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  "docSlug": "c97bc876ffb7",
  "documentTitle": "LHC Group, Inc. (LHCG)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-01-15 00:00:00",
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  "pageNumber": 26,
  "pageCount": 41,
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  "nDataPoints": 36,
  "notes": "The slide uses two tables to demonstrate the accounting maneuvers: one for location composition and one for EBITDA adjustments.",
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      "kind": "callout",
      "text": "By adding costs associated with closures back to Adj. EBITDA, management avoids penalizing itself for eliminating underperforming stores",
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      "kind": "callout",
      "text": "By jettisoning underperforming locations and subsequently excluding them from its growth base, management can present an inflated picture of its ability to grow sales from its existing base of locations",
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      "kind": "callout",
      "text": "As LHCG regularly closes underperforming locations, Spruce Point believes that management should not add closure-related costs back to Adjusted EBITDA, as closure costs are a part of regular run-rate expenses.",
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      "kind": "metric",
      "text": "organic growth: 73",
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      "kind": "paragraph",
      "text": "We are concerned that other actions taken by management have rendered reported organic growth even less representative of the underlying health of the business.",
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      "text": "LHCG Adj. EBITDA Add-Backs",
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      "text": "LHCG Location Analysis",
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      "kind": "title",
      "text": "Location Divestitures Create Additional Avenue For Superficial Organic Growth",
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