Customer Specific
Resi R&M's largest customer in 2025 in terms of revenue?
Invitation Homes
What does EBITDA stand for?
Earnings before Income Tax Depreciation & Amortization
What managed R&M customer had the highest job margin in 2025?
2nd Ave (19%)
What is Direct COGS? Give an explanation
Vendor costs
What managed resi R&M customer had the lowest job margin in 2025?
Invitation Homes (10.6%)
Why do we exclude interest expense when looking at EBITDA?
Interest expense is related to a company's capital structure (financing) not it's core operations
What managed R&M customer added the most doors to platform in 2025?
2nd Ave (~2000)
What are the 2 Adj. EBITDA profitability levels that are important to Lessen?
Debt and Mgmt
What customer had the largest YoY decline in revenue from 2024 to 2025?
Tricon/HPA
What is the bridge from Debt Adj. EBITDA to Mgmt Adj. EBITDA?
R&D Addback (Capitalized R&D) and Severance