Competitive PressureIntensifying competition in the core market combined with a challenging macro backdrop could weigh on future growth and limit the company's pricing and retention dynamics.
Profitability Headwinds From AI And AcquisitionsNew AI capabilities and acquisition-related expenses are pressuring product gross margins and free cash flow margins, which may constrain near-term profitability improvements.
Sustainability Of OutperformanceA smaller-than-historical product revenue beat raises concern that revenue outperformance may be harder to sustain, creating investor uncertainty around future multiple expansion.