Historical Profitability VolatilityRecorded net losses in 2021 and noted profitability swings indicate the business can deteriorate quickly. This volatility makes long-term planning and capital allocation harder, risks reinstating cost controls or dividend cuts, and raises execution risk for sustaining margins across cycles.
Prior Negative Operating/free Cash Flow PeriodsEarlier years of negative operating and free cash flow (2020–2021) show the company's cash generation is cyclical and can reverse. Even with recent improvement, recurrence during downturns could force external financing, delay investments, or pressure liquidity and creditor covenants over the medium term.
Multi-period Revenue And EPS DeclinesSignificant multi-period declines in reported RevenueGrowth and EPS growth indicate structural or demand weaknesses across prior periods. Such steep contraction trends constrain reinvestment, heighten sensitivity to market shifts, and increase uncertainty about the sustainability of recent improvements.