{
  "docId": "019dd923-622c-750b-8b99-b80c260b0389",
  "docSlug": "dee45f9e8542",
  "documentTitle": "Limbach Holdings, Inc. (LMB)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-07-22 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 69,
  "pageCount": 86,
  "prevPage": 68,
  "nextPage": 70,
  "slideType": "peer_benchmark",
  "function": "expose_gap",
  "density": "balanced",
  "nDataPoints": 80,
  "notes": "The slide uses a 'villain' framing (Limbach) vs 'hero' peers (FIX, EME) to argue for a lack of transparency.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-b80c260b0389/69",
  "deckHref": "/decks/019dd923-622c-750b-8b99-b80c260b0389",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-b80c260b0389.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-b80c260b0389#slide-69",
  "components": [
    {
      "bbox": {
        "h": 0.13,
        "w": 0.97,
        "x": 0.02,
        "y": 0.16
      },
      "kind": "callout",
      "text": "We believe Limbach's disclosures on revenue in its MD&A are weak, especially when stacked up against some of its peers. Limbach simply reports ODR vs. GCR segment revenue, while FIX breaks out its revenue by service, customer type, and activity type. EME even presents a sector breakdown by segment. These additional layers of detail provide investors with a clearer view of underlying business drivers and risk exposures. Limbach's limited disclosure, by contrast, makes it difficult to assess the sector concentration of its revenue base.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "30cddd81-69f5-4558-a82f-35e438eb8ea3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Limbach’s limited disclosure, by contrast, makes it difficult to assess the sector concentration of its revenue base.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5370-75b3-9c65-56d0c277243f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.35,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Spruce Point analysis, FIX Q1'25 10-Q, EME Q1'25 10-Q",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "16355c4a-7e27-4eb6-8371-58f6099fb18d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.48,
        "x": 0.02,
        "y": 0.32
      },
      "kind": "table",
      "text": "FIX's Q1'25 Revenue Disaggregation",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "412271b9-93fa-4c04-80ac-e765837d97cb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.48,
        "x": 0.51,
        "y": 0.32
      },
      "kind": "table",
      "text": "EME's Q1'25 Revenue Disaggregation",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c5bcf7b6-3905-433b-a7f7-68f34965f935",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.65,
        "x": 0.33,
        "y": 0.03
      },
      "kind": "title",
      "text": "Limbach's Revenue Disclosures Lack Depth When Compared With Peers",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5fa7b7ed-118b-41b1-afc0-724a1abb1cf7",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "8804200c-3326-41dd-b1bf-1cd47db47dc8",
      "evidence": "Directly compares Limbach's disclosure quality against FIX and EME to highlight a deficiency.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 80,
      "from": 31,
      "beatId": "05b3e7fe-8524-4292-9dca-69fe4e431e99",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Thesis Headline",
      "beatSlug": null,
      "evidence": "The document presents a clear thesis, highlighting several concerns and potential risks with Limbach's financials and operations",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}