Weak profitability, small scale, and client concentration within the volatile and highly fragmented electronics subsystems industry; Moderate exposure to legacy telecommunications products in secular decline; and Significant seasonal working capital swings related to client inventory needs. Minimal positive free cash flow in 2018, expected to improve to $20 million-$30 million in 2019; Adequate liquidity from internal and external sources, including the company's $115 million revolving credit facility; and No near-term debt maturities until $233 million of outstanding senior secured notes due October 2020. The stable outlook reflects S&P Global Ratings' expectation that despite a highly competitive operating environment, Artesyn Embedded Technologies Inc. will have flat to low single-digit revenue growth over the next 12 months while generating flat to slightly
