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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": "The Company previously reported total net write-ups, regardless of materiality. The Company has reduced disclosure and now only reports net write ups with a $0.5 million or greater impact.",
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      "text": "gross profit write-ups: $0.5 million",
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      "text": "Given that gross profit write-ups can have a significant impact to earnings in certain periods, we consider it to be a major red flag that Limbach has reduced disclosure on write-ups/(downs) over time.",
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      "text": "The Company recorded revisions in its contract estimates for certain ODR and GCR projects. During the year ended December 31, 2024, the Company recorded material gross profit write-ups on four ODR segment projects...",
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      "text": "Source: Limbach 2021 10-K, Limbach 2024 10-K, Red line emphasis by Spruce Point",
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      "text": "Management Has Reduced Disclosure On Gross Profit Impacts Over Time",
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