Investor SentimentDespite efforts towards achieving sustainable free cash flow, the lack of top-line growth is seen as a barrier to a positive re-rating of FCL's shares by investors.
Pipeline ConversionThe softening in Subscription growth outlook and the challenge in pipeline conversion has been disappointing, indicating potential difficulties in achieving projected revenues.
Revenue OutlookThe slower Subscription revenue outlook as implied by FCL's updated guidance has led to a reduction in the target multiple on Subscription, reflecting concerns about future growth.