Small operating scale and limited geographic diversity; Highly cyclical operating environment and end-market concentration; Leadership position in the niche aerial imagery software market; and High retention rates and recurring revenues. Relatively high leverage in the low-6x area; Good profitability with EBITDA margins in the low-30% area; and Free operating cash flow (FOCF) to debt near the high-single digits in 2016. The stable outlook reflects our expectation that EagleView Technology Corp. will maintain its leadership position in the aerial imagery software niche market, continue to achieve good revenue growth, and generate positive free cash flow. We could lower the rating if execution errors, client defections, or competitive pressures cause revenues or margins to decline, resulting in leverage staying above the mid-7x
