Future Growth ConcernsWith Online price increases largely a FY26 event, there is a lack of confidence that the accelerated growth is durable into FY27.
Growth ChallengesGrowth acceleration beyond ~5% remains unclear and AI monetization remains difficult to see with functionality added to paid SKUs at no extra cost.
Online Business GrowthThe large online business, comprising ~40% of revenue, continues to grow just a touch over 0%, which blends down overall growth rates.