Rising LeverageAn increasing debt-to-equity trend raises financial risk and reduces balance sheet flexibility. Higher leverage can constrain investment choices, increase interest expense sensitivity, and amplify downside in weaker ad market conditions or short-term revenue setbacks.
Free Cash Flow VolatilityAlthough free cash flow has recovered, historical swings signal unstable cash conversion. Volatility in free cash flow complicates forecasting, limits reliable capital allocation, and may force reliance on borrowing or equity in adverse periods.
Profitability Margin FluctuationsNet margin variability suggests earnings are sensitive to cost or revenue mix shifts. Persistent margin swings can weaken long-term return predictability, complicate investor and lender assessments, and impair sustainable free cash generation under stress.