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What changed: r3 to r4

First sourced company review and operating scenarios, replacing the corporate-history extract and incorporating September 16 guidance.

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/descriptionInception and Organization Fluence Energy, Inc., a Delaware corporation (the “Company”), was initially formed on June 21, 2021 and completed its initial public offering (the “IPO”) on November 1, 2021. We conduct our business operations through Fluence Energy, LLC and its direct and indirect subsidiaries. Fluence Energy, LLC was formed on June 30, 2017 as a joint venture between Siemens Industry, Inc. (“Siemens Industry”), an indirect subsidiary of Siemens AG (“Siemens”), and AES Grid Stability, LLC (“AES Grid Stability”), an indirect subsidiary of The AES Corporation (“AES”), and commenced operations on January 1, 2018. We refer to Siemens Industry and AES Grid Stability as the “Founders” in this Annual Report and together with Qatar Holding LLC (“QHL”), an affiliate of the Qatar Investment Authority (“QIA”), they are collectively referred to as the “Continuing Equity Owners.” As the sole managing member of Fluence Energy, LLC, Fluence Energy, Inc. operates and controls.Fluence supplies battery energy-storage systems, operating services and optimization software to utilities, developers and other large power users. Its economics depend on turning contracted projects into installed, accepted systems at an adequate margin. Equipment procurement and manufacturing come before final collection, so inventory, supplier advances and customer deposits can dominate cash generation. Services and software add recurring revenue, but the company remains exposed to large project schedules, battery supply and execution at manufacturing partners.
/business/drivers/0Declining Lithium-Ion Battery Prices: Growth of the industry and the continued adoption of energy storage solutions by our customers is driven by the.Manufacturing output and customer acceptance determine when backlog becomes revenue.
/business/drivers/1If costs do not continue to decline long-term and instead remain steady or increase, as seen in fiscal year 2022, this could adversely affect demand for our.Project margin must cover operating costs, startup expense and execution overruns.
/business/drivers/2Our Products and Services Our business continues to evolve worldwide and is shaped by the varying ways in which our products can provide economically viable.Inventory, supplier advances and collections determine funding needs before earnings recover.
/estimates/basisnot yet estimatedDesk base scenario from the operating model; not consensus.
/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/revenueNone810027000.0
/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/revenueNone600000000.0
/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/revenueNone690000000.0
/estimates/rows/2027Q3/as_ofNone2026-09-19
/estimates/rows/2027Q3/basisNoneDesk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.
/estimates/rows/2027Q3/classNoneestimate
/estimates/rows/2027Q3/periodNone2027Q3
/estimates/rows/2027Q3/revenueNone750000000.0
/meta/as_of2026-09-182026-09-19
/meta/business_authoredFalseTrue
/meta/extract_accession0001868941-25-000081None
/meta/extract_filed2025-11-25None
/meta/extract_form10-KNone
/meta/extract_sourcefilingauthored
/meta/extract_urlhttps://www.sec.gov/Archives/edgar/data/1868941/000186894125000081/flnc-20250930.htmNone
/meta/research_reviewed_atNone2026-09-19
/meta/research_stageNoneoperating_scenarios
/meta/revision34
/meta/skeletonTrueFalse
/operating_model/cells/backlog_june:shared/basisNoneRounded disclosure. Timing, cancellations and mix prevent treating backlog as annual sales.
/operating_model/cells/backlog_june:shared/caseNoneshared
/operating_model/cells/backlog_june:shared/idNonebacklog_june
/operating_model/cells/backlog_june:shared/kindNonereported
/operating_model/cells/backlog_june:shared/labelNoneContracted backlog
/operating_model/cells/backlog_june:shared/periodNone2026-06-30
/operating_model/cells/backlog_june:shared/source_dateNone2026-08-05
/operating_model/cells/backlog_june:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1868941/000186894126000028/flncq3fy26earningspressrel.htm
/operating_model/cells/backlog_june:shared/unitNoneUSD_millions
/operating_model/cells/backlog_june:shared/valueNone6400.0
/operating_model/cells/base_cash_bridge:base/basisNoneBundled working-capital, tax, interest and other cash effects. Zero does not assert zero working-capital movement.
/operating_model/cells/base_cash_bridge:base/caseNonebase
/operating_model/cells/base_cash_bridge:base/idNonebase_cash_bridge
/operating_model/cells/base_cash_bridge:base/kindNoneassumption
/operating_model/cells/base_cash_bridge:base/labelNoneFY2027 EBITDA-to-operating-cash adjustment
/operating_model/cells/base_cash_bridge:base/periodNoneFY2027
/operating_model/cells/base_cash_bridge:base/unitNoneUSD_millions
/operating_model/cells/base_cash_bridge:base/valueNone0.0
/operating_model/cells/base_delivery_factor:base/basisNoneRelative to this FY2026 case. Tests execution recovery; backlog does not set the factor. A factor of 1.25 means 25% growth.
/operating_model/cells/base_delivery_factor:base/caseNonebase
/operating_model/cells/base_delivery_factor:base/idNonebase_delivery_factor
/operating_model/cells/base_delivery_factor:base/kindNoneassumption
/operating_model/cells/base_delivery_factor:base/labelNoneFY2027 delivery / revenue factor
/operating_model/cells/base_delivery_factor:base/periodNoneFY2027
/operating_model/cells/base_delivery_factor:base/unitNoneratio
/operating_model/cells/base_delivery_factor:base/valueNone1.25
/operating_model/cells/base_eb_margin:base/basisNoneTests execution and cost absorption, including possible continued losses. Not GAAP operating margin.
/operating_model/cells/base_eb_margin:base/caseNonebase
/operating_model/cells/base_eb_margin:base/idNonebase_eb_margin
/operating_model/cells/base_eb_margin:base/kindNoneassumption
/operating_model/cells/base_eb_margin:base/labelNoneFY2027 adjusted EBITDA margin
/operating_model/cells/base_eb_margin:base/periodNoneFY2027
/operating_model/cells/base_eb_margin:base/unitNoneratio
/operating_model/cells/base_eb_margin:base/valueNone0.0
/operating_model/cells/base_fy26_capex:base/basisNoneNine-month actual plus Q4 assumption.
/operating_model/cells/base_fy26_capex:base/caseNonebase
/operating_model/cells/base_fy26_capex:base/formula/opNonesum
/operating_model/cells/base_fy26_capex:base/formula/refs/0Nonecapex_9m
/operating_model/cells/base_fy26_capex:base/formula/refs/1Nonebase_q4_capex
/operating_model/cells/base_fy26_capex:base/idNonebase_fy26_capex
/operating_model/cells/base_fy26_capex:base/kindNonederived
/operating_model/cells/base_fy26_capex:base/labelNoneFY2026 combined capex
/operating_model/cells/base_fy26_capex:base/periodNoneFY2026
/operating_model/cells/base_fy26_capex:base/unitNoneUSD_millions
/operating_model/cells/base_fy26_capex:base/valueNone31.334000000000003
/operating_model/cells/base_fy26_cash:base/basisNoneNine-month actual plus assumed Q4 cash.
/operating_model/cells/base_fy26_cash:base/caseNonebase
/operating_model/cells/base_fy26_cash:base/formula/opNonesum
/operating_model/cells/base_fy26_cash:base/formula/refs/0Nonecfo_9m
/operating_model/cells/base_fy26_cash:base/formula/refs/1Nonebase_q4_cash
/operating_model/cells/base_fy26_cash:base/idNonebase_fy26_cash
/operating_model/cells/base_fy26_cash:base/kindNonederived
/operating_model/cells/base_fy26_cash:base/labelNoneFY2026 operating cash
/operating_model/cells/base_fy26_cash:base/periodNoneFY2026
/operating_model/cells/base_fy26_cash:base/unitNoneUSD_millions
/operating_model/cells/base_fy26_cash:base/valueNone-266.534
/operating_model/cells/base_fy26_eb:base/basisNoneDesk sensitivity around the September loss outlook.
/operating_model/cells/base_fy26_eb:base/caseNonebase
/operating_model/cells/base_fy26_eb:base/idNonebase_fy26_eb
/operating_model/cells/base_fy26_eb:base/kindNoneassumption
/operating_model/cells/base_fy26_eb:base/labelNoneFY2026 adjusted EBITDA case
/operating_model/cells/base_fy26_eb:base/periodNoneFY2026
/operating_model/cells/base_fy26_eb:base/unitNoneUSD_millions
/operating_model/cells/base_fy26_eb:base/valueNone-200.0
/operating_model/cells/base_fy26_fcf:base/basisNoneOperating cash less combined capex.
/operating_model/cells/base_fy26_fcf:base/caseNonebase
/operating_model/cells/base_fy26_fcf:base/formula/opNonesubtract
/operating_model/cells/base_fy26_fcf:base/formula/refs/0Nonebase_fy26_cash
/operating_model/cells/base_fy26_fcf:base/formula/refs/1Nonebase_fy26_capex
/operating_model/cells/base_fy26_fcf:base/idNonebase_fy26_fcf
/operating_model/cells/base_fy26_fcf:base/kindNonederived
/operating_model/cells/base_fy26_fcf:base/labelNoneFY2026 cash after combined capex
/operating_model/cells/base_fy26_fcf:base/periodNoneFY2026
/operating_model/cells/base_fy26_fcf:base/unitNoneUSD_millions
/operating_model/cells/base_fy26_fcf:base/valueNone-297.868
/operating_model/cells/base_fy26_rev:base/basisNoneDesk sensitivity around approximate September guidance; not a new company range.
/operating_model/cells/base_fy26_rev:base/caseNonebase
/operating_model/cells/base_fy26_rev:base/idNonebase_fy26_rev
/operating_model/cells/base_fy26_rev:base/kindNoneassumption
/operating_model/cells/base_fy26_rev:base/labelNoneFY2026 revenue case
/operating_model/cells/base_fy26_rev:base/periodNoneFY2026
/operating_model/cells/base_fy26_rev:base/unitNoneUSD_millions
/operating_model/cells/base_fy26_rev:base/valueNone2400.0
/operating_model/cells/base_fy27_capex:base/basisNoneDesk assumption for PP&E and software; not management guidance.
/operating_model/cells/base_fy27_capex:base/caseNonebase
/operating_model/cells/base_fy27_capex:base/idNonebase_fy27_capex
/operating_model/cells/base_fy27_capex:base/kindNoneassumption
/operating_model/cells/base_fy27_capex:base/labelNoneFY2027 combined capex
/operating_model/cells/base_fy27_capex:base/periodNoneFY2027
/operating_model/cells/base_fy27_capex:base/unitNoneUSD_millions
/operating_model/cells/base_fy27_capex:base/valueNone30.0
/operating_model/cells/base_fy27_cash:base/basisNoneAdjusted EBITDA plus assumed cash bridge.
/operating_model/cells/base_fy27_cash:base/caseNonebase
/operating_model/cells/base_fy27_cash:base/formula/opNonesum
/operating_model/cells/base_fy27_cash:base/formula/refs/0Nonebase_fy27_eb
/operating_model/cells/base_fy27_cash:base/formula/refs/1Nonebase_cash_bridge
/operating_model/cells/base_fy27_cash:base/idNonebase_fy27_cash
/operating_model/cells/base_fy27_cash:base/kindNonederived
/operating_model/cells/base_fy27_cash:base/labelNoneFY2027 operating cash
/operating_model/cells/base_fy27_cash:base/periodNoneFY2027
/operating_model/cells/base_fy27_cash:base/unitNoneUSD_millions
/operating_model/cells/base_fy27_cash:base/valueNone0.0
/operating_model/cells/base_fy27_eb:base/basisNoneRevenue times assumed adjusted EBITDA margin.
/operating_model/cells/base_fy27_eb:base/caseNonebase
/operating_model/cells/base_fy27_eb:base/formula/opNonemultiply
/operating_model/cells/base_fy27_eb:base/formula/refs/0Nonebase_fy27_rev
/operating_model/cells/base_fy27_eb:base/formula/refs/1Nonebase_eb_margin
/operating_model/cells/base_fy27_eb:base/idNonebase_fy27_eb
/operating_model/cells/base_fy27_eb:base/kindNonederived
/operating_model/cells/base_fy27_eb:base/labelNoneFY2027 adjusted EBITDA
/operating_model/cells/base_fy27_eb:base/periodNoneFY2027
/operating_model/cells/base_fy27_eb:base/unitNoneUSD_millions
/operating_model/cells/base_fy27_eb:base/valueNone0.0
/operating_model/cells/base_fy27_fcf:base/basisNoneOperating cash less combined capex.
/operating_model/cells/base_fy27_fcf:base/caseNonebase
/operating_model/cells/base_fy27_fcf:base/formula/opNonesubtract
/operating_model/cells/base_fy27_fcf:base/formula/refs/0Nonebase_fy27_cash
/operating_model/cells/base_fy27_fcf:base/formula/refs/1Nonebase_fy27_capex
/operating_model/cells/base_fy27_fcf:base/idNonebase_fy27_fcf
/operating_model/cells/base_fy27_fcf:base/kindNonederived
/operating_model/cells/base_fy27_fcf:base/labelNoneFY2027 cash after combined capex
/operating_model/cells/base_fy27_fcf:base/periodNoneFY2027
/operating_model/cells/base_fy27_fcf:base/unitNoneUSD_millions
/operating_model/cells/base_fy27_fcf:base/valueNone-30.0
/operating_model/cells/base_fy27_rev:base/basisNoneFY2026 scenario revenue times delivery factor.
/operating_model/cells/base_fy27_rev:base/caseNonebase
/operating_model/cells/base_fy27_rev:base/formula/opNonemultiply
/operating_model/cells/base_fy27_rev:base/formula/refs/0Nonebase_fy26_rev
/operating_model/cells/base_fy27_rev:base/formula/refs/1Nonebase_delivery_factor
/operating_model/cells/base_fy27_rev:base/idNonebase_fy27_rev
/operating_model/cells/base_fy27_rev:base/kindNonederived
/operating_model/cells/base_fy27_rev:base/labelNoneFY2027 revenue
/operating_model/cells/base_fy27_rev:base/periodNoneFY2027
/operating_model/cells/base_fy27_rev:base/unitNoneUSD_millions
/operating_model/cells/base_fy27_rev:base/valueNone3000.0
/operating_model/cells/base_fy27q1_capex:base/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/base_fy27q1_capex:base/caseNonebase
/operating_model/cells/base_fy27q1_capex:base/formula/opNonemultiply
/operating_model/cells/base_fy27q1_capex:base/formula/refs/0Nonebase_fy27_capex
/operating_model/cells/base_fy27q1_capex:base/formula/refs/1Nonebase_fy27q1_weight
/operating_model/cells/base_fy27q1_capex:base/idNonebase_fy27q1_capex
/operating_model/cells/base_fy27q1_capex:base/kindNonederived
/operating_model/cells/base_fy27q1_capex:base/labelNoneQuarter allocation: capex
/operating_model/cells/base_fy27q1_capex:base/periodNone2027Q1
/operating_model/cells/base_fy27q1_capex:base/unitNoneUSD_millions
/operating_model/cells/base_fy27q1_capex:base/valueNone6.0
/operating_model/cells/base_fy27q1_cash:base/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/base_fy27q1_cash:base/caseNonebase
/operating_model/cells/base_fy27q1_cash:base/formula/opNonemultiply
/operating_model/cells/base_fy27q1_cash:base/formula/refs/0Nonebase_fy27_cash
/operating_model/cells/base_fy27q1_cash:base/formula/refs/1Nonebase_fy27q1_weight
/operating_model/cells/base_fy27q1_cash:base/idNonebase_fy27q1_cash
/operating_model/cells/base_fy27q1_cash:base/kindNonederived
/operating_model/cells/base_fy27q1_cash:base/labelNoneQuarter allocation: cash
/operating_model/cells/base_fy27q1_cash:base/periodNone2027Q1
/operating_model/cells/base_fy27q1_cash:base/unitNoneUSD_millions
/operating_model/cells/base_fy27q1_cash:base/valueNone0.0
/operating_model/cells/base_fy27q1_eb:base/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/base_fy27q1_eb:base/caseNonebase
/operating_model/cells/base_fy27q1_eb:base/formula/opNonemultiply
/operating_model/cells/base_fy27q1_eb:base/formula/refs/0Nonebase_fy27_eb
/operating_model/cells/base_fy27q1_eb:base/formula/refs/1Nonebase_fy27q1_weight
/operating_model/cells/base_fy27q1_eb:base/idNonebase_fy27q1_eb
/operating_model/cells/base_fy27q1_eb:base/kindNonederived
/operating_model/cells/base_fy27q1_eb:base/labelNoneQuarter allocation: eb
/operating_model/cells/base_fy27q1_eb:base/periodNone2027Q1
/operating_model/cells/base_fy27q1_eb:base/unitNoneUSD_millions
/operating_model/cells/base_fy27q1_eb:base/valueNone0.0
/operating_model/cells/base_fy27q1_fcf:base/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/base_fy27q1_fcf:base/caseNonebase
/operating_model/cells/base_fy27q1_fcf:base/formula/opNonemultiply
/operating_model/cells/base_fy27q1_fcf:base/formula/refs/0Nonebase_fy27_fcf
/operating_model/cells/base_fy27q1_fcf:base/formula/refs/1Nonebase_fy27q1_weight
/operating_model/cells/base_fy27q1_fcf:base/idNonebase_fy27q1_fcf
/operating_model/cells/base_fy27q1_fcf:base/kindNonederived
/operating_model/cells/base_fy27q1_fcf:base/labelNoneQuarter allocation: fcf
/operating_model/cells/base_fy27q1_fcf:base/periodNone2027Q1
/operating_model/cells/base_fy27q1_fcf:base/unitNoneUSD_millions
/operating_model/cells/base_fy27q1_fcf:base/valueNone-6.0
/operating_model/cells/base_fy27q1_rev:base/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/base_fy27q1_rev:base/caseNonebase
/operating_model/cells/base_fy27q1_rev:base/formula/opNonemultiply
/operating_model/cells/base_fy27q1_rev:base/formula/refs/0Nonebase_fy27_rev
/operating_model/cells/base_fy27q1_rev:base/formula/refs/1Nonebase_fy27q1_weight
/operating_model/cells/base_fy27q1_rev:base/idNonebase_fy27q1_rev
/operating_model/cells/base_fy27q1_rev:base/kindNonederived
/operating_model/cells/base_fy27q1_rev:base/labelNoneQuarter allocation: rev
/operating_model/cells/base_fy27q1_rev:base/periodNone2027Q1
/operating_model/cells/base_fy27q1_rev:base/unitNoneUSD_millions
/operating_model/cells/base_fy27q1_rev:base/valueNone600.0
/operating_model/cells/base_fy27q1_weight:base/basisNoneProvisional seasonality. All metrics use the same weight; actual cash seasonality can differ materially.
/operating_model/cells/base_fy27q1_weight:base/caseNonebase
/operating_model/cells/base_fy27q1_weight:base/idNonebase_fy27q1_weight
/operating_model/cells/base_fy27q1_weight:base/kindNoneassumption
/operating_model/cells/base_fy27q1_weight:base/labelNoneQuarter share of annual case
/operating_model/cells/base_fy27q1_weight:base/periodNone2027Q1
/operating_model/cells/base_fy27q1_weight:base/unitNoneratio
/operating_model/cells/base_fy27q1_weight:base/valueNone0.2
/operating_model/cells/base_fy27q2_capex:base/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/base_fy27q2_capex:base/caseNonebase
/operating_model/cells/base_fy27q2_capex:base/formula/opNonemultiply
/operating_model/cells/base_fy27q2_capex:base/formula/refs/0Nonebase_fy27_capex
/operating_model/cells/base_fy27q2_capex:base/formula/refs/1Nonebase_fy27q2_weight
/operating_model/cells/base_fy27q2_capex:base/idNonebase_fy27q2_capex
/operating_model/cells/base_fy27q2_capex:base/kindNonederived
/operating_model/cells/base_fy27q2_capex:base/labelNoneQuarter allocation: capex
/operating_model/cells/base_fy27q2_capex:base/periodNone2027Q2
/operating_model/cells/base_fy27q2_capex:base/unitNoneUSD_millions
/operating_model/cells/base_fy27q2_capex:base/valueNone6.9
/operating_model/cells/base_fy27q2_cash:base/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/base_fy27q2_cash:base/caseNonebase
/operating_model/cells/base_fy27q2_cash:base/formula/opNonemultiply
/operating_model/cells/base_fy27q2_cash:base/formula/refs/0Nonebase_fy27_cash
/operating_model/cells/base_fy27q2_cash:base/formula/refs/1Nonebase_fy27q2_weight
/operating_model/cells/base_fy27q2_cash:base/idNonebase_fy27q2_cash
/operating_model/cells/base_fy27q2_cash:base/kindNonederived
/operating_model/cells/base_fy27q2_cash:base/labelNoneQuarter allocation: cash
/operating_model/cells/base_fy27q2_cash:base/periodNone2027Q2
/operating_model/cells/base_fy27q2_cash:base/unitNoneUSD_millions
/operating_model/cells/base_fy27q2_cash:base/valueNone0.0
/operating_model/cells/base_fy27q2_eb:base/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/base_fy27q2_eb:base/caseNonebase
/operating_model/cells/base_fy27q2_eb:base/formula/opNonemultiply
/operating_model/cells/base_fy27q2_eb:base/formula/refs/0Nonebase_fy27_eb
/operating_model/cells/base_fy27q2_eb:base/formula/refs/1Nonebase_fy27q2_weight
/operating_model/cells/base_fy27q2_eb:base/idNonebase_fy27q2_eb
/operating_model/cells/base_fy27q2_eb:base/kindNonederived
/operating_model/cells/base_fy27q2_eb:base/labelNoneQuarter allocation: eb
/operating_model/cells/base_fy27q2_eb:base/periodNone2027Q2
/operating_model/cells/base_fy27q2_eb:base/unitNoneUSD_millions
/operating_model/cells/base_fy27q2_eb:base/valueNone0.0
/operating_model/cells/base_fy27q2_fcf:base/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/base_fy27q2_fcf:base/caseNonebase
/operating_model/cells/base_fy27q2_fcf:base/formula/opNonemultiply
/operating_model/cells/base_fy27q2_fcf:base/formula/refs/0Nonebase_fy27_fcf
/operating_model/cells/base_fy27q2_fcf:base/formula/refs/1Nonebase_fy27q2_weight
/operating_model/cells/base_fy27q2_fcf:base/idNonebase_fy27q2_fcf
/operating_model/cells/base_fy27q2_fcf:base/kindNonederived
/operating_model/cells/base_fy27q2_fcf:base/labelNoneQuarter allocation: fcf
/operating_model/cells/base_fy27q2_fcf:base/periodNone2027Q2
/operating_model/cells/base_fy27q2_fcf:base/unitNoneUSD_millions
/operating_model/cells/base_fy27q2_fcf:base/valueNone-6.9
/operating_model/cells/base_fy27q2_rev:base/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/base_fy27q2_rev:base/caseNonebase
/operating_model/cells/base_fy27q2_rev:base/formula/opNonemultiply
/operating_model/cells/base_fy27q2_rev:base/formula/refs/0Nonebase_fy27_rev
/operating_model/cells/base_fy27q2_rev:base/formula/refs/1Nonebase_fy27q2_weight
/operating_model/cells/base_fy27q2_rev:base/idNonebase_fy27q2_rev
/operating_model/cells/base_fy27q2_rev:base/kindNonederived
/operating_model/cells/base_fy27q2_rev:base/labelNoneQuarter allocation: rev
/operating_model/cells/base_fy27q2_rev:base/periodNone2027Q2
/operating_model/cells/base_fy27q2_rev:base/unitNoneUSD_millions
/operating_model/cells/base_fy27q2_rev:base/valueNone690.0
/operating_model/cells/base_fy27q2_weight:base/basisNoneProvisional seasonality. All metrics use the same weight; actual cash seasonality can differ materially.
/operating_model/cells/base_fy27q2_weight:base/caseNonebase
/operating_model/cells/base_fy27q2_weight:base/idNonebase_fy27q2_weight
/operating_model/cells/base_fy27q2_weight:base/kindNoneassumption
/operating_model/cells/base_fy27q2_weight:base/labelNoneQuarter share of annual case
/operating_model/cells/base_fy27q2_weight:base/periodNone2027Q2
/operating_model/cells/base_fy27q2_weight:base/unitNoneratio
/operating_model/cells/base_fy27q2_weight:base/valueNone0.23
/operating_model/cells/base_fy27q3_capex:base/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/base_fy27q3_capex:base/caseNonebase
/operating_model/cells/base_fy27q3_capex:base/formula/opNonemultiply
/operating_model/cells/base_fy27q3_capex:base/formula/refs/0Nonebase_fy27_capex
/operating_model/cells/base_fy27q3_capex:base/formula/refs/1Nonebase_fy27q3_weight
/operating_model/cells/base_fy27q3_capex:base/idNonebase_fy27q3_capex
/operating_model/cells/base_fy27q3_capex:base/kindNonederived
/operating_model/cells/base_fy27q3_capex:base/labelNoneQuarter allocation: capex
/operating_model/cells/base_fy27q3_capex:base/periodNone2027Q3
/operating_model/cells/base_fy27q3_capex:base/unitNoneUSD_millions
/operating_model/cells/base_fy27q3_capex:base/valueNone7.5
/operating_model/cells/base_fy27q3_cash:base/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/base_fy27q3_cash:base/caseNonebase
/operating_model/cells/base_fy27q3_cash:base/formula/opNonemultiply
/operating_model/cells/base_fy27q3_cash:base/formula/refs/0Nonebase_fy27_cash
/operating_model/cells/base_fy27q3_cash:base/formula/refs/1Nonebase_fy27q3_weight
/operating_model/cells/base_fy27q3_cash:base/idNonebase_fy27q3_cash
/operating_model/cells/base_fy27q3_cash:base/kindNonederived
/operating_model/cells/base_fy27q3_cash:base/labelNoneQuarter allocation: cash
/operating_model/cells/base_fy27q3_cash:base/periodNone2027Q3
/operating_model/cells/base_fy27q3_cash:base/unitNoneUSD_millions
/operating_model/cells/base_fy27q3_cash:base/valueNone0.0
/operating_model/cells/base_fy27q3_eb:base/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/base_fy27q3_eb:base/caseNonebase
/operating_model/cells/base_fy27q3_eb:base/formula/opNonemultiply
/operating_model/cells/base_fy27q3_eb:base/formula/refs/0Nonebase_fy27_eb
/operating_model/cells/base_fy27q3_eb:base/formula/refs/1Nonebase_fy27q3_weight
/operating_model/cells/base_fy27q3_eb:base/idNonebase_fy27q3_eb
/operating_model/cells/base_fy27q3_eb:base/kindNonederived
/operating_model/cells/base_fy27q3_eb:base/labelNoneQuarter allocation: eb
/operating_model/cells/base_fy27q3_eb:base/periodNone2027Q3
/operating_model/cells/base_fy27q3_eb:base/unitNoneUSD_millions
/operating_model/cells/base_fy27q3_eb:base/valueNone0.0
/operating_model/cells/base_fy27q3_fcf:base/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/base_fy27q3_fcf:base/caseNonebase
/operating_model/cells/base_fy27q3_fcf:base/formula/opNonemultiply
/operating_model/cells/base_fy27q3_fcf:base/formula/refs/0Nonebase_fy27_fcf
/operating_model/cells/base_fy27q3_fcf:base/formula/refs/1Nonebase_fy27q3_weight
/operating_model/cells/base_fy27q3_fcf:base/idNonebase_fy27q3_fcf
/operating_model/cells/base_fy27q3_fcf:base/kindNonederived
/operating_model/cells/base_fy27q3_fcf:base/labelNoneQuarter allocation: fcf
/operating_model/cells/base_fy27q3_fcf:base/periodNone2027Q3
/operating_model/cells/base_fy27q3_fcf:base/unitNoneUSD_millions
/operating_model/cells/base_fy27q3_fcf:base/valueNone-7.5
/operating_model/cells/base_fy27q3_rev:base/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/base_fy27q3_rev:base/caseNonebase
/operating_model/cells/base_fy27q3_rev:base/formula/opNonemultiply
/operating_model/cells/base_fy27q3_rev:base/formula/refs/0Nonebase_fy27_rev
/operating_model/cells/base_fy27q3_rev:base/formula/refs/1Nonebase_fy27q3_weight
/operating_model/cells/base_fy27q3_rev:base/idNonebase_fy27q3_rev
/operating_model/cells/base_fy27q3_rev:base/kindNonederived
/operating_model/cells/base_fy27q3_rev:base/labelNoneQuarter allocation: rev
/operating_model/cells/base_fy27q3_rev:base/periodNone2027Q3
/operating_model/cells/base_fy27q3_rev:base/unitNoneUSD_millions
/operating_model/cells/base_fy27q3_rev:base/valueNone750.0
/operating_model/cells/base_fy27q3_weight:base/basisNoneProvisional seasonality. All metrics use the same weight; actual cash seasonality can differ materially.
/operating_model/cells/base_fy27q3_weight:base/caseNonebase
/operating_model/cells/base_fy27q3_weight:base/idNonebase_fy27q3_weight
/operating_model/cells/base_fy27q3_weight:base/kindNoneassumption
/operating_model/cells/base_fy27q3_weight:base/labelNoneQuarter share of annual case
/operating_model/cells/base_fy27q3_weight:base/periodNone2027Q3
/operating_model/cells/base_fy27q3_weight:base/unitNoneratio
/operating_model/cells/base_fy27q3_weight:base/valueNone0.25
/operating_model/cells/base_fy27q4_capex:base/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/base_fy27q4_capex:base/caseNonebase
/operating_model/cells/base_fy27q4_capex:base/formula/opNonemultiply
/operating_model/cells/base_fy27q4_capex:base/formula/refs/0Nonebase_fy27_capex
/operating_model/cells/base_fy27q4_capex:base/formula/refs/1Nonebase_fy27q4_weight
/operating_model/cells/base_fy27q4_capex:base/idNonebase_fy27q4_capex
/operating_model/cells/base_fy27q4_capex:base/kindNonederived
/operating_model/cells/base_fy27q4_capex:base/labelNoneQuarter allocation: capex
/operating_model/cells/base_fy27q4_capex:base/periodNone2027Q4
/operating_model/cells/base_fy27q4_capex:base/unitNoneUSD_millions
/operating_model/cells/base_fy27q4_capex:base/valueNone9.6
/operating_model/cells/base_fy27q4_cash:base/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/base_fy27q4_cash:base/caseNonebase
/operating_model/cells/base_fy27q4_cash:base/formula/opNonemultiply
/operating_model/cells/base_fy27q4_cash:base/formula/refs/0Nonebase_fy27_cash
/operating_model/cells/base_fy27q4_cash:base/formula/refs/1Nonebase_fy27q4_weight
/operating_model/cells/base_fy27q4_cash:base/idNonebase_fy27q4_cash
/operating_model/cells/base_fy27q4_cash:base/kindNonederived
/operating_model/cells/base_fy27q4_cash:base/labelNoneQuarter allocation: cash
/operating_model/cells/base_fy27q4_cash:base/periodNone2027Q4
/operating_model/cells/base_fy27q4_cash:base/unitNoneUSD_millions
/operating_model/cells/base_fy27q4_cash:base/valueNone0.0
/operating_model/cells/base_fy27q4_eb:base/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/base_fy27q4_eb:base/caseNonebase
/operating_model/cells/base_fy27q4_eb:base/formula/opNonemultiply
/operating_model/cells/base_fy27q4_eb:base/formula/refs/0Nonebase_fy27_eb
/operating_model/cells/base_fy27q4_eb:base/formula/refs/1Nonebase_fy27q4_weight
/operating_model/cells/base_fy27q4_eb:base/idNonebase_fy27q4_eb
/operating_model/cells/base_fy27q4_eb:base/kindNonederived
/operating_model/cells/base_fy27q4_eb:base/labelNoneQuarter allocation: eb
/operating_model/cells/base_fy27q4_eb:base/periodNone2027Q4
/operating_model/cells/base_fy27q4_eb:base/unitNoneUSD_millions
/operating_model/cells/base_fy27q4_eb:base/valueNone0.0
/operating_model/cells/base_fy27q4_fcf:base/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/base_fy27q4_fcf:base/caseNonebase
/operating_model/cells/base_fy27q4_fcf:base/formula/opNonemultiply
/operating_model/cells/base_fy27q4_fcf:base/formula/refs/0Nonebase_fy27_fcf
/operating_model/cells/base_fy27q4_fcf:base/formula/refs/1Nonebase_fy27q4_weight
/operating_model/cells/base_fy27q4_fcf:base/idNonebase_fy27q4_fcf
/operating_model/cells/base_fy27q4_fcf:base/kindNonederived
/operating_model/cells/base_fy27q4_fcf:base/labelNoneQuarter allocation: fcf
/operating_model/cells/base_fy27q4_fcf:base/periodNone2027Q4
/operating_model/cells/base_fy27q4_fcf:base/unitNoneUSD_millions
/operating_model/cells/base_fy27q4_fcf:base/valueNone-9.6
/operating_model/cells/base_fy27q4_rev:base/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/base_fy27q4_rev:base/caseNonebase
/operating_model/cells/base_fy27q4_rev:base/formula/opNonemultiply
/operating_model/cells/base_fy27q4_rev:base/formula/refs/0Nonebase_fy27_rev
/operating_model/cells/base_fy27q4_rev:base/formula/refs/1Nonebase_fy27q4_weight
/operating_model/cells/base_fy27q4_rev:base/idNonebase_fy27q4_rev
/operating_model/cells/base_fy27q4_rev:base/kindNonederived
/operating_model/cells/base_fy27q4_rev:base/labelNoneQuarter allocation: rev
/operating_model/cells/base_fy27q4_rev:base/periodNone2027Q4
/operating_model/cells/base_fy27q4_rev:base/unitNoneUSD_millions
/operating_model/cells/base_fy27q4_rev:base/valueNone960.0
/operating_model/cells/base_fy27q4_weight:base/basisNoneProvisional seasonality. All metrics use the same weight; actual cash seasonality can differ materially.
/operating_model/cells/base_fy27q4_weight:base/caseNonebase
/operating_model/cells/base_fy27q4_weight:base/idNonebase_fy27q4_weight
/operating_model/cells/base_fy27q4_weight:base/kindNoneassumption
/operating_model/cells/base_fy27q4_weight:base/labelNoneQuarter share of annual case
/operating_model/cells/base_fy27q4_weight:base/periodNone2027Q4
/operating_model/cells/base_fy27q4_weight:base/unitNoneratio
/operating_model/cells/base_fy27q4_weight:base/valueNone0.32
/operating_model/cells/base_q4_capex:base/basisNoneDesk combined-capex assumption anchored to latest nine-month spend.
/operating_model/cells/base_q4_capex:base/caseNonebase
/operating_model/cells/base_q4_capex:base/idNonebase_q4_capex
/operating_model/cells/base_q4_capex:base/kindNoneassumption
/operating_model/cells/base_q4_capex:base/labelNoneQ4 PP&E and software capex
/operating_model/cells/base_q4_capex:base/periodNone2026Q4
/operating_model/cells/base_q4_capex:base/unitNoneUSD_millions
/operating_model/cells/base_q4_capex:base/valueNone10.0
/operating_model/cells/base_q4_cash:base/basisNoneStress collection and inventory release after nine-month cash use; not company cash guidance.
/operating_model/cells/base_q4_cash:base/caseNonebase
/operating_model/cells/base_q4_cash:base/idNonebase_q4_cash
/operating_model/cells/base_q4_cash:base/kindNoneassumption
/operating_model/cells/base_q4_cash:base/labelNoneQ4 operating cash assumption
/operating_model/cells/base_q4_cash:base/periodNone2026Q4
/operating_model/cells/base_q4_cash:base/unitNoneUSD_millions
/operating_model/cells/base_q4_cash:base/valueNone100.0
/operating_model/cells/base_q4_eb:base/basisNoneFull-year case less reported nine-month adjusted EBITDA; subject to rounding.
/operating_model/cells/base_q4_eb:base/caseNonebase
/operating_model/cells/base_q4_eb:base/formula/opNonesubtract
/operating_model/cells/base_q4_eb:base/formula/refs/0Nonebase_fy26_eb
/operating_model/cells/base_q4_eb:base/formula/refs/1Noneebitda_9m
/operating_model/cells/base_q4_eb:base/idNonebase_q4_eb
/operating_model/cells/base_q4_eb:base/kindNonederived
/operating_model/cells/base_q4_eb:base/labelNoneQ4 implied adjusted EBITDA
/operating_model/cells/base_q4_eb:base/periodNone2026Q4
/operating_model/cells/base_q4_eb:base/unitNoneUSD_millions
/operating_model/cells/base_q4_eb:base/valueNone-109.2
/operating_model/cells/base_q4_fcf:base/basisNoneOperating cash less PP&E and software capex; excludes financing.
/operating_model/cells/base_q4_fcf:base/caseNonebase
/operating_model/cells/base_q4_fcf:base/formula/opNonesubtract
/operating_model/cells/base_q4_fcf:base/formula/refs/0Nonebase_q4_cash
/operating_model/cells/base_q4_fcf:base/formula/refs/1Nonebase_q4_capex
/operating_model/cells/base_q4_fcf:base/idNonebase_q4_fcf
/operating_model/cells/base_q4_fcf:base/kindNonederived
/operating_model/cells/base_q4_fcf:base/labelNoneQ4 cash after combined capex
/operating_model/cells/base_q4_fcf:base/periodNone2026Q4
/operating_model/cells/base_q4_fcf:base/unitNoneUSD_millions
/operating_model/cells/base_q4_fcf:base/valueNone90.0
/operating_model/cells/base_q4_rev:base/basisNoneFull-year case less reported nine-month revenue.
/operating_model/cells/base_q4_rev:base/caseNonebase
/operating_model/cells/base_q4_rev:base/formula/opNonesubtract
/operating_model/cells/base_q4_rev:base/formula/refs/0Nonebase_fy26_rev
/operating_model/cells/base_q4_rev:base/formula/refs/1Nonerevenue_9m
/operating_model/cells/base_q4_rev:base/idNonebase_q4_rev
/operating_model/cells/base_q4_rev:base/kindNonederived
/operating_model/cells/base_q4_rev:base/labelNoneQ4 implied revenue
/operating_model/cells/base_q4_rev:base/periodNone2026Q4
/operating_model/cells/base_q4_rev:base/unitNoneUSD_millions
/operating_model/cells/base_q4_rev:base/valueNone810.027
/operating_model/cells/capex_9m:shared/basisNonePP&E plus capitalized software and other.
/operating_model/cells/capex_9m:shared/caseNoneshared
/operating_model/cells/capex_9m:shared/formula/opNonesum
/operating_model/cells/capex_9m:shared/formula/refs/0Nonecapex_ppe_9m
/operating_model/cells/capex_9m:shared/formula/refs/1Nonecapex_software_9m
/operating_model/cells/capex_9m:shared/idNonecapex_9m
/operating_model/cells/capex_9m:shared/kindNonederived
/operating_model/cells/capex_9m:shared/labelNoneNine-month combined capex
/operating_model/cells/capex_9m:shared/periodNone2026 9M
/operating_model/cells/capex_9m:shared/unitNoneUSD_millions
/operating_model/cells/capex_9m:shared/valueNone21.334000000000003
/operating_model/cells/capex_ppe_9m:shared/basisNoneCash purchases of property and equipment.
/operating_model/cells/capex_ppe_9m:shared/caseNoneshared
/operating_model/cells/capex_ppe_9m:shared/idNonecapex_ppe_9m
/operating_model/cells/capex_ppe_9m:shared/kindNonereported
/operating_model/cells/capex_ppe_9m:shared/labelNoneNine-month PP&E capex
/operating_model/cells/capex_ppe_9m:shared/periodNone2026 9M
/operating_model/cells/capex_ppe_9m:shared/source_dateNone2026-08-05
/operating_model/cells/capex_ppe_9m:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1868941/000186894126000028/flncq3fy26earningspressrel.htm
/operating_model/cells/capex_ppe_9m:shared/unitNoneUSD_millions
/operating_model/cells/capex_ppe_9m:shared/valueNone9.678
/operating_model/cells/capex_software_9m:shared/basisNoneSeparate investing cash-flow line.
/operating_model/cells/capex_software_9m:shared/caseNoneshared
/operating_model/cells/capex_software_9m:shared/idNonecapex_software_9m
/operating_model/cells/capex_software_9m:shared/kindNonereported
/operating_model/cells/capex_software_9m:shared/labelNoneNine-month software and other capex
/operating_model/cells/capex_software_9m:shared/periodNone2026 9M
/operating_model/cells/capex_software_9m:shared/source_dateNone2026-08-05
/operating_model/cells/capex_software_9m:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1868941/000186894126000028/flncq3fy26earningspressrel.htm
/operating_model/cells/capex_software_9m:shared/unitNoneUSD_millions
/operating_model/cells/capex_software_9m:shared/valueNone11.656
/operating_model/cells/cash_june:shared/basisNoneExcludes restricted cash; June cash is not a September balance.
/operating_model/cells/cash_june:shared/caseNoneshared
/operating_model/cells/cash_june:shared/idNonecash_june
/operating_model/cells/cash_june:shared/kindNonereported
/operating_model/cells/cash_june:shared/labelNoneUnrestricted cash and equivalents
/operating_model/cells/cash_june:shared/periodNone2026-06-30
/operating_model/cells/cash_june:shared/source_dateNone2026-08-05
/operating_model/cells/cash_june:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1868941/000186894126000029/flnc-20260630.htm
/operating_model/cells/cash_june:shared/unitNoneUSD_millions
/operating_model/cells/cash_june:shared/valueNone339.328
/operating_model/cells/cfo_9m:shared/basisNoneGAAP operating cash flow.
/operating_model/cells/cfo_9m:shared/caseNoneshared
/operating_model/cells/cfo_9m:shared/idNonecfo_9m
/operating_model/cells/cfo_9m:shared/kindNonereported
/operating_model/cells/cfo_9m:shared/labelNoneReported nine-month operating cash
/operating_model/cells/cfo_9m:shared/periodNone2026 9M
/operating_model/cells/cfo_9m:shared/source_dateNone2026-08-05
/operating_model/cells/cfo_9m:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1868941/000186894126000028/flncq3fy26earningspressrel.htm
/operating_model/cells/cfo_9m:shared/unitNoneUSD_millions
/operating_model/cells/cfo_9m:shared/valueNone-366.534
/operating_model/cells/downside_cash_bridge:downside/basisNoneBundled working-capital, tax, interest and other cash effects. Zero does not assert zero working-capital movement.
/operating_model/cells/downside_cash_bridge:downside/caseNonedownside
/operating_model/cells/downside_cash_bridge:downside/idNonedownside_cash_bridge
/operating_model/cells/downside_cash_bridge:downside/kindNoneassumption
/operating_model/cells/downside_cash_bridge:downside/labelNoneFY2027 EBITDA-to-operating-cash adjustment
/operating_model/cells/downside_cash_bridge:downside/periodNoneFY2027
/operating_model/cells/downside_cash_bridge:downside/unitNoneUSD_millions
/operating_model/cells/downside_cash_bridge:downside/valueNone-30.0
/operating_model/cells/downside_delivery_factor:downside/basisNoneRelative to this FY2026 case. Tests execution recovery; backlog does not set the factor. A factor of 1.25 means 25% growth.
/operating_model/cells/downside_delivery_factor:downside/caseNonedownside
/operating_model/cells/downside_delivery_factor:downside/idNonedownside_delivery_factor
/operating_model/cells/downside_delivery_factor:downside/kindNoneassumption
/operating_model/cells/downside_delivery_factor:downside/labelNoneFY2027 delivery / revenue factor
/operating_model/cells/downside_delivery_factor:downside/periodNoneFY2027
/operating_model/cells/downside_delivery_factor:downside/unitNoneratio
/operating_model/cells/downside_delivery_factor:downside/valueNone1.0
/operating_model/cells/downside_eb_margin:downside/basisNoneTests execution and cost absorption, including possible continued losses. Not GAAP operating margin.
/operating_model/cells/downside_eb_margin:downside/caseNonedownside
/operating_model/cells/downside_eb_margin:downside/idNonedownside_eb_margin
/operating_model/cells/downside_eb_margin:downside/kindNoneassumption
/operating_model/cells/downside_eb_margin:downside/labelNoneFY2027 adjusted EBITDA margin
/operating_model/cells/downside_eb_margin:downside/periodNoneFY2027
/operating_model/cells/downside_eb_margin:downside/unitNoneratio
/operating_model/cells/downside_eb_margin:downside/valueNone-0.06
/operating_model/cells/downside_fy26_capex:downside/basisNoneNine-month actual plus Q4 assumption.
/operating_model/cells/downside_fy26_capex:downside/caseNonedownside
/operating_model/cells/downside_fy26_capex:downside/formula/opNonesum
/operating_model/cells/downside_fy26_capex:downside/formula/refs/0Nonecapex_9m
/operating_model/cells/downside_fy26_capex:downside/formula/refs/1Nonedownside_q4_capex
/operating_model/cells/downside_fy26_capex:downside/idNonedownside_fy26_capex
/operating_model/cells/downside_fy26_capex:downside/kindNonederived
/operating_model/cells/downside_fy26_capex:downside/labelNoneFY2026 combined capex
/operating_model/cells/downside_fy26_capex:downside/periodNoneFY2026
/operating_model/cells/downside_fy26_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy26_capex:downside/valueNone33.334
/operating_model/cells/downside_fy26_cash:downside/basisNoneNine-month actual plus assumed Q4 cash.
/operating_model/cells/downside_fy26_cash:downside/caseNonedownside
/operating_model/cells/downside_fy26_cash:downside/formula/opNonesum
/operating_model/cells/downside_fy26_cash:downside/formula/refs/0Nonecfo_9m
/operating_model/cells/downside_fy26_cash:downside/formula/refs/1Nonedownside_q4_cash
/operating_model/cells/downside_fy26_cash:downside/idNonedownside_fy26_cash
/operating_model/cells/downside_fy26_cash:downside/kindNonederived
/operating_model/cells/downside_fy26_cash:downside/labelNoneFY2026 operating cash
/operating_model/cells/downside_fy26_cash:downside/periodNoneFY2026
/operating_model/cells/downside_fy26_cash:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy26_cash:downside/valueNone-366.534
/operating_model/cells/downside_fy26_eb:downside/basisNoneDesk sensitivity around the September loss outlook.
/operating_model/cells/downside_fy26_eb:downside/caseNonedownside
/operating_model/cells/downside_fy26_eb:downside/idNonedownside_fy26_eb
/operating_model/cells/downside_fy26_eb:downside/kindNoneassumption
/operating_model/cells/downside_fy26_eb:downside/labelNoneFY2026 adjusted EBITDA case
/operating_model/cells/downside_fy26_eb:downside/periodNoneFY2026
/operating_model/cells/downside_fy26_eb:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy26_eb:downside/valueNone-230.0
/operating_model/cells/downside_fy26_fcf:downside/basisNoneOperating cash less combined capex.
/operating_model/cells/downside_fy26_fcf:downside/caseNonedownside
/operating_model/cells/downside_fy26_fcf:downside/formula/opNonesubtract
/operating_model/cells/downside_fy26_fcf:downside/formula/refs/0Nonedownside_fy26_cash
/operating_model/cells/downside_fy26_fcf:downside/formula/refs/1Nonedownside_fy26_capex
/operating_model/cells/downside_fy26_fcf:downside/idNonedownside_fy26_fcf
/operating_model/cells/downside_fy26_fcf:downside/kindNonederived
/operating_model/cells/downside_fy26_fcf:downside/labelNoneFY2026 cash after combined capex
/operating_model/cells/downside_fy26_fcf:downside/periodNoneFY2026
/operating_model/cells/downside_fy26_fcf:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy26_fcf:downside/valueNone-399.868
/operating_model/cells/downside_fy26_rev:downside/basisNoneDesk sensitivity around approximate September guidance; not a new company range.
/operating_model/cells/downside_fy26_rev:downside/caseNonedownside
/operating_model/cells/downside_fy26_rev:downside/idNonedownside_fy26_rev
/operating_model/cells/downside_fy26_rev:downside/kindNoneassumption
/operating_model/cells/downside_fy26_rev:downside/labelNoneFY2026 revenue case
/operating_model/cells/downside_fy26_rev:downside/periodNoneFY2026
/operating_model/cells/downside_fy26_rev:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy26_rev:downside/valueNone2300.0
/operating_model/cells/downside_fy27_capex:downside/basisNoneDesk assumption for PP&E and software; not management guidance.
/operating_model/cells/downside_fy27_capex:downside/caseNonedownside
/operating_model/cells/downside_fy27_capex:downside/idNonedownside_fy27_capex
/operating_model/cells/downside_fy27_capex:downside/kindNoneassumption
/operating_model/cells/downside_fy27_capex:downside/labelNoneFY2027 combined capex
/operating_model/cells/downside_fy27_capex:downside/periodNoneFY2027
/operating_model/cells/downside_fy27_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy27_capex:downside/valueNone35.0
/operating_model/cells/downside_fy27_cash:downside/basisNoneAdjusted EBITDA plus assumed cash bridge.
/operating_model/cells/downside_fy27_cash:downside/caseNonedownside
/operating_model/cells/downside_fy27_cash:downside/formula/opNonesum
/operating_model/cells/downside_fy27_cash:downside/formula/refs/0Nonedownside_fy27_eb
/operating_model/cells/downside_fy27_cash:downside/formula/refs/1Nonedownside_cash_bridge
/operating_model/cells/downside_fy27_cash:downside/idNonedownside_fy27_cash
/operating_model/cells/downside_fy27_cash:downside/kindNonederived
/operating_model/cells/downside_fy27_cash:downside/labelNoneFY2027 operating cash
/operating_model/cells/downside_fy27_cash:downside/periodNoneFY2027
/operating_model/cells/downside_fy27_cash:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy27_cash:downside/valueNone-168.0
/operating_model/cells/downside_fy27_eb:downside/basisNoneRevenue times assumed adjusted EBITDA margin.
/operating_model/cells/downside_fy27_eb:downside/caseNonedownside
/operating_model/cells/downside_fy27_eb:downside/formula/opNonemultiply
/operating_model/cells/downside_fy27_eb:downside/formula/refs/0Nonedownside_fy27_rev
/operating_model/cells/downside_fy27_eb:downside/formula/refs/1Nonedownside_eb_margin
/operating_model/cells/downside_fy27_eb:downside/idNonedownside_fy27_eb
/operating_model/cells/downside_fy27_eb:downside/kindNonederived
/operating_model/cells/downside_fy27_eb:downside/labelNoneFY2027 adjusted EBITDA
/operating_model/cells/downside_fy27_eb:downside/periodNoneFY2027
/operating_model/cells/downside_fy27_eb:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy27_eb:downside/valueNone-138.0
/operating_model/cells/downside_fy27_fcf:downside/basisNoneOperating cash less combined capex.
/operating_model/cells/downside_fy27_fcf:downside/caseNonedownside
/operating_model/cells/downside_fy27_fcf:downside/formula/opNonesubtract
/operating_model/cells/downside_fy27_fcf:downside/formula/refs/0Nonedownside_fy27_cash
/operating_model/cells/downside_fy27_fcf:downside/formula/refs/1Nonedownside_fy27_capex
/operating_model/cells/downside_fy27_fcf:downside/idNonedownside_fy27_fcf
/operating_model/cells/downside_fy27_fcf:downside/kindNonederived
/operating_model/cells/downside_fy27_fcf:downside/labelNoneFY2027 cash after combined capex
/operating_model/cells/downside_fy27_fcf:downside/periodNoneFY2027
/operating_model/cells/downside_fy27_fcf:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy27_fcf:downside/valueNone-203.0
/operating_model/cells/downside_fy27_rev:downside/basisNoneFY2026 scenario revenue times delivery factor.
/operating_model/cells/downside_fy27_rev:downside/caseNonedownside
/operating_model/cells/downside_fy27_rev:downside/formula/opNonemultiply
/operating_model/cells/downside_fy27_rev:downside/formula/refs/0Nonedownside_fy26_rev
/operating_model/cells/downside_fy27_rev:downside/formula/refs/1Nonedownside_delivery_factor
/operating_model/cells/downside_fy27_rev:downside/idNonedownside_fy27_rev
/operating_model/cells/downside_fy27_rev:downside/kindNonederived
/operating_model/cells/downside_fy27_rev:downside/labelNoneFY2027 revenue
/operating_model/cells/downside_fy27_rev:downside/periodNoneFY2027
/operating_model/cells/downside_fy27_rev:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy27_rev:downside/valueNone2300.0
/operating_model/cells/downside_fy27q1_capex:downside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/downside_fy27q1_capex:downside/caseNonedownside
/operating_model/cells/downside_fy27q1_capex:downside/formula/opNonemultiply
/operating_model/cells/downside_fy27q1_capex:downside/formula/refs/0Nonedownside_fy27_capex
/operating_model/cells/downside_fy27q1_capex:downside/formula/refs/1Nonedownside_fy27q1_weight
/operating_model/cells/downside_fy27q1_capex:downside/idNonedownside_fy27q1_capex
/operating_model/cells/downside_fy27q1_capex:downside/kindNonederived
/operating_model/cells/downside_fy27q1_capex:downside/labelNoneQuarter allocation: capex
/operating_model/cells/downside_fy27q1_capex:downside/periodNone2027Q1
/operating_model/cells/downside_fy27q1_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy27q1_capex:downside/valueNone7.0
/operating_model/cells/downside_fy27q1_cash:downside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/downside_fy27q1_cash:downside/caseNonedownside
/operating_model/cells/downside_fy27q1_cash:downside/formula/opNonemultiply
/operating_model/cells/downside_fy27q1_cash:downside/formula/refs/0Nonedownside_fy27_cash
/operating_model/cells/downside_fy27q1_cash:downside/formula/refs/1Nonedownside_fy27q1_weight
/operating_model/cells/downside_fy27q1_cash:downside/idNonedownside_fy27q1_cash
/operating_model/cells/downside_fy27q1_cash:downside/kindNonederived
/operating_model/cells/downside_fy27q1_cash:downside/labelNoneQuarter allocation: cash
/operating_model/cells/downside_fy27q1_cash:downside/periodNone2027Q1
/operating_model/cells/downside_fy27q1_cash:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy27q1_cash:downside/valueNone-33.6
/operating_model/cells/downside_fy27q1_eb:downside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/downside_fy27q1_eb:downside/caseNonedownside
/operating_model/cells/downside_fy27q1_eb:downside/formula/opNonemultiply
/operating_model/cells/downside_fy27q1_eb:downside/formula/refs/0Nonedownside_fy27_eb
/operating_model/cells/downside_fy27q1_eb:downside/formula/refs/1Nonedownside_fy27q1_weight
/operating_model/cells/downside_fy27q1_eb:downside/idNonedownside_fy27q1_eb
/operating_model/cells/downside_fy27q1_eb:downside/kindNonederived
/operating_model/cells/downside_fy27q1_eb:downside/labelNoneQuarter allocation: eb
/operating_model/cells/downside_fy27q1_eb:downside/periodNone2027Q1
/operating_model/cells/downside_fy27q1_eb:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy27q1_eb:downside/valueNone-27.6
/operating_model/cells/downside_fy27q1_fcf:downside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/downside_fy27q1_fcf:downside/caseNonedownside
/operating_model/cells/downside_fy27q1_fcf:downside/formula/opNonemultiply
/operating_model/cells/downside_fy27q1_fcf:downside/formula/refs/0Nonedownside_fy27_fcf
/operating_model/cells/downside_fy27q1_fcf:downside/formula/refs/1Nonedownside_fy27q1_weight
/operating_model/cells/downside_fy27q1_fcf:downside/idNonedownside_fy27q1_fcf
/operating_model/cells/downside_fy27q1_fcf:downside/kindNonederived
/operating_model/cells/downside_fy27q1_fcf:downside/labelNoneQuarter allocation: fcf
/operating_model/cells/downside_fy27q1_fcf:downside/periodNone2027Q1
/operating_model/cells/downside_fy27q1_fcf:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy27q1_fcf:downside/valueNone-40.6
/operating_model/cells/downside_fy27q1_rev:downside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/downside_fy27q1_rev:downside/caseNonedownside
/operating_model/cells/downside_fy27q1_rev:downside/formula/opNonemultiply
/operating_model/cells/downside_fy27q1_rev:downside/formula/refs/0Nonedownside_fy27_rev
/operating_model/cells/downside_fy27q1_rev:downside/formula/refs/1Nonedownside_fy27q1_weight
/operating_model/cells/downside_fy27q1_rev:downside/idNonedownside_fy27q1_rev
/operating_model/cells/downside_fy27q1_rev:downside/kindNonederived
/operating_model/cells/downside_fy27q1_rev:downside/labelNoneQuarter allocation: rev
/operating_model/cells/downside_fy27q1_rev:downside/periodNone2027Q1
/operating_model/cells/downside_fy27q1_rev:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy27q1_rev:downside/valueNone460.0
/operating_model/cells/downside_fy27q1_weight:downside/basisNoneProvisional seasonality. All metrics use the same weight; actual cash seasonality can differ materially.
/operating_model/cells/downside_fy27q1_weight:downside/caseNonedownside
/operating_model/cells/downside_fy27q1_weight:downside/idNonedownside_fy27q1_weight
/operating_model/cells/downside_fy27q1_weight:downside/kindNoneassumption
/operating_model/cells/downside_fy27q1_weight:downside/labelNoneQuarter share of annual case
/operating_model/cells/downside_fy27q1_weight:downside/periodNone2027Q1
/operating_model/cells/downside_fy27q1_weight:downside/unitNoneratio
/operating_model/cells/downside_fy27q1_weight:downside/valueNone0.2
/operating_model/cells/downside_fy27q2_capex:downside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/downside_fy27q2_capex:downside/caseNonedownside
/operating_model/cells/downside_fy27q2_capex:downside/formula/opNonemultiply
/operating_model/cells/downside_fy27q2_capex:downside/formula/refs/0Nonedownside_fy27_capex
/operating_model/cells/downside_fy27q2_capex:downside/formula/refs/1Nonedownside_fy27q2_weight
/operating_model/cells/downside_fy27q2_capex:downside/idNonedownside_fy27q2_capex
/operating_model/cells/downside_fy27q2_capex:downside/kindNonederived
/operating_model/cells/downside_fy27q2_capex:downside/labelNoneQuarter allocation: capex
/operating_model/cells/downside_fy27q2_capex:downside/periodNone2027Q2
/operating_model/cells/downside_fy27q2_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy27q2_capex:downside/valueNone8.05
/operating_model/cells/downside_fy27q2_cash:downside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/downside_fy27q2_cash:downside/caseNonedownside
/operating_model/cells/downside_fy27q2_cash:downside/formula/opNonemultiply
/operating_model/cells/downside_fy27q2_cash:downside/formula/refs/0Nonedownside_fy27_cash
/operating_model/cells/downside_fy27q2_cash:downside/formula/refs/1Nonedownside_fy27q2_weight
/operating_model/cells/downside_fy27q2_cash:downside/idNonedownside_fy27q2_cash
/operating_model/cells/downside_fy27q2_cash:downside/kindNonederived
/operating_model/cells/downside_fy27q2_cash:downside/labelNoneQuarter allocation: cash
/operating_model/cells/downside_fy27q2_cash:downside/periodNone2027Q2
/operating_model/cells/downside_fy27q2_cash:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy27q2_cash:downside/valueNone-38.64
/operating_model/cells/downside_fy27q2_eb:downside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/downside_fy27q2_eb:downside/caseNonedownside
/operating_model/cells/downside_fy27q2_eb:downside/formula/opNonemultiply
/operating_model/cells/downside_fy27q2_eb:downside/formula/refs/0Nonedownside_fy27_eb
/operating_model/cells/downside_fy27q2_eb:downside/formula/refs/1Nonedownside_fy27q2_weight
/operating_model/cells/downside_fy27q2_eb:downside/idNonedownside_fy27q2_eb
/operating_model/cells/downside_fy27q2_eb:downside/kindNonederived
/operating_model/cells/downside_fy27q2_eb:downside/labelNoneQuarter allocation: eb
/operating_model/cells/downside_fy27q2_eb:downside/periodNone2027Q2
/operating_model/cells/downside_fy27q2_eb:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy27q2_eb:downside/valueNone-31.740000000000002
/operating_model/cells/downside_fy27q2_fcf:downside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/downside_fy27q2_fcf:downside/caseNonedownside
/operating_model/cells/downside_fy27q2_fcf:downside/formula/opNonemultiply
/operating_model/cells/downside_fy27q2_fcf:downside/formula/refs/0Nonedownside_fy27_fcf
/operating_model/cells/downside_fy27q2_fcf:downside/formula/refs/1Nonedownside_fy27q2_weight
/operating_model/cells/downside_fy27q2_fcf:downside/idNonedownside_fy27q2_fcf
/operating_model/cells/downside_fy27q2_fcf:downside/kindNonederived
/operating_model/cells/downside_fy27q2_fcf:downside/labelNoneQuarter allocation: fcf
/operating_model/cells/downside_fy27q2_fcf:downside/periodNone2027Q2
/operating_model/cells/downside_fy27q2_fcf:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy27q2_fcf:downside/valueNone-46.690000000000005
/operating_model/cells/downside_fy27q2_rev:downside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/downside_fy27q2_rev:downside/caseNonedownside
/operating_model/cells/downside_fy27q2_rev:downside/formula/opNonemultiply
/operating_model/cells/downside_fy27q2_rev:downside/formula/refs/0Nonedownside_fy27_rev
/operating_model/cells/downside_fy27q2_rev:downside/formula/refs/1Nonedownside_fy27q2_weight
/operating_model/cells/downside_fy27q2_rev:downside/idNonedownside_fy27q2_rev
/operating_model/cells/downside_fy27q2_rev:downside/kindNonederived
/operating_model/cells/downside_fy27q2_rev:downside/labelNoneQuarter allocation: rev
/operating_model/cells/downside_fy27q2_rev:downside/periodNone2027Q2
/operating_model/cells/downside_fy27q2_rev:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy27q2_rev:downside/valueNone529.0
/operating_model/cells/downside_fy27q2_weight:downside/basisNoneProvisional seasonality. All metrics use the same weight; actual cash seasonality can differ materially.
/operating_model/cells/downside_fy27q2_weight:downside/caseNonedownside
/operating_model/cells/downside_fy27q2_weight:downside/idNonedownside_fy27q2_weight
/operating_model/cells/downside_fy27q2_weight:downside/kindNoneassumption
/operating_model/cells/downside_fy27q2_weight:downside/labelNoneQuarter share of annual case
/operating_model/cells/downside_fy27q2_weight:downside/periodNone2027Q2
/operating_model/cells/downside_fy27q2_weight:downside/unitNoneratio
/operating_model/cells/downside_fy27q2_weight:downside/valueNone0.23
/operating_model/cells/downside_fy27q3_capex:downside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/downside_fy27q3_capex:downside/caseNonedownside
/operating_model/cells/downside_fy27q3_capex:downside/formula/opNonemultiply
/operating_model/cells/downside_fy27q3_capex:downside/formula/refs/0Nonedownside_fy27_capex
/operating_model/cells/downside_fy27q3_capex:downside/formula/refs/1Nonedownside_fy27q3_weight
/operating_model/cells/downside_fy27q3_capex:downside/idNonedownside_fy27q3_capex
/operating_model/cells/downside_fy27q3_capex:downside/kindNonederived
/operating_model/cells/downside_fy27q3_capex:downside/labelNoneQuarter allocation: capex
/operating_model/cells/downside_fy27q3_capex:downside/periodNone2027Q3
/operating_model/cells/downside_fy27q3_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy27q3_capex:downside/valueNone8.75
/operating_model/cells/downside_fy27q3_cash:downside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/downside_fy27q3_cash:downside/caseNonedownside
/operating_model/cells/downside_fy27q3_cash:downside/formula/opNonemultiply
/operating_model/cells/downside_fy27q3_cash:downside/formula/refs/0Nonedownside_fy27_cash
/operating_model/cells/downside_fy27q3_cash:downside/formula/refs/1Nonedownside_fy27q3_weight
/operating_model/cells/downside_fy27q3_cash:downside/idNonedownside_fy27q3_cash
/operating_model/cells/downside_fy27q3_cash:downside/kindNonederived
/operating_model/cells/downside_fy27q3_cash:downside/labelNoneQuarter allocation: cash
/operating_model/cells/downside_fy27q3_cash:downside/periodNone2027Q3
/operating_model/cells/downside_fy27q3_cash:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy27q3_cash:downside/valueNone-42.0
/operating_model/cells/downside_fy27q3_eb:downside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/downside_fy27q3_eb:downside/caseNonedownside
/operating_model/cells/downside_fy27q3_eb:downside/formula/opNonemultiply
/operating_model/cells/downside_fy27q3_eb:downside/formula/refs/0Nonedownside_fy27_eb
/operating_model/cells/downside_fy27q3_eb:downside/formula/refs/1Nonedownside_fy27q3_weight
/operating_model/cells/downside_fy27q3_eb:downside/idNonedownside_fy27q3_eb
/operating_model/cells/downside_fy27q3_eb:downside/kindNonederived
/operating_model/cells/downside_fy27q3_eb:downside/labelNoneQuarter allocation: eb
/operating_model/cells/downside_fy27q3_eb:downside/periodNone2027Q3
/operating_model/cells/downside_fy27q3_eb:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy27q3_eb:downside/valueNone-34.5
/operating_model/cells/downside_fy27q3_fcf:downside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/downside_fy27q3_fcf:downside/caseNonedownside
/operating_model/cells/downside_fy27q3_fcf:downside/formula/opNonemultiply
/operating_model/cells/downside_fy27q3_fcf:downside/formula/refs/0Nonedownside_fy27_fcf
/operating_model/cells/downside_fy27q3_fcf:downside/formula/refs/1Nonedownside_fy27q3_weight
/operating_model/cells/downside_fy27q3_fcf:downside/idNonedownside_fy27q3_fcf
/operating_model/cells/downside_fy27q3_fcf:downside/kindNonederived
/operating_model/cells/downside_fy27q3_fcf:downside/labelNoneQuarter allocation: fcf
/operating_model/cells/downside_fy27q3_fcf:downside/periodNone2027Q3
/operating_model/cells/downside_fy27q3_fcf:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy27q3_fcf:downside/valueNone-50.75
/operating_model/cells/downside_fy27q3_rev:downside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/downside_fy27q3_rev:downside/caseNonedownside
/operating_model/cells/downside_fy27q3_rev:downside/formula/opNonemultiply
/operating_model/cells/downside_fy27q3_rev:downside/formula/refs/0Nonedownside_fy27_rev
/operating_model/cells/downside_fy27q3_rev:downside/formula/refs/1Nonedownside_fy27q3_weight
/operating_model/cells/downside_fy27q3_rev:downside/idNonedownside_fy27q3_rev
/operating_model/cells/downside_fy27q3_rev:downside/kindNonederived
/operating_model/cells/downside_fy27q3_rev:downside/labelNoneQuarter allocation: rev
/operating_model/cells/downside_fy27q3_rev:downside/periodNone2027Q3
/operating_model/cells/downside_fy27q3_rev:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy27q3_rev:downside/valueNone575.0
/operating_model/cells/downside_fy27q3_weight:downside/basisNoneProvisional seasonality. All metrics use the same weight; actual cash seasonality can differ materially.
/operating_model/cells/downside_fy27q3_weight:downside/caseNonedownside
/operating_model/cells/downside_fy27q3_weight:downside/idNonedownside_fy27q3_weight
/operating_model/cells/downside_fy27q3_weight:downside/kindNoneassumption
/operating_model/cells/downside_fy27q3_weight:downside/labelNoneQuarter share of annual case
/operating_model/cells/downside_fy27q3_weight:downside/periodNone2027Q3
/operating_model/cells/downside_fy27q3_weight:downside/unitNoneratio
/operating_model/cells/downside_fy27q3_weight:downside/valueNone0.25
/operating_model/cells/downside_fy27q4_capex:downside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/downside_fy27q4_capex:downside/caseNonedownside
/operating_model/cells/downside_fy27q4_capex:downside/formula/opNonemultiply
/operating_model/cells/downside_fy27q4_capex:downside/formula/refs/0Nonedownside_fy27_capex
/operating_model/cells/downside_fy27q4_capex:downside/formula/refs/1Nonedownside_fy27q4_weight
/operating_model/cells/downside_fy27q4_capex:downside/idNonedownside_fy27q4_capex
/operating_model/cells/downside_fy27q4_capex:downside/kindNonederived
/operating_model/cells/downside_fy27q4_capex:downside/labelNoneQuarter allocation: capex
/operating_model/cells/downside_fy27q4_capex:downside/periodNone2027Q4
/operating_model/cells/downside_fy27q4_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy27q4_capex:downside/valueNone11.200000000000001
/operating_model/cells/downside_fy27q4_cash:downside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/downside_fy27q4_cash:downside/caseNonedownside
/operating_model/cells/downside_fy27q4_cash:downside/formula/opNonemultiply
/operating_model/cells/downside_fy27q4_cash:downside/formula/refs/0Nonedownside_fy27_cash
/operating_model/cells/downside_fy27q4_cash:downside/formula/refs/1Nonedownside_fy27q4_weight
/operating_model/cells/downside_fy27q4_cash:downside/idNonedownside_fy27q4_cash
/operating_model/cells/downside_fy27q4_cash:downside/kindNonederived
/operating_model/cells/downside_fy27q4_cash:downside/labelNoneQuarter allocation: cash
/operating_model/cells/downside_fy27q4_cash:downside/periodNone2027Q4
/operating_model/cells/downside_fy27q4_cash:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy27q4_cash:downside/valueNone-53.76
/operating_model/cells/downside_fy27q4_eb:downside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/downside_fy27q4_eb:downside/caseNonedownside
/operating_model/cells/downside_fy27q4_eb:downside/formula/opNonemultiply
/operating_model/cells/downside_fy27q4_eb:downside/formula/refs/0Nonedownside_fy27_eb
/operating_model/cells/downside_fy27q4_eb:downside/formula/refs/1Nonedownside_fy27q4_weight
/operating_model/cells/downside_fy27q4_eb:downside/idNonedownside_fy27q4_eb
/operating_model/cells/downside_fy27q4_eb:downside/kindNonederived
/operating_model/cells/downside_fy27q4_eb:downside/labelNoneQuarter allocation: eb
/operating_model/cells/downside_fy27q4_eb:downside/periodNone2027Q4
/operating_model/cells/downside_fy27q4_eb:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy27q4_eb:downside/valueNone-44.160000000000004
/operating_model/cells/downside_fy27q4_fcf:downside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/downside_fy27q4_fcf:downside/caseNonedownside
/operating_model/cells/downside_fy27q4_fcf:downside/formula/opNonemultiply
/operating_model/cells/downside_fy27q4_fcf:downside/formula/refs/0Nonedownside_fy27_fcf
/operating_model/cells/downside_fy27q4_fcf:downside/formula/refs/1Nonedownside_fy27q4_weight
/operating_model/cells/downside_fy27q4_fcf:downside/idNonedownside_fy27q4_fcf
/operating_model/cells/downside_fy27q4_fcf:downside/kindNonederived
/operating_model/cells/downside_fy27q4_fcf:downside/labelNoneQuarter allocation: fcf
/operating_model/cells/downside_fy27q4_fcf:downside/periodNone2027Q4
/operating_model/cells/downside_fy27q4_fcf:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy27q4_fcf:downside/valueNone-64.96000000000001
/operating_model/cells/downside_fy27q4_rev:downside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/downside_fy27q4_rev:downside/caseNonedownside
/operating_model/cells/downside_fy27q4_rev:downside/formula/opNonemultiply
/operating_model/cells/downside_fy27q4_rev:downside/formula/refs/0Nonedownside_fy27_rev
/operating_model/cells/downside_fy27q4_rev:downside/formula/refs/1Nonedownside_fy27q4_weight
/operating_model/cells/downside_fy27q4_rev:downside/idNonedownside_fy27q4_rev
/operating_model/cells/downside_fy27q4_rev:downside/kindNonederived
/operating_model/cells/downside_fy27q4_rev:downside/labelNoneQuarter allocation: rev
/operating_model/cells/downside_fy27q4_rev:downside/periodNone2027Q4
/operating_model/cells/downside_fy27q4_rev:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy27q4_rev:downside/valueNone736.0
/operating_model/cells/downside_fy27q4_weight:downside/basisNoneProvisional seasonality. All metrics use the same weight; actual cash seasonality can differ materially.
/operating_model/cells/downside_fy27q4_weight:downside/caseNonedownside
/operating_model/cells/downside_fy27q4_weight:downside/idNonedownside_fy27q4_weight
/operating_model/cells/downside_fy27q4_weight:downside/kindNoneassumption
/operating_model/cells/downside_fy27q4_weight:downside/labelNoneQuarter share of annual case
/operating_model/cells/downside_fy27q4_weight:downside/periodNone2027Q4
/operating_model/cells/downside_fy27q4_weight:downside/unitNoneratio
/operating_model/cells/downside_fy27q4_weight:downside/valueNone0.32
/operating_model/cells/downside_q4_capex:downside/basisNoneDesk combined-capex assumption anchored to latest nine-month spend.
/operating_model/cells/downside_q4_capex:downside/caseNonedownside
/operating_model/cells/downside_q4_capex:downside/idNonedownside_q4_capex
/operating_model/cells/downside_q4_capex:downside/kindNoneassumption
/operating_model/cells/downside_q4_capex:downside/labelNoneQ4 PP&E and software capex
/operating_model/cells/downside_q4_capex:downside/periodNone2026Q4
/operating_model/cells/downside_q4_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_q4_capex:downside/valueNone12.0
/operating_model/cells/downside_q4_cash:downside/basisNoneStress collection and inventory release after nine-month cash use; not company cash guidance.
/operating_model/cells/downside_q4_cash:downside/caseNonedownside
/operating_model/cells/downside_q4_cash:downside/idNonedownside_q4_cash
/operating_model/cells/downside_q4_cash:downside/kindNoneassumption
/operating_model/cells/downside_q4_cash:downside/labelNoneQ4 operating cash assumption
/operating_model/cells/downside_q4_cash:downside/periodNone2026Q4
/operating_model/cells/downside_q4_cash:downside/unitNoneUSD_millions
/operating_model/cells/downside_q4_cash:downside/valueNone0.0
/operating_model/cells/downside_q4_eb:downside/basisNoneFull-year case less reported nine-month adjusted EBITDA; subject to rounding.
/operating_model/cells/downside_q4_eb:downside/caseNonedownside
/operating_model/cells/downside_q4_eb:downside/formula/opNonesubtract
/operating_model/cells/downside_q4_eb:downside/formula/refs/0Nonedownside_fy26_eb
/operating_model/cells/downside_q4_eb:downside/formula/refs/1Noneebitda_9m
/operating_model/cells/downside_q4_eb:downside/idNonedownside_q4_eb
/operating_model/cells/downside_q4_eb:downside/kindNonederived
/operating_model/cells/downside_q4_eb:downside/labelNoneQ4 implied adjusted EBITDA
/operating_model/cells/downside_q4_eb:downside/periodNone2026Q4
/operating_model/cells/downside_q4_eb:downside/unitNoneUSD_millions
/operating_model/cells/downside_q4_eb:downside/valueNone-139.2
/operating_model/cells/downside_q4_fcf:downside/basisNoneOperating cash less PP&E and software capex; excludes financing.
/operating_model/cells/downside_q4_fcf:downside/caseNonedownside
/operating_model/cells/downside_q4_fcf:downside/formula/opNonesubtract
/operating_model/cells/downside_q4_fcf:downside/formula/refs/0Nonedownside_q4_cash
/operating_model/cells/downside_q4_fcf:downside/formula/refs/1Nonedownside_q4_capex
/operating_model/cells/downside_q4_fcf:downside/idNonedownside_q4_fcf
/operating_model/cells/downside_q4_fcf:downside/kindNonederived
/operating_model/cells/downside_q4_fcf:downside/labelNoneQ4 cash after combined capex
/operating_model/cells/downside_q4_fcf:downside/periodNone2026Q4
/operating_model/cells/downside_q4_fcf:downside/unitNoneUSD_millions
/operating_model/cells/downside_q4_fcf:downside/valueNone-12.0
/operating_model/cells/downside_q4_rev:downside/basisNoneFull-year case less reported nine-month revenue.
/operating_model/cells/downside_q4_rev:downside/caseNonedownside
/operating_model/cells/downside_q4_rev:downside/formula/opNonesubtract
/operating_model/cells/downside_q4_rev:downside/formula/refs/0Nonedownside_fy26_rev
/operating_model/cells/downside_q4_rev:downside/formula/refs/1Nonerevenue_9m
/operating_model/cells/downside_q4_rev:downside/idNonedownside_q4_rev
/operating_model/cells/downside_q4_rev:downside/kindNonederived
/operating_model/cells/downside_q4_rev:downside/labelNoneQ4 implied revenue
/operating_model/cells/downside_q4_rev:downside/periodNone2026Q4
/operating_model/cells/downside_q4_rev:downside/unitNoneUSD_millions
/operating_model/cells/downside_q4_rev:downside/valueNone710.027
/operating_model/cells/ebitda_9m:shared/basisNoneCompany non-GAAP measure; rounded to disclosed $0.1M.
/operating_model/cells/ebitda_9m:shared/caseNoneshared
/operating_model/cells/ebitda_9m:shared/idNoneebitda_9m
/operating_model/cells/ebitda_9m:shared/kindNonereported
/operating_model/cells/ebitda_9m:shared/labelNoneReported nine-month adjusted EBITDA
/operating_model/cells/ebitda_9m:shared/periodNone2026 9M
/operating_model/cells/ebitda_9m:shared/source_dateNone2026-08-05
/operating_model/cells/ebitda_9m:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1868941/000186894126000028/flncq3fy26earningspressrel.htm
/operating_model/cells/ebitda_9m:shared/unitNoneUSD_millions
/operating_model/cells/ebitda_9m:shared/valueNone-90.8
/operating_model/cells/fy26_ebitda_guide:shared/basisNoneApproximately $200M loss; no forward GAAP reconciliation available.
/operating_model/cells/fy26_ebitda_guide:shared/caseNoneshared
/operating_model/cells/fy26_ebitda_guide:shared/idNonefy26_ebitda_guide
/operating_model/cells/fy26_ebitda_guide:shared/kindNonemanagement_guidance
/operating_model/cells/fy26_ebitda_guide:shared/labelNoneLatest FY2026 adjusted EBITDA guidance
/operating_model/cells/fy26_ebitda_guide:shared/periodNoneFY2026
/operating_model/cells/fy26_ebitda_guide:shared/source_dateNone2026-09-16
/operating_model/cells/fy26_ebitda_guide:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1868941/000110465926108270/tm2625477d1_ex99-1.htm
/operating_model/cells/fy26_ebitda_guide:shared/unitNoneUSD_millions
/operating_model/cells/fy26_ebitda_guide:shared/valueNone-200.0
/operating_model/cells/fy26_revenue_guide:shared/basisNoneApproximately $2.4B; replaces the August $3.0B midpoint.
/operating_model/cells/fy26_revenue_guide:shared/caseNoneshared
/operating_model/cells/fy26_revenue_guide:shared/idNonefy26_revenue_guide
/operating_model/cells/fy26_revenue_guide:shared/kindNonemanagement_guidance
/operating_model/cells/fy26_revenue_guide:shared/labelNoneLatest FY2026 revenue guidance
/operating_model/cells/fy26_revenue_guide:shared/periodNoneFY2026
/operating_model/cells/fy26_revenue_guide:shared/source_dateNone2026-09-16
/operating_model/cells/fy26_revenue_guide:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1868941/000110465926108270/tm2625477d1_ex99-1.htm
/operating_model/cells/fy26_revenue_guide:shared/unitNoneUSD_millions
/operating_model/cells/fy26_revenue_guide:shared/valueNone2400.0
/operating_model/cells/liquidity_june:shared/basisNoneIncludes cash, restricted cash and available facilities net of letters of credit; not all cash.
/operating_model/cells/liquidity_june:shared/caseNoneshared
/operating_model/cells/liquidity_june:shared/idNoneliquidity_june
/operating_model/cells/liquidity_june:shared/kindNonereported
/operating_model/cells/liquidity_june:shared/labelNoneTotal liquidity
/operating_model/cells/liquidity_june:shared/periodNone2026-06-30
/operating_model/cells/liquidity_june:shared/source_dateNone2026-08-05
/operating_model/cells/liquidity_june:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1868941/000186894126000028/flncq3fy26earningspressrel.htm
/operating_model/cells/liquidity_june:shared/unitNoneUSD_millions
/operating_model/cells/liquidity_june:shared/valueNone863.0
/operating_model/cells/revenue_9m:shared/basisNoneConsolidated revenue, including related parties.
/operating_model/cells/revenue_9m:shared/caseNoneshared
/operating_model/cells/revenue_9m:shared/idNonerevenue_9m
/operating_model/cells/revenue_9m:shared/kindNonereported
/operating_model/cells/revenue_9m:shared/labelNoneReported nine-month revenue
/operating_model/cells/revenue_9m:shared/periodNone2026 9M
/operating_model/cells/revenue_9m:shared/source_dateNone2026-08-05
/operating_model/cells/revenue_9m:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1868941/000186894126000028/flncq3fy26earningspressrel.htm
/operating_model/cells/revenue_9m:shared/unitNoneUSD_millions
/operating_model/cells/revenue_9m:shared/valueNone1589.973
/operating_model/cells/upside_cash_bridge:upside/basisNoneBundled working-capital, tax, interest and other cash effects. Zero does not assert zero working-capital movement.
/operating_model/cells/upside_cash_bridge:upside/caseNoneupside
/operating_model/cells/upside_cash_bridge:upside/idNoneupside_cash_bridge
/operating_model/cells/upside_cash_bridge:upside/kindNoneassumption
/operating_model/cells/upside_cash_bridge:upside/labelNoneFY2027 EBITDA-to-operating-cash adjustment
/operating_model/cells/upside_cash_bridge:upside/periodNoneFY2027
/operating_model/cells/upside_cash_bridge:upside/unitNoneUSD_millions
/operating_model/cells/upside_cash_bridge:upside/valueNone30.0
/operating_model/cells/upside_delivery_factor:upside/basisNoneRelative to this FY2026 case. Tests execution recovery; backlog does not set the factor. A factor of 1.25 means 25% growth.
/operating_model/cells/upside_delivery_factor:upside/caseNoneupside
/operating_model/cells/upside_delivery_factor:upside/idNoneupside_delivery_factor
/operating_model/cells/upside_delivery_factor:upside/kindNoneassumption
/operating_model/cells/upside_delivery_factor:upside/labelNoneFY2027 delivery / revenue factor
/operating_model/cells/upside_delivery_factor:upside/periodNoneFY2027
/operating_model/cells/upside_delivery_factor:upside/unitNoneratio
/operating_model/cells/upside_delivery_factor:upside/valueNone1.4
/operating_model/cells/upside_eb_margin:upside/basisNoneTests execution and cost absorption, including possible continued losses. Not GAAP operating margin.
/operating_model/cells/upside_eb_margin:upside/caseNoneupside
/operating_model/cells/upside_eb_margin:upside/idNoneupside_eb_margin
/operating_model/cells/upside_eb_margin:upside/kindNoneassumption
/operating_model/cells/upside_eb_margin:upside/labelNoneFY2027 adjusted EBITDA margin
/operating_model/cells/upside_eb_margin:upside/periodNoneFY2027
/operating_model/cells/upside_eb_margin:upside/unitNoneratio
/operating_model/cells/upside_eb_margin:upside/valueNone0.04
/operating_model/cells/upside_fy26_capex:upside/basisNoneNine-month actual plus Q4 assumption.
/operating_model/cells/upside_fy26_capex:upside/caseNoneupside
/operating_model/cells/upside_fy26_capex:upside/formula/opNonesum
/operating_model/cells/upside_fy26_capex:upside/formula/refs/0Nonecapex_9m
/operating_model/cells/upside_fy26_capex:upside/formula/refs/1Noneupside_q4_capex
/operating_model/cells/upside_fy26_capex:upside/idNoneupside_fy26_capex
/operating_model/cells/upside_fy26_capex:upside/kindNonederived
/operating_model/cells/upside_fy26_capex:upside/labelNoneFY2026 combined capex
/operating_model/cells/upside_fy26_capex:upside/periodNoneFY2026
/operating_model/cells/upside_fy26_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy26_capex:upside/valueNone29.334000000000003
/operating_model/cells/upside_fy26_cash:upside/basisNoneNine-month actual plus assumed Q4 cash.
/operating_model/cells/upside_fy26_cash:upside/caseNoneupside
/operating_model/cells/upside_fy26_cash:upside/formula/opNonesum
/operating_model/cells/upside_fy26_cash:upside/formula/refs/0Nonecfo_9m
/operating_model/cells/upside_fy26_cash:upside/formula/refs/1Noneupside_q4_cash
/operating_model/cells/upside_fy26_cash:upside/idNoneupside_fy26_cash
/operating_model/cells/upside_fy26_cash:upside/kindNonederived
/operating_model/cells/upside_fy26_cash:upside/labelNoneFY2026 operating cash
/operating_model/cells/upside_fy26_cash:upside/periodNoneFY2026
/operating_model/cells/upside_fy26_cash:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy26_cash:upside/valueNone-166.534
/operating_model/cells/upside_fy26_eb:upside/basisNoneDesk sensitivity around the September loss outlook.
/operating_model/cells/upside_fy26_eb:upside/caseNoneupside
/operating_model/cells/upside_fy26_eb:upside/idNoneupside_fy26_eb
/operating_model/cells/upside_fy26_eb:upside/kindNoneassumption
/operating_model/cells/upside_fy26_eb:upside/labelNoneFY2026 adjusted EBITDA case
/operating_model/cells/upside_fy26_eb:upside/periodNoneFY2026
/operating_model/cells/upside_fy26_eb:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy26_eb:upside/valueNone-170.0
/operating_model/cells/upside_fy26_fcf:upside/basisNoneOperating cash less combined capex.
/operating_model/cells/upside_fy26_fcf:upside/caseNoneupside
/operating_model/cells/upside_fy26_fcf:upside/formula/opNonesubtract
/operating_model/cells/upside_fy26_fcf:upside/formula/refs/0Noneupside_fy26_cash
/operating_model/cells/upside_fy26_fcf:upside/formula/refs/1Noneupside_fy26_capex
/operating_model/cells/upside_fy26_fcf:upside/idNoneupside_fy26_fcf
/operating_model/cells/upside_fy26_fcf:upside/kindNonederived
/operating_model/cells/upside_fy26_fcf:upside/labelNoneFY2026 cash after combined capex
/operating_model/cells/upside_fy26_fcf:upside/periodNoneFY2026
/operating_model/cells/upside_fy26_fcf:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy26_fcf:upside/valueNone-195.868
/operating_model/cells/upside_fy26_rev:upside/basisNoneDesk sensitivity around approximate September guidance; not a new company range.
/operating_model/cells/upside_fy26_rev:upside/caseNoneupside
/operating_model/cells/upside_fy26_rev:upside/idNoneupside_fy26_rev
/operating_model/cells/upside_fy26_rev:upside/kindNoneassumption
/operating_model/cells/upside_fy26_rev:upside/labelNoneFY2026 revenue case
/operating_model/cells/upside_fy26_rev:upside/periodNoneFY2026
/operating_model/cells/upside_fy26_rev:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy26_rev:upside/valueNone2500.0
/operating_model/cells/upside_fy27_capex:upside/basisNoneDesk assumption for PP&E and software; not management guidance.
/operating_model/cells/upside_fy27_capex:upside/caseNoneupside
/operating_model/cells/upside_fy27_capex:upside/idNoneupside_fy27_capex
/operating_model/cells/upside_fy27_capex:upside/kindNoneassumption
/operating_model/cells/upside_fy27_capex:upside/labelNoneFY2027 combined capex
/operating_model/cells/upside_fy27_capex:upside/periodNoneFY2027
/operating_model/cells/upside_fy27_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy27_capex:upside/valueNone30.0
/operating_model/cells/upside_fy27_cash:upside/basisNoneAdjusted EBITDA plus assumed cash bridge.
/operating_model/cells/upside_fy27_cash:upside/caseNoneupside
/operating_model/cells/upside_fy27_cash:upside/formula/opNonesum
/operating_model/cells/upside_fy27_cash:upside/formula/refs/0Noneupside_fy27_eb
/operating_model/cells/upside_fy27_cash:upside/formula/refs/1Noneupside_cash_bridge
/operating_model/cells/upside_fy27_cash:upside/idNoneupside_fy27_cash
/operating_model/cells/upside_fy27_cash:upside/kindNonederived
/operating_model/cells/upside_fy27_cash:upside/labelNoneFY2027 operating cash
/operating_model/cells/upside_fy27_cash:upside/periodNoneFY2027
/operating_model/cells/upside_fy27_cash:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy27_cash:upside/valueNone170.0
/operating_model/cells/upside_fy27_eb:upside/basisNoneRevenue times assumed adjusted EBITDA margin.
/operating_model/cells/upside_fy27_eb:upside/caseNoneupside
/operating_model/cells/upside_fy27_eb:upside/formula/opNonemultiply
/operating_model/cells/upside_fy27_eb:upside/formula/refs/0Noneupside_fy27_rev
/operating_model/cells/upside_fy27_eb:upside/formula/refs/1Noneupside_eb_margin
/operating_model/cells/upside_fy27_eb:upside/idNoneupside_fy27_eb
/operating_model/cells/upside_fy27_eb:upside/kindNonederived
/operating_model/cells/upside_fy27_eb:upside/labelNoneFY2027 adjusted EBITDA
/operating_model/cells/upside_fy27_eb:upside/periodNoneFY2027
/operating_model/cells/upside_fy27_eb:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy27_eb:upside/valueNone140.0
/operating_model/cells/upside_fy27_fcf:upside/basisNoneOperating cash less combined capex.
/operating_model/cells/upside_fy27_fcf:upside/caseNoneupside
/operating_model/cells/upside_fy27_fcf:upside/formula/opNonesubtract
/operating_model/cells/upside_fy27_fcf:upside/formula/refs/0Noneupside_fy27_cash
/operating_model/cells/upside_fy27_fcf:upside/formula/refs/1Noneupside_fy27_capex
/operating_model/cells/upside_fy27_fcf:upside/idNoneupside_fy27_fcf
/operating_model/cells/upside_fy27_fcf:upside/kindNonederived
/operating_model/cells/upside_fy27_fcf:upside/labelNoneFY2027 cash after combined capex
/operating_model/cells/upside_fy27_fcf:upside/periodNoneFY2027
/operating_model/cells/upside_fy27_fcf:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy27_fcf:upside/valueNone140.0
/operating_model/cells/upside_fy27_rev:upside/basisNoneFY2026 scenario revenue times delivery factor.
/operating_model/cells/upside_fy27_rev:upside/caseNoneupside
/operating_model/cells/upside_fy27_rev:upside/formula/opNonemultiply
/operating_model/cells/upside_fy27_rev:upside/formula/refs/0Noneupside_fy26_rev
/operating_model/cells/upside_fy27_rev:upside/formula/refs/1Noneupside_delivery_factor
/operating_model/cells/upside_fy27_rev:upside/idNoneupside_fy27_rev
/operating_model/cells/upside_fy27_rev:upside/kindNonederived
/operating_model/cells/upside_fy27_rev:upside/labelNoneFY2027 revenue
/operating_model/cells/upside_fy27_rev:upside/periodNoneFY2027
/operating_model/cells/upside_fy27_rev:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy27_rev:upside/valueNone3500.0
/operating_model/cells/upside_fy27q1_capex:upside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/upside_fy27q1_capex:upside/caseNoneupside
/operating_model/cells/upside_fy27q1_capex:upside/formula/opNonemultiply
/operating_model/cells/upside_fy27q1_capex:upside/formula/refs/0Noneupside_fy27_capex
/operating_model/cells/upside_fy27q1_capex:upside/formula/refs/1Noneupside_fy27q1_weight
/operating_model/cells/upside_fy27q1_capex:upside/idNoneupside_fy27q1_capex
/operating_model/cells/upside_fy27q1_capex:upside/kindNonederived
/operating_model/cells/upside_fy27q1_capex:upside/labelNoneQuarter allocation: capex
/operating_model/cells/upside_fy27q1_capex:upside/periodNone2027Q1
/operating_model/cells/upside_fy27q1_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy27q1_capex:upside/valueNone6.0
/operating_model/cells/upside_fy27q1_cash:upside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/upside_fy27q1_cash:upside/caseNoneupside
/operating_model/cells/upside_fy27q1_cash:upside/formula/opNonemultiply
/operating_model/cells/upside_fy27q1_cash:upside/formula/refs/0Noneupside_fy27_cash
/operating_model/cells/upside_fy27q1_cash:upside/formula/refs/1Noneupside_fy27q1_weight
/operating_model/cells/upside_fy27q1_cash:upside/idNoneupside_fy27q1_cash
/operating_model/cells/upside_fy27q1_cash:upside/kindNonederived
/operating_model/cells/upside_fy27q1_cash:upside/labelNoneQuarter allocation: cash
/operating_model/cells/upside_fy27q1_cash:upside/periodNone2027Q1
/operating_model/cells/upside_fy27q1_cash:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy27q1_cash:upside/valueNone34.0
/operating_model/cells/upside_fy27q1_eb:upside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/upside_fy27q1_eb:upside/caseNoneupside
/operating_model/cells/upside_fy27q1_eb:upside/formula/opNonemultiply
/operating_model/cells/upside_fy27q1_eb:upside/formula/refs/0Noneupside_fy27_eb
/operating_model/cells/upside_fy27q1_eb:upside/formula/refs/1Noneupside_fy27q1_weight
/operating_model/cells/upside_fy27q1_eb:upside/idNoneupside_fy27q1_eb
/operating_model/cells/upside_fy27q1_eb:upside/kindNonederived
/operating_model/cells/upside_fy27q1_eb:upside/labelNoneQuarter allocation: eb
/operating_model/cells/upside_fy27q1_eb:upside/periodNone2027Q1
/operating_model/cells/upside_fy27q1_eb:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy27q1_eb:upside/valueNone28.0
/operating_model/cells/upside_fy27q1_fcf:upside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/upside_fy27q1_fcf:upside/caseNoneupside
/operating_model/cells/upside_fy27q1_fcf:upside/formula/opNonemultiply
/operating_model/cells/upside_fy27q1_fcf:upside/formula/refs/0Noneupside_fy27_fcf
/operating_model/cells/upside_fy27q1_fcf:upside/formula/refs/1Noneupside_fy27q1_weight
/operating_model/cells/upside_fy27q1_fcf:upside/idNoneupside_fy27q1_fcf
/operating_model/cells/upside_fy27q1_fcf:upside/kindNonederived
/operating_model/cells/upside_fy27q1_fcf:upside/labelNoneQuarter allocation: fcf
/operating_model/cells/upside_fy27q1_fcf:upside/periodNone2027Q1
/operating_model/cells/upside_fy27q1_fcf:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy27q1_fcf:upside/valueNone28.0
/operating_model/cells/upside_fy27q1_rev:upside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/upside_fy27q1_rev:upside/caseNoneupside
/operating_model/cells/upside_fy27q1_rev:upside/formula/opNonemultiply
/operating_model/cells/upside_fy27q1_rev:upside/formula/refs/0Noneupside_fy27_rev
/operating_model/cells/upside_fy27q1_rev:upside/formula/refs/1Noneupside_fy27q1_weight
/operating_model/cells/upside_fy27q1_rev:upside/idNoneupside_fy27q1_rev
/operating_model/cells/upside_fy27q1_rev:upside/kindNonederived
/operating_model/cells/upside_fy27q1_rev:upside/labelNoneQuarter allocation: rev
/operating_model/cells/upside_fy27q1_rev:upside/periodNone2027Q1
/operating_model/cells/upside_fy27q1_rev:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy27q1_rev:upside/valueNone700.0
/operating_model/cells/upside_fy27q1_weight:upside/basisNoneProvisional seasonality. All metrics use the same weight; actual cash seasonality can differ materially.
/operating_model/cells/upside_fy27q1_weight:upside/caseNoneupside
/operating_model/cells/upside_fy27q1_weight:upside/idNoneupside_fy27q1_weight
/operating_model/cells/upside_fy27q1_weight:upside/kindNoneassumption
/operating_model/cells/upside_fy27q1_weight:upside/labelNoneQuarter share of annual case
/operating_model/cells/upside_fy27q1_weight:upside/periodNone2027Q1
/operating_model/cells/upside_fy27q1_weight:upside/unitNoneratio
/operating_model/cells/upside_fy27q1_weight:upside/valueNone0.2
/operating_model/cells/upside_fy27q2_capex:upside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/upside_fy27q2_capex:upside/caseNoneupside
/operating_model/cells/upside_fy27q2_capex:upside/formula/opNonemultiply
/operating_model/cells/upside_fy27q2_capex:upside/formula/refs/0Noneupside_fy27_capex
/operating_model/cells/upside_fy27q2_capex:upside/formula/refs/1Noneupside_fy27q2_weight
/operating_model/cells/upside_fy27q2_capex:upside/idNoneupside_fy27q2_capex
/operating_model/cells/upside_fy27q2_capex:upside/kindNonederived
/operating_model/cells/upside_fy27q2_capex:upside/labelNoneQuarter allocation: capex
/operating_model/cells/upside_fy27q2_capex:upside/periodNone2027Q2
/operating_model/cells/upside_fy27q2_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy27q2_capex:upside/valueNone6.9
/operating_model/cells/upside_fy27q2_cash:upside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/upside_fy27q2_cash:upside/caseNoneupside
/operating_model/cells/upside_fy27q2_cash:upside/formula/opNonemultiply
/operating_model/cells/upside_fy27q2_cash:upside/formula/refs/0Noneupside_fy27_cash
/operating_model/cells/upside_fy27q2_cash:upside/formula/refs/1Noneupside_fy27q2_weight
/operating_model/cells/upside_fy27q2_cash:upside/idNoneupside_fy27q2_cash
/operating_model/cells/upside_fy27q2_cash:upside/kindNonederived
/operating_model/cells/upside_fy27q2_cash:upside/labelNoneQuarter allocation: cash
/operating_model/cells/upside_fy27q2_cash:upside/periodNone2027Q2
/operating_model/cells/upside_fy27q2_cash:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy27q2_cash:upside/valueNone39.1
/operating_model/cells/upside_fy27q2_eb:upside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/upside_fy27q2_eb:upside/caseNoneupside
/operating_model/cells/upside_fy27q2_eb:upside/formula/opNonemultiply
/operating_model/cells/upside_fy27q2_eb:upside/formula/refs/0Noneupside_fy27_eb
/operating_model/cells/upside_fy27q2_eb:upside/formula/refs/1Noneupside_fy27q2_weight
/operating_model/cells/upside_fy27q2_eb:upside/idNoneupside_fy27q2_eb
/operating_model/cells/upside_fy27q2_eb:upside/kindNonederived
/operating_model/cells/upside_fy27q2_eb:upside/labelNoneQuarter allocation: eb
/operating_model/cells/upside_fy27q2_eb:upside/periodNone2027Q2
/operating_model/cells/upside_fy27q2_eb:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy27q2_eb:upside/valueNone32.2
/operating_model/cells/upside_fy27q2_fcf:upside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/upside_fy27q2_fcf:upside/caseNoneupside
/operating_model/cells/upside_fy27q2_fcf:upside/formula/opNonemultiply
/operating_model/cells/upside_fy27q2_fcf:upside/formula/refs/0Noneupside_fy27_fcf
/operating_model/cells/upside_fy27q2_fcf:upside/formula/refs/1Noneupside_fy27q2_weight
/operating_model/cells/upside_fy27q2_fcf:upside/idNoneupside_fy27q2_fcf
/operating_model/cells/upside_fy27q2_fcf:upside/kindNonederived
/operating_model/cells/upside_fy27q2_fcf:upside/labelNoneQuarter allocation: fcf
/operating_model/cells/upside_fy27q2_fcf:upside/periodNone2027Q2
/operating_model/cells/upside_fy27q2_fcf:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy27q2_fcf:upside/valueNone32.2
/operating_model/cells/upside_fy27q2_rev:upside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/upside_fy27q2_rev:upside/caseNoneupside
/operating_model/cells/upside_fy27q2_rev:upside/formula/opNonemultiply
/operating_model/cells/upside_fy27q2_rev:upside/formula/refs/0Noneupside_fy27_rev
/operating_model/cells/upside_fy27q2_rev:upside/formula/refs/1Noneupside_fy27q2_weight
/operating_model/cells/upside_fy27q2_rev:upside/idNoneupside_fy27q2_rev
/operating_model/cells/upside_fy27q2_rev:upside/kindNonederived
/operating_model/cells/upside_fy27q2_rev:upside/labelNoneQuarter allocation: rev
/operating_model/cells/upside_fy27q2_rev:upside/periodNone2027Q2
/operating_model/cells/upside_fy27q2_rev:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy27q2_rev:upside/valueNone805.0
/operating_model/cells/upside_fy27q2_weight:upside/basisNoneProvisional seasonality. All metrics use the same weight; actual cash seasonality can differ materially.
/operating_model/cells/upside_fy27q2_weight:upside/caseNoneupside
/operating_model/cells/upside_fy27q2_weight:upside/idNoneupside_fy27q2_weight
/operating_model/cells/upside_fy27q2_weight:upside/kindNoneassumption
/operating_model/cells/upside_fy27q2_weight:upside/labelNoneQuarter share of annual case
/operating_model/cells/upside_fy27q2_weight:upside/periodNone2027Q2
/operating_model/cells/upside_fy27q2_weight:upside/unitNoneratio
/operating_model/cells/upside_fy27q2_weight:upside/valueNone0.23
/operating_model/cells/upside_fy27q3_capex:upside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/upside_fy27q3_capex:upside/caseNoneupside
/operating_model/cells/upside_fy27q3_capex:upside/formula/opNonemultiply
/operating_model/cells/upside_fy27q3_capex:upside/formula/refs/0Noneupside_fy27_capex
/operating_model/cells/upside_fy27q3_capex:upside/formula/refs/1Noneupside_fy27q3_weight
/operating_model/cells/upside_fy27q3_capex:upside/idNoneupside_fy27q3_capex
/operating_model/cells/upside_fy27q3_capex:upside/kindNonederived
/operating_model/cells/upside_fy27q3_capex:upside/labelNoneQuarter allocation: capex
/operating_model/cells/upside_fy27q3_capex:upside/periodNone2027Q3
/operating_model/cells/upside_fy27q3_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy27q3_capex:upside/valueNone7.5
/operating_model/cells/upside_fy27q3_cash:upside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/upside_fy27q3_cash:upside/caseNoneupside
/operating_model/cells/upside_fy27q3_cash:upside/formula/opNonemultiply
/operating_model/cells/upside_fy27q3_cash:upside/formula/refs/0Noneupside_fy27_cash
/operating_model/cells/upside_fy27q3_cash:upside/formula/refs/1Noneupside_fy27q3_weight
/operating_model/cells/upside_fy27q3_cash:upside/idNoneupside_fy27q3_cash
/operating_model/cells/upside_fy27q3_cash:upside/kindNonederived
/operating_model/cells/upside_fy27q3_cash:upside/labelNoneQuarter allocation: cash
/operating_model/cells/upside_fy27q3_cash:upside/periodNone2027Q3
/operating_model/cells/upside_fy27q3_cash:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy27q3_cash:upside/valueNone42.5
/operating_model/cells/upside_fy27q3_eb:upside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/upside_fy27q3_eb:upside/caseNoneupside
/operating_model/cells/upside_fy27q3_eb:upside/formula/opNonemultiply
/operating_model/cells/upside_fy27q3_eb:upside/formula/refs/0Noneupside_fy27_eb
/operating_model/cells/upside_fy27q3_eb:upside/formula/refs/1Noneupside_fy27q3_weight
/operating_model/cells/upside_fy27q3_eb:upside/idNoneupside_fy27q3_eb
/operating_model/cells/upside_fy27q3_eb:upside/kindNonederived
/operating_model/cells/upside_fy27q3_eb:upside/labelNoneQuarter allocation: eb
/operating_model/cells/upside_fy27q3_eb:upside/periodNone2027Q3
/operating_model/cells/upside_fy27q3_eb:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy27q3_eb:upside/valueNone35.0
/operating_model/cells/upside_fy27q3_fcf:upside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/upside_fy27q3_fcf:upside/caseNoneupside
/operating_model/cells/upside_fy27q3_fcf:upside/formula/opNonemultiply
/operating_model/cells/upside_fy27q3_fcf:upside/formula/refs/0Noneupside_fy27_fcf
/operating_model/cells/upside_fy27q3_fcf:upside/formula/refs/1Noneupside_fy27q3_weight
/operating_model/cells/upside_fy27q3_fcf:upside/idNoneupside_fy27q3_fcf
/operating_model/cells/upside_fy27q3_fcf:upside/kindNonederived
/operating_model/cells/upside_fy27q3_fcf:upside/labelNoneQuarter allocation: fcf
/operating_model/cells/upside_fy27q3_fcf:upside/periodNone2027Q3
/operating_model/cells/upside_fy27q3_fcf:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy27q3_fcf:upside/valueNone35.0
/operating_model/cells/upside_fy27q3_rev:upside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/upside_fy27q3_rev:upside/caseNoneupside
/operating_model/cells/upside_fy27q3_rev:upside/formula/opNonemultiply
/operating_model/cells/upside_fy27q3_rev:upside/formula/refs/0Noneupside_fy27_rev
/operating_model/cells/upside_fy27q3_rev:upside/formula/refs/1Noneupside_fy27q3_weight
/operating_model/cells/upside_fy27q3_rev:upside/idNoneupside_fy27q3_rev
/operating_model/cells/upside_fy27q3_rev:upside/kindNonederived
/operating_model/cells/upside_fy27q3_rev:upside/labelNoneQuarter allocation: rev
/operating_model/cells/upside_fy27q3_rev:upside/periodNone2027Q3
/operating_model/cells/upside_fy27q3_rev:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy27q3_rev:upside/valueNone875.0
/operating_model/cells/upside_fy27q3_weight:upside/basisNoneProvisional seasonality. All metrics use the same weight; actual cash seasonality can differ materially.
/operating_model/cells/upside_fy27q3_weight:upside/caseNoneupside
/operating_model/cells/upside_fy27q3_weight:upside/idNoneupside_fy27q3_weight
/operating_model/cells/upside_fy27q3_weight:upside/kindNoneassumption
/operating_model/cells/upside_fy27q3_weight:upside/labelNoneQuarter share of annual case
/operating_model/cells/upside_fy27q3_weight:upside/periodNone2027Q3
/operating_model/cells/upside_fy27q3_weight:upside/unitNoneratio
/operating_model/cells/upside_fy27q3_weight:upside/valueNone0.25
/operating_model/cells/upside_fy27q4_capex:upside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/upside_fy27q4_capex:upside/caseNoneupside
/operating_model/cells/upside_fy27q4_capex:upside/formula/opNonemultiply
/operating_model/cells/upside_fy27q4_capex:upside/formula/refs/0Noneupside_fy27_capex
/operating_model/cells/upside_fy27q4_capex:upside/formula/refs/1Noneupside_fy27q4_weight
/operating_model/cells/upside_fy27q4_capex:upside/idNoneupside_fy27q4_capex
/operating_model/cells/upside_fy27q4_capex:upside/kindNonederived
/operating_model/cells/upside_fy27q4_capex:upside/labelNoneQuarter allocation: capex
/operating_model/cells/upside_fy27q4_capex:upside/periodNone2027Q4
/operating_model/cells/upside_fy27q4_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy27q4_capex:upside/valueNone9.6
/operating_model/cells/upside_fy27q4_cash:upside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/upside_fy27q4_cash:upside/caseNoneupside
/operating_model/cells/upside_fy27q4_cash:upside/formula/opNonemultiply
/operating_model/cells/upside_fy27q4_cash:upside/formula/refs/0Noneupside_fy27_cash
/operating_model/cells/upside_fy27q4_cash:upside/formula/refs/1Noneupside_fy27q4_weight
/operating_model/cells/upside_fy27q4_cash:upside/idNoneupside_fy27q4_cash
/operating_model/cells/upside_fy27q4_cash:upside/kindNonederived
/operating_model/cells/upside_fy27q4_cash:upside/labelNoneQuarter allocation: cash
/operating_model/cells/upside_fy27q4_cash:upside/periodNone2027Q4
/operating_model/cells/upside_fy27q4_cash:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy27q4_cash:upside/valueNone54.4
/operating_model/cells/upside_fy27q4_eb:upside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/upside_fy27q4_eb:upside/caseNoneupside
/operating_model/cells/upside_fy27q4_eb:upside/formula/opNonemultiply
/operating_model/cells/upside_fy27q4_eb:upside/formula/refs/0Noneupside_fy27_eb
/operating_model/cells/upside_fy27q4_eb:upside/formula/refs/1Noneupside_fy27q4_weight
/operating_model/cells/upside_fy27q4_eb:upside/idNoneupside_fy27q4_eb
/operating_model/cells/upside_fy27q4_eb:upside/kindNonederived
/operating_model/cells/upside_fy27q4_eb:upside/labelNoneQuarter allocation: eb
/operating_model/cells/upside_fy27q4_eb:upside/periodNone2027Q4
/operating_model/cells/upside_fy27q4_eb:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy27q4_eb:upside/valueNone44.800000000000004
/operating_model/cells/upside_fy27q4_fcf:upside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/upside_fy27q4_fcf:upside/caseNoneupside
/operating_model/cells/upside_fy27q4_fcf:upside/formula/opNonemultiply
/operating_model/cells/upside_fy27q4_fcf:upside/formula/refs/0Noneupside_fy27_fcf
/operating_model/cells/upside_fy27q4_fcf:upside/formula/refs/1Noneupside_fy27q4_weight
/operating_model/cells/upside_fy27q4_fcf:upside/idNoneupside_fy27q4_fcf
/operating_model/cells/upside_fy27q4_fcf:upside/kindNonederived
/operating_model/cells/upside_fy27q4_fcf:upside/labelNoneQuarter allocation: fcf
/operating_model/cells/upside_fy27q4_fcf:upside/periodNone2027Q4
/operating_model/cells/upside_fy27q4_fcf:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy27q4_fcf:upside/valueNone44.800000000000004
/operating_model/cells/upside_fy27q4_rev:upside/basisNoneAnnual scenario times explicit quarterly weight.
/operating_model/cells/upside_fy27q4_rev:upside/caseNoneupside
/operating_model/cells/upside_fy27q4_rev:upside/formula/opNonemultiply
/operating_model/cells/upside_fy27q4_rev:upside/formula/refs/0Noneupside_fy27_rev
/operating_model/cells/upside_fy27q4_rev:upside/formula/refs/1Noneupside_fy27q4_weight
/operating_model/cells/upside_fy27q4_rev:upside/idNoneupside_fy27q4_rev
/operating_model/cells/upside_fy27q4_rev:upside/kindNonederived
/operating_model/cells/upside_fy27q4_rev:upside/labelNoneQuarter allocation: rev
/operating_model/cells/upside_fy27q4_rev:upside/periodNone2027Q4
/operating_model/cells/upside_fy27q4_rev:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy27q4_rev:upside/valueNone1120.0
/operating_model/cells/upside_fy27q4_weight:upside/basisNoneProvisional seasonality. All metrics use the same weight; actual cash seasonality can differ materially.
/operating_model/cells/upside_fy27q4_weight:upside/caseNoneupside
/operating_model/cells/upside_fy27q4_weight:upside/idNoneupside_fy27q4_weight
/operating_model/cells/upside_fy27q4_weight:upside/kindNoneassumption
/operating_model/cells/upside_fy27q4_weight:upside/labelNoneQuarter share of annual case
/operating_model/cells/upside_fy27q4_weight:upside/periodNone2027Q4
/operating_model/cells/upside_fy27q4_weight:upside/unitNoneratio
/operating_model/cells/upside_fy27q4_weight:upside/valueNone0.32
/operating_model/cells/upside_q4_capex:upside/basisNoneDesk combined-capex assumption anchored to latest nine-month spend.
/operating_model/cells/upside_q4_capex:upside/caseNoneupside
/operating_model/cells/upside_q4_capex:upside/idNoneupside_q4_capex
/operating_model/cells/upside_q4_capex:upside/kindNoneassumption
/operating_model/cells/upside_q4_capex:upside/labelNoneQ4 PP&E and software capex
/operating_model/cells/upside_q4_capex:upside/periodNone2026Q4
/operating_model/cells/upside_q4_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_q4_capex:upside/valueNone8.0
/operating_model/cells/upside_q4_cash:upside/basisNoneStress collection and inventory release after nine-month cash use; not company cash guidance.
/operating_model/cells/upside_q4_cash:upside/caseNoneupside
/operating_model/cells/upside_q4_cash:upside/idNoneupside_q4_cash
/operating_model/cells/upside_q4_cash:upside/kindNoneassumption
/operating_model/cells/upside_q4_cash:upside/labelNoneQ4 operating cash assumption
/operating_model/cells/upside_q4_cash:upside/periodNone2026Q4
/operating_model/cells/upside_q4_cash:upside/unitNoneUSD_millions
/operating_model/cells/upside_q4_cash:upside/valueNone200.0
/operating_model/cells/upside_q4_eb:upside/basisNoneFull-year case less reported nine-month adjusted EBITDA; subject to rounding.
/operating_model/cells/upside_q4_eb:upside/caseNoneupside
/operating_model/cells/upside_q4_eb:upside/formula/opNonesubtract
/operating_model/cells/upside_q4_eb:upside/formula/refs/0Noneupside_fy26_eb
/operating_model/cells/upside_q4_eb:upside/formula/refs/1Noneebitda_9m
/operating_model/cells/upside_q4_eb:upside/idNoneupside_q4_eb
/operating_model/cells/upside_q4_eb:upside/kindNonederived
/operating_model/cells/upside_q4_eb:upside/labelNoneQ4 implied adjusted EBITDA
/operating_model/cells/upside_q4_eb:upside/periodNone2026Q4
/operating_model/cells/upside_q4_eb:upside/unitNoneUSD_millions
/operating_model/cells/upside_q4_eb:upside/valueNone-79.2
/operating_model/cells/upside_q4_fcf:upside/basisNoneOperating cash less PP&E and software capex; excludes financing.
/operating_model/cells/upside_q4_fcf:upside/caseNoneupside
/operating_model/cells/upside_q4_fcf:upside/formula/opNonesubtract
/operating_model/cells/upside_q4_fcf:upside/formula/refs/0Noneupside_q4_cash
/operating_model/cells/upside_q4_fcf:upside/formula/refs/1Noneupside_q4_capex
/operating_model/cells/upside_q4_fcf:upside/idNoneupside_q4_fcf
/operating_model/cells/upside_q4_fcf:upside/kindNonederived
/operating_model/cells/upside_q4_fcf:upside/labelNoneQ4 cash after combined capex
/operating_model/cells/upside_q4_fcf:upside/periodNone2026Q4
/operating_model/cells/upside_q4_fcf:upside/unitNoneUSD_millions
/operating_model/cells/upside_q4_fcf:upside/valueNone192.0
/operating_model/cells/upside_q4_rev:upside/basisNoneFull-year case less reported nine-month revenue.
/operating_model/cells/upside_q4_rev:upside/caseNoneupside
/operating_model/cells/upside_q4_rev:upside/formula/opNonesubtract
/operating_model/cells/upside_q4_rev:upside/formula/refs/0Noneupside_fy26_rev
/operating_model/cells/upside_q4_rev:upside/formula/refs/1Nonerevenue_9m
/operating_model/cells/upside_q4_rev:upside/idNoneupside_q4_rev
/operating_model/cells/upside_q4_rev:upside/kindNonederived
/operating_model/cells/upside_q4_rev:upside/labelNoneQ4 implied revenue
/operating_model/cells/upside_q4_rev:upside/periodNone2026Q4
/operating_model/cells/upside_q4_rev:upside/unitNoneUSD_millions
/operating_model/cells/upside_q4_rev:upside/valueNone910.027
/operating_model/highlights/0Nonerevenue_9m
/operating_model/highlights/1Noneebitda_9m
/operating_model/highlights/2Nonecfo_9m
/operating_model/highlights/3Nonefy26_revenue_guide
/operating_model/highlights/4Nonefy26_ebitda_guide
/operating_model/highlights/5Nonebacklog_june
/operating_model/highlights/6Nonecash_june
/operating_model/highlights/7Noneliquidity_june
/operating_model/limitations/0NoneInitial operating sensitivities, not a complete three-statement model or management FY2027 guidance. The company plans to provide its FY2027 financial update with FY2026 results.
/operating_model/limitations/1NoneFY2027 cash depends on inventory, supplier advances, collections and customer deposits. The EBITDA-to-cash adjustment bundles those movements with taxes, interest and other cash items; replace the assumption as detail becomes available.
/operating_model/limitations/2NoneModeled cash after capex subtracts PP&E and capitalized software. Historical generic FCF subtracts only PP&E; neither equals the company-defined supply-chain-financing-adjusted free cash flow.
/operating_model/limitations/3NoneNo EPS, equity valuation or end-cash forecast: noncontrolling ownership, tax receivable obligations, restricted cash, financing and dilution require separate bridges. Backlog is context, not guaranteed annual revenue.
/operating_model/methodNoneFY2026 starts with September 16 guidance, not the superseded August range. Q4 equals our full-year case less reported nine-month results. FY2027 revenue scales each FY2026 case by an explicit delivery factor; adjusted EBITDA uses a separate margin assumption. Quarterly FY2027 values allocate the annual case 20% / 23% / 25% / 32%. Operating cash is an explicit stress assumption, not inferred from backlog or adjusted EBITDA alone. No scenario probability is assigned.
/operating_model/metrics/adj_ebitdaNoneAdjusted EBITDA ($M)
/operating_model/metrics/capexNonePP&E + software capex ($M)
/operating_model/metrics/cash_after_capexNoneCash after capex ($M)
/operating_model/metrics/cfoNoneOperating cash ($M)
/operating_model/metrics/revenueNoneRevenue ($M)
/operating_model/outputs/2026Q4:base/caseNonebase
/operating_model/outputs/2026Q4:base/frequencyNonequarter
/operating_model/outputs/2026Q4:base/metrics/adj_ebitdaNonebase_q4_eb
/operating_model/outputs/2026Q4:base/metrics/capexNonebase_q4_capex
/operating_model/outputs/2026Q4:base/metrics/cash_after_capexNonebase_q4_fcf
/operating_model/outputs/2026Q4:base/metrics/cfoNonebase_q4_cash
/operating_model/outputs/2026Q4:base/metrics/revenueNonebase_q4_rev
/operating_model/outputs/2026Q4:base/periodNone2026Q4
/operating_model/outputs/2026Q4:base/period_endNone2026-09-30
/operating_model/outputs/2026Q4:base/values/adj_ebitdaNone-109.2
/operating_model/outputs/2026Q4:base/values/capexNone10.0
/operating_model/outputs/2026Q4:base/values/cash_after_capexNone90.0
/operating_model/outputs/2026Q4:base/values/cfoNone100.0
/operating_model/outputs/2026Q4:base/values/revenueNone810.027
/operating_model/outputs/2026Q4:downside/caseNonedownside
/operating_model/outputs/2026Q4:downside/frequencyNonequarter
/operating_model/outputs/2026Q4:downside/metrics/adj_ebitdaNonedownside_q4_eb
/operating_model/outputs/2026Q4:downside/metrics/capexNonedownside_q4_capex
/operating_model/outputs/2026Q4:downside/metrics/cash_after_capexNonedownside_q4_fcf
/operating_model/outputs/2026Q4:downside/metrics/cfoNonedownside_q4_cash
/operating_model/outputs/2026Q4:downside/metrics/revenueNonedownside_q4_rev
/operating_model/outputs/2026Q4:downside/periodNone2026Q4
/operating_model/outputs/2026Q4:downside/period_endNone2026-09-30
/operating_model/outputs/2026Q4:downside/values/adj_ebitdaNone-139.2
/operating_model/outputs/2026Q4:downside/values/capexNone12.0
/operating_model/outputs/2026Q4:downside/values/cash_after_capexNone-12.0
/operating_model/outputs/2026Q4:downside/values/cfoNone0.0
/operating_model/outputs/2026Q4:downside/values/revenueNone710.027
/operating_model/outputs/2026Q4:upside/caseNoneupside
/operating_model/outputs/2026Q4:upside/frequencyNonequarter
/operating_model/outputs/2026Q4:upside/metrics/adj_ebitdaNoneupside_q4_eb
/operating_model/outputs/2026Q4:upside/metrics/capexNoneupside_q4_capex
/operating_model/outputs/2026Q4:upside/metrics/cash_after_capexNoneupside_q4_fcf
/operating_model/outputs/2026Q4:upside/metrics/cfoNoneupside_q4_cash
/operating_model/outputs/2026Q4:upside/metrics/revenueNoneupside_q4_rev
/operating_model/outputs/2026Q4:upside/periodNone2026Q4
/operating_model/outputs/2026Q4:upside/period_endNone2026-09-30
/operating_model/outputs/2026Q4:upside/values/adj_ebitdaNone-79.2
/operating_model/outputs/2026Q4:upside/values/capexNone8.0
/operating_model/outputs/2026Q4:upside/values/cash_after_capexNone192.0
/operating_model/outputs/2026Q4:upside/values/cfoNone200.0
/operating_model/outputs/2026Q4:upside/values/revenueNone910.027
/operating_model/outputs/2027Q1:base/caseNonebase
/operating_model/outputs/2027Q1:base/frequencyNonequarter
/operating_model/outputs/2027Q1:base/metrics/adj_ebitdaNonebase_fy27q1_eb
/operating_model/outputs/2027Q1:base/metrics/capexNonebase_fy27q1_capex
/operating_model/outputs/2027Q1:base/metrics/cash_after_capexNonebase_fy27q1_fcf
/operating_model/outputs/2027Q1:base/metrics/cfoNonebase_fy27q1_cash
/operating_model/outputs/2027Q1:base/metrics/revenueNonebase_fy27q1_rev
/operating_model/outputs/2027Q1:base/periodNone2027Q1
/operating_model/outputs/2027Q1:base/period_endNone2026-12-31
/operating_model/outputs/2027Q1:base/values/adj_ebitdaNone0.0
/operating_model/outputs/2027Q1:base/values/capexNone6.0
/operating_model/outputs/2027Q1:base/values/cash_after_capexNone-6.0
/operating_model/outputs/2027Q1:base/values/cfoNone0.0
/operating_model/outputs/2027Q1:base/values/revenueNone600.0
/operating_model/outputs/2027Q1:downside/caseNonedownside
/operating_model/outputs/2027Q1:downside/frequencyNonequarter
/operating_model/outputs/2027Q1:downside/metrics/adj_ebitdaNonedownside_fy27q1_eb
/operating_model/outputs/2027Q1:downside/metrics/capexNonedownside_fy27q1_capex
/operating_model/outputs/2027Q1:downside/metrics/cash_after_capexNonedownside_fy27q1_fcf
/operating_model/outputs/2027Q1:downside/metrics/cfoNonedownside_fy27q1_cash
/operating_model/outputs/2027Q1:downside/metrics/revenueNonedownside_fy27q1_rev
/operating_model/outputs/2027Q1:downside/periodNone2027Q1
/operating_model/outputs/2027Q1:downside/period_endNone2026-12-31
/operating_model/outputs/2027Q1:downside/values/adj_ebitdaNone-27.6
/operating_model/outputs/2027Q1:downside/values/capexNone7.0
/operating_model/outputs/2027Q1:downside/values/cash_after_capexNone-40.6
/operating_model/outputs/2027Q1:downside/values/cfoNone-33.6
/operating_model/outputs/2027Q1:downside/values/revenueNone460.0
/operating_model/outputs/2027Q1:upside/caseNoneupside
/operating_model/outputs/2027Q1:upside/frequencyNonequarter
/operating_model/outputs/2027Q1:upside/metrics/adj_ebitdaNoneupside_fy27q1_eb
/operating_model/outputs/2027Q1:upside/metrics/capexNoneupside_fy27q1_capex
/operating_model/outputs/2027Q1:upside/metrics/cash_after_capexNoneupside_fy27q1_fcf
/operating_model/outputs/2027Q1:upside/metrics/cfoNoneupside_fy27q1_cash
/operating_model/outputs/2027Q1:upside/metrics/revenueNoneupside_fy27q1_rev
/operating_model/outputs/2027Q1:upside/periodNone2027Q1
/operating_model/outputs/2027Q1:upside/period_endNone2026-12-31
/operating_model/outputs/2027Q1:upside/values/adj_ebitdaNone28.0
/operating_model/outputs/2027Q1:upside/values/capexNone6.0
/operating_model/outputs/2027Q1:upside/values/cash_after_capexNone28.0
/operating_model/outputs/2027Q1:upside/values/cfoNone34.0
/operating_model/outputs/2027Q1:upside/values/revenueNone700.0
/operating_model/outputs/2027Q2:base/caseNonebase
/operating_model/outputs/2027Q2:base/frequencyNonequarter
/operating_model/outputs/2027Q2:base/metrics/adj_ebitdaNonebase_fy27q2_eb
/operating_model/outputs/2027Q2:base/metrics/capexNonebase_fy27q2_capex
/operating_model/outputs/2027Q2:base/metrics/cash_after_capexNonebase_fy27q2_fcf
/operating_model/outputs/2027Q2:base/metrics/cfoNonebase_fy27q2_cash
/operating_model/outputs/2027Q2:base/metrics/revenueNonebase_fy27q2_rev
/operating_model/outputs/2027Q2:base/periodNone2027Q2
/operating_model/outputs/2027Q2:base/period_endNone2027-03-31
/operating_model/outputs/2027Q2:base/values/adj_ebitdaNone0.0
/operating_model/outputs/2027Q2:base/values/capexNone6.9
/operating_model/outputs/2027Q2:base/values/cash_after_capexNone-6.9
/operating_model/outputs/2027Q2:base/values/cfoNone0.0
/operating_model/outputs/2027Q2:base/values/revenueNone690.0
/operating_model/outputs/2027Q2:downside/caseNonedownside
/operating_model/outputs/2027Q2:downside/frequencyNonequarter
/operating_model/outputs/2027Q2:downside/metrics/adj_ebitdaNonedownside_fy27q2_eb
/operating_model/outputs/2027Q2:downside/metrics/capexNonedownside_fy27q2_capex
/operating_model/outputs/2027Q2:downside/metrics/cash_after_capexNonedownside_fy27q2_fcf
/operating_model/outputs/2027Q2:downside/metrics/cfoNonedownside_fy27q2_cash
/operating_model/outputs/2027Q2:downside/metrics/revenueNonedownside_fy27q2_rev
/operating_model/outputs/2027Q2:downside/periodNone2027Q2
/operating_model/outputs/2027Q2:downside/period_endNone2027-03-31
/operating_model/outputs/2027Q2:downside/values/adj_ebitdaNone-31.740000000000002
/operating_model/outputs/2027Q2:downside/values/capexNone8.05
/operating_model/outputs/2027Q2:downside/values/cash_after_capexNone-46.690000000000005
/operating_model/outputs/2027Q2:downside/values/cfoNone-38.64
/operating_model/outputs/2027Q2:downside/values/revenueNone529.0
/operating_model/outputs/2027Q2:upside/caseNoneupside
/operating_model/outputs/2027Q2:upside/frequencyNonequarter
/operating_model/outputs/2027Q2:upside/metrics/adj_ebitdaNoneupside_fy27q2_eb
/operating_model/outputs/2027Q2:upside/metrics/capexNoneupside_fy27q2_capex
/operating_model/outputs/2027Q2:upside/metrics/cash_after_capexNoneupside_fy27q2_fcf
/operating_model/outputs/2027Q2:upside/metrics/cfoNoneupside_fy27q2_cash
/operating_model/outputs/2027Q2:upside/metrics/revenueNoneupside_fy27q2_rev
/operating_model/outputs/2027Q2:upside/periodNone2027Q2
/operating_model/outputs/2027Q2:upside/period_endNone2027-03-31
/operating_model/outputs/2027Q2:upside/values/adj_ebitdaNone32.2
/operating_model/outputs/2027Q2:upside/values/capexNone6.9
/operating_model/outputs/2027Q2:upside/values/cash_after_capexNone32.2
/operating_model/outputs/2027Q2:upside/values/cfoNone39.1
/operating_model/outputs/2027Q2:upside/values/revenueNone805.0
/operating_model/outputs/2027Q3:base/caseNonebase
/operating_model/outputs/2027Q3:base/frequencyNonequarter
/operating_model/outputs/2027Q3:base/metrics/adj_ebitdaNonebase_fy27q3_eb
/operating_model/outputs/2027Q3:base/metrics/capexNonebase_fy27q3_capex
/operating_model/outputs/2027Q3:base/metrics/cash_after_capexNonebase_fy27q3_fcf
/operating_model/outputs/2027Q3:base/metrics/cfoNonebase_fy27q3_cash
/operating_model/outputs/2027Q3:base/metrics/revenueNonebase_fy27q3_rev
/operating_model/outputs/2027Q3:base/periodNone2027Q3
/operating_model/outputs/2027Q3:base/period_endNone2027-06-30
/operating_model/outputs/2027Q3:base/values/adj_ebitdaNone0.0
/operating_model/outputs/2027Q3:base/values/capexNone7.5
/operating_model/outputs/2027Q3:base/values/cash_after_capexNone-7.5
/operating_model/outputs/2027Q3:base/values/cfoNone0.0
/operating_model/outputs/2027Q3:base/values/revenueNone750.0
/operating_model/outputs/2027Q3:downside/caseNonedownside
/operating_model/outputs/2027Q3:downside/frequencyNonequarter
/operating_model/outputs/2027Q3:downside/metrics/adj_ebitdaNonedownside_fy27q3_eb
/operating_model/outputs/2027Q3:downside/metrics/capexNonedownside_fy27q3_capex
/operating_model/outputs/2027Q3:downside/metrics/cash_after_capexNonedownside_fy27q3_fcf
/operating_model/outputs/2027Q3:downside/metrics/cfoNonedownside_fy27q3_cash
/operating_model/outputs/2027Q3:downside/metrics/revenueNonedownside_fy27q3_rev
/operating_model/outputs/2027Q3:downside/periodNone2027Q3
/operating_model/outputs/2027Q3:downside/period_endNone2027-06-30
/operating_model/outputs/2027Q3:downside/values/adj_ebitdaNone-34.5
/operating_model/outputs/2027Q3:downside/values/capexNone8.75
/operating_model/outputs/2027Q3:downside/values/cash_after_capexNone-50.75
/operating_model/outputs/2027Q3:downside/values/cfoNone-42.0
/operating_model/outputs/2027Q3:downside/values/revenueNone575.0
/operating_model/outputs/2027Q3:upside/caseNoneupside
/operating_model/outputs/2027Q3:upside/frequencyNonequarter
/operating_model/outputs/2027Q3:upside/metrics/adj_ebitdaNoneupside_fy27q3_eb
/operating_model/outputs/2027Q3:upside/metrics/capexNoneupside_fy27q3_capex
/operating_model/outputs/2027Q3:upside/metrics/cash_after_capexNoneupside_fy27q3_fcf
/operating_model/outputs/2027Q3:upside/metrics/cfoNoneupside_fy27q3_cash
/operating_model/outputs/2027Q3:upside/metrics/revenueNoneupside_fy27q3_rev
/operating_model/outputs/2027Q3:upside/periodNone2027Q3
/operating_model/outputs/2027Q3:upside/period_endNone2027-06-30
/operating_model/outputs/2027Q3:upside/values/adj_ebitdaNone35.0
/operating_model/outputs/2027Q3:upside/values/capexNone7.5
/operating_model/outputs/2027Q3:upside/values/cash_after_capexNone35.0
/operating_model/outputs/2027Q3:upside/values/cfoNone42.5
/operating_model/outputs/2027Q3:upside/values/revenueNone875.0
/operating_model/outputs/FY2026:base/caseNonebase
/operating_model/outputs/FY2026:base/frequencyNoneyear
/operating_model/outputs/FY2026:base/metrics/adj_ebitdaNonebase_fy26_eb
/operating_model/outputs/FY2026:base/metrics/capexNonebase_fy26_capex
/operating_model/outputs/FY2026:base/metrics/cash_after_capexNonebase_fy26_fcf
/operating_model/outputs/FY2026:base/metrics/cfoNonebase_fy26_cash
/operating_model/outputs/FY2026:base/metrics/revenueNonebase_fy26_rev
/operating_model/outputs/FY2026:base/periodNoneFY2026
/operating_model/outputs/FY2026:base/period_endNone2026-09-30
/operating_model/outputs/FY2026:base/values/adj_ebitdaNone-200.0
/operating_model/outputs/FY2026:base/values/capexNone31.334000000000003
/operating_model/outputs/FY2026:base/values/cash_after_capexNone-297.868
/operating_model/outputs/FY2026:base/values/cfoNone-266.534
/operating_model/outputs/FY2026:base/values/revenueNone2400.0
/operating_model/outputs/FY2026:downside/caseNonedownside
/operating_model/outputs/FY2026:downside/frequencyNoneyear
/operating_model/outputs/FY2026:downside/metrics/adj_ebitdaNonedownside_fy26_eb
/operating_model/outputs/FY2026:downside/metrics/capexNonedownside_fy26_capex
/operating_model/outputs/FY2026:downside/metrics/cash_after_capexNonedownside_fy26_fcf
/operating_model/outputs/FY2026:downside/metrics/cfoNonedownside_fy26_cash
/operating_model/outputs/FY2026:downside/metrics/revenueNonedownside_fy26_rev
/operating_model/outputs/FY2026:downside/periodNoneFY2026
/operating_model/outputs/FY2026:downside/period_endNone2026-09-30
/operating_model/outputs/FY2026:downside/values/adj_ebitdaNone-230.0
/operating_model/outputs/FY2026:downside/values/capexNone33.334
/operating_model/outputs/FY2026:downside/values/cash_after_capexNone-399.868
/operating_model/outputs/FY2026:downside/values/cfoNone-366.534
/operating_model/outputs/FY2026:downside/values/revenueNone2300.0
/operating_model/outputs/FY2026:upside/caseNoneupside
/operating_model/outputs/FY2026:upside/frequencyNoneyear
/operating_model/outputs/FY2026:upside/metrics/adj_ebitdaNoneupside_fy26_eb
/operating_model/outputs/FY2026:upside/metrics/capexNoneupside_fy26_capex
/operating_model/outputs/FY2026:upside/metrics/cash_after_capexNoneupside_fy26_fcf
/operating_model/outputs/FY2026:upside/metrics/cfoNoneupside_fy26_cash
/operating_model/outputs/FY2026:upside/metrics/revenueNoneupside_fy26_rev
/operating_model/outputs/FY2026:upside/periodNoneFY2026
/operating_model/outputs/FY2026:upside/period_endNone2026-09-30
/operating_model/outputs/FY2026:upside/values/adj_ebitdaNone-170.0
/operating_model/outputs/FY2026:upside/values/capexNone29.334000000000003
/operating_model/outputs/FY2026:upside/values/cash_after_capexNone-195.868
/operating_model/outputs/FY2026:upside/values/cfoNone-166.534
/operating_model/outputs/FY2026:upside/values/revenueNone2500.0
/operating_model/outputs/FY2027:base/caseNonebase
/operating_model/outputs/FY2027:base/frequencyNoneyear
/operating_model/outputs/FY2027:base/metrics/adj_ebitdaNonebase_fy27_eb
/operating_model/outputs/FY2027:base/metrics/capexNonebase_fy27_capex
/operating_model/outputs/FY2027:base/metrics/cash_after_capexNonebase_fy27_fcf
/operating_model/outputs/FY2027:base/metrics/cfoNonebase_fy27_cash
/operating_model/outputs/FY2027:base/metrics/revenueNonebase_fy27_rev
/operating_model/outputs/FY2027:base/periodNoneFY2027
/operating_model/outputs/FY2027:base/period_endNone2027-09-30
/operating_model/outputs/FY2027:base/values/adj_ebitdaNone0.0
/operating_model/outputs/FY2027:base/values/capexNone30.0
/operating_model/outputs/FY2027:base/values/cash_after_capexNone-30.0
/operating_model/outputs/FY2027:base/values/cfoNone0.0
/operating_model/outputs/FY2027:base/values/revenueNone3000.0
/operating_model/outputs/FY2027:downside/caseNonedownside
/operating_model/outputs/FY2027:downside/frequencyNoneyear
/operating_model/outputs/FY2027:downside/metrics/adj_ebitdaNonedownside_fy27_eb
/operating_model/outputs/FY2027:downside/metrics/capexNonedownside_fy27_capex
/operating_model/outputs/FY2027:downside/metrics/cash_after_capexNonedownside_fy27_fcf
/operating_model/outputs/FY2027:downside/metrics/cfoNonedownside_fy27_cash
/operating_model/outputs/FY2027:downside/metrics/revenueNonedownside_fy27_rev
/operating_model/outputs/FY2027:downside/periodNoneFY2027
/operating_model/outputs/FY2027:downside/period_endNone2027-09-30
/operating_model/outputs/FY2027:downside/values/adj_ebitdaNone-138.0
/operating_model/outputs/FY2027:downside/values/capexNone35.0
/operating_model/outputs/FY2027:downside/values/cash_after_capexNone-203.0
/operating_model/outputs/FY2027:downside/values/cfoNone-168.0
/operating_model/outputs/FY2027:downside/values/revenueNone2300.0
/operating_model/outputs/FY2027:upside/caseNoneupside
/operating_model/outputs/FY2027:upside/frequencyNoneyear
/operating_model/outputs/FY2027:upside/metrics/adj_ebitdaNoneupside_fy27_eb
/operating_model/outputs/FY2027:upside/metrics/capexNoneupside_fy27_capex
/operating_model/outputs/FY2027:upside/metrics/cash_after_capexNoneupside_fy27_fcf
/operating_model/outputs/FY2027:upside/metrics/cfoNoneupside_fy27_cash
/operating_model/outputs/FY2027:upside/metrics/revenueNoneupside_fy27_rev
/operating_model/outputs/FY2027:upside/periodNoneFY2027
/operating_model/outputs/FY2027:upside/period_endNone2027-09-30
/operating_model/outputs/FY2027:upside/values/adj_ebitdaNone140.0
/operating_model/outputs/FY2027:upside/values/capexNone30.0
/operating_model/outputs/FY2027:upside/values/cash_after_capexNone140.0
/operating_model/outputs/FY2027:upside/values/cfoNone170.0
/operating_model/outputs/FY2027:upside/values/revenueNone3500.0
/operating_model/reviewed_atNone2026-09-19
/operating_model/schema_versionNoneoperating_model.v1
/operating_model/titleNoneFluence: delivery and cash-conversion scenarios
/research/change_noteNoneFirst sourced company review and operating scenarios, replacing the corporate-history extract and incorporating September 16 guidance.
/research/checkpoints/0/date_statusNoneevent_driven
/research/checkpoints/0/eventNoneFY2026 results and FY2027 plan
/research/checkpoints/0/timingNoneWhen the issuer announces the reporting date
/research/checkpoints/0/watchNoneReconcile revenue and adjusted EBITDA to September guidance; inspect production milestones, working capital and funding.
/research/checkpoints/1/date_statusNoneevent_driven
/research/checkpoints/1/eventNoneExecution disclosures
/research/checkpoints/1/timingNoneEach material filing or operating update
/research/checkpoints/1/watchNoneTrack production versus plan, delayed-project delivery and operating cash. Date each model revision.
/research/countercaseNoneThe strongest competing explanation is that losses mainly reflect a difficult manufacturing transition. If corrective work stabilizes output and delayed projects retain their economics, demand could support recovery without a matching increase in fixed costs. The evidence needed is delivered and paid-for work. Order intake alone cannot settle that question.
/research/economicsNoneCells, inventory and supplier advances absorb funding ahead of shipment and acceptance; customer deposits can offset that need. Delays can postpone revenue while keeping costs and financing demands in place. Manufacturing scale is useful only when yield, logistics and project readiness support timely recognition. Related-party customers and suppliers also make ownership and counterparty structure relevant. September leadership changes put supply-chain execution at the center of the next review.
/research/limitations/0NoneFinancial actuals are June 30, 2026. September 16 guidance and management changes are incorporated; no September cash balance was reported in the reviewed sources.
/research/limitations/1NoneThe historical table has unresolved operating-income and long-term-debt mappings. Empty cells are unknown, not zero. Net income is attributable to the listed parent; the release also reports consolidated loss before noncontrolling interests.
/research/limitations/2NoneQ4 EPS and diluted shares are not filled by subtracting annual and nine-month per-share figures.
/research/limitations/3NoneThis initial model is not a reconciled three-statement workbook. FY2027 quarterly phasing is provisional.
/research/questionNoneCan Fluence deliver contracted projects without another large working-capital or margin shortfall?
/research/reviewed_atNone2026-09-19
/research/risks/0NoneManufacturing delays, rework or penalties can erode margin while orders remain intact.
/research/risks/1NoneCustomers can defer, modify or cancel projects; backlog is not cash.
/research/risks/2NoneBattery supply concentration, tariffs and procurement commitments constrain flexibility.
/research/risks/3NoneRestricted cash and letters of credit make headline liquidity different from spendable cash.
/research/titleNoneA backlog is only valuable when it converts
/sources/0/retrievedNone2026-09-19
/sources/0/titleNoneFluence September 16 revised FY2026 guidance
/sources/0/urlNonehttps://www.sec.gov/Archives/edgar/data/1868941/000110465926108270/tm2625477d1_ex99-1.htm
/sources/1/retrievedNone2026-09-19
/sources/1/titleNoneFluence FY2026 Q3 earnings and financial statements
/sources/1/urlNonehttps://www.sec.gov/Archives/edgar/data/1868941/000186894126000028/flncq3fy26earningspressrel.htm
/sources/2/retrievedNone2026-09-19
/sources/2/titleNoneFluence June 2026 Form 10-Q
/sources/2/urlNonehttps://www.sec.gov/Archives/edgar/data/1868941/000186894126000029/flnc-20260630.htm
/sources/3/retrievedNone2026-09-19
/sources/3/titleNoneFluence September 16 Form 8-K: operating leadership and guidance
/sources/3/urlNonehttps://www.sec.gov/Archives/edgar/data/1868941/000110465926108270/tm2625477d1_8k.htm
/thesis/scenario_rangesNoneThe operating scenarios above vary named business assumptions. They are not price targets, probabilities, or the short-horizon historical memory bands.
/thesis/viewOur central question is execution, not whether storage demand exists. September guidance shows that a large backlog can coexist with losses and funding pressure. The next credible improvement is a repeatable chain from manufacturing output to delivered projects, collections and cash. We treat management’s FY2027 cash-neutral-to-positive objective as something to test. Leadership changes make operating accountability more visible, but do not themselves demonstrate recovered production or economics.
/thesis/what_changes_itMeasured U.S. production versus plan, customer acceptance and cash receipts would strengthen the execution case. Another delivery reset, inventory growth without collections, or a financing requirement would weaken it. Rebuild the model when the company supplies its FY2027 plan.