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  "documentTitle": "Limbach Holdings, Inc. (LMB)",
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  "presentationDate": "2025-07-22 00:00:00",
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  "notes": "The slide uses legal documentation and a specific list of unapproved change orders to argue that Limbach's reported earnings/cash flow may be overstated due to uncollectible receivables.",
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      "text": "The largest component of Limbach's outstanding balance from the prime contractor is $3.4 million of unapproved change work orders.",
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      "kind": "callout",
      "text": "Jake Marshall's contract with the prime contractor indicates that contract changes that have not been agreed to in writing by both parties are not valid.",
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      "text": "A recent lawsuit filed by Limbach subsidiary Jake Marshall underscores why evaluating working capital is crucial. After a prime contractor abandoned a project where Jake Marshall was a subcontractor, Jake Marshall was left with a $4.6 million unpaid balance, $3.4 million of which was from unapproved change orders.",
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      "text": "Source: Jake Marshall LLC. vs. Liberty Mutual, Red line emphasis by Spruce Point",
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      "text": "Lawsuit Highlights Need To Consider Working Capital When Evaluating Free Cash Flow",
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