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  "documentTitle": "Limbach Holdings, Inc. (LMB)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-07-22 00:00:00",
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  "notes": "The slide uses a comparison of 2021 vs 2020 incentive targets to expose a governance concern.",
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      "text": "It is concerning that Limbach removed working capital targets from its incentive compensation plan targets after 2020, particularly given the Company's use of cost-to-cost accounting, where revenue and profit recognition are heavily tied to management estimates.",
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      "text": "For 2020, the non-equity incentive plan compensation was based on the achievement of certain Company-wide Adjusted EBITDA, working capital and specific strategic goals.",
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      "text": "For 2021, the non-equity incentive plan compensation was rewarded for the achievement of certain Company-wide Adjusted EBITDA targets.",
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      "text": "It is concerning that Limbach removed working capital targets from its incentive compensation plan targets after 2020, particularly given the Company's use of cost-to-cost accounting...",
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      "text": "Source: 2022 Limbach Proxy Statement",
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      "text": "Limbach Appears To Have Stopped Considering Working Capital For Incentive Comp Purposes After 2020",
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      "text": "2021 vs. 2020 Incentive Comp Targets",
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