Market ReactionThere is some risk of new investors reacting negatively should ACI revert to the more historical pattern of quarter-to-quarter volatility in Software license fees.
Revenue GrowthThere is an expectation of much more modest growth in total revenue and the possibility of lower or negative year-over-year growth in adjusted EBITDA over the next several quarters.
Valuation ConcernsDespite strong results, the shares are trading at an EV/FY25 EBITDA multiple of 13.5x, consistent with payments peers with similar growth and margin profiles.