Weak Cash ConversionLow cash conversion (OCF/net income 0.19) and declining free cash flow growth indicate earnings are not fully translating into cash. That constrains internally funded expansion, raises reliance on the cash balance for acquisitions, and necessitates working-capital discipline to sustain long-term investment.
Declining EBITDA MarginA meaningful drop in adjusted EBITDA margin signals margin pressure from integration costs, pricing, or higher operating spend. If persistent, lower operational leverage will reduce free cash generation and hamper the company's ability to fund growth or absorb cyclical public-sector delays without margin recovery.
Product & Market HeadwindsStructural challenges in key markets (NHS changes) and underperforming products (Strata, Attend Anywhere facing strong incumbents) create persistent revenue risk in public-sector accounts. Addressing these requires product repositioning and sales changes, which can take multiple quarters to stabilize growth.