Customer ConcentrationReported results are complicated by customer concentration (largest customer is 46% of revenue), contractual changes, business mix, and network incentive accounting changes.
Regulatory ImpactRegulatory pressures are moderating but remain a headwind, impacting stock performance due to delays in new card program launches.
Revenue PressureLaunch delays, new program weakness, and select customers moving certain services in-house have pressured the company’s revenue and gross profit growth.