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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": "The slide uses a reverse-chronological table to highlight the reduction in transparency.",
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      "text": "Limbach's removal of its key customer and customer count disclosures raises concerns about transparency, particularly as the Company has undergone a significant transformation to its revenue base in recent years.",
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      "text": "Limbach previously disclosed having over 1,200 owner-direct customers. Over time, the Company removed the 'owner-direct' qualifier, later referring more broadly to having over 1,200 customers, before ultimately ceasing the disclosure entirely.",
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      "text": "“Our customer counts well over 1,200” — Q1’23 Earnings Call; “Our Diverse Platform of a growing geographic footprint, our Primary & Secondary Market Sectors and over 1,200 customers allows us to move where capital is being deployed.” — 2022 Tear Sheet; “So today, we do have the 1,200-plus customers.” — Q3’22 Earnings Call; “So we have over 1,200 owner direct customers and we're looking at those customers just from an account planning perspective to say, where else can we go with them.” — Q2’22 Earnings Call; “So, we have over 1,200 owner-direct relationships, and what we're looking to do is what else can we do for them?” — Q1’22 Earnings Call",
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      "text": "Source: Limbach's earnings call transcripts, Spruce Point analysis",
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      "text": "Timeline of customer count disclosures from Q1'22 to Present",
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