Further; they earned less this last year than in the preceding year. That has implications for earnings growth.
Further; the notes strongly imply that their revenue growth relies on acquisitions. That is not as good as 'organic' or same store sales growth.
Finally; they threw the CE guys under the bus. Closing Kalispel, can't wait to see what happens with the Midland locations.
Not to say they're doing wrong; the ag locations they've bought have mostly improved, but I'm not sure they're as committed to CE, esp. with comments like that. Be really interested to watch what actually happens to absorption. They either sink or swim on that number. Should get more toward 90% than it's current 75% to be successful, at least according to Weber.