Approximately 80% of revenue is from largely recurring sources Minimal balance sheet risk Sizable market position as one of the largest independent financial adviser networks Short track record as stand-alone company Aggressive financial management, including willingness to operate with negative tangible equity Limited business diversification The stable outlook reflects S&P Global Ratings' expectation that Advisor Group Holdings Inc. will grow revenue and maintain EBITDA margins of approximately 10%. We expect the financial policy to remain aggressive, with negative tangible equity following the recapitalization and the potential for additional acquisitions that would push leverage slightly further up. We do not anticipate, however, another large-scale purchase that could drive debt to EBITDA multiples materially higher. A significant increase in debt to EBITDA,
