...November 12, 2024 Due to shift toward subscription revenue and stable EBITDA margins, we expect SolarWinds Holdings Inc. will be able to improve its credit metrics in 2024. Even as customers evaluate cash spend in an uncertain macroeconomic environment in 2024, SolarWinds has been seeing stable demand for its network management and security solutions as it shifts its customers to subscription revenue. SolarWinds has seen a more than 30% year-over-year growth in subscription revenue for third quarter of 2024, which has helped offset the more than 10% decline in license and maintenance revenue. Due to that strong subscription revenue growth, we expect SolarWinds to grow total revenue in the 3%-5% area in 2024. Even as SolarWinds transitions to subscription revenue, it has been able to keep EBITDA margins stable in 2024. Due to its focus on profitability and improved operating leverage, SolarWinds' EBITDA margins have expanded more than 150 basis points year over year from third quarter of...
