Slow adoption of software defined wide area network (SD-WAN) product offerings. Declining product sales. Leading market share in WAN optimization. Recurring maintenance and support above 50% of revenue. High leverage. Private equity ownership. Positive free cash flow generation. The outlook is negative, reflecting recent weakness in product revenue, which has caused leverage to rise to the low-7x area, and the risk of sustained declines in Riverbed's core WAN-optimization market and increasing pricing pressure. While S&P Global Ratings projects that Riverbed's revenues will recover later in 2017, the timing and magnitude of the recovery are less certain. We could revise the outlook to stable if Riverbed maintains its market position and deleverages below 7x over the next 12 months, with free
