Multi-year Revenue ContractionSustained multi-year revenue declines are the central durability risk: shrinking top line erodes scale economics, limits cross-sell of managed services, and makes margin and cash-flow gains harder to sustain. Without revenue stabilization, the turnaround is vulnerable.
Cash Flow Consistency Still DevelopingAlthough FCF is positive TTM, the decline versus prior year and prior negative years shows cash generation is variable. Inconsistent cash flow reduces capital allocation flexibility, increases sensitivity to customer payment cycles, and raises execution risk during revenue pressure.
Prior Multi-year Losses Increase Execution RiskThe business endured multi-year losses recently and only recently returned to positive ROE, implying the recovery is early. Historical deterioration highlights operational or market challenges that could re-emerge, so sustaining improvements requires consistent top-line traction and execution.