*******
*** *****'* ********* ***** the ******** ******* -** ***** *, **** press ********** **-**** ****** ************ ***** ****. *** credit ******* ** *** publicly ********* *** ** purchased ** *** $***, reviewed ** *** ******* it ******. ********* ** the ****** ******* ********* us **** ******* *** document ******.
Revenue ********* '** ***** **%'
**********'* ******* ** ******** to ******* ** ***** 10% **** ****, *** Moody's ****** *******:
** ****** * ******** in **** ** **********’* historically ****** ******-***** ******* growth ****, ** *decline ** ** ***** **%, and some margin pressure, resulting in higher Moody’s-adjusted debt-to-EBITDA leverage between 9.0 and 10.5 times. [emphasis added]
************** ***** **** ******* was'**** *** ** $*.* billion *******'. *************, ***** forecasts **** ** **** ~20% ** **** ****** a *******:
*****'* ******* *** ******* to ******** **** ******** of ************* $*.* *******.
*** **** ******* ******** certainly ******* ** *** the *********** ****** ***** out.

Covenant *** ********* *********** *****
*************, **** ****** ******* with ********* *******, ********** has ******* **** *********** due ** *** ***** junk ****. *****'* **** it *** **** **** (the **** ****** ****** given *** $** ******* for *** ** ** 2019) *** *** * $75 ******* ******** ***** it ********* ***** *********** hit. *** **** ******* falling ******* ***** ***********, this ** ******* ****** pressure ** ***** ****.
*****'* ******** *** ******** mechanics ****:
*** ****** ********* *** a ****** ********* ********: a ******, *.******* *** *****-**** *************** ******** ** *** revolver ****. *** ******** is ********* ** ******** borrowings ****** **% (***** $26 *******) ** *** commitment....
**********’* ************* $*** ******* of (********* ****) *****-**** term **** ****, **** the $** ******* ********
********** *** **** *** a ******** ** *** $75 ******* ******** ****** it ********* * $***+ million ****** ****** *** rate (*.*., ** ******** the *.** ***** ****** of *** ***** **** of $*** *******). *** problem ** **** ******* declining *** *********** ***** costs **** *** **** to ***, ********** *********** EBITDA ** *** ***** of *** **** ** very ****.
Pay ****, ********* *** '******** ****'
*************** *** ************ ****** significant ************* **% ******* *** salaried ********* **** ******** of ********** *******, *****'* described ** **** **********:
*** ******* *** ***** quickly ** ****** ******** costs *** *** ********* discretionary ****** *** ********* expenses.
***** **** *** ********** necessary **** *** *********** of **********'* ********** *** bondholders ** ****** *** bond ******** *** *** run *** ** ****.
Cash ********* / ******* *** ****
** **** ***, *****'* is ********** ****, **** those ******** ****, ********** will *** *** *** of ****:
**** ****** ******* *** company ******* * **** 2020 ** ***** **** cash ***** *** ** breakeven ** ****.
** ********** **** *** out ** ****, **** only **** $** ******* left ** **** ** tap ******* ******* ********** the ********, ***** ** just *.*% ** * billion-dollar ******* *******.
Re-Occuring ** *********
* ******** **** *****'* called *** *** *** the ***** ** ***** a *******-***** ********:
********** ** ** **** due ** *** *******-***** nature ** ******** ************ projects *** *** ******* lack ** *********, ********- or ************-***** ******** **** would ********* ******* ******* against *** ****** *** cancellations.
***** **** ** ******* obvious *** ****** ***********, Moody's ********* ** **** emphasize ****:

*** *****'* ******* *** the ********** ****** ****** answered ****'* ******** ** this, ****** *** **** subtle *********** ******* '**-********' and '*********':
****’* *** * *************. It’s **** **** *****’* a ****** ********** ******* “re-occurring” *** “*********” ******* models. ********* ******* ******, like ************-***** **** *** software *** ***** ** companies *** *****-********** *********, are **** ********* *** more **********, ***** ****’** contract *****. ********* *** typically ****-**** *** **** provide **** ******* ********** in *** ****. **********, however, **** *** **** recurring ********-***** ********. ***revenues *** “**-*********”, ** **** **** ****** ********** **** *** **** ********, *** **** *** **** **** ******* **** ************-***** ********. Each installation job is in effect a one-off project that does not in itself provide for an assured, future revenue stream the way a subscription contract does. That being said, each ************ *** ** **** ** *********** ** ***** * ****** ******* ************ **** * ******** so that that customer would use Convergint again in another project. Convergint seeks to grow along with its customers as they grow. [emphasis added]
***** **** ** *** aim ** ********* *** security ***********, ** ***** of ******, **** ** the ******* ** ****** lots ** ****. ******** can *** **** ** immediately *********, ************, ***** for ******** ** **** than * ****. **** puts ******* ********* ******** when **** ******** ***** needs ** ** ****.
No **** ************ *** *** **** ***** ******
****** *** ****, *****'* says **** ************ *** on ****:
** ** ****** ** conserve *****, ** *** also ****** ** *** historically ****** *********** *******
** ****** *** ******* to **** **** ********** in ***** **** ** order ** ******** *****.
$2.3 ******* ** ****
***** ** ****, **********'* plan ******** $*.* ******* annual ******* ** ****, a **** ** ~**%, shown ** *** ******* right **** ** ****:

** ********, *** *** line ******* **** ********** Moody's ********** ** ******* falling **** **** ****'* 'just *** ** $*.* billion' ** ~$* *******.
***** **** ** ******* to $*+ *******, **** like ***** **** ~$*** million ** * *******, was ** ***** **** based ** ************ - what ********** *** ******** to ** **% *******, 10% *********** **** ****.
Outlook **** - ****
*** *********** ********* ** so ******** *** ******* that *********** **** ******* any *******'* ******* **** be ** **** ** difficult.
*******, ** ****** ********** will ** ********** ** maintain *** ~$*.* ******* revenue ***** **** ******* last ****. *** ******* driver ** *** ****** in *** **** *******. Convergint *** ***** ****** advantage ** **** ********* during *** **** *****. They **** *** *********** maxed *** ** **** and ** **** ** difficult *** **** ** access *********** **** **** levels ** * ********* or ****-********* *****. ******* that **** *** ********** of *********** *** ****** of ********* **** **** acquired *** *** ***** scale **** **** *******, their ********* ** ****** may ** ******** **** a ***** ** ****** as **.
Vote / ****

Comments (28)
John Honovich
**** *** *** * Moody's ***** -********** *****'* ***** ******************** *****'* ****** *******(*********). ** ** **** in *** ****, ** bought *** ******** *** full ****** ******* *** the ******* **** *** allow ******* **. *** archiver ***'* *** ** post *** ***** ** the ****** **** *** we'll ***** **** *** add ** *** **** of *** ****** ***** today.
***, **** ***** ******** ****** ***** Convergint ********* **** ***** anger ** ****. * ********* **** it ********** ** ********** their ******** *** **** most ** **** **** an ********* **** ************* of *********. ** *** plus ****, ***** ***** shows *** ******** ** Convergint *******, ***** **** help **** ** **** crisis.
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Undisclosed Integrator #3
**** ********** ** *****: I ** *** **********. I ** * **********, who ****** **** **** in *** ***********, ** this ******* *** ****** bearing ** ** ********.
* ***** **** ******* actually **** ******* *** facts **** *****'* *** explaining **** **** ****** and ************** ************ **** most *** **********. * must ***** **** ******* a *****'* ****** **** with * ****** ** business *** ** *********.
** ******* *** **** on *** **** *** bad **** ** ****. While * ***** ********* they **** *** ****, they ****** **** ** find *** ********** ***** of *** ******.
********** *****.... **** ** they **** ** **** effect **** ******** ********** or **********?
** ******** *** ****** **** * ****** a ***** ****** ***** everyone **** *** ***... sorry *** **** ********** with ****.
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Undisclosed Manufacturer #4
** * ****** *** ADT *** *** **** see **** ******* *** love **** ****. * know ** ** **** not ** **** ****** on ** **** **** the ******* *** **** is **** ** * negative *******, *** * learned **** *** **** it ** * ***** of **** *** ****** to ***** ***** ** and ***** ******** ** you ***.
***** *** ********, *********, Seeking *****, ****** **** or **** ******** ********* blog ******* *** ***** are ********* ** ******** just **** **** *** informing *** ******** ** revised *********** *** *** reasons *** (*** **** all **** "**************" *********). It's ******* ********, * don't ***** *'** **** read * ******** ******* about ********** ** ****, you *** ** **** shape *** **** ******* won't ****** ****.
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Undisclosed Manufacturer #6
* ** *** ********** and *'* *** * competitor ******. ** ****, I ****** ***'* **** a *** ** **** fight. **** * **** interesting ** *** ******** economics. **** ****** ** about **********, *** ** could ** ***** * bunch ** ***** **********, regardless ** ***** ********. It's *** *** ** run *** ********, *** it ***** ** ******* into *** **** ***** companies *******. ********* **** isn't * *** ***** camera ****, *** ** is ******* ********* ** something **** *** **** impacts *** ********, *** also ******** ** *******.
* *** **'* *** fun ** ** *** subject ** *** ***********, but ** *** **** time, * ***** **'* valuable ** **** *** learn ****.
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Geoffrey King
* ***'* ******* ** the ********* ****** ** Convergint ** ***** ** so **** *********** ***** on ***** ***, *** I **** ****** ** comment ***** *** ******* of **********. ** ** opinion, ***** ******* ** very ********* ** *** the *****. **** **** incredible *********** ****** **** branch *** **** ****** their ********.
* **** ****** **** many ********** **** ******* throughout ** ******, **** of ***** * ***** put ** *** **** top ** ***** *****. At *** *** ** the ***, ************* *** big **** ** **** business (*** ******** ******) and **** ** ********* they ** **** ****.
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Undisclosed End User #9
*'** **** ********* **** and **** ***** ***** that **** **** ****. Holding **** ** ********** is ** ***** ** however, *** ******, ******** by ********** ***** *** what ** ******* ** places **** ** ***** Door ******* *** ****** Reviews, ** ***** ***** an *******? * ***'* think *** ********* ****** be ** *** ******* at ****; * ***** you *** ** ********** in *** ***** ** Convergint ** ********* *** Leadership *** **** ******* for? * **** ***'* know **** ** ***** when *** ****-***'* *** "I ** **********"?? *** all **** ********** **** appear ** ** ******....** third, ** * ********* owned ***********? ******* ***, the ******, *** *********** has *******. ** ******* has * ******* ********* and ** ******* ** safe ** ***** ************* times (******* *** *******), but **** ** *** asked ** **** ********* hits ***** ******* *** large ************* *************, ****** that *** ****** ******** suit ** **** ******, taking * ****** ** assess ***** *** *** Corporation's ****** ***** ** worthwhile. **** ******...
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Undisclosed #10
***** ****** **** **** I **** **** ********** that ***** *** **** Offices ** "***'*" **** will ** ****** **** ( *** **** **** Pharma, *** ********'/****** ******), in **** ***** *** 5 ***'* **** * have **** ******** ** pick ** **** **** since *** ***** *** as ********, ****** **** have ** ** ***.
******* *** ***** *** is ******* ***** ****** ( **** *********** ******* positions ****** ***** ***'*), and *** *** ********* of ********** ***** *** the **** *** **** likely ***** ** ** cut.
* **** *** *** not **** ********** ********* these ******. *** ** the ***** *********** ** my **** *** ******* hit ***. **** *** small ***** **** ** JCI, *** ** ****. They *** ******** ***** back ** *** **** bread ******* *** *** to **** ******* ******** around.
** **** ***** *** like * ***** ** will ********** **** **** to *********** *** **** do ******, ***** **** every ***** ******* *** there. **** ********* **** out ***** **** *** next ***** ** **** monopoly ***** **** ****** out * ****** **** to *** **** ***** with ***** * *** others.
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Undisclosed #11
** ********** *** *********? Could * **** ***** chuck **** ** * wood ***** ******?
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Undisclosed #2
*****'* *****...
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Undisclosed Manufacturer #13
***** *** * *** of ******* ****** ** Convergint *** ** ** unfortunate **** ** **** are ********* *** ** this. ** ** *********** to *** *** ********* that *** ******. ***** is *** ****** *** the ********** ***** ** are **, *** ************, we **** ******* *** down **** ***** **** the ********. **** ******* during * **** **** historical ****** ****** * correction *** *** *** a **** **** ******. A ***** ** ******** recurring ******* ****** **** been *** ***** ***** the ******* *** *** to **** ******* ********** storms. *************, * *** of **** ***'* ******** that ***** ******* ** short-term **** ** *** books. *******, ** ***** have **** *** ***** decision *** *** ******* and *** *********. ** no ***** *** ****** expect * ****** ******** but ***** **** ***** economic ******* **** ****** have **** *** *** from ****** ** ** much ****.
****** *** *** **** for ******** ********. ***** are * *** ** families ****** ** **** hard ********* ***** *** and *'* **** **** even **********'* *********** ***'* want ** *** ****.
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John Honovich
********** *** * *** video****** ** ****** ** their ********. ***** *** no ************ *** ******* given ***** *** ******** but ********* **** ***** to **** ******'* ******* up ***.
** *** * ********,**** ***** ************* *** ** *** the **** *********:
** ********:
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Undisclosed Integrator #12
** *** **** ***** with * ******** ** taking * *** ***** somewhere **** (* ***** see ************ **** *** regular ****** ***** *** postings) ** ******* **** Convergint, ***** *** *** want ** **** *** full ***** ** ***** the ****** ** *** company *** *** ******* for?
** *** **** ******* to ****** ***** ** the ******** ******** *** bonds ******* ** ********** came **, ***** *** not **** **** ***** that ******* **** ***** help ** **** ********?
** *** **** *** else ***** ***** ******* and ***** **** ** right ** *** **** end? ***** *********. *** sorry, *'* *** ****** to ****** ********** **** Enron, *** * ** trying ** **** * point, **'* **** ** like *** ******* *** work ***, *** *** should *****, **** ***** your ***. *** **** find ** * ****** mate. ****'* *** *******.
*** ** *********, *** I ***'* **** *** maybe **** **** ** can **** ***, *** much ** ********* ********** plans ** ********** *** tied ** ** ******* stock? *** ** ** Convergint *****, **** *** the ******* *** ****** Convergint ***** ********* *** other ***** ** **** options ** *** ********** plan? ***** *****, ** your ********** **** ** heavily ****** ** ******* stock, ***** *** *** want ** **** *** true ********* ****** ** the ******* ** *** could ****** ***** ** move **** *****?
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