Highly diversified customer base with low customer concentration Above-average EBITDA margins Large recurring revenue base Smaller scale in a fragmented industry with larger competitors Adjusted leverage in the low 9x area at Sept. 30, 2016 (not pro forma for the expected LOGICnow cost synergies) Strong free operating cash flow Cash balance of $77 million Financial sponsor ownership The negative outlook reflects our view of SolarWinds Holdings Inc.'s high leverage and the potential for leverage to stay at this level should the company fail to execute on planned revenue growth, cost synergies, or debt reductions. We could revise the outlook to stable if the company is able to delever through higher EBITDA resulting from continued revenue growth and planned synergies, or
