Competitive LandscapeThe competitive landscape has become more complicated with legacy players improving operations and customer retention, while start-ups continue to enter the space; win rates haven't been impacted thus far, but remains an item to monitor.
Government Decision DelaysTYL is among a group of names in our coverage that YTD has underperformed the S&P on exacerbating concerns of delay in decision making by government agencies, which some investors fear may lead to a deceleration in revenue growth.
SaaS ARR ConcernsInvestors continue to focus on SaaS ARR from new deals, which was expected to be down year-over-year in Q3 due to large deal activity a year ago.