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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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  "notes": "The chart includes an arrow indicating the downward trend of Free Cash Flow despite rising EBITDA.",
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      "text": "We believe one of the clearest signs of aggressive accounting at Limbach is the disconnect between its steadily rising adjusted earnings and stagnant free cash flow.",
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      "kind": "chart",
      "text": "Limbach's Adj. EBITDA vs. Free Cash Flow",
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      "text": "Free Cash Flow: $18.3",
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      "text": "We believe one of the clearest signs of aggressive accounting at Limbach is the disconnect between its steadily rising adjusted earnings and stagnant free cash flow. Despite acquiring five companies between 2021 and 2024, our calculation for Limbach's LTM free cash flow is over $17 million below its 2020 level.",
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      "text": "Source: Limbach financial statements, Spruce Point analysis",
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      "kind": "title",
      "text": "We Believe The Strongest Signal For Aggressive Accounting Lies In Delta Between Adjusted Earnings And Free Cash Flow Growth",
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