Revenue Growth DecelerationA marked slowdown in top-line growth to ~3% TTM signals maturation pressures and more difficult comps. Persistently slower revenue growth constrains absolute EBITDA and FCF expansion, forcing a heavier reliance on take-rate, product mixes, or cost actions to sustain margin progress.
RNPL Cash-Timing & Cancellation RiskReserve Now, Pay Later materially changes cash flow timing and has higher cancellations, creating durable volatility in quarter-to-quarter cash conversion. This raises working capital variability, complicates cash forecasting and could modestly increase operating risk as RNPL scales.
Hotel Expansion & Conversion GapsExpanding into hotels is strategically attractive but remains early stage and conversion lags OTAs, requiring sustained product and distribution investment. Failure to improve conversion could limit diversification benefits and slow revenue mix improvement over the medium term.