Distant second position in the highly competitive bicycle component market. The need for ongoing innovation, and research and development (R&D) spending, to remain competitive by continuously introducing new products to the market. High-profit volatility, and vulnerability of operating performance to weather and recalls. Current high leverage for the "significant" financial risk assessment. Funds from operations (FFO) to debt in the high-teens area and EBITDA coverage of interest in the 6x area, on average, through 2016. 2015 expected debt repayment, using free cash flow, to lower leverage to a level in line with the current financial risk assessment. The negative outlook on Chicago-based bicycle components manufacturer SRAM LLC reflects leverage measures that will remain weak in 2015, despite our expectation for
