{
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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": 19,
  "pageCount": 41,
  "prevPage": 18,
  "nextPage": 20,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
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  "nDataPoints": 10,
  "notes": "Uses a stacked bar chart to show location exclusion and a grouped bar chart to show the impact of adjusting growth figures.",
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  "slideHref": "/slides/019dd923-622c-750b-8b98-dbf69e8285f9/19",
  "deckHref": "/decks/019dd923-622c-750b-8b98-dbf69e8285f9",
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  "components": [
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      "kind": "callout",
      "text": "LHCG's reported organic home health growth could collapse once AFAM is finally included in the organic base",
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      "kind": "chart",
      "text": "Home Health Revenue: Organic Growth, As Reported",
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      "kind": "chart",
      "text": "Organic Revenue Base by Company",
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    {
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      "kind": "metric",
      "text": "organic home health growth: 1.7%",
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      "kind": "paragraph",
      "text": "While LHCG reports levels of organic home health growth roughly on par with AMED, its closest peer, Spruce Point believes that LHCG's organic home health growth figure is misleading as reported, and is not a meaningful reflection of underlying Company performance.",
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      "kind": "paragraph",
      "text": "Spruce Point believes that LHCG's reported organic home health sales growth represents a skewed measure of organic growth, and is not representative of LHCG's underlying performance. We believe that, in reality, LHCG is underperforming AMED by a significant margin.",
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      "kind": "source-note",
      "text": "Sources: LHCG and AMED SEC Filings, Spruce Point estimates",
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      "kind": "title",
      "text": "LHCG Organic Home Health Growth Is Not Representative Of Underlying Growth Rate",
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      "evidence": "Exposing misleading accounting practices regarding organic growth metrics.",
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      "evidence": "The expose contradiction slides detail various issues with LHCG's financials and management practices.",
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      "parentBeatName": "Development",
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  "loops": [
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      "name": "Cost Of Inaction",
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      "evidence": "The deck implies that investors will suffer financial losses if they do not heed Spruce Point's warning.",
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      "objective": "The cost of inaction for investors who fail to recognize LHCG's true financial performance.",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
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