GENERAC HOLDINGS, INC. INVESTOR PRESENTATION
FEBRUARY 2021
"Generac's mission is to ensure peace of mind by developing power products and solutions that make the world safer, brighter, and more productive."
INVESTOR RELATIONS
Aaron Jagdfeld
PRESIDENT & CEO
York Ragen
CHIEF FINANCIAL OFFICER
Mike Harris
VICE PRESIDENT - CORPORATE DEVELOPMENT & INVESTOR RELATIONS
(262) 506-6064InvestorRelations@generac.com
Certain statements contained in this news release, as well as other information provided from time to time by Generac Holdings Inc. or its employees, may contain forward looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward looking statements. Forward-looking statements give Generac's current expectations and projections relating to the Company's financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate," "estimate," "expect," "forecast," "project," "plan," "intend," "believe," "confident," "may," "should," "can have," "likely," "future," "optimistic" and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events.
Any such forward looking statements are not guarantees of performance or results, and involve risks, uncertainties (some of which are beyond the Company's control) and assumptions. Although Generac believes any forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect Generac's actual financial results and cause them to differ materially from those anticipated in any forward-looking statements, including:
• frequency and duration of power outages impacting demand for our products;
• availability, cost and quality of raw materials and key components from our global supply chain and labor needed in producing our products;
• the impact on our results of possible fluctuations in interest rates, foreign currency exchange rates, commodities, product mix and regulatory tariffs;
• the possibility that the expected synergies, efficiencies and cost savings of our acquisitions will not be realized, or will not be realized within the expected time period;
• the risk that our acquisitions will not be integrated successfully;
• difficulties we may encounter as our business expands globally or into new markets;
• our dependence on our distribution network;
• our ability to invest in, develop or adapt to changing technologies and manufacturing techniques;
• loss of our key management and employees;
• increase in product and other liability claims or recalls;
• failures or security breaches of our networks, information technology systems, or connected products;
• changes in environmental, health and safety, or product compliance laws and regulations affecting our products, operations, or customer demand; and
• the duration and scope of the impacts of the COVID-19 pandemic are uncertain and may or will continue to adversely affect our operations, supply chain, distribution, and demand for certain of our products and services.
Should one or more of these risks or uncertainties materialize, Generac's actual results may vary in material respects from those projected in any forward-looking statements. In the current environment, some of the above factors have materialized and may or will continue to be impacted by the COVID-19 pandemic, which may cause actual results to vary from these forward-looking statements. A detailed discussion of these and other factors that may affect future results is contained in Generac's filings with the U.S. Securities and Exchange Commission ("SEC"), particularly in the Risk Factors section of the 2020 Annual Report on Form 10-K and in its periodic reports on Form 10-Q. Stockholders, potential investors and other readers should consider these factors carefully in evaluating the forward-looking statements.
Any forward-looking statement made by Generac in this presentation speaks only as of the date on which it is made. Generac undertakes no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
MACRO INVESTMENT THEMES
Note: $ amounts in millions. Represents gross sales excluding freight revenue. Excludes "Portable Product" sales prior to the division's divestiture in 1998. Figures include results from acquisitions completed during 2011 - present; see slide titled "Summary of Acquisitions" for further details.
CREATING A LEADING "ENERGY TECHNOLOGY SOLUTIONS" COMPANY
Power Quality Issues Continue To Increase
- Power outage severity increasing significantly over LT baseline average during 2017-2020
- Aging and under-invested electrical grid more vulnerable to unpredictable and severe weather
- Aging population and overall consumers are more dependent on power
Home Standby Market Growth Opportunity is Massive
- ~5.0% of US HH's have a HSB today (TAM=55M HH's)
- Every 1.0% of penetration is approximately $2.5 billion market opportunity (at retail)
- Generac's 75%+ share due to unique go to market strategy
California market for backup power increasing significantly
- Local utilities triggering numerous and significant power shutoff events
- Shutoff events impacting millions of customers in an attempt to mitigate risk of wildfires
- Events projected to continue for several years with HSB penetration only ~1%
Energy Storage & Monitoring Markets Developing Quickly
- New markets focused on energy cost reduction and resiliency
- Battery cost and performance continue to improve
- Generac uniquely positioned with distribution, marketing & brand
Natural Gas Generators Driving Superior Growth Rates
- Cleaner, greener & more cost effective for on-site power
- US is ~40% gas gen sales annually and growing 2x diesel
- Global opportunity is nascent - low-single digits percentage of market
Rollout of 5G Will Require Improved Network Reliability
- 5G will enable many new technologies - uptime critical
- ~400K cell towers in U.S., ~40% penetration, Generac #1 market share
- Technology to rollout globally - Generac footprint can serve
Vermont, USA
Country Home Products
Wisconsin, USA
Generac
Generac Mobile Products
Eagle Janesville Jefferson Oshkosh Waukesha (HQ) Whitewater
Berlin
...ALIGNED WITH CHANGING LEGACY ELECTRICAL UTILITY MODEL
GENERAC'S CAPABILITIES PROVIDE UNIQUE POSITION TO ENABLE UTILIZATION OF PRODUCTS AS DERs ON A VERY LARGE SCALE
Current
• Generators: backup and beyond standby
• Battery storage systems
• Energy monitoring devices
• Energy management devices
• Connectivity
• Grid services - Enbala software platform
Near Term
• Generator integration within battery storage
• Next-gen load control with energy management devices
• DC generator integrated into battery storage system
Future
• Develop various new revenue streams from solutions built around DER products aggregated and controlled
• New revenues from sales of software platform and turnkey operations services
• DER assets and devices become "Enbala Ready"
• Develop roadmap for full suite of grid-support solutions
• Ultimately performance services that can deliver mega-watts of power
• Enables grid independence for end users
• Improved ROI for existing DER assets
Whole Home Transfer Switches
ENERGY TECHNOLOGY -
GENERAC'S ENERGY STORAGE SOLUTION
OUTDOOR RATED
- Type 3R Battery Cabinet -10 to 50°C Operating Temperature Range
WHOLE HOME BACKUP
- 200 A and 100A
ESIDENTIA L AND C&I DEALERONTEHTEWROKREKY
OOTHTHEERRTKKHERC
GLOBALGDloIbSaTlDRisIBtriUbuTtiIoOnNChannels
H
CHANNELS
THERCKHANNHELASNNELS
RESIDENTIAL AND C&I DEALER NETWORKKEY
Direct to Global Accounts
Residential and C&I Dealer Network
OTHER KEY CHANNELS
• International network of over 7,000 dealers
• Installation and after sale service support
• Work with professional engineering firms to develop customized solutions
• Over 5,000 technicians trained every year
• Support for global large account sales
ELECTRICAL WHOLEMSALERS WHOLESALERS RETAILERSWHOLESALERS
ELECTRICAL
Significant Omni-Channel Distribution8
ELECTRICAL WHOLESALERS
MASSCATALOG ANDRETAILERS
MASS RETAILERS
ELECTRICALELECTRIACASL S MASS MASS CATALCOAGTALAOGNADND
Electrical Wholesalers CHANNELS
EOLETCTHREICRALKEY
WHOLESALERSETAILERS
ELECTEREICLEACWLTRHIOCALELSALERSMAMSMRSASS RETAILERESC-ACTAATALOLOGGAAND
WHOLESLLAEECCLTETRRIIECSCALAELLCTRICALETAMILEAARSSS MASS CATOALMOMGCAEARNTACDLEOG A
OWHOLESALELRECSTRRICALR
Catalog and E-Commerce
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8
OTHELRECKTREICYAL CHANNELS
ELECTRICAL
ELWECTHROICLEASLALERS AESTSAILERS CATEA-LCOOGMAMNDERCE WHOLEELSEACLTERRICSAL RETAILERASSS E-COCMAMTAELROCGE ANDASS MR RCEATTAAILOERGSAND E-PCROIVMAMTEERACBEEL L
M
RETAILERS
Significant OmniChannel Distribution Creates Barriers to Entry
8 8
WHOLESALERS 8
Significant OmniChannel Distribution Creates Barriers to Entry Significant OmniChannel Distribution Creates Barriers to Entry
8
E-COMMERCECATALOG AND 8
PRIVATE LABEL
E-COMMERCE Significant OmniChannel Distribution Creates Barriers to Entry 8
PARTNERS
OTHERKEYCHANNE LS
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Other Key Channels
OTHEOR
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WHOLESALERS
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PRIVATE LABEL DIRECT TO GLOB
PRIVATE LABEL DIRECT
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PRIVATE LABEL
P ABELP DIRECT ATOCCGOLUONBTASLE-COMMERCE PARTNERSE-COMMERCE
PAPRRTINVEARTSE LABEL
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Significant OmniChannel Dist
OMMERCE
Significant OmniChan Licensing Partners
PARTNERS
DIRAECRT NTOERGS LOBAL ACDC
ACCOUNTS C
ADCIRCEOCUTNTTOS GLOBACCOUNTS DIRECT TO
RETAILERS
Significant OmniChannel Distribution Creates Barriers
E-COMMERCE
ACCOU
Significant OmniChannel Distribution Creates Barriers to Entr
Direct to Consumer
PRIVATE LABEL
Significant OmniChannel Distribution Creates Barriers to
PARTNERS
DIRECT TO GLOBALACCOUNTS
DIRECT TO GLOBAL
ACCOUNTS
DIRECT TOCONSUMER
DIRECT TO
Clean Energy
CONSUMER
Grow:
Further expand market penetration for standby and clean energy solutions in North America while establishing traction for these products globally.
Lead:
Capitalize on the global growth of natural gas fuel as an available and affordable energy source. Leverage Generac's expertise in gaseous engines to expand applications beyond standby power.
Gain:
We gain share by innovating and we expand our opportunity for growth by doing the hard work of pioneering new products and markets.
Connect:
By being connected to the devices we manufacture we will drive additional value to our customers and our partners over the product life-cycle.
FINANCIAL SUMMARY
($'S IN MILLIONS)
Total Net SalesGross Margin %
$2,485.2
$2,200
$1,600
$1,000
$400
$2,204.3 $2,023.5 $1,679.4 $1,447.7 35.8% 35.8% 36.2% 34.8% | 38.5% |
2018
2016
2017
2019
2020
60.0%
50.0%
40.0%
30.0%
20.0%
Adjusted EBITDA
$600 $500 $400 $300 $200 $100
Adjusted EBITDA margin % $583.8
$454.1
$424.6
$317.3
$278.4
23.5%
21.0%
20.6%
19.3%
19.0%
47.5% 37.5% 27.5% 17.5% 7.5%
2016
2017
2018
2019
2020
Free Cash Flow
$450
$400
$350
$300
$250.7
$222.9
$250
$227.9
$200
$203.6
$150
$100
$50
$0
2016
2017
2018
2019
Note: Adjusted EBITDA margin calculated using adjusted EBITDA before deducting for non-controlling interest.
$427.1
2020
Consolidated Gross DebtConsolidated Gross Debt Leverage Ratio
$1,200
5.0x
$1,052.9
$1,000
$928.7
$924.0
$898.9
$885.2
4.0x
$800
3.8x
$600
3.0x
$400
2.9x
2.0x
$200
2.2x
2.0x
$0
1.5x
1.0x
2016
2017
2018
2019
2020
CAPITAL DEPLOYMENT PRIORITIES
1234
Organic Growth | Invest in technology, innovation, and R&D capabilities | Capacity expansion; Global systems; High ROI automation | Asset Lite | ~170m |
| Deleveraging Story | ~85m |
| Accelerate the strategy | ~240m |
Strong balance sheet and cash flow generation enables disciplined and balanced approach toward capital deployment that creates value for shareholders
Return of Capital | As future cash flow permits, will evaluate options opportunistically | $250mm remaining on current share repurchase authorization | Opportunistic | ~25m |
TOTAL
2021 BUSINESS OUTLOOK
(AS REPORTED ON FEBRUARY 11, 2021)
Consolidated net sales
• Consolidated revenue: increase between 25% to 30%
• Residential products: year-over-year rate similar to 2020
• C&I products: increase in the mid-teens range
• Approximately 1-2% favorable impact from M&A and foreign exchange
Adjusted EBITDA margins
• Between 24% to 25%
Cash income tax rate
• Between 20.5% to 21.5%
Free cash flow
• Conversion of adjusted net income of approximately 90%
1,400,000
Total Outage Hours (Severity)
Legacy Residential Organic Sales - LTM
Q1 | Q1 | Q1 | Q2 | Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 |
2010 | 2011 | 2012 | 2013 2014 2015 2016 2017 2018 2019 2020 |
Q2
Q3
Q4
Q2
Q3
Q4
Elevated Baseline Outages + Major Event = Catalysts for Growth
(1) Represents power outage hours for mainland U.S. only
1,200,000
1,000,000
800,000
600,000
400,000
200,000
0
Acquisitions used to accelerate Powering Our Future strategy
OCT. 2011
Magnum Products is a leading manufacturer of high-quality light towers, and mobile generators.
Berlin, WI
DEC.
2012
Leading manufacturer of industrial power generation equipment in Mexico and other parts of Latin America. Mexico City, Mexico
AUG. 2013
Mobile light towers for EMEA and other international markets Milan, Italy
NOV. 2013
Expands domestic offering of standby and prime-duty gensets up to 2.5 MW Oshkosh, WI
OCT. 2014
MAC is a leading manufacturer of premium-grade commercial and industrial mobile heaters within the U.S. and Canada. Bismarck, ND
AUG. 2015
Expands chore-related products line-up and provides additional scale to the residential engine-powered tools platform Vergennes, VT
MAR. 2016
Stationary, mobile and portable generators sold into over 150 countries worldwide Siena, Italy
JAN. 2017
Gaseous-engine control systems and accessories sold to engine OEMs and aftermarket customers
Celle, Germany
JUN. 2018
Larger kW and container gensets; service and remote monitoring platform for Latin America market Mexico City, Mexico
FEB. 2019
Captiva Energy Solutions, founded in 2010 and headquartered in Kolkata, India specializes in customized industrial generators. Kolkata, India
MAR. 2019
The leading energy data company focused on metering technology and sophisticated analytics to optimize energy use Vancouver, BC
APR. 2019
Leading manufacturer of smart storage solutions and smart batteries Portland, ME
SEP. 2020
Leading manufacturer of an innovative commercial line of battery powered turf care products
Ross, OH
OCT. 2020
Leading provider of distributed energy optimization and control software for the electrical grid
Denver, CO
Revenue synergies
• New products, customers, end markets
• Numerous cross-selling opportunities
• Geographic and international expansion
Cost synergies
• Strategic global sourcing initiatives
• Innovation and cost-reduction engineering
• Adopt Generac's lean cost culture
• Operational excellence focus
Smaller acquisitions of Gen-Tran completed in February 2012 (manual transfer switches for portable generators -Alpharetta, GA); Pramac America in September 2017 (portable generators - Marietta, GA); Energy Systems in July 2020 (industrial distributor - Stockton, CA)
($'S IN MILLIONS)
RESIDENTIALCOMMERCIAL & INDUSTRIALOTHER
Figures include results from acquisitions completed during 2011 - 2020; see slide titled "Summary of Acquisitions" for further details.
North American Penetration Opportunity(1)
Central Air Conditioning
(1) Source: Company estimates; based on addressable market for HSB generators consisting of all single-family detached, owner-occupied homes valued > $125K; portables and central A/C use all single-family homes regardless of value; penetration rate for home securiPtyoratlabrmlesGwenaesreastotirmsated from a variety of industry sources and focuses on the professionally monitored market.
Home Security Alarms (professionally monitored)
Home Standby Generators
Aging Population Fits Demographic
• ~65% of buyers age 60 and older
• ~Median home value of approximately $425k
• ~80% retro-fit application
• ~$130K median household income
• ~7% replacement units
Every 1% of increased penetration equals ~$2.5 billion of market opportunity
PWRcell
Tesla
LG Energy Solution
Enphase
PWRcell | Tesla | LG Energy Solution | Enphase | |
Peak Current | 50A | 32A | 31A | 25A |
Useable Energy | 18kWh | 13.5kWh | 16kWh | 10.1kWh |
Continuous Power | 9kW | 5kW | 7kW | 3.8kW |
Note: Shaded lines represent market leading advantage in terms of power capability, with specific percentages as compared to Tesla
# of Modules | 6 | 5 | 4 | 3 |
Old Capacity (kWh) | 17.1 | 14.3 | 11.4 | 8.6 |
New Capacity (kWh) | 18 | 15 | 12 | 9 |
Current SaaS Model - $/MW Assets Connected/year
• Fundamentally a Software-as-a-Service business
• Enbala is paid as assets/devices are connected to the platform on a recurring basis
...
CUSTOMER 1
CUSTOMER 2
CUSTOMER X
Enbala Opportunities:
• Energy imbalance markets
• Real time capacity markets
• Emerging wholesale markets from FERC Order 2222
• Predictive energy management for customers
• Ancillary Service, Frequency Control and other aggregation markets
($'S IN MILLIONS)
Actual | Y/Y % | Actual | Y/Y % | ||
Q4 2020 | Change | 2020 | Change | ||
(unaudited) | (unaudited) | ||||
Residential | $498.7 | 54.6% | $1,556.5 | 36.1% | |
Industrial | 198.6 | (8.5%) | 701.8 | (19.5%) | |
Other | 63.8 | 24.4% | 226.9 | 20.1% | |
Net Sales | $761.1 | 28.8% | $2,485.2 | 12.7% | |
Gross Profit | $300.2 | 35.1% | 957.7 | 20.0% | |
% Margin | 39.4% | 38.5% | |||
Adjusted EBITDA | $195.8 | 51.6% | $583.8 | 28.6% | |
% Margin (1) | 25.7% | 23.5% | |||
Net Income - GHI (2) | $125.0 | 79.6% | $350.6 | 39.1% | |
Adjusted Net Income - GHI | $135.7 | 40.7% | $412.2 | 29.7% | |
Adjusted EPS - GHI | $2.12 | 39.0% | $6.47 | 28.2% | |
Free Cash Flow | $190.7 | 18.9% | $427.1 | 70.3% | (1) Adjusted EBITDA (margin) calculated using adjusted EBITDA before |
deducting for non-controlling interest. | |||||
Consolidated Gross Debt | $885.2 | ||||
(2) 2020 includes $11.5 million of pre-tax charges relating to restructuring | |||||
costs and asset write-downs to address the impact of COVID-19 pandemic. | |||||
1.5x |
Consolidated Gross Debt Leverage Ratio
($'S IN MILLIONS)
2016 | 2017 | 2018 | 2019 | 2020 | |
Net income | $97.2 | $159.6 | $241.2 | $252.3 | $347.2 |
Interest expense | 44.6 | 42.7 | 41.0 | 41.5 | 33.0 |
Depreciation and amortization | 54.4 | 52.0 | 47.4 | 60.8 | 68.8 |
Income taxes provision | 56.5 | 44.1 | 69.9 | 67.3 | 99.0 |
Non-cash write-down and other charges | 7.5 | 5.8 | 3.5 | 0.8 | (0.3) |
Non-cash share-based compensation expense | 9.5 | 10.2 | 14.6 | 16.7 | 20.9 |
Loss on extinguishment of debt | 0.6 | - | 1.3 | 0.9 | - |
(Gain) loss on change in contractual interest rate | 3.0 | - | - | - | - |
Transaction costs and credit facility fees | 2.4 | 2.1 | 3.9 | 2.7 | 2.2 |
Loss on pension settlement, restructuring and other | 0.9 | 0.8 | 1.8 | 11.0 | 13.1 |
Adjusted EBITDA | $276.5 | $317.3 | $424.6 | $454.1 | $583.8 |
Adjusted EBITDA attributable to noncontrolling interests | (3.8) | (6.1) | (7.8) | (5.0) | (2.4) |
Adjusted EBITDA attributable to Generac Holdings, Inc. | $272.7 | $311.2 | $416.8 | $449.1 | $581.4 |
($'S IN MILLIONS)
Net income to Adjusted EBITDA reconciliation
Three months ended
December 31,
Year Ended December 31,2020
(unaudited)
2019
2020
(unaudited)
2019
Net income attributable to Generac Holdings. Inc. | $125,001 | $69,614 | $350,576 | $252,007 |
Net income attributable to noncontrolling interests | (21) | 322 | (3,358) | 301 |
Net income | 124,980 | 69,936 | 347,218 | 252,308 |
Interest expense | 7,910 | 10,116 | 32,991 | 41,544 |
Depreciation and amortization | 18,686 | 17,926 | 68,773 | 60,767 |
Income taxes provision | 39,006 | 13,423 | 98,973 | 67,299 |
Non-cash write-down and other charges | (2,195) | (433) | (327) | 807 |
Non-cash share-based compensation expense | 6,555 | 5,217 | 20,882 | 16,694 |
Loss on extinguishment of debt | - | 926 | - | 926 |
Transaction costs and credit facility fees | 991 | 677 | 2,151 | 2,734 |
Loss on pension settlement, restructuring and other | (102) | 11,360 | 13,112 | 11,036 |
Adjusted EBITDA | 195,831 | 129,148 | 583,773 | 454,115 |
Adjusted EBITDA attributable to noncontrolling interests | (1,408) | (1,243) | (2,358) | (4,965) |
Adjusted EBITDA attributable to Generac Holdings, Inc. | $194,423 | $127,905 | $581,415 | $449,150 |
($'S IN MILLIONS)
Net income to Adjusted net income reconciliation
Three months ended
December 31,
Year Ended December 31,2020
(unaudited)
Net income attributable to Generac Holdings. Inc. Net income attributable to noncontrolling interests Net income
Provision for income taxes
Income before provision for income taxes Amortization of intangible assets
Amortization of deferred financing costs and OID Loss on extinguishment of debt
Transaction costs and credit facility fees
Loss on pension settlement, restructuring and other Adjusted net income before provision for income taxes Cash income tax expense
Adjusted net income
Adjusted net income attributable to noncontrolling interests Adjusted net income attributable to Generac Holdings. Inc.
$125,001
2019
$69,614
(21)
322
124,980
69,936
39,006
13,423
163,986
83,359
8,940
8,645
658 -
1,115
926
(1,940)
(499)
(345)
11,683
171,299
105,229
(34,881)
(8,247)
$136,418
(693) $135,725
$96,982
2020
(unaudited)
2019
$350,576
(3,358)
$252,007 301
347,218 252,308
98,973 67,299
446,191 319,607
32,280 28,644
2,598 4,712
- 926
(1,328) 874
12,158 12,492
491,899 (79,723) $412,176 32
367,255 (47,945) $319,310
(530) $96,452
(1,488)
$412,208 $317,822
Free Cash Flow Reconciliation
Net cash provided by operating activities "Proceeds from beneficial interests in securitization transactions"
Expenditures for property and equipment Free cash flow
$218,223
653 (28,188) $190,688
$175,085
594 (15,355) $160,324
$486,533 $308,887
2,651 (62,128) $427,056
2,630 (60,802) $250,715
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Disclaimer
Generac Holdings Inc. published this content on 23 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 February 2021 19:29:04 UTC.
