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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 table to bridge reported EBITDA to a more conservative adjusted figure, highlighting specific line items like finance leases and transaction costs.",
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      "text": "We believe Limbach's treatment of acquisition and restructuring costs in its Adj. EBITDA calculation is overly permissive.",
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      "text": "Limbach made a subtle reporting change in Q1'25 that we believe allows the Company to potentially add-back cash compensation payments to Adj. EBITDA.",
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      "text": "We believe Limbach’s treatment of acquisition and restructuring costs in its Adj. EBITDA calculation is overly permissive.",
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      "text": "Adj. EBITDA: $56.4",
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      "text": "We believe Limbach's reported Adj. EBITDA is overstated. To start, the Company excludes finance lease costs from its Adj. EBITDA calculation...",
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      "text": "Source: Limbach financial statements, Spruce Point analysis",
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      "text": "We Believe Limbach's Adj. EBITDA Is Overstated As Reported",
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