ (147) |
Interest Rate Swap [Member] | ||
Fair Value of Derivatives | 41,245 | 38,601 |
Stock Warrants [Member] | ||
Fair Value of Derivatives | $ 10,014 | $ 14,862 |
Note 5 - Fair Value Measureme_3
Note 5 - Fair Value Measurements (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Other Long-term Liabilities [Member] | |||
Business Combination, Contingent Consideration, Liability | $ 39,082 | $ 38,937 | |
Fair Value, Inputs, Level 3 [Member] | Stock Warrants [Member] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 6 | ||
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | |||
Investment Owned, Balance, Shares (in shares) | 9,836,066 | ||
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | Operating Lease and Other Assets [Member] | |||
Long-Term Investments | $ 13,967 | $ 17,213 | |
Tranche B Term Loan Facility [Member] | |||
Long-Term Debt | 525,361 | ||
Tranche B Term Loan Facility [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Debt Instrument, Fair Value Disclosure | 528,675 | ||
Tranche A Term Loan Facility [Member] | |||
Long-Term Debt | 738,246 | ||
Tranche A Term Loan Facility [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Debt Instrument, Fair Value Disclosure | $ 736,922 |
Note 5 - Fair Value Measureme_4
Note 5 - Fair Value Measurements - Reconciliation of Contingent Consideration (Details) - Contingent Consideration Liability [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Balance | $ 38,937 |
Changes in fair value | 0 |
Present value interest accretion | 145 |
Balance | $ 39,082 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | $ 2,644 | $ (5,988) |
Other Comprehensive Income (Loss) before Reclassifications, Tax | $ (662) | $ 1,500 |
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 | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Balance | $ 2,343,070 | $ 2,259,255 | |
Balance | 2,370,312 | 2,341,379 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Balance | (43,582) | (101,545) | |
Other comprehensive income (loss) | [1] | (5,671) | |
Balance | (49,253) | (74,298) | |
Other comprehensive income (loss) | [2] | 27,247 | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
Balance | 28,439 | 36,443 | |
Other comprehensive income (loss) | [3] | 1,982 | |
Balance | 30,421 | 31,955 | |
Other comprehensive income (loss) | [4] | (4,488) | |
AOCI Attributable to Parent [Member] | |||
Balance | (15,143) | (65,102) | |
Other comprehensive income (loss) | (3,689) | ||
Balance | $ (18,832) | (42,343) | |
Other comprehensive income (loss) | $ 22,759 | ||
[1]Represents unfavorable impact from the strengthening of the U.S. dollar against foreign currencies during the three months ended March 31, 2024.[2]Represents favorable impact from the weakening of the U.S. dollar against foreign currencies during the three months ended March 31, 2023, particularly the Euro and British Pound.[3]Represents unrealized gains of $2,644 on the interest rate swaps, net of tax effect of $(662) for the three months ended March 31, 2024.[4]Represents unrealized losses of $(5,988) on the interest rate swaps, net of tax effect of $1,500 for the three months ended March 31, 2023. |
Note 7 - Segment Reporting (Det
Note 7 - Segment Reporting (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 | ||
Number of Reportable Segments | 2 | |||
Provision for Product Charges | [1] | $ (2,535) | $ (5,800) | |
Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | UNITED STATES | ||||
Concentration Risk, Percentage | 76% | 75% | ||
Geographic Concentration Risk [Member] | Long-lived Assets [Member] | UNITED STATES | ||||
Concentration Risk, Percentage | 74% | 74% | ||
Patents and Securites [Member] | ||||
Provision for Product Charges | $ 2,170 | |||
Clean Energy Product [Member] | ||||
Provision for Product Charges | 365 | |||
Product [Member] | ||||
Provision for Product Charges | $ 5,800 | |||
[1]Represents the following significant and unusual charges not indicative of our ongoing operations: • A provision for judgments and legal expenses related to certain patent lawsuits - $2,170 in 2024. • Additional customer support costs related to a clean energy product customer that filed for bankruptcy in 2022 – $365 in 2024. • A provision 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 - $5,800 in the first quarter 2023. |
Note 7 - Segment Reporting - Ne
Note 7 - Segment Reporting - Net Sales by Products and Services (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net sales | $ 889,273 | $ 887,910 |
Residential Power Products [Member] | ||
Net sales | 428,950 | 418,863 |
Commercial and Industrial Power Products [Member] | ||
Net sales | 353,970 | 362,990 |
Other Products and Services [Member] | ||
Net sales | 106,353 | 106,057 |
Domestic [Member] | ||
Net sales | 712,337 | 704,386 |
Domestic [Member] | Residential Power Products [Member] | ||
Net sales | 412,153 | 381,151 |
Domestic [Member] | Commercial and Industrial Power Products [Member] | ||
Net sales | 206,493 | 228,123 |
Domestic [Member] | Other Products and Services [Member] | ||
Net sales | 93,691 | 95,112 |
International [Member] | ||
Net sales | 176,936 | 183,524 |
International [Member] | Residential Power Products [Member] | ||
Net sales | 16,797 | 37,712 |
International [Member] | Commercial and Industrial Power Products [Member] | ||
Net sales | 147,477 | 134,867 |
International [Member] | Other Products and Services [Member] | ||
Net sales | $ 12,662 | $ 10,945 |
Note 7 - Segment Reporting - To
Note 7 - Segment Reporting - Total Sales by Reportable Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Total sales | $ 889,273 | $ 887,910 |
External Net Sales [Member] | ||
Total sales | 889,273 | 887,910 |
Intersegment Sales [Member] | ||
Total sales | 0 | 0 |
Intersegment Eliminations [Member] | ||
Total sales | (17,908) | (48,549) |
Intersegment Eliminations [Member] | External Net Sales [Member] | ||
Total sales | 0 | 0 |
Intersegment Eliminations [Member] | Intersegment Sales [Member] | ||
Total sales | (17,908) | (48,549) |
Domestic [Member] | ||
Total sales | 712,337 | 704,386 |
Domestic [Member] | Operating Segments [Member] | ||
Total sales | 720,473 | 719,993 |
Domestic [Member] | Operating Segments [Member] | External Net Sales [Member] | ||
Total sales | 712,337 | 704,386 |
Domestic [Member] | Operating Segments [Member] | Intersegment Sales [Member] | ||
Total sales | 8,136 | 15,607 |
International [Member] | ||
Total sales | 176,936 | 183,524 |
International [Member] | Operating Segments [Member] | ||
Total sales | 186,708 | 216,466 |
International [Member] | Operating Segments [Member] | External Net Sales [Member] | ||
Total sales | 176,936 | 183,524 |
International [Member] | Operating Segments [Member] | Intersegment Sales [Member] | ||
Total sales | $ 9,772 | $ 32,942 |
Note 7 - Segment Reporting - Se
Note 7 - Segment Reporting - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Total adjusted EBITDA | $ 127,233 | $ 100,075 | |
Interest expense | (23,605) | (22,995) | |
Depreciation and amortization | (41,902) | (39,951) | |
Non-cash write-down and other adjustments | [1] | (510) | 3,160 |
Non-cash share-based compensation expense | [2] | (12,440) | (10,334) |
Transaction costs and credit facility fees | [3] | (1,425) | (1,091) |
Business optimization and other charges | [4] | (486) | (1,100) |
Provision for regulatory, legal, and clean energy product charges (5) | [5] | (2,535) | (5,800) |
Change in fair value of investment (6) | [6] | (6,019) | 0 |
Other | 200 | 46 | |
Income before provision for income taxes | 38,511 | 22,010 | |
Domestic [Member] | |||
Total adjusted EBITDA | 99,175 | 67,662 | |
International [Member] | |||
Total adjusted EBITDA | $ 28,058 | $ 32,413 | |
[1]Includes gains/losses on dispositions of assets other than in the ordinary course of business, gains/losses on 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 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, such as administrative agent fees and credit facility commitment fees under our Amended Credit Agreement, which we believe to be akin to, or associated with, interest expense and whose inclusion in Adjusted EBITDA is therefore similar to the inclusion of interest expense in that calculation.[4]Represents severance and other restructuring charges related to the consolidation of certain operating facilities and organizational functions.[5]Represents the following significant and unusual charges not indicative of our ongoing operations: • A provision for judgments and legal expenses related to certain patent lawsuits - $2,170 in 2024. • Additional customer support costs related to a clean energy product customer that filed for bankruptcy in 2022 – $365 in 2024. • A provision 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 - $5,800 in the first quarter 2023.[6]Represents non-cash gains and losses from changes in the fair value of the Company's investment in warrants and equity securities in Wallbox N.V. |
Note 8 - Balance Sheet Detail_2
Note 8 - Balance Sheet Details (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization | $ 68,535 | $ 68,079 |
Note 8 - Balance Sheet Detail_3
Note 8 - Balance Sheet Details - Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Raw material | $ 683,145 | $ 677,428 |
Work-in-process | 7,609 | 10,877 |
Finished goods | 491,596 | 479,179 |
Total | $ 1,182,350 | $ 1,167,484 |
Note 8 - Balance Sheet Detail_4
Note 8 - Balance Sheet Details - Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Property and equipment, gross | $ 949,907 | $ 942,783 |
Accumulated depreciation | (344,441) | (344,206) |
Total | 605,466 | 598,577 |
Land and Land Improvements [Member] | ||
Property and equipment, gross | 24,549 | 22,556 |
Building and Building Improvements [Member] | ||
Property and equipment, gross | 316,350 | 298,483 |
Machinery and Equipment [Member] | ||
Property and equipment, gross | 271,215 | 271,879 |
Dies and Tools [Member] | ||
Property and equipment, gross | 45,722 | 45,998 |
Vehicles [Member] | ||
Property and equipment, gross | 11,960 | 11,411 |
Office Equipment [Member] | ||
Property and equipment, gross | 185,323 | 185,601 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | 8,957 | 8,772 |
Construction in Progress [Member] | ||
Property and equipment, gross | $ 85,831 | $ 98,083 |
Note 9 - Product Warranty Obl_3
Note 9 - Product Warranty Obligations (Details Textual) | 3 Months Ended |
Mar. 31, 2024 | |
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 | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Balance at beginning of period | $ 116,408 | $ 138,011 | |
Payments | (21,347) | (26,152) | |
Provision for warranty issued | 15,304 | 15,865 | |
Changes in estimates for pre-existing warranties | [1] | 761 | 875 |
Balance at end of period | 111,126 | 128,599 | |
Balance at beginning of period | 155,870 | 132,813 | |
Deferred revenue contracts issued | 14,784 | 9,726 | |
Amortization of deferred revenue contracts | (6,861) | (5,854) | |
Balance at end of period | $ 163,793 | $ 136,685 | |
[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 related matters. |
Note 9 - Product Warranty Obl_5
Note 9 - Product Warranty Obligations - Recognition of Deferred Revenue Related to Extended Warranties (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Revenue performance obligation | $ 163,793 |
Note 9 - Product Warranty Obl_6
Note 9 - Product Warranty Obligations - Recognition of Deferred Revenue Related to Extended Warranties 2 (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Revenue performance obligation | $ 163,793 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | |
Revenue performance obligation | 22,014 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue performance obligation | 31,430 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue performance obligation | 29,697 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue performance obligation | 24,251 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue performance obligation | 18,247 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | |
Revenue performance obligation | $ 38,154 |
Note 9 - Product Warranty Obl_7
Note 9 - Product Warranty Obligations - Recognition of Deferred Revenue Related to Extended Warranties (Details) (Parentheticals) | Mar. 31, 2024 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | |
Revenue performance period (Year) | 9 months |
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 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | |
Revenue performance period (Year) | 1 year |
Note 9 - Product Warranty Obl_8
Note 9 - Product Warranty Obligations - Deferred Product Obligations (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Current portion - accrued product warranty | $ 61,801 | $ 65,298 | ||
Long-term portion - other long-term liabilities | 49,325 | 51,110 | ||
Total | 111,126 | 116,408 | $ 128,599 | $ 138,011 |
Current portion - other accrued liabilities | 29,750 | 28,203 | ||
Long-term portion - deferred revenue | 134,043 | 127,667 | ||
Total | $ 163,793 | $ 155,870 | $ 136,685 | $ 132,813 |
Note 10 - Contract Balances (De
Note 10 - Contract Balances (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Contract with Customer, Liability | $ 14,430 | $ 19,173 |
Contract with Customer, Liability, Revenue Recognized | $ 9,167 |
Note 11 - Credit Agreements (De
Note 11 - Credit Agreements (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Jan. 01, 2023 | May 31, 2013 | Jun. 30, 2022 | Mar. 31, 2024 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2023 | |
Short-Term Debt | $ 78,086 | $ 81,769 | |||||
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 | 1.99 | ||||||
Interest Coverage Ratio | 7.39 | ||||||
Debt Issuance Costs, Net, Total | 10,330 | 10,330 | |||||
Debt Instrument, Fee Amount | 800 | 800 | |||||
Long-Term Line of Credit | $ 150,000 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,099,203 | ||||||
ABL Revolving Credit Facility [Member] | |||||||
Write off of Deferred Debt Issuance Cost | 197 | ||||||
Tranche B Term Loan Facility [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,200,000 | ||||||
Uncommitted Incremental Term Loan Facility | $ 300,000 | ||||||
Debt Instrument, SOFR Floor | 0% | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 7.18% | ||||||
Repayments of Long-Term Debt, Total | 250,000 | ||||||
Gain (Loss) on Extinguishment of Debt, Total | (3,546) | ||||||
Long-Term Debt, Maturity Date | Dec. 13, 2026 | ||||||
Tranche B Term Loan Facility [Member] | Maximum [Member] | |||||||
Threshold for Secured Leverage Ratio Excess Cash Flow Payment Requirement | 3.75 | ||||||
Secured Leverage Ratio | 1.87 | ||||||
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 [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 750,000 | $ 750,000 | |||||
Tranche A Term Loan Facility and Revolving Credit Facility [Member] | |||||||
Debt Instrument, SOFR Floor | 0% | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 6.93% | ||||||
Long-Term Debt, Maturity Date | Jun. 29, 2027 | Jun. 29, 2027 | |||||
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% |
Note 11 - Credit Agreements - L
Note 11 - Credit Agreements - Long-term Borrowings (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Original issue discount and deferred financing costs | $ (11,710) | $ (12,685) |
Finance lease obligation | 72,543 | 71,308 |
Other | 1,716 | 9,512 |
Total | 1,483,174 | 1,493,448 |
Less: current portion of debt | 39,030 | 42,110 |
Less: current portion of finance lease obligation | 4,408 | 3,785 |
Total | 1,439,736 | 1,447,553 |
Revolving Credit Facility [Member] | ||
Line of credit | 150,000 | 150,000 |
Tranche A Term Loan Facility [Member] | ||
Term Loan | 740,625 | 745,313 |
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 | Mar. 31, 2024 USD ($) |
2024 | $ 28,125 |
2025 | 46,875 |
2026 | 595,625 |
2027 | 750,000 |
Total | 1,420,625 |
Tranche A Term Loan Facility [Member] | |
2024 | 28,125 |
2025 | 46,875 |
2026 | 65,625 |
2027 | 600,000 |
Total | 740,625 |
Tranche B Term Loan Facility [Member] | |
2024 | 0 |
2025 | 0 |
2026 | 530,000 |
2027 | 0 |
Total | 530,000 |
ABL Revolving Credit Facility [Member] | |
2024 | 0 |
2025 | 0 |
2026 | 0 |
2027 | 150,000 |
Total | $ 150,000 |
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 | 24 Months Ended | 104 Months Ended | ||
Sep. 30, 2020 | Mar. 31, 2024 | Mar. 31, 2023 | Feb. 12, 2024 | Mar. 31, 2024 | Aug. 05, 2022 | |
Stock Repurchase Program, Authorized Amount | $ 250,000 | $ 500,000 | $ 500,000 | |||
Stock Repurchase Program, Period in Force (Year) | 24 years | 24 months | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 26,297 | |||||
Stock Repurchase Program [Member] | Treasury Stock, Common [Member] | ||||||
Treasury Stock, Shares, Acquired (in shares) | 0 | 0 | 13,937,188 | |||
Treasury Stock, Value, Acquired, Cost Method | $ 1,028,892 | |||||
Shares Acquired, Average Cost Per Share (in dollars per share) | $ 73.82 |
Note 13 - Earnings Per Share (D
Note 13 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Payment Arrangement [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 427,000 | 411,000 |
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 | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Net income attributable to Generac Holdings Inc. | $ 26,232 | $ 12,430 | |
Redeemable noncontrolling interest redemption value adjustment | (2,686) | (9,016) | |
Net income attributable to common shareholders | $ 23,546 | $ 3,414 | |
Weighted average shares, basic (in shares) | 59,849,362 | 61,556,044 | |
Dilutive effect of stock compensation awards (in shares) | [1] | 636,763 | 738,403 |
Diluted shares (in shares) | 60,486,125 | 62,294,447 | |
Net income attributable to Generac Holdings Inc. per common share - basic: (in dollars per share) | $ 0.39 | $ 0.06 | |
Net income attributable to Generac Holdings Inc. per common share - diluted: (in dollars per share) | $ 0.39 | $ 0.05 | |
[1]Excludes approximately 427,000 and 411,000 stock options and restricted stock awards for the three months ended March 31, 2024 and 2023, respectively, because they would be anti-dilutive. |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Effective Income Tax Rate Reconciliation, Percent | 31.20% | 35.70% |
Note 15 - Commitments and Con_2
Note 15 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Oct. 05, 2023 | May 03, 2023 | Aug. 01, 2022 | Mar. 31, 2024 | Dec. 31, 2023 |
Amount Financed by Dealers | $ 153,500 | $ 158,000 | |||
Consumer Product Safety Commission [Member] | |||||
Settlement Agreement, Civil Fine Payments | $ 15,800 | ||||
Power Home Solar, LLC Against Generac Power Systems, Inc. [Member] | Maximum [Member] | |||||
Loss Contingency, Damages Sought, Value | $ 25,000 | ||||
Case No. 22-cv-00072-JRG [Member] | |||||
Litigation Settlement, Amount Awarded to Other Party | $ 11,500 | ||||
Case No. 22-cv-00072-JRG [Member] | Estimated Prejudgment Interest [Member] | |||||
Loss Contingency Accrual | $ 1,826 |