{
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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",
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  "pageNumber": 27,
  "pageCount": 41,
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  "nDataPoints": 30,
  "notes": "Uses a 'cookie jar' accounting metaphor to describe the creation of bad debt reserves.",
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      "kind": "callout",
      "text": "Spruce Point calls on LHCG management to explain these large and consistent purchase accounting adjustments to Almost Family’s accounts receivable.",
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      "text": "Bad Debt Allowance: 42%",
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      "kind": "paragraph",
      "text": "At year-end FY17, Almost Family reported $153M gross and $126M net accounts receivable... management could have used this tactic to preemptively “write down” the value of acquired accounts receivable...",
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      "kind": "source-note",
      "text": "Source: LHCG and AFAM SEC Filings, Spruce Point estimates",
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      "text": "AFAM Purchase Accounting Adjustments table showing quarterly changes in net accounts receivable.",
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      "text": "Adjustment to Bad Debt Expense table showing pre-deal vs adjusted figures.",
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      "kind": "title",
      "text": "Purchase Accounting Adjustments Raise Questions As To Health Of AFAM",
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