{
  "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",
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  "pageNumber": 31,
  "pageCount": 41,
  "prevPage": 30,
  "nextPage": 32,
  "slideType": "valuation_table",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 48,
  "notes": "The slide uses a 'before-after' style logic to contrast capital expenditure with performance metrics.",
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  "slideHref": "/slides/019dd923-622c-750b-8b98-dbf69e8285f9/31",
  "deckHref": "/decks/019dd923-622c-750b-8b98-dbf69e8285f9",
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  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-dbf69e8285f9#slide-31",
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      "kind": "callout",
      "text": "...but zero growth in free cash flow per share",
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      "kind": "callout",
      "text": "Over $1B spent on acquisitions since FY14...",
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      "kind": "callout",
      "text": "Even after having spent over $1B on acquisitions and related costs since FY14, LHCG has shown no material growth in free cash flow per share since the end of FY15.",
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      "kind": "metric",
      "text": "Free Cash Flow per Share: $1.144B",
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      "kind": "paragraph",
      "text": "Even after having spent over $1B on acquisitions and related costs since FY14, LHCG has shown no material growth in free cash flow per share since the end of FY15.",
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      "kind": "source-note",
      "text": "1. New reported metric as of Q4 FY18 (but with significant flaws, in our view) 2. Spruce Point estimate of management-defined LTM Adj. FCF metric",
      "attrs": {
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      "kind": "table",
      "text": "Total Cost of Acquisitions table",
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      "kind": "table",
      "text": "Free Cash Flow (Spruce Point) table",
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      "kind": "title",
      "text": "True FCF Reveals An Uneconomical Roll-Up Which Is Destroying Shareholder Value",
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      "evidence": "Contrasts high capital spend with stagnant per-share performance metrics.",
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  "arcBeats": [],
  "loops": [
    {
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      "from": 3,
      "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.",
      "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"
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      "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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