{
  "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": 38,
  "pageCount": 41,
  "prevPage": 37,
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  "slideType": "comparison_table",
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  "density": "dense",
  "nDataPoints": 42,
  "notes": "The table highlights a clear trend of institutional investors reducing their stake in LHCG post-merger.",
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      "kind": "callout",
      "text": "Spruce Point believes that poor post-merger execution by LHCG management has cost the Company a degree of its prior credibility, turning off large institutional managers from holding LHCG stock.",
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      "text": "share ownership",
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      "kind": "paragraph",
      "text": "Large institutional shareholders who were among the largest owners of LHCG and AFAM stock prior to the merger have since sold most or all of their post-merger LHCG shares. Spruce Point believes that poor post-merger execution by LHCG management has cost the Company a degree of its prior credibility, turning off large institutional managers from holding LHCG stock.",
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      "kind": "source-note",
      "text": "1. AFAM ownership converted to LHCG shares based on 0.915 exchange ratio",
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      "text": "Shareholder ownership data comparing pre-merger (AFAM/LHCG) and post-merger (LHCG) positions.",
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      "kind": "title",
      "text": "Post-Merger LHCG Losing Credibility Among Institutional Shareholders",
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      "beatName": "Solution",
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      "evidence": "The valuation and downside risk slides present Spruce Point's solution and conclusion.",
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      "name": "Cost Of Inaction",
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      "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",
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