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  "documentTitle": "Limbach Holdings, Inc. (LMB)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-07-22 00:00:00",
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      "text": "We believe Limbach significantly overstates its free cash flow, which in turn inflates its reported Adj. EBITDA-to-FCF conversion rate. While the Company claims an 80% conversion rate over the past six years, our Spruce Point-adjusted FCF analysis suggests the true figure may be less than 60%.",
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      "text": "Free Cash Flow Conversion: 58.3%",
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      "text": "Source: Limbach financial statements, Spruce Point analysis",
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      "text": "Spruce Point's Adjustments To Limbach's FCF Conversion Rate",
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      "kind": "title",
      "text": "Our Math Shows Limbach's Adj. EBITDA To FCF Conversion Rate Is Much Lower Than Reported",
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