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  "documentTitle": "Limbach Holdings, Inc. (LMB)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2025-07-22 00:00:00",
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      "text": "As a result, backlog coverage, or the share of guidance supported by next-12-month backlog, declined from over 60% in 2023 to just 48% in 2025.",
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      "text": "Backlog Coverage %: 47.5%",
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      "text": "To further illustrate what we believe is a slowdown in Limbach's underlying growth momentum, we analyzed the Company's backlog. While total backlog at year-end 2024 was about $30 million higher year-over-year ($365M vs. $334M), the portion expected to convert to revenue over the next 12 months was nearly flat ($294.6M vs. $294.8M), as the share of ODR backlog expected to convert over the next 12 months fell from 95% to 86%. As a result, backlog coverage, or the share of guidance supported by next-12-month backlog, declined from over 60% in 2023 to just 48% in 2025.",
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      "text": "Source: Limbach financial statements, Spruce Point analysis",
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      "text": "Financial table showing Period-End Backlog, Est. % of Backlog, Est. Backlog $, and Backlog Coverage % from 2020-2025.",
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      "text": "Falling Backlog Coverage Further Highlights Weakening Fundamentals",
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