Capital Intensity in Facility/Resi Services
How do you guys think about capital intensity in blue-collar service businesses? If you are self-performing the work, having a sufficient base of trucks/mowers/lifts/etc. is core to being able to deliver the service and continue scaling, but I have always seen people talk about the facility services space being asset-light. Are most OpCos really utilizing capital leases for their entire asset base, and if they are, doesn't this bring its own set of considerations for leverage ratios & equity value impact? Curious to hear how others with experience in the space have thought about it.
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