The company is dependent on the competitiveness of Verizon Communications Inc.'s plans relative to other carriers to drive sales and profitability, which is largely a function of store traffic. The risk is compounded by the continued elongation of the wireless device upgrade cycle and potentially unfavorable changes to the commission structure arrangement with Verizon. Given the company's majority ownership by its founder and CEO as well as an aggressive growth track record, we expect the company will maintain high leverage through periodic debt-financed dividend transactions or acquisitions. The stable outlook reflects our expectation of adjusted debt to EBITDA the low- to- mid-4.0x area and fixed-charge coverage of just below 2.0x over the next year, given our expectation for EBITDA growth
