Competitive EnvironmentThe commoditization of UCaaS paired with RingCentral's strategic shift in CCaaS will likely challenge top-line stabilization.
Market ExpansionThe UCaaS market growth has slowed, growing at a mid-single-digit rate, which could affect RingCentral's market expansion.
Revenue GuidanceManagement guided 2025 revenue growth below consensus, implying a deceleration from 2024.