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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 removed the \"Non-cash\" descriptor for the first time in Q1'25 from the stock-based compensation adjustment to Adj. EBITDA.",
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      "text": "Adjusted EBITDA: $0.4 million",
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      "text": "We believe a subtle change in how Limbach reports stock-based compensation for its Adj. EBITDA calculation may allow the Company to add cash compensation expenses to Adj. EBITDA.",
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      "text": "Source: Limbach financial statements, Spruce Point analysis, Red line emphasis by Spruce Point",
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      "text": "Stock Based Compensation: Cash Flow Statement vs. Adj. EBITDA comparison table (2019-Q1'25).",
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      "text": "Subtle Reporting Change May Allow Limbach To Add Back Cash Compensation To Adj. EBITDA",
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