The company's high-quality subscription-based revenue increases future operating performance visibility. The company has a large proportion of subscription-based revenues that are recurring in nature. Products support resident engagement, financial reporting, payment processing, and performance analytics, to name a few. We project retention rates will remain strong at over 95% as the solutions are mission critical while accounting for about 1% of a customer's operating expense. Subscription agreements generally are noncancellable, have an initial term of one year or longer, and are billed either monthly, quarterly, or annually in advance. The stable outlook reflects our expectation for high-single-digit percent organic revenue growth and expanding adjusted EBITDA margins, resulting in S&P Global Ratings-adjusted leverage declining to the mid-8x area (excluding class preferred
