Customer ConcentrationLoss of a white-label partner has created a revenue headwind and underscores vulnerability from reliance on a small number of large customers.
Free Cash Flow PressureHigher capital spending for infrastructure refreshes, increased cash compensation, lower interest income, and rising cash taxes are putting downward pressure on free cash flow and financial flexibility.
Seat-based Revenue RiskRevenue tied to a seat-based model linked to white-collar headcount could constrain growth if corporate hiring weakens or headcount trends reverse.