{
  "docId": "019dd923-622c-750b-8b98-dbf69e8285f9",
  "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",
  "aspectRatio": 1.3333334,
  "pageNumber": 23,
  "pageCount": 41,
  "prevPage": 22,
  "nextPage": 24,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "The slide uses a timeline of four screenshots from earnings supplements to highlight the omission of growth data.",
  "elementsJson": [
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    "paragraph",
    "screenshot",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-dbf69e8285f9/23",
  "deckHref": "/decks/019dd923-622c-750b-8b98-dbf69e8285f9",
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  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-dbf69e8285f9#slide-23",
  "components": [
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      "bbox": {
        "h": 0.12,
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        "y": 0.78
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      "kind": "callout",
      "text": "Why didn't management provide updates on admissions growth at Almost Family for two straight quarters? Why does it continue to refrain from discussing year-over-year growth?",
      "attrs": null,
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        "w": 0.9,
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      },
      "kind": "image",
      "text": "Timeline of earnings supplements",
      "attrs": null,
      "subkind": "screenshot",
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      "componentId": "027daf3b-0ddc-4ade-9553-228f3e8cb841",
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      "kind": "paragraph",
      "text": "Management disclosed growth at Almost Family in Q4 FY18, but abruptly ceased making any references to Almost Family growth in Q1 FY19, immediately preceding management's explicit exclusion of AFAM from its organic growth calculations as the acquisition anniversaried in Q2. Not until Q3 did management again discuss growth at Almost Family in its integration updates, providing only a cherry-picked measure of quarterly growth which ignored continued year-over-year top-line contraction. Spruce Point interprets LHCG's selective and inconsistent disclosure of AFAM performance as an indication that management is attempting to avoid a complete picture of AFAM growth.",
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        "h": 0.02,
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        "x": 0.02,
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      },
      "kind": "source-note",
      "text": "Source: LHCG Filings and Transcripts, Spruce Point Estimates",
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      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
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      },
      "kind": "title",
      "text": "Why Is Management Being So Selective In Its Discussion Of Almost Family Growth?",
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      "evidence": "The slide explicitly frames management's selective disclosure as an attempt to hide negative performance.",
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      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The expose contradiction slides detail various issues with LHCG's financials and management practices.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
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  ],
  "loops": [
    {
      "to": 41,
      "from": 3,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "100ad489-dbf4-43de-8e22-48ed5d7f68fc",
      "evidence": "The deck implies that investors will suffer financial losses if they do not heed Spruce Point's warning.",
      "position": 0,
      "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"
    },
    {
      "to": 33,
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      "matchId": "de4a5673-b092-41ab-b2cc-9f9019cdcb5c",
      "evidence": "The expose contradiction slides test this hypothesis and present evidence.",
      "position": 1,
      "objective": "Testing the hypothesis that LHCG's financial practices are aggressive and misleading.",
      "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)",
      "confidence": 0.7,
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