Financial PerformanceThe company lowered its full year subscription revenue outlook by 1 percentage point and operating margin by approximately 3 percentage points while absorbing a $10M credit loss charge.
Growth And ProfitabilitySequential revenue growth has stalled, gross profit has declined for 2 straight quarters, and bookings trends are getting worse.
Leadership And Execution RiskThe leadership changes this year, which include a new COO, co-CEO, chief customer officer, and now CEO, are likely to create additional turbulence in the business and are an incremental source of execution risk.