Spruce Point Capital Management · activist-deck
LHC Group, Inc. (LHCG)
41 pages · 3 arc beats · 2 loops
LHC Group, Inc. (LHCG)
Spruce Point Capital Management · 2020-01 arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
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Deck intelligence map
3 coverage by narrative range · generated from this deck JSON
Narrative range 30 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Problem 3 slides 100% 3/3 slides 100% 3/3 slides · 9 hits — 0/3 slides
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33.3% 1/3 slides 100% 3/3 slides 100% 3/3 slides Agitate 19 slides 100% 19/19 slides 100% 19/19 slides · 131 hits — 0/19 slides
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89.5% 17/19 slides · 18 hits 100% 19/19 slides 100% 19/19 slides · 38 hits Solution 8 slides 100% 8/8 slides 100% 8/8 slides · 46 hits — 0/8 slides
— 0/8 slides
62.5% 5/8 slides 100% 8/8 slides 100% 8/8 slides Slide inventory
41 every slide · same image gating as the playbook
01
The slide uses visual metaphor (cockroaches, rats, broken sign) to attack the company's 'family' branding.front_matter
04
This is the primary thesis slide for the deck, summarizing the forensic accounting arguments regarding the Almost Family (AFAM) acquisition.diagnose_problem
05
Uses a classic 'Street vs. Reality' comparison framework common in activist short reports.expose_contradiction
06
The slide uses a table to contrast management's reported organic growth with the activist's adjusted estimate.expose_contradiction
07
Uses a line chart to show divergence between legacy and acquired locations, with a callout box explaining the 'net effect' on reported growth.expose_contradiction
08
Uses a combination of a stacked bar chart for location composition and a grouped bar chart for growth rate comparison to highlight the discrepancy.expose_contradiction
09
The slide uses a 'before-after' style logic to contrast capital deployment with performance outcomes.expose_contradiction
10
The slide uses a combination of a narrative thesis, a data table, and a concluding callout to frame the investment thesis.show_valuation_bridge
11
Spruce Point Capital Management branding.transition
12
Uses a hub-and-spoke diagram to show how a single industry event (PDGM ruling) influenced multiple stock tickers, while the central callout challenges the markeframe_situation
13
Uses red arrows and highlighted text to draw attention to the discrepancy between management's 'faster/stronger' claims and the implied revenue growth deceleratexpose_contradiction
14
The slide uses a 'plug' calculation method (Total Acquired Revenue - Other Inorganic Revenue = AFAM Revenue) to expose the discrepancy.expose_contradiction
15
The slide uses a table to contrast management's pre-deal growth projections with actual declining performance.expose_contradiction
16
Uses a timeline table and footnote comparison to expose the accounting manipulation.expose_contradiction
17
The slide uses a red-bordered table to highlight the 'Spruce Point Estimate' which contradicts management's claims.expose_contradiction
18
Uses a line chart to show divergence between legacy and acquired locations, with a callout box summarizing the 'net effect' of the accounting treatment.expose_contradiction
19
Uses a stacked bar chart to show location exclusion and a grouped bar chart to show the impact of adjusting growth figures.expose_contradiction
20
Uses a 'Possible Cause' vs 'Spruce Point Concern' structure to frame the contradiction.expose_contradiction
21
Uses a numbered list of quotes to highlight the contradiction between initial claims of 'already integrated' and subsequent delays.expose_contradiction
22
Uses direct quotes and earnings supplement data to frame management as incompetent.expose_contradiction
23
The slide uses a timeline of four screenshots from earnings supplements to highlight the omission of growth data.expose_contradiction
24
Uses SEC filing excerpts and proxy statements to highlight the lack of traditional financial qualifications for the CFO role.expose_contradiction
25
This is a section divider slide featuring the Spruce Point Capital Management logo (the tree).transition
Open slide detailLoop · Cost Of Inaction
26
The slide uses two tables to demonstrate the accounting maneuvers: one for location composition and one for EBITDA adjustments.expose_contradiction
Open slide detailLoop · Cost Of Inaction
27
Uses a 'cookie jar' accounting metaphor to describe the creation of bad debt reserves.expose_contradiction
Open slide detailLoop · Cost Of Inaction
28
Uses a red arrow to visually link the calculated 4.5% adjustment to the peer comparison table.expose_contradiction
Open slide detailLoop · Cost Of Inaction
29
Uses a combination of financial tables and callout boxes to build a narrative of accounting manipulation.expose_contradiction
Open slide detailLoop · Cost Of Inaction
30
The slide uses a combination of a grouped bar chart and a data table to highlight the growing delta between GAAP and non-GAAP metrics.expose_contradiction
Open slide detailLoop · Cost Of Inaction
31
The slide uses a 'before-after' style logic to contrast capital expenditure with performance metrics.expose_contradiction
Open slide detailLoop · Cost Of Inaction
32
Uses a causal chain/process flow to demonstrate how the accounting adjustment leads to a missed target if corrected.expose_contradiction
Open slide detailLoop · Cost Of Inaction
33
Includes two tables showing accounting adjustments and EPS impact, plus two tables/snippets showing proxy filing goals and reconciliation of adjusted net incomeexpose_contradiction
Open slide detailLoop · Cost Of Inaction
35
Uses a callout box to bridge the gap between the two tables, highlighting the contradiction.expose_contradiction
36
The table shows a clear trend of divestment by insiders and the CEO over a four-year period.expose_contradiction
37
Red boxes highlight specific individuals who are neither named employees nor directors post-merger.expose_contradiction
38
The table highlights a clear trend of institutional investors reducing their stake in LHCG post-merger.expose_contradiction
39
The slide uses a table of analyst ratings to contrast market consensus with the activist's bearish thesis.preempt_rebuttal
40
Includes a specific 'Spruce Adj' row for LHCG to adjust for organic growth and FCF yield.compare_peers
41
Includes a Bloomberg terminal screenshot showing historical EV/EBITDA expansion.show_valuation_bridge