Intense competition from larger players, including incumbents and facility-based providers; Exposure to secularly pressured wireline operations; Favorable long-term growth prospects driven by strong demand for bandwidth, especially for wireless backhaul; Recurring revenue business model with multi-year contracts and sizable contractual revenue backlog; and Healthy margin profile with reported EBITDA margins of about 45%. We expect that adjusted debt-to-EBITDA will be in the mid- to high-4x area over the next couple of years as EBITDA growth is offset by debt-financed acquisitions and share repurchase activity; We expect free operating cash flow (FOCF) to debt will remain low at less than 5% due to substantial capital spending requirements to support growth; and Aggressive acquisition and capital allocation strategy. S&P Global Ratings' stable
