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What changed: r6 to r7

First segment growth and cash scenarios and durable thesis. Corrects the earlier financing interpretation: zero coupon is not zero economic cost, and the filing cannot establish why the share price moved.

Retrieval clocks and internal hashes are excluded. Changed source or accounting definitions are not automatically an economic restatement. The authored reason describes the destination revision.

FieldBeforeAfter
/business/descriptionAxon Enterprise makes public-safety hardware and software: TASER energy weapons, body-worn and in-car cameras, and the Axon Cloud evidence, records and real-time operations software, most of it on multi-year subscriptions. Second-quarter 2026 revenue was $904 million, up 35%, a tenth consecutive quarter above 30% growth; annual recurring revenue rose 39% to $1.6 billion with 126% net revenue retention, and Software and Services revenue rose 36% to $398 million. Full-year 2026 revenue growth guidance was raised to 32-34% with a 25.5% adjusted EBITDA margin. Cash and equivalents were $598 million at June 30 against $1.73 billion of long-term debt; shares outstanding were 81.2 million on July 31. In September 2026 the company priced $1.0 billion of zero-coupon convertible senior notes due 2031 with capped call transactions.Axon sells connected devices and software for public safety and adjacent markets. TASER devices, cameras, drones and other hardware bring data into evidence management, real-time operations and workflow software. Contracts can bundle equipment and recurring services over multiple years. Growth comes from more customers, users, products and workflows; profit depends on software/device mix, service delivery costs and investment in development and sales. Stock compensation, acquisitions and financing affect how much business progress ultimately belongs to each share.
/business/drivers/0Recurring revenue compounding: ARR up 39% to $1.6 billion with 126% net revenue retention and ten straight quarters above 30% growth.Customer and workflow expansion drive recurring software revenue and retention.
/business/drivers/1Capital structure and use of proceeds: the $1.0 billion 0% convert due 2031 (conversion near $652, capped call to $1,050) and what the cash funds.Software, services and device mix determine gross margin and the cost of scaling the platform.
/business/drivers/2Convert-day mechanics versus fundamentals: hedging flow around pricing is short-lived by construction; a read that growth needs outside capital is not.Stock compensation, acquisitions and convertible financing affect cash and diluted ownership.
/estimates/basisnot yet estimatedDesk base scenario from the operating model; not consensus.
/estimates/rows/2026Q3/as_ofNone2026-09-19
/estimates/rows/2026Q3/basisNoneDesk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.
/estimates/rows/2026Q3/classNoneestimate
/estimates/rows/2026Q3/periodNone2026Q3
/estimates/rows/2026Q3/revenueNone966609060.0
/estimates/rows/2026Q4/as_ofNone2026-09-19
/estimates/rows/2026Q4/basisNoneDesk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.
/estimates/rows/2026Q4/classNoneestimate
/estimates/rows/2026Q4/periodNone2026Q4
/estimates/rows/2026Q4/revenueNone1033198861.2
/estimates/rows/2027Q1/as_ofNone2026-09-19
/estimates/rows/2027Q1/basisNoneDesk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.
/estimates/rows/2027Q1/classNoneestimate
/estimates/rows/2027Q1/periodNone2027Q1
/estimates/rows/2027Q1/revenueNone1104471511.0800002
/estimates/rows/2027Q2/as_ofNone2026-09-19
/estimates/rows/2027Q2/basisNoneDesk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.
/estimates/rows/2027Q2/classNoneestimate
/estimates/rows/2027Q2/periodNone2027Q2
/estimates/rows/2027Q2/revenueNone1180762977.4094403
/meta/research_reviewed_atNone2026-09-19
/meta/research_stageNoneoperating_scenarios
/meta/revision67
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/operating_model/cells/base_2026q3_sw_gp:base/basisNoneRevenue times GAAP segment margin assumption.
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/operating_model/cells/base_2026q3_sw_gp:base/formula/refs/0Nonebase_2026q3_sw
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/operating_model/cells/base_2026q3_sw_gp:base/kindNonederived
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/operating_model/cells/base_2026q3_sw_gp:base/periodNone2026Q3
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/operating_model/cells/base_2026q4_capex:base/periodNone2026Q4
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/operating_model/cells/base_2026q4_opex:base/basisNoneRevenue times GAAP expense ratio, including stock compensation.
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/operating_model/cells/base_2026q4_sw:base/formula/refs/0Nonebase_2026q3_sw
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/operating_model/cells/base_2026q4_sw_gp:base/basisNoneRevenue times GAAP segment margin assumption.
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/operating_model/cells/base_2026q4_sw_gp:base/formula/refs/0Nonebase_2026q4_sw
/operating_model/cells/base_2026q4_sw_gp:base/formula/refs/1Nonebase_sw_margin
/operating_model/cells/base_2026q4_sw_gp:base/idNonebase_2026q4_sw_gp
/operating_model/cells/base_2026q4_sw_gp:base/kindNonederived
/operating_model/cells/base_2026q4_sw_gp:base/labelNonesw gross profit
/operating_model/cells/base_2026q4_sw_gp:base/periodNone2026Q4
/operating_model/cells/base_2026q4_sw_gp:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_sw_gp:base/valueNone334.10585548800003
/operating_model/cells/base_2027q1_capex:base/basisNoneAllocated annual capex after H1 actual.
/operating_model/cells/base_2027q1_capex:base/caseNonebase
/operating_model/cells/base_2027q1_capex:base/formula/opNonemultiply
/operating_model/cells/base_2027q1_capex:base/formula/refs/0Nonebase_annual_capex27
/operating_model/cells/base_2027q1_capex:base/formula/refs/1Nonebase_quarter
/operating_model/cells/base_2027q1_capex:base/idNonebase_2027q1_capex
/operating_model/cells/base_2027q1_capex:base/kindNonederived
/operating_model/cells/base_2027q1_capex:base/labelNonePP&E capex
/operating_model/cells/base_2027q1_capex:base/periodNone2027Q1
/operating_model/cells/base_2027q1_capex:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_capex:base/valueNone50.0
/operating_model/cells/base_2027q1_cfo:base/basisNoneRevenue times independent cash-conversion assumption.
/operating_model/cells/base_2027q1_cfo:base/caseNonebase
/operating_model/cells/base_2027q1_cfo:base/formula/opNonemultiply
/operating_model/cells/base_2027q1_cfo:base/formula/refs/0Nonebase_2027q1_rev
/operating_model/cells/base_2027q1_cfo:base/formula/refs/1Nonebase_cash_ratio
/operating_model/cells/base_2027q1_cfo:base/idNonebase_2027q1_cfo
/operating_model/cells/base_2027q1_cfo:base/kindNonederived
/operating_model/cells/base_2027q1_cfo:base/labelNoneOperating cash
/operating_model/cells/base_2027q1_cfo:base/periodNone2027Q1
/operating_model/cells/base_2027q1_cfo:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_cfo:base/valueNone99.40243599720002
/operating_model/cells/base_2027q1_fcf:base/basisNoneOperating cash less modeled capex; excludes acquisitions and financing.
/operating_model/cells/base_2027q1_fcf:base/caseNonebase
/operating_model/cells/base_2027q1_fcf:base/formula/opNonesubtract
/operating_model/cells/base_2027q1_fcf:base/formula/refs/0Nonebase_2027q1_cfo
/operating_model/cells/base_2027q1_fcf:base/formula/refs/1Nonebase_2027q1_capex
/operating_model/cells/base_2027q1_fcf:base/idNonebase_2027q1_fcf
/operating_model/cells/base_2027q1_fcf:base/kindNonederived
/operating_model/cells/base_2027q1_fcf:base/labelNoneCash after PP&E capex
/operating_model/cells/base_2027q1_fcf:base/periodNone2027Q1
/operating_model/cells/base_2027q1_fcf:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_fcf:base/valueNone49.402435997200016
/operating_model/cells/base_2027q1_gp:base/basisNoneSum of segment gross profits.
/operating_model/cells/base_2027q1_gp:base/caseNonebase
/operating_model/cells/base_2027q1_gp:base/formula/opNonesum
/operating_model/cells/base_2027q1_gp:base/formula/refs/0Nonebase_2027q1_sw_gp
/operating_model/cells/base_2027q1_gp:base/formula/refs/1Nonebase_2027q1_hw_gp
/operating_model/cells/base_2027q1_gp:base/idNonebase_2027q1_gp
/operating_model/cells/base_2027q1_gp:base/kindNonederived
/operating_model/cells/base_2027q1_gp:base/labelNoneConsolidated gross profit
/operating_model/cells/base_2027q1_gp:base/periodNone2027Q1
/operating_model/cells/base_2027q1_gp:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_gp:base/valueNone662.4906878510401
/operating_model/cells/base_2027q1_hw:base/basisNonePrior-quarter revenue times sequential growth factor.
/operating_model/cells/base_2027q1_hw:base/caseNonebase
/operating_model/cells/base_2027q1_hw:base/formula/opNonemultiply
/operating_model/cells/base_2027q1_hw:base/formula/refs/0Nonebase_2026q4_hw
/operating_model/cells/base_2027q1_hw:base/formula/refs/1Nonebase_hw_growth
/operating_model/cells/base_2027q1_hw:base/idNonebase_2027q1_hw
/operating_model/cells/base_2027q1_hw:base/kindNonederived
/operating_model/cells/base_2027q1_hw:base/labelNoneConnected Devices revenue
/operating_model/cells/base_2027q1_hw:base/periodNone2027Q1
/operating_model/cells/base_2027q1_hw:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_hw:base/valueNone603.3127278480001
/operating_model/cells/base_2027q1_hw_gp:base/basisNoneRevenue times GAAP segment margin assumption.
/operating_model/cells/base_2027q1_hw_gp:base/caseNonebase
/operating_model/cells/base_2027q1_hw_gp:base/formula/opNonemultiply
/operating_model/cells/base_2027q1_hw_gp:base/formula/refs/0Nonebase_2027q1_hw
/operating_model/cells/base_2027q1_hw_gp:base/formula/refs/1Nonebase_hw_margin
/operating_model/cells/base_2027q1_hw_gp:base/idNonebase_2027q1_hw_gp
/operating_model/cells/base_2027q1_hw_gp:base/kindNonederived
/operating_model/cells/base_2027q1_hw_gp:base/labelNonehw gross profit
/operating_model/cells/base_2027q1_hw_gp:base/periodNone2027Q1
/operating_model/cells/base_2027q1_hw_gp:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_hw_gp:base/valueNone301.65636392400006
/operating_model/cells/base_2027q1_op:base/basisNoneGross profit less GAAP expenses.
/operating_model/cells/base_2027q1_op:base/caseNonebase
/operating_model/cells/base_2027q1_op:base/formula/opNonesubtract
/operating_model/cells/base_2027q1_op:base/formula/refs/0Nonebase_2027q1_gp
/operating_model/cells/base_2027q1_op:base/formula/refs/1Nonebase_2027q1_opex
/operating_model/cells/base_2027q1_op:base/idNonebase_2027q1_op
/operating_model/cells/base_2027q1_op:base/kindNonederived
/operating_model/cells/base_2027q1_op:base/labelNoneGAAP operating income
/operating_model/cells/base_2027q1_op:base/periodNone2027Q1
/operating_model/cells/base_2027q1_op:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_op:base/valueNone66.07607186783991
/operating_model/cells/base_2027q1_opex:base/basisNoneRevenue times GAAP expense ratio, including stock compensation.
/operating_model/cells/base_2027q1_opex:base/caseNonebase
/operating_model/cells/base_2027q1_opex:base/formula/opNonemultiply
/operating_model/cells/base_2027q1_opex:base/formula/refs/0Nonebase_2027q1_rev
/operating_model/cells/base_2027q1_opex:base/formula/refs/1Nonebase_opex_ratio
/operating_model/cells/base_2027q1_opex:base/idNonebase_2027q1_opex
/operating_model/cells/base_2027q1_opex:base/kindNonederived
/operating_model/cells/base_2027q1_opex:base/labelNoneGAAP operating expenses
/operating_model/cells/base_2027q1_opex:base/periodNone2027Q1
/operating_model/cells/base_2027q1_opex:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_opex:base/valueNone596.4146159832002
/operating_model/cells/base_2027q1_rev:base/basisNoneSum of segment revenues.
/operating_model/cells/base_2027q1_rev:base/caseNonebase
/operating_model/cells/base_2027q1_rev:base/formula/opNonesum
/operating_model/cells/base_2027q1_rev:base/formula/refs/0Nonebase_2027q1_sw
/operating_model/cells/base_2027q1_rev:base/formula/refs/1Nonebase_2027q1_hw
/operating_model/cells/base_2027q1_rev:base/idNonebase_2027q1_rev
/operating_model/cells/base_2027q1_rev:base/kindNonederived
/operating_model/cells/base_2027q1_rev:base/labelNoneConsolidated revenue
/operating_model/cells/base_2027q1_rev:base/periodNone2027Q1
/operating_model/cells/base_2027q1_rev:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_rev:base/valueNone1104.4715110800003
/operating_model/cells/base_2027q1_sw:base/basisNonePrior-quarter revenue times sequential growth factor.
/operating_model/cells/base_2027q1_sw:base/caseNonebase
/operating_model/cells/base_2027q1_sw:base/formula/opNonemultiply
/operating_model/cells/base_2027q1_sw:base/formula/refs/0Nonebase_2026q4_sw
/operating_model/cells/base_2027q1_sw:base/formula/refs/1Nonebase_sw_growth
/operating_model/cells/base_2027q1_sw:base/idNonebase_2027q1_sw
/operating_model/cells/base_2027q1_sw:base/kindNonederived
/operating_model/cells/base_2027q1_sw:base/labelNoneSoftware & Services revenue
/operating_model/cells/base_2027q1_sw:base/periodNone2027Q1
/operating_model/cells/base_2027q1_sw:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_sw:base/valueNone501.1587832320001
/operating_model/cells/base_2027q1_sw_gp:base/basisNoneRevenue times GAAP segment margin assumption.
/operating_model/cells/base_2027q1_sw_gp:base/caseNonebase
/operating_model/cells/base_2027q1_sw_gp:base/formula/opNonemultiply
/operating_model/cells/base_2027q1_sw_gp:base/formula/refs/0Nonebase_2027q1_sw
/operating_model/cells/base_2027q1_sw_gp:base/formula/refs/1Nonebase_sw_margin
/operating_model/cells/base_2027q1_sw_gp:base/idNonebase_2027q1_sw_gp
/operating_model/cells/base_2027q1_sw_gp:base/kindNonederived
/operating_model/cells/base_2027q1_sw_gp:base/labelNonesw gross profit
/operating_model/cells/base_2027q1_sw_gp:base/periodNone2027Q1
/operating_model/cells/base_2027q1_sw_gp:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_sw_gp:base/valueNone360.83432392704003
/operating_model/cells/base_2027q2_capex:base/basisNoneAllocated annual capex after H1 actual.
/operating_model/cells/base_2027q2_capex:base/caseNonebase
/operating_model/cells/base_2027q2_capex:base/formula/opNonemultiply
/operating_model/cells/base_2027q2_capex:base/formula/refs/0Nonebase_annual_capex27
/operating_model/cells/base_2027q2_capex:base/formula/refs/1Nonebase_quarter
/operating_model/cells/base_2027q2_capex:base/idNonebase_2027q2_capex
/operating_model/cells/base_2027q2_capex:base/kindNonederived
/operating_model/cells/base_2027q2_capex:base/labelNonePP&E capex
/operating_model/cells/base_2027q2_capex:base/periodNone2027Q2
/operating_model/cells/base_2027q2_capex:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_capex:base/valueNone50.0
/operating_model/cells/base_2027q2_cfo:base/basisNoneRevenue times independent cash-conversion assumption.
/operating_model/cells/base_2027q2_cfo:base/caseNonebase
/operating_model/cells/base_2027q2_cfo:base/formula/opNonemultiply
/operating_model/cells/base_2027q2_cfo:base/formula/refs/0Nonebase_2027q2_rev
/operating_model/cells/base_2027q2_cfo:base/formula/refs/1Nonebase_cash_ratio
/operating_model/cells/base_2027q2_cfo:base/idNonebase_2027q2_cfo
/operating_model/cells/base_2027q2_cfo:base/kindNonederived
/operating_model/cells/base_2027q2_cfo:base/labelNoneOperating cash
/operating_model/cells/base_2027q2_cfo:base/periodNone2027Q2
/operating_model/cells/base_2027q2_cfo:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_cfo:base/valueNone106.26866796684962
/operating_model/cells/base_2027q2_fcf:base/basisNoneOperating cash less modeled capex; excludes acquisitions and financing.
/operating_model/cells/base_2027q2_fcf:base/caseNonebase
/operating_model/cells/base_2027q2_fcf:base/formula/opNonesubtract
/operating_model/cells/base_2027q2_fcf:base/formula/refs/0Nonebase_2027q2_cfo
/operating_model/cells/base_2027q2_fcf:base/formula/refs/1Nonebase_2027q2_capex
/operating_model/cells/base_2027q2_fcf:base/idNonebase_2027q2_fcf
/operating_model/cells/base_2027q2_fcf:base/kindNonederived
/operating_model/cells/base_2027q2_fcf:base/labelNoneCash after PP&E capex
/operating_model/cells/base_2027q2_fcf:base/periodNone2027Q2
/operating_model/cells/base_2027q2_fcf:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_fcf:base/valueNone56.26866796684962
/operating_model/cells/base_2027q2_gp:base/basisNoneSum of segment gross profits.
/operating_model/cells/base_2027q2_gp:base/caseNonebase
/operating_model/cells/base_2027q2_gp:base/formula/opNonesum
/operating_model/cells/base_2027q2_gp:base/formula/refs/0Nonebase_2027q2_sw_gp
/operating_model/cells/base_2027q2_gp:base/formula/refs/1Nonebase_2027q2_hw_gp
/operating_model/cells/base_2027q2_gp:base/idNonebase_2027q2_gp
/operating_model/cells/base_2027q2_gp:base/kindNonederived
/operating_model/cells/base_2027q2_gp:base/labelNoneConsolidated gross profit
/operating_model/cells/base_2027q2_gp:base/periodNone2027Q2
/operating_model/cells/base_2027q2_gp:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_gp:base/valueNone709.4568156006434
/operating_model/cells/base_2027q2_hw:base/basisNonePrior-quarter revenue times sequential growth factor.
/operating_model/cells/base_2027q2_hw:base/caseNonebase
/operating_model/cells/base_2027q2_hw:base/formula/opNonemultiply
/operating_model/cells/base_2027q2_hw:base/formula/refs/0Nonebase_2027q1_hw
/operating_model/cells/base_2027q2_hw:base/formula/refs/1Nonebase_hw_growth
/operating_model/cells/base_2027q2_hw:base/idNonebase_2027q2_hw
/operating_model/cells/base_2027q2_hw:base/kindNonederived
/operating_model/cells/base_2027q2_hw:base/labelNoneConnected Devices revenue
/operating_model/cells/base_2027q2_hw:base/periodNone2027Q2
/operating_model/cells/base_2027q2_hw:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_hw:base/valueNone639.5114915188801
/operating_model/cells/base_2027q2_hw_gp:base/basisNoneRevenue times GAAP segment margin assumption.
/operating_model/cells/base_2027q2_hw_gp:base/caseNonebase
/operating_model/cells/base_2027q2_hw_gp:base/formula/opNonemultiply
/operating_model/cells/base_2027q2_hw_gp:base/formula/refs/0Nonebase_2027q2_hw
/operating_model/cells/base_2027q2_hw_gp:base/formula/refs/1Nonebase_hw_margin
/operating_model/cells/base_2027q2_hw_gp:base/idNonebase_2027q2_hw_gp
/operating_model/cells/base_2027q2_hw_gp:base/kindNonederived
/operating_model/cells/base_2027q2_hw_gp:base/labelNonehw gross profit
/operating_model/cells/base_2027q2_hw_gp:base/periodNone2027Q2
/operating_model/cells/base_2027q2_hw_gp:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_hw_gp:base/valueNone319.75574575944006
/operating_model/cells/base_2027q2_op:base/basisNoneGross profit less GAAP expenses.
/operating_model/cells/base_2027q2_op:base/caseNonebase
/operating_model/cells/base_2027q2_op:base/formula/opNonesubtract
/operating_model/cells/base_2027q2_op:base/formula/refs/0Nonebase_2027q2_gp
/operating_model/cells/base_2027q2_op:base/formula/refs/1Nonebase_2027q2_opex
/operating_model/cells/base_2027q2_op:base/idNonebase_2027q2_op
/operating_model/cells/base_2027q2_op:base/kindNonederived
/operating_model/cells/base_2027q2_op:base/labelNoneGAAP operating income
/operating_model/cells/base_2027q2_op:base/periodNone2027Q2
/operating_model/cells/base_2027q2_op:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_op:base/valueNone71.8448077995456
/operating_model/cells/base_2027q2_opex:base/basisNoneRevenue times GAAP expense ratio, including stock compensation.
/operating_model/cells/base_2027q2_opex:base/caseNonebase
/operating_model/cells/base_2027q2_opex:base/formula/opNonemultiply
/operating_model/cells/base_2027q2_opex:base/formula/refs/0Nonebase_2027q2_rev
/operating_model/cells/base_2027q2_opex:base/formula/refs/1Nonebase_opex_ratio
/operating_model/cells/base_2027q2_opex:base/idNonebase_2027q2_opex
/operating_model/cells/base_2027q2_opex:base/kindNonederived
/operating_model/cells/base_2027q2_opex:base/labelNoneGAAP operating expenses
/operating_model/cells/base_2027q2_opex:base/periodNone2027Q2
/operating_model/cells/base_2027q2_opex:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_opex:base/valueNone637.6120078010978
/operating_model/cells/base_2027q2_rev:base/basisNoneSum of segment revenues.
/operating_model/cells/base_2027q2_rev:base/caseNonebase
/operating_model/cells/base_2027q2_rev:base/formula/opNonesum
/operating_model/cells/base_2027q2_rev:base/formula/refs/0Nonebase_2027q2_sw
/operating_model/cells/base_2027q2_rev:base/formula/refs/1Nonebase_2027q2_hw
/operating_model/cells/base_2027q2_rev:base/idNonebase_2027q2_rev
/operating_model/cells/base_2027q2_rev:base/kindNonederived
/operating_model/cells/base_2027q2_rev:base/labelNoneConsolidated revenue
/operating_model/cells/base_2027q2_rev:base/periodNone2027Q2
/operating_model/cells/base_2027q2_rev:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_rev:base/valueNone1180.7629774094403
/operating_model/cells/base_2027q2_sw:base/basisNonePrior-quarter revenue times sequential growth factor.
/operating_model/cells/base_2027q2_sw:base/caseNonebase
/operating_model/cells/base_2027q2_sw:base/formula/opNonemultiply
/operating_model/cells/base_2027q2_sw:base/formula/refs/0Nonebase_2027q1_sw
/operating_model/cells/base_2027q2_sw:base/formula/refs/1Nonebase_sw_growth
/operating_model/cells/base_2027q2_sw:base/idNonebase_2027q2_sw
/operating_model/cells/base_2027q2_sw:base/kindNonederived
/operating_model/cells/base_2027q2_sw:base/labelNoneSoftware & Services revenue
/operating_model/cells/base_2027q2_sw:base/periodNone2027Q2
/operating_model/cells/base_2027q2_sw:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_sw:base/valueNone541.2514858905602
/operating_model/cells/base_2027q2_sw_gp:base/basisNoneRevenue times GAAP segment margin assumption.
/operating_model/cells/base_2027q2_sw_gp:base/caseNonebase
/operating_model/cells/base_2027q2_sw_gp:base/formula/opNonemultiply
/operating_model/cells/base_2027q2_sw_gp:base/formula/refs/0Nonebase_2027q2_sw
/operating_model/cells/base_2027q2_sw_gp:base/formula/refs/1Nonebase_sw_margin
/operating_model/cells/base_2027q2_sw_gp:base/idNonebase_2027q2_sw_gp
/operating_model/cells/base_2027q2_sw_gp:base/kindNonederived
/operating_model/cells/base_2027q2_sw_gp:base/labelNonesw gross profit
/operating_model/cells/base_2027q2_sw_gp:base/periodNone2027Q2
/operating_model/cells/base_2027q2_sw_gp:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_sw_gp:base/valueNone389.7010698412033
/operating_model/cells/base_2027q3_capex:base/basisNoneAllocated annual capex after H1 actual.
/operating_model/cells/base_2027q3_capex:base/caseNonebase
/operating_model/cells/base_2027q3_capex:base/formula/opNonemultiply
/operating_model/cells/base_2027q3_capex:base/formula/refs/0Nonebase_annual_capex27
/operating_model/cells/base_2027q3_capex:base/formula/refs/1Nonebase_quarter
/operating_model/cells/base_2027q3_capex:base/idNonebase_2027q3_capex
/operating_model/cells/base_2027q3_capex:base/kindNonederived
/operating_model/cells/base_2027q3_capex:base/labelNonePP&E capex
/operating_model/cells/base_2027q3_capex:base/periodNone2027Q3
/operating_model/cells/base_2027q3_capex:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_capex:base/valueNone50.0
/operating_model/cells/base_2027q3_cfo:base/basisNoneRevenue times independent cash-conversion assumption.
/operating_model/cells/base_2027q3_cfo:base/caseNonebase
/operating_model/cells/base_2027q3_cfo:base/formula/opNonemultiply
/operating_model/cells/base_2027q3_cfo:base/formula/refs/0Nonebase_2027q3_rev
/operating_model/cells/base_2027q3_cfo:base/formula/refs/1Nonebase_cash_ratio
/operating_model/cells/base_2027q3_cfo:base/idNonebase_2027q3_cfo
/operating_model/cells/base_2027q3_cfo:base/kindNonederived
/operating_model/cells/base_2027q3_cfo:base/labelNoneOperating cash
/operating_model/cells/base_2027q3_cfo:base/periodNone2027Q3
/operating_model/cells/base_2027q3_cfo:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_cfo:base/valueNone113.6190407194636
/operating_model/cells/base_2027q3_fcf:base/basisNoneOperating cash less modeled capex; excludes acquisitions and financing.
/operating_model/cells/base_2027q3_fcf:base/caseNonebase
/operating_model/cells/base_2027q3_fcf:base/formula/opNonesubtract
/operating_model/cells/base_2027q3_fcf:base/formula/refs/0Nonebase_2027q3_cfo
/operating_model/cells/base_2027q3_fcf:base/formula/refs/1Nonebase_2027q3_capex
/operating_model/cells/base_2027q3_fcf:base/idNonebase_2027q3_fcf
/operating_model/cells/base_2027q3_fcf:base/kindNonederived
/operating_model/cells/base_2027q3_fcf:base/labelNoneCash after PP&E capex
/operating_model/cells/base_2027q3_fcf:base/periodNone2027Q3
/operating_model/cells/base_2027q3_fcf:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_fcf:base/valueNone63.6190407194636
/operating_model/cells/base_2027q3_gp:base/basisNoneSum of segment gross profits.
/operating_model/cells/base_2027q3_gp:base/caseNonebase
/operating_model/cells/base_2027q3_gp:base/formula/opNonesum
/operating_model/cells/base_2027q3_gp:base/formula/refs/0Nonebase_2027q3_sw_gp
/operating_model/cells/base_2027q3_gp:base/formula/refs/1Nonebase_2027q3_hw_gp
/operating_model/cells/base_2027q3_gp:base/idNonebase_2027q3_gp
/operating_model/cells/base_2027q3_gp:base/kindNonederived
/operating_model/cells/base_2027q3_gp:base/labelNoneConsolidated gross profit
/operating_model/cells/base_2027q3_gp:base/periodNone2027Q3
/operating_model/cells/base_2027q3_gp:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_gp:base/valueNone759.8182459335061
/operating_model/cells/base_2027q3_hw:base/basisNonePrior-quarter revenue times sequential growth factor.
/operating_model/cells/base_2027q3_hw:base/caseNonebase
/operating_model/cells/base_2027q3_hw:base/formula/opNonemultiply
/operating_model/cells/base_2027q3_hw:base/formula/refs/0Nonebase_2027q2_hw
/operating_model/cells/base_2027q3_hw:base/formula/refs/1Nonebase_hw_growth
/operating_model/cells/base_2027q3_hw:base/idNonebase_2027q3_hw
/operating_model/cells/base_2027q3_hw:base/kindNonederived
/operating_model/cells/base_2027q3_hw:base/labelNoneConnected Devices revenue
/operating_model/cells/base_2027q3_hw:base/periodNone2027Q3
/operating_model/cells/base_2027q3_hw:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_hw:base/valueNone677.8821810100129
/operating_model/cells/base_2027q3_hw_gp:base/basisNoneRevenue times GAAP segment margin assumption.
/operating_model/cells/base_2027q3_hw_gp:base/caseNonebase
/operating_model/cells/base_2027q3_hw_gp:base/formula/opNonemultiply
/operating_model/cells/base_2027q3_hw_gp:base/formula/refs/0Nonebase_2027q3_hw
/operating_model/cells/base_2027q3_hw_gp:base/formula/refs/1Nonebase_hw_margin
/operating_model/cells/base_2027q3_hw_gp:base/idNonebase_2027q3_hw_gp
/operating_model/cells/base_2027q3_hw_gp:base/kindNonederived
/operating_model/cells/base_2027q3_hw_gp:base/labelNonehw gross profit
/operating_model/cells/base_2027q3_hw_gp:base/periodNone2027Q3
/operating_model/cells/base_2027q3_hw_gp:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_hw_gp:base/valueNone338.94109050500646
/operating_model/cells/base_2027q3_op:base/basisNoneGross profit less GAAP expenses.
/operating_model/cells/base_2027q3_op:base/caseNonebase
/operating_model/cells/base_2027q3_op:base/formula/opNonesubtract
/operating_model/cells/base_2027q3_op:base/formula/refs/0Nonebase_2027q3_gp
/operating_model/cells/base_2027q3_op:base/formula/refs/1Nonebase_2027q3_opex
/operating_model/cells/base_2027q3_op:base/idNonebase_2027q3_op
/operating_model/cells/base_2027q3_op:base/kindNonederived
/operating_model/cells/base_2027q3_op:base/labelNoneGAAP operating income
/operating_model/cells/base_2027q3_op:base/periodNone2027Q3
/operating_model/cells/base_2027q3_op:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_op:base/valueNone78.10400161672442
/operating_model/cells/base_2027q3_opex:base/basisNoneRevenue times GAAP expense ratio, including stock compensation.
/operating_model/cells/base_2027q3_opex:base/caseNonebase
/operating_model/cells/base_2027q3_opex:base/formula/opNonemultiply
/operating_model/cells/base_2027q3_opex:base/formula/refs/0Nonebase_2027q3_rev
/operating_model/cells/base_2027q3_opex:base/formula/refs/1Nonebase_opex_ratio
/operating_model/cells/base_2027q3_opex:base/idNonebase_2027q3_opex
/operating_model/cells/base_2027q3_opex:base/kindNonederived
/operating_model/cells/base_2027q3_opex:base/labelNoneGAAP operating expenses
/operating_model/cells/base_2027q3_opex:base/periodNone2027Q3
/operating_model/cells/base_2027q3_opex:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_opex:base/valueNone681.7142443167817
/operating_model/cells/base_2027q3_rev:base/basisNoneSum of segment revenues.
/operating_model/cells/base_2027q3_rev:base/caseNonebase
/operating_model/cells/base_2027q3_rev:base/formula/opNonesum
/operating_model/cells/base_2027q3_rev:base/formula/refs/0Nonebase_2027q3_sw
/operating_model/cells/base_2027q3_rev:base/formula/refs/1Nonebase_2027q3_hw
/operating_model/cells/base_2027q3_rev:base/idNonebase_2027q3_rev
/operating_model/cells/base_2027q3_rev:base/kindNonederived
/operating_model/cells/base_2027q3_rev:base/labelNoneConsolidated revenue
/operating_model/cells/base_2027q3_rev:base/periodNone2027Q3
/operating_model/cells/base_2027q3_rev:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_rev:base/valueNone1262.4337857718178
/operating_model/cells/base_2027q3_sw:base/basisNonePrior-quarter revenue times sequential growth factor.
/operating_model/cells/base_2027q3_sw:base/caseNonebase
/operating_model/cells/base_2027q3_sw:base/formula/opNonemultiply
/operating_model/cells/base_2027q3_sw:base/formula/refs/0Nonebase_2027q2_sw
/operating_model/cells/base_2027q3_sw:base/formula/refs/1Nonebase_sw_growth
/operating_model/cells/base_2027q3_sw:base/idNonebase_2027q3_sw
/operating_model/cells/base_2027q3_sw:base/kindNonederived
/operating_model/cells/base_2027q3_sw:base/labelNoneSoftware & Services revenue
/operating_model/cells/base_2027q3_sw:base/periodNone2027Q3
/operating_model/cells/base_2027q3_sw:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_sw:base/valueNone584.551604761805
/operating_model/cells/base_2027q3_sw_gp:base/basisNoneRevenue times GAAP segment margin assumption.
/operating_model/cells/base_2027q3_sw_gp:base/caseNonebase
/operating_model/cells/base_2027q3_sw_gp:base/formula/opNonemultiply
/operating_model/cells/base_2027q3_sw_gp:base/formula/refs/0Nonebase_2027q3_sw
/operating_model/cells/base_2027q3_sw_gp:base/formula/refs/1Nonebase_sw_margin
/operating_model/cells/base_2027q3_sw_gp:base/idNonebase_2027q3_sw_gp
/operating_model/cells/base_2027q3_sw_gp:base/kindNonederived
/operating_model/cells/base_2027q3_sw_gp:base/labelNonesw gross profit
/operating_model/cells/base_2027q3_sw_gp:base/periodNone2027Q3
/operating_model/cells/base_2027q3_sw_gp:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_sw_gp:base/valueNone420.87715542849963
/operating_model/cells/base_2027q4_capex:base/basisNoneAllocated annual capex after H1 actual.
/operating_model/cells/base_2027q4_capex:base/caseNonebase
/operating_model/cells/base_2027q4_capex:base/formula/opNonemultiply
/operating_model/cells/base_2027q4_capex:base/formula/refs/0Nonebase_annual_capex27
/operating_model/cells/base_2027q4_capex:base/formula/refs/1Nonebase_quarter
/operating_model/cells/base_2027q4_capex:base/idNonebase_2027q4_capex
/operating_model/cells/base_2027q4_capex:base/kindNonederived
/operating_model/cells/base_2027q4_capex:base/labelNonePP&E capex
/operating_model/cells/base_2027q4_capex:base/periodNone2027Q4
/operating_model/cells/base_2027q4_capex:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_capex:base/valueNone50.0
/operating_model/cells/base_2027q4_cfo:base/basisNoneRevenue times independent cash-conversion assumption.
/operating_model/cells/base_2027q4_cfo:base/caseNonebase
/operating_model/cells/base_2027q4_cfo:base/formula/opNonemultiply
/operating_model/cells/base_2027q4_cfo:base/formula/refs/0Nonebase_2027q4_rev
/operating_model/cells/base_2027q4_cfo:base/formula/refs/1Nonebase_cash_ratio
/operating_model/cells/base_2027q4_cfo:base/idNonebase_2027q4_cfo
/operating_model/cells/base_2027q4_cfo:base/kindNonederived
/operating_model/cells/base_2027q4_cfo:base/labelNoneOperating cash
/operating_model/cells/base_2027q4_cfo:base/periodNone2027Q4
/operating_model/cells/base_2027q4_cfo:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_cfo:base/valueNone121.48837605120268
/operating_model/cells/base_2027q4_fcf:base/basisNoneOperating cash less modeled capex; excludes acquisitions and financing.
/operating_model/cells/base_2027q4_fcf:base/caseNonebase
/operating_model/cells/base_2027q4_fcf:base/formula/opNonesubtract
/operating_model/cells/base_2027q4_fcf:base/formula/refs/0Nonebase_2027q4_cfo
/operating_model/cells/base_2027q4_fcf:base/formula/refs/1Nonebase_2027q4_capex
/operating_model/cells/base_2027q4_fcf:base/idNonebase_2027q4_fcf
/operating_model/cells/base_2027q4_fcf:base/kindNonederived
/operating_model/cells/base_2027q4_fcf:base/labelNoneCash after PP&E capex
/operating_model/cells/base_2027q4_fcf:base/periodNone2027Q4
/operating_model/cells/base_2027q4_fcf:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_fcf:base/valueNone71.48837605120268
/operating_model/cells/base_2027q4_gp:base/basisNoneSum of segment gross profits.
/operating_model/cells/base_2027q4_gp:base/caseNonebase
/operating_model/cells/base_2027q4_gp:base/formula/opNonesum
/operating_model/cells/base_2027q4_gp:base/formula/refs/0Nonebase_2027q4_sw_gp
/operating_model/cells/base_2027q4_gp:base/formula/refs/1Nonebase_2027q4_hw_gp
/operating_model/cells/base_2027q4_gp:base/idNonebase_2027q4_gp
/operating_model/cells/base_2027q4_gp:base/kindNonederived
/operating_model/cells/base_2027q4_gp:base/labelNoneConsolidated gross profit
/operating_model/cells/base_2027q4_gp:base/periodNone2027Q4
/operating_model/cells/base_2027q4_gp:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_gp:base/valueNone813.8248837980865
/operating_model/cells/base_2027q4_hw:base/basisNonePrior-quarter revenue times sequential growth factor.
/operating_model/cells/base_2027q4_hw:base/caseNonebase
/operating_model/cells/base_2027q4_hw:base/formula/opNonemultiply
/operating_model/cells/base_2027q4_hw:base/formula/refs/0Nonebase_2027q3_hw
/operating_model/cells/base_2027q4_hw:base/formula/refs/1Nonebase_hw_growth
/operating_model/cells/base_2027q4_hw:base/idNonebase_2027q4_hw
/operating_model/cells/base_2027q4_hw:base/kindNonederived
/operating_model/cells/base_2027q4_hw:base/labelNoneConnected Devices revenue
/operating_model/cells/base_2027q4_hw:base/periodNone2027Q4
/operating_model/cells/base_2027q4_hw:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_hw:base/valueNone718.5551118706137
/operating_model/cells/base_2027q4_hw_gp:base/basisNoneRevenue times GAAP segment margin assumption.
/operating_model/cells/base_2027q4_hw_gp:base/caseNonebase
/operating_model/cells/base_2027q4_hw_gp:base/formula/opNonemultiply
/operating_model/cells/base_2027q4_hw_gp:base/formula/refs/0Nonebase_2027q4_hw
/operating_model/cells/base_2027q4_hw_gp:base/formula/refs/1Nonebase_hw_margin
/operating_model/cells/base_2027q4_hw_gp:base/idNonebase_2027q4_hw_gp
/operating_model/cells/base_2027q4_hw_gp:base/kindNonederived
/operating_model/cells/base_2027q4_hw_gp:base/labelNonehw gross profit
/operating_model/cells/base_2027q4_hw_gp:base/periodNone2027Q4
/operating_model/cells/base_2027q4_hw_gp:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_hw_gp:base/valueNone359.27755593530685
/operating_model/cells/base_2027q4_op:base/basisNoneGross profit less GAAP expenses.
/operating_model/cells/base_2027q4_op:base/caseNonebase
/operating_model/cells/base_2027q4_op:base/formula/opNonesubtract
/operating_model/cells/base_2027q4_op:base/formula/refs/0Nonebase_2027q4_gp
/operating_model/cells/base_2027q4_op:base/formula/refs/1Nonebase_2027q4_opex
/operating_model/cells/base_2027q4_op:base/idNonebase_2027q4_op
/operating_model/cells/base_2027q4_op:base/kindNonederived
/operating_model/cells/base_2027q4_op:base/labelNoneGAAP operating income
/operating_model/cells/base_2027q4_op:base/periodNone2027Q4
/operating_model/cells/base_2027q4_op:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_op:base/valueNone84.89462749087033
/operating_model/cells/base_2027q4_opex:base/basisNoneRevenue times GAAP expense ratio, including stock compensation.
/operating_model/cells/base_2027q4_opex:base/caseNonebase
/operating_model/cells/base_2027q4_opex:base/formula/opNonemultiply
/operating_model/cells/base_2027q4_opex:base/formula/refs/0Nonebase_2027q4_rev
/operating_model/cells/base_2027q4_opex:base/formula/refs/1Nonebase_opex_ratio
/operating_model/cells/base_2027q4_opex:base/idNonebase_2027q4_opex
/operating_model/cells/base_2027q4_opex:base/kindNonederived
/operating_model/cells/base_2027q4_opex:base/labelNoneGAAP operating expenses
/operating_model/cells/base_2027q4_opex:base/periodNone2027Q4
/operating_model/cells/base_2027q4_opex:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_opex:base/valueNone728.9302563072162
/operating_model/cells/base_2027q4_rev:base/basisNoneSum of segment revenues.
/operating_model/cells/base_2027q4_rev:base/caseNonebase
/operating_model/cells/base_2027q4_rev:base/formula/opNonesum
/operating_model/cells/base_2027q4_rev:base/formula/refs/0Nonebase_2027q4_sw
/operating_model/cells/base_2027q4_rev:base/formula/refs/1Nonebase_2027q4_hw
/operating_model/cells/base_2027q4_rev:base/idNonebase_2027q4_rev
/operating_model/cells/base_2027q4_rev:base/kindNonederived
/operating_model/cells/base_2027q4_rev:base/labelNoneConsolidated revenue
/operating_model/cells/base_2027q4_rev:base/periodNone2027Q4
/operating_model/cells/base_2027q4_rev:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_rev:base/valueNone1349.8708450133631
/operating_model/cells/base_2027q4_sw:base/basisNonePrior-quarter revenue times sequential growth factor.
/operating_model/cells/base_2027q4_sw:base/caseNonebase
/operating_model/cells/base_2027q4_sw:base/formula/opNonemultiply
/operating_model/cells/base_2027q4_sw:base/formula/refs/0Nonebase_2027q3_sw
/operating_model/cells/base_2027q4_sw:base/formula/refs/1Nonebase_sw_growth
/operating_model/cells/base_2027q4_sw:base/idNonebase_2027q4_sw
/operating_model/cells/base_2027q4_sw:base/kindNonederived
/operating_model/cells/base_2027q4_sw:base/labelNoneSoftware & Services revenue
/operating_model/cells/base_2027q4_sw:base/periodNone2027Q4
/operating_model/cells/base_2027q4_sw:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_sw:base/valueNone631.3157331427495
/operating_model/cells/base_2027q4_sw_gp:base/basisNoneRevenue times GAAP segment margin assumption.
/operating_model/cells/base_2027q4_sw_gp:base/caseNonebase
/operating_model/cells/base_2027q4_sw_gp:base/formula/opNonemultiply
/operating_model/cells/base_2027q4_sw_gp:base/formula/refs/0Nonebase_2027q4_sw
/operating_model/cells/base_2027q4_sw_gp:base/formula/refs/1Nonebase_sw_margin
/operating_model/cells/base_2027q4_sw_gp:base/idNonebase_2027q4_sw_gp
/operating_model/cells/base_2027q4_sw_gp:base/kindNonederived
/operating_model/cells/base_2027q4_sw_gp:base/labelNonesw gross profit
/operating_model/cells/base_2027q4_sw_gp:base/periodNone2027Q4
/operating_model/cells/base_2027q4_sw_gp:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_sw_gp:base/valueNone454.54732786277964
/operating_model/cells/base_annual_capex26:base/basisNoneWithin company $160M–$190M outlook; excludes a new headquarters as guidance does.
/operating_model/cells/base_annual_capex26:base/caseNonebase
/operating_model/cells/base_annual_capex26:base/idNonebase_annual_capex26
/operating_model/cells/base_annual_capex26:base/kindNoneassumption
/operating_model/cells/base_annual_capex26:base/labelNoneFY2026 capex case
/operating_model/cells/base_annual_capex26:base/periodNoneFY2026
/operating_model/cells/base_annual_capex26:base/unitNoneUSD_millions
/operating_model/cells/base_annual_capex26:base/valueNone175.0
/operating_model/cells/base_annual_capex27:base/basisNoneDesk extension for capacity and products; not guidance. Excludes unmodeled headquarters costs.
/operating_model/cells/base_annual_capex27:base/caseNonebase
/operating_model/cells/base_annual_capex27:base/idNonebase_annual_capex27
/operating_model/cells/base_annual_capex27:base/kindNoneassumption
/operating_model/cells/base_annual_capex27:base/labelNoneFY2027 capex assumption
/operating_model/cells/base_annual_capex27:base/periodNoneFY2027
/operating_model/cells/base_annual_capex27:base/unitNoneUSD_millions
/operating_model/cells/base_annual_capex27:base/valueNone200.0
/operating_model/cells/base_capex_h2:base/basisNoneAnnual case less H1 spend.
/operating_model/cells/base_capex_h2:base/caseNonebase
/operating_model/cells/base_capex_h2:base/formula/opNonesubtract
/operating_model/cells/base_capex_h2:base/formula/refs/0Nonebase_annual_capex26
/operating_model/cells/base_capex_h2:base/formula/refs/1Noneh1_capex
/operating_model/cells/base_capex_h2:base/idNonebase_capex_h2
/operating_model/cells/base_capex_h2:base/kindNonederived
/operating_model/cells/base_capex_h2:base/labelNoneRemaining FY2026 capex
/operating_model/cells/base_capex_h2:base/periodNone2026 H2
/operating_model/cells/base_capex_h2:base/unitNoneUSD_millions
/operating_model/cells/base_capex_h2:base/valueNone130.826
/operating_model/cells/base_cash_ratio:base/basisNoneSeparate collection and working-capital sensitivity; adjusted EBITDA is not cash.
/operating_model/cells/base_cash_ratio:base/caseNonebase
/operating_model/cells/base_cash_ratio:base/idNonebase_cash_ratio
/operating_model/cells/base_cash_ratio:base/kindNoneassumption
/operating_model/cells/base_cash_ratio:base/labelNoneOperating-cash / revenue assumption
/operating_model/cells/base_cash_ratio:base/periodNoneForward quarters
/operating_model/cells/base_cash_ratio:base/unitNoneratio
/operating_model/cells/base_cash_ratio:base/valueNone0.09
/operating_model/cells/base_fy2026_capex:base/basisNoneH1 actual plus modeled H2.
/operating_model/cells/base_fy2026_capex:base/caseNonebase
/operating_model/cells/base_fy2026_capex:base/formula/opNonesum
/operating_model/cells/base_fy2026_capex:base/formula/refs/0Noneh1_capex
/operating_model/cells/base_fy2026_capex:base/formula/refs/1Nonebase_2026q3_capex
/operating_model/cells/base_fy2026_capex:base/formula/refs/2Nonebase_2026q4_capex
/operating_model/cells/base_fy2026_capex:base/idNonebase_fy2026_capex
/operating_model/cells/base_fy2026_capex:base/kindNonederived
/operating_model/cells/base_fy2026_capex:base/labelNoneFY2026 capex
/operating_model/cells/base_fy2026_capex:base/periodNoneFY2026
/operating_model/cells/base_fy2026_capex:base/unitNoneUSD_millions
/operating_model/cells/base_fy2026_capex:base/valueNone175.0
/operating_model/cells/base_fy2026_cfo:base/basisNoneH1 actual plus modeled H2.
/operating_model/cells/base_fy2026_cfo:base/caseNonebase
/operating_model/cells/base_fy2026_cfo:base/formula/opNonesum
/operating_model/cells/base_fy2026_cfo:base/formula/refs/0Noneh1_cfo
/operating_model/cells/base_fy2026_cfo:base/formula/refs/1Nonebase_2026q3_cfo
/operating_model/cells/base_fy2026_cfo:base/formula/refs/2Nonebase_2026q4_cfo
/operating_model/cells/base_fy2026_cfo:base/idNonebase_fy2026_cfo
/operating_model/cells/base_fy2026_cfo:base/kindNonederived
/operating_model/cells/base_fy2026_cfo:base/labelNoneFY2026 cfo
/operating_model/cells/base_fy2026_cfo:base/periodNoneFY2026
/operating_model/cells/base_fy2026_cfo:base/unitNoneUSD_millions
/operating_model/cells/base_fy2026_cfo:base/valueNone168.542712908
/operating_model/cells/base_fy2026_fcf:base/basisNoneAnnual operating cash less capex.
/operating_model/cells/base_fy2026_fcf:base/caseNonebase
/operating_model/cells/base_fy2026_fcf:base/formula/opNonesubtract
/operating_model/cells/base_fy2026_fcf:base/formula/refs/0Nonebase_fy2026_cfo
/operating_model/cells/base_fy2026_fcf:base/formula/refs/1Nonebase_fy2026_capex
/operating_model/cells/base_fy2026_fcf:base/idNonebase_fy2026_fcf
/operating_model/cells/base_fy2026_fcf:base/kindNonederived
/operating_model/cells/base_fy2026_fcf:base/labelNoneAnnual cash after PP&E capex
/operating_model/cells/base_fy2026_fcf:base/periodNoneFY2026
/operating_model/cells/base_fy2026_fcf:base/unitNoneUSD_millions
/operating_model/cells/base_fy2026_fcf:base/valueNone-6.457287092000001
/operating_model/cells/base_fy2026_gp:base/basisNoneH1 actual plus modeled H2.
/operating_model/cells/base_fy2026_gp:base/caseNonebase
/operating_model/cells/base_fy2026_gp:base/formula/opNonesum
/operating_model/cells/base_fy2026_gp:base/formula/refs/0Noneh1_gp
/operating_model/cells/base_fy2026_gp:base/formula/refs/1Nonebase_2026q3_gp
/operating_model/cells/base_fy2026_gp:base/formula/refs/2Nonebase_2026q4_gp
/operating_model/cells/base_fy2026_gp:base/idNonebase_fy2026_gp
/operating_model/cells/base_fy2026_gp:base/kindNonederived
/operating_model/cells/base_fy2026_gp:base/labelNoneFY2026 gp
/operating_model/cells/base_fy2026_gp:base/periodNoneFY2026
/operating_model/cells/base_fy2026_gp:base/unitNoneUSD_millions
/operating_model/cells/base_fy2026_gp:base/valueNone2220.250694488
/operating_model/cells/base_fy2026_op:base/basisNoneH1 actual plus modeled H2.
/operating_model/cells/base_fy2026_op:base/caseNonebase
/operating_model/cells/base_fy2026_op:base/formula/opNonesum
/operating_model/cells/base_fy2026_op:base/formula/refs/0Noneh1_op
/operating_model/cells/base_fy2026_op:base/formula/refs/1Nonebase_2026q3_op
/operating_model/cells/base_fy2026_op:base/formula/refs/2Nonebase_2026q4_op
/operating_model/cells/base_fy2026_op:base/idNonebase_fy2026_op
/operating_model/cells/base_fy2026_op:base/kindNonederived
/operating_model/cells/base_fy2026_op:base/labelNoneFY2026 op
/operating_model/cells/base_fy2026_op:base/periodNoneFY2026
/operating_model/cells/base_fy2026_op:base/unitNoneUSD_millions
/operating_model/cells/base_fy2026_op:base/valueNone192.6424170400001
/operating_model/cells/base_fy2026_rev:base/basisNoneH1 actual plus modeled H2.
/operating_model/cells/base_fy2026_rev:base/caseNonebase
/operating_model/cells/base_fy2026_rev:base/formula/opNonesum
/operating_model/cells/base_fy2026_rev:base/formula/refs/0Noneh1_rev
/operating_model/cells/base_fy2026_rev:base/formula/refs/1Nonebase_2026q3_rev
/operating_model/cells/base_fy2026_rev:base/formula/refs/2Nonebase_2026q4_rev
/operating_model/cells/base_fy2026_rev:base/idNonebase_fy2026_rev
/operating_model/cells/base_fy2026_rev:base/kindNonederived
/operating_model/cells/base_fy2026_rev:base/labelNoneFY2026 rev
/operating_model/cells/base_fy2026_rev:base/periodNoneFY2026
/operating_model/cells/base_fy2026_rev:base/unitNoneUSD_millions
/operating_model/cells/base_fy2026_rev:base/valueNone3711.5419212
/operating_model/cells/base_fy2027_capex:base/basisNoneSum of all four modeled quarters.
/operating_model/cells/base_fy2027_capex:base/caseNonebase
/operating_model/cells/base_fy2027_capex:base/formula/opNonesum
/operating_model/cells/base_fy2027_capex:base/formula/refs/0Nonebase_2027q1_capex
/operating_model/cells/base_fy2027_capex:base/formula/refs/1Nonebase_2027q2_capex
/operating_model/cells/base_fy2027_capex:base/formula/refs/2Nonebase_2027q3_capex
/operating_model/cells/base_fy2027_capex:base/formula/refs/3Nonebase_2027q4_capex
/operating_model/cells/base_fy2027_capex:base/idNonebase_fy2027_capex
/operating_model/cells/base_fy2027_capex:base/kindNonederived
/operating_model/cells/base_fy2027_capex:base/labelNoneFY2027 capex
/operating_model/cells/base_fy2027_capex:base/periodNoneFY2027
/operating_model/cells/base_fy2027_capex:base/unitNoneUSD_millions
/operating_model/cells/base_fy2027_capex:base/valueNone200.0
/operating_model/cells/base_fy2027_cfo:base/basisNoneSum of all four modeled quarters.
/operating_model/cells/base_fy2027_cfo:base/caseNonebase
/operating_model/cells/base_fy2027_cfo:base/formula/opNonesum
/operating_model/cells/base_fy2027_cfo:base/formula/refs/0Nonebase_2027q1_cfo
/operating_model/cells/base_fy2027_cfo:base/formula/refs/1Nonebase_2027q2_cfo
/operating_model/cells/base_fy2027_cfo:base/formula/refs/2Nonebase_2027q3_cfo
/operating_model/cells/base_fy2027_cfo:base/formula/refs/3Nonebase_2027q4_cfo
/operating_model/cells/base_fy2027_cfo:base/idNonebase_fy2027_cfo
/operating_model/cells/base_fy2027_cfo:base/kindNonederived
/operating_model/cells/base_fy2027_cfo:base/labelNoneFY2027 cfo
/operating_model/cells/base_fy2027_cfo:base/periodNoneFY2027
/operating_model/cells/base_fy2027_cfo:base/unitNoneUSD_millions
/operating_model/cells/base_fy2027_cfo:base/valueNone440.7785207347159
/operating_model/cells/base_fy2027_fcf:base/basisNoneAnnual operating cash less capex.
/operating_model/cells/base_fy2027_fcf:base/caseNonebase
/operating_model/cells/base_fy2027_fcf:base/formula/opNonesubtract
/operating_model/cells/base_fy2027_fcf:base/formula/refs/0Nonebase_fy2027_cfo
/operating_model/cells/base_fy2027_fcf:base/formula/refs/1Nonebase_fy2027_capex
/operating_model/cells/base_fy2027_fcf:base/idNonebase_fy2027_fcf
/operating_model/cells/base_fy2027_fcf:base/kindNonederived
/operating_model/cells/base_fy2027_fcf:base/labelNoneAnnual cash after PP&E capex
/operating_model/cells/base_fy2027_fcf:base/periodNoneFY2027
/operating_model/cells/base_fy2027_fcf:base/unitNoneUSD_millions
/operating_model/cells/base_fy2027_fcf:base/valueNone240.77852073471593
/operating_model/cells/base_fy2027_gp:base/basisNoneSum of all four modeled quarters.
/operating_model/cells/base_fy2027_gp:base/caseNonebase
/operating_model/cells/base_fy2027_gp:base/formula/opNonesum
/operating_model/cells/base_fy2027_gp:base/formula/refs/0Nonebase_2027q1_gp
/operating_model/cells/base_fy2027_gp:base/formula/refs/1Nonebase_2027q2_gp
/operating_model/cells/base_fy2027_gp:base/formula/refs/2Nonebase_2027q3_gp
/operating_model/cells/base_fy2027_gp:base/formula/refs/3Nonebase_2027q4_gp
/operating_model/cells/base_fy2027_gp:base/idNonebase_fy2027_gp
/operating_model/cells/base_fy2027_gp:base/kindNonederived
/operating_model/cells/base_fy2027_gp:base/labelNoneFY2027 gp
/operating_model/cells/base_fy2027_gp:base/periodNoneFY2027
/operating_model/cells/base_fy2027_gp:base/unitNoneUSD_millions
/operating_model/cells/base_fy2027_gp:base/valueNone2945.590633183276
/operating_model/cells/base_fy2027_op:base/basisNoneSum of all four modeled quarters.
/operating_model/cells/base_fy2027_op:base/caseNonebase
/operating_model/cells/base_fy2027_op:base/formula/opNonesum
/operating_model/cells/base_fy2027_op:base/formula/refs/0Nonebase_2027q1_op
/operating_model/cells/base_fy2027_op:base/formula/refs/1Nonebase_2027q2_op
/operating_model/cells/base_fy2027_op:base/formula/refs/2Nonebase_2027q3_op
/operating_model/cells/base_fy2027_op:base/formula/refs/3Nonebase_2027q4_op
/operating_model/cells/base_fy2027_op:base/idNonebase_fy2027_op
/operating_model/cells/base_fy2027_op:base/kindNonederived
/operating_model/cells/base_fy2027_op:base/labelNoneFY2027 op
/operating_model/cells/base_fy2027_op:base/periodNoneFY2027
/operating_model/cells/base_fy2027_op:base/unitNoneUSD_millions
/operating_model/cells/base_fy2027_op:base/valueNone300.9195087749803
/operating_model/cells/base_fy2027_rev:base/basisNoneSum of all four modeled quarters.
/operating_model/cells/base_fy2027_rev:base/caseNonebase
/operating_model/cells/base_fy2027_rev:base/formula/opNonesum
/operating_model/cells/base_fy2027_rev:base/formula/refs/0Nonebase_2027q1_rev
/operating_model/cells/base_fy2027_rev:base/formula/refs/1Nonebase_2027q2_rev
/operating_model/cells/base_fy2027_rev:base/formula/refs/2Nonebase_2027q3_rev
/operating_model/cells/base_fy2027_rev:base/formula/refs/3Nonebase_2027q4_rev
/operating_model/cells/base_fy2027_rev:base/idNonebase_fy2027_rev
/operating_model/cells/base_fy2027_rev:base/kindNonederived
/operating_model/cells/base_fy2027_rev:base/labelNoneFY2027 rev
/operating_model/cells/base_fy2027_rev:base/periodNoneFY2027
/operating_model/cells/base_fy2027_rev:base/unitNoneUSD_millions
/operating_model/cells/base_fy2027_rev:base/valueNone4897.539119274621
/operating_model/cells/base_half:base/basisNoneEqual division of remaining annual capex.
/operating_model/cells/base_half:base/caseNonebase
/operating_model/cells/base_half:base/idNonebase_half
/operating_model/cells/base_half:base/kindNoneassumption
/operating_model/cells/base_half:base/labelNoneH2 capex allocation
/operating_model/cells/base_half:base/periodNoneAllocation
/operating_model/cells/base_half:base/unitNoneratio
/operating_model/cells/base_half:base/valueNone0.5
/operating_model/cells/base_hw_growth:base/basisNonePrior-quarter Connected Devices revenue times this factor.
/operating_model/cells/base_hw_growth:base/caseNonebase
/operating_model/cells/base_hw_growth:base/idNonebase_hw_growth
/operating_model/cells/base_hw_growth:base/kindNoneassumption
/operating_model/cells/base_hw_growth:base/labelNoneSequential device revenue factor
/operating_model/cells/base_hw_growth:base/periodNoneForward quarters
/operating_model/cells/base_hw_growth:base/unitNoneratio
/operating_model/cells/base_hw_growth:base/valueNone1.06
/operating_model/cells/base_hw_margin:base/basisNoneGAAP sensitivity; Q2 51.9% benefited from tariff refunds, so base does not repeat it.
/operating_model/cells/base_hw_margin:base/caseNonebase
/operating_model/cells/base_hw_margin:base/idNonebase_hw_margin
/operating_model/cells/base_hw_margin:base/kindNoneassumption
/operating_model/cells/base_hw_margin:base/labelNoneConnected Devices gross margin
/operating_model/cells/base_hw_margin:base/periodNoneForward quarters
/operating_model/cells/base_hw_margin:base/unitNoneratio
/operating_model/cells/base_hw_margin:base/valueNone0.5
/operating_model/cells/base_opex_ratio:base/basisNoneIncludes R&D, SG&A and equity compensation. Q2 opex $499.669M on sales $904.389M.
/operating_model/cells/base_opex_ratio:base/caseNonebase
/operating_model/cells/base_opex_ratio:base/idNonebase_opex_ratio
/operating_model/cells/base_opex_ratio:base/kindNoneassumption
/operating_model/cells/base_opex_ratio:base/labelNoneGAAP operating expense / revenue
/operating_model/cells/base_opex_ratio:base/periodNoneForward quarters
/operating_model/cells/base_opex_ratio:base/unitNoneratio
/operating_model/cells/base_opex_ratio:base/valueNone0.54
/operating_model/cells/base_quarter:base/basisNoneEqual quarterly allocation.
/operating_model/cells/base_quarter:base/caseNonebase
/operating_model/cells/base_quarter:base/idNonebase_quarter
/operating_model/cells/base_quarter:base/kindNoneassumption
/operating_model/cells/base_quarter:base/labelNoneFY2027 capex allocation
/operating_model/cells/base_quarter:base/periodNoneAllocation
/operating_model/cells/base_quarter:base/unitNoneratio
/operating_model/cells/base_quarter:base/valueNone0.25
/operating_model/cells/base_sw_growth:base/basisNonePrior-quarter segment revenue times this factor; 1.08 means 8% sequential growth.
/operating_model/cells/base_sw_growth:base/caseNonebase
/operating_model/cells/base_sw_growth:base/idNonebase_sw_growth
/operating_model/cells/base_sw_growth:base/kindNoneassumption
/operating_model/cells/base_sw_growth:base/labelNoneSequential software revenue factor
/operating_model/cells/base_sw_growth:base/periodNoneForward quarters
/operating_model/cells/base_sw_growth:base/unitNoneratio
/operating_model/cells/base_sw_growth:base/valueNone1.08
/operating_model/cells/base_sw_margin:base/basisNoneGAAP sensitivity; Q2 was 71.3%, with service mix affecting the result.
/operating_model/cells/base_sw_margin:base/caseNonebase
/operating_model/cells/base_sw_margin:base/idNonebase_sw_margin
/operating_model/cells/base_sw_margin:base/kindNoneassumption
/operating_model/cells/base_sw_margin:base/labelNoneSoftware & Services gross margin
/operating_model/cells/base_sw_margin:base/periodNoneForward quarters
/operating_model/cells/base_sw_margin:base/unitNoneratio
/operating_model/cells/base_sw_margin:base/valueNone0.72
/operating_model/cells/convert_available:shared/basisNoneEstimated proceeds for other corporate purposes; not free cash flow.
/operating_model/cells/convert_available:shared/caseNoneshared
/operating_model/cells/convert_available:shared/formula/opNonesubtract
/operating_model/cells/convert_available:shared/formula/refs/0Noneconvert_net
/operating_model/cells/convert_available:shared/formula/refs/1Noneconvert_call
/operating_model/cells/convert_available:shared/idNoneconvert_available
/operating_model/cells/convert_available:shared/kindNonederived
/operating_model/cells/convert_available:shared/labelNoneBase proceeds after capped calls
/operating_model/cells/convert_available:shared/periodNoneSeptember 2026
/operating_model/cells/convert_available:shared/unitNoneUSD_millions
/operating_model/cells/convert_available:shared/valueNone886.1
/operating_model/cells/convert_call:shared/basisNoneCash cost of the hedge; additional issuance adds cost.
/operating_model/cells/convert_call:shared/caseNoneshared
/operating_model/cells/convert_call:shared/idNoneconvert_call
/operating_model/cells/convert_call:shared/kindNonemanagement_guidance
/operating_model/cells/convert_call:shared/labelNoneBase capped-call cost
/operating_model/cells/convert_call:shared/periodNoneSeptember 2026
/operating_model/cells/convert_call:shared/source_dateNone2026-09-17
/operating_model/cells/convert_call:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1069183/000119312526394401/d101255d424b5.htm
/operating_model/cells/convert_call:shared/unitNoneUSD_millions
/operating_model/cells/convert_call:shared/valueNone99.9
/operating_model/cells/convert_net:shared/basisNoneAfter offering costs, before capped calls; $1B base issuance.
/operating_model/cells/convert_net:shared/caseNoneshared
/operating_model/cells/convert_net:shared/idNoneconvert_net
/operating_model/cells/convert_net:shared/kindNonemanagement_guidance
/operating_model/cells/convert_net:shared/labelNoneBase convert estimated net proceeds
/operating_model/cells/convert_net:shared/periodNoneSeptember 2026
/operating_model/cells/convert_net:shared/source_dateNone2026-09-17
/operating_model/cells/convert_net:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1069183/000119312526394401/d101255d424b5.htm
/operating_model/cells/convert_net:shared/unitNoneUSD_millions
/operating_model/cells/convert_net:shared/valueNone986.0
/operating_model/cells/downside_2026q3_capex:downside/basisNoneAllocated annual capex after H1 actual.
/operating_model/cells/downside_2026q3_capex:downside/caseNonedownside
/operating_model/cells/downside_2026q3_capex:downside/formula/opNonemultiply
/operating_model/cells/downside_2026q3_capex:downside/formula/refs/0Nonedownside_capex_h2
/operating_model/cells/downside_2026q3_capex:downside/formula/refs/1Nonedownside_half
/operating_model/cells/downside_2026q3_capex:downside/idNonedownside_2026q3_capex
/operating_model/cells/downside_2026q3_capex:downside/kindNonederived
/operating_model/cells/downside_2026q3_capex:downside/labelNonePP&E capex
/operating_model/cells/downside_2026q3_capex:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_capex:downside/valueNone72.913
/operating_model/cells/downside_2026q3_cfo:downside/basisNoneRevenue times independent cash-conversion assumption.
/operating_model/cells/downside_2026q3_cfo:downside/caseNonedownside
/operating_model/cells/downside_2026q3_cfo:downside/formula/opNonemultiply
/operating_model/cells/downside_2026q3_cfo:downside/formula/refs/0Nonedownside_2026q3_rev
/operating_model/cells/downside_2026q3_cfo:downside/formula/refs/1Nonedownside_cash_ratio
/operating_model/cells/downside_2026q3_cfo:downside/idNonedownside_2026q3_cfo
/operating_model/cells/downside_2026q3_cfo:downside/kindNonederived
/operating_model/cells/downside_2026q3_cfo:downside/labelNoneOperating cash
/operating_model/cells/downside_2026q3_cfo:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_cfo:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_cfo:downside/valueNone27.4897224
/operating_model/cells/downside_2026q3_fcf:downside/basisNoneOperating cash less modeled capex; excludes acquisitions and financing.
/operating_model/cells/downside_2026q3_fcf:downside/caseNonedownside
/operating_model/cells/downside_2026q3_fcf:downside/formula/opNonesubtract
/operating_model/cells/downside_2026q3_fcf:downside/formula/refs/0Nonedownside_2026q3_cfo
/operating_model/cells/downside_2026q3_fcf:downside/formula/refs/1Nonedownside_2026q3_capex
/operating_model/cells/downside_2026q3_fcf:downside/idNonedownside_2026q3_fcf
/operating_model/cells/downside_2026q3_fcf:downside/kindNonederived
/operating_model/cells/downside_2026q3_fcf:downside/labelNoneCash after PP&E capex
/operating_model/cells/downside_2026q3_fcf:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_fcf:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_fcf:downside/valueNone-45.42327759999999
/operating_model/cells/downside_2026q3_gp:downside/basisNoneSum of segment gross profits.
/operating_model/cells/downside_2026q3_gp:downside/caseNonedownside
/operating_model/cells/downside_2026q3_gp:downside/formula/opNonesum
/operating_model/cells/downside_2026q3_gp:downside/formula/refs/0Nonedownside_2026q3_sw_gp
/operating_model/cells/downside_2026q3_gp:downside/formula/refs/1Nonedownside_2026q3_hw_gp
/operating_model/cells/downside_2026q3_gp:downside/idNonedownside_2026q3_gp
/operating_model/cells/downside_2026q3_gp:downside/kindNonederived
/operating_model/cells/downside_2026q3_gp:downside/labelNoneConsolidated gross profit
/operating_model/cells/downside_2026q3_gp:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_gp:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_gp:downside/valueNone521.7897744
/operating_model/cells/downside_2026q3_hw:downside/basisNonePrior-quarter revenue times sequential growth factor.
/operating_model/cells/downside_2026q3_hw:downside/caseNonedownside
/operating_model/cells/downside_2026q3_hw:downside/formula/opNonemultiply
/operating_model/cells/downside_2026q3_hw:downside/formula/refs/0Noneq2_hw
/operating_model/cells/downside_2026q3_hw:downside/formula/refs/1Nonedownside_hw_growth
/operating_model/cells/downside_2026q3_hw:downside/idNonedownside_2026q3_hw
/operating_model/cells/downside_2026q3_hw:downside/kindNonederived
/operating_model/cells/downside_2026q3_hw:downside/labelNoneConnected Devices revenue
/operating_model/cells/downside_2026q3_hw:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_hw:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_hw:downside/valueNone506.553
/operating_model/cells/downside_2026q3_hw_gp:downside/basisNoneRevenue times GAAP segment margin assumption.
/operating_model/cells/downside_2026q3_hw_gp:downside/caseNonedownside
/operating_model/cells/downside_2026q3_hw_gp:downside/formula/opNonemultiply
/operating_model/cells/downside_2026q3_hw_gp:downside/formula/refs/0Nonedownside_2026q3_hw
/operating_model/cells/downside_2026q3_hw_gp:downside/formula/refs/1Nonedownside_hw_margin
/operating_model/cells/downside_2026q3_hw_gp:downside/idNonedownside_2026q3_hw_gp
/operating_model/cells/downside_2026q3_hw_gp:downside/kindNonederived
/operating_model/cells/downside_2026q3_hw_gp:downside/labelNonehw gross profit
/operating_model/cells/downside_2026q3_hw_gp:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_hw_gp:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_hw_gp:downside/valueNone243.14543999999998
/operating_model/cells/downside_2026q3_op:downside/basisNoneGross profit less GAAP expenses.
/operating_model/cells/downside_2026q3_op:downside/caseNonedownside
/operating_model/cells/downside_2026q3_op:downside/formula/opNonesubtract
/operating_model/cells/downside_2026q3_op:downside/formula/refs/0Nonedownside_2026q3_gp
/operating_model/cells/downside_2026q3_op:downside/formula/refs/1Nonedownside_2026q3_opex
/operating_model/cells/downside_2026q3_op:downside/idNonedownside_2026q3_op
/operating_model/cells/downside_2026q3_op:downside/kindNonederived
/operating_model/cells/downside_2026q3_op:downside/labelNoneGAAP operating income
/operating_model/cells/downside_2026q3_op:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_op:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_op:downside/valueNone17.81153039999998
/operating_model/cells/downside_2026q3_opex:downside/basisNoneRevenue times GAAP expense ratio, including stock compensation.
/operating_model/cells/downside_2026q3_opex:downside/caseNonedownside
/operating_model/cells/downside_2026q3_opex:downside/formula/opNonemultiply
/operating_model/cells/downside_2026q3_opex:downside/formula/refs/0Nonedownside_2026q3_rev
/operating_model/cells/downside_2026q3_opex:downside/formula/refs/1Nonedownside_opex_ratio
/operating_model/cells/downside_2026q3_opex:downside/idNonedownside_2026q3_opex
/operating_model/cells/downside_2026q3_opex:downside/kindNonederived
/operating_model/cells/downside_2026q3_opex:downside/labelNoneGAAP operating expenses
/operating_model/cells/downside_2026q3_opex:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_opex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_opex:downside/valueNone503.9782440000001
/operating_model/cells/downside_2026q3_rev:downside/basisNoneSum of segment revenues.
/operating_model/cells/downside_2026q3_rev:downside/caseNonedownside
/operating_model/cells/downside_2026q3_rev:downside/formula/opNonesum
/operating_model/cells/downside_2026q3_rev:downside/formula/refs/0Nonedownside_2026q3_sw
/operating_model/cells/downside_2026q3_rev:downside/formula/refs/1Nonedownside_2026q3_hw
/operating_model/cells/downside_2026q3_rev:downside/idNonedownside_2026q3_rev
/operating_model/cells/downside_2026q3_rev:downside/kindNonederived
/operating_model/cells/downside_2026q3_rev:downside/labelNoneConsolidated revenue
/operating_model/cells/downside_2026q3_rev:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_rev:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_rev:downside/valueNone916.3240800000001
/operating_model/cells/downside_2026q3_sw:downside/basisNonePrior-quarter revenue times sequential growth factor.
/operating_model/cells/downside_2026q3_sw:downside/caseNonedownside
/operating_model/cells/downside_2026q3_sw:downside/formula/opNonemultiply
/operating_model/cells/downside_2026q3_sw:downside/formula/refs/0Noneq2_sw
/operating_model/cells/downside_2026q3_sw:downside/formula/refs/1Nonedownside_sw_growth
/operating_model/cells/downside_2026q3_sw:downside/idNonedownside_2026q3_sw
/operating_model/cells/downside_2026q3_sw:downside/kindNonederived
/operating_model/cells/downside_2026q3_sw:downside/labelNoneSoftware & Services revenue
/operating_model/cells/downside_2026q3_sw:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_sw:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_sw:downside/valueNone409.77108000000004
/operating_model/cells/downside_2026q3_sw_gp:downside/basisNoneRevenue times GAAP segment margin assumption.
/operating_model/cells/downside_2026q3_sw_gp:downside/caseNonedownside
/operating_model/cells/downside_2026q3_sw_gp:downside/formula/opNonemultiply
/operating_model/cells/downside_2026q3_sw_gp:downside/formula/refs/0Nonedownside_2026q3_sw
/operating_model/cells/downside_2026q3_sw_gp:downside/formula/refs/1Nonedownside_sw_margin
/operating_model/cells/downside_2026q3_sw_gp:downside/idNonedownside_2026q3_sw_gp
/operating_model/cells/downside_2026q3_sw_gp:downside/kindNonederived
/operating_model/cells/downside_2026q3_sw_gp:downside/labelNonesw gross profit
/operating_model/cells/downside_2026q3_sw_gp:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_sw_gp:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_sw_gp:downside/valueNone278.64433440000005
/operating_model/cells/downside_2026q4_capex:downside/basisNoneAllocated annual capex after H1 actual.
/operating_model/cells/downside_2026q4_capex:downside/caseNonedownside
/operating_model/cells/downside_2026q4_capex:downside/formula/opNonemultiply
/operating_model/cells/downside_2026q4_capex:downside/formula/refs/0Nonedownside_capex_h2
/operating_model/cells/downside_2026q4_capex:downside/formula/refs/1Nonedownside_half
/operating_model/cells/downside_2026q4_capex:downside/idNonedownside_2026q4_capex
/operating_model/cells/downside_2026q4_capex:downside/kindNonederived
/operating_model/cells/downside_2026q4_capex:downside/labelNonePP&E capex
/operating_model/cells/downside_2026q4_capex:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_capex:downside/valueNone72.913
/operating_model/cells/downside_2026q4_cfo:downside/basisNoneRevenue times independent cash-conversion assumption.
/operating_model/cells/downside_2026q4_cfo:downside/caseNonedownside
/operating_model/cells/downside_2026q4_cfo:downside/formula/opNonemultiply
/operating_model/cells/downside_2026q4_cfo:downside/formula/refs/0Nonedownside_2026q4_rev
/operating_model/cells/downside_2026q4_cfo:downside/formula/refs/1Nonedownside_cash_ratio
/operating_model/cells/downside_2026q4_cfo:downside/idNonedownside_2026q4_cfo
/operating_model/cells/downside_2026q4_cfo:downside/kindNonederived
/operating_model/cells/downside_2026q4_cfo:downside/labelNoneOperating cash
/operating_model/cells/downside_2026q4_cfo:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_cfo:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_cfo:downside/valueNone27.858516371999997
/operating_model/cells/downside_2026q4_fcf:downside/basisNoneOperating cash less modeled capex; excludes acquisitions and financing.
/operating_model/cells/downside_2026q4_fcf:downside/caseNonedownside
/operating_model/cells/downside_2026q4_fcf:downside/formula/opNonesubtract
/operating_model/cells/downside_2026q4_fcf:downside/formula/refs/0Nonedownside_2026q4_cfo
/operating_model/cells/downside_2026q4_fcf:downside/formula/refs/1Nonedownside_2026q4_capex
/operating_model/cells/downside_2026q4_fcf:downside/idNonedownside_2026q4_fcf
/operating_model/cells/downside_2026q4_fcf:downside/kindNonederived
/operating_model/cells/downside_2026q4_fcf:downside/labelNoneCash after PP&E capex
/operating_model/cells/downside_2026q4_fcf:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_fcf:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_fcf:downside/valueNone-45.054483628
/operating_model/cells/downside_2026q4_gp:downside/basisNoneSum of segment gross profits.
/operating_model/cells/downside_2026q4_gp:downside/caseNonedownside
/operating_model/cells/downside_2026q4_gp:downside/formula/opNonesum
/operating_model/cells/downside_2026q4_gp:downside/formula/refs/0Nonedownside_2026q4_sw_gp
/operating_model/cells/downside_2026q4_gp:downside/formula/refs/1Nonedownside_2026q4_hw_gp
/operating_model/cells/downside_2026q4_gp:downside/idNonedownside_2026q4_gp
/operating_model/cells/downside_2026q4_gp:downside/kindNonederived
/operating_model/cells/downside_2026q4_gp:downside/labelNoneConsolidated gross profit
/operating_model/cells/downside_2026q4_gp:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_gp:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_gp:downside/valueNone530.1491044320001
/operating_model/cells/downside_2026q4_hw:downside/basisNonePrior-quarter revenue times sequential growth factor.
/operating_model/cells/downside_2026q4_hw:downside/caseNonedownside
/operating_model/cells/downside_2026q4_hw:downside/formula/opNonemultiply
/operating_model/cells/downside_2026q4_hw:downside/formula/refs/0Nonedownside_2026q3_hw
/operating_model/cells/downside_2026q4_hw:downside/formula/refs/1Nonedownside_hw_growth
/operating_model/cells/downside_2026q4_hw:downside/idNonedownside_2026q4_hw
/operating_model/cells/downside_2026q4_hw:downside/kindNonederived
/operating_model/cells/downside_2026q4_hw:downside/labelNoneConnected Devices revenue
/operating_model/cells/downside_2026q4_hw:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_hw:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_hw:downside/valueNone506.553
/operating_model/cells/downside_2026q4_hw_gp:downside/basisNoneRevenue times GAAP segment margin assumption.
/operating_model/cells/downside_2026q4_hw_gp:downside/caseNonedownside
/operating_model/cells/downside_2026q4_hw_gp:downside/formula/opNonemultiply
/operating_model/cells/downside_2026q4_hw_gp:downside/formula/refs/0Nonedownside_2026q4_hw
/operating_model/cells/downside_2026q4_hw_gp:downside/formula/refs/1Nonedownside_hw_margin
/operating_model/cells/downside_2026q4_hw_gp:downside/idNonedownside_2026q4_hw_gp
/operating_model/cells/downside_2026q4_hw_gp:downside/kindNonederived
/operating_model/cells/downside_2026q4_hw_gp:downside/labelNonehw gross profit
/operating_model/cells/downside_2026q4_hw_gp:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_hw_gp:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_hw_gp:downside/valueNone243.14543999999998
/operating_model/cells/downside_2026q4_op:downside/basisNoneGross profit less GAAP expenses.
/operating_model/cells/downside_2026q4_op:downside/caseNonedownside
/operating_model/cells/downside_2026q4_op:downside/formula/opNonesubtract
/operating_model/cells/downside_2026q4_op:downside/formula/refs/0Nonedownside_2026q4_gp
/operating_model/cells/downside_2026q4_op:downside/formula/refs/1Nonedownside_2026q4_opex
/operating_model/cells/downside_2026q4_op:downside/idNonedownside_2026q4_op
/operating_model/cells/downside_2026q4_op:downside/kindNonederived
/operating_model/cells/downside_2026q4_op:downside/labelNoneGAAP operating income
/operating_model/cells/downside_2026q4_op:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_op:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_op:downside/valueNone19.40963761200004
/operating_model/cells/downside_2026q4_opex:downside/basisNoneRevenue times GAAP expense ratio, including stock compensation.
/operating_model/cells/downside_2026q4_opex:downside/caseNonedownside
/operating_model/cells/downside_2026q4_opex:downside/formula/opNonemultiply
/operating_model/cells/downside_2026q4_opex:downside/formula/refs/0Nonedownside_2026q4_rev
/operating_model/cells/downside_2026q4_opex:downside/formula/refs/1Nonedownside_opex_ratio
/operating_model/cells/downside_2026q4_opex:downside/idNonedownside_2026q4_opex
/operating_model/cells/downside_2026q4_opex:downside/kindNonederived
/operating_model/cells/downside_2026q4_opex:downside/labelNoneGAAP operating expenses
/operating_model/cells/downside_2026q4_opex:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_opex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_opex:downside/valueNone510.73946682
/operating_model/cells/downside_2026q4_rev:downside/basisNoneSum of segment revenues.
/operating_model/cells/downside_2026q4_rev:downside/caseNonedownside
/operating_model/cells/downside_2026q4_rev:downside/formula/opNonesum
/operating_model/cells/downside_2026q4_rev:downside/formula/refs/0Nonedownside_2026q4_sw
/operating_model/cells/downside_2026q4_rev:downside/formula/refs/1Nonedownside_2026q4_hw
/operating_model/cells/downside_2026q4_rev:downside/idNonedownside_2026q4_rev
/operating_model/cells/downside_2026q4_rev:downside/kindNonederived
/operating_model/cells/downside_2026q4_rev:downside/labelNoneConsolidated revenue
/operating_model/cells/downside_2026q4_rev:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_rev:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_rev:downside/valueNone928.6172124
/operating_model/cells/downside_2026q4_sw:downside/basisNonePrior-quarter revenue times sequential growth factor.
/operating_model/cells/downside_2026q4_sw:downside/caseNonedownside
/operating_model/cells/downside_2026q4_sw:downside/formula/opNonemultiply
/operating_model/cells/downside_2026q4_sw:downside/formula/refs/0Nonedownside_2026q3_sw
/operating_model/cells/downside_2026q4_sw:downside/formula/refs/1Nonedownside_sw_growth
/operating_model/cells/downside_2026q4_sw:downside/idNonedownside_2026q4_sw
/operating_model/cells/downside_2026q4_sw:downside/kindNonederived
/operating_model/cells/downside_2026q4_sw:downside/labelNoneSoftware & Services revenue
/operating_model/cells/downside_2026q4_sw:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_sw:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_sw:downside/valueNone422.06421240000003
/operating_model/cells/downside_2026q4_sw_gp:downside/basisNoneRevenue times GAAP segment margin assumption.
/operating_model/cells/downside_2026q4_sw_gp:downside/caseNonedownside
/operating_model/cells/downside_2026q4_sw_gp:downside/formula/opNonemultiply
/operating_model/cells/downside_2026q4_sw_gp:downside/formula/refs/0Nonedownside_2026q4_sw
/operating_model/cells/downside_2026q4_sw_gp:downside/formula/refs/1Nonedownside_sw_margin
/operating_model/cells/downside_2026q4_sw_gp:downside/idNonedownside_2026q4_sw_gp
/operating_model/cells/downside_2026q4_sw_gp:downside/kindNonederived
/operating_model/cells/downside_2026q4_sw_gp:downside/labelNonesw gross profit
/operating_model/cells/downside_2026q4_sw_gp:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_sw_gp:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_sw_gp:downside/valueNone287.00366443200005
/operating_model/cells/downside_2027q1_capex:downside/basisNoneAllocated annual capex after H1 actual.
/operating_model/cells/downside_2027q1_capex:downside/caseNonedownside
/operating_model/cells/downside_2027q1_capex:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q1_capex:downside/formula/refs/0Nonedownside_annual_capex27
/operating_model/cells/downside_2027q1_capex:downside/formula/refs/1Nonedownside_quarter
/operating_model/cells/downside_2027q1_capex:downside/idNonedownside_2027q1_capex
/operating_model/cells/downside_2027q1_capex:downside/kindNonederived
/operating_model/cells/downside_2027q1_capex:downside/labelNonePP&E capex
/operating_model/cells/downside_2027q1_capex:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_capex:downside/valueNone55.0
/operating_model/cells/downside_2027q1_cfo:downside/basisNoneRevenue times independent cash-conversion assumption.
/operating_model/cells/downside_2027q1_cfo:downside/caseNonedownside
/operating_model/cells/downside_2027q1_cfo:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q1_cfo:downside/formula/refs/0Nonedownside_2027q1_rev
/operating_model/cells/downside_2027q1_cfo:downside/formula/refs/1Nonedownside_cash_ratio
/operating_model/cells/downside_2027q1_cfo:downside/idNonedownside_2027q1_cfo
/operating_model/cells/downside_2027q1_cfo:downside/kindNonederived
/operating_model/cells/downside_2027q1_cfo:downside/labelNoneOperating cash
/operating_model/cells/downside_2027q1_cfo:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_cfo:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_cfo:downside/valueNone28.238374163160003
/operating_model/cells/downside_2027q1_fcf:downside/basisNoneOperating cash less modeled capex; excludes acquisitions and financing.
/operating_model/cells/downside_2027q1_fcf:downside/caseNonedownside
/operating_model/cells/downside_2027q1_fcf:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q1_fcf:downside/formula/refs/0Nonedownside_2027q1_cfo
/operating_model/cells/downside_2027q1_fcf:downside/formula/refs/1Nonedownside_2027q1_capex
/operating_model/cells/downside_2027q1_fcf:downside/idNonedownside_2027q1_fcf
/operating_model/cells/downside_2027q1_fcf:downside/kindNonederived
/operating_model/cells/downside_2027q1_fcf:downside/labelNoneCash after PP&E capex
/operating_model/cells/downside_2027q1_fcf:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_fcf:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_fcf:downside/valueNone-26.761625836839997
/operating_model/cells/downside_2027q1_gp:downside/basisNoneSum of segment gross profits.
/operating_model/cells/downside_2027q1_gp:downside/caseNonedownside
/operating_model/cells/downside_2027q1_gp:downside/formula/opNonesum
/operating_model/cells/downside_2027q1_gp:downside/formula/refs/0Nonedownside_2027q1_sw_gp
/operating_model/cells/downside_2027q1_gp:downside/formula/refs/1Nonedownside_2027q1_hw_gp
/operating_model/cells/downside_2027q1_gp:downside/idNonedownside_2027q1_gp
/operating_model/cells/downside_2027q1_gp:downside/kindNonederived
/operating_model/cells/downside_2027q1_gp:downside/labelNoneConsolidated gross profit
/operating_model/cells/downside_2027q1_gp:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_gp:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_gp:downside/valueNone538.75921436496
/operating_model/cells/downside_2027q1_hw:downside/basisNonePrior-quarter revenue times sequential growth factor.
/operating_model/cells/downside_2027q1_hw:downside/caseNonedownside
/operating_model/cells/downside_2027q1_hw:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q1_hw:downside/formula/refs/0Nonedownside_2026q4_hw
/operating_model/cells/downside_2027q1_hw:downside/formula/refs/1Nonedownside_hw_growth
/operating_model/cells/downside_2027q1_hw:downside/idNonedownside_2027q1_hw
/operating_model/cells/downside_2027q1_hw:downside/kindNonederived
/operating_model/cells/downside_2027q1_hw:downside/labelNoneConnected Devices revenue
/operating_model/cells/downside_2027q1_hw:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_hw:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_hw:downside/valueNone506.553
/operating_model/cells/downside_2027q1_hw_gp:downside/basisNoneRevenue times GAAP segment margin assumption.
/operating_model/cells/downside_2027q1_hw_gp:downside/caseNonedownside
/operating_model/cells/downside_2027q1_hw_gp:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q1_hw_gp:downside/formula/refs/0Nonedownside_2027q1_hw
/operating_model/cells/downside_2027q1_hw_gp:downside/formula/refs/1Nonedownside_hw_margin
/operating_model/cells/downside_2027q1_hw_gp:downside/idNonedownside_2027q1_hw_gp
/operating_model/cells/downside_2027q1_hw_gp:downside/kindNonederived
/operating_model/cells/downside_2027q1_hw_gp:downside/labelNonehw gross profit
/operating_model/cells/downside_2027q1_hw_gp:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_hw_gp:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_hw_gp:downside/valueNone243.14543999999998
/operating_model/cells/downside_2027q1_op:downside/basisNoneGross profit less GAAP expenses.
/operating_model/cells/downside_2027q1_op:downside/caseNonedownside
/operating_model/cells/downside_2027q1_op:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q1_op:downside/formula/refs/0Nonedownside_2027q1_gp
/operating_model/cells/downside_2027q1_op:downside/formula/refs/1Nonedownside_2027q1_opex
/operating_model/cells/downside_2027q1_op:downside/idNonedownside_2027q1_op
/operating_model/cells/downside_2027q1_op:downside/kindNonederived
/operating_model/cells/downside_2027q1_op:downside/labelNoneGAAP operating income
/operating_model/cells/downside_2027q1_op:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_op:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_op:downside/valueNone21.055688040359883
/operating_model/cells/downside_2027q1_opex:downside/basisNoneRevenue times GAAP expense ratio, including stock compensation.
/operating_model/cells/downside_2027q1_opex:downside/caseNonedownside
/operating_model/cells/downside_2027q1_opex:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q1_opex:downside/formula/refs/0Nonedownside_2027q1_rev
/operating_model/cells/downside_2027q1_opex:downside/formula/refs/1Nonedownside_opex_ratio
/operating_model/cells/downside_2027q1_opex:downside/idNonedownside_2027q1_opex
/operating_model/cells/downside_2027q1_opex:downside/kindNonederived
/operating_model/cells/downside_2027q1_opex:downside/labelNoneGAAP operating expenses
/operating_model/cells/downside_2027q1_opex:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_opex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_opex:downside/valueNone517.7035263246001
/operating_model/cells/downside_2027q1_rev:downside/basisNoneSum of segment revenues.
/operating_model/cells/downside_2027q1_rev:downside/caseNonedownside
/operating_model/cells/downside_2027q1_rev:downside/formula/opNonesum
/operating_model/cells/downside_2027q1_rev:downside/formula/refs/0Nonedownside_2027q1_sw
/operating_model/cells/downside_2027q1_rev:downside/formula/refs/1Nonedownside_2027q1_hw
/operating_model/cells/downside_2027q1_rev:downside/idNonedownside_2027q1_rev
/operating_model/cells/downside_2027q1_rev:downside/kindNonederived
/operating_model/cells/downside_2027q1_rev:downside/labelNoneConsolidated revenue
/operating_model/cells/downside_2027q1_rev:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_rev:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_rev:downside/valueNone941.2791387720001
/operating_model/cells/downside_2027q1_sw:downside/basisNonePrior-quarter revenue times sequential growth factor.
/operating_model/cells/downside_2027q1_sw:downside/caseNonedownside
/operating_model/cells/downside_2027q1_sw:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q1_sw:downside/formula/refs/0Nonedownside_2026q4_sw
/operating_model/cells/downside_2027q1_sw:downside/formula/refs/1Nonedownside_sw_growth
/operating_model/cells/downside_2027q1_sw:downside/idNonedownside_2027q1_sw
/operating_model/cells/downside_2027q1_sw:downside/kindNonederived
/operating_model/cells/downside_2027q1_sw:downside/labelNoneSoftware & Services revenue
/operating_model/cells/downside_2027q1_sw:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_sw:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_sw:downside/valueNone434.72613877200007
/operating_model/cells/downside_2027q1_sw_gp:downside/basisNoneRevenue times GAAP segment margin assumption.
/operating_model/cells/downside_2027q1_sw_gp:downside/caseNonedownside
/operating_model/cells/downside_2027q1_sw_gp:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q1_sw_gp:downside/formula/refs/0Nonedownside_2027q1_sw
/operating_model/cells/downside_2027q1_sw_gp:downside/formula/refs/1Nonedownside_sw_margin
/operating_model/cells/downside_2027q1_sw_gp:downside/idNonedownside_2027q1_sw_gp
/operating_model/cells/downside_2027q1_sw_gp:downside/kindNonederived
/operating_model/cells/downside_2027q1_sw_gp:downside/labelNonesw gross profit
/operating_model/cells/downside_2027q1_sw_gp:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_sw_gp:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_sw_gp:downside/valueNone295.6137743649601
/operating_model/cells/downside_2027q2_capex:downside/basisNoneAllocated annual capex after H1 actual.
/operating_model/cells/downside_2027q2_capex:downside/caseNonedownside
/operating_model/cells/downside_2027q2_capex:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q2_capex:downside/formula/refs/0Nonedownside_annual_capex27
/operating_model/cells/downside_2027q2_capex:downside/formula/refs/1Nonedownside_quarter
/operating_model/cells/downside_2027q2_capex:downside/idNonedownside_2027q2_capex
/operating_model/cells/downside_2027q2_capex:downside/kindNonederived
/operating_model/cells/downside_2027q2_capex:downside/labelNonePP&E capex
/operating_model/cells/downside_2027q2_capex:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_capex:downside/valueNone55.0
/operating_model/cells/downside_2027q2_cfo:downside/basisNoneRevenue times independent cash-conversion assumption.
/operating_model/cells/downside_2027q2_cfo:downside/caseNonedownside
/operating_model/cells/downside_2027q2_cfo:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q2_cfo:downside/formula/refs/0Nonedownside_2027q2_rev
/operating_model/cells/downside_2027q2_cfo:downside/formula/refs/1Nonedownside_cash_ratio
/operating_model/cells/downside_2027q2_cfo:downside/idNonedownside_2027q2_cfo
/operating_model/cells/downside_2027q2_cfo:downside/kindNonederived
/operating_model/cells/downside_2027q2_cfo:downside/labelNoneOperating cash
/operating_model/cells/downside_2027q2_cfo:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_cfo:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_cfo:downside/valueNone28.6296276880548
/operating_model/cells/downside_2027q2_fcf:downside/basisNoneOperating cash less modeled capex; excludes acquisitions and financing.
/operating_model/cells/downside_2027q2_fcf:downside/caseNonedownside
/operating_model/cells/downside_2027q2_fcf:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q2_fcf:downside/formula/refs/0Nonedownside_2027q2_cfo
/operating_model/cells/downside_2027q2_fcf:downside/formula/refs/1Nonedownside_2027q2_capex
/operating_model/cells/downside_2027q2_fcf:downside/idNonedownside_2027q2_fcf
/operating_model/cells/downside_2027q2_fcf:downside/kindNonederived
/operating_model/cells/downside_2027q2_fcf:downside/labelNoneCash after PP&E capex
/operating_model/cells/downside_2027q2_fcf:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_fcf:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_fcf:downside/valueNone-26.3703723119452
/operating_model/cells/downside_2027q2_gp:downside/basisNoneSum of segment gross profits.
/operating_model/cells/downside_2027q2_gp:downside/caseNonedownside
/operating_model/cells/downside_2027q2_gp:downside/formula/opNonesum
/operating_model/cells/downside_2027q2_gp:downside/formula/refs/0Nonedownside_2027q2_sw_gp
/operating_model/cells/downside_2027q2_gp:downside/formula/refs/1Nonedownside_2027q2_hw_gp
/operating_model/cells/downside_2027q2_gp:downside/idNonedownside_2027q2_gp
/operating_model/cells/downside_2027q2_gp:downside/kindNonederived
/operating_model/cells/downside_2027q2_gp:downside/labelNoneConsolidated gross profit
/operating_model/cells/downside_2027q2_gp:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_gp:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_gp:downside/valueNone547.6276275959088
/operating_model/cells/downside_2027q2_hw:downside/basisNonePrior-quarter revenue times sequential growth factor.
/operating_model/cells/downside_2027q2_hw:downside/caseNonedownside
/operating_model/cells/downside_2027q2_hw:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q2_hw:downside/formula/refs/0Nonedownside_2027q1_hw
/operating_model/cells/downside_2027q2_hw:downside/formula/refs/1Nonedownside_hw_growth
/operating_model/cells/downside_2027q2_hw:downside/idNonedownside_2027q2_hw
/operating_model/cells/downside_2027q2_hw:downside/kindNonederived
/operating_model/cells/downside_2027q2_hw:downside/labelNoneConnected Devices revenue
/operating_model/cells/downside_2027q2_hw:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_hw:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_hw:downside/valueNone506.553
/operating_model/cells/downside_2027q2_hw_gp:downside/basisNoneRevenue times GAAP segment margin assumption.
/operating_model/cells/downside_2027q2_hw_gp:downside/caseNonedownside
/operating_model/cells/downside_2027q2_hw_gp:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q2_hw_gp:downside/formula/refs/0Nonedownside_2027q2_hw
/operating_model/cells/downside_2027q2_hw_gp:downside/formula/refs/1Nonedownside_hw_margin
/operating_model/cells/downside_2027q2_hw_gp:downside/idNonedownside_2027q2_hw_gp
/operating_model/cells/downside_2027q2_hw_gp:downside/kindNonederived
/operating_model/cells/downside_2027q2_hw_gp:downside/labelNonehw gross profit
/operating_model/cells/downside_2027q2_hw_gp:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_hw_gp:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_hw_gp:downside/valueNone243.14543999999998
/operating_model/cells/downside_2027q2_op:downside/basisNoneGross profit less GAAP expenses.
/operating_model/cells/downside_2027q2_op:downside/caseNonedownside
/operating_model/cells/downside_2027q2_op:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q2_op:downside/formula/refs/0Nonedownside_2027q2_gp
/operating_model/cells/downside_2027q2_op:downside/formula/refs/1Nonedownside_2027q2_opex
/operating_model/cells/downside_2027q2_op:downside/idNonedownside_2027q2_op
/operating_model/cells/downside_2027q2_op:downside/kindNonederived
/operating_model/cells/downside_2027q2_op:downside/labelNoneGAAP operating income
/operating_model/cells/downside_2027q2_op:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_op:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_op:downside/valueNone22.75111998157081
/operating_model/cells/downside_2027q2_opex:downside/basisNoneRevenue times GAAP expense ratio, including stock compensation.
/operating_model/cells/downside_2027q2_opex:downside/caseNonedownside
/operating_model/cells/downside_2027q2_opex:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q2_opex:downside/formula/refs/0Nonedownside_2027q2_rev
/operating_model/cells/downside_2027q2_opex:downside/formula/refs/1Nonedownside_opex_ratio
/operating_model/cells/downside_2027q2_opex:downside/idNonedownside_2027q2_opex
/operating_model/cells/downside_2027q2_opex:downside/kindNonederived
/operating_model/cells/downside_2027q2_opex:downside/labelNoneGAAP operating expenses
/operating_model/cells/downside_2027q2_opex:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_opex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_opex:downside/valueNone524.876507614338
/operating_model/cells/downside_2027q2_rev:downside/basisNoneSum of segment revenues.
/operating_model/cells/downside_2027q2_rev:downside/caseNonedownside
/operating_model/cells/downside_2027q2_rev:downside/formula/opNonesum
/operating_model/cells/downside_2027q2_rev:downside/formula/refs/0Nonedownside_2027q2_sw
/operating_model/cells/downside_2027q2_rev:downside/formula/refs/1Nonedownside_2027q2_hw
/operating_model/cells/downside_2027q2_rev:downside/idNonedownside_2027q2_rev
/operating_model/cells/downside_2027q2_rev:downside/kindNonederived
/operating_model/cells/downside_2027q2_rev:downside/labelNoneConsolidated revenue
/operating_model/cells/downside_2027q2_rev:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_rev:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_rev:downside/valueNone954.3209229351601
/operating_model/cells/downside_2027q2_sw:downside/basisNonePrior-quarter revenue times sequential growth factor.
/operating_model/cells/downside_2027q2_sw:downside/caseNonedownside
/operating_model/cells/downside_2027q2_sw:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q2_sw:downside/formula/refs/0Nonedownside_2027q1_sw
/operating_model/cells/downside_2027q2_sw:downside/formula/refs/1Nonedownside_sw_growth
/operating_model/cells/downside_2027q2_sw:downside/idNonedownside_2027q2_sw
/operating_model/cells/downside_2027q2_sw:downside/kindNonederived
/operating_model/cells/downside_2027q2_sw:downside/labelNoneSoftware & Services revenue
/operating_model/cells/downside_2027q2_sw:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_sw:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_sw:downside/valueNone447.7679229351601
/operating_model/cells/downside_2027q2_sw_gp:downside/basisNoneRevenue times GAAP segment margin assumption.
/operating_model/cells/downside_2027q2_sw_gp:downside/caseNonedownside
/operating_model/cells/downside_2027q2_sw_gp:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q2_sw_gp:downside/formula/refs/0Nonedownside_2027q2_sw
/operating_model/cells/downside_2027q2_sw_gp:downside/formula/refs/1Nonedownside_sw_margin
/operating_model/cells/downside_2027q2_sw_gp:downside/idNonedownside_2027q2_sw_gp
/operating_model/cells/downside_2027q2_sw_gp:downside/kindNonederived
/operating_model/cells/downside_2027q2_sw_gp:downside/labelNonesw gross profit
/operating_model/cells/downside_2027q2_sw_gp:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_sw_gp:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_sw_gp:downside/valueNone304.4821875959089
/operating_model/cells/downside_2027q3_capex:downside/basisNoneAllocated annual capex after H1 actual.
/operating_model/cells/downside_2027q3_capex:downside/caseNonedownside
/operating_model/cells/downside_2027q3_capex:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q3_capex:downside/formula/refs/0Nonedownside_annual_capex27
/operating_model/cells/downside_2027q3_capex:downside/formula/refs/1Nonedownside_quarter
/operating_model/cells/downside_2027q3_capex:downside/idNonedownside_2027q3_capex
/operating_model/cells/downside_2027q3_capex:downside/kindNonederived
/operating_model/cells/downside_2027q3_capex:downside/labelNonePP&E capex
/operating_model/cells/downside_2027q3_capex:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_capex:downside/valueNone55.0
/operating_model/cells/downside_2027q3_cfo:downside/basisNoneRevenue times independent cash-conversion assumption.
/operating_model/cells/downside_2027q3_cfo:downside/caseNonedownside
/operating_model/cells/downside_2027q3_cfo:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q3_cfo:downside/formula/refs/0Nonedownside_2027q3_rev
/operating_model/cells/downside_2027q3_cfo:downside/formula/refs/1Nonedownside_cash_ratio
/operating_model/cells/downside_2027q3_cfo:downside/idNonedownside_2027q3_cfo
/operating_model/cells/downside_2027q3_cfo:downside/kindNonederived
/operating_model/cells/downside_2027q3_cfo:downside/labelNoneOperating cash
/operating_model/cells/downside_2027q3_cfo:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_cfo:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_cfo:downside/valueNone29.032618818696445
/operating_model/cells/downside_2027q3_fcf:downside/basisNoneOperating cash less modeled capex; excludes acquisitions and financing.
/operating_model/cells/downside_2027q3_fcf:downside/caseNonedownside
/operating_model/cells/downside_2027q3_fcf:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q3_fcf:downside/formula/refs/0Nonedownside_2027q3_cfo
/operating_model/cells/downside_2027q3_fcf:downside/formula/refs/1Nonedownside_2027q3_capex
/operating_model/cells/downside_2027q3_fcf:downside/idNonedownside_2027q3_fcf
/operating_model/cells/downside_2027q3_fcf:downside/kindNonederived
/operating_model/cells/downside_2027q3_fcf:downside/labelNoneCash after PP&E capex
/operating_model/cells/downside_2027q3_fcf:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_fcf:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_fcf:downside/valueNone-25.967381181303555
/operating_model/cells/downside_2027q3_gp:downside/basisNoneSum of segment gross profits.
/operating_model/cells/downside_2027q3_gp:downside/caseNonedownside
/operating_model/cells/downside_2027q3_gp:downside/formula/opNonesum
/operating_model/cells/downside_2027q3_gp:downside/formula/refs/0Nonedownside_2027q3_sw_gp
/operating_model/cells/downside_2027q3_gp:downside/formula/refs/1Nonedownside_2027q3_hw_gp
/operating_model/cells/downside_2027q3_gp:downside/idNonedownside_2027q3_gp
/operating_model/cells/downside_2027q3_gp:downside/kindNonederived
/operating_model/cells/downside_2027q3_gp:downside/labelNoneConsolidated gross profit
/operating_model/cells/downside_2027q3_gp:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_gp:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_gp:downside/valueNone556.7620932237861
/operating_model/cells/downside_2027q3_hw:downside/basisNonePrior-quarter revenue times sequential growth factor.
/operating_model/cells/downside_2027q3_hw:downside/caseNonedownside
/operating_model/cells/downside_2027q3_hw:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q3_hw:downside/formula/refs/0Nonedownside_2027q2_hw
/operating_model/cells/downside_2027q3_hw:downside/formula/refs/1Nonedownside_hw_growth
/operating_model/cells/downside_2027q3_hw:downside/idNonedownside_2027q3_hw
/operating_model/cells/downside_2027q3_hw:downside/kindNonederived
/operating_model/cells/downside_2027q3_hw:downside/labelNoneConnected Devices revenue
/operating_model/cells/downside_2027q3_hw:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_hw:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_hw:downside/valueNone506.553
/operating_model/cells/downside_2027q3_hw_gp:downside/basisNoneRevenue times GAAP segment margin assumption.
/operating_model/cells/downside_2027q3_hw_gp:downside/caseNonedownside
/operating_model/cells/downside_2027q3_hw_gp:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q3_hw_gp:downside/formula/refs/0Nonedownside_2027q3_hw
/operating_model/cells/downside_2027q3_hw_gp:downside/formula/refs/1Nonedownside_hw_margin
/operating_model/cells/downside_2027q3_hw_gp:downside/idNonedownside_2027q3_hw_gp
/operating_model/cells/downside_2027q3_hw_gp:downside/kindNonederived
/operating_model/cells/downside_2027q3_hw_gp:downside/labelNonehw gross profit
/operating_model/cells/downside_2027q3_hw_gp:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_hw_gp:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_hw_gp:downside/valueNone243.14543999999998
/operating_model/cells/downside_2027q3_op:downside/basisNoneGross profit less GAAP expenses.
/operating_model/cells/downside_2027q3_op:downside/caseNonedownside
/operating_model/cells/downside_2027q3_op:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q3_op:downside/formula/refs/0Nonedownside_2027q3_gp
/operating_model/cells/downside_2027q3_op:downside/formula/refs/1Nonedownside_2027q3_opex
/operating_model/cells/downside_2027q3_op:downside/idNonedownside_2027q3_op
/operating_model/cells/downside_2027q3_op:downside/kindNonederived
/operating_model/cells/downside_2027q3_op:downside/labelNoneGAAP operating income
/operating_model/cells/downside_2027q3_op:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_op:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_op:downside/valueNone24.497414881017903
/operating_model/cells/downside_2027q3_opex:downside/basisNoneRevenue times GAAP expense ratio, including stock compensation.
/operating_model/cells/downside_2027q3_opex:downside/caseNonedownside
/operating_model/cells/downside_2027q3_opex:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q3_opex:downside/formula/refs/0Nonedownside_2027q3_rev
/operating_model/cells/downside_2027q3_opex:downside/formula/refs/1Nonedownside_opex_ratio
/operating_model/cells/downside_2027q3_opex:downside/idNonedownside_2027q3_opex
/operating_model/cells/downside_2027q3_opex:downside/kindNonederived
/operating_model/cells/downside_2027q3_opex:downside/labelNoneGAAP operating expenses
/operating_model/cells/downside_2027q3_opex:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_opex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_opex:downside/valueNone532.2646783427682
/operating_model/cells/downside_2027q3_rev:downside/basisNoneSum of segment revenues.
/operating_model/cells/downside_2027q3_rev:downside/caseNonedownside
/operating_model/cells/downside_2027q3_rev:downside/formula/opNonesum
/operating_model/cells/downside_2027q3_rev:downside/formula/refs/0Nonedownside_2027q3_sw
/operating_model/cells/downside_2027q3_rev:downside/formula/refs/1Nonedownside_2027q3_hw
/operating_model/cells/downside_2027q3_rev:downside/idNonedownside_2027q3_rev
/operating_model/cells/downside_2027q3_rev:downside/kindNonederived
/operating_model/cells/downside_2027q3_rev:downside/labelNoneConsolidated revenue
/operating_model/cells/downside_2027q3_rev:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_rev:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_rev:downside/valueNone967.7539606232149
/operating_model/cells/downside_2027q3_sw:downside/basisNonePrior-quarter revenue times sequential growth factor.
/operating_model/cells/downside_2027q3_sw:downside/caseNonedownside
/operating_model/cells/downside_2027q3_sw:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q3_sw:downside/formula/refs/0Nonedownside_2027q2_sw
/operating_model/cells/downside_2027q3_sw:downside/formula/refs/1Nonedownside_sw_growth
/operating_model/cells/downside_2027q3_sw:downside/idNonedownside_2027q3_sw
/operating_model/cells/downside_2027q3_sw:downside/kindNonederived
/operating_model/cells/downside_2027q3_sw:downside/labelNoneSoftware & Services revenue
/operating_model/cells/downside_2027q3_sw:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_sw:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_sw:downside/valueNone461.2009606232149
/operating_model/cells/downside_2027q3_sw_gp:downside/basisNoneRevenue times GAAP segment margin assumption.
/operating_model/cells/downside_2027q3_sw_gp:downside/caseNonedownside
/operating_model/cells/downside_2027q3_sw_gp:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q3_sw_gp:downside/formula/refs/0Nonedownside_2027q3_sw
/operating_model/cells/downside_2027q3_sw_gp:downside/formula/refs/1Nonedownside_sw_margin
/operating_model/cells/downside_2027q3_sw_gp:downside/idNonedownside_2027q3_sw_gp
/operating_model/cells/downside_2027q3_sw_gp:downside/kindNonederived
/operating_model/cells/downside_2027q3_sw_gp:downside/labelNonesw gross profit
/operating_model/cells/downside_2027q3_sw_gp:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_sw_gp:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_sw_gp:downside/valueNone313.61665322378616
/operating_model/cells/downside_2027q4_capex:downside/basisNoneAllocated annual capex after H1 actual.
/operating_model/cells/downside_2027q4_capex:downside/caseNonedownside
/operating_model/cells/downside_2027q4_capex:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q4_capex:downside/formula/refs/0Nonedownside_annual_capex27
/operating_model/cells/downside_2027q4_capex:downside/formula/refs/1Nonedownside_quarter
/operating_model/cells/downside_2027q4_capex:downside/idNonedownside_2027q4_capex
/operating_model/cells/downside_2027q4_capex:downside/kindNonederived
/operating_model/cells/downside_2027q4_capex:downside/labelNonePP&E capex
/operating_model/cells/downside_2027q4_capex:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_capex:downside/valueNone55.0
/operating_model/cells/downside_2027q4_cfo:downside/basisNoneRevenue times independent cash-conversion assumption.
/operating_model/cells/downside_2027q4_cfo:downside/caseNonedownside
/operating_model/cells/downside_2027q4_cfo:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q4_cfo:downside/formula/refs/0Nonedownside_2027q4_rev
/operating_model/cells/downside_2027q4_cfo:downside/formula/refs/1Nonedownside_cash_ratio
/operating_model/cells/downside_2027q4_cfo:downside/idNonedownside_2027q4_cfo
/operating_model/cells/downside_2027q4_cfo:downside/kindNonederived
/operating_model/cells/downside_2027q4_cfo:downside/labelNoneOperating cash
/operating_model/cells/downside_2027q4_cfo:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_cfo:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_cfo:downside/valueNone29.447699683257337
/operating_model/cells/downside_2027q4_fcf:downside/basisNoneOperating cash less modeled capex; excludes acquisitions and financing.
/operating_model/cells/downside_2027q4_fcf:downside/caseNonedownside
/operating_model/cells/downside_2027q4_fcf:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q4_fcf:downside/formula/refs/0Nonedownside_2027q4_cfo
/operating_model/cells/downside_2027q4_fcf:downside/formula/refs/1Nonedownside_2027q4_capex
/operating_model/cells/downside_2027q4_fcf:downside/idNonedownside_2027q4_fcf
/operating_model/cells/downside_2027q4_fcf:downside/kindNonederived
/operating_model/cells/downside_2027q4_fcf:downside/labelNoneCash after PP&E capex
/operating_model/cells/downside_2027q4_fcf:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_fcf:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_fcf:downside/valueNone-25.552300316742663
/operating_model/cells/downside_2027q4_gp:downside/basisNoneSum of segment gross profits.
/operating_model/cells/downside_2027q4_gp:downside/caseNonedownside
/operating_model/cells/downside_2027q4_gp:downside/formula/opNonesum
/operating_model/cells/downside_2027q4_gp:downside/formula/refs/0Nonedownside_2027q4_sw_gp
/operating_model/cells/downside_2027q4_gp:downside/formula/refs/1Nonedownside_2027q4_hw_gp
/operating_model/cells/downside_2027q4_gp:downside/idNonedownside_2027q4_gp
/operating_model/cells/downside_2027q4_gp:downside/kindNonederived
/operating_model/cells/downside_2027q4_gp:downside/labelNoneConsolidated gross profit
/operating_model/cells/downside_2027q4_gp:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_gp:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_gp:downside/valueNone566.1705928204997
/operating_model/cells/downside_2027q4_hw:downside/basisNonePrior-quarter revenue times sequential growth factor.
/operating_model/cells/downside_2027q4_hw:downside/caseNonedownside
/operating_model/cells/downside_2027q4_hw:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q4_hw:downside/formula/refs/0Nonedownside_2027q3_hw
/operating_model/cells/downside_2027q4_hw:downside/formula/refs/1Nonedownside_hw_growth
/operating_model/cells/downside_2027q4_hw:downside/idNonedownside_2027q4_hw
/operating_model/cells/downside_2027q4_hw:downside/kindNonederived
/operating_model/cells/downside_2027q4_hw:downside/labelNoneConnected Devices revenue
/operating_model/cells/downside_2027q4_hw:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_hw:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_hw:downside/valueNone506.553
/operating_model/cells/downside_2027q4_hw_gp:downside/basisNoneRevenue times GAAP segment margin assumption.
/operating_model/cells/downside_2027q4_hw_gp:downside/caseNonedownside
/operating_model/cells/downside_2027q4_hw_gp:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q4_hw_gp:downside/formula/refs/0Nonedownside_2027q4_hw
/operating_model/cells/downside_2027q4_hw_gp:downside/formula/refs/1Nonedownside_hw_margin
/operating_model/cells/downside_2027q4_hw_gp:downside/idNonedownside_2027q4_hw_gp
/operating_model/cells/downside_2027q4_hw_gp:downside/kindNonederived
/operating_model/cells/downside_2027q4_hw_gp:downside/labelNonehw gross profit
/operating_model/cells/downside_2027q4_hw_gp:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_hw_gp:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_hw_gp:downside/valueNone243.14543999999998
/operating_model/cells/downside_2027q4_op:downside/basisNoneGross profit less GAAP expenses.
/operating_model/cells/downside_2027q4_op:downside/caseNonedownside
/operating_model/cells/downside_2027q4_op:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q4_op:downside/formula/refs/0Nonedownside_2027q4_gp
/operating_model/cells/downside_2027q4_op:downside/formula/refs/1Nonedownside_2027q4_opex
/operating_model/cells/downside_2027q4_op:downside/idNonedownside_2027q4_op
/operating_model/cells/downside_2027q4_op:downside/kindNonederived
/operating_model/cells/downside_2027q4_op:downside/labelNoneGAAP operating income
/operating_model/cells/downside_2027q4_op:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_op:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_op:downside/valueNone26.296098627448487
/operating_model/cells/downside_2027q4_opex:downside/basisNoneRevenue times GAAP expense ratio, including stock compensation.
/operating_model/cells/downside_2027q4_opex:downside/caseNonedownside
/operating_model/cells/downside_2027q4_opex:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q4_opex:downside/formula/refs/0Nonedownside_2027q4_rev
/operating_model/cells/downside_2027q4_opex:downside/formula/refs/1Nonedownside_opex_ratio
/operating_model/cells/downside_2027q4_opex:downside/idNonedownside_2027q4_opex
/operating_model/cells/downside_2027q4_opex:downside/kindNonederived
/operating_model/cells/downside_2027q4_opex:downside/labelNoneGAAP operating expenses
/operating_model/cells/downside_2027q4_opex:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_opex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_opex:downside/valueNone539.8744941930512
/operating_model/cells/downside_2027q4_rev:downside/basisNoneSum of segment revenues.
/operating_model/cells/downside_2027q4_rev:downside/caseNonedownside
/operating_model/cells/downside_2027q4_rev:downside/formula/opNonesum
/operating_model/cells/downside_2027q4_rev:downside/formula/refs/0Nonedownside_2027q4_sw
/operating_model/cells/downside_2027q4_rev:downside/formula/refs/1Nonedownside_2027q4_hw
/operating_model/cells/downside_2027q4_rev:downside/idNonedownside_2027q4_rev
/operating_model/cells/downside_2027q4_rev:downside/kindNonederived
/operating_model/cells/downside_2027q4_rev:downside/labelNoneConsolidated revenue
/operating_model/cells/downside_2027q4_rev:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_rev:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_rev:downside/valueNone981.5899894419113
/operating_model/cells/downside_2027q4_sw:downside/basisNonePrior-quarter revenue times sequential growth factor.
/operating_model/cells/downside_2027q4_sw:downside/caseNonedownside
/operating_model/cells/downside_2027q4_sw:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q4_sw:downside/formula/refs/0Nonedownside_2027q3_sw
/operating_model/cells/downside_2027q4_sw:downside/formula/refs/1Nonedownside_sw_growth
/operating_model/cells/downside_2027q4_sw:downside/idNonedownside_2027q4_sw
/operating_model/cells/downside_2027q4_sw:downside/kindNonederived
/operating_model/cells/downside_2027q4_sw:downside/labelNoneSoftware & Services revenue
/operating_model/cells/downside_2027q4_sw:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_sw:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_sw:downside/valueNone475.0369894419113
/operating_model/cells/downside_2027q4_sw_gp:downside/basisNoneRevenue times GAAP segment margin assumption.
/operating_model/cells/downside_2027q4_sw_gp:downside/caseNonedownside
/operating_model/cells/downside_2027q4_sw_gp:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q4_sw_gp:downside/formula/refs/0Nonedownside_2027q4_sw
/operating_model/cells/downside_2027q4_sw_gp:downside/formula/refs/1Nonedownside_sw_margin
/operating_model/cells/downside_2027q4_sw_gp:downside/idNonedownside_2027q4_sw_gp
/operating_model/cells/downside_2027q4_sw_gp:downside/kindNonederived
/operating_model/cells/downside_2027q4_sw_gp:downside/labelNonesw gross profit
/operating_model/cells/downside_2027q4_sw_gp:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_sw_gp:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_sw_gp:downside/valueNone323.0251528204997
/operating_model/cells/downside_annual_capex26:downside/basisNoneWithin company $160M–$190M outlook; excludes a new headquarters as guidance does.
/operating_model/cells/downside_annual_capex26:downside/caseNonedownside
/operating_model/cells/downside_annual_capex26:downside/idNonedownside_annual_capex26
/operating_model/cells/downside_annual_capex26:downside/kindNoneassumption
/operating_model/cells/downside_annual_capex26:downside/labelNoneFY2026 capex case
/operating_model/cells/downside_annual_capex26:downside/periodNoneFY2026
/operating_model/cells/downside_annual_capex26:downside/unitNoneUSD_millions
/operating_model/cells/downside_annual_capex26:downside/valueNone190.0
/operating_model/cells/downside_annual_capex27:downside/basisNoneDesk extension for capacity and products; not guidance. Excludes unmodeled headquarters costs.
/operating_model/cells/downside_annual_capex27:downside/caseNonedownside
/operating_model/cells/downside_annual_capex27:downside/idNonedownside_annual_capex27
/operating_model/cells/downside_annual_capex27:downside/kindNoneassumption
/operating_model/cells/downside_annual_capex27:downside/labelNoneFY2027 capex assumption
/operating_model/cells/downside_annual_capex27:downside/periodNoneFY2027
/operating_model/cells/downside_annual_capex27:downside/unitNoneUSD_millions
/operating_model/cells/downside_annual_capex27:downside/valueNone220.0
/operating_model/cells/downside_capex_h2:downside/basisNoneAnnual case less H1 spend.
/operating_model/cells/downside_capex_h2:downside/caseNonedownside
/operating_model/cells/downside_capex_h2:downside/formula/opNonesubtract
/operating_model/cells/downside_capex_h2:downside/formula/refs/0Nonedownside_annual_capex26
/operating_model/cells/downside_capex_h2:downside/formula/refs/1Noneh1_capex
/operating_model/cells/downside_capex_h2:downside/idNonedownside_capex_h2
/operating_model/cells/downside_capex_h2:downside/kindNonederived
/operating_model/cells/downside_capex_h2:downside/labelNoneRemaining FY2026 capex
/operating_model/cells/downside_capex_h2:downside/periodNone2026 H2
/operating_model/cells/downside_capex_h2:downside/unitNoneUSD_millions
/operating_model/cells/downside_capex_h2:downside/valueNone145.826
/operating_model/cells/downside_cash_ratio:downside/basisNoneSeparate collection and working-capital sensitivity; adjusted EBITDA is not cash.
/operating_model/cells/downside_cash_ratio:downside/caseNonedownside
/operating_model/cells/downside_cash_ratio:downside/idNonedownside_cash_ratio
/operating_model/cells/downside_cash_ratio:downside/kindNoneassumption
/operating_model/cells/downside_cash_ratio:downside/labelNoneOperating-cash / revenue assumption
/operating_model/cells/downside_cash_ratio:downside/periodNoneForward quarters
/operating_model/cells/downside_cash_ratio:downside/unitNoneratio
/operating_model/cells/downside_cash_ratio:downside/valueNone0.03
/operating_model/cells/downside_fy2026_capex:downside/basisNoneH1 actual plus modeled H2.
/operating_model/cells/downside_fy2026_capex:downside/caseNonedownside
/operating_model/cells/downside_fy2026_capex:downside/formula/opNonesum
/operating_model/cells/downside_fy2026_capex:downside/formula/refs/0Noneh1_capex
/operating_model/cells/downside_fy2026_capex:downside/formula/refs/1Nonedownside_2026q3_capex
/operating_model/cells/downside_fy2026_capex:downside/formula/refs/2Nonedownside_2026q4_capex
/operating_model/cells/downside_fy2026_capex:downside/idNonedownside_fy2026_capex
/operating_model/cells/downside_fy2026_capex:downside/kindNonederived
/operating_model/cells/downside_fy2026_capex:downside/labelNoneFY2026 capex
/operating_model/cells/downside_fy2026_capex:downside/periodNoneFY2026
/operating_model/cells/downside_fy2026_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2026_capex:downside/valueNone190.0
/operating_model/cells/downside_fy2026_cfo:downside/basisNoneH1 actual plus modeled H2.
/operating_model/cells/downside_fy2026_cfo:downside/caseNonedownside
/operating_model/cells/downside_fy2026_cfo:downside/formula/opNonesum
/operating_model/cells/downside_fy2026_cfo:downside/formula/refs/0Noneh1_cfo
/operating_model/cells/downside_fy2026_cfo:downside/formula/refs/1Nonedownside_2026q3_cfo
/operating_model/cells/downside_fy2026_cfo:downside/formula/refs/2Nonedownside_2026q4_cfo
/operating_model/cells/downside_fy2026_cfo:downside/idNonedownside_fy2026_cfo
/operating_model/cells/downside_fy2026_cfo:downside/kindNonederived
/operating_model/cells/downside_fy2026_cfo:downside/labelNoneFY2026 cfo
/operating_model/cells/downside_fy2026_cfo:downside/periodNoneFY2026
/operating_model/cells/downside_fy2026_cfo:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2026_cfo:downside/valueNone43.908238772
/operating_model/cells/downside_fy2026_fcf:downside/basisNoneAnnual operating cash less capex.
/operating_model/cells/downside_fy2026_fcf:downside/caseNonedownside
/operating_model/cells/downside_fy2026_fcf:downside/formula/opNonesubtract
/operating_model/cells/downside_fy2026_fcf:downside/formula/refs/0Nonedownside_fy2026_cfo
/operating_model/cells/downside_fy2026_fcf:downside/formula/refs/1Nonedownside_fy2026_capex
/operating_model/cells/downside_fy2026_fcf:downside/idNonedownside_fy2026_fcf
/operating_model/cells/downside_fy2026_fcf:downside/kindNonederived
/operating_model/cells/downside_fy2026_fcf:downside/labelNoneAnnual cash after PP&E capex
/operating_model/cells/downside_fy2026_fcf:downside/periodNoneFY2026
/operating_model/cells/downside_fy2026_fcf:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2026_fcf:downside/valueNone-146.091761228
/operating_model/cells/downside_fy2026_gp:downside/basisNoneH1 actual plus modeled H2.
/operating_model/cells/downside_fy2026_gp:downside/caseNonedownside
/operating_model/cells/downside_fy2026_gp:downside/formula/opNonesum
/operating_model/cells/downside_fy2026_gp:downside/formula/refs/0Noneh1_gp
/operating_model/cells/downside_fy2026_gp:downside/formula/refs/1Nonedownside_2026q3_gp
/operating_model/cells/downside_fy2026_gp:downside/formula/refs/2Nonedownside_2026q4_gp
/operating_model/cells/downside_fy2026_gp:downside/idNonedownside_fy2026_gp
/operating_model/cells/downside_fy2026_gp:downside/kindNonederived
/operating_model/cells/downside_fy2026_gp:downside/labelNoneFY2026 gp
/operating_model/cells/downside_fy2026_gp:downside/periodNoneFY2026
/operating_model/cells/downside_fy2026_gp:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2026_gp:downside/valueNone2075.671878832
/operating_model/cells/downside_fy2026_op:downside/basisNoneH1 actual plus modeled H2.
/operating_model/cells/downside_fy2026_op:downside/caseNonedownside
/operating_model/cells/downside_fy2026_op:downside/formula/opNonesum
/operating_model/cells/downside_fy2026_op:downside/formula/refs/0Noneh1_op
/operating_model/cells/downside_fy2026_op:downside/formula/refs/1Nonedownside_2026q3_op
/operating_model/cells/downside_fy2026_op:downside/formula/refs/2Nonedownside_2026q4_op
/operating_model/cells/downside_fy2026_op:downside/idNonedownside_fy2026_op
/operating_model/cells/downside_fy2026_op:downside/kindNonederived
/operating_model/cells/downside_fy2026_op:downside/labelNoneFY2026 op
/operating_model/cells/downside_fy2026_op:downside/periodNoneFY2026
/operating_model/cells/downside_fy2026_op:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2026_op:downside/valueNone113.24216801200002
/operating_model/cells/downside_fy2026_rev:downside/basisNoneH1 actual plus modeled H2.
/operating_model/cells/downside_fy2026_rev:downside/caseNonedownside
/operating_model/cells/downside_fy2026_rev:downside/formula/opNonesum
/operating_model/cells/downside_fy2026_rev:downside/formula/refs/0Noneh1_rev
/operating_model/cells/downside_fy2026_rev:downside/formula/refs/1Nonedownside_2026q3_rev
/operating_model/cells/downside_fy2026_rev:downside/formula/refs/2Nonedownside_2026q4_rev
/operating_model/cells/downside_fy2026_rev:downside/idNonedownside_fy2026_rev
/operating_model/cells/downside_fy2026_rev:downside/kindNonederived
/operating_model/cells/downside_fy2026_rev:downside/labelNoneFY2026 rev
/operating_model/cells/downside_fy2026_rev:downside/periodNoneFY2026
/operating_model/cells/downside_fy2026_rev:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2026_rev:downside/valueNone3556.6752923999998
/operating_model/cells/downside_fy2027_capex:downside/basisNoneSum of all four modeled quarters.
/operating_model/cells/downside_fy2027_capex:downside/caseNonedownside
/operating_model/cells/downside_fy2027_capex:downside/formula/opNonesum
/operating_model/cells/downside_fy2027_capex:downside/formula/refs/0Nonedownside_2027q1_capex
/operating_model/cells/downside_fy2027_capex:downside/formula/refs/1Nonedownside_2027q2_capex
/operating_model/cells/downside_fy2027_capex:downside/formula/refs/2Nonedownside_2027q3_capex
/operating_model/cells/downside_fy2027_capex:downside/formula/refs/3Nonedownside_2027q4_capex
/operating_model/cells/downside_fy2027_capex:downside/idNonedownside_fy2027_capex
/operating_model/cells/downside_fy2027_capex:downside/kindNonederived
/operating_model/cells/downside_fy2027_capex:downside/labelNoneFY2027 capex
/operating_model/cells/downside_fy2027_capex:downside/periodNoneFY2027
/operating_model/cells/downside_fy2027_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2027_capex:downside/valueNone220.0
/operating_model/cells/downside_fy2027_cfo:downside/basisNoneSum of all four modeled quarters.
/operating_model/cells/downside_fy2027_cfo:downside/caseNonedownside
/operating_model/cells/downside_fy2027_cfo:downside/formula/opNonesum
/operating_model/cells/downside_fy2027_cfo:downside/formula/refs/0Nonedownside_2027q1_cfo
/operating_model/cells/downside_fy2027_cfo:downside/formula/refs/1Nonedownside_2027q2_cfo
/operating_model/cells/downside_fy2027_cfo:downside/formula/refs/2Nonedownside_2027q3_cfo
/operating_model/cells/downside_fy2027_cfo:downside/formula/refs/3Nonedownside_2027q4_cfo
/operating_model/cells/downside_fy2027_cfo:downside/idNonedownside_fy2027_cfo
/operating_model/cells/downside_fy2027_cfo:downside/kindNonederived
/operating_model/cells/downside_fy2027_cfo:downside/labelNoneFY2027 cfo
/operating_model/cells/downside_fy2027_cfo:downside/periodNoneFY2027
/operating_model/cells/downside_fy2027_cfo:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2027_cfo:downside/valueNone115.34832035316859
/operating_model/cells/downside_fy2027_fcf:downside/basisNoneAnnual operating cash less capex.
/operating_model/cells/downside_fy2027_fcf:downside/caseNonedownside
/operating_model/cells/downside_fy2027_fcf:downside/formula/opNonesubtract
/operating_model/cells/downside_fy2027_fcf:downside/formula/refs/0Nonedownside_fy2027_cfo
/operating_model/cells/downside_fy2027_fcf:downside/formula/refs/1Nonedownside_fy2027_capex
/operating_model/cells/downside_fy2027_fcf:downside/idNonedownside_fy2027_fcf
/operating_model/cells/downside_fy2027_fcf:downside/kindNonederived
/operating_model/cells/downside_fy2027_fcf:downside/labelNoneAnnual cash after PP&E capex
/operating_model/cells/downside_fy2027_fcf:downside/periodNoneFY2027
/operating_model/cells/downside_fy2027_fcf:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2027_fcf:downside/valueNone-104.65167964683141
/operating_model/cells/downside_fy2027_gp:downside/basisNoneSum of all four modeled quarters.
/operating_model/cells/downside_fy2027_gp:downside/caseNonedownside
/operating_model/cells/downside_fy2027_gp:downside/formula/opNonesum
/operating_model/cells/downside_fy2027_gp:downside/formula/refs/0Nonedownside_2027q1_gp
/operating_model/cells/downside_fy2027_gp:downside/formula/refs/1Nonedownside_2027q2_gp
/operating_model/cells/downside_fy2027_gp:downside/formula/refs/2Nonedownside_2027q3_gp
/operating_model/cells/downside_fy2027_gp:downside/formula/refs/3Nonedownside_2027q4_gp
/operating_model/cells/downside_fy2027_gp:downside/idNonedownside_fy2027_gp
/operating_model/cells/downside_fy2027_gp:downside/kindNonederived
/operating_model/cells/downside_fy2027_gp:downside/labelNoneFY2027 gp
/operating_model/cells/downside_fy2027_gp:downside/periodNoneFY2027
/operating_model/cells/downside_fy2027_gp:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2027_gp:downside/valueNone2209.3195280051546
/operating_model/cells/downside_fy2027_op:downside/basisNoneSum of all four modeled quarters.
/operating_model/cells/downside_fy2027_op:downside/caseNonedownside
/operating_model/cells/downside_fy2027_op:downside/formula/opNonesum
/operating_model/cells/downside_fy2027_op:downside/formula/refs/0Nonedownside_2027q1_op
/operating_model/cells/downside_fy2027_op:downside/formula/refs/1Nonedownside_2027q2_op
/operating_model/cells/downside_fy2027_op:downside/formula/refs/2Nonedownside_2027q3_op
/operating_model/cells/downside_fy2027_op:downside/formula/refs/3Nonedownside_2027q4_op
/operating_model/cells/downside_fy2027_op:downside/idNonedownside_fy2027_op
/operating_model/cells/downside_fy2027_op:downside/kindNonederived
/operating_model/cells/downside_fy2027_op:downside/labelNoneFY2027 op
/operating_model/cells/downside_fy2027_op:downside/periodNoneFY2027
/operating_model/cells/downside_fy2027_op:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2027_op:downside/valueNone94.60032153039708
/operating_model/cells/downside_fy2027_rev:downside/basisNoneSum of all four modeled quarters.
/operating_model/cells/downside_fy2027_rev:downside/caseNonedownside
/operating_model/cells/downside_fy2027_rev:downside/formula/opNonesum
/operating_model/cells/downside_fy2027_rev:downside/formula/refs/0Nonedownside_2027q1_rev
/operating_model/cells/downside_fy2027_rev:downside/formula/refs/1Nonedownside_2027q2_rev
/operating_model/cells/downside_fy2027_rev:downside/formula/refs/2Nonedownside_2027q3_rev
/operating_model/cells/downside_fy2027_rev:downside/formula/refs/3Nonedownside_2027q4_rev
/operating_model/cells/downside_fy2027_rev:downside/idNonedownside_fy2027_rev
/operating_model/cells/downside_fy2027_rev:downside/kindNonederived
/operating_model/cells/downside_fy2027_rev:downside/labelNoneFY2027 rev
/operating_model/cells/downside_fy2027_rev:downside/periodNoneFY2027
/operating_model/cells/downside_fy2027_rev:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2027_rev:downside/valueNone3844.9440117722866
/operating_model/cells/downside_half:downside/basisNoneEqual division of remaining annual capex.
/operating_model/cells/downside_half:downside/caseNonedownside
/operating_model/cells/downside_half:downside/idNonedownside_half
/operating_model/cells/downside_half:downside/kindNoneassumption
/operating_model/cells/downside_half:downside/labelNoneH2 capex allocation
/operating_model/cells/downside_half:downside/periodNoneAllocation
/operating_model/cells/downside_half:downside/unitNoneratio
/operating_model/cells/downside_half:downside/valueNone0.5
/operating_model/cells/downside_hw_growth:downside/basisNonePrior-quarter Connected Devices revenue times this factor.
/operating_model/cells/downside_hw_growth:downside/caseNonedownside
/operating_model/cells/downside_hw_growth:downside/idNonedownside_hw_growth
/operating_model/cells/downside_hw_growth:downside/kindNoneassumption
/operating_model/cells/downside_hw_growth:downside/labelNoneSequential device revenue factor
/operating_model/cells/downside_hw_growth:downside/periodNoneForward quarters
/operating_model/cells/downside_hw_growth:downside/unitNoneratio
/operating_model/cells/downside_hw_growth:downside/valueNone1.0
/operating_model/cells/downside_hw_margin:downside/basisNoneGAAP sensitivity; Q2 51.9% benefited from tariff refunds, so base does not repeat it.
/operating_model/cells/downside_hw_margin:downside/caseNonedownside
/operating_model/cells/downside_hw_margin:downside/idNonedownside_hw_margin
/operating_model/cells/downside_hw_margin:downside/kindNoneassumption
/operating_model/cells/downside_hw_margin:downside/labelNoneConnected Devices gross margin
/operating_model/cells/downside_hw_margin:downside/periodNoneForward quarters
/operating_model/cells/downside_hw_margin:downside/unitNoneratio
/operating_model/cells/downside_hw_margin:downside/valueNone0.48
/operating_model/cells/downside_opex_ratio:downside/basisNoneIncludes R&D, SG&A and equity compensation. Q2 opex $499.669M on sales $904.389M.
/operating_model/cells/downside_opex_ratio:downside/caseNonedownside
/operating_model/cells/downside_opex_ratio:downside/idNonedownside_opex_ratio
/operating_model/cells/downside_opex_ratio:downside/kindNoneassumption
/operating_model/cells/downside_opex_ratio:downside/labelNoneGAAP operating expense / revenue
/operating_model/cells/downside_opex_ratio:downside/periodNoneForward quarters
/operating_model/cells/downside_opex_ratio:downside/unitNoneratio
/operating_model/cells/downside_opex_ratio:downside/valueNone0.55
/operating_model/cells/downside_quarter:downside/basisNoneEqual quarterly allocation.
/operating_model/cells/downside_quarter:downside/caseNonedownside
/operating_model/cells/downside_quarter:downside/idNonedownside_quarter
/operating_model/cells/downside_quarter:downside/kindNoneassumption
/operating_model/cells/downside_quarter:downside/labelNoneFY2027 capex allocation
/operating_model/cells/downside_quarter:downside/periodNoneAllocation
/operating_model/cells/downside_quarter:downside/unitNoneratio
/operating_model/cells/downside_quarter:downside/valueNone0.25
/operating_model/cells/downside_sw_growth:downside/basisNonePrior-quarter segment revenue times this factor; 1.08 means 8% sequential growth.
/operating_model/cells/downside_sw_growth:downside/caseNonedownside
/operating_model/cells/downside_sw_growth:downside/idNonedownside_sw_growth
/operating_model/cells/downside_sw_growth:downside/kindNoneassumption
/operating_model/cells/downside_sw_growth:downside/labelNoneSequential software revenue factor
/operating_model/cells/downside_sw_growth:downside/periodNoneForward quarters
/operating_model/cells/downside_sw_growth:downside/unitNoneratio
/operating_model/cells/downside_sw_growth:downside/valueNone1.03
/operating_model/cells/downside_sw_margin:downside/basisNoneGAAP sensitivity; Q2 was 71.3%, with service mix affecting the result.
/operating_model/cells/downside_sw_margin:downside/caseNonedownside
/operating_model/cells/downside_sw_margin:downside/idNonedownside_sw_margin
/operating_model/cells/downside_sw_margin:downside/kindNoneassumption
/operating_model/cells/downside_sw_margin:downside/labelNoneSoftware & Services gross margin
/operating_model/cells/downside_sw_margin:downside/periodNoneForward quarters
/operating_model/cells/downside_sw_margin:downside/unitNoneratio
/operating_model/cells/downside_sw_margin:downside/valueNone0.68
/operating_model/cells/guide_adj_margin:shared/basisNoneNon-GAAP; distinct from modeled GAAP operating margin.
/operating_model/cells/guide_adj_margin:shared/caseNoneshared
/operating_model/cells/guide_adj_margin:shared/idNoneguide_adj_margin
/operating_model/cells/guide_adj_margin:shared/kindNonemanagement_guidance
/operating_model/cells/guide_adj_margin:shared/labelNoneFY2026 adjusted EBITDA margin guidance
/operating_model/cells/guide_adj_margin:shared/periodNoneFY2026
/operating_model/cells/guide_adj_margin:shared/source_dateNone2026-08-05
/operating_model/cells/guide_adj_margin:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1069183/000162828026053363/axon-20260805xex991.htm
/operating_model/cells/guide_adj_margin:shared/unitNoneratio
/operating_model/cells/guide_adj_margin:shared/valueNone0.255
/operating_model/cells/guide_growth_high:shared/basisNoneYear-over-year growth outlook as of August 5.
/operating_model/cells/guide_growth_high:shared/caseNoneshared
/operating_model/cells/guide_growth_high:shared/idNoneguide_growth_high
/operating_model/cells/guide_growth_high:shared/kindNonemanagement_guidance
/operating_model/cells/guide_growth_high:shared/labelNoneFY2026 revenue-growth guidance high
/operating_model/cells/guide_growth_high:shared/periodNoneFY2026
/operating_model/cells/guide_growth_high:shared/source_dateNone2026-08-05
/operating_model/cells/guide_growth_high:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1069183/000162828026053363/axon-20260805xex991.htm
/operating_model/cells/guide_growth_high:shared/unitNoneratio
/operating_model/cells/guide_growth_high:shared/valueNone0.34
/operating_model/cells/guide_growth_low:shared/basisNoneYear-over-year growth outlook as of August 5.
/operating_model/cells/guide_growth_low:shared/caseNoneshared
/operating_model/cells/guide_growth_low:shared/idNoneguide_growth_low
/operating_model/cells/guide_growth_low:shared/kindNonemanagement_guidance
/operating_model/cells/guide_growth_low:shared/labelNoneFY2026 revenue-growth guidance low
/operating_model/cells/guide_growth_low:shared/periodNoneFY2026
/operating_model/cells/guide_growth_low:shared/source_dateNone2026-08-05
/operating_model/cells/guide_growth_low:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1069183/000162828026053363/axon-20260805xex991.htm
/operating_model/cells/guide_growth_low:shared/unitNoneratio
/operating_model/cells/guide_growth_low:shared/valueNone0.32
/operating_model/cells/guide_sbc_high:shared/basisNoneCompany expense outlook; included in GAAP expenses.
/operating_model/cells/guide_sbc_high:shared/caseNoneshared
/operating_model/cells/guide_sbc_high:shared/idNoneguide_sbc_high
/operating_model/cells/guide_sbc_high:shared/kindNonemanagement_guidance
/operating_model/cells/guide_sbc_high:shared/labelNoneFY2026 stock-compensation guidance high
/operating_model/cells/guide_sbc_high:shared/periodNoneFY2026
/operating_model/cells/guide_sbc_high:shared/source_dateNone2026-08-05
/operating_model/cells/guide_sbc_high:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1069183/000162828026053363/axon-20260805xex991.htm
/operating_model/cells/guide_sbc_high:shared/unitNoneUSD_millions
/operating_model/cells/guide_sbc_high:shared/valueNone620.0
/operating_model/cells/guide_sbc_low:shared/basisNoneCompany expense outlook; included in GAAP expenses.
/operating_model/cells/guide_sbc_low:shared/caseNoneshared
/operating_model/cells/guide_sbc_low:shared/idNoneguide_sbc_low
/operating_model/cells/guide_sbc_low:shared/kindNonemanagement_guidance
/operating_model/cells/guide_sbc_low:shared/labelNoneFY2026 stock-compensation guidance low
/operating_model/cells/guide_sbc_low:shared/periodNoneFY2026
/operating_model/cells/guide_sbc_low:shared/source_dateNone2026-08-05
/operating_model/cells/guide_sbc_low:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1069183/000162828026053363/axon-20260805xex991.htm
/operating_model/cells/guide_sbc_low:shared/unitNoneUSD_millions
/operating_model/cells/guide_sbc_low:shared/valueNone590.0
/operating_model/cells/h1_capex:shared/basisNoneReported consolidated first-half statements.
/operating_model/cells/h1_capex:shared/caseNoneshared
/operating_model/cells/h1_capex:shared/idNoneh1_capex
/operating_model/cells/h1_capex:shared/kindNonereported
/operating_model/cells/h1_capex:shared/labelNoneH1 PP&E capex
/operating_model/cells/h1_capex:shared/periodNone2026 H1
/operating_model/cells/h1_capex:shared/source_dateNone2026-08-05
/operating_model/cells/h1_capex:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1069183/000162828026053363/axon-20260805xex991.htm
/operating_model/cells/h1_capex:shared/unitNoneUSD_millions
/operating_model/cells/h1_capex:shared/valueNone44.174
/operating_model/cells/h1_cfo:shared/basisNoneReported consolidated first-half statements.
/operating_model/cells/h1_cfo:shared/caseNoneshared
/operating_model/cells/h1_cfo:shared/idNoneh1_cfo
/operating_model/cells/h1_cfo:shared/kindNonereported
/operating_model/cells/h1_cfo:shared/labelNoneH1 operating cash
/operating_model/cells/h1_cfo:shared/periodNone2026 H1
/operating_model/cells/h1_cfo:shared/source_dateNone2026-08-05
/operating_model/cells/h1_cfo:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1069183/000162828026053363/axon-20260805xex991.htm
/operating_model/cells/h1_cfo:shared/unitNoneUSD_millions
/operating_model/cells/h1_cfo:shared/valueNone-11.44
/operating_model/cells/h1_gp:shared/basisNoneReported consolidated first-half statements.
/operating_model/cells/h1_gp:shared/caseNoneshared
/operating_model/cells/h1_gp:shared/idNoneh1_gp
/operating_model/cells/h1_gp:shared/kindNonereported
/operating_model/cells/h1_gp:shared/labelNoneH1 gross profit
/operating_model/cells/h1_gp:shared/periodNone2026 H1
/operating_model/cells/h1_gp:shared/source_dateNone2026-08-05
/operating_model/cells/h1_gp:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1069183/000162828026053363/axon-20260805xex991.htm
/operating_model/cells/h1_gp:shared/unitNoneUSD_millions
/operating_model/cells/h1_gp:shared/valueNone1023.733
/operating_model/cells/h1_op:shared/basisNoneReported consolidated first-half statements.
/operating_model/cells/h1_op:shared/caseNoneshared
/operating_model/cells/h1_op:shared/idNoneh1_op
/operating_model/cells/h1_op:shared/kindNonereported
/operating_model/cells/h1_op:shared/labelNoneH1 operating income
/operating_model/cells/h1_op:shared/periodNone2026 H1
/operating_model/cells/h1_op:shared/source_dateNone2026-08-05
/operating_model/cells/h1_op:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1069183/000162828026053363/axon-20260805xex991.htm
/operating_model/cells/h1_op:shared/unitNoneUSD_millions
/operating_model/cells/h1_op:shared/valueNone76.021
/operating_model/cells/h1_rev:shared/basisNoneReported consolidated first-half statements.
/operating_model/cells/h1_rev:shared/caseNoneshared
/operating_model/cells/h1_rev:shared/idNoneh1_rev
/operating_model/cells/h1_rev:shared/kindNonereported
/operating_model/cells/h1_rev:shared/labelNoneH1 revenue
/operating_model/cells/h1_rev:shared/periodNone2026 H1
/operating_model/cells/h1_rev:shared/source_dateNone2026-08-05
/operating_model/cells/h1_rev:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1069183/000162828026053363/axon-20260805xex991.htm
/operating_model/cells/h1_rev:shared/unitNoneUSD_millions
/operating_model/cells/h1_rev:shared/valueNone1711.734
/operating_model/cells/q2_arr:shared/basisNoneAnnualized recurring contract value, not quarterly GAAP revenue.
/operating_model/cells/q2_arr:shared/caseNoneshared
/operating_model/cells/q2_arr:shared/idNoneq2_arr
/operating_model/cells/q2_arr:shared/kindNonereported
/operating_model/cells/q2_arr:shared/labelNoneAnnual recurring revenue
/operating_model/cells/q2_arr:shared/periodNone2026Q2
/operating_model/cells/q2_arr:shared/source_dateNone2026-08-05
/operating_model/cells/q2_arr:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1069183/000162828026053363/axon-20260805xex991.htm
/operating_model/cells/q2_arr:shared/unitNoneUSD_millions
/operating_model/cells/q2_arr:shared/valueNone1639.0
/operating_model/cells/q2_bookings:shared/basisNoneIncludes some contracts with termination clauses; not all is GAAP remaining performance obligations.
/operating_model/cells/q2_bookings:shared/caseNoneshared
/operating_model/cells/q2_bookings:shared/idNoneq2_bookings
/operating_model/cells/q2_bookings:shared/kindNonereported
/operating_model/cells/q2_bookings:shared/labelNoneFuture contracted bookings
/operating_model/cells/q2_bookings:shared/periodNone2026Q2
/operating_model/cells/q2_bookings:shared/source_dateNone2026-08-05
/operating_model/cells/q2_bookings:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1069183/000162828026053363/axon-20260805xex991.htm
/operating_model/cells/q2_bookings:shared/unitNoneUSD_millions
/operating_model/cells/q2_bookings:shared/valueNone15100.0
/operating_model/cells/q2_hw:shared/basisNoneReported segment.
/operating_model/cells/q2_hw:shared/caseNoneshared
/operating_model/cells/q2_hw:shared/idNoneq2_hw
/operating_model/cells/q2_hw:shared/kindNonereported
/operating_model/cells/q2_hw:shared/labelNoneConnected Devices Q2 revenue
/operating_model/cells/q2_hw:shared/periodNone2026Q2
/operating_model/cells/q2_hw:shared/source_dateNone2026-08-05
/operating_model/cells/q2_hw:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1069183/000162828026053363/axon-20260805xex991.htm
/operating_model/cells/q2_hw:shared/unitNoneUSD_millions
/operating_model/cells/q2_hw:shared/valueNone506.553
/operating_model/cells/q2_nrr:shared/basisNoneSoftware-focused metric; excludes hardware and normalizes deployments.
/operating_model/cells/q2_nrr:shared/caseNoneshared
/operating_model/cells/q2_nrr:shared/idNoneq2_nrr
/operating_model/cells/q2_nrr:shared/kindNonereported
/operating_model/cells/q2_nrr:shared/labelNoneNet revenue retention
/operating_model/cells/q2_nrr:shared/periodNone2026Q2
/operating_model/cells/q2_nrr:shared/source_dateNone2026-08-05
/operating_model/cells/q2_nrr:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1069183/000162828026053363/axon-20260805xex991.htm
/operating_model/cells/q2_nrr:shared/unitNoneratio
/operating_model/cells/q2_nrr:shared/valueNone1.26
/operating_model/cells/q2_sw:shared/basisNoneIncludes professional services.
/operating_model/cells/q2_sw:shared/caseNoneshared
/operating_model/cells/q2_sw:shared/idNoneq2_sw
/operating_model/cells/q2_sw:shared/kindNonereported
/operating_model/cells/q2_sw:shared/labelNoneSoftware & Services Q2 revenue
/operating_model/cells/q2_sw:shared/periodNone2026Q2
/operating_model/cells/q2_sw:shared/source_dateNone2026-08-05
/operating_model/cells/q2_sw:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1069183/000162828026053363/axon-20260805xex991.htm
/operating_model/cells/q2_sw:shared/unitNoneUSD_millions
/operating_model/cells/q2_sw:shared/valueNone397.836
/operating_model/cells/upside_2026q3_capex:upside/basisNoneAllocated annual capex after H1 actual.
/operating_model/cells/upside_2026q3_capex:upside/caseNoneupside
/operating_model/cells/upside_2026q3_capex:upside/formula/opNonemultiply
/operating_model/cells/upside_2026q3_capex:upside/formula/refs/0Noneupside_capex_h2
/operating_model/cells/upside_2026q3_capex:upside/formula/refs/1Noneupside_half
/operating_model/cells/upside_2026q3_capex:upside/idNoneupside_2026q3_capex
/operating_model/cells/upside_2026q3_capex:upside/kindNonederived
/operating_model/cells/upside_2026q3_capex:upside/labelNonePP&E capex
/operating_model/cells/upside_2026q3_capex:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_capex:upside/valueNone57.913
/operating_model/cells/upside_2026q3_cfo:upside/basisNoneRevenue times independent cash-conversion assumption.
/operating_model/cells/upside_2026q3_cfo:upside/caseNoneupside
/operating_model/cells/upside_2026q3_cfo:upside/formula/opNonemultiply
/operating_model/cells/upside_2026q3_cfo:upside/formula/refs/0Noneupside_2026q3_rev
/operating_model/cells/upside_2026q3_cfo:upside/formula/refs/1Noneupside_cash_ratio
/operating_model/cells/upside_2026q3_cfo:upside/idNoneupside_2026q3_cfo
/operating_model/cells/upside_2026q3_cfo:upside/kindNonederived
/operating_model/cells/upside_2026q3_cfo:upside/labelNoneOperating cash
/operating_model/cells/upside_2026q3_cfo:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_cfo:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_cfo:upside/valueNone139.12370220000003
/operating_model/cells/upside_2026q3_fcf:upside/basisNoneOperating cash less modeled capex; excludes acquisitions and financing.
/operating_model/cells/upside_2026q3_fcf:upside/caseNoneupside
/operating_model/cells/upside_2026q3_fcf:upside/formula/opNonesubtract
/operating_model/cells/upside_2026q3_fcf:upside/formula/refs/0Noneupside_2026q3_cfo
/operating_model/cells/upside_2026q3_fcf:upside/formula/refs/1Noneupside_2026q3_capex
/operating_model/cells/upside_2026q3_fcf:upside/idNoneupside_2026q3_fcf
/operating_model/cells/upside_2026q3_fcf:upside/kindNonederived
/operating_model/cells/upside_2026q3_fcf:upside/labelNoneCash after PP&E capex
/operating_model/cells/upside_2026q3_fcf:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_fcf:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_fcf:upside/valueNone81.21070220000003
/operating_model/cells/upside_2026q3_gp:upside/basisNoneSum of segment gross profits.
/operating_model/cells/upside_2026q3_gp:upside/caseNoneupside
/operating_model/cells/upside_2026q3_gp:upside/formula/opNonesum
/operating_model/cells/upside_2026q3_gp:upside/formula/refs/0Noneupside_2026q3_sw_gp
/operating_model/cells/upside_2026q3_gp:upside/formula/refs/1Noneupside_2026q3_hw_gp
/operating_model/cells/upside_2026q3_gp:upside/idNoneupside_2026q3_gp
/operating_model/cells/upside_2026q3_gp:upside/kindNonederived
/operating_model/cells/upside_2026q3_gp:upside/labelNoneConsolidated gross profit
/operating_model/cells/upside_2026q3_gp:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_gp:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_gp:upside/valueNone618.3127104
/operating_model/cells/upside_2026q3_hw:upside/basisNonePrior-quarter revenue times sequential growth factor.
/operating_model/cells/upside_2026q3_hw:upside/caseNoneupside
/operating_model/cells/upside_2026q3_hw:upside/formula/opNonemultiply
/operating_model/cells/upside_2026q3_hw:upside/formula/refs/0Noneq2_hw
/operating_model/cells/upside_2026q3_hw:upside/formula/refs/1Noneupside_hw_growth
/operating_model/cells/upside_2026q3_hw:upside/idNoneupside_2026q3_hw
/operating_model/cells/upside_2026q3_hw:upside/kindNonederived
/operating_model/cells/upside_2026q3_hw:upside/labelNoneConnected Devices revenue
/operating_model/cells/upside_2026q3_hw:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_hw:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_hw:upside/valueNone552.14277
/operating_model/cells/upside_2026q3_hw_gp:upside/basisNoneRevenue times GAAP segment margin assumption.
/operating_model/cells/upside_2026q3_hw_gp:upside/caseNoneupside
/operating_model/cells/upside_2026q3_hw_gp:upside/formula/opNonemultiply
/operating_model/cells/upside_2026q3_hw_gp:upside/formula/refs/0Noneupside_2026q3_hw
/operating_model/cells/upside_2026q3_hw_gp:upside/formula/refs/1Noneupside_hw_margin
/operating_model/cells/upside_2026q3_hw_gp:upside/idNoneupside_2026q3_hw_gp
/operating_model/cells/upside_2026q3_hw_gp:upside/kindNonederived
/operating_model/cells/upside_2026q3_hw_gp:upside/labelNonehw gross profit
/operating_model/cells/upside_2026q3_hw_gp:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_hw_gp:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_hw_gp:upside/valueNone287.1142404
/operating_model/cells/upside_2026q3_op:upside/basisNoneGross profit less GAAP expenses.
/operating_model/cells/upside_2026q3_op:upside/caseNoneupside
/operating_model/cells/upside_2026q3_op:upside/formula/opNonesubtract
/operating_model/cells/upside_2026q3_op:upside/formula/refs/0Noneupside_2026q3_gp
/operating_model/cells/upside_2026q3_op:upside/formula/refs/1Noneupside_2026q3_opex
/operating_model/cells/upside_2026q3_op:upside/idNoneupside_2026q3_op
/operating_model/cells/upside_2026q3_op:upside/kindNonederived
/operating_model/cells/upside_2026q3_op:upside/labelNoneGAAP operating income
/operating_model/cells/upside_2026q3_op:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_op:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_op:upside/valueNone91.63012349999997
/operating_model/cells/upside_2026q3_opex:upside/basisNoneRevenue times GAAP expense ratio, including stock compensation.
/operating_model/cells/upside_2026q3_opex:upside/caseNoneupside
/operating_model/cells/upside_2026q3_opex:upside/formula/opNonemultiply
/operating_model/cells/upside_2026q3_opex:upside/formula/refs/0Noneupside_2026q3_rev
/operating_model/cells/upside_2026q3_opex:upside/formula/refs/1Noneupside_opex_ratio
/operating_model/cells/upside_2026q3_opex:upside/idNoneupside_2026q3_opex
/operating_model/cells/upside_2026q3_opex:upside/kindNonederived
/operating_model/cells/upside_2026q3_opex:upside/labelNoneGAAP operating expenses
/operating_model/cells/upside_2026q3_opex:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_opex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_opex:upside/valueNone526.6825869
/operating_model/cells/upside_2026q3_rev:upside/basisNoneSum of segment revenues.
/operating_model/cells/upside_2026q3_rev:upside/caseNoneupside
/operating_model/cells/upside_2026q3_rev:upside/formula/opNonesum
/operating_model/cells/upside_2026q3_rev:upside/formula/refs/0Noneupside_2026q3_sw
/operating_model/cells/upside_2026q3_rev:upside/formula/refs/1Noneupside_2026q3_hw
/operating_model/cells/upside_2026q3_rev:upside/idNoneupside_2026q3_rev
/operating_model/cells/upside_2026q3_rev:upside/kindNonederived
/operating_model/cells/upside_2026q3_rev:upside/labelNoneConsolidated revenue
/operating_model/cells/upside_2026q3_rev:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_rev:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_rev:upside/valueNone993.7407300000001
/operating_model/cells/upside_2026q3_sw:upside/basisNonePrior-quarter revenue times sequential growth factor.
/operating_model/cells/upside_2026q3_sw:upside/caseNoneupside
/operating_model/cells/upside_2026q3_sw:upside/formula/opNonemultiply
/operating_model/cells/upside_2026q3_sw:upside/formula/refs/0Noneq2_sw
/operating_model/cells/upside_2026q3_sw:upside/formula/refs/1Noneupside_sw_growth
/operating_model/cells/upside_2026q3_sw:upside/idNoneupside_2026q3_sw
/operating_model/cells/upside_2026q3_sw:upside/kindNonederived
/operating_model/cells/upside_2026q3_sw:upside/labelNoneSoftware & Services revenue
/operating_model/cells/upside_2026q3_sw:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_sw:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_sw:upside/valueNone441.59796000000006
/operating_model/cells/upside_2026q3_sw_gp:upside/basisNoneRevenue times GAAP segment margin assumption.
/operating_model/cells/upside_2026q3_sw_gp:upside/caseNoneupside
/operating_model/cells/upside_2026q3_sw_gp:upside/formula/opNonemultiply
/operating_model/cells/upside_2026q3_sw_gp:upside/formula/refs/0Noneupside_2026q3_sw
/operating_model/cells/upside_2026q3_sw_gp:upside/formula/refs/1Noneupside_sw_margin
/operating_model/cells/upside_2026q3_sw_gp:upside/idNoneupside_2026q3_sw_gp
/operating_model/cells/upside_2026q3_sw_gp:upside/kindNonederived
/operating_model/cells/upside_2026q3_sw_gp:upside/labelNonesw gross profit
/operating_model/cells/upside_2026q3_sw_gp:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_sw_gp:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_sw_gp:upside/valueNone331.19847000000004
/operating_model/cells/upside_2026q4_capex:upside/basisNoneAllocated annual capex after H1 actual.
/operating_model/cells/upside_2026q4_capex:upside/caseNoneupside
/operating_model/cells/upside_2026q4_capex:upside/formula/opNonemultiply
/operating_model/cells/upside_2026q4_capex:upside/formula/refs/0Noneupside_capex_h2
/operating_model/cells/upside_2026q4_capex:upside/formula/refs/1Noneupside_half
/operating_model/cells/upside_2026q4_capex:upside/idNoneupside_2026q4_capex
/operating_model/cells/upside_2026q4_capex:upside/kindNonederived
/operating_model/cells/upside_2026q4_capex:upside/labelNonePP&E capex
/operating_model/cells/upside_2026q4_capex:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_capex:upside/valueNone57.913
/operating_model/cells/upside_2026q4_cfo:upside/basisNoneRevenue times independent cash-conversion assumption.
/operating_model/cells/upside_2026q4_cfo:upside/caseNoneupside
/operating_model/cells/upside_2026q4_cfo:upside/formula/opNonemultiply
/operating_model/cells/upside_2026q4_cfo:upside/formula/refs/0Noneupside_2026q4_rev
/operating_model/cells/upside_2026q4_cfo:upside/formula/refs/1Noneupside_cash_ratio
/operating_model/cells/upside_2026q4_cfo:upside/idNoneupside_2026q4_cfo
/operating_model/cells/upside_2026q4_cfo:upside/kindNonederived
/operating_model/cells/upside_2026q4_cfo:upside/labelNoneOperating cash
/operating_model/cells/upside_2026q4_cfo:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_cfo:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_cfo:upside/valueNone152.88130968600007
/operating_model/cells/upside_2026q4_fcf:upside/basisNoneOperating cash less modeled capex; excludes acquisitions and financing.
/operating_model/cells/upside_2026q4_fcf:upside/caseNoneupside
/operating_model/cells/upside_2026q4_fcf:upside/formula/opNonesubtract
/operating_model/cells/upside_2026q4_fcf:upside/formula/refs/0Noneupside_2026q4_cfo
/operating_model/cells/upside_2026q4_fcf:upside/formula/refs/1Noneupside_2026q4_capex
/operating_model/cells/upside_2026q4_fcf:upside/idNoneupside_2026q4_fcf
/operating_model/cells/upside_2026q4_fcf:upside/kindNonederived
/operating_model/cells/upside_2026q4_fcf:upside/labelNoneCash after PP&E capex
/operating_model/cells/upside_2026q4_fcf:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_fcf:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_fcf:upside/valueNone94.96830968600007
/operating_model/cells/upside_2026q4_gp:upside/basisNoneSum of segment gross profits.
/operating_model/cells/upside_2026q4_gp:upside/caseNoneupside
/operating_model/cells/upside_2026q4_gp:upside/formula/opNonesum
/operating_model/cells/upside_2026q4_gp:upside/formula/refs/0Noneupside_2026q4_sw_gp
/operating_model/cells/upside_2026q4_gp:upside/formula/refs/1Noneupside_2026q4_hw_gp
/operating_model/cells/upside_2026q4_gp:upside/idNoneupside_2026q4_gp
/operating_model/cells/upside_2026q4_gp:upside/kindNonederived
/operating_model/cells/upside_2026q4_gp:upside/labelNoneConsolidated gross profit
/operating_model/cells/upside_2026q4_gp:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_gp:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_gp:upside/valueNone680.5848237360001
/operating_model/cells/upside_2026q4_hw:upside/basisNonePrior-quarter revenue times sequential growth factor.
/operating_model/cells/upside_2026q4_hw:upside/caseNoneupside
/operating_model/cells/upside_2026q4_hw:upside/formula/opNonemultiply
/operating_model/cells/upside_2026q4_hw:upside/formula/refs/0Noneupside_2026q3_hw
/operating_model/cells/upside_2026q4_hw:upside/formula/refs/1Noneupside_hw_growth
/operating_model/cells/upside_2026q4_hw:upside/idNoneupside_2026q4_hw
/operating_model/cells/upside_2026q4_hw:upside/kindNonederived
/operating_model/cells/upside_2026q4_hw:upside/labelNoneConnected Devices revenue
/operating_model/cells/upside_2026q4_hw:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_hw:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_hw:upside/valueNone601.8356193000001
/operating_model/cells/upside_2026q4_hw_gp:upside/basisNoneRevenue times GAAP segment margin assumption.
/operating_model/cells/upside_2026q4_hw_gp:upside/caseNoneupside
/operating_model/cells/upside_2026q4_hw_gp:upside/formula/opNonemultiply
/operating_model/cells/upside_2026q4_hw_gp:upside/formula/refs/0Noneupside_2026q4_hw
/operating_model/cells/upside_2026q4_hw_gp:upside/formula/refs/1Noneupside_hw_margin
/operating_model/cells/upside_2026q4_hw_gp:upside/idNoneupside_2026q4_hw_gp
/operating_model/cells/upside_2026q4_hw_gp:upside/kindNonederived
/operating_model/cells/upside_2026q4_hw_gp:upside/labelNonehw gross profit
/operating_model/cells/upside_2026q4_hw_gp:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_hw_gp:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_hw_gp:upside/valueNone312.95452203600007
/operating_model/cells/upside_2026q4_op:upside/basisNoneGross profit less GAAP expenses.
/operating_model/cells/upside_2026q4_op:upside/caseNoneupside
/operating_model/cells/upside_2026q4_op:upside/formula/opNonesubtract
/operating_model/cells/upside_2026q4_op:upside/formula/refs/0Noneupside_2026q4_gp
/operating_model/cells/upside_2026q4_op:upside/formula/refs/1Noneupside_2026q4_opex
/operating_model/cells/upside_2026q4_op:upside/idNoneupside_2026q4_op
/operating_model/cells/upside_2026q4_op:upside/kindNonederived
/operating_model/cells/upside_2026q4_op:upside/labelNoneGAAP operating income
/operating_model/cells/upside_2026q4_op:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_op:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_op:upside/valueNone101.81986563899989
/operating_model/cells/upside_2026q4_opex:upside/basisNoneRevenue times GAAP expense ratio, including stock compensation.
/operating_model/cells/upside_2026q4_opex:upside/caseNoneupside
/operating_model/cells/upside_2026q4_opex:upside/formula/opNonemultiply
/operating_model/cells/upside_2026q4_opex:upside/formula/refs/0Noneupside_2026q4_rev
/operating_model/cells/upside_2026q4_opex:upside/formula/refs/1Noneupside_opex_ratio
/operating_model/cells/upside_2026q4_opex:upside/idNoneupside_2026q4_opex
/operating_model/cells/upside_2026q4_opex:upside/kindNonederived
/operating_model/cells/upside_2026q4_opex:upside/labelNoneGAAP operating expenses
/operating_model/cells/upside_2026q4_opex:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_opex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_opex:upside/valueNone578.7649580970002
/operating_model/cells/upside_2026q4_rev:upside/basisNoneSum of segment revenues.
/operating_model/cells/upside_2026q4_rev:upside/caseNoneupside
/operating_model/cells/upside_2026q4_rev:upside/formula/opNonesum
/operating_model/cells/upside_2026q4_rev:upside/formula/refs/0Noneupside_2026q4_sw
/operating_model/cells/upside_2026q4_rev:upside/formula/refs/1Noneupside_2026q4_hw
/operating_model/cells/upside_2026q4_rev:upside/idNoneupside_2026q4_rev
/operating_model/cells/upside_2026q4_rev:upside/kindNonederived
/operating_model/cells/upside_2026q4_rev:upside/labelNoneConsolidated revenue
/operating_model/cells/upside_2026q4_rev:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_rev:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_rev:upside/valueNone1092.0093549000003
/operating_model/cells/upside_2026q4_sw:upside/basisNonePrior-quarter revenue times sequential growth factor.
/operating_model/cells/upside_2026q4_sw:upside/caseNoneupside
/operating_model/cells/upside_2026q4_sw:upside/formula/opNonemultiply
/operating_model/cells/upside_2026q4_sw:upside/formula/refs/0Noneupside_2026q3_sw
/operating_model/cells/upside_2026q4_sw:upside/formula/refs/1Noneupside_sw_growth
/operating_model/cells/upside_2026q4_sw:upside/idNoneupside_2026q4_sw
/operating_model/cells/upside_2026q4_sw:upside/kindNonederived
/operating_model/cells/upside_2026q4_sw:upside/labelNoneSoftware & Services revenue
/operating_model/cells/upside_2026q4_sw:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_sw:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_sw:upside/valueNone490.1737356000001
/operating_model/cells/upside_2026q4_sw_gp:upside/basisNoneRevenue times GAAP segment margin assumption.
/operating_model/cells/upside_2026q4_sw_gp:upside/caseNoneupside
/operating_model/cells/upside_2026q4_sw_gp:upside/formula/opNonemultiply
/operating_model/cells/upside_2026q4_sw_gp:upside/formula/refs/0Noneupside_2026q4_sw
/operating_model/cells/upside_2026q4_sw_gp:upside/formula/refs/1Noneupside_sw_margin
/operating_model/cells/upside_2026q4_sw_gp:upside/idNoneupside_2026q4_sw_gp
/operating_model/cells/upside_2026q4_sw_gp:upside/kindNonederived
/operating_model/cells/upside_2026q4_sw_gp:upside/labelNonesw gross profit
/operating_model/cells/upside_2026q4_sw_gp:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_sw_gp:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_sw_gp:upside/valueNone367.6303017000001
/operating_model/cells/upside_2027q1_capex:upside/basisNoneAllocated annual capex after H1 actual.
/operating_model/cells/upside_2027q1_capex:upside/caseNoneupside
/operating_model/cells/upside_2027q1_capex:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q1_capex:upside/formula/refs/0Noneupside_annual_capex27
/operating_model/cells/upside_2027q1_capex:upside/formula/refs/1Noneupside_quarter
/operating_model/cells/upside_2027q1_capex:upside/idNoneupside_2027q1_capex
/operating_model/cells/upside_2027q1_capex:upside/kindNonederived
/operating_model/cells/upside_2027q1_capex:upside/labelNonePP&E capex
/operating_model/cells/upside_2027q1_capex:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_capex:upside/valueNone50.0
/operating_model/cells/upside_2027q1_cfo:upside/basisNoneRevenue times independent cash-conversion assumption.
/operating_model/cells/upside_2027q1_cfo:upside/caseNoneupside
/operating_model/cells/upside_2027q1_cfo:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q1_cfo:upside/formula/refs/0Noneupside_2027q1_rev
/operating_model/cells/upside_2027q1_cfo:upside/formula/refs/1Noneupside_cash_ratio
/operating_model/cells/upside_2027q1_cfo:upside/idNoneupside_2027q1_cfo
/operating_model/cells/upside_2027q1_cfo:upside/kindNonederived
/operating_model/cells/upside_2027q1_cfo:upside/labelNoneOperating cash
/operating_model/cells/upside_2027q1_cfo:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_cfo:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_cfo:upside/valueNone168.01311401742004
/operating_model/cells/upside_2027q1_fcf:upside/basisNoneOperating cash less modeled capex; excludes acquisitions and financing.
/operating_model/cells/upside_2027q1_fcf:upside/caseNoneupside
/operating_model/cells/upside_2027q1_fcf:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q1_fcf:upside/formula/refs/0Noneupside_2027q1_cfo
/operating_model/cells/upside_2027q1_fcf:upside/formula/refs/1Noneupside_2027q1_capex
/operating_model/cells/upside_2027q1_fcf:upside/idNoneupside_2027q1_fcf
/operating_model/cells/upside_2027q1_fcf:upside/kindNonederived
/operating_model/cells/upside_2027q1_fcf:upside/labelNoneCash after PP&E capex
/operating_model/cells/upside_2027q1_fcf:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_fcf:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_fcf:upside/valueNone118.01311401742004
/operating_model/cells/upside_2027q1_gp:upside/basisNoneSum of segment gross profits.
/operating_model/cells/upside_2027q1_gp:upside/caseNoneupside
/operating_model/cells/upside_2027q1_gp:upside/formula/opNonesum
/operating_model/cells/upside_2027q1_gp:upside/formula/refs/0Noneupside_2027q1_sw_gp
/operating_model/cells/upside_2027q1_gp:upside/formula/refs/1Noneupside_2027q1_hw_gp
/operating_model/cells/upside_2027q1_gp:upside/idNoneupside_2027q1_gp
/operating_model/cells/upside_2027q1_gp:upside/kindNonederived
/operating_model/cells/upside_2027q1_gp:upside/labelNoneConsolidated gross profit
/operating_model/cells/upside_2027q1_gp:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_gp:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_gp:upside/valueNone749.1900639062402
/operating_model/cells/upside_2027q1_hw:upside/basisNonePrior-quarter revenue times sequential growth factor.
/operating_model/cells/upside_2027q1_hw:upside/caseNoneupside
/operating_model/cells/upside_2027q1_hw:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q1_hw:upside/formula/refs/0Noneupside_2026q4_hw
/operating_model/cells/upside_2027q1_hw:upside/formula/refs/1Noneupside_hw_growth
/operating_model/cells/upside_2027q1_hw:upside/idNoneupside_2027q1_hw
/operating_model/cells/upside_2027q1_hw:upside/kindNonederived
/operating_model/cells/upside_2027q1_hw:upside/labelNoneConnected Devices revenue
/operating_model/cells/upside_2027q1_hw:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_hw:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_hw:upside/valueNone656.0008250370001
/operating_model/cells/upside_2027q1_hw_gp:upside/basisNoneRevenue times GAAP segment margin assumption.
/operating_model/cells/upside_2027q1_hw_gp:upside/caseNoneupside
/operating_model/cells/upside_2027q1_hw_gp:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q1_hw_gp:upside/formula/refs/0Noneupside_2027q1_hw
/operating_model/cells/upside_2027q1_hw_gp:upside/formula/refs/1Noneupside_hw_margin
/operating_model/cells/upside_2027q1_hw_gp:upside/idNoneupside_2027q1_hw_gp
/operating_model/cells/upside_2027q1_hw_gp:upside/kindNonederived
/operating_model/cells/upside_2027q1_hw_gp:upside/labelNonehw gross profit
/operating_model/cells/upside_2027q1_hw_gp:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_hw_gp:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_hw_gp:upside/valueNone341.1204290192401
/operating_model/cells/upside_2027q1_op:upside/basisNoneGross profit less GAAP expenses.
/operating_model/cells/upside_2027q1_op:upside/caseNoneupside
/operating_model/cells/upside_2027q1_op:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q1_op:upside/formula/refs/0Noneupside_2027q1_gp
/operating_model/cells/upside_2027q1_op:upside/formula/refs/1Noneupside_2027q1_opex
/operating_model/cells/upside_2027q1_op:upside/idNoneupside_2027q1_op
/operating_model/cells/upside_2027q1_op:upside/kindNonederived
/operating_model/cells/upside_2027q1_op:upside/labelNoneGAAP operating income
/operating_model/cells/upside_2027q1_op:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_op:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_op:upside/valueNone113.14041798315009
/operating_model/cells/upside_2027q1_opex:upside/basisNoneRevenue times GAAP expense ratio, including stock compensation.
/operating_model/cells/upside_2027q1_opex:upside/caseNoneupside
/operating_model/cells/upside_2027q1_opex:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q1_opex:upside/formula/refs/0Noneupside_2027q1_rev
/operating_model/cells/upside_2027q1_opex:upside/formula/refs/1Noneupside_opex_ratio
/operating_model/cells/upside_2027q1_opex:upside/idNoneupside_2027q1_opex
/operating_model/cells/upside_2027q1_opex:upside/kindNonederived
/operating_model/cells/upside_2027q1_opex:upside/labelNoneGAAP operating expenses
/operating_model/cells/upside_2027q1_opex:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_opex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_opex:upside/valueNone636.0496459230901
/operating_model/cells/upside_2027q1_rev:upside/basisNoneSum of segment revenues.
/operating_model/cells/upside_2027q1_rev:upside/caseNoneupside
/operating_model/cells/upside_2027q1_rev:upside/formula/opNonesum
/operating_model/cells/upside_2027q1_rev:upside/formula/refs/0Noneupside_2027q1_sw
/operating_model/cells/upside_2027q1_rev:upside/formula/refs/1Noneupside_2027q1_hw
/operating_model/cells/upside_2027q1_rev:upside/idNoneupside_2027q1_rev
/operating_model/cells/upside_2027q1_rev:upside/kindNonederived
/operating_model/cells/upside_2027q1_rev:upside/labelNoneConsolidated revenue
/operating_model/cells/upside_2027q1_rev:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_rev:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_rev:upside/valueNone1200.0936715530001
/operating_model/cells/upside_2027q1_sw:upside/basisNonePrior-quarter revenue times sequential growth factor.
/operating_model/cells/upside_2027q1_sw:upside/caseNoneupside
/operating_model/cells/upside_2027q1_sw:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q1_sw:upside/formula/refs/0Noneupside_2026q4_sw
/operating_model/cells/upside_2027q1_sw:upside/formula/refs/1Noneupside_sw_growth
/operating_model/cells/upside_2027q1_sw:upside/idNoneupside_2027q1_sw
/operating_model/cells/upside_2027q1_sw:upside/kindNonederived
/operating_model/cells/upside_2027q1_sw:upside/labelNoneSoftware & Services revenue
/operating_model/cells/upside_2027q1_sw:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_sw:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_sw:upside/valueNone544.0928465160001
/operating_model/cells/upside_2027q1_sw_gp:upside/basisNoneRevenue times GAAP segment margin assumption.
/operating_model/cells/upside_2027q1_sw_gp:upside/caseNoneupside
/operating_model/cells/upside_2027q1_sw_gp:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q1_sw_gp:upside/formula/refs/0Noneupside_2027q1_sw
/operating_model/cells/upside_2027q1_sw_gp:upside/formula/refs/1Noneupside_sw_margin
/operating_model/cells/upside_2027q1_sw_gp:upside/idNoneupside_2027q1_sw_gp
/operating_model/cells/upside_2027q1_sw_gp:upside/kindNonederived
/operating_model/cells/upside_2027q1_sw_gp:upside/labelNonesw gross profit
/operating_model/cells/upside_2027q1_sw_gp:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_sw_gp:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_sw_gp:upside/valueNone408.0696348870001
/operating_model/cells/upside_2027q2_capex:upside/basisNoneAllocated annual capex after H1 actual.
/operating_model/cells/upside_2027q2_capex:upside/caseNoneupside
/operating_model/cells/upside_2027q2_capex:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q2_capex:upside/formula/refs/0Noneupside_annual_capex27
/operating_model/cells/upside_2027q2_capex:upside/formula/refs/1Noneupside_quarter
/operating_model/cells/upside_2027q2_capex:upside/idNoneupside_2027q2_capex
/operating_model/cells/upside_2027q2_capex:upside/kindNonederived
/operating_model/cells/upside_2027q2_capex:upside/labelNonePP&E capex
/operating_model/cells/upside_2027q2_capex:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_capex:upside/valueNone50.0
/operating_model/cells/upside_2027q2_cfo:upside/basisNoneRevenue times independent cash-conversion assumption.
/operating_model/cells/upside_2027q2_cfo:upside/caseNoneupside
/operating_model/cells/upside_2027q2_cfo:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q2_cfo:upside/formula/refs/0Noneupside_2027q2_rev
/operating_model/cells/upside_2027q2_cfo:upside/formula/refs/1Noneupside_cash_ratio
/operating_model/cells/upside_2027q2_cfo:upside/idNoneupside_2027q2_cfo
/operating_model/cells/upside_2027q2_cfo:upside/kindNonederived
/operating_model/cells/upside_2027q2_cfo:upside/labelNoneOperating cash
/operating_model/cells/upside_2027q2_cfo:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_cfo:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_cfo:upside/valueNone184.65775424923268
/operating_model/cells/upside_2027q2_fcf:upside/basisNoneOperating cash less modeled capex; excludes acquisitions and financing.
/operating_model/cells/upside_2027q2_fcf:upside/caseNoneupside
/operating_model/cells/upside_2027q2_fcf:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q2_fcf:upside/formula/refs/0Noneupside_2027q2_cfo
/operating_model/cells/upside_2027q2_fcf:upside/formula/refs/1Noneupside_2027q2_capex
/operating_model/cells/upside_2027q2_fcf:upside/idNoneupside_2027q2_fcf
/operating_model/cells/upside_2027q2_fcf:upside/kindNonederived
/operating_model/cells/upside_2027q2_fcf:upside/labelNoneCash after PP&E capex
/operating_model/cells/upside_2027q2_fcf:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_fcf:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_fcf:upside/valueNone134.65775424923268
/operating_model/cells/upside_2027q2_gp:upside/basisNoneSum of segment gross profits.
/operating_model/cells/upside_2027q2_gp:upside/caseNoneupside
/operating_model/cells/upside_2027q2_gp:upside/formula/opNonesum
/operating_model/cells/upside_2027q2_gp:upside/formula/refs/0Noneupside_2027q2_sw_gp
/operating_model/cells/upside_2027q2_gp:upside/formula/refs/1Noneupside_2027q2_hw_gp
/operating_model/cells/upside_2027q2_gp:upside/idNoneupside_2027q2_gp
/operating_model/cells/upside_2027q2_gp:upside/kindNonederived
/operating_model/cells/upside_2027q2_gp:upside/labelNoneConsolidated gross profit
/operating_model/cells/upside_2027q2_gp:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_gp:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_gp:upside/valueNone824.7785623555419
/operating_model/cells/upside_2027q2_hw:upside/basisNonePrior-quarter revenue times sequential growth factor.
/operating_model/cells/upside_2027q2_hw:upside/caseNoneupside
/operating_model/cells/upside_2027q2_hw:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q2_hw:upside/formula/refs/0Noneupside_2027q1_hw
/operating_model/cells/upside_2027q2_hw:upside/formula/refs/1Noneupside_hw_growth
/operating_model/cells/upside_2027q2_hw:upside/idNoneupside_2027q2_hw
/operating_model/cells/upside_2027q2_hw:upside/kindNonederived
/operating_model/cells/upside_2027q2_hw:upside/labelNoneConnected Devices revenue
/operating_model/cells/upside_2027q2_hw:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_hw:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_hw:upside/valueNone715.0408992903302
/operating_model/cells/upside_2027q2_hw_gp:upside/basisNoneRevenue times GAAP segment margin assumption.
/operating_model/cells/upside_2027q2_hw_gp:upside/caseNoneupside
/operating_model/cells/upside_2027q2_hw_gp:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q2_hw_gp:upside/formula/refs/0Noneupside_2027q2_hw
/operating_model/cells/upside_2027q2_hw_gp:upside/formula/refs/1Noneupside_hw_margin
/operating_model/cells/upside_2027q2_hw_gp:upside/idNoneupside_2027q2_hw_gp
/operating_model/cells/upside_2027q2_hw_gp:upside/kindNonederived
/operating_model/cells/upside_2027q2_hw_gp:upside/labelNonehw gross profit
/operating_model/cells/upside_2027q2_hw_gp:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_hw_gp:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_hw_gp:upside/valueNone371.82126763097176
/operating_model/cells/upside_2027q2_op:upside/basisNoneGross profit less GAAP expenses.
/operating_model/cells/upside_2027q2_op:upside/caseNoneupside
/operating_model/cells/upside_2027q2_op:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q2_op:upside/formula/refs/0Noneupside_2027q2_gp
/operating_model/cells/upside_2027q2_op:upside/formula/refs/1Noneupside_2027q2_opex
/operating_model/cells/upside_2027q2_op:upside/idNoneupside_2027q2_op
/operating_model/cells/upside_2027q2_op:upside/kindNonederived
/operating_model/cells/upside_2027q2_op:upside/labelNoneGAAP operating income
/operating_model/cells/upside_2027q2_op:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_op:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_op:upside/valueNone125.71706412630385
/operating_model/cells/upside_2027q2_opex:upside/basisNoneRevenue times GAAP expense ratio, including stock compensation.
/operating_model/cells/upside_2027q2_opex:upside/caseNoneupside
/operating_model/cells/upside_2027q2_opex:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q2_opex:upside/formula/refs/0Noneupside_2027q2_rev
/operating_model/cells/upside_2027q2_opex:upside/formula/refs/1Noneupside_opex_ratio
/operating_model/cells/upside_2027q2_opex:upside/idNoneupside_2027q2_opex
/operating_model/cells/upside_2027q2_opex:upside/kindNonederived
/operating_model/cells/upside_2027q2_opex:upside/labelNoneGAAP operating expenses
/operating_model/cells/upside_2027q2_opex:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_opex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_opex:upside/valueNone699.061498229238
/operating_model/cells/upside_2027q2_rev:upside/basisNoneSum of segment revenues.
/operating_model/cells/upside_2027q2_rev:upside/caseNoneupside
/operating_model/cells/upside_2027q2_rev:upside/formula/opNonesum
/operating_model/cells/upside_2027q2_rev:upside/formula/refs/0Noneupside_2027q2_sw
/operating_model/cells/upside_2027q2_rev:upside/formula/refs/1Noneupside_2027q2_hw
/operating_model/cells/upside_2027q2_rev:upside/idNoneupside_2027q2_rev
/operating_model/cells/upside_2027q2_rev:upside/kindNonederived
/operating_model/cells/upside_2027q2_rev:upside/labelNoneConsolidated revenue
/operating_model/cells/upside_2027q2_rev:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_rev:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_rev:upside/valueNone1318.9839589230905
/operating_model/cells/upside_2027q2_sw:upside/basisNonePrior-quarter revenue times sequential growth factor.
/operating_model/cells/upside_2027q2_sw:upside/caseNoneupside
/operating_model/cells/upside_2027q2_sw:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q2_sw:upside/formula/refs/0Noneupside_2027q1_sw
/operating_model/cells/upside_2027q2_sw:upside/formula/refs/1Noneupside_sw_growth
/operating_model/cells/upside_2027q2_sw:upside/idNoneupside_2027q2_sw
/operating_model/cells/upside_2027q2_sw:upside/kindNonederived
/operating_model/cells/upside_2027q2_sw:upside/labelNoneSoftware & Services revenue
/operating_model/cells/upside_2027q2_sw:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_sw:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_sw:upside/valueNone603.9430596327602
/operating_model/cells/upside_2027q2_sw_gp:upside/basisNoneRevenue times GAAP segment margin assumption.
/operating_model/cells/upside_2027q2_sw_gp:upside/caseNoneupside
/operating_model/cells/upside_2027q2_sw_gp:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q2_sw_gp:upside/formula/refs/0Noneupside_2027q2_sw
/operating_model/cells/upside_2027q2_sw_gp:upside/formula/refs/1Noneupside_sw_margin
/operating_model/cells/upside_2027q2_sw_gp:upside/idNoneupside_2027q2_sw_gp
/operating_model/cells/upside_2027q2_sw_gp:upside/kindNonederived
/operating_model/cells/upside_2027q2_sw_gp:upside/labelNonesw gross profit
/operating_model/cells/upside_2027q2_sw_gp:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_sw_gp:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_sw_gp:upside/valueNone452.95729472457015
/operating_model/cells/upside_2027q3_capex:upside/basisNoneAllocated annual capex after H1 actual.
/operating_model/cells/upside_2027q3_capex:upside/caseNoneupside
/operating_model/cells/upside_2027q3_capex:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q3_capex:upside/formula/refs/0Noneupside_annual_capex27
/operating_model/cells/upside_2027q3_capex:upside/formula/refs/1Noneupside_quarter
/operating_model/cells/upside_2027q3_capex:upside/idNoneupside_2027q3_capex
/operating_model/cells/upside_2027q3_capex:upside/kindNonederived
/operating_model/cells/upside_2027q3_capex:upside/labelNonePP&E capex
/operating_model/cells/upside_2027q3_capex:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_capex:upside/valueNone50.0
/operating_model/cells/upside_2027q3_cfo:upside/basisNoneRevenue times independent cash-conversion assumption.
/operating_model/cells/upside_2027q3_cfo:upside/caseNoneupside
/operating_model/cells/upside_2027q3_cfo:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q3_cfo:upside/formula/refs/0Noneupside_2027q3_rev
/operating_model/cells/upside_2027q3_cfo:upside/formula/refs/1Noneupside_cash_ratio
/operating_model/cells/upside_2027q3_cfo:upside/idNoneupside_2027q3_cfo
/operating_model/cells/upside_2027q3_cfo:upside/kindNonederived
/operating_model/cells/upside_2027q3_cfo:upside/labelNoneOperating cash
/operating_model/cells/upside_2027q3_cfo:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_cfo:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_cfo:upside/valueNone202.96799269863536
/operating_model/cells/upside_2027q3_fcf:upside/basisNoneOperating cash less modeled capex; excludes acquisitions and financing.
/operating_model/cells/upside_2027q3_fcf:upside/caseNoneupside
/operating_model/cells/upside_2027q3_fcf:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q3_fcf:upside/formula/refs/0Noneupside_2027q3_cfo
/operating_model/cells/upside_2027q3_fcf:upside/formula/refs/1Noneupside_2027q3_capex
/operating_model/cells/upside_2027q3_fcf:upside/idNoneupside_2027q3_fcf
/operating_model/cells/upside_2027q3_fcf:upside/kindNonederived
/operating_model/cells/upside_2027q3_fcf:upside/labelNoneCash after PP&E capex
/operating_model/cells/upside_2027q3_fcf:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_fcf:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_fcf:upside/valueNone152.96799269863536
/operating_model/cells/upside_2027q3_gp:upside/basisNoneSum of segment gross profits.
/operating_model/cells/upside_2027q3_gp:upside/caseNoneupside
/operating_model/cells/upside_2027q3_gp:upside/formula/opNonesum
/operating_model/cells/upside_2027q3_gp:upside/formula/refs/0Noneupside_2027q3_sw_gp
/operating_model/cells/upside_2027q3_gp:upside/formula/refs/1Noneupside_2027q3_hw_gp
/operating_model/cells/upside_2027q3_gp:upside/idNoneupside_2027q3_gp
/operating_model/cells/upside_2027q3_gp:upside/kindNonederived
/operating_model/cells/upside_2027q3_gp:upside/labelNoneConsolidated gross profit
/operating_model/cells/upside_2027q3_gp:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_gp:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_gp:upside/valueNone908.0677788620321
/operating_model/cells/upside_2027q3_hw:upside/basisNonePrior-quarter revenue times sequential growth factor.
/operating_model/cells/upside_2027q3_hw:upside/caseNoneupside
/operating_model/cells/upside_2027q3_hw:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q3_hw:upside/formula/refs/0Noneupside_2027q2_hw
/operating_model/cells/upside_2027q3_hw:upside/formula/refs/1Noneupside_hw_growth
/operating_model/cells/upside_2027q3_hw:upside/idNoneupside_2027q3_hw
/operating_model/cells/upside_2027q3_hw:upside/kindNonederived
/operating_model/cells/upside_2027q3_hw:upside/labelNoneConnected Devices revenue
/operating_model/cells/upside_2027q3_hw:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_hw:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_hw:upside/valueNone779.39458022646
/operating_model/cells/upside_2027q3_hw_gp:upside/basisNoneRevenue times GAAP segment margin assumption.
/operating_model/cells/upside_2027q3_hw_gp:upside/caseNoneupside
/operating_model/cells/upside_2027q3_hw_gp:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q3_hw_gp:upside/formula/refs/0Noneupside_2027q3_hw
/operating_model/cells/upside_2027q3_hw_gp:upside/formula/refs/1Noneupside_hw_margin
/operating_model/cells/upside_2027q3_hw_gp:upside/idNoneupside_2027q3_hw_gp
/operating_model/cells/upside_2027q3_hw_gp:upside/kindNonederived
/operating_model/cells/upside_2027q3_hw_gp:upside/labelNonehw gross profit
/operating_model/cells/upside_2027q3_hw_gp:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_hw_gp:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_hw_gp:upside/valueNone405.2851817177592
/operating_model/cells/upside_2027q3_op:upside/basisNoneGross profit less GAAP expenses.
/operating_model/cells/upside_2027q3_op:upside/caseNoneupside
/operating_model/cells/upside_2027q3_op:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q3_op:upside/formula/refs/0Noneupside_2027q3_gp
/operating_model/cells/upside_2027q3_op:upside/formula/refs/1Noneupside_2027q3_opex
/operating_model/cells/upside_2027q3_op:upside/idNoneupside_2027q3_op
/operating_model/cells/upside_2027q3_op:upside/kindNonederived
/operating_model/cells/upside_2027q3_op:upside/labelNoneGAAP operating income
/operating_model/cells/upside_2027q3_op:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_op:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_op:upside/valueNone139.68894936005552
/operating_model/cells/upside_2027q3_opex:upside/basisNoneRevenue times GAAP expense ratio, including stock compensation.
/operating_model/cells/upside_2027q3_opex:upside/caseNoneupside
/operating_model/cells/upside_2027q3_opex:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q3_opex:upside/formula/refs/0Noneupside_2027q3_rev
/operating_model/cells/upside_2027q3_opex:upside/formula/refs/1Noneupside_opex_ratio
/operating_model/cells/upside_2027q3_opex:upside/idNoneupside_2027q3_opex
/operating_model/cells/upside_2027q3_opex:upside/kindNonederived
/operating_model/cells/upside_2027q3_opex:upside/labelNoneGAAP operating expenses
/operating_model/cells/upside_2027q3_opex:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_opex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_opex:upside/valueNone768.3788295019766
/operating_model/cells/upside_2027q3_rev:upside/basisNoneSum of segment revenues.
/operating_model/cells/upside_2027q3_rev:upside/caseNoneupside
/operating_model/cells/upside_2027q3_rev:upside/formula/opNonesum
/operating_model/cells/upside_2027q3_rev:upside/formula/refs/0Noneupside_2027q3_sw
/operating_model/cells/upside_2027q3_rev:upside/formula/refs/1Noneupside_2027q3_hw
/operating_model/cells/upside_2027q3_rev:upside/idNoneupside_2027q3_rev
/operating_model/cells/upside_2027q3_rev:upside/kindNonederived
/operating_model/cells/upside_2027q3_rev:upside/labelNoneConsolidated revenue
/operating_model/cells/upside_2027q3_rev:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_rev:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_rev:upside/valueNone1449.7713764188238
/operating_model/cells/upside_2027q3_sw:upside/basisNonePrior-quarter revenue times sequential growth factor.
/operating_model/cells/upside_2027q3_sw:upside/caseNoneupside
/operating_model/cells/upside_2027q3_sw:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q3_sw:upside/formula/refs/0Noneupside_2027q2_sw
/operating_model/cells/upside_2027q3_sw:upside/formula/refs/1Noneupside_sw_growth
/operating_model/cells/upside_2027q3_sw:upside/idNoneupside_2027q3_sw
/operating_model/cells/upside_2027q3_sw:upside/kindNonederived
/operating_model/cells/upside_2027q3_sw:upside/labelNoneSoftware & Services revenue
/operating_model/cells/upside_2027q3_sw:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_sw:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_sw:upside/valueNone670.3767961923638
/operating_model/cells/upside_2027q3_sw_gp:upside/basisNoneRevenue times GAAP segment margin assumption.
/operating_model/cells/upside_2027q3_sw_gp:upside/caseNoneupside
/operating_model/cells/upside_2027q3_sw_gp:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q3_sw_gp:upside/formula/refs/0Noneupside_2027q3_sw
/operating_model/cells/upside_2027q3_sw_gp:upside/formula/refs/1Noneupside_sw_margin
/operating_model/cells/upside_2027q3_sw_gp:upside/idNoneupside_2027q3_sw_gp
/operating_model/cells/upside_2027q3_sw_gp:upside/kindNonederived
/operating_model/cells/upside_2027q3_sw_gp:upside/labelNonesw gross profit
/operating_model/cells/upside_2027q3_sw_gp:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_sw_gp:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_sw_gp:upside/valueNone502.78259714427287
/operating_model/cells/upside_2027q4_capex:upside/basisNoneAllocated annual capex after H1 actual.
/operating_model/cells/upside_2027q4_capex:upside/caseNoneupside
/operating_model/cells/upside_2027q4_capex:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q4_capex:upside/formula/refs/0Noneupside_annual_capex27
/operating_model/cells/upside_2027q4_capex:upside/formula/refs/1Noneupside_quarter
/operating_model/cells/upside_2027q4_capex:upside/idNoneupside_2027q4_capex
/operating_model/cells/upside_2027q4_capex:upside/kindNonederived
/operating_model/cells/upside_2027q4_capex:upside/labelNonePP&E capex
/operating_model/cells/upside_2027q4_capex:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_capex:upside/valueNone50.0
/operating_model/cells/upside_2027q4_cfo:upside/basisNoneRevenue times independent cash-conversion assumption.
/operating_model/cells/upside_2027q4_cfo:upside/caseNoneupside
/operating_model/cells/upside_2027q4_cfo:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q4_cfo:upside/formula/refs/0Noneupside_2027q4_rev
/operating_model/cells/upside_2027q4_cfo:upside/formula/refs/1Noneupside_cash_ratio
/operating_model/cells/upside_2027q4_cfo:upside/idNoneupside_2027q4_cfo
/operating_model/cells/upside_2027q4_cfo:upside/kindNonederived
/operating_model/cells/upside_2027q4_cfo:upside/labelNoneOperating cash
/operating_model/cells/upside_2027q4_cfo:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_cfo:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_cfo:upside/valueNone223.11216707085117
/operating_model/cells/upside_2027q4_fcf:upside/basisNoneOperating cash less modeled capex; excludes acquisitions and financing.
/operating_model/cells/upside_2027q4_fcf:upside/caseNoneupside
/operating_model/cells/upside_2027q4_fcf:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q4_fcf:upside/formula/refs/0Noneupside_2027q4_cfo
/operating_model/cells/upside_2027q4_fcf:upside/formula/refs/1Noneupside_2027q4_capex
/operating_model/cells/upside_2027q4_fcf:upside/idNoneupside_2027q4_fcf
/operating_model/cells/upside_2027q4_fcf:upside/kindNonederived
/operating_model/cells/upside_2027q4_fcf:upside/labelNoneCash after PP&E capex
/operating_model/cells/upside_2027q4_fcf:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_fcf:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_fcf:upside/valueNone173.11216707085117
/operating_model/cells/upside_2027q4_gp:upside/basisNoneSum of segment gross profits.
/operating_model/cells/upside_2027q4_gp:upside/caseNoneupside
/operating_model/cells/upside_2027q4_gp:upside/formula/opNonesum
/operating_model/cells/upside_2027q4_gp:upside/formula/refs/0Noneupside_2027q4_sw_gp
/operating_model/cells/upside_2027q4_gp:upside/formula/refs/1Noneupside_2027q4_hw_gp
/operating_model/cells/upside_2027q4_gp:upside/idNoneupside_2027q4_gp
/operating_model/cells/upside_2027q4_gp:upside/kindNonederived
/operating_model/cells/upside_2027q4_gp:upside/labelNoneConsolidated gross profit
/operating_model/cells/upside_2027q4_gp:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_gp:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_gp:upside/valueNone999.8495309025004
/operating_model/cells/upside_2027q4_hw:upside/basisNonePrior-quarter revenue times sequential growth factor.
/operating_model/cells/upside_2027q4_hw:upside/caseNoneupside
/operating_model/cells/upside_2027q4_hw:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q4_hw:upside/formula/refs/0Noneupside_2027q3_hw
/operating_model/cells/upside_2027q4_hw:upside/formula/refs/1Noneupside_hw_growth
/operating_model/cells/upside_2027q4_hw:upside/idNoneupside_2027q4_hw
/operating_model/cells/upside_2027q4_hw:upside/kindNonederived
/operating_model/cells/upside_2027q4_hw:upside/labelNoneConnected Devices revenue
/operating_model/cells/upside_2027q4_hw:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_hw:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_hw:upside/valueNone849.5400924468414
/operating_model/cells/upside_2027q4_hw_gp:upside/basisNoneRevenue times GAAP segment margin assumption.
/operating_model/cells/upside_2027q4_hw_gp:upside/caseNoneupside
/operating_model/cells/upside_2027q4_hw_gp:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q4_hw_gp:upside/formula/refs/0Noneupside_2027q4_hw
/operating_model/cells/upside_2027q4_hw_gp:upside/formula/refs/1Noneupside_hw_margin
/operating_model/cells/upside_2027q4_hw_gp:upside/idNoneupside_2027q4_hw_gp
/operating_model/cells/upside_2027q4_hw_gp:upside/kindNonederived
/operating_model/cells/upside_2027q4_hw_gp:upside/labelNonehw gross profit
/operating_model/cells/upside_2027q4_hw_gp:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_hw_gp:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_hw_gp:upside/valueNone441.76084807235753
/operating_model/cells/upside_2027q4_op:upside/basisNoneGross profit less GAAP expenses.
/operating_model/cells/upside_2027q4_op:upside/caseNoneupside
/operating_model/cells/upside_2027q4_op:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q4_op:upside/formula/refs/0Noneupside_2027q4_gp
/operating_model/cells/upside_2027q4_op:upside/formula/refs/1Noneupside_2027q4_opex
/operating_model/cells/upside_2027q4_op:upside/idNoneupside_2027q4_op
/operating_model/cells/upside_2027q4_op:upside/kindNonederived
/operating_model/cells/upside_2027q4_op:upside/labelNoneGAAP operating income
/operating_model/cells/upside_2027q4_op:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_op:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_op:upside/valueNone155.2106127057068
/operating_model/cells/upside_2027q4_opex:upside/basisNoneRevenue times GAAP expense ratio, including stock compensation.
/operating_model/cells/upside_2027q4_opex:upside/caseNoneupside
/operating_model/cells/upside_2027q4_opex:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q4_opex:upside/formula/refs/0Noneupside_2027q4_rev
/operating_model/cells/upside_2027q4_opex:upside/formula/refs/1Noneupside_opex_ratio
/operating_model/cells/upside_2027q4_opex:upside/idNoneupside_2027q4_opex
/operating_model/cells/upside_2027q4_opex:upside/kindNonederived
/operating_model/cells/upside_2027q4_opex:upside/labelNoneGAAP operating expenses
/operating_model/cells/upside_2027q4_opex:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_opex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_opex:upside/valueNone844.6389181967936
/operating_model/cells/upside_2027q4_rev:upside/basisNoneSum of segment revenues.
/operating_model/cells/upside_2027q4_rev:upside/caseNoneupside
/operating_model/cells/upside_2027q4_rev:upside/formula/opNonesum
/operating_model/cells/upside_2027q4_rev:upside/formula/refs/0Noneupside_2027q4_sw
/operating_model/cells/upside_2027q4_rev:upside/formula/refs/1Noneupside_2027q4_hw
/operating_model/cells/upside_2027q4_rev:upside/idNoneupside_2027q4_rev
/operating_model/cells/upside_2027q4_rev:upside/kindNonederived
/operating_model/cells/upside_2027q4_rev:upside/labelNoneConsolidated revenue
/operating_model/cells/upside_2027q4_rev:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_rev:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_rev:upside/valueNone1593.6583362203653
/operating_model/cells/upside_2027q4_sw:upside/basisNonePrior-quarter revenue times sequential growth factor.
/operating_model/cells/upside_2027q4_sw:upside/caseNoneupside
/operating_model/cells/upside_2027q4_sw:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q4_sw:upside/formula/refs/0Noneupside_2027q3_sw
/operating_model/cells/upside_2027q4_sw:upside/formula/refs/1Noneupside_sw_growth
/operating_model/cells/upside_2027q4_sw:upside/idNoneupside_2027q4_sw
/operating_model/cells/upside_2027q4_sw:upside/kindNonederived
/operating_model/cells/upside_2027q4_sw:upside/labelNoneSoftware & Services revenue
/operating_model/cells/upside_2027q4_sw:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_sw:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_sw:upside/valueNone744.1182437735239
/operating_model/cells/upside_2027q4_sw_gp:upside/basisNoneRevenue times GAAP segment margin assumption.
/operating_model/cells/upside_2027q4_sw_gp:upside/caseNoneupside
/operating_model/cells/upside_2027q4_sw_gp:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q4_sw_gp:upside/formula/refs/0Noneupside_2027q4_sw
/operating_model/cells/upside_2027q4_sw_gp:upside/formula/refs/1Noneupside_sw_margin
/operating_model/cells/upside_2027q4_sw_gp:upside/idNoneupside_2027q4_sw_gp
/operating_model/cells/upside_2027q4_sw_gp:upside/kindNonederived
/operating_model/cells/upside_2027q4_sw_gp:upside/labelNonesw gross profit
/operating_model/cells/upside_2027q4_sw_gp:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_sw_gp:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_sw_gp:upside/valueNone558.088682830143
/operating_model/cells/upside_annual_capex26:upside/basisNoneWithin company $160M–$190M outlook; excludes a new headquarters as guidance does.
/operating_model/cells/upside_annual_capex26:upside/caseNoneupside
/operating_model/cells/upside_annual_capex26:upside/idNoneupside_annual_capex26
/operating_model/cells/upside_annual_capex26:upside/kindNoneassumption
/operating_model/cells/upside_annual_capex26:upside/labelNoneFY2026 capex case
/operating_model/cells/upside_annual_capex26:upside/periodNoneFY2026
/operating_model/cells/upside_annual_capex26:upside/unitNoneUSD_millions
/operating_model/cells/upside_annual_capex26:upside/valueNone160.0
/operating_model/cells/upside_annual_capex27:upside/basisNoneDesk extension for capacity and products; not guidance. Excludes unmodeled headquarters costs.
/operating_model/cells/upside_annual_capex27:upside/caseNoneupside
/operating_model/cells/upside_annual_capex27:upside/idNoneupside_annual_capex27
/operating_model/cells/upside_annual_capex27:upside/kindNoneassumption
/operating_model/cells/upside_annual_capex27:upside/labelNoneFY2027 capex assumption
/operating_model/cells/upside_annual_capex27:upside/periodNoneFY2027
/operating_model/cells/upside_annual_capex27:upside/unitNoneUSD_millions
/operating_model/cells/upside_annual_capex27:upside/valueNone200.0
/operating_model/cells/upside_capex_h2:upside/basisNoneAnnual case less H1 spend.
/operating_model/cells/upside_capex_h2:upside/caseNoneupside
/operating_model/cells/upside_capex_h2:upside/formula/opNonesubtract
/operating_model/cells/upside_capex_h2:upside/formula/refs/0Noneupside_annual_capex26
/operating_model/cells/upside_capex_h2:upside/formula/refs/1Noneh1_capex
/operating_model/cells/upside_capex_h2:upside/idNoneupside_capex_h2
/operating_model/cells/upside_capex_h2:upside/kindNonederived
/operating_model/cells/upside_capex_h2:upside/labelNoneRemaining FY2026 capex
/operating_model/cells/upside_capex_h2:upside/periodNone2026 H2
/operating_model/cells/upside_capex_h2:upside/unitNoneUSD_millions
/operating_model/cells/upside_capex_h2:upside/valueNone115.826
/operating_model/cells/upside_cash_ratio:upside/basisNoneSeparate collection and working-capital sensitivity; adjusted EBITDA is not cash.
/operating_model/cells/upside_cash_ratio:upside/caseNoneupside
/operating_model/cells/upside_cash_ratio:upside/idNoneupside_cash_ratio
/operating_model/cells/upside_cash_ratio:upside/kindNoneassumption
/operating_model/cells/upside_cash_ratio:upside/labelNoneOperating-cash / revenue assumption
/operating_model/cells/upside_cash_ratio:upside/periodNoneForward quarters
/operating_model/cells/upside_cash_ratio:upside/unitNoneratio
/operating_model/cells/upside_cash_ratio:upside/valueNone0.14
/operating_model/cells/upside_fy2026_capex:upside/basisNoneH1 actual plus modeled H2.
/operating_model/cells/upside_fy2026_capex:upside/caseNoneupside
/operating_model/cells/upside_fy2026_capex:upside/formula/opNonesum
/operating_model/cells/upside_fy2026_capex:upside/formula/refs/0Noneh1_capex
/operating_model/cells/upside_fy2026_capex:upside/formula/refs/1Noneupside_2026q3_capex
/operating_model/cells/upside_fy2026_capex:upside/formula/refs/2Noneupside_2026q4_capex
/operating_model/cells/upside_fy2026_capex:upside/idNoneupside_fy2026_capex
/operating_model/cells/upside_fy2026_capex:upside/kindNonederived
/operating_model/cells/upside_fy2026_capex:upside/labelNoneFY2026 capex
/operating_model/cells/upside_fy2026_capex:upside/periodNoneFY2026
/operating_model/cells/upside_fy2026_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2026_capex:upside/valueNone160.0
/operating_model/cells/upside_fy2026_cfo:upside/basisNoneH1 actual plus modeled H2.
/operating_model/cells/upside_fy2026_cfo:upside/caseNoneupside
/operating_model/cells/upside_fy2026_cfo:upside/formula/opNonesum
/operating_model/cells/upside_fy2026_cfo:upside/formula/refs/0Noneh1_cfo
/operating_model/cells/upside_fy2026_cfo:upside/formula/refs/1Noneupside_2026q3_cfo
/operating_model/cells/upside_fy2026_cfo:upside/formula/refs/2Noneupside_2026q4_cfo
/operating_model/cells/upside_fy2026_cfo:upside/idNoneupside_fy2026_cfo
/operating_model/cells/upside_fy2026_cfo:upside/kindNonederived
/operating_model/cells/upside_fy2026_cfo:upside/labelNoneFY2026 cfo
/operating_model/cells/upside_fy2026_cfo:upside/periodNoneFY2026
/operating_model/cells/upside_fy2026_cfo:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2026_cfo:upside/valueNone280.5650118860001
/operating_model/cells/upside_fy2026_fcf:upside/basisNoneAnnual operating cash less capex.
/operating_model/cells/upside_fy2026_fcf:upside/caseNoneupside
/operating_model/cells/upside_fy2026_fcf:upside/formula/opNonesubtract
/operating_model/cells/upside_fy2026_fcf:upside/formula/refs/0Noneupside_fy2026_cfo
/operating_model/cells/upside_fy2026_fcf:upside/formula/refs/1Noneupside_fy2026_capex
/operating_model/cells/upside_fy2026_fcf:upside/idNoneupside_fy2026_fcf
/operating_model/cells/upside_fy2026_fcf:upside/kindNonederived
/operating_model/cells/upside_fy2026_fcf:upside/labelNoneAnnual cash after PP&E capex
/operating_model/cells/upside_fy2026_fcf:upside/periodNoneFY2026
/operating_model/cells/upside_fy2026_fcf:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2026_fcf:upside/valueNone120.5650118860001
/operating_model/cells/upside_fy2026_gp:upside/basisNoneH1 actual plus modeled H2.
/operating_model/cells/upside_fy2026_gp:upside/caseNoneupside
/operating_model/cells/upside_fy2026_gp:upside/formula/opNonesum
/operating_model/cells/upside_fy2026_gp:upside/formula/refs/0Noneh1_gp
/operating_model/cells/upside_fy2026_gp:upside/formula/refs/1Noneupside_2026q3_gp
/operating_model/cells/upside_fy2026_gp:upside/formula/refs/2Noneupside_2026q4_gp
/operating_model/cells/upside_fy2026_gp:upside/idNoneupside_fy2026_gp
/operating_model/cells/upside_fy2026_gp:upside/kindNonederived
/operating_model/cells/upside_fy2026_gp:upside/labelNoneFY2026 gp
/operating_model/cells/upside_fy2026_gp:upside/periodNoneFY2026
/operating_model/cells/upside_fy2026_gp:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2026_gp:upside/valueNone2322.6305341360003
/operating_model/cells/upside_fy2026_op:upside/basisNoneH1 actual plus modeled H2.
/operating_model/cells/upside_fy2026_op:upside/caseNoneupside
/operating_model/cells/upside_fy2026_op:upside/formula/opNonesum
/operating_model/cells/upside_fy2026_op:upside/formula/refs/0Noneh1_op
/operating_model/cells/upside_fy2026_op:upside/formula/refs/1Noneupside_2026q3_op
/operating_model/cells/upside_fy2026_op:upside/formula/refs/2Noneupside_2026q4_op
/operating_model/cells/upside_fy2026_op:upside/idNoneupside_fy2026_op
/operating_model/cells/upside_fy2026_op:upside/kindNonederived
/operating_model/cells/upside_fy2026_op:upside/labelNoneFY2026 op
/operating_model/cells/upside_fy2026_op:upside/periodNoneFY2026
/operating_model/cells/upside_fy2026_op:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2026_op:upside/valueNone269.47098913899987
/operating_model/cells/upside_fy2026_rev:upside/basisNoneH1 actual plus modeled H2.
/operating_model/cells/upside_fy2026_rev:upside/caseNoneupside
/operating_model/cells/upside_fy2026_rev:upside/formula/opNonesum
/operating_model/cells/upside_fy2026_rev:upside/formula/refs/0Noneh1_rev
/operating_model/cells/upside_fy2026_rev:upside/formula/refs/1Noneupside_2026q3_rev
/operating_model/cells/upside_fy2026_rev:upside/formula/refs/2Noneupside_2026q4_rev
/operating_model/cells/upside_fy2026_rev:upside/idNoneupside_fy2026_rev
/operating_model/cells/upside_fy2026_rev:upside/kindNonederived
/operating_model/cells/upside_fy2026_rev:upside/labelNoneFY2026 rev
/operating_model/cells/upside_fy2026_rev:upside/periodNoneFY2026
/operating_model/cells/upside_fy2026_rev:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2026_rev:upside/valueNone3797.4840849
/operating_model/cells/upside_fy2027_capex:upside/basisNoneSum of all four modeled quarters.
/operating_model/cells/upside_fy2027_capex:upside/caseNoneupside
/operating_model/cells/upside_fy2027_capex:upside/formula/opNonesum
/operating_model/cells/upside_fy2027_capex:upside/formula/refs/0Noneupside_2027q1_capex
/operating_model/cells/upside_fy2027_capex:upside/formula/refs/1Noneupside_2027q2_capex
/operating_model/cells/upside_fy2027_capex:upside/formula/refs/2Noneupside_2027q3_capex
/operating_model/cells/upside_fy2027_capex:upside/formula/refs/3Noneupside_2027q4_capex
/operating_model/cells/upside_fy2027_capex:upside/idNoneupside_fy2027_capex
/operating_model/cells/upside_fy2027_capex:upside/kindNonederived
/operating_model/cells/upside_fy2027_capex:upside/labelNoneFY2027 capex
/operating_model/cells/upside_fy2027_capex:upside/periodNoneFY2027
/operating_model/cells/upside_fy2027_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2027_capex:upside/valueNone200.0
/operating_model/cells/upside_fy2027_cfo:upside/basisNoneSum of all four modeled quarters.
/operating_model/cells/upside_fy2027_cfo:upside/caseNoneupside
/operating_model/cells/upside_fy2027_cfo:upside/formula/opNonesum
/operating_model/cells/upside_fy2027_cfo:upside/formula/refs/0Noneupside_2027q1_cfo
/operating_model/cells/upside_fy2027_cfo:upside/formula/refs/1Noneupside_2027q2_cfo
/operating_model/cells/upside_fy2027_cfo:upside/formula/refs/2Noneupside_2027q3_cfo
/operating_model/cells/upside_fy2027_cfo:upside/formula/refs/3Noneupside_2027q4_cfo
/operating_model/cells/upside_fy2027_cfo:upside/idNoneupside_fy2027_cfo
/operating_model/cells/upside_fy2027_cfo:upside/kindNonederived
/operating_model/cells/upside_fy2027_cfo:upside/labelNoneFY2027 cfo
/operating_model/cells/upside_fy2027_cfo:upside/periodNoneFY2027
/operating_model/cells/upside_fy2027_cfo:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2027_cfo:upside/valueNone778.7510280361394
/operating_model/cells/upside_fy2027_fcf:upside/basisNoneAnnual operating cash less capex.
/operating_model/cells/upside_fy2027_fcf:upside/caseNoneupside
/operating_model/cells/upside_fy2027_fcf:upside/formula/opNonesubtract
/operating_model/cells/upside_fy2027_fcf:upside/formula/refs/0Noneupside_fy2027_cfo
/operating_model/cells/upside_fy2027_fcf:upside/formula/refs/1Noneupside_fy2027_capex
/operating_model/cells/upside_fy2027_fcf:upside/idNoneupside_fy2027_fcf
/operating_model/cells/upside_fy2027_fcf:upside/kindNonederived
/operating_model/cells/upside_fy2027_fcf:upside/labelNoneAnnual cash after PP&E capex
/operating_model/cells/upside_fy2027_fcf:upside/periodNoneFY2027
/operating_model/cells/upside_fy2027_fcf:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2027_fcf:upside/valueNone578.7510280361394
/operating_model/cells/upside_fy2027_gp:upside/basisNoneSum of all four modeled quarters.
/operating_model/cells/upside_fy2027_gp:upside/caseNoneupside
/operating_model/cells/upside_fy2027_gp:upside/formula/opNonesum
/operating_model/cells/upside_fy2027_gp:upside/formula/refs/0Noneupside_2027q1_gp
/operating_model/cells/upside_fy2027_gp:upside/formula/refs/1Noneupside_2027q2_gp
/operating_model/cells/upside_fy2027_gp:upside/formula/refs/2Noneupside_2027q3_gp
/operating_model/cells/upside_fy2027_gp:upside/formula/refs/3Noneupside_2027q4_gp
/operating_model/cells/upside_fy2027_gp:upside/idNoneupside_fy2027_gp
/operating_model/cells/upside_fy2027_gp:upside/kindNonederived
/operating_model/cells/upside_fy2027_gp:upside/labelNoneFY2027 gp
/operating_model/cells/upside_fy2027_gp:upside/periodNoneFY2027
/operating_model/cells/upside_fy2027_gp:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2027_gp:upside/valueNone3481.885936026314
/operating_model/cells/upside_fy2027_op:upside/basisNoneSum of all four modeled quarters.
/operating_model/cells/upside_fy2027_op:upside/caseNoneupside
/operating_model/cells/upside_fy2027_op:upside/formula/opNonesum
/operating_model/cells/upside_fy2027_op:upside/formula/refs/0Noneupside_2027q1_op
/operating_model/cells/upside_fy2027_op:upside/formula/refs/1Noneupside_2027q2_op
/operating_model/cells/upside_fy2027_op:upside/formula/refs/2Noneupside_2027q3_op
/operating_model/cells/upside_fy2027_op:upside/formula/refs/3Noneupside_2027q4_op
/operating_model/cells/upside_fy2027_op:upside/idNoneupside_fy2027_op
/operating_model/cells/upside_fy2027_op:upside/kindNonederived
/operating_model/cells/upside_fy2027_op:upside/labelNoneFY2027 op
/operating_model/cells/upside_fy2027_op:upside/periodNoneFY2027
/operating_model/cells/upside_fy2027_op:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2027_op:upside/valueNone533.7570441752163
/operating_model/cells/upside_fy2027_rev:upside/basisNoneSum of all four modeled quarters.
/operating_model/cells/upside_fy2027_rev:upside/caseNoneupside
/operating_model/cells/upside_fy2027_rev:upside/formula/opNonesum
/operating_model/cells/upside_fy2027_rev:upside/formula/refs/0Noneupside_2027q1_rev
/operating_model/cells/upside_fy2027_rev:upside/formula/refs/1Noneupside_2027q2_rev
/operating_model/cells/upside_fy2027_rev:upside/formula/refs/2Noneupside_2027q3_rev
/operating_model/cells/upside_fy2027_rev:upside/formula/refs/3Noneupside_2027q4_rev
/operating_model/cells/upside_fy2027_rev:upside/idNoneupside_fy2027_rev
/operating_model/cells/upside_fy2027_rev:upside/kindNonederived
/operating_model/cells/upside_fy2027_rev:upside/labelNoneFY2027 rev
/operating_model/cells/upside_fy2027_rev:upside/periodNoneFY2027
/operating_model/cells/upside_fy2027_rev:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2027_rev:upside/valueNone5562.50734311528
/operating_model/cells/upside_half:upside/basisNoneEqual division of remaining annual capex.
/operating_model/cells/upside_half:upside/caseNoneupside
/operating_model/cells/upside_half:upside/idNoneupside_half
/operating_model/cells/upside_half:upside/kindNoneassumption
/operating_model/cells/upside_half:upside/labelNoneH2 capex allocation
/operating_model/cells/upside_half:upside/periodNoneAllocation
/operating_model/cells/upside_half:upside/unitNoneratio
/operating_model/cells/upside_half:upside/valueNone0.5
/operating_model/cells/upside_hw_growth:upside/basisNonePrior-quarter Connected Devices revenue times this factor.
/operating_model/cells/upside_hw_growth:upside/caseNoneupside
/operating_model/cells/upside_hw_growth:upside/idNoneupside_hw_growth
/operating_model/cells/upside_hw_growth:upside/kindNoneassumption
/operating_model/cells/upside_hw_growth:upside/labelNoneSequential device revenue factor
/operating_model/cells/upside_hw_growth:upside/periodNoneForward quarters
/operating_model/cells/upside_hw_growth:upside/unitNoneratio
/operating_model/cells/upside_hw_growth:upside/valueNone1.09
/operating_model/cells/upside_hw_margin:upside/basisNoneGAAP sensitivity; Q2 51.9% benefited from tariff refunds, so base does not repeat it.
/operating_model/cells/upside_hw_margin:upside/caseNoneupside
/operating_model/cells/upside_hw_margin:upside/idNoneupside_hw_margin
/operating_model/cells/upside_hw_margin:upside/kindNoneassumption
/operating_model/cells/upside_hw_margin:upside/labelNoneConnected Devices gross margin
/operating_model/cells/upside_hw_margin:upside/periodNoneForward quarters
/operating_model/cells/upside_hw_margin:upside/unitNoneratio
/operating_model/cells/upside_hw_margin:upside/valueNone0.52
/operating_model/cells/upside_opex_ratio:upside/basisNoneIncludes R&D, SG&A and equity compensation. Q2 opex $499.669M on sales $904.389M.
/operating_model/cells/upside_opex_ratio:upside/caseNoneupside
/operating_model/cells/upside_opex_ratio:upside/idNoneupside_opex_ratio
/operating_model/cells/upside_opex_ratio:upside/kindNoneassumption
/operating_model/cells/upside_opex_ratio:upside/labelNoneGAAP operating expense / revenue
/operating_model/cells/upside_opex_ratio:upside/periodNoneForward quarters
/operating_model/cells/upside_opex_ratio:upside/unitNoneratio
/operating_model/cells/upside_opex_ratio:upside/valueNone0.53
/operating_model/cells/upside_quarter:upside/basisNoneEqual quarterly allocation.
/operating_model/cells/upside_quarter:upside/caseNoneupside
/operating_model/cells/upside_quarter:upside/idNoneupside_quarter
/operating_model/cells/upside_quarter:upside/kindNoneassumption
/operating_model/cells/upside_quarter:upside/labelNoneFY2027 capex allocation
/operating_model/cells/upside_quarter:upside/periodNoneAllocation
/operating_model/cells/upside_quarter:upside/unitNoneratio
/operating_model/cells/upside_quarter:upside/valueNone0.25
/operating_model/cells/upside_sw_growth:upside/basisNonePrior-quarter segment revenue times this factor; 1.08 means 8% sequential growth.
/operating_model/cells/upside_sw_growth:upside/caseNoneupside
/operating_model/cells/upside_sw_growth:upside/idNoneupside_sw_growth
/operating_model/cells/upside_sw_growth:upside/kindNoneassumption
/operating_model/cells/upside_sw_growth:upside/labelNoneSequential software revenue factor
/operating_model/cells/upside_sw_growth:upside/periodNoneForward quarters
/operating_model/cells/upside_sw_growth:upside/unitNoneratio
/operating_model/cells/upside_sw_growth:upside/valueNone1.11
/operating_model/cells/upside_sw_margin:upside/basisNoneGAAP sensitivity; Q2 was 71.3%, with service mix affecting the result.
/operating_model/cells/upside_sw_margin:upside/caseNoneupside
/operating_model/cells/upside_sw_margin:upside/idNoneupside_sw_margin
/operating_model/cells/upside_sw_margin:upside/kindNoneassumption
/operating_model/cells/upside_sw_margin:upside/labelNoneSoftware & Services gross margin
/operating_model/cells/upside_sw_margin:upside/periodNoneForward quarters
/operating_model/cells/upside_sw_margin:upside/unitNoneratio
/operating_model/cells/upside_sw_margin:upside/valueNone0.75
/operating_model/highlights/0Noneq2_sw
/operating_model/highlights/1Noneq2_hw
/operating_model/highlights/10Noneconvert_call
/operating_model/highlights/11Noneconvert_available
/operating_model/highlights/2Noneq2_arr
/operating_model/highlights/3Noneq2_nrr
/operating_model/highlights/4Noneq2_bookings
/operating_model/highlights/5Noneguide_growth_low
/operating_model/highlights/6Noneguide_growth_high
/operating_model/highlights/7Noneguide_adj_margin
/operating_model/highlights/8Noneguide_sbc_low
/operating_model/highlights/9Noneconvert_net
/operating_model/limitations/0NoneSequential growth factors are desk sensitivities, not company quarterly forecasts. Acquisitions, customer cohorts, deployment schedules and currency are not separately modeled.
/operating_model/limitations/1NoneGAAP expenses include stock compensation conceptually but do not model awards separately. No forward EPS until investment gains, taxes, convertible settlement and diluted ownership have defensible bridges.
/operating_model/limitations/2NoneCash is modeled separately because investments and working capital materially affect the bridge. No ending-cash projection; offering proceeds are not operating cash.
/operating_model/limitations/3NoneConvert economics illustrate the $1B base issuance. Expected settlement is not proof of completion; option exercise and use of proceeds require subsequent confirmation.
/operating_model/methodNoneSoftware & Services and Connected Devices start from Q2 sales. Each case compounds separate sequential revenue factors for six quarters, applies segment gross margins and a GAAP expense ratio, then computes operating income. FY2026 adds H1 actuals to Q3/Q4; FY2027 sums four quarters. Cash has a separate assumption. Disclosed adjusted EBITDA margin is context and is never substituted for GAAP operating margin.
/operating_model/metrics/capexNoneCapex ($M)
/operating_model/metrics/cash_after_capexNoneCash after capex ($M)
/operating_model/metrics/cfoNoneOperating cash ($M)
/operating_model/metrics/gross_profitNoneGross profit ($M)
/operating_model/metrics/operating_incomeNoneGAAP operating income ($M)
/operating_model/metrics/revenueNoneRevenue ($M)
/operating_model/outputs/2026Q3:base/caseNonebase
/operating_model/outputs/2026Q3:base/frequencyNonequarter
/operating_model/outputs/2026Q3:base/metrics/capexNonebase_2026q3_capex
/operating_model/outputs/2026Q3:base/metrics/cash_after_capexNonebase_2026q3_fcf
/operating_model/outputs/2026Q3:base/metrics/cfoNonebase_2026q3_cfo
/operating_model/outputs/2026Q3:base/metrics/gross_profitNonebase_2026q3_gp
/operating_model/outputs/2026Q3:base/metrics/operating_incomeNonebase_2026q3_op
/operating_model/outputs/2026Q3:base/metrics/revenueNonebase_2026q3_rev
/operating_model/outputs/2026Q3:base/periodNone2026Q3
/operating_model/outputs/2026Q3:base/period_endNone2026-09-30
/operating_model/outputs/2026Q3:base/values/capexNone65.413
/operating_model/outputs/2026Q3:base/values/cash_after_capexNone21.581815399999996
/operating_model/outputs/2026Q3:base/values/cfoNone86.9948154
/operating_model/outputs/2026Q3:base/values/gross_profitNone577.8303636
/operating_model/outputs/2026Q3:base/values/operating_incomeNone55.86147119999998
/operating_model/outputs/2026Q3:base/values/revenueNone966.60906
/operating_model/outputs/2026Q3:downside/caseNonedownside
/operating_model/outputs/2026Q3:downside/frequencyNonequarter
/operating_model/outputs/2026Q3:downside/metrics/capexNonedownside_2026q3_capex
/operating_model/outputs/2026Q3:downside/metrics/cash_after_capexNonedownside_2026q3_fcf
/operating_model/outputs/2026Q3:downside/metrics/cfoNonedownside_2026q3_cfo
/operating_model/outputs/2026Q3:downside/metrics/gross_profitNonedownside_2026q3_gp
/operating_model/outputs/2026Q3:downside/metrics/operating_incomeNonedownside_2026q3_op
/operating_model/outputs/2026Q3:downside/metrics/revenueNonedownside_2026q3_rev
/operating_model/outputs/2026Q3:downside/periodNone2026Q3
/operating_model/outputs/2026Q3:downside/period_endNone2026-09-30
/operating_model/outputs/2026Q3:downside/values/capexNone72.913
/operating_model/outputs/2026Q3:downside/values/cash_after_capexNone-45.42327759999999
/operating_model/outputs/2026Q3:downside/values/cfoNone27.4897224
/operating_model/outputs/2026Q3:downside/values/gross_profitNone521.7897744
/operating_model/outputs/2026Q3:downside/values/operating_incomeNone17.81153039999998
/operating_model/outputs/2026Q3:downside/values/revenueNone916.3240800000001
/operating_model/outputs/2026Q3:upside/caseNoneupside
/operating_model/outputs/2026Q3:upside/frequencyNonequarter
/operating_model/outputs/2026Q3:upside/metrics/capexNoneupside_2026q3_capex
/operating_model/outputs/2026Q3:upside/metrics/cash_after_capexNoneupside_2026q3_fcf
/operating_model/outputs/2026Q3:upside/metrics/cfoNoneupside_2026q3_cfo
/operating_model/outputs/2026Q3:upside/metrics/gross_profitNoneupside_2026q3_gp
/operating_model/outputs/2026Q3:upside/metrics/operating_incomeNoneupside_2026q3_op
/operating_model/outputs/2026Q3:upside/metrics/revenueNoneupside_2026q3_rev
/operating_model/outputs/2026Q3:upside/periodNone2026Q3
/operating_model/outputs/2026Q3:upside/period_endNone2026-09-30
/operating_model/outputs/2026Q3:upside/values/capexNone57.913
/operating_model/outputs/2026Q3:upside/values/cash_after_capexNone81.21070220000003
/operating_model/outputs/2026Q3:upside/values/cfoNone139.12370220000003
/operating_model/outputs/2026Q3:upside/values/gross_profitNone618.3127104
/operating_model/outputs/2026Q3:upside/values/operating_incomeNone91.63012349999997
/operating_model/outputs/2026Q3:upside/values/revenueNone993.7407300000001
/operating_model/outputs/2026Q4:base/caseNonebase
/operating_model/outputs/2026Q4:base/frequencyNonequarter
/operating_model/outputs/2026Q4:base/metrics/capexNonebase_2026q4_capex
/operating_model/outputs/2026Q4:base/metrics/cash_after_capexNonebase_2026q4_fcf
/operating_model/outputs/2026Q4:base/metrics/cfoNonebase_2026q4_cfo
/operating_model/outputs/2026Q4:base/metrics/gross_profitNonebase_2026q4_gp
/operating_model/outputs/2026Q4:base/metrics/operating_incomeNonebase_2026q4_op
/operating_model/outputs/2026Q4:base/metrics/revenueNonebase_2026q4_rev
/operating_model/outputs/2026Q4:base/periodNone2026Q4
/operating_model/outputs/2026Q4:base/period_endNone2026-12-31
/operating_model/outputs/2026Q4:base/values/capexNone65.413
/operating_model/outputs/2026Q4:base/values/cash_after_capexNone27.574897508000006
/operating_model/outputs/2026Q4:base/values/cfoNone92.987897508
/operating_model/outputs/2026Q4:base/values/gross_profitNone618.6873308880001
/operating_model/outputs/2026Q4:base/values/operating_incomeNone60.759945840000114
/operating_model/outputs/2026Q4:base/values/revenueNone1033.1988612
/operating_model/outputs/2026Q4:downside/caseNonedownside
/operating_model/outputs/2026Q4:downside/frequencyNonequarter
/operating_model/outputs/2026Q4:downside/metrics/capexNonedownside_2026q4_capex
/operating_model/outputs/2026Q4:downside/metrics/cash_after_capexNonedownside_2026q4_fcf
/operating_model/outputs/2026Q4:downside/metrics/cfoNonedownside_2026q4_cfo
/operating_model/outputs/2026Q4:downside/metrics/gross_profitNonedownside_2026q4_gp
/operating_model/outputs/2026Q4:downside/metrics/operating_incomeNonedownside_2026q4_op
/operating_model/outputs/2026Q4:downside/metrics/revenueNonedownside_2026q4_rev
/operating_model/outputs/2026Q4:downside/periodNone2026Q4
/operating_model/outputs/2026Q4:downside/period_endNone2026-12-31
/operating_model/outputs/2026Q4:downside/values/capexNone72.913
/operating_model/outputs/2026Q4:downside/values/cash_after_capexNone-45.054483628
/operating_model/outputs/2026Q4:downside/values/cfoNone27.858516371999997
/operating_model/outputs/2026Q4:downside/values/gross_profitNone530.1491044320001
/operating_model/outputs/2026Q4:downside/values/operating_incomeNone19.40963761200004
/operating_model/outputs/2026Q4:downside/values/revenueNone928.6172124
/operating_model/outputs/2026Q4:upside/caseNoneupside
/operating_model/outputs/2026Q4:upside/frequencyNonequarter
/operating_model/outputs/2026Q4:upside/metrics/capexNoneupside_2026q4_capex
/operating_model/outputs/2026Q4:upside/metrics/cash_after_capexNoneupside_2026q4_fcf
/operating_model/outputs/2026Q4:upside/metrics/cfoNoneupside_2026q4_cfo
/operating_model/outputs/2026Q4:upside/metrics/gross_profitNoneupside_2026q4_gp
/operating_model/outputs/2026Q4:upside/metrics/operating_incomeNoneupside_2026q4_op
/operating_model/outputs/2026Q4:upside/metrics/revenueNoneupside_2026q4_rev
/operating_model/outputs/2026Q4:upside/periodNone2026Q4
/operating_model/outputs/2026Q4:upside/period_endNone2026-12-31
/operating_model/outputs/2026Q4:upside/values/capexNone57.913
/operating_model/outputs/2026Q4:upside/values/cash_after_capexNone94.96830968600007
/operating_model/outputs/2026Q4:upside/values/cfoNone152.88130968600007
/operating_model/outputs/2026Q4:upside/values/gross_profitNone680.5848237360001
/operating_model/outputs/2026Q4:upside/values/operating_incomeNone101.81986563899989
/operating_model/outputs/2026Q4:upside/values/revenueNone1092.0093549000003
/operating_model/outputs/2027Q1:base/caseNonebase
/operating_model/outputs/2027Q1:base/frequencyNonequarter
/operating_model/outputs/2027Q1:base/metrics/capexNonebase_2027q1_capex
/operating_model/outputs/2027Q1:base/metrics/cash_after_capexNonebase_2027q1_fcf
/operating_model/outputs/2027Q1:base/metrics/cfoNonebase_2027q1_cfo
/operating_model/outputs/2027Q1:base/metrics/gross_profitNonebase_2027q1_gp
/operating_model/outputs/2027Q1:base/metrics/operating_incomeNonebase_2027q1_op
/operating_model/outputs/2027Q1:base/metrics/revenueNonebase_2027q1_rev
/operating_model/outputs/2027Q1:base/periodNone2027Q1
/operating_model/outputs/2027Q1:base/period_endNone2027-03-31
/operating_model/outputs/2027Q1:base/values/capexNone50.0
/operating_model/outputs/2027Q1:base/values/cash_after_capexNone49.402435997200016
/operating_model/outputs/2027Q1:base/values/cfoNone99.40243599720002
/operating_model/outputs/2027Q1:base/values/gross_profitNone662.4906878510401
/operating_model/outputs/2027Q1:base/values/operating_incomeNone66.07607186783991
/operating_model/outputs/2027Q1:base/values/revenueNone1104.4715110800003
/operating_model/outputs/2027Q1:downside/caseNonedownside
/operating_model/outputs/2027Q1:downside/frequencyNonequarter
/operating_model/outputs/2027Q1:downside/metrics/capexNonedownside_2027q1_capex
/operating_model/outputs/2027Q1:downside/metrics/cash_after_capexNonedownside_2027q1_fcf
/operating_model/outputs/2027Q1:downside/metrics/cfoNonedownside_2027q1_cfo
/operating_model/outputs/2027Q1:downside/metrics/gross_profitNonedownside_2027q1_gp
/operating_model/outputs/2027Q1:downside/metrics/operating_incomeNonedownside_2027q1_op
/operating_model/outputs/2027Q1:downside/metrics/revenueNonedownside_2027q1_rev
/operating_model/outputs/2027Q1:downside/periodNone2027Q1
/operating_model/outputs/2027Q1:downside/period_endNone2027-03-31
/operating_model/outputs/2027Q1:downside/values/capexNone55.0
/operating_model/outputs/2027Q1:downside/values/cash_after_capexNone-26.761625836839997
/operating_model/outputs/2027Q1:downside/values/cfoNone28.238374163160003
/operating_model/outputs/2027Q1:downside/values/gross_profitNone538.75921436496
/operating_model/outputs/2027Q1:downside/values/operating_incomeNone21.055688040359883
/operating_model/outputs/2027Q1:downside/values/revenueNone941.2791387720001
/operating_model/outputs/2027Q1:upside/caseNoneupside
/operating_model/outputs/2027Q1:upside/frequencyNonequarter
/operating_model/outputs/2027Q1:upside/metrics/capexNoneupside_2027q1_capex
/operating_model/outputs/2027Q1:upside/metrics/cash_after_capexNoneupside_2027q1_fcf
/operating_model/outputs/2027Q1:upside/metrics/cfoNoneupside_2027q1_cfo
/operating_model/outputs/2027Q1:upside/metrics/gross_profitNoneupside_2027q1_gp
/operating_model/outputs/2027Q1:upside/metrics/operating_incomeNoneupside_2027q1_op
/operating_model/outputs/2027Q1:upside/metrics/revenueNoneupside_2027q1_rev
/operating_model/outputs/2027Q1:upside/periodNone2027Q1
/operating_model/outputs/2027Q1:upside/period_endNone2027-03-31
/operating_model/outputs/2027Q1:upside/values/capexNone50.0
/operating_model/outputs/2027Q1:upside/values/cash_after_capexNone118.01311401742004
/operating_model/outputs/2027Q1:upside/values/cfoNone168.01311401742004
/operating_model/outputs/2027Q1:upside/values/gross_profitNone749.1900639062402
/operating_model/outputs/2027Q1:upside/values/operating_incomeNone113.14041798315009
/operating_model/outputs/2027Q1:upside/values/revenueNone1200.0936715530001
/operating_model/outputs/2027Q2:base/caseNonebase
/operating_model/outputs/2027Q2:base/frequencyNonequarter
/operating_model/outputs/2027Q2:base/metrics/capexNonebase_2027q2_capex
/operating_model/outputs/2027Q2:base/metrics/cash_after_capexNonebase_2027q2_fcf
/operating_model/outputs/2027Q2:base/metrics/cfoNonebase_2027q2_cfo
/operating_model/outputs/2027Q2:base/metrics/gross_profitNonebase_2027q2_gp
/operating_model/outputs/2027Q2:base/metrics/operating_incomeNonebase_2027q2_op
/operating_model/outputs/2027Q2:base/metrics/revenueNonebase_2027q2_rev
/operating_model/outputs/2027Q2:base/periodNone2027Q2
/operating_model/outputs/2027Q2:base/period_endNone2027-06-30
/operating_model/outputs/2027Q2:base/values/capexNone50.0
/operating_model/outputs/2027Q2:base/values/cash_after_capexNone56.26866796684962
/operating_model/outputs/2027Q2:base/values/cfoNone106.26866796684962
/operating_model/outputs/2027Q2:base/values/gross_profitNone709.4568156006434
/operating_model/outputs/2027Q2:base/values/operating_incomeNone71.8448077995456
/operating_model/outputs/2027Q2:base/values/revenueNone1180.7629774094403
/operating_model/outputs/2027Q2:downside/caseNonedownside
/operating_model/outputs/2027Q2:downside/frequencyNonequarter
/operating_model/outputs/2027Q2:downside/metrics/capexNonedownside_2027q2_capex
/operating_model/outputs/2027Q2:downside/metrics/cash_after_capexNonedownside_2027q2_fcf
/operating_model/outputs/2027Q2:downside/metrics/cfoNonedownside_2027q2_cfo
/operating_model/outputs/2027Q2:downside/metrics/gross_profitNonedownside_2027q2_gp
/operating_model/outputs/2027Q2:downside/metrics/operating_incomeNonedownside_2027q2_op
/operating_model/outputs/2027Q2:downside/metrics/revenueNonedownside_2027q2_rev
/operating_model/outputs/2027Q2:downside/periodNone2027Q2
/operating_model/outputs/2027Q2:downside/period_endNone2027-06-30
/operating_model/outputs/2027Q2:downside/values/capexNone55.0
/operating_model/outputs/2027Q2:downside/values/cash_after_capexNone-26.3703723119452
/operating_model/outputs/2027Q2:downside/values/cfoNone28.6296276880548
/operating_model/outputs/2027Q2:downside/values/gross_profitNone547.6276275959088
/operating_model/outputs/2027Q2:downside/values/operating_incomeNone22.75111998157081
/operating_model/outputs/2027Q2:downside/values/revenueNone954.3209229351601
/operating_model/outputs/2027Q2:upside/caseNoneupside
/operating_model/outputs/2027Q2:upside/frequencyNonequarter
/operating_model/outputs/2027Q2:upside/metrics/capexNoneupside_2027q2_capex
/operating_model/outputs/2027Q2:upside/metrics/cash_after_capexNoneupside_2027q2_fcf
/operating_model/outputs/2027Q2:upside/metrics/cfoNoneupside_2027q2_cfo
/operating_model/outputs/2027Q2:upside/metrics/gross_profitNoneupside_2027q2_gp
/operating_model/outputs/2027Q2:upside/metrics/operating_incomeNoneupside_2027q2_op
/operating_model/outputs/2027Q2:upside/metrics/revenueNoneupside_2027q2_rev
/operating_model/outputs/2027Q2:upside/periodNone2027Q2
/operating_model/outputs/2027Q2:upside/period_endNone2027-06-30
/operating_model/outputs/2027Q2:upside/values/capexNone50.0
/operating_model/outputs/2027Q2:upside/values/cash_after_capexNone134.65775424923268
/operating_model/outputs/2027Q2:upside/values/cfoNone184.65775424923268
/operating_model/outputs/2027Q2:upside/values/gross_profitNone824.7785623555419
/operating_model/outputs/2027Q2:upside/values/operating_incomeNone125.71706412630385
/operating_model/outputs/2027Q2:upside/values/revenueNone1318.9839589230905
/operating_model/outputs/FY2026:base/caseNonebase
/operating_model/outputs/FY2026:base/frequencyNoneyear
/operating_model/outputs/FY2026:base/metrics/capexNonebase_fy2026_capex
/operating_model/outputs/FY2026:base/metrics/cash_after_capexNonebase_fy2026_fcf
/operating_model/outputs/FY2026:base/metrics/cfoNonebase_fy2026_cfo
/operating_model/outputs/FY2026:base/metrics/gross_profitNonebase_fy2026_gp
/operating_model/outputs/FY2026:base/metrics/operating_incomeNonebase_fy2026_op
/operating_model/outputs/FY2026:base/metrics/revenueNonebase_fy2026_rev
/operating_model/outputs/FY2026:base/periodNoneFY2026
/operating_model/outputs/FY2026:base/period_endNone2026-12-31
/operating_model/outputs/FY2026:base/values/capexNone175.0
/operating_model/outputs/FY2026:base/values/cash_after_capexNone-6.457287092000001
/operating_model/outputs/FY2026:base/values/cfoNone168.542712908
/operating_model/outputs/FY2026:base/values/gross_profitNone2220.250694488
/operating_model/outputs/FY2026:base/values/operating_incomeNone192.6424170400001
/operating_model/outputs/FY2026:base/values/revenueNone3711.5419212
/operating_model/outputs/FY2026:downside/caseNonedownside
/operating_model/outputs/FY2026:downside/frequencyNoneyear
/operating_model/outputs/FY2026:downside/metrics/capexNonedownside_fy2026_capex
/operating_model/outputs/FY2026:downside/metrics/cash_after_capexNonedownside_fy2026_fcf
/operating_model/outputs/FY2026:downside/metrics/cfoNonedownside_fy2026_cfo
/operating_model/outputs/FY2026:downside/metrics/gross_profitNonedownside_fy2026_gp
/operating_model/outputs/FY2026:downside/metrics/operating_incomeNonedownside_fy2026_op
/operating_model/outputs/FY2026:downside/metrics/revenueNonedownside_fy2026_rev
/operating_model/outputs/FY2026:downside/periodNoneFY2026
/operating_model/outputs/FY2026:downside/period_endNone2026-12-31
/operating_model/outputs/FY2026:downside/values/capexNone190.0
/operating_model/outputs/FY2026:downside/values/cash_after_capexNone-146.091761228
/operating_model/outputs/FY2026:downside/values/cfoNone43.908238772
/operating_model/outputs/FY2026:downside/values/gross_profitNone2075.671878832
/operating_model/outputs/FY2026:downside/values/operating_incomeNone113.24216801200002
/operating_model/outputs/FY2026:downside/values/revenueNone3556.6752923999998
/operating_model/outputs/FY2026:upside/caseNoneupside
/operating_model/outputs/FY2026:upside/frequencyNoneyear
/operating_model/outputs/FY2026:upside/metrics/capexNoneupside_fy2026_capex
/operating_model/outputs/FY2026:upside/metrics/cash_after_capexNoneupside_fy2026_fcf
/operating_model/outputs/FY2026:upside/metrics/cfoNoneupside_fy2026_cfo
/operating_model/outputs/FY2026:upside/metrics/gross_profitNoneupside_fy2026_gp
/operating_model/outputs/FY2026:upside/metrics/operating_incomeNoneupside_fy2026_op
/operating_model/outputs/FY2026:upside/metrics/revenueNoneupside_fy2026_rev
/operating_model/outputs/FY2026:upside/periodNoneFY2026
/operating_model/outputs/FY2026:upside/period_endNone2026-12-31
/operating_model/outputs/FY2026:upside/values/capexNone160.0
/operating_model/outputs/FY2026:upside/values/cash_after_capexNone120.5650118860001
/operating_model/outputs/FY2026:upside/values/cfoNone280.5650118860001
/operating_model/outputs/FY2026:upside/values/gross_profitNone2322.6305341360003
/operating_model/outputs/FY2026:upside/values/operating_incomeNone269.47098913899987
/operating_model/outputs/FY2026:upside/values/revenueNone3797.4840849
/operating_model/outputs/FY2027:base/caseNonebase
/operating_model/outputs/FY2027:base/frequencyNoneyear
/operating_model/outputs/FY2027:base/metrics/capexNonebase_fy2027_capex
/operating_model/outputs/FY2027:base/metrics/cash_after_capexNonebase_fy2027_fcf
/operating_model/outputs/FY2027:base/metrics/cfoNonebase_fy2027_cfo
/operating_model/outputs/FY2027:base/metrics/gross_profitNonebase_fy2027_gp
/operating_model/outputs/FY2027:base/metrics/operating_incomeNonebase_fy2027_op
/operating_model/outputs/FY2027:base/metrics/revenueNonebase_fy2027_rev
/operating_model/outputs/FY2027:base/periodNoneFY2027
/operating_model/outputs/FY2027:base/period_endNone2027-12-31
/operating_model/outputs/FY2027:base/values/capexNone200.0
/operating_model/outputs/FY2027:base/values/cash_after_capexNone240.77852073471593
/operating_model/outputs/FY2027:base/values/cfoNone440.7785207347159
/operating_model/outputs/FY2027:base/values/gross_profitNone2945.590633183276
/operating_model/outputs/FY2027:base/values/operating_incomeNone300.9195087749803
/operating_model/outputs/FY2027:base/values/revenueNone4897.539119274621
/operating_model/outputs/FY2027:downside/caseNonedownside
/operating_model/outputs/FY2027:downside/frequencyNoneyear
/operating_model/outputs/FY2027:downside/metrics/capexNonedownside_fy2027_capex
/operating_model/outputs/FY2027:downside/metrics/cash_after_capexNonedownside_fy2027_fcf
/operating_model/outputs/FY2027:downside/metrics/cfoNonedownside_fy2027_cfo
/operating_model/outputs/FY2027:downside/metrics/gross_profitNonedownside_fy2027_gp
/operating_model/outputs/FY2027:downside/metrics/operating_incomeNonedownside_fy2027_op
/operating_model/outputs/FY2027:downside/metrics/revenueNonedownside_fy2027_rev
/operating_model/outputs/FY2027:downside/periodNoneFY2027
/operating_model/outputs/FY2027:downside/period_endNone2027-12-31
/operating_model/outputs/FY2027:downside/values/capexNone220.0
/operating_model/outputs/FY2027:downside/values/cash_after_capexNone-104.65167964683141
/operating_model/outputs/FY2027:downside/values/cfoNone115.34832035316859
/operating_model/outputs/FY2027:downside/values/gross_profitNone2209.3195280051546
/operating_model/outputs/FY2027:downside/values/operating_incomeNone94.60032153039708
/operating_model/outputs/FY2027:downside/values/revenueNone3844.9440117722866
/operating_model/outputs/FY2027:upside/caseNoneupside
/operating_model/outputs/FY2027:upside/frequencyNoneyear
/operating_model/outputs/FY2027:upside/metrics/capexNoneupside_fy2027_capex
/operating_model/outputs/FY2027:upside/metrics/cash_after_capexNoneupside_fy2027_fcf
/operating_model/outputs/FY2027:upside/metrics/cfoNoneupside_fy2027_cfo
/operating_model/outputs/FY2027:upside/metrics/gross_profitNoneupside_fy2027_gp
/operating_model/outputs/FY2027:upside/metrics/operating_incomeNoneupside_fy2027_op
/operating_model/outputs/FY2027:upside/metrics/revenueNoneupside_fy2027_rev
/operating_model/outputs/FY2027:upside/periodNoneFY2027
/operating_model/outputs/FY2027:upside/period_endNone2027-12-31
/operating_model/outputs/FY2027:upside/values/capexNone200.0
/operating_model/outputs/FY2027:upside/values/cash_after_capexNone578.7510280361394
/operating_model/outputs/FY2027:upside/values/cfoNone778.7510280361394
/operating_model/outputs/FY2027:upside/values/gross_profitNone3481.885936026314
/operating_model/outputs/FY2027:upside/values/operating_incomeNone533.7570441752163
/operating_model/outputs/FY2027:upside/values/revenueNone5562.50734311528
/operating_model/reviewed_atNone2026-09-19
/operating_model/schema_versionNoneoperating_model.v1
/operating_model/titleNoneAxon: recurring growth, margins and cash scenarios
/research/change_noteNoneFirst segment growth and cash scenarios and durable thesis. Corrects the earlier financing interpretation: zero coupon is not zero economic cost, and the filing cannot establish why the share price moved.
/research/checkpoints/0/date_statusNoneevent_driven
/research/checkpoints/0/eventNoneNext quarterly results
/research/checkpoints/0/timingNoneWhen the issuer confirms the date
/research/checkpoints/0/watchNoneCompare software growth and margin, retention, bookings conversion, operating cash and equity compensation with the model.
/research/checkpoints/1/date_statusNoneevent_driven
/research/checkpoints/1/eventNoneConvertible closing and balance sheet
/research/checkpoints/1/timingNoneNext definitive financing disclosure
/research/checkpoints/1/watchNoneConfirm settlement, option exercise, net cash after capped calls and use of funds. Keep financing separate from operating cash.
/research/countercaseNoneThe competing explanation is that strong demand justifies current spending and newer workflows will improve lifetime customer economics. If adoption grows without equivalent service and selling costs, current GAAP margins may understate a mature business. That interpretation still needs evidence from margins, collections and ownership rather than recurring metrics alone.
/research/economicsNoneDevices establish relationships; evidence storage and operational workflows can deepen them. Multi-year bundles support continuity but complicate recognition and cash timing. Software economics differ from professional services and hardware, so a recurring-revenue narrative alone is insufficient. The model separates reported segments and treats GAAP operating expenses, including equity compensation, as a real cost. Investment gains and financing proceeds stay outside operating performance.
/research/limitations/0NoneJune 30 actuals and August 5 metrics are the latest quarterly anchors reviewed. The final September 17 prospectus is included; expected September 18 settlement is not treated as confirmed closing.
/research/limitations/1NoneCapped calls may offset dilution or conversion cash payments, subject to terms and counterparty performance. Protection is capped; dilution does not universally begin only above the cap.
/research/limitations/2NoneBase $1B issuance provides about $986M after offering costs, then $886.1M after $99.9M capped calls, before other uses. This is financing, not earned cash.
/research/limitations/3NoneNo forward EPS or share-price valuation: taxes, investment gains, awards and conversion require separate bridges. Q4 historical EPS/share gaps remain explicit.
/research/questionNoneCan platform expansion produce cash and earnings per share as rapidly as revenue and contracted activity grow?
/research/reviewed_atNone2026-09-19
/research/risks/0NoneGovernment procurement, budgets and deployments can delay recognition and collection.
/research/risks/1NoneServices, new products and acquisitions change margin quality.
/research/risks/2NoneEquity compensation and convertible settlement choices can dilute ownership.
/research/risks/3NoneIntegration, security, privacy and reliability affect customer trust and contracts.
/research/titleNoneFollow recurring gross profit through to ownership
/sources/0/retrieved2026-09-162026-09-19
/sources/0/titleAxon free writing prospectus (pricing term sheet), accepted September 16, 2026 06:02 ET: $1.0 billion 0% convertible senior notes due 2031Axon Q2 2026 shareholder letter and financial statements
/sources/0/urlhttps://www.sec.gov/Archives/edgar/data/1069183/000119312526392472/d162950dfwp.htmhttps://www.sec.gov/Archives/edgar/data/1069183/000162828026053363/axon-20260805xex991.htm
/sources/1/retrieved2026-09-152026-09-19
/sources/1/titleAxon Form 8-K, September 15, 2026: proposed offering of convertible senior notesAxon June 2026 Form 10-Q
/sources/1/urlhttps://www.sec.gov/Archives/edgar/data/1069183/000119312526391320/d17675d8k.htmhttps://www.sec.gov/Archives/edgar/data/1069183/000162828026053646/axon-20260630.htm
/sources/10/retrieved2026-09-16None
/sources/10/titleAlphaforge attention capture, September 16, 2026 07:15 ET (Stocktwits and Yahoo trending lists)None
/sources/10/urlhttps://chartlibrary.io/research/casebookNone
/sources/2/retrieved2026-09-152026-09-19
/sources/2/titleAxon preliminary prospectus supplement (424B5), September 15, 2026Axon final convertible-note prospectus, filed September 17
/sources/2/urlhttps://www.sec.gov/Archives/edgar/data/1069183/000119312526391323/d101255d424b5.htmhttps://www.sec.gov/Archives/edgar/data/1069183/000119312526394401/d101255d424b5.htm
/sources/3/retrieved2026-08-05None
/sources/3/titleAxon second-quarter 2026 shareholder letter, August 5, 2026 (8-K exhibit 99.1)None
/sources/3/urlhttps://www.sec.gov/Archives/edgar/data/1069183/000162828026053363/axon-20260805xex991.htmNone
/sources/4/retrieved2026-09-16None
/sources/4/titleSEC XBRL company facts, Axon: cash, long-term debt, net income, shares outstandingNone
/sources/4/urlhttps://data.sec.gov/api/xbrl/companyconcept/CIK0001069183/us-gaap/LongTermDebtNoncurrent.jsonNone
/sources/5/retrieved2026-09-16None
/sources/5/titleBenzinga wire via ChartLibrary news store: Axon prices $1.0B offering of 0% convertible senior notes due 2031 (02:47 ET)None
/sources/5/urlhttps://www.benzinga.com/news/26/09/61808153/axon-prices-1-0b-offering-0-convertible-senior-notes-due-2031-grants-underwriters-150m-over-allotmenNone
/sources/6/retrieved2026-09-15None
/sources/6/titleBenzinga wire via ChartLibrary news store: Axon shares trading lower after announcing a proposed $1 billion offering (September 15, 07:42 ET)None
/sources/6/urlhttps://www.benzinga.com/news/26/09/61785521/axon-enterprise-shares-are-trading-lower-after-the-company-announced-a-proposed-1-billion-public-offeringNone
/sources/7/retrieved2026-09-16None
/sources/7/titleYahoo Finance AXON chart, one-minute bars including pre-market, September 16, 2026None
/sources/7/urlhttps://query1.finance.yahoo.com/v8/finance/chart/AXON?range=1d&interval=1m&includePrePost=trueNone
/sources/8/retrieved2026-09-16None
/sources/8/titleYahoo Finance AXON daily barsNone
/sources/8/urlhttps://query1.finance.yahoo.com/v8/finance/chart/AXON?range=5d&interval=1dNone
/sources/9/retrieved2026-09-16None
/sources/9/titleChartLibrary state packet, AXON as of the September 15, 2026 closeNone
/sources/9/urlhttps://chartlibrary.io/api/v1/state-packet?symbol=AXON&date=2026-09-15None
/thesis/scenario_rangesNoneThe operating scenarios above vary named business assumptions. They are not price targets, probabilities, or the short-horizon historical memory bands.
/thesis/viewThe convertible's terms are those of a company financing from strength, and the September 15 reaction was larger than the terms justify. A zero coupon, a 47.5% conversion premium and a capped call to $1,049.94 mean Axon pays nothing for five years and dilutes only above $652, or above $1,050 after the cap; the notes would add 1.53 million shares if converted, under 2% of the count. The value removed on pricing day, about $3.9 billion, was roughly four times the proceeds, the signature of convertible-arbitrage hedging layered on a market that had priced Axon for self-funded growth. The expectation that moved is not the cost of capital, which is close to zero, but the premise that a business with $1.6 billion of recurring revenue would not need to borrow a billion dollars for what it does next; the prospectus names only general corporate purposes. The memory's 5-session band for states like the September 15 close was -7.1 to +11.9 points, up 56% of the time; the completed September 16 session, +6.4 points against the market, was inside the 1-day band.Axon’s strongest economic attribute is expanding from devices into recurring workflows within a customer. The question is how much reaches durable GAAP earnings and cash per share. We separate software from device growth, and recurring metrics from recognized revenue. Bookings support visibility but do not make every future sale unconditional. September financing increases prospective flexibility at an explicit cost; no regular coupon does not mean free capital.
/thesis/what_changes_itThe five-session window failing to recover a meaningful part of the pricing-day drop, together with the next disclosure naming a use of proceeds that implies lower returns than the core business, such as a large acquisition or a further raise. In the other direction: the stock recovering most of the drop by September 22 and the notes settling on September 18 without further supply.Software growth with stable service margins, better cash conversion and controlled dilution would strengthen the case. Slower expansion, persistent margin pressure, working-capital absorption or spending that outpaces recurring gross profit would weaken it.