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  "docSlug": "c97bc876ffb7",
  "documentTitle": "LHC Group, Inc. (LHCG)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-01-15 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 14,
  "pageCount": 41,
  "prevPage": 13,
  "nextPage": 15,
  "slideType": "expose_contradiction",
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  "density": "dense",
  "nDataPoints": 120,
  "notes": "The slide uses a 'plug' calculation method (Total Acquired Revenue - Other Inorganic Revenue = AFAM Revenue) to expose the discrepancy.",
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      "kind": "callout",
      "text": "LHCG disclosures regarding inorganic sales from acquisitions seem to imply that Almost Family is not generating nearly the level of revenue that management first forecast",
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      "kind": "callout",
      "text": "LHCG disclosures regarding inorganic sales contributions from acquisitions seem to imply that Almost Family is not generating nearly the level of revenue that management first forecast",
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      "text": "Almost Family Gross Service Revenue: $190.4M",
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      "kind": "paragraph",
      "text": "LHCG discloses its aggregate inorganic revenue from all recent acquisitions in its quarterly MD&A. Our independent analysis of each of LHCG's individual deals allows us to deduce the implied revenue contribution of AFAM alone.",
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      "kind": "source-note",
      "text": "1. Estimated total inorganic revenue contribution of all recent LHCG acquisitions (excluding AFAM)\n2. Revenue from purchased locations that has been in service with LHCG for 12 months or less",
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      "kind": "table",
      "text": "Table showing acquisition dates, names, annual sales, and quarterly revenue contributions, with a final calculation for AFAM implied revenue.",
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      "kind": "title",
      "text": "LHCG Disclosures Regarding Inorganic Sales Conflict With Initial AFAM Growth Estimates",
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