Substantial Remaining DebtAlthough leverage has improved, materially sized debt still exists and constrains financial flexibility. Continued debt servicing requires consistent cash generation; if topline or margins weaken, debt burden could limit capacity for M&A, capex or increased shareholder returns in the coming quarters.
Historical Margin And FCF FluctuationsPast volatility in net profit margins and free cash flow suggests earnings and cash generation can be uneven, likely reflecting client/project timing or mix effects. That pattern raises uncertainty about sustaining recent improvements and complicates medium‑term planning and capital allocation.
Limited Organizational ScaleA relatively small employee base indicates more limited scale versus larger agencies, which can restrict capacity for large client wins, geographic expansion, or rapid product diversification. Scaling requires sustained investment and may pressure margins during growth phases.