{
  "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": 36,
  "pageCount": 41,
  "prevPage": 35,
  "nextPage": 37,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 32,
  "notes": "The table shows a clear trend of divestment by insiders and the CEO over a four-year period.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-dbf69e8285f9/36",
  "deckHref": "/decks/019dd923-622c-750b-8b98-dbf69e8285f9",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-dbf69e8285f9.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-dbf69e8285f9#slide-36",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "LHCG insiders have sold the stock aggressively through the past four years, slashing their collective stake by over 50% over this time span.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b66-7100-895d-6a86c83d6dab",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Total Insider Ownership: 50.3%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b66-7100-895d-6e6cc13ffe23",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "LHCG insiders have sold the stock aggressively through the past four years, slashing their collective stake by over 50% over this time span. CEO Keith Meyers has been particularly aggressive in his selling, reducing his personal stake by 40% over the same period. Notably, in 2018 – the year following LHCG’s initial announcement of the AFAM acquisition – Meyers sold nearly one third of his remaining shares. Investors should be wary of the fact that insiders have increasingly chosen to limit their exposure to the stock even as analysts have grown progressively more bullish about the stock amidst industry-wide tailwinds.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cbc604a3-4a0f-4c54-9d4e-db85026af866",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.66,
        "x": 0.17,
        "y": 0.33
      },
      "kind": "table",
      "text": "LHCG Insider Ownership: Highlights",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8ccf5489-151d-4807-9901-cffd6b95173b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Aggressive Insider Selling Accelerates Through AFAM Acquisition",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5c028dc5-71ee-4e85-8469-9e87c53616ce",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "3c2e4b30-9fb5-4c61-b274-e574e51c7bee",
      "evidence": "The slide uses insider selling data to cast doubt on management's alignment with shareholders.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 41,
      "from": 34,
      "beatId": "9f377837-bf12-44ef-87c2-ec9967b0f16d",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The valuation and downside risk slides present Spruce Point's solution and conclusion.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "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"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}