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Generac Holdings Inc. (NYSE:GNRC)

This company has been moved to the archive! The financial data has not been updated since August 8, 2022.

Common-Size Balance Sheet: Assets
Quarterly Data

Generac Holdings Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Cash and cash equivalents 8.54 4.00 3.02 10.33 10.52 21.76 20.25 17.28 14.33 11.58 12.11 8.33 4.37 6.52 9.25 7.46 5.06 7.04 6.86 6.44 3.55 3.08
Accounts receivable, less allowance for credit losses 12.65 11.84 11.20 12.45 12.97 12.53 11.59 13.39 11.67 11.76 11.99 14.40 13.54 11.51 13.44 14.65 14.11 12.62 13.86 16.02 12.89 11.94
Inventories 22.67 24.01 22.34 22.80 20.85 18.84 18.65 17.92 19.67 21.09 19.58 19.94 22.60 23.79 22.45 21.27 21.72 21.17 18.83 17.44 20.03 20.93
Prepaid expenses and other assets 1.67 1.41 1.33 1.32 1.31 1.15 1.12 1.18 1.19 1.11 1.18 1.18 1.17 1.15 1.05 1.21 1.23 0.90 0.98 0.59 0.49 0.50
Current assets 45.52% 41.26% 37.90% 46.91% 45.66% 54.28% 51.61% 49.77% 46.87% 45.54% 44.86% 43.85% 41.68% 42.96% 46.19% 44.58% 42.11% 41.73% 40.52% 40.49% 36.97% 36.45%
Property and equipment, net 8.15 8.61 9.04 10.06 10.59 10.10 10.63 10.81 11.48 11.90 11.89 11.69 11.92 11.70 11.50 10.43 10.57 11.17 11.41 10.93 11.50 11.54
Customer lists, net 3.97 4.49 4.89 3.76 4.28 1.36 1.52 1.60 1.70 1.82 2.08 2.15 2.34 2.40 2.52 2.77 3.16 1.90 2.03 2.17 2.37 2.47
Patents and technology, net 8.58 9.37 10.10 3.46 2.63 2.35 2.68 2.46 2.78 3.06 3.21 2.92 3.16 1.11 1.24 1.39 1.57 1.80 1.96 2.10 2.35 2.51
Other intangible assets, net 0.95 1.09 1.36 0.36 0.28 0.27 0.31 0.31 0.25 0.28 0.31 0.46 0.50 0.12 0.13 0.14 0.15 0.11 0.12 0.13 0.14 0.15
Tradenames, net 4.26 4.62 4.99 4.20 4.67 4.24 4.52 4.91 5.27 5.53 5.57 5.75 5.97 6.11 6.28 6.58 6.99 7.32 7.56 7.73 8.30 8.53
Intangible assets, net 17.75% 19.58% 21.34% 11.78% 11.86% 8.21% 9.03% 9.29% 10.00% 10.68% 11.17% 11.27% 11.96% 9.75% 10.16% 10.88% 11.88% 11.12% 11.67% 12.12% 13.16% 13.66%
Goodwill 25.36 27.41 28.90 28.64 29.94 24.82 26.43 27.42 28.77 29.90 30.21 31.30 32.40 33.49 31.52 32.97 34.31 34.86 35.72 35.99 37.98 38.03
Deferred income taxes 0.26 0.23 0.32 0.09 0.06 0.04 0.05 0.12 0.08 0.15 0.11 0.12 0.13 0.18 0.01 0.05 0.07 0.17 0.16 0.22 0.23 0.21
Operating lease and other assets 2.96 2.91 2.50 2.51 1.89 2.55 2.26 2.59 2.81 1.82 1.76 1.77 1.90 1.92 0.63 1.08 1.05 0.95 0.52 0.26 0.17 0.12
Noncurrent assets 54.48% 58.74% 62.10% 53.09% 54.34% 45.72% 48.39% 50.23% 53.13% 54.46% 55.14% 56.15% 58.32% 57.04% 53.81% 55.42% 57.89% 58.27% 59.48% 59.51% 63.03% 63.55%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

The asset composition of the balance sheet demonstrates a structural shift from non-current assets toward current assets over the analyzed period. Current assets as a percentage of total assets increased from 36.45% in March 2017 to a peak of 54.28% by March 2021, before stabilizing between 41% and 45% in 2022. Conversely, non-current assets declined from 63.55% to 54.48% over the same timeframe, indicating a transition toward a more liquid asset base.

Liquidity and Working Capital Trends
Cash and cash equivalents exhibited significant volatility, characterized by a substantial accumulation phase between 2019 and early 2021, where the ratio grew from 12.11% to a peak of 21.76%. A sharp contraction followed, reaching a low of 3.02% in December 2021, suggesting a period of significant capital expenditure or strategic investment, followed by a recovery to 8.54% by June 2022. Accounts receivable remained relatively stable, generally fluctuating between 11% and 16% of total assets. Inventories showed a consistent presence, typically ranging between 18% and 24%, with a slight upward trend toward the end of the period, peaking at 24.01% in March 2022.
Analysis of Non-Current Assets
Goodwill, which represented the largest single asset component in 2017 at 38.03%, experienced a steady long-term decline to 25.36% by June 2022. Similarly, property and equipment, net, decreased gradually from 11.54% to 8.15%, suggesting that organic asset growth or acquisitions are outpacing the expansion of the physical infrastructure. Tradenames also saw a consistent reduction in their relative weight, falling from 8.53% to 4.26%.
Intellectual Property and Intangible Shifts
A notable shift in the composition of intangible assets occurred in late 2021. While general intangible assets were declining for several years, there was a sharp spike in patents and technology, which rose from 3.46% in September 2021 to 10.10% in December 2021. This suggests a strategic acquisition of technology or a significant revaluation of intellectual property. This increase contributed to a temporary surge in total net intangible assets, which reached 21.34% in December 2021 before moderating to 17.75% by June 2022.

In summary, the asset profile transitioned from one dominated by goodwill and fixed assets to one with higher liquidity and a growing emphasis on technology-based intangible assets. The period was marked by a dramatic cycle of cash accumulation and deployment between 2020 and 2022.

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