{
  "docId": "019dd923-622c-750b-8b99-b80c260b0389",
  "docSlug": "dee45f9e8542",
  "documentTitle": "Limbach Holdings, Inc. (LMB)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-07-22 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 37,
  "pageCount": 86,
  "prevPage": 36,
  "nextPage": 38,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "balanced",
  "nDataPoints": 24,
  "notes": "The slide uses a 'preempt_rebuttal' strategy to invalidate the company's reported revenue growth by isolating organic performance.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-b80c260b0389/37",
  "deckHref": "/decks/019dd923-622c-750b-8b99-b80c260b0389",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-b80c260b0389.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-b80c260b0389#slide-37",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.16
      },
      "kind": "callout",
      "text": "Excluding revenue from in-year acquisitions, Limbach has fallen short of the midpoint of its initial annual revenue guidance in three of the past four years, and below the low-end of guidance in two of those years.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2290d094-e4e9-4007-a356-6b37bc43294d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "revenue guidance miss: $28.2M",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-5370-75b3-9c62-7177ec645522",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.72
      },
      "kind": "paragraph",
      "text": "1) 2021 guidance given with Q1'21 earnings; Jake Marshall acquisition closes in late 2021, added a reported $3.5M to Limbach's 2021 revenue. 2) 2022 guidance given with Q1'22 earnings; no acquisitions occurred during 2022. 3) 2023 guidance given with Q4'22 earnings; Industrial Air and ACME acquisitions occur during 2023, adding a reported $8.1M to revenue. 4) 2024 guidance given with Q4'23 earnings; Consolidated Mech. & Kent Island Mech. acquisitions occurred in late 2024. While revenue contribution from acquisitions were not reported, we estimated $11.6M contribution based on reported run-rate and acquisition close-dates.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0a3abb78-36a0-4b8f-adb2-ad62684f4d24",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.3,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Limbach financial statements, Spruce Point analysis",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fe95ca80-c8b5-4b9d-82fb-27b4e6b2f32f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.9,
        "x": 0.05,
        "y": 0.25
      },
      "kind": "table",
      "text": "Limbach Beginning of Year Guidance vs. Actuals table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c80ad2b5-43dd-44bf-87f6-63044afe6491",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "After Stripping Out Contributions From Acquisitions, We Estimate That Limbach Routinely Underperforms Guidance",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ccddf16b-30f6-4bf5-b65f-72389fd06c84",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "preempt_rebuttal",
      "slug": null,
      "matchId": "e894377d-797e-400e-b35f-1ef089529c35",
      "evidence": "The slide explicitly adjusts reported figures to counter the company's narrative of meeting guidance.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 40,
      "from": 21,
      "beatId": "b005ffc8-65c8-40b2-8037-5bb5486205bd",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The document exposes several contradictions in Limbach's disclosures, including the company's claim of immateriality and its actual financial performance",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 64,
      "from": 35,
      "beatId": "fb9a213b-6405-45e9-85ce-458dc475f57c",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Preempt Rebuttal",
      "beatSlug": null,
      "evidence": "The document preempts potential rebuttals by addressing potential counterarguments and providing additional evidence to support its claims",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 80,
      "from": 31,
      "beatId": "05b3e7fe-8524-4292-9dca-69fe4e431e99",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Thesis Headline",
      "beatSlug": null,
      "evidence": "The document presents a clear thesis, highlighting several concerns and potential risks with Limbach's financials and operations",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}