Limited operational scale and modest competitive position. Predictable and highly recurring revenue base with maintenance renewals in the high-90% area. Growing customer base. Leverage reflects recent debt-financed shareholder dividends. While the company enjoys good free operating cash flow, it needs to demonstrate a more consistent financial policy given recent recapitalizations. The positive outlook reflects our view that the company's debt leverage will decrease over the next 12 months, toward prior levels in the mid-4x area. While we do not expect to lower the rating over the next year, we would revise the outlook to stable if leverage doesn't fall from current levels because of acquisitions or dividends, or if pricing pressures related to increased competition in the marketplace or a
