Sharp Revenue DeclineA greater-than-30% revenue contraction signals weakened demand or asset sales and erodes operating scale. Over a multi-month horizon this reduces leverage benefits, limits reinvestment capacity, and raises the risk that fixed property and corporate costs outpace top-line recovery, impairing sustainability.
Negative Operating And Free Cash FlowNegative operating cash flow and a dramatic free cash flow decline indicate liquidity strain and that operations do not generate needed cash. Persisting over months, this forces reliance on external funding, limits capex/development ability, and elevates refinancing and covenant risks for the property and services businesses.
Persistent Unprofitability And Weak MarginsOngoing negative net and gross margins with severely negative ROE show the company is not converting revenue into shareholder returns. Over several months this erodes equity, constrains reinvestment, and may necessitate asset disposals or restructuring to restore sustainable margins and capital efficiency.