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PaymentsToAcquirePropertyPlantAndEquipment","accession":"0001193125-26-380428","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002063196.json","retrieved_at":"2026-09-19T23:01:54+00:00","reviewed_through":null}},"cash":{"value":220854000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-09-02","concept":"CashAndCashEquivalentsAtCarryingValue","accession":"0001193125-26-380428","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002063196.json","retrieved_at":"2026-09-19T23:01:54+00:00","reviewed_through":null}},"capex":{"value":13003000.0,"provenance":{"form":"10-Q","class":"derived","filed":"2026-09-02","concept":"PaymentsToAcquirePropertyPlantAndEquipment","accession":"0001193125-26-380428","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002063196.json","retrieved_at":"2026-09-19T23:01:54+00:00","reviewed_through":null}},"revenue":{"value":220541000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-09-02","concept":"Revenues","accession":"0001193125-26-380428","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002063196.json","retrieved_at":"2026-09-19T23:01:54+00:00","reviewed_through":null}},"net_income":{"value":-110817000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-09-02","concept":"NetIncomeLoss","accession":"0001193125-26-380428","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002063196.json","retrieved_at":"2026-09-19T23:01:54+00:00","reviewed_through":null}},"period_end":"2026-07-31","eps_diluted":{"value":-0.27,"provenance":{"form":"10-Q","class":"reported","filed":"2026-09-02","concept":"EarningsPerShareDiluted","accession":"0001193125-26-380428","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002063196.json","retrieved_at":"2026-09-19T23:01:54+00:00","reviewed_through":null}},"fiscal_label":"2027Q2","gross_profit":{"value":163018000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-09-02","concept":"GrossProfit","accession":"0001193125-26-380428","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002063196.json","retrieved_at":"2026-09-19T23:01:54+00:00","reviewed_through":null}},"debt_long_term":null,"shares_diluted":{"value":405045835.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-09-02","concept":"WeightedAverageNumberOfDilutedSharesOutstanding","accession":"0001193125-26-380428","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002063196.json","retrieved_at":"2026-09-19T23:01:54+00:00","reviewed_through":null}},"operating_income":{"value":-89799000.0,"provenance":{"form":"10-Q","class":"reported","filed":"2026-09-02","concept":"OperatingIncomeLoss","accession":"0001193125-26-380428","source_url":"https://data.sec.gov/api/xbrl/companyfacts/CIK0002063196.json","retrieved_at":"2026-09-19T23:01:54+00:00","reviewed_through":null}}}],"retrieved_at":"2026-09-19T23:01:54+00:00"},"notes":[],"memory":{"as_of":"2026-09-18","bands":{"1d":{"p10":-6.031,"p50":-0.387,"p90":9.061,"p_up":0.467},"5d":{"p10":-12.268,"p50":0.003,"p90":12.542,"p_up":0.5},"10d":{"p10":-17.316,"p50":-0.44,"p90":23.651,"p_up":0.473}},"state":"up/above/off/clear/effort/mid/some","reason":null,"coverage":"ok","analogs_n":300,"disclaimer":"Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side."},"schema":"company_file.v1","thesis":{"view":"ARR and revenue growth remain strong, but the cash test is demanding: the full-year FCF outlook requires a sharp H2 recovery after negative H1. The model exposes that collection requirement and the difference between regular note coupons, principal and minimum-return terms.","scenario_ranges":"Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.","what_changes_it":"Compare ARR growth with recognized sales and deferred collections, then require the H2 cash recovery to appear after commission payments, network investment and award withholding."},"no_side":true,"sources":[{"url":"https://www.sec.gov/Archives/edgar/data/2063196/000119312526380428/ntsk-20260731.htm","title":"September 2 filing: calendar, commissions, note economics and restructuring","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/2063196/000119312526380188/ntsk-ex99_1.htm","title":"Q2 results and Q3/FY2027 margin and cash guidance","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/2063196/000119312526255439/ck0002063196-20260603.htm","title":"June announced CFO retirement on successor appointment","retrieved":"2026-09-19"}],"business":{"drivers":["Retained-customer expansion and new subscription adoption","Recognized revenue, network margins and commission cash","Deferred collections, equity taxes and convertible economics"],"description":"Netskope sells cloud subscriptions for enterprise security, networking and data protection. Subscription contracts account for about 99% of revenue. Customer expansion and new adoption build annualized recurring contracts, while recognition timing, network infrastructure and sales commissions shape reported revenue and cash. Convertible notes create claims beyond the regular coupon."},"earnings":{"source":"estimated from 10-Q filed 2026-09-02 plus 90 days","next_report_date":"2026-12-01"},"identity":{"cik":2063196,"sic":"7372","name":"Netskope Inc","symbol":"NTSK","cluster":"Software & internet","exchange":"Nasdaq"},"research":{"risks":["Competition and enterprise security budgets affect retention and new contracts.","ARR assumes renewals and differs from recognized revenue.","The full-year cash target depends on substantial H2 collection recovery.","Network equipment and upfront commissions consume cash.","Convertible repurchase/conversion terms differ from face and fair value.","CFO succession remains a transition item after the June retirement announcement."],"title":"Subscription growth with the cash recovery made explicit","question":"Can Netskope convert subscription growth into the cash recovery implied by its full-year outlook?","economics":"July ARR was approximately $899M and trailing NRR 114%; these are not quarterly revenue. FY2027 H1 revenue was $422.1M, non-GAAP operating loss $48.5M and GAAP operating loss $198.5M. CFO was negative $70.5M and company FCF negative $87.0M after PP&E/software. Award withholding $28.4M and purchased intangibles $2.3M are additional uses. Annual revenue midpoint $890M and FCF-margin outlook about 2% imply $17.8M annual FCF, requiring $104.8M in H2. The base makes that collection recovery an editable assumption. Cash/securities of $1.067B compare with note face $476M and fair-value carrying debt $698.1M. The 2028/2029 notes pay regular coupons of 3.75%/3% in cash or PIK, with separate minimum-return optional repurchase terms of 14%/13.5% compounded quarterly. A $38.8M H1 fair-value loss is not operating cash. June restructuring was substantially completed; the remaining $1.143M liability is a cash payment without a second expense.","change_note":"Completed ARR-to-revenue and commission/collection scenarios with explicit H2 cash requirement and note economics.","checkpoints":[{"event":"Q3 subscriptions and recognition","watch":"Compare ARR growth, recognized revenue $227M-$229M and deferred collections.","timing":"Quarter ending October 31, 2026","date_status":"estimated"},{"event":"H2 cash recovery","watch":"Reconcile actual CFO/capex with the approximately 2% FCF-margin outlook.","timing":"FY2027 year-end January 31, 2027","date_status":"estimated"},{"event":"Convertible claims and leadership","watch":"Track cash versus PIK coupons, minimum-return provisions and the appointed successor.","timing":"Each filing and CFO transition update","date_status":"estimated"}],"countercase":"Strong annualized subscriptions may coexist with weak billings, rising receivables and heavy commission/network investment. A regular coupon understates the potential economic claim from minimum-return repurchase provisions, and positive company FCF can still precede equity-award cash uses.","limitations":["Fiscal year ends January 31; July 2026 is FY2027 Q2. Eight fiscal labels are corrected from filing dates/calendar without replacing historical amounts.","ARR $899M is annualized active subscriptions, not revenue, cash, firm contracted backlog or a balance to sum across quarters. Quarterly retained-cohort factors are desk assumptions; trailing NRR 114% is not a quarterly rate.","Base H2 cash collection assumptions are the residual needed to reach full-year FCF guidance. They expose a substantial recovery requirement after H1; guidance does not guarantee collections or neutralize receivable/deferred-revenue risk.","Company non-GAAP operating income retains ordinary depreciation and commission amortization. CFO adds those once while deducting new commission cash; acquired amortization and SBC already excluded from adjusted earnings are not added again.","Convertible face $476M, fair-value carrying balance $698.116M and contractual repurchase economics are distinct. Regular coupons of 3.75%/3% do not capture 14%/13.5% compounded minimum-return repurchase terms. Fair-value/credit marks are not operating cash.","Forecast assumes coupons paid in cash, no optional note redemption and no new principal before January 2028. PIK election, conversion, fundamental change or later repurchase can change cash/ownership. No EPS or price target.","Cash after claims includes equity-award withholding and purchased intangibles, but excludes acquisitions, share repurchases, note refinancing and option/ESPP proceeds. It is not a complete liquidity roll-forward."],"reviewed_at":"2026-09-19"},"estimates":{"rows":[{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Recognized revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q3","revenue":228000000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Recognized revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q4","revenue":239867000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Recognized revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2028Q1","revenue":264771404.76000005},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Recognized revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2028Q2","revenue":287474546.9028001}],"basis":"Desk base scenario from the operating model; not consensus. Revenue basis: Recognized revenue ($M).","consensus":null,"revisions":[]},"scorecard":{"inside_5d":null,"notes_scored":0,"band_coverage_5d":null},"disclosure":"All positions in the Research Model Portfolio are simulated. No real money is invested in this model. Our research is free and is not tailored to any reader's financial circumstances.","operating_model":{"cells":[{"id":"h1_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"FY2027 H1 revenue","value":422.133,"period":"H1 FY2027","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2063196/000119312526380428/ntsk-20260731.htm","source_date":"2026-09-02"},{"id":"h1_gross_profit","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"FY2027 H1 gross profit","value":311.273,"period":"H1 FY2027","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2063196/000119312526380428/ntsk-20260731.htm","source_date":"2026-09-02"},{"id":"h1_operating_income","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to 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FY2027","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2063196/000119312526380428/ntsk-20260731.htm","source_date":"2026-09-02"},{"id":"h1_ppe","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"FY2027 H1 ppe","value":15.162,"period":"H1 FY2027","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2063196/000119312526380428/ntsk-20260731.htm","source_date":"2026-09-02"},{"id":"h1_software","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"FY2027 H1 software","value":1.349,"period":"H1 FY2027","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2063196/000119312526380428/ntsk-20260731.htm","source_date":"2026-09-02"},{"id":"h1_award_withholding","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted 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Eight fiscal labels are corrected from filing dates/calendar without replacing historical amounts.","ARR $899M is annualized active subscriptions, not revenue, cash, firm contracted backlog or a balance to sum across quarters. Quarterly retained-cohort factors are desk assumptions; trailing NRR 114% is not a quarterly rate.","Base H2 cash collection assumptions are the residual needed to reach full-year FCF guidance. They expose a substantial recovery requirement after H1; guidance does not guarantee collections or neutralize receivable/deferred-revenue risk.","Company non-GAAP operating income retains ordinary depreciation and commission amortization. CFO adds those once while deducting new commission cash; acquired amortization and SBC already excluded from adjusted earnings are not added again.","Convertible face $476M, fair-value carrying balance $698.116M and contractual repurchase economics are distinct. Regular coupons of 3.75%/3% do not capture 14%/13.5% compounded minimum-return repurchase terms. Fair-value/credit marks are not operating cash.","Forecast assumes coupons paid in cash, no optional note redemption and no new principal before January 2028. PIK election, conversion, fundamental change or later repurchase can change cash/ownership. No EPS or price target.","Cash after claims includes equity-award withholding and purchased intangibles, but excludes acquisitions, share repurchases, note refinancing and option/ESPP proceeds. It is not a complete liquidity roll-forward."],"reviewed_at":"2026-09-19","schema_version":"operating_model.v1"}}