We expect increased investments that support growth initiatives will decrease EBITDA margin to 32.5% in fiscal 2025 from around 37.5% in fiscal 2024. While debt to EBITDA has improved to about 6.2x in fiscal 2024, we expect these investments, moderating growth, and higher incremental term loan issuance ($300 million downsized from $420 million previously) to help fund the company?s planned dividend payment to its owners will increase leverage to about 7.9x and weaken FOCF to debt to a negative 1% in fiscal 2025 (from 3.3% in fiscal 2024). Despite our forecast for weaker credit metrics, Cloudera will operate within the expected range at the current rating. We expect cash flow will benefit from substantially lower restricted stock unit cash payments
