{
  "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": 76,
  "pageCount": 86,
  "prevPage": 75,
  "nextPage": 77,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "The slide uses a combination of qualitative expert testimony and a supporting data table to validate a bearish thesis.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "quote_block",
    "comparison_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-b80c260b0389/76",
  "deckHref": "/decks/019dd923-622c-750b-8b99-b80c260b0389",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-b80c260b0389.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-b80c260b0389#slide-76",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "In addition to competitive pressure from scaling private PE platforms, an industry expert we spoke with noted that one of the biggest risks he sees for companies like Limbach is large OEM companies expanding their service and solutions businesses.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5370-75b3-9c65-ed7670aec6ac",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "In addition to competitive pressure from scaling private equity platforms, an industry expert we spoke with noted that one of the biggest risks he sees for companies like Limbach is large OEM companies expanding their service and solutions businesses.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eaa30b2c-9cf0-4896-8b5e-90a9a9db7321",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.62,
        "w": 0.42,
        "x": 0.02,
        "y": 0.31
      },
      "kind": "quote",
      "text": "…and that is a topic of concern because when OEM's get into this space, they are trying to, and they'll be very efficient if they want to just be aggressive with that to strike away these turnkey providers on larger key accounts...",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e815ecd2-7ab5-4fdf-bcbb-6e4c6bc2f1f8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"...and that is a topic of concern because when OEM's get into this space, which they are trying to, and they'll be very efficient if they want to just be aggressive with that to strike away these turnkey providers on larger key accounts and then just have the cake for themselves.\" — Industry Expert",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-5370-75b3-9c65-f2a6ae0ef217",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Spruce Point Research",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c09bc4a1-3b4e-4828-8af4-075dc67249af",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.66,
        "w": 0.54,
        "x": 0.44,
        "y": 0.27
      },
      "kind": "table",
      "text": "Examples of OEMs Acquiring Service Companies",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a019a3c5-6afe-482a-aa8a-05c22764db20",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.65,
        "x": 0.33,
        "y": 0.02
      },
      "kind": "title",
      "text": "We Believe The Market Underappreciates The Risk From Major OEMs Developing In-House Service Solutions",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fcee5afa-4829-45bc-b246-3ca4bd6fd6ec",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "preempt_rebuttal",
      "slug": null,
      "matchId": "688df448-7337-4cbd-b8fe-edc7b37f5fd0",
      "evidence": "The slide uses expert testimony and data to counter the market's current valuation of Limbach by highlighting an underappreciated risk.",
      "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
}