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What changed: r4 to r5

Completed revenue/cost/cash scenarios with September SPECS terms, non-duplicated restructuring and separate repurchase/principal cash.

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/descriptionSnap Inc. is a technology company. We believe the camera presents the greatest opportunity to improve the way people live and communicate. We contribute to human progress by empowering people to express themselves, live in the moment, learn about the world, and have fun together. Our flagship product, Snapchat, is a visual messaging application that enhances your relationships with friends, family, and the world. Visual messaging is a fast, fun way to communicate with friends and family using augmented reality, video, voice, messaging, and creative tools. Snaps are deleted by default to mimic real-life conversations, so there is less pressure to look popular or perfect when creating and sending images on Snapchat. By reducing the friction typically associated with creating and sharing content, Snapchat has become one of the most used cameras in the world. The camera is a powerful tool for communication and the entry point for augmented reality.Snap earns advertising revenue on Snapchat and other revenue from paid products and services. Specs Inc. remains a wholly owned subsidiary developing augmented reality glasses and related computing services. Advertising yield, subscription adoption and infrastructure spending determine operating economics; equity compensation and repurchases determine how much cash remains for shareholders.
/business/drivers/0Our flagship product, Snapchat, is a visual messaging application that enhances your relationships with friends, family, and the world.Advertising demand and other-product monetization
/business/drivers/1In the way that the flashing cursor became the starting point for most products on desktop computers, we believe the camera screen will be the starting point.Infrastructure, partner costs and consolidated Specs investment
/business/drivers/2Given the magnitude of this opportunity, we are investing and innovating to continue to deliver products and services that are differentiated and that are.Equity compensation, buybacks and debt service
/estimates/basisnot yet estimatedDesk base scenario from the operating model; not consensus. Revenue basis: Consolidated revenue ($M).
/estimates/rows/2026Q3/as_ofNone2026-09-19
/estimates/rows/2026Q3/basisNoneDesk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
/estimates/rows/2026Q3/classNoneestimate
/estimates/rows/2026Q3/periodNone2026Q3
/estimates/rows/2026Q3/revenueNone1720000000.0
/estimates/rows/2026Q4/as_ofNone2026-09-19
/estimates/rows/2026Q4/basisNoneDesk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
/estimates/rows/2026Q4/classNoneestimate
/estimates/rows/2026Q4/periodNone2026Q4
/estimates/rows/2026Q4/revenueNone2050000000.0
/estimates/rows/2027Q1/as_ofNone2026-09-19
/estimates/rows/2027Q1/basisNoneDesk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
/estimates/rows/2027Q1/classNoneestimate
/estimates/rows/2027Q1/periodNone2027Q1
/estimates/rows/2027Q1/revenueNone1760000000.0
/estimates/rows/2027Q2/as_ofNone2026-09-19
/estimates/rows/2027Q2/basisNoneDesk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
/estimates/rows/2027Q2/classNoneestimate
/estimates/rows/2027Q2/periodNone2027Q2
/estimates/rows/2027Q2/revenueNone1960000000.0
/meta/business_authoredFalseTrue
/meta/extract_accession0001564408-26-000013None
/meta/extract_filed2026-02-05None
/meta/extract_form10-KNone
/meta/extract_sourcefilingauthored
/meta/extract_urlhttps://www.sec.gov/Archives/edgar/data/1564408/000156440826000013/snap-20251231.htmNone
/meta/research_reviewed_atNone2026-09-19
/meta/research_stageNoneoperating_scenarios
/meta/revision45
/meta/skeletonTrueFalse
/operating_model/cells/base_2026q3_ad_revenue:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2026q3_ad_revenue:base/caseNonebase
/operating_model/cells/base_2026q3_ad_revenue:base/idNonebase_2026q3_ad_revenue
/operating_model/cells/base_2026q3_ad_revenue:base/kindNoneassumption
/operating_model/cells/base_2026q3_ad_revenue:base/labelNoneAdvertising revenue
/operating_model/cells/base_2026q3_ad_revenue:base/periodNone2026Q3
/operating_model/cells/base_2026q3_ad_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_ad_revenue:base/valueNone1380.0
/operating_model/cells/base_2026q3_adj_cogs:base/basisNoneNo second hardware cost assumption added outside this consolidated cost scenario.
/operating_model/cells/base_2026q3_adj_cogs:base/caseNonebase
/operating_model/cells/base_2026q3_adj_cogs:base/formula/opNonesum
/operating_model/cells/base_2026q3_adj_cogs:base/formula/refs/0Nonebase_2026q3_infrastructure
/operating_model/cells/base_2026q3_adj_cogs:base/formula/refs/1Nonebase_2026q3_other_cogs
/operating_model/cells/base_2026q3_adj_cogs:base/idNonebase_2026q3_adj_cogs
/operating_model/cells/base_2026q3_adj_cogs:base/kindNonederived
/operating_model/cells/base_2026q3_adj_cogs:base/labelNoneAdjusted cost of revenue
/operating_model/cells/base_2026q3_adj_cogs:base/periodNone2026Q3
/operating_model/cells/base_2026q3_adj_cogs:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_adj_cogs:base/valueNone718.951
/operating_model/cells/base_2026q3_adj_ebitda:base/basisNoneSpecs is consolidated and already in the expense budget.
/operating_model/cells/base_2026q3_adj_ebitda:base/caseNonebase
/operating_model/cells/base_2026q3_adj_ebitda:base/formula/opNonesubtract
/operating_model/cells/base_2026q3_adj_ebitda:base/formula/refs/0Nonebase_2026q3_adj_gross_profit
/operating_model/cells/base_2026q3_adj_ebitda:base/formula/refs/1Nonebase_2026q3_cash_opex
/operating_model/cells/base_2026q3_adj_ebitda:base/idNonebase_2026q3_adj_ebitda
/operating_model/cells/base_2026q3_adj_ebitda:base/kindNonederived
/operating_model/cells/base_2026q3_adj_ebitda:base/labelNoneAdjusted EBITDA proxy
/operating_model/cells/base_2026q3_adj_ebitda:base/periodNone2026Q3
/operating_model/cells/base_2026q3_adj_ebitda:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_adj_ebitda:base/valueNone325.0
/operating_model/cells/base_2026q3_adj_gross_profit:base/basisNoneBefore allocated equity compensation and depreciation.
/operating_model/cells/base_2026q3_adj_gross_profit:base/caseNonebase
/operating_model/cells/base_2026q3_adj_gross_profit:base/formula/opNonesubtract
/operating_model/cells/base_2026q3_adj_gross_profit:base/formula/refs/0Nonebase_2026q3_revenue
/operating_model/cells/base_2026q3_adj_gross_profit:base/formula/refs/1Nonebase_2026q3_adj_cogs
/operating_model/cells/base_2026q3_adj_gross_profit:base/idNonebase_2026q3_adj_gross_profit
/operating_model/cells/base_2026q3_adj_gross_profit:base/kindNonederived
/operating_model/cells/base_2026q3_adj_gross_profit:base/labelNoneAdjusted gross profit
/operating_model/cells/base_2026q3_adj_gross_profit:base/periodNone2026Q3
/operating_model/cells/base_2026q3_adj_gross_profit:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_adj_gross_profit:base/valueNone1001.049
/operating_model/cells/base_2026q3_buybacks:base/basisNoneDesk capital-allocation assumption; no guarantee shares outstanding decline and no commitment to a 2027 program.
/operating_model/cells/base_2026q3_buybacks:base/caseNonebase
/operating_model/cells/base_2026q3_buybacks:base/idNonebase_2026q3_buybacks
/operating_model/cells/base_2026q3_buybacks:base/kindNoneassumption
/operating_model/cells/base_2026q3_buybacks:base/labelNoneShare repurchases including tax
/operating_model/cells/base_2026q3_buybacks:base/periodNone2026Q3
/operating_model/cells/base_2026q3_buybacks:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_buybacks:base/valueNone200.0
/operating_model/cells/base_2026q3_capex:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2026q3_capex:base/caseNonebase
/operating_model/cells/base_2026q3_capex:base/idNonebase_2026q3_capex
/operating_model/cells/base_2026q3_capex:base/kindNoneassumption
/operating_model/cells/base_2026q3_capex:base/labelNoneCash PP&E
/operating_model/cells/base_2026q3_capex:base/periodNone2026Q3
/operating_model/cells/base_2026q3_capex:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_capex:base/valueNone55.0
/operating_model/cells/base_2026q3_capital_uses:base/basisNoneFinancing uses, not operating expenses.
/operating_model/cells/base_2026q3_capital_uses:base/caseNonebase
/operating_model/cells/base_2026q3_capital_uses:base/formula/opNonesum
/operating_model/cells/base_2026q3_capital_uses:base/formula/refs/0Nonebase_2026q3_buybacks
/operating_model/cells/base_2026q3_capital_uses:base/formula/refs/1Nonebase_2026q3_debt_principal
/operating_model/cells/base_2026q3_capital_uses:base/idNonebase_2026q3_capital_uses
/operating_model/cells/base_2026q3_capital_uses:base/kindNonederived
/operating_model/cells/base_2026q3_capital_uses:base/labelNoneRepurchases and principal
/operating_model/cells/base_2026q3_capital_uses:base/periodNone2026Q3
/operating_model/cells/base_2026q3_capital_uses:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_capital_uses:base/valueNone247.013
/operating_model/cells/base_2026q3_cash_after_claims:base/basisNoneBefore acquisitions and strategic investments.
/operating_model/cells/base_2026q3_cash_after_claims:base/caseNonebase
/operating_model/cells/base_2026q3_cash_after_claims:base/formula/opNonesubtract
/operating_model/cells/base_2026q3_cash_after_claims:base/formula/refs/0Nonebase_2026q3_fcf
/operating_model/cells/base_2026q3_cash_after_claims:base/formula/refs/1Nonebase_2026q3_capital_uses
/operating_model/cells/base_2026q3_cash_after_claims:base/idNonebase_2026q3_cash_after_claims
/operating_model/cells/base_2026q3_cash_after_claims:base/kindNonederived
/operating_model/cells/base_2026q3_cash_after_claims:base/labelNoneCash after repurchases and note principal
/operating_model/cells/base_2026q3_cash_after_claims:base/periodNone2026Q3
/operating_model/cells/base_2026q3_cash_after_claims:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_cash_after_claims:base/valueNone-56.013000000000005
/operating_model/cells/base_2026q3_cash_opex:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2026q3_cash_opex:base/caseNonebase
/operating_model/cells/base_2026q3_cash_opex:base/idNonebase_2026q3_cash_opex
/operating_model/cells/base_2026q3_cash_opex:base/kindNoneassumption
/operating_model/cells/base_2026q3_cash_opex:base/labelNoneAdjusted operating expense including Specs
/operating_model/cells/base_2026q3_cash_opex:base/periodNone2026Q3
/operating_model/cells/base_2026q3_cash_opex:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_cash_opex:base/valueNone676.049
/operating_model/cells/base_2026q3_cash_tax:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2026q3_cash_tax:base/caseNonebase
/operating_model/cells/base_2026q3_cash_tax:base/idNonebase_2026q3_cash_tax
/operating_model/cells/base_2026q3_cash_tax:base/kindNoneassumption
/operating_model/cells/base_2026q3_cash_tax:base/labelNoneCash income tax
/operating_model/cells/base_2026q3_cash_tax:base/periodNone2026Q3
/operating_model/cells/base_2026q3_cash_tax:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_cash_tax:base/valueNone15.0
/operating_model/cells/base_2026q3_cash_uses:base/basisNoneEquity-award payroll tax consumes cash although excluded from adjusted EBITDA.
/operating_model/cells/base_2026q3_cash_uses:base/caseNonebase
/operating_model/cells/base_2026q3_cash_uses:base/formula/opNonesum
/operating_model/cells/base_2026q3_cash_uses:base/formula/refs/0Nonebase_2026q3_sbc_payroll
/operating_model/cells/base_2026q3_cash_uses:base/formula/refs/1Nonebase_2026q3_net_cash_interest
/operating_model/cells/base_2026q3_cash_uses:base/formula/refs/2Nonebase_2026q3_cash_tax
/operating_model/cells/base_2026q3_cash_uses:base/formula/refs/3Nonebase_2026q3_wc_use
/operating_model/cells/base_2026q3_cash_uses:base/idNonebase_2026q3_cash_uses
/operating_model/cells/base_2026q3_cash_uses:base/kindNonederived
/operating_model/cells/base_2026q3_cash_uses:base/labelNoneCash operating adjustments
/operating_model/cells/base_2026q3_cash_uses:base/periodNone2026Q3
/operating_model/cells/base_2026q3_cash_uses:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_cash_uses:base/valueNone79.0
/operating_model/cells/base_2026q3_cfo:base/basisNoneWorking-capital timing is separate from accounting earnings.
/operating_model/cells/base_2026q3_cfo:base/caseNonebase
/operating_model/cells/base_2026q3_cfo:base/formula/opNonesubtract
/operating_model/cells/base_2026q3_cfo:base/formula/refs/0Nonebase_2026q3_adj_ebitda
/operating_model/cells/base_2026q3_cfo:base/formula/refs/1Nonebase_2026q3_cash_uses
/operating_model/cells/base_2026q3_cfo:base/idNonebase_2026q3_cfo
/operating_model/cells/base_2026q3_cfo:base/kindNonederived
/operating_model/cells/base_2026q3_cfo:base/labelNoneOperating cash flow proxy
/operating_model/cells/base_2026q3_cfo:base/periodNone2026Q3
/operating_model/cells/base_2026q3_cfo:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_cfo:base/valueNone246.0
/operating_model/cells/base_2026q3_cogs_adjustments:base/basisNoneThese are allocations of total expense included in the operating-income bridge.
/operating_model/cells/base_2026q3_cogs_adjustments:base/caseNonebase
/operating_model/cells/base_2026q3_cogs_adjustments:base/formula/opNonesum
/operating_model/cells/base_2026q3_cogs_adjustments:base/formula/refs/0Nonebase_2026q3_cogs_sbc
/operating_model/cells/base_2026q3_cogs_adjustments:base/formula/refs/1Nonebase_2026q3_cogs_da
/operating_model/cells/base_2026q3_cogs_adjustments:base/idNonebase_2026q3_cogs_adjustments
/operating_model/cells/base_2026q3_cogs_adjustments:base/kindNonederived
/operating_model/cells/base_2026q3_cogs_adjustments:base/labelNoneCOGS noncash and payroll adjustments
/operating_model/cells/base_2026q3_cogs_adjustments:base/periodNone2026Q3
/operating_model/cells/base_2026q3_cogs_adjustments:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_cogs_adjustments:base/valueNone14.0
/operating_model/cells/base_2026q3_cogs_da:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2026q3_cogs_da:base/caseNonebase
/operating_model/cells/base_2026q3_cogs_da:base/idNonebase_2026q3_cogs_da
/operating_model/cells/base_2026q3_cogs_da:base/kindNoneassumption
/operating_model/cells/base_2026q3_cogs_da:base/labelNoneCOGS D&A
/operating_model/cells/base_2026q3_cogs_da:base/periodNone2026Q3
/operating_model/cells/base_2026q3_cogs_da:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_cogs_da:base/valueNone3.0
/operating_model/cells/base_2026q3_cogs_sbc:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2026q3_cogs_sbc:base/caseNonebase
/operating_model/cells/base_2026q3_cogs_sbc:base/idNonebase_2026q3_cogs_sbc
/operating_model/cells/base_2026q3_cogs_sbc:base/kindNoneassumption
/operating_model/cells/base_2026q3_cogs_sbc:base/labelNoneCOGS SBC and related payroll
/operating_model/cells/base_2026q3_cogs_sbc:base/periodNone2026Q3
/operating_model/cells/base_2026q3_cogs_sbc:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_cogs_sbc:base/valueNone11.0
/operating_model/cells/base_2026q3_da:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2026q3_da:base/caseNonebase
/operating_model/cells/base_2026q3_da:base/idNonebase_2026q3_da
/operating_model/cells/base_2026q3_da:base/kindNoneassumption
/operating_model/cells/base_2026q3_da:base/labelNoneTotal D&A
/operating_model/cells/base_2026q3_da:base/periodNone2026Q3
/operating_model/cells/base_2026q3_da:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_da:base/valueNone48.0
/operating_model/cells/base_2026q3_debt_principal:base/basisNoneOther debt maturities fall beyond FY2027.
/operating_model/cells/base_2026q3_debt_principal:base/caseNonebase
/operating_model/cells/base_2026q3_debt_principal:base/formula/opNonesum
/operating_model/cells/base_2026q3_debt_principal:base/formula/refs/0Nonebase_2026q3_repay_2026
/operating_model/cells/base_2026q3_debt_principal:base/formula/refs/1Nonebase_2026q3_repay_2027
/operating_model/cells/base_2026q3_debt_principal:base/idNonebase_2026q3_debt_principal
/operating_model/cells/base_2026q3_debt_principal:base/kindNonederived
/operating_model/cells/base_2026q3_debt_principal:base/labelNoneScheduled note principal
/operating_model/cells/base_2026q3_debt_principal:base/periodNone2026Q3
/operating_model/cells/base_2026q3_debt_principal:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_debt_principal:base/valueNone47.013
/operating_model/cells/base_2026q3_fcf:base/basisNoneBefore discretionary repurchases.
/operating_model/cells/base_2026q3_fcf:base/caseNonebase
/operating_model/cells/base_2026q3_fcf:base/formula/opNonesubtract
/operating_model/cells/base_2026q3_fcf:base/formula/refs/0Nonebase_2026q3_cfo
/operating_model/cells/base_2026q3_fcf:base/formula/refs/1Nonebase_2026q3_capex
/operating_model/cells/base_2026q3_fcf:base/idNonebase_2026q3_fcf
/operating_model/cells/base_2026q3_fcf:base/kindNonederived
/operating_model/cells/base_2026q3_fcf:base/labelNoneCFO less PP&E
/operating_model/cells/base_2026q3_fcf:base/periodNone2026Q3
/operating_model/cells/base_2026q3_fcf:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_fcf:base/valueNone191.0
/operating_model/cells/base_2026q3_gaap_adjustments:base/basisNoneNo double deduction of restructuring SBC or asset depreciation.
/operating_model/cells/base_2026q3_gaap_adjustments:base/caseNonebase
/operating_model/cells/base_2026q3_gaap_adjustments:base/formula/opNonesum
/operating_model/cells/base_2026q3_gaap_adjustments:base/formula/refs/0Nonebase_2026q3_sbc
/operating_model/cells/base_2026q3_gaap_adjustments:base/formula/refs/1Nonebase_2026q3_sbc_payroll
/operating_model/cells/base_2026q3_gaap_adjustments:base/formula/refs/2Nonebase_2026q3_da
/operating_model/cells/base_2026q3_gaap_adjustments:base/formula/refs/3Nonebase_2026q3_incremental_restructuring
/operating_model/cells/base_2026q3_gaap_adjustments:base/idNonebase_2026q3_gaap_adjustments
/operating_model/cells/base_2026q3_gaap_adjustments:base/kindNonederived
/operating_model/cells/base_2026q3_gaap_adjustments:base/labelNoneSBC payroll D&A and restructuring
/operating_model/cells/base_2026q3_gaap_adjustments:base/periodNone2026Q3
/operating_model/cells/base_2026q3_gaap_adjustments:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_gaap_adjustments:base/valueNone327.3855
/operating_model/cells/base_2026q3_gross_profit:base/basisNoneNo new COGS restructuring charge assumed.
/operating_model/cells/base_2026q3_gross_profit:base/caseNonebase
/operating_model/cells/base_2026q3_gross_profit:base/formula/opNonesubtract
/operating_model/cells/base_2026q3_gross_profit:base/formula/refs/0Nonebase_2026q3_adj_gross_profit
/operating_model/cells/base_2026q3_gross_profit:base/formula/refs/1Nonebase_2026q3_cogs_adjustments
/operating_model/cells/base_2026q3_gross_profit:base/idNonebase_2026q3_gross_profit
/operating_model/cells/base_2026q3_gross_profit:base/kindNonederived
/operating_model/cells/base_2026q3_gross_profit:base/labelNoneGAAP gross profit proxy
/operating_model/cells/base_2026q3_gross_profit:base/periodNone2026Q3
/operating_model/cells/base_2026q3_gross_profit:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_gross_profit:base/valueNone987.049
/operating_model/cells/base_2026q3_incremental_restructuring:base/basisNoneRemaining April-plan charges/liabilities were immaterial at June 30; no repeat of full H1 charge.
/operating_model/cells/base_2026q3_incremental_restructuring:base/caseNonebase
/operating_model/cells/base_2026q3_incremental_restructuring:base/idNonebase_2026q3_incremental_restructuring
/operating_model/cells/base_2026q3_incremental_restructuring:base/kindNoneassumption
/operating_model/cells/base_2026q3_incremental_restructuring:base/labelNoneRestructuring excluding SBC/D&A counted above
/operating_model/cells/base_2026q3_incremental_restructuring:base/periodNone2026Q3
/operating_model/cells/base_2026q3_incremental_restructuring:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_incremental_restructuring:base/valueNone0.0
/operating_model/cells/base_2026q3_infrastructure:base/basisNoneHosting and related operating expense, not company-owned capex. Base H2 reconciles to FY2026 midpoint after H1.
/operating_model/cells/base_2026q3_infrastructure:base/caseNonebase
/operating_model/cells/base_2026q3_infrastructure:base/idNonebase_2026q3_infrastructure
/operating_model/cells/base_2026q3_infrastructure:base/kindNoneassumption
/operating_model/cells/base_2026q3_infrastructure:base/labelNoneInfrastructure service costs
/operating_model/cells/base_2026q3_infrastructure:base/periodNone2026Q3
/operating_model/cells/base_2026q3_infrastructure:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_infrastructure:base/valueNone435.151
/operating_model/cells/base_2026q3_net_cash_interest:base/basisNoneDesk net interest includes debt coupons and investment yield; not noncash issuance-cost amortization.
/operating_model/cells/base_2026q3_net_cash_interest:base/caseNonebase
/operating_model/cells/base_2026q3_net_cash_interest:base/idNonebase_2026q3_net_cash_interest
/operating_model/cells/base_2026q3_net_cash_interest:base/kindNoneassumption
/operating_model/cells/base_2026q3_net_cash_interest:base/labelNoneCash debt interest less investment income
/operating_model/cells/base_2026q3_net_cash_interest:base/periodNone2026Q3
/operating_model/cells/base_2026q3_net_cash_interest:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_net_cash_interest:base/valueNone18.0
/operating_model/cells/base_2026q3_notes26_weight:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2026q3_notes26_weight:base/caseNonebase
/operating_model/cells/base_2026q3_notes26_weight:base/idNonebase_2026q3_notes26_weight
/operating_model/cells/base_2026q3_notes26_weight:base/kindNoneassumption
/operating_model/cells/base_2026q3_notes26_weight:base/labelNone2026 principal timing
/operating_model/cells/base_2026q3_notes26_weight:base/periodNone2026Q3
/operating_model/cells/base_2026q3_notes26_weight:base/unitNoneratio
/operating_model/cells/base_2026q3_notes26_weight:base/valueNone1.0
/operating_model/cells/base_2026q3_notes27_weight:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2026q3_notes27_weight:base/caseNonebase
/operating_model/cells/base_2026q3_notes27_weight:base/idNonebase_2026q3_notes27_weight
/operating_model/cells/base_2026q3_notes27_weight:base/kindNoneassumption
/operating_model/cells/base_2026q3_notes27_weight:base/labelNone2027 principal timing
/operating_model/cells/base_2026q3_notes27_weight:base/periodNone2026Q3
/operating_model/cells/base_2026q3_notes27_weight:base/unitNoneratio
/operating_model/cells/base_2026q3_notes27_weight:base/valueNone0.0
/operating_model/cells/base_2026q3_operating_income:base/basisNoneNo new impairment or unannounced restructuring.
/operating_model/cells/base_2026q3_operating_income:base/caseNonebase
/operating_model/cells/base_2026q3_operating_income:base/formula/opNonesubtract
/operating_model/cells/base_2026q3_operating_income:base/formula/refs/0Nonebase_2026q3_adj_ebitda
/operating_model/cells/base_2026q3_operating_income:base/formula/refs/1Nonebase_2026q3_gaap_adjustments
/operating_model/cells/base_2026q3_operating_income:base/idNonebase_2026q3_operating_income
/operating_model/cells/base_2026q3_operating_income:base/kindNonederived
/operating_model/cells/base_2026q3_operating_income:base/labelNoneGAAP operating income proxy
/operating_model/cells/base_2026q3_operating_income:base/periodNone2026Q3
/operating_model/cells/base_2026q3_operating_income:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_operating_income:base/valueNone-2.385499999999979
/operating_model/cells/base_2026q3_other_cogs:base/basisNoneContent and partner costs; scenario broadly follows management 16%-17% FY2026 range.
/operating_model/cells/base_2026q3_other_cogs:base/caseNonebase
/operating_model/cells/base_2026q3_other_cogs:base/formula/opNonemultiply
/operating_model/cells/base_2026q3_other_cogs:base/formula/refs/0Nonebase_2026q3_revenue
/operating_model/cells/base_2026q3_other_cogs:base/formula/refs/1Nonebase_2026q3_other_cogs_ratio
/operating_model/cells/base_2026q3_other_cogs:base/idNonebase_2026q3_other_cogs
/operating_model/cells/base_2026q3_other_cogs:base/kindNonederived
/operating_model/cells/base_2026q3_other_cogs:base/labelNoneOther cost of revenue
/operating_model/cells/base_2026q3_other_cogs:base/periodNone2026Q3
/operating_model/cells/base_2026q3_other_cogs:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_other_cogs:base/valueNone283.8
/operating_model/cells/base_2026q3_other_cogs_ratio:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2026q3_other_cogs_ratio:base/caseNonebase
/operating_model/cells/base_2026q3_other_cogs_ratio:base/idNonebase_2026q3_other_cogs_ratio
/operating_model/cells/base_2026q3_other_cogs_ratio:base/kindNoneassumption
/operating_model/cells/base_2026q3_other_cogs_ratio:base/labelNoneOther cost of revenue / revenue
/operating_model/cells/base_2026q3_other_cogs_ratio:base/periodNone2026Q3
/operating_model/cells/base_2026q3_other_cogs_ratio:base/unitNoneratio
/operating_model/cells/base_2026q3_other_cogs_ratio:base/valueNone0.165
/operating_model/cells/base_2026q3_other_revenue:base/basisNoneSubscriptions and other products in one perimeter; no separately added SPECS preorder/deposit revenue.
/operating_model/cells/base_2026q3_other_revenue:base/caseNonebase
/operating_model/cells/base_2026q3_other_revenue:base/idNonebase_2026q3_other_revenue
/operating_model/cells/base_2026q3_other_revenue:base/kindNoneassumption
/operating_model/cells/base_2026q3_other_revenue:base/labelNoneOther product revenue
/operating_model/cells/base_2026q3_other_revenue:base/periodNone2026Q3
/operating_model/cells/base_2026q3_other_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_other_revenue:base/valueNone340.0
/operating_model/cells/base_2026q3_repay_2026:base/basisNoneAugust 1 repayment follows June balance sheet and is described in the subsequent event/remarks.
/operating_model/cells/base_2026q3_repay_2026:base/caseNonebase
/operating_model/cells/base_2026q3_repay_2026:base/formula/opNonemultiply
/operating_model/cells/base_2026q3_repay_2026:base/formula/refs/0Nonenotes_2026
/operating_model/cells/base_2026q3_repay_2026:base/formula/refs/1Nonebase_2026q3_notes26_weight
/operating_model/cells/base_2026q3_repay_2026:base/idNonebase_2026q3_repay_2026
/operating_model/cells/base_2026q3_repay_2026:base/kindNonederived
/operating_model/cells/base_2026q3_repay_2026:base/labelNoneAugust 2026 note principal
/operating_model/cells/base_2026q3_repay_2026:base/periodNone2026Q3
/operating_model/cells/base_2026q3_repay_2026:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_repay_2026:base/valueNone47.013
/operating_model/cells/base_2026q3_repay_2027:base/basisNoneMay 1, 2027 maturity; assumes cash settlement.
/operating_model/cells/base_2026q3_repay_2027:base/caseNonebase
/operating_model/cells/base_2026q3_repay_2027:base/formula/opNonemultiply
/operating_model/cells/base_2026q3_repay_2027:base/formula/refs/0Nonenotes_2027
/operating_model/cells/base_2026q3_repay_2027:base/formula/refs/1Nonebase_2026q3_notes27_weight
/operating_model/cells/base_2026q3_repay_2027:base/idNonebase_2026q3_repay_2027
/operating_model/cells/base_2026q3_repay_2027:base/kindNonederived
/operating_model/cells/base_2026q3_repay_2027:base/labelNoneMay 2027 note principal
/operating_model/cells/base_2026q3_repay_2027:base/periodNone2026Q3
/operating_model/cells/base_2026q3_repay_2027:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_repay_2027:base/valueNone0.0
/operating_model/cells/base_2026q3_revenue:base/basisNoneAdvertising plus other product revenue.
/operating_model/cells/base_2026q3_revenue:base/caseNonebase
/operating_model/cells/base_2026q3_revenue:base/formula/opNonesum
/operating_model/cells/base_2026q3_revenue:base/formula/refs/0Nonebase_2026q3_ad_revenue
/operating_model/cells/base_2026q3_revenue:base/formula/refs/1Nonebase_2026q3_other_revenue
/operating_model/cells/base_2026q3_revenue:base/idNonebase_2026q3_revenue
/operating_model/cells/base_2026q3_revenue:base/kindNonederived
/operating_model/cells/base_2026q3_revenue:base/labelNoneConsolidated revenue
/operating_model/cells/base_2026q3_revenue:base/periodNone2026Q3
/operating_model/cells/base_2026q3_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_revenue:base/valueNone1720.0
/operating_model/cells/base_2026q3_sbc:base/basisNoneH2 base preserves approximately $1.05B full-year SBC after actual H1 $513.229M; all 2027 is desk.
/operating_model/cells/base_2026q3_sbc:base/caseNonebase
/operating_model/cells/base_2026q3_sbc:base/idNonebase_2026q3_sbc
/operating_model/cells/base_2026q3_sbc:base/kindNoneassumption
/operating_model/cells/base_2026q3_sbc:base/labelNoneTotal equity compensation expense
/operating_model/cells/base_2026q3_sbc:base/periodNone2026Q3
/operating_model/cells/base_2026q3_sbc:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_sbc:base/valueNone268.3855
/operating_model/cells/base_2026q3_sbc_payroll:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2026q3_sbc_payroll:base/caseNonebase
/operating_model/cells/base_2026q3_sbc_payroll:base/idNonebase_2026q3_sbc_payroll
/operating_model/cells/base_2026q3_sbc_payroll:base/kindNoneassumption
/operating_model/cells/base_2026q3_sbc_payroll:base/labelNoneCash payroll taxes on equity awards
/operating_model/cells/base_2026q3_sbc_payroll:base/periodNone2026Q3
/operating_model/cells/base_2026q3_sbc_payroll:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_sbc_payroll:base/valueNone11.0
/operating_model/cells/base_2026q3_wc_use:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2026q3_wc_use:base/caseNonebase
/operating_model/cells/base_2026q3_wc_use:base/idNonebase_2026q3_wc_use
/operating_model/cells/base_2026q3_wc_use:base/kindNoneassumption
/operating_model/cells/base_2026q3_wc_use:base/labelNoneWorking capital and other cash use
/operating_model/cells/base_2026q3_wc_use:base/periodNone2026Q3
/operating_model/cells/base_2026q3_wc_use:base/unitNoneUSD_millions
/operating_model/cells/base_2026q3_wc_use:base/valueNone35.0
/operating_model/cells/base_2026q4_ad_revenue:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2026q4_ad_revenue:base/caseNonebase
/operating_model/cells/base_2026q4_ad_revenue:base/idNonebase_2026q4_ad_revenue
/operating_model/cells/base_2026q4_ad_revenue:base/kindNoneassumption
/operating_model/cells/base_2026q4_ad_revenue:base/labelNoneAdvertising revenue
/operating_model/cells/base_2026q4_ad_revenue:base/periodNone2026Q4
/operating_model/cells/base_2026q4_ad_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_ad_revenue:base/valueNone1650.0
/operating_model/cells/base_2026q4_adj_cogs:base/basisNoneNo second hardware cost assumption added outside this consolidated cost scenario.
/operating_model/cells/base_2026q4_adj_cogs:base/caseNonebase
/operating_model/cells/base_2026q4_adj_cogs:base/formula/opNonesum
/operating_model/cells/base_2026q4_adj_cogs:base/formula/refs/0Nonebase_2026q4_infrastructure
/operating_model/cells/base_2026q4_adj_cogs:base/formula/refs/1Nonebase_2026q4_other_cogs
/operating_model/cells/base_2026q4_adj_cogs:base/idNonebase_2026q4_adj_cogs
/operating_model/cells/base_2026q4_adj_cogs:base/kindNonederived
/operating_model/cells/base_2026q4_adj_cogs:base/labelNoneAdjusted cost of revenue
/operating_model/cells/base_2026q4_adj_cogs:base/periodNone2026Q4
/operating_model/cells/base_2026q4_adj_cogs:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_adj_cogs:base/valueNone773.4010000000001
/operating_model/cells/base_2026q4_adj_ebitda:base/basisNoneSpecs is consolidated and already in the expense budget.
/operating_model/cells/base_2026q4_adj_ebitda:base/caseNonebase
/operating_model/cells/base_2026q4_adj_ebitda:base/formula/opNonesubtract
/operating_model/cells/base_2026q4_adj_ebitda:base/formula/refs/0Nonebase_2026q4_adj_gross_profit
/operating_model/cells/base_2026q4_adj_ebitda:base/formula/refs/1Nonebase_2026q4_cash_opex
/operating_model/cells/base_2026q4_adj_ebitda:base/idNonebase_2026q4_adj_ebitda
/operating_model/cells/base_2026q4_adj_ebitda:base/kindNonederived
/operating_model/cells/base_2026q4_adj_ebitda:base/labelNoneAdjusted EBITDA proxy
/operating_model/cells/base_2026q4_adj_ebitda:base/periodNone2026Q4
/operating_model/cells/base_2026q4_adj_ebitda:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_adj_ebitda:base/valueNone529.323
/operating_model/cells/base_2026q4_adj_gross_profit:base/basisNoneBefore allocated equity compensation and depreciation.
/operating_model/cells/base_2026q4_adj_gross_profit:base/caseNonebase
/operating_model/cells/base_2026q4_adj_gross_profit:base/formula/opNonesubtract
/operating_model/cells/base_2026q4_adj_gross_profit:base/formula/refs/0Nonebase_2026q4_revenue
/operating_model/cells/base_2026q4_adj_gross_profit:base/formula/refs/1Nonebase_2026q4_adj_cogs
/operating_model/cells/base_2026q4_adj_gross_profit:base/idNonebase_2026q4_adj_gross_profit
/operating_model/cells/base_2026q4_adj_gross_profit:base/kindNonederived
/operating_model/cells/base_2026q4_adj_gross_profit:base/labelNoneAdjusted gross profit
/operating_model/cells/base_2026q4_adj_gross_profit:base/periodNone2026Q4
/operating_model/cells/base_2026q4_adj_gross_profit:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_adj_gross_profit:base/valueNone1276.599
/operating_model/cells/base_2026q4_buybacks:base/basisNoneDesk capital-allocation assumption; no guarantee shares outstanding decline and no commitment to a 2027 program.
/operating_model/cells/base_2026q4_buybacks:base/caseNonebase
/operating_model/cells/base_2026q4_buybacks:base/idNonebase_2026q4_buybacks
/operating_model/cells/base_2026q4_buybacks:base/kindNoneassumption
/operating_model/cells/base_2026q4_buybacks:base/labelNoneShare repurchases including tax
/operating_model/cells/base_2026q4_buybacks:base/periodNone2026Q4
/operating_model/cells/base_2026q4_buybacks:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_buybacks:base/valueNone200.0
/operating_model/cells/base_2026q4_capex:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2026q4_capex:base/caseNonebase
/operating_model/cells/base_2026q4_capex:base/idNonebase_2026q4_capex
/operating_model/cells/base_2026q4_capex:base/kindNoneassumption
/operating_model/cells/base_2026q4_capex:base/labelNoneCash PP&E
/operating_model/cells/base_2026q4_capex:base/periodNone2026Q4
/operating_model/cells/base_2026q4_capex:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_capex:base/valueNone59.0
/operating_model/cells/base_2026q4_capital_uses:base/basisNoneFinancing uses, not operating expenses.
/operating_model/cells/base_2026q4_capital_uses:base/caseNonebase
/operating_model/cells/base_2026q4_capital_uses:base/formula/opNonesum
/operating_model/cells/base_2026q4_capital_uses:base/formula/refs/0Nonebase_2026q4_buybacks
/operating_model/cells/base_2026q4_capital_uses:base/formula/refs/1Nonebase_2026q4_debt_principal
/operating_model/cells/base_2026q4_capital_uses:base/idNonebase_2026q4_capital_uses
/operating_model/cells/base_2026q4_capital_uses:base/kindNonederived
/operating_model/cells/base_2026q4_capital_uses:base/labelNoneRepurchases and principal
/operating_model/cells/base_2026q4_capital_uses:base/periodNone2026Q4
/operating_model/cells/base_2026q4_capital_uses:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_capital_uses:base/valueNone200.0
/operating_model/cells/base_2026q4_cash_after_claims:base/basisNoneBefore acquisitions and strategic investments.
/operating_model/cells/base_2026q4_cash_after_claims:base/caseNonebase
/operating_model/cells/base_2026q4_cash_after_claims:base/formula/opNonesubtract
/operating_model/cells/base_2026q4_cash_after_claims:base/formula/refs/0Nonebase_2026q4_fcf
/operating_model/cells/base_2026q4_cash_after_claims:base/formula/refs/1Nonebase_2026q4_capital_uses
/operating_model/cells/base_2026q4_cash_after_claims:base/idNonebase_2026q4_cash_after_claims
/operating_model/cells/base_2026q4_cash_after_claims:base/kindNonederived
/operating_model/cells/base_2026q4_cash_after_claims:base/labelNoneCash after repurchases and note principal
/operating_model/cells/base_2026q4_cash_after_claims:base/periodNone2026Q4
/operating_model/cells/base_2026q4_cash_after_claims:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_cash_after_claims:base/valueNone302.323
/operating_model/cells/base_2026q4_cash_opex:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2026q4_cash_opex:base/caseNonebase
/operating_model/cells/base_2026q4_cash_opex:base/idNonebase_2026q4_cash_opex
/operating_model/cells/base_2026q4_cash_opex:base/kindNoneassumption
/operating_model/cells/base_2026q4_cash_opex:base/labelNoneAdjusted operating expense including Specs
/operating_model/cells/base_2026q4_cash_opex:base/periodNone2026Q4
/operating_model/cells/base_2026q4_cash_opex:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_cash_opex:base/valueNone747.276
/operating_model/cells/base_2026q4_cash_tax:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2026q4_cash_tax:base/caseNonebase
/operating_model/cells/base_2026q4_cash_tax:base/idNonebase_2026q4_cash_tax
/operating_model/cells/base_2026q4_cash_tax:base/kindNoneassumption
/operating_model/cells/base_2026q4_cash_tax:base/labelNoneCash income tax
/operating_model/cells/base_2026q4_cash_tax:base/periodNone2026Q4
/operating_model/cells/base_2026q4_cash_tax:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_cash_tax:base/valueNone17.0
/operating_model/cells/base_2026q4_cash_uses:base/basisNoneEquity-award payroll tax consumes cash although excluded from adjusted EBITDA.
/operating_model/cells/base_2026q4_cash_uses:base/caseNonebase
/operating_model/cells/base_2026q4_cash_uses:base/formula/opNonesum
/operating_model/cells/base_2026q4_cash_uses:base/formula/refs/0Nonebase_2026q4_sbc_payroll
/operating_model/cells/base_2026q4_cash_uses:base/formula/refs/1Nonebase_2026q4_net_cash_interest
/operating_model/cells/base_2026q4_cash_uses:base/formula/refs/2Nonebase_2026q4_cash_tax
/operating_model/cells/base_2026q4_cash_uses:base/formula/refs/3Nonebase_2026q4_wc_use
/operating_model/cells/base_2026q4_cash_uses:base/idNonebase_2026q4_cash_uses
/operating_model/cells/base_2026q4_cash_uses:base/kindNonederived
/operating_model/cells/base_2026q4_cash_uses:base/labelNoneCash operating adjustments
/operating_model/cells/base_2026q4_cash_uses:base/periodNone2026Q4
/operating_model/cells/base_2026q4_cash_uses:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_cash_uses:base/valueNone-32.0
/operating_model/cells/base_2026q4_cfo:base/basisNoneWorking-capital timing is separate from accounting earnings.
/operating_model/cells/base_2026q4_cfo:base/caseNonebase
/operating_model/cells/base_2026q4_cfo:base/formula/opNonesubtract
/operating_model/cells/base_2026q4_cfo:base/formula/refs/0Nonebase_2026q4_adj_ebitda
/operating_model/cells/base_2026q4_cfo:base/formula/refs/1Nonebase_2026q4_cash_uses
/operating_model/cells/base_2026q4_cfo:base/idNonebase_2026q4_cfo
/operating_model/cells/base_2026q4_cfo:base/kindNonederived
/operating_model/cells/base_2026q4_cfo:base/labelNoneOperating cash flow proxy
/operating_model/cells/base_2026q4_cfo:base/periodNone2026Q4
/operating_model/cells/base_2026q4_cfo:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_cfo:base/valueNone561.323
/operating_model/cells/base_2026q4_cogs_adjustments:base/basisNoneThese are allocations of total expense included in the operating-income bridge.
/operating_model/cells/base_2026q4_cogs_adjustments:base/caseNonebase
/operating_model/cells/base_2026q4_cogs_adjustments:base/formula/opNonesum
/operating_model/cells/base_2026q4_cogs_adjustments:base/formula/refs/0Nonebase_2026q4_cogs_sbc
/operating_model/cells/base_2026q4_cogs_adjustments:base/formula/refs/1Nonebase_2026q4_cogs_da
/operating_model/cells/base_2026q4_cogs_adjustments:base/idNonebase_2026q4_cogs_adjustments
/operating_model/cells/base_2026q4_cogs_adjustments:base/kindNonederived
/operating_model/cells/base_2026q4_cogs_adjustments:base/labelNoneCOGS noncash and payroll adjustments
/operating_model/cells/base_2026q4_cogs_adjustments:base/periodNone2026Q4
/operating_model/cells/base_2026q4_cogs_adjustments:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_cogs_adjustments:base/valueNone14.7
/operating_model/cells/base_2026q4_cogs_da:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2026q4_cogs_da:base/caseNonebase
/operating_model/cells/base_2026q4_cogs_da:base/idNonebase_2026q4_cogs_da
/operating_model/cells/base_2026q4_cogs_da:base/kindNoneassumption
/operating_model/cells/base_2026q4_cogs_da:base/labelNoneCOGS D&A
/operating_model/cells/base_2026q4_cogs_da:base/periodNone2026Q4
/operating_model/cells/base_2026q4_cogs_da:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_cogs_da:base/valueNone3.2
/operating_model/cells/base_2026q4_cogs_sbc:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2026q4_cogs_sbc:base/caseNonebase
/operating_model/cells/base_2026q4_cogs_sbc:base/idNonebase_2026q4_cogs_sbc
/operating_model/cells/base_2026q4_cogs_sbc:base/kindNoneassumption
/operating_model/cells/base_2026q4_cogs_sbc:base/labelNoneCOGS SBC and related payroll
/operating_model/cells/base_2026q4_cogs_sbc:base/periodNone2026Q4
/operating_model/cells/base_2026q4_cogs_sbc:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_cogs_sbc:base/valueNone11.5
/operating_model/cells/base_2026q4_da:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2026q4_da:base/caseNonebase
/operating_model/cells/base_2026q4_da:base/idNonebase_2026q4_da
/operating_model/cells/base_2026q4_da:base/kindNoneassumption
/operating_model/cells/base_2026q4_da:base/labelNoneTotal D&A
/operating_model/cells/base_2026q4_da:base/periodNone2026Q4
/operating_model/cells/base_2026q4_da:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_da:base/valueNone50.0
/operating_model/cells/base_2026q4_debt_principal:base/basisNoneOther debt maturities fall beyond FY2027.
/operating_model/cells/base_2026q4_debt_principal:base/caseNonebase
/operating_model/cells/base_2026q4_debt_principal:base/formula/opNonesum
/operating_model/cells/base_2026q4_debt_principal:base/formula/refs/0Nonebase_2026q4_repay_2026
/operating_model/cells/base_2026q4_debt_principal:base/formula/refs/1Nonebase_2026q4_repay_2027
/operating_model/cells/base_2026q4_debt_principal:base/idNonebase_2026q4_debt_principal
/operating_model/cells/base_2026q4_debt_principal:base/kindNonederived
/operating_model/cells/base_2026q4_debt_principal:base/labelNoneScheduled note principal
/operating_model/cells/base_2026q4_debt_principal:base/periodNone2026Q4
/operating_model/cells/base_2026q4_debt_principal:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_debt_principal:base/valueNone0.0
/operating_model/cells/base_2026q4_fcf:base/basisNoneBefore discretionary repurchases.
/operating_model/cells/base_2026q4_fcf:base/caseNonebase
/operating_model/cells/base_2026q4_fcf:base/formula/opNonesubtract
/operating_model/cells/base_2026q4_fcf:base/formula/refs/0Nonebase_2026q4_cfo
/operating_model/cells/base_2026q4_fcf:base/formula/refs/1Nonebase_2026q4_capex
/operating_model/cells/base_2026q4_fcf:base/idNonebase_2026q4_fcf
/operating_model/cells/base_2026q4_fcf:base/kindNonederived
/operating_model/cells/base_2026q4_fcf:base/labelNoneCFO less PP&E
/operating_model/cells/base_2026q4_fcf:base/periodNone2026Q4
/operating_model/cells/base_2026q4_fcf:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_fcf:base/valueNone502.323
/operating_model/cells/base_2026q4_gaap_adjustments:base/basisNoneNo double deduction of restructuring SBC or asset depreciation.
/operating_model/cells/base_2026q4_gaap_adjustments:base/caseNonebase
/operating_model/cells/base_2026q4_gaap_adjustments:base/formula/opNonesum
/operating_model/cells/base_2026q4_gaap_adjustments:base/formula/refs/0Nonebase_2026q4_sbc
/operating_model/cells/base_2026q4_gaap_adjustments:base/formula/refs/1Nonebase_2026q4_sbc_payroll
/operating_model/cells/base_2026q4_gaap_adjustments:base/formula/refs/2Nonebase_2026q4_da
/operating_model/cells/base_2026q4_gaap_adjustments:base/formula/refs/3Nonebase_2026q4_incremental_restructuring
/operating_model/cells/base_2026q4_gaap_adjustments:base/idNonebase_2026q4_gaap_adjustments
/operating_model/cells/base_2026q4_gaap_adjustments:base/kindNonederived
/operating_model/cells/base_2026q4_gaap_adjustments:base/labelNoneSBC payroll D&A and restructuring
/operating_model/cells/base_2026q4_gaap_adjustments:base/periodNone2026Q4
/operating_model/cells/base_2026q4_gaap_adjustments:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_gaap_adjustments:base/valueNone329.3855
/operating_model/cells/base_2026q4_gross_profit:base/basisNoneNo new COGS restructuring charge assumed.
/operating_model/cells/base_2026q4_gross_profit:base/caseNonebase
/operating_model/cells/base_2026q4_gross_profit:base/formula/opNonesubtract
/operating_model/cells/base_2026q4_gross_profit:base/formula/refs/0Nonebase_2026q4_adj_gross_profit
/operating_model/cells/base_2026q4_gross_profit:base/formula/refs/1Nonebase_2026q4_cogs_adjustments
/operating_model/cells/base_2026q4_gross_profit:base/idNonebase_2026q4_gross_profit
/operating_model/cells/base_2026q4_gross_profit:base/kindNonederived
/operating_model/cells/base_2026q4_gross_profit:base/labelNoneGAAP gross profit proxy
/operating_model/cells/base_2026q4_gross_profit:base/periodNone2026Q4
/operating_model/cells/base_2026q4_gross_profit:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_gross_profit:base/valueNone1261.899
/operating_model/cells/base_2026q4_incremental_restructuring:base/basisNoneRemaining April-plan charges/liabilities were immaterial at June 30; no repeat of full H1 charge.
/operating_model/cells/base_2026q4_incremental_restructuring:base/caseNonebase
/operating_model/cells/base_2026q4_incremental_restructuring:base/idNonebase_2026q4_incremental_restructuring
/operating_model/cells/base_2026q4_incremental_restructuring:base/kindNoneassumption
/operating_model/cells/base_2026q4_incremental_restructuring:base/labelNoneRestructuring excluding SBC/D&A counted above
/operating_model/cells/base_2026q4_incremental_restructuring:base/periodNone2026Q4
/operating_model/cells/base_2026q4_incremental_restructuring:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_incremental_restructuring:base/valueNone0.0
/operating_model/cells/base_2026q4_infrastructure:base/basisNoneHosting and related operating expense, not company-owned capex. Base H2 reconciles to FY2026 midpoint after H1.
/operating_model/cells/base_2026q4_infrastructure:base/caseNonebase
/operating_model/cells/base_2026q4_infrastructure:base/idNonebase_2026q4_infrastructure
/operating_model/cells/base_2026q4_infrastructure:base/kindNoneassumption
/operating_model/cells/base_2026q4_infrastructure:base/labelNoneInfrastructure service costs
/operating_model/cells/base_2026q4_infrastructure:base/periodNone2026Q4
/operating_model/cells/base_2026q4_infrastructure:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_infrastructure:base/valueNone435.151
/operating_model/cells/base_2026q4_net_cash_interest:base/basisNoneDesk net interest includes debt coupons and investment yield; not noncash issuance-cost amortization.
/operating_model/cells/base_2026q4_net_cash_interest:base/caseNonebase
/operating_model/cells/base_2026q4_net_cash_interest:base/idNonebase_2026q4_net_cash_interest
/operating_model/cells/base_2026q4_net_cash_interest:base/kindNoneassumption
/operating_model/cells/base_2026q4_net_cash_interest:base/labelNoneCash debt interest less investment income
/operating_model/cells/base_2026q4_net_cash_interest:base/periodNone2026Q4
/operating_model/cells/base_2026q4_net_cash_interest:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_net_cash_interest:base/valueNone20.0
/operating_model/cells/base_2026q4_notes26_weight:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2026q4_notes26_weight:base/caseNonebase
/operating_model/cells/base_2026q4_notes26_weight:base/idNonebase_2026q4_notes26_weight
/operating_model/cells/base_2026q4_notes26_weight:base/kindNoneassumption
/operating_model/cells/base_2026q4_notes26_weight:base/labelNone2026 principal timing
/operating_model/cells/base_2026q4_notes26_weight:base/periodNone2026Q4
/operating_model/cells/base_2026q4_notes26_weight:base/unitNoneratio
/operating_model/cells/base_2026q4_notes26_weight:base/valueNone0.0
/operating_model/cells/base_2026q4_notes27_weight:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2026q4_notes27_weight:base/caseNonebase
/operating_model/cells/base_2026q4_notes27_weight:base/idNonebase_2026q4_notes27_weight
/operating_model/cells/base_2026q4_notes27_weight:base/kindNoneassumption
/operating_model/cells/base_2026q4_notes27_weight:base/labelNone2027 principal timing
/operating_model/cells/base_2026q4_notes27_weight:base/periodNone2026Q4
/operating_model/cells/base_2026q4_notes27_weight:base/unitNoneratio
/operating_model/cells/base_2026q4_notes27_weight:base/valueNone0.0
/operating_model/cells/base_2026q4_operating_income:base/basisNoneNo new impairment or unannounced restructuring.
/operating_model/cells/base_2026q4_operating_income:base/caseNonebase
/operating_model/cells/base_2026q4_operating_income:base/formula/opNonesubtract
/operating_model/cells/base_2026q4_operating_income:base/formula/refs/0Nonebase_2026q4_adj_ebitda
/operating_model/cells/base_2026q4_operating_income:base/formula/refs/1Nonebase_2026q4_gaap_adjustments
/operating_model/cells/base_2026q4_operating_income:base/idNonebase_2026q4_operating_income
/operating_model/cells/base_2026q4_operating_income:base/kindNonederived
/operating_model/cells/base_2026q4_operating_income:base/labelNoneGAAP operating income proxy
/operating_model/cells/base_2026q4_operating_income:base/periodNone2026Q4
/operating_model/cells/base_2026q4_operating_income:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_operating_income:base/valueNone199.9375
/operating_model/cells/base_2026q4_other_cogs:base/basisNoneContent and partner costs; scenario broadly follows management 16%-17% FY2026 range.
/operating_model/cells/base_2026q4_other_cogs:base/caseNonebase
/operating_model/cells/base_2026q4_other_cogs:base/formula/opNonemultiply
/operating_model/cells/base_2026q4_other_cogs:base/formula/refs/0Nonebase_2026q4_revenue
/operating_model/cells/base_2026q4_other_cogs:base/formula/refs/1Nonebase_2026q4_other_cogs_ratio
/operating_model/cells/base_2026q4_other_cogs:base/idNonebase_2026q4_other_cogs
/operating_model/cells/base_2026q4_other_cogs:base/kindNonederived
/operating_model/cells/base_2026q4_other_cogs:base/labelNoneOther cost of revenue
/operating_model/cells/base_2026q4_other_cogs:base/periodNone2026Q4
/operating_model/cells/base_2026q4_other_cogs:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_other_cogs:base/valueNone338.25
/operating_model/cells/base_2026q4_other_cogs_ratio:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2026q4_other_cogs_ratio:base/caseNonebase
/operating_model/cells/base_2026q4_other_cogs_ratio:base/idNonebase_2026q4_other_cogs_ratio
/operating_model/cells/base_2026q4_other_cogs_ratio:base/kindNoneassumption
/operating_model/cells/base_2026q4_other_cogs_ratio:base/labelNoneOther cost of revenue / revenue
/operating_model/cells/base_2026q4_other_cogs_ratio:base/periodNone2026Q4
/operating_model/cells/base_2026q4_other_cogs_ratio:base/unitNoneratio
/operating_model/cells/base_2026q4_other_cogs_ratio:base/valueNone0.165
/operating_model/cells/base_2026q4_other_revenue:base/basisNoneSubscriptions and other products in one perimeter; no separately added SPECS preorder/deposit revenue.
/operating_model/cells/base_2026q4_other_revenue:base/caseNonebase
/operating_model/cells/base_2026q4_other_revenue:base/idNonebase_2026q4_other_revenue
/operating_model/cells/base_2026q4_other_revenue:base/kindNoneassumption
/operating_model/cells/base_2026q4_other_revenue:base/labelNoneOther product revenue
/operating_model/cells/base_2026q4_other_revenue:base/periodNone2026Q4
/operating_model/cells/base_2026q4_other_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_other_revenue:base/valueNone400.0
/operating_model/cells/base_2026q4_repay_2026:base/basisNoneAugust 1 repayment follows June balance sheet and is described in the subsequent event/remarks.
/operating_model/cells/base_2026q4_repay_2026:base/caseNonebase
/operating_model/cells/base_2026q4_repay_2026:base/formula/opNonemultiply
/operating_model/cells/base_2026q4_repay_2026:base/formula/refs/0Nonenotes_2026
/operating_model/cells/base_2026q4_repay_2026:base/formula/refs/1Nonebase_2026q4_notes26_weight
/operating_model/cells/base_2026q4_repay_2026:base/idNonebase_2026q4_repay_2026
/operating_model/cells/base_2026q4_repay_2026:base/kindNonederived
/operating_model/cells/base_2026q4_repay_2026:base/labelNoneAugust 2026 note principal
/operating_model/cells/base_2026q4_repay_2026:base/periodNone2026Q4
/operating_model/cells/base_2026q4_repay_2026:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_repay_2026:base/valueNone0.0
/operating_model/cells/base_2026q4_repay_2027:base/basisNoneMay 1, 2027 maturity; assumes cash settlement.
/operating_model/cells/base_2026q4_repay_2027:base/caseNonebase
/operating_model/cells/base_2026q4_repay_2027:base/formula/opNonemultiply
/operating_model/cells/base_2026q4_repay_2027:base/formula/refs/0Nonenotes_2027
/operating_model/cells/base_2026q4_repay_2027:base/formula/refs/1Nonebase_2026q4_notes27_weight
/operating_model/cells/base_2026q4_repay_2027:base/idNonebase_2026q4_repay_2027
/operating_model/cells/base_2026q4_repay_2027:base/kindNonederived
/operating_model/cells/base_2026q4_repay_2027:base/labelNoneMay 2027 note principal
/operating_model/cells/base_2026q4_repay_2027:base/periodNone2026Q4
/operating_model/cells/base_2026q4_repay_2027:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_repay_2027:base/valueNone0.0
/operating_model/cells/base_2026q4_revenue:base/basisNoneAdvertising plus other product revenue.
/operating_model/cells/base_2026q4_revenue:base/caseNonebase
/operating_model/cells/base_2026q4_revenue:base/formula/opNonesum
/operating_model/cells/base_2026q4_revenue:base/formula/refs/0Nonebase_2026q4_ad_revenue
/operating_model/cells/base_2026q4_revenue:base/formula/refs/1Nonebase_2026q4_other_revenue
/operating_model/cells/base_2026q4_revenue:base/idNonebase_2026q4_revenue
/operating_model/cells/base_2026q4_revenue:base/kindNonederived
/operating_model/cells/base_2026q4_revenue:base/labelNoneConsolidated revenue
/operating_model/cells/base_2026q4_revenue:base/periodNone2026Q4
/operating_model/cells/base_2026q4_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_revenue:base/valueNone2050.0
/operating_model/cells/base_2026q4_sbc:base/basisNoneH2 base preserves approximately $1.05B full-year SBC after actual H1 $513.229M; all 2027 is desk.
/operating_model/cells/base_2026q4_sbc:base/caseNonebase
/operating_model/cells/base_2026q4_sbc:base/idNonebase_2026q4_sbc
/operating_model/cells/base_2026q4_sbc:base/kindNoneassumption
/operating_model/cells/base_2026q4_sbc:base/labelNoneTotal equity compensation expense
/operating_model/cells/base_2026q4_sbc:base/periodNone2026Q4
/operating_model/cells/base_2026q4_sbc:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_sbc:base/valueNone268.3855
/operating_model/cells/base_2026q4_sbc_payroll:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2026q4_sbc_payroll:base/caseNonebase
/operating_model/cells/base_2026q4_sbc_payroll:base/idNonebase_2026q4_sbc_payroll
/operating_model/cells/base_2026q4_sbc_payroll:base/kindNoneassumption
/operating_model/cells/base_2026q4_sbc_payroll:base/labelNoneCash payroll taxes on equity awards
/operating_model/cells/base_2026q4_sbc_payroll:base/periodNone2026Q4
/operating_model/cells/base_2026q4_sbc_payroll:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_sbc_payroll:base/valueNone11.0
/operating_model/cells/base_2026q4_wc_use:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2026q4_wc_use:base/caseNonebase
/operating_model/cells/base_2026q4_wc_use:base/idNonebase_2026q4_wc_use
/operating_model/cells/base_2026q4_wc_use:base/kindNoneassumption
/operating_model/cells/base_2026q4_wc_use:base/labelNoneWorking capital and other cash use
/operating_model/cells/base_2026q4_wc_use:base/periodNone2026Q4
/operating_model/cells/base_2026q4_wc_use:base/unitNoneUSD_millions
/operating_model/cells/base_2026q4_wc_use:base/valueNone-80.0
/operating_model/cells/base_2027q1_ad_revenue:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q1_ad_revenue:base/caseNonebase
/operating_model/cells/base_2027q1_ad_revenue:base/idNonebase_2027q1_ad_revenue
/operating_model/cells/base_2027q1_ad_revenue:base/kindNoneassumption
/operating_model/cells/base_2027q1_ad_revenue:base/labelNoneAdvertising revenue
/operating_model/cells/base_2027q1_ad_revenue:base/periodNone2027Q1
/operating_model/cells/base_2027q1_ad_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_ad_revenue:base/valueNone1340.0
/operating_model/cells/base_2027q1_adj_cogs:base/basisNoneNo second hardware cost assumption added outside this consolidated cost scenario.
/operating_model/cells/base_2027q1_adj_cogs:base/caseNonebase
/operating_model/cells/base_2027q1_adj_cogs:base/formula/opNonesum
/operating_model/cells/base_2027q1_adj_cogs:base/formula/refs/0Nonebase_2027q1_infrastructure
/operating_model/cells/base_2027q1_adj_cogs:base/formula/refs/1Nonebase_2027q1_other_cogs
/operating_model/cells/base_2027q1_adj_cogs:base/idNonebase_2027q1_adj_cogs
/operating_model/cells/base_2027q1_adj_cogs:base/kindNonederived
/operating_model/cells/base_2027q1_adj_cogs:base/labelNoneAdjusted cost of revenue
/operating_model/cells/base_2027q1_adj_cogs:base/periodNone2027Q1
/operating_model/cells/base_2027q1_adj_cogs:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_adj_cogs:base/valueNone740.4000000000001
/operating_model/cells/base_2027q1_adj_ebitda:base/basisNoneSpecs is consolidated and already in the expense budget.
/operating_model/cells/base_2027q1_adj_ebitda:base/caseNonebase
/operating_model/cells/base_2027q1_adj_ebitda:base/formula/opNonesubtract
/operating_model/cells/base_2027q1_adj_ebitda:base/formula/refs/0Nonebase_2027q1_adj_gross_profit
/operating_model/cells/base_2027q1_adj_ebitda:base/formula/refs/1Nonebase_2027q1_cash_opex
/operating_model/cells/base_2027q1_adj_ebitda:base/idNonebase_2027q1_adj_ebitda
/operating_model/cells/base_2027q1_adj_ebitda:base/kindNonederived
/operating_model/cells/base_2027q1_adj_ebitda:base/labelNoneAdjusted EBITDA proxy
/operating_model/cells/base_2027q1_adj_ebitda:base/periodNone2027Q1
/operating_model/cells/base_2027q1_adj_ebitda:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_adj_ebitda:base/valueNone297.5999999999999
/operating_model/cells/base_2027q1_adj_gross_profit:base/basisNoneBefore allocated equity compensation and depreciation.
/operating_model/cells/base_2027q1_adj_gross_profit:base/caseNonebase
/operating_model/cells/base_2027q1_adj_gross_profit:base/formula/opNonesubtract
/operating_model/cells/base_2027q1_adj_gross_profit:base/formula/refs/0Nonebase_2027q1_revenue
/operating_model/cells/base_2027q1_adj_gross_profit:base/formula/refs/1Nonebase_2027q1_adj_cogs
/operating_model/cells/base_2027q1_adj_gross_profit:base/idNonebase_2027q1_adj_gross_profit
/operating_model/cells/base_2027q1_adj_gross_profit:base/kindNonederived
/operating_model/cells/base_2027q1_adj_gross_profit:base/labelNoneAdjusted gross profit
/operating_model/cells/base_2027q1_adj_gross_profit:base/periodNone2027Q1
/operating_model/cells/base_2027q1_adj_gross_profit:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_adj_gross_profit:base/valueNone1019.5999999999999
/operating_model/cells/base_2027q1_buybacks:base/basisNoneDesk capital-allocation assumption; no guarantee shares outstanding decline and no commitment to a 2027 program.
/operating_model/cells/base_2027q1_buybacks:base/caseNonebase
/operating_model/cells/base_2027q1_buybacks:base/idNonebase_2027q1_buybacks
/operating_model/cells/base_2027q1_buybacks:base/kindNoneassumption
/operating_model/cells/base_2027q1_buybacks:base/labelNoneShare repurchases including tax
/operating_model/cells/base_2027q1_buybacks:base/periodNone2027Q1
/operating_model/cells/base_2027q1_buybacks:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_buybacks:base/valueNone180.0
/operating_model/cells/base_2027q1_capex:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q1_capex:base/caseNonebase
/operating_model/cells/base_2027q1_capex:base/idNonebase_2027q1_capex
/operating_model/cells/base_2027q1_capex:base/kindNoneassumption
/operating_model/cells/base_2027q1_capex:base/labelNoneCash PP&E
/operating_model/cells/base_2027q1_capex:base/periodNone2027Q1
/operating_model/cells/base_2027q1_capex:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_capex:base/valueNone63.0
/operating_model/cells/base_2027q1_capital_uses:base/basisNoneFinancing uses, not operating expenses.
/operating_model/cells/base_2027q1_capital_uses:base/caseNonebase
/operating_model/cells/base_2027q1_capital_uses:base/formula/opNonesum
/operating_model/cells/base_2027q1_capital_uses:base/formula/refs/0Nonebase_2027q1_buybacks
/operating_model/cells/base_2027q1_capital_uses:base/formula/refs/1Nonebase_2027q1_debt_principal
/operating_model/cells/base_2027q1_capital_uses:base/idNonebase_2027q1_capital_uses
/operating_model/cells/base_2027q1_capital_uses:base/kindNonederived
/operating_model/cells/base_2027q1_capital_uses:base/labelNoneRepurchases and principal
/operating_model/cells/base_2027q1_capital_uses:base/periodNone2027Q1
/operating_model/cells/base_2027q1_capital_uses:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_capital_uses:base/valueNone180.0
/operating_model/cells/base_2027q1_cash_after_claims:base/basisNoneBefore acquisitions and strategic investments.
/operating_model/cells/base_2027q1_cash_after_claims:base/caseNonebase
/operating_model/cells/base_2027q1_cash_after_claims:base/formula/opNonesubtract
/operating_model/cells/base_2027q1_cash_after_claims:base/formula/refs/0Nonebase_2027q1_fcf
/operating_model/cells/base_2027q1_cash_after_claims:base/formula/refs/1Nonebase_2027q1_capital_uses
/operating_model/cells/base_2027q1_cash_after_claims:base/idNonebase_2027q1_cash_after_claims
/operating_model/cells/base_2027q1_cash_after_claims:base/kindNonederived
/operating_model/cells/base_2027q1_cash_after_claims:base/labelNoneCash after repurchases and note principal
/operating_model/cells/base_2027q1_cash_after_claims:base/periodNone2027Q1
/operating_model/cells/base_2027q1_cash_after_claims:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_cash_after_claims:base/valueNone-92.40000000000009
/operating_model/cells/base_2027q1_cash_opex:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q1_cash_opex:base/caseNonebase
/operating_model/cells/base_2027q1_cash_opex:base/idNonebase_2027q1_cash_opex
/operating_model/cells/base_2027q1_cash_opex:base/kindNoneassumption
/operating_model/cells/base_2027q1_cash_opex:base/labelNoneAdjusted operating expense including Specs
/operating_model/cells/base_2027q1_cash_opex:base/periodNone2027Q1
/operating_model/cells/base_2027q1_cash_opex:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_cash_opex:base/valueNone722.0
/operating_model/cells/base_2027q1_cash_tax:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q1_cash_tax:base/caseNonebase
/operating_model/cells/base_2027q1_cash_tax:base/idNonebase_2027q1_cash_tax
/operating_model/cells/base_2027q1_cash_tax:base/kindNoneassumption
/operating_model/cells/base_2027q1_cash_tax:base/labelNoneCash income tax
/operating_model/cells/base_2027q1_cash_tax:base/periodNone2027Q1
/operating_model/cells/base_2027q1_cash_tax:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_cash_tax:base/valueNone19.0
/operating_model/cells/base_2027q1_cash_uses:base/basisNoneEquity-award payroll tax consumes cash although excluded from adjusted EBITDA.
/operating_model/cells/base_2027q1_cash_uses:base/caseNonebase
/operating_model/cells/base_2027q1_cash_uses:base/formula/opNonesum
/operating_model/cells/base_2027q1_cash_uses:base/formula/refs/0Nonebase_2027q1_sbc_payroll
/operating_model/cells/base_2027q1_cash_uses:base/formula/refs/1Nonebase_2027q1_net_cash_interest
/operating_model/cells/base_2027q1_cash_uses:base/formula/refs/2Nonebase_2027q1_cash_tax
/operating_model/cells/base_2027q1_cash_uses:base/formula/refs/3Nonebase_2027q1_wc_use
/operating_model/cells/base_2027q1_cash_uses:base/idNonebase_2027q1_cash_uses
/operating_model/cells/base_2027q1_cash_uses:base/kindNonederived
/operating_model/cells/base_2027q1_cash_uses:base/labelNoneCash operating adjustments
/operating_model/cells/base_2027q1_cash_uses:base/periodNone2027Q1
/operating_model/cells/base_2027q1_cash_uses:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_cash_uses:base/valueNone147.0
/operating_model/cells/base_2027q1_cfo:base/basisNoneWorking-capital timing is separate from accounting earnings.
/operating_model/cells/base_2027q1_cfo:base/caseNonebase
/operating_model/cells/base_2027q1_cfo:base/formula/opNonesubtract
/operating_model/cells/base_2027q1_cfo:base/formula/refs/0Nonebase_2027q1_adj_ebitda
/operating_model/cells/base_2027q1_cfo:base/formula/refs/1Nonebase_2027q1_cash_uses
/operating_model/cells/base_2027q1_cfo:base/idNonebase_2027q1_cfo
/operating_model/cells/base_2027q1_cfo:base/kindNonederived
/operating_model/cells/base_2027q1_cfo:base/labelNoneOperating cash flow proxy
/operating_model/cells/base_2027q1_cfo:base/periodNone2027Q1
/operating_model/cells/base_2027q1_cfo:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_cfo:base/valueNone150.5999999999999
/operating_model/cells/base_2027q1_cogs_adjustments:base/basisNoneThese are allocations of total expense included in the operating-income bridge.
/operating_model/cells/base_2027q1_cogs_adjustments:base/caseNonebase
/operating_model/cells/base_2027q1_cogs_adjustments:base/formula/opNonesum
/operating_model/cells/base_2027q1_cogs_adjustments:base/formula/refs/0Nonebase_2027q1_cogs_sbc
/operating_model/cells/base_2027q1_cogs_adjustments:base/formula/refs/1Nonebase_2027q1_cogs_da
/operating_model/cells/base_2027q1_cogs_adjustments:base/idNonebase_2027q1_cogs_adjustments
/operating_model/cells/base_2027q1_cogs_adjustments:base/kindNonederived
/operating_model/cells/base_2027q1_cogs_adjustments:base/labelNoneCOGS noncash and payroll adjustments
/operating_model/cells/base_2027q1_cogs_adjustments:base/periodNone2027Q1
/operating_model/cells/base_2027q1_cogs_adjustments:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_cogs_adjustments:base/valueNone15.4
/operating_model/cells/base_2027q1_cogs_da:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q1_cogs_da:base/caseNonebase
/operating_model/cells/base_2027q1_cogs_da:base/idNonebase_2027q1_cogs_da
/operating_model/cells/base_2027q1_cogs_da:base/kindNoneassumption
/operating_model/cells/base_2027q1_cogs_da:base/labelNoneCOGS D&A
/operating_model/cells/base_2027q1_cogs_da:base/periodNone2027Q1
/operating_model/cells/base_2027q1_cogs_da:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_cogs_da:base/valueNone3.4
/operating_model/cells/base_2027q1_cogs_sbc:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q1_cogs_sbc:base/caseNonebase
/operating_model/cells/base_2027q1_cogs_sbc:base/idNonebase_2027q1_cogs_sbc
/operating_model/cells/base_2027q1_cogs_sbc:base/kindNoneassumption
/operating_model/cells/base_2027q1_cogs_sbc:base/labelNoneCOGS SBC and related payroll
/operating_model/cells/base_2027q1_cogs_sbc:base/periodNone2027Q1
/operating_model/cells/base_2027q1_cogs_sbc:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_cogs_sbc:base/valueNone12.0
/operating_model/cells/base_2027q1_da:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q1_da:base/caseNonebase
/operating_model/cells/base_2027q1_da:base/idNonebase_2027q1_da
/operating_model/cells/base_2027q1_da:base/kindNoneassumption
/operating_model/cells/base_2027q1_da:base/labelNoneTotal D&A
/operating_model/cells/base_2027q1_da:base/periodNone2027Q1
/operating_model/cells/base_2027q1_da:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_da:base/valueNone52.0
/operating_model/cells/base_2027q1_debt_principal:base/basisNoneOther debt maturities fall beyond FY2027.
/operating_model/cells/base_2027q1_debt_principal:base/caseNonebase
/operating_model/cells/base_2027q1_debt_principal:base/formula/opNonesum
/operating_model/cells/base_2027q1_debt_principal:base/formula/refs/0Nonebase_2027q1_repay_2026
/operating_model/cells/base_2027q1_debt_principal:base/formula/refs/1Nonebase_2027q1_repay_2027
/operating_model/cells/base_2027q1_debt_principal:base/idNonebase_2027q1_debt_principal
/operating_model/cells/base_2027q1_debt_principal:base/kindNonederived
/operating_model/cells/base_2027q1_debt_principal:base/labelNoneScheduled note principal
/operating_model/cells/base_2027q1_debt_principal:base/periodNone2027Q1
/operating_model/cells/base_2027q1_debt_principal:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_debt_principal:base/valueNone0.0
/operating_model/cells/base_2027q1_fcf:base/basisNoneBefore discretionary repurchases.
/operating_model/cells/base_2027q1_fcf:base/caseNonebase
/operating_model/cells/base_2027q1_fcf:base/formula/opNonesubtract
/operating_model/cells/base_2027q1_fcf:base/formula/refs/0Nonebase_2027q1_cfo
/operating_model/cells/base_2027q1_fcf:base/formula/refs/1Nonebase_2027q1_capex
/operating_model/cells/base_2027q1_fcf:base/idNonebase_2027q1_fcf
/operating_model/cells/base_2027q1_fcf:base/kindNonederived
/operating_model/cells/base_2027q1_fcf:base/labelNoneCFO less PP&E
/operating_model/cells/base_2027q1_fcf:base/periodNone2027Q1
/operating_model/cells/base_2027q1_fcf:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_fcf:base/valueNone87.59999999999991
/operating_model/cells/base_2027q1_gaap_adjustments:base/basisNoneNo double deduction of restructuring SBC or asset depreciation.
/operating_model/cells/base_2027q1_gaap_adjustments:base/caseNonebase
/operating_model/cells/base_2027q1_gaap_adjustments:base/formula/opNonesum
/operating_model/cells/base_2027q1_gaap_adjustments:base/formula/refs/0Nonebase_2027q1_sbc
/operating_model/cells/base_2027q1_gaap_adjustments:base/formula/refs/1Nonebase_2027q1_sbc_payroll
/operating_model/cells/base_2027q1_gaap_adjustments:base/formula/refs/2Nonebase_2027q1_da
/operating_model/cells/base_2027q1_gaap_adjustments:base/formula/refs/3Nonebase_2027q1_incremental_restructuring
/operating_model/cells/base_2027q1_gaap_adjustments:base/idNonebase_2027q1_gaap_adjustments
/operating_model/cells/base_2027q1_gaap_adjustments:base/kindNonederived
/operating_model/cells/base_2027q1_gaap_adjustments:base/labelNoneSBC payroll D&A and restructuring
/operating_model/cells/base_2027q1_gaap_adjustments:base/periodNone2027Q1
/operating_model/cells/base_2027q1_gaap_adjustments:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_gaap_adjustments:base/valueNone343.0
/operating_model/cells/base_2027q1_gross_profit:base/basisNoneNo new COGS restructuring charge assumed.
/operating_model/cells/base_2027q1_gross_profit:base/caseNonebase
/operating_model/cells/base_2027q1_gross_profit:base/formula/opNonesubtract
/operating_model/cells/base_2027q1_gross_profit:base/formula/refs/0Nonebase_2027q1_adj_gross_profit
/operating_model/cells/base_2027q1_gross_profit:base/formula/refs/1Nonebase_2027q1_cogs_adjustments
/operating_model/cells/base_2027q1_gross_profit:base/idNonebase_2027q1_gross_profit
/operating_model/cells/base_2027q1_gross_profit:base/kindNonederived
/operating_model/cells/base_2027q1_gross_profit:base/labelNoneGAAP gross profit proxy
/operating_model/cells/base_2027q1_gross_profit:base/periodNone2027Q1
/operating_model/cells/base_2027q1_gross_profit:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_gross_profit:base/valueNone1004.1999999999999
/operating_model/cells/base_2027q1_incremental_restructuring:base/basisNoneRemaining April-plan charges/liabilities were immaterial at June 30; no repeat of full H1 charge.
/operating_model/cells/base_2027q1_incremental_restructuring:base/caseNonebase
/operating_model/cells/base_2027q1_incremental_restructuring:base/idNonebase_2027q1_incremental_restructuring
/operating_model/cells/base_2027q1_incremental_restructuring:base/kindNoneassumption
/operating_model/cells/base_2027q1_incremental_restructuring:base/labelNoneRestructuring excluding SBC/D&A counted above
/operating_model/cells/base_2027q1_incremental_restructuring:base/periodNone2027Q1
/operating_model/cells/base_2027q1_incremental_restructuring:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_incremental_restructuring:base/valueNone0.0
/operating_model/cells/base_2027q1_infrastructure:base/basisNoneHosting and related operating expense, not company-owned capex. Base H2 reconciles to FY2026 midpoint after H1.
/operating_model/cells/base_2027q1_infrastructure:base/caseNonebase
/operating_model/cells/base_2027q1_infrastructure:base/idNonebase_2027q1_infrastructure
/operating_model/cells/base_2027q1_infrastructure:base/kindNoneassumption
/operating_model/cells/base_2027q1_infrastructure:base/labelNoneInfrastructure service costs
/operating_model/cells/base_2027q1_infrastructure:base/periodNone2027Q1
/operating_model/cells/base_2027q1_infrastructure:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_infrastructure:base/valueNone450.0
/operating_model/cells/base_2027q1_net_cash_interest:base/basisNoneDesk net interest includes debt coupons and investment yield; not noncash issuance-cost amortization.
/operating_model/cells/base_2027q1_net_cash_interest:base/caseNonebase
/operating_model/cells/base_2027q1_net_cash_interest:base/idNonebase_2027q1_net_cash_interest
/operating_model/cells/base_2027q1_net_cash_interest:base/kindNoneassumption
/operating_model/cells/base_2027q1_net_cash_interest:base/labelNoneCash debt interest less investment income
/operating_model/cells/base_2027q1_net_cash_interest:base/periodNone2027Q1
/operating_model/cells/base_2027q1_net_cash_interest:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_net_cash_interest:base/valueNone22.0
/operating_model/cells/base_2027q1_notes26_weight:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q1_notes26_weight:base/caseNonebase
/operating_model/cells/base_2027q1_notes26_weight:base/idNonebase_2027q1_notes26_weight
/operating_model/cells/base_2027q1_notes26_weight:base/kindNoneassumption
/operating_model/cells/base_2027q1_notes26_weight:base/labelNone2026 principal timing
/operating_model/cells/base_2027q1_notes26_weight:base/periodNone2027Q1
/operating_model/cells/base_2027q1_notes26_weight:base/unitNoneratio
/operating_model/cells/base_2027q1_notes26_weight:base/valueNone0.0
/operating_model/cells/base_2027q1_notes27_weight:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q1_notes27_weight:base/caseNonebase
/operating_model/cells/base_2027q1_notes27_weight:base/idNonebase_2027q1_notes27_weight
/operating_model/cells/base_2027q1_notes27_weight:base/kindNoneassumption
/operating_model/cells/base_2027q1_notes27_weight:base/labelNone2027 principal timing
/operating_model/cells/base_2027q1_notes27_weight:base/periodNone2027Q1
/operating_model/cells/base_2027q1_notes27_weight:base/unitNoneratio
/operating_model/cells/base_2027q1_notes27_weight:base/valueNone0.0
/operating_model/cells/base_2027q1_operating_income:base/basisNoneNo new impairment or unannounced restructuring.
/operating_model/cells/base_2027q1_operating_income:base/caseNonebase
/operating_model/cells/base_2027q1_operating_income:base/formula/opNonesubtract
/operating_model/cells/base_2027q1_operating_income:base/formula/refs/0Nonebase_2027q1_adj_ebitda
/operating_model/cells/base_2027q1_operating_income:base/formula/refs/1Nonebase_2027q1_gaap_adjustments
/operating_model/cells/base_2027q1_operating_income:base/idNonebase_2027q1_operating_income
/operating_model/cells/base_2027q1_operating_income:base/kindNonederived
/operating_model/cells/base_2027q1_operating_income:base/labelNoneGAAP operating income proxy
/operating_model/cells/base_2027q1_operating_income:base/periodNone2027Q1
/operating_model/cells/base_2027q1_operating_income:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_operating_income:base/valueNone-45.40000000000009
/operating_model/cells/base_2027q1_other_cogs:base/basisNoneContent and partner costs; scenario broadly follows management 16%-17% FY2026 range.
/operating_model/cells/base_2027q1_other_cogs:base/caseNonebase
/operating_model/cells/base_2027q1_other_cogs:base/formula/opNonemultiply
/operating_model/cells/base_2027q1_other_cogs:base/formula/refs/0Nonebase_2027q1_revenue
/operating_model/cells/base_2027q1_other_cogs:base/formula/refs/1Nonebase_2027q1_other_cogs_ratio
/operating_model/cells/base_2027q1_other_cogs:base/idNonebase_2027q1_other_cogs
/operating_model/cells/base_2027q1_other_cogs:base/kindNonederived
/operating_model/cells/base_2027q1_other_cogs:base/labelNoneOther cost of revenue
/operating_model/cells/base_2027q1_other_cogs:base/periodNone2027Q1
/operating_model/cells/base_2027q1_other_cogs:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_other_cogs:base/valueNone290.40000000000003
/operating_model/cells/base_2027q1_other_cogs_ratio:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q1_other_cogs_ratio:base/caseNonebase
/operating_model/cells/base_2027q1_other_cogs_ratio:base/idNonebase_2027q1_other_cogs_ratio
/operating_model/cells/base_2027q1_other_cogs_ratio:base/kindNoneassumption
/operating_model/cells/base_2027q1_other_cogs_ratio:base/labelNoneOther cost of revenue / revenue
/operating_model/cells/base_2027q1_other_cogs_ratio:base/periodNone2027Q1
/operating_model/cells/base_2027q1_other_cogs_ratio:base/unitNoneratio
/operating_model/cells/base_2027q1_other_cogs_ratio:base/valueNone0.165
/operating_model/cells/base_2027q1_other_revenue:base/basisNoneSubscriptions and other products in one perimeter; no separately added SPECS preorder/deposit revenue.
/operating_model/cells/base_2027q1_other_revenue:base/caseNonebase
/operating_model/cells/base_2027q1_other_revenue:base/idNonebase_2027q1_other_revenue
/operating_model/cells/base_2027q1_other_revenue:base/kindNoneassumption
/operating_model/cells/base_2027q1_other_revenue:base/labelNoneOther product revenue
/operating_model/cells/base_2027q1_other_revenue:base/periodNone2027Q1
/operating_model/cells/base_2027q1_other_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_other_revenue:base/valueNone420.0
/operating_model/cells/base_2027q1_repay_2026:base/basisNoneAugust 1 repayment follows June balance sheet and is described in the subsequent event/remarks.
/operating_model/cells/base_2027q1_repay_2026:base/caseNonebase
/operating_model/cells/base_2027q1_repay_2026:base/formula/opNonemultiply
/operating_model/cells/base_2027q1_repay_2026:base/formula/refs/0Nonenotes_2026
/operating_model/cells/base_2027q1_repay_2026:base/formula/refs/1Nonebase_2027q1_notes26_weight
/operating_model/cells/base_2027q1_repay_2026:base/idNonebase_2027q1_repay_2026
/operating_model/cells/base_2027q1_repay_2026:base/kindNonederived
/operating_model/cells/base_2027q1_repay_2026:base/labelNoneAugust 2026 note principal
/operating_model/cells/base_2027q1_repay_2026:base/periodNone2027Q1
/operating_model/cells/base_2027q1_repay_2026:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_repay_2026:base/valueNone0.0
/operating_model/cells/base_2027q1_repay_2027:base/basisNoneMay 1, 2027 maturity; assumes cash settlement.
/operating_model/cells/base_2027q1_repay_2027:base/caseNonebase
/operating_model/cells/base_2027q1_repay_2027:base/formula/opNonemultiply
/operating_model/cells/base_2027q1_repay_2027:base/formula/refs/0Nonenotes_2027
/operating_model/cells/base_2027q1_repay_2027:base/formula/refs/1Nonebase_2027q1_notes27_weight
/operating_model/cells/base_2027q1_repay_2027:base/idNonebase_2027q1_repay_2027
/operating_model/cells/base_2027q1_repay_2027:base/kindNonederived
/operating_model/cells/base_2027q1_repay_2027:base/labelNoneMay 2027 note principal
/operating_model/cells/base_2027q1_repay_2027:base/periodNone2027Q1
/operating_model/cells/base_2027q1_repay_2027:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_repay_2027:base/valueNone0.0
/operating_model/cells/base_2027q1_revenue:base/basisNoneAdvertising plus other product revenue.
/operating_model/cells/base_2027q1_revenue:base/caseNonebase
/operating_model/cells/base_2027q1_revenue:base/formula/opNonesum
/operating_model/cells/base_2027q1_revenue:base/formula/refs/0Nonebase_2027q1_ad_revenue
/operating_model/cells/base_2027q1_revenue:base/formula/refs/1Nonebase_2027q1_other_revenue
/operating_model/cells/base_2027q1_revenue:base/idNonebase_2027q1_revenue
/operating_model/cells/base_2027q1_revenue:base/kindNonederived
/operating_model/cells/base_2027q1_revenue:base/labelNoneConsolidated revenue
/operating_model/cells/base_2027q1_revenue:base/periodNone2027Q1
/operating_model/cells/base_2027q1_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_revenue:base/valueNone1760.0
/operating_model/cells/base_2027q1_sbc:base/basisNoneH2 base preserves approximately $1.05B full-year SBC after actual H1 $513.229M; all 2027 is desk.
/operating_model/cells/base_2027q1_sbc:base/caseNonebase
/operating_model/cells/base_2027q1_sbc:base/idNonebase_2027q1_sbc
/operating_model/cells/base_2027q1_sbc:base/kindNoneassumption
/operating_model/cells/base_2027q1_sbc:base/labelNoneTotal equity compensation expense
/operating_model/cells/base_2027q1_sbc:base/periodNone2027Q1
/operating_model/cells/base_2027q1_sbc:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_sbc:base/valueNone275.0
/operating_model/cells/base_2027q1_sbc_payroll:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q1_sbc_payroll:base/caseNonebase
/operating_model/cells/base_2027q1_sbc_payroll:base/idNonebase_2027q1_sbc_payroll
/operating_model/cells/base_2027q1_sbc_payroll:base/kindNoneassumption
/operating_model/cells/base_2027q1_sbc_payroll:base/labelNoneCash payroll taxes on equity awards
/operating_model/cells/base_2027q1_sbc_payroll:base/periodNone2027Q1
/operating_model/cells/base_2027q1_sbc_payroll:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_sbc_payroll:base/valueNone16.0
/operating_model/cells/base_2027q1_wc_use:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q1_wc_use:base/caseNonebase
/operating_model/cells/base_2027q1_wc_use:base/idNonebase_2027q1_wc_use
/operating_model/cells/base_2027q1_wc_use:base/kindNoneassumption
/operating_model/cells/base_2027q1_wc_use:base/labelNoneWorking capital and other cash use
/operating_model/cells/base_2027q1_wc_use:base/periodNone2027Q1
/operating_model/cells/base_2027q1_wc_use:base/unitNoneUSD_millions
/operating_model/cells/base_2027q1_wc_use:base/valueNone90.0
/operating_model/cells/base_2027q2_ad_revenue:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q2_ad_revenue:base/caseNonebase
/operating_model/cells/base_2027q2_ad_revenue:base/idNonebase_2027q2_ad_revenue
/operating_model/cells/base_2027q2_ad_revenue:base/kindNoneassumption
/operating_model/cells/base_2027q2_ad_revenue:base/labelNoneAdvertising revenue
/operating_model/cells/base_2027q2_ad_revenue:base/periodNone2027Q2
/operating_model/cells/base_2027q2_ad_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_ad_revenue:base/valueNone1510.0
/operating_model/cells/base_2027q2_adj_cogs:base/basisNoneNo second hardware cost assumption added outside this consolidated cost scenario.
/operating_model/cells/base_2027q2_adj_cogs:base/caseNonebase
/operating_model/cells/base_2027q2_adj_cogs:base/formula/opNonesum
/operating_model/cells/base_2027q2_adj_cogs:base/formula/refs/0Nonebase_2027q2_infrastructure
/operating_model/cells/base_2027q2_adj_cogs:base/formula/refs/1Nonebase_2027q2_other_cogs
/operating_model/cells/base_2027q2_adj_cogs:base/idNonebase_2027q2_adj_cogs
/operating_model/cells/base_2027q2_adj_cogs:base/kindNonederived
/operating_model/cells/base_2027q2_adj_cogs:base/labelNoneAdjusted cost of revenue
/operating_model/cells/base_2027q2_adj_cogs:base/periodNone2027Q2
/operating_model/cells/base_2027q2_adj_cogs:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_adj_cogs:base/valueNone790.4000000000001
/operating_model/cells/base_2027q2_adj_ebitda:base/basisNoneSpecs is consolidated and already in the expense budget.
/operating_model/cells/base_2027q2_adj_ebitda:base/caseNonebase
/operating_model/cells/base_2027q2_adj_ebitda:base/formula/opNonesubtract
/operating_model/cells/base_2027q2_adj_ebitda:base/formula/refs/0Nonebase_2027q2_adj_gross_profit
/operating_model/cells/base_2027q2_adj_ebitda:base/formula/refs/1Nonebase_2027q2_cash_opex
/operating_model/cells/base_2027q2_adj_ebitda:base/idNonebase_2027q2_adj_ebitda
/operating_model/cells/base_2027q2_adj_ebitda:base/kindNonederived
/operating_model/cells/base_2027q2_adj_ebitda:base/labelNoneAdjusted EBITDA proxy
/operating_model/cells/base_2027q2_adj_ebitda:base/periodNone2027Q2
/operating_model/cells/base_2027q2_adj_ebitda:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_adj_ebitda:base/valueNone424.5999999999999
/operating_model/cells/base_2027q2_adj_gross_profit:base/basisNoneBefore allocated equity compensation and depreciation.
/operating_model/cells/base_2027q2_adj_gross_profit:base/caseNonebase
/operating_model/cells/base_2027q2_adj_gross_profit:base/formula/opNonesubtract
/operating_model/cells/base_2027q2_adj_gross_profit:base/formula/refs/0Nonebase_2027q2_revenue
/operating_model/cells/base_2027q2_adj_gross_profit:base/formula/refs/1Nonebase_2027q2_adj_cogs
/operating_model/cells/base_2027q2_adj_gross_profit:base/idNonebase_2027q2_adj_gross_profit
/operating_model/cells/base_2027q2_adj_gross_profit:base/kindNonederived
/operating_model/cells/base_2027q2_adj_gross_profit:base/labelNoneAdjusted gross profit
/operating_model/cells/base_2027q2_adj_gross_profit:base/periodNone2027Q2
/operating_model/cells/base_2027q2_adj_gross_profit:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_adj_gross_profit:base/valueNone1169.6
/operating_model/cells/base_2027q2_buybacks:base/basisNoneDesk capital-allocation assumption; no guarantee shares outstanding decline and no commitment to a 2027 program.
/operating_model/cells/base_2027q2_buybacks:base/caseNonebase
/operating_model/cells/base_2027q2_buybacks:base/idNonebase_2027q2_buybacks
/operating_model/cells/base_2027q2_buybacks:base/kindNoneassumption
/operating_model/cells/base_2027q2_buybacks:base/labelNoneShare repurchases including tax
/operating_model/cells/base_2027q2_buybacks:base/periodNone2027Q2
/operating_model/cells/base_2027q2_buybacks:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_buybacks:base/valueNone180.0
/operating_model/cells/base_2027q2_capex:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q2_capex:base/caseNonebase
/operating_model/cells/base_2027q2_capex:base/idNonebase_2027q2_capex
/operating_model/cells/base_2027q2_capex:base/kindNoneassumption
/operating_model/cells/base_2027q2_capex:base/labelNoneCash PP&E
/operating_model/cells/base_2027q2_capex:base/periodNone2027Q2
/operating_model/cells/base_2027q2_capex:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_capex:base/valueNone67.0
/operating_model/cells/base_2027q2_capital_uses:base/basisNoneFinancing uses, not operating expenses.
/operating_model/cells/base_2027q2_capital_uses:base/caseNonebase
/operating_model/cells/base_2027q2_capital_uses:base/formula/opNonesum
/operating_model/cells/base_2027q2_capital_uses:base/formula/refs/0Nonebase_2027q2_buybacks
/operating_model/cells/base_2027q2_capital_uses:base/formula/refs/1Nonebase_2027q2_debt_principal
/operating_model/cells/base_2027q2_capital_uses:base/idNonebase_2027q2_capital_uses
/operating_model/cells/base_2027q2_capital_uses:base/kindNonederived
/operating_model/cells/base_2027q2_capital_uses:base/labelNoneRepurchases and principal
/operating_model/cells/base_2027q2_capital_uses:base/periodNone2027Q2
/operating_model/cells/base_2027q2_capital_uses:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_capital_uses:base/valueNone286.318
/operating_model/cells/base_2027q2_cash_after_claims:base/basisNoneBefore acquisitions and strategic investments.
/operating_model/cells/base_2027q2_cash_after_claims:base/caseNonebase
/operating_model/cells/base_2027q2_cash_after_claims:base/formula/opNonesubtract
/operating_model/cells/base_2027q2_cash_after_claims:base/formula/refs/0Nonebase_2027q2_fcf
/operating_model/cells/base_2027q2_cash_after_claims:base/formula/refs/1Nonebase_2027q2_capital_uses
/operating_model/cells/base_2027q2_cash_after_claims:base/idNonebase_2027q2_cash_after_claims
/operating_model/cells/base_2027q2_cash_after_claims:base/kindNonederived
/operating_model/cells/base_2027q2_cash_after_claims:base/labelNoneCash after repurchases and note principal
/operating_model/cells/base_2027q2_cash_after_claims:base/periodNone2027Q2
/operating_model/cells/base_2027q2_cash_after_claims:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_cash_after_claims:base/valueNone-5.718000000000075
/operating_model/cells/base_2027q2_cash_opex:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q2_cash_opex:base/caseNonebase
/operating_model/cells/base_2027q2_cash_opex:base/idNonebase_2027q2_cash_opex
/operating_model/cells/base_2027q2_cash_opex:base/kindNoneassumption
/operating_model/cells/base_2027q2_cash_opex:base/labelNoneAdjusted operating expense including Specs
/operating_model/cells/base_2027q2_cash_opex:base/periodNone2027Q2
/operating_model/cells/base_2027q2_cash_opex:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_cash_opex:base/valueNone745.0
/operating_model/cells/base_2027q2_cash_tax:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q2_cash_tax:base/caseNonebase
/operating_model/cells/base_2027q2_cash_tax:base/idNonebase_2027q2_cash_tax
/operating_model/cells/base_2027q2_cash_tax:base/kindNoneassumption
/operating_model/cells/base_2027q2_cash_tax:base/labelNoneCash income tax
/operating_model/cells/base_2027q2_cash_tax:base/periodNone2027Q2
/operating_model/cells/base_2027q2_cash_tax:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_cash_tax:base/valueNone21.0
/operating_model/cells/base_2027q2_cash_uses:base/basisNoneEquity-award payroll tax consumes cash although excluded from adjusted EBITDA.
/operating_model/cells/base_2027q2_cash_uses:base/caseNonebase
/operating_model/cells/base_2027q2_cash_uses:base/formula/opNonesum
/operating_model/cells/base_2027q2_cash_uses:base/formula/refs/0Nonebase_2027q2_sbc_payroll
/operating_model/cells/base_2027q2_cash_uses:base/formula/refs/1Nonebase_2027q2_net_cash_interest
/operating_model/cells/base_2027q2_cash_uses:base/formula/refs/2Nonebase_2027q2_cash_tax
/operating_model/cells/base_2027q2_cash_uses:base/formula/refs/3Nonebase_2027q2_wc_use
/operating_model/cells/base_2027q2_cash_uses:base/idNonebase_2027q2_cash_uses
/operating_model/cells/base_2027q2_cash_uses:base/kindNonederived
/operating_model/cells/base_2027q2_cash_uses:base/labelNoneCash operating adjustments
/operating_model/cells/base_2027q2_cash_uses:base/periodNone2027Q2
/operating_model/cells/base_2027q2_cash_uses:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_cash_uses:base/valueNone77.0
/operating_model/cells/base_2027q2_cfo:base/basisNoneWorking-capital timing is separate from accounting earnings.
/operating_model/cells/base_2027q2_cfo:base/caseNonebase
/operating_model/cells/base_2027q2_cfo:base/formula/opNonesubtract
/operating_model/cells/base_2027q2_cfo:base/formula/refs/0Nonebase_2027q2_adj_ebitda
/operating_model/cells/base_2027q2_cfo:base/formula/refs/1Nonebase_2027q2_cash_uses
/operating_model/cells/base_2027q2_cfo:base/idNonebase_2027q2_cfo
/operating_model/cells/base_2027q2_cfo:base/kindNonederived
/operating_model/cells/base_2027q2_cfo:base/labelNoneOperating cash flow proxy
/operating_model/cells/base_2027q2_cfo:base/periodNone2027Q2
/operating_model/cells/base_2027q2_cfo:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_cfo:base/valueNone347.5999999999999
/operating_model/cells/base_2027q2_cogs_adjustments:base/basisNoneThese are allocations of total expense included in the operating-income bridge.
/operating_model/cells/base_2027q2_cogs_adjustments:base/caseNonebase
/operating_model/cells/base_2027q2_cogs_adjustments:base/formula/opNonesum
/operating_model/cells/base_2027q2_cogs_adjustments:base/formula/refs/0Nonebase_2027q2_cogs_sbc
/operating_model/cells/base_2027q2_cogs_adjustments:base/formula/refs/1Nonebase_2027q2_cogs_da
/operating_model/cells/base_2027q2_cogs_adjustments:base/idNonebase_2027q2_cogs_adjustments
/operating_model/cells/base_2027q2_cogs_adjustments:base/kindNonederived
/operating_model/cells/base_2027q2_cogs_adjustments:base/labelNoneCOGS noncash and payroll adjustments
/operating_model/cells/base_2027q2_cogs_adjustments:base/periodNone2027Q2
/operating_model/cells/base_2027q2_cogs_adjustments:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_cogs_adjustments:base/valueNone16.1
/operating_model/cells/base_2027q2_cogs_da:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q2_cogs_da:base/caseNonebase
/operating_model/cells/base_2027q2_cogs_da:base/idNonebase_2027q2_cogs_da
/operating_model/cells/base_2027q2_cogs_da:base/kindNoneassumption
/operating_model/cells/base_2027q2_cogs_da:base/labelNoneCOGS D&A
/operating_model/cells/base_2027q2_cogs_da:base/periodNone2027Q2
/operating_model/cells/base_2027q2_cogs_da:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_cogs_da:base/valueNone3.6
/operating_model/cells/base_2027q2_cogs_sbc:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q2_cogs_sbc:base/caseNonebase
/operating_model/cells/base_2027q2_cogs_sbc:base/idNonebase_2027q2_cogs_sbc
/operating_model/cells/base_2027q2_cogs_sbc:base/kindNoneassumption
/operating_model/cells/base_2027q2_cogs_sbc:base/labelNoneCOGS SBC and related payroll
/operating_model/cells/base_2027q2_cogs_sbc:base/periodNone2027Q2
/operating_model/cells/base_2027q2_cogs_sbc:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_cogs_sbc:base/valueNone12.5
/operating_model/cells/base_2027q2_da:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q2_da:base/caseNonebase
/operating_model/cells/base_2027q2_da:base/idNonebase_2027q2_da
/operating_model/cells/base_2027q2_da:base/kindNoneassumption
/operating_model/cells/base_2027q2_da:base/labelNoneTotal D&A
/operating_model/cells/base_2027q2_da:base/periodNone2027Q2
/operating_model/cells/base_2027q2_da:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_da:base/valueNone54.0
/operating_model/cells/base_2027q2_debt_principal:base/basisNoneOther debt maturities fall beyond FY2027.
/operating_model/cells/base_2027q2_debt_principal:base/caseNonebase
/operating_model/cells/base_2027q2_debt_principal:base/formula/opNonesum
/operating_model/cells/base_2027q2_debt_principal:base/formula/refs/0Nonebase_2027q2_repay_2026
/operating_model/cells/base_2027q2_debt_principal:base/formula/refs/1Nonebase_2027q2_repay_2027
/operating_model/cells/base_2027q2_debt_principal:base/idNonebase_2027q2_debt_principal
/operating_model/cells/base_2027q2_debt_principal:base/kindNonederived
/operating_model/cells/base_2027q2_debt_principal:base/labelNoneScheduled note principal
/operating_model/cells/base_2027q2_debt_principal:base/periodNone2027Q2
/operating_model/cells/base_2027q2_debt_principal:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_debt_principal:base/valueNone106.318
/operating_model/cells/base_2027q2_fcf:base/basisNoneBefore discretionary repurchases.
/operating_model/cells/base_2027q2_fcf:base/caseNonebase
/operating_model/cells/base_2027q2_fcf:base/formula/opNonesubtract
/operating_model/cells/base_2027q2_fcf:base/formula/refs/0Nonebase_2027q2_cfo
/operating_model/cells/base_2027q2_fcf:base/formula/refs/1Nonebase_2027q2_capex
/operating_model/cells/base_2027q2_fcf:base/idNonebase_2027q2_fcf
/operating_model/cells/base_2027q2_fcf:base/kindNonederived
/operating_model/cells/base_2027q2_fcf:base/labelNoneCFO less PP&E
/operating_model/cells/base_2027q2_fcf:base/periodNone2027Q2
/operating_model/cells/base_2027q2_fcf:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_fcf:base/valueNone280.5999999999999
/operating_model/cells/base_2027q2_gaap_adjustments:base/basisNoneNo double deduction of restructuring SBC or asset depreciation.
/operating_model/cells/base_2027q2_gaap_adjustments:base/caseNonebase
/operating_model/cells/base_2027q2_gaap_adjustments:base/formula/opNonesum
/operating_model/cells/base_2027q2_gaap_adjustments:base/formula/refs/0Nonebase_2027q2_sbc
/operating_model/cells/base_2027q2_gaap_adjustments:base/formula/refs/1Nonebase_2027q2_sbc_payroll
/operating_model/cells/base_2027q2_gaap_adjustments:base/formula/refs/2Nonebase_2027q2_da
/operating_model/cells/base_2027q2_gaap_adjustments:base/formula/refs/3Nonebase_2027q2_incremental_restructuring
/operating_model/cells/base_2027q2_gaap_adjustments:base/idNonebase_2027q2_gaap_adjustments
/operating_model/cells/base_2027q2_gaap_adjustments:base/kindNonederived
/operating_model/cells/base_2027q2_gaap_adjustments:base/labelNoneSBC payroll D&A and restructuring
/operating_model/cells/base_2027q2_gaap_adjustments:base/periodNone2027Q2
/operating_model/cells/base_2027q2_gaap_adjustments:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_gaap_adjustments:base/valueNone350.0
/operating_model/cells/base_2027q2_gross_profit:base/basisNoneNo new COGS restructuring charge assumed.
/operating_model/cells/base_2027q2_gross_profit:base/caseNonebase
/operating_model/cells/base_2027q2_gross_profit:base/formula/opNonesubtract
/operating_model/cells/base_2027q2_gross_profit:base/formula/refs/0Nonebase_2027q2_adj_gross_profit
/operating_model/cells/base_2027q2_gross_profit:base/formula/refs/1Nonebase_2027q2_cogs_adjustments
/operating_model/cells/base_2027q2_gross_profit:base/idNonebase_2027q2_gross_profit
/operating_model/cells/base_2027q2_gross_profit:base/kindNonederived
/operating_model/cells/base_2027q2_gross_profit:base/labelNoneGAAP gross profit proxy
/operating_model/cells/base_2027q2_gross_profit:base/periodNone2027Q2
/operating_model/cells/base_2027q2_gross_profit:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_gross_profit:base/valueNone1153.5
/operating_model/cells/base_2027q2_incremental_restructuring:base/basisNoneRemaining April-plan charges/liabilities were immaterial at June 30; no repeat of full H1 charge.
/operating_model/cells/base_2027q2_incremental_restructuring:base/caseNonebase
/operating_model/cells/base_2027q2_incremental_restructuring:base/idNonebase_2027q2_incremental_restructuring
/operating_model/cells/base_2027q2_incremental_restructuring:base/kindNoneassumption
/operating_model/cells/base_2027q2_incremental_restructuring:base/labelNoneRestructuring excluding SBC/D&A counted above
/operating_model/cells/base_2027q2_incremental_restructuring:base/periodNone2027Q2
/operating_model/cells/base_2027q2_incremental_restructuring:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_incremental_restructuring:base/valueNone0.0
/operating_model/cells/base_2027q2_infrastructure:base/basisNoneHosting and related operating expense, not company-owned capex. Base H2 reconciles to FY2026 midpoint after H1.
/operating_model/cells/base_2027q2_infrastructure:base/caseNonebase
/operating_model/cells/base_2027q2_infrastructure:base/idNonebase_2027q2_infrastructure
/operating_model/cells/base_2027q2_infrastructure:base/kindNoneassumption
/operating_model/cells/base_2027q2_infrastructure:base/labelNoneInfrastructure service costs
/operating_model/cells/base_2027q2_infrastructure:base/periodNone2027Q2
/operating_model/cells/base_2027q2_infrastructure:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_infrastructure:base/valueNone467.0
/operating_model/cells/base_2027q2_net_cash_interest:base/basisNoneDesk net interest includes debt coupons and investment yield; not noncash issuance-cost amortization.
/operating_model/cells/base_2027q2_net_cash_interest:base/caseNonebase
/operating_model/cells/base_2027q2_net_cash_interest:base/idNonebase_2027q2_net_cash_interest
/operating_model/cells/base_2027q2_net_cash_interest:base/kindNoneassumption
/operating_model/cells/base_2027q2_net_cash_interest:base/labelNoneCash debt interest less investment income
/operating_model/cells/base_2027q2_net_cash_interest:base/periodNone2027Q2
/operating_model/cells/base_2027q2_net_cash_interest:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_net_cash_interest:base/valueNone24.0
/operating_model/cells/base_2027q2_notes26_weight:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q2_notes26_weight:base/caseNonebase
/operating_model/cells/base_2027q2_notes26_weight:base/idNonebase_2027q2_notes26_weight
/operating_model/cells/base_2027q2_notes26_weight:base/kindNoneassumption
/operating_model/cells/base_2027q2_notes26_weight:base/labelNone2026 principal timing
/operating_model/cells/base_2027q2_notes26_weight:base/periodNone2027Q2
/operating_model/cells/base_2027q2_notes26_weight:base/unitNoneratio
/operating_model/cells/base_2027q2_notes26_weight:base/valueNone0.0
/operating_model/cells/base_2027q2_notes27_weight:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q2_notes27_weight:base/caseNonebase
/operating_model/cells/base_2027q2_notes27_weight:base/idNonebase_2027q2_notes27_weight
/operating_model/cells/base_2027q2_notes27_weight:base/kindNoneassumption
/operating_model/cells/base_2027q2_notes27_weight:base/labelNone2027 principal timing
/operating_model/cells/base_2027q2_notes27_weight:base/periodNone2027Q2
/operating_model/cells/base_2027q2_notes27_weight:base/unitNoneratio
/operating_model/cells/base_2027q2_notes27_weight:base/valueNone1.0
/operating_model/cells/base_2027q2_operating_income:base/basisNoneNo new impairment or unannounced restructuring.
/operating_model/cells/base_2027q2_operating_income:base/caseNonebase
/operating_model/cells/base_2027q2_operating_income:base/formula/opNonesubtract
/operating_model/cells/base_2027q2_operating_income:base/formula/refs/0Nonebase_2027q2_adj_ebitda
/operating_model/cells/base_2027q2_operating_income:base/formula/refs/1Nonebase_2027q2_gaap_adjustments
/operating_model/cells/base_2027q2_operating_income:base/idNonebase_2027q2_operating_income
/operating_model/cells/base_2027q2_operating_income:base/kindNonederived
/operating_model/cells/base_2027q2_operating_income:base/labelNoneGAAP operating income proxy
/operating_model/cells/base_2027q2_operating_income:base/periodNone2027Q2
/operating_model/cells/base_2027q2_operating_income:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_operating_income:base/valueNone74.59999999999991
/operating_model/cells/base_2027q2_other_cogs:base/basisNoneContent and partner costs; scenario broadly follows management 16%-17% FY2026 range.
/operating_model/cells/base_2027q2_other_cogs:base/caseNonebase
/operating_model/cells/base_2027q2_other_cogs:base/formula/opNonemultiply
/operating_model/cells/base_2027q2_other_cogs:base/formula/refs/0Nonebase_2027q2_revenue
/operating_model/cells/base_2027q2_other_cogs:base/formula/refs/1Nonebase_2027q2_other_cogs_ratio
/operating_model/cells/base_2027q2_other_cogs:base/idNonebase_2027q2_other_cogs
/operating_model/cells/base_2027q2_other_cogs:base/kindNonederived
/operating_model/cells/base_2027q2_other_cogs:base/labelNoneOther cost of revenue
/operating_model/cells/base_2027q2_other_cogs:base/periodNone2027Q2
/operating_model/cells/base_2027q2_other_cogs:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_other_cogs:base/valueNone323.40000000000003
/operating_model/cells/base_2027q2_other_cogs_ratio:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q2_other_cogs_ratio:base/caseNonebase
/operating_model/cells/base_2027q2_other_cogs_ratio:base/idNonebase_2027q2_other_cogs_ratio
/operating_model/cells/base_2027q2_other_cogs_ratio:base/kindNoneassumption
/operating_model/cells/base_2027q2_other_cogs_ratio:base/labelNoneOther cost of revenue / revenue
/operating_model/cells/base_2027q2_other_cogs_ratio:base/periodNone2027Q2
/operating_model/cells/base_2027q2_other_cogs_ratio:base/unitNoneratio
/operating_model/cells/base_2027q2_other_cogs_ratio:base/valueNone0.165
/operating_model/cells/base_2027q2_other_revenue:base/basisNoneSubscriptions and other products in one perimeter; no separately added SPECS preorder/deposit revenue.
/operating_model/cells/base_2027q2_other_revenue:base/caseNonebase
/operating_model/cells/base_2027q2_other_revenue:base/idNonebase_2027q2_other_revenue
/operating_model/cells/base_2027q2_other_revenue:base/kindNoneassumption
/operating_model/cells/base_2027q2_other_revenue:base/labelNoneOther product revenue
/operating_model/cells/base_2027q2_other_revenue:base/periodNone2027Q2
/operating_model/cells/base_2027q2_other_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_other_revenue:base/valueNone450.0
/operating_model/cells/base_2027q2_repay_2026:base/basisNoneAugust 1 repayment follows June balance sheet and is described in the subsequent event/remarks.
/operating_model/cells/base_2027q2_repay_2026:base/caseNonebase
/operating_model/cells/base_2027q2_repay_2026:base/formula/opNonemultiply
/operating_model/cells/base_2027q2_repay_2026:base/formula/refs/0Nonenotes_2026
/operating_model/cells/base_2027q2_repay_2026:base/formula/refs/1Nonebase_2027q2_notes26_weight
/operating_model/cells/base_2027q2_repay_2026:base/idNonebase_2027q2_repay_2026
/operating_model/cells/base_2027q2_repay_2026:base/kindNonederived
/operating_model/cells/base_2027q2_repay_2026:base/labelNoneAugust 2026 note principal
/operating_model/cells/base_2027q2_repay_2026:base/periodNone2027Q2
/operating_model/cells/base_2027q2_repay_2026:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_repay_2026:base/valueNone0.0
/operating_model/cells/base_2027q2_repay_2027:base/basisNoneMay 1, 2027 maturity; assumes cash settlement.
/operating_model/cells/base_2027q2_repay_2027:base/caseNonebase
/operating_model/cells/base_2027q2_repay_2027:base/formula/opNonemultiply
/operating_model/cells/base_2027q2_repay_2027:base/formula/refs/0Nonenotes_2027
/operating_model/cells/base_2027q2_repay_2027:base/formula/refs/1Nonebase_2027q2_notes27_weight
/operating_model/cells/base_2027q2_repay_2027:base/idNonebase_2027q2_repay_2027
/operating_model/cells/base_2027q2_repay_2027:base/kindNonederived
/operating_model/cells/base_2027q2_repay_2027:base/labelNoneMay 2027 note principal
/operating_model/cells/base_2027q2_repay_2027:base/periodNone2027Q2
/operating_model/cells/base_2027q2_repay_2027:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_repay_2027:base/valueNone106.318
/operating_model/cells/base_2027q2_revenue:base/basisNoneAdvertising plus other product revenue.
/operating_model/cells/base_2027q2_revenue:base/caseNonebase
/operating_model/cells/base_2027q2_revenue:base/formula/opNonesum
/operating_model/cells/base_2027q2_revenue:base/formula/refs/0Nonebase_2027q2_ad_revenue
/operating_model/cells/base_2027q2_revenue:base/formula/refs/1Nonebase_2027q2_other_revenue
/operating_model/cells/base_2027q2_revenue:base/idNonebase_2027q2_revenue
/operating_model/cells/base_2027q2_revenue:base/kindNonederived
/operating_model/cells/base_2027q2_revenue:base/labelNoneConsolidated revenue
/operating_model/cells/base_2027q2_revenue:base/periodNone2027Q2
/operating_model/cells/base_2027q2_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_revenue:base/valueNone1960.0
/operating_model/cells/base_2027q2_sbc:base/basisNoneH2 base preserves approximately $1.05B full-year SBC after actual H1 $513.229M; all 2027 is desk.
/operating_model/cells/base_2027q2_sbc:base/caseNonebase
/operating_model/cells/base_2027q2_sbc:base/idNonebase_2027q2_sbc
/operating_model/cells/base_2027q2_sbc:base/kindNoneassumption
/operating_model/cells/base_2027q2_sbc:base/labelNoneTotal equity compensation expense
/operating_model/cells/base_2027q2_sbc:base/periodNone2027Q2
/operating_model/cells/base_2027q2_sbc:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_sbc:base/valueNone284.0
/operating_model/cells/base_2027q2_sbc_payroll:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q2_sbc_payroll:base/caseNonebase
/operating_model/cells/base_2027q2_sbc_payroll:base/idNonebase_2027q2_sbc_payroll
/operating_model/cells/base_2027q2_sbc_payroll:base/kindNoneassumption
/operating_model/cells/base_2027q2_sbc_payroll:base/labelNoneCash payroll taxes on equity awards
/operating_model/cells/base_2027q2_sbc_payroll:base/periodNone2027Q2
/operating_model/cells/base_2027q2_sbc_payroll:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_sbc_payroll:base/valueNone12.0
/operating_model/cells/base_2027q2_wc_use:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q2_wc_use:base/caseNonebase
/operating_model/cells/base_2027q2_wc_use:base/idNonebase_2027q2_wc_use
/operating_model/cells/base_2027q2_wc_use:base/kindNoneassumption
/operating_model/cells/base_2027q2_wc_use:base/labelNoneWorking capital and other cash use
/operating_model/cells/base_2027q2_wc_use:base/periodNone2027Q2
/operating_model/cells/base_2027q2_wc_use:base/unitNoneUSD_millions
/operating_model/cells/base_2027q2_wc_use:base/valueNone20.0
/operating_model/cells/base_2027q3_ad_revenue:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q3_ad_revenue:base/caseNonebase
/operating_model/cells/base_2027q3_ad_revenue:base/idNonebase_2027q3_ad_revenue
/operating_model/cells/base_2027q3_ad_revenue:base/kindNoneassumption
/operating_model/cells/base_2027q3_ad_revenue:base/labelNoneAdvertising revenue
/operating_model/cells/base_2027q3_ad_revenue:base/periodNone2027Q3
/operating_model/cells/base_2027q3_ad_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_ad_revenue:base/valueNone1590.0
/operating_model/cells/base_2027q3_adj_cogs:base/basisNoneNo second hardware cost assumption added outside this consolidated cost scenario.
/operating_model/cells/base_2027q3_adj_cogs:base/caseNonebase
/operating_model/cells/base_2027q3_adj_cogs:base/formula/opNonesum
/operating_model/cells/base_2027q3_adj_cogs:base/formula/refs/0Nonebase_2027q3_infrastructure
/operating_model/cells/base_2027q3_adj_cogs:base/formula/refs/1Nonebase_2027q3_other_cogs
/operating_model/cells/base_2027q3_adj_cogs:base/idNonebase_2027q3_adj_cogs
/operating_model/cells/base_2027q3_adj_cogs:base/kindNonederived
/operating_model/cells/base_2027q3_adj_cogs:base/labelNoneAdjusted cost of revenue
/operating_model/cells/base_2027q3_adj_cogs:base/periodNone2027Q3
/operating_model/cells/base_2027q3_adj_cogs:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_adj_cogs:base/valueNone829.375
/operating_model/cells/base_2027q3_adj_ebitda:base/basisNoneSpecs is consolidated and already in the expense budget.
/operating_model/cells/base_2027q3_adj_ebitda:base/caseNonebase
/operating_model/cells/base_2027q3_adj_ebitda:base/formula/opNonesubtract
/operating_model/cells/base_2027q3_adj_ebitda:base/formula/refs/0Nonebase_2027q3_adj_gross_profit
/operating_model/cells/base_2027q3_adj_ebitda:base/formula/refs/1Nonebase_2027q3_cash_opex
/operating_model/cells/base_2027q3_adj_ebitda:base/idNonebase_2027q3_adj_ebitda
/operating_model/cells/base_2027q3_adj_ebitda:base/kindNonederived
/operating_model/cells/base_2027q3_adj_ebitda:base/labelNoneAdjusted EBITDA proxy
/operating_model/cells/base_2027q3_adj_ebitda:base/periodNone2027Q3
/operating_model/cells/base_2027q3_adj_ebitda:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_adj_ebitda:base/valueNone475.625
/operating_model/cells/base_2027q3_adj_gross_profit:base/basisNoneBefore allocated equity compensation and depreciation.
/operating_model/cells/base_2027q3_adj_gross_profit:base/caseNonebase
/operating_model/cells/base_2027q3_adj_gross_profit:base/formula/opNonesubtract
/operating_model/cells/base_2027q3_adj_gross_profit:base/formula/refs/0Nonebase_2027q3_revenue
/operating_model/cells/base_2027q3_adj_gross_profit:base/formula/refs/1Nonebase_2027q3_adj_cogs
/operating_model/cells/base_2027q3_adj_gross_profit:base/idNonebase_2027q3_adj_gross_profit
/operating_model/cells/base_2027q3_adj_gross_profit:base/kindNonederived
/operating_model/cells/base_2027q3_adj_gross_profit:base/labelNoneAdjusted gross profit
/operating_model/cells/base_2027q3_adj_gross_profit:base/periodNone2027Q3
/operating_model/cells/base_2027q3_adj_gross_profit:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_adj_gross_profit:base/valueNone1245.625
/operating_model/cells/base_2027q3_buybacks:base/basisNoneDesk capital-allocation assumption; no guarantee shares outstanding decline and no commitment to a 2027 program.
/operating_model/cells/base_2027q3_buybacks:base/caseNonebase
/operating_model/cells/base_2027q3_buybacks:base/idNonebase_2027q3_buybacks
/operating_model/cells/base_2027q3_buybacks:base/kindNoneassumption
/operating_model/cells/base_2027q3_buybacks:base/labelNoneShare repurchases including tax
/operating_model/cells/base_2027q3_buybacks:base/periodNone2027Q3
/operating_model/cells/base_2027q3_buybacks:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_buybacks:base/valueNone180.0
/operating_model/cells/base_2027q3_capex:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q3_capex:base/caseNonebase
/operating_model/cells/base_2027q3_capex:base/idNonebase_2027q3_capex
/operating_model/cells/base_2027q3_capex:base/kindNoneassumption
/operating_model/cells/base_2027q3_capex:base/labelNoneCash PP&E
/operating_model/cells/base_2027q3_capex:base/periodNone2027Q3
/operating_model/cells/base_2027q3_capex:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_capex:base/valueNone71.0
/operating_model/cells/base_2027q3_capital_uses:base/basisNoneFinancing uses, not operating expenses.
/operating_model/cells/base_2027q3_capital_uses:base/caseNonebase
/operating_model/cells/base_2027q3_capital_uses:base/formula/opNonesum
/operating_model/cells/base_2027q3_capital_uses:base/formula/refs/0Nonebase_2027q3_buybacks
/operating_model/cells/base_2027q3_capital_uses:base/formula/refs/1Nonebase_2027q3_debt_principal
/operating_model/cells/base_2027q3_capital_uses:base/idNonebase_2027q3_capital_uses
/operating_model/cells/base_2027q3_capital_uses:base/kindNonederived
/operating_model/cells/base_2027q3_capital_uses:base/labelNoneRepurchases and principal
/operating_model/cells/base_2027q3_capital_uses:base/periodNone2027Q3
/operating_model/cells/base_2027q3_capital_uses:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_capital_uses:base/valueNone180.0
/operating_model/cells/base_2027q3_cash_after_claims:base/basisNoneBefore acquisitions and strategic investments.
/operating_model/cells/base_2027q3_cash_after_claims:base/caseNonebase
/operating_model/cells/base_2027q3_cash_after_claims:base/formula/opNonesubtract
/operating_model/cells/base_2027q3_cash_after_claims:base/formula/refs/0Nonebase_2027q3_fcf
/operating_model/cells/base_2027q3_cash_after_claims:base/formula/refs/1Nonebase_2027q3_capital_uses
/operating_model/cells/base_2027q3_cash_after_claims:base/idNonebase_2027q3_cash_after_claims
/operating_model/cells/base_2027q3_cash_after_claims:base/kindNonederived
/operating_model/cells/base_2027q3_cash_after_claims:base/labelNoneCash after repurchases and note principal
/operating_model/cells/base_2027q3_cash_after_claims:base/periodNone2027Q3
/operating_model/cells/base_2027q3_cash_after_claims:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_cash_after_claims:base/valueNone133.625
/operating_model/cells/base_2027q3_cash_opex:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q3_cash_opex:base/caseNonebase
/operating_model/cells/base_2027q3_cash_opex:base/idNonebase_2027q3_cash_opex
/operating_model/cells/base_2027q3_cash_opex:base/kindNoneassumption
/operating_model/cells/base_2027q3_cash_opex:base/labelNoneAdjusted operating expense including Specs
/operating_model/cells/base_2027q3_cash_opex:base/periodNone2027Q3
/operating_model/cells/base_2027q3_cash_opex:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_cash_opex:base/valueNone770.0
/operating_model/cells/base_2027q3_cash_tax:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q3_cash_tax:base/caseNonebase
/operating_model/cells/base_2027q3_cash_tax:base/idNonebase_2027q3_cash_tax
/operating_model/cells/base_2027q3_cash_tax:base/kindNoneassumption
/operating_model/cells/base_2027q3_cash_tax:base/labelNoneCash income tax
/operating_model/cells/base_2027q3_cash_tax:base/periodNone2027Q3
/operating_model/cells/base_2027q3_cash_tax:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_cash_tax:base/valueNone23.0
/operating_model/cells/base_2027q3_cash_uses:base/basisNoneEquity-award payroll tax consumes cash although excluded from adjusted EBITDA.
/operating_model/cells/base_2027q3_cash_uses:base/caseNonebase
/operating_model/cells/base_2027q3_cash_uses:base/formula/opNonesum
/operating_model/cells/base_2027q3_cash_uses:base/formula/refs/0Nonebase_2027q3_sbc_payroll
/operating_model/cells/base_2027q3_cash_uses:base/formula/refs/1Nonebase_2027q3_net_cash_interest
/operating_model/cells/base_2027q3_cash_uses:base/formula/refs/2Nonebase_2027q3_cash_tax
/operating_model/cells/base_2027q3_cash_uses:base/formula/refs/3Nonebase_2027q3_wc_use
/operating_model/cells/base_2027q3_cash_uses:base/idNonebase_2027q3_cash_uses
/operating_model/cells/base_2027q3_cash_uses:base/kindNonederived
/operating_model/cells/base_2027q3_cash_uses:base/labelNoneCash operating adjustments
/operating_model/cells/base_2027q3_cash_uses:base/periodNone2027Q3
/operating_model/cells/base_2027q3_cash_uses:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_cash_uses:base/valueNone91.0
/operating_model/cells/base_2027q3_cfo:base/basisNoneWorking-capital timing is separate from accounting earnings.
/operating_model/cells/base_2027q3_cfo:base/caseNonebase
/operating_model/cells/base_2027q3_cfo:base/formula/opNonesubtract
/operating_model/cells/base_2027q3_cfo:base/formula/refs/0Nonebase_2027q3_adj_ebitda
/operating_model/cells/base_2027q3_cfo:base/formula/refs/1Nonebase_2027q3_cash_uses
/operating_model/cells/base_2027q3_cfo:base/idNonebase_2027q3_cfo
/operating_model/cells/base_2027q3_cfo:base/kindNonederived
/operating_model/cells/base_2027q3_cfo:base/labelNoneOperating cash flow proxy
/operating_model/cells/base_2027q3_cfo:base/periodNone2027Q3
/operating_model/cells/base_2027q3_cfo:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_cfo:base/valueNone384.625
/operating_model/cells/base_2027q3_cogs_adjustments:base/basisNoneThese are allocations of total expense included in the operating-income bridge.
/operating_model/cells/base_2027q3_cogs_adjustments:base/caseNonebase
/operating_model/cells/base_2027q3_cogs_adjustments:base/formula/opNonesum
/operating_model/cells/base_2027q3_cogs_adjustments:base/formula/refs/0Nonebase_2027q3_cogs_sbc
/operating_model/cells/base_2027q3_cogs_adjustments:base/formula/refs/1Nonebase_2027q3_cogs_da
/operating_model/cells/base_2027q3_cogs_adjustments:base/idNonebase_2027q3_cogs_adjustments
/operating_model/cells/base_2027q3_cogs_adjustments:base/kindNonederived
/operating_model/cells/base_2027q3_cogs_adjustments:base/labelNoneCOGS noncash and payroll adjustments
/operating_model/cells/base_2027q3_cogs_adjustments:base/periodNone2027Q3
/operating_model/cells/base_2027q3_cogs_adjustments:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_cogs_adjustments:base/valueNone16.8
/operating_model/cells/base_2027q3_cogs_da:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q3_cogs_da:base/caseNonebase
/operating_model/cells/base_2027q3_cogs_da:base/idNonebase_2027q3_cogs_da
/operating_model/cells/base_2027q3_cogs_da:base/kindNoneassumption
/operating_model/cells/base_2027q3_cogs_da:base/labelNoneCOGS D&A
/operating_model/cells/base_2027q3_cogs_da:base/periodNone2027Q3
/operating_model/cells/base_2027q3_cogs_da:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_cogs_da:base/valueNone3.8
/operating_model/cells/base_2027q3_cogs_sbc:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q3_cogs_sbc:base/caseNonebase
/operating_model/cells/base_2027q3_cogs_sbc:base/idNonebase_2027q3_cogs_sbc
/operating_model/cells/base_2027q3_cogs_sbc:base/kindNoneassumption
/operating_model/cells/base_2027q3_cogs_sbc:base/labelNoneCOGS SBC and related payroll
/operating_model/cells/base_2027q3_cogs_sbc:base/periodNone2027Q3
/operating_model/cells/base_2027q3_cogs_sbc:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_cogs_sbc:base/valueNone13.0
/operating_model/cells/base_2027q3_da:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q3_da:base/caseNonebase
/operating_model/cells/base_2027q3_da:base/idNonebase_2027q3_da
/operating_model/cells/base_2027q3_da:base/kindNoneassumption
/operating_model/cells/base_2027q3_da:base/labelNoneTotal D&A
/operating_model/cells/base_2027q3_da:base/periodNone2027Q3
/operating_model/cells/base_2027q3_da:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_da:base/valueNone56.0
/operating_model/cells/base_2027q3_debt_principal:base/basisNoneOther debt maturities fall beyond FY2027.
/operating_model/cells/base_2027q3_debt_principal:base/caseNonebase
/operating_model/cells/base_2027q3_debt_principal:base/formula/opNonesum
/operating_model/cells/base_2027q3_debt_principal:base/formula/refs/0Nonebase_2027q3_repay_2026
/operating_model/cells/base_2027q3_debt_principal:base/formula/refs/1Nonebase_2027q3_repay_2027
/operating_model/cells/base_2027q3_debt_principal:base/idNonebase_2027q3_debt_principal
/operating_model/cells/base_2027q3_debt_principal:base/kindNonederived
/operating_model/cells/base_2027q3_debt_principal:base/labelNoneScheduled note principal
/operating_model/cells/base_2027q3_debt_principal:base/periodNone2027Q3
/operating_model/cells/base_2027q3_debt_principal:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_debt_principal:base/valueNone0.0
/operating_model/cells/base_2027q3_fcf:base/basisNoneBefore discretionary repurchases.
/operating_model/cells/base_2027q3_fcf:base/caseNonebase
/operating_model/cells/base_2027q3_fcf:base/formula/opNonesubtract
/operating_model/cells/base_2027q3_fcf:base/formula/refs/0Nonebase_2027q3_cfo
/operating_model/cells/base_2027q3_fcf:base/formula/refs/1Nonebase_2027q3_capex
/operating_model/cells/base_2027q3_fcf:base/idNonebase_2027q3_fcf
/operating_model/cells/base_2027q3_fcf:base/kindNonederived
/operating_model/cells/base_2027q3_fcf:base/labelNoneCFO less PP&E
/operating_model/cells/base_2027q3_fcf:base/periodNone2027Q3
/operating_model/cells/base_2027q3_fcf:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_fcf:base/valueNone313.625
/operating_model/cells/base_2027q3_gaap_adjustments:base/basisNoneNo double deduction of restructuring SBC or asset depreciation.
/operating_model/cells/base_2027q3_gaap_adjustments:base/caseNonebase
/operating_model/cells/base_2027q3_gaap_adjustments:base/formula/opNonesum
/operating_model/cells/base_2027q3_gaap_adjustments:base/formula/refs/0Nonebase_2027q3_sbc
/operating_model/cells/base_2027q3_gaap_adjustments:base/formula/refs/1Nonebase_2027q3_sbc_payroll
/operating_model/cells/base_2027q3_gaap_adjustments:base/formula/refs/2Nonebase_2027q3_da
/operating_model/cells/base_2027q3_gaap_adjustments:base/formula/refs/3Nonebase_2027q3_incremental_restructuring
/operating_model/cells/base_2027q3_gaap_adjustments:base/idNonebase_2027q3_gaap_adjustments
/operating_model/cells/base_2027q3_gaap_adjustments:base/kindNonederived
/operating_model/cells/base_2027q3_gaap_adjustments:base/labelNoneSBC payroll D&A and restructuring
/operating_model/cells/base_2027q3_gaap_adjustments:base/periodNone2027Q3
/operating_model/cells/base_2027q3_gaap_adjustments:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_gaap_adjustments:base/valueNone361.0
/operating_model/cells/base_2027q3_gross_profit:base/basisNoneNo new COGS restructuring charge assumed.
/operating_model/cells/base_2027q3_gross_profit:base/caseNonebase
/operating_model/cells/base_2027q3_gross_profit:base/formula/opNonesubtract
/operating_model/cells/base_2027q3_gross_profit:base/formula/refs/0Nonebase_2027q3_adj_gross_profit
/operating_model/cells/base_2027q3_gross_profit:base/formula/refs/1Nonebase_2027q3_cogs_adjustments
/operating_model/cells/base_2027q3_gross_profit:base/idNonebase_2027q3_gross_profit
/operating_model/cells/base_2027q3_gross_profit:base/kindNonederived
/operating_model/cells/base_2027q3_gross_profit:base/labelNoneGAAP gross profit proxy
/operating_model/cells/base_2027q3_gross_profit:base/periodNone2027Q3
/operating_model/cells/base_2027q3_gross_profit:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_gross_profit:base/valueNone1228.825
/operating_model/cells/base_2027q3_incremental_restructuring:base/basisNoneRemaining April-plan charges/liabilities were immaterial at June 30; no repeat of full H1 charge.
/operating_model/cells/base_2027q3_incremental_restructuring:base/caseNonebase
/operating_model/cells/base_2027q3_incremental_restructuring:base/idNonebase_2027q3_incremental_restructuring
/operating_model/cells/base_2027q3_incremental_restructuring:base/kindNoneassumption
/operating_model/cells/base_2027q3_incremental_restructuring:base/labelNoneRestructuring excluding SBC/D&A counted above
/operating_model/cells/base_2027q3_incremental_restructuring:base/periodNone2027Q3
/operating_model/cells/base_2027q3_incremental_restructuring:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_incremental_restructuring:base/valueNone0.0
/operating_model/cells/base_2027q3_infrastructure:base/basisNoneHosting and related operating expense, not company-owned capex. Base H2 reconciles to FY2026 midpoint after H1.
/operating_model/cells/base_2027q3_infrastructure:base/caseNonebase
/operating_model/cells/base_2027q3_infrastructure:base/idNonebase_2027q3_infrastructure
/operating_model/cells/base_2027q3_infrastructure:base/kindNoneassumption
/operating_model/cells/base_2027q3_infrastructure:base/labelNoneInfrastructure service costs
/operating_model/cells/base_2027q3_infrastructure:base/periodNone2027Q3
/operating_model/cells/base_2027q3_infrastructure:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_infrastructure:base/valueNone487.0
/operating_model/cells/base_2027q3_net_cash_interest:base/basisNoneDesk net interest includes debt coupons and investment yield; not noncash issuance-cost amortization.
/operating_model/cells/base_2027q3_net_cash_interest:base/caseNonebase
/operating_model/cells/base_2027q3_net_cash_interest:base/idNonebase_2027q3_net_cash_interest
/operating_model/cells/base_2027q3_net_cash_interest:base/kindNoneassumption
/operating_model/cells/base_2027q3_net_cash_interest:base/labelNoneCash debt interest less investment income
/operating_model/cells/base_2027q3_net_cash_interest:base/periodNone2027Q3
/operating_model/cells/base_2027q3_net_cash_interest:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_net_cash_interest:base/valueNone26.0
/operating_model/cells/base_2027q3_notes26_weight:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q3_notes26_weight:base/caseNonebase
/operating_model/cells/base_2027q3_notes26_weight:base/idNonebase_2027q3_notes26_weight
/operating_model/cells/base_2027q3_notes26_weight:base/kindNoneassumption
/operating_model/cells/base_2027q3_notes26_weight:base/labelNone2026 principal timing
/operating_model/cells/base_2027q3_notes26_weight:base/periodNone2027Q3
/operating_model/cells/base_2027q3_notes26_weight:base/unitNoneratio
/operating_model/cells/base_2027q3_notes26_weight:base/valueNone0.0
/operating_model/cells/base_2027q3_notes27_weight:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q3_notes27_weight:base/caseNonebase
/operating_model/cells/base_2027q3_notes27_weight:base/idNonebase_2027q3_notes27_weight
/operating_model/cells/base_2027q3_notes27_weight:base/kindNoneassumption
/operating_model/cells/base_2027q3_notes27_weight:base/labelNone2027 principal timing
/operating_model/cells/base_2027q3_notes27_weight:base/periodNone2027Q3
/operating_model/cells/base_2027q3_notes27_weight:base/unitNoneratio
/operating_model/cells/base_2027q3_notes27_weight:base/valueNone0.0
/operating_model/cells/base_2027q3_operating_income:base/basisNoneNo new impairment or unannounced restructuring.
/operating_model/cells/base_2027q3_operating_income:base/caseNonebase
/operating_model/cells/base_2027q3_operating_income:base/formula/opNonesubtract
/operating_model/cells/base_2027q3_operating_income:base/formula/refs/0Nonebase_2027q3_adj_ebitda
/operating_model/cells/base_2027q3_operating_income:base/formula/refs/1Nonebase_2027q3_gaap_adjustments
/operating_model/cells/base_2027q3_operating_income:base/idNonebase_2027q3_operating_income
/operating_model/cells/base_2027q3_operating_income:base/kindNonederived
/operating_model/cells/base_2027q3_operating_income:base/labelNoneGAAP operating income proxy
/operating_model/cells/base_2027q3_operating_income:base/periodNone2027Q3
/operating_model/cells/base_2027q3_operating_income:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_operating_income:base/valueNone114.625
/operating_model/cells/base_2027q3_other_cogs:base/basisNoneContent and partner costs; scenario broadly follows management 16%-17% FY2026 range.
/operating_model/cells/base_2027q3_other_cogs:base/caseNonebase
/operating_model/cells/base_2027q3_other_cogs:base/formula/opNonemultiply
/operating_model/cells/base_2027q3_other_cogs:base/formula/refs/0Nonebase_2027q3_revenue
/operating_model/cells/base_2027q3_other_cogs:base/formula/refs/1Nonebase_2027q3_other_cogs_ratio
/operating_model/cells/base_2027q3_other_cogs:base/idNonebase_2027q3_other_cogs
/operating_model/cells/base_2027q3_other_cogs:base/kindNonederived
/operating_model/cells/base_2027q3_other_cogs:base/labelNoneOther cost of revenue
/operating_model/cells/base_2027q3_other_cogs:base/periodNone2027Q3
/operating_model/cells/base_2027q3_other_cogs:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_other_cogs:base/valueNone342.375
/operating_model/cells/base_2027q3_other_cogs_ratio:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q3_other_cogs_ratio:base/caseNonebase
/operating_model/cells/base_2027q3_other_cogs_ratio:base/idNonebase_2027q3_other_cogs_ratio
/operating_model/cells/base_2027q3_other_cogs_ratio:base/kindNoneassumption
/operating_model/cells/base_2027q3_other_cogs_ratio:base/labelNoneOther cost of revenue / revenue
/operating_model/cells/base_2027q3_other_cogs_ratio:base/periodNone2027Q3
/operating_model/cells/base_2027q3_other_cogs_ratio:base/unitNoneratio
/operating_model/cells/base_2027q3_other_cogs_ratio:base/valueNone0.165
/operating_model/cells/base_2027q3_other_revenue:base/basisNoneSubscriptions and other products in one perimeter; no separately added SPECS preorder/deposit revenue.
/operating_model/cells/base_2027q3_other_revenue:base/caseNonebase
/operating_model/cells/base_2027q3_other_revenue:base/idNonebase_2027q3_other_revenue
/operating_model/cells/base_2027q3_other_revenue:base/kindNoneassumption
/operating_model/cells/base_2027q3_other_revenue:base/labelNoneOther product revenue
/operating_model/cells/base_2027q3_other_revenue:base/periodNone2027Q3
/operating_model/cells/base_2027q3_other_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_other_revenue:base/valueNone485.0
/operating_model/cells/base_2027q3_repay_2026:base/basisNoneAugust 1 repayment follows June balance sheet and is described in the subsequent event/remarks.
/operating_model/cells/base_2027q3_repay_2026:base/caseNonebase
/operating_model/cells/base_2027q3_repay_2026:base/formula/opNonemultiply
/operating_model/cells/base_2027q3_repay_2026:base/formula/refs/0Nonenotes_2026
/operating_model/cells/base_2027q3_repay_2026:base/formula/refs/1Nonebase_2027q3_notes26_weight
/operating_model/cells/base_2027q3_repay_2026:base/idNonebase_2027q3_repay_2026
/operating_model/cells/base_2027q3_repay_2026:base/kindNonederived
/operating_model/cells/base_2027q3_repay_2026:base/labelNoneAugust 2026 note principal
/operating_model/cells/base_2027q3_repay_2026:base/periodNone2027Q3
/operating_model/cells/base_2027q3_repay_2026:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_repay_2026:base/valueNone0.0
/operating_model/cells/base_2027q3_repay_2027:base/basisNoneMay 1, 2027 maturity; assumes cash settlement.
/operating_model/cells/base_2027q3_repay_2027:base/caseNonebase
/operating_model/cells/base_2027q3_repay_2027:base/formula/opNonemultiply
/operating_model/cells/base_2027q3_repay_2027:base/formula/refs/0Nonenotes_2027
/operating_model/cells/base_2027q3_repay_2027:base/formula/refs/1Nonebase_2027q3_notes27_weight
/operating_model/cells/base_2027q3_repay_2027:base/idNonebase_2027q3_repay_2027
/operating_model/cells/base_2027q3_repay_2027:base/kindNonederived
/operating_model/cells/base_2027q3_repay_2027:base/labelNoneMay 2027 note principal
/operating_model/cells/base_2027q3_repay_2027:base/periodNone2027Q3
/operating_model/cells/base_2027q3_repay_2027:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_repay_2027:base/valueNone0.0
/operating_model/cells/base_2027q3_revenue:base/basisNoneAdvertising plus other product revenue.
/operating_model/cells/base_2027q3_revenue:base/caseNonebase
/operating_model/cells/base_2027q3_revenue:base/formula/opNonesum
/operating_model/cells/base_2027q3_revenue:base/formula/refs/0Nonebase_2027q3_ad_revenue
/operating_model/cells/base_2027q3_revenue:base/formula/refs/1Nonebase_2027q3_other_revenue
/operating_model/cells/base_2027q3_revenue:base/idNonebase_2027q3_revenue
/operating_model/cells/base_2027q3_revenue:base/kindNonederived
/operating_model/cells/base_2027q3_revenue:base/labelNoneConsolidated revenue
/operating_model/cells/base_2027q3_revenue:base/periodNone2027Q3
/operating_model/cells/base_2027q3_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_revenue:base/valueNone2075.0
/operating_model/cells/base_2027q3_sbc:base/basisNoneH2 base preserves approximately $1.05B full-year SBC after actual H1 $513.229M; all 2027 is desk.
/operating_model/cells/base_2027q3_sbc:base/caseNonebase
/operating_model/cells/base_2027q3_sbc:base/idNonebase_2027q3_sbc
/operating_model/cells/base_2027q3_sbc:base/kindNoneassumption
/operating_model/cells/base_2027q3_sbc:base/labelNoneTotal equity compensation expense
/operating_model/cells/base_2027q3_sbc:base/periodNone2027Q3
/operating_model/cells/base_2027q3_sbc:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_sbc:base/valueNone293.0
/operating_model/cells/base_2027q3_sbc_payroll:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q3_sbc_payroll:base/caseNonebase
/operating_model/cells/base_2027q3_sbc_payroll:base/idNonebase_2027q3_sbc_payroll
/operating_model/cells/base_2027q3_sbc_payroll:base/kindNoneassumption
/operating_model/cells/base_2027q3_sbc_payroll:base/labelNoneCash payroll taxes on equity awards
/operating_model/cells/base_2027q3_sbc_payroll:base/periodNone2027Q3
/operating_model/cells/base_2027q3_sbc_payroll:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_sbc_payroll:base/valueNone12.0
/operating_model/cells/base_2027q3_wc_use:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q3_wc_use:base/caseNonebase
/operating_model/cells/base_2027q3_wc_use:base/idNonebase_2027q3_wc_use
/operating_model/cells/base_2027q3_wc_use:base/kindNoneassumption
/operating_model/cells/base_2027q3_wc_use:base/labelNoneWorking capital and other cash use
/operating_model/cells/base_2027q3_wc_use:base/periodNone2027Q3
/operating_model/cells/base_2027q3_wc_use:base/unitNoneUSD_millions
/operating_model/cells/base_2027q3_wc_use:base/valueNone30.0
/operating_model/cells/base_2027q4_ad_revenue:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q4_ad_revenue:base/caseNonebase
/operating_model/cells/base_2027q4_ad_revenue:base/idNonebase_2027q4_ad_revenue
/operating_model/cells/base_2027q4_ad_revenue:base/kindNoneassumption
/operating_model/cells/base_2027q4_ad_revenue:base/labelNoneAdvertising revenue
/operating_model/cells/base_2027q4_ad_revenue:base/periodNone2027Q4
/operating_model/cells/base_2027q4_ad_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_ad_revenue:base/valueNone1860.0
/operating_model/cells/base_2027q4_adj_cogs:base/basisNoneNo second hardware cost assumption added outside this consolidated cost scenario.
/operating_model/cells/base_2027q4_adj_cogs:base/caseNonebase
/operating_model/cells/base_2027q4_adj_cogs:base/formula/opNonesum
/operating_model/cells/base_2027q4_adj_cogs:base/formula/refs/0Nonebase_2027q4_infrastructure
/operating_model/cells/base_2027q4_adj_cogs:base/formula/refs/1Nonebase_2027q4_other_cogs
/operating_model/cells/base_2027q4_adj_cogs:base/idNonebase_2027q4_adj_cogs
/operating_model/cells/base_2027q4_adj_cogs:base/kindNonederived
/operating_model/cells/base_2027q4_adj_cogs:base/labelNoneAdjusted cost of revenue
/operating_model/cells/base_2027q4_adj_cogs:base/periodNone2027Q4
/operating_model/cells/base_2027q4_adj_cogs:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_adj_cogs:base/valueNone907.175
/operating_model/cells/base_2027q4_adj_ebitda:base/basisNoneSpecs is consolidated and already in the expense budget.
/operating_model/cells/base_2027q4_adj_ebitda:base/caseNonebase
/operating_model/cells/base_2027q4_adj_ebitda:base/formula/opNonesubtract
/operating_model/cells/base_2027q4_adj_ebitda:base/formula/refs/0Nonebase_2027q4_adj_gross_profit
/operating_model/cells/base_2027q4_adj_ebitda:base/formula/refs/1Nonebase_2027q4_cash_opex
/operating_model/cells/base_2027q4_adj_ebitda:base/idNonebase_2027q4_adj_ebitda
/operating_model/cells/base_2027q4_adj_ebitda:base/kindNonederived
/operating_model/cells/base_2027q4_adj_ebitda:base/labelNoneAdjusted EBITDA proxy
/operating_model/cells/base_2027q4_adj_ebitda:base/periodNone2027Q4
/operating_model/cells/base_2027q4_adj_ebitda:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_adj_ebitda:base/valueNone670.825
/operating_model/cells/base_2027q4_adj_gross_profit:base/basisNoneBefore allocated equity compensation and depreciation.
/operating_model/cells/base_2027q4_adj_gross_profit:base/caseNonebase
/operating_model/cells/base_2027q4_adj_gross_profit:base/formula/opNonesubtract
/operating_model/cells/base_2027q4_adj_gross_profit:base/formula/refs/0Nonebase_2027q4_revenue
/operating_model/cells/base_2027q4_adj_gross_profit:base/formula/refs/1Nonebase_2027q4_adj_cogs
/operating_model/cells/base_2027q4_adj_gross_profit:base/idNonebase_2027q4_adj_gross_profit
/operating_model/cells/base_2027q4_adj_gross_profit:base/kindNonederived
/operating_model/cells/base_2027q4_adj_gross_profit:base/labelNoneAdjusted gross profit
/operating_model/cells/base_2027q4_adj_gross_profit:base/periodNone2027Q4
/operating_model/cells/base_2027q4_adj_gross_profit:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_adj_gross_profit:base/valueNone1487.825
/operating_model/cells/base_2027q4_buybacks:base/basisNoneDesk capital-allocation assumption; no guarantee shares outstanding decline and no commitment to a 2027 program.
/operating_model/cells/base_2027q4_buybacks:base/caseNonebase
/operating_model/cells/base_2027q4_buybacks:base/idNonebase_2027q4_buybacks
/operating_model/cells/base_2027q4_buybacks:base/kindNoneassumption
/operating_model/cells/base_2027q4_buybacks:base/labelNoneShare repurchases including tax
/operating_model/cells/base_2027q4_buybacks:base/periodNone2027Q4
/operating_model/cells/base_2027q4_buybacks:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_buybacks:base/valueNone180.0
/operating_model/cells/base_2027q4_capex:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q4_capex:base/caseNonebase
/operating_model/cells/base_2027q4_capex:base/idNonebase_2027q4_capex
/operating_model/cells/base_2027q4_capex:base/kindNoneassumption
/operating_model/cells/base_2027q4_capex:base/labelNoneCash PP&E
/operating_model/cells/base_2027q4_capex:base/periodNone2027Q4
/operating_model/cells/base_2027q4_capex:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_capex:base/valueNone75.0
/operating_model/cells/base_2027q4_capital_uses:base/basisNoneFinancing uses, not operating expenses.
/operating_model/cells/base_2027q4_capital_uses:base/caseNonebase
/operating_model/cells/base_2027q4_capital_uses:base/formula/opNonesum
/operating_model/cells/base_2027q4_capital_uses:base/formula/refs/0Nonebase_2027q4_buybacks
/operating_model/cells/base_2027q4_capital_uses:base/formula/refs/1Nonebase_2027q4_debt_principal
/operating_model/cells/base_2027q4_capital_uses:base/idNonebase_2027q4_capital_uses
/operating_model/cells/base_2027q4_capital_uses:base/kindNonederived
/operating_model/cells/base_2027q4_capital_uses:base/labelNoneRepurchases and principal
/operating_model/cells/base_2027q4_capital_uses:base/periodNone2027Q4
/operating_model/cells/base_2027q4_capital_uses:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_capital_uses:base/valueNone180.0
/operating_model/cells/base_2027q4_cash_after_claims:base/basisNoneBefore acquisitions and strategic investments.
/operating_model/cells/base_2027q4_cash_after_claims:base/caseNonebase
/operating_model/cells/base_2027q4_cash_after_claims:base/formula/opNonesubtract
/operating_model/cells/base_2027q4_cash_after_claims:base/formula/refs/0Nonebase_2027q4_fcf
/operating_model/cells/base_2027q4_cash_after_claims:base/formula/refs/1Nonebase_2027q4_capital_uses
/operating_model/cells/base_2027q4_cash_after_claims:base/idNonebase_2027q4_cash_after_claims
/operating_model/cells/base_2027q4_cash_after_claims:base/kindNonederived
/operating_model/cells/base_2027q4_cash_after_claims:base/labelNoneCash after repurchases and note principal
/operating_model/cells/base_2027q4_cash_after_claims:base/periodNone2027Q4
/operating_model/cells/base_2027q4_cash_after_claims:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_cash_after_claims:base/valueNone425.82500000000005
/operating_model/cells/base_2027q4_cash_opex:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q4_cash_opex:base/caseNonebase
/operating_model/cells/base_2027q4_cash_opex:base/idNonebase_2027q4_cash_opex
/operating_model/cells/base_2027q4_cash_opex:base/kindNoneassumption
/operating_model/cells/base_2027q4_cash_opex:base/labelNoneAdjusted operating expense including Specs
/operating_model/cells/base_2027q4_cash_opex:base/periodNone2027Q4
/operating_model/cells/base_2027q4_cash_opex:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_cash_opex:base/valueNone817.0
/operating_model/cells/base_2027q4_cash_tax:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q4_cash_tax:base/caseNonebase
/operating_model/cells/base_2027q4_cash_tax:base/idNonebase_2027q4_cash_tax
/operating_model/cells/base_2027q4_cash_tax:base/kindNoneassumption
/operating_model/cells/base_2027q4_cash_tax:base/labelNoneCash income tax
/operating_model/cells/base_2027q4_cash_tax:base/periodNone2027Q4
/operating_model/cells/base_2027q4_cash_tax:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_cash_tax:base/valueNone25.0
/operating_model/cells/base_2027q4_cash_uses:base/basisNoneEquity-award payroll tax consumes cash although excluded from adjusted EBITDA.
/operating_model/cells/base_2027q4_cash_uses:base/caseNonebase
/operating_model/cells/base_2027q4_cash_uses:base/formula/opNonesum
/operating_model/cells/base_2027q4_cash_uses:base/formula/refs/0Nonebase_2027q4_sbc_payroll
/operating_model/cells/base_2027q4_cash_uses:base/formula/refs/1Nonebase_2027q4_net_cash_interest
/operating_model/cells/base_2027q4_cash_uses:base/formula/refs/2Nonebase_2027q4_cash_tax
/operating_model/cells/base_2027q4_cash_uses:base/formula/refs/3Nonebase_2027q4_wc_use
/operating_model/cells/base_2027q4_cash_uses:base/idNonebase_2027q4_cash_uses
/operating_model/cells/base_2027q4_cash_uses:base/kindNonederived
/operating_model/cells/base_2027q4_cash_uses:base/labelNoneCash operating adjustments
/operating_model/cells/base_2027q4_cash_uses:base/periodNone2027Q4
/operating_model/cells/base_2027q4_cash_uses:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_cash_uses:base/valueNone-10.0
/operating_model/cells/base_2027q4_cfo:base/basisNoneWorking-capital timing is separate from accounting earnings.
/operating_model/cells/base_2027q4_cfo:base/caseNonebase
/operating_model/cells/base_2027q4_cfo:base/formula/opNonesubtract
/operating_model/cells/base_2027q4_cfo:base/formula/refs/0Nonebase_2027q4_adj_ebitda
/operating_model/cells/base_2027q4_cfo:base/formula/refs/1Nonebase_2027q4_cash_uses
/operating_model/cells/base_2027q4_cfo:base/idNonebase_2027q4_cfo
/operating_model/cells/base_2027q4_cfo:base/kindNonederived
/operating_model/cells/base_2027q4_cfo:base/labelNoneOperating cash flow proxy
/operating_model/cells/base_2027q4_cfo:base/periodNone2027Q4
/operating_model/cells/base_2027q4_cfo:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_cfo:base/valueNone680.825
/operating_model/cells/base_2027q4_cogs_adjustments:base/basisNoneThese are allocations of total expense included in the operating-income bridge.
/operating_model/cells/base_2027q4_cogs_adjustments:base/caseNonebase
/operating_model/cells/base_2027q4_cogs_adjustments:base/formula/opNonesum
/operating_model/cells/base_2027q4_cogs_adjustments:base/formula/refs/0Nonebase_2027q4_cogs_sbc
/operating_model/cells/base_2027q4_cogs_adjustments:base/formula/refs/1Nonebase_2027q4_cogs_da
/operating_model/cells/base_2027q4_cogs_adjustments:base/idNonebase_2027q4_cogs_adjustments
/operating_model/cells/base_2027q4_cogs_adjustments:base/kindNonederived
/operating_model/cells/base_2027q4_cogs_adjustments:base/labelNoneCOGS noncash and payroll adjustments
/operating_model/cells/base_2027q4_cogs_adjustments:base/periodNone2027Q4
/operating_model/cells/base_2027q4_cogs_adjustments:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_cogs_adjustments:base/valueNone17.5
/operating_model/cells/base_2027q4_cogs_da:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q4_cogs_da:base/caseNonebase
/operating_model/cells/base_2027q4_cogs_da:base/idNonebase_2027q4_cogs_da
/operating_model/cells/base_2027q4_cogs_da:base/kindNoneassumption
/operating_model/cells/base_2027q4_cogs_da:base/labelNoneCOGS D&A
/operating_model/cells/base_2027q4_cogs_da:base/periodNone2027Q4
/operating_model/cells/base_2027q4_cogs_da:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_cogs_da:base/valueNone4.0
/operating_model/cells/base_2027q4_cogs_sbc:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q4_cogs_sbc:base/caseNonebase
/operating_model/cells/base_2027q4_cogs_sbc:base/idNonebase_2027q4_cogs_sbc
/operating_model/cells/base_2027q4_cogs_sbc:base/kindNoneassumption
/operating_model/cells/base_2027q4_cogs_sbc:base/labelNoneCOGS SBC and related payroll
/operating_model/cells/base_2027q4_cogs_sbc:base/periodNone2027Q4
/operating_model/cells/base_2027q4_cogs_sbc:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_cogs_sbc:base/valueNone13.5
/operating_model/cells/base_2027q4_da:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q4_da:base/caseNonebase
/operating_model/cells/base_2027q4_da:base/idNonebase_2027q4_da
/operating_model/cells/base_2027q4_da:base/kindNoneassumption
/operating_model/cells/base_2027q4_da:base/labelNoneTotal D&A
/operating_model/cells/base_2027q4_da:base/periodNone2027Q4
/operating_model/cells/base_2027q4_da:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_da:base/valueNone58.0
/operating_model/cells/base_2027q4_debt_principal:base/basisNoneOther debt maturities fall beyond FY2027.
/operating_model/cells/base_2027q4_debt_principal:base/caseNonebase
/operating_model/cells/base_2027q4_debt_principal:base/formula/opNonesum
/operating_model/cells/base_2027q4_debt_principal:base/formula/refs/0Nonebase_2027q4_repay_2026
/operating_model/cells/base_2027q4_debt_principal:base/formula/refs/1Nonebase_2027q4_repay_2027
/operating_model/cells/base_2027q4_debt_principal:base/idNonebase_2027q4_debt_principal
/operating_model/cells/base_2027q4_debt_principal:base/kindNonederived
/operating_model/cells/base_2027q4_debt_principal:base/labelNoneScheduled note principal
/operating_model/cells/base_2027q4_debt_principal:base/periodNone2027Q4
/operating_model/cells/base_2027q4_debt_principal:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_debt_principal:base/valueNone0.0
/operating_model/cells/base_2027q4_fcf:base/basisNoneBefore discretionary repurchases.
/operating_model/cells/base_2027q4_fcf:base/caseNonebase
/operating_model/cells/base_2027q4_fcf:base/formula/opNonesubtract
/operating_model/cells/base_2027q4_fcf:base/formula/refs/0Nonebase_2027q4_cfo
/operating_model/cells/base_2027q4_fcf:base/formula/refs/1Nonebase_2027q4_capex
/operating_model/cells/base_2027q4_fcf:base/idNonebase_2027q4_fcf
/operating_model/cells/base_2027q4_fcf:base/kindNonederived
/operating_model/cells/base_2027q4_fcf:base/labelNoneCFO less PP&E
/operating_model/cells/base_2027q4_fcf:base/periodNone2027Q4
/operating_model/cells/base_2027q4_fcf:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_fcf:base/valueNone605.825
/operating_model/cells/base_2027q4_gaap_adjustments:base/basisNoneNo double deduction of restructuring SBC or asset depreciation.
/operating_model/cells/base_2027q4_gaap_adjustments:base/caseNonebase
/operating_model/cells/base_2027q4_gaap_adjustments:base/formula/opNonesum
/operating_model/cells/base_2027q4_gaap_adjustments:base/formula/refs/0Nonebase_2027q4_sbc
/operating_model/cells/base_2027q4_gaap_adjustments:base/formula/refs/1Nonebase_2027q4_sbc_payroll
/operating_model/cells/base_2027q4_gaap_adjustments:base/formula/refs/2Nonebase_2027q4_da
/operating_model/cells/base_2027q4_gaap_adjustments:base/formula/refs/3Nonebase_2027q4_incremental_restructuring
/operating_model/cells/base_2027q4_gaap_adjustments:base/idNonebase_2027q4_gaap_adjustments
/operating_model/cells/base_2027q4_gaap_adjustments:base/kindNonederived
/operating_model/cells/base_2027q4_gaap_adjustments:base/labelNoneSBC payroll D&A and restructuring
/operating_model/cells/base_2027q4_gaap_adjustments:base/periodNone2027Q4
/operating_model/cells/base_2027q4_gaap_adjustments:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_gaap_adjustments:base/valueNone372.0
/operating_model/cells/base_2027q4_gross_profit:base/basisNoneNo new COGS restructuring charge assumed.
/operating_model/cells/base_2027q4_gross_profit:base/caseNonebase
/operating_model/cells/base_2027q4_gross_profit:base/formula/opNonesubtract
/operating_model/cells/base_2027q4_gross_profit:base/formula/refs/0Nonebase_2027q4_adj_gross_profit
/operating_model/cells/base_2027q4_gross_profit:base/formula/refs/1Nonebase_2027q4_cogs_adjustments
/operating_model/cells/base_2027q4_gross_profit:base/idNonebase_2027q4_gross_profit
/operating_model/cells/base_2027q4_gross_profit:base/kindNonederived
/operating_model/cells/base_2027q4_gross_profit:base/labelNoneGAAP gross profit proxy
/operating_model/cells/base_2027q4_gross_profit:base/periodNone2027Q4
/operating_model/cells/base_2027q4_gross_profit:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_gross_profit:base/valueNone1470.325
/operating_model/cells/base_2027q4_incremental_restructuring:base/basisNoneRemaining April-plan charges/liabilities were immaterial at June 30; no repeat of full H1 charge.
/operating_model/cells/base_2027q4_incremental_restructuring:base/caseNonebase
/operating_model/cells/base_2027q4_incremental_restructuring:base/idNonebase_2027q4_incremental_restructuring
/operating_model/cells/base_2027q4_incremental_restructuring:base/kindNoneassumption
/operating_model/cells/base_2027q4_incremental_restructuring:base/labelNoneRestructuring excluding SBC/D&A counted above
/operating_model/cells/base_2027q4_incremental_restructuring:base/periodNone2027Q4
/operating_model/cells/base_2027q4_incremental_restructuring:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_incremental_restructuring:base/valueNone0.0
/operating_model/cells/base_2027q4_infrastructure:base/basisNoneHosting and related operating expense, not company-owned capex. Base H2 reconciles to FY2026 midpoint after H1.
/operating_model/cells/base_2027q4_infrastructure:base/caseNonebase
/operating_model/cells/base_2027q4_infrastructure:base/idNonebase_2027q4_infrastructure
/operating_model/cells/base_2027q4_infrastructure:base/kindNoneassumption
/operating_model/cells/base_2027q4_infrastructure:base/labelNoneInfrastructure service costs
/operating_model/cells/base_2027q4_infrastructure:base/periodNone2027Q4
/operating_model/cells/base_2027q4_infrastructure:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_infrastructure:base/valueNone512.0
/operating_model/cells/base_2027q4_net_cash_interest:base/basisNoneDesk net interest includes debt coupons and investment yield; not noncash issuance-cost amortization.
/operating_model/cells/base_2027q4_net_cash_interest:base/caseNonebase
/operating_model/cells/base_2027q4_net_cash_interest:base/idNonebase_2027q4_net_cash_interest
/operating_model/cells/base_2027q4_net_cash_interest:base/kindNoneassumption
/operating_model/cells/base_2027q4_net_cash_interest:base/labelNoneCash debt interest less investment income
/operating_model/cells/base_2027q4_net_cash_interest:base/periodNone2027Q4
/operating_model/cells/base_2027q4_net_cash_interest:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_net_cash_interest:base/valueNone28.0
/operating_model/cells/base_2027q4_notes26_weight:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q4_notes26_weight:base/caseNonebase
/operating_model/cells/base_2027q4_notes26_weight:base/idNonebase_2027q4_notes26_weight
/operating_model/cells/base_2027q4_notes26_weight:base/kindNoneassumption
/operating_model/cells/base_2027q4_notes26_weight:base/labelNone2026 principal timing
/operating_model/cells/base_2027q4_notes26_weight:base/periodNone2027Q4
/operating_model/cells/base_2027q4_notes26_weight:base/unitNoneratio
/operating_model/cells/base_2027q4_notes26_weight:base/valueNone0.0
/operating_model/cells/base_2027q4_notes27_weight:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q4_notes27_weight:base/caseNonebase
/operating_model/cells/base_2027q4_notes27_weight:base/idNonebase_2027q4_notes27_weight
/operating_model/cells/base_2027q4_notes27_weight:base/kindNoneassumption
/operating_model/cells/base_2027q4_notes27_weight:base/labelNone2027 principal timing
/operating_model/cells/base_2027q4_notes27_weight:base/periodNone2027Q4
/operating_model/cells/base_2027q4_notes27_weight:base/unitNoneratio
/operating_model/cells/base_2027q4_notes27_weight:base/valueNone0.0
/operating_model/cells/base_2027q4_operating_income:base/basisNoneNo new impairment or unannounced restructuring.
/operating_model/cells/base_2027q4_operating_income:base/caseNonebase
/operating_model/cells/base_2027q4_operating_income:base/formula/opNonesubtract
/operating_model/cells/base_2027q4_operating_income:base/formula/refs/0Nonebase_2027q4_adj_ebitda
/operating_model/cells/base_2027q4_operating_income:base/formula/refs/1Nonebase_2027q4_gaap_adjustments
/operating_model/cells/base_2027q4_operating_income:base/idNonebase_2027q4_operating_income
/operating_model/cells/base_2027q4_operating_income:base/kindNonederived
/operating_model/cells/base_2027q4_operating_income:base/labelNoneGAAP operating income proxy
/operating_model/cells/base_2027q4_operating_income:base/periodNone2027Q4
/operating_model/cells/base_2027q4_operating_income:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_operating_income:base/valueNone298.82500000000005
/operating_model/cells/base_2027q4_other_cogs:base/basisNoneContent and partner costs; scenario broadly follows management 16%-17% FY2026 range.
/operating_model/cells/base_2027q4_other_cogs:base/caseNonebase
/operating_model/cells/base_2027q4_other_cogs:base/formula/opNonemultiply
/operating_model/cells/base_2027q4_other_cogs:base/formula/refs/0Nonebase_2027q4_revenue
/operating_model/cells/base_2027q4_other_cogs:base/formula/refs/1Nonebase_2027q4_other_cogs_ratio
/operating_model/cells/base_2027q4_other_cogs:base/idNonebase_2027q4_other_cogs
/operating_model/cells/base_2027q4_other_cogs:base/kindNonederived
/operating_model/cells/base_2027q4_other_cogs:base/labelNoneOther cost of revenue
/operating_model/cells/base_2027q4_other_cogs:base/periodNone2027Q4
/operating_model/cells/base_2027q4_other_cogs:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_other_cogs:base/valueNone395.175
/operating_model/cells/base_2027q4_other_cogs_ratio:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q4_other_cogs_ratio:base/caseNonebase
/operating_model/cells/base_2027q4_other_cogs_ratio:base/idNonebase_2027q4_other_cogs_ratio
/operating_model/cells/base_2027q4_other_cogs_ratio:base/kindNoneassumption
/operating_model/cells/base_2027q4_other_cogs_ratio:base/labelNoneOther cost of revenue / revenue
/operating_model/cells/base_2027q4_other_cogs_ratio:base/periodNone2027Q4
/operating_model/cells/base_2027q4_other_cogs_ratio:base/unitNoneratio
/operating_model/cells/base_2027q4_other_cogs_ratio:base/valueNone0.165
/operating_model/cells/base_2027q4_other_revenue:base/basisNoneSubscriptions and other products in one perimeter; no separately added SPECS preorder/deposit revenue.
/operating_model/cells/base_2027q4_other_revenue:base/caseNonebase
/operating_model/cells/base_2027q4_other_revenue:base/idNonebase_2027q4_other_revenue
/operating_model/cells/base_2027q4_other_revenue:base/kindNoneassumption
/operating_model/cells/base_2027q4_other_revenue:base/labelNoneOther product revenue
/operating_model/cells/base_2027q4_other_revenue:base/periodNone2027Q4
/operating_model/cells/base_2027q4_other_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_other_revenue:base/valueNone535.0
/operating_model/cells/base_2027q4_repay_2026:base/basisNoneAugust 1 repayment follows June balance sheet and is described in the subsequent event/remarks.
/operating_model/cells/base_2027q4_repay_2026:base/caseNonebase
/operating_model/cells/base_2027q4_repay_2026:base/formula/opNonemultiply
/operating_model/cells/base_2027q4_repay_2026:base/formula/refs/0Nonenotes_2026
/operating_model/cells/base_2027q4_repay_2026:base/formula/refs/1Nonebase_2027q4_notes26_weight
/operating_model/cells/base_2027q4_repay_2026:base/idNonebase_2027q4_repay_2026
/operating_model/cells/base_2027q4_repay_2026:base/kindNonederived
/operating_model/cells/base_2027q4_repay_2026:base/labelNoneAugust 2026 note principal
/operating_model/cells/base_2027q4_repay_2026:base/periodNone2027Q4
/operating_model/cells/base_2027q4_repay_2026:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_repay_2026:base/valueNone0.0
/operating_model/cells/base_2027q4_repay_2027:base/basisNoneMay 1, 2027 maturity; assumes cash settlement.
/operating_model/cells/base_2027q4_repay_2027:base/caseNonebase
/operating_model/cells/base_2027q4_repay_2027:base/formula/opNonemultiply
/operating_model/cells/base_2027q4_repay_2027:base/formula/refs/0Nonenotes_2027
/operating_model/cells/base_2027q4_repay_2027:base/formula/refs/1Nonebase_2027q4_notes27_weight
/operating_model/cells/base_2027q4_repay_2027:base/idNonebase_2027q4_repay_2027
/operating_model/cells/base_2027q4_repay_2027:base/kindNonederived
/operating_model/cells/base_2027q4_repay_2027:base/labelNoneMay 2027 note principal
/operating_model/cells/base_2027q4_repay_2027:base/periodNone2027Q4
/operating_model/cells/base_2027q4_repay_2027:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_repay_2027:base/valueNone0.0
/operating_model/cells/base_2027q4_revenue:base/basisNoneAdvertising plus other product revenue.
/operating_model/cells/base_2027q4_revenue:base/caseNonebase
/operating_model/cells/base_2027q4_revenue:base/formula/opNonesum
/operating_model/cells/base_2027q4_revenue:base/formula/refs/0Nonebase_2027q4_ad_revenue
/operating_model/cells/base_2027q4_revenue:base/formula/refs/1Nonebase_2027q4_other_revenue
/operating_model/cells/base_2027q4_revenue:base/idNonebase_2027q4_revenue
/operating_model/cells/base_2027q4_revenue:base/kindNonederived
/operating_model/cells/base_2027q4_revenue:base/labelNoneConsolidated revenue
/operating_model/cells/base_2027q4_revenue:base/periodNone2027Q4
/operating_model/cells/base_2027q4_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_revenue:base/valueNone2395.0
/operating_model/cells/base_2027q4_sbc:base/basisNoneH2 base preserves approximately $1.05B full-year SBC after actual H1 $513.229M; all 2027 is desk.
/operating_model/cells/base_2027q4_sbc:base/caseNonebase
/operating_model/cells/base_2027q4_sbc:base/idNonebase_2027q4_sbc
/operating_model/cells/base_2027q4_sbc:base/kindNoneassumption
/operating_model/cells/base_2027q4_sbc:base/labelNoneTotal equity compensation expense
/operating_model/cells/base_2027q4_sbc:base/periodNone2027Q4
/operating_model/cells/base_2027q4_sbc:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_sbc:base/valueNone302.0
/operating_model/cells/base_2027q4_sbc_payroll:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q4_sbc_payroll:base/caseNonebase
/operating_model/cells/base_2027q4_sbc_payroll:base/idNonebase_2027q4_sbc_payroll
/operating_model/cells/base_2027q4_sbc_payroll:base/kindNoneassumption
/operating_model/cells/base_2027q4_sbc_payroll:base/labelNoneCash payroll taxes on equity awards
/operating_model/cells/base_2027q4_sbc_payroll:base/periodNone2027Q4
/operating_model/cells/base_2027q4_sbc_payroll:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_sbc_payroll:base/valueNone12.0
/operating_model/cells/base_2027q4_wc_use:base/basisNoneDesk assumption; not company guidance.
/operating_model/cells/base_2027q4_wc_use:base/caseNonebase
/operating_model/cells/base_2027q4_wc_use:base/idNonebase_2027q4_wc_use
/operating_model/cells/base_2027q4_wc_use:base/kindNoneassumption
/operating_model/cells/base_2027q4_wc_use:base/labelNoneWorking capital and other cash use
/operating_model/cells/base_2027q4_wc_use:base/periodNone2027Q4
/operating_model/cells/base_2027q4_wc_use:base/unitNoneUSD_millions
/operating_model/cells/base_2027q4_wc_use:base/valueNone-75.0
/operating_model/cells/base_fy2026_ad_revenue:base/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/base_fy2026_ad_revenue:base/caseNonebase
/operating_model/cells/base_fy2026_ad_revenue:base/formula/opNonesum
/operating_model/cells/base_fy2026_ad_revenue:base/formula/refs/0Noneh1_ad_revenue
/operating_model/cells/base_fy2026_ad_revenue:base/formula/refs/1Nonebase_2026q3_ad_revenue
/operating_model/cells/base_fy2026_ad_revenue:base/formula/refs/2Nonebase_2026q4_ad_revenue
/operating_model/cells/base_fy2026_ad_revenue:base/idNonebase_fy2026_ad_revenue
/operating_model/cells/base_fy2026_ad_revenue:base/kindNonederived
/operating_model/cells/base_fy2026_ad_revenue:base/labelNoneAdvertising revenue ($M)
/operating_model/cells/base_fy2026_ad_revenue:base/periodNoneFY2026
/operating_model/cells/base_fy2026_ad_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_fy2026_ad_revenue:base/valueNone5555.984
/operating_model/cells/base_fy2026_adj_ebitda:base/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/base_fy2026_adj_ebitda:base/caseNonebase
/operating_model/cells/base_fy2026_adj_ebitda:base/formula/opNonesum
/operating_model/cells/base_fy2026_adj_ebitda:base/formula/refs/0Noneh1_adj_ebitda
/operating_model/cells/base_fy2026_adj_ebitda:base/formula/refs/1Nonebase_2026q3_adj_ebitda
/operating_model/cells/base_fy2026_adj_ebitda:base/formula/refs/2Nonebase_2026q4_adj_ebitda
/operating_model/cells/base_fy2026_adj_ebitda:base/idNonebase_fy2026_adj_ebitda
/operating_model/cells/base_fy2026_adj_ebitda:base/kindNonederived
/operating_model/cells/base_fy2026_adj_ebitda:base/labelNoneAdjusted EBITDA proxy ($M)
/operating_model/cells/base_fy2026_adj_ebitda:base/periodNoneFY2026
/operating_model/cells/base_fy2026_adj_ebitda:base/unitNoneUSD_millions
/operating_model/cells/base_fy2026_adj_ebitda:base/valueNone1337.271
/operating_model/cells/base_fy2026_buybacks:base/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/base_fy2026_buybacks:base/caseNonebase
/operating_model/cells/base_fy2026_buybacks:base/formula/opNonesum
/operating_model/cells/base_fy2026_buybacks:base/formula/refs/0Noneh1_buybacks
/operating_model/cells/base_fy2026_buybacks:base/formula/refs/1Nonebase_2026q3_buybacks
/operating_model/cells/base_fy2026_buybacks:base/formula/refs/2Nonebase_2026q4_buybacks
/operating_model/cells/base_fy2026_buybacks:base/idNonebase_fy2026_buybacks
/operating_model/cells/base_fy2026_buybacks:base/kindNonederived
/operating_model/cells/base_fy2026_buybacks:base/labelNoneShare repurchases and related tax ($M)
/operating_model/cells/base_fy2026_buybacks:base/periodNoneFY2026
/operating_model/cells/base_fy2026_buybacks:base/unitNoneUSD_millions
/operating_model/cells/base_fy2026_buybacks:base/valueNone1000.964
/operating_model/cells/base_fy2026_capex:base/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/base_fy2026_capex:base/caseNonebase
/operating_model/cells/base_fy2026_capex:base/formula/opNonesum
/operating_model/cells/base_fy2026_capex:base/formula/refs/0Noneh1_capex
/operating_model/cells/base_fy2026_capex:base/formula/refs/1Nonebase_2026q3_capex
/operating_model/cells/base_fy2026_capex:base/formula/refs/2Nonebase_2026q4_capex
/operating_model/cells/base_fy2026_capex:base/idNonebase_fy2026_capex
/operating_model/cells/base_fy2026_capex:base/kindNonederived
/operating_model/cells/base_fy2026_capex:base/labelNoneCash PP&E ($M)
/operating_model/cells/base_fy2026_capex:base/periodNoneFY2026
/operating_model/cells/base_fy2026_capex:base/unitNoneUSD_millions
/operating_model/cells/base_fy2026_capex:base/valueNone210.44799999999998
/operating_model/cells/base_fy2026_cash_after_claims:base/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/base_fy2026_cash_after_claims:base/caseNonebase
/operating_model/cells/base_fy2026_cash_after_claims:base/formula/opNonesum
/operating_model/cells/base_fy2026_cash_after_claims:base/formula/refs/0Noneh1_cash_after_claims
/operating_model/cells/base_fy2026_cash_after_claims:base/formula/refs/1Nonebase_2026q3_cash_after_claims
/operating_model/cells/base_fy2026_cash_after_claims:base/formula/refs/2Nonebase_2026q4_cash_after_claims
/operating_model/cells/base_fy2026_cash_after_claims:base/idNonebase_fy2026_cash_after_claims
/operating_model/cells/base_fy2026_cash_after_claims:base/kindNonederived
/operating_model/cells/base_fy2026_cash_after_claims:base/labelNoneCash after repurchases and principal ($M)
/operating_model/cells/base_fy2026_cash_after_claims:base/periodNoneFY2026
/operating_model/cells/base_fy2026_cash_after_claims:base/unitNoneUSD_millions
/operating_model/cells/base_fy2026_cash_after_claims:base/valueNone51.890999999999934
/operating_model/cells/base_fy2026_cfo:base/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/base_fy2026_cfo:base/caseNonebase
/operating_model/cells/base_fy2026_cfo:base/formula/opNonesum
/operating_model/cells/base_fy2026_cfo:base/formula/refs/0Noneh1_cfo
/operating_model/cells/base_fy2026_cfo:base/formula/refs/1Nonebase_2026q3_cfo
/operating_model/cells/base_fy2026_cfo:base/formula/refs/2Nonebase_2026q4_cfo
/operating_model/cells/base_fy2026_cfo:base/idNonebase_fy2026_cfo
/operating_model/cells/base_fy2026_cfo:base/kindNonederived
/operating_model/cells/base_fy2026_cfo:base/labelNoneOperating cash flow proxy ($M)
/operating_model/cells/base_fy2026_cfo:base/periodNoneFY2026
/operating_model/cells/base_fy2026_cfo:base/unitNoneUSD_millions
/operating_model/cells/base_fy2026_cfo:base/valueNone1310.3159999999998
/operating_model/cells/base_fy2026_debt_principal:base/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/base_fy2026_debt_principal:base/caseNonebase
/operating_model/cells/base_fy2026_debt_principal:base/formula/opNonesum
/operating_model/cells/base_fy2026_debt_principal:base/formula/refs/0Noneh1_debt_principal
/operating_model/cells/base_fy2026_debt_principal:base/formula/refs/1Nonebase_2026q3_debt_principal
/operating_model/cells/base_fy2026_debt_principal:base/formula/refs/2Nonebase_2026q4_debt_principal
/operating_model/cells/base_fy2026_debt_principal:base/idNonebase_fy2026_debt_principal
/operating_model/cells/base_fy2026_debt_principal:base/kindNonederived
/operating_model/cells/base_fy2026_debt_principal:base/labelNoneScheduled note principal ($M)
/operating_model/cells/base_fy2026_debt_principal:base/periodNoneFY2026
/operating_model/cells/base_fy2026_debt_principal:base/unitNoneUSD_millions
/operating_model/cells/base_fy2026_debt_principal:base/valueNone47.013
/operating_model/cells/base_fy2026_fcf:base/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/base_fy2026_fcf:base/caseNonebase
/operating_model/cells/base_fy2026_fcf:base/formula/opNonesum
/operating_model/cells/base_fy2026_fcf:base/formula/refs/0Noneh1_fcf
/operating_model/cells/base_fy2026_fcf:base/formula/refs/1Nonebase_2026q3_fcf
/operating_model/cells/base_fy2026_fcf:base/formula/refs/2Nonebase_2026q4_fcf
/operating_model/cells/base_fy2026_fcf:base/idNonebase_fy2026_fcf
/operating_model/cells/base_fy2026_fcf:base/kindNonederived
/operating_model/cells/base_fy2026_fcf:base/labelNoneCFO less cash PP&E ($M)
/operating_model/cells/base_fy2026_fcf:base/periodNoneFY2026
/operating_model/cells/base_fy2026_fcf:base/unitNoneUSD_millions
/operating_model/cells/base_fy2026_fcf:base/valueNone1099.868
/operating_model/cells/base_fy2026_gross_profit:base/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/base_fy2026_gross_profit:base/caseNonebase
/operating_model/cells/base_fy2026_gross_profit:base/formula/opNonesum
/operating_model/cells/base_fy2026_gross_profit:base/formula/refs/0Noneh1_gross_profit
/operating_model/cells/base_fy2026_gross_profit:base/formula/refs/1Nonebase_2026q3_gross_profit
/operating_model/cells/base_fy2026_gross_profit:base/formula/refs/2Nonebase_2026q4_gross_profit
/operating_model/cells/base_fy2026_gross_profit:base/idNonebase_fy2026_gross_profit
/operating_model/cells/base_fy2026_gross_profit:base/kindNonederived
/operating_model/cells/base_fy2026_gross_profit:base/labelNoneGAAP gross profit proxy ($M)
/operating_model/cells/base_fy2026_gross_profit:base/periodNoneFY2026
/operating_model/cells/base_fy2026_gross_profit:base/unitNoneUSD_millions
/operating_model/cells/base_fy2026_gross_profit:base/valueNone4043.606
/operating_model/cells/base_fy2026_operating_income:base/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/base_fy2026_operating_income:base/caseNonebase
/operating_model/cells/base_fy2026_operating_income:base/formula/opNonesum
/operating_model/cells/base_fy2026_operating_income:base/formula/refs/0Noneh1_operating_income
/operating_model/cells/base_fy2026_operating_income:base/formula/refs/1Nonebase_2026q3_operating_income
/operating_model/cells/base_fy2026_operating_income:base/formula/refs/2Nonebase_2026q4_operating_income
/operating_model/cells/base_fy2026_operating_income:base/idNonebase_fy2026_operating_income
/operating_model/cells/base_fy2026_operating_income:base/kindNonederived
/operating_model/cells/base_fy2026_operating_income:base/labelNoneGAAP operating income proxy ($M)
/operating_model/cells/base_fy2026_operating_income:base/periodNoneFY2026
/operating_model/cells/base_fy2026_operating_income:base/unitNoneUSD_millions
/operating_model/cells/base_fy2026_operating_income:base/valueNone-47.61799999999997
/operating_model/cells/base_fy2026_other_revenue:base/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/base_fy2026_other_revenue:base/caseNonebase
/operating_model/cells/base_fy2026_other_revenue:base/formula/opNonesum
/operating_model/cells/base_fy2026_other_revenue:base/formula/refs/0Noneh1_other_revenue
/operating_model/cells/base_fy2026_other_revenue:base/formula/refs/1Nonebase_2026q3_other_revenue
/operating_model/cells/base_fy2026_other_revenue:base/formula/refs/2Nonebase_2026q4_other_revenue
/operating_model/cells/base_fy2026_other_revenue:base/idNonebase_fy2026_other_revenue
/operating_model/cells/base_fy2026_other_revenue:base/kindNonederived
/operating_model/cells/base_fy2026_other_revenue:base/labelNoneOther product revenue ($M)
/operating_model/cells/base_fy2026_other_revenue:base/periodNoneFY2026
/operating_model/cells/base_fy2026_other_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_fy2026_other_revenue:base/valueNone1341.8
/operating_model/cells/base_fy2026_revenue:base/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/base_fy2026_revenue:base/caseNonebase
/operating_model/cells/base_fy2026_revenue:base/formula/opNonesum
/operating_model/cells/base_fy2026_revenue:base/formula/refs/0Noneh1_revenue
/operating_model/cells/base_fy2026_revenue:base/formula/refs/1Nonebase_2026q3_revenue
/operating_model/cells/base_fy2026_revenue:base/formula/refs/2Nonebase_2026q4_revenue
/operating_model/cells/base_fy2026_revenue:base/idNonebase_fy2026_revenue
/operating_model/cells/base_fy2026_revenue:base/kindNonederived
/operating_model/cells/base_fy2026_revenue:base/labelNoneConsolidated revenue ($M)
/operating_model/cells/base_fy2026_revenue:base/periodNoneFY2026
/operating_model/cells/base_fy2026_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_fy2026_revenue:base/valueNone6897.784
/operating_model/cells/base_fy2027_ad_revenue:base/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/base_fy2027_ad_revenue:base/caseNonebase
/operating_model/cells/base_fy2027_ad_revenue:base/formula/opNonesum
/operating_model/cells/base_fy2027_ad_revenue:base/formula/refs/0Nonebase_2027q1_ad_revenue
/operating_model/cells/base_fy2027_ad_revenue:base/formula/refs/1Nonebase_2027q2_ad_revenue
/operating_model/cells/base_fy2027_ad_revenue:base/formula/refs/2Nonebase_2027q3_ad_revenue
/operating_model/cells/base_fy2027_ad_revenue:base/formula/refs/3Nonebase_2027q4_ad_revenue
/operating_model/cells/base_fy2027_ad_revenue:base/idNonebase_fy2027_ad_revenue
/operating_model/cells/base_fy2027_ad_revenue:base/kindNonederived
/operating_model/cells/base_fy2027_ad_revenue:base/labelNoneAdvertising revenue ($M)
/operating_model/cells/base_fy2027_ad_revenue:base/periodNoneFY2027
/operating_model/cells/base_fy2027_ad_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_fy2027_ad_revenue:base/valueNone6300.0
/operating_model/cells/base_fy2027_adj_ebitda:base/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/base_fy2027_adj_ebitda:base/caseNonebase
/operating_model/cells/base_fy2027_adj_ebitda:base/formula/opNonesum
/operating_model/cells/base_fy2027_adj_ebitda:base/formula/refs/0Nonebase_2027q1_adj_ebitda
/operating_model/cells/base_fy2027_adj_ebitda:base/formula/refs/1Nonebase_2027q2_adj_ebitda
/operating_model/cells/base_fy2027_adj_ebitda:base/formula/refs/2Nonebase_2027q3_adj_ebitda
/operating_model/cells/base_fy2027_adj_ebitda:base/formula/refs/3Nonebase_2027q4_adj_ebitda
/operating_model/cells/base_fy2027_adj_ebitda:base/idNonebase_fy2027_adj_ebitda
/operating_model/cells/base_fy2027_adj_ebitda:base/kindNonederived
/operating_model/cells/base_fy2027_adj_ebitda:base/labelNoneAdjusted EBITDA proxy ($M)
/operating_model/cells/base_fy2027_adj_ebitda:base/periodNoneFY2027
/operating_model/cells/base_fy2027_adj_ebitda:base/unitNoneUSD_millions
/operating_model/cells/base_fy2027_adj_ebitda:base/valueNone1868.6499999999999
/operating_model/cells/base_fy2027_buybacks:base/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/base_fy2027_buybacks:base/caseNonebase
/operating_model/cells/base_fy2027_buybacks:base/formula/opNonesum
/operating_model/cells/base_fy2027_buybacks:base/formula/refs/0Nonebase_2027q1_buybacks
/operating_model/cells/base_fy2027_buybacks:base/formula/refs/1Nonebase_2027q2_buybacks
/operating_model/cells/base_fy2027_buybacks:base/formula/refs/2Nonebase_2027q3_buybacks
/operating_model/cells/base_fy2027_buybacks:base/formula/refs/3Nonebase_2027q4_buybacks
/operating_model/cells/base_fy2027_buybacks:base/idNonebase_fy2027_buybacks
/operating_model/cells/base_fy2027_buybacks:base/kindNonederived
/operating_model/cells/base_fy2027_buybacks:base/labelNoneShare repurchases and related tax ($M)
/operating_model/cells/base_fy2027_buybacks:base/periodNoneFY2027
/operating_model/cells/base_fy2027_buybacks:base/unitNoneUSD_millions
/operating_model/cells/base_fy2027_buybacks:base/valueNone720.0
/operating_model/cells/base_fy2027_capex:base/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/base_fy2027_capex:base/caseNonebase
/operating_model/cells/base_fy2027_capex:base/formula/opNonesum
/operating_model/cells/base_fy2027_capex:base/formula/refs/0Nonebase_2027q1_capex
/operating_model/cells/base_fy2027_capex:base/formula/refs/1Nonebase_2027q2_capex
/operating_model/cells/base_fy2027_capex:base/formula/refs/2Nonebase_2027q3_capex
/operating_model/cells/base_fy2027_capex:base/formula/refs/3Nonebase_2027q4_capex
/operating_model/cells/base_fy2027_capex:base/idNonebase_fy2027_capex
/operating_model/cells/base_fy2027_capex:base/kindNonederived
/operating_model/cells/base_fy2027_capex:base/labelNoneCash PP&E ($M)
/operating_model/cells/base_fy2027_capex:base/periodNoneFY2027
/operating_model/cells/base_fy2027_capex:base/unitNoneUSD_millions
/operating_model/cells/base_fy2027_capex:base/valueNone276.0
/operating_model/cells/base_fy2027_cash_after_claims:base/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/base_fy2027_cash_after_claims:base/caseNonebase
/operating_model/cells/base_fy2027_cash_after_claims:base/formula/opNonesum
/operating_model/cells/base_fy2027_cash_after_claims:base/formula/refs/0Nonebase_2027q1_cash_after_claims
/operating_model/cells/base_fy2027_cash_after_claims:base/formula/refs/1Nonebase_2027q2_cash_after_claims
/operating_model/cells/base_fy2027_cash_after_claims:base/formula/refs/2Nonebase_2027q3_cash_after_claims
/operating_model/cells/base_fy2027_cash_after_claims:base/formula/refs/3Nonebase_2027q4_cash_after_claims
/operating_model/cells/base_fy2027_cash_after_claims:base/idNonebase_fy2027_cash_after_claims
/operating_model/cells/base_fy2027_cash_after_claims:base/kindNonederived
/operating_model/cells/base_fy2027_cash_after_claims:base/labelNoneCash after repurchases and principal ($M)
/operating_model/cells/base_fy2027_cash_after_claims:base/periodNoneFY2027
/operating_model/cells/base_fy2027_cash_after_claims:base/unitNoneUSD_millions
/operating_model/cells/base_fy2027_cash_after_claims:base/valueNone461.3319999999999
/operating_model/cells/base_fy2027_cfo:base/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/base_fy2027_cfo:base/caseNonebase
/operating_model/cells/base_fy2027_cfo:base/formula/opNonesum
/operating_model/cells/base_fy2027_cfo:base/formula/refs/0Nonebase_2027q1_cfo
/operating_model/cells/base_fy2027_cfo:base/formula/refs/1Nonebase_2027q2_cfo
/operating_model/cells/base_fy2027_cfo:base/formula/refs/2Nonebase_2027q3_cfo
/operating_model/cells/base_fy2027_cfo:base/formula/refs/3Nonebase_2027q4_cfo
/operating_model/cells/base_fy2027_cfo:base/idNonebase_fy2027_cfo
/operating_model/cells/base_fy2027_cfo:base/kindNonederived
/operating_model/cells/base_fy2027_cfo:base/labelNoneOperating cash flow proxy ($M)
/operating_model/cells/base_fy2027_cfo:base/periodNoneFY2027
/operating_model/cells/base_fy2027_cfo:base/unitNoneUSD_millions
/operating_model/cells/base_fy2027_cfo:base/valueNone1563.6499999999999
/operating_model/cells/base_fy2027_debt_principal:base/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/base_fy2027_debt_principal:base/caseNonebase
/operating_model/cells/base_fy2027_debt_principal:base/formula/opNonesum
/operating_model/cells/base_fy2027_debt_principal:base/formula/refs/0Nonebase_2027q1_debt_principal
/operating_model/cells/base_fy2027_debt_principal:base/formula/refs/1Nonebase_2027q2_debt_principal
/operating_model/cells/base_fy2027_debt_principal:base/formula/refs/2Nonebase_2027q3_debt_principal
/operating_model/cells/base_fy2027_debt_principal:base/formula/refs/3Nonebase_2027q4_debt_principal
/operating_model/cells/base_fy2027_debt_principal:base/idNonebase_fy2027_debt_principal
/operating_model/cells/base_fy2027_debt_principal:base/kindNonederived
/operating_model/cells/base_fy2027_debt_principal:base/labelNoneScheduled note principal ($M)
/operating_model/cells/base_fy2027_debt_principal:base/periodNoneFY2027
/operating_model/cells/base_fy2027_debt_principal:base/unitNoneUSD_millions
/operating_model/cells/base_fy2027_debt_principal:base/valueNone106.318
/operating_model/cells/base_fy2027_fcf:base/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/base_fy2027_fcf:base/caseNonebase
/operating_model/cells/base_fy2027_fcf:base/formula/opNonesum
/operating_model/cells/base_fy2027_fcf:base/formula/refs/0Nonebase_2027q1_fcf
/operating_model/cells/base_fy2027_fcf:base/formula/refs/1Nonebase_2027q2_fcf
/operating_model/cells/base_fy2027_fcf:base/formula/refs/2Nonebase_2027q3_fcf
/operating_model/cells/base_fy2027_fcf:base/formula/refs/3Nonebase_2027q4_fcf
/operating_model/cells/base_fy2027_fcf:base/idNonebase_fy2027_fcf
/operating_model/cells/base_fy2027_fcf:base/kindNonederived
/operating_model/cells/base_fy2027_fcf:base/labelNoneCFO less cash PP&E ($M)
/operating_model/cells/base_fy2027_fcf:base/periodNoneFY2027
/operating_model/cells/base_fy2027_fcf:base/unitNoneUSD_millions
/operating_model/cells/base_fy2027_fcf:base/valueNone1287.6499999999999
/operating_model/cells/base_fy2027_gross_profit:base/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/base_fy2027_gross_profit:base/caseNonebase
/operating_model/cells/base_fy2027_gross_profit:base/formula/opNonesum
/operating_model/cells/base_fy2027_gross_profit:base/formula/refs/0Nonebase_2027q1_gross_profit
/operating_model/cells/base_fy2027_gross_profit:base/formula/refs/1Nonebase_2027q2_gross_profit
/operating_model/cells/base_fy2027_gross_profit:base/formula/refs/2Nonebase_2027q3_gross_profit
/operating_model/cells/base_fy2027_gross_profit:base/formula/refs/3Nonebase_2027q4_gross_profit
/operating_model/cells/base_fy2027_gross_profit:base/idNonebase_fy2027_gross_profit
/operating_model/cells/base_fy2027_gross_profit:base/kindNonederived
/operating_model/cells/base_fy2027_gross_profit:base/labelNoneGAAP gross profit proxy ($M)
/operating_model/cells/base_fy2027_gross_profit:base/periodNoneFY2027
/operating_model/cells/base_fy2027_gross_profit:base/unitNoneUSD_millions
/operating_model/cells/base_fy2027_gross_profit:base/valueNone4856.849999999999
/operating_model/cells/base_fy2027_operating_income:base/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/base_fy2027_operating_income:base/caseNonebase
/operating_model/cells/base_fy2027_operating_income:base/formula/opNonesum
/operating_model/cells/base_fy2027_operating_income:base/formula/refs/0Nonebase_2027q1_operating_income
/operating_model/cells/base_fy2027_operating_income:base/formula/refs/1Nonebase_2027q2_operating_income
/operating_model/cells/base_fy2027_operating_income:base/formula/refs/2Nonebase_2027q3_operating_income
/operating_model/cells/base_fy2027_operating_income:base/formula/refs/3Nonebase_2027q4_operating_income
/operating_model/cells/base_fy2027_operating_income:base/idNonebase_fy2027_operating_income
/operating_model/cells/base_fy2027_operating_income:base/kindNonederived
/operating_model/cells/base_fy2027_operating_income:base/labelNoneGAAP operating income proxy ($M)
/operating_model/cells/base_fy2027_operating_income:base/periodNoneFY2027
/operating_model/cells/base_fy2027_operating_income:base/unitNoneUSD_millions
/operating_model/cells/base_fy2027_operating_income:base/valueNone442.64999999999986
/operating_model/cells/base_fy2027_other_revenue:base/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/base_fy2027_other_revenue:base/caseNonebase
/operating_model/cells/base_fy2027_other_revenue:base/formula/opNonesum
/operating_model/cells/base_fy2027_other_revenue:base/formula/refs/0Nonebase_2027q1_other_revenue
/operating_model/cells/base_fy2027_other_revenue:base/formula/refs/1Nonebase_2027q2_other_revenue
/operating_model/cells/base_fy2027_other_revenue:base/formula/refs/2Nonebase_2027q3_other_revenue
/operating_model/cells/base_fy2027_other_revenue:base/formula/refs/3Nonebase_2027q4_other_revenue
/operating_model/cells/base_fy2027_other_revenue:base/idNonebase_fy2027_other_revenue
/operating_model/cells/base_fy2027_other_revenue:base/kindNonederived
/operating_model/cells/base_fy2027_other_revenue:base/labelNoneOther product revenue ($M)
/operating_model/cells/base_fy2027_other_revenue:base/periodNoneFY2027
/operating_model/cells/base_fy2027_other_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_fy2027_other_revenue:base/valueNone1890.0
/operating_model/cells/base_fy2027_revenue:base/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/base_fy2027_revenue:base/caseNonebase
/operating_model/cells/base_fy2027_revenue:base/formula/opNonesum
/operating_model/cells/base_fy2027_revenue:base/formula/refs/0Nonebase_2027q1_revenue
/operating_model/cells/base_fy2027_revenue:base/formula/refs/1Nonebase_2027q2_revenue
/operating_model/cells/base_fy2027_revenue:base/formula/refs/2Nonebase_2027q3_revenue
/operating_model/cells/base_fy2027_revenue:base/formula/refs/3Nonebase_2027q4_revenue
/operating_model/cells/base_fy2027_revenue:base/idNonebase_fy2027_revenue
/operating_model/cells/base_fy2027_revenue:base/kindNonederived
/operating_model/cells/base_fy2027_revenue:base/labelNoneConsolidated revenue ($M)
/operating_model/cells/base_fy2027_revenue:base/periodNoneFY2027
/operating_model/cells/base_fy2027_revenue:base/unitNoneUSD_millions
/operating_model/cells/base_fy2027_revenue:base/valueNone8190.0
/operating_model/cells/cash:shared/basisNoneReported consolidated amount, converted from thousands to millions.
/operating_model/cells/cash:shared/caseNoneshared
/operating_model/cells/cash:shared/idNonecash
/operating_model/cells/cash:shared/kindNonereported
/operating_model/cells/cash:shared/labelNonecash
/operating_model/cells/cash:shared/periodNoneJune 2026
/operating_model/cells/cash:shared/source_dateNone2026-08-04
/operating_model/cells/cash:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1564408/000156440826000052/snap-20260630.htm
/operating_model/cells/cash:shared/unitNoneUSD_millions
/operating_model/cells/cash:shared/valueNone958.848
/operating_model/cells/debt_face:shared/basisNoneReported consolidated amount, converted from thousands to millions.
/operating_model/cells/debt_face:shared/caseNoneshared
/operating_model/cells/debt_face:shared/idNonedebt_face
/operating_model/cells/debt_face:shared/kindNonereported
/operating_model/cells/debt_face:shared/labelNonedebt face
/operating_model/cells/debt_face:shared/periodNoneJune 2026
/operating_model/cells/debt_face:shared/source_dateNone2026-08-04
/operating_model/cells/debt_face:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1564408/000156440826000052/snap-20260630.htm
/operating_model/cells/debt_face:shared/unitNoneUSD_millions
/operating_model/cells/debt_face:shared/valueNone3467.522
/operating_model/cells/downside_2026q3_ad_revenue:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2026q3_ad_revenue:downside/caseNonedownside
/operating_model/cells/downside_2026q3_ad_revenue:downside/idNonedownside_2026q3_ad_revenue
/operating_model/cells/downside_2026q3_ad_revenue:downside/kindNoneassumption
/operating_model/cells/downside_2026q3_ad_revenue:downside/labelNoneAdvertising revenue
/operating_model/cells/downside_2026q3_ad_revenue:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_ad_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_ad_revenue:downside/valueNone1330.0
/operating_model/cells/downside_2026q3_adj_cogs:downside/basisNoneNo second hardware cost assumption added outside this consolidated cost scenario.
/operating_model/cells/downside_2026q3_adj_cogs:downside/caseNonedownside
/operating_model/cells/downside_2026q3_adj_cogs:downside/formula/opNonesum
/operating_model/cells/downside_2026q3_adj_cogs:downside/formula/refs/0Nonedownside_2026q3_infrastructure
/operating_model/cells/downside_2026q3_adj_cogs:downside/formula/refs/1Nonedownside_2026q3_other_cogs
/operating_model/cells/downside_2026q3_adj_cogs:downside/idNonedownside_2026q3_adj_cogs
/operating_model/cells/downside_2026q3_adj_cogs:downside/kindNonederived
/operating_model/cells/downside_2026q3_adj_cogs:downside/labelNoneAdjusted cost of revenue
/operating_model/cells/downside_2026q3_adj_cogs:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_adj_cogs:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_adj_cogs:downside/valueNone729.8510000000001
/operating_model/cells/downside_2026q3_adj_ebitda:downside/basisNoneSpecs is consolidated and already in the expense budget.
/operating_model/cells/downside_2026q3_adj_ebitda:downside/caseNonedownside
/operating_model/cells/downside_2026q3_adj_ebitda:downside/formula/opNonesubtract
/operating_model/cells/downside_2026q3_adj_ebitda:downside/formula/refs/0Nonedownside_2026q3_adj_gross_profit
/operating_model/cells/downside_2026q3_adj_ebitda:downside/formula/refs/1Nonedownside_2026q3_cash_opex
/operating_model/cells/downside_2026q3_adj_ebitda:downside/idNonedownside_2026q3_adj_ebitda
/operating_model/cells/downside_2026q3_adj_ebitda:downside/kindNonederived
/operating_model/cells/downside_2026q3_adj_ebitda:downside/labelNoneAdjusted EBITDA proxy
/operating_model/cells/downside_2026q3_adj_ebitda:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_adj_ebitda:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_adj_ebitda:downside/valueNone235.1489999999999
/operating_model/cells/downside_2026q3_adj_gross_profit:downside/basisNoneBefore allocated equity compensation and depreciation.
/operating_model/cells/downside_2026q3_adj_gross_profit:downside/caseNonedownside
/operating_model/cells/downside_2026q3_adj_gross_profit:downside/formula/opNonesubtract
/operating_model/cells/downside_2026q3_adj_gross_profit:downside/formula/refs/0Nonedownside_2026q3_revenue
/operating_model/cells/downside_2026q3_adj_gross_profit:downside/formula/refs/1Nonedownside_2026q3_adj_cogs
/operating_model/cells/downside_2026q3_adj_gross_profit:downside/idNonedownside_2026q3_adj_gross_profit
/operating_model/cells/downside_2026q3_adj_gross_profit:downside/kindNonederived
/operating_model/cells/downside_2026q3_adj_gross_profit:downside/labelNoneAdjusted gross profit
/operating_model/cells/downside_2026q3_adj_gross_profit:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_adj_gross_profit:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_adj_gross_profit:downside/valueNone930.1489999999999
/operating_model/cells/downside_2026q3_buybacks:downside/basisNoneDesk capital-allocation assumption; no guarantee shares outstanding decline and no commitment to a 2027 program.
/operating_model/cells/downside_2026q3_buybacks:downside/caseNonedownside
/operating_model/cells/downside_2026q3_buybacks:downside/idNonedownside_2026q3_buybacks
/operating_model/cells/downside_2026q3_buybacks:downside/kindNoneassumption
/operating_model/cells/downside_2026q3_buybacks:downside/labelNoneShare repurchases including tax
/operating_model/cells/downside_2026q3_buybacks:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_buybacks:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_buybacks:downside/valueNone100.0
/operating_model/cells/downside_2026q3_capex:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2026q3_capex:downside/caseNonedownside
/operating_model/cells/downside_2026q3_capex:downside/idNonedownside_2026q3_capex
/operating_model/cells/downside_2026q3_capex:downside/kindNoneassumption
/operating_model/cells/downside_2026q3_capex:downside/labelNoneCash PP&E
/operating_model/cells/downside_2026q3_capex:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_capex:downside/valueNone55.0
/operating_model/cells/downside_2026q3_capital_uses:downside/basisNoneFinancing uses, not operating expenses.
/operating_model/cells/downside_2026q3_capital_uses:downside/caseNonedownside
/operating_model/cells/downside_2026q3_capital_uses:downside/formula/opNonesum
/operating_model/cells/downside_2026q3_capital_uses:downside/formula/refs/0Nonedownside_2026q3_buybacks
/operating_model/cells/downside_2026q3_capital_uses:downside/formula/refs/1Nonedownside_2026q3_debt_principal
/operating_model/cells/downside_2026q3_capital_uses:downside/idNonedownside_2026q3_capital_uses
/operating_model/cells/downside_2026q3_capital_uses:downside/kindNonederived
/operating_model/cells/downside_2026q3_capital_uses:downside/labelNoneRepurchases and principal
/operating_model/cells/downside_2026q3_capital_uses:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_capital_uses:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_capital_uses:downside/valueNone147.013
/operating_model/cells/downside_2026q3_cash_after_claims:downside/basisNoneBefore acquisitions and strategic investments.
/operating_model/cells/downside_2026q3_cash_after_claims:downside/caseNonedownside
/operating_model/cells/downside_2026q3_cash_after_claims:downside/formula/opNonesubtract
/operating_model/cells/downside_2026q3_cash_after_claims:downside/formula/refs/0Nonedownside_2026q3_fcf
/operating_model/cells/downside_2026q3_cash_after_claims:downside/formula/refs/1Nonedownside_2026q3_capital_uses
/operating_model/cells/downside_2026q3_cash_after_claims:downside/idNonedownside_2026q3_cash_after_claims
/operating_model/cells/downside_2026q3_cash_after_claims:downside/kindNonederived
/operating_model/cells/downside_2026q3_cash_after_claims:downside/labelNoneCash after repurchases and note principal
/operating_model/cells/downside_2026q3_cash_after_claims:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_cash_after_claims:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_cash_after_claims:downside/valueNone-70.86400000000012
/operating_model/cells/downside_2026q3_cash_opex:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2026q3_cash_opex:downside/caseNonedownside
/operating_model/cells/downside_2026q3_cash_opex:downside/idNonedownside_2026q3_cash_opex
/operating_model/cells/downside_2026q3_cash_opex:downside/kindNoneassumption
/operating_model/cells/downside_2026q3_cash_opex:downside/labelNoneAdjusted operating expense including Specs
/operating_model/cells/downside_2026q3_cash_opex:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_cash_opex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_cash_opex:downside/valueNone695.0
/operating_model/cells/downside_2026q3_cash_tax:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2026q3_cash_tax:downside/caseNonedownside
/operating_model/cells/downside_2026q3_cash_tax:downside/idNonedownside_2026q3_cash_tax
/operating_model/cells/downside_2026q3_cash_tax:downside/kindNoneassumption
/operating_model/cells/downside_2026q3_cash_tax:downside/labelNoneCash income tax
/operating_model/cells/downside_2026q3_cash_tax:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_cash_tax:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_cash_tax:downside/valueNone15.0
/operating_model/cells/downside_2026q3_cash_uses:downside/basisNoneEquity-award payroll tax consumes cash although excluded from adjusted EBITDA.
/operating_model/cells/downside_2026q3_cash_uses:downside/caseNonedownside
/operating_model/cells/downside_2026q3_cash_uses:downside/formula/opNonesum
/operating_model/cells/downside_2026q3_cash_uses:downside/formula/refs/0Nonedownside_2026q3_sbc_payroll
/operating_model/cells/downside_2026q3_cash_uses:downside/formula/refs/1Nonedownside_2026q3_net_cash_interest
/operating_model/cells/downside_2026q3_cash_uses:downside/formula/refs/2Nonedownside_2026q3_cash_tax
/operating_model/cells/downside_2026q3_cash_uses:downside/formula/refs/3Nonedownside_2026q3_wc_use
/operating_model/cells/downside_2026q3_cash_uses:downside/idNonedownside_2026q3_cash_uses
/operating_model/cells/downside_2026q3_cash_uses:downside/kindNonederived
/operating_model/cells/downside_2026q3_cash_uses:downside/labelNoneCash operating adjustments
/operating_model/cells/downside_2026q3_cash_uses:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_cash_uses:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_cash_uses:downside/valueNone104.0
/operating_model/cells/downside_2026q3_cfo:downside/basisNoneWorking-capital timing is separate from accounting earnings.
/operating_model/cells/downside_2026q3_cfo:downside/caseNonedownside
/operating_model/cells/downside_2026q3_cfo:downside/formula/opNonesubtract
/operating_model/cells/downside_2026q3_cfo:downside/formula/refs/0Nonedownside_2026q3_adj_ebitda
/operating_model/cells/downside_2026q3_cfo:downside/formula/refs/1Nonedownside_2026q3_cash_uses
/operating_model/cells/downside_2026q3_cfo:downside/idNonedownside_2026q3_cfo
/operating_model/cells/downside_2026q3_cfo:downside/kindNonederived
/operating_model/cells/downside_2026q3_cfo:downside/labelNoneOperating cash flow proxy
/operating_model/cells/downside_2026q3_cfo:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_cfo:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_cfo:downside/valueNone131.1489999999999
/operating_model/cells/downside_2026q3_cogs_adjustments:downside/basisNoneThese are allocations of total expense included in the operating-income bridge.
/operating_model/cells/downside_2026q3_cogs_adjustments:downside/caseNonedownside
/operating_model/cells/downside_2026q3_cogs_adjustments:downside/formula/opNonesum
/operating_model/cells/downside_2026q3_cogs_adjustments:downside/formula/refs/0Nonedownside_2026q3_cogs_sbc
/operating_model/cells/downside_2026q3_cogs_adjustments:downside/formula/refs/1Nonedownside_2026q3_cogs_da
/operating_model/cells/downside_2026q3_cogs_adjustments:downside/idNonedownside_2026q3_cogs_adjustments
/operating_model/cells/downside_2026q3_cogs_adjustments:downside/kindNonederived
/operating_model/cells/downside_2026q3_cogs_adjustments:downside/labelNoneCOGS noncash and payroll adjustments
/operating_model/cells/downside_2026q3_cogs_adjustments:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_cogs_adjustments:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_cogs_adjustments:downside/valueNone14.0
/operating_model/cells/downside_2026q3_cogs_da:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2026q3_cogs_da:downside/caseNonedownside
/operating_model/cells/downside_2026q3_cogs_da:downside/idNonedownside_2026q3_cogs_da
/operating_model/cells/downside_2026q3_cogs_da:downside/kindNoneassumption
/operating_model/cells/downside_2026q3_cogs_da:downside/labelNoneCOGS D&A
/operating_model/cells/downside_2026q3_cogs_da:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_cogs_da:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_cogs_da:downside/valueNone3.0
/operating_model/cells/downside_2026q3_cogs_sbc:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2026q3_cogs_sbc:downside/caseNonedownside
/operating_model/cells/downside_2026q3_cogs_sbc:downside/idNonedownside_2026q3_cogs_sbc
/operating_model/cells/downside_2026q3_cogs_sbc:downside/kindNoneassumption
/operating_model/cells/downside_2026q3_cogs_sbc:downside/labelNoneCOGS SBC and related payroll
/operating_model/cells/downside_2026q3_cogs_sbc:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_cogs_sbc:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_cogs_sbc:downside/valueNone11.0
/operating_model/cells/downside_2026q3_da:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2026q3_da:downside/caseNonedownside
/operating_model/cells/downside_2026q3_da:downside/idNonedownside_2026q3_da
/operating_model/cells/downside_2026q3_da:downside/kindNoneassumption
/operating_model/cells/downside_2026q3_da:downside/labelNoneTotal D&A
/operating_model/cells/downside_2026q3_da:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_da:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_da:downside/valueNone48.0
/operating_model/cells/downside_2026q3_debt_principal:downside/basisNoneOther debt maturities fall beyond FY2027.
/operating_model/cells/downside_2026q3_debt_principal:downside/caseNonedownside
/operating_model/cells/downside_2026q3_debt_principal:downside/formula/opNonesum
/operating_model/cells/downside_2026q3_debt_principal:downside/formula/refs/0Nonedownside_2026q3_repay_2026
/operating_model/cells/downside_2026q3_debt_principal:downside/formula/refs/1Nonedownside_2026q3_repay_2027
/operating_model/cells/downside_2026q3_debt_principal:downside/idNonedownside_2026q3_debt_principal
/operating_model/cells/downside_2026q3_debt_principal:downside/kindNonederived
/operating_model/cells/downside_2026q3_debt_principal:downside/labelNoneScheduled note principal
/operating_model/cells/downside_2026q3_debt_principal:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_debt_principal:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_debt_principal:downside/valueNone47.013
/operating_model/cells/downside_2026q3_fcf:downside/basisNoneBefore discretionary repurchases.
/operating_model/cells/downside_2026q3_fcf:downside/caseNonedownside
/operating_model/cells/downside_2026q3_fcf:downside/formula/opNonesubtract
/operating_model/cells/downside_2026q3_fcf:downside/formula/refs/0Nonedownside_2026q3_cfo
/operating_model/cells/downside_2026q3_fcf:downside/formula/refs/1Nonedownside_2026q3_capex
/operating_model/cells/downside_2026q3_fcf:downside/idNonedownside_2026q3_fcf
/operating_model/cells/downside_2026q3_fcf:downside/kindNonederived
/operating_model/cells/downside_2026q3_fcf:downside/labelNoneCFO less PP&E
/operating_model/cells/downside_2026q3_fcf:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_fcf:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_fcf:downside/valueNone76.14899999999989
/operating_model/cells/downside_2026q3_gaap_adjustments:downside/basisNoneNo double deduction of restructuring SBC or asset depreciation.
/operating_model/cells/downside_2026q3_gaap_adjustments:downside/caseNonedownside
/operating_model/cells/downside_2026q3_gaap_adjustments:downside/formula/opNonesum
/operating_model/cells/downside_2026q3_gaap_adjustments:downside/formula/refs/0Nonedownside_2026q3_sbc
/operating_model/cells/downside_2026q3_gaap_adjustments:downside/formula/refs/1Nonedownside_2026q3_sbc_payroll
/operating_model/cells/downside_2026q3_gaap_adjustments:downside/formula/refs/2Nonedownside_2026q3_da
/operating_model/cells/downside_2026q3_gaap_adjustments:downside/formula/refs/3Nonedownside_2026q3_incremental_restructuring
/operating_model/cells/downside_2026q3_gaap_adjustments:downside/idNonedownside_2026q3_gaap_adjustments
/operating_model/cells/downside_2026q3_gaap_adjustments:downside/kindNonederived
/operating_model/cells/downside_2026q3_gaap_adjustments:downside/labelNoneSBC payroll D&A and restructuring
/operating_model/cells/downside_2026q3_gaap_adjustments:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_gaap_adjustments:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_gaap_adjustments:downside/valueNone327.3855
/operating_model/cells/downside_2026q3_gross_profit:downside/basisNoneNo new COGS restructuring charge assumed.
/operating_model/cells/downside_2026q3_gross_profit:downside/caseNonedownside
/operating_model/cells/downside_2026q3_gross_profit:downside/formula/opNonesubtract
/operating_model/cells/downside_2026q3_gross_profit:downside/formula/refs/0Nonedownside_2026q3_adj_gross_profit
/operating_model/cells/downside_2026q3_gross_profit:downside/formula/refs/1Nonedownside_2026q3_cogs_adjustments
/operating_model/cells/downside_2026q3_gross_profit:downside/idNonedownside_2026q3_gross_profit
/operating_model/cells/downside_2026q3_gross_profit:downside/kindNonederived
/operating_model/cells/downside_2026q3_gross_profit:downside/labelNoneGAAP gross profit proxy
/operating_model/cells/downside_2026q3_gross_profit:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_gross_profit:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_gross_profit:downside/valueNone916.1489999999999
/operating_model/cells/downside_2026q3_incremental_restructuring:downside/basisNoneRemaining April-plan charges/liabilities were immaterial at June 30; no repeat of full H1 charge.
/operating_model/cells/downside_2026q3_incremental_restructuring:downside/caseNonedownside
/operating_model/cells/downside_2026q3_incremental_restructuring:downside/idNonedownside_2026q3_incremental_restructuring
/operating_model/cells/downside_2026q3_incremental_restructuring:downside/kindNoneassumption
/operating_model/cells/downside_2026q3_incremental_restructuring:downside/labelNoneRestructuring excluding SBC/D&A counted above
/operating_model/cells/downside_2026q3_incremental_restructuring:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_incremental_restructuring:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_incremental_restructuring:downside/valueNone0.0
/operating_model/cells/downside_2026q3_infrastructure:downside/basisNoneHosting and related operating expense, not company-owned capex. Base H2 reconciles to FY2026 midpoint after H1.
/operating_model/cells/downside_2026q3_infrastructure:downside/caseNonedownside
/operating_model/cells/downside_2026q3_infrastructure:downside/idNonedownside_2026q3_infrastructure
/operating_model/cells/downside_2026q3_infrastructure:downside/kindNoneassumption
/operating_model/cells/downside_2026q3_infrastructure:downside/labelNoneInfrastructure service costs
/operating_model/cells/downside_2026q3_infrastructure:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_infrastructure:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_infrastructure:downside/valueNone447.651
/operating_model/cells/downside_2026q3_net_cash_interest:downside/basisNoneDesk net interest includes debt coupons and investment yield; not noncash issuance-cost amortization.
/operating_model/cells/downside_2026q3_net_cash_interest:downside/caseNonedownside
/operating_model/cells/downside_2026q3_net_cash_interest:downside/idNonedownside_2026q3_net_cash_interest
/operating_model/cells/downside_2026q3_net_cash_interest:downside/kindNoneassumption
/operating_model/cells/downside_2026q3_net_cash_interest:downside/labelNoneCash debt interest less investment income
/operating_model/cells/downside_2026q3_net_cash_interest:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_net_cash_interest:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_net_cash_interest:downside/valueNone18.0
/operating_model/cells/downside_2026q3_notes26_weight:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2026q3_notes26_weight:downside/caseNonedownside
/operating_model/cells/downside_2026q3_notes26_weight:downside/idNonedownside_2026q3_notes26_weight
/operating_model/cells/downside_2026q3_notes26_weight:downside/kindNoneassumption
/operating_model/cells/downside_2026q3_notes26_weight:downside/labelNone2026 principal timing
/operating_model/cells/downside_2026q3_notes26_weight:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_notes26_weight:downside/unitNoneratio
/operating_model/cells/downside_2026q3_notes26_weight:downside/valueNone1.0
/operating_model/cells/downside_2026q3_notes27_weight:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2026q3_notes27_weight:downside/caseNonedownside
/operating_model/cells/downside_2026q3_notes27_weight:downside/idNonedownside_2026q3_notes27_weight
/operating_model/cells/downside_2026q3_notes27_weight:downside/kindNoneassumption
/operating_model/cells/downside_2026q3_notes27_weight:downside/labelNone2027 principal timing
/operating_model/cells/downside_2026q3_notes27_weight:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_notes27_weight:downside/unitNoneratio
/operating_model/cells/downside_2026q3_notes27_weight:downside/valueNone0.0
/operating_model/cells/downside_2026q3_operating_income:downside/basisNoneNo new impairment or unannounced restructuring.
/operating_model/cells/downside_2026q3_operating_income:downside/caseNonedownside
/operating_model/cells/downside_2026q3_operating_income:downside/formula/opNonesubtract
/operating_model/cells/downside_2026q3_operating_income:downside/formula/refs/0Nonedownside_2026q3_adj_ebitda
/operating_model/cells/downside_2026q3_operating_income:downside/formula/refs/1Nonedownside_2026q3_gaap_adjustments
/operating_model/cells/downside_2026q3_operating_income:downside/idNonedownside_2026q3_operating_income
/operating_model/cells/downside_2026q3_operating_income:downside/kindNonederived
/operating_model/cells/downside_2026q3_operating_income:downside/labelNoneGAAP operating income proxy
/operating_model/cells/downside_2026q3_operating_income:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_operating_income:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_operating_income:downside/valueNone-92.23650000000009
/operating_model/cells/downside_2026q3_other_cogs:downside/basisNoneContent and partner costs; scenario broadly follows management 16%-17% FY2026 range.
/operating_model/cells/downside_2026q3_other_cogs:downside/caseNonedownside
/operating_model/cells/downside_2026q3_other_cogs:downside/formula/opNonemultiply
/operating_model/cells/downside_2026q3_other_cogs:downside/formula/refs/0Nonedownside_2026q3_revenue
/operating_model/cells/downside_2026q3_other_cogs:downside/formula/refs/1Nonedownside_2026q3_other_cogs_ratio
/operating_model/cells/downside_2026q3_other_cogs:downside/idNonedownside_2026q3_other_cogs
/operating_model/cells/downside_2026q3_other_cogs:downside/kindNonederived
/operating_model/cells/downside_2026q3_other_cogs:downside/labelNoneOther cost of revenue
/operating_model/cells/downside_2026q3_other_cogs:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_other_cogs:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_other_cogs:downside/valueNone282.20000000000005
/operating_model/cells/downside_2026q3_other_cogs_ratio:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2026q3_other_cogs_ratio:downside/caseNonedownside
/operating_model/cells/downside_2026q3_other_cogs_ratio:downside/idNonedownside_2026q3_other_cogs_ratio
/operating_model/cells/downside_2026q3_other_cogs_ratio:downside/kindNoneassumption
/operating_model/cells/downside_2026q3_other_cogs_ratio:downside/labelNoneOther cost of revenue / revenue
/operating_model/cells/downside_2026q3_other_cogs_ratio:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_other_cogs_ratio:downside/unitNoneratio
/operating_model/cells/downside_2026q3_other_cogs_ratio:downside/valueNone0.17
/operating_model/cells/downside_2026q3_other_revenue:downside/basisNoneSubscriptions and other products in one perimeter; no separately added SPECS preorder/deposit revenue.
/operating_model/cells/downside_2026q3_other_revenue:downside/caseNonedownside
/operating_model/cells/downside_2026q3_other_revenue:downside/idNonedownside_2026q3_other_revenue
/operating_model/cells/downside_2026q3_other_revenue:downside/kindNoneassumption
/operating_model/cells/downside_2026q3_other_revenue:downside/labelNoneOther product revenue
/operating_model/cells/downside_2026q3_other_revenue:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_other_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_other_revenue:downside/valueNone330.0
/operating_model/cells/downside_2026q3_repay_2026:downside/basisNoneAugust 1 repayment follows June balance sheet and is described in the subsequent event/remarks.
/operating_model/cells/downside_2026q3_repay_2026:downside/caseNonedownside
/operating_model/cells/downside_2026q3_repay_2026:downside/formula/opNonemultiply
/operating_model/cells/downside_2026q3_repay_2026:downside/formula/refs/0Nonenotes_2026
/operating_model/cells/downside_2026q3_repay_2026:downside/formula/refs/1Nonedownside_2026q3_notes26_weight
/operating_model/cells/downside_2026q3_repay_2026:downside/idNonedownside_2026q3_repay_2026
/operating_model/cells/downside_2026q3_repay_2026:downside/kindNonederived
/operating_model/cells/downside_2026q3_repay_2026:downside/labelNoneAugust 2026 note principal
/operating_model/cells/downside_2026q3_repay_2026:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_repay_2026:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_repay_2026:downside/valueNone47.013
/operating_model/cells/downside_2026q3_repay_2027:downside/basisNoneMay 1, 2027 maturity; assumes cash settlement.
/operating_model/cells/downside_2026q3_repay_2027:downside/caseNonedownside
/operating_model/cells/downside_2026q3_repay_2027:downside/formula/opNonemultiply
/operating_model/cells/downside_2026q3_repay_2027:downside/formula/refs/0Nonenotes_2027
/operating_model/cells/downside_2026q3_repay_2027:downside/formula/refs/1Nonedownside_2026q3_notes27_weight
/operating_model/cells/downside_2026q3_repay_2027:downside/idNonedownside_2026q3_repay_2027
/operating_model/cells/downside_2026q3_repay_2027:downside/kindNonederived
/operating_model/cells/downside_2026q3_repay_2027:downside/labelNoneMay 2027 note principal
/operating_model/cells/downside_2026q3_repay_2027:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_repay_2027:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_repay_2027:downside/valueNone0.0
/operating_model/cells/downside_2026q3_revenue:downside/basisNoneAdvertising plus other product revenue.
/operating_model/cells/downside_2026q3_revenue:downside/caseNonedownside
/operating_model/cells/downside_2026q3_revenue:downside/formula/opNonesum
/operating_model/cells/downside_2026q3_revenue:downside/formula/refs/0Nonedownside_2026q3_ad_revenue
/operating_model/cells/downside_2026q3_revenue:downside/formula/refs/1Nonedownside_2026q3_other_revenue
/operating_model/cells/downside_2026q3_revenue:downside/idNonedownside_2026q3_revenue
/operating_model/cells/downside_2026q3_revenue:downside/kindNonederived
/operating_model/cells/downside_2026q3_revenue:downside/labelNoneConsolidated revenue
/operating_model/cells/downside_2026q3_revenue:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_revenue:downside/valueNone1660.0
/operating_model/cells/downside_2026q3_sbc:downside/basisNoneH2 base preserves approximately $1.05B full-year SBC after actual H1 $513.229M; all 2027 is desk.
/operating_model/cells/downside_2026q3_sbc:downside/caseNonedownside
/operating_model/cells/downside_2026q3_sbc:downside/idNonedownside_2026q3_sbc
/operating_model/cells/downside_2026q3_sbc:downside/kindNoneassumption
/operating_model/cells/downside_2026q3_sbc:downside/labelNoneTotal equity compensation expense
/operating_model/cells/downside_2026q3_sbc:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_sbc:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_sbc:downside/valueNone268.3855
/operating_model/cells/downside_2026q3_sbc_payroll:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2026q3_sbc_payroll:downside/caseNonedownside
/operating_model/cells/downside_2026q3_sbc_payroll:downside/idNonedownside_2026q3_sbc_payroll
/operating_model/cells/downside_2026q3_sbc_payroll:downside/kindNoneassumption
/operating_model/cells/downside_2026q3_sbc_payroll:downside/labelNoneCash payroll taxes on equity awards
/operating_model/cells/downside_2026q3_sbc_payroll:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_sbc_payroll:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_sbc_payroll:downside/valueNone11.0
/operating_model/cells/downside_2026q3_wc_use:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2026q3_wc_use:downside/caseNonedownside
/operating_model/cells/downside_2026q3_wc_use:downside/idNonedownside_2026q3_wc_use
/operating_model/cells/downside_2026q3_wc_use:downside/kindNoneassumption
/operating_model/cells/downside_2026q3_wc_use:downside/labelNoneWorking capital and other cash use
/operating_model/cells/downside_2026q3_wc_use:downside/periodNone2026Q3
/operating_model/cells/downside_2026q3_wc_use:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q3_wc_use:downside/valueNone60.0
/operating_model/cells/downside_2026q4_ad_revenue:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2026q4_ad_revenue:downside/caseNonedownside
/operating_model/cells/downside_2026q4_ad_revenue:downside/idNonedownside_2026q4_ad_revenue
/operating_model/cells/downside_2026q4_ad_revenue:downside/kindNoneassumption
/operating_model/cells/downside_2026q4_ad_revenue:downside/labelNoneAdvertising revenue
/operating_model/cells/downside_2026q4_ad_revenue:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_ad_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_ad_revenue:downside/valueNone1540.0
/operating_model/cells/downside_2026q4_adj_cogs:downside/basisNoneNo second hardware cost assumption added outside this consolidated cost scenario.
/operating_model/cells/downside_2026q4_adj_cogs:downside/caseNonedownside
/operating_model/cells/downside_2026q4_adj_cogs:downside/formula/opNonesum
/operating_model/cells/downside_2026q4_adj_cogs:downside/formula/refs/0Nonedownside_2026q4_infrastructure
/operating_model/cells/downside_2026q4_adj_cogs:downside/formula/refs/1Nonedownside_2026q4_other_cogs
/operating_model/cells/downside_2026q4_adj_cogs:downside/idNonedownside_2026q4_adj_cogs
/operating_model/cells/downside_2026q4_adj_cogs:downside/kindNonederived
/operating_model/cells/downside_2026q4_adj_cogs:downside/labelNoneAdjusted cost of revenue
/operating_model/cells/downside_2026q4_adj_cogs:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_adj_cogs:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_adj_cogs:downside/valueNone771.501
/operating_model/cells/downside_2026q4_adj_ebitda:downside/basisNoneSpecs is consolidated and already in the expense budget.
/operating_model/cells/downside_2026q4_adj_ebitda:downside/caseNonedownside
/operating_model/cells/downside_2026q4_adj_ebitda:downside/formula/opNonesubtract
/operating_model/cells/downside_2026q4_adj_ebitda:downside/formula/refs/0Nonedownside_2026q4_adj_gross_profit
/operating_model/cells/downside_2026q4_adj_ebitda:downside/formula/refs/1Nonedownside_2026q4_cash_opex
/operating_model/cells/downside_2026q4_adj_ebitda:downside/idNonedownside_2026q4_adj_ebitda
/operating_model/cells/downside_2026q4_adj_ebitda:downside/kindNonederived
/operating_model/cells/downside_2026q4_adj_ebitda:downside/labelNoneAdjusted EBITDA proxy
/operating_model/cells/downside_2026q4_adj_ebitda:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_adj_ebitda:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_adj_ebitda:downside/valueNone368.499
/operating_model/cells/downside_2026q4_adj_gross_profit:downside/basisNoneBefore allocated equity compensation and depreciation.
/operating_model/cells/downside_2026q4_adj_gross_profit:downside/caseNonedownside
/operating_model/cells/downside_2026q4_adj_gross_profit:downside/formula/opNonesubtract
/operating_model/cells/downside_2026q4_adj_gross_profit:downside/formula/refs/0Nonedownside_2026q4_revenue
/operating_model/cells/downside_2026q4_adj_gross_profit:downside/formula/refs/1Nonedownside_2026q4_adj_cogs
/operating_model/cells/downside_2026q4_adj_gross_profit:downside/idNonedownside_2026q4_adj_gross_profit
/operating_model/cells/downside_2026q4_adj_gross_profit:downside/kindNonederived
/operating_model/cells/downside_2026q4_adj_gross_profit:downside/labelNoneAdjusted gross profit
/operating_model/cells/downside_2026q4_adj_gross_profit:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_adj_gross_profit:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_adj_gross_profit:downside/valueNone1133.499
/operating_model/cells/downside_2026q4_buybacks:downside/basisNoneDesk capital-allocation assumption; no guarantee shares outstanding decline and no commitment to a 2027 program.
/operating_model/cells/downside_2026q4_buybacks:downside/caseNonedownside
/operating_model/cells/downside_2026q4_buybacks:downside/idNonedownside_2026q4_buybacks
/operating_model/cells/downside_2026q4_buybacks:downside/kindNoneassumption
/operating_model/cells/downside_2026q4_buybacks:downside/labelNoneShare repurchases including tax
/operating_model/cells/downside_2026q4_buybacks:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_buybacks:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_buybacks:downside/valueNone50.0
/operating_model/cells/downside_2026q4_capex:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2026q4_capex:downside/caseNonedownside
/operating_model/cells/downside_2026q4_capex:downside/idNonedownside_2026q4_capex
/operating_model/cells/downside_2026q4_capex:downside/kindNoneassumption
/operating_model/cells/downside_2026q4_capex:downside/labelNoneCash PP&E
/operating_model/cells/downside_2026q4_capex:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_capex:downside/valueNone59.0
/operating_model/cells/downside_2026q4_capital_uses:downside/basisNoneFinancing uses, not operating expenses.
/operating_model/cells/downside_2026q4_capital_uses:downside/caseNonedownside
/operating_model/cells/downside_2026q4_capital_uses:downside/formula/opNonesum
/operating_model/cells/downside_2026q4_capital_uses:downside/formula/refs/0Nonedownside_2026q4_buybacks
/operating_model/cells/downside_2026q4_capital_uses:downside/formula/refs/1Nonedownside_2026q4_debt_principal
/operating_model/cells/downside_2026q4_capital_uses:downside/idNonedownside_2026q4_capital_uses
/operating_model/cells/downside_2026q4_capital_uses:downside/kindNonederived
/operating_model/cells/downside_2026q4_capital_uses:downside/labelNoneRepurchases and principal
/operating_model/cells/downside_2026q4_capital_uses:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_capital_uses:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_capital_uses:downside/valueNone50.0
/operating_model/cells/downside_2026q4_cash_after_claims:downside/basisNoneBefore acquisitions and strategic investments.
/operating_model/cells/downside_2026q4_cash_after_claims:downside/caseNonedownside
/operating_model/cells/downside_2026q4_cash_after_claims:downside/formula/opNonesubtract
/operating_model/cells/downside_2026q4_cash_after_claims:downside/formula/refs/0Nonedownside_2026q4_fcf
/operating_model/cells/downside_2026q4_cash_after_claims:downside/formula/refs/1Nonedownside_2026q4_capital_uses
/operating_model/cells/downside_2026q4_cash_after_claims:downside/idNonedownside_2026q4_cash_after_claims
/operating_model/cells/downside_2026q4_cash_after_claims:downside/kindNonederived
/operating_model/cells/downside_2026q4_cash_after_claims:downside/labelNoneCash after repurchases and note principal
/operating_model/cells/downside_2026q4_cash_after_claims:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_cash_after_claims:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_cash_after_claims:downside/valueNone236.49900000000002
/operating_model/cells/downside_2026q4_cash_opex:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2026q4_cash_opex:downside/caseNonedownside
/operating_model/cells/downside_2026q4_cash_opex:downside/idNonedownside_2026q4_cash_opex
/operating_model/cells/downside_2026q4_cash_opex:downside/kindNoneassumption
/operating_model/cells/downside_2026q4_cash_opex:downside/labelNoneAdjusted operating expense including Specs
/operating_model/cells/downside_2026q4_cash_opex:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_cash_opex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_cash_opex:downside/valueNone765.0
/operating_model/cells/downside_2026q4_cash_tax:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2026q4_cash_tax:downside/caseNonedownside
/operating_model/cells/downside_2026q4_cash_tax:downside/idNonedownside_2026q4_cash_tax
/operating_model/cells/downside_2026q4_cash_tax:downside/kindNoneassumption
/operating_model/cells/downside_2026q4_cash_tax:downside/labelNoneCash income tax
/operating_model/cells/downside_2026q4_cash_tax:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_cash_tax:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_cash_tax:downside/valueNone17.0
/operating_model/cells/downside_2026q4_cash_uses:downside/basisNoneEquity-award payroll tax consumes cash although excluded from adjusted EBITDA.
/operating_model/cells/downside_2026q4_cash_uses:downside/caseNonedownside
/operating_model/cells/downside_2026q4_cash_uses:downside/formula/opNonesum
/operating_model/cells/downside_2026q4_cash_uses:downside/formula/refs/0Nonedownside_2026q4_sbc_payroll
/operating_model/cells/downside_2026q4_cash_uses:downside/formula/refs/1Nonedownside_2026q4_net_cash_interest
/operating_model/cells/downside_2026q4_cash_uses:downside/formula/refs/2Nonedownside_2026q4_cash_tax
/operating_model/cells/downside_2026q4_cash_uses:downside/formula/refs/3Nonedownside_2026q4_wc_use
/operating_model/cells/downside_2026q4_cash_uses:downside/idNonedownside_2026q4_cash_uses
/operating_model/cells/downside_2026q4_cash_uses:downside/kindNonederived
/operating_model/cells/downside_2026q4_cash_uses:downside/labelNoneCash operating adjustments
/operating_model/cells/downside_2026q4_cash_uses:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_cash_uses:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_cash_uses:downside/valueNone23.0
/operating_model/cells/downside_2026q4_cfo:downside/basisNoneWorking-capital timing is separate from accounting earnings.
/operating_model/cells/downside_2026q4_cfo:downside/caseNonedownside
/operating_model/cells/downside_2026q4_cfo:downside/formula/opNonesubtract
/operating_model/cells/downside_2026q4_cfo:downside/formula/refs/0Nonedownside_2026q4_adj_ebitda
/operating_model/cells/downside_2026q4_cfo:downside/formula/refs/1Nonedownside_2026q4_cash_uses
/operating_model/cells/downside_2026q4_cfo:downside/idNonedownside_2026q4_cfo
/operating_model/cells/downside_2026q4_cfo:downside/kindNonederived
/operating_model/cells/downside_2026q4_cfo:downside/labelNoneOperating cash flow proxy
/operating_model/cells/downside_2026q4_cfo:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_cfo:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_cfo:downside/valueNone345.499
/operating_model/cells/downside_2026q4_cogs_adjustments:downside/basisNoneThese are allocations of total expense included in the operating-income bridge.
/operating_model/cells/downside_2026q4_cogs_adjustments:downside/caseNonedownside
/operating_model/cells/downside_2026q4_cogs_adjustments:downside/formula/opNonesum
/operating_model/cells/downside_2026q4_cogs_adjustments:downside/formula/refs/0Nonedownside_2026q4_cogs_sbc
/operating_model/cells/downside_2026q4_cogs_adjustments:downside/formula/refs/1Nonedownside_2026q4_cogs_da
/operating_model/cells/downside_2026q4_cogs_adjustments:downside/idNonedownside_2026q4_cogs_adjustments
/operating_model/cells/downside_2026q4_cogs_adjustments:downside/kindNonederived
/operating_model/cells/downside_2026q4_cogs_adjustments:downside/labelNoneCOGS noncash and payroll adjustments
/operating_model/cells/downside_2026q4_cogs_adjustments:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_cogs_adjustments:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_cogs_adjustments:downside/valueNone14.7
/operating_model/cells/downside_2026q4_cogs_da:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2026q4_cogs_da:downside/caseNonedownside
/operating_model/cells/downside_2026q4_cogs_da:downside/idNonedownside_2026q4_cogs_da
/operating_model/cells/downside_2026q4_cogs_da:downside/kindNoneassumption
/operating_model/cells/downside_2026q4_cogs_da:downside/labelNoneCOGS D&A
/operating_model/cells/downside_2026q4_cogs_da:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_cogs_da:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_cogs_da:downside/valueNone3.2
/operating_model/cells/downside_2026q4_cogs_sbc:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2026q4_cogs_sbc:downside/caseNonedownside
/operating_model/cells/downside_2026q4_cogs_sbc:downside/idNonedownside_2026q4_cogs_sbc
/operating_model/cells/downside_2026q4_cogs_sbc:downside/kindNoneassumption
/operating_model/cells/downside_2026q4_cogs_sbc:downside/labelNoneCOGS SBC and related payroll
/operating_model/cells/downside_2026q4_cogs_sbc:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_cogs_sbc:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_cogs_sbc:downside/valueNone11.5
/operating_model/cells/downside_2026q4_da:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2026q4_da:downside/caseNonedownside
/operating_model/cells/downside_2026q4_da:downside/idNonedownside_2026q4_da
/operating_model/cells/downside_2026q4_da:downside/kindNoneassumption
/operating_model/cells/downside_2026q4_da:downside/labelNoneTotal D&A
/operating_model/cells/downside_2026q4_da:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_da:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_da:downside/valueNone50.0
/operating_model/cells/downside_2026q4_debt_principal:downside/basisNoneOther debt maturities fall beyond FY2027.
/operating_model/cells/downside_2026q4_debt_principal:downside/caseNonedownside
/operating_model/cells/downside_2026q4_debt_principal:downside/formula/opNonesum
/operating_model/cells/downside_2026q4_debt_principal:downside/formula/refs/0Nonedownside_2026q4_repay_2026
/operating_model/cells/downside_2026q4_debt_principal:downside/formula/refs/1Nonedownside_2026q4_repay_2027
/operating_model/cells/downside_2026q4_debt_principal:downside/idNonedownside_2026q4_debt_principal
/operating_model/cells/downside_2026q4_debt_principal:downside/kindNonederived
/operating_model/cells/downside_2026q4_debt_principal:downside/labelNoneScheduled note principal
/operating_model/cells/downside_2026q4_debt_principal:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_debt_principal:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_debt_principal:downside/valueNone0.0
/operating_model/cells/downside_2026q4_fcf:downside/basisNoneBefore discretionary repurchases.
/operating_model/cells/downside_2026q4_fcf:downside/caseNonedownside
/operating_model/cells/downside_2026q4_fcf:downside/formula/opNonesubtract
/operating_model/cells/downside_2026q4_fcf:downside/formula/refs/0Nonedownside_2026q4_cfo
/operating_model/cells/downside_2026q4_fcf:downside/formula/refs/1Nonedownside_2026q4_capex
/operating_model/cells/downside_2026q4_fcf:downside/idNonedownside_2026q4_fcf
/operating_model/cells/downside_2026q4_fcf:downside/kindNonederived
/operating_model/cells/downside_2026q4_fcf:downside/labelNoneCFO less PP&E
/operating_model/cells/downside_2026q4_fcf:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_fcf:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_fcf:downside/valueNone286.499
/operating_model/cells/downside_2026q4_gaap_adjustments:downside/basisNoneNo double deduction of restructuring SBC or asset depreciation.
/operating_model/cells/downside_2026q4_gaap_adjustments:downside/caseNonedownside
/operating_model/cells/downside_2026q4_gaap_adjustments:downside/formula/opNonesum
/operating_model/cells/downside_2026q4_gaap_adjustments:downside/formula/refs/0Nonedownside_2026q4_sbc
/operating_model/cells/downside_2026q4_gaap_adjustments:downside/formula/refs/1Nonedownside_2026q4_sbc_payroll
/operating_model/cells/downside_2026q4_gaap_adjustments:downside/formula/refs/2Nonedownside_2026q4_da
/operating_model/cells/downside_2026q4_gaap_adjustments:downside/formula/refs/3Nonedownside_2026q4_incremental_restructuring
/operating_model/cells/downside_2026q4_gaap_adjustments:downside/idNonedownside_2026q4_gaap_adjustments
/operating_model/cells/downside_2026q4_gaap_adjustments:downside/kindNonederived
/operating_model/cells/downside_2026q4_gaap_adjustments:downside/labelNoneSBC payroll D&A and restructuring
/operating_model/cells/downside_2026q4_gaap_adjustments:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_gaap_adjustments:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_gaap_adjustments:downside/valueNone329.3855
/operating_model/cells/downside_2026q4_gross_profit:downside/basisNoneNo new COGS restructuring charge assumed.
/operating_model/cells/downside_2026q4_gross_profit:downside/caseNonedownside
/operating_model/cells/downside_2026q4_gross_profit:downside/formula/opNonesubtract
/operating_model/cells/downside_2026q4_gross_profit:downside/formula/refs/0Nonedownside_2026q4_adj_gross_profit
/operating_model/cells/downside_2026q4_gross_profit:downside/formula/refs/1Nonedownside_2026q4_cogs_adjustments
/operating_model/cells/downside_2026q4_gross_profit:downside/idNonedownside_2026q4_gross_profit
/operating_model/cells/downside_2026q4_gross_profit:downside/kindNonederived
/operating_model/cells/downside_2026q4_gross_profit:downside/labelNoneGAAP gross profit proxy
/operating_model/cells/downside_2026q4_gross_profit:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_gross_profit:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_gross_profit:downside/valueNone1118.799
/operating_model/cells/downside_2026q4_incremental_restructuring:downside/basisNoneRemaining April-plan charges/liabilities were immaterial at June 30; no repeat of full H1 charge.
/operating_model/cells/downside_2026q4_incremental_restructuring:downside/caseNonedownside
/operating_model/cells/downside_2026q4_incremental_restructuring:downside/idNonedownside_2026q4_incremental_restructuring
/operating_model/cells/downside_2026q4_incremental_restructuring:downside/kindNoneassumption
/operating_model/cells/downside_2026q4_incremental_restructuring:downside/labelNoneRestructuring excluding SBC/D&A counted above
/operating_model/cells/downside_2026q4_incremental_restructuring:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_incremental_restructuring:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_incremental_restructuring:downside/valueNone0.0
/operating_model/cells/downside_2026q4_infrastructure:downside/basisNoneHosting and related operating expense, not company-owned capex. Base H2 reconciles to FY2026 midpoint after H1.
/operating_model/cells/downside_2026q4_infrastructure:downside/caseNonedownside
/operating_model/cells/downside_2026q4_infrastructure:downside/idNonedownside_2026q4_infrastructure
/operating_model/cells/downside_2026q4_infrastructure:downside/kindNoneassumption
/operating_model/cells/downside_2026q4_infrastructure:downside/labelNoneInfrastructure service costs
/operating_model/cells/downside_2026q4_infrastructure:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_infrastructure:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_infrastructure:downside/valueNone447.651
/operating_model/cells/downside_2026q4_net_cash_interest:downside/basisNoneDesk net interest includes debt coupons and investment yield; not noncash issuance-cost amortization.
/operating_model/cells/downside_2026q4_net_cash_interest:downside/caseNonedownside
/operating_model/cells/downside_2026q4_net_cash_interest:downside/idNonedownside_2026q4_net_cash_interest
/operating_model/cells/downside_2026q4_net_cash_interest:downside/kindNoneassumption
/operating_model/cells/downside_2026q4_net_cash_interest:downside/labelNoneCash debt interest less investment income
/operating_model/cells/downside_2026q4_net_cash_interest:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_net_cash_interest:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_net_cash_interest:downside/valueNone20.0
/operating_model/cells/downside_2026q4_notes26_weight:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2026q4_notes26_weight:downside/caseNonedownside
/operating_model/cells/downside_2026q4_notes26_weight:downside/idNonedownside_2026q4_notes26_weight
/operating_model/cells/downside_2026q4_notes26_weight:downside/kindNoneassumption
/operating_model/cells/downside_2026q4_notes26_weight:downside/labelNone2026 principal timing
/operating_model/cells/downside_2026q4_notes26_weight:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_notes26_weight:downside/unitNoneratio
/operating_model/cells/downside_2026q4_notes26_weight:downside/valueNone0.0
/operating_model/cells/downside_2026q4_notes27_weight:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2026q4_notes27_weight:downside/caseNonedownside
/operating_model/cells/downside_2026q4_notes27_weight:downside/idNonedownside_2026q4_notes27_weight
/operating_model/cells/downside_2026q4_notes27_weight:downside/kindNoneassumption
/operating_model/cells/downside_2026q4_notes27_weight:downside/labelNone2027 principal timing
/operating_model/cells/downside_2026q4_notes27_weight:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_notes27_weight:downside/unitNoneratio
/operating_model/cells/downside_2026q4_notes27_weight:downside/valueNone0.0
/operating_model/cells/downside_2026q4_operating_income:downside/basisNoneNo new impairment or unannounced restructuring.
/operating_model/cells/downside_2026q4_operating_income:downside/caseNonedownside
/operating_model/cells/downside_2026q4_operating_income:downside/formula/opNonesubtract
/operating_model/cells/downside_2026q4_operating_income:downside/formula/refs/0Nonedownside_2026q4_adj_ebitda
/operating_model/cells/downside_2026q4_operating_income:downside/formula/refs/1Nonedownside_2026q4_gaap_adjustments
/operating_model/cells/downside_2026q4_operating_income:downside/idNonedownside_2026q4_operating_income
/operating_model/cells/downside_2026q4_operating_income:downside/kindNonederived
/operating_model/cells/downside_2026q4_operating_income:downside/labelNoneGAAP operating income proxy
/operating_model/cells/downside_2026q4_operating_income:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_operating_income:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_operating_income:downside/valueNone39.113500000000045
/operating_model/cells/downside_2026q4_other_cogs:downside/basisNoneContent and partner costs; scenario broadly follows management 16%-17% FY2026 range.
/operating_model/cells/downside_2026q4_other_cogs:downside/caseNonedownside
/operating_model/cells/downside_2026q4_other_cogs:downside/formula/opNonemultiply
/operating_model/cells/downside_2026q4_other_cogs:downside/formula/refs/0Nonedownside_2026q4_revenue
/operating_model/cells/downside_2026q4_other_cogs:downside/formula/refs/1Nonedownside_2026q4_other_cogs_ratio
/operating_model/cells/downside_2026q4_other_cogs:downside/idNonedownside_2026q4_other_cogs
/operating_model/cells/downside_2026q4_other_cogs:downside/kindNonederived
/operating_model/cells/downside_2026q4_other_cogs:downside/labelNoneOther cost of revenue
/operating_model/cells/downside_2026q4_other_cogs:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_other_cogs:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_other_cogs:downside/valueNone323.85
/operating_model/cells/downside_2026q4_other_cogs_ratio:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2026q4_other_cogs_ratio:downside/caseNonedownside
/operating_model/cells/downside_2026q4_other_cogs_ratio:downside/idNonedownside_2026q4_other_cogs_ratio
/operating_model/cells/downside_2026q4_other_cogs_ratio:downside/kindNoneassumption
/operating_model/cells/downside_2026q4_other_cogs_ratio:downside/labelNoneOther cost of revenue / revenue
/operating_model/cells/downside_2026q4_other_cogs_ratio:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_other_cogs_ratio:downside/unitNoneratio
/operating_model/cells/downside_2026q4_other_cogs_ratio:downside/valueNone0.17
/operating_model/cells/downside_2026q4_other_revenue:downside/basisNoneSubscriptions and other products in one perimeter; no separately added SPECS preorder/deposit revenue.
/operating_model/cells/downside_2026q4_other_revenue:downside/caseNonedownside
/operating_model/cells/downside_2026q4_other_revenue:downside/idNonedownside_2026q4_other_revenue
/operating_model/cells/downside_2026q4_other_revenue:downside/kindNoneassumption
/operating_model/cells/downside_2026q4_other_revenue:downside/labelNoneOther product revenue
/operating_model/cells/downside_2026q4_other_revenue:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_other_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_other_revenue:downside/valueNone365.0
/operating_model/cells/downside_2026q4_repay_2026:downside/basisNoneAugust 1 repayment follows June balance sheet and is described in the subsequent event/remarks.
/operating_model/cells/downside_2026q4_repay_2026:downside/caseNonedownside
/operating_model/cells/downside_2026q4_repay_2026:downside/formula/opNonemultiply
/operating_model/cells/downside_2026q4_repay_2026:downside/formula/refs/0Nonenotes_2026
/operating_model/cells/downside_2026q4_repay_2026:downside/formula/refs/1Nonedownside_2026q4_notes26_weight
/operating_model/cells/downside_2026q4_repay_2026:downside/idNonedownside_2026q4_repay_2026
/operating_model/cells/downside_2026q4_repay_2026:downside/kindNonederived
/operating_model/cells/downside_2026q4_repay_2026:downside/labelNoneAugust 2026 note principal
/operating_model/cells/downside_2026q4_repay_2026:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_repay_2026:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_repay_2026:downside/valueNone0.0
/operating_model/cells/downside_2026q4_repay_2027:downside/basisNoneMay 1, 2027 maturity; assumes cash settlement.
/operating_model/cells/downside_2026q4_repay_2027:downside/caseNonedownside
/operating_model/cells/downside_2026q4_repay_2027:downside/formula/opNonemultiply
/operating_model/cells/downside_2026q4_repay_2027:downside/formula/refs/0Nonenotes_2027
/operating_model/cells/downside_2026q4_repay_2027:downside/formula/refs/1Nonedownside_2026q4_notes27_weight
/operating_model/cells/downside_2026q4_repay_2027:downside/idNonedownside_2026q4_repay_2027
/operating_model/cells/downside_2026q4_repay_2027:downside/kindNonederived
/operating_model/cells/downside_2026q4_repay_2027:downside/labelNoneMay 2027 note principal
/operating_model/cells/downside_2026q4_repay_2027:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_repay_2027:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_repay_2027:downside/valueNone0.0
/operating_model/cells/downside_2026q4_revenue:downside/basisNoneAdvertising plus other product revenue.
/operating_model/cells/downside_2026q4_revenue:downside/caseNonedownside
/operating_model/cells/downside_2026q4_revenue:downside/formula/opNonesum
/operating_model/cells/downside_2026q4_revenue:downside/formula/refs/0Nonedownside_2026q4_ad_revenue
/operating_model/cells/downside_2026q4_revenue:downside/formula/refs/1Nonedownside_2026q4_other_revenue
/operating_model/cells/downside_2026q4_revenue:downside/idNonedownside_2026q4_revenue
/operating_model/cells/downside_2026q4_revenue:downside/kindNonederived
/operating_model/cells/downside_2026q4_revenue:downside/labelNoneConsolidated revenue
/operating_model/cells/downside_2026q4_revenue:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_revenue:downside/valueNone1905.0
/operating_model/cells/downside_2026q4_sbc:downside/basisNoneH2 base preserves approximately $1.05B full-year SBC after actual H1 $513.229M; all 2027 is desk.
/operating_model/cells/downside_2026q4_sbc:downside/caseNonedownside
/operating_model/cells/downside_2026q4_sbc:downside/idNonedownside_2026q4_sbc
/operating_model/cells/downside_2026q4_sbc:downside/kindNoneassumption
/operating_model/cells/downside_2026q4_sbc:downside/labelNoneTotal equity compensation expense
/operating_model/cells/downside_2026q4_sbc:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_sbc:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_sbc:downside/valueNone268.3855
/operating_model/cells/downside_2026q4_sbc_payroll:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2026q4_sbc_payroll:downside/caseNonedownside
/operating_model/cells/downside_2026q4_sbc_payroll:downside/idNonedownside_2026q4_sbc_payroll
/operating_model/cells/downside_2026q4_sbc_payroll:downside/kindNoneassumption
/operating_model/cells/downside_2026q4_sbc_payroll:downside/labelNoneCash payroll taxes on equity awards
/operating_model/cells/downside_2026q4_sbc_payroll:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_sbc_payroll:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_sbc_payroll:downside/valueNone11.0
/operating_model/cells/downside_2026q4_wc_use:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2026q4_wc_use:downside/caseNonedownside
/operating_model/cells/downside_2026q4_wc_use:downside/idNonedownside_2026q4_wc_use
/operating_model/cells/downside_2026q4_wc_use:downside/kindNoneassumption
/operating_model/cells/downside_2026q4_wc_use:downside/labelNoneWorking capital and other cash use
/operating_model/cells/downside_2026q4_wc_use:downside/periodNone2026Q4
/operating_model/cells/downside_2026q4_wc_use:downside/unitNoneUSD_millions
/operating_model/cells/downside_2026q4_wc_use:downside/valueNone-25.0
/operating_model/cells/downside_2027q1_ad_revenue:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q1_ad_revenue:downside/caseNonedownside
/operating_model/cells/downside_2027q1_ad_revenue:downside/idNonedownside_2027q1_ad_revenue
/operating_model/cells/downside_2027q1_ad_revenue:downside/kindNoneassumption
/operating_model/cells/downside_2027q1_ad_revenue:downside/labelNoneAdvertising revenue
/operating_model/cells/downside_2027q1_ad_revenue:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_ad_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_ad_revenue:downside/valueNone1210.0
/operating_model/cells/downside_2027q1_adj_cogs:downside/basisNoneNo second hardware cost assumption added outside this consolidated cost scenario.
/operating_model/cells/downside_2027q1_adj_cogs:downside/caseNonedownside
/operating_model/cells/downside_2027q1_adj_cogs:downside/formula/opNonesum
/operating_model/cells/downside_2027q1_adj_cogs:downside/formula/refs/0Nonedownside_2027q1_infrastructure
/operating_model/cells/downside_2027q1_adj_cogs:downside/formula/refs/1Nonedownside_2027q1_other_cogs
/operating_model/cells/downside_2027q1_adj_cogs:downside/idNonedownside_2027q1_adj_cogs
/operating_model/cells/downside_2027q1_adj_cogs:downside/kindNonederived
/operating_model/cells/downside_2027q1_adj_cogs:downside/labelNoneAdjusted cost of revenue
/operating_model/cells/downside_2027q1_adj_cogs:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_adj_cogs:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_adj_cogs:downside/valueNone720.3
/operating_model/cells/downside_2027q1_adj_ebitda:downside/basisNoneSpecs is consolidated and already in the expense budget.
/operating_model/cells/downside_2027q1_adj_ebitda:downside/caseNonedownside
/operating_model/cells/downside_2027q1_adj_ebitda:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q1_adj_ebitda:downside/formula/refs/0Nonedownside_2027q1_adj_gross_profit
/operating_model/cells/downside_2027q1_adj_ebitda:downside/formula/refs/1Nonedownside_2027q1_cash_opex
/operating_model/cells/downside_2027q1_adj_ebitda:downside/idNonedownside_2027q1_adj_ebitda
/operating_model/cells/downside_2027q1_adj_ebitda:downside/kindNonederived
/operating_model/cells/downside_2027q1_adj_ebitda:downside/labelNoneAdjusted EBITDA proxy
/operating_model/cells/downside_2027q1_adj_ebitda:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_adj_ebitda:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_adj_ebitda:downside/valueNone139.70000000000005
/operating_model/cells/downside_2027q1_adj_gross_profit:downside/basisNoneBefore allocated equity compensation and depreciation.
/operating_model/cells/downside_2027q1_adj_gross_profit:downside/caseNonedownside
/operating_model/cells/downside_2027q1_adj_gross_profit:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q1_adj_gross_profit:downside/formula/refs/0Nonedownside_2027q1_revenue
/operating_model/cells/downside_2027q1_adj_gross_profit:downside/formula/refs/1Nonedownside_2027q1_adj_cogs
/operating_model/cells/downside_2027q1_adj_gross_profit:downside/idNonedownside_2027q1_adj_gross_profit
/operating_model/cells/downside_2027q1_adj_gross_profit:downside/kindNonederived
/operating_model/cells/downside_2027q1_adj_gross_profit:downside/labelNoneAdjusted gross profit
/operating_model/cells/downside_2027q1_adj_gross_profit:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_adj_gross_profit:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_adj_gross_profit:downside/valueNone869.7
/operating_model/cells/downside_2027q1_buybacks:downside/basisNoneDesk capital-allocation assumption; no guarantee shares outstanding decline and no commitment to a 2027 program.
/operating_model/cells/downside_2027q1_buybacks:downside/caseNonedownside
/operating_model/cells/downside_2027q1_buybacks:downside/idNonedownside_2027q1_buybacks
/operating_model/cells/downside_2027q1_buybacks:downside/kindNoneassumption
/operating_model/cells/downside_2027q1_buybacks:downside/labelNoneShare repurchases including tax
/operating_model/cells/downside_2027q1_buybacks:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_buybacks:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_buybacks:downside/valueNone0.0
/operating_model/cells/downside_2027q1_capex:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q1_capex:downside/caseNonedownside
/operating_model/cells/downside_2027q1_capex:downside/idNonedownside_2027q1_capex
/operating_model/cells/downside_2027q1_capex:downside/kindNoneassumption
/operating_model/cells/downside_2027q1_capex:downside/labelNoneCash PP&E
/operating_model/cells/downside_2027q1_capex:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_capex:downside/valueNone63.0
/operating_model/cells/downside_2027q1_capital_uses:downside/basisNoneFinancing uses, not operating expenses.
/operating_model/cells/downside_2027q1_capital_uses:downside/caseNonedownside
/operating_model/cells/downside_2027q1_capital_uses:downside/formula/opNonesum
/operating_model/cells/downside_2027q1_capital_uses:downside/formula/refs/0Nonedownside_2027q1_buybacks
/operating_model/cells/downside_2027q1_capital_uses:downside/formula/refs/1Nonedownside_2027q1_debt_principal
/operating_model/cells/downside_2027q1_capital_uses:downside/idNonedownside_2027q1_capital_uses
/operating_model/cells/downside_2027q1_capital_uses:downside/kindNonederived
/operating_model/cells/downside_2027q1_capital_uses:downside/labelNoneRepurchases and principal
/operating_model/cells/downside_2027q1_capital_uses:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_capital_uses:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_capital_uses:downside/valueNone0.0
/operating_model/cells/downside_2027q1_cash_after_claims:downside/basisNoneBefore acquisitions and strategic investments.
/operating_model/cells/downside_2027q1_cash_after_claims:downside/caseNonedownside
/operating_model/cells/downside_2027q1_cash_after_claims:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q1_cash_after_claims:downside/formula/refs/0Nonedownside_2027q1_fcf
/operating_model/cells/downside_2027q1_cash_after_claims:downside/formula/refs/1Nonedownside_2027q1_capital_uses
/operating_model/cells/downside_2027q1_cash_after_claims:downside/idNonedownside_2027q1_cash_after_claims
/operating_model/cells/downside_2027q1_cash_after_claims:downside/kindNonederived
/operating_model/cells/downside_2027q1_cash_after_claims:downside/labelNoneCash after repurchases and note principal
/operating_model/cells/downside_2027q1_cash_after_claims:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_cash_after_claims:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_cash_after_claims:downside/valueNone-90.29999999999995
/operating_model/cells/downside_2027q1_cash_opex:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q1_cash_opex:downside/caseNonedownside
/operating_model/cells/downside_2027q1_cash_opex:downside/idNonedownside_2027q1_cash_opex
/operating_model/cells/downside_2027q1_cash_opex:downside/kindNoneassumption
/operating_model/cells/downside_2027q1_cash_opex:downside/labelNoneAdjusted operating expense including Specs
/operating_model/cells/downside_2027q1_cash_opex:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_cash_opex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_cash_opex:downside/valueNone730.0
/operating_model/cells/downside_2027q1_cash_tax:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q1_cash_tax:downside/caseNonedownside
/operating_model/cells/downside_2027q1_cash_tax:downside/idNonedownside_2027q1_cash_tax
/operating_model/cells/downside_2027q1_cash_tax:downside/kindNoneassumption
/operating_model/cells/downside_2027q1_cash_tax:downside/labelNoneCash income tax
/operating_model/cells/downside_2027q1_cash_tax:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_cash_tax:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_cash_tax:downside/valueNone19.0
/operating_model/cells/downside_2027q1_cash_uses:downside/basisNoneEquity-award payroll tax consumes cash although excluded from adjusted EBITDA.
/operating_model/cells/downside_2027q1_cash_uses:downside/caseNonedownside
/operating_model/cells/downside_2027q1_cash_uses:downside/formula/opNonesum
/operating_model/cells/downside_2027q1_cash_uses:downside/formula/refs/0Nonedownside_2027q1_sbc_payroll
/operating_model/cells/downside_2027q1_cash_uses:downside/formula/refs/1Nonedownside_2027q1_net_cash_interest
/operating_model/cells/downside_2027q1_cash_uses:downside/formula/refs/2Nonedownside_2027q1_cash_tax
/operating_model/cells/downside_2027q1_cash_uses:downside/formula/refs/3Nonedownside_2027q1_wc_use
/operating_model/cells/downside_2027q1_cash_uses:downside/idNonedownside_2027q1_cash_uses
/operating_model/cells/downside_2027q1_cash_uses:downside/kindNonederived
/operating_model/cells/downside_2027q1_cash_uses:downside/labelNoneCash operating adjustments
/operating_model/cells/downside_2027q1_cash_uses:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_cash_uses:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_cash_uses:downside/valueNone167.0
/operating_model/cells/downside_2027q1_cfo:downside/basisNoneWorking-capital timing is separate from accounting earnings.
/operating_model/cells/downside_2027q1_cfo:downside/caseNonedownside
/operating_model/cells/downside_2027q1_cfo:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q1_cfo:downside/formula/refs/0Nonedownside_2027q1_adj_ebitda
/operating_model/cells/downside_2027q1_cfo:downside/formula/refs/1Nonedownside_2027q1_cash_uses
/operating_model/cells/downside_2027q1_cfo:downside/idNonedownside_2027q1_cfo
/operating_model/cells/downside_2027q1_cfo:downside/kindNonederived
/operating_model/cells/downside_2027q1_cfo:downside/labelNoneOperating cash flow proxy
/operating_model/cells/downside_2027q1_cfo:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_cfo:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_cfo:downside/valueNone-27.299999999999955
/operating_model/cells/downside_2027q1_cogs_adjustments:downside/basisNoneThese are allocations of total expense included in the operating-income bridge.
/operating_model/cells/downside_2027q1_cogs_adjustments:downside/caseNonedownside
/operating_model/cells/downside_2027q1_cogs_adjustments:downside/formula/opNonesum
/operating_model/cells/downside_2027q1_cogs_adjustments:downside/formula/refs/0Nonedownside_2027q1_cogs_sbc
/operating_model/cells/downside_2027q1_cogs_adjustments:downside/formula/refs/1Nonedownside_2027q1_cogs_da
/operating_model/cells/downside_2027q1_cogs_adjustments:downside/idNonedownside_2027q1_cogs_adjustments
/operating_model/cells/downside_2027q1_cogs_adjustments:downside/kindNonederived
/operating_model/cells/downside_2027q1_cogs_adjustments:downside/labelNoneCOGS noncash and payroll adjustments
/operating_model/cells/downside_2027q1_cogs_adjustments:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_cogs_adjustments:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_cogs_adjustments:downside/valueNone15.4
/operating_model/cells/downside_2027q1_cogs_da:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q1_cogs_da:downside/caseNonedownside
/operating_model/cells/downside_2027q1_cogs_da:downside/idNonedownside_2027q1_cogs_da
/operating_model/cells/downside_2027q1_cogs_da:downside/kindNoneassumption
/operating_model/cells/downside_2027q1_cogs_da:downside/labelNoneCOGS D&A
/operating_model/cells/downside_2027q1_cogs_da:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_cogs_da:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_cogs_da:downside/valueNone3.4
/operating_model/cells/downside_2027q1_cogs_sbc:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q1_cogs_sbc:downside/caseNonedownside
/operating_model/cells/downside_2027q1_cogs_sbc:downside/idNonedownside_2027q1_cogs_sbc
/operating_model/cells/downside_2027q1_cogs_sbc:downside/kindNoneassumption
/operating_model/cells/downside_2027q1_cogs_sbc:downside/labelNoneCOGS SBC and related payroll
/operating_model/cells/downside_2027q1_cogs_sbc:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_cogs_sbc:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_cogs_sbc:downside/valueNone12.0
/operating_model/cells/downside_2027q1_da:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q1_da:downside/caseNonedownside
/operating_model/cells/downside_2027q1_da:downside/idNonedownside_2027q1_da
/operating_model/cells/downside_2027q1_da:downside/kindNoneassumption
/operating_model/cells/downside_2027q1_da:downside/labelNoneTotal D&A
/operating_model/cells/downside_2027q1_da:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_da:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_da:downside/valueNone52.0
/operating_model/cells/downside_2027q1_debt_principal:downside/basisNoneOther debt maturities fall beyond FY2027.
/operating_model/cells/downside_2027q1_debt_principal:downside/caseNonedownside
/operating_model/cells/downside_2027q1_debt_principal:downside/formula/opNonesum
/operating_model/cells/downside_2027q1_debt_principal:downside/formula/refs/0Nonedownside_2027q1_repay_2026
/operating_model/cells/downside_2027q1_debt_principal:downside/formula/refs/1Nonedownside_2027q1_repay_2027
/operating_model/cells/downside_2027q1_debt_principal:downside/idNonedownside_2027q1_debt_principal
/operating_model/cells/downside_2027q1_debt_principal:downside/kindNonederived
/operating_model/cells/downside_2027q1_debt_principal:downside/labelNoneScheduled note principal
/operating_model/cells/downside_2027q1_debt_principal:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_debt_principal:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_debt_principal:downside/valueNone0.0
/operating_model/cells/downside_2027q1_fcf:downside/basisNoneBefore discretionary repurchases.
/operating_model/cells/downside_2027q1_fcf:downside/caseNonedownside
/operating_model/cells/downside_2027q1_fcf:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q1_fcf:downside/formula/refs/0Nonedownside_2027q1_cfo
/operating_model/cells/downside_2027q1_fcf:downside/formula/refs/1Nonedownside_2027q1_capex
/operating_model/cells/downside_2027q1_fcf:downside/idNonedownside_2027q1_fcf
/operating_model/cells/downside_2027q1_fcf:downside/kindNonederived
/operating_model/cells/downside_2027q1_fcf:downside/labelNoneCFO less PP&E
/operating_model/cells/downside_2027q1_fcf:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_fcf:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_fcf:downside/valueNone-90.29999999999995
/operating_model/cells/downside_2027q1_gaap_adjustments:downside/basisNoneNo double deduction of restructuring SBC or asset depreciation.
/operating_model/cells/downside_2027q1_gaap_adjustments:downside/caseNonedownside
/operating_model/cells/downside_2027q1_gaap_adjustments:downside/formula/opNonesum
/operating_model/cells/downside_2027q1_gaap_adjustments:downside/formula/refs/0Nonedownside_2027q1_sbc
/operating_model/cells/downside_2027q1_gaap_adjustments:downside/formula/refs/1Nonedownside_2027q1_sbc_payroll
/operating_model/cells/downside_2027q1_gaap_adjustments:downside/formula/refs/2Nonedownside_2027q1_da
/operating_model/cells/downside_2027q1_gaap_adjustments:downside/formula/refs/3Nonedownside_2027q1_incremental_restructuring
/operating_model/cells/downside_2027q1_gaap_adjustments:downside/idNonedownside_2027q1_gaap_adjustments
/operating_model/cells/downside_2027q1_gaap_adjustments:downside/kindNonederived
/operating_model/cells/downside_2027q1_gaap_adjustments:downside/labelNoneSBC payroll D&A and restructuring
/operating_model/cells/downside_2027q1_gaap_adjustments:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_gaap_adjustments:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_gaap_adjustments:downside/valueNone343.0
/operating_model/cells/downside_2027q1_gross_profit:downside/basisNoneNo new COGS restructuring charge assumed.
/operating_model/cells/downside_2027q1_gross_profit:downside/caseNonedownside
/operating_model/cells/downside_2027q1_gross_profit:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q1_gross_profit:downside/formula/refs/0Nonedownside_2027q1_adj_gross_profit
/operating_model/cells/downside_2027q1_gross_profit:downside/formula/refs/1Nonedownside_2027q1_cogs_adjustments
/operating_model/cells/downside_2027q1_gross_profit:downside/idNonedownside_2027q1_gross_profit
/operating_model/cells/downside_2027q1_gross_profit:downside/kindNonederived
/operating_model/cells/downside_2027q1_gross_profit:downside/labelNoneGAAP gross profit proxy
/operating_model/cells/downside_2027q1_gross_profit:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_gross_profit:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_gross_profit:downside/valueNone854.3000000000001
/operating_model/cells/downside_2027q1_incremental_restructuring:downside/basisNoneRemaining April-plan charges/liabilities were immaterial at June 30; no repeat of full H1 charge.
/operating_model/cells/downside_2027q1_incremental_restructuring:downside/caseNonedownside
/operating_model/cells/downside_2027q1_incremental_restructuring:downside/idNonedownside_2027q1_incremental_restructuring
/operating_model/cells/downside_2027q1_incremental_restructuring:downside/kindNoneassumption
/operating_model/cells/downside_2027q1_incremental_restructuring:downside/labelNoneRestructuring excluding SBC/D&A counted above
/operating_model/cells/downside_2027q1_incremental_restructuring:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_incremental_restructuring:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_incremental_restructuring:downside/valueNone0.0
/operating_model/cells/downside_2027q1_infrastructure:downside/basisNoneHosting and related operating expense, not company-owned capex. Base H2 reconciles to FY2026 midpoint after H1.
/operating_model/cells/downside_2027q1_infrastructure:downside/caseNonedownside
/operating_model/cells/downside_2027q1_infrastructure:downside/idNonedownside_2027q1_infrastructure
/operating_model/cells/downside_2027q1_infrastructure:downside/kindNoneassumption
/operating_model/cells/downside_2027q1_infrastructure:downside/labelNoneInfrastructure service costs
/operating_model/cells/downside_2027q1_infrastructure:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_infrastructure:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_infrastructure:downside/valueNone450.0
/operating_model/cells/downside_2027q1_net_cash_interest:downside/basisNoneDesk net interest includes debt coupons and investment yield; not noncash issuance-cost amortization.
/operating_model/cells/downside_2027q1_net_cash_interest:downside/caseNonedownside
/operating_model/cells/downside_2027q1_net_cash_interest:downside/idNonedownside_2027q1_net_cash_interest
/operating_model/cells/downside_2027q1_net_cash_interest:downside/kindNoneassumption
/operating_model/cells/downside_2027q1_net_cash_interest:downside/labelNoneCash debt interest less investment income
/operating_model/cells/downside_2027q1_net_cash_interest:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_net_cash_interest:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_net_cash_interest:downside/valueNone22.0
/operating_model/cells/downside_2027q1_notes26_weight:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q1_notes26_weight:downside/caseNonedownside
/operating_model/cells/downside_2027q1_notes26_weight:downside/idNonedownside_2027q1_notes26_weight
/operating_model/cells/downside_2027q1_notes26_weight:downside/kindNoneassumption
/operating_model/cells/downside_2027q1_notes26_weight:downside/labelNone2026 principal timing
/operating_model/cells/downside_2027q1_notes26_weight:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_notes26_weight:downside/unitNoneratio
/operating_model/cells/downside_2027q1_notes26_weight:downside/valueNone0.0
/operating_model/cells/downside_2027q1_notes27_weight:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q1_notes27_weight:downside/caseNonedownside
/operating_model/cells/downside_2027q1_notes27_weight:downside/idNonedownside_2027q1_notes27_weight
/operating_model/cells/downside_2027q1_notes27_weight:downside/kindNoneassumption
/operating_model/cells/downside_2027q1_notes27_weight:downside/labelNone2027 principal timing
/operating_model/cells/downside_2027q1_notes27_weight:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_notes27_weight:downside/unitNoneratio
/operating_model/cells/downside_2027q1_notes27_weight:downside/valueNone0.0
/operating_model/cells/downside_2027q1_operating_income:downside/basisNoneNo new impairment or unannounced restructuring.
/operating_model/cells/downside_2027q1_operating_income:downside/caseNonedownside
/operating_model/cells/downside_2027q1_operating_income:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q1_operating_income:downside/formula/refs/0Nonedownside_2027q1_adj_ebitda
/operating_model/cells/downside_2027q1_operating_income:downside/formula/refs/1Nonedownside_2027q1_gaap_adjustments
/operating_model/cells/downside_2027q1_operating_income:downside/idNonedownside_2027q1_operating_income
/operating_model/cells/downside_2027q1_operating_income:downside/kindNonederived
/operating_model/cells/downside_2027q1_operating_income:downside/labelNoneGAAP operating income proxy
/operating_model/cells/downside_2027q1_operating_income:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_operating_income:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_operating_income:downside/valueNone-203.29999999999995
/operating_model/cells/downside_2027q1_other_cogs:downside/basisNoneContent and partner costs; scenario broadly follows management 16%-17% FY2026 range.
/operating_model/cells/downside_2027q1_other_cogs:downside/caseNonedownside
/operating_model/cells/downside_2027q1_other_cogs:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q1_other_cogs:downside/formula/refs/0Nonedownside_2027q1_revenue
/operating_model/cells/downside_2027q1_other_cogs:downside/formula/refs/1Nonedownside_2027q1_other_cogs_ratio
/operating_model/cells/downside_2027q1_other_cogs:downside/idNonedownside_2027q1_other_cogs
/operating_model/cells/downside_2027q1_other_cogs:downside/kindNonederived
/operating_model/cells/downside_2027q1_other_cogs:downside/labelNoneOther cost of revenue
/operating_model/cells/downside_2027q1_other_cogs:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_other_cogs:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_other_cogs:downside/valueNone270.3
/operating_model/cells/downside_2027q1_other_cogs_ratio:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q1_other_cogs_ratio:downside/caseNonedownside
/operating_model/cells/downside_2027q1_other_cogs_ratio:downside/idNonedownside_2027q1_other_cogs_ratio
/operating_model/cells/downside_2027q1_other_cogs_ratio:downside/kindNoneassumption
/operating_model/cells/downside_2027q1_other_cogs_ratio:downside/labelNoneOther cost of revenue / revenue
/operating_model/cells/downside_2027q1_other_cogs_ratio:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_other_cogs_ratio:downside/unitNoneratio
/operating_model/cells/downside_2027q1_other_cogs_ratio:downside/valueNone0.17
/operating_model/cells/downside_2027q1_other_revenue:downside/basisNoneSubscriptions and other products in one perimeter; no separately added SPECS preorder/deposit revenue.
/operating_model/cells/downside_2027q1_other_revenue:downside/caseNonedownside
/operating_model/cells/downside_2027q1_other_revenue:downside/idNonedownside_2027q1_other_revenue
/operating_model/cells/downside_2027q1_other_revenue:downside/kindNoneassumption
/operating_model/cells/downside_2027q1_other_revenue:downside/labelNoneOther product revenue
/operating_model/cells/downside_2027q1_other_revenue:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_other_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_other_revenue:downside/valueNone380.0
/operating_model/cells/downside_2027q1_repay_2026:downside/basisNoneAugust 1 repayment follows June balance sheet and is described in the subsequent event/remarks.
/operating_model/cells/downside_2027q1_repay_2026:downside/caseNonedownside
/operating_model/cells/downside_2027q1_repay_2026:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q1_repay_2026:downside/formula/refs/0Nonenotes_2026
/operating_model/cells/downside_2027q1_repay_2026:downside/formula/refs/1Nonedownside_2027q1_notes26_weight
/operating_model/cells/downside_2027q1_repay_2026:downside/idNonedownside_2027q1_repay_2026
/operating_model/cells/downside_2027q1_repay_2026:downside/kindNonederived
/operating_model/cells/downside_2027q1_repay_2026:downside/labelNoneAugust 2026 note principal
/operating_model/cells/downside_2027q1_repay_2026:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_repay_2026:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_repay_2026:downside/valueNone0.0
/operating_model/cells/downside_2027q1_repay_2027:downside/basisNoneMay 1, 2027 maturity; assumes cash settlement.
/operating_model/cells/downside_2027q1_repay_2027:downside/caseNonedownside
/operating_model/cells/downside_2027q1_repay_2027:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q1_repay_2027:downside/formula/refs/0Nonenotes_2027
/operating_model/cells/downside_2027q1_repay_2027:downside/formula/refs/1Nonedownside_2027q1_notes27_weight
/operating_model/cells/downside_2027q1_repay_2027:downside/idNonedownside_2027q1_repay_2027
/operating_model/cells/downside_2027q1_repay_2027:downside/kindNonederived
/operating_model/cells/downside_2027q1_repay_2027:downside/labelNoneMay 2027 note principal
/operating_model/cells/downside_2027q1_repay_2027:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_repay_2027:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_repay_2027:downside/valueNone0.0
/operating_model/cells/downside_2027q1_revenue:downside/basisNoneAdvertising plus other product revenue.
/operating_model/cells/downside_2027q1_revenue:downside/caseNonedownside
/operating_model/cells/downside_2027q1_revenue:downside/formula/opNonesum
/operating_model/cells/downside_2027q1_revenue:downside/formula/refs/0Nonedownside_2027q1_ad_revenue
/operating_model/cells/downside_2027q1_revenue:downside/formula/refs/1Nonedownside_2027q1_other_revenue
/operating_model/cells/downside_2027q1_revenue:downside/idNonedownside_2027q1_revenue
/operating_model/cells/downside_2027q1_revenue:downside/kindNonederived
/operating_model/cells/downside_2027q1_revenue:downside/labelNoneConsolidated revenue
/operating_model/cells/downside_2027q1_revenue:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_revenue:downside/valueNone1590.0
/operating_model/cells/downside_2027q1_sbc:downside/basisNoneH2 base preserves approximately $1.05B full-year SBC after actual H1 $513.229M; all 2027 is desk.
/operating_model/cells/downside_2027q1_sbc:downside/caseNonedownside
/operating_model/cells/downside_2027q1_sbc:downside/idNonedownside_2027q1_sbc
/operating_model/cells/downside_2027q1_sbc:downside/kindNoneassumption
/operating_model/cells/downside_2027q1_sbc:downside/labelNoneTotal equity compensation expense
/operating_model/cells/downside_2027q1_sbc:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_sbc:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_sbc:downside/valueNone275.0
/operating_model/cells/downside_2027q1_sbc_payroll:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q1_sbc_payroll:downside/caseNonedownside
/operating_model/cells/downside_2027q1_sbc_payroll:downside/idNonedownside_2027q1_sbc_payroll
/operating_model/cells/downside_2027q1_sbc_payroll:downside/kindNoneassumption
/operating_model/cells/downside_2027q1_sbc_payroll:downside/labelNoneCash payroll taxes on equity awards
/operating_model/cells/downside_2027q1_sbc_payroll:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_sbc_payroll:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_sbc_payroll:downside/valueNone16.0
/operating_model/cells/downside_2027q1_wc_use:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q1_wc_use:downside/caseNonedownside
/operating_model/cells/downside_2027q1_wc_use:downside/idNonedownside_2027q1_wc_use
/operating_model/cells/downside_2027q1_wc_use:downside/kindNoneassumption
/operating_model/cells/downside_2027q1_wc_use:downside/labelNoneWorking capital and other cash use
/operating_model/cells/downside_2027q1_wc_use:downside/periodNone2027Q1
/operating_model/cells/downside_2027q1_wc_use:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q1_wc_use:downside/valueNone110.0
/operating_model/cells/downside_2027q2_ad_revenue:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q2_ad_revenue:downside/caseNonedownside
/operating_model/cells/downside_2027q2_ad_revenue:downside/idNonedownside_2027q2_ad_revenue
/operating_model/cells/downside_2027q2_ad_revenue:downside/kindNoneassumption
/operating_model/cells/downside_2027q2_ad_revenue:downside/labelNoneAdvertising revenue
/operating_model/cells/downside_2027q2_ad_revenue:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_ad_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_ad_revenue:downside/valueNone1370.0
/operating_model/cells/downside_2027q2_adj_cogs:downside/basisNoneNo second hardware cost assumption added outside this consolidated cost scenario.
/operating_model/cells/downside_2027q2_adj_cogs:downside/caseNonedownside
/operating_model/cells/downside_2027q2_adj_cogs:downside/formula/opNonesum
/operating_model/cells/downside_2027q2_adj_cogs:downside/formula/refs/0Nonedownside_2027q2_infrastructure
/operating_model/cells/downside_2027q2_adj_cogs:downside/formula/refs/1Nonedownside_2027q2_other_cogs
/operating_model/cells/downside_2027q2_adj_cogs:downside/idNonedownside_2027q2_adj_cogs
/operating_model/cells/downside_2027q2_adj_cogs:downside/kindNonederived
/operating_model/cells/downside_2027q2_adj_cogs:downside/labelNoneAdjusted cost of revenue
/operating_model/cells/downside_2027q2_adj_cogs:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_adj_cogs:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_adj_cogs:downside/valueNone759.2
/operating_model/cells/downside_2027q2_adj_ebitda:downside/basisNoneSpecs is consolidated and already in the expense budget.
/operating_model/cells/downside_2027q2_adj_ebitda:downside/caseNonedownside
/operating_model/cells/downside_2027q2_adj_ebitda:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q2_adj_ebitda:downside/formula/refs/0Nonedownside_2027q2_adj_gross_profit
/operating_model/cells/downside_2027q2_adj_ebitda:downside/formula/refs/1Nonedownside_2027q2_cash_opex
/operating_model/cells/downside_2027q2_adj_ebitda:downside/idNonedownside_2027q2_adj_ebitda
/operating_model/cells/downside_2027q2_adj_ebitda:downside/kindNonederived
/operating_model/cells/downside_2027q2_adj_ebitda:downside/labelNoneAdjusted EBITDA proxy
/operating_model/cells/downside_2027q2_adj_ebitda:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_adj_ebitda:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_adj_ebitda:downside/valueNone250.79999999999995
/operating_model/cells/downside_2027q2_adj_gross_profit:downside/basisNoneBefore allocated equity compensation and depreciation.
/operating_model/cells/downside_2027q2_adj_gross_profit:downside/caseNonedownside
/operating_model/cells/downside_2027q2_adj_gross_profit:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q2_adj_gross_profit:downside/formula/refs/0Nonedownside_2027q2_revenue
/operating_model/cells/downside_2027q2_adj_gross_profit:downside/formula/refs/1Nonedownside_2027q2_adj_cogs
/operating_model/cells/downside_2027q2_adj_gross_profit:downside/idNonedownside_2027q2_adj_gross_profit
/operating_model/cells/downside_2027q2_adj_gross_profit:downside/kindNonederived
/operating_model/cells/downside_2027q2_adj_gross_profit:downside/labelNoneAdjusted gross profit
/operating_model/cells/downside_2027q2_adj_gross_profit:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_adj_gross_profit:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_adj_gross_profit:downside/valueNone1000.8
/operating_model/cells/downside_2027q2_buybacks:downside/basisNoneDesk capital-allocation assumption; no guarantee shares outstanding decline and no commitment to a 2027 program.
/operating_model/cells/downside_2027q2_buybacks:downside/caseNonedownside
/operating_model/cells/downside_2027q2_buybacks:downside/idNonedownside_2027q2_buybacks
/operating_model/cells/downside_2027q2_buybacks:downside/kindNoneassumption
/operating_model/cells/downside_2027q2_buybacks:downside/labelNoneShare repurchases including tax
/operating_model/cells/downside_2027q2_buybacks:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_buybacks:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_buybacks:downside/valueNone0.0
/operating_model/cells/downside_2027q2_capex:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q2_capex:downside/caseNonedownside
/operating_model/cells/downside_2027q2_capex:downside/idNonedownside_2027q2_capex
/operating_model/cells/downside_2027q2_capex:downside/kindNoneassumption
/operating_model/cells/downside_2027q2_capex:downside/labelNoneCash PP&E
/operating_model/cells/downside_2027q2_capex:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_capex:downside/valueNone67.0
/operating_model/cells/downside_2027q2_capital_uses:downside/basisNoneFinancing uses, not operating expenses.
/operating_model/cells/downside_2027q2_capital_uses:downside/caseNonedownside
/operating_model/cells/downside_2027q2_capital_uses:downside/formula/opNonesum
/operating_model/cells/downside_2027q2_capital_uses:downside/formula/refs/0Nonedownside_2027q2_buybacks
/operating_model/cells/downside_2027q2_capital_uses:downside/formula/refs/1Nonedownside_2027q2_debt_principal
/operating_model/cells/downside_2027q2_capital_uses:downside/idNonedownside_2027q2_capital_uses
/operating_model/cells/downside_2027q2_capital_uses:downside/kindNonederived
/operating_model/cells/downside_2027q2_capital_uses:downside/labelNoneRepurchases and principal
/operating_model/cells/downside_2027q2_capital_uses:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_capital_uses:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_capital_uses:downside/valueNone106.318
/operating_model/cells/downside_2027q2_cash_after_claims:downside/basisNoneBefore acquisitions and strategic investments.
/operating_model/cells/downside_2027q2_cash_after_claims:downside/caseNonedownside
/operating_model/cells/downside_2027q2_cash_after_claims:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q2_cash_after_claims:downside/formula/refs/0Nonedownside_2027q2_fcf
/operating_model/cells/downside_2027q2_cash_after_claims:downside/formula/refs/1Nonedownside_2027q2_capital_uses
/operating_model/cells/downside_2027q2_cash_after_claims:downside/idNonedownside_2027q2_cash_after_claims
/operating_model/cells/downside_2027q2_cash_after_claims:downside/kindNonederived
/operating_model/cells/downside_2027q2_cash_after_claims:downside/labelNoneCash after repurchases and note principal
/operating_model/cells/downside_2027q2_cash_after_claims:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_cash_after_claims:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_cash_after_claims:downside/valueNone-24.518000000000043
/operating_model/cells/downside_2027q2_cash_opex:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q2_cash_opex:downside/caseNonedownside
/operating_model/cells/downside_2027q2_cash_opex:downside/idNonedownside_2027q2_cash_opex
/operating_model/cells/downside_2027q2_cash_opex:downside/kindNoneassumption
/operating_model/cells/downside_2027q2_cash_opex:downside/labelNoneAdjusted operating expense including Specs
/operating_model/cells/downside_2027q2_cash_opex:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_cash_opex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_cash_opex:downside/valueNone750.0
/operating_model/cells/downside_2027q2_cash_tax:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q2_cash_tax:downside/caseNonedownside
/operating_model/cells/downside_2027q2_cash_tax:downside/idNonedownside_2027q2_cash_tax
/operating_model/cells/downside_2027q2_cash_tax:downside/kindNoneassumption
/operating_model/cells/downside_2027q2_cash_tax:downside/labelNoneCash income tax
/operating_model/cells/downside_2027q2_cash_tax:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_cash_tax:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_cash_tax:downside/valueNone21.0
/operating_model/cells/downside_2027q2_cash_uses:downside/basisNoneEquity-award payroll tax consumes cash although excluded from adjusted EBITDA.
/operating_model/cells/downside_2027q2_cash_uses:downside/caseNonedownside
/operating_model/cells/downside_2027q2_cash_uses:downside/formula/opNonesum
/operating_model/cells/downside_2027q2_cash_uses:downside/formula/refs/0Nonedownside_2027q2_sbc_payroll
/operating_model/cells/downside_2027q2_cash_uses:downside/formula/refs/1Nonedownside_2027q2_net_cash_interest
/operating_model/cells/downside_2027q2_cash_uses:downside/formula/refs/2Nonedownside_2027q2_cash_tax
/operating_model/cells/downside_2027q2_cash_uses:downside/formula/refs/3Nonedownside_2027q2_wc_use
/operating_model/cells/downside_2027q2_cash_uses:downside/idNonedownside_2027q2_cash_uses
/operating_model/cells/downside_2027q2_cash_uses:downside/kindNonederived
/operating_model/cells/downside_2027q2_cash_uses:downside/labelNoneCash operating adjustments
/operating_model/cells/downside_2027q2_cash_uses:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_cash_uses:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_cash_uses:downside/valueNone102.0
/operating_model/cells/downside_2027q2_cfo:downside/basisNoneWorking-capital timing is separate from accounting earnings.
/operating_model/cells/downside_2027q2_cfo:downside/caseNonedownside
/operating_model/cells/downside_2027q2_cfo:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q2_cfo:downside/formula/refs/0Nonedownside_2027q2_adj_ebitda
/operating_model/cells/downside_2027q2_cfo:downside/formula/refs/1Nonedownside_2027q2_cash_uses
/operating_model/cells/downside_2027q2_cfo:downside/idNonedownside_2027q2_cfo
/operating_model/cells/downside_2027q2_cfo:downside/kindNonederived
/operating_model/cells/downside_2027q2_cfo:downside/labelNoneOperating cash flow proxy
/operating_model/cells/downside_2027q2_cfo:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_cfo:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_cfo:downside/valueNone148.79999999999995
/operating_model/cells/downside_2027q2_cogs_adjustments:downside/basisNoneThese are allocations of total expense included in the operating-income bridge.
/operating_model/cells/downside_2027q2_cogs_adjustments:downside/caseNonedownside
/operating_model/cells/downside_2027q2_cogs_adjustments:downside/formula/opNonesum
/operating_model/cells/downside_2027q2_cogs_adjustments:downside/formula/refs/0Nonedownside_2027q2_cogs_sbc
/operating_model/cells/downside_2027q2_cogs_adjustments:downside/formula/refs/1Nonedownside_2027q2_cogs_da
/operating_model/cells/downside_2027q2_cogs_adjustments:downside/idNonedownside_2027q2_cogs_adjustments
/operating_model/cells/downside_2027q2_cogs_adjustments:downside/kindNonederived
/operating_model/cells/downside_2027q2_cogs_adjustments:downside/labelNoneCOGS noncash and payroll adjustments
/operating_model/cells/downside_2027q2_cogs_adjustments:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_cogs_adjustments:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_cogs_adjustments:downside/valueNone16.1
/operating_model/cells/downside_2027q2_cogs_da:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q2_cogs_da:downside/caseNonedownside
/operating_model/cells/downside_2027q2_cogs_da:downside/idNonedownside_2027q2_cogs_da
/operating_model/cells/downside_2027q2_cogs_da:downside/kindNoneassumption
/operating_model/cells/downside_2027q2_cogs_da:downside/labelNoneCOGS D&A
/operating_model/cells/downside_2027q2_cogs_da:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_cogs_da:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_cogs_da:downside/valueNone3.6
/operating_model/cells/downside_2027q2_cogs_sbc:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q2_cogs_sbc:downside/caseNonedownside
/operating_model/cells/downside_2027q2_cogs_sbc:downside/idNonedownside_2027q2_cogs_sbc
/operating_model/cells/downside_2027q2_cogs_sbc:downside/kindNoneassumption
/operating_model/cells/downside_2027q2_cogs_sbc:downside/labelNoneCOGS SBC and related payroll
/operating_model/cells/downside_2027q2_cogs_sbc:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_cogs_sbc:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_cogs_sbc:downside/valueNone12.5
/operating_model/cells/downside_2027q2_da:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q2_da:downside/caseNonedownside
/operating_model/cells/downside_2027q2_da:downside/idNonedownside_2027q2_da
/operating_model/cells/downside_2027q2_da:downside/kindNoneassumption
/operating_model/cells/downside_2027q2_da:downside/labelNoneTotal D&A
/operating_model/cells/downside_2027q2_da:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_da:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_da:downside/valueNone54.0
/operating_model/cells/downside_2027q2_debt_principal:downside/basisNoneOther debt maturities fall beyond FY2027.
/operating_model/cells/downside_2027q2_debt_principal:downside/caseNonedownside
/operating_model/cells/downside_2027q2_debt_principal:downside/formula/opNonesum
/operating_model/cells/downside_2027q2_debt_principal:downside/formula/refs/0Nonedownside_2027q2_repay_2026
/operating_model/cells/downside_2027q2_debt_principal:downside/formula/refs/1Nonedownside_2027q2_repay_2027
/operating_model/cells/downside_2027q2_debt_principal:downside/idNonedownside_2027q2_debt_principal
/operating_model/cells/downside_2027q2_debt_principal:downside/kindNonederived
/operating_model/cells/downside_2027q2_debt_principal:downside/labelNoneScheduled note principal
/operating_model/cells/downside_2027q2_debt_principal:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_debt_principal:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_debt_principal:downside/valueNone106.318
/operating_model/cells/downside_2027q2_fcf:downside/basisNoneBefore discretionary repurchases.
/operating_model/cells/downside_2027q2_fcf:downside/caseNonedownside
/operating_model/cells/downside_2027q2_fcf:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q2_fcf:downside/formula/refs/0Nonedownside_2027q2_cfo
/operating_model/cells/downside_2027q2_fcf:downside/formula/refs/1Nonedownside_2027q2_capex
/operating_model/cells/downside_2027q2_fcf:downside/idNonedownside_2027q2_fcf
/operating_model/cells/downside_2027q2_fcf:downside/kindNonederived
/operating_model/cells/downside_2027q2_fcf:downside/labelNoneCFO less PP&E
/operating_model/cells/downside_2027q2_fcf:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_fcf:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_fcf:downside/valueNone81.79999999999995
/operating_model/cells/downside_2027q2_gaap_adjustments:downside/basisNoneNo double deduction of restructuring SBC or asset depreciation.
/operating_model/cells/downside_2027q2_gaap_adjustments:downside/caseNonedownside
/operating_model/cells/downside_2027q2_gaap_adjustments:downside/formula/opNonesum
/operating_model/cells/downside_2027q2_gaap_adjustments:downside/formula/refs/0Nonedownside_2027q2_sbc
/operating_model/cells/downside_2027q2_gaap_adjustments:downside/formula/refs/1Nonedownside_2027q2_sbc_payroll
/operating_model/cells/downside_2027q2_gaap_adjustments:downside/formula/refs/2Nonedownside_2027q2_da
/operating_model/cells/downside_2027q2_gaap_adjustments:downside/formula/refs/3Nonedownside_2027q2_incremental_restructuring
/operating_model/cells/downside_2027q2_gaap_adjustments:downside/idNonedownside_2027q2_gaap_adjustments
/operating_model/cells/downside_2027q2_gaap_adjustments:downside/kindNonederived
/operating_model/cells/downside_2027q2_gaap_adjustments:downside/labelNoneSBC payroll D&A and restructuring
/operating_model/cells/downside_2027q2_gaap_adjustments:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_gaap_adjustments:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_gaap_adjustments:downside/valueNone350.0
/operating_model/cells/downside_2027q2_gross_profit:downside/basisNoneNo new COGS restructuring charge assumed.
/operating_model/cells/downside_2027q2_gross_profit:downside/caseNonedownside
/operating_model/cells/downside_2027q2_gross_profit:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q2_gross_profit:downside/formula/refs/0Nonedownside_2027q2_adj_gross_profit
/operating_model/cells/downside_2027q2_gross_profit:downside/formula/refs/1Nonedownside_2027q2_cogs_adjustments
/operating_model/cells/downside_2027q2_gross_profit:downside/idNonedownside_2027q2_gross_profit
/operating_model/cells/downside_2027q2_gross_profit:downside/kindNonederived
/operating_model/cells/downside_2027q2_gross_profit:downside/labelNoneGAAP gross profit proxy
/operating_model/cells/downside_2027q2_gross_profit:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_gross_profit:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_gross_profit:downside/valueNone984.6999999999999
/operating_model/cells/downside_2027q2_incremental_restructuring:downside/basisNoneRemaining April-plan charges/liabilities were immaterial at June 30; no repeat of full H1 charge.
/operating_model/cells/downside_2027q2_incremental_restructuring:downside/caseNonedownside
/operating_model/cells/downside_2027q2_incremental_restructuring:downside/idNonedownside_2027q2_incremental_restructuring
/operating_model/cells/downside_2027q2_incremental_restructuring:downside/kindNoneassumption
/operating_model/cells/downside_2027q2_incremental_restructuring:downside/labelNoneRestructuring excluding SBC/D&A counted above
/operating_model/cells/downside_2027q2_incremental_restructuring:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_incremental_restructuring:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_incremental_restructuring:downside/valueNone0.0
/operating_model/cells/downside_2027q2_infrastructure:downside/basisNoneHosting and related operating expense, not company-owned capex. Base H2 reconciles to FY2026 midpoint after H1.
/operating_model/cells/downside_2027q2_infrastructure:downside/caseNonedownside
/operating_model/cells/downside_2027q2_infrastructure:downside/idNonedownside_2027q2_infrastructure
/operating_model/cells/downside_2027q2_infrastructure:downside/kindNoneassumption
/operating_model/cells/downside_2027q2_infrastructure:downside/labelNoneInfrastructure service costs
/operating_model/cells/downside_2027q2_infrastructure:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_infrastructure:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_infrastructure:downside/valueNone460.0
/operating_model/cells/downside_2027q2_net_cash_interest:downside/basisNoneDesk net interest includes debt coupons and investment yield; not noncash issuance-cost amortization.
/operating_model/cells/downside_2027q2_net_cash_interest:downside/caseNonedownside
/operating_model/cells/downside_2027q2_net_cash_interest:downside/idNonedownside_2027q2_net_cash_interest
/operating_model/cells/downside_2027q2_net_cash_interest:downside/kindNoneassumption
/operating_model/cells/downside_2027q2_net_cash_interest:downside/labelNoneCash debt interest less investment income
/operating_model/cells/downside_2027q2_net_cash_interest:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_net_cash_interest:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_net_cash_interest:downside/valueNone24.0
/operating_model/cells/downside_2027q2_notes26_weight:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q2_notes26_weight:downside/caseNonedownside
/operating_model/cells/downside_2027q2_notes26_weight:downside/idNonedownside_2027q2_notes26_weight
/operating_model/cells/downside_2027q2_notes26_weight:downside/kindNoneassumption
/operating_model/cells/downside_2027q2_notes26_weight:downside/labelNone2026 principal timing
/operating_model/cells/downside_2027q2_notes26_weight:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_notes26_weight:downside/unitNoneratio
/operating_model/cells/downside_2027q2_notes26_weight:downside/valueNone0.0
/operating_model/cells/downside_2027q2_notes27_weight:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q2_notes27_weight:downside/caseNonedownside
/operating_model/cells/downside_2027q2_notes27_weight:downside/idNonedownside_2027q2_notes27_weight
/operating_model/cells/downside_2027q2_notes27_weight:downside/kindNoneassumption
/operating_model/cells/downside_2027q2_notes27_weight:downside/labelNone2027 principal timing
/operating_model/cells/downside_2027q2_notes27_weight:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_notes27_weight:downside/unitNoneratio
/operating_model/cells/downside_2027q2_notes27_weight:downside/valueNone1.0
/operating_model/cells/downside_2027q2_operating_income:downside/basisNoneNo new impairment or unannounced restructuring.
/operating_model/cells/downside_2027q2_operating_income:downside/caseNonedownside
/operating_model/cells/downside_2027q2_operating_income:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q2_operating_income:downside/formula/refs/0Nonedownside_2027q2_adj_ebitda
/operating_model/cells/downside_2027q2_operating_income:downside/formula/refs/1Nonedownside_2027q2_gaap_adjustments
/operating_model/cells/downside_2027q2_operating_income:downside/idNonedownside_2027q2_operating_income
/operating_model/cells/downside_2027q2_operating_income:downside/kindNonederived
/operating_model/cells/downside_2027q2_operating_income:downside/labelNoneGAAP operating income proxy
/operating_model/cells/downside_2027q2_operating_income:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_operating_income:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_operating_income:downside/valueNone-99.20000000000005
/operating_model/cells/downside_2027q2_other_cogs:downside/basisNoneContent and partner costs; scenario broadly follows management 16%-17% FY2026 range.
/operating_model/cells/downside_2027q2_other_cogs:downside/caseNonedownside
/operating_model/cells/downside_2027q2_other_cogs:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q2_other_cogs:downside/formula/refs/0Nonedownside_2027q2_revenue
/operating_model/cells/downside_2027q2_other_cogs:downside/formula/refs/1Nonedownside_2027q2_other_cogs_ratio
/operating_model/cells/downside_2027q2_other_cogs:downside/idNonedownside_2027q2_other_cogs
/operating_model/cells/downside_2027q2_other_cogs:downside/kindNonederived
/operating_model/cells/downside_2027q2_other_cogs:downside/labelNoneOther cost of revenue
/operating_model/cells/downside_2027q2_other_cogs:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_other_cogs:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_other_cogs:downside/valueNone299.20000000000005
/operating_model/cells/downside_2027q2_other_cogs_ratio:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q2_other_cogs_ratio:downside/caseNonedownside
/operating_model/cells/downside_2027q2_other_cogs_ratio:downside/idNonedownside_2027q2_other_cogs_ratio
/operating_model/cells/downside_2027q2_other_cogs_ratio:downside/kindNoneassumption
/operating_model/cells/downside_2027q2_other_cogs_ratio:downside/labelNoneOther cost of revenue / revenue
/operating_model/cells/downside_2027q2_other_cogs_ratio:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_other_cogs_ratio:downside/unitNoneratio
/operating_model/cells/downside_2027q2_other_cogs_ratio:downside/valueNone0.17
/operating_model/cells/downside_2027q2_other_revenue:downside/basisNoneSubscriptions and other products in one perimeter; no separately added SPECS preorder/deposit revenue.
/operating_model/cells/downside_2027q2_other_revenue:downside/caseNonedownside
/operating_model/cells/downside_2027q2_other_revenue:downside/idNonedownside_2027q2_other_revenue
/operating_model/cells/downside_2027q2_other_revenue:downside/kindNoneassumption
/operating_model/cells/downside_2027q2_other_revenue:downside/labelNoneOther product revenue
/operating_model/cells/downside_2027q2_other_revenue:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_other_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_other_revenue:downside/valueNone390.0
/operating_model/cells/downside_2027q2_repay_2026:downside/basisNoneAugust 1 repayment follows June balance sheet and is described in the subsequent event/remarks.
/operating_model/cells/downside_2027q2_repay_2026:downside/caseNonedownside
/operating_model/cells/downside_2027q2_repay_2026:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q2_repay_2026:downside/formula/refs/0Nonenotes_2026
/operating_model/cells/downside_2027q2_repay_2026:downside/formula/refs/1Nonedownside_2027q2_notes26_weight
/operating_model/cells/downside_2027q2_repay_2026:downside/idNonedownside_2027q2_repay_2026
/operating_model/cells/downside_2027q2_repay_2026:downside/kindNonederived
/operating_model/cells/downside_2027q2_repay_2026:downside/labelNoneAugust 2026 note principal
/operating_model/cells/downside_2027q2_repay_2026:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_repay_2026:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_repay_2026:downside/valueNone0.0
/operating_model/cells/downside_2027q2_repay_2027:downside/basisNoneMay 1, 2027 maturity; assumes cash settlement.
/operating_model/cells/downside_2027q2_repay_2027:downside/caseNonedownside
/operating_model/cells/downside_2027q2_repay_2027:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q2_repay_2027:downside/formula/refs/0Nonenotes_2027
/operating_model/cells/downside_2027q2_repay_2027:downside/formula/refs/1Nonedownside_2027q2_notes27_weight
/operating_model/cells/downside_2027q2_repay_2027:downside/idNonedownside_2027q2_repay_2027
/operating_model/cells/downside_2027q2_repay_2027:downside/kindNonederived
/operating_model/cells/downside_2027q2_repay_2027:downside/labelNoneMay 2027 note principal
/operating_model/cells/downside_2027q2_repay_2027:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_repay_2027:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_repay_2027:downside/valueNone106.318
/operating_model/cells/downside_2027q2_revenue:downside/basisNoneAdvertising plus other product revenue.
/operating_model/cells/downside_2027q2_revenue:downside/caseNonedownside
/operating_model/cells/downside_2027q2_revenue:downside/formula/opNonesum
/operating_model/cells/downside_2027q2_revenue:downside/formula/refs/0Nonedownside_2027q2_ad_revenue
/operating_model/cells/downside_2027q2_revenue:downside/formula/refs/1Nonedownside_2027q2_other_revenue
/operating_model/cells/downside_2027q2_revenue:downside/idNonedownside_2027q2_revenue
/operating_model/cells/downside_2027q2_revenue:downside/kindNonederived
/operating_model/cells/downside_2027q2_revenue:downside/labelNoneConsolidated revenue
/operating_model/cells/downside_2027q2_revenue:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_revenue:downside/valueNone1760.0
/operating_model/cells/downside_2027q2_sbc:downside/basisNoneH2 base preserves approximately $1.05B full-year SBC after actual H1 $513.229M; all 2027 is desk.
/operating_model/cells/downside_2027q2_sbc:downside/caseNonedownside
/operating_model/cells/downside_2027q2_sbc:downside/idNonedownside_2027q2_sbc
/operating_model/cells/downside_2027q2_sbc:downside/kindNoneassumption
/operating_model/cells/downside_2027q2_sbc:downside/labelNoneTotal equity compensation expense
/operating_model/cells/downside_2027q2_sbc:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_sbc:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_sbc:downside/valueNone284.0
/operating_model/cells/downside_2027q2_sbc_payroll:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q2_sbc_payroll:downside/caseNonedownside
/operating_model/cells/downside_2027q2_sbc_payroll:downside/idNonedownside_2027q2_sbc_payroll
/operating_model/cells/downside_2027q2_sbc_payroll:downside/kindNoneassumption
/operating_model/cells/downside_2027q2_sbc_payroll:downside/labelNoneCash payroll taxes on equity awards
/operating_model/cells/downside_2027q2_sbc_payroll:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_sbc_payroll:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_sbc_payroll:downside/valueNone12.0
/operating_model/cells/downside_2027q2_wc_use:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q2_wc_use:downside/caseNonedownside
/operating_model/cells/downside_2027q2_wc_use:downside/idNonedownside_2027q2_wc_use
/operating_model/cells/downside_2027q2_wc_use:downside/kindNoneassumption
/operating_model/cells/downside_2027q2_wc_use:downside/labelNoneWorking capital and other cash use
/operating_model/cells/downside_2027q2_wc_use:downside/periodNone2027Q2
/operating_model/cells/downside_2027q2_wc_use:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q2_wc_use:downside/valueNone45.0
/operating_model/cells/downside_2027q3_ad_revenue:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q3_ad_revenue:downside/caseNonedownside
/operating_model/cells/downside_2027q3_ad_revenue:downside/idNonedownside_2027q3_ad_revenue
/operating_model/cells/downside_2027q3_ad_revenue:downside/kindNoneassumption
/operating_model/cells/downside_2027q3_ad_revenue:downside/labelNoneAdvertising revenue
/operating_model/cells/downside_2027q3_ad_revenue:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_ad_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_ad_revenue:downside/valueNone1430.0
/operating_model/cells/downside_2027q3_adj_cogs:downside/basisNoneNo second hardware cost assumption added outside this consolidated cost scenario.
/operating_model/cells/downside_2027q3_adj_cogs:downside/caseNonedownside
/operating_model/cells/downside_2027q3_adj_cogs:downside/formula/opNonesum
/operating_model/cells/downside_2027q3_adj_cogs:downside/formula/refs/0Nonedownside_2027q3_infrastructure
/operating_model/cells/downside_2027q3_adj_cogs:downside/formula/refs/1Nonedownside_2027q3_other_cogs
/operating_model/cells/downside_2027q3_adj_cogs:downside/idNonedownside_2027q3_adj_cogs
/operating_model/cells/downside_2027q3_adj_cogs:downside/kindNonederived
/operating_model/cells/downside_2027q3_adj_cogs:downside/labelNoneAdjusted cost of revenue
/operating_model/cells/downside_2027q3_adj_cogs:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_adj_cogs:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_adj_cogs:downside/valueNone783.95
/operating_model/cells/downside_2027q3_adj_ebitda:downside/basisNoneSpecs is consolidated and already in the expense budget.
/operating_model/cells/downside_2027q3_adj_ebitda:downside/caseNonedownside
/operating_model/cells/downside_2027q3_adj_ebitda:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q3_adj_ebitda:downside/formula/refs/0Nonedownside_2027q3_adj_gross_profit
/operating_model/cells/downside_2027q3_adj_ebitda:downside/formula/refs/1Nonedownside_2027q3_cash_opex
/operating_model/cells/downside_2027q3_adj_ebitda:downside/idNonedownside_2027q3_adj_ebitda
/operating_model/cells/downside_2027q3_adj_ebitda:downside/kindNonederived
/operating_model/cells/downside_2027q3_adj_ebitda:downside/labelNoneAdjusted EBITDA proxy
/operating_model/cells/downside_2027q3_adj_ebitda:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_adj_ebitda:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_adj_ebitda:downside/valueNone286.04999999999995
/operating_model/cells/downside_2027q3_adj_gross_profit:downside/basisNoneBefore allocated equity compensation and depreciation.
/operating_model/cells/downside_2027q3_adj_gross_profit:downside/caseNonedownside
/operating_model/cells/downside_2027q3_adj_gross_profit:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q3_adj_gross_profit:downside/formula/refs/0Nonedownside_2027q3_revenue
/operating_model/cells/downside_2027q3_adj_gross_profit:downside/formula/refs/1Nonedownside_2027q3_adj_cogs
/operating_model/cells/downside_2027q3_adj_gross_profit:downside/idNonedownside_2027q3_adj_gross_profit
/operating_model/cells/downside_2027q3_adj_gross_profit:downside/kindNonederived
/operating_model/cells/downside_2027q3_adj_gross_profit:downside/labelNoneAdjusted gross profit
/operating_model/cells/downside_2027q3_adj_gross_profit:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_adj_gross_profit:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_adj_gross_profit:downside/valueNone1051.05
/operating_model/cells/downside_2027q3_buybacks:downside/basisNoneDesk capital-allocation assumption; no guarantee shares outstanding decline and no commitment to a 2027 program.
/operating_model/cells/downside_2027q3_buybacks:downside/caseNonedownside
/operating_model/cells/downside_2027q3_buybacks:downside/idNonedownside_2027q3_buybacks
/operating_model/cells/downside_2027q3_buybacks:downside/kindNoneassumption
/operating_model/cells/downside_2027q3_buybacks:downside/labelNoneShare repurchases including tax
/operating_model/cells/downside_2027q3_buybacks:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_buybacks:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_buybacks:downside/valueNone0.0
/operating_model/cells/downside_2027q3_capex:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q3_capex:downside/caseNonedownside
/operating_model/cells/downside_2027q3_capex:downside/idNonedownside_2027q3_capex
/operating_model/cells/downside_2027q3_capex:downside/kindNoneassumption
/operating_model/cells/downside_2027q3_capex:downside/labelNoneCash PP&E
/operating_model/cells/downside_2027q3_capex:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_capex:downside/valueNone71.0
/operating_model/cells/downside_2027q3_capital_uses:downside/basisNoneFinancing uses, not operating expenses.
/operating_model/cells/downside_2027q3_capital_uses:downside/caseNonedownside
/operating_model/cells/downside_2027q3_capital_uses:downside/formula/opNonesum
/operating_model/cells/downside_2027q3_capital_uses:downside/formula/refs/0Nonedownside_2027q3_buybacks
/operating_model/cells/downside_2027q3_capital_uses:downside/formula/refs/1Nonedownside_2027q3_debt_principal
/operating_model/cells/downside_2027q3_capital_uses:downside/idNonedownside_2027q3_capital_uses
/operating_model/cells/downside_2027q3_capital_uses:downside/kindNonederived
/operating_model/cells/downside_2027q3_capital_uses:downside/labelNoneRepurchases and principal
/operating_model/cells/downside_2027q3_capital_uses:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_capital_uses:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_capital_uses:downside/valueNone0.0
/operating_model/cells/downside_2027q3_cash_after_claims:downside/basisNoneBefore acquisitions and strategic investments.
/operating_model/cells/downside_2027q3_cash_after_claims:downside/caseNonedownside
/operating_model/cells/downside_2027q3_cash_after_claims:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q3_cash_after_claims:downside/formula/refs/0Nonedownside_2027q3_fcf
/operating_model/cells/downside_2027q3_cash_after_claims:downside/formula/refs/1Nonedownside_2027q3_capital_uses
/operating_model/cells/downside_2027q3_cash_after_claims:downside/idNonedownside_2027q3_cash_after_claims
/operating_model/cells/downside_2027q3_cash_after_claims:downside/kindNonederived
/operating_model/cells/downside_2027q3_cash_after_claims:downside/labelNoneCash after repurchases and note principal
/operating_model/cells/downside_2027q3_cash_after_claims:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_cash_after_claims:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_cash_after_claims:downside/valueNone94.04999999999995
/operating_model/cells/downside_2027q3_cash_opex:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q3_cash_opex:downside/caseNonedownside
/operating_model/cells/downside_2027q3_cash_opex:downside/idNonedownside_2027q3_cash_opex
/operating_model/cells/downside_2027q3_cash_opex:downside/kindNoneassumption
/operating_model/cells/downside_2027q3_cash_opex:downside/labelNoneAdjusted operating expense including Specs
/operating_model/cells/downside_2027q3_cash_opex:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_cash_opex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_cash_opex:downside/valueNone765.0
/operating_model/cells/downside_2027q3_cash_tax:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q3_cash_tax:downside/caseNonedownside
/operating_model/cells/downside_2027q3_cash_tax:downside/idNonedownside_2027q3_cash_tax
/operating_model/cells/downside_2027q3_cash_tax:downside/kindNoneassumption
/operating_model/cells/downside_2027q3_cash_tax:downside/labelNoneCash income tax
/operating_model/cells/downside_2027q3_cash_tax:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_cash_tax:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_cash_tax:downside/valueNone23.0
/operating_model/cells/downside_2027q3_cash_uses:downside/basisNoneEquity-award payroll tax consumes cash although excluded from adjusted EBITDA.
/operating_model/cells/downside_2027q3_cash_uses:downside/caseNonedownside
/operating_model/cells/downside_2027q3_cash_uses:downside/formula/opNonesum
/operating_model/cells/downside_2027q3_cash_uses:downside/formula/refs/0Nonedownside_2027q3_sbc_payroll
/operating_model/cells/downside_2027q3_cash_uses:downside/formula/refs/1Nonedownside_2027q3_net_cash_interest
/operating_model/cells/downside_2027q3_cash_uses:downside/formula/refs/2Nonedownside_2027q3_cash_tax
/operating_model/cells/downside_2027q3_cash_uses:downside/formula/refs/3Nonedownside_2027q3_wc_use
/operating_model/cells/downside_2027q3_cash_uses:downside/idNonedownside_2027q3_cash_uses
/operating_model/cells/downside_2027q3_cash_uses:downside/kindNonederived
/operating_model/cells/downside_2027q3_cash_uses:downside/labelNoneCash operating adjustments
/operating_model/cells/downside_2027q3_cash_uses:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_cash_uses:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_cash_uses:downside/valueNone121.0
/operating_model/cells/downside_2027q3_cfo:downside/basisNoneWorking-capital timing is separate from accounting earnings.
/operating_model/cells/downside_2027q3_cfo:downside/caseNonedownside
/operating_model/cells/downside_2027q3_cfo:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q3_cfo:downside/formula/refs/0Nonedownside_2027q3_adj_ebitda
/operating_model/cells/downside_2027q3_cfo:downside/formula/refs/1Nonedownside_2027q3_cash_uses
/operating_model/cells/downside_2027q3_cfo:downside/idNonedownside_2027q3_cfo
/operating_model/cells/downside_2027q3_cfo:downside/kindNonederived
/operating_model/cells/downside_2027q3_cfo:downside/labelNoneOperating cash flow proxy
/operating_model/cells/downside_2027q3_cfo:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_cfo:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_cfo:downside/valueNone165.04999999999995
/operating_model/cells/downside_2027q3_cogs_adjustments:downside/basisNoneThese are allocations of total expense included in the operating-income bridge.
/operating_model/cells/downside_2027q3_cogs_adjustments:downside/caseNonedownside
/operating_model/cells/downside_2027q3_cogs_adjustments:downside/formula/opNonesum
/operating_model/cells/downside_2027q3_cogs_adjustments:downside/formula/refs/0Nonedownside_2027q3_cogs_sbc
/operating_model/cells/downside_2027q3_cogs_adjustments:downside/formula/refs/1Nonedownside_2027q3_cogs_da
/operating_model/cells/downside_2027q3_cogs_adjustments:downside/idNonedownside_2027q3_cogs_adjustments
/operating_model/cells/downside_2027q3_cogs_adjustments:downside/kindNonederived
/operating_model/cells/downside_2027q3_cogs_adjustments:downside/labelNoneCOGS noncash and payroll adjustments
/operating_model/cells/downside_2027q3_cogs_adjustments:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_cogs_adjustments:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_cogs_adjustments:downside/valueNone16.8
/operating_model/cells/downside_2027q3_cogs_da:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q3_cogs_da:downside/caseNonedownside
/operating_model/cells/downside_2027q3_cogs_da:downside/idNonedownside_2027q3_cogs_da
/operating_model/cells/downside_2027q3_cogs_da:downside/kindNoneassumption
/operating_model/cells/downside_2027q3_cogs_da:downside/labelNoneCOGS D&A
/operating_model/cells/downside_2027q3_cogs_da:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_cogs_da:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_cogs_da:downside/valueNone3.8
/operating_model/cells/downside_2027q3_cogs_sbc:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q3_cogs_sbc:downside/caseNonedownside
/operating_model/cells/downside_2027q3_cogs_sbc:downside/idNonedownside_2027q3_cogs_sbc
/operating_model/cells/downside_2027q3_cogs_sbc:downside/kindNoneassumption
/operating_model/cells/downside_2027q3_cogs_sbc:downside/labelNoneCOGS SBC and related payroll
/operating_model/cells/downside_2027q3_cogs_sbc:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_cogs_sbc:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_cogs_sbc:downside/valueNone13.0
/operating_model/cells/downside_2027q3_da:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q3_da:downside/caseNonedownside
/operating_model/cells/downside_2027q3_da:downside/idNonedownside_2027q3_da
/operating_model/cells/downside_2027q3_da:downside/kindNoneassumption
/operating_model/cells/downside_2027q3_da:downside/labelNoneTotal D&A
/operating_model/cells/downside_2027q3_da:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_da:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_da:downside/valueNone56.0
/operating_model/cells/downside_2027q3_debt_principal:downside/basisNoneOther debt maturities fall beyond FY2027.
/operating_model/cells/downside_2027q3_debt_principal:downside/caseNonedownside
/operating_model/cells/downside_2027q3_debt_principal:downside/formula/opNonesum
/operating_model/cells/downside_2027q3_debt_principal:downside/formula/refs/0Nonedownside_2027q3_repay_2026
/operating_model/cells/downside_2027q3_debt_principal:downside/formula/refs/1Nonedownside_2027q3_repay_2027
/operating_model/cells/downside_2027q3_debt_principal:downside/idNonedownside_2027q3_debt_principal
/operating_model/cells/downside_2027q3_debt_principal:downside/kindNonederived
/operating_model/cells/downside_2027q3_debt_principal:downside/labelNoneScheduled note principal
/operating_model/cells/downside_2027q3_debt_principal:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_debt_principal:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_debt_principal:downside/valueNone0.0
/operating_model/cells/downside_2027q3_fcf:downside/basisNoneBefore discretionary repurchases.
/operating_model/cells/downside_2027q3_fcf:downside/caseNonedownside
/operating_model/cells/downside_2027q3_fcf:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q3_fcf:downside/formula/refs/0Nonedownside_2027q3_cfo
/operating_model/cells/downside_2027q3_fcf:downside/formula/refs/1Nonedownside_2027q3_capex
/operating_model/cells/downside_2027q3_fcf:downside/idNonedownside_2027q3_fcf
/operating_model/cells/downside_2027q3_fcf:downside/kindNonederived
/operating_model/cells/downside_2027q3_fcf:downside/labelNoneCFO less PP&E
/operating_model/cells/downside_2027q3_fcf:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_fcf:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_fcf:downside/valueNone94.04999999999995
/operating_model/cells/downside_2027q3_gaap_adjustments:downside/basisNoneNo double deduction of restructuring SBC or asset depreciation.
/operating_model/cells/downside_2027q3_gaap_adjustments:downside/caseNonedownside
/operating_model/cells/downside_2027q3_gaap_adjustments:downside/formula/opNonesum
/operating_model/cells/downside_2027q3_gaap_adjustments:downside/formula/refs/0Nonedownside_2027q3_sbc
/operating_model/cells/downside_2027q3_gaap_adjustments:downside/formula/refs/1Nonedownside_2027q3_sbc_payroll
/operating_model/cells/downside_2027q3_gaap_adjustments:downside/formula/refs/2Nonedownside_2027q3_da
/operating_model/cells/downside_2027q3_gaap_adjustments:downside/formula/refs/3Nonedownside_2027q3_incremental_restructuring
/operating_model/cells/downside_2027q3_gaap_adjustments:downside/idNonedownside_2027q3_gaap_adjustments
/operating_model/cells/downside_2027q3_gaap_adjustments:downside/kindNonederived
/operating_model/cells/downside_2027q3_gaap_adjustments:downside/labelNoneSBC payroll D&A and restructuring
/operating_model/cells/downside_2027q3_gaap_adjustments:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_gaap_adjustments:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_gaap_adjustments:downside/valueNone361.0
/operating_model/cells/downside_2027q3_gross_profit:downside/basisNoneNo new COGS restructuring charge assumed.
/operating_model/cells/downside_2027q3_gross_profit:downside/caseNonedownside
/operating_model/cells/downside_2027q3_gross_profit:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q3_gross_profit:downside/formula/refs/0Nonedownside_2027q3_adj_gross_profit
/operating_model/cells/downside_2027q3_gross_profit:downside/formula/refs/1Nonedownside_2027q3_cogs_adjustments
/operating_model/cells/downside_2027q3_gross_profit:downside/idNonedownside_2027q3_gross_profit
/operating_model/cells/downside_2027q3_gross_profit:downside/kindNonederived
/operating_model/cells/downside_2027q3_gross_profit:downside/labelNoneGAAP gross profit proxy
/operating_model/cells/downside_2027q3_gross_profit:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_gross_profit:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_gross_profit:downside/valueNone1034.25
/operating_model/cells/downside_2027q3_incremental_restructuring:downside/basisNoneRemaining April-plan charges/liabilities were immaterial at June 30; no repeat of full H1 charge.
/operating_model/cells/downside_2027q3_incremental_restructuring:downside/caseNonedownside
/operating_model/cells/downside_2027q3_incremental_restructuring:downside/idNonedownside_2027q3_incremental_restructuring
/operating_model/cells/downside_2027q3_incremental_restructuring:downside/kindNoneassumption
/operating_model/cells/downside_2027q3_incremental_restructuring:downside/labelNoneRestructuring excluding SBC/D&A counted above
/operating_model/cells/downside_2027q3_incremental_restructuring:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_incremental_restructuring:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_incremental_restructuring:downside/valueNone0.0
/operating_model/cells/downside_2027q3_infrastructure:downside/basisNoneHosting and related operating expense, not company-owned capex. Base H2 reconciles to FY2026 midpoint after H1.
/operating_model/cells/downside_2027q3_infrastructure:downside/caseNonedownside
/operating_model/cells/downside_2027q3_infrastructure:downside/idNonedownside_2027q3_infrastructure
/operating_model/cells/downside_2027q3_infrastructure:downside/kindNoneassumption
/operating_model/cells/downside_2027q3_infrastructure:downside/labelNoneInfrastructure service costs
/operating_model/cells/downside_2027q3_infrastructure:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_infrastructure:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_infrastructure:downside/valueNone472.0
/operating_model/cells/downside_2027q3_net_cash_interest:downside/basisNoneDesk net interest includes debt coupons and investment yield; not noncash issuance-cost amortization.
/operating_model/cells/downside_2027q3_net_cash_interest:downside/caseNonedownside
/operating_model/cells/downside_2027q3_net_cash_interest:downside/idNonedownside_2027q3_net_cash_interest
/operating_model/cells/downside_2027q3_net_cash_interest:downside/kindNoneassumption
/operating_model/cells/downside_2027q3_net_cash_interest:downside/labelNoneCash debt interest less investment income
/operating_model/cells/downside_2027q3_net_cash_interest:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_net_cash_interest:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_net_cash_interest:downside/valueNone26.0
/operating_model/cells/downside_2027q3_notes26_weight:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q3_notes26_weight:downside/caseNonedownside
/operating_model/cells/downside_2027q3_notes26_weight:downside/idNonedownside_2027q3_notes26_weight
/operating_model/cells/downside_2027q3_notes26_weight:downside/kindNoneassumption
/operating_model/cells/downside_2027q3_notes26_weight:downside/labelNone2026 principal timing
/operating_model/cells/downside_2027q3_notes26_weight:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_notes26_weight:downside/unitNoneratio
/operating_model/cells/downside_2027q3_notes26_weight:downside/valueNone0.0
/operating_model/cells/downside_2027q3_notes27_weight:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q3_notes27_weight:downside/caseNonedownside
/operating_model/cells/downside_2027q3_notes27_weight:downside/idNonedownside_2027q3_notes27_weight
/operating_model/cells/downside_2027q3_notes27_weight:downside/kindNoneassumption
/operating_model/cells/downside_2027q3_notes27_weight:downside/labelNone2027 principal timing
/operating_model/cells/downside_2027q3_notes27_weight:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_notes27_weight:downside/unitNoneratio
/operating_model/cells/downside_2027q3_notes27_weight:downside/valueNone0.0
/operating_model/cells/downside_2027q3_operating_income:downside/basisNoneNo new impairment or unannounced restructuring.
/operating_model/cells/downside_2027q3_operating_income:downside/caseNonedownside
/operating_model/cells/downside_2027q3_operating_income:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q3_operating_income:downside/formula/refs/0Nonedownside_2027q3_adj_ebitda
/operating_model/cells/downside_2027q3_operating_income:downside/formula/refs/1Nonedownside_2027q3_gaap_adjustments
/operating_model/cells/downside_2027q3_operating_income:downside/idNonedownside_2027q3_operating_income
/operating_model/cells/downside_2027q3_operating_income:downside/kindNonederived
/operating_model/cells/downside_2027q3_operating_income:downside/labelNoneGAAP operating income proxy
/operating_model/cells/downside_2027q3_operating_income:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_operating_income:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_operating_income:downside/valueNone-74.95000000000005
/operating_model/cells/downside_2027q3_other_cogs:downside/basisNoneContent and partner costs; scenario broadly follows management 16%-17% FY2026 range.
/operating_model/cells/downside_2027q3_other_cogs:downside/caseNonedownside
/operating_model/cells/downside_2027q3_other_cogs:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q3_other_cogs:downside/formula/refs/0Nonedownside_2027q3_revenue
/operating_model/cells/downside_2027q3_other_cogs:downside/formula/refs/1Nonedownside_2027q3_other_cogs_ratio
/operating_model/cells/downside_2027q3_other_cogs:downside/idNonedownside_2027q3_other_cogs
/operating_model/cells/downside_2027q3_other_cogs:downside/kindNonederived
/operating_model/cells/downside_2027q3_other_cogs:downside/labelNoneOther cost of revenue
/operating_model/cells/downside_2027q3_other_cogs:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_other_cogs:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_other_cogs:downside/valueNone311.95000000000005
/operating_model/cells/downside_2027q3_other_cogs_ratio:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q3_other_cogs_ratio:downside/caseNonedownside
/operating_model/cells/downside_2027q3_other_cogs_ratio:downside/idNonedownside_2027q3_other_cogs_ratio
/operating_model/cells/downside_2027q3_other_cogs_ratio:downside/kindNoneassumption
/operating_model/cells/downside_2027q3_other_cogs_ratio:downside/labelNoneOther cost of revenue / revenue
/operating_model/cells/downside_2027q3_other_cogs_ratio:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_other_cogs_ratio:downside/unitNoneratio
/operating_model/cells/downside_2027q3_other_cogs_ratio:downside/valueNone0.17
/operating_model/cells/downside_2027q3_other_revenue:downside/basisNoneSubscriptions and other products in one perimeter; no separately added SPECS preorder/deposit revenue.
/operating_model/cells/downside_2027q3_other_revenue:downside/caseNonedownside
/operating_model/cells/downside_2027q3_other_revenue:downside/idNonedownside_2027q3_other_revenue
/operating_model/cells/downside_2027q3_other_revenue:downside/kindNoneassumption
/operating_model/cells/downside_2027q3_other_revenue:downside/labelNoneOther product revenue
/operating_model/cells/downside_2027q3_other_revenue:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_other_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_other_revenue:downside/valueNone405.0
/operating_model/cells/downside_2027q3_repay_2026:downside/basisNoneAugust 1 repayment follows June balance sheet and is described in the subsequent event/remarks.
/operating_model/cells/downside_2027q3_repay_2026:downside/caseNonedownside
/operating_model/cells/downside_2027q3_repay_2026:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q3_repay_2026:downside/formula/refs/0Nonenotes_2026
/operating_model/cells/downside_2027q3_repay_2026:downside/formula/refs/1Nonedownside_2027q3_notes26_weight
/operating_model/cells/downside_2027q3_repay_2026:downside/idNonedownside_2027q3_repay_2026
/operating_model/cells/downside_2027q3_repay_2026:downside/kindNonederived
/operating_model/cells/downside_2027q3_repay_2026:downside/labelNoneAugust 2026 note principal
/operating_model/cells/downside_2027q3_repay_2026:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_repay_2026:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_repay_2026:downside/valueNone0.0
/operating_model/cells/downside_2027q3_repay_2027:downside/basisNoneMay 1, 2027 maturity; assumes cash settlement.
/operating_model/cells/downside_2027q3_repay_2027:downside/caseNonedownside
/operating_model/cells/downside_2027q3_repay_2027:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q3_repay_2027:downside/formula/refs/0Nonenotes_2027
/operating_model/cells/downside_2027q3_repay_2027:downside/formula/refs/1Nonedownside_2027q3_notes27_weight
/operating_model/cells/downside_2027q3_repay_2027:downside/idNonedownside_2027q3_repay_2027
/operating_model/cells/downside_2027q3_repay_2027:downside/kindNonederived
/operating_model/cells/downside_2027q3_repay_2027:downside/labelNoneMay 2027 note principal
/operating_model/cells/downside_2027q3_repay_2027:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_repay_2027:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_repay_2027:downside/valueNone0.0
/operating_model/cells/downside_2027q3_revenue:downside/basisNoneAdvertising plus other product revenue.
/operating_model/cells/downside_2027q3_revenue:downside/caseNonedownside
/operating_model/cells/downside_2027q3_revenue:downside/formula/opNonesum
/operating_model/cells/downside_2027q3_revenue:downside/formula/refs/0Nonedownside_2027q3_ad_revenue
/operating_model/cells/downside_2027q3_revenue:downside/formula/refs/1Nonedownside_2027q3_other_revenue
/operating_model/cells/downside_2027q3_revenue:downside/idNonedownside_2027q3_revenue
/operating_model/cells/downside_2027q3_revenue:downside/kindNonederived
/operating_model/cells/downside_2027q3_revenue:downside/labelNoneConsolidated revenue
/operating_model/cells/downside_2027q3_revenue:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_revenue:downside/valueNone1835.0
/operating_model/cells/downside_2027q3_sbc:downside/basisNoneH2 base preserves approximately $1.05B full-year SBC after actual H1 $513.229M; all 2027 is desk.
/operating_model/cells/downside_2027q3_sbc:downside/caseNonedownside
/operating_model/cells/downside_2027q3_sbc:downside/idNonedownside_2027q3_sbc
/operating_model/cells/downside_2027q3_sbc:downside/kindNoneassumption
/operating_model/cells/downside_2027q3_sbc:downside/labelNoneTotal equity compensation expense
/operating_model/cells/downside_2027q3_sbc:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_sbc:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_sbc:downside/valueNone293.0
/operating_model/cells/downside_2027q3_sbc_payroll:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q3_sbc_payroll:downside/caseNonedownside
/operating_model/cells/downside_2027q3_sbc_payroll:downside/idNonedownside_2027q3_sbc_payroll
/operating_model/cells/downside_2027q3_sbc_payroll:downside/kindNoneassumption
/operating_model/cells/downside_2027q3_sbc_payroll:downside/labelNoneCash payroll taxes on equity awards
/operating_model/cells/downside_2027q3_sbc_payroll:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_sbc_payroll:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_sbc_payroll:downside/valueNone12.0
/operating_model/cells/downside_2027q3_wc_use:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q3_wc_use:downside/caseNonedownside
/operating_model/cells/downside_2027q3_wc_use:downside/idNonedownside_2027q3_wc_use
/operating_model/cells/downside_2027q3_wc_use:downside/kindNoneassumption
/operating_model/cells/downside_2027q3_wc_use:downside/labelNoneWorking capital and other cash use
/operating_model/cells/downside_2027q3_wc_use:downside/periodNone2027Q3
/operating_model/cells/downside_2027q3_wc_use:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q3_wc_use:downside/valueNone60.0
/operating_model/cells/downside_2027q4_ad_revenue:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q4_ad_revenue:downside/caseNonedownside
/operating_model/cells/downside_2027q4_ad_revenue:downside/idNonedownside_2027q4_ad_revenue
/operating_model/cells/downside_2027q4_ad_revenue:downside/kindNoneassumption
/operating_model/cells/downside_2027q4_ad_revenue:downside/labelNoneAdvertising revenue
/operating_model/cells/downside_2027q4_ad_revenue:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_ad_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_ad_revenue:downside/valueNone1630.0
/operating_model/cells/downside_2027q4_adj_cogs:downside/basisNoneNo second hardware cost assumption added outside this consolidated cost scenario.
/operating_model/cells/downside_2027q4_adj_cogs:downside/caseNonedownside
/operating_model/cells/downside_2027q4_adj_cogs:downside/formula/opNonesum
/operating_model/cells/downside_2027q4_adj_cogs:downside/formula/refs/0Nonedownside_2027q4_infrastructure
/operating_model/cells/downside_2027q4_adj_cogs:downside/formula/refs/1Nonedownside_2027q4_other_cogs
/operating_model/cells/downside_2027q4_adj_cogs:downside/idNonedownside_2027q4_adj_cogs
/operating_model/cells/downside_2027q4_adj_cogs:downside/kindNonederived
/operating_model/cells/downside_2027q4_adj_cogs:downside/labelNoneAdjusted cost of revenue
/operating_model/cells/downside_2027q4_adj_cogs:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_adj_cogs:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_adj_cogs:downside/valueNone836.2
/operating_model/cells/downside_2027q4_adj_ebitda:downside/basisNoneSpecs is consolidated and already in the expense budget.
/operating_model/cells/downside_2027q4_adj_ebitda:downside/caseNonedownside
/operating_model/cells/downside_2027q4_adj_ebitda:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q4_adj_ebitda:downside/formula/refs/0Nonedownside_2027q4_adj_gross_profit
/operating_model/cells/downside_2027q4_adj_ebitda:downside/formula/refs/1Nonedownside_2027q4_cash_opex
/operating_model/cells/downside_2027q4_adj_ebitda:downside/idNonedownside_2027q4_adj_ebitda
/operating_model/cells/downside_2027q4_adj_ebitda:downside/kindNonederived
/operating_model/cells/downside_2027q4_adj_ebitda:downside/labelNoneAdjusted EBITDA proxy
/operating_model/cells/downside_2027q4_adj_ebitda:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_adj_ebitda:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_adj_ebitda:downside/valueNone423.79999999999995
/operating_model/cells/downside_2027q4_adj_gross_profit:downside/basisNoneBefore allocated equity compensation and depreciation.
/operating_model/cells/downside_2027q4_adj_gross_profit:downside/caseNonedownside
/operating_model/cells/downside_2027q4_adj_gross_profit:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q4_adj_gross_profit:downside/formula/refs/0Nonedownside_2027q4_revenue
/operating_model/cells/downside_2027q4_adj_gross_profit:downside/formula/refs/1Nonedownside_2027q4_adj_cogs
/operating_model/cells/downside_2027q4_adj_gross_profit:downside/idNonedownside_2027q4_adj_gross_profit
/operating_model/cells/downside_2027q4_adj_gross_profit:downside/kindNonederived
/operating_model/cells/downside_2027q4_adj_gross_profit:downside/labelNoneAdjusted gross profit
/operating_model/cells/downside_2027q4_adj_gross_profit:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_adj_gross_profit:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_adj_gross_profit:downside/valueNone1223.8
/operating_model/cells/downside_2027q4_buybacks:downside/basisNoneDesk capital-allocation assumption; no guarantee shares outstanding decline and no commitment to a 2027 program.
/operating_model/cells/downside_2027q4_buybacks:downside/caseNonedownside
/operating_model/cells/downside_2027q4_buybacks:downside/idNonedownside_2027q4_buybacks
/operating_model/cells/downside_2027q4_buybacks:downside/kindNoneassumption
/operating_model/cells/downside_2027q4_buybacks:downside/labelNoneShare repurchases including tax
/operating_model/cells/downside_2027q4_buybacks:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_buybacks:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_buybacks:downside/valueNone0.0
/operating_model/cells/downside_2027q4_capex:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q4_capex:downside/caseNonedownside
/operating_model/cells/downside_2027q4_capex:downside/idNonedownside_2027q4_capex
/operating_model/cells/downside_2027q4_capex:downside/kindNoneassumption
/operating_model/cells/downside_2027q4_capex:downside/labelNoneCash PP&E
/operating_model/cells/downside_2027q4_capex:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_capex:downside/valueNone75.0
/operating_model/cells/downside_2027q4_capital_uses:downside/basisNoneFinancing uses, not operating expenses.
/operating_model/cells/downside_2027q4_capital_uses:downside/caseNonedownside
/operating_model/cells/downside_2027q4_capital_uses:downside/formula/opNonesum
/operating_model/cells/downside_2027q4_capital_uses:downside/formula/refs/0Nonedownside_2027q4_buybacks
/operating_model/cells/downside_2027q4_capital_uses:downside/formula/refs/1Nonedownside_2027q4_debt_principal
/operating_model/cells/downside_2027q4_capital_uses:downside/idNonedownside_2027q4_capital_uses
/operating_model/cells/downside_2027q4_capital_uses:downside/kindNonederived
/operating_model/cells/downside_2027q4_capital_uses:downside/labelNoneRepurchases and principal
/operating_model/cells/downside_2027q4_capital_uses:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_capital_uses:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_capital_uses:downside/valueNone0.0
/operating_model/cells/downside_2027q4_cash_after_claims:downside/basisNoneBefore acquisitions and strategic investments.
/operating_model/cells/downside_2027q4_cash_after_claims:downside/caseNonedownside
/operating_model/cells/downside_2027q4_cash_after_claims:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q4_cash_after_claims:downside/formula/refs/0Nonedownside_2027q4_fcf
/operating_model/cells/downside_2027q4_cash_after_claims:downside/formula/refs/1Nonedownside_2027q4_capital_uses
/operating_model/cells/downside_2027q4_cash_after_claims:downside/idNonedownside_2027q4_cash_after_claims
/operating_model/cells/downside_2027q4_cash_after_claims:downside/kindNonederived
/operating_model/cells/downside_2027q4_cash_after_claims:downside/labelNoneCash after repurchases and note principal
/operating_model/cells/downside_2027q4_cash_after_claims:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_cash_after_claims:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_cash_after_claims:downside/valueNone308.79999999999995
/operating_model/cells/downside_2027q4_cash_opex:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q4_cash_opex:downside/caseNonedownside
/operating_model/cells/downside_2027q4_cash_opex:downside/idNonedownside_2027q4_cash_opex
/operating_model/cells/downside_2027q4_cash_opex:downside/kindNoneassumption
/operating_model/cells/downside_2027q4_cash_opex:downside/labelNoneAdjusted operating expense including Specs
/operating_model/cells/downside_2027q4_cash_opex:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_cash_opex:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_cash_opex:downside/valueNone800.0
/operating_model/cells/downside_2027q4_cash_tax:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q4_cash_tax:downside/caseNonedownside
/operating_model/cells/downside_2027q4_cash_tax:downside/idNonedownside_2027q4_cash_tax
/operating_model/cells/downside_2027q4_cash_tax:downside/kindNoneassumption
/operating_model/cells/downside_2027q4_cash_tax:downside/labelNoneCash income tax
/operating_model/cells/downside_2027q4_cash_tax:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_cash_tax:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_cash_tax:downside/valueNone25.0
/operating_model/cells/downside_2027q4_cash_uses:downside/basisNoneEquity-award payroll tax consumes cash although excluded from adjusted EBITDA.
/operating_model/cells/downside_2027q4_cash_uses:downside/caseNonedownside
/operating_model/cells/downside_2027q4_cash_uses:downside/formula/opNonesum
/operating_model/cells/downside_2027q4_cash_uses:downside/formula/refs/0Nonedownside_2027q4_sbc_payroll
/operating_model/cells/downside_2027q4_cash_uses:downside/formula/refs/1Nonedownside_2027q4_net_cash_interest
/operating_model/cells/downside_2027q4_cash_uses:downside/formula/refs/2Nonedownside_2027q4_cash_tax
/operating_model/cells/downside_2027q4_cash_uses:downside/formula/refs/3Nonedownside_2027q4_wc_use
/operating_model/cells/downside_2027q4_cash_uses:downside/idNonedownside_2027q4_cash_uses
/operating_model/cells/downside_2027q4_cash_uses:downside/kindNonederived
/operating_model/cells/downside_2027q4_cash_uses:downside/labelNoneCash operating adjustments
/operating_model/cells/downside_2027q4_cash_uses:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_cash_uses:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_cash_uses:downside/valueNone40.0
/operating_model/cells/downside_2027q4_cfo:downside/basisNoneWorking-capital timing is separate from accounting earnings.
/operating_model/cells/downside_2027q4_cfo:downside/caseNonedownside
/operating_model/cells/downside_2027q4_cfo:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q4_cfo:downside/formula/refs/0Nonedownside_2027q4_adj_ebitda
/operating_model/cells/downside_2027q4_cfo:downside/formula/refs/1Nonedownside_2027q4_cash_uses
/operating_model/cells/downside_2027q4_cfo:downside/idNonedownside_2027q4_cfo
/operating_model/cells/downside_2027q4_cfo:downside/kindNonederived
/operating_model/cells/downside_2027q4_cfo:downside/labelNoneOperating cash flow proxy
/operating_model/cells/downside_2027q4_cfo:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_cfo:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_cfo:downside/valueNone383.79999999999995
/operating_model/cells/downside_2027q4_cogs_adjustments:downside/basisNoneThese are allocations of total expense included in the operating-income bridge.
/operating_model/cells/downside_2027q4_cogs_adjustments:downside/caseNonedownside
/operating_model/cells/downside_2027q4_cogs_adjustments:downside/formula/opNonesum
/operating_model/cells/downside_2027q4_cogs_adjustments:downside/formula/refs/0Nonedownside_2027q4_cogs_sbc
/operating_model/cells/downside_2027q4_cogs_adjustments:downside/formula/refs/1Nonedownside_2027q4_cogs_da
/operating_model/cells/downside_2027q4_cogs_adjustments:downside/idNonedownside_2027q4_cogs_adjustments
/operating_model/cells/downside_2027q4_cogs_adjustments:downside/kindNonederived
/operating_model/cells/downside_2027q4_cogs_adjustments:downside/labelNoneCOGS noncash and payroll adjustments
/operating_model/cells/downside_2027q4_cogs_adjustments:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_cogs_adjustments:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_cogs_adjustments:downside/valueNone17.5
/operating_model/cells/downside_2027q4_cogs_da:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q4_cogs_da:downside/caseNonedownside
/operating_model/cells/downside_2027q4_cogs_da:downside/idNonedownside_2027q4_cogs_da
/operating_model/cells/downside_2027q4_cogs_da:downside/kindNoneassumption
/operating_model/cells/downside_2027q4_cogs_da:downside/labelNoneCOGS D&A
/operating_model/cells/downside_2027q4_cogs_da:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_cogs_da:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_cogs_da:downside/valueNone4.0
/operating_model/cells/downside_2027q4_cogs_sbc:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q4_cogs_sbc:downside/caseNonedownside
/operating_model/cells/downside_2027q4_cogs_sbc:downside/idNonedownside_2027q4_cogs_sbc
/operating_model/cells/downside_2027q4_cogs_sbc:downside/kindNoneassumption
/operating_model/cells/downside_2027q4_cogs_sbc:downside/labelNoneCOGS SBC and related payroll
/operating_model/cells/downside_2027q4_cogs_sbc:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_cogs_sbc:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_cogs_sbc:downside/valueNone13.5
/operating_model/cells/downside_2027q4_da:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q4_da:downside/caseNonedownside
/operating_model/cells/downside_2027q4_da:downside/idNonedownside_2027q4_da
/operating_model/cells/downside_2027q4_da:downside/kindNoneassumption
/operating_model/cells/downside_2027q4_da:downside/labelNoneTotal D&A
/operating_model/cells/downside_2027q4_da:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_da:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_da:downside/valueNone58.0
/operating_model/cells/downside_2027q4_debt_principal:downside/basisNoneOther debt maturities fall beyond FY2027.
/operating_model/cells/downside_2027q4_debt_principal:downside/caseNonedownside
/operating_model/cells/downside_2027q4_debt_principal:downside/formula/opNonesum
/operating_model/cells/downside_2027q4_debt_principal:downside/formula/refs/0Nonedownside_2027q4_repay_2026
/operating_model/cells/downside_2027q4_debt_principal:downside/formula/refs/1Nonedownside_2027q4_repay_2027
/operating_model/cells/downside_2027q4_debt_principal:downside/idNonedownside_2027q4_debt_principal
/operating_model/cells/downside_2027q4_debt_principal:downside/kindNonederived
/operating_model/cells/downside_2027q4_debt_principal:downside/labelNoneScheduled note principal
/operating_model/cells/downside_2027q4_debt_principal:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_debt_principal:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_debt_principal:downside/valueNone0.0
/operating_model/cells/downside_2027q4_fcf:downside/basisNoneBefore discretionary repurchases.
/operating_model/cells/downside_2027q4_fcf:downside/caseNonedownside
/operating_model/cells/downside_2027q4_fcf:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q4_fcf:downside/formula/refs/0Nonedownside_2027q4_cfo
/operating_model/cells/downside_2027q4_fcf:downside/formula/refs/1Nonedownside_2027q4_capex
/operating_model/cells/downside_2027q4_fcf:downside/idNonedownside_2027q4_fcf
/operating_model/cells/downside_2027q4_fcf:downside/kindNonederived
/operating_model/cells/downside_2027q4_fcf:downside/labelNoneCFO less PP&E
/operating_model/cells/downside_2027q4_fcf:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_fcf:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_fcf:downside/valueNone308.79999999999995
/operating_model/cells/downside_2027q4_gaap_adjustments:downside/basisNoneNo double deduction of restructuring SBC or asset depreciation.
/operating_model/cells/downside_2027q4_gaap_adjustments:downside/caseNonedownside
/operating_model/cells/downside_2027q4_gaap_adjustments:downside/formula/opNonesum
/operating_model/cells/downside_2027q4_gaap_adjustments:downside/formula/refs/0Nonedownside_2027q4_sbc
/operating_model/cells/downside_2027q4_gaap_adjustments:downside/formula/refs/1Nonedownside_2027q4_sbc_payroll
/operating_model/cells/downside_2027q4_gaap_adjustments:downside/formula/refs/2Nonedownside_2027q4_da
/operating_model/cells/downside_2027q4_gaap_adjustments:downside/formula/refs/3Nonedownside_2027q4_incremental_restructuring
/operating_model/cells/downside_2027q4_gaap_adjustments:downside/idNonedownside_2027q4_gaap_adjustments
/operating_model/cells/downside_2027q4_gaap_adjustments:downside/kindNonederived
/operating_model/cells/downside_2027q4_gaap_adjustments:downside/labelNoneSBC payroll D&A and restructuring
/operating_model/cells/downside_2027q4_gaap_adjustments:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_gaap_adjustments:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_gaap_adjustments:downside/valueNone372.0
/operating_model/cells/downside_2027q4_gross_profit:downside/basisNoneNo new COGS restructuring charge assumed.
/operating_model/cells/downside_2027q4_gross_profit:downside/caseNonedownside
/operating_model/cells/downside_2027q4_gross_profit:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q4_gross_profit:downside/formula/refs/0Nonedownside_2027q4_adj_gross_profit
/operating_model/cells/downside_2027q4_gross_profit:downside/formula/refs/1Nonedownside_2027q4_cogs_adjustments
/operating_model/cells/downside_2027q4_gross_profit:downside/idNonedownside_2027q4_gross_profit
/operating_model/cells/downside_2027q4_gross_profit:downside/kindNonederived
/operating_model/cells/downside_2027q4_gross_profit:downside/labelNoneGAAP gross profit proxy
/operating_model/cells/downside_2027q4_gross_profit:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_gross_profit:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_gross_profit:downside/valueNone1206.3
/operating_model/cells/downside_2027q4_incremental_restructuring:downside/basisNoneRemaining April-plan charges/liabilities were immaterial at June 30; no repeat of full H1 charge.
/operating_model/cells/downside_2027q4_incremental_restructuring:downside/caseNonedownside
/operating_model/cells/downside_2027q4_incremental_restructuring:downside/idNonedownside_2027q4_incremental_restructuring
/operating_model/cells/downside_2027q4_incremental_restructuring:downside/kindNoneassumption
/operating_model/cells/downside_2027q4_incremental_restructuring:downside/labelNoneRestructuring excluding SBC/D&A counted above
/operating_model/cells/downside_2027q4_incremental_restructuring:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_incremental_restructuring:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_incremental_restructuring:downside/valueNone0.0
/operating_model/cells/downside_2027q4_infrastructure:downside/basisNoneHosting and related operating expense, not company-owned capex. Base H2 reconciles to FY2026 midpoint after H1.
/operating_model/cells/downside_2027q4_infrastructure:downside/caseNonedownside
/operating_model/cells/downside_2027q4_infrastructure:downside/idNonedownside_2027q4_infrastructure
/operating_model/cells/downside_2027q4_infrastructure:downside/kindNoneassumption
/operating_model/cells/downside_2027q4_infrastructure:downside/labelNoneInfrastructure service costs
/operating_model/cells/downside_2027q4_infrastructure:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_infrastructure:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_infrastructure:downside/valueNone486.0
/operating_model/cells/downside_2027q4_net_cash_interest:downside/basisNoneDesk net interest includes debt coupons and investment yield; not noncash issuance-cost amortization.
/operating_model/cells/downside_2027q4_net_cash_interest:downside/caseNonedownside
/operating_model/cells/downside_2027q4_net_cash_interest:downside/idNonedownside_2027q4_net_cash_interest
/operating_model/cells/downside_2027q4_net_cash_interest:downside/kindNoneassumption
/operating_model/cells/downside_2027q4_net_cash_interest:downside/labelNoneCash debt interest less investment income
/operating_model/cells/downside_2027q4_net_cash_interest:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_net_cash_interest:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_net_cash_interest:downside/valueNone28.0
/operating_model/cells/downside_2027q4_notes26_weight:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q4_notes26_weight:downside/caseNonedownside
/operating_model/cells/downside_2027q4_notes26_weight:downside/idNonedownside_2027q4_notes26_weight
/operating_model/cells/downside_2027q4_notes26_weight:downside/kindNoneassumption
/operating_model/cells/downside_2027q4_notes26_weight:downside/labelNone2026 principal timing
/operating_model/cells/downside_2027q4_notes26_weight:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_notes26_weight:downside/unitNoneratio
/operating_model/cells/downside_2027q4_notes26_weight:downside/valueNone0.0
/operating_model/cells/downside_2027q4_notes27_weight:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q4_notes27_weight:downside/caseNonedownside
/operating_model/cells/downside_2027q4_notes27_weight:downside/idNonedownside_2027q4_notes27_weight
/operating_model/cells/downside_2027q4_notes27_weight:downside/kindNoneassumption
/operating_model/cells/downside_2027q4_notes27_weight:downside/labelNone2027 principal timing
/operating_model/cells/downside_2027q4_notes27_weight:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_notes27_weight:downside/unitNoneratio
/operating_model/cells/downside_2027q4_notes27_weight:downside/valueNone0.0
/operating_model/cells/downside_2027q4_operating_income:downside/basisNoneNo new impairment or unannounced restructuring.
/operating_model/cells/downside_2027q4_operating_income:downside/caseNonedownside
/operating_model/cells/downside_2027q4_operating_income:downside/formula/opNonesubtract
/operating_model/cells/downside_2027q4_operating_income:downside/formula/refs/0Nonedownside_2027q4_adj_ebitda
/operating_model/cells/downside_2027q4_operating_income:downside/formula/refs/1Nonedownside_2027q4_gaap_adjustments
/operating_model/cells/downside_2027q4_operating_income:downside/idNonedownside_2027q4_operating_income
/operating_model/cells/downside_2027q4_operating_income:downside/kindNonederived
/operating_model/cells/downside_2027q4_operating_income:downside/labelNoneGAAP operating income proxy
/operating_model/cells/downside_2027q4_operating_income:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_operating_income:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_operating_income:downside/valueNone51.799999999999955
/operating_model/cells/downside_2027q4_other_cogs:downside/basisNoneContent and partner costs; scenario broadly follows management 16%-17% FY2026 range.
/operating_model/cells/downside_2027q4_other_cogs:downside/caseNonedownside
/operating_model/cells/downside_2027q4_other_cogs:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q4_other_cogs:downside/formula/refs/0Nonedownside_2027q4_revenue
/operating_model/cells/downside_2027q4_other_cogs:downside/formula/refs/1Nonedownside_2027q4_other_cogs_ratio
/operating_model/cells/downside_2027q4_other_cogs:downside/idNonedownside_2027q4_other_cogs
/operating_model/cells/downside_2027q4_other_cogs:downside/kindNonederived
/operating_model/cells/downside_2027q4_other_cogs:downside/labelNoneOther cost of revenue
/operating_model/cells/downside_2027q4_other_cogs:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_other_cogs:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_other_cogs:downside/valueNone350.20000000000005
/operating_model/cells/downside_2027q4_other_cogs_ratio:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q4_other_cogs_ratio:downside/caseNonedownside
/operating_model/cells/downside_2027q4_other_cogs_ratio:downside/idNonedownside_2027q4_other_cogs_ratio
/operating_model/cells/downside_2027q4_other_cogs_ratio:downside/kindNoneassumption
/operating_model/cells/downside_2027q4_other_cogs_ratio:downside/labelNoneOther cost of revenue / revenue
/operating_model/cells/downside_2027q4_other_cogs_ratio:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_other_cogs_ratio:downside/unitNoneratio
/operating_model/cells/downside_2027q4_other_cogs_ratio:downside/valueNone0.17
/operating_model/cells/downside_2027q4_other_revenue:downside/basisNoneSubscriptions and other products in one perimeter; no separately added SPECS preorder/deposit revenue.
/operating_model/cells/downside_2027q4_other_revenue:downside/caseNonedownside
/operating_model/cells/downside_2027q4_other_revenue:downside/idNonedownside_2027q4_other_revenue
/operating_model/cells/downside_2027q4_other_revenue:downside/kindNoneassumption
/operating_model/cells/downside_2027q4_other_revenue:downside/labelNoneOther product revenue
/operating_model/cells/downside_2027q4_other_revenue:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_other_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_other_revenue:downside/valueNone430.0
/operating_model/cells/downside_2027q4_repay_2026:downside/basisNoneAugust 1 repayment follows June balance sheet and is described in the subsequent event/remarks.
/operating_model/cells/downside_2027q4_repay_2026:downside/caseNonedownside
/operating_model/cells/downside_2027q4_repay_2026:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q4_repay_2026:downside/formula/refs/0Nonenotes_2026
/operating_model/cells/downside_2027q4_repay_2026:downside/formula/refs/1Nonedownside_2027q4_notes26_weight
/operating_model/cells/downside_2027q4_repay_2026:downside/idNonedownside_2027q4_repay_2026
/operating_model/cells/downside_2027q4_repay_2026:downside/kindNonederived
/operating_model/cells/downside_2027q4_repay_2026:downside/labelNoneAugust 2026 note principal
/operating_model/cells/downside_2027q4_repay_2026:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_repay_2026:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_repay_2026:downside/valueNone0.0
/operating_model/cells/downside_2027q4_repay_2027:downside/basisNoneMay 1, 2027 maturity; assumes cash settlement.
/operating_model/cells/downside_2027q4_repay_2027:downside/caseNonedownside
/operating_model/cells/downside_2027q4_repay_2027:downside/formula/opNonemultiply
/operating_model/cells/downside_2027q4_repay_2027:downside/formula/refs/0Nonenotes_2027
/operating_model/cells/downside_2027q4_repay_2027:downside/formula/refs/1Nonedownside_2027q4_notes27_weight
/operating_model/cells/downside_2027q4_repay_2027:downside/idNonedownside_2027q4_repay_2027
/operating_model/cells/downside_2027q4_repay_2027:downside/kindNonederived
/operating_model/cells/downside_2027q4_repay_2027:downside/labelNoneMay 2027 note principal
/operating_model/cells/downside_2027q4_repay_2027:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_repay_2027:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_repay_2027:downside/valueNone0.0
/operating_model/cells/downside_2027q4_revenue:downside/basisNoneAdvertising plus other product revenue.
/operating_model/cells/downside_2027q4_revenue:downside/caseNonedownside
/operating_model/cells/downside_2027q4_revenue:downside/formula/opNonesum
/operating_model/cells/downside_2027q4_revenue:downside/formula/refs/0Nonedownside_2027q4_ad_revenue
/operating_model/cells/downside_2027q4_revenue:downside/formula/refs/1Nonedownside_2027q4_other_revenue
/operating_model/cells/downside_2027q4_revenue:downside/idNonedownside_2027q4_revenue
/operating_model/cells/downside_2027q4_revenue:downside/kindNonederived
/operating_model/cells/downside_2027q4_revenue:downside/labelNoneConsolidated revenue
/operating_model/cells/downside_2027q4_revenue:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_revenue:downside/valueNone2060.0
/operating_model/cells/downside_2027q4_sbc:downside/basisNoneH2 base preserves approximately $1.05B full-year SBC after actual H1 $513.229M; all 2027 is desk.
/operating_model/cells/downside_2027q4_sbc:downside/caseNonedownside
/operating_model/cells/downside_2027q4_sbc:downside/idNonedownside_2027q4_sbc
/operating_model/cells/downside_2027q4_sbc:downside/kindNoneassumption
/operating_model/cells/downside_2027q4_sbc:downside/labelNoneTotal equity compensation expense
/operating_model/cells/downside_2027q4_sbc:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_sbc:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_sbc:downside/valueNone302.0
/operating_model/cells/downside_2027q4_sbc_payroll:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q4_sbc_payroll:downside/caseNonedownside
/operating_model/cells/downside_2027q4_sbc_payroll:downside/idNonedownside_2027q4_sbc_payroll
/operating_model/cells/downside_2027q4_sbc_payroll:downside/kindNoneassumption
/operating_model/cells/downside_2027q4_sbc_payroll:downside/labelNoneCash payroll taxes on equity awards
/operating_model/cells/downside_2027q4_sbc_payroll:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_sbc_payroll:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_sbc_payroll:downside/valueNone12.0
/operating_model/cells/downside_2027q4_wc_use:downside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/downside_2027q4_wc_use:downside/caseNonedownside
/operating_model/cells/downside_2027q4_wc_use:downside/idNonedownside_2027q4_wc_use
/operating_model/cells/downside_2027q4_wc_use:downside/kindNoneassumption
/operating_model/cells/downside_2027q4_wc_use:downside/labelNoneWorking capital and other cash use
/operating_model/cells/downside_2027q4_wc_use:downside/periodNone2027Q4
/operating_model/cells/downside_2027q4_wc_use:downside/unitNoneUSD_millions
/operating_model/cells/downside_2027q4_wc_use:downside/valueNone-25.0
/operating_model/cells/downside_fy2026_ad_revenue:downside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/downside_fy2026_ad_revenue:downside/caseNonedownside
/operating_model/cells/downside_fy2026_ad_revenue:downside/formula/opNonesum
/operating_model/cells/downside_fy2026_ad_revenue:downside/formula/refs/0Noneh1_ad_revenue
/operating_model/cells/downside_fy2026_ad_revenue:downside/formula/refs/1Nonedownside_2026q3_ad_revenue
/operating_model/cells/downside_fy2026_ad_revenue:downside/formula/refs/2Nonedownside_2026q4_ad_revenue
/operating_model/cells/downside_fy2026_ad_revenue:downside/idNonedownside_fy2026_ad_revenue
/operating_model/cells/downside_fy2026_ad_revenue:downside/kindNonederived
/operating_model/cells/downside_fy2026_ad_revenue:downside/labelNoneAdvertising revenue ($M)
/operating_model/cells/downside_fy2026_ad_revenue:downside/periodNoneFY2026
/operating_model/cells/downside_fy2026_ad_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2026_ad_revenue:downside/valueNone5395.984
/operating_model/cells/downside_fy2026_adj_ebitda:downside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/downside_fy2026_adj_ebitda:downside/caseNonedownside
/operating_model/cells/downside_fy2026_adj_ebitda:downside/formula/opNonesum
/operating_model/cells/downside_fy2026_adj_ebitda:downside/formula/refs/0Noneh1_adj_ebitda
/operating_model/cells/downside_fy2026_adj_ebitda:downside/formula/refs/1Nonedownside_2026q3_adj_ebitda
/operating_model/cells/downside_fy2026_adj_ebitda:downside/formula/refs/2Nonedownside_2026q4_adj_ebitda
/operating_model/cells/downside_fy2026_adj_ebitda:downside/idNonedownside_fy2026_adj_ebitda
/operating_model/cells/downside_fy2026_adj_ebitda:downside/kindNonederived
/operating_model/cells/downside_fy2026_adj_ebitda:downside/labelNoneAdjusted EBITDA proxy ($M)
/operating_model/cells/downside_fy2026_adj_ebitda:downside/periodNoneFY2026
/operating_model/cells/downside_fy2026_adj_ebitda:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2026_adj_ebitda:downside/valueNone1086.596
/operating_model/cells/downside_fy2026_buybacks:downside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/downside_fy2026_buybacks:downside/caseNonedownside
/operating_model/cells/downside_fy2026_buybacks:downside/formula/opNonesum
/operating_model/cells/downside_fy2026_buybacks:downside/formula/refs/0Noneh1_buybacks
/operating_model/cells/downside_fy2026_buybacks:downside/formula/refs/1Nonedownside_2026q3_buybacks
/operating_model/cells/downside_fy2026_buybacks:downside/formula/refs/2Nonedownside_2026q4_buybacks
/operating_model/cells/downside_fy2026_buybacks:downside/idNonedownside_fy2026_buybacks
/operating_model/cells/downside_fy2026_buybacks:downside/kindNonederived
/operating_model/cells/downside_fy2026_buybacks:downside/labelNoneShare repurchases and related tax ($M)
/operating_model/cells/downside_fy2026_buybacks:downside/periodNoneFY2026
/operating_model/cells/downside_fy2026_buybacks:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2026_buybacks:downside/valueNone750.964
/operating_model/cells/downside_fy2026_capex:downside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/downside_fy2026_capex:downside/caseNonedownside
/operating_model/cells/downside_fy2026_capex:downside/formula/opNonesum
/operating_model/cells/downside_fy2026_capex:downside/formula/refs/0Noneh1_capex
/operating_model/cells/downside_fy2026_capex:downside/formula/refs/1Nonedownside_2026q3_capex
/operating_model/cells/downside_fy2026_capex:downside/formula/refs/2Nonedownside_2026q4_capex
/operating_model/cells/downside_fy2026_capex:downside/idNonedownside_fy2026_capex
/operating_model/cells/downside_fy2026_capex:downside/kindNonederived
/operating_model/cells/downside_fy2026_capex:downside/labelNoneCash PP&E ($M)
/operating_model/cells/downside_fy2026_capex:downside/periodNoneFY2026
/operating_model/cells/downside_fy2026_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2026_capex:downside/valueNone210.44799999999998
/operating_model/cells/downside_fy2026_cash_after_claims:downside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/downside_fy2026_cash_after_claims:downside/caseNonedownside
/operating_model/cells/downside_fy2026_cash_after_claims:downside/formula/opNonesum
/operating_model/cells/downside_fy2026_cash_after_claims:downside/formula/refs/0Noneh1_cash_after_claims
/operating_model/cells/downside_fy2026_cash_after_claims:downside/formula/refs/1Nonedownside_2026q3_cash_after_claims
/operating_model/cells/downside_fy2026_cash_after_claims:downside/formula/refs/2Nonedownside_2026q4_cash_after_claims
/operating_model/cells/downside_fy2026_cash_after_claims:downside/idNonedownside_fy2026_cash_after_claims
/operating_model/cells/downside_fy2026_cash_after_claims:downside/kindNonederived
/operating_model/cells/downside_fy2026_cash_after_claims:downside/labelNoneCash after repurchases and principal ($M)
/operating_model/cells/downside_fy2026_cash_after_claims:downside/periodNoneFY2026
/operating_model/cells/downside_fy2026_cash_after_claims:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2026_cash_after_claims:downside/valueNone-28.784000000000106
/operating_model/cells/downside_fy2026_cfo:downside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/downside_fy2026_cfo:downside/caseNonedownside
/operating_model/cells/downside_fy2026_cfo:downside/formula/opNonesum
/operating_model/cells/downside_fy2026_cfo:downside/formula/refs/0Noneh1_cfo
/operating_model/cells/downside_fy2026_cfo:downside/formula/refs/1Nonedownside_2026q3_cfo
/operating_model/cells/downside_fy2026_cfo:downside/formula/refs/2Nonedownside_2026q4_cfo
/operating_model/cells/downside_fy2026_cfo:downside/idNonedownside_fy2026_cfo
/operating_model/cells/downside_fy2026_cfo:downside/kindNonederived
/operating_model/cells/downside_fy2026_cfo:downside/labelNoneOperating cash flow proxy ($M)
/operating_model/cells/downside_fy2026_cfo:downside/periodNoneFY2026
/operating_model/cells/downside_fy2026_cfo:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2026_cfo:downside/valueNone979.6409999999998
/operating_model/cells/downside_fy2026_debt_principal:downside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/downside_fy2026_debt_principal:downside/caseNonedownside
/operating_model/cells/downside_fy2026_debt_principal:downside/formula/opNonesum
/operating_model/cells/downside_fy2026_debt_principal:downside/formula/refs/0Noneh1_debt_principal
/operating_model/cells/downside_fy2026_debt_principal:downside/formula/refs/1Nonedownside_2026q3_debt_principal
/operating_model/cells/downside_fy2026_debt_principal:downside/formula/refs/2Nonedownside_2026q4_debt_principal
/operating_model/cells/downside_fy2026_debt_principal:downside/idNonedownside_fy2026_debt_principal
/operating_model/cells/downside_fy2026_debt_principal:downside/kindNonederived
/operating_model/cells/downside_fy2026_debt_principal:downside/labelNoneScheduled note principal ($M)
/operating_model/cells/downside_fy2026_debt_principal:downside/periodNoneFY2026
/operating_model/cells/downside_fy2026_debt_principal:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2026_debt_principal:downside/valueNone47.013
/operating_model/cells/downside_fy2026_fcf:downside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/downside_fy2026_fcf:downside/caseNonedownside
/operating_model/cells/downside_fy2026_fcf:downside/formula/opNonesum
/operating_model/cells/downside_fy2026_fcf:downside/formula/refs/0Noneh1_fcf
/operating_model/cells/downside_fy2026_fcf:downside/formula/refs/1Nonedownside_2026q3_fcf
/operating_model/cells/downside_fy2026_fcf:downside/formula/refs/2Nonedownside_2026q4_fcf
/operating_model/cells/downside_fy2026_fcf:downside/idNonedownside_fy2026_fcf
/operating_model/cells/downside_fy2026_fcf:downside/kindNonederived
/operating_model/cells/downside_fy2026_fcf:downside/labelNoneCFO less cash PP&E ($M)
/operating_model/cells/downside_fy2026_fcf:downside/periodNoneFY2026
/operating_model/cells/downside_fy2026_fcf:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2026_fcf:downside/valueNone769.193
/operating_model/cells/downside_fy2026_gross_profit:downside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/downside_fy2026_gross_profit:downside/caseNonedownside
/operating_model/cells/downside_fy2026_gross_profit:downside/formula/opNonesum
/operating_model/cells/downside_fy2026_gross_profit:downside/formula/refs/0Noneh1_gross_profit
/operating_model/cells/downside_fy2026_gross_profit:downside/formula/refs/1Nonedownside_2026q3_gross_profit
/operating_model/cells/downside_fy2026_gross_profit:downside/formula/refs/2Nonedownside_2026q4_gross_profit
/operating_model/cells/downside_fy2026_gross_profit:downside/idNonedownside_fy2026_gross_profit
/operating_model/cells/downside_fy2026_gross_profit:downside/kindNonederived
/operating_model/cells/downside_fy2026_gross_profit:downside/labelNoneGAAP gross profit proxy ($M)
/operating_model/cells/downside_fy2026_gross_profit:downside/periodNoneFY2026
/operating_model/cells/downside_fy2026_gross_profit:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2026_gross_profit:downside/valueNone3829.6059999999998
/operating_model/cells/downside_fy2026_operating_income:downside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/downside_fy2026_operating_income:downside/caseNonedownside
/operating_model/cells/downside_fy2026_operating_income:downside/formula/opNonesum
/operating_model/cells/downside_fy2026_operating_income:downside/formula/refs/0Noneh1_operating_income
/operating_model/cells/downside_fy2026_operating_income:downside/formula/refs/1Nonedownside_2026q3_operating_income
/operating_model/cells/downside_fy2026_operating_income:downside/formula/refs/2Nonedownside_2026q4_operating_income
/operating_model/cells/downside_fy2026_operating_income:downside/idNonedownside_fy2026_operating_income
/operating_model/cells/downside_fy2026_operating_income:downside/kindNonederived
/operating_model/cells/downside_fy2026_operating_income:downside/labelNoneGAAP operating income proxy ($M)
/operating_model/cells/downside_fy2026_operating_income:downside/periodNoneFY2026
/operating_model/cells/downside_fy2026_operating_income:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2026_operating_income:downside/valueNone-298.293
/operating_model/cells/downside_fy2026_other_revenue:downside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/downside_fy2026_other_revenue:downside/caseNonedownside
/operating_model/cells/downside_fy2026_other_revenue:downside/formula/opNonesum
/operating_model/cells/downside_fy2026_other_revenue:downside/formula/refs/0Noneh1_other_revenue
/operating_model/cells/downside_fy2026_other_revenue:downside/formula/refs/1Nonedownside_2026q3_other_revenue
/operating_model/cells/downside_fy2026_other_revenue:downside/formula/refs/2Nonedownside_2026q4_other_revenue
/operating_model/cells/downside_fy2026_other_revenue:downside/idNonedownside_fy2026_other_revenue
/operating_model/cells/downside_fy2026_other_revenue:downside/kindNonederived
/operating_model/cells/downside_fy2026_other_revenue:downside/labelNoneOther product revenue ($M)
/operating_model/cells/downside_fy2026_other_revenue:downside/periodNoneFY2026
/operating_model/cells/downside_fy2026_other_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2026_other_revenue:downside/valueNone1296.8
/operating_model/cells/downside_fy2026_revenue:downside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/downside_fy2026_revenue:downside/caseNonedownside
/operating_model/cells/downside_fy2026_revenue:downside/formula/opNonesum
/operating_model/cells/downside_fy2026_revenue:downside/formula/refs/0Noneh1_revenue
/operating_model/cells/downside_fy2026_revenue:downside/formula/refs/1Nonedownside_2026q3_revenue
/operating_model/cells/downside_fy2026_revenue:downside/formula/refs/2Nonedownside_2026q4_revenue
/operating_model/cells/downside_fy2026_revenue:downside/idNonedownside_fy2026_revenue
/operating_model/cells/downside_fy2026_revenue:downside/kindNonederived
/operating_model/cells/downside_fy2026_revenue:downside/labelNoneConsolidated revenue ($M)
/operating_model/cells/downside_fy2026_revenue:downside/periodNoneFY2026
/operating_model/cells/downside_fy2026_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2026_revenue:downside/valueNone6692.784
/operating_model/cells/downside_fy2027_ad_revenue:downside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/downside_fy2027_ad_revenue:downside/caseNonedownside
/operating_model/cells/downside_fy2027_ad_revenue:downside/formula/opNonesum
/operating_model/cells/downside_fy2027_ad_revenue:downside/formula/refs/0Nonedownside_2027q1_ad_revenue
/operating_model/cells/downside_fy2027_ad_revenue:downside/formula/refs/1Nonedownside_2027q2_ad_revenue
/operating_model/cells/downside_fy2027_ad_revenue:downside/formula/refs/2Nonedownside_2027q3_ad_revenue
/operating_model/cells/downside_fy2027_ad_revenue:downside/formula/refs/3Nonedownside_2027q4_ad_revenue
/operating_model/cells/downside_fy2027_ad_revenue:downside/idNonedownside_fy2027_ad_revenue
/operating_model/cells/downside_fy2027_ad_revenue:downside/kindNonederived
/operating_model/cells/downside_fy2027_ad_revenue:downside/labelNoneAdvertising revenue ($M)
/operating_model/cells/downside_fy2027_ad_revenue:downside/periodNoneFY2027
/operating_model/cells/downside_fy2027_ad_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2027_ad_revenue:downside/valueNone5640.0
/operating_model/cells/downside_fy2027_adj_ebitda:downside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/downside_fy2027_adj_ebitda:downside/caseNonedownside
/operating_model/cells/downside_fy2027_adj_ebitda:downside/formula/opNonesum
/operating_model/cells/downside_fy2027_adj_ebitda:downside/formula/refs/0Nonedownside_2027q1_adj_ebitda
/operating_model/cells/downside_fy2027_adj_ebitda:downside/formula/refs/1Nonedownside_2027q2_adj_ebitda
/operating_model/cells/downside_fy2027_adj_ebitda:downside/formula/refs/2Nonedownside_2027q3_adj_ebitda
/operating_model/cells/downside_fy2027_adj_ebitda:downside/formula/refs/3Nonedownside_2027q4_adj_ebitda
/operating_model/cells/downside_fy2027_adj_ebitda:downside/idNonedownside_fy2027_adj_ebitda
/operating_model/cells/downside_fy2027_adj_ebitda:downside/kindNonederived
/operating_model/cells/downside_fy2027_adj_ebitda:downside/labelNoneAdjusted EBITDA proxy ($M)
/operating_model/cells/downside_fy2027_adj_ebitda:downside/periodNoneFY2027
/operating_model/cells/downside_fy2027_adj_ebitda:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2027_adj_ebitda:downside/valueNone1100.35
/operating_model/cells/downside_fy2027_buybacks:downside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/downside_fy2027_buybacks:downside/caseNonedownside
/operating_model/cells/downside_fy2027_buybacks:downside/formula/opNonesum
/operating_model/cells/downside_fy2027_buybacks:downside/formula/refs/0Nonedownside_2027q1_buybacks
/operating_model/cells/downside_fy2027_buybacks:downside/formula/refs/1Nonedownside_2027q2_buybacks
/operating_model/cells/downside_fy2027_buybacks:downside/formula/refs/2Nonedownside_2027q3_buybacks
/operating_model/cells/downside_fy2027_buybacks:downside/formula/refs/3Nonedownside_2027q4_buybacks
/operating_model/cells/downside_fy2027_buybacks:downside/idNonedownside_fy2027_buybacks
/operating_model/cells/downside_fy2027_buybacks:downside/kindNonederived
/operating_model/cells/downside_fy2027_buybacks:downside/labelNoneShare repurchases and related tax ($M)
/operating_model/cells/downside_fy2027_buybacks:downside/periodNoneFY2027
/operating_model/cells/downside_fy2027_buybacks:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2027_buybacks:downside/valueNone0.0
/operating_model/cells/downside_fy2027_capex:downside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/downside_fy2027_capex:downside/caseNonedownside
/operating_model/cells/downside_fy2027_capex:downside/formula/opNonesum
/operating_model/cells/downside_fy2027_capex:downside/formula/refs/0Nonedownside_2027q1_capex
/operating_model/cells/downside_fy2027_capex:downside/formula/refs/1Nonedownside_2027q2_capex
/operating_model/cells/downside_fy2027_capex:downside/formula/refs/2Nonedownside_2027q3_capex
/operating_model/cells/downside_fy2027_capex:downside/formula/refs/3Nonedownside_2027q4_capex
/operating_model/cells/downside_fy2027_capex:downside/idNonedownside_fy2027_capex
/operating_model/cells/downside_fy2027_capex:downside/kindNonederived
/operating_model/cells/downside_fy2027_capex:downside/labelNoneCash PP&E ($M)
/operating_model/cells/downside_fy2027_capex:downside/periodNoneFY2027
/operating_model/cells/downside_fy2027_capex:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2027_capex:downside/valueNone276.0
/operating_model/cells/downside_fy2027_cash_after_claims:downside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/downside_fy2027_cash_after_claims:downside/caseNonedownside
/operating_model/cells/downside_fy2027_cash_after_claims:downside/formula/opNonesum
/operating_model/cells/downside_fy2027_cash_after_claims:downside/formula/refs/0Nonedownside_2027q1_cash_after_claims
/operating_model/cells/downside_fy2027_cash_after_claims:downside/formula/refs/1Nonedownside_2027q2_cash_after_claims
/operating_model/cells/downside_fy2027_cash_after_claims:downside/formula/refs/2Nonedownside_2027q3_cash_after_claims
/operating_model/cells/downside_fy2027_cash_after_claims:downside/formula/refs/3Nonedownside_2027q4_cash_after_claims
/operating_model/cells/downside_fy2027_cash_after_claims:downside/idNonedownside_fy2027_cash_after_claims
/operating_model/cells/downside_fy2027_cash_after_claims:downside/kindNonederived
/operating_model/cells/downside_fy2027_cash_after_claims:downside/labelNoneCash after repurchases and principal ($M)
/operating_model/cells/downside_fy2027_cash_after_claims:downside/periodNoneFY2027
/operating_model/cells/downside_fy2027_cash_after_claims:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2027_cash_after_claims:downside/valueNone288.0319999999999
/operating_model/cells/downside_fy2027_cfo:downside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/downside_fy2027_cfo:downside/caseNonedownside
/operating_model/cells/downside_fy2027_cfo:downside/formula/opNonesum
/operating_model/cells/downside_fy2027_cfo:downside/formula/refs/0Nonedownside_2027q1_cfo
/operating_model/cells/downside_fy2027_cfo:downside/formula/refs/1Nonedownside_2027q2_cfo
/operating_model/cells/downside_fy2027_cfo:downside/formula/refs/2Nonedownside_2027q3_cfo
/operating_model/cells/downside_fy2027_cfo:downside/formula/refs/3Nonedownside_2027q4_cfo
/operating_model/cells/downside_fy2027_cfo:downside/idNonedownside_fy2027_cfo
/operating_model/cells/downside_fy2027_cfo:downside/kindNonederived
/operating_model/cells/downside_fy2027_cfo:downside/labelNoneOperating cash flow proxy ($M)
/operating_model/cells/downside_fy2027_cfo:downside/periodNoneFY2027
/operating_model/cells/downside_fy2027_cfo:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2027_cfo:downside/valueNone670.3499999999999
/operating_model/cells/downside_fy2027_debt_principal:downside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/downside_fy2027_debt_principal:downside/caseNonedownside
/operating_model/cells/downside_fy2027_debt_principal:downside/formula/opNonesum
/operating_model/cells/downside_fy2027_debt_principal:downside/formula/refs/0Nonedownside_2027q1_debt_principal
/operating_model/cells/downside_fy2027_debt_principal:downside/formula/refs/1Nonedownside_2027q2_debt_principal
/operating_model/cells/downside_fy2027_debt_principal:downside/formula/refs/2Nonedownside_2027q3_debt_principal
/operating_model/cells/downside_fy2027_debt_principal:downside/formula/refs/3Nonedownside_2027q4_debt_principal
/operating_model/cells/downside_fy2027_debt_principal:downside/idNonedownside_fy2027_debt_principal
/operating_model/cells/downside_fy2027_debt_principal:downside/kindNonederived
/operating_model/cells/downside_fy2027_debt_principal:downside/labelNoneScheduled note principal ($M)
/operating_model/cells/downside_fy2027_debt_principal:downside/periodNoneFY2027
/operating_model/cells/downside_fy2027_debt_principal:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2027_debt_principal:downside/valueNone106.318
/operating_model/cells/downside_fy2027_fcf:downside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/downside_fy2027_fcf:downside/caseNonedownside
/operating_model/cells/downside_fy2027_fcf:downside/formula/opNonesum
/operating_model/cells/downside_fy2027_fcf:downside/formula/refs/0Nonedownside_2027q1_fcf
/operating_model/cells/downside_fy2027_fcf:downside/formula/refs/1Nonedownside_2027q2_fcf
/operating_model/cells/downside_fy2027_fcf:downside/formula/refs/2Nonedownside_2027q3_fcf
/operating_model/cells/downside_fy2027_fcf:downside/formula/refs/3Nonedownside_2027q4_fcf
/operating_model/cells/downside_fy2027_fcf:downside/idNonedownside_fy2027_fcf
/operating_model/cells/downside_fy2027_fcf:downside/kindNonederived
/operating_model/cells/downside_fy2027_fcf:downside/labelNoneCFO less cash PP&E ($M)
/operating_model/cells/downside_fy2027_fcf:downside/periodNoneFY2027
/operating_model/cells/downside_fy2027_fcf:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2027_fcf:downside/valueNone394.3499999999999
/operating_model/cells/downside_fy2027_gross_profit:downside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/downside_fy2027_gross_profit:downside/caseNonedownside
/operating_model/cells/downside_fy2027_gross_profit:downside/formula/opNonesum
/operating_model/cells/downside_fy2027_gross_profit:downside/formula/refs/0Nonedownside_2027q1_gross_profit
/operating_model/cells/downside_fy2027_gross_profit:downside/formula/refs/1Nonedownside_2027q2_gross_profit
/operating_model/cells/downside_fy2027_gross_profit:downside/formula/refs/2Nonedownside_2027q3_gross_profit
/operating_model/cells/downside_fy2027_gross_profit:downside/formula/refs/3Nonedownside_2027q4_gross_profit
/operating_model/cells/downside_fy2027_gross_profit:downside/idNonedownside_fy2027_gross_profit
/operating_model/cells/downside_fy2027_gross_profit:downside/kindNonederived
/operating_model/cells/downside_fy2027_gross_profit:downside/labelNoneGAAP gross profit proxy ($M)
/operating_model/cells/downside_fy2027_gross_profit:downside/periodNoneFY2027
/operating_model/cells/downside_fy2027_gross_profit:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2027_gross_profit:downside/valueNone4079.55
/operating_model/cells/downside_fy2027_operating_income:downside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/downside_fy2027_operating_income:downside/caseNonedownside
/operating_model/cells/downside_fy2027_operating_income:downside/formula/opNonesum
/operating_model/cells/downside_fy2027_operating_income:downside/formula/refs/0Nonedownside_2027q1_operating_income
/operating_model/cells/downside_fy2027_operating_income:downside/formula/refs/1Nonedownside_2027q2_operating_income
/operating_model/cells/downside_fy2027_operating_income:downside/formula/refs/2Nonedownside_2027q3_operating_income
/operating_model/cells/downside_fy2027_operating_income:downside/formula/refs/3Nonedownside_2027q4_operating_income
/operating_model/cells/downside_fy2027_operating_income:downside/idNonedownside_fy2027_operating_income
/operating_model/cells/downside_fy2027_operating_income:downside/kindNonederived
/operating_model/cells/downside_fy2027_operating_income:downside/labelNoneGAAP operating income proxy ($M)
/operating_model/cells/downside_fy2027_operating_income:downside/periodNoneFY2027
/operating_model/cells/downside_fy2027_operating_income:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2027_operating_income:downside/valueNone-325.6500000000001
/operating_model/cells/downside_fy2027_other_revenue:downside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/downside_fy2027_other_revenue:downside/caseNonedownside
/operating_model/cells/downside_fy2027_other_revenue:downside/formula/opNonesum
/operating_model/cells/downside_fy2027_other_revenue:downside/formula/refs/0Nonedownside_2027q1_other_revenue
/operating_model/cells/downside_fy2027_other_revenue:downside/formula/refs/1Nonedownside_2027q2_other_revenue
/operating_model/cells/downside_fy2027_other_revenue:downside/formula/refs/2Nonedownside_2027q3_other_revenue
/operating_model/cells/downside_fy2027_other_revenue:downside/formula/refs/3Nonedownside_2027q4_other_revenue
/operating_model/cells/downside_fy2027_other_revenue:downside/idNonedownside_fy2027_other_revenue
/operating_model/cells/downside_fy2027_other_revenue:downside/kindNonederived
/operating_model/cells/downside_fy2027_other_revenue:downside/labelNoneOther product revenue ($M)
/operating_model/cells/downside_fy2027_other_revenue:downside/periodNoneFY2027
/operating_model/cells/downside_fy2027_other_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2027_other_revenue:downside/valueNone1605.0
/operating_model/cells/downside_fy2027_revenue:downside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/downside_fy2027_revenue:downside/caseNonedownside
/operating_model/cells/downside_fy2027_revenue:downside/formula/opNonesum
/operating_model/cells/downside_fy2027_revenue:downside/formula/refs/0Nonedownside_2027q1_revenue
/operating_model/cells/downside_fy2027_revenue:downside/formula/refs/1Nonedownside_2027q2_revenue
/operating_model/cells/downside_fy2027_revenue:downside/formula/refs/2Nonedownside_2027q3_revenue
/operating_model/cells/downside_fy2027_revenue:downside/formula/refs/3Nonedownside_2027q4_revenue
/operating_model/cells/downside_fy2027_revenue:downside/idNonedownside_fy2027_revenue
/operating_model/cells/downside_fy2027_revenue:downside/kindNonederived
/operating_model/cells/downside_fy2027_revenue:downside/labelNoneConsolidated revenue ($M)
/operating_model/cells/downside_fy2027_revenue:downside/periodNoneFY2027
/operating_model/cells/downside_fy2027_revenue:downside/unitNoneUSD_millions
/operating_model/cells/downside_fy2027_revenue:downside/valueNone7245.0
/operating_model/cells/fy26_infra:shared/basisNoneCalculated midpoint of the company range; not an additional company forecast.
/operating_model/cells/fy26_infra:shared/caseNoneshared
/operating_model/cells/fy26_infra:shared/formula/opNonedivide
/operating_model/cells/fy26_infra:shared/formula/refs/0Nonefy26_infra_sum
/operating_model/cells/fy26_infra:shared/formula/refs/1Nonetwo
/operating_model/cells/fy26_infra:shared/idNonefy26_infra
/operating_model/cells/fy26_infra:shared/kindNonederived
/operating_model/cells/fy26_infra:shared/labelNoneFY2026 infrastructure midpoint
/operating_model/cells/fy26_infra:shared/periodNoneFY2026
/operating_model/cells/fy26_infra:shared/unitNoneUSD_millions
/operating_model/cells/fy26_infra:shared/valueNone1675.0
/operating_model/cells/fy26_infra_high:shared/basisNoneCompany guidance; not a desk forecast.
/operating_model/cells/fy26_infra_high:shared/caseNoneshared
/operating_model/cells/fy26_infra_high:shared/idNonefy26_infra_high
/operating_model/cells/fy26_infra_high:shared/kindNonemanagement_guidance
/operating_model/cells/fy26_infra_high:shared/labelNoneFY2026 infrastructure high
/operating_model/cells/fy26_infra_high:shared/periodNoneFY2026
/operating_model/cells/fy26_infra_high:shared/source_dateNone2026-08-03
/operating_model/cells/fy26_infra_high:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1564408/000156440826000047/q22026preparedremarks.htm
/operating_model/cells/fy26_infra_high:shared/unitNoneUSD_millions
/operating_model/cells/fy26_infra_high:shared/valueNone1700.0
/operating_model/cells/fy26_infra_low:shared/basisNoneCompany guidance; not a desk forecast.
/operating_model/cells/fy26_infra_low:shared/caseNoneshared
/operating_model/cells/fy26_infra_low:shared/idNonefy26_infra_low
/operating_model/cells/fy26_infra_low:shared/kindNonemanagement_guidance
/operating_model/cells/fy26_infra_low:shared/labelNoneFY2026 infrastructure low
/operating_model/cells/fy26_infra_low:shared/periodNoneFY2026
/operating_model/cells/fy26_infra_low:shared/source_dateNone2026-08-03
/operating_model/cells/fy26_infra_low:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1564408/000156440826000047/q22026preparedremarks.htm
/operating_model/cells/fy26_infra_low:shared/unitNoneUSD_millions
/operating_model/cells/fy26_infra_low:shared/valueNone1650.0
/operating_model/cells/fy26_infra_sum:shared/basisNoneArithmetic intermediate.
/operating_model/cells/fy26_infra_sum:shared/caseNoneshared
/operating_model/cells/fy26_infra_sum:shared/formula/opNonesum
/operating_model/cells/fy26_infra_sum:shared/formula/refs/0Nonefy26_infra_low
/operating_model/cells/fy26_infra_sum:shared/formula/refs/1Nonefy26_infra_high
/operating_model/cells/fy26_infra_sum:shared/idNonefy26_infra_sum
/operating_model/cells/fy26_infra_sum:shared/kindNonederived
/operating_model/cells/fy26_infra_sum:shared/labelNoneFY2026 infrastructure endpoint sum
/operating_model/cells/fy26_infra_sum:shared/periodNoneFY2026
/operating_model/cells/fy26_infra_sum:shared/unitNoneUSD_millions
/operating_model/cells/fy26_infra_sum:shared/valueNone3350.0
/operating_model/cells/fy26_opex:shared/basisNoneApproximate full-year cost outlook; already includes Specs investment.
/operating_model/cells/fy26_opex:shared/caseNoneshared
/operating_model/cells/fy26_opex:shared/idNonefy26_opex
/operating_model/cells/fy26_opex:shared/kindNonemanagement_guidance
/operating_model/cells/fy26_opex:shared/labelNoneFY2026 adjusted operating expense outlook
/operating_model/cells/fy26_opex:shared/periodNoneFY2026
/operating_model/cells/fy26_opex:shared/source_dateNone2026-08-03
/operating_model/cells/fy26_opex:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1564408/000156440826000047/q22026preparedremarks.htm
/operating_model/cells/fy26_opex:shared/unitNoneUSD_millions
/operating_model/cells/fy26_opex:shared/valueNone2750.0
/operating_model/cells/fy26_sbc:shared/basisNoneApproximate company outlook; treated as total SBC including actual H1 restructuring SBC.
/operating_model/cells/fy26_sbc:shared/caseNoneshared
/operating_model/cells/fy26_sbc:shared/idNonefy26_sbc
/operating_model/cells/fy26_sbc:shared/kindNonemanagement_guidance
/operating_model/cells/fy26_sbc:shared/labelNoneFY2026 SBC outlook
/operating_model/cells/fy26_sbc:shared/periodNoneFY2026
/operating_model/cells/fy26_sbc:shared/source_dateNone2026-08-03
/operating_model/cells/fy26_sbc:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1564408/000156440826000047/q22026preparedremarks.htm
/operating_model/cells/fy26_sbc:shared/unitNoneUSD_millions
/operating_model/cells/fy26_sbc:shared/valueNone1050.0
/operating_model/cells/h1_acquisitions:shared/basisNoneReported consolidated amount, converted from thousands to millions.
/operating_model/cells/h1_acquisitions:shared/caseNoneshared
/operating_model/cells/h1_acquisitions:shared/idNoneh1_acquisitions
/operating_model/cells/h1_acquisitions:shared/kindNonereported
/operating_model/cells/h1_acquisitions:shared/labelNoneh1 acquisitions
/operating_model/cells/h1_acquisitions:shared/periodNoneJune 2026
/operating_model/cells/h1_acquisitions:shared/source_dateNone2026-08-04
/operating_model/cells/h1_acquisitions:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1564408/000156440826000052/snap-20260630.htm
/operating_model/cells/h1_acquisitions:shared/unitNoneUSD_millions
/operating_model/cells/h1_acquisitions:shared/valueNone65.048
/operating_model/cells/h1_ad_revenue:shared/basisNoneReported consolidated amount, converted from thousands to millions.
/operating_model/cells/h1_ad_revenue:shared/caseNoneshared
/operating_model/cells/h1_ad_revenue:shared/idNoneh1_ad_revenue
/operating_model/cells/h1_ad_revenue:shared/kindNonereported
/operating_model/cells/h1_ad_revenue:shared/labelNoneH1 ad revenue
/operating_model/cells/h1_ad_revenue:shared/periodNoneH1 2026
/operating_model/cells/h1_ad_revenue:shared/source_dateNone2026-08-04
/operating_model/cells/h1_ad_revenue:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1564408/000156440826000052/snap-20260630.htm
/operating_model/cells/h1_ad_revenue:shared/unitNoneUSD_millions
/operating_model/cells/h1_ad_revenue:shared/valueNone2525.984
/operating_model/cells/h1_adj_ebitda:shared/basisNoneReported consolidated amount, converted from thousands to millions.
/operating_model/cells/h1_adj_ebitda:shared/caseNoneshared
/operating_model/cells/h1_adj_ebitda:shared/idNoneh1_adj_ebitda
/operating_model/cells/h1_adj_ebitda:shared/kindNonereported
/operating_model/cells/h1_adj_ebitda:shared/labelNoneH1 adj ebitda
/operating_model/cells/h1_adj_ebitda:shared/periodNoneH1 2026
/operating_model/cells/h1_adj_ebitda:shared/source_dateNone2026-08-04
/operating_model/cells/h1_adj_ebitda:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1564408/000156440826000052/snap-20260630.htm
/operating_model/cells/h1_adj_ebitda:shared/unitNoneUSD_millions
/operating_model/cells/h1_adj_ebitda:shared/valueNone482.948
/operating_model/cells/h1_adj_opex:shared/basisNoneReported consolidated amount, converted from thousands to millions.
/operating_model/cells/h1_adj_opex:shared/caseNoneshared
/operating_model/cells/h1_adj_opex:shared/idNoneh1_adj_opex
/operating_model/cells/h1_adj_opex:shared/kindNonereported
/operating_model/cells/h1_adj_opex:shared/labelNoneH1 adj opex
/operating_model/cells/h1_adj_opex:shared/periodNoneH1 2026
/operating_model/cells/h1_adj_opex:shared/source_dateNone2026-08-04
/operating_model/cells/h1_adj_opex:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1564408/000156440826000052/snap-20260630.htm
/operating_model/cells/h1_adj_opex:shared/unitNoneUSD_millions
/operating_model/cells/h1_adj_opex:shared/valueNone1326.675
/operating_model/cells/h1_buybacks:shared/basisNoneReported consolidated amount, converted from thousands to millions.
/operating_model/cells/h1_buybacks:shared/caseNoneshared
/operating_model/cells/h1_buybacks:shared/idNoneh1_buybacks
/operating_model/cells/h1_buybacks:shared/kindNonereported
/operating_model/cells/h1_buybacks:shared/labelNoneH1 buybacks
/operating_model/cells/h1_buybacks:shared/periodNoneH1 2026
/operating_model/cells/h1_buybacks:shared/source_dateNone2026-08-04
/operating_model/cells/h1_buybacks:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1564408/000156440826000052/snap-20260630.htm
/operating_model/cells/h1_buybacks:shared/unitNoneUSD_millions
/operating_model/cells/h1_buybacks:shared/valueNone600.964
/operating_model/cells/h1_capex:shared/basisNoneReported consolidated amount, converted from thousands to millions.
/operating_model/cells/h1_capex:shared/caseNoneshared
/operating_model/cells/h1_capex:shared/idNoneh1_capex
/operating_model/cells/h1_capex:shared/kindNonereported
/operating_model/cells/h1_capex:shared/labelNoneH1 capex
/operating_model/cells/h1_capex:shared/periodNoneH1 2026
/operating_model/cells/h1_capex:shared/source_dateNone2026-08-04
/operating_model/cells/h1_capex:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1564408/000156440826000052/snap-20260630.htm
/operating_model/cells/h1_capex:shared/unitNoneUSD_millions
/operating_model/cells/h1_capex:shared/valueNone96.448
/operating_model/cells/h1_cash_after_claims:shared/basisNoneBefore acquisitions and strategic investments.
/operating_model/cells/h1_cash_after_claims:shared/caseNoneshared
/operating_model/cells/h1_cash_after_claims:shared/formula/opNonesubtract
/operating_model/cells/h1_cash_after_claims:shared/formula/refs/0Noneh1_fcf
/operating_model/cells/h1_cash_after_claims:shared/formula/refs/1Noneh1_claims
/operating_model/cells/h1_cash_after_claims:shared/idNoneh1_cash_after_claims
/operating_model/cells/h1_cash_after_claims:shared/kindNonederived
/operating_model/cells/h1_cash_after_claims:shared/labelNoneH1 cash after repurchases/principal
/operating_model/cells/h1_cash_after_claims:shared/periodNoneH1 2026
/operating_model/cells/h1_cash_after_claims:shared/unitNoneUSD_millions
/operating_model/cells/h1_cash_after_claims:shared/valueNone-194.41900000000004
/operating_model/cells/h1_cfo:shared/basisNoneReported consolidated amount, converted from thousands to millions.
/operating_model/cells/h1_cfo:shared/caseNoneshared
/operating_model/cells/h1_cfo:shared/idNoneh1_cfo
/operating_model/cells/h1_cfo:shared/kindNonereported
/operating_model/cells/h1_cfo:shared/labelNoneH1 cfo
/operating_model/cells/h1_cfo:shared/periodNoneH1 2026
/operating_model/cells/h1_cfo:shared/source_dateNone2026-08-04
/operating_model/cells/h1_cfo:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1564408/000156440826000052/snap-20260630.htm
/operating_model/cells/h1_cfo:shared/unitNoneUSD_millions
/operating_model/cells/h1_cfo:shared/valueNone502.993
/operating_model/cells/h1_claims:shared/basisNoneNo H1 note repayment.
/operating_model/cells/h1_claims:shared/caseNoneshared
/operating_model/cells/h1_claims:shared/formula/opNonesum
/operating_model/cells/h1_claims:shared/formula/refs/0Noneh1_buybacks
/operating_model/cells/h1_claims:shared/formula/refs/1Noneh1_debt_principal
/operating_model/cells/h1_claims:shared/idNoneh1_claims
/operating_model/cells/h1_claims:shared/kindNonederived
/operating_model/cells/h1_claims:shared/labelNoneH1 buybacks and principal
/operating_model/cells/h1_claims:shared/periodNoneH1 2026
/operating_model/cells/h1_claims:shared/unitNoneUSD_millions
/operating_model/cells/h1_claims:shared/valueNone600.964
/operating_model/cells/h1_da_total:shared/basisNoneReported consolidated amount, converted from thousands to millions.
/operating_model/cells/h1_da_total:shared/caseNoneshared
/operating_model/cells/h1_da_total:shared/idNoneh1_da_total
/operating_model/cells/h1_da_total:shared/kindNonereported
/operating_model/cells/h1_da_total:shared/labelNoneH1 da total
/operating_model/cells/h1_da_total:shared/periodNoneH1 2026
/operating_model/cells/h1_da_total:shared/source_dateNone2026-08-04
/operating_model/cells/h1_da_total:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1564408/000156440826000052/snap-20260630.htm
/operating_model/cells/h1_da_total:shared/unitNoneUSD_millions
/operating_model/cells/h1_da_total:shared/valueNone91.641
/operating_model/cells/h1_debt_principal:shared/basisNoneReported consolidated amount, converted from thousands to millions.
/operating_model/cells/h1_debt_principal:shared/caseNoneshared
/operating_model/cells/h1_debt_principal:shared/idNoneh1_debt_principal
/operating_model/cells/h1_debt_principal:shared/kindNonereported
/operating_model/cells/h1_debt_principal:shared/labelNoneH1 debt principal
/operating_model/cells/h1_debt_principal:shared/periodNoneH1 2026
/operating_model/cells/h1_debt_principal:shared/source_dateNone2026-08-04
/operating_model/cells/h1_debt_principal:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1564408/000156440826000052/snap-20260630.htm
/operating_model/cells/h1_debt_principal:shared/unitNoneUSD_millions
/operating_model/cells/h1_debt_principal:shared/valueNone0.0
/operating_model/cells/h1_fcf:shared/basisNoneBefore repurchases and acquisitions.
/operating_model/cells/h1_fcf:shared/caseNoneshared
/operating_model/cells/h1_fcf:shared/formula/opNonesubtract
/operating_model/cells/h1_fcf:shared/formula/refs/0Noneh1_cfo
/operating_model/cells/h1_fcf:shared/formula/refs/1Noneh1_capex
/operating_model/cells/h1_fcf:shared/idNoneh1_fcf
/operating_model/cells/h1_fcf:shared/kindNonederived
/operating_model/cells/h1_fcf:shared/labelNoneH1 CFO less PP&E
/operating_model/cells/h1_fcf:shared/periodNoneH1 2026
/operating_model/cells/h1_fcf:shared/unitNoneUSD_millions
/operating_model/cells/h1_fcf:shared/valueNone406.545
/operating_model/cells/h1_gaap_bridge:shared/basisNoneReconciles to reported GAAP operating loss.
/operating_model/cells/h1_gaap_bridge:shared/caseNoneshared
/operating_model/cells/h1_gaap_bridge:shared/formula/opNonesubtract
/operating_model/cells/h1_gaap_bridge:shared/formula/refs/0Noneh1_adj_ebitda
/operating_model/cells/h1_gaap_bridge:shared/formula/refs/1Noneh1_gaap_deductions
/operating_model/cells/h1_gaap_bridge:shared/idNoneh1_gaap_bridge
/operating_model/cells/h1_gaap_bridge:shared/kindNonederived
/operating_model/cells/h1_gaap_bridge:shared/labelNoneH1 reconstructed operating income
/operating_model/cells/h1_gaap_bridge:shared/periodNoneH1 2026
/operating_model/cells/h1_gaap_bridge:shared/unitNoneUSD_millions
/operating_model/cells/h1_gaap_bridge:shared/valueNone-245.16999999999996
/operating_model/cells/h1_gaap_cogs:shared/basisNoneReported consolidated amount, converted from thousands to millions.
/operating_model/cells/h1_gaap_cogs:shared/caseNoneshared
/operating_model/cells/h1_gaap_cogs:shared/idNoneh1_gaap_cogs
/operating_model/cells/h1_gaap_cogs:shared/kindNonereported
/operating_model/cells/h1_gaap_cogs:shared/labelNoneH1 gaap cogs
/operating_model/cells/h1_gaap_cogs:shared/periodNoneH1 2026
/operating_model/cells/h1_gaap_cogs:shared/source_dateNone2026-08-04
/operating_model/cells/h1_gaap_cogs:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1564408/000156440826000052/snap-20260630.htm
/operating_model/cells/h1_gaap_cogs:shared/unitNoneUSD_millions
/operating_model/cells/h1_gaap_cogs:shared/valueNone1333.126
/operating_model/cells/h1_gaap_deductions:shared/basisNoneFull equity expense, payroll tax, D&A and non-duplicated restructuring.
/operating_model/cells/h1_gaap_deductions:shared/caseNoneshared
/operating_model/cells/h1_gaap_deductions:shared/formula/opNonesum
/operating_model/cells/h1_gaap_deductions:shared/formula/refs/0Noneh1_sbc_total
/operating_model/cells/h1_gaap_deductions:shared/formula/refs/1Noneh1_payroll_tax
/operating_model/cells/h1_gaap_deductions:shared/formula/refs/2Noneh1_da_total
/operating_model/cells/h1_gaap_deductions:shared/formula/refs/3Noneh1_incremental_restructuring
/operating_model/cells/h1_gaap_deductions:shared/idNoneh1_gaap_deductions
/operating_model/cells/h1_gaap_deductions:shared/kindNonederived
/operating_model/cells/h1_gaap_deductions:shared/labelNoneH1 total GAAP adjustments
/operating_model/cells/h1_gaap_deductions:shared/periodNoneH1 2026
/operating_model/cells/h1_gaap_deductions:shared/unitNoneUSD_millions
/operating_model/cells/h1_gaap_deductions:shared/valueNone728.1179999999999
/operating_model/cells/h1_gross_profit:shared/basisNoneConsolidated revenue less GAAP cost of revenue.
/operating_model/cells/h1_gross_profit:shared/caseNoneshared
/operating_model/cells/h1_gross_profit:shared/formula/opNonesubtract
/operating_model/cells/h1_gross_profit:shared/formula/refs/0Noneh1_revenue
/operating_model/cells/h1_gross_profit:shared/formula/refs/1Noneh1_gaap_cogs
/operating_model/cells/h1_gross_profit:shared/idNoneh1_gross_profit
/operating_model/cells/h1_gross_profit:shared/kindNonederived
/operating_model/cells/h1_gross_profit:shared/labelNoneH1 GAAP gross profit
/operating_model/cells/h1_gross_profit:shared/periodNoneH1 2026
/operating_model/cells/h1_gross_profit:shared/unitNoneUSD_millions
/operating_model/cells/h1_gross_profit:shared/valueNone1794.6580000000001
/operating_model/cells/h1_incremental_restructuring:shared/basisNoneIncludes severance and lease charges; this is an expense bridge, not a new cash-payment estimate.
/operating_model/cells/h1_incremental_restructuring:shared/caseNoneshared
/operating_model/cells/h1_incremental_restructuring:shared/formula/opNonesubtract
/operating_model/cells/h1_incremental_restructuring:shared/formula/refs/0Noneh1_restructuring
/operating_model/cells/h1_incremental_restructuring:shared/formula/refs/1Noneh1_restruct_noncash
/operating_model/cells/h1_incremental_restructuring:shared/idNoneh1_incremental_restructuring
/operating_model/cells/h1_incremental_restructuring:shared/kindNonederived
/operating_model/cells/h1_incremental_restructuring:shared/labelNoneH1 restructuring excluding counted SBC and D&A
/operating_model/cells/h1_incremental_restructuring:shared/periodNoneH1 2026
/operating_model/cells/h1_incremental_restructuring:shared/unitNoneUSD_millions
/operating_model/cells/h1_incremental_restructuring:shared/valueNone100.64999999999999
/operating_model/cells/h1_infrastructure:shared/basisNoneReported consolidated amount, converted from thousands to millions.
/operating_model/cells/h1_infrastructure:shared/caseNoneshared
/operating_model/cells/h1_infrastructure:shared/idNoneh1_infrastructure
/operating_model/cells/h1_infrastructure:shared/kindNonereported
/operating_model/cells/h1_infrastructure:shared/labelNoneH1 infrastructure
/operating_model/cells/h1_infrastructure:shared/periodNoneH1 2026
/operating_model/cells/h1_infrastructure:shared/source_dateNone2026-08-04
/operating_model/cells/h1_infrastructure:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1564408/000156440826000052/snap-20260630.htm
/operating_model/cells/h1_infrastructure:shared/unitNoneUSD_millions
/operating_model/cells/h1_infrastructure:shared/valueNone804.698
/operating_model/cells/h1_operating_income:shared/basisNoneReported consolidated amount, converted from thousands to millions.
/operating_model/cells/h1_operating_income:shared/caseNoneshared
/operating_model/cells/h1_operating_income:shared/idNoneh1_operating_income
/operating_model/cells/h1_operating_income:shared/kindNonereported
/operating_model/cells/h1_operating_income:shared/labelNoneH1 operating income
/operating_model/cells/h1_operating_income:shared/periodNoneH1 2026
/operating_model/cells/h1_operating_income:shared/source_dateNone2026-08-04
/operating_model/cells/h1_operating_income:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1564408/000156440826000052/snap-20260630.htm
/operating_model/cells/h1_operating_income:shared/unitNoneUSD_millions
/operating_model/cells/h1_operating_income:shared/valueNone-245.17
/operating_model/cells/h1_other_revenue:shared/basisNoneReported consolidated amount, converted from thousands to millions.
/operating_model/cells/h1_other_revenue:shared/caseNoneshared
/operating_model/cells/h1_other_revenue:shared/idNoneh1_other_revenue
/operating_model/cells/h1_other_revenue:shared/kindNonereported
/operating_model/cells/h1_other_revenue:shared/labelNoneH1 other revenue
/operating_model/cells/h1_other_revenue:shared/periodNoneH1 2026
/operating_model/cells/h1_other_revenue:shared/source_dateNone2026-08-04
/operating_model/cells/h1_other_revenue:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1564408/000156440826000052/snap-20260630.htm
/operating_model/cells/h1_other_revenue:shared/unitNoneUSD_millions
/operating_model/cells/h1_other_revenue:shared/valueNone601.8
/operating_model/cells/h1_payroll_tax:shared/basisNoneReported consolidated amount, converted from thousands to millions.
/operating_model/cells/h1_payroll_tax:shared/caseNoneshared
/operating_model/cells/h1_payroll_tax:shared/idNoneh1_payroll_tax
/operating_model/cells/h1_payroll_tax:shared/kindNonereported
/operating_model/cells/h1_payroll_tax:shared/labelNoneH1 payroll tax
/operating_model/cells/h1_payroll_tax:shared/periodNoneH1 2026
/operating_model/cells/h1_payroll_tax:shared/source_dateNone2026-08-04
/operating_model/cells/h1_payroll_tax:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1564408/000156440826000052/snap-20260630.htm
/operating_model/cells/h1_payroll_tax:shared/unitNoneUSD_millions
/operating_model/cells/h1_payroll_tax:shared/valueNone22.598
/operating_model/cells/h1_restruct_da:shared/basisNoneReported consolidated amount, converted from thousands to millions.
/operating_model/cells/h1_restruct_da:shared/caseNoneshared
/operating_model/cells/h1_restruct_da:shared/idNoneh1_restruct_da
/operating_model/cells/h1_restruct_da:shared/kindNonereported
/operating_model/cells/h1_restruct_da:shared/labelNoneH1 restruct da
/operating_model/cells/h1_restruct_da:shared/periodNoneH1 2026
/operating_model/cells/h1_restruct_da:shared/source_dateNone2026-08-04
/operating_model/cells/h1_restruct_da:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1564408/000156440826000052/snap-20260630.htm
/operating_model/cells/h1_restruct_da:shared/unitNoneUSD_millions
/operating_model/cells/h1_restruct_da:shared/valueNone1.346
/operating_model/cells/h1_restruct_noncash:shared/basisNoneThese also enter total SBC and total D&A.
/operating_model/cells/h1_restruct_noncash:shared/caseNoneshared
/operating_model/cells/h1_restruct_noncash:shared/formula/opNonesum
/operating_model/cells/h1_restruct_noncash:shared/formula/refs/0Noneh1_restruct_sbc
/operating_model/cells/h1_restruct_noncash:shared/formula/refs/1Noneh1_restruct_da
/operating_model/cells/h1_restruct_noncash:shared/idNoneh1_restruct_noncash
/operating_model/cells/h1_restruct_noncash:shared/kindNonederived
/operating_model/cells/h1_restruct_noncash:shared/labelNoneSBC and D&A inside restructuring
/operating_model/cells/h1_restruct_noncash:shared/periodNoneH1 2026
/operating_model/cells/h1_restruct_noncash:shared/unitNoneUSD_millions
/operating_model/cells/h1_restruct_noncash:shared/valueNone27.855
/operating_model/cells/h1_restruct_sbc:shared/basisNoneReported consolidated amount, converted from thousands to millions.
/operating_model/cells/h1_restruct_sbc:shared/caseNoneshared
/operating_model/cells/h1_restruct_sbc:shared/idNoneh1_restruct_sbc
/operating_model/cells/h1_restruct_sbc:shared/kindNonereported
/operating_model/cells/h1_restruct_sbc:shared/labelNoneH1 restruct sbc
/operating_model/cells/h1_restruct_sbc:shared/periodNoneH1 2026
/operating_model/cells/h1_restruct_sbc:shared/source_dateNone2026-08-04
/operating_model/cells/h1_restruct_sbc:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1564408/000156440826000052/snap-20260630.htm
/operating_model/cells/h1_restruct_sbc:shared/unitNoneUSD_millions
/operating_model/cells/h1_restruct_sbc:shared/valueNone26.509
/operating_model/cells/h1_restructuring:shared/basisNoneReported consolidated amount, converted from thousands to millions.
/operating_model/cells/h1_restructuring:shared/caseNoneshared
/operating_model/cells/h1_restructuring:shared/idNoneh1_restructuring
/operating_model/cells/h1_restructuring:shared/kindNonereported
/operating_model/cells/h1_restructuring:shared/labelNoneH1 restructuring
/operating_model/cells/h1_restructuring:shared/periodNoneH1 2026
/operating_model/cells/h1_restructuring:shared/source_dateNone2026-08-04
/operating_model/cells/h1_restructuring:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1564408/000156440826000052/snap-20260630.htm
/operating_model/cells/h1_restructuring:shared/unitNoneUSD_millions
/operating_model/cells/h1_restructuring:shared/valueNone128.505
/operating_model/cells/h1_revenue:shared/basisNoneReported consolidated amount, converted from thousands to millions.
/operating_model/cells/h1_revenue:shared/caseNoneshared
/operating_model/cells/h1_revenue:shared/idNoneh1_revenue
/operating_model/cells/h1_revenue:shared/kindNonereported
/operating_model/cells/h1_revenue:shared/labelNoneH1 revenue
/operating_model/cells/h1_revenue:shared/periodNoneH1 2026
/operating_model/cells/h1_revenue:shared/source_dateNone2026-08-04
/operating_model/cells/h1_revenue:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1564408/000156440826000052/snap-20260630.htm
/operating_model/cells/h1_revenue:shared/unitNoneUSD_millions
/operating_model/cells/h1_revenue:shared/valueNone3127.784
/operating_model/cells/h1_sbc_total:shared/basisNoneReported consolidated amount, converted from thousands to millions.
/operating_model/cells/h1_sbc_total:shared/caseNoneshared
/operating_model/cells/h1_sbc_total:shared/idNoneh1_sbc_total
/operating_model/cells/h1_sbc_total:shared/kindNonereported
/operating_model/cells/h1_sbc_total:shared/labelNoneH1 sbc total
/operating_model/cells/h1_sbc_total:shared/periodNoneH1 2026
/operating_model/cells/h1_sbc_total:shared/source_dateNone2026-08-04
/operating_model/cells/h1_sbc_total:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1564408/000156440826000052/snap-20260630.htm
/operating_model/cells/h1_sbc_total:shared/unitNoneUSD_millions
/operating_model/cells/h1_sbc_total:shared/valueNone513.229
/operating_model/cells/liquidity:shared/basisNoneExcludes restricted cash and undrawn facilities.
/operating_model/cells/liquidity:shared/caseNoneshared
/operating_model/cells/liquidity:shared/formula/opNonesum
/operating_model/cells/liquidity:shared/formula/refs/0Nonecash
/operating_model/cells/liquidity:shared/formula/refs/1Nonemarketable_securities
/operating_model/cells/liquidity:shared/idNoneliquidity
/operating_model/cells/liquidity:shared/kindNonederived
/operating_model/cells/liquidity:shared/labelNoneCash plus marketable securities
/operating_model/cells/liquidity:shared/periodNoneJune 2026
/operating_model/cells/liquidity:shared/unitNoneUSD_millions
/operating_model/cells/liquidity:shared/valueNone2659.758
/operating_model/cells/marketable_securities:shared/basisNoneReported consolidated amount, converted from thousands to millions.
/operating_model/cells/marketable_securities:shared/caseNoneshared
/operating_model/cells/marketable_securities:shared/idNonemarketable_securities
/operating_model/cells/marketable_securities:shared/kindNonereported
/operating_model/cells/marketable_securities:shared/labelNonemarketable securities
/operating_model/cells/marketable_securities:shared/periodNoneJune 2026
/operating_model/cells/marketable_securities:shared/source_dateNone2026-08-04
/operating_model/cells/marketable_securities:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1564408/000156440826000052/snap-20260630.htm
/operating_model/cells/marketable_securities:shared/unitNoneUSD_millions
/operating_model/cells/marketable_securities:shared/valueNone1700.91
/operating_model/cells/notes_2026:shared/basisNoneReported consolidated amount, converted from thousands to millions.
/operating_model/cells/notes_2026:shared/caseNoneshared
/operating_model/cells/notes_2026:shared/idNonenotes_2026
/operating_model/cells/notes_2026:shared/kindNonereported
/operating_model/cells/notes_2026:shared/labelNonenotes 2026
/operating_model/cells/notes_2026:shared/periodNoneJune 2026
/operating_model/cells/notes_2026:shared/source_dateNone2026-08-04
/operating_model/cells/notes_2026:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1564408/000156440826000052/snap-20260630.htm
/operating_model/cells/notes_2026:shared/unitNoneUSD_millions
/operating_model/cells/notes_2026:shared/valueNone47.013
/operating_model/cells/notes_2027:shared/basisNoneReported consolidated amount, converted from thousands to millions.
/operating_model/cells/notes_2027:shared/caseNoneshared
/operating_model/cells/notes_2027:shared/idNonenotes_2027
/operating_model/cells/notes_2027:shared/kindNonereported
/operating_model/cells/notes_2027:shared/labelNonenotes 2027
/operating_model/cells/notes_2027:shared/periodNoneJune 2026
/operating_model/cells/notes_2027:shared/source_dateNone2026-08-04
/operating_model/cells/notes_2027:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1564408/000156440826000052/snap-20260630.htm
/operating_model/cells/notes_2027:shared/unitNoneUSD_millions
/operating_model/cells/notes_2027:shared/valueNone106.318
/operating_model/cells/q2_ads:shared/basisNoneReported consolidated amount, converted from thousands to millions.
/operating_model/cells/q2_ads:shared/caseNoneshared
/operating_model/cells/q2_ads:shared/idNoneq2_ads
/operating_model/cells/q2_ads:shared/kindNonereported
/operating_model/cells/q2_ads:shared/labelNoneq2 ads
/operating_model/cells/q2_ads:shared/periodNoneJune 2026
/operating_model/cells/q2_ads:shared/source_dateNone2026-08-04
/operating_model/cells/q2_ads:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1564408/000156440826000052/snap-20260630.htm
/operating_model/cells/q2_ads:shared/unitNoneUSD_millions
/operating_model/cells/q2_ads:shared/valueNone1282.522
/operating_model/cells/q2_other:shared/basisNoneReported consolidated amount, converted from thousands to millions.
/operating_model/cells/q2_other:shared/caseNoneshared
/operating_model/cells/q2_other:shared/idNoneq2_other
/operating_model/cells/q2_other:shared/kindNonereported
/operating_model/cells/q2_other:shared/labelNoneq2 other
/operating_model/cells/q2_other:shared/periodNoneJune 2026
/operating_model/cells/q2_other:shared/source_dateNone2026-08-04
/operating_model/cells/q2_other:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1564408/000156440826000052/snap-20260630.htm
/operating_model/cells/q2_other:shared/unitNoneUSD_millions
/operating_model/cells/q2_other:shared/valueNone316.471
/operating_model/cells/q3_ebitda:shared/basisNoneCalculated midpoint of the company range; not an additional company forecast.
/operating_model/cells/q3_ebitda:shared/caseNoneshared
/operating_model/cells/q3_ebitda:shared/formula/opNonedivide
/operating_model/cells/q3_ebitda:shared/formula/refs/0Noneq3_ebitda_sum
/operating_model/cells/q3_ebitda:shared/formula/refs/1Nonetwo
/operating_model/cells/q3_ebitda:shared/idNoneq3_ebitda
/operating_model/cells/q3_ebitda:shared/kindNonederived
/operating_model/cells/q3_ebitda:shared/labelNoneQ3 EBITDA midpoint
/operating_model/cells/q3_ebitda:shared/periodNone2026Q3
/operating_model/cells/q3_ebitda:shared/unitNoneUSD_millions
/operating_model/cells/q3_ebitda:shared/valueNone325.0
/operating_model/cells/q3_ebitda_high:shared/basisNoneCompany guidance; not a desk forecast.
/operating_model/cells/q3_ebitda_high:shared/caseNoneshared
/operating_model/cells/q3_ebitda_high:shared/idNoneq3_ebitda_high
/operating_model/cells/q3_ebitda_high:shared/kindNonemanagement_guidance
/operating_model/cells/q3_ebitda_high:shared/labelNoneQ3 EBITDA high
/operating_model/cells/q3_ebitda_high:shared/periodNone2026Q3
/operating_model/cells/q3_ebitda_high:shared/source_dateNone2026-08-03
/operating_model/cells/q3_ebitda_high:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1564408/000156440826000047/q22026preparedremarks.htm
/operating_model/cells/q3_ebitda_high:shared/unitNoneUSD_millions
/operating_model/cells/q3_ebitda_high:shared/valueNone350.0
/operating_model/cells/q3_ebitda_low:shared/basisNoneCompany guidance; not a desk forecast.
/operating_model/cells/q3_ebitda_low:shared/caseNoneshared
/operating_model/cells/q3_ebitda_low:shared/idNoneq3_ebitda_low
/operating_model/cells/q3_ebitda_low:shared/kindNonemanagement_guidance
/operating_model/cells/q3_ebitda_low:shared/labelNoneQ3 EBITDA low
/operating_model/cells/q3_ebitda_low:shared/periodNone2026Q3
/operating_model/cells/q3_ebitda_low:shared/source_dateNone2026-08-03
/operating_model/cells/q3_ebitda_low:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1564408/000156440826000047/q22026preparedremarks.htm
/operating_model/cells/q3_ebitda_low:shared/unitNoneUSD_millions
/operating_model/cells/q3_ebitda_low:shared/valueNone300.0
/operating_model/cells/q3_ebitda_sum:shared/basisNoneArithmetic intermediate.
/operating_model/cells/q3_ebitda_sum:shared/caseNoneshared
/operating_model/cells/q3_ebitda_sum:shared/formula/opNonesum
/operating_model/cells/q3_ebitda_sum:shared/formula/refs/0Noneq3_ebitda_low
/operating_model/cells/q3_ebitda_sum:shared/formula/refs/1Noneq3_ebitda_high
/operating_model/cells/q3_ebitda_sum:shared/idNoneq3_ebitda_sum
/operating_model/cells/q3_ebitda_sum:shared/kindNonederived
/operating_model/cells/q3_ebitda_sum:shared/labelNoneQ3 EBITDA endpoint sum
/operating_model/cells/q3_ebitda_sum:shared/periodNone2026Q3
/operating_model/cells/q3_ebitda_sum:shared/unitNoneUSD_millions
/operating_model/cells/q3_ebitda_sum:shared/valueNone650.0
/operating_model/cells/q3_revenue:shared/basisNoneCalculated midpoint of the company range; not an additional company forecast.
/operating_model/cells/q3_revenue:shared/caseNoneshared
/operating_model/cells/q3_revenue:shared/formula/opNonedivide
/operating_model/cells/q3_revenue:shared/formula/refs/0Noneq3_revenue_sum
/operating_model/cells/q3_revenue:shared/formula/refs/1Nonetwo
/operating_model/cells/q3_revenue:shared/idNoneq3_revenue
/operating_model/cells/q3_revenue:shared/kindNonederived
/operating_model/cells/q3_revenue:shared/labelNoneQ3 revenue midpoint
/operating_model/cells/q3_revenue:shared/periodNone2026Q3
/operating_model/cells/q3_revenue:shared/unitNoneUSD_millions
/operating_model/cells/q3_revenue:shared/valueNone1720.0
/operating_model/cells/q3_revenue_high:shared/basisNoneCompany guidance; not a desk forecast.
/operating_model/cells/q3_revenue_high:shared/caseNoneshared
/operating_model/cells/q3_revenue_high:shared/idNoneq3_revenue_high
/operating_model/cells/q3_revenue_high:shared/kindNonemanagement_guidance
/operating_model/cells/q3_revenue_high:shared/labelNoneQ3 revenue high
/operating_model/cells/q3_revenue_high:shared/periodNone2026Q3
/operating_model/cells/q3_revenue_high:shared/source_dateNone2026-08-03
/operating_model/cells/q3_revenue_high:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1564408/000156440826000047/q22026preparedremarks.htm
/operating_model/cells/q3_revenue_high:shared/unitNoneUSD_millions
/operating_model/cells/q3_revenue_high:shared/valueNone1740.0
/operating_model/cells/q3_revenue_low:shared/basisNoneCompany guidance; not a desk forecast.
/operating_model/cells/q3_revenue_low:shared/caseNoneshared
/operating_model/cells/q3_revenue_low:shared/idNoneq3_revenue_low
/operating_model/cells/q3_revenue_low:shared/kindNonemanagement_guidance
/operating_model/cells/q3_revenue_low:shared/labelNoneQ3 revenue low
/operating_model/cells/q3_revenue_low:shared/periodNone2026Q3
/operating_model/cells/q3_revenue_low:shared/source_dateNone2026-08-03
/operating_model/cells/q3_revenue_low:shared/source_urlNonehttps://www.sec.gov/Archives/edgar/data/1564408/000156440826000047/q22026preparedremarks.htm
/operating_model/cells/q3_revenue_low:shared/unitNoneUSD_millions
/operating_model/cells/q3_revenue_low:shared/valueNone1700.0
/operating_model/cells/q3_revenue_sum:shared/basisNoneArithmetic intermediate.
/operating_model/cells/q3_revenue_sum:shared/caseNoneshared
/operating_model/cells/q3_revenue_sum:shared/formula/opNonesum
/operating_model/cells/q3_revenue_sum:shared/formula/refs/0Noneq3_revenue_low
/operating_model/cells/q3_revenue_sum:shared/formula/refs/1Noneq3_revenue_high
/operating_model/cells/q3_revenue_sum:shared/idNoneq3_revenue_sum
/operating_model/cells/q3_revenue_sum:shared/kindNonederived
/operating_model/cells/q3_revenue_sum:shared/labelNoneQ3 revenue endpoint sum
/operating_model/cells/q3_revenue_sum:shared/periodNone2026Q3
/operating_model/cells/q3_revenue_sum:shared/unitNoneUSD_millions
/operating_model/cells/q3_revenue_sum:shared/valueNone3440.0
/operating_model/cells/two:shared/basisNoneArithmetic constant.
/operating_model/cells/two:shared/caseNoneshared
/operating_model/cells/two:shared/idNonetwo
/operating_model/cells/two:shared/kindNoneassumption
/operating_model/cells/two:shared/labelNoneMidpoint divisor
/operating_model/cells/two:shared/periodNoneModel
/operating_model/cells/two:shared/unitNoneratio
/operating_model/cells/two:shared/valueNone2.0
/operating_model/cells/upside_2026q3_ad_revenue:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2026q3_ad_revenue:upside/caseNoneupside
/operating_model/cells/upside_2026q3_ad_revenue:upside/idNoneupside_2026q3_ad_revenue
/operating_model/cells/upside_2026q3_ad_revenue:upside/kindNoneassumption
/operating_model/cells/upside_2026q3_ad_revenue:upside/labelNoneAdvertising revenue
/operating_model/cells/upside_2026q3_ad_revenue:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_ad_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_ad_revenue:upside/valueNone1405.0
/operating_model/cells/upside_2026q3_adj_cogs:upside/basisNoneNo second hardware cost assumption added outside this consolidated cost scenario.
/operating_model/cells/upside_2026q3_adj_cogs:upside/caseNoneupside
/operating_model/cells/upside_2026q3_adj_cogs:upside/formula/opNonesum
/operating_model/cells/upside_2026q3_adj_cogs:upside/formula/refs/0Noneupside_2026q3_infrastructure
/operating_model/cells/upside_2026q3_adj_cogs:upside/formula/refs/1Noneupside_2026q3_other_cogs
/operating_model/cells/upside_2026q3_adj_cogs:upside/idNoneupside_2026q3_adj_cogs
/operating_model/cells/upside_2026q3_adj_cogs:upside/kindNonederived
/operating_model/cells/upside_2026q3_adj_cogs:upside/labelNoneAdjusted cost of revenue
/operating_model/cells/upside_2026q3_adj_cogs:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_adj_cogs:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_adj_cogs:upside/valueNone719.8
/operating_model/cells/upside_2026q3_adj_ebitda:upside/basisNoneSpecs is consolidated and already in the expense budget.
/operating_model/cells/upside_2026q3_adj_ebitda:upside/caseNoneupside
/operating_model/cells/upside_2026q3_adj_ebitda:upside/formula/opNonesubtract
/operating_model/cells/upside_2026q3_adj_ebitda:upside/formula/refs/0Noneupside_2026q3_adj_gross_profit
/operating_model/cells/upside_2026q3_adj_ebitda:upside/formula/refs/1Noneupside_2026q3_cash_opex
/operating_model/cells/upside_2026q3_adj_ebitda:upside/idNoneupside_2026q3_adj_ebitda
/operating_model/cells/upside_2026q3_adj_ebitda:upside/kindNonederived
/operating_model/cells/upside_2026q3_adj_ebitda:upside/labelNoneAdjusted EBITDA proxy
/operating_model/cells/upside_2026q3_adj_ebitda:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_adj_ebitda:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_adj_ebitda:upside/valueNone355.20000000000005
/operating_model/cells/upside_2026q3_adj_gross_profit:upside/basisNoneBefore allocated equity compensation and depreciation.
/operating_model/cells/upside_2026q3_adj_gross_profit:upside/caseNoneupside
/operating_model/cells/upside_2026q3_adj_gross_profit:upside/formula/opNonesubtract
/operating_model/cells/upside_2026q3_adj_gross_profit:upside/formula/refs/0Noneupside_2026q3_revenue
/operating_model/cells/upside_2026q3_adj_gross_profit:upside/formula/refs/1Noneupside_2026q3_adj_cogs
/operating_model/cells/upside_2026q3_adj_gross_profit:upside/idNoneupside_2026q3_adj_gross_profit
/operating_model/cells/upside_2026q3_adj_gross_profit:upside/kindNonederived
/operating_model/cells/upside_2026q3_adj_gross_profit:upside/labelNoneAdjusted gross profit
/operating_model/cells/upside_2026q3_adj_gross_profit:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_adj_gross_profit:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_adj_gross_profit:upside/valueNone1035.2
/operating_model/cells/upside_2026q3_buybacks:upside/basisNoneDesk capital-allocation assumption; no guarantee shares outstanding decline and no commitment to a 2027 program.
/operating_model/cells/upside_2026q3_buybacks:upside/caseNoneupside
/operating_model/cells/upside_2026q3_buybacks:upside/idNoneupside_2026q3_buybacks
/operating_model/cells/upside_2026q3_buybacks:upside/kindNoneassumption
/operating_model/cells/upside_2026q3_buybacks:upside/labelNoneShare repurchases including tax
/operating_model/cells/upside_2026q3_buybacks:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_buybacks:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_buybacks:upside/valueNone250.0
/operating_model/cells/upside_2026q3_capex:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2026q3_capex:upside/caseNoneupside
/operating_model/cells/upside_2026q3_capex:upside/idNoneupside_2026q3_capex
/operating_model/cells/upside_2026q3_capex:upside/kindNoneassumption
/operating_model/cells/upside_2026q3_capex:upside/labelNoneCash PP&E
/operating_model/cells/upside_2026q3_capex:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_capex:upside/valueNone55.0
/operating_model/cells/upside_2026q3_capital_uses:upside/basisNoneFinancing uses, not operating expenses.
/operating_model/cells/upside_2026q3_capital_uses:upside/caseNoneupside
/operating_model/cells/upside_2026q3_capital_uses:upside/formula/opNonesum
/operating_model/cells/upside_2026q3_capital_uses:upside/formula/refs/0Noneupside_2026q3_buybacks
/operating_model/cells/upside_2026q3_capital_uses:upside/formula/refs/1Noneupside_2026q3_debt_principal
/operating_model/cells/upside_2026q3_capital_uses:upside/idNoneupside_2026q3_capital_uses
/operating_model/cells/upside_2026q3_capital_uses:upside/kindNonederived
/operating_model/cells/upside_2026q3_capital_uses:upside/labelNoneRepurchases and principal
/operating_model/cells/upside_2026q3_capital_uses:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_capital_uses:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_capital_uses:upside/valueNone297.013
/operating_model/cells/upside_2026q3_cash_after_claims:upside/basisNoneBefore acquisitions and strategic investments.
/operating_model/cells/upside_2026q3_cash_after_claims:upside/caseNoneupside
/operating_model/cells/upside_2026q3_cash_after_claims:upside/formula/opNonesubtract
/operating_model/cells/upside_2026q3_cash_after_claims:upside/formula/refs/0Noneupside_2026q3_fcf
/operating_model/cells/upside_2026q3_cash_after_claims:upside/formula/refs/1Noneupside_2026q3_capital_uses
/operating_model/cells/upside_2026q3_cash_after_claims:upside/idNoneupside_2026q3_cash_after_claims
/operating_model/cells/upside_2026q3_cash_after_claims:upside/kindNonederived
/operating_model/cells/upside_2026q3_cash_after_claims:upside/labelNoneCash after repurchases and note principal
/operating_model/cells/upside_2026q3_cash_after_claims:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_cash_after_claims:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_cash_after_claims:upside/valueNone-80.81299999999993
/operating_model/cells/upside_2026q3_cash_opex:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2026q3_cash_opex:upside/caseNoneupside
/operating_model/cells/upside_2026q3_cash_opex:upside/idNoneupside_2026q3_cash_opex
/operating_model/cells/upside_2026q3_cash_opex:upside/kindNoneassumption
/operating_model/cells/upside_2026q3_cash_opex:upside/labelNoneAdjusted operating expense including Specs
/operating_model/cells/upside_2026q3_cash_opex:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_cash_opex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_cash_opex:upside/valueNone680.0
/operating_model/cells/upside_2026q3_cash_tax:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2026q3_cash_tax:upside/caseNoneupside
/operating_model/cells/upside_2026q3_cash_tax:upside/idNoneupside_2026q3_cash_tax
/operating_model/cells/upside_2026q3_cash_tax:upside/kindNoneassumption
/operating_model/cells/upside_2026q3_cash_tax:upside/labelNoneCash income tax
/operating_model/cells/upside_2026q3_cash_tax:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_cash_tax:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_cash_tax:upside/valueNone15.0
/operating_model/cells/upside_2026q3_cash_uses:upside/basisNoneEquity-award payroll tax consumes cash although excluded from adjusted EBITDA.
/operating_model/cells/upside_2026q3_cash_uses:upside/caseNoneupside
/operating_model/cells/upside_2026q3_cash_uses:upside/formula/opNonesum
/operating_model/cells/upside_2026q3_cash_uses:upside/formula/refs/0Noneupside_2026q3_sbc_payroll
/operating_model/cells/upside_2026q3_cash_uses:upside/formula/refs/1Noneupside_2026q3_net_cash_interest
/operating_model/cells/upside_2026q3_cash_uses:upside/formula/refs/2Noneupside_2026q3_cash_tax
/operating_model/cells/upside_2026q3_cash_uses:upside/formula/refs/3Noneupside_2026q3_wc_use
/operating_model/cells/upside_2026q3_cash_uses:upside/idNoneupside_2026q3_cash_uses
/operating_model/cells/upside_2026q3_cash_uses:upside/kindNonederived
/operating_model/cells/upside_2026q3_cash_uses:upside/labelNoneCash operating adjustments
/operating_model/cells/upside_2026q3_cash_uses:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_cash_uses:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_cash_uses:upside/valueNone84.0
/operating_model/cells/upside_2026q3_cfo:upside/basisNoneWorking-capital timing is separate from accounting earnings.
/operating_model/cells/upside_2026q3_cfo:upside/caseNoneupside
/operating_model/cells/upside_2026q3_cfo:upside/formula/opNonesubtract
/operating_model/cells/upside_2026q3_cfo:upside/formula/refs/0Noneupside_2026q3_adj_ebitda
/operating_model/cells/upside_2026q3_cfo:upside/formula/refs/1Noneupside_2026q3_cash_uses
/operating_model/cells/upside_2026q3_cfo:upside/idNoneupside_2026q3_cfo
/operating_model/cells/upside_2026q3_cfo:upside/kindNonederived
/operating_model/cells/upside_2026q3_cfo:upside/labelNoneOperating cash flow proxy
/operating_model/cells/upside_2026q3_cfo:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_cfo:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_cfo:upside/valueNone271.20000000000005
/operating_model/cells/upside_2026q3_cogs_adjustments:upside/basisNoneThese are allocations of total expense included in the operating-income bridge.
/operating_model/cells/upside_2026q3_cogs_adjustments:upside/caseNoneupside
/operating_model/cells/upside_2026q3_cogs_adjustments:upside/formula/opNonesum
/operating_model/cells/upside_2026q3_cogs_adjustments:upside/formula/refs/0Noneupside_2026q3_cogs_sbc
/operating_model/cells/upside_2026q3_cogs_adjustments:upside/formula/refs/1Noneupside_2026q3_cogs_da
/operating_model/cells/upside_2026q3_cogs_adjustments:upside/idNoneupside_2026q3_cogs_adjustments
/operating_model/cells/upside_2026q3_cogs_adjustments:upside/kindNonederived
/operating_model/cells/upside_2026q3_cogs_adjustments:upside/labelNoneCOGS noncash and payroll adjustments
/operating_model/cells/upside_2026q3_cogs_adjustments:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_cogs_adjustments:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_cogs_adjustments:upside/valueNone14.0
/operating_model/cells/upside_2026q3_cogs_da:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2026q3_cogs_da:upside/caseNoneupside
/operating_model/cells/upside_2026q3_cogs_da:upside/idNoneupside_2026q3_cogs_da
/operating_model/cells/upside_2026q3_cogs_da:upside/kindNoneassumption
/operating_model/cells/upside_2026q3_cogs_da:upside/labelNoneCOGS D&A
/operating_model/cells/upside_2026q3_cogs_da:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_cogs_da:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_cogs_da:upside/valueNone3.0
/operating_model/cells/upside_2026q3_cogs_sbc:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2026q3_cogs_sbc:upside/caseNoneupside
/operating_model/cells/upside_2026q3_cogs_sbc:upside/idNoneupside_2026q3_cogs_sbc
/operating_model/cells/upside_2026q3_cogs_sbc:upside/kindNoneassumption
/operating_model/cells/upside_2026q3_cogs_sbc:upside/labelNoneCOGS SBC and related payroll
/operating_model/cells/upside_2026q3_cogs_sbc:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_cogs_sbc:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_cogs_sbc:upside/valueNone11.0
/operating_model/cells/upside_2026q3_da:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2026q3_da:upside/caseNoneupside
/operating_model/cells/upside_2026q3_da:upside/idNoneupside_2026q3_da
/operating_model/cells/upside_2026q3_da:upside/kindNoneassumption
/operating_model/cells/upside_2026q3_da:upside/labelNoneTotal D&A
/operating_model/cells/upside_2026q3_da:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_da:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_da:upside/valueNone48.0
/operating_model/cells/upside_2026q3_debt_principal:upside/basisNoneOther debt maturities fall beyond FY2027.
/operating_model/cells/upside_2026q3_debt_principal:upside/caseNoneupside
/operating_model/cells/upside_2026q3_debt_principal:upside/formula/opNonesum
/operating_model/cells/upside_2026q3_debt_principal:upside/formula/refs/0Noneupside_2026q3_repay_2026
/operating_model/cells/upside_2026q3_debt_principal:upside/formula/refs/1Noneupside_2026q3_repay_2027
/operating_model/cells/upside_2026q3_debt_principal:upside/idNoneupside_2026q3_debt_principal
/operating_model/cells/upside_2026q3_debt_principal:upside/kindNonederived
/operating_model/cells/upside_2026q3_debt_principal:upside/labelNoneScheduled note principal
/operating_model/cells/upside_2026q3_debt_principal:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_debt_principal:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_debt_principal:upside/valueNone47.013
/operating_model/cells/upside_2026q3_fcf:upside/basisNoneBefore discretionary repurchases.
/operating_model/cells/upside_2026q3_fcf:upside/caseNoneupside
/operating_model/cells/upside_2026q3_fcf:upside/formula/opNonesubtract
/operating_model/cells/upside_2026q3_fcf:upside/formula/refs/0Noneupside_2026q3_cfo
/operating_model/cells/upside_2026q3_fcf:upside/formula/refs/1Noneupside_2026q3_capex
/operating_model/cells/upside_2026q3_fcf:upside/idNoneupside_2026q3_fcf
/operating_model/cells/upside_2026q3_fcf:upside/kindNonederived
/operating_model/cells/upside_2026q3_fcf:upside/labelNoneCFO less PP&E
/operating_model/cells/upside_2026q3_fcf:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_fcf:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_fcf:upside/valueNone216.20000000000005
/operating_model/cells/upside_2026q3_gaap_adjustments:upside/basisNoneNo double deduction of restructuring SBC or asset depreciation.
/operating_model/cells/upside_2026q3_gaap_adjustments:upside/caseNoneupside
/operating_model/cells/upside_2026q3_gaap_adjustments:upside/formula/opNonesum
/operating_model/cells/upside_2026q3_gaap_adjustments:upside/formula/refs/0Noneupside_2026q3_sbc
/operating_model/cells/upside_2026q3_gaap_adjustments:upside/formula/refs/1Noneupside_2026q3_sbc_payroll
/operating_model/cells/upside_2026q3_gaap_adjustments:upside/formula/refs/2Noneupside_2026q3_da
/operating_model/cells/upside_2026q3_gaap_adjustments:upside/formula/refs/3Noneupside_2026q3_incremental_restructuring
/operating_model/cells/upside_2026q3_gaap_adjustments:upside/idNoneupside_2026q3_gaap_adjustments
/operating_model/cells/upside_2026q3_gaap_adjustments:upside/kindNonederived
/operating_model/cells/upside_2026q3_gaap_adjustments:upside/labelNoneSBC payroll D&A and restructuring
/operating_model/cells/upside_2026q3_gaap_adjustments:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_gaap_adjustments:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_gaap_adjustments:upside/valueNone327.3855
/operating_model/cells/upside_2026q3_gross_profit:upside/basisNoneNo new COGS restructuring charge assumed.
/operating_model/cells/upside_2026q3_gross_profit:upside/caseNoneupside
/operating_model/cells/upside_2026q3_gross_profit:upside/formula/opNonesubtract
/operating_model/cells/upside_2026q3_gross_profit:upside/formula/refs/0Noneupside_2026q3_adj_gross_profit
/operating_model/cells/upside_2026q3_gross_profit:upside/formula/refs/1Noneupside_2026q3_cogs_adjustments
/operating_model/cells/upside_2026q3_gross_profit:upside/idNoneupside_2026q3_gross_profit
/operating_model/cells/upside_2026q3_gross_profit:upside/kindNonederived
/operating_model/cells/upside_2026q3_gross_profit:upside/labelNoneGAAP gross profit proxy
/operating_model/cells/upside_2026q3_gross_profit:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_gross_profit:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_gross_profit:upside/valueNone1021.2
/operating_model/cells/upside_2026q3_incremental_restructuring:upside/basisNoneRemaining April-plan charges/liabilities were immaterial at June 30; no repeat of full H1 charge.
/operating_model/cells/upside_2026q3_incremental_restructuring:upside/caseNoneupside
/operating_model/cells/upside_2026q3_incremental_restructuring:upside/idNoneupside_2026q3_incremental_restructuring
/operating_model/cells/upside_2026q3_incremental_restructuring:upside/kindNoneassumption
/operating_model/cells/upside_2026q3_incremental_restructuring:upside/labelNoneRestructuring excluding SBC/D&A counted above
/operating_model/cells/upside_2026q3_incremental_restructuring:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_incremental_restructuring:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_incremental_restructuring:upside/valueNone0.0
/operating_model/cells/upside_2026q3_infrastructure:upside/basisNoneHosting and related operating expense, not company-owned capex. Base H2 reconciles to FY2026 midpoint after H1.
/operating_model/cells/upside_2026q3_infrastructure:upside/caseNoneupside
/operating_model/cells/upside_2026q3_infrastructure:upside/idNoneupside_2026q3_infrastructure
/operating_model/cells/upside_2026q3_infrastructure:upside/kindNoneassumption
/operating_model/cells/upside_2026q3_infrastructure:upside/labelNoneInfrastructure service costs
/operating_model/cells/upside_2026q3_infrastructure:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_infrastructure:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_infrastructure:upside/valueNone439.0
/operating_model/cells/upside_2026q3_net_cash_interest:upside/basisNoneDesk net interest includes debt coupons and investment yield; not noncash issuance-cost amortization.
/operating_model/cells/upside_2026q3_net_cash_interest:upside/caseNoneupside
/operating_model/cells/upside_2026q3_net_cash_interest:upside/idNoneupside_2026q3_net_cash_interest
/operating_model/cells/upside_2026q3_net_cash_interest:upside/kindNoneassumption
/operating_model/cells/upside_2026q3_net_cash_interest:upside/labelNoneCash debt interest less investment income
/operating_model/cells/upside_2026q3_net_cash_interest:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_net_cash_interest:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_net_cash_interest:upside/valueNone18.0
/operating_model/cells/upside_2026q3_notes26_weight:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2026q3_notes26_weight:upside/caseNoneupside
/operating_model/cells/upside_2026q3_notes26_weight:upside/idNoneupside_2026q3_notes26_weight
/operating_model/cells/upside_2026q3_notes26_weight:upside/kindNoneassumption
/operating_model/cells/upside_2026q3_notes26_weight:upside/labelNone2026 principal timing
/operating_model/cells/upside_2026q3_notes26_weight:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_notes26_weight:upside/unitNoneratio
/operating_model/cells/upside_2026q3_notes26_weight:upside/valueNone1.0
/operating_model/cells/upside_2026q3_notes27_weight:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2026q3_notes27_weight:upside/caseNoneupside
/operating_model/cells/upside_2026q3_notes27_weight:upside/idNoneupside_2026q3_notes27_weight
/operating_model/cells/upside_2026q3_notes27_weight:upside/kindNoneassumption
/operating_model/cells/upside_2026q3_notes27_weight:upside/labelNone2027 principal timing
/operating_model/cells/upside_2026q3_notes27_weight:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_notes27_weight:upside/unitNoneratio
/operating_model/cells/upside_2026q3_notes27_weight:upside/valueNone0.0
/operating_model/cells/upside_2026q3_operating_income:upside/basisNoneNo new impairment or unannounced restructuring.
/operating_model/cells/upside_2026q3_operating_income:upside/caseNoneupside
/operating_model/cells/upside_2026q3_operating_income:upside/formula/opNonesubtract
/operating_model/cells/upside_2026q3_operating_income:upside/formula/refs/0Noneupside_2026q3_adj_ebitda
/operating_model/cells/upside_2026q3_operating_income:upside/formula/refs/1Noneupside_2026q3_gaap_adjustments
/operating_model/cells/upside_2026q3_operating_income:upside/idNoneupside_2026q3_operating_income
/operating_model/cells/upside_2026q3_operating_income:upside/kindNonederived
/operating_model/cells/upside_2026q3_operating_income:upside/labelNoneGAAP operating income proxy
/operating_model/cells/upside_2026q3_operating_income:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_operating_income:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_operating_income:upside/valueNone27.814500000000066
/operating_model/cells/upside_2026q3_other_cogs:upside/basisNoneContent and partner costs; scenario broadly follows management 16%-17% FY2026 range.
/operating_model/cells/upside_2026q3_other_cogs:upside/caseNoneupside
/operating_model/cells/upside_2026q3_other_cogs:upside/formula/opNonemultiply
/operating_model/cells/upside_2026q3_other_cogs:upside/formula/refs/0Noneupside_2026q3_revenue
/operating_model/cells/upside_2026q3_other_cogs:upside/formula/refs/1Noneupside_2026q3_other_cogs_ratio
/operating_model/cells/upside_2026q3_other_cogs:upside/idNoneupside_2026q3_other_cogs
/operating_model/cells/upside_2026q3_other_cogs:upside/kindNonederived
/operating_model/cells/upside_2026q3_other_cogs:upside/labelNoneOther cost of revenue
/operating_model/cells/upside_2026q3_other_cogs:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_other_cogs:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_other_cogs:upside/valueNone280.8
/operating_model/cells/upside_2026q3_other_cogs_ratio:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2026q3_other_cogs_ratio:upside/caseNoneupside
/operating_model/cells/upside_2026q3_other_cogs_ratio:upside/idNoneupside_2026q3_other_cogs_ratio
/operating_model/cells/upside_2026q3_other_cogs_ratio:upside/kindNoneassumption
/operating_model/cells/upside_2026q3_other_cogs_ratio:upside/labelNoneOther cost of revenue / revenue
/operating_model/cells/upside_2026q3_other_cogs_ratio:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_other_cogs_ratio:upside/unitNoneratio
/operating_model/cells/upside_2026q3_other_cogs_ratio:upside/valueNone0.16
/operating_model/cells/upside_2026q3_other_revenue:upside/basisNoneSubscriptions and other products in one perimeter; no separately added SPECS preorder/deposit revenue.
/operating_model/cells/upside_2026q3_other_revenue:upside/caseNoneupside
/operating_model/cells/upside_2026q3_other_revenue:upside/idNoneupside_2026q3_other_revenue
/operating_model/cells/upside_2026q3_other_revenue:upside/kindNoneassumption
/operating_model/cells/upside_2026q3_other_revenue:upside/labelNoneOther product revenue
/operating_model/cells/upside_2026q3_other_revenue:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_other_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_other_revenue:upside/valueNone350.0
/operating_model/cells/upside_2026q3_repay_2026:upside/basisNoneAugust 1 repayment follows June balance sheet and is described in the subsequent event/remarks.
/operating_model/cells/upside_2026q3_repay_2026:upside/caseNoneupside
/operating_model/cells/upside_2026q3_repay_2026:upside/formula/opNonemultiply
/operating_model/cells/upside_2026q3_repay_2026:upside/formula/refs/0Nonenotes_2026
/operating_model/cells/upside_2026q3_repay_2026:upside/formula/refs/1Noneupside_2026q3_notes26_weight
/operating_model/cells/upside_2026q3_repay_2026:upside/idNoneupside_2026q3_repay_2026
/operating_model/cells/upside_2026q3_repay_2026:upside/kindNonederived
/operating_model/cells/upside_2026q3_repay_2026:upside/labelNoneAugust 2026 note principal
/operating_model/cells/upside_2026q3_repay_2026:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_repay_2026:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_repay_2026:upside/valueNone47.013
/operating_model/cells/upside_2026q3_repay_2027:upside/basisNoneMay 1, 2027 maturity; assumes cash settlement.
/operating_model/cells/upside_2026q3_repay_2027:upside/caseNoneupside
/operating_model/cells/upside_2026q3_repay_2027:upside/formula/opNonemultiply
/operating_model/cells/upside_2026q3_repay_2027:upside/formula/refs/0Nonenotes_2027
/operating_model/cells/upside_2026q3_repay_2027:upside/formula/refs/1Noneupside_2026q3_notes27_weight
/operating_model/cells/upside_2026q3_repay_2027:upside/idNoneupside_2026q3_repay_2027
/operating_model/cells/upside_2026q3_repay_2027:upside/kindNonederived
/operating_model/cells/upside_2026q3_repay_2027:upside/labelNoneMay 2027 note principal
/operating_model/cells/upside_2026q3_repay_2027:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_repay_2027:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_repay_2027:upside/valueNone0.0
/operating_model/cells/upside_2026q3_revenue:upside/basisNoneAdvertising plus other product revenue.
/operating_model/cells/upside_2026q3_revenue:upside/caseNoneupside
/operating_model/cells/upside_2026q3_revenue:upside/formula/opNonesum
/operating_model/cells/upside_2026q3_revenue:upside/formula/refs/0Noneupside_2026q3_ad_revenue
/operating_model/cells/upside_2026q3_revenue:upside/formula/refs/1Noneupside_2026q3_other_revenue
/operating_model/cells/upside_2026q3_revenue:upside/idNoneupside_2026q3_revenue
/operating_model/cells/upside_2026q3_revenue:upside/kindNonederived
/operating_model/cells/upside_2026q3_revenue:upside/labelNoneConsolidated revenue
/operating_model/cells/upside_2026q3_revenue:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_revenue:upside/valueNone1755.0
/operating_model/cells/upside_2026q3_sbc:upside/basisNoneH2 base preserves approximately $1.05B full-year SBC after actual H1 $513.229M; all 2027 is desk.
/operating_model/cells/upside_2026q3_sbc:upside/caseNoneupside
/operating_model/cells/upside_2026q3_sbc:upside/idNoneupside_2026q3_sbc
/operating_model/cells/upside_2026q3_sbc:upside/kindNoneassumption
/operating_model/cells/upside_2026q3_sbc:upside/labelNoneTotal equity compensation expense
/operating_model/cells/upside_2026q3_sbc:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_sbc:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_sbc:upside/valueNone268.3855
/operating_model/cells/upside_2026q3_sbc_payroll:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2026q3_sbc_payroll:upside/caseNoneupside
/operating_model/cells/upside_2026q3_sbc_payroll:upside/idNoneupside_2026q3_sbc_payroll
/operating_model/cells/upside_2026q3_sbc_payroll:upside/kindNoneassumption
/operating_model/cells/upside_2026q3_sbc_payroll:upside/labelNoneCash payroll taxes on equity awards
/operating_model/cells/upside_2026q3_sbc_payroll:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_sbc_payroll:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_sbc_payroll:upside/valueNone11.0
/operating_model/cells/upside_2026q3_wc_use:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2026q3_wc_use:upside/caseNoneupside
/operating_model/cells/upside_2026q3_wc_use:upside/idNoneupside_2026q3_wc_use
/operating_model/cells/upside_2026q3_wc_use:upside/kindNoneassumption
/operating_model/cells/upside_2026q3_wc_use:upside/labelNoneWorking capital and other cash use
/operating_model/cells/upside_2026q3_wc_use:upside/periodNone2026Q3
/operating_model/cells/upside_2026q3_wc_use:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q3_wc_use:upside/valueNone40.0
/operating_model/cells/upside_2026q4_ad_revenue:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2026q4_ad_revenue:upside/caseNoneupside
/operating_model/cells/upside_2026q4_ad_revenue:upside/idNoneupside_2026q4_ad_revenue
/operating_model/cells/upside_2026q4_ad_revenue:upside/kindNoneassumption
/operating_model/cells/upside_2026q4_ad_revenue:upside/labelNoneAdvertising revenue
/operating_model/cells/upside_2026q4_ad_revenue:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_ad_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_ad_revenue:upside/valueNone1710.0
/operating_model/cells/upside_2026q4_adj_cogs:upside/basisNoneNo second hardware cost assumption added outside this consolidated cost scenario.
/operating_model/cells/upside_2026q4_adj_cogs:upside/caseNoneupside
/operating_model/cells/upside_2026q4_adj_cogs:upside/formula/opNonesum
/operating_model/cells/upside_2026q4_adj_cogs:upside/formula/refs/0Noneupside_2026q4_infrastructure
/operating_model/cells/upside_2026q4_adj_cogs:upside/formula/refs/1Noneupside_2026q4_other_cogs
/operating_model/cells/upside_2026q4_adj_cogs:upside/idNoneupside_2026q4_adj_cogs
/operating_model/cells/upside_2026q4_adj_cogs:upside/kindNonederived
/operating_model/cells/upside_2026q4_adj_cogs:upside/labelNoneAdjusted cost of revenue
/operating_model/cells/upside_2026q4_adj_cogs:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_adj_cogs:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_adj_cogs:upside/valueNone783.6
/operating_model/cells/upside_2026q4_adj_ebitda:upside/basisNoneSpecs is consolidated and already in the expense budget.
/operating_model/cells/upside_2026q4_adj_ebitda:upside/caseNoneupside
/operating_model/cells/upside_2026q4_adj_ebitda:upside/formula/opNonesubtract
/operating_model/cells/upside_2026q4_adj_ebitda:upside/formula/refs/0Noneupside_2026q4_adj_gross_profit
/operating_model/cells/upside_2026q4_adj_ebitda:upside/formula/refs/1Noneupside_2026q4_cash_opex
/operating_model/cells/upside_2026q4_adj_ebitda:upside/idNoneupside_2026q4_adj_ebitda
/operating_model/cells/upside_2026q4_adj_ebitda:upside/kindNonederived
/operating_model/cells/upside_2026q4_adj_ebitda:upside/labelNoneAdjusted EBITDA proxy
/operating_model/cells/upside_2026q4_adj_ebitda:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_adj_ebitda:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_adj_ebitda:upside/valueNone596.4000000000001
/operating_model/cells/upside_2026q4_adj_gross_profit:upside/basisNoneBefore allocated equity compensation and depreciation.
/operating_model/cells/upside_2026q4_adj_gross_profit:upside/caseNoneupside
/operating_model/cells/upside_2026q4_adj_gross_profit:upside/formula/opNonesubtract
/operating_model/cells/upside_2026q4_adj_gross_profit:upside/formula/refs/0Noneupside_2026q4_revenue
/operating_model/cells/upside_2026q4_adj_gross_profit:upside/formula/refs/1Noneupside_2026q4_adj_cogs
/operating_model/cells/upside_2026q4_adj_gross_profit:upside/idNoneupside_2026q4_adj_gross_profit
/operating_model/cells/upside_2026q4_adj_gross_profit:upside/kindNonederived
/operating_model/cells/upside_2026q4_adj_gross_profit:upside/labelNoneAdjusted gross profit
/operating_model/cells/upside_2026q4_adj_gross_profit:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_adj_gross_profit:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_adj_gross_profit:upside/valueNone1351.4
/operating_model/cells/upside_2026q4_buybacks:upside/basisNoneDesk capital-allocation assumption; no guarantee shares outstanding decline and no commitment to a 2027 program.
/operating_model/cells/upside_2026q4_buybacks:upside/caseNoneupside
/operating_model/cells/upside_2026q4_buybacks:upside/idNoneupside_2026q4_buybacks
/operating_model/cells/upside_2026q4_buybacks:upside/kindNoneassumption
/operating_model/cells/upside_2026q4_buybacks:upside/labelNoneShare repurchases including tax
/operating_model/cells/upside_2026q4_buybacks:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_buybacks:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_buybacks:upside/valueNone250.0
/operating_model/cells/upside_2026q4_capex:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2026q4_capex:upside/caseNoneupside
/operating_model/cells/upside_2026q4_capex:upside/idNoneupside_2026q4_capex
/operating_model/cells/upside_2026q4_capex:upside/kindNoneassumption
/operating_model/cells/upside_2026q4_capex:upside/labelNoneCash PP&E
/operating_model/cells/upside_2026q4_capex:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_capex:upside/valueNone59.0
/operating_model/cells/upside_2026q4_capital_uses:upside/basisNoneFinancing uses, not operating expenses.
/operating_model/cells/upside_2026q4_capital_uses:upside/caseNoneupside
/operating_model/cells/upside_2026q4_capital_uses:upside/formula/opNonesum
/operating_model/cells/upside_2026q4_capital_uses:upside/formula/refs/0Noneupside_2026q4_buybacks
/operating_model/cells/upside_2026q4_capital_uses:upside/formula/refs/1Noneupside_2026q4_debt_principal
/operating_model/cells/upside_2026q4_capital_uses:upside/idNoneupside_2026q4_capital_uses
/operating_model/cells/upside_2026q4_capital_uses:upside/kindNonederived
/operating_model/cells/upside_2026q4_capital_uses:upside/labelNoneRepurchases and principal
/operating_model/cells/upside_2026q4_capital_uses:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_capital_uses:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_capital_uses:upside/valueNone250.0
/operating_model/cells/upside_2026q4_cash_after_claims:upside/basisNoneBefore acquisitions and strategic investments.
/operating_model/cells/upside_2026q4_cash_after_claims:upside/caseNoneupside
/operating_model/cells/upside_2026q4_cash_after_claims:upside/formula/opNonesubtract
/operating_model/cells/upside_2026q4_cash_after_claims:upside/formula/refs/0Noneupside_2026q4_fcf
/operating_model/cells/upside_2026q4_cash_after_claims:upside/formula/refs/1Noneupside_2026q4_capital_uses
/operating_model/cells/upside_2026q4_cash_after_claims:upside/idNoneupside_2026q4_cash_after_claims
/operating_model/cells/upside_2026q4_cash_after_claims:upside/kindNonederived
/operating_model/cells/upside_2026q4_cash_after_claims:upside/labelNoneCash after repurchases and note principal
/operating_model/cells/upside_2026q4_cash_after_claims:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_cash_after_claims:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_cash_after_claims:upside/valueNone309.4000000000001
/operating_model/cells/upside_2026q4_cash_opex:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2026q4_cash_opex:upside/caseNoneupside
/operating_model/cells/upside_2026q4_cash_opex:upside/idNoneupside_2026q4_cash_opex
/operating_model/cells/upside_2026q4_cash_opex:upside/kindNoneassumption
/operating_model/cells/upside_2026q4_cash_opex:upside/labelNoneAdjusted operating expense including Specs
/operating_model/cells/upside_2026q4_cash_opex:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_cash_opex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_cash_opex:upside/valueNone755.0
/operating_model/cells/upside_2026q4_cash_tax:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2026q4_cash_tax:upside/caseNoneupside
/operating_model/cells/upside_2026q4_cash_tax:upside/idNoneupside_2026q4_cash_tax
/operating_model/cells/upside_2026q4_cash_tax:upside/kindNoneassumption
/operating_model/cells/upside_2026q4_cash_tax:upside/labelNoneCash income tax
/operating_model/cells/upside_2026q4_cash_tax:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_cash_tax:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_cash_tax:upside/valueNone17.0
/operating_model/cells/upside_2026q4_cash_uses:upside/basisNoneEquity-award payroll tax consumes cash although excluded from adjusted EBITDA.
/operating_model/cells/upside_2026q4_cash_uses:upside/caseNoneupside
/operating_model/cells/upside_2026q4_cash_uses:upside/formula/opNonesum
/operating_model/cells/upside_2026q4_cash_uses:upside/formula/refs/0Noneupside_2026q4_sbc_payroll
/operating_model/cells/upside_2026q4_cash_uses:upside/formula/refs/1Noneupside_2026q4_net_cash_interest
/operating_model/cells/upside_2026q4_cash_uses:upside/formula/refs/2Noneupside_2026q4_cash_tax
/operating_model/cells/upside_2026q4_cash_uses:upside/formula/refs/3Noneupside_2026q4_wc_use
/operating_model/cells/upside_2026q4_cash_uses:upside/idNoneupside_2026q4_cash_uses
/operating_model/cells/upside_2026q4_cash_uses:upside/kindNonederived
/operating_model/cells/upside_2026q4_cash_uses:upside/labelNoneCash operating adjustments
/operating_model/cells/upside_2026q4_cash_uses:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_cash_uses:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_cash_uses:upside/valueNone-22.0
/operating_model/cells/upside_2026q4_cfo:upside/basisNoneWorking-capital timing is separate from accounting earnings.
/operating_model/cells/upside_2026q4_cfo:upside/caseNoneupside
/operating_model/cells/upside_2026q4_cfo:upside/formula/opNonesubtract
/operating_model/cells/upside_2026q4_cfo:upside/formula/refs/0Noneupside_2026q4_adj_ebitda
/operating_model/cells/upside_2026q4_cfo:upside/formula/refs/1Noneupside_2026q4_cash_uses
/operating_model/cells/upside_2026q4_cfo:upside/idNoneupside_2026q4_cfo
/operating_model/cells/upside_2026q4_cfo:upside/kindNonederived
/operating_model/cells/upside_2026q4_cfo:upside/labelNoneOperating cash flow proxy
/operating_model/cells/upside_2026q4_cfo:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_cfo:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_cfo:upside/valueNone618.4000000000001
/operating_model/cells/upside_2026q4_cogs_adjustments:upside/basisNoneThese are allocations of total expense included in the operating-income bridge.
/operating_model/cells/upside_2026q4_cogs_adjustments:upside/caseNoneupside
/operating_model/cells/upside_2026q4_cogs_adjustments:upside/formula/opNonesum
/operating_model/cells/upside_2026q4_cogs_adjustments:upside/formula/refs/0Noneupside_2026q4_cogs_sbc
/operating_model/cells/upside_2026q4_cogs_adjustments:upside/formula/refs/1Noneupside_2026q4_cogs_da
/operating_model/cells/upside_2026q4_cogs_adjustments:upside/idNoneupside_2026q4_cogs_adjustments
/operating_model/cells/upside_2026q4_cogs_adjustments:upside/kindNonederived
/operating_model/cells/upside_2026q4_cogs_adjustments:upside/labelNoneCOGS noncash and payroll adjustments
/operating_model/cells/upside_2026q4_cogs_adjustments:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_cogs_adjustments:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_cogs_adjustments:upside/valueNone14.7
/operating_model/cells/upside_2026q4_cogs_da:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2026q4_cogs_da:upside/caseNoneupside
/operating_model/cells/upside_2026q4_cogs_da:upside/idNoneupside_2026q4_cogs_da
/operating_model/cells/upside_2026q4_cogs_da:upside/kindNoneassumption
/operating_model/cells/upside_2026q4_cogs_da:upside/labelNoneCOGS D&A
/operating_model/cells/upside_2026q4_cogs_da:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_cogs_da:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_cogs_da:upside/valueNone3.2
/operating_model/cells/upside_2026q4_cogs_sbc:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2026q4_cogs_sbc:upside/caseNoneupside
/operating_model/cells/upside_2026q4_cogs_sbc:upside/idNoneupside_2026q4_cogs_sbc
/operating_model/cells/upside_2026q4_cogs_sbc:upside/kindNoneassumption
/operating_model/cells/upside_2026q4_cogs_sbc:upside/labelNoneCOGS SBC and related payroll
/operating_model/cells/upside_2026q4_cogs_sbc:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_cogs_sbc:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_cogs_sbc:upside/valueNone11.5
/operating_model/cells/upside_2026q4_da:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2026q4_da:upside/caseNoneupside
/operating_model/cells/upside_2026q4_da:upside/idNoneupside_2026q4_da
/operating_model/cells/upside_2026q4_da:upside/kindNoneassumption
/operating_model/cells/upside_2026q4_da:upside/labelNoneTotal D&A
/operating_model/cells/upside_2026q4_da:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_da:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_da:upside/valueNone50.0
/operating_model/cells/upside_2026q4_debt_principal:upside/basisNoneOther debt maturities fall beyond FY2027.
/operating_model/cells/upside_2026q4_debt_principal:upside/caseNoneupside
/operating_model/cells/upside_2026q4_debt_principal:upside/formula/opNonesum
/operating_model/cells/upside_2026q4_debt_principal:upside/formula/refs/0Noneupside_2026q4_repay_2026
/operating_model/cells/upside_2026q4_debt_principal:upside/formula/refs/1Noneupside_2026q4_repay_2027
/operating_model/cells/upside_2026q4_debt_principal:upside/idNoneupside_2026q4_debt_principal
/operating_model/cells/upside_2026q4_debt_principal:upside/kindNonederived
/operating_model/cells/upside_2026q4_debt_principal:upside/labelNoneScheduled note principal
/operating_model/cells/upside_2026q4_debt_principal:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_debt_principal:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_debt_principal:upside/valueNone0.0
/operating_model/cells/upside_2026q4_fcf:upside/basisNoneBefore discretionary repurchases.
/operating_model/cells/upside_2026q4_fcf:upside/caseNoneupside
/operating_model/cells/upside_2026q4_fcf:upside/formula/opNonesubtract
/operating_model/cells/upside_2026q4_fcf:upside/formula/refs/0Noneupside_2026q4_cfo
/operating_model/cells/upside_2026q4_fcf:upside/formula/refs/1Noneupside_2026q4_capex
/operating_model/cells/upside_2026q4_fcf:upside/idNoneupside_2026q4_fcf
/operating_model/cells/upside_2026q4_fcf:upside/kindNonederived
/operating_model/cells/upside_2026q4_fcf:upside/labelNoneCFO less PP&E
/operating_model/cells/upside_2026q4_fcf:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_fcf:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_fcf:upside/valueNone559.4000000000001
/operating_model/cells/upside_2026q4_gaap_adjustments:upside/basisNoneNo double deduction of restructuring SBC or asset depreciation.
/operating_model/cells/upside_2026q4_gaap_adjustments:upside/caseNoneupside
/operating_model/cells/upside_2026q4_gaap_adjustments:upside/formula/opNonesum
/operating_model/cells/upside_2026q4_gaap_adjustments:upside/formula/refs/0Noneupside_2026q4_sbc
/operating_model/cells/upside_2026q4_gaap_adjustments:upside/formula/refs/1Noneupside_2026q4_sbc_payroll
/operating_model/cells/upside_2026q4_gaap_adjustments:upside/formula/refs/2Noneupside_2026q4_da
/operating_model/cells/upside_2026q4_gaap_adjustments:upside/formula/refs/3Noneupside_2026q4_incremental_restructuring
/operating_model/cells/upside_2026q4_gaap_adjustments:upside/idNoneupside_2026q4_gaap_adjustments
/operating_model/cells/upside_2026q4_gaap_adjustments:upside/kindNonederived
/operating_model/cells/upside_2026q4_gaap_adjustments:upside/labelNoneSBC payroll D&A and restructuring
/operating_model/cells/upside_2026q4_gaap_adjustments:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_gaap_adjustments:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_gaap_adjustments:upside/valueNone329.3855
/operating_model/cells/upside_2026q4_gross_profit:upside/basisNoneNo new COGS restructuring charge assumed.
/operating_model/cells/upside_2026q4_gross_profit:upside/caseNoneupside
/operating_model/cells/upside_2026q4_gross_profit:upside/formula/opNonesubtract
/operating_model/cells/upside_2026q4_gross_profit:upside/formula/refs/0Noneupside_2026q4_adj_gross_profit
/operating_model/cells/upside_2026q4_gross_profit:upside/formula/refs/1Noneupside_2026q4_cogs_adjustments
/operating_model/cells/upside_2026q4_gross_profit:upside/idNoneupside_2026q4_gross_profit
/operating_model/cells/upside_2026q4_gross_profit:upside/kindNonederived
/operating_model/cells/upside_2026q4_gross_profit:upside/labelNoneGAAP gross profit proxy
/operating_model/cells/upside_2026q4_gross_profit:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_gross_profit:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_gross_profit:upside/valueNone1336.7
/operating_model/cells/upside_2026q4_incremental_restructuring:upside/basisNoneRemaining April-plan charges/liabilities were immaterial at June 30; no repeat of full H1 charge.
/operating_model/cells/upside_2026q4_incremental_restructuring:upside/caseNoneupside
/operating_model/cells/upside_2026q4_incremental_restructuring:upside/idNoneupside_2026q4_incremental_restructuring
/operating_model/cells/upside_2026q4_incremental_restructuring:upside/kindNoneassumption
/operating_model/cells/upside_2026q4_incremental_restructuring:upside/labelNoneRestructuring excluding SBC/D&A counted above
/operating_model/cells/upside_2026q4_incremental_restructuring:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_incremental_restructuring:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_incremental_restructuring:upside/valueNone0.0
/operating_model/cells/upside_2026q4_infrastructure:upside/basisNoneHosting and related operating expense, not company-owned capex. Base H2 reconciles to FY2026 midpoint after H1.
/operating_model/cells/upside_2026q4_infrastructure:upside/caseNoneupside
/operating_model/cells/upside_2026q4_infrastructure:upside/idNoneupside_2026q4_infrastructure
/operating_model/cells/upside_2026q4_infrastructure:upside/kindNoneassumption
/operating_model/cells/upside_2026q4_infrastructure:upside/labelNoneInfrastructure service costs
/operating_model/cells/upside_2026q4_infrastructure:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_infrastructure:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_infrastructure:upside/valueNone442.0
/operating_model/cells/upside_2026q4_net_cash_interest:upside/basisNoneDesk net interest includes debt coupons and investment yield; not noncash issuance-cost amortization.
/operating_model/cells/upside_2026q4_net_cash_interest:upside/caseNoneupside
/operating_model/cells/upside_2026q4_net_cash_interest:upside/idNoneupside_2026q4_net_cash_interest
/operating_model/cells/upside_2026q4_net_cash_interest:upside/kindNoneassumption
/operating_model/cells/upside_2026q4_net_cash_interest:upside/labelNoneCash debt interest less investment income
/operating_model/cells/upside_2026q4_net_cash_interest:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_net_cash_interest:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_net_cash_interest:upside/valueNone20.0
/operating_model/cells/upside_2026q4_notes26_weight:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2026q4_notes26_weight:upside/caseNoneupside
/operating_model/cells/upside_2026q4_notes26_weight:upside/idNoneupside_2026q4_notes26_weight
/operating_model/cells/upside_2026q4_notes26_weight:upside/kindNoneassumption
/operating_model/cells/upside_2026q4_notes26_weight:upside/labelNone2026 principal timing
/operating_model/cells/upside_2026q4_notes26_weight:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_notes26_weight:upside/unitNoneratio
/operating_model/cells/upside_2026q4_notes26_weight:upside/valueNone0.0
/operating_model/cells/upside_2026q4_notes27_weight:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2026q4_notes27_weight:upside/caseNoneupside
/operating_model/cells/upside_2026q4_notes27_weight:upside/idNoneupside_2026q4_notes27_weight
/operating_model/cells/upside_2026q4_notes27_weight:upside/kindNoneassumption
/operating_model/cells/upside_2026q4_notes27_weight:upside/labelNone2027 principal timing
/operating_model/cells/upside_2026q4_notes27_weight:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_notes27_weight:upside/unitNoneratio
/operating_model/cells/upside_2026q4_notes27_weight:upside/valueNone0.0
/operating_model/cells/upside_2026q4_operating_income:upside/basisNoneNo new impairment or unannounced restructuring.
/operating_model/cells/upside_2026q4_operating_income:upside/caseNoneupside
/operating_model/cells/upside_2026q4_operating_income:upside/formula/opNonesubtract
/operating_model/cells/upside_2026q4_operating_income:upside/formula/refs/0Noneupside_2026q4_adj_ebitda
/operating_model/cells/upside_2026q4_operating_income:upside/formula/refs/1Noneupside_2026q4_gaap_adjustments
/operating_model/cells/upside_2026q4_operating_income:upside/idNoneupside_2026q4_operating_income
/operating_model/cells/upside_2026q4_operating_income:upside/kindNonederived
/operating_model/cells/upside_2026q4_operating_income:upside/labelNoneGAAP operating income proxy
/operating_model/cells/upside_2026q4_operating_income:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_operating_income:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_operating_income:upside/valueNone267.0145000000001
/operating_model/cells/upside_2026q4_other_cogs:upside/basisNoneContent and partner costs; scenario broadly follows management 16%-17% FY2026 range.
/operating_model/cells/upside_2026q4_other_cogs:upside/caseNoneupside
/operating_model/cells/upside_2026q4_other_cogs:upside/formula/opNonemultiply
/operating_model/cells/upside_2026q4_other_cogs:upside/formula/refs/0Noneupside_2026q4_revenue
/operating_model/cells/upside_2026q4_other_cogs:upside/formula/refs/1Noneupside_2026q4_other_cogs_ratio
/operating_model/cells/upside_2026q4_other_cogs:upside/idNoneupside_2026q4_other_cogs
/operating_model/cells/upside_2026q4_other_cogs:upside/kindNonederived
/operating_model/cells/upside_2026q4_other_cogs:upside/labelNoneOther cost of revenue
/operating_model/cells/upside_2026q4_other_cogs:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_other_cogs:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_other_cogs:upside/valueNone341.6
/operating_model/cells/upside_2026q4_other_cogs_ratio:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2026q4_other_cogs_ratio:upside/caseNoneupside
/operating_model/cells/upside_2026q4_other_cogs_ratio:upside/idNoneupside_2026q4_other_cogs_ratio
/operating_model/cells/upside_2026q4_other_cogs_ratio:upside/kindNoneassumption
/operating_model/cells/upside_2026q4_other_cogs_ratio:upside/labelNoneOther cost of revenue / revenue
/operating_model/cells/upside_2026q4_other_cogs_ratio:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_other_cogs_ratio:upside/unitNoneratio
/operating_model/cells/upside_2026q4_other_cogs_ratio:upside/valueNone0.16
/operating_model/cells/upside_2026q4_other_revenue:upside/basisNoneSubscriptions and other products in one perimeter; no separately added SPECS preorder/deposit revenue.
/operating_model/cells/upside_2026q4_other_revenue:upside/caseNoneupside
/operating_model/cells/upside_2026q4_other_revenue:upside/idNoneupside_2026q4_other_revenue
/operating_model/cells/upside_2026q4_other_revenue:upside/kindNoneassumption
/operating_model/cells/upside_2026q4_other_revenue:upside/labelNoneOther product revenue
/operating_model/cells/upside_2026q4_other_revenue:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_other_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_other_revenue:upside/valueNone425.0
/operating_model/cells/upside_2026q4_repay_2026:upside/basisNoneAugust 1 repayment follows June balance sheet and is described in the subsequent event/remarks.
/operating_model/cells/upside_2026q4_repay_2026:upside/caseNoneupside
/operating_model/cells/upside_2026q4_repay_2026:upside/formula/opNonemultiply
/operating_model/cells/upside_2026q4_repay_2026:upside/formula/refs/0Nonenotes_2026
/operating_model/cells/upside_2026q4_repay_2026:upside/formula/refs/1Noneupside_2026q4_notes26_weight
/operating_model/cells/upside_2026q4_repay_2026:upside/idNoneupside_2026q4_repay_2026
/operating_model/cells/upside_2026q4_repay_2026:upside/kindNonederived
/operating_model/cells/upside_2026q4_repay_2026:upside/labelNoneAugust 2026 note principal
/operating_model/cells/upside_2026q4_repay_2026:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_repay_2026:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_repay_2026:upside/valueNone0.0
/operating_model/cells/upside_2026q4_repay_2027:upside/basisNoneMay 1, 2027 maturity; assumes cash settlement.
/operating_model/cells/upside_2026q4_repay_2027:upside/caseNoneupside
/operating_model/cells/upside_2026q4_repay_2027:upside/formula/opNonemultiply
/operating_model/cells/upside_2026q4_repay_2027:upside/formula/refs/0Nonenotes_2027
/operating_model/cells/upside_2026q4_repay_2027:upside/formula/refs/1Noneupside_2026q4_notes27_weight
/operating_model/cells/upside_2026q4_repay_2027:upside/idNoneupside_2026q4_repay_2027
/operating_model/cells/upside_2026q4_repay_2027:upside/kindNonederived
/operating_model/cells/upside_2026q4_repay_2027:upside/labelNoneMay 2027 note principal
/operating_model/cells/upside_2026q4_repay_2027:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_repay_2027:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_repay_2027:upside/valueNone0.0
/operating_model/cells/upside_2026q4_revenue:upside/basisNoneAdvertising plus other product revenue.
/operating_model/cells/upside_2026q4_revenue:upside/caseNoneupside
/operating_model/cells/upside_2026q4_revenue:upside/formula/opNonesum
/operating_model/cells/upside_2026q4_revenue:upside/formula/refs/0Noneupside_2026q4_ad_revenue
/operating_model/cells/upside_2026q4_revenue:upside/formula/refs/1Noneupside_2026q4_other_revenue
/operating_model/cells/upside_2026q4_revenue:upside/idNoneupside_2026q4_revenue
/operating_model/cells/upside_2026q4_revenue:upside/kindNonederived
/operating_model/cells/upside_2026q4_revenue:upside/labelNoneConsolidated revenue
/operating_model/cells/upside_2026q4_revenue:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_revenue:upside/valueNone2135.0
/operating_model/cells/upside_2026q4_sbc:upside/basisNoneH2 base preserves approximately $1.05B full-year SBC after actual H1 $513.229M; all 2027 is desk.
/operating_model/cells/upside_2026q4_sbc:upside/caseNoneupside
/operating_model/cells/upside_2026q4_sbc:upside/idNoneupside_2026q4_sbc
/operating_model/cells/upside_2026q4_sbc:upside/kindNoneassumption
/operating_model/cells/upside_2026q4_sbc:upside/labelNoneTotal equity compensation expense
/operating_model/cells/upside_2026q4_sbc:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_sbc:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_sbc:upside/valueNone268.3855
/operating_model/cells/upside_2026q4_sbc_payroll:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2026q4_sbc_payroll:upside/caseNoneupside
/operating_model/cells/upside_2026q4_sbc_payroll:upside/idNoneupside_2026q4_sbc_payroll
/operating_model/cells/upside_2026q4_sbc_payroll:upside/kindNoneassumption
/operating_model/cells/upside_2026q4_sbc_payroll:upside/labelNoneCash payroll taxes on equity awards
/operating_model/cells/upside_2026q4_sbc_payroll:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_sbc_payroll:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_sbc_payroll:upside/valueNone11.0
/operating_model/cells/upside_2026q4_wc_use:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2026q4_wc_use:upside/caseNoneupside
/operating_model/cells/upside_2026q4_wc_use:upside/idNoneupside_2026q4_wc_use
/operating_model/cells/upside_2026q4_wc_use:upside/kindNoneassumption
/operating_model/cells/upside_2026q4_wc_use:upside/labelNoneWorking capital and other cash use
/operating_model/cells/upside_2026q4_wc_use:upside/periodNone2026Q4
/operating_model/cells/upside_2026q4_wc_use:upside/unitNoneUSD_millions
/operating_model/cells/upside_2026q4_wc_use:upside/valueNone-70.0
/operating_model/cells/upside_2027q1_ad_revenue:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q1_ad_revenue:upside/caseNoneupside
/operating_model/cells/upside_2027q1_ad_revenue:upside/idNoneupside_2027q1_ad_revenue
/operating_model/cells/upside_2027q1_ad_revenue:upside/kindNoneassumption
/operating_model/cells/upside_2027q1_ad_revenue:upside/labelNoneAdvertising revenue
/operating_model/cells/upside_2027q1_ad_revenue:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_ad_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_ad_revenue:upside/valueNone1420.0
/operating_model/cells/upside_2027q1_adj_cogs:upside/basisNoneNo second hardware cost assumption added outside this consolidated cost scenario.
/operating_model/cells/upside_2027q1_adj_cogs:upside/caseNoneupside
/operating_model/cells/upside_2027q1_adj_cogs:upside/formula/opNonesum
/operating_model/cells/upside_2027q1_adj_cogs:upside/formula/refs/0Noneupside_2027q1_infrastructure
/operating_model/cells/upside_2027q1_adj_cogs:upside/formula/refs/1Noneupside_2027q1_other_cogs
/operating_model/cells/upside_2027q1_adj_cogs:upside/idNoneupside_2027q1_adj_cogs
/operating_model/cells/upside_2027q1_adj_cogs:upside/kindNonederived
/operating_model/cells/upside_2027q1_adj_cogs:upside/labelNoneAdjusted cost of revenue
/operating_model/cells/upside_2027q1_adj_cogs:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_adj_cogs:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_adj_cogs:upside/valueNone771.6
/operating_model/cells/upside_2027q1_adj_ebitda:upside/basisNoneSpecs is consolidated and already in the expense budget.
/operating_model/cells/upside_2027q1_adj_ebitda:upside/caseNoneupside
/operating_model/cells/upside_2027q1_adj_ebitda:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q1_adj_ebitda:upside/formula/refs/0Noneupside_2027q1_adj_gross_profit
/operating_model/cells/upside_2027q1_adj_ebitda:upside/formula/refs/1Noneupside_2027q1_cash_opex
/operating_model/cells/upside_2027q1_adj_ebitda:upside/idNoneupside_2027q1_adj_ebitda
/operating_model/cells/upside_2027q1_adj_ebitda:upside/kindNonederived
/operating_model/cells/upside_2027q1_adj_ebitda:upside/labelNoneAdjusted EBITDA proxy
/operating_model/cells/upside_2027q1_adj_ebitda:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_adj_ebitda:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_adj_ebitda:upside/valueNone373.4000000000001
/operating_model/cells/upside_2027q1_adj_gross_profit:upside/basisNoneBefore allocated equity compensation and depreciation.
/operating_model/cells/upside_2027q1_adj_gross_profit:upside/caseNoneupside
/operating_model/cells/upside_2027q1_adj_gross_profit:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q1_adj_gross_profit:upside/formula/refs/0Noneupside_2027q1_revenue
/operating_model/cells/upside_2027q1_adj_gross_profit:upside/formula/refs/1Noneupside_2027q1_adj_cogs
/operating_model/cells/upside_2027q1_adj_gross_profit:upside/idNoneupside_2027q1_adj_gross_profit
/operating_model/cells/upside_2027q1_adj_gross_profit:upside/kindNonederived
/operating_model/cells/upside_2027q1_adj_gross_profit:upside/labelNoneAdjusted gross profit
/operating_model/cells/upside_2027q1_adj_gross_profit:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_adj_gross_profit:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_adj_gross_profit:upside/valueNone1113.4
/operating_model/cells/upside_2027q1_buybacks:upside/basisNoneDesk capital-allocation assumption; no guarantee shares outstanding decline and no commitment to a 2027 program.
/operating_model/cells/upside_2027q1_buybacks:upside/caseNoneupside
/operating_model/cells/upside_2027q1_buybacks:upside/idNoneupside_2027q1_buybacks
/operating_model/cells/upside_2027q1_buybacks:upside/kindNoneassumption
/operating_model/cells/upside_2027q1_buybacks:upside/labelNoneShare repurchases including tax
/operating_model/cells/upside_2027q1_buybacks:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_buybacks:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_buybacks:upside/valueNone240.0
/operating_model/cells/upside_2027q1_capex:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q1_capex:upside/caseNoneupside
/operating_model/cells/upside_2027q1_capex:upside/idNoneupside_2027q1_capex
/operating_model/cells/upside_2027q1_capex:upside/kindNoneassumption
/operating_model/cells/upside_2027q1_capex:upside/labelNoneCash PP&E
/operating_model/cells/upside_2027q1_capex:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_capex:upside/valueNone63.0
/operating_model/cells/upside_2027q1_capital_uses:upside/basisNoneFinancing uses, not operating expenses.
/operating_model/cells/upside_2027q1_capital_uses:upside/caseNoneupside
/operating_model/cells/upside_2027q1_capital_uses:upside/formula/opNonesum
/operating_model/cells/upside_2027q1_capital_uses:upside/formula/refs/0Noneupside_2027q1_buybacks
/operating_model/cells/upside_2027q1_capital_uses:upside/formula/refs/1Noneupside_2027q1_debt_principal
/operating_model/cells/upside_2027q1_capital_uses:upside/idNoneupside_2027q1_capital_uses
/operating_model/cells/upside_2027q1_capital_uses:upside/kindNonederived
/operating_model/cells/upside_2027q1_capital_uses:upside/labelNoneRepurchases and principal
/operating_model/cells/upside_2027q1_capital_uses:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_capital_uses:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_capital_uses:upside/valueNone240.0
/operating_model/cells/upside_2027q1_cash_after_claims:upside/basisNoneBefore acquisitions and strategic investments.
/operating_model/cells/upside_2027q1_cash_after_claims:upside/caseNoneupside
/operating_model/cells/upside_2027q1_cash_after_claims:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q1_cash_after_claims:upside/formula/refs/0Noneupside_2027q1_fcf
/operating_model/cells/upside_2027q1_cash_after_claims:upside/formula/refs/1Noneupside_2027q1_capital_uses
/operating_model/cells/upside_2027q1_cash_after_claims:upside/idNoneupside_2027q1_cash_after_claims
/operating_model/cells/upside_2027q1_cash_after_claims:upside/kindNonederived
/operating_model/cells/upside_2027q1_cash_after_claims:upside/labelNoneCash after repurchases and note principal
/operating_model/cells/upside_2027q1_cash_after_claims:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_cash_after_claims:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_cash_after_claims:upside/valueNone-86.59999999999991
/operating_model/cells/upside_2027q1_cash_opex:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q1_cash_opex:upside/caseNoneupside
/operating_model/cells/upside_2027q1_cash_opex:upside/idNoneupside_2027q1_cash_opex
/operating_model/cells/upside_2027q1_cash_opex:upside/kindNoneassumption
/operating_model/cells/upside_2027q1_cash_opex:upside/labelNoneAdjusted operating expense including Specs
/operating_model/cells/upside_2027q1_cash_opex:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_cash_opex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_cash_opex:upside/valueNone740.0
/operating_model/cells/upside_2027q1_cash_tax:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q1_cash_tax:upside/caseNoneupside
/operating_model/cells/upside_2027q1_cash_tax:upside/idNoneupside_2027q1_cash_tax
/operating_model/cells/upside_2027q1_cash_tax:upside/kindNoneassumption
/operating_model/cells/upside_2027q1_cash_tax:upside/labelNoneCash income tax
/operating_model/cells/upside_2027q1_cash_tax:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_cash_tax:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_cash_tax:upside/valueNone19.0
/operating_model/cells/upside_2027q1_cash_uses:upside/basisNoneEquity-award payroll tax consumes cash although excluded from adjusted EBITDA.
/operating_model/cells/upside_2027q1_cash_uses:upside/caseNoneupside
/operating_model/cells/upside_2027q1_cash_uses:upside/formula/opNonesum
/operating_model/cells/upside_2027q1_cash_uses:upside/formula/refs/0Noneupside_2027q1_sbc_payroll
/operating_model/cells/upside_2027q1_cash_uses:upside/formula/refs/1Noneupside_2027q1_net_cash_interest
/operating_model/cells/upside_2027q1_cash_uses:upside/formula/refs/2Noneupside_2027q1_cash_tax
/operating_model/cells/upside_2027q1_cash_uses:upside/formula/refs/3Noneupside_2027q1_wc_use
/operating_model/cells/upside_2027q1_cash_uses:upside/idNoneupside_2027q1_cash_uses
/operating_model/cells/upside_2027q1_cash_uses:upside/kindNonederived
/operating_model/cells/upside_2027q1_cash_uses:upside/labelNoneCash operating adjustments
/operating_model/cells/upside_2027q1_cash_uses:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_cash_uses:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_cash_uses:upside/valueNone157.0
/operating_model/cells/upside_2027q1_cfo:upside/basisNoneWorking-capital timing is separate from accounting earnings.
/operating_model/cells/upside_2027q1_cfo:upside/caseNoneupside
/operating_model/cells/upside_2027q1_cfo:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q1_cfo:upside/formula/refs/0Noneupside_2027q1_adj_ebitda
/operating_model/cells/upside_2027q1_cfo:upside/formula/refs/1Noneupside_2027q1_cash_uses
/operating_model/cells/upside_2027q1_cfo:upside/idNoneupside_2027q1_cfo
/operating_model/cells/upside_2027q1_cfo:upside/kindNonederived
/operating_model/cells/upside_2027q1_cfo:upside/labelNoneOperating cash flow proxy
/operating_model/cells/upside_2027q1_cfo:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_cfo:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_cfo:upside/valueNone216.4000000000001
/operating_model/cells/upside_2027q1_cogs_adjustments:upside/basisNoneThese are allocations of total expense included in the operating-income bridge.
/operating_model/cells/upside_2027q1_cogs_adjustments:upside/caseNoneupside
/operating_model/cells/upside_2027q1_cogs_adjustments:upside/formula/opNonesum
/operating_model/cells/upside_2027q1_cogs_adjustments:upside/formula/refs/0Noneupside_2027q1_cogs_sbc
/operating_model/cells/upside_2027q1_cogs_adjustments:upside/formula/refs/1Noneupside_2027q1_cogs_da
/operating_model/cells/upside_2027q1_cogs_adjustments:upside/idNoneupside_2027q1_cogs_adjustments
/operating_model/cells/upside_2027q1_cogs_adjustments:upside/kindNonederived
/operating_model/cells/upside_2027q1_cogs_adjustments:upside/labelNoneCOGS noncash and payroll adjustments
/operating_model/cells/upside_2027q1_cogs_adjustments:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_cogs_adjustments:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_cogs_adjustments:upside/valueNone15.4
/operating_model/cells/upside_2027q1_cogs_da:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q1_cogs_da:upside/caseNoneupside
/operating_model/cells/upside_2027q1_cogs_da:upside/idNoneupside_2027q1_cogs_da
/operating_model/cells/upside_2027q1_cogs_da:upside/kindNoneassumption
/operating_model/cells/upside_2027q1_cogs_da:upside/labelNoneCOGS D&A
/operating_model/cells/upside_2027q1_cogs_da:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_cogs_da:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_cogs_da:upside/valueNone3.4
/operating_model/cells/upside_2027q1_cogs_sbc:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q1_cogs_sbc:upside/caseNoneupside
/operating_model/cells/upside_2027q1_cogs_sbc:upside/idNoneupside_2027q1_cogs_sbc
/operating_model/cells/upside_2027q1_cogs_sbc:upside/kindNoneassumption
/operating_model/cells/upside_2027q1_cogs_sbc:upside/labelNoneCOGS SBC and related payroll
/operating_model/cells/upside_2027q1_cogs_sbc:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_cogs_sbc:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_cogs_sbc:upside/valueNone12.0
/operating_model/cells/upside_2027q1_da:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q1_da:upside/caseNoneupside
/operating_model/cells/upside_2027q1_da:upside/idNoneupside_2027q1_da
/operating_model/cells/upside_2027q1_da:upside/kindNoneassumption
/operating_model/cells/upside_2027q1_da:upside/labelNoneTotal D&A
/operating_model/cells/upside_2027q1_da:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_da:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_da:upside/valueNone52.0
/operating_model/cells/upside_2027q1_debt_principal:upside/basisNoneOther debt maturities fall beyond FY2027.
/operating_model/cells/upside_2027q1_debt_principal:upside/caseNoneupside
/operating_model/cells/upside_2027q1_debt_principal:upside/formula/opNonesum
/operating_model/cells/upside_2027q1_debt_principal:upside/formula/refs/0Noneupside_2027q1_repay_2026
/operating_model/cells/upside_2027q1_debt_principal:upside/formula/refs/1Noneupside_2027q1_repay_2027
/operating_model/cells/upside_2027q1_debt_principal:upside/idNoneupside_2027q1_debt_principal
/operating_model/cells/upside_2027q1_debt_principal:upside/kindNonederived
/operating_model/cells/upside_2027q1_debt_principal:upside/labelNoneScheduled note principal
/operating_model/cells/upside_2027q1_debt_principal:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_debt_principal:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_debt_principal:upside/valueNone0.0
/operating_model/cells/upside_2027q1_fcf:upside/basisNoneBefore discretionary repurchases.
/operating_model/cells/upside_2027q1_fcf:upside/caseNoneupside
/operating_model/cells/upside_2027q1_fcf:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q1_fcf:upside/formula/refs/0Noneupside_2027q1_cfo
/operating_model/cells/upside_2027q1_fcf:upside/formula/refs/1Noneupside_2027q1_capex
/operating_model/cells/upside_2027q1_fcf:upside/idNoneupside_2027q1_fcf
/operating_model/cells/upside_2027q1_fcf:upside/kindNonederived
/operating_model/cells/upside_2027q1_fcf:upside/labelNoneCFO less PP&E
/operating_model/cells/upside_2027q1_fcf:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_fcf:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_fcf:upside/valueNone153.4000000000001
/operating_model/cells/upside_2027q1_gaap_adjustments:upside/basisNoneNo double deduction of restructuring SBC or asset depreciation.
/operating_model/cells/upside_2027q1_gaap_adjustments:upside/caseNoneupside
/operating_model/cells/upside_2027q1_gaap_adjustments:upside/formula/opNonesum
/operating_model/cells/upside_2027q1_gaap_adjustments:upside/formula/refs/0Noneupside_2027q1_sbc
/operating_model/cells/upside_2027q1_gaap_adjustments:upside/formula/refs/1Noneupside_2027q1_sbc_payroll
/operating_model/cells/upside_2027q1_gaap_adjustments:upside/formula/refs/2Noneupside_2027q1_da
/operating_model/cells/upside_2027q1_gaap_adjustments:upside/formula/refs/3Noneupside_2027q1_incremental_restructuring
/operating_model/cells/upside_2027q1_gaap_adjustments:upside/idNoneupside_2027q1_gaap_adjustments
/operating_model/cells/upside_2027q1_gaap_adjustments:upside/kindNonederived
/operating_model/cells/upside_2027q1_gaap_adjustments:upside/labelNoneSBC payroll D&A and restructuring
/operating_model/cells/upside_2027q1_gaap_adjustments:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_gaap_adjustments:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_gaap_adjustments:upside/valueNone343.0
/operating_model/cells/upside_2027q1_gross_profit:upside/basisNoneNo new COGS restructuring charge assumed.
/operating_model/cells/upside_2027q1_gross_profit:upside/caseNoneupside
/operating_model/cells/upside_2027q1_gross_profit:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q1_gross_profit:upside/formula/refs/0Noneupside_2027q1_adj_gross_profit
/operating_model/cells/upside_2027q1_gross_profit:upside/formula/refs/1Noneupside_2027q1_cogs_adjustments
/operating_model/cells/upside_2027q1_gross_profit:upside/idNoneupside_2027q1_gross_profit
/operating_model/cells/upside_2027q1_gross_profit:upside/kindNonederived
/operating_model/cells/upside_2027q1_gross_profit:upside/labelNoneGAAP gross profit proxy
/operating_model/cells/upside_2027q1_gross_profit:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_gross_profit:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_gross_profit:upside/valueNone1098.0
/operating_model/cells/upside_2027q1_incremental_restructuring:upside/basisNoneRemaining April-plan charges/liabilities were immaterial at June 30; no repeat of full H1 charge.
/operating_model/cells/upside_2027q1_incremental_restructuring:upside/caseNoneupside
/operating_model/cells/upside_2027q1_incremental_restructuring:upside/idNoneupside_2027q1_incremental_restructuring
/operating_model/cells/upside_2027q1_incremental_restructuring:upside/kindNoneassumption
/operating_model/cells/upside_2027q1_incremental_restructuring:upside/labelNoneRestructuring excluding SBC/D&A counted above
/operating_model/cells/upside_2027q1_incremental_restructuring:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_incremental_restructuring:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_incremental_restructuring:upside/valueNone0.0
/operating_model/cells/upside_2027q1_infrastructure:upside/basisNoneHosting and related operating expense, not company-owned capex. Base H2 reconciles to FY2026 midpoint after H1.
/operating_model/cells/upside_2027q1_infrastructure:upside/caseNoneupside
/operating_model/cells/upside_2027q1_infrastructure:upside/idNoneupside_2027q1_infrastructure
/operating_model/cells/upside_2027q1_infrastructure:upside/kindNoneassumption
/operating_model/cells/upside_2027q1_infrastructure:upside/labelNoneInfrastructure service costs
/operating_model/cells/upside_2027q1_infrastructure:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_infrastructure:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_infrastructure:upside/valueNone470.0
/operating_model/cells/upside_2027q1_net_cash_interest:upside/basisNoneDesk net interest includes debt coupons and investment yield; not noncash issuance-cost amortization.
/operating_model/cells/upside_2027q1_net_cash_interest:upside/caseNoneupside
/operating_model/cells/upside_2027q1_net_cash_interest:upside/idNoneupside_2027q1_net_cash_interest
/operating_model/cells/upside_2027q1_net_cash_interest:upside/kindNoneassumption
/operating_model/cells/upside_2027q1_net_cash_interest:upside/labelNoneCash debt interest less investment income
/operating_model/cells/upside_2027q1_net_cash_interest:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_net_cash_interest:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_net_cash_interest:upside/valueNone22.0
/operating_model/cells/upside_2027q1_notes26_weight:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q1_notes26_weight:upside/caseNoneupside
/operating_model/cells/upside_2027q1_notes26_weight:upside/idNoneupside_2027q1_notes26_weight
/operating_model/cells/upside_2027q1_notes26_weight:upside/kindNoneassumption
/operating_model/cells/upside_2027q1_notes26_weight:upside/labelNone2026 principal timing
/operating_model/cells/upside_2027q1_notes26_weight:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_notes26_weight:upside/unitNoneratio
/operating_model/cells/upside_2027q1_notes26_weight:upside/valueNone0.0
/operating_model/cells/upside_2027q1_notes27_weight:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q1_notes27_weight:upside/caseNoneupside
/operating_model/cells/upside_2027q1_notes27_weight:upside/idNoneupside_2027q1_notes27_weight
/operating_model/cells/upside_2027q1_notes27_weight:upside/kindNoneassumption
/operating_model/cells/upside_2027q1_notes27_weight:upside/labelNone2027 principal timing
/operating_model/cells/upside_2027q1_notes27_weight:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_notes27_weight:upside/unitNoneratio
/operating_model/cells/upside_2027q1_notes27_weight:upside/valueNone0.0
/operating_model/cells/upside_2027q1_operating_income:upside/basisNoneNo new impairment or unannounced restructuring.
/operating_model/cells/upside_2027q1_operating_income:upside/caseNoneupside
/operating_model/cells/upside_2027q1_operating_income:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q1_operating_income:upside/formula/refs/0Noneupside_2027q1_adj_ebitda
/operating_model/cells/upside_2027q1_operating_income:upside/formula/refs/1Noneupside_2027q1_gaap_adjustments
/operating_model/cells/upside_2027q1_operating_income:upside/idNoneupside_2027q1_operating_income
/operating_model/cells/upside_2027q1_operating_income:upside/kindNonederived
/operating_model/cells/upside_2027q1_operating_income:upside/labelNoneGAAP operating income proxy
/operating_model/cells/upside_2027q1_operating_income:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_operating_income:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_operating_income:upside/valueNone30.40000000000009
/operating_model/cells/upside_2027q1_other_cogs:upside/basisNoneContent and partner costs; scenario broadly follows management 16%-17% FY2026 range.
/operating_model/cells/upside_2027q1_other_cogs:upside/caseNoneupside
/operating_model/cells/upside_2027q1_other_cogs:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q1_other_cogs:upside/formula/refs/0Noneupside_2027q1_revenue
/operating_model/cells/upside_2027q1_other_cogs:upside/formula/refs/1Noneupside_2027q1_other_cogs_ratio
/operating_model/cells/upside_2027q1_other_cogs:upside/idNoneupside_2027q1_other_cogs
/operating_model/cells/upside_2027q1_other_cogs:upside/kindNonederived
/operating_model/cells/upside_2027q1_other_cogs:upside/labelNoneOther cost of revenue
/operating_model/cells/upside_2027q1_other_cogs:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_other_cogs:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_other_cogs:upside/valueNone301.6
/operating_model/cells/upside_2027q1_other_cogs_ratio:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q1_other_cogs_ratio:upside/caseNoneupside
/operating_model/cells/upside_2027q1_other_cogs_ratio:upside/idNoneupside_2027q1_other_cogs_ratio
/operating_model/cells/upside_2027q1_other_cogs_ratio:upside/kindNoneassumption
/operating_model/cells/upside_2027q1_other_cogs_ratio:upside/labelNoneOther cost of revenue / revenue
/operating_model/cells/upside_2027q1_other_cogs_ratio:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_other_cogs_ratio:upside/unitNoneratio
/operating_model/cells/upside_2027q1_other_cogs_ratio:upside/valueNone0.16
/operating_model/cells/upside_2027q1_other_revenue:upside/basisNoneSubscriptions and other products in one perimeter; no separately added SPECS preorder/deposit revenue.
/operating_model/cells/upside_2027q1_other_revenue:upside/caseNoneupside
/operating_model/cells/upside_2027q1_other_revenue:upside/idNoneupside_2027q1_other_revenue
/operating_model/cells/upside_2027q1_other_revenue:upside/kindNoneassumption
/operating_model/cells/upside_2027q1_other_revenue:upside/labelNoneOther product revenue
/operating_model/cells/upside_2027q1_other_revenue:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_other_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_other_revenue:upside/valueNone465.0
/operating_model/cells/upside_2027q1_repay_2026:upside/basisNoneAugust 1 repayment follows June balance sheet and is described in the subsequent event/remarks.
/operating_model/cells/upside_2027q1_repay_2026:upside/caseNoneupside
/operating_model/cells/upside_2027q1_repay_2026:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q1_repay_2026:upside/formula/refs/0Nonenotes_2026
/operating_model/cells/upside_2027q1_repay_2026:upside/formula/refs/1Noneupside_2027q1_notes26_weight
/operating_model/cells/upside_2027q1_repay_2026:upside/idNoneupside_2027q1_repay_2026
/operating_model/cells/upside_2027q1_repay_2026:upside/kindNonederived
/operating_model/cells/upside_2027q1_repay_2026:upside/labelNoneAugust 2026 note principal
/operating_model/cells/upside_2027q1_repay_2026:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_repay_2026:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_repay_2026:upside/valueNone0.0
/operating_model/cells/upside_2027q1_repay_2027:upside/basisNoneMay 1, 2027 maturity; assumes cash settlement.
/operating_model/cells/upside_2027q1_repay_2027:upside/caseNoneupside
/operating_model/cells/upside_2027q1_repay_2027:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q1_repay_2027:upside/formula/refs/0Nonenotes_2027
/operating_model/cells/upside_2027q1_repay_2027:upside/formula/refs/1Noneupside_2027q1_notes27_weight
/operating_model/cells/upside_2027q1_repay_2027:upside/idNoneupside_2027q1_repay_2027
/operating_model/cells/upside_2027q1_repay_2027:upside/kindNonederived
/operating_model/cells/upside_2027q1_repay_2027:upside/labelNoneMay 2027 note principal
/operating_model/cells/upside_2027q1_repay_2027:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_repay_2027:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_repay_2027:upside/valueNone0.0
/operating_model/cells/upside_2027q1_revenue:upside/basisNoneAdvertising plus other product revenue.
/operating_model/cells/upside_2027q1_revenue:upside/caseNoneupside
/operating_model/cells/upside_2027q1_revenue:upside/formula/opNonesum
/operating_model/cells/upside_2027q1_revenue:upside/formula/refs/0Noneupside_2027q1_ad_revenue
/operating_model/cells/upside_2027q1_revenue:upside/formula/refs/1Noneupside_2027q1_other_revenue
/operating_model/cells/upside_2027q1_revenue:upside/idNoneupside_2027q1_revenue
/operating_model/cells/upside_2027q1_revenue:upside/kindNonederived
/operating_model/cells/upside_2027q1_revenue:upside/labelNoneConsolidated revenue
/operating_model/cells/upside_2027q1_revenue:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_revenue:upside/valueNone1885.0
/operating_model/cells/upside_2027q1_sbc:upside/basisNoneH2 base preserves approximately $1.05B full-year SBC after actual H1 $513.229M; all 2027 is desk.
/operating_model/cells/upside_2027q1_sbc:upside/caseNoneupside
/operating_model/cells/upside_2027q1_sbc:upside/idNoneupside_2027q1_sbc
/operating_model/cells/upside_2027q1_sbc:upside/kindNoneassumption
/operating_model/cells/upside_2027q1_sbc:upside/labelNoneTotal equity compensation expense
/operating_model/cells/upside_2027q1_sbc:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_sbc:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_sbc:upside/valueNone275.0
/operating_model/cells/upside_2027q1_sbc_payroll:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q1_sbc_payroll:upside/caseNoneupside
/operating_model/cells/upside_2027q1_sbc_payroll:upside/idNoneupside_2027q1_sbc_payroll
/operating_model/cells/upside_2027q1_sbc_payroll:upside/kindNoneassumption
/operating_model/cells/upside_2027q1_sbc_payroll:upside/labelNoneCash payroll taxes on equity awards
/operating_model/cells/upside_2027q1_sbc_payroll:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_sbc_payroll:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_sbc_payroll:upside/valueNone16.0
/operating_model/cells/upside_2027q1_wc_use:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q1_wc_use:upside/caseNoneupside
/operating_model/cells/upside_2027q1_wc_use:upside/idNoneupside_2027q1_wc_use
/operating_model/cells/upside_2027q1_wc_use:upside/kindNoneassumption
/operating_model/cells/upside_2027q1_wc_use:upside/labelNoneWorking capital and other cash use
/operating_model/cells/upside_2027q1_wc_use:upside/periodNone2027Q1
/operating_model/cells/upside_2027q1_wc_use:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q1_wc_use:upside/valueNone100.0
/operating_model/cells/upside_2027q2_ad_revenue:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q2_ad_revenue:upside/caseNoneupside
/operating_model/cells/upside_2027q2_ad_revenue:upside/idNoneupside_2027q2_ad_revenue
/operating_model/cells/upside_2027q2_ad_revenue:upside/kindNoneassumption
/operating_model/cells/upside_2027q2_ad_revenue:upside/labelNoneAdvertising revenue
/operating_model/cells/upside_2027q2_ad_revenue:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_ad_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_ad_revenue:upside/valueNone1640.0
/operating_model/cells/upside_2027q2_adj_cogs:upside/basisNoneNo second hardware cost assumption added outside this consolidated cost scenario.
/operating_model/cells/upside_2027q2_adj_cogs:upside/caseNoneupside
/operating_model/cells/upside_2027q2_adj_cogs:upside/formula/opNonesum
/operating_model/cells/upside_2027q2_adj_cogs:upside/formula/refs/0Noneupside_2027q2_infrastructure
/operating_model/cells/upside_2027q2_adj_cogs:upside/formula/refs/1Noneupside_2027q2_other_cogs
/operating_model/cells/upside_2027q2_adj_cogs:upside/idNoneupside_2027q2_adj_cogs
/operating_model/cells/upside_2027q2_adj_cogs:upside/kindNonederived
/operating_model/cells/upside_2027q2_adj_cogs:upside/labelNoneAdjusted cost of revenue
/operating_model/cells/upside_2027q2_adj_cogs:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_adj_cogs:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_adj_cogs:upside/valueNone843.6
/operating_model/cells/upside_2027q2_adj_ebitda:upside/basisNoneSpecs is consolidated and already in the expense budget.
/operating_model/cells/upside_2027q2_adj_ebitda:upside/caseNoneupside
/operating_model/cells/upside_2027q2_adj_ebitda:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q2_adj_ebitda:upside/formula/refs/0Noneupside_2027q2_adj_gross_profit
/operating_model/cells/upside_2027q2_adj_ebitda:upside/formula/refs/1Noneupside_2027q2_cash_opex
/operating_model/cells/upside_2027q2_adj_ebitda:upside/idNoneupside_2027q2_adj_ebitda
/operating_model/cells/upside_2027q2_adj_ebitda:upside/kindNonederived
/operating_model/cells/upside_2027q2_adj_ebitda:upside/labelNoneAdjusted EBITDA proxy
/operating_model/cells/upside_2027q2_adj_ebitda:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_adj_ebitda:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_adj_ebitda:upside/valueNone541.4000000000001
/operating_model/cells/upside_2027q2_adj_gross_profit:upside/basisNoneBefore allocated equity compensation and depreciation.
/operating_model/cells/upside_2027q2_adj_gross_profit:upside/caseNoneupside
/operating_model/cells/upside_2027q2_adj_gross_profit:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q2_adj_gross_profit:upside/formula/refs/0Noneupside_2027q2_revenue
/operating_model/cells/upside_2027q2_adj_gross_profit:upside/formula/refs/1Noneupside_2027q2_adj_cogs
/operating_model/cells/upside_2027q2_adj_gross_profit:upside/idNoneupside_2027q2_adj_gross_profit
/operating_model/cells/upside_2027q2_adj_gross_profit:upside/kindNonederived
/operating_model/cells/upside_2027q2_adj_gross_profit:upside/labelNoneAdjusted gross profit
/operating_model/cells/upside_2027q2_adj_gross_profit:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_adj_gross_profit:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_adj_gross_profit:upside/valueNone1316.4
/operating_model/cells/upside_2027q2_buybacks:upside/basisNoneDesk capital-allocation assumption; no guarantee shares outstanding decline and no commitment to a 2027 program.
/operating_model/cells/upside_2027q2_buybacks:upside/caseNoneupside
/operating_model/cells/upside_2027q2_buybacks:upside/idNoneupside_2027q2_buybacks
/operating_model/cells/upside_2027q2_buybacks:upside/kindNoneassumption
/operating_model/cells/upside_2027q2_buybacks:upside/labelNoneShare repurchases including tax
/operating_model/cells/upside_2027q2_buybacks:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_buybacks:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_buybacks:upside/valueNone260.0
/operating_model/cells/upside_2027q2_capex:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q2_capex:upside/caseNoneupside
/operating_model/cells/upside_2027q2_capex:upside/idNoneupside_2027q2_capex
/operating_model/cells/upside_2027q2_capex:upside/kindNoneassumption
/operating_model/cells/upside_2027q2_capex:upside/labelNoneCash PP&E
/operating_model/cells/upside_2027q2_capex:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_capex:upside/valueNone67.0
/operating_model/cells/upside_2027q2_capital_uses:upside/basisNoneFinancing uses, not operating expenses.
/operating_model/cells/upside_2027q2_capital_uses:upside/caseNoneupside
/operating_model/cells/upside_2027q2_capital_uses:upside/formula/opNonesum
/operating_model/cells/upside_2027q2_capital_uses:upside/formula/refs/0Noneupside_2027q2_buybacks
/operating_model/cells/upside_2027q2_capital_uses:upside/formula/refs/1Noneupside_2027q2_debt_principal
/operating_model/cells/upside_2027q2_capital_uses:upside/idNoneupside_2027q2_capital_uses
/operating_model/cells/upside_2027q2_capital_uses:upside/kindNonederived
/operating_model/cells/upside_2027q2_capital_uses:upside/labelNoneRepurchases and principal
/operating_model/cells/upside_2027q2_capital_uses:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_capital_uses:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_capital_uses:upside/valueNone366.318
/operating_model/cells/upside_2027q2_cash_after_claims:upside/basisNoneBefore acquisitions and strategic investments.
/operating_model/cells/upside_2027q2_cash_after_claims:upside/caseNoneupside
/operating_model/cells/upside_2027q2_cash_after_claims:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q2_cash_after_claims:upside/formula/refs/0Noneupside_2027q2_fcf
/operating_model/cells/upside_2027q2_cash_after_claims:upside/formula/refs/1Noneupside_2027q2_capital_uses
/operating_model/cells/upside_2027q2_cash_after_claims:upside/idNoneupside_2027q2_cash_after_claims
/operating_model/cells/upside_2027q2_cash_after_claims:upside/kindNonederived
/operating_model/cells/upside_2027q2_cash_after_claims:upside/labelNoneCash after repurchases and note principal
/operating_model/cells/upside_2027q2_cash_after_claims:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_cash_after_claims:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_cash_after_claims:upside/valueNone21.082000000000107
/operating_model/cells/upside_2027q2_cash_opex:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q2_cash_opex:upside/caseNoneupside
/operating_model/cells/upside_2027q2_cash_opex:upside/idNoneupside_2027q2_cash_opex
/operating_model/cells/upside_2027q2_cash_opex:upside/kindNoneassumption
/operating_model/cells/upside_2027q2_cash_opex:upside/labelNoneAdjusted operating expense including Specs
/operating_model/cells/upside_2027q2_cash_opex:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_cash_opex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_cash_opex:upside/valueNone775.0
/operating_model/cells/upside_2027q2_cash_tax:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q2_cash_tax:upside/caseNoneupside
/operating_model/cells/upside_2027q2_cash_tax:upside/idNoneupside_2027q2_cash_tax
/operating_model/cells/upside_2027q2_cash_tax:upside/kindNoneassumption
/operating_model/cells/upside_2027q2_cash_tax:upside/labelNoneCash income tax
/operating_model/cells/upside_2027q2_cash_tax:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_cash_tax:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_cash_tax:upside/valueNone21.0
/operating_model/cells/upside_2027q2_cash_uses:upside/basisNoneEquity-award payroll tax consumes cash although excluded from adjusted EBITDA.
/operating_model/cells/upside_2027q2_cash_uses:upside/caseNoneupside
/operating_model/cells/upside_2027q2_cash_uses:upside/formula/opNonesum
/operating_model/cells/upside_2027q2_cash_uses:upside/formula/refs/0Noneupside_2027q2_sbc_payroll
/operating_model/cells/upside_2027q2_cash_uses:upside/formula/refs/1Noneupside_2027q2_net_cash_interest
/operating_model/cells/upside_2027q2_cash_uses:upside/formula/refs/2Noneupside_2027q2_cash_tax
/operating_model/cells/upside_2027q2_cash_uses:upside/formula/refs/3Noneupside_2027q2_wc_use
/operating_model/cells/upside_2027q2_cash_uses:upside/idNoneupside_2027q2_cash_uses
/operating_model/cells/upside_2027q2_cash_uses:upside/kindNonederived
/operating_model/cells/upside_2027q2_cash_uses:upside/labelNoneCash operating adjustments
/operating_model/cells/upside_2027q2_cash_uses:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_cash_uses:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_cash_uses:upside/valueNone87.0
/operating_model/cells/upside_2027q2_cfo:upside/basisNoneWorking-capital timing is separate from accounting earnings.
/operating_model/cells/upside_2027q2_cfo:upside/caseNoneupside
/operating_model/cells/upside_2027q2_cfo:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q2_cfo:upside/formula/refs/0Noneupside_2027q2_adj_ebitda
/operating_model/cells/upside_2027q2_cfo:upside/formula/refs/1Noneupside_2027q2_cash_uses
/operating_model/cells/upside_2027q2_cfo:upside/idNoneupside_2027q2_cfo
/operating_model/cells/upside_2027q2_cfo:upside/kindNonederived
/operating_model/cells/upside_2027q2_cfo:upside/labelNoneOperating cash flow proxy
/operating_model/cells/upside_2027q2_cfo:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_cfo:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_cfo:upside/valueNone454.4000000000001
/operating_model/cells/upside_2027q2_cogs_adjustments:upside/basisNoneThese are allocations of total expense included in the operating-income bridge.
/operating_model/cells/upside_2027q2_cogs_adjustments:upside/caseNoneupside
/operating_model/cells/upside_2027q2_cogs_adjustments:upside/formula/opNonesum
/operating_model/cells/upside_2027q2_cogs_adjustments:upside/formula/refs/0Noneupside_2027q2_cogs_sbc
/operating_model/cells/upside_2027q2_cogs_adjustments:upside/formula/refs/1Noneupside_2027q2_cogs_da
/operating_model/cells/upside_2027q2_cogs_adjustments:upside/idNoneupside_2027q2_cogs_adjustments
/operating_model/cells/upside_2027q2_cogs_adjustments:upside/kindNonederived
/operating_model/cells/upside_2027q2_cogs_adjustments:upside/labelNoneCOGS noncash and payroll adjustments
/operating_model/cells/upside_2027q2_cogs_adjustments:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_cogs_adjustments:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_cogs_adjustments:upside/valueNone16.1
/operating_model/cells/upside_2027q2_cogs_da:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q2_cogs_da:upside/caseNoneupside
/operating_model/cells/upside_2027q2_cogs_da:upside/idNoneupside_2027q2_cogs_da
/operating_model/cells/upside_2027q2_cogs_da:upside/kindNoneassumption
/operating_model/cells/upside_2027q2_cogs_da:upside/labelNoneCOGS D&A
/operating_model/cells/upside_2027q2_cogs_da:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_cogs_da:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_cogs_da:upside/valueNone3.6
/operating_model/cells/upside_2027q2_cogs_sbc:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q2_cogs_sbc:upside/caseNoneupside
/operating_model/cells/upside_2027q2_cogs_sbc:upside/idNoneupside_2027q2_cogs_sbc
/operating_model/cells/upside_2027q2_cogs_sbc:upside/kindNoneassumption
/operating_model/cells/upside_2027q2_cogs_sbc:upside/labelNoneCOGS SBC and related payroll
/operating_model/cells/upside_2027q2_cogs_sbc:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_cogs_sbc:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_cogs_sbc:upside/valueNone12.5
/operating_model/cells/upside_2027q2_da:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q2_da:upside/caseNoneupside
/operating_model/cells/upside_2027q2_da:upside/idNoneupside_2027q2_da
/operating_model/cells/upside_2027q2_da:upside/kindNoneassumption
/operating_model/cells/upside_2027q2_da:upside/labelNoneTotal D&A
/operating_model/cells/upside_2027q2_da:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_da:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_da:upside/valueNone54.0
/operating_model/cells/upside_2027q2_debt_principal:upside/basisNoneOther debt maturities fall beyond FY2027.
/operating_model/cells/upside_2027q2_debt_principal:upside/caseNoneupside
/operating_model/cells/upside_2027q2_debt_principal:upside/formula/opNonesum
/operating_model/cells/upside_2027q2_debt_principal:upside/formula/refs/0Noneupside_2027q2_repay_2026
/operating_model/cells/upside_2027q2_debt_principal:upside/formula/refs/1Noneupside_2027q2_repay_2027
/operating_model/cells/upside_2027q2_debt_principal:upside/idNoneupside_2027q2_debt_principal
/operating_model/cells/upside_2027q2_debt_principal:upside/kindNonederived
/operating_model/cells/upside_2027q2_debt_principal:upside/labelNoneScheduled note principal
/operating_model/cells/upside_2027q2_debt_principal:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_debt_principal:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_debt_principal:upside/valueNone106.318
/operating_model/cells/upside_2027q2_fcf:upside/basisNoneBefore discretionary repurchases.
/operating_model/cells/upside_2027q2_fcf:upside/caseNoneupside
/operating_model/cells/upside_2027q2_fcf:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q2_fcf:upside/formula/refs/0Noneupside_2027q2_cfo
/operating_model/cells/upside_2027q2_fcf:upside/formula/refs/1Noneupside_2027q2_capex
/operating_model/cells/upside_2027q2_fcf:upside/idNoneupside_2027q2_fcf
/operating_model/cells/upside_2027q2_fcf:upside/kindNonederived
/operating_model/cells/upside_2027q2_fcf:upside/labelNoneCFO less PP&E
/operating_model/cells/upside_2027q2_fcf:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_fcf:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_fcf:upside/valueNone387.4000000000001
/operating_model/cells/upside_2027q2_gaap_adjustments:upside/basisNoneNo double deduction of restructuring SBC or asset depreciation.
/operating_model/cells/upside_2027q2_gaap_adjustments:upside/caseNoneupside
/operating_model/cells/upside_2027q2_gaap_adjustments:upside/formula/opNonesum
/operating_model/cells/upside_2027q2_gaap_adjustments:upside/formula/refs/0Noneupside_2027q2_sbc
/operating_model/cells/upside_2027q2_gaap_adjustments:upside/formula/refs/1Noneupside_2027q2_sbc_payroll
/operating_model/cells/upside_2027q2_gaap_adjustments:upside/formula/refs/2Noneupside_2027q2_da
/operating_model/cells/upside_2027q2_gaap_adjustments:upside/formula/refs/3Noneupside_2027q2_incremental_restructuring
/operating_model/cells/upside_2027q2_gaap_adjustments:upside/idNoneupside_2027q2_gaap_adjustments
/operating_model/cells/upside_2027q2_gaap_adjustments:upside/kindNonederived
/operating_model/cells/upside_2027q2_gaap_adjustments:upside/labelNoneSBC payroll D&A and restructuring
/operating_model/cells/upside_2027q2_gaap_adjustments:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_gaap_adjustments:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_gaap_adjustments:upside/valueNone350.0
/operating_model/cells/upside_2027q2_gross_profit:upside/basisNoneNo new COGS restructuring charge assumed.
/operating_model/cells/upside_2027q2_gross_profit:upside/caseNoneupside
/operating_model/cells/upside_2027q2_gross_profit:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q2_gross_profit:upside/formula/refs/0Noneupside_2027q2_adj_gross_profit
/operating_model/cells/upside_2027q2_gross_profit:upside/formula/refs/1Noneupside_2027q2_cogs_adjustments
/operating_model/cells/upside_2027q2_gross_profit:upside/idNoneupside_2027q2_gross_profit
/operating_model/cells/upside_2027q2_gross_profit:upside/kindNonederived
/operating_model/cells/upside_2027q2_gross_profit:upside/labelNoneGAAP gross profit proxy
/operating_model/cells/upside_2027q2_gross_profit:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_gross_profit:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_gross_profit:upside/valueNone1300.3000000000002
/operating_model/cells/upside_2027q2_incremental_restructuring:upside/basisNoneRemaining April-plan charges/liabilities were immaterial at June 30; no repeat of full H1 charge.
/operating_model/cells/upside_2027q2_incremental_restructuring:upside/caseNoneupside
/operating_model/cells/upside_2027q2_incremental_restructuring:upside/idNoneupside_2027q2_incremental_restructuring
/operating_model/cells/upside_2027q2_incremental_restructuring:upside/kindNoneassumption
/operating_model/cells/upside_2027q2_incremental_restructuring:upside/labelNoneRestructuring excluding SBC/D&A counted above
/operating_model/cells/upside_2027q2_incremental_restructuring:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_incremental_restructuring:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_incremental_restructuring:upside/valueNone0.0
/operating_model/cells/upside_2027q2_infrastructure:upside/basisNoneHosting and related operating expense, not company-owned capex. Base H2 reconciles to FY2026 midpoint after H1.
/operating_model/cells/upside_2027q2_infrastructure:upside/caseNoneupside
/operating_model/cells/upside_2027q2_infrastructure:upside/idNoneupside_2027q2_infrastructure
/operating_model/cells/upside_2027q2_infrastructure:upside/kindNoneassumption
/operating_model/cells/upside_2027q2_infrastructure:upside/labelNoneInfrastructure service costs
/operating_model/cells/upside_2027q2_infrastructure:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_infrastructure:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_infrastructure:upside/valueNone498.0
/operating_model/cells/upside_2027q2_net_cash_interest:upside/basisNoneDesk net interest includes debt coupons and investment yield; not noncash issuance-cost amortization.
/operating_model/cells/upside_2027q2_net_cash_interest:upside/caseNoneupside
/operating_model/cells/upside_2027q2_net_cash_interest:upside/idNoneupside_2027q2_net_cash_interest
/operating_model/cells/upside_2027q2_net_cash_interest:upside/kindNoneassumption
/operating_model/cells/upside_2027q2_net_cash_interest:upside/labelNoneCash debt interest less investment income
/operating_model/cells/upside_2027q2_net_cash_interest:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_net_cash_interest:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_net_cash_interest:upside/valueNone24.0
/operating_model/cells/upside_2027q2_notes26_weight:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q2_notes26_weight:upside/caseNoneupside
/operating_model/cells/upside_2027q2_notes26_weight:upside/idNoneupside_2027q2_notes26_weight
/operating_model/cells/upside_2027q2_notes26_weight:upside/kindNoneassumption
/operating_model/cells/upside_2027q2_notes26_weight:upside/labelNone2026 principal timing
/operating_model/cells/upside_2027q2_notes26_weight:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_notes26_weight:upside/unitNoneratio
/operating_model/cells/upside_2027q2_notes26_weight:upside/valueNone0.0
/operating_model/cells/upside_2027q2_notes27_weight:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q2_notes27_weight:upside/caseNoneupside
/operating_model/cells/upside_2027q2_notes27_weight:upside/idNoneupside_2027q2_notes27_weight
/operating_model/cells/upside_2027q2_notes27_weight:upside/kindNoneassumption
/operating_model/cells/upside_2027q2_notes27_weight:upside/labelNone2027 principal timing
/operating_model/cells/upside_2027q2_notes27_weight:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_notes27_weight:upside/unitNoneratio
/operating_model/cells/upside_2027q2_notes27_weight:upside/valueNone1.0
/operating_model/cells/upside_2027q2_operating_income:upside/basisNoneNo new impairment or unannounced restructuring.
/operating_model/cells/upside_2027q2_operating_income:upside/caseNoneupside
/operating_model/cells/upside_2027q2_operating_income:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q2_operating_income:upside/formula/refs/0Noneupside_2027q2_adj_ebitda
/operating_model/cells/upside_2027q2_operating_income:upside/formula/refs/1Noneupside_2027q2_gaap_adjustments
/operating_model/cells/upside_2027q2_operating_income:upside/idNoneupside_2027q2_operating_income
/operating_model/cells/upside_2027q2_operating_income:upside/kindNonederived
/operating_model/cells/upside_2027q2_operating_income:upside/labelNoneGAAP operating income proxy
/operating_model/cells/upside_2027q2_operating_income:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_operating_income:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_operating_income:upside/valueNone191.4000000000001
/operating_model/cells/upside_2027q2_other_cogs:upside/basisNoneContent and partner costs; scenario broadly follows management 16%-17% FY2026 range.
/operating_model/cells/upside_2027q2_other_cogs:upside/caseNoneupside
/operating_model/cells/upside_2027q2_other_cogs:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q2_other_cogs:upside/formula/refs/0Noneupside_2027q2_revenue
/operating_model/cells/upside_2027q2_other_cogs:upside/formula/refs/1Noneupside_2027q2_other_cogs_ratio
/operating_model/cells/upside_2027q2_other_cogs:upside/idNoneupside_2027q2_other_cogs
/operating_model/cells/upside_2027q2_other_cogs:upside/kindNonederived
/operating_model/cells/upside_2027q2_other_cogs:upside/labelNoneOther cost of revenue
/operating_model/cells/upside_2027q2_other_cogs:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_other_cogs:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_other_cogs:upside/valueNone345.6
/operating_model/cells/upside_2027q2_other_cogs_ratio:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q2_other_cogs_ratio:upside/caseNoneupside
/operating_model/cells/upside_2027q2_other_cogs_ratio:upside/idNoneupside_2027q2_other_cogs_ratio
/operating_model/cells/upside_2027q2_other_cogs_ratio:upside/kindNoneassumption
/operating_model/cells/upside_2027q2_other_cogs_ratio:upside/labelNoneOther cost of revenue / revenue
/operating_model/cells/upside_2027q2_other_cogs_ratio:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_other_cogs_ratio:upside/unitNoneratio
/operating_model/cells/upside_2027q2_other_cogs_ratio:upside/valueNone0.16
/operating_model/cells/upside_2027q2_other_revenue:upside/basisNoneSubscriptions and other products in one perimeter; no separately added SPECS preorder/deposit revenue.
/operating_model/cells/upside_2027q2_other_revenue:upside/caseNoneupside
/operating_model/cells/upside_2027q2_other_revenue:upside/idNoneupside_2027q2_other_revenue
/operating_model/cells/upside_2027q2_other_revenue:upside/kindNoneassumption
/operating_model/cells/upside_2027q2_other_revenue:upside/labelNoneOther product revenue
/operating_model/cells/upside_2027q2_other_revenue:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_other_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_other_revenue:upside/valueNone520.0
/operating_model/cells/upside_2027q2_repay_2026:upside/basisNoneAugust 1 repayment follows June balance sheet and is described in the subsequent event/remarks.
/operating_model/cells/upside_2027q2_repay_2026:upside/caseNoneupside
/operating_model/cells/upside_2027q2_repay_2026:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q2_repay_2026:upside/formula/refs/0Nonenotes_2026
/operating_model/cells/upside_2027q2_repay_2026:upside/formula/refs/1Noneupside_2027q2_notes26_weight
/operating_model/cells/upside_2027q2_repay_2026:upside/idNoneupside_2027q2_repay_2026
/operating_model/cells/upside_2027q2_repay_2026:upside/kindNonederived
/operating_model/cells/upside_2027q2_repay_2026:upside/labelNoneAugust 2026 note principal
/operating_model/cells/upside_2027q2_repay_2026:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_repay_2026:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_repay_2026:upside/valueNone0.0
/operating_model/cells/upside_2027q2_repay_2027:upside/basisNoneMay 1, 2027 maturity; assumes cash settlement.
/operating_model/cells/upside_2027q2_repay_2027:upside/caseNoneupside
/operating_model/cells/upside_2027q2_repay_2027:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q2_repay_2027:upside/formula/refs/0Nonenotes_2027
/operating_model/cells/upside_2027q2_repay_2027:upside/formula/refs/1Noneupside_2027q2_notes27_weight
/operating_model/cells/upside_2027q2_repay_2027:upside/idNoneupside_2027q2_repay_2027
/operating_model/cells/upside_2027q2_repay_2027:upside/kindNonederived
/operating_model/cells/upside_2027q2_repay_2027:upside/labelNoneMay 2027 note principal
/operating_model/cells/upside_2027q2_repay_2027:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_repay_2027:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_repay_2027:upside/valueNone106.318
/operating_model/cells/upside_2027q2_revenue:upside/basisNoneAdvertising plus other product revenue.
/operating_model/cells/upside_2027q2_revenue:upside/caseNoneupside
/operating_model/cells/upside_2027q2_revenue:upside/formula/opNonesum
/operating_model/cells/upside_2027q2_revenue:upside/formula/refs/0Noneupside_2027q2_ad_revenue
/operating_model/cells/upside_2027q2_revenue:upside/formula/refs/1Noneupside_2027q2_other_revenue
/operating_model/cells/upside_2027q2_revenue:upside/idNoneupside_2027q2_revenue
/operating_model/cells/upside_2027q2_revenue:upside/kindNonederived
/operating_model/cells/upside_2027q2_revenue:upside/labelNoneConsolidated revenue
/operating_model/cells/upside_2027q2_revenue:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_revenue:upside/valueNone2160.0
/operating_model/cells/upside_2027q2_sbc:upside/basisNoneH2 base preserves approximately $1.05B full-year SBC after actual H1 $513.229M; all 2027 is desk.
/operating_model/cells/upside_2027q2_sbc:upside/caseNoneupside
/operating_model/cells/upside_2027q2_sbc:upside/idNoneupside_2027q2_sbc
/operating_model/cells/upside_2027q2_sbc:upside/kindNoneassumption
/operating_model/cells/upside_2027q2_sbc:upside/labelNoneTotal equity compensation expense
/operating_model/cells/upside_2027q2_sbc:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_sbc:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_sbc:upside/valueNone284.0
/operating_model/cells/upside_2027q2_sbc_payroll:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q2_sbc_payroll:upside/caseNoneupside
/operating_model/cells/upside_2027q2_sbc_payroll:upside/idNoneupside_2027q2_sbc_payroll
/operating_model/cells/upside_2027q2_sbc_payroll:upside/kindNoneassumption
/operating_model/cells/upside_2027q2_sbc_payroll:upside/labelNoneCash payroll taxes on equity awards
/operating_model/cells/upside_2027q2_sbc_payroll:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_sbc_payroll:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_sbc_payroll:upside/valueNone12.0
/operating_model/cells/upside_2027q2_wc_use:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q2_wc_use:upside/caseNoneupside
/operating_model/cells/upside_2027q2_wc_use:upside/idNoneupside_2027q2_wc_use
/operating_model/cells/upside_2027q2_wc_use:upside/kindNoneassumption
/operating_model/cells/upside_2027q2_wc_use:upside/labelNoneWorking capital and other cash use
/operating_model/cells/upside_2027q2_wc_use:upside/periodNone2027Q2
/operating_model/cells/upside_2027q2_wc_use:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q2_wc_use:upside/valueNone30.0
/operating_model/cells/upside_2027q3_ad_revenue:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q3_ad_revenue:upside/caseNoneupside
/operating_model/cells/upside_2027q3_ad_revenue:upside/idNoneupside_2027q3_ad_revenue
/operating_model/cells/upside_2027q3_ad_revenue:upside/kindNoneassumption
/operating_model/cells/upside_2027q3_ad_revenue:upside/labelNoneAdvertising revenue
/operating_model/cells/upside_2027q3_ad_revenue:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_ad_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_ad_revenue:upside/valueNone1770.0
/operating_model/cells/upside_2027q3_adj_cogs:upside/basisNoneNo second hardware cost assumption added outside this consolidated cost scenario.
/operating_model/cells/upside_2027q3_adj_cogs:upside/caseNoneupside
/operating_model/cells/upside_2027q3_adj_cogs:upside/formula/opNonesum
/operating_model/cells/upside_2027q3_adj_cogs:upside/formula/refs/0Noneupside_2027q3_infrastructure
/operating_model/cells/upside_2027q3_adj_cogs:upside/formula/refs/1Noneupside_2027q3_other_cogs
/operating_model/cells/upside_2027q3_adj_cogs:upside/idNoneupside_2027q3_adj_cogs
/operating_model/cells/upside_2027q3_adj_cogs:upside/kindNonederived
/operating_model/cells/upside_2027q3_adj_cogs:upside/labelNoneAdjusted cost of revenue
/operating_model/cells/upside_2027q3_adj_cogs:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_adj_cogs:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_adj_cogs:upside/valueNone906.8
/operating_model/cells/upside_2027q3_adj_ebitda:upside/basisNoneSpecs is consolidated and already in the expense budget.
/operating_model/cells/upside_2027q3_adj_ebitda:upside/caseNoneupside
/operating_model/cells/upside_2027q3_adj_ebitda:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q3_adj_ebitda:upside/formula/refs/0Noneupside_2027q3_adj_gross_profit
/operating_model/cells/upside_2027q3_adj_ebitda:upside/formula/refs/1Noneupside_2027q3_cash_opex
/operating_model/cells/upside_2027q3_adj_ebitda:upside/idNoneupside_2027q3_adj_ebitda
/operating_model/cells/upside_2027q3_adj_ebitda:upside/kindNonederived
/operating_model/cells/upside_2027q3_adj_ebitda:upside/labelNoneAdjusted EBITDA proxy
/operating_model/cells/upside_2027q3_adj_ebitda:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_adj_ebitda:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_adj_ebitda:upside/valueNone628.2
/operating_model/cells/upside_2027q3_adj_gross_profit:upside/basisNoneBefore allocated equity compensation and depreciation.
/operating_model/cells/upside_2027q3_adj_gross_profit:upside/caseNoneupside
/operating_model/cells/upside_2027q3_adj_gross_profit:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q3_adj_gross_profit:upside/formula/refs/0Noneupside_2027q3_revenue
/operating_model/cells/upside_2027q3_adj_gross_profit:upside/formula/refs/1Noneupside_2027q3_adj_cogs
/operating_model/cells/upside_2027q3_adj_gross_profit:upside/idNoneupside_2027q3_adj_gross_profit
/operating_model/cells/upside_2027q3_adj_gross_profit:upside/kindNonederived
/operating_model/cells/upside_2027q3_adj_gross_profit:upside/labelNoneAdjusted gross profit
/operating_model/cells/upside_2027q3_adj_gross_profit:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_adj_gross_profit:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_adj_gross_profit:upside/valueNone1448.2
/operating_model/cells/upside_2027q3_buybacks:upside/basisNoneDesk capital-allocation assumption; no guarantee shares outstanding decline and no commitment to a 2027 program.
/operating_model/cells/upside_2027q3_buybacks:upside/caseNoneupside
/operating_model/cells/upside_2027q3_buybacks:upside/idNoneupside_2027q3_buybacks
/operating_model/cells/upside_2027q3_buybacks:upside/kindNoneassumption
/operating_model/cells/upside_2027q3_buybacks:upside/labelNoneShare repurchases including tax
/operating_model/cells/upside_2027q3_buybacks:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_buybacks:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_buybacks:upside/valueNone280.0
/operating_model/cells/upside_2027q3_capex:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q3_capex:upside/caseNoneupside
/operating_model/cells/upside_2027q3_capex:upside/idNoneupside_2027q3_capex
/operating_model/cells/upside_2027q3_capex:upside/kindNoneassumption
/operating_model/cells/upside_2027q3_capex:upside/labelNoneCash PP&E
/operating_model/cells/upside_2027q3_capex:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_capex:upside/valueNone71.0
/operating_model/cells/upside_2027q3_capital_uses:upside/basisNoneFinancing uses, not operating expenses.
/operating_model/cells/upside_2027q3_capital_uses:upside/caseNoneupside
/operating_model/cells/upside_2027q3_capital_uses:upside/formula/opNonesum
/operating_model/cells/upside_2027q3_capital_uses:upside/formula/refs/0Noneupside_2027q3_buybacks
/operating_model/cells/upside_2027q3_capital_uses:upside/formula/refs/1Noneupside_2027q3_debt_principal
/operating_model/cells/upside_2027q3_capital_uses:upside/idNoneupside_2027q3_capital_uses
/operating_model/cells/upside_2027q3_capital_uses:upside/kindNonederived
/operating_model/cells/upside_2027q3_capital_uses:upside/labelNoneRepurchases and principal
/operating_model/cells/upside_2027q3_capital_uses:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_capital_uses:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_capital_uses:upside/valueNone280.0
/operating_model/cells/upside_2027q3_cash_after_claims:upside/basisNoneBefore acquisitions and strategic investments.
/operating_model/cells/upside_2027q3_cash_after_claims:upside/caseNoneupside
/operating_model/cells/upside_2027q3_cash_after_claims:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q3_cash_after_claims:upside/formula/refs/0Noneupside_2027q3_fcf
/operating_model/cells/upside_2027q3_cash_after_claims:upside/formula/refs/1Noneupside_2027q3_capital_uses
/operating_model/cells/upside_2027q3_cash_after_claims:upside/idNoneupside_2027q3_cash_after_claims
/operating_model/cells/upside_2027q3_cash_after_claims:upside/kindNonederived
/operating_model/cells/upside_2027q3_cash_after_claims:upside/labelNoneCash after repurchases and note principal
/operating_model/cells/upside_2027q3_cash_after_claims:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_cash_after_claims:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_cash_after_claims:upside/valueNone176.20000000000005
/operating_model/cells/upside_2027q3_cash_opex:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q3_cash_opex:upside/caseNoneupside
/operating_model/cells/upside_2027q3_cash_opex:upside/idNoneupside_2027q3_cash_opex
/operating_model/cells/upside_2027q3_cash_opex:upside/kindNoneassumption
/operating_model/cells/upside_2027q3_cash_opex:upside/labelNoneAdjusted operating expense including Specs
/operating_model/cells/upside_2027q3_cash_opex:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_cash_opex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_cash_opex:upside/valueNone820.0
/operating_model/cells/upside_2027q3_cash_tax:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q3_cash_tax:upside/caseNoneupside
/operating_model/cells/upside_2027q3_cash_tax:upside/idNoneupside_2027q3_cash_tax
/operating_model/cells/upside_2027q3_cash_tax:upside/kindNoneassumption
/operating_model/cells/upside_2027q3_cash_tax:upside/labelNoneCash income tax
/operating_model/cells/upside_2027q3_cash_tax:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_cash_tax:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_cash_tax:upside/valueNone23.0
/operating_model/cells/upside_2027q3_cash_uses:upside/basisNoneEquity-award payroll tax consumes cash although excluded from adjusted EBITDA.
/operating_model/cells/upside_2027q3_cash_uses:upside/caseNoneupside
/operating_model/cells/upside_2027q3_cash_uses:upside/formula/opNonesum
/operating_model/cells/upside_2027q3_cash_uses:upside/formula/refs/0Noneupside_2027q3_sbc_payroll
/operating_model/cells/upside_2027q3_cash_uses:upside/formula/refs/1Noneupside_2027q3_net_cash_interest
/operating_model/cells/upside_2027q3_cash_uses:upside/formula/refs/2Noneupside_2027q3_cash_tax
/operating_model/cells/upside_2027q3_cash_uses:upside/formula/refs/3Noneupside_2027q3_wc_use
/operating_model/cells/upside_2027q3_cash_uses:upside/idNoneupside_2027q3_cash_uses
/operating_model/cells/upside_2027q3_cash_uses:upside/kindNonederived
/operating_model/cells/upside_2027q3_cash_uses:upside/labelNoneCash operating adjustments
/operating_model/cells/upside_2027q3_cash_uses:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_cash_uses:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_cash_uses:upside/valueNone101.0
/operating_model/cells/upside_2027q3_cfo:upside/basisNoneWorking-capital timing is separate from accounting earnings.
/operating_model/cells/upside_2027q3_cfo:upside/caseNoneupside
/operating_model/cells/upside_2027q3_cfo:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q3_cfo:upside/formula/refs/0Noneupside_2027q3_adj_ebitda
/operating_model/cells/upside_2027q3_cfo:upside/formula/refs/1Noneupside_2027q3_cash_uses
/operating_model/cells/upside_2027q3_cfo:upside/idNoneupside_2027q3_cfo
/operating_model/cells/upside_2027q3_cfo:upside/kindNonederived
/operating_model/cells/upside_2027q3_cfo:upside/labelNoneOperating cash flow proxy
/operating_model/cells/upside_2027q3_cfo:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_cfo:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_cfo:upside/valueNone527.2
/operating_model/cells/upside_2027q3_cogs_adjustments:upside/basisNoneThese are allocations of total expense included in the operating-income bridge.
/operating_model/cells/upside_2027q3_cogs_adjustments:upside/caseNoneupside
/operating_model/cells/upside_2027q3_cogs_adjustments:upside/formula/opNonesum
/operating_model/cells/upside_2027q3_cogs_adjustments:upside/formula/refs/0Noneupside_2027q3_cogs_sbc
/operating_model/cells/upside_2027q3_cogs_adjustments:upside/formula/refs/1Noneupside_2027q3_cogs_da
/operating_model/cells/upside_2027q3_cogs_adjustments:upside/idNoneupside_2027q3_cogs_adjustments
/operating_model/cells/upside_2027q3_cogs_adjustments:upside/kindNonederived
/operating_model/cells/upside_2027q3_cogs_adjustments:upside/labelNoneCOGS noncash and payroll adjustments
/operating_model/cells/upside_2027q3_cogs_adjustments:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_cogs_adjustments:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_cogs_adjustments:upside/valueNone16.8
/operating_model/cells/upside_2027q3_cogs_da:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q3_cogs_da:upside/caseNoneupside
/operating_model/cells/upside_2027q3_cogs_da:upside/idNoneupside_2027q3_cogs_da
/operating_model/cells/upside_2027q3_cogs_da:upside/kindNoneassumption
/operating_model/cells/upside_2027q3_cogs_da:upside/labelNoneCOGS D&A
/operating_model/cells/upside_2027q3_cogs_da:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_cogs_da:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_cogs_da:upside/valueNone3.8
/operating_model/cells/upside_2027q3_cogs_sbc:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q3_cogs_sbc:upside/caseNoneupside
/operating_model/cells/upside_2027q3_cogs_sbc:upside/idNoneupside_2027q3_cogs_sbc
/operating_model/cells/upside_2027q3_cogs_sbc:upside/kindNoneassumption
/operating_model/cells/upside_2027q3_cogs_sbc:upside/labelNoneCOGS SBC and related payroll
/operating_model/cells/upside_2027q3_cogs_sbc:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_cogs_sbc:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_cogs_sbc:upside/valueNone13.0
/operating_model/cells/upside_2027q3_da:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q3_da:upside/caseNoneupside
/operating_model/cells/upside_2027q3_da:upside/idNoneupside_2027q3_da
/operating_model/cells/upside_2027q3_da:upside/kindNoneassumption
/operating_model/cells/upside_2027q3_da:upside/labelNoneTotal D&A
/operating_model/cells/upside_2027q3_da:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_da:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_da:upside/valueNone56.0
/operating_model/cells/upside_2027q3_debt_principal:upside/basisNoneOther debt maturities fall beyond FY2027.
/operating_model/cells/upside_2027q3_debt_principal:upside/caseNoneupside
/operating_model/cells/upside_2027q3_debt_principal:upside/formula/opNonesum
/operating_model/cells/upside_2027q3_debt_principal:upside/formula/refs/0Noneupside_2027q3_repay_2026
/operating_model/cells/upside_2027q3_debt_principal:upside/formula/refs/1Noneupside_2027q3_repay_2027
/operating_model/cells/upside_2027q3_debt_principal:upside/idNoneupside_2027q3_debt_principal
/operating_model/cells/upside_2027q3_debt_principal:upside/kindNonederived
/operating_model/cells/upside_2027q3_debt_principal:upside/labelNoneScheduled note principal
/operating_model/cells/upside_2027q3_debt_principal:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_debt_principal:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_debt_principal:upside/valueNone0.0
/operating_model/cells/upside_2027q3_fcf:upside/basisNoneBefore discretionary repurchases.
/operating_model/cells/upside_2027q3_fcf:upside/caseNoneupside
/operating_model/cells/upside_2027q3_fcf:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q3_fcf:upside/formula/refs/0Noneupside_2027q3_cfo
/operating_model/cells/upside_2027q3_fcf:upside/formula/refs/1Noneupside_2027q3_capex
/operating_model/cells/upside_2027q3_fcf:upside/idNoneupside_2027q3_fcf
/operating_model/cells/upside_2027q3_fcf:upside/kindNonederived
/operating_model/cells/upside_2027q3_fcf:upside/labelNoneCFO less PP&E
/operating_model/cells/upside_2027q3_fcf:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_fcf:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_fcf:upside/valueNone456.20000000000005
/operating_model/cells/upside_2027q3_gaap_adjustments:upside/basisNoneNo double deduction of restructuring SBC or asset depreciation.
/operating_model/cells/upside_2027q3_gaap_adjustments:upside/caseNoneupside
/operating_model/cells/upside_2027q3_gaap_adjustments:upside/formula/opNonesum
/operating_model/cells/upside_2027q3_gaap_adjustments:upside/formula/refs/0Noneupside_2027q3_sbc
/operating_model/cells/upside_2027q3_gaap_adjustments:upside/formula/refs/1Noneupside_2027q3_sbc_payroll
/operating_model/cells/upside_2027q3_gaap_adjustments:upside/formula/refs/2Noneupside_2027q3_da
/operating_model/cells/upside_2027q3_gaap_adjustments:upside/formula/refs/3Noneupside_2027q3_incremental_restructuring
/operating_model/cells/upside_2027q3_gaap_adjustments:upside/idNoneupside_2027q3_gaap_adjustments
/operating_model/cells/upside_2027q3_gaap_adjustments:upside/kindNonederived
/operating_model/cells/upside_2027q3_gaap_adjustments:upside/labelNoneSBC payroll D&A and restructuring
/operating_model/cells/upside_2027q3_gaap_adjustments:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_gaap_adjustments:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_gaap_adjustments:upside/valueNone361.0
/operating_model/cells/upside_2027q3_gross_profit:upside/basisNoneNo new COGS restructuring charge assumed.
/operating_model/cells/upside_2027q3_gross_profit:upside/caseNoneupside
/operating_model/cells/upside_2027q3_gross_profit:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q3_gross_profit:upside/formula/refs/0Noneupside_2027q3_adj_gross_profit
/operating_model/cells/upside_2027q3_gross_profit:upside/formula/refs/1Noneupside_2027q3_cogs_adjustments
/operating_model/cells/upside_2027q3_gross_profit:upside/idNoneupside_2027q3_gross_profit
/operating_model/cells/upside_2027q3_gross_profit:upside/kindNonederived
/operating_model/cells/upside_2027q3_gross_profit:upside/labelNoneGAAP gross profit proxy
/operating_model/cells/upside_2027q3_gross_profit:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_gross_profit:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_gross_profit:upside/valueNone1431.4
/operating_model/cells/upside_2027q3_incremental_restructuring:upside/basisNoneRemaining April-plan charges/liabilities were immaterial at June 30; no repeat of full H1 charge.
/operating_model/cells/upside_2027q3_incremental_restructuring:upside/caseNoneupside
/operating_model/cells/upside_2027q3_incremental_restructuring:upside/idNoneupside_2027q3_incremental_restructuring
/operating_model/cells/upside_2027q3_incremental_restructuring:upside/kindNoneassumption
/operating_model/cells/upside_2027q3_incremental_restructuring:upside/labelNoneRestructuring excluding SBC/D&A counted above
/operating_model/cells/upside_2027q3_incremental_restructuring:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_incremental_restructuring:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_incremental_restructuring:upside/valueNone0.0
/operating_model/cells/upside_2027q3_infrastructure:upside/basisNoneHosting and related operating expense, not company-owned capex. Base H2 reconciles to FY2026 midpoint after H1.
/operating_model/cells/upside_2027q3_infrastructure:upside/caseNoneupside
/operating_model/cells/upside_2027q3_infrastructure:upside/idNoneupside_2027q3_infrastructure
/operating_model/cells/upside_2027q3_infrastructure:upside/kindNoneassumption
/operating_model/cells/upside_2027q3_infrastructure:upside/labelNoneInfrastructure service costs
/operating_model/cells/upside_2027q3_infrastructure:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_infrastructure:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_infrastructure:upside/valueNone530.0
/operating_model/cells/upside_2027q3_net_cash_interest:upside/basisNoneDesk net interest includes debt coupons and investment yield; not noncash issuance-cost amortization.
/operating_model/cells/upside_2027q3_net_cash_interest:upside/caseNoneupside
/operating_model/cells/upside_2027q3_net_cash_interest:upside/idNoneupside_2027q3_net_cash_interest
/operating_model/cells/upside_2027q3_net_cash_interest:upside/kindNoneassumption
/operating_model/cells/upside_2027q3_net_cash_interest:upside/labelNoneCash debt interest less investment income
/operating_model/cells/upside_2027q3_net_cash_interest:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_net_cash_interest:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_net_cash_interest:upside/valueNone26.0
/operating_model/cells/upside_2027q3_notes26_weight:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q3_notes26_weight:upside/caseNoneupside
/operating_model/cells/upside_2027q3_notes26_weight:upside/idNoneupside_2027q3_notes26_weight
/operating_model/cells/upside_2027q3_notes26_weight:upside/kindNoneassumption
/operating_model/cells/upside_2027q3_notes26_weight:upside/labelNone2026 principal timing
/operating_model/cells/upside_2027q3_notes26_weight:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_notes26_weight:upside/unitNoneratio
/operating_model/cells/upside_2027q3_notes26_weight:upside/valueNone0.0
/operating_model/cells/upside_2027q3_notes27_weight:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q3_notes27_weight:upside/caseNoneupside
/operating_model/cells/upside_2027q3_notes27_weight:upside/idNoneupside_2027q3_notes27_weight
/operating_model/cells/upside_2027q3_notes27_weight:upside/kindNoneassumption
/operating_model/cells/upside_2027q3_notes27_weight:upside/labelNone2027 principal timing
/operating_model/cells/upside_2027q3_notes27_weight:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_notes27_weight:upside/unitNoneratio
/operating_model/cells/upside_2027q3_notes27_weight:upside/valueNone0.0
/operating_model/cells/upside_2027q3_operating_income:upside/basisNoneNo new impairment or unannounced restructuring.
/operating_model/cells/upside_2027q3_operating_income:upside/caseNoneupside
/operating_model/cells/upside_2027q3_operating_income:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q3_operating_income:upside/formula/refs/0Noneupside_2027q3_adj_ebitda
/operating_model/cells/upside_2027q3_operating_income:upside/formula/refs/1Noneupside_2027q3_gaap_adjustments
/operating_model/cells/upside_2027q3_operating_income:upside/idNoneupside_2027q3_operating_income
/operating_model/cells/upside_2027q3_operating_income:upside/kindNonederived
/operating_model/cells/upside_2027q3_operating_income:upside/labelNoneGAAP operating income proxy
/operating_model/cells/upside_2027q3_operating_income:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_operating_income:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_operating_income:upside/valueNone267.20000000000005
/operating_model/cells/upside_2027q3_other_cogs:upside/basisNoneContent and partner costs; scenario broadly follows management 16%-17% FY2026 range.
/operating_model/cells/upside_2027q3_other_cogs:upside/caseNoneupside
/operating_model/cells/upside_2027q3_other_cogs:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q3_other_cogs:upside/formula/refs/0Noneupside_2027q3_revenue
/operating_model/cells/upside_2027q3_other_cogs:upside/formula/refs/1Noneupside_2027q3_other_cogs_ratio
/operating_model/cells/upside_2027q3_other_cogs:upside/idNoneupside_2027q3_other_cogs
/operating_model/cells/upside_2027q3_other_cogs:upside/kindNonederived
/operating_model/cells/upside_2027q3_other_cogs:upside/labelNoneOther cost of revenue
/operating_model/cells/upside_2027q3_other_cogs:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_other_cogs:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_other_cogs:upside/valueNone376.8
/operating_model/cells/upside_2027q3_other_cogs_ratio:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q3_other_cogs_ratio:upside/caseNoneupside
/operating_model/cells/upside_2027q3_other_cogs_ratio:upside/idNoneupside_2027q3_other_cogs_ratio
/operating_model/cells/upside_2027q3_other_cogs_ratio:upside/kindNoneassumption
/operating_model/cells/upside_2027q3_other_cogs_ratio:upside/labelNoneOther cost of revenue / revenue
/operating_model/cells/upside_2027q3_other_cogs_ratio:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_other_cogs_ratio:upside/unitNoneratio
/operating_model/cells/upside_2027q3_other_cogs_ratio:upside/valueNone0.16
/operating_model/cells/upside_2027q3_other_revenue:upside/basisNoneSubscriptions and other products in one perimeter; no separately added SPECS preorder/deposit revenue.
/operating_model/cells/upside_2027q3_other_revenue:upside/caseNoneupside
/operating_model/cells/upside_2027q3_other_revenue:upside/idNoneupside_2027q3_other_revenue
/operating_model/cells/upside_2027q3_other_revenue:upside/kindNoneassumption
/operating_model/cells/upside_2027q3_other_revenue:upside/labelNoneOther product revenue
/operating_model/cells/upside_2027q3_other_revenue:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_other_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_other_revenue:upside/valueNone585.0
/operating_model/cells/upside_2027q3_repay_2026:upside/basisNoneAugust 1 repayment follows June balance sheet and is described in the subsequent event/remarks.
/operating_model/cells/upside_2027q3_repay_2026:upside/caseNoneupside
/operating_model/cells/upside_2027q3_repay_2026:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q3_repay_2026:upside/formula/refs/0Nonenotes_2026
/operating_model/cells/upside_2027q3_repay_2026:upside/formula/refs/1Noneupside_2027q3_notes26_weight
/operating_model/cells/upside_2027q3_repay_2026:upside/idNoneupside_2027q3_repay_2026
/operating_model/cells/upside_2027q3_repay_2026:upside/kindNonederived
/operating_model/cells/upside_2027q3_repay_2026:upside/labelNoneAugust 2026 note principal
/operating_model/cells/upside_2027q3_repay_2026:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_repay_2026:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_repay_2026:upside/valueNone0.0
/operating_model/cells/upside_2027q3_repay_2027:upside/basisNoneMay 1, 2027 maturity; assumes cash settlement.
/operating_model/cells/upside_2027q3_repay_2027:upside/caseNoneupside
/operating_model/cells/upside_2027q3_repay_2027:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q3_repay_2027:upside/formula/refs/0Nonenotes_2027
/operating_model/cells/upside_2027q3_repay_2027:upside/formula/refs/1Noneupside_2027q3_notes27_weight
/operating_model/cells/upside_2027q3_repay_2027:upside/idNoneupside_2027q3_repay_2027
/operating_model/cells/upside_2027q3_repay_2027:upside/kindNonederived
/operating_model/cells/upside_2027q3_repay_2027:upside/labelNoneMay 2027 note principal
/operating_model/cells/upside_2027q3_repay_2027:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_repay_2027:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_repay_2027:upside/valueNone0.0
/operating_model/cells/upside_2027q3_revenue:upside/basisNoneAdvertising plus other product revenue.
/operating_model/cells/upside_2027q3_revenue:upside/caseNoneupside
/operating_model/cells/upside_2027q3_revenue:upside/formula/opNonesum
/operating_model/cells/upside_2027q3_revenue:upside/formula/refs/0Noneupside_2027q3_ad_revenue
/operating_model/cells/upside_2027q3_revenue:upside/formula/refs/1Noneupside_2027q3_other_revenue
/operating_model/cells/upside_2027q3_revenue:upside/idNoneupside_2027q3_revenue
/operating_model/cells/upside_2027q3_revenue:upside/kindNonederived
/operating_model/cells/upside_2027q3_revenue:upside/labelNoneConsolidated revenue
/operating_model/cells/upside_2027q3_revenue:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_revenue:upside/valueNone2355.0
/operating_model/cells/upside_2027q3_sbc:upside/basisNoneH2 base preserves approximately $1.05B full-year SBC after actual H1 $513.229M; all 2027 is desk.
/operating_model/cells/upside_2027q3_sbc:upside/caseNoneupside
/operating_model/cells/upside_2027q3_sbc:upside/idNoneupside_2027q3_sbc
/operating_model/cells/upside_2027q3_sbc:upside/kindNoneassumption
/operating_model/cells/upside_2027q3_sbc:upside/labelNoneTotal equity compensation expense
/operating_model/cells/upside_2027q3_sbc:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_sbc:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_sbc:upside/valueNone293.0
/operating_model/cells/upside_2027q3_sbc_payroll:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q3_sbc_payroll:upside/caseNoneupside
/operating_model/cells/upside_2027q3_sbc_payroll:upside/idNoneupside_2027q3_sbc_payroll
/operating_model/cells/upside_2027q3_sbc_payroll:upside/kindNoneassumption
/operating_model/cells/upside_2027q3_sbc_payroll:upside/labelNoneCash payroll taxes on equity awards
/operating_model/cells/upside_2027q3_sbc_payroll:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_sbc_payroll:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_sbc_payroll:upside/valueNone12.0
/operating_model/cells/upside_2027q3_wc_use:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q3_wc_use:upside/caseNoneupside
/operating_model/cells/upside_2027q3_wc_use:upside/idNoneupside_2027q3_wc_use
/operating_model/cells/upside_2027q3_wc_use:upside/kindNoneassumption
/operating_model/cells/upside_2027q3_wc_use:upside/labelNoneWorking capital and other cash use
/operating_model/cells/upside_2027q3_wc_use:upside/periodNone2027Q3
/operating_model/cells/upside_2027q3_wc_use:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q3_wc_use:upside/valueNone40.0
/operating_model/cells/upside_2027q4_ad_revenue:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q4_ad_revenue:upside/caseNoneupside
/operating_model/cells/upside_2027q4_ad_revenue:upside/idNoneupside_2027q4_ad_revenue
/operating_model/cells/upside_2027q4_ad_revenue:upside/kindNoneassumption
/operating_model/cells/upside_2027q4_ad_revenue:upside/labelNoneAdvertising revenue
/operating_model/cells/upside_2027q4_ad_revenue:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_ad_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_ad_revenue:upside/valueNone2100.0
/operating_model/cells/upside_2027q4_adj_cogs:upside/basisNoneNo second hardware cost assumption added outside this consolidated cost scenario.
/operating_model/cells/upside_2027q4_adj_cogs:upside/caseNoneupside
/operating_model/cells/upside_2027q4_adj_cogs:upside/formula/opNonesum
/operating_model/cells/upside_2027q4_adj_cogs:upside/formula/refs/0Noneupside_2027q4_infrastructure
/operating_model/cells/upside_2027q4_adj_cogs:upside/formula/refs/1Noneupside_2027q4_other_cogs
/operating_model/cells/upside_2027q4_adj_cogs:upside/idNoneupside_2027q4_adj_cogs
/operating_model/cells/upside_2027q4_adj_cogs:upside/kindNonederived
/operating_model/cells/upside_2027q4_adj_cogs:upside/labelNoneAdjusted cost of revenue
/operating_model/cells/upside_2027q4_adj_cogs:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_adj_cogs:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_adj_cogs:upside/valueNone1013.2
/operating_model/cells/upside_2027q4_adj_ebitda:upside/basisNoneSpecs is consolidated and already in the expense budget.
/operating_model/cells/upside_2027q4_adj_ebitda:upside/caseNoneupside
/operating_model/cells/upside_2027q4_adj_ebitda:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q4_adj_ebitda:upside/formula/refs/0Noneupside_2027q4_adj_gross_profit
/operating_model/cells/upside_2027q4_adj_ebitda:upside/formula/refs/1Noneupside_2027q4_cash_opex
/operating_model/cells/upside_2027q4_adj_ebitda:upside/idNoneupside_2027q4_adj_ebitda
/operating_model/cells/upside_2027q4_adj_ebitda:upside/kindNonederived
/operating_model/cells/upside_2027q4_adj_ebitda:upside/labelNoneAdjusted EBITDA proxy
/operating_model/cells/upside_2027q4_adj_ebitda:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_adj_ebitda:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_adj_ebitda:upside/valueNone871.8
/operating_model/cells/upside_2027q4_adj_gross_profit:upside/basisNoneBefore allocated equity compensation and depreciation.
/operating_model/cells/upside_2027q4_adj_gross_profit:upside/caseNoneupside
/operating_model/cells/upside_2027q4_adj_gross_profit:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q4_adj_gross_profit:upside/formula/refs/0Noneupside_2027q4_revenue
/operating_model/cells/upside_2027q4_adj_gross_profit:upside/formula/refs/1Noneupside_2027q4_adj_cogs
/operating_model/cells/upside_2027q4_adj_gross_profit:upside/idNoneupside_2027q4_adj_gross_profit
/operating_model/cells/upside_2027q4_adj_gross_profit:upside/kindNonederived
/operating_model/cells/upside_2027q4_adj_gross_profit:upside/labelNoneAdjusted gross profit
/operating_model/cells/upside_2027q4_adj_gross_profit:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_adj_gross_profit:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_adj_gross_profit:upside/valueNone1756.8
/operating_model/cells/upside_2027q4_buybacks:upside/basisNoneDesk capital-allocation assumption; no guarantee shares outstanding decline and no commitment to a 2027 program.
/operating_model/cells/upside_2027q4_buybacks:upside/caseNoneupside
/operating_model/cells/upside_2027q4_buybacks:upside/idNoneupside_2027q4_buybacks
/operating_model/cells/upside_2027q4_buybacks:upside/kindNoneassumption
/operating_model/cells/upside_2027q4_buybacks:upside/labelNoneShare repurchases including tax
/operating_model/cells/upside_2027q4_buybacks:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_buybacks:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_buybacks:upside/valueNone300.0
/operating_model/cells/upside_2027q4_capex:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q4_capex:upside/caseNoneupside
/operating_model/cells/upside_2027q4_capex:upside/idNoneupside_2027q4_capex
/operating_model/cells/upside_2027q4_capex:upside/kindNoneassumption
/operating_model/cells/upside_2027q4_capex:upside/labelNoneCash PP&E
/operating_model/cells/upside_2027q4_capex:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_capex:upside/valueNone75.0
/operating_model/cells/upside_2027q4_capital_uses:upside/basisNoneFinancing uses, not operating expenses.
/operating_model/cells/upside_2027q4_capital_uses:upside/caseNoneupside
/operating_model/cells/upside_2027q4_capital_uses:upside/formula/opNonesum
/operating_model/cells/upside_2027q4_capital_uses:upside/formula/refs/0Noneupside_2027q4_buybacks
/operating_model/cells/upside_2027q4_capital_uses:upside/formula/refs/1Noneupside_2027q4_debt_principal
/operating_model/cells/upside_2027q4_capital_uses:upside/idNoneupside_2027q4_capital_uses
/operating_model/cells/upside_2027q4_capital_uses:upside/kindNonederived
/operating_model/cells/upside_2027q4_capital_uses:upside/labelNoneRepurchases and principal
/operating_model/cells/upside_2027q4_capital_uses:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_capital_uses:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_capital_uses:upside/valueNone300.0
/operating_model/cells/upside_2027q4_cash_after_claims:upside/basisNoneBefore acquisitions and strategic investments.
/operating_model/cells/upside_2027q4_cash_after_claims:upside/caseNoneupside
/operating_model/cells/upside_2027q4_cash_after_claims:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q4_cash_after_claims:upside/formula/refs/0Noneupside_2027q4_fcf
/operating_model/cells/upside_2027q4_cash_after_claims:upside/formula/refs/1Noneupside_2027q4_capital_uses
/operating_model/cells/upside_2027q4_cash_after_claims:upside/idNoneupside_2027q4_cash_after_claims
/operating_model/cells/upside_2027q4_cash_after_claims:upside/kindNonederived
/operating_model/cells/upside_2027q4_cash_after_claims:upside/labelNoneCash after repurchases and note principal
/operating_model/cells/upside_2027q4_cash_after_claims:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_cash_after_claims:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_cash_after_claims:upside/valueNone491.79999999999995
/operating_model/cells/upside_2027q4_cash_opex:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q4_cash_opex:upside/caseNoneupside
/operating_model/cells/upside_2027q4_cash_opex:upside/idNoneupside_2027q4_cash_opex
/operating_model/cells/upside_2027q4_cash_opex:upside/kindNoneassumption
/operating_model/cells/upside_2027q4_cash_opex:upside/labelNoneAdjusted operating expense including Specs
/operating_model/cells/upside_2027q4_cash_opex:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_cash_opex:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_cash_opex:upside/valueNone885.0
/operating_model/cells/upside_2027q4_cash_tax:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q4_cash_tax:upside/caseNoneupside
/operating_model/cells/upside_2027q4_cash_tax:upside/idNoneupside_2027q4_cash_tax
/operating_model/cells/upside_2027q4_cash_tax:upside/kindNoneassumption
/operating_model/cells/upside_2027q4_cash_tax:upside/labelNoneCash income tax
/operating_model/cells/upside_2027q4_cash_tax:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_cash_tax:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_cash_tax:upside/valueNone25.0
/operating_model/cells/upside_2027q4_cash_uses:upside/basisNoneEquity-award payroll tax consumes cash although excluded from adjusted EBITDA.
/operating_model/cells/upside_2027q4_cash_uses:upside/caseNoneupside
/operating_model/cells/upside_2027q4_cash_uses:upside/formula/opNonesum
/operating_model/cells/upside_2027q4_cash_uses:upside/formula/refs/0Noneupside_2027q4_sbc_payroll
/operating_model/cells/upside_2027q4_cash_uses:upside/formula/refs/1Noneupside_2027q4_net_cash_interest
/operating_model/cells/upside_2027q4_cash_uses:upside/formula/refs/2Noneupside_2027q4_cash_tax
/operating_model/cells/upside_2027q4_cash_uses:upside/formula/refs/3Noneupside_2027q4_wc_use
/operating_model/cells/upside_2027q4_cash_uses:upside/idNoneupside_2027q4_cash_uses
/operating_model/cells/upside_2027q4_cash_uses:upside/kindNonederived
/operating_model/cells/upside_2027q4_cash_uses:upside/labelNoneCash operating adjustments
/operating_model/cells/upside_2027q4_cash_uses:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_cash_uses:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_cash_uses:upside/valueNone5.0
/operating_model/cells/upside_2027q4_cfo:upside/basisNoneWorking-capital timing is separate from accounting earnings.
/operating_model/cells/upside_2027q4_cfo:upside/caseNoneupside
/operating_model/cells/upside_2027q4_cfo:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q4_cfo:upside/formula/refs/0Noneupside_2027q4_adj_ebitda
/operating_model/cells/upside_2027q4_cfo:upside/formula/refs/1Noneupside_2027q4_cash_uses
/operating_model/cells/upside_2027q4_cfo:upside/idNoneupside_2027q4_cfo
/operating_model/cells/upside_2027q4_cfo:upside/kindNonederived
/operating_model/cells/upside_2027q4_cfo:upside/labelNoneOperating cash flow proxy
/operating_model/cells/upside_2027q4_cfo:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_cfo:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_cfo:upside/valueNone866.8
/operating_model/cells/upside_2027q4_cogs_adjustments:upside/basisNoneThese are allocations of total expense included in the operating-income bridge.
/operating_model/cells/upside_2027q4_cogs_adjustments:upside/caseNoneupside
/operating_model/cells/upside_2027q4_cogs_adjustments:upside/formula/opNonesum
/operating_model/cells/upside_2027q4_cogs_adjustments:upside/formula/refs/0Noneupside_2027q4_cogs_sbc
/operating_model/cells/upside_2027q4_cogs_adjustments:upside/formula/refs/1Noneupside_2027q4_cogs_da
/operating_model/cells/upside_2027q4_cogs_adjustments:upside/idNoneupside_2027q4_cogs_adjustments
/operating_model/cells/upside_2027q4_cogs_adjustments:upside/kindNonederived
/operating_model/cells/upside_2027q4_cogs_adjustments:upside/labelNoneCOGS noncash and payroll adjustments
/operating_model/cells/upside_2027q4_cogs_adjustments:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_cogs_adjustments:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_cogs_adjustments:upside/valueNone17.5
/operating_model/cells/upside_2027q4_cogs_da:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q4_cogs_da:upside/caseNoneupside
/operating_model/cells/upside_2027q4_cogs_da:upside/idNoneupside_2027q4_cogs_da
/operating_model/cells/upside_2027q4_cogs_da:upside/kindNoneassumption
/operating_model/cells/upside_2027q4_cogs_da:upside/labelNoneCOGS D&A
/operating_model/cells/upside_2027q4_cogs_da:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_cogs_da:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_cogs_da:upside/valueNone4.0
/operating_model/cells/upside_2027q4_cogs_sbc:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q4_cogs_sbc:upside/caseNoneupside
/operating_model/cells/upside_2027q4_cogs_sbc:upside/idNoneupside_2027q4_cogs_sbc
/operating_model/cells/upside_2027q4_cogs_sbc:upside/kindNoneassumption
/operating_model/cells/upside_2027q4_cogs_sbc:upside/labelNoneCOGS SBC and related payroll
/operating_model/cells/upside_2027q4_cogs_sbc:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_cogs_sbc:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_cogs_sbc:upside/valueNone13.5
/operating_model/cells/upside_2027q4_da:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q4_da:upside/caseNoneupside
/operating_model/cells/upside_2027q4_da:upside/idNoneupside_2027q4_da
/operating_model/cells/upside_2027q4_da:upside/kindNoneassumption
/operating_model/cells/upside_2027q4_da:upside/labelNoneTotal D&A
/operating_model/cells/upside_2027q4_da:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_da:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_da:upside/valueNone58.0
/operating_model/cells/upside_2027q4_debt_principal:upside/basisNoneOther debt maturities fall beyond FY2027.
/operating_model/cells/upside_2027q4_debt_principal:upside/caseNoneupside
/operating_model/cells/upside_2027q4_debt_principal:upside/formula/opNonesum
/operating_model/cells/upside_2027q4_debt_principal:upside/formula/refs/0Noneupside_2027q4_repay_2026
/operating_model/cells/upside_2027q4_debt_principal:upside/formula/refs/1Noneupside_2027q4_repay_2027
/operating_model/cells/upside_2027q4_debt_principal:upside/idNoneupside_2027q4_debt_principal
/operating_model/cells/upside_2027q4_debt_principal:upside/kindNonederived
/operating_model/cells/upside_2027q4_debt_principal:upside/labelNoneScheduled note principal
/operating_model/cells/upside_2027q4_debt_principal:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_debt_principal:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_debt_principal:upside/valueNone0.0
/operating_model/cells/upside_2027q4_fcf:upside/basisNoneBefore discretionary repurchases.
/operating_model/cells/upside_2027q4_fcf:upside/caseNoneupside
/operating_model/cells/upside_2027q4_fcf:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q4_fcf:upside/formula/refs/0Noneupside_2027q4_cfo
/operating_model/cells/upside_2027q4_fcf:upside/formula/refs/1Noneupside_2027q4_capex
/operating_model/cells/upside_2027q4_fcf:upside/idNoneupside_2027q4_fcf
/operating_model/cells/upside_2027q4_fcf:upside/kindNonederived
/operating_model/cells/upside_2027q4_fcf:upside/labelNoneCFO less PP&E
/operating_model/cells/upside_2027q4_fcf:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_fcf:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_fcf:upside/valueNone791.8
/operating_model/cells/upside_2027q4_gaap_adjustments:upside/basisNoneNo double deduction of restructuring SBC or asset depreciation.
/operating_model/cells/upside_2027q4_gaap_adjustments:upside/caseNoneupside
/operating_model/cells/upside_2027q4_gaap_adjustments:upside/formula/opNonesum
/operating_model/cells/upside_2027q4_gaap_adjustments:upside/formula/refs/0Noneupside_2027q4_sbc
/operating_model/cells/upside_2027q4_gaap_adjustments:upside/formula/refs/1Noneupside_2027q4_sbc_payroll
/operating_model/cells/upside_2027q4_gaap_adjustments:upside/formula/refs/2Noneupside_2027q4_da
/operating_model/cells/upside_2027q4_gaap_adjustments:upside/formula/refs/3Noneupside_2027q4_incremental_restructuring
/operating_model/cells/upside_2027q4_gaap_adjustments:upside/idNoneupside_2027q4_gaap_adjustments
/operating_model/cells/upside_2027q4_gaap_adjustments:upside/kindNonederived
/operating_model/cells/upside_2027q4_gaap_adjustments:upside/labelNoneSBC payroll D&A and restructuring
/operating_model/cells/upside_2027q4_gaap_adjustments:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_gaap_adjustments:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_gaap_adjustments:upside/valueNone372.0
/operating_model/cells/upside_2027q4_gross_profit:upside/basisNoneNo new COGS restructuring charge assumed.
/operating_model/cells/upside_2027q4_gross_profit:upside/caseNoneupside
/operating_model/cells/upside_2027q4_gross_profit:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q4_gross_profit:upside/formula/refs/0Noneupside_2027q4_adj_gross_profit
/operating_model/cells/upside_2027q4_gross_profit:upside/formula/refs/1Noneupside_2027q4_cogs_adjustments
/operating_model/cells/upside_2027q4_gross_profit:upside/idNoneupside_2027q4_gross_profit
/operating_model/cells/upside_2027q4_gross_profit:upside/kindNonederived
/operating_model/cells/upside_2027q4_gross_profit:upside/labelNoneGAAP gross profit proxy
/operating_model/cells/upside_2027q4_gross_profit:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_gross_profit:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_gross_profit:upside/valueNone1739.3
/operating_model/cells/upside_2027q4_incremental_restructuring:upside/basisNoneRemaining April-plan charges/liabilities were immaterial at June 30; no repeat of full H1 charge.
/operating_model/cells/upside_2027q4_incremental_restructuring:upside/caseNoneupside
/operating_model/cells/upside_2027q4_incremental_restructuring:upside/idNoneupside_2027q4_incremental_restructuring
/operating_model/cells/upside_2027q4_incremental_restructuring:upside/kindNoneassumption
/operating_model/cells/upside_2027q4_incremental_restructuring:upside/labelNoneRestructuring excluding SBC/D&A counted above
/operating_model/cells/upside_2027q4_incremental_restructuring:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_incremental_restructuring:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_incremental_restructuring:upside/valueNone0.0
/operating_model/cells/upside_2027q4_infrastructure:upside/basisNoneHosting and related operating expense, not company-owned capex. Base H2 reconciles to FY2026 midpoint after H1.
/operating_model/cells/upside_2027q4_infrastructure:upside/caseNoneupside
/operating_model/cells/upside_2027q4_infrastructure:upside/idNoneupside_2027q4_infrastructure
/operating_model/cells/upside_2027q4_infrastructure:upside/kindNoneassumption
/operating_model/cells/upside_2027q4_infrastructure:upside/labelNoneInfrastructure service costs
/operating_model/cells/upside_2027q4_infrastructure:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_infrastructure:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_infrastructure:upside/valueNone570.0
/operating_model/cells/upside_2027q4_net_cash_interest:upside/basisNoneDesk net interest includes debt coupons and investment yield; not noncash issuance-cost amortization.
/operating_model/cells/upside_2027q4_net_cash_interest:upside/caseNoneupside
/operating_model/cells/upside_2027q4_net_cash_interest:upside/idNoneupside_2027q4_net_cash_interest
/operating_model/cells/upside_2027q4_net_cash_interest:upside/kindNoneassumption
/operating_model/cells/upside_2027q4_net_cash_interest:upside/labelNoneCash debt interest less investment income
/operating_model/cells/upside_2027q4_net_cash_interest:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_net_cash_interest:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_net_cash_interest:upside/valueNone28.0
/operating_model/cells/upside_2027q4_notes26_weight:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q4_notes26_weight:upside/caseNoneupside
/operating_model/cells/upside_2027q4_notes26_weight:upside/idNoneupside_2027q4_notes26_weight
/operating_model/cells/upside_2027q4_notes26_weight:upside/kindNoneassumption
/operating_model/cells/upside_2027q4_notes26_weight:upside/labelNone2026 principal timing
/operating_model/cells/upside_2027q4_notes26_weight:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_notes26_weight:upside/unitNoneratio
/operating_model/cells/upside_2027q4_notes26_weight:upside/valueNone0.0
/operating_model/cells/upside_2027q4_notes27_weight:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q4_notes27_weight:upside/caseNoneupside
/operating_model/cells/upside_2027q4_notes27_weight:upside/idNoneupside_2027q4_notes27_weight
/operating_model/cells/upside_2027q4_notes27_weight:upside/kindNoneassumption
/operating_model/cells/upside_2027q4_notes27_weight:upside/labelNone2027 principal timing
/operating_model/cells/upside_2027q4_notes27_weight:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_notes27_weight:upside/unitNoneratio
/operating_model/cells/upside_2027q4_notes27_weight:upside/valueNone0.0
/operating_model/cells/upside_2027q4_operating_income:upside/basisNoneNo new impairment or unannounced restructuring.
/operating_model/cells/upside_2027q4_operating_income:upside/caseNoneupside
/operating_model/cells/upside_2027q4_operating_income:upside/formula/opNonesubtract
/operating_model/cells/upside_2027q4_operating_income:upside/formula/refs/0Noneupside_2027q4_adj_ebitda
/operating_model/cells/upside_2027q4_operating_income:upside/formula/refs/1Noneupside_2027q4_gaap_adjustments
/operating_model/cells/upside_2027q4_operating_income:upside/idNoneupside_2027q4_operating_income
/operating_model/cells/upside_2027q4_operating_income:upside/kindNonederived
/operating_model/cells/upside_2027q4_operating_income:upside/labelNoneGAAP operating income proxy
/operating_model/cells/upside_2027q4_operating_income:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_operating_income:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_operating_income:upside/valueNone499.79999999999995
/operating_model/cells/upside_2027q4_other_cogs:upside/basisNoneContent and partner costs; scenario broadly follows management 16%-17% FY2026 range.
/operating_model/cells/upside_2027q4_other_cogs:upside/caseNoneupside
/operating_model/cells/upside_2027q4_other_cogs:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q4_other_cogs:upside/formula/refs/0Noneupside_2027q4_revenue
/operating_model/cells/upside_2027q4_other_cogs:upside/formula/refs/1Noneupside_2027q4_other_cogs_ratio
/operating_model/cells/upside_2027q4_other_cogs:upside/idNoneupside_2027q4_other_cogs
/operating_model/cells/upside_2027q4_other_cogs:upside/kindNonederived
/operating_model/cells/upside_2027q4_other_cogs:upside/labelNoneOther cost of revenue
/operating_model/cells/upside_2027q4_other_cogs:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_other_cogs:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_other_cogs:upside/valueNone443.2
/operating_model/cells/upside_2027q4_other_cogs_ratio:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q4_other_cogs_ratio:upside/caseNoneupside
/operating_model/cells/upside_2027q4_other_cogs_ratio:upside/idNoneupside_2027q4_other_cogs_ratio
/operating_model/cells/upside_2027q4_other_cogs_ratio:upside/kindNoneassumption
/operating_model/cells/upside_2027q4_other_cogs_ratio:upside/labelNoneOther cost of revenue / revenue
/operating_model/cells/upside_2027q4_other_cogs_ratio:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_other_cogs_ratio:upside/unitNoneratio
/operating_model/cells/upside_2027q4_other_cogs_ratio:upside/valueNone0.16
/operating_model/cells/upside_2027q4_other_revenue:upside/basisNoneSubscriptions and other products in one perimeter; no separately added SPECS preorder/deposit revenue.
/operating_model/cells/upside_2027q4_other_revenue:upside/caseNoneupside
/operating_model/cells/upside_2027q4_other_revenue:upside/idNoneupside_2027q4_other_revenue
/operating_model/cells/upside_2027q4_other_revenue:upside/kindNoneassumption
/operating_model/cells/upside_2027q4_other_revenue:upside/labelNoneOther product revenue
/operating_model/cells/upside_2027q4_other_revenue:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_other_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_other_revenue:upside/valueNone670.0
/operating_model/cells/upside_2027q4_repay_2026:upside/basisNoneAugust 1 repayment follows June balance sheet and is described in the subsequent event/remarks.
/operating_model/cells/upside_2027q4_repay_2026:upside/caseNoneupside
/operating_model/cells/upside_2027q4_repay_2026:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q4_repay_2026:upside/formula/refs/0Nonenotes_2026
/operating_model/cells/upside_2027q4_repay_2026:upside/formula/refs/1Noneupside_2027q4_notes26_weight
/operating_model/cells/upside_2027q4_repay_2026:upside/idNoneupside_2027q4_repay_2026
/operating_model/cells/upside_2027q4_repay_2026:upside/kindNonederived
/operating_model/cells/upside_2027q4_repay_2026:upside/labelNoneAugust 2026 note principal
/operating_model/cells/upside_2027q4_repay_2026:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_repay_2026:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_repay_2026:upside/valueNone0.0
/operating_model/cells/upside_2027q4_repay_2027:upside/basisNoneMay 1, 2027 maturity; assumes cash settlement.
/operating_model/cells/upside_2027q4_repay_2027:upside/caseNoneupside
/operating_model/cells/upside_2027q4_repay_2027:upside/formula/opNonemultiply
/operating_model/cells/upside_2027q4_repay_2027:upside/formula/refs/0Nonenotes_2027
/operating_model/cells/upside_2027q4_repay_2027:upside/formula/refs/1Noneupside_2027q4_notes27_weight
/operating_model/cells/upside_2027q4_repay_2027:upside/idNoneupside_2027q4_repay_2027
/operating_model/cells/upside_2027q4_repay_2027:upside/kindNonederived
/operating_model/cells/upside_2027q4_repay_2027:upside/labelNoneMay 2027 note principal
/operating_model/cells/upside_2027q4_repay_2027:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_repay_2027:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_repay_2027:upside/valueNone0.0
/operating_model/cells/upside_2027q4_revenue:upside/basisNoneAdvertising plus other product revenue.
/operating_model/cells/upside_2027q4_revenue:upside/caseNoneupside
/operating_model/cells/upside_2027q4_revenue:upside/formula/opNonesum
/operating_model/cells/upside_2027q4_revenue:upside/formula/refs/0Noneupside_2027q4_ad_revenue
/operating_model/cells/upside_2027q4_revenue:upside/formula/refs/1Noneupside_2027q4_other_revenue
/operating_model/cells/upside_2027q4_revenue:upside/idNoneupside_2027q4_revenue
/operating_model/cells/upside_2027q4_revenue:upside/kindNonederived
/operating_model/cells/upside_2027q4_revenue:upside/labelNoneConsolidated revenue
/operating_model/cells/upside_2027q4_revenue:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_revenue:upside/valueNone2770.0
/operating_model/cells/upside_2027q4_sbc:upside/basisNoneH2 base preserves approximately $1.05B full-year SBC after actual H1 $513.229M; all 2027 is desk.
/operating_model/cells/upside_2027q4_sbc:upside/caseNoneupside
/operating_model/cells/upside_2027q4_sbc:upside/idNoneupside_2027q4_sbc
/operating_model/cells/upside_2027q4_sbc:upside/kindNoneassumption
/operating_model/cells/upside_2027q4_sbc:upside/labelNoneTotal equity compensation expense
/operating_model/cells/upside_2027q4_sbc:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_sbc:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_sbc:upside/valueNone302.0
/operating_model/cells/upside_2027q4_sbc_payroll:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q4_sbc_payroll:upside/caseNoneupside
/operating_model/cells/upside_2027q4_sbc_payroll:upside/idNoneupside_2027q4_sbc_payroll
/operating_model/cells/upside_2027q4_sbc_payroll:upside/kindNoneassumption
/operating_model/cells/upside_2027q4_sbc_payroll:upside/labelNoneCash payroll taxes on equity awards
/operating_model/cells/upside_2027q4_sbc_payroll:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_sbc_payroll:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_sbc_payroll:upside/valueNone12.0
/operating_model/cells/upside_2027q4_wc_use:upside/basisNoneDesk assumption; not company guidance.
/operating_model/cells/upside_2027q4_wc_use:upside/caseNoneupside
/operating_model/cells/upside_2027q4_wc_use:upside/idNoneupside_2027q4_wc_use
/operating_model/cells/upside_2027q4_wc_use:upside/kindNoneassumption
/operating_model/cells/upside_2027q4_wc_use:upside/labelNoneWorking capital and other cash use
/operating_model/cells/upside_2027q4_wc_use:upside/periodNone2027Q4
/operating_model/cells/upside_2027q4_wc_use:upside/unitNoneUSD_millions
/operating_model/cells/upside_2027q4_wc_use:upside/valueNone-60.0
/operating_model/cells/upside_fy2026_ad_revenue:upside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/upside_fy2026_ad_revenue:upside/caseNoneupside
/operating_model/cells/upside_fy2026_ad_revenue:upside/formula/opNonesum
/operating_model/cells/upside_fy2026_ad_revenue:upside/formula/refs/0Noneh1_ad_revenue
/operating_model/cells/upside_fy2026_ad_revenue:upside/formula/refs/1Noneupside_2026q3_ad_revenue
/operating_model/cells/upside_fy2026_ad_revenue:upside/formula/refs/2Noneupside_2026q4_ad_revenue
/operating_model/cells/upside_fy2026_ad_revenue:upside/idNoneupside_fy2026_ad_revenue
/operating_model/cells/upside_fy2026_ad_revenue:upside/kindNonederived
/operating_model/cells/upside_fy2026_ad_revenue:upside/labelNoneAdvertising revenue ($M)
/operating_model/cells/upside_fy2026_ad_revenue:upside/periodNoneFY2026
/operating_model/cells/upside_fy2026_ad_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2026_ad_revenue:upside/valueNone5640.984
/operating_model/cells/upside_fy2026_adj_ebitda:upside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/upside_fy2026_adj_ebitda:upside/caseNoneupside
/operating_model/cells/upside_fy2026_adj_ebitda:upside/formula/opNonesum
/operating_model/cells/upside_fy2026_adj_ebitda:upside/formula/refs/0Noneh1_adj_ebitda
/operating_model/cells/upside_fy2026_adj_ebitda:upside/formula/refs/1Noneupside_2026q3_adj_ebitda
/operating_model/cells/upside_fy2026_adj_ebitda:upside/formula/refs/2Noneupside_2026q4_adj_ebitda
/operating_model/cells/upside_fy2026_adj_ebitda:upside/idNoneupside_fy2026_adj_ebitda
/operating_model/cells/upside_fy2026_adj_ebitda:upside/kindNonederived
/operating_model/cells/upside_fy2026_adj_ebitda:upside/labelNoneAdjusted EBITDA proxy ($M)
/operating_model/cells/upside_fy2026_adj_ebitda:upside/periodNoneFY2026
/operating_model/cells/upside_fy2026_adj_ebitda:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2026_adj_ebitda:upside/valueNone1434.5480000000002
/operating_model/cells/upside_fy2026_buybacks:upside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/upside_fy2026_buybacks:upside/caseNoneupside
/operating_model/cells/upside_fy2026_buybacks:upside/formula/opNonesum
/operating_model/cells/upside_fy2026_buybacks:upside/formula/refs/0Noneh1_buybacks
/operating_model/cells/upside_fy2026_buybacks:upside/formula/refs/1Noneupside_2026q3_buybacks
/operating_model/cells/upside_fy2026_buybacks:upside/formula/refs/2Noneupside_2026q4_buybacks
/operating_model/cells/upside_fy2026_buybacks:upside/idNoneupside_fy2026_buybacks
/operating_model/cells/upside_fy2026_buybacks:upside/kindNonederived
/operating_model/cells/upside_fy2026_buybacks:upside/labelNoneShare repurchases and related tax ($M)
/operating_model/cells/upside_fy2026_buybacks:upside/periodNoneFY2026
/operating_model/cells/upside_fy2026_buybacks:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2026_buybacks:upside/valueNone1100.964
/operating_model/cells/upside_fy2026_capex:upside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/upside_fy2026_capex:upside/caseNoneupside
/operating_model/cells/upside_fy2026_capex:upside/formula/opNonesum
/operating_model/cells/upside_fy2026_capex:upside/formula/refs/0Noneh1_capex
/operating_model/cells/upside_fy2026_capex:upside/formula/refs/1Noneupside_2026q3_capex
/operating_model/cells/upside_fy2026_capex:upside/formula/refs/2Noneupside_2026q4_capex
/operating_model/cells/upside_fy2026_capex:upside/idNoneupside_fy2026_capex
/operating_model/cells/upside_fy2026_capex:upside/kindNonederived
/operating_model/cells/upside_fy2026_capex:upside/labelNoneCash PP&E ($M)
/operating_model/cells/upside_fy2026_capex:upside/periodNoneFY2026
/operating_model/cells/upside_fy2026_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2026_capex:upside/valueNone210.44799999999998
/operating_model/cells/upside_fy2026_cash_after_claims:upside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/upside_fy2026_cash_after_claims:upside/caseNoneupside
/operating_model/cells/upside_fy2026_cash_after_claims:upside/formula/opNonesum
/operating_model/cells/upside_fy2026_cash_after_claims:upside/formula/refs/0Noneh1_cash_after_claims
/operating_model/cells/upside_fy2026_cash_after_claims:upside/formula/refs/1Noneupside_2026q3_cash_after_claims
/operating_model/cells/upside_fy2026_cash_after_claims:upside/formula/refs/2Noneupside_2026q4_cash_after_claims
/operating_model/cells/upside_fy2026_cash_after_claims:upside/idNoneupside_fy2026_cash_after_claims
/operating_model/cells/upside_fy2026_cash_after_claims:upside/kindNonederived
/operating_model/cells/upside_fy2026_cash_after_claims:upside/labelNoneCash after repurchases and principal ($M)
/operating_model/cells/upside_fy2026_cash_after_claims:upside/periodNoneFY2026
/operating_model/cells/upside_fy2026_cash_after_claims:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2026_cash_after_claims:upside/valueNone34.16800000000012
/operating_model/cells/upside_fy2026_cfo:upside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/upside_fy2026_cfo:upside/caseNoneupside
/operating_model/cells/upside_fy2026_cfo:upside/formula/opNonesum
/operating_model/cells/upside_fy2026_cfo:upside/formula/refs/0Noneh1_cfo
/operating_model/cells/upside_fy2026_cfo:upside/formula/refs/1Noneupside_2026q3_cfo
/operating_model/cells/upside_fy2026_cfo:upside/formula/refs/2Noneupside_2026q4_cfo
/operating_model/cells/upside_fy2026_cfo:upside/idNoneupside_fy2026_cfo
/operating_model/cells/upside_fy2026_cfo:upside/kindNonederived
/operating_model/cells/upside_fy2026_cfo:upside/labelNoneOperating cash flow proxy ($M)
/operating_model/cells/upside_fy2026_cfo:upside/periodNoneFY2026
/operating_model/cells/upside_fy2026_cfo:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2026_cfo:upside/valueNone1392.593
/operating_model/cells/upside_fy2026_debt_principal:upside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/upside_fy2026_debt_principal:upside/caseNoneupside
/operating_model/cells/upside_fy2026_debt_principal:upside/formula/opNonesum
/operating_model/cells/upside_fy2026_debt_principal:upside/formula/refs/0Noneh1_debt_principal
/operating_model/cells/upside_fy2026_debt_principal:upside/formula/refs/1Noneupside_2026q3_debt_principal
/operating_model/cells/upside_fy2026_debt_principal:upside/formula/refs/2Noneupside_2026q4_debt_principal
/operating_model/cells/upside_fy2026_debt_principal:upside/idNoneupside_fy2026_debt_principal
/operating_model/cells/upside_fy2026_debt_principal:upside/kindNonederived
/operating_model/cells/upside_fy2026_debt_principal:upside/labelNoneScheduled note principal ($M)
/operating_model/cells/upside_fy2026_debt_principal:upside/periodNoneFY2026
/operating_model/cells/upside_fy2026_debt_principal:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2026_debt_principal:upside/valueNone47.013
/operating_model/cells/upside_fy2026_fcf:upside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/upside_fy2026_fcf:upside/caseNoneupside
/operating_model/cells/upside_fy2026_fcf:upside/formula/opNonesum
/operating_model/cells/upside_fy2026_fcf:upside/formula/refs/0Noneh1_fcf
/operating_model/cells/upside_fy2026_fcf:upside/formula/refs/1Noneupside_2026q3_fcf
/operating_model/cells/upside_fy2026_fcf:upside/formula/refs/2Noneupside_2026q4_fcf
/operating_model/cells/upside_fy2026_fcf:upside/idNoneupside_fy2026_fcf
/operating_model/cells/upside_fy2026_fcf:upside/kindNonederived
/operating_model/cells/upside_fy2026_fcf:upside/labelNoneCFO less cash PP&E ($M)
/operating_model/cells/upside_fy2026_fcf:upside/periodNoneFY2026
/operating_model/cells/upside_fy2026_fcf:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2026_fcf:upside/valueNone1182.1450000000002
/operating_model/cells/upside_fy2026_gross_profit:upside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/upside_fy2026_gross_profit:upside/caseNoneupside
/operating_model/cells/upside_fy2026_gross_profit:upside/formula/opNonesum
/operating_model/cells/upside_fy2026_gross_profit:upside/formula/refs/0Noneh1_gross_profit
/operating_model/cells/upside_fy2026_gross_profit:upside/formula/refs/1Noneupside_2026q3_gross_profit
/operating_model/cells/upside_fy2026_gross_profit:upside/formula/refs/2Noneupside_2026q4_gross_profit
/operating_model/cells/upside_fy2026_gross_profit:upside/idNoneupside_fy2026_gross_profit
/operating_model/cells/upside_fy2026_gross_profit:upside/kindNonederived
/operating_model/cells/upside_fy2026_gross_profit:upside/labelNoneGAAP gross profit proxy ($M)
/operating_model/cells/upside_fy2026_gross_profit:upside/periodNoneFY2026
/operating_model/cells/upside_fy2026_gross_profit:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2026_gross_profit:upside/valueNone4152.558
/operating_model/cells/upside_fy2026_operating_income:upside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/upside_fy2026_operating_income:upside/caseNoneupside
/operating_model/cells/upside_fy2026_operating_income:upside/formula/opNonesum
/operating_model/cells/upside_fy2026_operating_income:upside/formula/refs/0Noneh1_operating_income
/operating_model/cells/upside_fy2026_operating_income:upside/formula/refs/1Noneupside_2026q3_operating_income
/operating_model/cells/upside_fy2026_operating_income:upside/formula/refs/2Noneupside_2026q4_operating_income
/operating_model/cells/upside_fy2026_operating_income:upside/idNoneupside_fy2026_operating_income
/operating_model/cells/upside_fy2026_operating_income:upside/kindNonederived
/operating_model/cells/upside_fy2026_operating_income:upside/labelNoneGAAP operating income proxy ($M)
/operating_model/cells/upside_fy2026_operating_income:upside/periodNoneFY2026
/operating_model/cells/upside_fy2026_operating_income:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2026_operating_income:upside/valueNone49.65900000000019
/operating_model/cells/upside_fy2026_other_revenue:upside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/upside_fy2026_other_revenue:upside/caseNoneupside
/operating_model/cells/upside_fy2026_other_revenue:upside/formula/opNonesum
/operating_model/cells/upside_fy2026_other_revenue:upside/formula/refs/0Noneh1_other_revenue
/operating_model/cells/upside_fy2026_other_revenue:upside/formula/refs/1Noneupside_2026q3_other_revenue
/operating_model/cells/upside_fy2026_other_revenue:upside/formula/refs/2Noneupside_2026q4_other_revenue
/operating_model/cells/upside_fy2026_other_revenue:upside/idNoneupside_fy2026_other_revenue
/operating_model/cells/upside_fy2026_other_revenue:upside/kindNonederived
/operating_model/cells/upside_fy2026_other_revenue:upside/labelNoneOther product revenue ($M)
/operating_model/cells/upside_fy2026_other_revenue:upside/periodNoneFY2026
/operating_model/cells/upside_fy2026_other_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2026_other_revenue:upside/valueNone1376.8
/operating_model/cells/upside_fy2026_revenue:upside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/upside_fy2026_revenue:upside/caseNoneupside
/operating_model/cells/upside_fy2026_revenue:upside/formula/opNonesum
/operating_model/cells/upside_fy2026_revenue:upside/formula/refs/0Noneh1_revenue
/operating_model/cells/upside_fy2026_revenue:upside/formula/refs/1Noneupside_2026q3_revenue
/operating_model/cells/upside_fy2026_revenue:upside/formula/refs/2Noneupside_2026q4_revenue
/operating_model/cells/upside_fy2026_revenue:upside/idNoneupside_fy2026_revenue
/operating_model/cells/upside_fy2026_revenue:upside/kindNonederived
/operating_model/cells/upside_fy2026_revenue:upside/labelNoneConsolidated revenue ($M)
/operating_model/cells/upside_fy2026_revenue:upside/periodNoneFY2026
/operating_model/cells/upside_fy2026_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2026_revenue:upside/valueNone7017.784
/operating_model/cells/upside_fy2027_ad_revenue:upside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/upside_fy2027_ad_revenue:upside/caseNoneupside
/operating_model/cells/upside_fy2027_ad_revenue:upside/formula/opNonesum
/operating_model/cells/upside_fy2027_ad_revenue:upside/formula/refs/0Noneupside_2027q1_ad_revenue
/operating_model/cells/upside_fy2027_ad_revenue:upside/formula/refs/1Noneupside_2027q2_ad_revenue
/operating_model/cells/upside_fy2027_ad_revenue:upside/formula/refs/2Noneupside_2027q3_ad_revenue
/operating_model/cells/upside_fy2027_ad_revenue:upside/formula/refs/3Noneupside_2027q4_ad_revenue
/operating_model/cells/upside_fy2027_ad_revenue:upside/idNoneupside_fy2027_ad_revenue
/operating_model/cells/upside_fy2027_ad_revenue:upside/kindNonederived
/operating_model/cells/upside_fy2027_ad_revenue:upside/labelNoneAdvertising revenue ($M)
/operating_model/cells/upside_fy2027_ad_revenue:upside/periodNoneFY2027
/operating_model/cells/upside_fy2027_ad_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2027_ad_revenue:upside/valueNone6930.0
/operating_model/cells/upside_fy2027_adj_ebitda:upside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/upside_fy2027_adj_ebitda:upside/caseNoneupside
/operating_model/cells/upside_fy2027_adj_ebitda:upside/formula/opNonesum
/operating_model/cells/upside_fy2027_adj_ebitda:upside/formula/refs/0Noneupside_2027q1_adj_ebitda
/operating_model/cells/upside_fy2027_adj_ebitda:upside/formula/refs/1Noneupside_2027q2_adj_ebitda
/operating_model/cells/upside_fy2027_adj_ebitda:upside/formula/refs/2Noneupside_2027q3_adj_ebitda
/operating_model/cells/upside_fy2027_adj_ebitda:upside/formula/refs/3Noneupside_2027q4_adj_ebitda
/operating_model/cells/upside_fy2027_adj_ebitda:upside/idNoneupside_fy2027_adj_ebitda
/operating_model/cells/upside_fy2027_adj_ebitda:upside/kindNonederived
/operating_model/cells/upside_fy2027_adj_ebitda:upside/labelNoneAdjusted EBITDA proxy ($M)
/operating_model/cells/upside_fy2027_adj_ebitda:upside/periodNoneFY2027
/operating_model/cells/upside_fy2027_adj_ebitda:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2027_adj_ebitda:upside/valueNone2414.8
/operating_model/cells/upside_fy2027_buybacks:upside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/upside_fy2027_buybacks:upside/caseNoneupside
/operating_model/cells/upside_fy2027_buybacks:upside/formula/opNonesum
/operating_model/cells/upside_fy2027_buybacks:upside/formula/refs/0Noneupside_2027q1_buybacks
/operating_model/cells/upside_fy2027_buybacks:upside/formula/refs/1Noneupside_2027q2_buybacks
/operating_model/cells/upside_fy2027_buybacks:upside/formula/refs/2Noneupside_2027q3_buybacks
/operating_model/cells/upside_fy2027_buybacks:upside/formula/refs/3Noneupside_2027q4_buybacks
/operating_model/cells/upside_fy2027_buybacks:upside/idNoneupside_fy2027_buybacks
/operating_model/cells/upside_fy2027_buybacks:upside/kindNonederived
/operating_model/cells/upside_fy2027_buybacks:upside/labelNoneShare repurchases and related tax ($M)
/operating_model/cells/upside_fy2027_buybacks:upside/periodNoneFY2027
/operating_model/cells/upside_fy2027_buybacks:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2027_buybacks:upside/valueNone1080.0
/operating_model/cells/upside_fy2027_capex:upside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/upside_fy2027_capex:upside/caseNoneupside
/operating_model/cells/upside_fy2027_capex:upside/formula/opNonesum
/operating_model/cells/upside_fy2027_capex:upside/formula/refs/0Noneupside_2027q1_capex
/operating_model/cells/upside_fy2027_capex:upside/formula/refs/1Noneupside_2027q2_capex
/operating_model/cells/upside_fy2027_capex:upside/formula/refs/2Noneupside_2027q3_capex
/operating_model/cells/upside_fy2027_capex:upside/formula/refs/3Noneupside_2027q4_capex
/operating_model/cells/upside_fy2027_capex:upside/idNoneupside_fy2027_capex
/operating_model/cells/upside_fy2027_capex:upside/kindNonederived
/operating_model/cells/upside_fy2027_capex:upside/labelNoneCash PP&E ($M)
/operating_model/cells/upside_fy2027_capex:upside/periodNoneFY2027
/operating_model/cells/upside_fy2027_capex:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2027_capex:upside/valueNone276.0
/operating_model/cells/upside_fy2027_cash_after_claims:upside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/upside_fy2027_cash_after_claims:upside/caseNoneupside
/operating_model/cells/upside_fy2027_cash_after_claims:upside/formula/opNonesum
/operating_model/cells/upside_fy2027_cash_after_claims:upside/formula/refs/0Noneupside_2027q1_cash_after_claims
/operating_model/cells/upside_fy2027_cash_after_claims:upside/formula/refs/1Noneupside_2027q2_cash_after_claims
/operating_model/cells/upside_fy2027_cash_after_claims:upside/formula/refs/2Noneupside_2027q3_cash_after_claims
/operating_model/cells/upside_fy2027_cash_after_claims:upside/formula/refs/3Noneupside_2027q4_cash_after_claims
/operating_model/cells/upside_fy2027_cash_after_claims:upside/idNoneupside_fy2027_cash_after_claims
/operating_model/cells/upside_fy2027_cash_after_claims:upside/kindNonederived
/operating_model/cells/upside_fy2027_cash_after_claims:upside/labelNoneCash after repurchases and principal ($M)
/operating_model/cells/upside_fy2027_cash_after_claims:upside/periodNoneFY2027
/operating_model/cells/upside_fy2027_cash_after_claims:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2027_cash_after_claims:upside/valueNone602.4820000000002
/operating_model/cells/upside_fy2027_cfo:upside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/upside_fy2027_cfo:upside/caseNoneupside
/operating_model/cells/upside_fy2027_cfo:upside/formula/opNonesum
/operating_model/cells/upside_fy2027_cfo:upside/formula/refs/0Noneupside_2027q1_cfo
/operating_model/cells/upside_fy2027_cfo:upside/formula/refs/1Noneupside_2027q2_cfo
/operating_model/cells/upside_fy2027_cfo:upside/formula/refs/2Noneupside_2027q3_cfo
/operating_model/cells/upside_fy2027_cfo:upside/formula/refs/3Noneupside_2027q4_cfo
/operating_model/cells/upside_fy2027_cfo:upside/idNoneupside_fy2027_cfo
/operating_model/cells/upside_fy2027_cfo:upside/kindNonederived
/operating_model/cells/upside_fy2027_cfo:upside/labelNoneOperating cash flow proxy ($M)
/operating_model/cells/upside_fy2027_cfo:upside/periodNoneFY2027
/operating_model/cells/upside_fy2027_cfo:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2027_cfo:upside/valueNone2064.8
/operating_model/cells/upside_fy2027_debt_principal:upside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/upside_fy2027_debt_principal:upside/caseNoneupside
/operating_model/cells/upside_fy2027_debt_principal:upside/formula/opNonesum
/operating_model/cells/upside_fy2027_debt_principal:upside/formula/refs/0Noneupside_2027q1_debt_principal
/operating_model/cells/upside_fy2027_debt_principal:upside/formula/refs/1Noneupside_2027q2_debt_principal
/operating_model/cells/upside_fy2027_debt_principal:upside/formula/refs/2Noneupside_2027q3_debt_principal
/operating_model/cells/upside_fy2027_debt_principal:upside/formula/refs/3Noneupside_2027q4_debt_principal
/operating_model/cells/upside_fy2027_debt_principal:upside/idNoneupside_fy2027_debt_principal
/operating_model/cells/upside_fy2027_debt_principal:upside/kindNonederived
/operating_model/cells/upside_fy2027_debt_principal:upside/labelNoneScheduled note principal ($M)
/operating_model/cells/upside_fy2027_debt_principal:upside/periodNoneFY2027
/operating_model/cells/upside_fy2027_debt_principal:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2027_debt_principal:upside/valueNone106.318
/operating_model/cells/upside_fy2027_fcf:upside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/upside_fy2027_fcf:upside/caseNoneupside
/operating_model/cells/upside_fy2027_fcf:upside/formula/opNonesum
/operating_model/cells/upside_fy2027_fcf:upside/formula/refs/0Noneupside_2027q1_fcf
/operating_model/cells/upside_fy2027_fcf:upside/formula/refs/1Noneupside_2027q2_fcf
/operating_model/cells/upside_fy2027_fcf:upside/formula/refs/2Noneupside_2027q3_fcf
/operating_model/cells/upside_fy2027_fcf:upside/formula/refs/3Noneupside_2027q4_fcf
/operating_model/cells/upside_fy2027_fcf:upside/idNoneupside_fy2027_fcf
/operating_model/cells/upside_fy2027_fcf:upside/kindNonederived
/operating_model/cells/upside_fy2027_fcf:upside/labelNoneCFO less cash PP&E ($M)
/operating_model/cells/upside_fy2027_fcf:upside/periodNoneFY2027
/operating_model/cells/upside_fy2027_fcf:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2027_fcf:upside/valueNone1788.8000000000002
/operating_model/cells/upside_fy2027_gross_profit:upside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/upside_fy2027_gross_profit:upside/caseNoneupside
/operating_model/cells/upside_fy2027_gross_profit:upside/formula/opNonesum
/operating_model/cells/upside_fy2027_gross_profit:upside/formula/refs/0Noneupside_2027q1_gross_profit
/operating_model/cells/upside_fy2027_gross_profit:upside/formula/refs/1Noneupside_2027q2_gross_profit
/operating_model/cells/upside_fy2027_gross_profit:upside/formula/refs/2Noneupside_2027q3_gross_profit
/operating_model/cells/upside_fy2027_gross_profit:upside/formula/refs/3Noneupside_2027q4_gross_profit
/operating_model/cells/upside_fy2027_gross_profit:upside/idNoneupside_fy2027_gross_profit
/operating_model/cells/upside_fy2027_gross_profit:upside/kindNonederived
/operating_model/cells/upside_fy2027_gross_profit:upside/labelNoneGAAP gross profit proxy ($M)
/operating_model/cells/upside_fy2027_gross_profit:upside/periodNoneFY2027
/operating_model/cells/upside_fy2027_gross_profit:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2027_gross_profit:upside/valueNone5569.0
/operating_model/cells/upside_fy2027_operating_income:upside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/upside_fy2027_operating_income:upside/caseNoneupside
/operating_model/cells/upside_fy2027_operating_income:upside/formula/opNonesum
/operating_model/cells/upside_fy2027_operating_income:upside/formula/refs/0Noneupside_2027q1_operating_income
/operating_model/cells/upside_fy2027_operating_income:upside/formula/refs/1Noneupside_2027q2_operating_income
/operating_model/cells/upside_fy2027_operating_income:upside/formula/refs/2Noneupside_2027q3_operating_income
/operating_model/cells/upside_fy2027_operating_income:upside/formula/refs/3Noneupside_2027q4_operating_income
/operating_model/cells/upside_fy2027_operating_income:upside/idNoneupside_fy2027_operating_income
/operating_model/cells/upside_fy2027_operating_income:upside/kindNonederived
/operating_model/cells/upside_fy2027_operating_income:upside/labelNoneGAAP operating income proxy ($M)
/operating_model/cells/upside_fy2027_operating_income:upside/periodNoneFY2027
/operating_model/cells/upside_fy2027_operating_income:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2027_operating_income:upside/valueNone988.8000000000002
/operating_model/cells/upside_fy2027_other_revenue:upside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/upside_fy2027_other_revenue:upside/caseNoneupside
/operating_model/cells/upside_fy2027_other_revenue:upside/formula/opNonesum
/operating_model/cells/upside_fy2027_other_revenue:upside/formula/refs/0Noneupside_2027q1_other_revenue
/operating_model/cells/upside_fy2027_other_revenue:upside/formula/refs/1Noneupside_2027q2_other_revenue
/operating_model/cells/upside_fy2027_other_revenue:upside/formula/refs/2Noneupside_2027q3_other_revenue
/operating_model/cells/upside_fy2027_other_revenue:upside/formula/refs/3Noneupside_2027q4_other_revenue
/operating_model/cells/upside_fy2027_other_revenue:upside/idNoneupside_fy2027_other_revenue
/operating_model/cells/upside_fy2027_other_revenue:upside/kindNonederived
/operating_model/cells/upside_fy2027_other_revenue:upside/labelNoneOther product revenue ($M)
/operating_model/cells/upside_fy2027_other_revenue:upside/periodNoneFY2027
/operating_model/cells/upside_fy2027_other_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2027_other_revenue:upside/valueNone2240.0
/operating_model/cells/upside_fy2027_revenue:upside/basisNoneReported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters.
/operating_model/cells/upside_fy2027_revenue:upside/caseNoneupside
/operating_model/cells/upside_fy2027_revenue:upside/formula/opNonesum
/operating_model/cells/upside_fy2027_revenue:upside/formula/refs/0Noneupside_2027q1_revenue
/operating_model/cells/upside_fy2027_revenue:upside/formula/refs/1Noneupside_2027q2_revenue
/operating_model/cells/upside_fy2027_revenue:upside/formula/refs/2Noneupside_2027q3_revenue
/operating_model/cells/upside_fy2027_revenue:upside/formula/refs/3Noneupside_2027q4_revenue
/operating_model/cells/upside_fy2027_revenue:upside/idNoneupside_fy2027_revenue
/operating_model/cells/upside_fy2027_revenue:upside/kindNonederived
/operating_model/cells/upside_fy2027_revenue:upside/labelNoneConsolidated revenue ($M)
/operating_model/cells/upside_fy2027_revenue:upside/periodNoneFY2027
/operating_model/cells/upside_fy2027_revenue:upside/unitNoneUSD_millions
/operating_model/cells/upside_fy2027_revenue:upside/valueNone9170.0
/operating_model/highlights/0Noneq2_ads
/operating_model/highlights/1Noneq2_other
/operating_model/highlights/10Noneh1_fcf
/operating_model/highlights/11Noneh1_buybacks
/operating_model/highlights/12Noneh1_cash_after_claims
/operating_model/highlights/13Noneliquidity
/operating_model/highlights/14Nonedebt_face
/operating_model/highlights/15Nonenotes_2026
/operating_model/highlights/16Nonenotes_2027
/operating_model/highlights/2Noneq3_revenue
/operating_model/highlights/3Noneq3_ebitda
/operating_model/highlights/4Nonefy26_infra
/operating_model/highlights/5Nonefy26_opex
/operating_model/highlights/6Nonefy26_sbc
/operating_model/highlights/7Noneh1_adj_ebitda
/operating_model/highlights/8Noneh1_gaap_bridge
/operating_model/highlights/9Noneh1_cfo
/operating_model/limitations/0NoneQ3 revenue/EBITDA and FY2026 cost outlook are management guidance. Q4 revenue, quarterly timing and all FY2027 amounts are desk scenarios, not external consensus.
/operating_model/limitations/1NoneOther revenue is not all subscription revenue. No DAU times total-company ARPU plus subscriptions double count. No forecast paid subscriber count is implied.
/operating_model/limitations/2NoneSPECS launch article is dated September 16; the newsroom index shows September 17. Reviewed September 19. $2,195 preorder price and $200 refundable deposit are not recognized sales; shipping is expected later in fall. No separately invented hardware revenue is added to the other-revenue scenario.
/operating_model/limitations/3NoneSpecs Inc. remains wholly owned and consolidated. Its investment was included in management operating expense outlook. A standalone unit is not a financial deconsolidation.
/operating_model/limitations/4NoneFY2026 SBC outlook of approximately $1.05B is treated as full-year total expense for this bridge; payroll taxes are additional. H1 restructuring SBC and D&A are removed from the incremental restructuring deduction.
/operating_model/limitations/5NoneFuture repurchases are optional desk assumptions, not guaranteed authorization use. FCF does not measure cash retained after offsetting equity dilution. No EPS, valuation or share-count roll-forward.
/operating_model/limitations/6NoneCash after repurchases/principal excludes acquisitions, strategic investments and other financing uses. Holiday quote freshness and news review are required separately before any promotional post.
/operating_model/methodNoneBuild advertising and other revenue separately; other includes subscriptions and additional products, not a pure subscriber metric. Q3 base $1.720B revenue and $325M adjusted EBITDA match guidance midpoints. FY2026 base infrastructure cost $1.675B and adjusted operating expense $2.750B reconcile to reviewed management outlook after H1 actuals; other adjusted cost of revenue uses 16.5% of sales. SPECS investment stays within the existing operating budget, with no second launch-cost deduction. Derive GAAP earnings with full SBC, payroll tax, D&A and restructuring excluding SBC/D&A already counted. Bridge EBITDA to CFO and show repurchases/principal below FCF.
/operating_model/metrics/ad_revenueNoneAdvertising revenue ($M)
/operating_model/metrics/adj_ebitdaNoneAdjusted EBITDA proxy ($M)
/operating_model/metrics/buybacksNoneShare repurchases and related tax ($M)
/operating_model/metrics/capexNoneCash PP&E ($M)
/operating_model/metrics/cash_after_claimsNoneCash after repurchases and principal ($M)
/operating_model/metrics/cfoNoneOperating cash flow proxy ($M)
/operating_model/metrics/debt_principalNoneScheduled note principal ($M)
/operating_model/metrics/fcfNoneCFO less cash PP&E ($M)
/operating_model/metrics/gross_profitNoneGAAP gross profit proxy ($M)
/operating_model/metrics/operating_incomeNoneGAAP operating income proxy ($M)
/operating_model/metrics/other_revenueNoneOther product revenue ($M)
/operating_model/metrics/revenueNoneConsolidated revenue ($M)
/operating_model/outputs/2026Q3:base/caseNonebase
/operating_model/outputs/2026Q3:base/frequencyNonequarter
/operating_model/outputs/2026Q3:base/metrics/ad_revenueNonebase_2026q3_ad_revenue
/operating_model/outputs/2026Q3:base/metrics/adj_ebitdaNonebase_2026q3_adj_ebitda
/operating_model/outputs/2026Q3:base/metrics/buybacksNonebase_2026q3_buybacks
/operating_model/outputs/2026Q3:base/metrics/capexNonebase_2026q3_capex
/operating_model/outputs/2026Q3:base/metrics/cash_after_claimsNonebase_2026q3_cash_after_claims
/operating_model/outputs/2026Q3:base/metrics/cfoNonebase_2026q3_cfo
/operating_model/outputs/2026Q3:base/metrics/debt_principalNonebase_2026q3_debt_principal
/operating_model/outputs/2026Q3:base/metrics/fcfNonebase_2026q3_fcf
/operating_model/outputs/2026Q3:base/metrics/gross_profitNonebase_2026q3_gross_profit
/operating_model/outputs/2026Q3:base/metrics/operating_incomeNonebase_2026q3_operating_income
/operating_model/outputs/2026Q3:base/metrics/other_revenueNonebase_2026q3_other_revenue
/operating_model/outputs/2026Q3:base/metrics/revenueNonebase_2026q3_revenue
/operating_model/outputs/2026Q3:base/periodNone2026Q3
/operating_model/outputs/2026Q3:base/period_endNone2026-09-30
/operating_model/outputs/2026Q3:base/values/ad_revenueNone1380.0
/operating_model/outputs/2026Q3:base/values/adj_ebitdaNone325.0
/operating_model/outputs/2026Q3:base/values/buybacksNone200.0
/operating_model/outputs/2026Q3:base/values/capexNone55.0
/operating_model/outputs/2026Q3:base/values/cash_after_claimsNone-56.013000000000005
/operating_model/outputs/2026Q3:base/values/cfoNone246.0
/operating_model/outputs/2026Q3:base/values/debt_principalNone47.013
/operating_model/outputs/2026Q3:base/values/fcfNone191.0
/operating_model/outputs/2026Q3:base/values/gross_profitNone987.049
/operating_model/outputs/2026Q3:base/values/operating_incomeNone-2.385499999999979
/operating_model/outputs/2026Q3:base/values/other_revenueNone340.0
/operating_model/outputs/2026Q3:base/values/revenueNone1720.0
/operating_model/outputs/2026Q3:downside/caseNonedownside
/operating_model/outputs/2026Q3:downside/frequencyNonequarter
/operating_model/outputs/2026Q3:downside/metrics/ad_revenueNonedownside_2026q3_ad_revenue
/operating_model/outputs/2026Q3:downside/metrics/adj_ebitdaNonedownside_2026q3_adj_ebitda
/operating_model/outputs/2026Q3:downside/metrics/buybacksNonedownside_2026q3_buybacks
/operating_model/outputs/2026Q3:downside/metrics/capexNonedownside_2026q3_capex
/operating_model/outputs/2026Q3:downside/metrics/cash_after_claimsNonedownside_2026q3_cash_after_claims
/operating_model/outputs/2026Q3:downside/metrics/cfoNonedownside_2026q3_cfo
/operating_model/outputs/2026Q3:downside/metrics/debt_principalNonedownside_2026q3_debt_principal
/operating_model/outputs/2026Q3:downside/metrics/fcfNonedownside_2026q3_fcf
/operating_model/outputs/2026Q3:downside/metrics/gross_profitNonedownside_2026q3_gross_profit
/operating_model/outputs/2026Q3:downside/metrics/operating_incomeNonedownside_2026q3_operating_income
/operating_model/outputs/2026Q3:downside/metrics/other_revenueNonedownside_2026q3_other_revenue
/operating_model/outputs/2026Q3:downside/metrics/revenueNonedownside_2026q3_revenue
/operating_model/outputs/2026Q3:downside/periodNone2026Q3
/operating_model/outputs/2026Q3:downside/period_endNone2026-09-30
/operating_model/outputs/2026Q3:downside/values/ad_revenueNone1330.0
/operating_model/outputs/2026Q3:downside/values/adj_ebitdaNone235.1489999999999
/operating_model/outputs/2026Q3:downside/values/buybacksNone100.0
/operating_model/outputs/2026Q3:downside/values/capexNone55.0
/operating_model/outputs/2026Q3:downside/values/cash_after_claimsNone-70.86400000000012
/operating_model/outputs/2026Q3:downside/values/cfoNone131.1489999999999
/operating_model/outputs/2026Q3:downside/values/debt_principalNone47.013
/operating_model/outputs/2026Q3:downside/values/fcfNone76.14899999999989
/operating_model/outputs/2026Q3:downside/values/gross_profitNone916.1489999999999
/operating_model/outputs/2026Q3:downside/values/operating_incomeNone-92.23650000000009
/operating_model/outputs/2026Q3:downside/values/other_revenueNone330.0
/operating_model/outputs/2026Q3:downside/values/revenueNone1660.0
/operating_model/outputs/2026Q3:upside/caseNoneupside
/operating_model/outputs/2026Q3:upside/frequencyNonequarter
/operating_model/outputs/2026Q3:upside/metrics/ad_revenueNoneupside_2026q3_ad_revenue
/operating_model/outputs/2026Q3:upside/metrics/adj_ebitdaNoneupside_2026q3_adj_ebitda
/operating_model/outputs/2026Q3:upside/metrics/buybacksNoneupside_2026q3_buybacks
/operating_model/outputs/2026Q3:upside/metrics/capexNoneupside_2026q3_capex
/operating_model/outputs/2026Q3:upside/metrics/cash_after_claimsNoneupside_2026q3_cash_after_claims
/operating_model/outputs/2026Q3:upside/metrics/cfoNoneupside_2026q3_cfo
/operating_model/outputs/2026Q3:upside/metrics/debt_principalNoneupside_2026q3_debt_principal
/operating_model/outputs/2026Q3:upside/metrics/fcfNoneupside_2026q3_fcf
/operating_model/outputs/2026Q3:upside/metrics/gross_profitNoneupside_2026q3_gross_profit
/operating_model/outputs/2026Q3:upside/metrics/operating_incomeNoneupside_2026q3_operating_income
/operating_model/outputs/2026Q3:upside/metrics/other_revenueNoneupside_2026q3_other_revenue
/operating_model/outputs/2026Q3:upside/metrics/revenueNoneupside_2026q3_revenue
/operating_model/outputs/2026Q3:upside/periodNone2026Q3
/operating_model/outputs/2026Q3:upside/period_endNone2026-09-30
/operating_model/outputs/2026Q3:upside/values/ad_revenueNone1405.0
/operating_model/outputs/2026Q3:upside/values/adj_ebitdaNone355.20000000000005
/operating_model/outputs/2026Q3:upside/values/buybacksNone250.0
/operating_model/outputs/2026Q3:upside/values/capexNone55.0
/operating_model/outputs/2026Q3:upside/values/cash_after_claimsNone-80.81299999999993
/operating_model/outputs/2026Q3:upside/values/cfoNone271.20000000000005
/operating_model/outputs/2026Q3:upside/values/debt_principalNone47.013
/operating_model/outputs/2026Q3:upside/values/fcfNone216.20000000000005
/operating_model/outputs/2026Q3:upside/values/gross_profitNone1021.2
/operating_model/outputs/2026Q3:upside/values/operating_incomeNone27.814500000000066
/operating_model/outputs/2026Q3:upside/values/other_revenueNone350.0
/operating_model/outputs/2026Q3:upside/values/revenueNone1755.0
/operating_model/outputs/2026Q4:base/caseNonebase
/operating_model/outputs/2026Q4:base/frequencyNonequarter
/operating_model/outputs/2026Q4:base/metrics/ad_revenueNonebase_2026q4_ad_revenue
/operating_model/outputs/2026Q4:base/metrics/adj_ebitdaNonebase_2026q4_adj_ebitda
/operating_model/outputs/2026Q4:base/metrics/buybacksNonebase_2026q4_buybacks
/operating_model/outputs/2026Q4:base/metrics/capexNonebase_2026q4_capex
/operating_model/outputs/2026Q4:base/metrics/cash_after_claimsNonebase_2026q4_cash_after_claims
/operating_model/outputs/2026Q4:base/metrics/cfoNonebase_2026q4_cfo
/operating_model/outputs/2026Q4:base/metrics/debt_principalNonebase_2026q4_debt_principal
/operating_model/outputs/2026Q4:base/metrics/fcfNonebase_2026q4_fcf
/operating_model/outputs/2026Q4:base/metrics/gross_profitNonebase_2026q4_gross_profit
/operating_model/outputs/2026Q4:base/metrics/operating_incomeNonebase_2026q4_operating_income
/operating_model/outputs/2026Q4:base/metrics/other_revenueNonebase_2026q4_other_revenue
/operating_model/outputs/2026Q4:base/metrics/revenueNonebase_2026q4_revenue
/operating_model/outputs/2026Q4:base/periodNone2026Q4
/operating_model/outputs/2026Q4:base/period_endNone2026-12-31
/operating_model/outputs/2026Q4:base/values/ad_revenueNone1650.0
/operating_model/outputs/2026Q4:base/values/adj_ebitdaNone529.323
/operating_model/outputs/2026Q4:base/values/buybacksNone200.0
/operating_model/outputs/2026Q4:base/values/capexNone59.0
/operating_model/outputs/2026Q4:base/values/cash_after_claimsNone302.323
/operating_model/outputs/2026Q4:base/values/cfoNone561.323
/operating_model/outputs/2026Q4:base/values/debt_principalNone0.0
/operating_model/outputs/2026Q4:base/values/fcfNone502.323
/operating_model/outputs/2026Q4:base/values/gross_profitNone1261.899
/operating_model/outputs/2026Q4:base/values/operating_incomeNone199.9375
/operating_model/outputs/2026Q4:base/values/other_revenueNone400.0
/operating_model/outputs/2026Q4:base/values/revenueNone2050.0
/operating_model/outputs/2026Q4:downside/caseNonedownside
/operating_model/outputs/2026Q4:downside/frequencyNonequarter
/operating_model/outputs/2026Q4:downside/metrics/ad_revenueNonedownside_2026q4_ad_revenue
/operating_model/outputs/2026Q4:downside/metrics/adj_ebitdaNonedownside_2026q4_adj_ebitda
/operating_model/outputs/2026Q4:downside/metrics/buybacksNonedownside_2026q4_buybacks
/operating_model/outputs/2026Q4:downside/metrics/capexNonedownside_2026q4_capex
/operating_model/outputs/2026Q4:downside/metrics/cash_after_claimsNonedownside_2026q4_cash_after_claims
/operating_model/outputs/2026Q4:downside/metrics/cfoNonedownside_2026q4_cfo
/operating_model/outputs/2026Q4:downside/metrics/debt_principalNonedownside_2026q4_debt_principal
/operating_model/outputs/2026Q4:downside/metrics/fcfNonedownside_2026q4_fcf
/operating_model/outputs/2026Q4:downside/metrics/gross_profitNonedownside_2026q4_gross_profit
/operating_model/outputs/2026Q4:downside/metrics/operating_incomeNonedownside_2026q4_operating_income
/operating_model/outputs/2026Q4:downside/metrics/other_revenueNonedownside_2026q4_other_revenue
/operating_model/outputs/2026Q4:downside/metrics/revenueNonedownside_2026q4_revenue
/operating_model/outputs/2026Q4:downside/periodNone2026Q4
/operating_model/outputs/2026Q4:downside/period_endNone2026-12-31
/operating_model/outputs/2026Q4:downside/values/ad_revenueNone1540.0
/operating_model/outputs/2026Q4:downside/values/adj_ebitdaNone368.499
/operating_model/outputs/2026Q4:downside/values/buybacksNone50.0
/operating_model/outputs/2026Q4:downside/values/capexNone59.0
/operating_model/outputs/2026Q4:downside/values/cash_after_claimsNone236.49900000000002
/operating_model/outputs/2026Q4:downside/values/cfoNone345.499
/operating_model/outputs/2026Q4:downside/values/debt_principalNone0.0
/operating_model/outputs/2026Q4:downside/values/fcfNone286.499
/operating_model/outputs/2026Q4:downside/values/gross_profitNone1118.799
/operating_model/outputs/2026Q4:downside/values/operating_incomeNone39.113500000000045
/operating_model/outputs/2026Q4:downside/values/other_revenueNone365.0
/operating_model/outputs/2026Q4:downside/values/revenueNone1905.0
/operating_model/outputs/2026Q4:upside/caseNoneupside
/operating_model/outputs/2026Q4:upside/frequencyNonequarter
/operating_model/outputs/2026Q4:upside/metrics/ad_revenueNoneupside_2026q4_ad_revenue
/operating_model/outputs/2026Q4:upside/metrics/adj_ebitdaNoneupside_2026q4_adj_ebitda
/operating_model/outputs/2026Q4:upside/metrics/buybacksNoneupside_2026q4_buybacks
/operating_model/outputs/2026Q4:upside/metrics/capexNoneupside_2026q4_capex
/operating_model/outputs/2026Q4:upside/metrics/cash_after_claimsNoneupside_2026q4_cash_after_claims
/operating_model/outputs/2026Q4:upside/metrics/cfoNoneupside_2026q4_cfo
/operating_model/outputs/2026Q4:upside/metrics/debt_principalNoneupside_2026q4_debt_principal
/operating_model/outputs/2026Q4:upside/metrics/fcfNoneupside_2026q4_fcf
/operating_model/outputs/2026Q4:upside/metrics/gross_profitNoneupside_2026q4_gross_profit
/operating_model/outputs/2026Q4:upside/metrics/operating_incomeNoneupside_2026q4_operating_income
/operating_model/outputs/2026Q4:upside/metrics/other_revenueNoneupside_2026q4_other_revenue
/operating_model/outputs/2026Q4:upside/metrics/revenueNoneupside_2026q4_revenue
/operating_model/outputs/2026Q4:upside/periodNone2026Q4
/operating_model/outputs/2026Q4:upside/period_endNone2026-12-31
/operating_model/outputs/2026Q4:upside/values/ad_revenueNone1710.0
/operating_model/outputs/2026Q4:upside/values/adj_ebitdaNone596.4000000000001
/operating_model/outputs/2026Q4:upside/values/buybacksNone250.0
/operating_model/outputs/2026Q4:upside/values/capexNone59.0
/operating_model/outputs/2026Q4:upside/values/cash_after_claimsNone309.4000000000001
/operating_model/outputs/2026Q4:upside/values/cfoNone618.4000000000001
/operating_model/outputs/2026Q4:upside/values/debt_principalNone0.0
/operating_model/outputs/2026Q4:upside/values/fcfNone559.4000000000001
/operating_model/outputs/2026Q4:upside/values/gross_profitNone1336.7
/operating_model/outputs/2026Q4:upside/values/operating_incomeNone267.0145000000001
/operating_model/outputs/2026Q4:upside/values/other_revenueNone425.0
/operating_model/outputs/2026Q4:upside/values/revenueNone2135.0
/operating_model/outputs/2027Q1:base/caseNonebase
/operating_model/outputs/2027Q1:base/frequencyNonequarter
/operating_model/outputs/2027Q1:base/metrics/ad_revenueNonebase_2027q1_ad_revenue
/operating_model/outputs/2027Q1:base/metrics/adj_ebitdaNonebase_2027q1_adj_ebitda
/operating_model/outputs/2027Q1:base/metrics/buybacksNonebase_2027q1_buybacks
/operating_model/outputs/2027Q1:base/metrics/capexNonebase_2027q1_capex
/operating_model/outputs/2027Q1:base/metrics/cash_after_claimsNonebase_2027q1_cash_after_claims
/operating_model/outputs/2027Q1:base/metrics/cfoNonebase_2027q1_cfo
/operating_model/outputs/2027Q1:base/metrics/debt_principalNonebase_2027q1_debt_principal
/operating_model/outputs/2027Q1:base/metrics/fcfNonebase_2027q1_fcf
/operating_model/outputs/2027Q1:base/metrics/gross_profitNonebase_2027q1_gross_profit
/operating_model/outputs/2027Q1:base/metrics/operating_incomeNonebase_2027q1_operating_income
/operating_model/outputs/2027Q1:base/metrics/other_revenueNonebase_2027q1_other_revenue
/operating_model/outputs/2027Q1:base/metrics/revenueNonebase_2027q1_revenue
/operating_model/outputs/2027Q1:base/periodNone2027Q1
/operating_model/outputs/2027Q1:base/period_endNone2027-03-31
/operating_model/outputs/2027Q1:base/values/ad_revenueNone1340.0
/operating_model/outputs/2027Q1:base/values/adj_ebitdaNone297.5999999999999
/operating_model/outputs/2027Q1:base/values/buybacksNone180.0
/operating_model/outputs/2027Q1:base/values/capexNone63.0
/operating_model/outputs/2027Q1:base/values/cash_after_claimsNone-92.40000000000009
/operating_model/outputs/2027Q1:base/values/cfoNone150.5999999999999
/operating_model/outputs/2027Q1:base/values/debt_principalNone0.0
/operating_model/outputs/2027Q1:base/values/fcfNone87.59999999999991
/operating_model/outputs/2027Q1:base/values/gross_profitNone1004.1999999999999
/operating_model/outputs/2027Q1:base/values/operating_incomeNone-45.40000000000009
/operating_model/outputs/2027Q1:base/values/other_revenueNone420.0
/operating_model/outputs/2027Q1:base/values/revenueNone1760.0
/operating_model/outputs/2027Q1:downside/caseNonedownside
/operating_model/outputs/2027Q1:downside/frequencyNonequarter
/operating_model/outputs/2027Q1:downside/metrics/ad_revenueNonedownside_2027q1_ad_revenue
/operating_model/outputs/2027Q1:downside/metrics/adj_ebitdaNonedownside_2027q1_adj_ebitda
/operating_model/outputs/2027Q1:downside/metrics/buybacksNonedownside_2027q1_buybacks
/operating_model/outputs/2027Q1:downside/metrics/capexNonedownside_2027q1_capex
/operating_model/outputs/2027Q1:downside/metrics/cash_after_claimsNonedownside_2027q1_cash_after_claims
/operating_model/outputs/2027Q1:downside/metrics/cfoNonedownside_2027q1_cfo
/operating_model/outputs/2027Q1:downside/metrics/debt_principalNonedownside_2027q1_debt_principal
/operating_model/outputs/2027Q1:downside/metrics/fcfNonedownside_2027q1_fcf
/operating_model/outputs/2027Q1:downside/metrics/gross_profitNonedownside_2027q1_gross_profit
/operating_model/outputs/2027Q1:downside/metrics/operating_incomeNonedownside_2027q1_operating_income
/operating_model/outputs/2027Q1:downside/metrics/other_revenueNonedownside_2027q1_other_revenue
/operating_model/outputs/2027Q1:downside/metrics/revenueNonedownside_2027q1_revenue
/operating_model/outputs/2027Q1:downside/periodNone2027Q1
/operating_model/outputs/2027Q1:downside/period_endNone2027-03-31
/operating_model/outputs/2027Q1:downside/values/ad_revenueNone1210.0
/operating_model/outputs/2027Q1:downside/values/adj_ebitdaNone139.70000000000005
/operating_model/outputs/2027Q1:downside/values/buybacksNone0.0
/operating_model/outputs/2027Q1:downside/values/capexNone63.0
/operating_model/outputs/2027Q1:downside/values/cash_after_claimsNone-90.29999999999995
/operating_model/outputs/2027Q1:downside/values/cfoNone-27.299999999999955
/operating_model/outputs/2027Q1:downside/values/debt_principalNone0.0
/operating_model/outputs/2027Q1:downside/values/fcfNone-90.29999999999995
/operating_model/outputs/2027Q1:downside/values/gross_profitNone854.3000000000001
/operating_model/outputs/2027Q1:downside/values/operating_incomeNone-203.29999999999995
/operating_model/outputs/2027Q1:downside/values/other_revenueNone380.0
/operating_model/outputs/2027Q1:downside/values/revenueNone1590.0
/operating_model/outputs/2027Q1:upside/caseNoneupside
/operating_model/outputs/2027Q1:upside/frequencyNonequarter
/operating_model/outputs/2027Q1:upside/metrics/ad_revenueNoneupside_2027q1_ad_revenue
/operating_model/outputs/2027Q1:upside/metrics/adj_ebitdaNoneupside_2027q1_adj_ebitda
/operating_model/outputs/2027Q1:upside/metrics/buybacksNoneupside_2027q1_buybacks
/operating_model/outputs/2027Q1:upside/metrics/capexNoneupside_2027q1_capex
/operating_model/outputs/2027Q1:upside/metrics/cash_after_claimsNoneupside_2027q1_cash_after_claims
/operating_model/outputs/2027Q1:upside/metrics/cfoNoneupside_2027q1_cfo
/operating_model/outputs/2027Q1:upside/metrics/debt_principalNoneupside_2027q1_debt_principal
/operating_model/outputs/2027Q1:upside/metrics/fcfNoneupside_2027q1_fcf
/operating_model/outputs/2027Q1:upside/metrics/gross_profitNoneupside_2027q1_gross_profit
/operating_model/outputs/2027Q1:upside/metrics/operating_incomeNoneupside_2027q1_operating_income
/operating_model/outputs/2027Q1:upside/metrics/other_revenueNoneupside_2027q1_other_revenue
/operating_model/outputs/2027Q1:upside/metrics/revenueNoneupside_2027q1_revenue
/operating_model/outputs/2027Q1:upside/periodNone2027Q1
/operating_model/outputs/2027Q1:upside/period_endNone2027-03-31
/operating_model/outputs/2027Q1:upside/values/ad_revenueNone1420.0
/operating_model/outputs/2027Q1:upside/values/adj_ebitdaNone373.4000000000001
/operating_model/outputs/2027Q1:upside/values/buybacksNone240.0
/operating_model/outputs/2027Q1:upside/values/capexNone63.0
/operating_model/outputs/2027Q1:upside/values/cash_after_claimsNone-86.59999999999991
/operating_model/outputs/2027Q1:upside/values/cfoNone216.4000000000001
/operating_model/outputs/2027Q1:upside/values/debt_principalNone0.0
/operating_model/outputs/2027Q1:upside/values/fcfNone153.4000000000001
/operating_model/outputs/2027Q1:upside/values/gross_profitNone1098.0
/operating_model/outputs/2027Q1:upside/values/operating_incomeNone30.40000000000009
/operating_model/outputs/2027Q1:upside/values/other_revenueNone465.0
/operating_model/outputs/2027Q1:upside/values/revenueNone1885.0
/operating_model/outputs/2027Q2:base/caseNonebase
/operating_model/outputs/2027Q2:base/frequencyNonequarter
/operating_model/outputs/2027Q2:base/metrics/ad_revenueNonebase_2027q2_ad_revenue
/operating_model/outputs/2027Q2:base/metrics/adj_ebitdaNonebase_2027q2_adj_ebitda
/operating_model/outputs/2027Q2:base/metrics/buybacksNonebase_2027q2_buybacks
/operating_model/outputs/2027Q2:base/metrics/capexNonebase_2027q2_capex
/operating_model/outputs/2027Q2:base/metrics/cash_after_claimsNonebase_2027q2_cash_after_claims
/operating_model/outputs/2027Q2:base/metrics/cfoNonebase_2027q2_cfo
/operating_model/outputs/2027Q2:base/metrics/debt_principalNonebase_2027q2_debt_principal
/operating_model/outputs/2027Q2:base/metrics/fcfNonebase_2027q2_fcf
/operating_model/outputs/2027Q2:base/metrics/gross_profitNonebase_2027q2_gross_profit
/operating_model/outputs/2027Q2:base/metrics/operating_incomeNonebase_2027q2_operating_income
/operating_model/outputs/2027Q2:base/metrics/other_revenueNonebase_2027q2_other_revenue
/operating_model/outputs/2027Q2:base/metrics/revenueNonebase_2027q2_revenue
/operating_model/outputs/2027Q2:base/periodNone2027Q2
/operating_model/outputs/2027Q2:base/period_endNone2027-06-30
/operating_model/outputs/2027Q2:base/values/ad_revenueNone1510.0
/operating_model/outputs/2027Q2:base/values/adj_ebitdaNone424.5999999999999
/operating_model/outputs/2027Q2:base/values/buybacksNone180.0
/operating_model/outputs/2027Q2:base/values/capexNone67.0
/operating_model/outputs/2027Q2:base/values/cash_after_claimsNone-5.718000000000075
/operating_model/outputs/2027Q2:base/values/cfoNone347.5999999999999
/operating_model/outputs/2027Q2:base/values/debt_principalNone106.318
/operating_model/outputs/2027Q2:base/values/fcfNone280.5999999999999
/operating_model/outputs/2027Q2:base/values/gross_profitNone1153.5
/operating_model/outputs/2027Q2:base/values/operating_incomeNone74.59999999999991
/operating_model/outputs/2027Q2:base/values/other_revenueNone450.0
/operating_model/outputs/2027Q2:base/values/revenueNone1960.0
/operating_model/outputs/2027Q2:downside/caseNonedownside
/operating_model/outputs/2027Q2:downside/frequencyNonequarter
/operating_model/outputs/2027Q2:downside/metrics/ad_revenueNonedownside_2027q2_ad_revenue
/operating_model/outputs/2027Q2:downside/metrics/adj_ebitdaNonedownside_2027q2_adj_ebitda
/operating_model/outputs/2027Q2:downside/metrics/buybacksNonedownside_2027q2_buybacks
/operating_model/outputs/2027Q2:downside/metrics/capexNonedownside_2027q2_capex
/operating_model/outputs/2027Q2:downside/metrics/cash_after_claimsNonedownside_2027q2_cash_after_claims
/operating_model/outputs/2027Q2:downside/metrics/cfoNonedownside_2027q2_cfo
/operating_model/outputs/2027Q2:downside/metrics/debt_principalNonedownside_2027q2_debt_principal
/operating_model/outputs/2027Q2:downside/metrics/fcfNonedownside_2027q2_fcf
/operating_model/outputs/2027Q2:downside/metrics/gross_profitNonedownside_2027q2_gross_profit
/operating_model/outputs/2027Q2:downside/metrics/operating_incomeNonedownside_2027q2_operating_income
/operating_model/outputs/2027Q2:downside/metrics/other_revenueNonedownside_2027q2_other_revenue
/operating_model/outputs/2027Q2:downside/metrics/revenueNonedownside_2027q2_revenue
/operating_model/outputs/2027Q2:downside/periodNone2027Q2
/operating_model/outputs/2027Q2:downside/period_endNone2027-06-30
/operating_model/outputs/2027Q2:downside/values/ad_revenueNone1370.0
/operating_model/outputs/2027Q2:downside/values/adj_ebitdaNone250.79999999999995
/operating_model/outputs/2027Q2:downside/values/buybacksNone0.0
/operating_model/outputs/2027Q2:downside/values/capexNone67.0
/operating_model/outputs/2027Q2:downside/values/cash_after_claimsNone-24.518000000000043
/operating_model/outputs/2027Q2:downside/values/cfoNone148.79999999999995
/operating_model/outputs/2027Q2:downside/values/debt_principalNone106.318
/operating_model/outputs/2027Q2:downside/values/fcfNone81.79999999999995
/operating_model/outputs/2027Q2:downside/values/gross_profitNone984.6999999999999
/operating_model/outputs/2027Q2:downside/values/operating_incomeNone-99.20000000000005
/operating_model/outputs/2027Q2:downside/values/other_revenueNone390.0
/operating_model/outputs/2027Q2:downside/values/revenueNone1760.0
/operating_model/outputs/2027Q2:upside/caseNoneupside
/operating_model/outputs/2027Q2:upside/frequencyNonequarter
/operating_model/outputs/2027Q2:upside/metrics/ad_revenueNoneupside_2027q2_ad_revenue
/operating_model/outputs/2027Q2:upside/metrics/adj_ebitdaNoneupside_2027q2_adj_ebitda
/operating_model/outputs/2027Q2:upside/metrics/buybacksNoneupside_2027q2_buybacks
/operating_model/outputs/2027Q2:upside/metrics/capexNoneupside_2027q2_capex
/operating_model/outputs/2027Q2:upside/metrics/cash_after_claimsNoneupside_2027q2_cash_after_claims
/operating_model/outputs/2027Q2:upside/metrics/cfoNoneupside_2027q2_cfo
/operating_model/outputs/2027Q2:upside/metrics/debt_principalNoneupside_2027q2_debt_principal
/operating_model/outputs/2027Q2:upside/metrics/fcfNoneupside_2027q2_fcf
/operating_model/outputs/2027Q2:upside/metrics/gross_profitNoneupside_2027q2_gross_profit
/operating_model/outputs/2027Q2:upside/metrics/operating_incomeNoneupside_2027q2_operating_income
/operating_model/outputs/2027Q2:upside/metrics/other_revenueNoneupside_2027q2_other_revenue
/operating_model/outputs/2027Q2:upside/metrics/revenueNoneupside_2027q2_revenue
/operating_model/outputs/2027Q2:upside/periodNone2027Q2
/operating_model/outputs/2027Q2:upside/period_endNone2027-06-30
/operating_model/outputs/2027Q2:upside/values/ad_revenueNone1640.0
/operating_model/outputs/2027Q2:upside/values/adj_ebitdaNone541.4000000000001
/operating_model/outputs/2027Q2:upside/values/buybacksNone260.0
/operating_model/outputs/2027Q2:upside/values/capexNone67.0
/operating_model/outputs/2027Q2:upside/values/cash_after_claimsNone21.082000000000107
/operating_model/outputs/2027Q2:upside/values/cfoNone454.4000000000001
/operating_model/outputs/2027Q2:upside/values/debt_principalNone106.318
/operating_model/outputs/2027Q2:upside/values/fcfNone387.4000000000001
/operating_model/outputs/2027Q2:upside/values/gross_profitNone1300.3000000000002
/operating_model/outputs/2027Q2:upside/values/operating_incomeNone191.4000000000001
/operating_model/outputs/2027Q2:upside/values/other_revenueNone520.0
/operating_model/outputs/2027Q2:upside/values/revenueNone2160.0
/operating_model/outputs/FY2026:base/caseNonebase
/operating_model/outputs/FY2026:base/frequencyNoneyear
/operating_model/outputs/FY2026:base/metrics/ad_revenueNonebase_fy2026_ad_revenue
/operating_model/outputs/FY2026:base/metrics/adj_ebitdaNonebase_fy2026_adj_ebitda
/operating_model/outputs/FY2026:base/metrics/buybacksNonebase_fy2026_buybacks
/operating_model/outputs/FY2026:base/metrics/capexNonebase_fy2026_capex
/operating_model/outputs/FY2026:base/metrics/cash_after_claimsNonebase_fy2026_cash_after_claims
/operating_model/outputs/FY2026:base/metrics/cfoNonebase_fy2026_cfo
/operating_model/outputs/FY2026:base/metrics/debt_principalNonebase_fy2026_debt_principal
/operating_model/outputs/FY2026:base/metrics/fcfNonebase_fy2026_fcf
/operating_model/outputs/FY2026:base/metrics/gross_profitNonebase_fy2026_gross_profit
/operating_model/outputs/FY2026:base/metrics/operating_incomeNonebase_fy2026_operating_income
/operating_model/outputs/FY2026:base/metrics/other_revenueNonebase_fy2026_other_revenue
/operating_model/outputs/FY2026:base/metrics/revenueNonebase_fy2026_revenue
/operating_model/outputs/FY2026:base/periodNoneFY2026
/operating_model/outputs/FY2026:base/period_endNone2026-12-31
/operating_model/outputs/FY2026:base/values/ad_revenueNone5555.984
/operating_model/outputs/FY2026:base/values/adj_ebitdaNone1337.271
/operating_model/outputs/FY2026:base/values/buybacksNone1000.964
/operating_model/outputs/FY2026:base/values/capexNone210.44799999999998
/operating_model/outputs/FY2026:base/values/cash_after_claimsNone51.890999999999934
/operating_model/outputs/FY2026:base/values/cfoNone1310.3159999999998
/operating_model/outputs/FY2026:base/values/debt_principalNone47.013
/operating_model/outputs/FY2026:base/values/fcfNone1099.868
/operating_model/outputs/FY2026:base/values/gross_profitNone4043.606
/operating_model/outputs/FY2026:base/values/operating_incomeNone-47.61799999999997
/operating_model/outputs/FY2026:base/values/other_revenueNone1341.8
/operating_model/outputs/FY2026:base/values/revenueNone6897.784
/operating_model/outputs/FY2026:downside/caseNonedownside
/operating_model/outputs/FY2026:downside/frequencyNoneyear
/operating_model/outputs/FY2026:downside/metrics/ad_revenueNonedownside_fy2026_ad_revenue
/operating_model/outputs/FY2026:downside/metrics/adj_ebitdaNonedownside_fy2026_adj_ebitda
/operating_model/outputs/FY2026:downside/metrics/buybacksNonedownside_fy2026_buybacks
/operating_model/outputs/FY2026:downside/metrics/capexNonedownside_fy2026_capex
/operating_model/outputs/FY2026:downside/metrics/cash_after_claimsNonedownside_fy2026_cash_after_claims
/operating_model/outputs/FY2026:downside/metrics/cfoNonedownside_fy2026_cfo
/operating_model/outputs/FY2026:downside/metrics/debt_principalNonedownside_fy2026_debt_principal
/operating_model/outputs/FY2026:downside/metrics/fcfNonedownside_fy2026_fcf
/operating_model/outputs/FY2026:downside/metrics/gross_profitNonedownside_fy2026_gross_profit
/operating_model/outputs/FY2026:downside/metrics/operating_incomeNonedownside_fy2026_operating_income
/operating_model/outputs/FY2026:downside/metrics/other_revenueNonedownside_fy2026_other_revenue
/operating_model/outputs/FY2026:downside/metrics/revenueNonedownside_fy2026_revenue
/operating_model/outputs/FY2026:downside/periodNoneFY2026
/operating_model/outputs/FY2026:downside/period_endNone2026-12-31
/operating_model/outputs/FY2026:downside/values/ad_revenueNone5395.984
/operating_model/outputs/FY2026:downside/values/adj_ebitdaNone1086.596
/operating_model/outputs/FY2026:downside/values/buybacksNone750.964
/operating_model/outputs/FY2026:downside/values/capexNone210.44799999999998
/operating_model/outputs/FY2026:downside/values/cash_after_claimsNone-28.784000000000106
/operating_model/outputs/FY2026:downside/values/cfoNone979.6409999999998
/operating_model/outputs/FY2026:downside/values/debt_principalNone47.013
/operating_model/outputs/FY2026:downside/values/fcfNone769.193
/operating_model/outputs/FY2026:downside/values/gross_profitNone3829.6059999999998
/operating_model/outputs/FY2026:downside/values/operating_incomeNone-298.293
/operating_model/outputs/FY2026:downside/values/other_revenueNone1296.8
/operating_model/outputs/FY2026:downside/values/revenueNone6692.784
/operating_model/outputs/FY2026:upside/caseNoneupside
/operating_model/outputs/FY2026:upside/frequencyNoneyear
/operating_model/outputs/FY2026:upside/metrics/ad_revenueNoneupside_fy2026_ad_revenue
/operating_model/outputs/FY2026:upside/metrics/adj_ebitdaNoneupside_fy2026_adj_ebitda
/operating_model/outputs/FY2026:upside/metrics/buybacksNoneupside_fy2026_buybacks
/operating_model/outputs/FY2026:upside/metrics/capexNoneupside_fy2026_capex
/operating_model/outputs/FY2026:upside/metrics/cash_after_claimsNoneupside_fy2026_cash_after_claims
/operating_model/outputs/FY2026:upside/metrics/cfoNoneupside_fy2026_cfo
/operating_model/outputs/FY2026:upside/metrics/debt_principalNoneupside_fy2026_debt_principal
/operating_model/outputs/FY2026:upside/metrics/fcfNoneupside_fy2026_fcf
/operating_model/outputs/FY2026:upside/metrics/gross_profitNoneupside_fy2026_gross_profit
/operating_model/outputs/FY2026:upside/metrics/operating_incomeNoneupside_fy2026_operating_income
/operating_model/outputs/FY2026:upside/metrics/other_revenueNoneupside_fy2026_other_revenue
/operating_model/outputs/FY2026:upside/metrics/revenueNoneupside_fy2026_revenue
/operating_model/outputs/FY2026:upside/periodNoneFY2026
/operating_model/outputs/FY2026:upside/period_endNone2026-12-31
/operating_model/outputs/FY2026:upside/values/ad_revenueNone5640.984
/operating_model/outputs/FY2026:upside/values/adj_ebitdaNone1434.5480000000002
/operating_model/outputs/FY2026:upside/values/buybacksNone1100.964
/operating_model/outputs/FY2026:upside/values/capexNone210.44799999999998
/operating_model/outputs/FY2026:upside/values/cash_after_claimsNone34.16800000000012
/operating_model/outputs/FY2026:upside/values/cfoNone1392.593
/operating_model/outputs/FY2026:upside/values/debt_principalNone47.013
/operating_model/outputs/FY2026:upside/values/fcfNone1182.1450000000002
/operating_model/outputs/FY2026:upside/values/gross_profitNone4152.558
/operating_model/outputs/FY2026:upside/values/operating_incomeNone49.65900000000019
/operating_model/outputs/FY2026:upside/values/other_revenueNone1376.8
/operating_model/outputs/FY2026:upside/values/revenueNone7017.784
/operating_model/outputs/FY2027:base/caseNonebase
/operating_model/outputs/FY2027:base/frequencyNoneyear
/operating_model/outputs/FY2027:base/metrics/ad_revenueNonebase_fy2027_ad_revenue
/operating_model/outputs/FY2027:base/metrics/adj_ebitdaNonebase_fy2027_adj_ebitda
/operating_model/outputs/FY2027:base/metrics/buybacksNonebase_fy2027_buybacks
/operating_model/outputs/FY2027:base/metrics/capexNonebase_fy2027_capex
/operating_model/outputs/FY2027:base/metrics/cash_after_claimsNonebase_fy2027_cash_after_claims
/operating_model/outputs/FY2027:base/metrics/cfoNonebase_fy2027_cfo
/operating_model/outputs/FY2027:base/metrics/debt_principalNonebase_fy2027_debt_principal
/operating_model/outputs/FY2027:base/metrics/fcfNonebase_fy2027_fcf
/operating_model/outputs/FY2027:base/metrics/gross_profitNonebase_fy2027_gross_profit
/operating_model/outputs/FY2027:base/metrics/operating_incomeNonebase_fy2027_operating_income
/operating_model/outputs/FY2027:base/metrics/other_revenueNonebase_fy2027_other_revenue
/operating_model/outputs/FY2027:base/metrics/revenueNonebase_fy2027_revenue
/operating_model/outputs/FY2027:base/periodNoneFY2027
/operating_model/outputs/FY2027:base/period_endNone2027-12-31
/operating_model/outputs/FY2027:base/values/ad_revenueNone6300.0
/operating_model/outputs/FY2027:base/values/adj_ebitdaNone1868.6499999999999
/operating_model/outputs/FY2027:base/values/buybacksNone720.0
/operating_model/outputs/FY2027:base/values/capexNone276.0
/operating_model/outputs/FY2027:base/values/cash_after_claimsNone461.3319999999999
/operating_model/outputs/FY2027:base/values/cfoNone1563.6499999999999
/operating_model/outputs/FY2027:base/values/debt_principalNone106.318
/operating_model/outputs/FY2027:base/values/fcfNone1287.6499999999999
/operating_model/outputs/FY2027:base/values/gross_profitNone4856.849999999999
/operating_model/outputs/FY2027:base/values/operating_incomeNone442.64999999999986
/operating_model/outputs/FY2027:base/values/other_revenueNone1890.0
/operating_model/outputs/FY2027:base/values/revenueNone8190.0
/operating_model/outputs/FY2027:downside/caseNonedownside
/operating_model/outputs/FY2027:downside/frequencyNoneyear
/operating_model/outputs/FY2027:downside/metrics/ad_revenueNonedownside_fy2027_ad_revenue
/operating_model/outputs/FY2027:downside/metrics/adj_ebitdaNonedownside_fy2027_adj_ebitda
/operating_model/outputs/FY2027:downside/metrics/buybacksNonedownside_fy2027_buybacks
/operating_model/outputs/FY2027:downside/metrics/capexNonedownside_fy2027_capex
/operating_model/outputs/FY2027:downside/metrics/cash_after_claimsNonedownside_fy2027_cash_after_claims
/operating_model/outputs/FY2027:downside/metrics/cfoNonedownside_fy2027_cfo
/operating_model/outputs/FY2027:downside/metrics/debt_principalNonedownside_fy2027_debt_principal
/operating_model/outputs/FY2027:downside/metrics/fcfNonedownside_fy2027_fcf
/operating_model/outputs/FY2027:downside/metrics/gross_profitNonedownside_fy2027_gross_profit
/operating_model/outputs/FY2027:downside/metrics/operating_incomeNonedownside_fy2027_operating_income
/operating_model/outputs/FY2027:downside/metrics/other_revenueNonedownside_fy2027_other_revenue
/operating_model/outputs/FY2027:downside/metrics/revenueNonedownside_fy2027_revenue
/operating_model/outputs/FY2027:downside/periodNoneFY2027
/operating_model/outputs/FY2027:downside/period_endNone2027-12-31
/operating_model/outputs/FY2027:downside/values/ad_revenueNone5640.0
/operating_model/outputs/FY2027:downside/values/adj_ebitdaNone1100.35
/operating_model/outputs/FY2027:downside/values/buybacksNone0.0
/operating_model/outputs/FY2027:downside/values/capexNone276.0
/operating_model/outputs/FY2027:downside/values/cash_after_claimsNone288.0319999999999
/operating_model/outputs/FY2027:downside/values/cfoNone670.3499999999999
/operating_model/outputs/FY2027:downside/values/debt_principalNone106.318
/operating_model/outputs/FY2027:downside/values/fcfNone394.3499999999999
/operating_model/outputs/FY2027:downside/values/gross_profitNone4079.55
/operating_model/outputs/FY2027:downside/values/operating_incomeNone-325.6500000000001
/operating_model/outputs/FY2027:downside/values/other_revenueNone1605.0
/operating_model/outputs/FY2027:downside/values/revenueNone7245.0
/operating_model/outputs/FY2027:upside/caseNoneupside
/operating_model/outputs/FY2027:upside/frequencyNoneyear
/operating_model/outputs/FY2027:upside/metrics/ad_revenueNoneupside_fy2027_ad_revenue
/operating_model/outputs/FY2027:upside/metrics/adj_ebitdaNoneupside_fy2027_adj_ebitda
/operating_model/outputs/FY2027:upside/metrics/buybacksNoneupside_fy2027_buybacks
/operating_model/outputs/FY2027:upside/metrics/capexNoneupside_fy2027_capex
/operating_model/outputs/FY2027:upside/metrics/cash_after_claimsNoneupside_fy2027_cash_after_claims
/operating_model/outputs/FY2027:upside/metrics/cfoNoneupside_fy2027_cfo
/operating_model/outputs/FY2027:upside/metrics/debt_principalNoneupside_fy2027_debt_principal
/operating_model/outputs/FY2027:upside/metrics/fcfNoneupside_fy2027_fcf
/operating_model/outputs/FY2027:upside/metrics/gross_profitNoneupside_fy2027_gross_profit
/operating_model/outputs/FY2027:upside/metrics/operating_incomeNoneupside_fy2027_operating_income
/operating_model/outputs/FY2027:upside/metrics/other_revenueNoneupside_fy2027_other_revenue
/operating_model/outputs/FY2027:upside/metrics/revenueNoneupside_fy2027_revenue
/operating_model/outputs/FY2027:upside/periodNoneFY2027
/operating_model/outputs/FY2027:upside/period_endNone2027-12-31
/operating_model/outputs/FY2027:upside/values/ad_revenueNone6930.0
/operating_model/outputs/FY2027:upside/values/adj_ebitdaNone2414.8
/operating_model/outputs/FY2027:upside/values/buybacksNone1080.0
/operating_model/outputs/FY2027:upside/values/capexNone276.0
/operating_model/outputs/FY2027:upside/values/cash_after_claimsNone602.4820000000002
/operating_model/outputs/FY2027:upside/values/cfoNone2064.8
/operating_model/outputs/FY2027:upside/values/debt_principalNone106.318
/operating_model/outputs/FY2027:upside/values/fcfNone1788.8000000000002
/operating_model/outputs/FY2027:upside/values/gross_profitNone5569.0
/operating_model/outputs/FY2027:upside/values/operating_incomeNone988.8000000000002
/operating_model/outputs/FY2027:upside/values/other_revenueNone2240.0
/operating_model/outputs/FY2027:upside/values/revenueNone9170.0
/operating_model/reviewed_atNone2026-09-19
/operating_model/schema_versionNoneoperating_model.v1
/operating_model/titleNoneAdvertising and paid-product growth versus infrastructure and dilution
/research/change_noteNoneCompleted revenue/cost/cash scenarios with September SPECS terms, non-duplicated restructuring and separate repurchase/principal cash.
/research/checkpoints/0/date_statusNoneestimated
/research/checkpoints/0/eventNoneQ3 earnings and FY2026 budgets
/research/checkpoints/0/timingNoneNext quarterly release; date unconfirmed
/research/checkpoints/0/watchNoneCheck revenue, EBITDA, hosting costs and any change to the consolidated Specs budget.
/research/checkpoints/1/date_statusNoneestimated
/research/checkpoints/1/eventNoneSPECS product conversion
/research/checkpoints/1/timingNoneOctober 1 demos; shipping expected later in fall
/research/checkpoints/1/watchNoneCheck actual shipments, recognized revenue, returns and margin rather than refundable deposits.
/research/checkpoints/2/date_statusNoneestimated
/research/checkpoints/2/eventNoneCapital allocation and leadership
/research/checkpoints/2/timingNoneEach quarter; CBO departure December 31
/research/checkpoints/2/watchNoneTrack repurchase cash, share count and transition responsibilities.
/research/countercaseNonePaid-product momentum may mask weaker ad monetization or low-margin product mix. Hardware adoption may require sustained spending, while buybacks can consume the cash reported as FCF without materially reducing share count.
/research/economicsNoneH1 revenue was $3.128B, including $2.526B advertising and $601.8M other revenue. Adjusted EBITDA $482.9M contrasts with GAAP operating loss $245.2M. CFO $503.0M less PP&E $96.4M produced $406.5M FCF, below $601.0M repurchase cash including tax, before acquisitions. June cash and securities totaled $2.660B against $3.468B debt face. H1 SBC $513.2M includes $26.5M restructuring SBC, and D&A includes $1.3M restructuring depreciation; the GAAP bridge prevents duplication. Q3 outlook is $1.70B-$1.74B revenue and $300M-$350M adjusted EBITDA. FY2026 infrastructure cost is $1.65B-$1.70B, adjusted operating expense about $2.75B and SBC about $1.05B. Specs investment is already inside operating guidance. The September product announcement offers $2,195 preorders with $200 refundable deposits and expects fall shipping; these terms do not establish recognized sales. August $47.0M note repayment and May 2027 $106.3M maturity sit below CFO.
/research/limitations/0NoneQ3 revenue/EBITDA and FY2026 cost outlook are management guidance. Q4 revenue, quarterly timing and all FY2027 amounts are desk scenarios, not external consensus.
/research/limitations/1NoneOther revenue is not all subscription revenue. No DAU times total-company ARPU plus subscriptions double count. No forecast paid subscriber count is implied.
/research/limitations/2NoneSPECS launch article is dated September 16; the newsroom index shows September 17. Reviewed September 19. $2,195 preorder price and $200 refundable deposit are not recognized sales; shipping is expected later in fall. No separately invented hardware revenue is added to the other-revenue scenario.
/research/limitations/3NoneSpecs Inc. remains wholly owned and consolidated. Its investment was included in management operating expense outlook. A standalone unit is not a financial deconsolidation.
/research/limitations/4NoneFY2026 SBC outlook of approximately $1.05B is treated as full-year total expense for this bridge; payroll taxes are additional. H1 restructuring SBC and D&A are removed from the incremental restructuring deduction.
/research/limitations/5NoneFuture repurchases are optional desk assumptions, not guaranteed authorization use. FCF does not measure cash retained after offsetting equity dilution. No EPS, valuation or share-count roll-forward.
/research/limitations/6NoneCash after repurchases/principal excludes acquisitions, strategic investments and other financing uses. Holiday quote freshness and news review are required separately before any promotional post.
/research/questionNoneCan faster other-product revenue and advertising recovery fund infrastructure, Specs and shareholder cash claims?
/research/reviewed_atNone2026-09-19
/research/risks/0NoneAdvertising budgets and platform competition affect monetization.
/research/risks/1NoneInfrastructure and content/partner cost can outgrow sales.
/research/risks/2NoneSPECS shipment timing, demand and product margins remain uncertain.
/research/risks/3NoneEquity grants and payroll taxes remain economic costs.
/research/risks/4NoneRepurchase timing can exceed internally generated cash.
/research/risks/5NoneThe chief business officer plans to leave December 31, adding execution transition risk.
/research/titleNoneGrowth beyond ads, with the cost of dilution visible
/sources/0/retrievedNone2026-09-19
/sources/0/titleNoneAugust 4 10-Q and restructuring/debt details
/sources/0/urlNonehttps://www.sec.gov/Archives/edgar/data/1564408/000156440826000052/snap-20260630.htm
/sources/1/retrievedNone2026-09-19
/sources/1/titleNoneQ2 results and non-GAAP reconciliation
/sources/1/urlNonehttps://www.sec.gov/Archives/edgar/data/1564408/000156440826000047/snap-20260803xexx991pressr.htm
/sources/2/retrievedNone2026-09-19
/sources/2/titleNoneQ3 guidance and full-year cost budgets
/sources/2/urlNonehttps://www.sec.gov/Archives/edgar/data/1564408/000156440826000047/q22026preparedremarks.htm
/sources/3/retrievedNone2026-09-19
/sources/3/titleNoneSeptember SPECS preorder, demo and expected shipping terms
/sources/3/urlNonehttps://newsroom.snap.com/making-computing-more-human-with-specs
/sources/4/retrievedNone2026-09-19
/sources/4/titleNoneSeptember filing on planned chief business officer departure
/sources/4/urlNonehttps://www.sec.gov/Archives/edgar/data/1564408/000119312526385199/d129201d8k.htm
/thesis/scenario_rangesNoneExplicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.
/thesis/viewOther-product growth improves diversification, but a stronger EBITDA figure does not by itself establish GAAP profitability or cash retained after dilution management. The model tests revenue against hosting and operating budgets before subtracting compensation, cash costs and optional repurchases.
/thesis/what_changes_itCompare advertising growth, other revenue and infrastructure cost with the outlook; require actual shipped-product economics before giving SPECS a distinct revenue forecast.