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.
在过去的廉价债务时代，私募股权集团喜欢软件公司。金融工程师甚至创造了一种新的杠杆：基于软件订阅年度经常性收入(ARR)的贷款。估值倍数似乎是可以忍受的。但按传统定义，ARR贷款的杠杆率往往接近或超过息税折旧摊销前利润(ebitda)的10倍。
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