Narrow presence in the overall enterprise software information technology (IT) market, with a focus on the IT asset management (ITAM) and software license optimization (SLO) spaces Good market position in its core segments and a diverse customer base Entrenched nature of its products within its customers' IT environments Large and better-funded competitors such as IBM, HP and BMC in the IT asset management software space Ongoing transition to the SaaS revenue model, with a continued trend of higher services revenues and lower perpetual license bookings Adjusted leverage in the high 8x area, with preferred equity representing about 2x adjusted leverage Free cash flow of around $30 million annually Consistent EBITDA margins, just above 30% Adequate liquidity The outlook incorporates our
