Rising Carrier FeesAbsorbing higher carrier fees improves short‑term customer predictability but creates persistent cost uncertainty. Continued absorption would compress margins and cash conversion; eventual pass‑through risks churn or competitiveness effects, posing durable margin volatility.
Early-stage AI MonetizationAI features (Composer, Customer Agent) show promising outcomes but remain early-stage. Unclear pricing, adoption cadence, and enterprise scaling mean AI revenue is not yet a reliable diversification driver, creating execution and timing risk for sustained growth and margin uplift.
CFO Transition RiskA planned CFO departure introduces execution and continuity risk around financial planning, reporting, and capital allocation. Even with an orderly handover, successor selection or strategic shifts could affect budgeting, buyback execution, and investor communication over the medium term.