Revenue VolatilityLumpy top-line reduces predictability of earnings and hampers planning for marketing, hires, and capex. Volatility suggests client/campaign timing or concentration risk; recurring margin gains could be eroded if revenue weakens, increasing execution and forecasting risk.
Rising LeverageHigher debt levels limit financial flexibility and raise interest obligations, constraining capital allocation in downturns. A continued upward leverage trend increases refinancing and liquidity risk, which can pressure investment in growth or shareholder returns over the medium term.
Inconsistent Cash ConversionWorking-capital and timing swings make operating cash flows unpredictable despite strong FCF in 2025. This variability can force short-term financing needs, complicate budgeting, and undermine the durability of free-cash-flow gains across business cycles.