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  "documentTitle": "Limbach Holdings, Inc. (LMB)",
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  "presentationDate": "2025-07-22 00:00:00",
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      "text": "Limbach previously provided very robust modeling guidance for investors in its investor presentations but ceased disclosing this information after its November 2023 investor presentation. Since then, the Company has offered only high-level financial targets for revenue and Adj. EBITDA, making it more difficult for investors to assess segment-level performance or underlying expense assumptions.",
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      "text": "Limbach previously provided very robust modeling guidance for investors in its investor presentations but ceased disclosing this information after its November 2023 investor presentation.",
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      "text": "1. With respect to projected 2023 Adjusted EBITDA, a quantitative reconciliation is not available without unreasonable effort due to the high variability, complexity and low visibility with respect to taxes and other items, which are excluded from Adjusted EBITDA. The company expects the variability of this item to have a potentially unpredictable, and potentially significant, impact on future GAAP financial results. 2. Free Cash Flow is defined as net income, add back non-cash operating activities and then subtract capital expenditures.",
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      "text": "Source: Limbach November 2023 investor presentation",
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      "text": "Metric and Comment table showing FY 2023 targets",
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      "text": "Reduced Guidance Transparency Limits Investor Visibility Into Key Performance Drivers",
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      "text": "Additional Modeling Considerations for FY 2023",
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