bearish
OMI update
SUMMARY
It looks to me that the company is now run-rating to $500M of EBITDA, but it is possible that it is much lower depending on how Q3 turn out.
It was very possible that things were fine for the first 2 months of Q3 and then got really bad thereafter and so the run-rate EBITDA is actually much lower…but let’s just use $500M as our base case
Capex in this business is really closer to Opex. Apria is really a leasing/distribution business and so Capex is needed to keep the business running.
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