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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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      "kind": "callout",
      "text": "Like with its Adj. EBITDA, we also believe Limbach's free cash flow should be adjusted for finance lease costs.",
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      "text": "Limbach also excludes contingent consideration payments from its FCF calculation; given these are cash payouts tied to performance milestones...",
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      "kind": "callout",
      "text": "In aggregate, we believe the exclusion of these uses of cash from the Company's FCF calculation has allowed Limbach to overstate FCF by over $37 million in the last 12 months alone.",
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      "text": "Free Cash Flow: $37 million",
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      "text": "We believe Limbach's reported free cash flow is significantly overstated as it excludes some key recurring uses of cash. First, the Company excludes all working capital (\"WC\") changes from its FCF calculation...",
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      "text": "Source: Limbach financial statements, Spruce Point analysis",
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      "text": "Reported vs. Spruce Point Adjusted Free Cash Flow table",
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      "text": "We Believe Limbach Overstates Free Cash Flow By Excluding Key Uses Of Cash",
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