...FinThrive's highly levered capital structure, with roughly $1.9 billion of floating debt, will result in a hefty increase in interest expense as benchmark rates climb, which prompted our change in outlook to negative from stable. Pro forma leverage as of June 2022 is very high, above 10x (Moody's adjusted, excluding preferred equity, net of capitalized software expenses and after giving partial credit to margin improvement initiatives). We expect free cash flow to remain negative over the next 12-18 months, as Libor approaches 5%. Large pro forma EBITDA add-backs and a short operating history result in limited visibility into the long-term profitability and cash flow profile of the going concern, which elevates risks. While we expect strong long-term EBITDA margins, above 40% (Moody's adjusted before capitalized software costs), the company's ability to delever and generate positive free cash flow will be challenged if operating results are weaker than expected or interest rate benchmarks...