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. High leverage in the mid-5x area expected to decline to the low-5x by fiscal year-end 2017; Good profitability with EBITDA margins in the low- to mid-30% area; and Free operating cash flow (FOCF) to debt in the low-double-digit percent area in 2017. The stable outlook reflects S&P Global Ratings' expectation that EagleView Technology Corp. will maintain its leadership position in the aerial imagery software niche market, continue to achieve good revenue growth while maintaining EBITDA margins in the low- to mid-30% area, and generate positive free cash flow of over
