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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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  "notes": "LMB is highlighted in orange to distinguish it from peers.",
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      "text": "When compared to peers, Limbach has among the lowest NTM RPO as a percentage of estimated NTM revenue. This could imply a weaker forward revenue base, shorter project durations, or less visibility into future revenue, potentially signaling elevated revenue risk relative to peers.",
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      "text": "Current NTM RPOs As A Percentage of Est. NTM Revenue",
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      "text": "NTM RPO as % of Est. NTM Revenue: 42.4%",
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      "text": "While most of Limbach's comps don't report an NTM backlog figure, most do report an NTM performance obligation figure, which is analogous to backlog because it represents contracted revenue the companies expect to recognize over the next twelve months. When compared to peers, Limbach has among the lowest NTM RPO as a percentage of estimated NTM revenue. This could imply a weaker forward revenue base, shorter project durations, or less visibility into future revenue, potentially signaling elevated revenue risk relative to peers.",
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      "text": "Source: Spruce Point analysis, company filings, NTM revenue based on sell-side estimates",
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      "text": "Low RPO Coverage Raises Questions About Revenue Visibility",
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