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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": 35,
  "pageCount": 41,
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  "nextPage": 36,
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  "density": "dense",
  "nDataPoints": 12,
  "notes": "Uses a callout box to bridge the gap between the two tables, highlighting the contradiction.",
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  "slideHref": "/slides/019dd923-622c-750b-8b98-dbf69e8285f9/35",
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  "components": [
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      "kind": "callout",
      "text": "Nearly twelve turns of EV/EBITDA multiple expansion despite just a 2.2% organic sales CAGR",
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      "kind": "metric",
      "text": "EV/LTM EBITDA: 11.5x",
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      "kind": "paragraph",
      "text": "Spruce Point believes that LHCG's premium valuation prices in misleading measures of organic growth and free cash flow which paper over emerging problems in management's roll-up business model.",
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      "kind": "paragraph",
      "text": "Our work reveals that LHCG has grown its top line at only a 2.2% rate excluding growth from all acquisitions completed since the AFAM merger. This is a far cry from the high single-digit organic growth rate touted by LHCG management.",
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      "kind": "source-note",
      "text": "Source: LHCG and AFAM Filings, Spruce Point Estimates",
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      "kind": "table",
      "text": "Organic Revenue and EBITDA Performance Since AFAM Deal",
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      "text": "Valuation Developments Since AFAM Deal",
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      "kind": "title",
      "text": "Potentially Misleading Performance Metrics Drive Valuation Multiples Out Of Line With Reality",
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