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  "docSlug": "c97bc876ffb7",
  "documentTitle": "LHC Group, Inc. (LHCG)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-01-15 00:00:00",
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  "slideType": "expose_contradiction",
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  "notes": "Uses a timeline table and footnote comparison to expose the accounting manipulation.",
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      "kind": "callout",
      "text": "Spruce Point finds it extremely suspicious that LHCG would amend its organic growth definition to exclude the sales contribution of a single acquisition, however material, which is well past its anniversary date.",
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      "kind": "paragraph",
      "text": "With the merger having closed on Apr 1, 2018 and anniversarying on Apr 1, 2019, Almost Family revenue should have been included in LHCG's organic growth calculations as of Q2 FY19...",
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      "kind": "quote",
      "text": "This -- we've talked for a long time in our investor conferences in discussions around trajectory... This is going to be a straightforward integration.",
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      "kind": "quote",
      "text": "\"This -- we've talked for a long time in our investor conferences in discussions around trajectory and continuing that trajectory. And both companies have been on pretty amazing trajectories. And so this is continuing the trajectory. So if you just think about Kanye West, bigger, faster, stronger, right, so we're delevering the balance sheet. This is going to be a straightforward integration.\" — C. Steven Guenthner, President, Principal Financial Officer, Treasurer & Secretary, Almost Family",
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      "text": "Organic Growth Footnote comparison",
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      "text": "AFAM Revenue Accounting Timeline",
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      "kind": "title",
      "text": "Management Suspiciously Kicking The Organic Anniversary Date Down The Road",
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