In the bygone era of cheap debt, private equity groups loved software companies. Financial engineers even created a new type of leverage: loans based on annual recurring revenue (ARR) from software subscriptions. Multiples were seemingly tolerable. But conventionally defined leverage from ARR loans often approached or exceeded 10 times ebitda.
在過去的廉價債務時代，私募股權集團喜歡軟件公司。金融工程師甚至創造了一種新的杠桿：基于軟件訂閱年度經常性收入(ARR)的貸款。估值倍數似乎是可以忍受的。但按傳統定義，ARR貸款的杠桿率往往接近或超過息稅折舊攤銷前利潤(ebitda)的10倍。
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