ALPHAFORGE RESEARCH · COMPANY FILE · ENERGY, MATERIALS & POWER

$ARRY

Array Technologies, Inc. · Nasdaq · SIC 3674 · CIK 1820721 · revision 3 as of 2026-09-19

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Business

Array supplies solar trackers, foundations, fixed-tilt systems, software and related equipment. Revenue depends on project delivery and customer construction schedules. APA is already consolidated, while AWM adds wire and cable management from its August 31 acquisition. Supplier rebates and manufacturing credits affect costs. Convertible debt, preferred dividends and acquisition-related payments create cash claims beyond operating profit.

Three drivers

Project delivery, backlog conversion and sales mix
Supplier rebates, acquired products and adjusted-to-GAAP costs
Customer collections, acquisition payments and preferred dividends

Thesis

Our view

A broader product portfolio can improve project economics, but the underwriting must separate backlog, recognized sales and collected cash. The existing guidance excludes AWM. Strong adjusted EBITDA can coexist with a cash-heavy acquisition, service-linked seller payments and a preferred dividend transitioning to cash.

What changes it

Compare pre-AWM execution with guidance, then isolate new AWM sales and costs. Improve confidence when collections fund the expanded portfolio and senior claims; reduce it if Q4 concentration, receivables or purchase obligations require sustained new funding.

Scenario ranges

Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.

Model · 8 fiscal quarters (last eight)

Fiscal quarter	2024Q3 2024-09-30	2024Q4 2024-12-31	2025Q1 2025-03-31	2025Q2 2025-06-30	2025Q3 2025-09-30	2025Q4 2025-12-31	2026Q1 2026-03-31	2026Q2 2026-06-30
Revenue ($M)	231.4¹	275.2†²	302.4³	362.2⁴	393.5¹	226.0†²	223.4³	342.1⁴
Gross profit ($M)	78.3⁵	78.3†⁶	76.4⁷	97.1⁸	105.7⁵	19.3†⁶	63.0⁷	99.6⁸
Operating income ($M)	-132.7⁹	-142.3†¹⁰	27.3¹¹	46.4¹²	45.5⁹	-148.1†¹⁰	7.1¹¹	34.8¹²
Net income ($M)	-141.4¹³	-126.9†¹⁴	16.7¹⁵	43.3¹⁶	33.5¹³	-145.7†¹⁴	2.0¹⁵	24.3¹⁶
EPS, diluted ($)	-1.02¹⁷	—	0.02¹⁸	0.19¹⁹	0.12¹⁷	—	-0.09¹⁸	0.05¹⁹
Diluted shares (M)	151.9²⁰	—	152.8²¹	153.1²²	154.1²⁰	—	153.0²¹	155.7²²
Cash ($M)	332.4²³	363.0²⁴	348.3²⁵	377.3²⁶	221.5²⁷	244.4²⁸	200.7²⁹	307.3²⁸
Long-term debt ($M)	648.3³⁰	646.6³¹	644.5³²	657.6³³	658.4³⁴	658.7³⁵	657.0³⁶	657.7³⁵
Cash from operations ($M)	44.9†³⁷	57.6†³⁸	-13.1³⁹	43.8†⁴⁰	27.4†³⁷	43.6†³⁸	-29.4³⁹	121.3†⁴⁰
Capex ($M)	1.1†⁴¹	1.7†⁴²	2.4⁴³	6.6†⁴⁴	5.5†⁴¹	7.5†⁴²	7.5⁴³	7.6†⁴⁴
Free cash flow ($M)	43.9†⁴⁵	55.9†⁴⁶	-15.4†⁴⁷	37.2†⁴⁸	21.9†⁴⁵	36.2†⁴⁶	-36.9†⁴⁷	113.6†⁴⁸

† derived (Q4 = fiscal year minus the first three quarters; year-to-date cash flows differenced; FCF = CFO − capex). Superscripts are the provenance notes below.

Estimates · base scenario

Period	Revenue ($M)	EPS ($)	As of	Basis
2026Q3	325.0	—	2026-09-19	Desk base scenario. Revenue basis: Revenue including modeled post-close AWM ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2026Q4	582.5	—	2026-09-19	Desk base scenario. Revenue basis: Revenue including modeled post-close AWM ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q1	358.0	—	2026-09-19	Desk base scenario. Revenue basis: Revenue including modeled post-close AWM ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q2	424.0	—	2026-09-19	Desk base scenario. Revenue basis: Revenue including modeled post-close AWM ($M). Calculated from the operating-model inputs below; not consensus or company guidance.

Tracker delivery, acquired wire management and senior cash claims

Operating scenarios · reviewed 2026-09-19 · USD millions unless labeled otherwise · our assumptions, not consensus

Keep the August revenue/EBITDA outlook on its explicitly pre-AWM perimeter. Remaining H2 core sales are annual guidance less actual H1; Q3 follows the separate quarterly range and Q4 is the residual. Add AWM only from its August 31 close using an explicit one-month Q3 assumption. Bridge adjusted EBITDA through depreciation, equity pay, service-linked acquisition expense and cash costs to GAAP profit. Reconcile cash timing, then show capex, preferred dividends, purchase consideration and contingent earnouts separately.

Reported anchors and guidance

Measure	Period	Value	Basis
2026 revenue excluding AWM midpoint	FY2026	1,450.00	derived. Calculated midpoint of the company range; not an additional company forecast.
Q3 revenue excluding AWM midpoint	2026Q3	320.00	derived. Calculated midpoint of the company range; not an additional company forecast.
2026 adjusted EBITDA excluding AWM midpoint	FY2026	220.00	derived. Calculated midpoint of the company range; not an additional company forecast.
backlog	June-August 2026	2,500.00	reported. AWM trailing revenue was nearly $60M; deal/service maxima are not immediately payable. All amounts in millions. Source · 2026-08-05
awm ttm revenue	June-August 2026	60.00	reported. AWM trailing revenue was nearly $60M; deal/service maxima are not immediately payable. All amounts in millions. Source · 2026-07-16
awm cash	June-August 2026	165.00	reported. AWM trailing revenue was nearly $60M; deal/service maxima are not immediately payable. All amounts in millions. Source · 2026-08-31
awm service max	June-August 2026	10.00	reported. AWM trailing revenue was nearly $60M; deal/service maxima are not immediately payable. All amounts in millions. Source · 2026-07-16
awm earnout max	June-August 2026	40.00	reported. AWM trailing revenue was nearly $60M; deal/service maxima are not immediately payable. All amounts in millions. Source · 2026-07-16
cash	June-August 2026	307.30	reported. AWM trailing revenue was nearly $60M; deal/service maxima are not immediately payable. All amounts in millions. Source · 2026-08-05
June cash less August purchase only	Mechanical reference	142.30	derived. Not an actual closing cash balance: intervening operations, preferred cash and APA payments are excluded.
debt 2028	June-August 2026	325.00	reported. AWM trailing revenue was nearly $60M; deal/service maxima are not immediately payable. All amounts in millions. Source · 2026-08-05
debt 2031	June-August 2026	345.00	reported. AWM trailing revenue was nearly $60M; deal/service maxima are not immediately payable. All amounts in millions. Source · 2026-08-05
preferred liquidation	June-August 2026	506.40	reported. AWM trailing revenue was nearly $60M; deal/service maxima are not immediately payable. All amounts in millions. Source · 2026-08-05
Total vendor-rebate receivable	June 2026	142.70	derived. Already recognized cost benefits; collection timing differs.
H1 CFO less capex	H1 2026	76.71	derived. Company cash capex definition.
H1 common income	H1 2026	-5.10	reported. Reported H1 amount converted to millions. Source · 2026-08-05
H1 net income	H1 2026	26.34	reported. Reported H1 amount converted to millions. Source · 2026-08-05
apa service total	June-August 2026	40.00	reported. AWM trailing revenue was nearly $60M; deal/service maxima are not immediately payable. All amounts in millions. Source · 2026-08-05

Downside scenario

Period	Operating cash flow proxy ($M)	CFO less capex ($M)	Cash capex ($M)	Revenue including modeled post-close AWM ($M)	Post-close AWM revenue ($M)	Revenue on pre-AWM guidance perimeter ($M)	GAAP gross profit proxy ($M)	Preferred cash dividend allowance ($M)	Adjusted EBITDA proxy ($M)	Upfront acquisition cash ($M)	GAAP operating income proxy ($M)	Cash after acquisitions and senior claims ($M)
2026Q3	-34.46	-42.46	8.00	304.00	4.00	300.00	72.38	7.97	34.20	165.00	3.78	-215.43
2026Q4	-84.02	-92.02	8.00	468.52	14.00	454.52	86.06	7.97	49.11	0.00	16.86	-103.99
2027Q1	85.08	76.08	9.00	291.20	14.00	277.20	70.57	7.97	40.24	0.00	8.69	68.11
2027Q2	23.57	14.57	9.00	345.00	15.00	330.00	84.50	7.97	47.40	0.00	15.55	6.61
FY2026	-26.62	-57.77	31.14	1,338.00	18.00	1,320.00	321.05	15.94	175.40	165.00	62.52	-245.28
FY2027	146.04	110.04	36.00	1,382.00	62.00	1,320.00	338.94	32.88	190.20	0.00	69.70	73.16

Base scenario

Period	Operating cash flow proxy ($M)	CFO less capex ($M)	Cash capex ($M)	Revenue including modeled post-close AWM ($M)	Post-close AWM revenue ($M)	Revenue on pre-AWM guidance perimeter ($M)	GAAP gross profit proxy ($M)	Preferred cash dividend allowance ($M)	Adjusted EBITDA proxy ($M)	Upfront acquisition cash ($M)	GAAP operating income proxy ($M)	Cash after acquisitions and senior claims ($M)
2026Q3	-5.41	-13.41	8.00	325.00	5.00	320.00	84.60	7.97	48.25	165.00	17.83	-186.38
2026Q4	-14.96	-22.96	8.00	582.52	18.00	564.52	139.49	7.97	88.17	0.00	55.92	-38.93
2027Q1	110.70	101.70	9.00	358.04	17.00	341.04	95.93	7.97	60.86	0.00	29.31	89.73
2027Q2	57.80	48.80	9.00	424.00	18.00	406.00	114.31	7.97	71.62	0.00	39.77	40.83
FY2026	71.49	40.34	31.14	1,473.00	23.00	1,450.00	386.70	15.94	228.51	165.00	115.63	-151.17
FY2027	279.17	243.17	36.00	1,701.00	77.00	1,624.00	459.84	32.88	288.33	0.00	167.83	198.29

Upside scenario

Period	Operating cash flow proxy ($M)	CFO less capex ($M)	Cash capex ($M)	Revenue including modeled post-close AWM ($M)	Post-close AWM revenue ($M)	Revenue on pre-AWM guidance perimeter ($M)	GAAP gross profit proxy ($M)	Preferred cash dividend allowance ($M)	Adjusted EBITDA proxy ($M)	Upfront acquisition cash ($M)	GAAP operating income proxy ($M)	Cash after acquisitions and senior claims ($M)
2026Q3	13.14	5.14	8.00	346.00	6.00	340.00	94.02	7.97	56.80	165.00	26.38	-167.83
2026Q4	28.78	20.78	8.00	665.52	21.00	644.52	175.15	7.97	111.91	0.00	79.66	0.81
2027Q1	118.55	109.55	9.00	411.60	21.00	390.60	115.54	7.97	78.71	0.00	47.16	93.58
2027Q2	84.08	75.08	9.00	488.00	23.00	465.00	137.78	7.97	92.90	0.00	61.05	67.11
FY2026	133.78	102.63	31.14	1,577.00	27.00	1,550.00	431.78	15.94	260.80	165.00	147.92	-92.88
FY2027	369.44	333.44	36.00	1,957.00	97.00	1,860.00	553.74	32.88	373.60	0.00	253.10	280.56

All inputs and formulas — reproduce this model

Input / calculation	Period / case	Value / unit	Evidence or assumption
H1 revenue h1_revenue	H1 2026 / shared	565.48 USD_millions	reported: Reported H1 amount converted to millions. Primary source · 2026-08-05
H1 core revenue h1_core_revenue	H1 2026 / shared	565.48 USD_millions	reported: Reported H1 amount converted to millions. Primary source · 2026-08-05
H1 awm revenue h1_awm_revenue	H1 2026 / shared	0.00 USD_millions	reported: Pre-AWM consolidated perimeter. No preferred cash dividends or acquisitions paid in H1. Primary source · 2026-08-05
H1 adjusted ebitda h1_adjusted_ebitda	H1 2026 / shared	92.09 USD_millions	reported: Reported H1 amount converted to millions. Primary source · 2026-08-05
H1 gross profit h1_gross_profit	H1 2026 / shared	162.61 USD_millions	reported: Reported H1 amount converted to millions. Primary source · 2026-08-05
H1 operating income h1_operating_income	H1 2026 / shared	41.87 USD_millions	reported: Reported H1 amount converted to millions. Primary source · 2026-08-05
H1 cfo h1_cfo	H1 2026 / shared	91.86 USD_millions	reported: Reported H1 amount converted to millions. Primary source · 2026-08-05
H1 capex h1_capex	H1 2026 / shared	15.14 USD_millions	reported: Reported H1 amount converted to millions. Primary source · 2026-08-05
H1 preferred cash h1_preferred_cash	H1 2026 / shared	0.00 USD_millions	reported: Pre-AWM consolidated perimeter. No preferred cash dividends or acquisitions paid in H1. Primary source · 2026-08-05
H1 acquisition cash h1_acquisition_cash	H1 2026 / shared	0.00 USD_millions	reported: Pre-AWM consolidated perimeter. No preferred cash dividends or acquisitions paid in H1. Primary source · 2026-08-05
H1 sbc h1_sbc	H1 2026 / shared	8.52 USD_millions	reported: Reported H1 amount converted to millions. Primary source · 2026-08-05
H1 da h1_da	H1 2026 / shared	31.08 USD_millions	reported: Reported H1 amount converted to millions. Primary source · 2026-08-05
H1 acquisition expense h1_acquisition_expense	H1 2026 / shared	10.76 USD_millions	reported: Reported H1 amount converted to millions. Primary source · 2026-08-05
H1 fair value h1_fair_value	H1 2026 / shared	-0.14 USD_millions	reported: Reported H1 amount converted to millions. Primary source · 2026-08-05
H1 common income h1_common_income	H1 2026 / shared	-5.10 USD_millions	reported: Reported H1 amount converted to millions. Primary source · 2026-08-05
H1 net income h1_net_income	H1 2026 / shared	26.34 USD_millions	reported: Reported H1 amount converted to millions. Primary source · 2026-08-05
H1 preferred economic h1_preferred_economic	H1 2026 / shared	31.45 USD_millions	reported: Reported H1 amount converted to millions. Primary source · 2026-08-05
H1 contingent cash h1_contingent_cash	H1 2026 / shared	2.57 USD_millions	reported: Reported H1 amount converted to millions. Primary source · 2026-08-05
H1 adjusted gp h1_adjusted_gp	H1 2026 / shared	173.92 USD_millions	reported: Reported H1 amount converted to millions. Primary source · 2026-08-05
H1 CFO less capex h1_fcf	H1 2026 / shared	76.71 USD_millions	derived: Company cash capex definition. Formula: subtract(h1_cfo, h1_capex).
H1 cash after capex and earnouts h1_cash_after_claims	H1 2026 / shared	74.14 USD_millions	derived: Before other financing cash and debt principal. Formula: subtract(h1_fcf, h1_contingent_cash).
cash cash	June-August 2026 / shared	307.30 USD_millions	reported: AWM trailing revenue was nearly $60M; deal/service maxima are not immediately payable. All amounts in millions. Primary source · 2026-08-05
debt 2028 debt_2028	June-August 2026 / shared	325.00 USD_millions	reported: AWM trailing revenue was nearly $60M; deal/service maxima are not immediately payable. All amounts in millions. Primary source · 2026-08-05
debt 2031 debt_2031	June-August 2026 / shared	345.00 USD_millions	reported: AWM trailing revenue was nearly $60M; deal/service maxima are not immediately payable. All amounts in millions. Primary source · 2026-08-05
preferred liquidation preferred_liquidation	June-August 2026 / shared	506.40 USD_millions	reported: AWM trailing revenue was nearly $60M; deal/service maxima are not immediately payable. All amounts in millions. Primary source · 2026-08-05
rebate current rebate_current	June-August 2026 / shared	51.40 USD_millions	reported: AWM trailing revenue was nearly $60M; deal/service maxima are not immediately payable. All amounts in millions. Primary source · 2026-08-05
rebate long rebate_long	June-August 2026 / shared	91.30 USD_millions	reported: AWM trailing revenue was nearly $60M; deal/service maxima are not immediately payable. All amounts in millions. Primary source · 2026-08-05
contract assets contract_assets	June-August 2026 / shared	98.20 USD_millions	reported: AWM trailing revenue was nearly $60M; deal/service maxima are not immediately payable. All amounts in millions. Primary source · 2026-08-05
backlog backlog	June-August 2026 / shared	2,500.00 USD_millions	reported: AWM trailing revenue was nearly $60M; deal/service maxima are not immediately payable. All amounts in millions. Primary source · 2026-08-05
awm ttm revenue awm_ttm_revenue	June-August 2026 / shared	60.00 USD_millions	reported: AWM trailing revenue was nearly $60M; deal/service maxima are not immediately payable. All amounts in millions. Primary source · 2026-07-16
awm cash awm_cash	June-August 2026 / shared	165.00 USD_millions	reported: AWM trailing revenue was nearly $60M; deal/service maxima are not immediately payable. All amounts in millions. Primary source · 2026-08-31
awm service max awm_service_max	June-August 2026 / shared	10.00 USD_millions	reported: AWM trailing revenue was nearly $60M; deal/service maxima are not immediately payable. All amounts in millions. Primary source · 2026-07-16
awm earnout max awm_earnout_max	June-August 2026 / shared	40.00 USD_millions	reported: AWM trailing revenue was nearly $60M; deal/service maxima are not immediately payable. All amounts in millions. Primary source · 2026-07-16
apa service total apa_service_total	June-August 2026 / shared	40.00 USD_millions	reported: AWM trailing revenue was nearly $60M; deal/service maxima are not immediately payable. All amounts in millions. Primary source · 2026-08-05
June cash less August purchase only cash_less_purchase	Mechanical reference / shared	142.30 USD_millions	derived: Not an actual closing cash balance: intervening operations, preferred cash and APA payments are excluded. Formula: subtract(cash, awm_cash).
Total vendor-rebate receivable rebate_receivable	June 2026 / shared	142.70 USD_millions	derived: Already recognized cost benefits; collection timing differs. Formula: sum(rebate_current, rebate_long).
2026 revenue excluding AWM low annual_guide_low	FY2026 / shared	1,400.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-05
2026 revenue excluding AWM high annual_guide_high	FY2026 / shared	1,500.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-05
Midpoint divisor two	Model / shared	200.0% ratio	assumption: Arithmetic constant.
2026 revenue excluding AWM endpoint sum annual_guide_sum	FY2026 / shared	2,900.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(annual_guide_low, annual_guide_high).
2026 revenue excluding AWM midpoint annual_guide	FY2026 / shared	1,450.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(annual_guide_sum, two).
Q3 revenue excluding AWM low q3_guide_low	2026Q3 / shared	310.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-05
Q3 revenue excluding AWM high q3_guide_high	2026Q3 / shared	330.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-05
Q3 revenue excluding AWM endpoint sum q3_guide_sum	2026Q3 / shared	640.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(q3_guide_low, q3_guide_high).
Q3 revenue excluding AWM midpoint q3_guide	2026Q3 / shared	320.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q3_guide_sum, two).
2026 adjusted EBITDA excluding AWM low ebitda_guide_low	FY2026 / shared	210.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-05
2026 adjusted EBITDA excluding AWM high ebitda_guide_high	FY2026 / shared	230.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-05
2026 adjusted EBITDA excluding AWM endpoint sum ebitda_guide_sum	FY2026 / shared	440.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(ebitda_guide_low, ebitda_guide_high).
2026 adjusted EBITDA excluding AWM midpoint ebitda_guide	FY2026 / shared	220.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(ebitda_guide_sum, two).
Annual pre-AWM revenue scenario downside_core_target	FY2026 / downside	1,320.00 USD_millions	assumption: Base is guided midpoint; other cases are desk delivery sensitivities.
Annual pre-AWM adjusted EBITDA scenario downside_eb_target	FY2026 / downside	170.00 USD_millions	assumption: Base is guidance midpoint; no AWM in this amount.
Annual adjusted gross margin downside_gm	FY2026 / downside	25.5% ratio	assumption: Base 27.5% is midpoint of 27%-28% company range.
Annual pre-AWM adjusted gross profit downside_gp_target	FY2026 / downside	336.60 USD_millions	derived: Includes rebates once through product economics. Formula: multiply(downside_core_target, downside_gm).
Revenue excluding AWM downside_2026q3_core_revenue	2026Q3 / downside	300.00 USD_millions	assumption: Desk assumption, not company guidance.
Consolidated AWM revenue downside_2026q3_awm_revenue	2026Q3 / downside	4.00 USD_millions	assumption: September only in Q3 following August 31 close; future quarters are independent desk sales assumptions.
Consolidated revenue downside_2026q3_revenue	2026Q3 / downside	304.00 USD_millions	derived: Guided pre-AWM perimeter plus new business once. Formula: sum(downside_2026q3_core_revenue, downside_2026q3_awm_revenue).
Pre-AWM EBITDA margin downside_2026q3_core_eb_margin	2026Q3 / downside	11.0% ratio	assumption: Desk assumption, not company guidance.
Pre-AWM adjusted EBITDA downside_2026q3_core_ebitda	2026Q3 / downside	33.00 USD_millions	derived: Desk cost conversion; prior APA is already included. Formula: multiply(downside_2026q3_core_revenue, downside_2026q3_core_eb_margin).
Adjusted gross margin downside_2026q3_core_gp_margin	2026Q3 / downside	25.5% ratio	assumption: Desk assumption, not company guidance.
Pre-AWM adjusted gross profit downside_2026q3_core_adjusted_gp	2026Q3 / downside	76.50 USD_millions	derived: Includes vendor rebates and own credits; no extra subsidy revenue. Formula: multiply(downside_2026q3_core_revenue, downside_2026q3_core_gp_margin).
AWM EBITDA margin downside_2026q3_awm_eb_margin	2026Q3 / downside	30.0% ratio	assumption: Desk assumption, not company guidance.
AWM EBITDA contribution downside_2026q3_awm_ebitda	2026Q3 / downside	1.20 USD_millions	derived: Desk contribution before integration and compensation exclusions. Formula: multiply(downside_2026q3_awm_revenue, downside_2026q3_awm_eb_margin).
Consolidated adjusted EBITDA downside_2026q3_adjusted_ebitda	2026Q3 / downside	34.20 USD_millions	derived: Proxy for combined perimeter; not updated company guidance. Formula: sum(downside_2026q3_core_ebitda, downside_2026q3_awm_ebitda).
AWM gross margin downside_2026q3_awm_gm	2026Q3 / downside	47.0% ratio	assumption: Desk assumption, not company guidance.
AWM gross profit before acquisition accounting downside_2026q3_awm_gp	2026Q3 / downside	1.88 USD_millions	derived: Desk gross margin; acquisition allocation not yet disclosed. Formula: multiply(downside_2026q3_awm_revenue, downside_2026q3_awm_gm).
Acquired amortization/step-up in COGS downside_2026q3_cogs_amort	2026Q3 / downside	6.00 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted consolidated gross profit downside_2026q3_combined_gp	2026Q3 / downside	78.38 USD_millions	derived: Each business once. Formula: sum(downside_2026q3_core_adjusted_gp, downside_2026q3_awm_gp).
GAAP gross profit proxy downside_2026q3_gross_profit	2026Q3 / downside	72.38 USD_millions	derived: Provisional acquisition accounting allowance. Formula: subtract(downside_2026q3_combined_gp, downside_2026q3_cogs_amort).
APA service-linked compensation expense downside_2026q3_apa_service_expense	2026Q3 / downside	5.00 USD_millions	assumption: Desk assumption, not company guidance.
AWM service-linked compensation expense downside_2026q3_awm_service_expense	2026Q3 / downside	0.42 USD_millions	assumption: Desk straight-line two-year service period; final accounting pending.
Combined service-linked compensation downside_2026q3_retention_expense	2026Q3 / downside	5.42 USD_millions	derived: Excluded from adjusted EBITDA proxy but real compensation cost. Formula: sum(downside_2026q3_apa_service_expense, downside_2026q3_awm_service_expense).
Integration and other cash acquisition expense downside_2026q3_special_cash	2026Q3 / downside	2.50 USD_millions	assumption: Desk assumption, not company guidance.
Ordinary equity compensation downside_2026q3_sbc	2026Q3 / downside	5.00 USD_millions	assumption: Desk assumption, not company guidance.
Other depreciation/amortization downside_2026q3_other_da	2026Q3 / downside	11.50 USD_millions	assumption: Desk assumption, not company guidance.
Total depreciation and acquired amortization downside_2026q3_da	2026Q3 / downside	17.50 USD_millions	derived: Provisional allowance; no goodwill amortization. Formula: sum(downside_2026q3_cogs_amort, downside_2026q3_other_da).
EBITDA-to-GAAP operating costs downside_2026q3_ebitda_to_gaap	2026Q3 / downside	30.42 USD_millions	derived: No recurring fair-value gain assumed. Formula: sum(downside_2026q3_retention_expense, downside_2026q3_special_cash, downside_2026q3_sbc, downside_2026q3_da).
GAAP operating income proxy downside_2026q3_operating_income	2026Q3 / downside	3.78 USD_millions	derived: Cash special costs and SBC are not omitted from operating economics. Formula: subtract(downside_2026q3_adjusted_ebitda, downside_2026q3_ebitda_to_gaap).
APA service cash settlement downside_2026q3_apa_service_cash	2026Q3 / downside	20.00 USD_millions	assumption: All-cash desk election: first anniversary, December 31 elapsed-service installment, then remaining second anniversary; employment conditions apply.
AWM service cash settlement downside_2026q3_awm_service_cash	2026Q3 / downside	0.00 USD_millions	assumption: First anniversary payment assumes continued employment and cash rather than shares.
Convertible cash coupon downside_2026q3_debt_coupon	2026Q3 / downside	4.96 USD_millions	assumption: 2031 notes pay January/July; 2028 notes June/December. No principal maturity within this horizon.
Cash investment income downside_2026q3_investment_income	2026Q3 / downside	1.20 USD_millions	assumption: Desk assumption, not company guidance.
Cash before financing costs, taxes and working capital downside_2026q3_cash_before_uses	2026Q3 / downside	32.90 USD_millions	derived: Reverse accrued retention expense, then deduct contractual-scenario payments. Formula: sum(downside_2026q3_operating_income, downside_2026q3_sbc, downside_2026q3_da, downside_2026q3_retention_expense, downside_2026q3_investment_income).
Other borrowing and bank cash cost downside_2026q3_other_interest	2026Q3 / downside	0.40 USD_millions	assumption: Desk assumption, not company guidance.
Cash taxes downside_2026q3_cash_tax	2026Q3 / downside	7.00 USD_millions	assumption: Desk assumption, not company guidance.
Additional special-cost deduction downside_2026q3_no_extra_special	2026Q3 / downside	0.00 USD_millions	assumption: Special expense is already cash in operating profit; no second deduction.
Interest, tax and service-linked cash uses downside_2026q3_cash_uses	2026Q3 / downside	32.36 USD_millions	derived: Purchase consideration and preferred dividends remain below FCF. Formula: sum(downside_2026q3_apa_service_cash, downside_2026q3_awm_service_cash, downside_2026q3_debt_coupon, downside_2026q3_other_interest, downside_2026q3_cash_tax, downside_2026q3_no_extra_special).
Cash before operating working capital downside_2026q3_cash_before_wc	2026Q3 / downside	0.54 USD_millions	derived: Includes service compensation once in cash. Formula: subtract(downside_2026q3_cash_before_uses, downside_2026q3_cash_uses).
Net working-capital cash source downside_2026q3_wc_source	2026Q3 / downside	-35.00 USD_millions	assumption: Desk customer/deposit, inventory, vendor-rebate and warranty cash timing; Q4 delivery collections partly spill into Q1.
Operating cash flow proxy downside_2026q3_cfo	2026Q3 / downside	-34.46 USD_millions	derived: No automatic collection of all rebate receivables. Formula: sum(downside_2026q3_cash_before_wc, downside_2026q3_wc_source).
PP&E cash spending downside_2026q3_capex	2026Q3 / downside	8.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less capex downside_2026q3_fcf	2026Q3 / downside	-42.46 USD_millions	derived: Before acquisition price and senior capital cash. Formula: subtract(downside_2026q3_cfo, downside_2026q3_capex).
Preferred liquidation proxy downside_2026q3_preferred_base	2026Q3 / downside	510.00 USD_millions	assumption: June $506.4M plus desk accrual through the August cash transition; not a reported closing balance.
Cash dividend rate downside_2026q3_preferred_rate	2026Q3 / downside	6.2% ratio	assumption: 6.25% after fifth anniversary; 6.75% after August 10, 2027; Q3 2027 blended.
Quarter year fraction downside_2026q3_quarter	2026Q3 / downside	25.0% ratio	assumption: Desk assumption, not company guidance.
Preferred cash dividend allowance downside_2026q3_preferred_cash	2026Q3 / downside	7.97 USD_millions	derived: Conservative full-quarter Q3 2026 cash allowance; exact declaration/payment calendar not assumed. Formula: multiply(downside_2026q3_preferred_base, downside_2026q3_preferred_rate, downside_2026q3_quarter).
Upfront AWM purchase cash downside_2026q3_acquisition_cash	2026Q3 / downside	165.00 USD_millions	assumption: August 31 close: approximate $165M cash, subject to settlement. Not repeated in subsequent quarters.
APA and AWM contingent purchase payments downside_2026q3_contingent_cash	2026Q3 / downside	0.00 USD_millions	assumption: Desk cash-election/timing scenario; differs from service payments and recognized fair value. Actual payment can be shares or zero.
Preferred, purchase price and earnout cash downside_2026q3_below_fcf	2026Q3 / downside	172.97 USD_millions	derived: Distinct cash claims, not GAAP operating expense. Formula: sum(downside_2026q3_preferred_cash, downside_2026q3_acquisition_cash, downside_2026q3_contingent_cash).
Cash after acquisition and preferred claims downside_2026q3_cash_after_claims	2026Q3 / downside	-215.43 USD_millions	derived: Before debt principal, new financing, ordinary award withholding and discretionary repurchases. Formula: subtract(downside_2026q3_fcf, downside_2026q3_below_fcf).
H1 plus Q3 pre-AWM revenue downside_2026q4_through_q3	2026Q4 / downside	865.48 USD_millions	derived: Preserves actual H1. Formula: sum(h1_revenue, downside_2026q3_core_revenue).
Revenue excluding AWM downside_2026q4_core_revenue	2026Q4 / downside	454.52 USD_millions	derived: Q4 delivery requirement to meet annual scenario. Formula: subtract(downside_core_target, downside_2026q4_through_q3).
Consolidated AWM revenue downside_2026q4_awm_revenue	2026Q4 / downside	14.00 USD_millions	assumption: September only in Q3 following August 31 close; future quarters are independent desk sales assumptions.
Consolidated revenue downside_2026q4_revenue	2026Q4 / downside	468.52 USD_millions	derived: Guided pre-AWM perimeter plus new business once. Formula: sum(downside_2026q4_core_revenue, downside_2026q4_awm_revenue).
H1 plus Q3 pre-AWM EBITDA downside_2026q4_eb_through_q3	2026Q4 / downside	125.09 USD_millions	derived: Actual H1 plus modeled Q3. Formula: sum(h1_adjusted_ebitda, downside_2026q3_core_ebitda).
Pre-AWM adjusted EBITDA downside_2026q4_core_ebitda	2026Q4 / downside	44.91 USD_millions	derived: Q4 residual to annual EBITDA scenario. Formula: subtract(downside_eb_target, downside_2026q4_eb_through_q3).
H1 plus Q3 pre-AWM adjusted GP downside_2026q4_gp_through_q3	2026Q4 / downside	250.42 USD_millions	derived: Actual H1 plus Q3. Formula: sum(h1_adjusted_gp, downside_2026q3_core_adjusted_gp).
Pre-AWM adjusted gross profit downside_2026q4_core_adjusted_gp	2026Q4 / downside	86.18 USD_millions	derived: Annual margin requirement drives the Q4 residual. Formula: subtract(downside_gp_target, downside_2026q4_gp_through_q3).
AWM EBITDA margin downside_2026q4_awm_eb_margin	2026Q4 / downside	30.0% ratio	assumption: Desk assumption, not company guidance.
AWM EBITDA contribution downside_2026q4_awm_ebitda	2026Q4 / downside	4.20 USD_millions	derived: Desk contribution before integration and compensation exclusions. Formula: multiply(downside_2026q4_awm_revenue, downside_2026q4_awm_eb_margin).
Consolidated adjusted EBITDA downside_2026q4_adjusted_ebitda	2026Q4 / downside	49.11 USD_millions	derived: Proxy for combined perimeter; not updated company guidance. Formula: sum(downside_2026q4_core_ebitda, downside_2026q4_awm_ebitda).
AWM gross margin downside_2026q4_awm_gm	2026Q4 / downside	47.0% ratio	assumption: Desk assumption, not company guidance.
AWM gross profit before acquisition accounting downside_2026q4_awm_gp	2026Q4 / downside	6.58 USD_millions	derived: Desk gross margin; acquisition allocation not yet disclosed. Formula: multiply(downside_2026q4_awm_revenue, downside_2026q4_awm_gm).
Acquired amortization/step-up in COGS downside_2026q4_cogs_amort	2026Q4 / downside	6.70 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted consolidated gross profit downside_2026q4_combined_gp	2026Q4 / downside	92.76 USD_millions	derived: Each business once. Formula: sum(downside_2026q4_core_adjusted_gp, downside_2026q4_awm_gp).
GAAP gross profit proxy downside_2026q4_gross_profit	2026Q4 / downside	86.06 USD_millions	derived: Provisional acquisition accounting allowance. Formula: subtract(downside_2026q4_combined_gp, downside_2026q4_cogs_amort).
APA service-linked compensation expense downside_2026q4_apa_service_expense	2026Q4 / downside	5.00 USD_millions	assumption: Desk assumption, not company guidance.
AWM service-linked compensation expense downside_2026q4_awm_service_expense	2026Q4 / downside	1.25 USD_millions	assumption: Desk straight-line two-year service period; final accounting pending.
Combined service-linked compensation downside_2026q4_retention_expense	2026Q4 / downside	6.25 USD_millions	derived: Excluded from adjusted EBITDA proxy but real compensation cost. Formula: sum(downside_2026q4_apa_service_expense, downside_2026q4_awm_service_expense).
Integration and other cash acquisition expense downside_2026q4_special_cash	2026Q4 / downside	2.50 USD_millions	assumption: Desk assumption, not company guidance.
Ordinary equity compensation downside_2026q4_sbc	2026Q4 / downside	5.30 USD_millions	assumption: Desk assumption, not company guidance.
Other depreciation/amortization downside_2026q4_other_da	2026Q4 / downside	11.50 USD_millions	assumption: Desk assumption, not company guidance.
Total depreciation and acquired amortization downside_2026q4_da	2026Q4 / downside	18.20 USD_millions	derived: Provisional allowance; no goodwill amortization. Formula: sum(downside_2026q4_cogs_amort, downside_2026q4_other_da).
EBITDA-to-GAAP operating costs downside_2026q4_ebitda_to_gaap	2026Q4 / downside	32.25 USD_millions	derived: No recurring fair-value gain assumed. Formula: sum(downside_2026q4_retention_expense, downside_2026q4_special_cash, downside_2026q4_sbc, downside_2026q4_da).
GAAP operating income proxy downside_2026q4_operating_income	2026Q4 / downside	16.86 USD_millions	derived: Cash special costs and SBC are not omitted from operating economics. Formula: subtract(downside_2026q4_adjusted_ebitda, downside_2026q4_ebitda_to_gaap).
APA service cash settlement downside_2026q4_apa_service_cash	2026Q4 / downside	13.81 USD_millions	assumption: All-cash desk election: first anniversary, December 31 elapsed-service installment, then remaining second anniversary; employment conditions apply.
AWM service cash settlement downside_2026q4_awm_service_cash	2026Q4 / downside	0.00 USD_millions	assumption: First anniversary payment assumes continued employment and cash rather than shares.
Convertible cash coupon downside_2026q4_debt_coupon	2026Q4 / downside	1.62 USD_millions	assumption: 2031 notes pay January/July; 2028 notes June/December. No principal maturity within this horizon.
Cash investment income downside_2026q4_investment_income	2026Q4 / downside	1.20 USD_millions	assumption: Desk assumption, not company guidance.
Cash before financing costs, taxes and working capital downside_2026q4_cash_before_uses	2026Q4 / downside	47.81 USD_millions	derived: Reverse accrued retention expense, then deduct contractual-scenario payments. Formula: sum(downside_2026q4_operating_income, downside_2026q4_sbc, downside_2026q4_da, downside_2026q4_retention_expense, downside_2026q4_investment_income).
Other borrowing and bank cash cost downside_2026q4_other_interest	2026Q4 / downside	0.40 USD_millions	assumption: Desk assumption, not company guidance.
Cash taxes downside_2026q4_cash_tax	2026Q4 / downside	16.00 USD_millions	assumption: Desk assumption, not company guidance.
Additional special-cost deduction downside_2026q4_no_extra_special	2026Q4 / downside	0.00 USD_millions	assumption: Special expense is already cash in operating profit; no second deduction.
Interest, tax and service-linked cash uses downside_2026q4_cash_uses	2026Q4 / downside	31.83 USD_millions	derived: Purchase consideration and preferred dividends remain below FCF. Formula: sum(downside_2026q4_apa_service_cash, downside_2026q4_awm_service_cash, downside_2026q4_debt_coupon, downside_2026q4_other_interest, downside_2026q4_cash_tax, downside_2026q4_no_extra_special).
Cash before operating working capital downside_2026q4_cash_before_wc	2026Q4 / downside	15.98 USD_millions	derived: Includes service compensation once in cash. Formula: subtract(downside_2026q4_cash_before_uses, downside_2026q4_cash_uses).
Net working-capital cash source downside_2026q4_wc_source	2026Q4 / downside	-100.00 USD_millions	assumption: Desk customer/deposit, inventory, vendor-rebate and warranty cash timing; Q4 delivery collections partly spill into Q1.
Operating cash flow proxy downside_2026q4_cfo	2026Q4 / downside	-84.02 USD_millions	derived: No automatic collection of all rebate receivables. Formula: sum(downside_2026q4_cash_before_wc, downside_2026q4_wc_source).
PP&E cash spending downside_2026q4_capex	2026Q4 / downside	8.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less capex downside_2026q4_fcf	2026Q4 / downside	-92.02 USD_millions	derived: Before acquisition price and senior capital cash. Formula: subtract(downside_2026q4_cfo, downside_2026q4_capex).
Preferred liquidation proxy downside_2026q4_preferred_base	2026Q4 / downside	510.00 USD_millions	assumption: June $506.4M plus desk accrual through the August cash transition; not a reported closing balance.
Cash dividend rate downside_2026q4_preferred_rate	2026Q4 / downside	6.2% ratio	assumption: 6.25% after fifth anniversary; 6.75% after August 10, 2027; Q3 2027 blended.
Quarter year fraction downside_2026q4_quarter	2026Q4 / downside	25.0% ratio	assumption: Desk assumption, not company guidance.
Preferred cash dividend allowance downside_2026q4_preferred_cash	2026Q4 / downside	7.97 USD_millions	derived: Conservative full-quarter Q3 2026 cash allowance; exact declaration/payment calendar not assumed. Formula: multiply(downside_2026q4_preferred_base, downside_2026q4_preferred_rate, downside_2026q4_quarter).
Upfront AWM purchase cash downside_2026q4_acquisition_cash	2026Q4 / downside	0.00 USD_millions	assumption: August 31 close: approximate $165M cash, subject to settlement. Not repeated in subsequent quarters.
APA and AWM contingent purchase payments downside_2026q4_contingent_cash	2026Q4 / downside	4.00 USD_millions	assumption: Desk cash-election/timing scenario; differs from service payments and recognized fair value. Actual payment can be shares or zero.
Preferred, purchase price and earnout cash downside_2026q4_below_fcf	2026Q4 / downside	11.97 USD_millions	derived: Distinct cash claims, not GAAP operating expense. Formula: sum(downside_2026q4_preferred_cash, downside_2026q4_acquisition_cash, downside_2026q4_contingent_cash).
Cash after acquisition and preferred claims downside_2026q4_cash_after_claims	2026Q4 / downside	-103.99 USD_millions	derived: Before debt principal, new financing, ordinary award withholding and discretionary repurchases. Formula: subtract(downside_2026q4_fcf, downside_2026q4_below_fcf).
Pre-AWM business expansion downside_2027q1_core_growth	2027Q1 / downside	100.0% ratio	assumption: Desk assumption, not company guidance.
Annual quarter share downside_2027q1_core_season	2027Q1 / downside	21.0% ratio	assumption: Desk assumption, not company guidance.
Revenue excluding AWM downside_2027q1_core_revenue	2027Q1 / downside	277.20 USD_millions	derived: Organic and existing APA expansion; no new AWM inside core. Formula: multiply(downside_core_target, downside_2027q1_core_growth, downside_2027q1_core_season).
Consolidated AWM revenue downside_2027q1_awm_revenue	2027Q1 / downside	14.00 USD_millions	assumption: September only in Q3 following August 31 close; future quarters are independent desk sales assumptions.
Consolidated revenue downside_2027q1_revenue	2027Q1 / downside	291.20 USD_millions	derived: Guided pre-AWM perimeter plus new business once. Formula: sum(downside_2027q1_core_revenue, downside_2027q1_awm_revenue).
Pre-AWM EBITDA margin downside_2027q1_core_eb_margin	2027Q1 / downside	13.0% ratio	assumption: Desk assumption, not company guidance.
Pre-AWM adjusted EBITDA downside_2027q1_core_ebitda	2027Q1 / downside	36.04 USD_millions	derived: Desk cost conversion; prior APA is already included. Formula: multiply(downside_2027q1_core_revenue, downside_2027q1_core_eb_margin).
Adjusted gross margin downside_2027q1_core_gp_margin	2027Q1 / downside	25.5% ratio	assumption: Desk assumption, not company guidance.
Pre-AWM adjusted gross profit downside_2027q1_core_adjusted_gp	2027Q1 / downside	70.69 USD_millions	derived: Includes vendor rebates and own credits; no extra subsidy revenue. Formula: multiply(downside_2027q1_core_revenue, downside_2027q1_core_gp_margin).
AWM EBITDA margin downside_2027q1_awm_eb_margin	2027Q1 / downside	30.0% ratio	assumption: Desk assumption, not company guidance.
AWM EBITDA contribution downside_2027q1_awm_ebitda	2027Q1 / downside	4.20 USD_millions	derived: Desk contribution before integration and compensation exclusions. Formula: multiply(downside_2027q1_awm_revenue, downside_2027q1_awm_eb_margin).
Consolidated adjusted EBITDA downside_2027q1_adjusted_ebitda	2027Q1 / downside	40.24 USD_millions	derived: Proxy for combined perimeter; not updated company guidance. Formula: sum(downside_2027q1_core_ebitda, downside_2027q1_awm_ebitda).
AWM gross margin downside_2027q1_awm_gm	2027Q1 / downside	47.0% ratio	assumption: Desk assumption, not company guidance.
AWM gross profit before acquisition accounting downside_2027q1_awm_gp	2027Q1 / downside	6.58 USD_millions	derived: Desk gross margin; acquisition allocation not yet disclosed. Formula: multiply(downside_2027q1_awm_revenue, downside_2027q1_awm_gm).
Acquired amortization/step-up in COGS downside_2027q1_cogs_amort	2027Q1 / downside	6.70 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted consolidated gross profit downside_2027q1_combined_gp	2027Q1 / downside	77.27 USD_millions	derived: Each business once. Formula: sum(downside_2027q1_core_adjusted_gp, downside_2027q1_awm_gp).
GAAP gross profit proxy downside_2027q1_gross_profit	2027Q1 / downside	70.57 USD_millions	derived: Provisional acquisition accounting allowance. Formula: subtract(downside_2027q1_combined_gp, downside_2027q1_cogs_amort).
APA service-linked compensation expense downside_2027q1_apa_service_expense	2027Q1 / downside	5.00 USD_millions	assumption: Desk assumption, not company guidance.
AWM service-linked compensation expense downside_2027q1_awm_service_expense	2027Q1 / downside	1.25 USD_millions	assumption: Desk straight-line two-year service period; final accounting pending.
Combined service-linked compensation downside_2027q1_retention_expense	2027Q1 / downside	6.25 USD_millions	derived: Excluded from adjusted EBITDA proxy but real compensation cost. Formula: sum(downside_2027q1_apa_service_expense, downside_2027q1_awm_service_expense).
Integration and other cash acquisition expense downside_2027q1_special_cash	2027Q1 / downside	1.00 USD_millions	assumption: Desk assumption, not company guidance.
Ordinary equity compensation downside_2027q1_sbc	2027Q1 / downside	5.60 USD_millions	assumption: Desk assumption, not company guidance.
Other depreciation/amortization downside_2027q1_other_da	2027Q1 / downside	12.00 USD_millions	assumption: Desk assumption, not company guidance.
Total depreciation and acquired amortization downside_2027q1_da	2027Q1 / downside	18.70 USD_millions	derived: Provisional allowance; no goodwill amortization. Formula: sum(downside_2027q1_cogs_amort, downside_2027q1_other_da).
EBITDA-to-GAAP operating costs downside_2027q1_ebitda_to_gaap	2027Q1 / downside	31.55 USD_millions	derived: No recurring fair-value gain assumed. Formula: sum(downside_2027q1_retention_expense, downside_2027q1_special_cash, downside_2027q1_sbc, downside_2027q1_da).
GAAP operating income proxy downside_2027q1_operating_income	2027Q1 / downside	8.69 USD_millions	derived: Cash special costs and SBC are not omitted from operating economics. Formula: subtract(downside_2027q1_adjusted_ebitda, downside_2027q1_ebitda_to_gaap).
APA service cash settlement downside_2027q1_apa_service_cash	2027Q1 / downside	0.00 USD_millions	assumption: All-cash desk election: first anniversary, December 31 elapsed-service installment, then remaining second anniversary; employment conditions apply.
AWM service cash settlement downside_2027q1_awm_service_cash	2027Q1 / downside	0.00 USD_millions	assumption: First anniversary payment assumes continued employment and cash rather than shares.
Convertible cash coupon downside_2027q1_debt_coupon	2027Q1 / downside	4.96 USD_millions	assumption: 2031 notes pay January/July; 2028 notes June/December. No principal maturity within this horizon.
Cash investment income downside_2027q1_investment_income	2027Q1 / downside	1.20 USD_millions	assumption: Desk assumption, not company guidance.
Cash before financing costs, taxes and working capital downside_2027q1_cash_before_uses	2027Q1 / downside	40.44 USD_millions	derived: Reverse accrued retention expense, then deduct contractual-scenario payments. Formula: sum(downside_2027q1_operating_income, downside_2027q1_sbc, downside_2027q1_da, downside_2027q1_retention_expense, downside_2027q1_investment_income).
Other borrowing and bank cash cost downside_2027q1_other_interest	2027Q1 / downside	0.40 USD_millions	assumption: Desk assumption, not company guidance.
Cash taxes downside_2027q1_cash_tax	2027Q1 / downside	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Additional special-cost deduction downside_2027q1_no_extra_special	2027Q1 / downside	0.00 USD_millions	assumption: Special expense is already cash in operating profit; no second deduction.
Interest, tax and service-linked cash uses downside_2027q1_cash_uses	2027Q1 / downside	15.36 USD_millions	derived: Purchase consideration and preferred dividends remain below FCF. Formula: sum(downside_2027q1_apa_service_cash, downside_2027q1_awm_service_cash, downside_2027q1_debt_coupon, downside_2027q1_other_interest, downside_2027q1_cash_tax, downside_2027q1_no_extra_special).
Cash before operating working capital downside_2027q1_cash_before_wc	2027Q1 / downside	25.08 USD_millions	derived: Includes service compensation once in cash. Formula: subtract(downside_2027q1_cash_before_uses, downside_2027q1_cash_uses).
Net working-capital cash source downside_2027q1_wc_source	2027Q1 / downside	60.00 USD_millions	assumption: Desk customer/deposit, inventory, vendor-rebate and warranty cash timing; Q4 delivery collections partly spill into Q1.
Operating cash flow proxy downside_2027q1_cfo	2027Q1 / downside	85.08 USD_millions	derived: No automatic collection of all rebate receivables. Formula: sum(downside_2027q1_cash_before_wc, downside_2027q1_wc_source).
PP&E cash spending downside_2027q1_capex	2027Q1 / downside	9.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less capex downside_2027q1_fcf	2027Q1 / downside	76.08 USD_millions	derived: Before acquisition price and senior capital cash. Formula: subtract(downside_2027q1_cfo, downside_2027q1_capex).
Preferred liquidation proxy downside_2027q1_preferred_base	2027Q1 / downside	510.00 USD_millions	assumption: June $506.4M plus desk accrual through the August cash transition; not a reported closing balance.
Cash dividend rate downside_2027q1_preferred_rate	2027Q1 / downside	6.2% ratio	assumption: 6.25% after fifth anniversary; 6.75% after August 10, 2027; Q3 2027 blended.
Quarter year fraction downside_2027q1_quarter	2027Q1 / downside	25.0% ratio	assumption: Desk assumption, not company guidance.
Preferred cash dividend allowance downside_2027q1_preferred_cash	2027Q1 / downside	7.97 USD_millions	derived: Conservative full-quarter Q3 2026 cash allowance; exact declaration/payment calendar not assumed. Formula: multiply(downside_2027q1_preferred_base, downside_2027q1_preferred_rate, downside_2027q1_quarter).
Upfront AWM purchase cash downside_2027q1_acquisition_cash	2027Q1 / downside	0.00 USD_millions	assumption: August 31 close: approximate $165M cash, subject to settlement. Not repeated in subsequent quarters.
APA and AWM contingent purchase payments downside_2027q1_contingent_cash	2027Q1 / downside	0.00 USD_millions	assumption: Desk cash-election/timing scenario; differs from service payments and recognized fair value. Actual payment can be shares or zero.
Preferred, purchase price and earnout cash downside_2027q1_below_fcf	2027Q1 / downside	7.97 USD_millions	derived: Distinct cash claims, not GAAP operating expense. Formula: sum(downside_2027q1_preferred_cash, downside_2027q1_acquisition_cash, downside_2027q1_contingent_cash).
Cash after acquisition and preferred claims downside_2027q1_cash_after_claims	2027Q1 / downside	68.11 USD_millions	derived: Before debt principal, new financing, ordinary award withholding and discretionary repurchases. Formula: subtract(downside_2027q1_fcf, downside_2027q1_below_fcf).
Pre-AWM business expansion downside_2027q2_core_growth	2027Q2 / downside	100.0% ratio	assumption: Desk assumption, not company guidance.
Annual quarter share downside_2027q2_core_season	2027Q2 / downside	25.0% ratio	assumption: Desk assumption, not company guidance.
Revenue excluding AWM downside_2027q2_core_revenue	2027Q2 / downside	330.00 USD_millions	derived: Organic and existing APA expansion; no new AWM inside core. Formula: multiply(downside_core_target, downside_2027q2_core_growth, downside_2027q2_core_season).
Consolidated AWM revenue downside_2027q2_awm_revenue	2027Q2 / downside	15.00 USD_millions	assumption: September only in Q3 following August 31 close; future quarters are independent desk sales assumptions.
Consolidated revenue downside_2027q2_revenue	2027Q2 / downside	345.00 USD_millions	derived: Guided pre-AWM perimeter plus new business once. Formula: sum(downside_2027q2_core_revenue, downside_2027q2_awm_revenue).
Pre-AWM EBITDA margin downside_2027q2_core_eb_margin	2027Q2 / downside	13.0% ratio	assumption: Desk assumption, not company guidance.
Pre-AWM adjusted EBITDA downside_2027q2_core_ebitda	2027Q2 / downside	42.90 USD_millions	derived: Desk cost conversion; prior APA is already included. Formula: multiply(downside_2027q2_core_revenue, downside_2027q2_core_eb_margin).
Adjusted gross margin downside_2027q2_core_gp_margin	2027Q2 / downside	25.5% ratio	assumption: Desk assumption, not company guidance.
Pre-AWM adjusted gross profit downside_2027q2_core_adjusted_gp	2027Q2 / downside	84.15 USD_millions	derived: Includes vendor rebates and own credits; no extra subsidy revenue. Formula: multiply(downside_2027q2_core_revenue, downside_2027q2_core_gp_margin).
AWM EBITDA margin downside_2027q2_awm_eb_margin	2027Q2 / downside	30.0% ratio	assumption: Desk assumption, not company guidance.
AWM EBITDA contribution downside_2027q2_awm_ebitda	2027Q2 / downside	4.50 USD_millions	derived: Desk contribution before integration and compensation exclusions. Formula: multiply(downside_2027q2_awm_revenue, downside_2027q2_awm_eb_margin).
Consolidated adjusted EBITDA downside_2027q2_adjusted_ebitda	2027Q2 / downside	47.40 USD_millions	derived: Proxy for combined perimeter; not updated company guidance. Formula: sum(downside_2027q2_core_ebitda, downside_2027q2_awm_ebitda).
AWM gross margin downside_2027q2_awm_gm	2027Q2 / downside	47.0% ratio	assumption: Desk assumption, not company guidance.
AWM gross profit before acquisition accounting downside_2027q2_awm_gp	2027Q2 / downside	7.05 USD_millions	derived: Desk gross margin; acquisition allocation not yet disclosed. Formula: multiply(downside_2027q2_awm_revenue, downside_2027q2_awm_gm).
Acquired amortization/step-up in COGS downside_2027q2_cogs_amort	2027Q2 / downside	6.70 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted consolidated gross profit downside_2027q2_combined_gp	2027Q2 / downside	91.20 USD_millions	derived: Each business once. Formula: sum(downside_2027q2_core_adjusted_gp, downside_2027q2_awm_gp).
GAAP gross profit proxy downside_2027q2_gross_profit	2027Q2 / downside	84.50 USD_millions	derived: Provisional acquisition accounting allowance. Formula: subtract(downside_2027q2_combined_gp, downside_2027q2_cogs_amort).
APA service-linked compensation expense downside_2027q2_apa_service_expense	2027Q2 / downside	5.00 USD_millions	assumption: Desk assumption, not company guidance.
AWM service-linked compensation expense downside_2027q2_awm_service_expense	2027Q2 / downside	1.25 USD_millions	assumption: Desk straight-line two-year service period; final accounting pending.
Combined service-linked compensation downside_2027q2_retention_expense	2027Q2 / downside	6.25 USD_millions	derived: Excluded from adjusted EBITDA proxy but real compensation cost. Formula: sum(downside_2027q2_apa_service_expense, downside_2027q2_awm_service_expense).
Integration and other cash acquisition expense downside_2027q2_special_cash	2027Q2 / downside	1.00 USD_millions	assumption: Desk assumption, not company guidance.
Ordinary equity compensation downside_2027q2_sbc	2027Q2 / downside	5.90 USD_millions	assumption: Desk assumption, not company guidance.
Other depreciation/amortization downside_2027q2_other_da	2027Q2 / downside	12.00 USD_millions	assumption: Desk assumption, not company guidance.
Total depreciation and acquired amortization downside_2027q2_da	2027Q2 / downside	18.70 USD_millions	derived: Provisional allowance; no goodwill amortization. Formula: sum(downside_2027q2_cogs_amort, downside_2027q2_other_da).
EBITDA-to-GAAP operating costs downside_2027q2_ebitda_to_gaap	2027Q2 / downside	31.85 USD_millions	derived: No recurring fair-value gain assumed. Formula: sum(downside_2027q2_retention_expense, downside_2027q2_special_cash, downside_2027q2_sbc, downside_2027q2_da).
GAAP operating income proxy downside_2027q2_operating_income	2027Q2 / downside	15.55 USD_millions	derived: Cash special costs and SBC are not omitted from operating economics. Formula: subtract(downside_2027q2_adjusted_ebitda, downside_2027q2_ebitda_to_gaap).
APA service cash settlement downside_2027q2_apa_service_cash	2027Q2 / downside	0.00 USD_millions	assumption: All-cash desk election: first anniversary, December 31 elapsed-service installment, then remaining second anniversary; employment conditions apply.
AWM service cash settlement downside_2027q2_awm_service_cash	2027Q2 / downside	0.00 USD_millions	assumption: First anniversary payment assumes continued employment and cash rather than shares.
Convertible cash coupon downside_2027q2_debt_coupon	2027Q2 / downside	1.62 USD_millions	assumption: 2031 notes pay January/July; 2028 notes June/December. No principal maturity within this horizon.
Cash investment income downside_2027q2_investment_income	2027Q2 / downside	1.20 USD_millions	assumption: Desk assumption, not company guidance.
Cash before financing costs, taxes and working capital downside_2027q2_cash_before_uses	2027Q2 / downside	47.60 USD_millions	derived: Reverse accrued retention expense, then deduct contractual-scenario payments. Formula: sum(downside_2027q2_operating_income, downside_2027q2_sbc, downside_2027q2_da, downside_2027q2_retention_expense, downside_2027q2_investment_income).
Other borrowing and bank cash cost downside_2027q2_other_interest	2027Q2 / downside	0.40 USD_millions	assumption: Desk assumption, not company guidance.
Cash taxes downside_2027q2_cash_tax	2027Q2 / downside	12.00 USD_millions	assumption: Desk assumption, not company guidance.
Additional special-cost deduction downside_2027q2_no_extra_special	2027Q2 / downside	0.00 USD_millions	assumption: Special expense is already cash in operating profit; no second deduction.
Interest, tax and service-linked cash uses downside_2027q2_cash_uses	2027Q2 / downside	14.03 USD_millions	derived: Purchase consideration and preferred dividends remain below FCF. Formula: sum(downside_2027q2_apa_service_cash, downside_2027q2_awm_service_cash, downside_2027q2_debt_coupon, downside_2027q2_other_interest, downside_2027q2_cash_tax, downside_2027q2_no_extra_special).
Cash before operating working capital downside_2027q2_cash_before_wc	2027Q2 / downside	33.57 USD_millions	derived: Includes service compensation once in cash. Formula: subtract(downside_2027q2_cash_before_uses, downside_2027q2_cash_uses).
Net working-capital cash source downside_2027q2_wc_source	2027Q2 / downside	-10.00 USD_millions	assumption: Desk customer/deposit, inventory, vendor-rebate and warranty cash timing; Q4 delivery collections partly spill into Q1.
Operating cash flow proxy downside_2027q2_cfo	2027Q2 / downside	23.57 USD_millions	derived: No automatic collection of all rebate receivables. Formula: sum(downside_2027q2_cash_before_wc, downside_2027q2_wc_source).
PP&E cash spending downside_2027q2_capex	2027Q2 / downside	9.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less capex downside_2027q2_fcf	2027Q2 / downside	14.57 USD_millions	derived: Before acquisition price and senior capital cash. Formula: subtract(downside_2027q2_cfo, downside_2027q2_capex).
Preferred liquidation proxy downside_2027q2_preferred_base	2027Q2 / downside	510.00 USD_millions	assumption: June $506.4M plus desk accrual through the August cash transition; not a reported closing balance.
Cash dividend rate downside_2027q2_preferred_rate	2027Q2 / downside	6.2% ratio	assumption: 6.25% after fifth anniversary; 6.75% after August 10, 2027; Q3 2027 blended.
Quarter year fraction downside_2027q2_quarter	2027Q2 / downside	25.0% ratio	assumption: Desk assumption, not company guidance.
Preferred cash dividend allowance downside_2027q2_preferred_cash	2027Q2 / downside	7.97 USD_millions	derived: Conservative full-quarter Q3 2026 cash allowance; exact declaration/payment calendar not assumed. Formula: multiply(downside_2027q2_preferred_base, downside_2027q2_preferred_rate, downside_2027q2_quarter).
Upfront AWM purchase cash downside_2027q2_acquisition_cash	2027Q2 / downside	0.00 USD_millions	assumption: August 31 close: approximate $165M cash, subject to settlement. Not repeated in subsequent quarters.
APA and AWM contingent purchase payments downside_2027q2_contingent_cash	2027Q2 / downside	0.00 USD_millions	assumption: Desk cash-election/timing scenario; differs from service payments and recognized fair value. Actual payment can be shares or zero.
Preferred, purchase price and earnout cash downside_2027q2_below_fcf	2027Q2 / downside	7.97 USD_millions	derived: Distinct cash claims, not GAAP operating expense. Formula: sum(downside_2027q2_preferred_cash, downside_2027q2_acquisition_cash, downside_2027q2_contingent_cash).
Cash after acquisition and preferred claims downside_2027q2_cash_after_claims	2027Q2 / downside	6.61 USD_millions	derived: Before debt principal, new financing, ordinary award withholding and discretionary repurchases. Formula: subtract(downside_2027q2_fcf, downside_2027q2_below_fcf).
Pre-AWM business expansion downside_2027q3_core_growth	2027Q3 / downside	100.0% ratio	assumption: Desk assumption, not company guidance.
Annual quarter share downside_2027q3_core_season	2027Q3 / downside	24.0% ratio	assumption: Desk assumption, not company guidance.
Revenue excluding AWM downside_2027q3_core_revenue	2027Q3 / downside	316.80 USD_millions	derived: Organic and existing APA expansion; no new AWM inside core. Formula: multiply(downside_core_target, downside_2027q3_core_growth, downside_2027q3_core_season).
Consolidated AWM revenue downside_2027q3_awm_revenue	2027Q3 / downside	16.00 USD_millions	assumption: September only in Q3 following August 31 close; future quarters are independent desk sales assumptions.
Consolidated revenue downside_2027q3_revenue	2027Q3 / downside	332.80 USD_millions	derived: Guided pre-AWM perimeter plus new business once. Formula: sum(downside_2027q3_core_revenue, downside_2027q3_awm_revenue).
Pre-AWM EBITDA margin downside_2027q3_core_eb_margin	2027Q3 / downside	13.0% ratio	assumption: Desk assumption, not company guidance.
Pre-AWM adjusted EBITDA downside_2027q3_core_ebitda	2027Q3 / downside	41.18 USD_millions	derived: Desk cost conversion; prior APA is already included. Formula: multiply(downside_2027q3_core_revenue, downside_2027q3_core_eb_margin).
Adjusted gross margin downside_2027q3_core_gp_margin	2027Q3 / downside	25.5% ratio	assumption: Desk assumption, not company guidance.
Pre-AWM adjusted gross profit downside_2027q3_core_adjusted_gp	2027Q3 / downside	80.78 USD_millions	derived: Includes vendor rebates and own credits; no extra subsidy revenue. Formula: multiply(downside_2027q3_core_revenue, downside_2027q3_core_gp_margin).
AWM EBITDA margin downside_2027q3_awm_eb_margin	2027Q3 / downside	30.0% ratio	assumption: Desk assumption, not company guidance.
AWM EBITDA contribution downside_2027q3_awm_ebitda	2027Q3 / downside	4.80 USD_millions	derived: Desk contribution before integration and compensation exclusions. Formula: multiply(downside_2027q3_awm_revenue, downside_2027q3_awm_eb_margin).
Consolidated adjusted EBITDA downside_2027q3_adjusted_ebitda	2027Q3 / downside	45.98 USD_millions	derived: Proxy for combined perimeter; not updated company guidance. Formula: sum(downside_2027q3_core_ebitda, downside_2027q3_awm_ebitda).
AWM gross margin downside_2027q3_awm_gm	2027Q3 / downside	47.0% ratio	assumption: Desk assumption, not company guidance.
AWM gross profit before acquisition accounting downside_2027q3_awm_gp	2027Q3 / downside	7.52 USD_millions	derived: Desk gross margin; acquisition allocation not yet disclosed. Formula: multiply(downside_2027q3_awm_revenue, downside_2027q3_awm_gm).
Acquired amortization/step-up in COGS downside_2027q3_cogs_amort	2027Q3 / downside	6.70 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted consolidated gross profit downside_2027q3_combined_gp	2027Q3 / downside	88.30 USD_millions	derived: Each business once. Formula: sum(downside_2027q3_core_adjusted_gp, downside_2027q3_awm_gp).
GAAP gross profit proxy downside_2027q3_gross_profit	2027Q3 / downside	81.60 USD_millions	derived: Provisional acquisition accounting allowance. Formula: subtract(downside_2027q3_combined_gp, downside_2027q3_cogs_amort).
APA service-linked compensation expense downside_2027q3_apa_service_expense	2027Q3 / downside	2.50 USD_millions	assumption: Desk assumption, not company guidance.
AWM service-linked compensation expense downside_2027q3_awm_service_expense	2027Q3 / downside	1.25 USD_millions	assumption: Desk straight-line two-year service period; final accounting pending.
Combined service-linked compensation downside_2027q3_retention_expense	2027Q3 / downside	3.75 USD_millions	derived: Excluded from adjusted EBITDA proxy but real compensation cost. Formula: sum(downside_2027q3_apa_service_expense, downside_2027q3_awm_service_expense).
Integration and other cash acquisition expense downside_2027q3_special_cash	2027Q3 / downside	1.00 USD_millions	assumption: Desk assumption, not company guidance.
Ordinary equity compensation downside_2027q3_sbc	2027Q3 / downside	6.20 USD_millions	assumption: Desk assumption, not company guidance.
Other depreciation/amortization downside_2027q3_other_da	2027Q3 / downside	12.00 USD_millions	assumption: Desk assumption, not company guidance.
Total depreciation and acquired amortization downside_2027q3_da	2027Q3 / downside	18.70 USD_millions	derived: Provisional allowance; no goodwill amortization. Formula: sum(downside_2027q3_cogs_amort, downside_2027q3_other_da).
EBITDA-to-GAAP operating costs downside_2027q3_ebitda_to_gaap	2027Q3 / downside	29.65 USD_millions	derived: No recurring fair-value gain assumed. Formula: sum(downside_2027q3_retention_expense, downside_2027q3_special_cash, downside_2027q3_sbc, downside_2027q3_da).
GAAP operating income proxy downside_2027q3_operating_income	2027Q3 / downside	16.33 USD_millions	derived: Cash special costs and SBC are not omitted from operating economics. Formula: subtract(downside_2027q3_adjusted_ebitda, downside_2027q3_ebitda_to_gaap).
APA service cash settlement downside_2027q3_apa_service_cash	2027Q3 / downside	6.19 USD_millions	assumption: All-cash desk election: first anniversary, December 31 elapsed-service installment, then remaining second anniversary; employment conditions apply.
AWM service cash settlement downside_2027q3_awm_service_cash	2027Q3 / downside	5.00 USD_millions	assumption: First anniversary payment assumes continued employment and cash rather than shares.
Convertible cash coupon downside_2027q3_debt_coupon	2027Q3 / downside	4.96 USD_millions	assumption: 2031 notes pay January/July; 2028 notes June/December. No principal maturity within this horizon.
Cash investment income downside_2027q3_investment_income	2027Q3 / downside	1.20 USD_millions	assumption: Desk assumption, not company guidance.
Cash before financing costs, taxes and working capital downside_2027q3_cash_before_uses	2027Q3 / downside	46.18 USD_millions	derived: Reverse accrued retention expense, then deduct contractual-scenario payments. Formula: sum(downside_2027q3_operating_income, downside_2027q3_sbc, downside_2027q3_da, downside_2027q3_retention_expense, downside_2027q3_investment_income).
Other borrowing and bank cash cost downside_2027q3_other_interest	2027Q3 / downside	0.40 USD_millions	assumption: Desk assumption, not company guidance.
Cash taxes downside_2027q3_cash_tax	2027Q3 / downside	12.00 USD_millions	assumption: Desk assumption, not company guidance.
Additional special-cost deduction downside_2027q3_no_extra_special	2027Q3 / downside	0.00 USD_millions	assumption: Special expense is already cash in operating profit; no second deduction.
Interest, tax and service-linked cash uses downside_2027q3_cash_uses	2027Q3 / downside	28.55 USD_millions	derived: Purchase consideration and preferred dividends remain below FCF. Formula: sum(downside_2027q3_apa_service_cash, downside_2027q3_awm_service_cash, downside_2027q3_debt_coupon, downside_2027q3_other_interest, downside_2027q3_cash_tax, downside_2027q3_no_extra_special).
Cash before operating working capital downside_2027q3_cash_before_wc	2027Q3 / downside	17.63 USD_millions	derived: Includes service compensation once in cash. Formula: subtract(downside_2027q3_cash_before_uses, downside_2027q3_cash_uses).
Net working-capital cash source downside_2027q3_wc_source	2027Q3 / downside	-25.00 USD_millions	assumption: Desk customer/deposit, inventory, vendor-rebate and warranty cash timing; Q4 delivery collections partly spill into Q1.
Operating cash flow proxy downside_2027q3_cfo	2027Q3 / downside	-7.37 USD_millions	derived: No automatic collection of all rebate receivables. Formula: sum(downside_2027q3_cash_before_wc, downside_2027q3_wc_source).
PP&E cash spending downside_2027q3_capex	2027Q3 / downside	9.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less capex downside_2027q3_fcf	2027Q3 / downside	-16.37 USD_millions	derived: Before acquisition price and senior capital cash. Formula: subtract(downside_2027q3_cfo, downside_2027q3_capex).
Preferred liquidation proxy downside_2027q3_preferred_base	2027Q3 / downside	510.00 USD_millions	assumption: June $506.4M plus desk accrual through the August cash transition; not a reported closing balance.
Cash dividend rate downside_2027q3_preferred_rate	2027Q3 / downside	6.5% ratio	assumption: 6.25% after fifth anniversary; 6.75% after August 10, 2027; Q3 2027 blended.
Quarter year fraction downside_2027q3_quarter	2027Q3 / downside	25.0% ratio	assumption: Desk assumption, not company guidance.
Preferred cash dividend allowance downside_2027q3_preferred_cash	2027Q3 / downside	8.33 USD_millions	derived: Conservative full-quarter Q3 2026 cash allowance; exact declaration/payment calendar not assumed. Formula: multiply(downside_2027q3_preferred_base, downside_2027q3_preferred_rate, downside_2027q3_quarter).
Upfront AWM purchase cash downside_2027q3_acquisition_cash	2027Q3 / downside	0.00 USD_millions	assumption: August 31 close: approximate $165M cash, subject to settlement. Not repeated in subsequent quarters.
APA and AWM contingent purchase payments downside_2027q3_contingent_cash	2027Q3 / downside	0.00 USD_millions	assumption: Desk cash-election/timing scenario; differs from service payments and recognized fair value. Actual payment can be shares or zero.
Preferred, purchase price and earnout cash downside_2027q3_below_fcf	2027Q3 / downside	8.33 USD_millions	derived: Distinct cash claims, not GAAP operating expense. Formula: sum(downside_2027q3_preferred_cash, downside_2027q3_acquisition_cash, downside_2027q3_contingent_cash).
Cash after acquisition and preferred claims downside_2027q3_cash_after_claims	2027Q3 / downside	-24.70 USD_millions	derived: Before debt principal, new financing, ordinary award withholding and discretionary repurchases. Formula: subtract(downside_2027q3_fcf, downside_2027q3_below_fcf).
Pre-AWM business expansion downside_2027q4_core_growth	2027Q4 / downside	100.0% ratio	assumption: Desk assumption, not company guidance.
Annual quarter share downside_2027q4_core_season	2027Q4 / downside	30.0% ratio	assumption: Desk assumption, not company guidance.
Revenue excluding AWM downside_2027q4_core_revenue	2027Q4 / downside	396.00 USD_millions	derived: Organic and existing APA expansion; no new AWM inside core. Formula: multiply(downside_core_target, downside_2027q4_core_growth, downside_2027q4_core_season).
Consolidated AWM revenue downside_2027q4_awm_revenue	2027Q4 / downside	17.00 USD_millions	assumption: September only in Q3 following August 31 close; future quarters are independent desk sales assumptions.
Consolidated revenue downside_2027q4_revenue	2027Q4 / downside	413.00 USD_millions	derived: Guided pre-AWM perimeter plus new business once. Formula: sum(downside_2027q4_core_revenue, downside_2027q4_awm_revenue).
Pre-AWM EBITDA margin downside_2027q4_core_eb_margin	2027Q4 / downside	13.0% ratio	assumption: Desk assumption, not company guidance.
Pre-AWM adjusted EBITDA downside_2027q4_core_ebitda	2027Q4 / downside	51.48 USD_millions	derived: Desk cost conversion; prior APA is already included. Formula: multiply(downside_2027q4_core_revenue, downside_2027q4_core_eb_margin).
Adjusted gross margin downside_2027q4_core_gp_margin	2027Q4 / downside	25.5% ratio	assumption: Desk assumption, not company guidance.
Pre-AWM adjusted gross profit downside_2027q4_core_adjusted_gp	2027Q4 / downside	100.98 USD_millions	derived: Includes vendor rebates and own credits; no extra subsidy revenue. Formula: multiply(downside_2027q4_core_revenue, downside_2027q4_core_gp_margin).
AWM EBITDA margin downside_2027q4_awm_eb_margin	2027Q4 / downside	30.0% ratio	assumption: Desk assumption, not company guidance.
AWM EBITDA contribution downside_2027q4_awm_ebitda	2027Q4 / downside	5.10 USD_millions	derived: Desk contribution before integration and compensation exclusions. Formula: multiply(downside_2027q4_awm_revenue, downside_2027q4_awm_eb_margin).
Consolidated adjusted EBITDA downside_2027q4_adjusted_ebitda	2027Q4 / downside	56.58 USD_millions	derived: Proxy for combined perimeter; not updated company guidance. Formula: sum(downside_2027q4_core_ebitda, downside_2027q4_awm_ebitda).
AWM gross margin downside_2027q4_awm_gm	2027Q4 / downside	47.0% ratio	assumption: Desk assumption, not company guidance.
AWM gross profit before acquisition accounting downside_2027q4_awm_gp	2027Q4 / downside	7.99 USD_millions	derived: Desk gross margin; acquisition allocation not yet disclosed. Formula: multiply(downside_2027q4_awm_revenue, downside_2027q4_awm_gm).
Acquired amortization/step-up in COGS downside_2027q4_cogs_amort	2027Q4 / downside	6.70 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted consolidated gross profit downside_2027q4_combined_gp	2027Q4 / downside	108.97 USD_millions	derived: Each business once. Formula: sum(downside_2027q4_core_adjusted_gp, downside_2027q4_awm_gp).
GAAP gross profit proxy downside_2027q4_gross_profit	2027Q4 / downside	102.27 USD_millions	derived: Provisional acquisition accounting allowance. Formula: subtract(downside_2027q4_combined_gp, downside_2027q4_cogs_amort).
APA service-linked compensation expense downside_2027q4_apa_service_expense	2027Q4 / downside	0.00 USD_millions	assumption: Desk assumption, not company guidance.
AWM service-linked compensation expense downside_2027q4_awm_service_expense	2027Q4 / downside	1.25 USD_millions	assumption: Desk straight-line two-year service period; final accounting pending.
Combined service-linked compensation downside_2027q4_retention_expense	2027Q4 / downside	1.25 USD_millions	derived: Excluded from adjusted EBITDA proxy but real compensation cost. Formula: sum(downside_2027q4_apa_service_expense, downside_2027q4_awm_service_expense).
Integration and other cash acquisition expense downside_2027q4_special_cash	2027Q4 / downside	1.00 USD_millions	assumption: Desk assumption, not company guidance.
Ordinary equity compensation downside_2027q4_sbc	2027Q4 / downside	6.50 USD_millions	assumption: Desk assumption, not company guidance.
Other depreciation/amortization downside_2027q4_other_da	2027Q4 / downside	12.00 USD_millions	assumption: Desk assumption, not company guidance.
Total depreciation and acquired amortization downside_2027q4_da	2027Q4 / downside	18.70 USD_millions	derived: Provisional allowance; no goodwill amortization. Formula: sum(downside_2027q4_cogs_amort, downside_2027q4_other_da).
EBITDA-to-GAAP operating costs downside_2027q4_ebitda_to_gaap	2027Q4 / downside	27.45 USD_millions	derived: No recurring fair-value gain assumed. Formula: sum(downside_2027q4_retention_expense, downside_2027q4_special_cash, downside_2027q4_sbc, downside_2027q4_da).
GAAP operating income proxy downside_2027q4_operating_income	2027Q4 / downside	29.13 USD_millions	derived: Cash special costs and SBC are not omitted from operating economics. Formula: subtract(downside_2027q4_adjusted_ebitda, downside_2027q4_ebitda_to_gaap).
APA service cash settlement downside_2027q4_apa_service_cash	2027Q4 / downside	0.00 USD_millions	assumption: All-cash desk election: first anniversary, December 31 elapsed-service installment, then remaining second anniversary; employment conditions apply.
AWM service cash settlement downside_2027q4_awm_service_cash	2027Q4 / downside	0.00 USD_millions	assumption: First anniversary payment assumes continued employment and cash rather than shares.
Convertible cash coupon downside_2027q4_debt_coupon	2027Q4 / downside	1.62 USD_millions	assumption: 2031 notes pay January/July; 2028 notes June/December. No principal maturity within this horizon.
Cash investment income downside_2027q4_investment_income	2027Q4 / downside	1.20 USD_millions	assumption: Desk assumption, not company guidance.
Cash before financing costs, taxes and working capital downside_2027q4_cash_before_uses	2027Q4 / downside	56.78 USD_millions	derived: Reverse accrued retention expense, then deduct contractual-scenario payments. Formula: sum(downside_2027q4_operating_income, downside_2027q4_sbc, downside_2027q4_da, downside_2027q4_retention_expense, downside_2027q4_investment_income).
Other borrowing and bank cash cost downside_2027q4_other_interest	2027Q4 / downside	0.40 USD_millions	assumption: Desk assumption, not company guidance.
Cash taxes downside_2027q4_cash_tax	2027Q4 / downside	15.00 USD_millions	assumption: Desk assumption, not company guidance.
Additional special-cost deduction downside_2027q4_no_extra_special	2027Q4 / downside	0.00 USD_millions	assumption: Special expense is already cash in operating profit; no second deduction.
Interest, tax and service-linked cash uses downside_2027q4_cash_uses	2027Q4 / downside	17.02 USD_millions	derived: Purchase consideration and preferred dividends remain below FCF. Formula: sum(downside_2027q4_apa_service_cash, downside_2027q4_awm_service_cash, downside_2027q4_debt_coupon, downside_2027q4_other_interest, downside_2027q4_cash_tax, downside_2027q4_no_extra_special).
Cash before operating working capital downside_2027q4_cash_before_wc	2027Q4 / downside	39.76 USD_millions	derived: Includes service compensation once in cash. Formula: subtract(downside_2027q4_cash_before_uses, downside_2027q4_cash_uses).
Net working-capital cash source downside_2027q4_wc_source	2027Q4 / downside	5.00 USD_millions	assumption: Desk customer/deposit, inventory, vendor-rebate and warranty cash timing; Q4 delivery collections partly spill into Q1.
Operating cash flow proxy downside_2027q4_cfo	2027Q4 / downside	44.76 USD_millions	derived: No automatic collection of all rebate receivables. Formula: sum(downside_2027q4_cash_before_wc, downside_2027q4_wc_source).
PP&E cash spending downside_2027q4_capex	2027Q4 / downside	9.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less capex downside_2027q4_fcf	2027Q4 / downside	35.76 USD_millions	derived: Before acquisition price and senior capital cash. Formula: subtract(downside_2027q4_cfo, downside_2027q4_capex).
Preferred liquidation proxy downside_2027q4_preferred_base	2027Q4 / downside	510.00 USD_millions	assumption: June $506.4M plus desk accrual through the August cash transition; not a reported closing balance.
Cash dividend rate downside_2027q4_preferred_rate	2027Q4 / downside	6.8% ratio	assumption: 6.25% after fifth anniversary; 6.75% after August 10, 2027; Q3 2027 blended.
Quarter year fraction downside_2027q4_quarter	2027Q4 / downside	25.0% ratio	assumption: Desk assumption, not company guidance.
Preferred cash dividend allowance downside_2027q4_preferred_cash	2027Q4 / downside	8.61 USD_millions	derived: Conservative full-quarter Q3 2026 cash allowance; exact declaration/payment calendar not assumed. Formula: multiply(downside_2027q4_preferred_base, downside_2027q4_preferred_rate, downside_2027q4_quarter).
Upfront AWM purchase cash downside_2027q4_acquisition_cash	2027Q4 / downside	0.00 USD_millions	assumption: August 31 close: approximate $165M cash, subject to settlement. Not repeated in subsequent quarters.
APA and AWM contingent purchase payments downside_2027q4_contingent_cash	2027Q4 / downside	4.00 USD_millions	assumption: Desk cash-election/timing scenario; differs from service payments and recognized fair value. Actual payment can be shares or zero.
Preferred, purchase price and earnout cash downside_2027q4_below_fcf	2027Q4 / downside	12.61 USD_millions	derived: Distinct cash claims, not GAAP operating expense. Formula: sum(downside_2027q4_preferred_cash, downside_2027q4_acquisition_cash, downside_2027q4_contingent_cash).
Cash after acquisition and preferred claims downside_2027q4_cash_after_claims	2027Q4 / downside	23.15 USD_millions	derived: Before debt principal, new financing, ordinary award withholding and discretionary repurchases. Formula: subtract(downside_2027q4_fcf, downside_2027q4_below_fcf).
Revenue including modeled post-close AWM ($M) downside_fy2026_revenue	FY2026 / downside	1,338.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, downside_2026q3_revenue, downside_2026q4_revenue).
Revenue on pre-AWM guidance perimeter ($M) downside_fy2026_core_revenue	FY2026 / downside	1,320.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_core_revenue, downside_2026q3_core_revenue, downside_2026q4_core_revenue).
Post-close AWM revenue ($M) downside_fy2026_awm_revenue	FY2026 / downside	18.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_awm_revenue, downside_2026q3_awm_revenue, downside_2026q4_awm_revenue).
Adjusted EBITDA proxy ($M) downside_fy2026_adjusted_ebitda	FY2026 / downside	175.40 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adjusted_ebitda, downside_2026q3_adjusted_ebitda, downside_2026q4_adjusted_ebitda).
GAAP gross profit proxy ($M) downside_fy2026_gross_profit	FY2026 / downside	321.05 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, downside_2026q3_gross_profit, downside_2026q4_gross_profit).
GAAP operating income proxy ($M) downside_fy2026_operating_income	FY2026 / downside	62.52 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, downside_2026q3_operating_income, downside_2026q4_operating_income).
Operating cash flow proxy ($M) downside_fy2026_cfo	FY2026 / downside	-26.62 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, downside_2026q3_cfo, downside_2026q4_cfo).
Cash capex ($M) downside_fy2026_capex	FY2026 / downside	31.14 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, downside_2026q3_capex, downside_2026q4_capex).
CFO less capex ($M) downside_fy2026_fcf	FY2026 / downside	-57.77 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, downside_2026q3_fcf, downside_2026q4_fcf).
Preferred cash dividend allowance ($M) downside_fy2026_preferred_cash	FY2026 / downside	15.94 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_preferred_cash, downside_2026q3_preferred_cash, downside_2026q4_preferred_cash).
Upfront acquisition cash ($M) downside_fy2026_acquisition_cash	FY2026 / downside	165.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_acquisition_cash, downside_2026q3_acquisition_cash, downside_2026q4_acquisition_cash).
Cash after acquisitions and senior claims ($M) downside_fy2026_cash_after_claims	FY2026 / downside	-245.28 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_claims, downside_2026q3_cash_after_claims, downside_2026q4_cash_after_claims).
Revenue including modeled post-close AWM ($M) downside_fy2027_revenue	FY2027 / downside	1,382.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_revenue, downside_2027q2_revenue, downside_2027q3_revenue, downside_2027q4_revenue).
Revenue on pre-AWM guidance perimeter ($M) downside_fy2027_core_revenue	FY2027 / downside	1,320.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_core_revenue, downside_2027q2_core_revenue, downside_2027q3_core_revenue, downside_2027q4_core_revenue).
Post-close AWM revenue ($M) downside_fy2027_awm_revenue	FY2027 / downside	62.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_awm_revenue, downside_2027q2_awm_revenue, downside_2027q3_awm_revenue, downside_2027q4_awm_revenue).
Adjusted EBITDA proxy ($M) downside_fy2027_adjusted_ebitda	FY2027 / downside	190.20 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_adjusted_ebitda, downside_2027q2_adjusted_ebitda, downside_2027q3_adjusted_ebitda, downside_2027q4_adjusted_ebitda).
GAAP gross profit proxy ($M) downside_fy2027_gross_profit	FY2027 / downside	338.94 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_gross_profit, downside_2027q2_gross_profit, downside_2027q3_gross_profit, downside_2027q4_gross_profit).
GAAP operating income proxy ($M) downside_fy2027_operating_income	FY2027 / downside	69.70 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_operating_income, downside_2027q2_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income).
Operating cash flow proxy ($M) downside_fy2027_cfo	FY2027 / downside	146.04 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cfo, downside_2027q2_cfo, downside_2027q3_cfo, downside_2027q4_cfo).
Cash capex ($M) downside_fy2027_capex	FY2027 / downside	36.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_capex, downside_2027q2_capex, downside_2027q3_capex, downside_2027q4_capex).
CFO less capex ($M) downside_fy2027_fcf	FY2027 / downside	110.04 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_fcf, downside_2027q2_fcf, downside_2027q3_fcf, downside_2027q4_fcf).
Preferred cash dividend allowance ($M) downside_fy2027_preferred_cash	FY2027 / downside	32.88 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_preferred_cash, downside_2027q2_preferred_cash, downside_2027q3_preferred_cash, downside_2027q4_preferred_cash).
Upfront acquisition cash ($M) downside_fy2027_acquisition_cash	FY2027 / downside	0.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_acquisition_cash, downside_2027q2_acquisition_cash, downside_2027q3_acquisition_cash, downside_2027q4_acquisition_cash).
Cash after acquisitions and senior claims ($M) downside_fy2027_cash_after_claims	FY2027 / downside	73.16 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cash_after_claims, downside_2027q2_cash_after_claims, downside_2027q3_cash_after_claims, downside_2027q4_cash_after_claims).
Annual pre-AWM revenue scenario base_core_target	FY2026 / base	1,450.00 USD_millions	assumption: Base is guided midpoint; other cases are desk delivery sensitivities.
Annual pre-AWM adjusted EBITDA scenario base_eb_target	FY2026 / base	220.00 USD_millions	assumption: Base is guidance midpoint; no AWM in this amount.
Annual adjusted gross margin base_gm	FY2026 / base	27.5% ratio	assumption: Base 27.5% is midpoint of 27%-28% company range.
Annual pre-AWM adjusted gross profit base_gp_target	FY2026 / base	398.75 USD_millions	derived: Includes rebates once through product economics. Formula: multiply(base_core_target, base_gm).
Revenue excluding AWM base_2026q3_core_revenue	2026Q3 / base	320.00 USD_millions	assumption: Desk assumption, not company guidance.
Consolidated AWM revenue base_2026q3_awm_revenue	2026Q3 / base	5.00 USD_millions	assumption: September only in Q3 following August 31 close; future quarters are independent desk sales assumptions.
Consolidated revenue base_2026q3_revenue	2026Q3 / base	325.00 USD_millions	derived: Guided pre-AWM perimeter plus new business once. Formula: sum(base_2026q3_core_revenue, base_2026q3_awm_revenue).
Pre-AWM EBITDA margin base_2026q3_core_eb_margin	2026Q3 / base	14.5% ratio	assumption: Desk assumption, not company guidance.
Pre-AWM adjusted EBITDA base_2026q3_core_ebitda	2026Q3 / base	46.40 USD_millions	derived: Desk cost conversion; prior APA is already included. Formula: multiply(base_2026q3_core_revenue, base_2026q3_core_eb_margin).
Adjusted gross margin base_2026q3_core_gp_margin	2026Q3 / base	27.5% ratio	assumption: Desk assumption, not company guidance.
Pre-AWM adjusted gross profit base_2026q3_core_adjusted_gp	2026Q3 / base	88.00 USD_millions	derived: Includes vendor rebates and own credits; no extra subsidy revenue. Formula: multiply(base_2026q3_core_revenue, base_2026q3_core_gp_margin).
AWM EBITDA margin base_2026q3_awm_eb_margin	2026Q3 / base	37.0% ratio	assumption: Desk assumption, not company guidance.
AWM EBITDA contribution base_2026q3_awm_ebitda	2026Q3 / base	1.85 USD_millions	derived: Desk contribution before integration and compensation exclusions. Formula: multiply(base_2026q3_awm_revenue, base_2026q3_awm_eb_margin).
Consolidated adjusted EBITDA base_2026q3_adjusted_ebitda	2026Q3 / base	48.25 USD_millions	derived: Proxy for combined perimeter; not updated company guidance. Formula: sum(base_2026q3_core_ebitda, base_2026q3_awm_ebitda).
AWM gross margin base_2026q3_awm_gm	2026Q3 / base	52.0% ratio	assumption: Desk assumption, not company guidance.
AWM gross profit before acquisition accounting base_2026q3_awm_gp	2026Q3 / base	2.60 USD_millions	derived: Desk gross margin; acquisition allocation not yet disclosed. Formula: multiply(base_2026q3_awm_revenue, base_2026q3_awm_gm).
Acquired amortization/step-up in COGS base_2026q3_cogs_amort	2026Q3 / base	6.00 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted consolidated gross profit base_2026q3_combined_gp	2026Q3 / base	90.60 USD_millions	derived: Each business once. Formula: sum(base_2026q3_core_adjusted_gp, base_2026q3_awm_gp).
GAAP gross profit proxy base_2026q3_gross_profit	2026Q3 / base	84.60 USD_millions	derived: Provisional acquisition accounting allowance. Formula: subtract(base_2026q3_combined_gp, base_2026q3_cogs_amort).
APA service-linked compensation expense base_2026q3_apa_service_expense	2026Q3 / base	5.00 USD_millions	assumption: Desk assumption, not company guidance.
AWM service-linked compensation expense base_2026q3_awm_service_expense	2026Q3 / base	0.42 USD_millions	assumption: Desk straight-line two-year service period; final accounting pending.
Combined service-linked compensation base_2026q3_retention_expense	2026Q3 / base	5.42 USD_millions	derived: Excluded from adjusted EBITDA proxy but real compensation cost. Formula: sum(base_2026q3_apa_service_expense, base_2026q3_awm_service_expense).
Integration and other cash acquisition expense base_2026q3_special_cash	2026Q3 / base	2.50 USD_millions	assumption: Desk assumption, not company guidance.
Ordinary equity compensation base_2026q3_sbc	2026Q3 / base	5.00 USD_millions	assumption: Desk assumption, not company guidance.
Other depreciation/amortization base_2026q3_other_da	2026Q3 / base	11.50 USD_millions	assumption: Desk assumption, not company guidance.
Total depreciation and acquired amortization base_2026q3_da	2026Q3 / base	17.50 USD_millions	derived: Provisional allowance; no goodwill amortization. Formula: sum(base_2026q3_cogs_amort, base_2026q3_other_da).
EBITDA-to-GAAP operating costs base_2026q3_ebitda_to_gaap	2026Q3 / base	30.42 USD_millions	derived: No recurring fair-value gain assumed. Formula: sum(base_2026q3_retention_expense, base_2026q3_special_cash, base_2026q3_sbc, base_2026q3_da).
GAAP operating income proxy base_2026q3_operating_income	2026Q3 / base	17.83 USD_millions	derived: Cash special costs and SBC are not omitted from operating economics. Formula: subtract(base_2026q3_adjusted_ebitda, base_2026q3_ebitda_to_gaap).
APA service cash settlement base_2026q3_apa_service_cash	2026Q3 / base	20.00 USD_millions	assumption: All-cash desk election: first anniversary, December 31 elapsed-service installment, then remaining second anniversary; employment conditions apply.
AWM service cash settlement base_2026q3_awm_service_cash	2026Q3 / base	0.00 USD_millions	assumption: First anniversary payment assumes continued employment and cash rather than shares.
Convertible cash coupon base_2026q3_debt_coupon	2026Q3 / base	4.96 USD_millions	assumption: 2031 notes pay January/July; 2028 notes June/December. No principal maturity within this horizon.
Cash investment income base_2026q3_investment_income	2026Q3 / base	1.20 USD_millions	assumption: Desk assumption, not company guidance.
Cash before financing costs, taxes and working capital base_2026q3_cash_before_uses	2026Q3 / base	46.95 USD_millions	derived: Reverse accrued retention expense, then deduct contractual-scenario payments. Formula: sum(base_2026q3_operating_income, base_2026q3_sbc, base_2026q3_da, base_2026q3_retention_expense, base_2026q3_investment_income).
Other borrowing and bank cash cost base_2026q3_other_interest	2026Q3 / base	0.40 USD_millions	assumption: Desk assumption, not company guidance.
Cash taxes base_2026q3_cash_tax	2026Q3 / base	7.00 USD_millions	assumption: Desk assumption, not company guidance.
Additional special-cost deduction base_2026q3_no_extra_special	2026Q3 / base	0.00 USD_millions	assumption: Special expense is already cash in operating profit; no second deduction.
Interest, tax and service-linked cash uses base_2026q3_cash_uses	2026Q3 / base	32.36 USD_millions	derived: Purchase consideration and preferred dividends remain below FCF. Formula: sum(base_2026q3_apa_service_cash, base_2026q3_awm_service_cash, base_2026q3_debt_coupon, base_2026q3_other_interest, base_2026q3_cash_tax, base_2026q3_no_extra_special).
Cash before operating working capital base_2026q3_cash_before_wc	2026Q3 / base	14.59 USD_millions	derived: Includes service compensation once in cash. Formula: subtract(base_2026q3_cash_before_uses, base_2026q3_cash_uses).
Net working-capital cash source base_2026q3_wc_source	2026Q3 / base	-20.00 USD_millions	assumption: Desk customer/deposit, inventory, vendor-rebate and warranty cash timing; Q4 delivery collections partly spill into Q1.
Operating cash flow proxy base_2026q3_cfo	2026Q3 / base	-5.41 USD_millions	derived: No automatic collection of all rebate receivables. Formula: sum(base_2026q3_cash_before_wc, base_2026q3_wc_source).
PP&E cash spending base_2026q3_capex	2026Q3 / base	8.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less capex base_2026q3_fcf	2026Q3 / base	-13.41 USD_millions	derived: Before acquisition price and senior capital cash. Formula: subtract(base_2026q3_cfo, base_2026q3_capex).
Preferred liquidation proxy base_2026q3_preferred_base	2026Q3 / base	510.00 USD_millions	assumption: June $506.4M plus desk accrual through the August cash transition; not a reported closing balance.
Cash dividend rate base_2026q3_preferred_rate	2026Q3 / base	6.2% ratio	assumption: 6.25% after fifth anniversary; 6.75% after August 10, 2027; Q3 2027 blended.
Quarter year fraction base_2026q3_quarter	2026Q3 / base	25.0% ratio	assumption: Desk assumption, not company guidance.
Preferred cash dividend allowance base_2026q3_preferred_cash	2026Q3 / base	7.97 USD_millions	derived: Conservative full-quarter Q3 2026 cash allowance; exact declaration/payment calendar not assumed. Formula: multiply(base_2026q3_preferred_base, base_2026q3_preferred_rate, base_2026q3_quarter).
Upfront AWM purchase cash base_2026q3_acquisition_cash	2026Q3 / base	165.00 USD_millions	assumption: August 31 close: approximate $165M cash, subject to settlement. Not repeated in subsequent quarters.
APA and AWM contingent purchase payments base_2026q3_contingent_cash	2026Q3 / base	0.00 USD_millions	assumption: Desk cash-election/timing scenario; differs from service payments and recognized fair value. Actual payment can be shares or zero.
Preferred, purchase price and earnout cash base_2026q3_below_fcf	2026Q3 / base	172.97 USD_millions	derived: Distinct cash claims, not GAAP operating expense. Formula: sum(base_2026q3_preferred_cash, base_2026q3_acquisition_cash, base_2026q3_contingent_cash).
Cash after acquisition and preferred claims base_2026q3_cash_after_claims	2026Q3 / base	-186.38 USD_millions	derived: Before debt principal, new financing, ordinary award withholding and discretionary repurchases. Formula: subtract(base_2026q3_fcf, base_2026q3_below_fcf).
H1 plus Q3 pre-AWM revenue base_2026q4_through_q3	2026Q4 / base	885.48 USD_millions	derived: Preserves actual H1. Formula: sum(h1_revenue, base_2026q3_core_revenue).
Revenue excluding AWM base_2026q4_core_revenue	2026Q4 / base	564.52 USD_millions	derived: Q4 delivery requirement to meet annual scenario. Formula: subtract(base_core_target, base_2026q4_through_q3).
Consolidated AWM revenue base_2026q4_awm_revenue	2026Q4 / base	18.00 USD_millions	assumption: September only in Q3 following August 31 close; future quarters are independent desk sales assumptions.
Consolidated revenue base_2026q4_revenue	2026Q4 / base	582.52 USD_millions	derived: Guided pre-AWM perimeter plus new business once. Formula: sum(base_2026q4_core_revenue, base_2026q4_awm_revenue).
H1 plus Q3 pre-AWM EBITDA base_2026q4_eb_through_q3	2026Q4 / base	138.49 USD_millions	derived: Actual H1 plus modeled Q3. Formula: sum(h1_adjusted_ebitda, base_2026q3_core_ebitda).
Pre-AWM adjusted EBITDA base_2026q4_core_ebitda	2026Q4 / base	81.51 USD_millions	derived: Q4 residual to annual EBITDA scenario. Formula: subtract(base_eb_target, base_2026q4_eb_through_q3).
H1 plus Q3 pre-AWM adjusted GP base_2026q4_gp_through_q3	2026Q4 / base	261.92 USD_millions	derived: Actual H1 plus Q3. Formula: sum(h1_adjusted_gp, base_2026q3_core_adjusted_gp).
Pre-AWM adjusted gross profit base_2026q4_core_adjusted_gp	2026Q4 / base	136.83 USD_millions	derived: Annual margin requirement drives the Q4 residual. Formula: subtract(base_gp_target, base_2026q4_gp_through_q3).
AWM EBITDA margin base_2026q4_awm_eb_margin	2026Q4 / base	37.0% ratio	assumption: Desk assumption, not company guidance.
AWM EBITDA contribution base_2026q4_awm_ebitda	2026Q4 / base	6.66 USD_millions	derived: Desk contribution before integration and compensation exclusions. Formula: multiply(base_2026q4_awm_revenue, base_2026q4_awm_eb_margin).
Consolidated adjusted EBITDA base_2026q4_adjusted_ebitda	2026Q4 / base	88.17 USD_millions	derived: Proxy for combined perimeter; not updated company guidance. Formula: sum(base_2026q4_core_ebitda, base_2026q4_awm_ebitda).
AWM gross margin base_2026q4_awm_gm	2026Q4 / base	52.0% ratio	assumption: Desk assumption, not company guidance.
AWM gross profit before acquisition accounting base_2026q4_awm_gp	2026Q4 / base	9.36 USD_millions	derived: Desk gross margin; acquisition allocation not yet disclosed. Formula: multiply(base_2026q4_awm_revenue, base_2026q4_awm_gm).
Acquired amortization/step-up in COGS base_2026q4_cogs_amort	2026Q4 / base	6.70 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted consolidated gross profit base_2026q4_combined_gp	2026Q4 / base	146.19 USD_millions	derived: Each business once. Formula: sum(base_2026q4_core_adjusted_gp, base_2026q4_awm_gp).
GAAP gross profit proxy base_2026q4_gross_profit	2026Q4 / base	139.49 USD_millions	derived: Provisional acquisition accounting allowance. Formula: subtract(base_2026q4_combined_gp, base_2026q4_cogs_amort).
APA service-linked compensation expense base_2026q4_apa_service_expense	2026Q4 / base	5.00 USD_millions	assumption: Desk assumption, not company guidance.
AWM service-linked compensation expense base_2026q4_awm_service_expense	2026Q4 / base	1.25 USD_millions	assumption: Desk straight-line two-year service period; final accounting pending.
Combined service-linked compensation base_2026q4_retention_expense	2026Q4 / base	6.25 USD_millions	derived: Excluded from adjusted EBITDA proxy but real compensation cost. Formula: sum(base_2026q4_apa_service_expense, base_2026q4_awm_service_expense).
Integration and other cash acquisition expense base_2026q4_special_cash	2026Q4 / base	2.50 USD_millions	assumption: Desk assumption, not company guidance.
Ordinary equity compensation base_2026q4_sbc	2026Q4 / base	5.30 USD_millions	assumption: Desk assumption, not company guidance.
Other depreciation/amortization base_2026q4_other_da	2026Q4 / base	11.50 USD_millions	assumption: Desk assumption, not company guidance.
Total depreciation and acquired amortization base_2026q4_da	2026Q4 / base	18.20 USD_millions	derived: Provisional allowance; no goodwill amortization. Formula: sum(base_2026q4_cogs_amort, base_2026q4_other_da).
EBITDA-to-GAAP operating costs base_2026q4_ebitda_to_gaap	2026Q4 / base	32.25 USD_millions	derived: No recurring fair-value gain assumed. Formula: sum(base_2026q4_retention_expense, base_2026q4_special_cash, base_2026q4_sbc, base_2026q4_da).
GAAP operating income proxy base_2026q4_operating_income	2026Q4 / base	55.92 USD_millions	derived: Cash special costs and SBC are not omitted from operating economics. Formula: subtract(base_2026q4_adjusted_ebitda, base_2026q4_ebitda_to_gaap).
APA service cash settlement base_2026q4_apa_service_cash	2026Q4 / base	13.81 USD_millions	assumption: All-cash desk election: first anniversary, December 31 elapsed-service installment, then remaining second anniversary; employment conditions apply.
AWM service cash settlement base_2026q4_awm_service_cash	2026Q4 / base	0.00 USD_millions	assumption: First anniversary payment assumes continued employment and cash rather than shares.
Convertible cash coupon base_2026q4_debt_coupon	2026Q4 / base	1.62 USD_millions	assumption: 2031 notes pay January/July; 2028 notes June/December. No principal maturity within this horizon.
Cash investment income base_2026q4_investment_income	2026Q4 / base	1.20 USD_millions	assumption: Desk assumption, not company guidance.
Cash before financing costs, taxes and working capital base_2026q4_cash_before_uses	2026Q4 / base	86.87 USD_millions	derived: Reverse accrued retention expense, then deduct contractual-scenario payments. Formula: sum(base_2026q4_operating_income, base_2026q4_sbc, base_2026q4_da, base_2026q4_retention_expense, base_2026q4_investment_income).
Other borrowing and bank cash cost base_2026q4_other_interest	2026Q4 / base	0.40 USD_millions	assumption: Desk assumption, not company guidance.
Cash taxes base_2026q4_cash_tax	2026Q4 / base	16.00 USD_millions	assumption: Desk assumption, not company guidance.
Additional special-cost deduction base_2026q4_no_extra_special	2026Q4 / base	0.00 USD_millions	assumption: Special expense is already cash in operating profit; no second deduction.
Interest, tax and service-linked cash uses base_2026q4_cash_uses	2026Q4 / base	31.83 USD_millions	derived: Purchase consideration and preferred dividends remain below FCF. Formula: sum(base_2026q4_apa_service_cash, base_2026q4_awm_service_cash, base_2026q4_debt_coupon, base_2026q4_other_interest, base_2026q4_cash_tax, base_2026q4_no_extra_special).
Cash before operating working capital base_2026q4_cash_before_wc	2026Q4 / base	55.04 USD_millions	derived: Includes service compensation once in cash. Formula: subtract(base_2026q4_cash_before_uses, base_2026q4_cash_uses).
Net working-capital cash source base_2026q4_wc_source	2026Q4 / base	-70.00 USD_millions	assumption: Desk customer/deposit, inventory, vendor-rebate and warranty cash timing; Q4 delivery collections partly spill into Q1.
Operating cash flow proxy base_2026q4_cfo	2026Q4 / base	-14.96 USD_millions	derived: No automatic collection of all rebate receivables. Formula: sum(base_2026q4_cash_before_wc, base_2026q4_wc_source).
PP&E cash spending base_2026q4_capex	2026Q4 / base	8.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less capex base_2026q4_fcf	2026Q4 / base	-22.96 USD_millions	derived: Before acquisition price and senior capital cash. Formula: subtract(base_2026q4_cfo, base_2026q4_capex).
Preferred liquidation proxy base_2026q4_preferred_base	2026Q4 / base	510.00 USD_millions	assumption: June $506.4M plus desk accrual through the August cash transition; not a reported closing balance.
Cash dividend rate base_2026q4_preferred_rate	2026Q4 / base	6.2% ratio	assumption: 6.25% after fifth anniversary; 6.75% after August 10, 2027; Q3 2027 blended.
Quarter year fraction base_2026q4_quarter	2026Q4 / base	25.0% ratio	assumption: Desk assumption, not company guidance.
Preferred cash dividend allowance base_2026q4_preferred_cash	2026Q4 / base	7.97 USD_millions	derived: Conservative full-quarter Q3 2026 cash allowance; exact declaration/payment calendar not assumed. Formula: multiply(base_2026q4_preferred_base, base_2026q4_preferred_rate, base_2026q4_quarter).
Upfront AWM purchase cash base_2026q4_acquisition_cash	2026Q4 / base	0.00 USD_millions	assumption: August 31 close: approximate $165M cash, subject to settlement. Not repeated in subsequent quarters.
APA and AWM contingent purchase payments base_2026q4_contingent_cash	2026Q4 / base	8.00 USD_millions	assumption: Desk cash-election/timing scenario; differs from service payments and recognized fair value. Actual payment can be shares or zero.
Preferred, purchase price and earnout cash base_2026q4_below_fcf	2026Q4 / base	15.97 USD_millions	derived: Distinct cash claims, not GAAP operating expense. Formula: sum(base_2026q4_preferred_cash, base_2026q4_acquisition_cash, base_2026q4_contingent_cash).
Cash after acquisition and preferred claims base_2026q4_cash_after_claims	2026Q4 / base	-38.93 USD_millions	derived: Before debt principal, new financing, ordinary award withholding and discretionary repurchases. Formula: subtract(base_2026q4_fcf, base_2026q4_below_fcf).
Pre-AWM business expansion base_2027q1_core_growth	2027Q1 / base	112.0% ratio	assumption: Desk assumption, not company guidance.
Annual quarter share base_2027q1_core_season	2027Q1 / base	21.0% ratio	assumption: Desk assumption, not company guidance.
Revenue excluding AWM base_2027q1_core_revenue	2027Q1 / base	341.04 USD_millions	derived: Organic and existing APA expansion; no new AWM inside core. Formula: multiply(base_core_target, base_2027q1_core_growth, base_2027q1_core_season).
Consolidated AWM revenue base_2027q1_awm_revenue	2027Q1 / base	17.00 USD_millions	assumption: September only in Q3 following August 31 close; future quarters are independent desk sales assumptions.
Consolidated revenue base_2027q1_revenue	2027Q1 / base	358.04 USD_millions	derived: Guided pre-AWM perimeter plus new business once. Formula: sum(base_2027q1_core_revenue, base_2027q1_awm_revenue).
Pre-AWM EBITDA margin base_2027q1_core_eb_margin	2027Q1 / base	16.0% ratio	assumption: Desk assumption, not company guidance.
Pre-AWM adjusted EBITDA base_2027q1_core_ebitda	2027Q1 / base	54.57 USD_millions	derived: Desk cost conversion; prior APA is already included. Formula: multiply(base_2027q1_core_revenue, base_2027q1_core_eb_margin).
Adjusted gross margin base_2027q1_core_gp_margin	2027Q1 / base	27.5% ratio	assumption: Desk assumption, not company guidance.
Pre-AWM adjusted gross profit base_2027q1_core_adjusted_gp	2027Q1 / base	93.79 USD_millions	derived: Includes vendor rebates and own credits; no extra subsidy revenue. Formula: multiply(base_2027q1_core_revenue, base_2027q1_core_gp_margin).
AWM EBITDA margin base_2027q1_awm_eb_margin	2027Q1 / base	37.0% ratio	assumption: Desk assumption, not company guidance.
AWM EBITDA contribution base_2027q1_awm_ebitda	2027Q1 / base	6.29 USD_millions	derived: Desk contribution before integration and compensation exclusions. Formula: multiply(base_2027q1_awm_revenue, base_2027q1_awm_eb_margin).
Consolidated adjusted EBITDA base_2027q1_adjusted_ebitda	2027Q1 / base	60.86 USD_millions	derived: Proxy for combined perimeter; not updated company guidance. Formula: sum(base_2027q1_core_ebitda, base_2027q1_awm_ebitda).
AWM gross margin base_2027q1_awm_gm	2027Q1 / base	52.0% ratio	assumption: Desk assumption, not company guidance.
AWM gross profit before acquisition accounting base_2027q1_awm_gp	2027Q1 / base	8.84 USD_millions	derived: Desk gross margin; acquisition allocation not yet disclosed. Formula: multiply(base_2027q1_awm_revenue, base_2027q1_awm_gm).
Acquired amortization/step-up in COGS base_2027q1_cogs_amort	2027Q1 / base	6.70 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted consolidated gross profit base_2027q1_combined_gp	2027Q1 / base	102.63 USD_millions	derived: Each business once. Formula: sum(base_2027q1_core_adjusted_gp, base_2027q1_awm_gp).
GAAP gross profit proxy base_2027q1_gross_profit	2027Q1 / base	95.93 USD_millions	derived: Provisional acquisition accounting allowance. Formula: subtract(base_2027q1_combined_gp, base_2027q1_cogs_amort).
APA service-linked compensation expense base_2027q1_apa_service_expense	2027Q1 / base	5.00 USD_millions	assumption: Desk assumption, not company guidance.
AWM service-linked compensation expense base_2027q1_awm_service_expense	2027Q1 / base	1.25 USD_millions	assumption: Desk straight-line two-year service period; final accounting pending.
Combined service-linked compensation base_2027q1_retention_expense	2027Q1 / base	6.25 USD_millions	derived: Excluded from adjusted EBITDA proxy but real compensation cost. Formula: sum(base_2027q1_apa_service_expense, base_2027q1_awm_service_expense).
Integration and other cash acquisition expense base_2027q1_special_cash	2027Q1 / base	1.00 USD_millions	assumption: Desk assumption, not company guidance.
Ordinary equity compensation base_2027q1_sbc	2027Q1 / base	5.60 USD_millions	assumption: Desk assumption, not company guidance.
Other depreciation/amortization base_2027q1_other_da	2027Q1 / base	12.00 USD_millions	assumption: Desk assumption, not company guidance.
Total depreciation and acquired amortization base_2027q1_da	2027Q1 / base	18.70 USD_millions	derived: Provisional allowance; no goodwill amortization. Formula: sum(base_2027q1_cogs_amort, base_2027q1_other_da).
EBITDA-to-GAAP operating costs base_2027q1_ebitda_to_gaap	2027Q1 / base	31.55 USD_millions	derived: No recurring fair-value gain assumed. Formula: sum(base_2027q1_retention_expense, base_2027q1_special_cash, base_2027q1_sbc, base_2027q1_da).
GAAP operating income proxy base_2027q1_operating_income	2027Q1 / base	29.31 USD_millions	derived: Cash special costs and SBC are not omitted from operating economics. Formula: subtract(base_2027q1_adjusted_ebitda, base_2027q1_ebitda_to_gaap).
APA service cash settlement base_2027q1_apa_service_cash	2027Q1 / base	0.00 USD_millions	assumption: All-cash desk election: first anniversary, December 31 elapsed-service installment, then remaining second anniversary; employment conditions apply.
AWM service cash settlement base_2027q1_awm_service_cash	2027Q1 / base	0.00 USD_millions	assumption: First anniversary payment assumes continued employment and cash rather than shares.
Convertible cash coupon base_2027q1_debt_coupon	2027Q1 / base	4.96 USD_millions	assumption: 2031 notes pay January/July; 2028 notes June/December. No principal maturity within this horizon.
Cash investment income base_2027q1_investment_income	2027Q1 / base	1.20 USD_millions	assumption: Desk assumption, not company guidance.
Cash before financing costs, taxes and working capital base_2027q1_cash_before_uses	2027Q1 / base	61.06 USD_millions	derived: Reverse accrued retention expense, then deduct contractual-scenario payments. Formula: sum(base_2027q1_operating_income, base_2027q1_sbc, base_2027q1_da, base_2027q1_retention_expense, base_2027q1_investment_income).
Other borrowing and bank cash cost base_2027q1_other_interest	2027Q1 / base	0.40 USD_millions	assumption: Desk assumption, not company guidance.
Cash taxes base_2027q1_cash_tax	2027Q1 / base	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Additional special-cost deduction base_2027q1_no_extra_special	2027Q1 / base	0.00 USD_millions	assumption: Special expense is already cash in operating profit; no second deduction.
Interest, tax and service-linked cash uses base_2027q1_cash_uses	2027Q1 / base	15.36 USD_millions	derived: Purchase consideration and preferred dividends remain below FCF. Formula: sum(base_2027q1_apa_service_cash, base_2027q1_awm_service_cash, base_2027q1_debt_coupon, base_2027q1_other_interest, base_2027q1_cash_tax, base_2027q1_no_extra_special).
Cash before operating working capital base_2027q1_cash_before_wc	2027Q1 / base	45.70 USD_millions	derived: Includes service compensation once in cash. Formula: subtract(base_2027q1_cash_before_uses, base_2027q1_cash_uses).
Net working-capital cash source base_2027q1_wc_source	2027Q1 / base	65.00 USD_millions	assumption: Desk customer/deposit, inventory, vendor-rebate and warranty cash timing; Q4 delivery collections partly spill into Q1.
Operating cash flow proxy base_2027q1_cfo	2027Q1 / base	110.70 USD_millions	derived: No automatic collection of all rebate receivables. Formula: sum(base_2027q1_cash_before_wc, base_2027q1_wc_source).
PP&E cash spending base_2027q1_capex	2027Q1 / base	9.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less capex base_2027q1_fcf	2027Q1 / base	101.70 USD_millions	derived: Before acquisition price and senior capital cash. Formula: subtract(base_2027q1_cfo, base_2027q1_capex).
Preferred liquidation proxy base_2027q1_preferred_base	2027Q1 / base	510.00 USD_millions	assumption: June $506.4M plus desk accrual through the August cash transition; not a reported closing balance.
Cash dividend rate base_2027q1_preferred_rate	2027Q1 / base	6.2% ratio	assumption: 6.25% after fifth anniversary; 6.75% after August 10, 2027; Q3 2027 blended.
Quarter year fraction base_2027q1_quarter	2027Q1 / base	25.0% ratio	assumption: Desk assumption, not company guidance.
Preferred cash dividend allowance base_2027q1_preferred_cash	2027Q1 / base	7.97 USD_millions	derived: Conservative full-quarter Q3 2026 cash allowance; exact declaration/payment calendar not assumed. Formula: multiply(base_2027q1_preferred_base, base_2027q1_preferred_rate, base_2027q1_quarter).
Upfront AWM purchase cash base_2027q1_acquisition_cash	2027Q1 / base	0.00 USD_millions	assumption: August 31 close: approximate $165M cash, subject to settlement. Not repeated in subsequent quarters.
APA and AWM contingent purchase payments base_2027q1_contingent_cash	2027Q1 / base	4.00 USD_millions	assumption: Desk cash-election/timing scenario; differs from service payments and recognized fair value. Actual payment can be shares or zero.
Preferred, purchase price and earnout cash base_2027q1_below_fcf	2027Q1 / base	11.97 USD_millions	derived: Distinct cash claims, not GAAP operating expense. Formula: sum(base_2027q1_preferred_cash, base_2027q1_acquisition_cash, base_2027q1_contingent_cash).
Cash after acquisition and preferred claims base_2027q1_cash_after_claims	2027Q1 / base	89.73 USD_millions	derived: Before debt principal, new financing, ordinary award withholding and discretionary repurchases. Formula: subtract(base_2027q1_fcf, base_2027q1_below_fcf).
Pre-AWM business expansion base_2027q2_core_growth	2027Q2 / base	112.0% ratio	assumption: Desk assumption, not company guidance.
Annual quarter share base_2027q2_core_season	2027Q2 / base	25.0% ratio	assumption: Desk assumption, not company guidance.
Revenue excluding AWM base_2027q2_core_revenue	2027Q2 / base	406.00 USD_millions	derived: Organic and existing APA expansion; no new AWM inside core. Formula: multiply(base_core_target, base_2027q2_core_growth, base_2027q2_core_season).
Consolidated AWM revenue base_2027q2_awm_revenue	2027Q2 / base	18.00 USD_millions	assumption: September only in Q3 following August 31 close; future quarters are independent desk sales assumptions.
Consolidated revenue base_2027q2_revenue	2027Q2 / base	424.00 USD_millions	derived: Guided pre-AWM perimeter plus new business once. Formula: sum(base_2027q2_core_revenue, base_2027q2_awm_revenue).
Pre-AWM EBITDA margin base_2027q2_core_eb_margin	2027Q2 / base	16.0% ratio	assumption: Desk assumption, not company guidance.
Pre-AWM adjusted EBITDA base_2027q2_core_ebitda	2027Q2 / base	64.96 USD_millions	derived: Desk cost conversion; prior APA is already included. Formula: multiply(base_2027q2_core_revenue, base_2027q2_core_eb_margin).
Adjusted gross margin base_2027q2_core_gp_margin	2027Q2 / base	27.5% ratio	assumption: Desk assumption, not company guidance.
Pre-AWM adjusted gross profit base_2027q2_core_adjusted_gp	2027Q2 / base	111.65 USD_millions	derived: Includes vendor rebates and own credits; no extra subsidy revenue. Formula: multiply(base_2027q2_core_revenue, base_2027q2_core_gp_margin).
AWM EBITDA margin base_2027q2_awm_eb_margin	2027Q2 / base	37.0% ratio	assumption: Desk assumption, not company guidance.
AWM EBITDA contribution base_2027q2_awm_ebitda	2027Q2 / base	6.66 USD_millions	derived: Desk contribution before integration and compensation exclusions. Formula: multiply(base_2027q2_awm_revenue, base_2027q2_awm_eb_margin).
Consolidated adjusted EBITDA base_2027q2_adjusted_ebitda	2027Q2 / base	71.62 USD_millions	derived: Proxy for combined perimeter; not updated company guidance. Formula: sum(base_2027q2_core_ebitda, base_2027q2_awm_ebitda).
AWM gross margin base_2027q2_awm_gm	2027Q2 / base	52.0% ratio	assumption: Desk assumption, not company guidance.
AWM gross profit before acquisition accounting base_2027q2_awm_gp	2027Q2 / base	9.36 USD_millions	derived: Desk gross margin; acquisition allocation not yet disclosed. Formula: multiply(base_2027q2_awm_revenue, base_2027q2_awm_gm).
Acquired amortization/step-up in COGS base_2027q2_cogs_amort	2027Q2 / base	6.70 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted consolidated gross profit base_2027q2_combined_gp	2027Q2 / base	121.01 USD_millions	derived: Each business once. Formula: sum(base_2027q2_core_adjusted_gp, base_2027q2_awm_gp).
GAAP gross profit proxy base_2027q2_gross_profit	2027Q2 / base	114.31 USD_millions	derived: Provisional acquisition accounting allowance. Formula: subtract(base_2027q2_combined_gp, base_2027q2_cogs_amort).
APA service-linked compensation expense base_2027q2_apa_service_expense	2027Q2 / base	5.00 USD_millions	assumption: Desk assumption, not company guidance.
AWM service-linked compensation expense base_2027q2_awm_service_expense	2027Q2 / base	1.25 USD_millions	assumption: Desk straight-line two-year service period; final accounting pending.
Combined service-linked compensation base_2027q2_retention_expense	2027Q2 / base	6.25 USD_millions	derived: Excluded from adjusted EBITDA proxy but real compensation cost. Formula: sum(base_2027q2_apa_service_expense, base_2027q2_awm_service_expense).
Integration and other cash acquisition expense base_2027q2_special_cash	2027Q2 / base	1.00 USD_millions	assumption: Desk assumption, not company guidance.
Ordinary equity compensation base_2027q2_sbc	2027Q2 / base	5.90 USD_millions	assumption: Desk assumption, not company guidance.
Other depreciation/amortization base_2027q2_other_da	2027Q2 / base	12.00 USD_millions	assumption: Desk assumption, not company guidance.
Total depreciation and acquired amortization base_2027q2_da	2027Q2 / base	18.70 USD_millions	derived: Provisional allowance; no goodwill amortization. Formula: sum(base_2027q2_cogs_amort, base_2027q2_other_da).
EBITDA-to-GAAP operating costs base_2027q2_ebitda_to_gaap	2027Q2 / base	31.85 USD_millions	derived: No recurring fair-value gain assumed. Formula: sum(base_2027q2_retention_expense, base_2027q2_special_cash, base_2027q2_sbc, base_2027q2_da).
GAAP operating income proxy base_2027q2_operating_income	2027Q2 / base	39.77 USD_millions	derived: Cash special costs and SBC are not omitted from operating economics. Formula: subtract(base_2027q2_adjusted_ebitda, base_2027q2_ebitda_to_gaap).
APA service cash settlement base_2027q2_apa_service_cash	2027Q2 / base	0.00 USD_millions	assumption: All-cash desk election: first anniversary, December 31 elapsed-service installment, then remaining second anniversary; employment conditions apply.
AWM service cash settlement base_2027q2_awm_service_cash	2027Q2 / base	0.00 USD_millions	assumption: First anniversary payment assumes continued employment and cash rather than shares.
Convertible cash coupon base_2027q2_debt_coupon	2027Q2 / base	1.62 USD_millions	assumption: 2031 notes pay January/July; 2028 notes June/December. No principal maturity within this horizon.
Cash investment income base_2027q2_investment_income	2027Q2 / base	1.20 USD_millions	assumption: Desk assumption, not company guidance.
Cash before financing costs, taxes and working capital base_2027q2_cash_before_uses	2027Q2 / base	71.82 USD_millions	derived: Reverse accrued retention expense, then deduct contractual-scenario payments. Formula: sum(base_2027q2_operating_income, base_2027q2_sbc, base_2027q2_da, base_2027q2_retention_expense, base_2027q2_investment_income).
Other borrowing and bank cash cost base_2027q2_other_interest	2027Q2 / base	0.40 USD_millions	assumption: Desk assumption, not company guidance.
Cash taxes base_2027q2_cash_tax	2027Q2 / base	12.00 USD_millions	assumption: Desk assumption, not company guidance.
Additional special-cost deduction base_2027q2_no_extra_special	2027Q2 / base	0.00 USD_millions	assumption: Special expense is already cash in operating profit; no second deduction.
Interest, tax and service-linked cash uses base_2027q2_cash_uses	2027Q2 / base	14.03 USD_millions	derived: Purchase consideration and preferred dividends remain below FCF. Formula: sum(base_2027q2_apa_service_cash, base_2027q2_awm_service_cash, base_2027q2_debt_coupon, base_2027q2_other_interest, base_2027q2_cash_tax, base_2027q2_no_extra_special).
Cash before operating working capital base_2027q2_cash_before_wc	2027Q2 / base	57.80 USD_millions	derived: Includes service compensation once in cash. Formula: subtract(base_2027q2_cash_before_uses, base_2027q2_cash_uses).
Net working-capital cash source base_2027q2_wc_source	2027Q2 / base	0.00 USD_millions	assumption: Desk customer/deposit, inventory, vendor-rebate and warranty cash timing; Q4 delivery collections partly spill into Q1.
Operating cash flow proxy base_2027q2_cfo	2027Q2 / base	57.80 USD_millions	derived: No automatic collection of all rebate receivables. Formula: sum(base_2027q2_cash_before_wc, base_2027q2_wc_source).
PP&E cash spending base_2027q2_capex	2027Q2 / base	9.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less capex base_2027q2_fcf	2027Q2 / base	48.80 USD_millions	derived: Before acquisition price and senior capital cash. Formula: subtract(base_2027q2_cfo, base_2027q2_capex).
Preferred liquidation proxy base_2027q2_preferred_base	2027Q2 / base	510.00 USD_millions	assumption: June $506.4M plus desk accrual through the August cash transition; not a reported closing balance.
Cash dividend rate base_2027q2_preferred_rate	2027Q2 / base	6.2% ratio	assumption: 6.25% after fifth anniversary; 6.75% after August 10, 2027; Q3 2027 blended.
Quarter year fraction base_2027q2_quarter	2027Q2 / base	25.0% ratio	assumption: Desk assumption, not company guidance.
Preferred cash dividend allowance base_2027q2_preferred_cash	2027Q2 / base	7.97 USD_millions	derived: Conservative full-quarter Q3 2026 cash allowance; exact declaration/payment calendar not assumed. Formula: multiply(base_2027q2_preferred_base, base_2027q2_preferred_rate, base_2027q2_quarter).
Upfront AWM purchase cash base_2027q2_acquisition_cash	2027Q2 / base	0.00 USD_millions	assumption: August 31 close: approximate $165M cash, subject to settlement. Not repeated in subsequent quarters.
APA and AWM contingent purchase payments base_2027q2_contingent_cash	2027Q2 / base	0.00 USD_millions	assumption: Desk cash-election/timing scenario; differs from service payments and recognized fair value. Actual payment can be shares or zero.
Preferred, purchase price and earnout cash base_2027q2_below_fcf	2027Q2 / base	7.97 USD_millions	derived: Distinct cash claims, not GAAP operating expense. Formula: sum(base_2027q2_preferred_cash, base_2027q2_acquisition_cash, base_2027q2_contingent_cash).
Cash after acquisition and preferred claims base_2027q2_cash_after_claims	2027Q2 / base	40.83 USD_millions	derived: Before debt principal, new financing, ordinary award withholding and discretionary repurchases. Formula: subtract(base_2027q2_fcf, base_2027q2_below_fcf).
Pre-AWM business expansion base_2027q3_core_growth	2027Q3 / base	112.0% ratio	assumption: Desk assumption, not company guidance.
Annual quarter share base_2027q3_core_season	2027Q3 / base	24.0% ratio	assumption: Desk assumption, not company guidance.
Revenue excluding AWM base_2027q3_core_revenue	2027Q3 / base	389.76 USD_millions	derived: Organic and existing APA expansion; no new AWM inside core. Formula: multiply(base_core_target, base_2027q3_core_growth, base_2027q3_core_season).
Consolidated AWM revenue base_2027q3_awm_revenue	2027Q3 / base	20.00 USD_millions	assumption: September only in Q3 following August 31 close; future quarters are independent desk sales assumptions.
Consolidated revenue base_2027q3_revenue	2027Q3 / base	409.76 USD_millions	derived: Guided pre-AWM perimeter plus new business once. Formula: sum(base_2027q3_core_revenue, base_2027q3_awm_revenue).
Pre-AWM EBITDA margin base_2027q3_core_eb_margin	2027Q3 / base	16.0% ratio	assumption: Desk assumption, not company guidance.
Pre-AWM adjusted EBITDA base_2027q3_core_ebitda	2027Q3 / base	62.36 USD_millions	derived: Desk cost conversion; prior APA is already included. Formula: multiply(base_2027q3_core_revenue, base_2027q3_core_eb_margin).
Adjusted gross margin base_2027q3_core_gp_margin	2027Q3 / base	27.5% ratio	assumption: Desk assumption, not company guidance.
Pre-AWM adjusted gross profit base_2027q3_core_adjusted_gp	2027Q3 / base	107.18 USD_millions	derived: Includes vendor rebates and own credits; no extra subsidy revenue. Formula: multiply(base_2027q3_core_revenue, base_2027q3_core_gp_margin).
AWM EBITDA margin base_2027q3_awm_eb_margin	2027Q3 / base	37.0% ratio	assumption: Desk assumption, not company guidance.
AWM EBITDA contribution base_2027q3_awm_ebitda	2027Q3 / base	7.40 USD_millions	derived: Desk contribution before integration and compensation exclusions. Formula: multiply(base_2027q3_awm_revenue, base_2027q3_awm_eb_margin).
Consolidated adjusted EBITDA base_2027q3_adjusted_ebitda	2027Q3 / base	69.76 USD_millions	derived: Proxy for combined perimeter; not updated company guidance. Formula: sum(base_2027q3_core_ebitda, base_2027q3_awm_ebitda).
AWM gross margin base_2027q3_awm_gm	2027Q3 / base	52.0% ratio	assumption: Desk assumption, not company guidance.
AWM gross profit before acquisition accounting base_2027q3_awm_gp	2027Q3 / base	10.40 USD_millions	derived: Desk gross margin; acquisition allocation not yet disclosed. Formula: multiply(base_2027q3_awm_revenue, base_2027q3_awm_gm).
Acquired amortization/step-up in COGS base_2027q3_cogs_amort	2027Q3 / base	6.70 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted consolidated gross profit base_2027q3_combined_gp	2027Q3 / base	117.58 USD_millions	derived: Each business once. Formula: sum(base_2027q3_core_adjusted_gp, base_2027q3_awm_gp).
GAAP gross profit proxy base_2027q3_gross_profit	2027Q3 / base	110.88 USD_millions	derived: Provisional acquisition accounting allowance. Formula: subtract(base_2027q3_combined_gp, base_2027q3_cogs_amort).
APA service-linked compensation expense base_2027q3_apa_service_expense	2027Q3 / base	2.50 USD_millions	assumption: Desk assumption, not company guidance.
AWM service-linked compensation expense base_2027q3_awm_service_expense	2027Q3 / base	1.25 USD_millions	assumption: Desk straight-line two-year service period; final accounting pending.
Combined service-linked compensation base_2027q3_retention_expense	2027Q3 / base	3.75 USD_millions	derived: Excluded from adjusted EBITDA proxy but real compensation cost. Formula: sum(base_2027q3_apa_service_expense, base_2027q3_awm_service_expense).
Integration and other cash acquisition expense base_2027q3_special_cash	2027Q3 / base	1.00 USD_millions	assumption: Desk assumption, not company guidance.
Ordinary equity compensation base_2027q3_sbc	2027Q3 / base	6.20 USD_millions	assumption: Desk assumption, not company guidance.
Other depreciation/amortization base_2027q3_other_da	2027Q3 / base	12.00 USD_millions	assumption: Desk assumption, not company guidance.
Total depreciation and acquired amortization base_2027q3_da	2027Q3 / base	18.70 USD_millions	derived: Provisional allowance; no goodwill amortization. Formula: sum(base_2027q3_cogs_amort, base_2027q3_other_da).
EBITDA-to-GAAP operating costs base_2027q3_ebitda_to_gaap	2027Q3 / base	29.65 USD_millions	derived: No recurring fair-value gain assumed. Formula: sum(base_2027q3_retention_expense, base_2027q3_special_cash, base_2027q3_sbc, base_2027q3_da).
GAAP operating income proxy base_2027q3_operating_income	2027Q3 / base	40.11 USD_millions	derived: Cash special costs and SBC are not omitted from operating economics. Formula: subtract(base_2027q3_adjusted_ebitda, base_2027q3_ebitda_to_gaap).
APA service cash settlement base_2027q3_apa_service_cash	2027Q3 / base	6.19 USD_millions	assumption: All-cash desk election: first anniversary, December 31 elapsed-service installment, then remaining second anniversary; employment conditions apply.
AWM service cash settlement base_2027q3_awm_service_cash	2027Q3 / base	5.00 USD_millions	assumption: First anniversary payment assumes continued employment and cash rather than shares.
Convertible cash coupon base_2027q3_debt_coupon	2027Q3 / base	4.96 USD_millions	assumption: 2031 notes pay January/July; 2028 notes June/December. No principal maturity within this horizon.
Cash investment income base_2027q3_investment_income	2027Q3 / base	1.20 USD_millions	assumption: Desk assumption, not company guidance.
Cash before financing costs, taxes and working capital base_2027q3_cash_before_uses	2027Q3 / base	69.96 USD_millions	derived: Reverse accrued retention expense, then deduct contractual-scenario payments. Formula: sum(base_2027q3_operating_income, base_2027q3_sbc, base_2027q3_da, base_2027q3_retention_expense, base_2027q3_investment_income).
Other borrowing and bank cash cost base_2027q3_other_interest	2027Q3 / base	0.40 USD_millions	assumption: Desk assumption, not company guidance.
Cash taxes base_2027q3_cash_tax	2027Q3 / base	12.00 USD_millions	assumption: Desk assumption, not company guidance.
Additional special-cost deduction base_2027q3_no_extra_special	2027Q3 / base	0.00 USD_millions	assumption: Special expense is already cash in operating profit; no second deduction.
Interest, tax and service-linked cash uses base_2027q3_cash_uses	2027Q3 / base	28.55 USD_millions	derived: Purchase consideration and preferred dividends remain below FCF. Formula: sum(base_2027q3_apa_service_cash, base_2027q3_awm_service_cash, base_2027q3_debt_coupon, base_2027q3_other_interest, base_2027q3_cash_tax, base_2027q3_no_extra_special).
Cash before operating working capital base_2027q3_cash_before_wc	2027Q3 / base	41.41 USD_millions	derived: Includes service compensation once in cash. Formula: subtract(base_2027q3_cash_before_uses, base_2027q3_cash_uses).
Net working-capital cash source base_2027q3_wc_source	2027Q3 / base	-10.00 USD_millions	assumption: Desk customer/deposit, inventory, vendor-rebate and warranty cash timing; Q4 delivery collections partly spill into Q1.
Operating cash flow proxy base_2027q3_cfo	2027Q3 / base	31.41 USD_millions	derived: No automatic collection of all rebate receivables. Formula: sum(base_2027q3_cash_before_wc, base_2027q3_wc_source).
PP&E cash spending base_2027q3_capex	2027Q3 / base	9.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less capex base_2027q3_fcf	2027Q3 / base	22.41 USD_millions	derived: Before acquisition price and senior capital cash. Formula: subtract(base_2027q3_cfo, base_2027q3_capex).
Preferred liquidation proxy base_2027q3_preferred_base	2027Q3 / base	510.00 USD_millions	assumption: June $506.4M plus desk accrual through the August cash transition; not a reported closing balance.
Cash dividend rate base_2027q3_preferred_rate	2027Q3 / base	6.5% ratio	assumption: 6.25% after fifth anniversary; 6.75% after August 10, 2027; Q3 2027 blended.
Quarter year fraction base_2027q3_quarter	2027Q3 / base	25.0% ratio	assumption: Desk assumption, not company guidance.
Preferred cash dividend allowance base_2027q3_preferred_cash	2027Q3 / base	8.33 USD_millions	derived: Conservative full-quarter Q3 2026 cash allowance; exact declaration/payment calendar not assumed. Formula: multiply(base_2027q3_preferred_base, base_2027q3_preferred_rate, base_2027q3_quarter).
Upfront AWM purchase cash base_2027q3_acquisition_cash	2027Q3 / base	0.00 USD_millions	assumption: August 31 close: approximate $165M cash, subject to settlement. Not repeated in subsequent quarters.
APA and AWM contingent purchase payments base_2027q3_contingent_cash	2027Q3 / base	0.00 USD_millions	assumption: Desk cash-election/timing scenario; differs from service payments and recognized fair value. Actual payment can be shares or zero.
Preferred, purchase price and earnout cash base_2027q3_below_fcf	2027Q3 / base	8.33 USD_millions	derived: Distinct cash claims, not GAAP operating expense. Formula: sum(base_2027q3_preferred_cash, base_2027q3_acquisition_cash, base_2027q3_contingent_cash).
Cash after acquisition and preferred claims base_2027q3_cash_after_claims	2027Q3 / base	14.08 USD_millions	derived: Before debt principal, new financing, ordinary award withholding and discretionary repurchases. Formula: subtract(base_2027q3_fcf, base_2027q3_below_fcf).
Pre-AWM business expansion base_2027q4_core_growth	2027Q4 / base	112.0% ratio	assumption: Desk assumption, not company guidance.
Annual quarter share base_2027q4_core_season	2027Q4 / base	30.0% ratio	assumption: Desk assumption, not company guidance.
Revenue excluding AWM base_2027q4_core_revenue	2027Q4 / base	487.20 USD_millions	derived: Organic and existing APA expansion; no new AWM inside core. Formula: multiply(base_core_target, base_2027q4_core_growth, base_2027q4_core_season).
Consolidated AWM revenue base_2027q4_awm_revenue	2027Q4 / base	22.00 USD_millions	assumption: September only in Q3 following August 31 close; future quarters are independent desk sales assumptions.
Consolidated revenue base_2027q4_revenue	2027Q4 / base	509.20 USD_millions	derived: Guided pre-AWM perimeter plus new business once. Formula: sum(base_2027q4_core_revenue, base_2027q4_awm_revenue).
Pre-AWM EBITDA margin base_2027q4_core_eb_margin	2027Q4 / base	16.0% ratio	assumption: Desk assumption, not company guidance.
Pre-AWM adjusted EBITDA base_2027q4_core_ebitda	2027Q4 / base	77.95 USD_millions	derived: Desk cost conversion; prior APA is already included. Formula: multiply(base_2027q4_core_revenue, base_2027q4_core_eb_margin).
Adjusted gross margin base_2027q4_core_gp_margin	2027Q4 / base	27.5% ratio	assumption: Desk assumption, not company guidance.
Pre-AWM adjusted gross profit base_2027q4_core_adjusted_gp	2027Q4 / base	133.98 USD_millions	derived: Includes vendor rebates and own credits; no extra subsidy revenue. Formula: multiply(base_2027q4_core_revenue, base_2027q4_core_gp_margin).
AWM EBITDA margin base_2027q4_awm_eb_margin	2027Q4 / base	37.0% ratio	assumption: Desk assumption, not company guidance.
AWM EBITDA contribution base_2027q4_awm_ebitda	2027Q4 / base	8.14 USD_millions	derived: Desk contribution before integration and compensation exclusions. Formula: multiply(base_2027q4_awm_revenue, base_2027q4_awm_eb_margin).
Consolidated adjusted EBITDA base_2027q4_adjusted_ebitda	2027Q4 / base	86.09 USD_millions	derived: Proxy for combined perimeter; not updated company guidance. Formula: sum(base_2027q4_core_ebitda, base_2027q4_awm_ebitda).
AWM gross margin base_2027q4_awm_gm	2027Q4 / base	52.0% ratio	assumption: Desk assumption, not company guidance.
AWM gross profit before acquisition accounting base_2027q4_awm_gp	2027Q4 / base	11.44 USD_millions	derived: Desk gross margin; acquisition allocation not yet disclosed. Formula: multiply(base_2027q4_awm_revenue, base_2027q4_awm_gm).
Acquired amortization/step-up in COGS base_2027q4_cogs_amort	2027Q4 / base	6.70 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted consolidated gross profit base_2027q4_combined_gp	2027Q4 / base	145.42 USD_millions	derived: Each business once. Formula: sum(base_2027q4_core_adjusted_gp, base_2027q4_awm_gp).
GAAP gross profit proxy base_2027q4_gross_profit	2027Q4 / base	138.72 USD_millions	derived: Provisional acquisition accounting allowance. Formula: subtract(base_2027q4_combined_gp, base_2027q4_cogs_amort).
APA service-linked compensation expense base_2027q4_apa_service_expense	2027Q4 / base	0.00 USD_millions	assumption: Desk assumption, not company guidance.
AWM service-linked compensation expense base_2027q4_awm_service_expense	2027Q4 / base	1.25 USD_millions	assumption: Desk straight-line two-year service period; final accounting pending.
Combined service-linked compensation base_2027q4_retention_expense	2027Q4 / base	1.25 USD_millions	derived: Excluded from adjusted EBITDA proxy but real compensation cost. Formula: sum(base_2027q4_apa_service_expense, base_2027q4_awm_service_expense).
Integration and other cash acquisition expense base_2027q4_special_cash	2027Q4 / base	1.00 USD_millions	assumption: Desk assumption, not company guidance.
Ordinary equity compensation base_2027q4_sbc	2027Q4 / base	6.50 USD_millions	assumption: Desk assumption, not company guidance.
Other depreciation/amortization base_2027q4_other_da	2027Q4 / base	12.00 USD_millions	assumption: Desk assumption, not company guidance.
Total depreciation and acquired amortization base_2027q4_da	2027Q4 / base	18.70 USD_millions	derived: Provisional allowance; no goodwill amortization. Formula: sum(base_2027q4_cogs_amort, base_2027q4_other_da).
EBITDA-to-GAAP operating costs base_2027q4_ebitda_to_gaap	2027Q4 / base	27.45 USD_millions	derived: No recurring fair-value gain assumed. Formula: sum(base_2027q4_retention_expense, base_2027q4_special_cash, base_2027q4_sbc, base_2027q4_da).
GAAP operating income proxy base_2027q4_operating_income	2027Q4 / base	58.64 USD_millions	derived: Cash special costs and SBC are not omitted from operating economics. Formula: subtract(base_2027q4_adjusted_ebitda, base_2027q4_ebitda_to_gaap).
APA service cash settlement base_2027q4_apa_service_cash	2027Q4 / base	0.00 USD_millions	assumption: All-cash desk election: first anniversary, December 31 elapsed-service installment, then remaining second anniversary; employment conditions apply.
AWM service cash settlement base_2027q4_awm_service_cash	2027Q4 / base	0.00 USD_millions	assumption: First anniversary payment assumes continued employment and cash rather than shares.
Convertible cash coupon base_2027q4_debt_coupon	2027Q4 / base	1.62 USD_millions	assumption: 2031 notes pay January/July; 2028 notes June/December. No principal maturity within this horizon.
Cash investment income base_2027q4_investment_income	2027Q4 / base	1.20 USD_millions	assumption: Desk assumption, not company guidance.
Cash before financing costs, taxes and working capital base_2027q4_cash_before_uses	2027Q4 / base	86.29 USD_millions	derived: Reverse accrued retention expense, then deduct contractual-scenario payments. Formula: sum(base_2027q4_operating_income, base_2027q4_sbc, base_2027q4_da, base_2027q4_retention_expense, base_2027q4_investment_income).
Other borrowing and bank cash cost base_2027q4_other_interest	2027Q4 / base	0.40 USD_millions	assumption: Desk assumption, not company guidance.
Cash taxes base_2027q4_cash_tax	2027Q4 / base	15.00 USD_millions	assumption: Desk assumption, not company guidance.
Additional special-cost deduction base_2027q4_no_extra_special	2027Q4 / base	0.00 USD_millions	assumption: Special expense is already cash in operating profit; no second deduction.
Interest, tax and service-linked cash uses base_2027q4_cash_uses	2027Q4 / base	17.02 USD_millions	derived: Purchase consideration and preferred dividends remain below FCF. Formula: sum(base_2027q4_apa_service_cash, base_2027q4_awm_service_cash, base_2027q4_debt_coupon, base_2027q4_other_interest, base_2027q4_cash_tax, base_2027q4_no_extra_special).
Cash before operating working capital base_2027q4_cash_before_wc	2027Q4 / base	69.27 USD_millions	derived: Includes service compensation once in cash. Formula: subtract(base_2027q4_cash_before_uses, base_2027q4_cash_uses).
Net working-capital cash source base_2027q4_wc_source	2027Q4 / base	10.00 USD_millions	assumption: Desk customer/deposit, inventory, vendor-rebate and warranty cash timing; Q4 delivery collections partly spill into Q1.
Operating cash flow proxy base_2027q4_cfo	2027Q4 / base	79.27 USD_millions	derived: No automatic collection of all rebate receivables. Formula: sum(base_2027q4_cash_before_wc, base_2027q4_wc_source).
PP&E cash spending base_2027q4_capex	2027Q4 / base	9.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less capex base_2027q4_fcf	2027Q4 / base	70.27 USD_millions	derived: Before acquisition price and senior capital cash. Formula: subtract(base_2027q4_cfo, base_2027q4_capex).
Preferred liquidation proxy base_2027q4_preferred_base	2027Q4 / base	510.00 USD_millions	assumption: June $506.4M plus desk accrual through the August cash transition; not a reported closing balance.
Cash dividend rate base_2027q4_preferred_rate	2027Q4 / base	6.8% ratio	assumption: 6.25% after fifth anniversary; 6.75% after August 10, 2027; Q3 2027 blended.
Quarter year fraction base_2027q4_quarter	2027Q4 / base	25.0% ratio	assumption: Desk assumption, not company guidance.
Preferred cash dividend allowance base_2027q4_preferred_cash	2027Q4 / base	8.61 USD_millions	derived: Conservative full-quarter Q3 2026 cash allowance; exact declaration/payment calendar not assumed. Formula: multiply(base_2027q4_preferred_base, base_2027q4_preferred_rate, base_2027q4_quarter).
Upfront AWM purchase cash base_2027q4_acquisition_cash	2027Q4 / base	0.00 USD_millions	assumption: August 31 close: approximate $165M cash, subject to settlement. Not repeated in subsequent quarters.
APA and AWM contingent purchase payments base_2027q4_contingent_cash	2027Q4 / base	8.00 USD_millions	assumption: Desk cash-election/timing scenario; differs from service payments and recognized fair value. Actual payment can be shares or zero.
Preferred, purchase price and earnout cash base_2027q4_below_fcf	2027Q4 / base	16.61 USD_millions	derived: Distinct cash claims, not GAAP operating expense. Formula: sum(base_2027q4_preferred_cash, base_2027q4_acquisition_cash, base_2027q4_contingent_cash).
Cash after acquisition and preferred claims base_2027q4_cash_after_claims	2027Q4 / base	53.66 USD_millions	derived: Before debt principal, new financing, ordinary award withholding and discretionary repurchases. Formula: subtract(base_2027q4_fcf, base_2027q4_below_fcf).
Revenue including modeled post-close AWM ($M) base_fy2026_revenue	FY2026 / base	1,473.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, base_2026q3_revenue, base_2026q4_revenue).
Revenue on pre-AWM guidance perimeter ($M) base_fy2026_core_revenue	FY2026 / base	1,450.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_core_revenue, base_2026q3_core_revenue, base_2026q4_core_revenue).
Post-close AWM revenue ($M) base_fy2026_awm_revenue	FY2026 / base	23.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_awm_revenue, base_2026q3_awm_revenue, base_2026q4_awm_revenue).
Adjusted EBITDA proxy ($M) base_fy2026_adjusted_ebitda	FY2026 / base	228.51 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adjusted_ebitda, base_2026q3_adjusted_ebitda, base_2026q4_adjusted_ebitda).
GAAP gross profit proxy ($M) base_fy2026_gross_profit	FY2026 / base	386.70 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, base_2026q3_gross_profit, base_2026q4_gross_profit).
GAAP operating income proxy ($M) base_fy2026_operating_income	FY2026 / base	115.63 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, base_2026q3_operating_income, base_2026q4_operating_income).
Operating cash flow proxy ($M) base_fy2026_cfo	FY2026 / base	71.49 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, base_2026q3_cfo, base_2026q4_cfo).
Cash capex ($M) base_fy2026_capex	FY2026 / base	31.14 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, base_2026q3_capex, base_2026q4_capex).
CFO less capex ($M) base_fy2026_fcf	FY2026 / base	40.34 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, base_2026q3_fcf, base_2026q4_fcf).
Preferred cash dividend allowance ($M) base_fy2026_preferred_cash	FY2026 / base	15.94 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_preferred_cash, base_2026q3_preferred_cash, base_2026q4_preferred_cash).
Upfront acquisition cash ($M) base_fy2026_acquisition_cash	FY2026 / base	165.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_acquisition_cash, base_2026q3_acquisition_cash, base_2026q4_acquisition_cash).
Cash after acquisitions and senior claims ($M) base_fy2026_cash_after_claims	FY2026 / base	-151.17 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_claims, base_2026q3_cash_after_claims, base_2026q4_cash_after_claims).
Revenue including modeled post-close AWM ($M) base_fy2027_revenue	FY2027 / base	1,701.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_revenue, base_2027q2_revenue, base_2027q3_revenue, base_2027q4_revenue).
Revenue on pre-AWM guidance perimeter ($M) base_fy2027_core_revenue	FY2027 / base	1,624.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_core_revenue, base_2027q2_core_revenue, base_2027q3_core_revenue, base_2027q4_core_revenue).
Post-close AWM revenue ($M) base_fy2027_awm_revenue	FY2027 / base	77.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_awm_revenue, base_2027q2_awm_revenue, base_2027q3_awm_revenue, base_2027q4_awm_revenue).
Adjusted EBITDA proxy ($M) base_fy2027_adjusted_ebitda	FY2027 / base	288.33 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_adjusted_ebitda, base_2027q2_adjusted_ebitda, base_2027q3_adjusted_ebitda, base_2027q4_adjusted_ebitda).
GAAP gross profit proxy ($M) base_fy2027_gross_profit	FY2027 / base	459.84 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_gross_profit, base_2027q2_gross_profit, base_2027q3_gross_profit, base_2027q4_gross_profit).
GAAP operating income proxy ($M) base_fy2027_operating_income	FY2027 / base	167.83 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_operating_income, base_2027q2_operating_income, base_2027q3_operating_income, base_2027q4_operating_income).
Operating cash flow proxy ($M) base_fy2027_cfo	FY2027 / base	279.17 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cfo, base_2027q2_cfo, base_2027q3_cfo, base_2027q4_cfo).
Cash capex ($M) base_fy2027_capex	FY2027 / base	36.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_capex, base_2027q2_capex, base_2027q3_capex, base_2027q4_capex).
CFO less capex ($M) base_fy2027_fcf	FY2027 / base	243.17 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_fcf, base_2027q2_fcf, base_2027q3_fcf, base_2027q4_fcf).
Preferred cash dividend allowance ($M) base_fy2027_preferred_cash	FY2027 / base	32.88 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_preferred_cash, base_2027q2_preferred_cash, base_2027q3_preferred_cash, base_2027q4_preferred_cash).
Upfront acquisition cash ($M) base_fy2027_acquisition_cash	FY2027 / base	0.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_acquisition_cash, base_2027q2_acquisition_cash, base_2027q3_acquisition_cash, base_2027q4_acquisition_cash).
Cash after acquisitions and senior claims ($M) base_fy2027_cash_after_claims	FY2027 / base	198.29 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cash_after_claims, base_2027q2_cash_after_claims, base_2027q3_cash_after_claims, base_2027q4_cash_after_claims).
Annual pre-AWM revenue scenario upside_core_target	FY2026 / upside	1,550.00 USD_millions	assumption: Base is guided midpoint; other cases are desk delivery sensitivities.
Annual pre-AWM adjusted EBITDA scenario upside_eb_target	FY2026 / upside	250.00 USD_millions	assumption: Base is guidance midpoint; no AWM in this amount.
Annual adjusted gross margin upside_gm	FY2026 / upside	28.5% ratio	assumption: Base 27.5% is midpoint of 27%-28% company range.
Annual pre-AWM adjusted gross profit upside_gp_target	FY2026 / upside	441.75 USD_millions	derived: Includes rebates once through product economics. Formula: multiply(upside_core_target, upside_gm).
Revenue excluding AWM upside_2026q3_core_revenue	2026Q3 / upside	340.00 USD_millions	assumption: Desk assumption, not company guidance.
Consolidated AWM revenue upside_2026q3_awm_revenue	2026Q3 / upside	6.00 USD_millions	assumption: September only in Q3 following August 31 close; future quarters are independent desk sales assumptions.
Consolidated revenue upside_2026q3_revenue	2026Q3 / upside	346.00 USD_millions	derived: Guided pre-AWM perimeter plus new business once. Formula: sum(upside_2026q3_core_revenue, upside_2026q3_awm_revenue).
Pre-AWM EBITDA margin upside_2026q3_core_eb_margin	2026Q3 / upside	16.0% ratio	assumption: Desk assumption, not company guidance.
Pre-AWM adjusted EBITDA upside_2026q3_core_ebitda	2026Q3 / upside	54.40 USD_millions	derived: Desk cost conversion; prior APA is already included. Formula: multiply(upside_2026q3_core_revenue, upside_2026q3_core_eb_margin).
Adjusted gross margin upside_2026q3_core_gp_margin	2026Q3 / upside	28.5% ratio	assumption: Desk assumption, not company guidance.
Pre-AWM adjusted gross profit upside_2026q3_core_adjusted_gp	2026Q3 / upside	96.90 USD_millions	derived: Includes vendor rebates and own credits; no extra subsidy revenue. Formula: multiply(upside_2026q3_core_revenue, upside_2026q3_core_gp_margin).
AWM EBITDA margin upside_2026q3_awm_eb_margin	2026Q3 / upside	40.0% ratio	assumption: Desk assumption, not company guidance.
AWM EBITDA contribution upside_2026q3_awm_ebitda	2026Q3 / upside	2.40 USD_millions	derived: Desk contribution before integration and compensation exclusions. Formula: multiply(upside_2026q3_awm_revenue, upside_2026q3_awm_eb_margin).
Consolidated adjusted EBITDA upside_2026q3_adjusted_ebitda	2026Q3 / upside	56.80 USD_millions	derived: Proxy for combined perimeter; not updated company guidance. Formula: sum(upside_2026q3_core_ebitda, upside_2026q3_awm_ebitda).
AWM gross margin upside_2026q3_awm_gm	2026Q3 / upside	52.0% ratio	assumption: Desk assumption, not company guidance.
AWM gross profit before acquisition accounting upside_2026q3_awm_gp	2026Q3 / upside	3.12 USD_millions	derived: Desk gross margin; acquisition allocation not yet disclosed. Formula: multiply(upside_2026q3_awm_revenue, upside_2026q3_awm_gm).
Acquired amortization/step-up in COGS upside_2026q3_cogs_amort	2026Q3 / upside	6.00 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted consolidated gross profit upside_2026q3_combined_gp	2026Q3 / upside	100.02 USD_millions	derived: Each business once. Formula: sum(upside_2026q3_core_adjusted_gp, upside_2026q3_awm_gp).
GAAP gross profit proxy upside_2026q3_gross_profit	2026Q3 / upside	94.02 USD_millions	derived: Provisional acquisition accounting allowance. Formula: subtract(upside_2026q3_combined_gp, upside_2026q3_cogs_amort).
APA service-linked compensation expense upside_2026q3_apa_service_expense	2026Q3 / upside	5.00 USD_millions	assumption: Desk assumption, not company guidance.
AWM service-linked compensation expense upside_2026q3_awm_service_expense	2026Q3 / upside	0.42 USD_millions	assumption: Desk straight-line two-year service period; final accounting pending.
Combined service-linked compensation upside_2026q3_retention_expense	2026Q3 / upside	5.42 USD_millions	derived: Excluded from adjusted EBITDA proxy but real compensation cost. Formula: sum(upside_2026q3_apa_service_expense, upside_2026q3_awm_service_expense).
Integration and other cash acquisition expense upside_2026q3_special_cash	2026Q3 / upside	2.50 USD_millions	assumption: Desk assumption, not company guidance.
Ordinary equity compensation upside_2026q3_sbc	2026Q3 / upside	5.00 USD_millions	assumption: Desk assumption, not company guidance.
Other depreciation/amortization upside_2026q3_other_da	2026Q3 / upside	11.50 USD_millions	assumption: Desk assumption, not company guidance.
Total depreciation and acquired amortization upside_2026q3_da	2026Q3 / upside	17.50 USD_millions	derived: Provisional allowance; no goodwill amortization. Formula: sum(upside_2026q3_cogs_amort, upside_2026q3_other_da).
EBITDA-to-GAAP operating costs upside_2026q3_ebitda_to_gaap	2026Q3 / upside	30.42 USD_millions	derived: No recurring fair-value gain assumed. Formula: sum(upside_2026q3_retention_expense, upside_2026q3_special_cash, upside_2026q3_sbc, upside_2026q3_da).
GAAP operating income proxy upside_2026q3_operating_income	2026Q3 / upside	26.38 USD_millions	derived: Cash special costs and SBC are not omitted from operating economics. Formula: subtract(upside_2026q3_adjusted_ebitda, upside_2026q3_ebitda_to_gaap).
APA service cash settlement upside_2026q3_apa_service_cash	2026Q3 / upside	20.00 USD_millions	assumption: All-cash desk election: first anniversary, December 31 elapsed-service installment, then remaining second anniversary; employment conditions apply.
AWM service cash settlement upside_2026q3_awm_service_cash	2026Q3 / upside	0.00 USD_millions	assumption: First anniversary payment assumes continued employment and cash rather than shares.
Convertible cash coupon upside_2026q3_debt_coupon	2026Q3 / upside	4.96 USD_millions	assumption: 2031 notes pay January/July; 2028 notes June/December. No principal maturity within this horizon.
Cash investment income upside_2026q3_investment_income	2026Q3 / upside	1.20 USD_millions	assumption: Desk assumption, not company guidance.
Cash before financing costs, taxes and working capital upside_2026q3_cash_before_uses	2026Q3 / upside	55.50 USD_millions	derived: Reverse accrued retention expense, then deduct contractual-scenario payments. Formula: sum(upside_2026q3_operating_income, upside_2026q3_sbc, upside_2026q3_da, upside_2026q3_retention_expense, upside_2026q3_investment_income).
Other borrowing and bank cash cost upside_2026q3_other_interest	2026Q3 / upside	0.40 USD_millions	assumption: Desk assumption, not company guidance.
Cash taxes upside_2026q3_cash_tax	2026Q3 / upside	7.00 USD_millions	assumption: Desk assumption, not company guidance.
Additional special-cost deduction upside_2026q3_no_extra_special	2026Q3 / upside	0.00 USD_millions	assumption: Special expense is already cash in operating profit; no second deduction.
Interest, tax and service-linked cash uses upside_2026q3_cash_uses	2026Q3 / upside	32.36 USD_millions	derived: Purchase consideration and preferred dividends remain below FCF. Formula: sum(upside_2026q3_apa_service_cash, upside_2026q3_awm_service_cash, upside_2026q3_debt_coupon, upside_2026q3_other_interest, upside_2026q3_cash_tax, upside_2026q3_no_extra_special).
Cash before operating working capital upside_2026q3_cash_before_wc	2026Q3 / upside	23.14 USD_millions	derived: Includes service compensation once in cash. Formula: subtract(upside_2026q3_cash_before_uses, upside_2026q3_cash_uses).
Net working-capital cash source upside_2026q3_wc_source	2026Q3 / upside	-10.00 USD_millions	assumption: Desk customer/deposit, inventory, vendor-rebate and warranty cash timing; Q4 delivery collections partly spill into Q1.
Operating cash flow proxy upside_2026q3_cfo	2026Q3 / upside	13.14 USD_millions	derived: No automatic collection of all rebate receivables. Formula: sum(upside_2026q3_cash_before_wc, upside_2026q3_wc_source).
PP&E cash spending upside_2026q3_capex	2026Q3 / upside	8.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less capex upside_2026q3_fcf	2026Q3 / upside	5.14 USD_millions	derived: Before acquisition price and senior capital cash. Formula: subtract(upside_2026q3_cfo, upside_2026q3_capex).
Preferred liquidation proxy upside_2026q3_preferred_base	2026Q3 / upside	510.00 USD_millions	assumption: June $506.4M plus desk accrual through the August cash transition; not a reported closing balance.
Cash dividend rate upside_2026q3_preferred_rate	2026Q3 / upside	6.2% ratio	assumption: 6.25% after fifth anniversary; 6.75% after August 10, 2027; Q3 2027 blended.
Quarter year fraction upside_2026q3_quarter	2026Q3 / upside	25.0% ratio	assumption: Desk assumption, not company guidance.
Preferred cash dividend allowance upside_2026q3_preferred_cash	2026Q3 / upside	7.97 USD_millions	derived: Conservative full-quarter Q3 2026 cash allowance; exact declaration/payment calendar not assumed. Formula: multiply(upside_2026q3_preferred_base, upside_2026q3_preferred_rate, upside_2026q3_quarter).
Upfront AWM purchase cash upside_2026q3_acquisition_cash	2026Q3 / upside	165.00 USD_millions	assumption: August 31 close: approximate $165M cash, subject to settlement. Not repeated in subsequent quarters.
APA and AWM contingent purchase payments upside_2026q3_contingent_cash	2026Q3 / upside	0.00 USD_millions	assumption: Desk cash-election/timing scenario; differs from service payments and recognized fair value. Actual payment can be shares or zero.
Preferred, purchase price and earnout cash upside_2026q3_below_fcf	2026Q3 / upside	172.97 USD_millions	derived: Distinct cash claims, not GAAP operating expense. Formula: sum(upside_2026q3_preferred_cash, upside_2026q3_acquisition_cash, upside_2026q3_contingent_cash).
Cash after acquisition and preferred claims upside_2026q3_cash_after_claims	2026Q3 / upside	-167.83 USD_millions	derived: Before debt principal, new financing, ordinary award withholding and discretionary repurchases. Formula: subtract(upside_2026q3_fcf, upside_2026q3_below_fcf).
H1 plus Q3 pre-AWM revenue upside_2026q4_through_q3	2026Q4 / upside	905.48 USD_millions	derived: Preserves actual H1. Formula: sum(h1_revenue, upside_2026q3_core_revenue).
Revenue excluding AWM upside_2026q4_core_revenue	2026Q4 / upside	644.52 USD_millions	derived: Q4 delivery requirement to meet annual scenario. Formula: subtract(upside_core_target, upside_2026q4_through_q3).
Consolidated AWM revenue upside_2026q4_awm_revenue	2026Q4 / upside	21.00 USD_millions	assumption: September only in Q3 following August 31 close; future quarters are independent desk sales assumptions.
Consolidated revenue upside_2026q4_revenue	2026Q4 / upside	665.52 USD_millions	derived: Guided pre-AWM perimeter plus new business once. Formula: sum(upside_2026q4_core_revenue, upside_2026q4_awm_revenue).
H1 plus Q3 pre-AWM EBITDA upside_2026q4_eb_through_q3	2026Q4 / upside	146.49 USD_millions	derived: Actual H1 plus modeled Q3. Formula: sum(h1_adjusted_ebitda, upside_2026q3_core_ebitda).
Pre-AWM adjusted EBITDA upside_2026q4_core_ebitda	2026Q4 / upside	103.51 USD_millions	derived: Q4 residual to annual EBITDA scenario. Formula: subtract(upside_eb_target, upside_2026q4_eb_through_q3).
H1 plus Q3 pre-AWM adjusted GP upside_2026q4_gp_through_q3	2026Q4 / upside	270.82 USD_millions	derived: Actual H1 plus Q3. Formula: sum(h1_adjusted_gp, upside_2026q3_core_adjusted_gp).
Pre-AWM adjusted gross profit upside_2026q4_core_adjusted_gp	2026Q4 / upside	170.93 USD_millions	derived: Annual margin requirement drives the Q4 residual. Formula: subtract(upside_gp_target, upside_2026q4_gp_through_q3).
AWM EBITDA margin upside_2026q4_awm_eb_margin	2026Q4 / upside	40.0% ratio	assumption: Desk assumption, not company guidance.
AWM EBITDA contribution upside_2026q4_awm_ebitda	2026Q4 / upside	8.40 USD_millions	derived: Desk contribution before integration and compensation exclusions. Formula: multiply(upside_2026q4_awm_revenue, upside_2026q4_awm_eb_margin).
Consolidated adjusted EBITDA upside_2026q4_adjusted_ebitda	2026Q4 / upside	111.91 USD_millions	derived: Proxy for combined perimeter; not updated company guidance. Formula: sum(upside_2026q4_core_ebitda, upside_2026q4_awm_ebitda).
AWM gross margin upside_2026q4_awm_gm	2026Q4 / upside	52.0% ratio	assumption: Desk assumption, not company guidance.
AWM gross profit before acquisition accounting upside_2026q4_awm_gp	2026Q4 / upside	10.92 USD_millions	derived: Desk gross margin; acquisition allocation not yet disclosed. Formula: multiply(upside_2026q4_awm_revenue, upside_2026q4_awm_gm).
Acquired amortization/step-up in COGS upside_2026q4_cogs_amort	2026Q4 / upside	6.70 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted consolidated gross profit upside_2026q4_combined_gp	2026Q4 / upside	181.85 USD_millions	derived: Each business once. Formula: sum(upside_2026q4_core_adjusted_gp, upside_2026q4_awm_gp).
GAAP gross profit proxy upside_2026q4_gross_profit	2026Q4 / upside	175.15 USD_millions	derived: Provisional acquisition accounting allowance. Formula: subtract(upside_2026q4_combined_gp, upside_2026q4_cogs_amort).
APA service-linked compensation expense upside_2026q4_apa_service_expense	2026Q4 / upside	5.00 USD_millions	assumption: Desk assumption, not company guidance.
AWM service-linked compensation expense upside_2026q4_awm_service_expense	2026Q4 / upside	1.25 USD_millions	assumption: Desk straight-line two-year service period; final accounting pending.
Combined service-linked compensation upside_2026q4_retention_expense	2026Q4 / upside	6.25 USD_millions	derived: Excluded from adjusted EBITDA proxy but real compensation cost. Formula: sum(upside_2026q4_apa_service_expense, upside_2026q4_awm_service_expense).
Integration and other cash acquisition expense upside_2026q4_special_cash	2026Q4 / upside	2.50 USD_millions	assumption: Desk assumption, not company guidance.
Ordinary equity compensation upside_2026q4_sbc	2026Q4 / upside	5.30 USD_millions	assumption: Desk assumption, not company guidance.
Other depreciation/amortization upside_2026q4_other_da	2026Q4 / upside	11.50 USD_millions	assumption: Desk assumption, not company guidance.
Total depreciation and acquired amortization upside_2026q4_da	2026Q4 / upside	18.20 USD_millions	derived: Provisional allowance; no goodwill amortization. Formula: sum(upside_2026q4_cogs_amort, upside_2026q4_other_da).
EBITDA-to-GAAP operating costs upside_2026q4_ebitda_to_gaap	2026Q4 / upside	32.25 USD_millions	derived: No recurring fair-value gain assumed. Formula: sum(upside_2026q4_retention_expense, upside_2026q4_special_cash, upside_2026q4_sbc, upside_2026q4_da).
GAAP operating income proxy upside_2026q4_operating_income	2026Q4 / upside	79.66 USD_millions	derived: Cash special costs and SBC are not omitted from operating economics. Formula: subtract(upside_2026q4_adjusted_ebitda, upside_2026q4_ebitda_to_gaap).
APA service cash settlement upside_2026q4_apa_service_cash	2026Q4 / upside	13.81 USD_millions	assumption: All-cash desk election: first anniversary, December 31 elapsed-service installment, then remaining second anniversary; employment conditions apply.
AWM service cash settlement upside_2026q4_awm_service_cash	2026Q4 / upside	0.00 USD_millions	assumption: First anniversary payment assumes continued employment and cash rather than shares.
Convertible cash coupon upside_2026q4_debt_coupon	2026Q4 / upside	1.62 USD_millions	assumption: 2031 notes pay January/July; 2028 notes June/December. No principal maturity within this horizon.
Cash investment income upside_2026q4_investment_income	2026Q4 / upside	1.20 USD_millions	assumption: Desk assumption, not company guidance.
Cash before financing costs, taxes and working capital upside_2026q4_cash_before_uses	2026Q4 / upside	110.61 USD_millions	derived: Reverse accrued retention expense, then deduct contractual-scenario payments. Formula: sum(upside_2026q4_operating_income, upside_2026q4_sbc, upside_2026q4_da, upside_2026q4_retention_expense, upside_2026q4_investment_income).
Other borrowing and bank cash cost upside_2026q4_other_interest	2026Q4 / upside	0.40 USD_millions	assumption: Desk assumption, not company guidance.
Cash taxes upside_2026q4_cash_tax	2026Q4 / upside	16.00 USD_millions	assumption: Desk assumption, not company guidance.
Additional special-cost deduction upside_2026q4_no_extra_special	2026Q4 / upside	0.00 USD_millions	assumption: Special expense is already cash in operating profit; no second deduction.
Interest, tax and service-linked cash uses upside_2026q4_cash_uses	2026Q4 / upside	31.83 USD_millions	derived: Purchase consideration and preferred dividends remain below FCF. Formula: sum(upside_2026q4_apa_service_cash, upside_2026q4_awm_service_cash, upside_2026q4_debt_coupon, upside_2026q4_other_interest, upside_2026q4_cash_tax, upside_2026q4_no_extra_special).
Cash before operating working capital upside_2026q4_cash_before_wc	2026Q4 / upside	78.78 USD_millions	derived: Includes service compensation once in cash. Formula: subtract(upside_2026q4_cash_before_uses, upside_2026q4_cash_uses).
Net working-capital cash source upside_2026q4_wc_source	2026Q4 / upside	-50.00 USD_millions	assumption: Desk customer/deposit, inventory, vendor-rebate and warranty cash timing; Q4 delivery collections partly spill into Q1.
Operating cash flow proxy upside_2026q4_cfo	2026Q4 / upside	28.78 USD_millions	derived: No automatic collection of all rebate receivables. Formula: sum(upside_2026q4_cash_before_wc, upside_2026q4_wc_source).
PP&E cash spending upside_2026q4_capex	2026Q4 / upside	8.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less capex upside_2026q4_fcf	2026Q4 / upside	20.78 USD_millions	derived: Before acquisition price and senior capital cash. Formula: subtract(upside_2026q4_cfo, upside_2026q4_capex).
Preferred liquidation proxy upside_2026q4_preferred_base	2026Q4 / upside	510.00 USD_millions	assumption: June $506.4M plus desk accrual through the August cash transition; not a reported closing balance.
Cash dividend rate upside_2026q4_preferred_rate	2026Q4 / upside	6.2% ratio	assumption: 6.25% after fifth anniversary; 6.75% after August 10, 2027; Q3 2027 blended.
Quarter year fraction upside_2026q4_quarter	2026Q4 / upside	25.0% ratio	assumption: Desk assumption, not company guidance.
Preferred cash dividend allowance upside_2026q4_preferred_cash	2026Q4 / upside	7.97 USD_millions	derived: Conservative full-quarter Q3 2026 cash allowance; exact declaration/payment calendar not assumed. Formula: multiply(upside_2026q4_preferred_base, upside_2026q4_preferred_rate, upside_2026q4_quarter).
Upfront AWM purchase cash upside_2026q4_acquisition_cash	2026Q4 / upside	0.00 USD_millions	assumption: August 31 close: approximate $165M cash, subject to settlement. Not repeated in subsequent quarters.
APA and AWM contingent purchase payments upside_2026q4_contingent_cash	2026Q4 / upside	12.00 USD_millions	assumption: Desk cash-election/timing scenario; differs from service payments and recognized fair value. Actual payment can be shares or zero.
Preferred, purchase price and earnout cash upside_2026q4_below_fcf	2026Q4 / upside	19.97 USD_millions	derived: Distinct cash claims, not GAAP operating expense. Formula: sum(upside_2026q4_preferred_cash, upside_2026q4_acquisition_cash, upside_2026q4_contingent_cash).
Cash after acquisition and preferred claims upside_2026q4_cash_after_claims	2026Q4 / upside	0.81 USD_millions	derived: Before debt principal, new financing, ordinary award withholding and discretionary repurchases. Formula: subtract(upside_2026q4_fcf, upside_2026q4_below_fcf).
Pre-AWM business expansion upside_2027q1_core_growth	2027Q1 / upside	120.0% ratio	assumption: Desk assumption, not company guidance.
Annual quarter share upside_2027q1_core_season	2027Q1 / upside	21.0% ratio	assumption: Desk assumption, not company guidance.
Revenue excluding AWM upside_2027q1_core_revenue	2027Q1 / upside	390.60 USD_millions	derived: Organic and existing APA expansion; no new AWM inside core. Formula: multiply(upside_core_target, upside_2027q1_core_growth, upside_2027q1_core_season).
Consolidated AWM revenue upside_2027q1_awm_revenue	2027Q1 / upside	21.00 USD_millions	assumption: September only in Q3 following August 31 close; future quarters are independent desk sales assumptions.
Consolidated revenue upside_2027q1_revenue	2027Q1 / upside	411.60 USD_millions	derived: Guided pre-AWM perimeter plus new business once. Formula: sum(upside_2027q1_core_revenue, upside_2027q1_awm_revenue).
Pre-AWM EBITDA margin upside_2027q1_core_eb_margin	2027Q1 / upside	18.0% ratio	assumption: Desk assumption, not company guidance.
Pre-AWM adjusted EBITDA upside_2027q1_core_ebitda	2027Q1 / upside	70.31 USD_millions	derived: Desk cost conversion; prior APA is already included. Formula: multiply(upside_2027q1_core_revenue, upside_2027q1_core_eb_margin).
Adjusted gross margin upside_2027q1_core_gp_margin	2027Q1 / upside	28.5% ratio	assumption: Desk assumption, not company guidance.
Pre-AWM adjusted gross profit upside_2027q1_core_adjusted_gp	2027Q1 / upside	111.32 USD_millions	derived: Includes vendor rebates and own credits; no extra subsidy revenue. Formula: multiply(upside_2027q1_core_revenue, upside_2027q1_core_gp_margin).
AWM EBITDA margin upside_2027q1_awm_eb_margin	2027Q1 / upside	40.0% ratio	assumption: Desk assumption, not company guidance.
AWM EBITDA contribution upside_2027q1_awm_ebitda	2027Q1 / upside	8.40 USD_millions	derived: Desk contribution before integration and compensation exclusions. Formula: multiply(upside_2027q1_awm_revenue, upside_2027q1_awm_eb_margin).
Consolidated adjusted EBITDA upside_2027q1_adjusted_ebitda	2027Q1 / upside	78.71 USD_millions	derived: Proxy for combined perimeter; not updated company guidance. Formula: sum(upside_2027q1_core_ebitda, upside_2027q1_awm_ebitda).
AWM gross margin upside_2027q1_awm_gm	2027Q1 / upside	52.0% ratio	assumption: Desk assumption, not company guidance.
AWM gross profit before acquisition accounting upside_2027q1_awm_gp	2027Q1 / upside	10.92 USD_millions	derived: Desk gross margin; acquisition allocation not yet disclosed. Formula: multiply(upside_2027q1_awm_revenue, upside_2027q1_awm_gm).
Acquired amortization/step-up in COGS upside_2027q1_cogs_amort	2027Q1 / upside	6.70 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted consolidated gross profit upside_2027q1_combined_gp	2027Q1 / upside	122.24 USD_millions	derived: Each business once. Formula: sum(upside_2027q1_core_adjusted_gp, upside_2027q1_awm_gp).
GAAP gross profit proxy upside_2027q1_gross_profit	2027Q1 / upside	115.54 USD_millions	derived: Provisional acquisition accounting allowance. Formula: subtract(upside_2027q1_combined_gp, upside_2027q1_cogs_amort).
APA service-linked compensation expense upside_2027q1_apa_service_expense	2027Q1 / upside	5.00 USD_millions	assumption: Desk assumption, not company guidance.
AWM service-linked compensation expense upside_2027q1_awm_service_expense	2027Q1 / upside	1.25 USD_millions	assumption: Desk straight-line two-year service period; final accounting pending.
Combined service-linked compensation upside_2027q1_retention_expense	2027Q1 / upside	6.25 USD_millions	derived: Excluded from adjusted EBITDA proxy but real compensation cost. Formula: sum(upside_2027q1_apa_service_expense, upside_2027q1_awm_service_expense).
Integration and other cash acquisition expense upside_2027q1_special_cash	2027Q1 / upside	1.00 USD_millions	assumption: Desk assumption, not company guidance.
Ordinary equity compensation upside_2027q1_sbc	2027Q1 / upside	5.60 USD_millions	assumption: Desk assumption, not company guidance.
Other depreciation/amortization upside_2027q1_other_da	2027Q1 / upside	12.00 USD_millions	assumption: Desk assumption, not company guidance.
Total depreciation and acquired amortization upside_2027q1_da	2027Q1 / upside	18.70 USD_millions	derived: Provisional allowance; no goodwill amortization. Formula: sum(upside_2027q1_cogs_amort, upside_2027q1_other_da).
EBITDA-to-GAAP operating costs upside_2027q1_ebitda_to_gaap	2027Q1 / upside	31.55 USD_millions	derived: No recurring fair-value gain assumed. Formula: sum(upside_2027q1_retention_expense, upside_2027q1_special_cash, upside_2027q1_sbc, upside_2027q1_da).
GAAP operating income proxy upside_2027q1_operating_income	2027Q1 / upside	47.16 USD_millions	derived: Cash special costs and SBC are not omitted from operating economics. Formula: subtract(upside_2027q1_adjusted_ebitda, upside_2027q1_ebitda_to_gaap).
APA service cash settlement upside_2027q1_apa_service_cash	2027Q1 / upside	0.00 USD_millions	assumption: All-cash desk election: first anniversary, December 31 elapsed-service installment, then remaining second anniversary; employment conditions apply.
AWM service cash settlement upside_2027q1_awm_service_cash	2027Q1 / upside	0.00 USD_millions	assumption: First anniversary payment assumes continued employment and cash rather than shares.
Convertible cash coupon upside_2027q1_debt_coupon	2027Q1 / upside	4.96 USD_millions	assumption: 2031 notes pay January/July; 2028 notes June/December. No principal maturity within this horizon.
Cash investment income upside_2027q1_investment_income	2027Q1 / upside	1.20 USD_millions	assumption: Desk assumption, not company guidance.
Cash before financing costs, taxes and working capital upside_2027q1_cash_before_uses	2027Q1 / upside	78.91 USD_millions	derived: Reverse accrued retention expense, then deduct contractual-scenario payments. Formula: sum(upside_2027q1_operating_income, upside_2027q1_sbc, upside_2027q1_da, upside_2027q1_retention_expense, upside_2027q1_investment_income).
Other borrowing and bank cash cost upside_2027q1_other_interest	2027Q1 / upside	0.40 USD_millions	assumption: Desk assumption, not company guidance.
Cash taxes upside_2027q1_cash_tax	2027Q1 / upside	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Additional special-cost deduction upside_2027q1_no_extra_special	2027Q1 / upside	0.00 USD_millions	assumption: Special expense is already cash in operating profit; no second deduction.
Interest, tax and service-linked cash uses upside_2027q1_cash_uses	2027Q1 / upside	15.36 USD_millions	derived: Purchase consideration and preferred dividends remain below FCF. Formula: sum(upside_2027q1_apa_service_cash, upside_2027q1_awm_service_cash, upside_2027q1_debt_coupon, upside_2027q1_other_interest, upside_2027q1_cash_tax, upside_2027q1_no_extra_special).
Cash before operating working capital upside_2027q1_cash_before_wc	2027Q1 / upside	63.55 USD_millions	derived: Includes service compensation once in cash. Formula: subtract(upside_2027q1_cash_before_uses, upside_2027q1_cash_uses).
Net working-capital cash source upside_2027q1_wc_source	2027Q1 / upside	55.00 USD_millions	assumption: Desk customer/deposit, inventory, vendor-rebate and warranty cash timing; Q4 delivery collections partly spill into Q1.
Operating cash flow proxy upside_2027q1_cfo	2027Q1 / upside	118.55 USD_millions	derived: No automatic collection of all rebate receivables. Formula: sum(upside_2027q1_cash_before_wc, upside_2027q1_wc_source).
PP&E cash spending upside_2027q1_capex	2027Q1 / upside	9.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less capex upside_2027q1_fcf	2027Q1 / upside	109.55 USD_millions	derived: Before acquisition price and senior capital cash. Formula: subtract(upside_2027q1_cfo, upside_2027q1_capex).
Preferred liquidation proxy upside_2027q1_preferred_base	2027Q1 / upside	510.00 USD_millions	assumption: June $506.4M plus desk accrual through the August cash transition; not a reported closing balance.
Cash dividend rate upside_2027q1_preferred_rate	2027Q1 / upside	6.2% ratio	assumption: 6.25% after fifth anniversary; 6.75% after August 10, 2027; Q3 2027 blended.
Quarter year fraction upside_2027q1_quarter	2027Q1 / upside	25.0% ratio	assumption: Desk assumption, not company guidance.
Preferred cash dividend allowance upside_2027q1_preferred_cash	2027Q1 / upside	7.97 USD_millions	derived: Conservative full-quarter Q3 2026 cash allowance; exact declaration/payment calendar not assumed. Formula: multiply(upside_2027q1_preferred_base, upside_2027q1_preferred_rate, upside_2027q1_quarter).
Upfront AWM purchase cash upside_2027q1_acquisition_cash	2027Q1 / upside	0.00 USD_millions	assumption: August 31 close: approximate $165M cash, subject to settlement. Not repeated in subsequent quarters.
APA and AWM contingent purchase payments upside_2027q1_contingent_cash	2027Q1 / upside	8.00 USD_millions	assumption: Desk cash-election/timing scenario; differs from service payments and recognized fair value. Actual payment can be shares or zero.
Preferred, purchase price and earnout cash upside_2027q1_below_fcf	2027Q1 / upside	15.97 USD_millions	derived: Distinct cash claims, not GAAP operating expense. Formula: sum(upside_2027q1_preferred_cash, upside_2027q1_acquisition_cash, upside_2027q1_contingent_cash).
Cash after acquisition and preferred claims upside_2027q1_cash_after_claims	2027Q1 / upside	93.58 USD_millions	derived: Before debt principal, new financing, ordinary award withholding and discretionary repurchases. Formula: subtract(upside_2027q1_fcf, upside_2027q1_below_fcf).
Pre-AWM business expansion upside_2027q2_core_growth	2027Q2 / upside	120.0% ratio	assumption: Desk assumption, not company guidance.
Annual quarter share upside_2027q2_core_season	2027Q2 / upside	25.0% ratio	assumption: Desk assumption, not company guidance.
Revenue excluding AWM upside_2027q2_core_revenue	2027Q2 / upside	465.00 USD_millions	derived: Organic and existing APA expansion; no new AWM inside core. Formula: multiply(upside_core_target, upside_2027q2_core_growth, upside_2027q2_core_season).
Consolidated AWM revenue upside_2027q2_awm_revenue	2027Q2 / upside	23.00 USD_millions	assumption: September only in Q3 following August 31 close; future quarters are independent desk sales assumptions.
Consolidated revenue upside_2027q2_revenue	2027Q2 / upside	488.00 USD_millions	derived: Guided pre-AWM perimeter plus new business once. Formula: sum(upside_2027q2_core_revenue, upside_2027q2_awm_revenue).
Pre-AWM EBITDA margin upside_2027q2_core_eb_margin	2027Q2 / upside	18.0% ratio	assumption: Desk assumption, not company guidance.
Pre-AWM adjusted EBITDA upside_2027q2_core_ebitda	2027Q2 / upside	83.70 USD_millions	derived: Desk cost conversion; prior APA is already included. Formula: multiply(upside_2027q2_core_revenue, upside_2027q2_core_eb_margin).
Adjusted gross margin upside_2027q2_core_gp_margin	2027Q2 / upside	28.5% ratio	assumption: Desk assumption, not company guidance.
Pre-AWM adjusted gross profit upside_2027q2_core_adjusted_gp	2027Q2 / upside	132.52 USD_millions	derived: Includes vendor rebates and own credits; no extra subsidy revenue. Formula: multiply(upside_2027q2_core_revenue, upside_2027q2_core_gp_margin).
AWM EBITDA margin upside_2027q2_awm_eb_margin	2027Q2 / upside	40.0% ratio	assumption: Desk assumption, not company guidance.
AWM EBITDA contribution upside_2027q2_awm_ebitda	2027Q2 / upside	9.20 USD_millions	derived: Desk contribution before integration and compensation exclusions. Formula: multiply(upside_2027q2_awm_revenue, upside_2027q2_awm_eb_margin).
Consolidated adjusted EBITDA upside_2027q2_adjusted_ebitda	2027Q2 / upside	92.90 USD_millions	derived: Proxy for combined perimeter; not updated company guidance. Formula: sum(upside_2027q2_core_ebitda, upside_2027q2_awm_ebitda).
AWM gross margin upside_2027q2_awm_gm	2027Q2 / upside	52.0% ratio	assumption: Desk assumption, not company guidance.
AWM gross profit before acquisition accounting upside_2027q2_awm_gp	2027Q2 / upside	11.96 USD_millions	derived: Desk gross margin; acquisition allocation not yet disclosed. Formula: multiply(upside_2027q2_awm_revenue, upside_2027q2_awm_gm).
Acquired amortization/step-up in COGS upside_2027q2_cogs_amort	2027Q2 / upside	6.70 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted consolidated gross profit upside_2027q2_combined_gp	2027Q2 / upside	144.48 USD_millions	derived: Each business once. Formula: sum(upside_2027q2_core_adjusted_gp, upside_2027q2_awm_gp).
GAAP gross profit proxy upside_2027q2_gross_profit	2027Q2 / upside	137.78 USD_millions	derived: Provisional acquisition accounting allowance. Formula: subtract(upside_2027q2_combined_gp, upside_2027q2_cogs_amort).
APA service-linked compensation expense upside_2027q2_apa_service_expense	2027Q2 / upside	5.00 USD_millions	assumption: Desk assumption, not company guidance.
AWM service-linked compensation expense upside_2027q2_awm_service_expense	2027Q2 / upside	1.25 USD_millions	assumption: Desk straight-line two-year service period; final accounting pending.
Combined service-linked compensation upside_2027q2_retention_expense	2027Q2 / upside	6.25 USD_millions	derived: Excluded from adjusted EBITDA proxy but real compensation cost. Formula: sum(upside_2027q2_apa_service_expense, upside_2027q2_awm_service_expense).
Integration and other cash acquisition expense upside_2027q2_special_cash	2027Q2 / upside	1.00 USD_millions	assumption: Desk assumption, not company guidance.
Ordinary equity compensation upside_2027q2_sbc	2027Q2 / upside	5.90 USD_millions	assumption: Desk assumption, not company guidance.
Other depreciation/amortization upside_2027q2_other_da	2027Q2 / upside	12.00 USD_millions	assumption: Desk assumption, not company guidance.
Total depreciation and acquired amortization upside_2027q2_da	2027Q2 / upside	18.70 USD_millions	derived: Provisional allowance; no goodwill amortization. Formula: sum(upside_2027q2_cogs_amort, upside_2027q2_other_da).
EBITDA-to-GAAP operating costs upside_2027q2_ebitda_to_gaap	2027Q2 / upside	31.85 USD_millions	derived: No recurring fair-value gain assumed. Formula: sum(upside_2027q2_retention_expense, upside_2027q2_special_cash, upside_2027q2_sbc, upside_2027q2_da).
GAAP operating income proxy upside_2027q2_operating_income	2027Q2 / upside	61.05 USD_millions	derived: Cash special costs and SBC are not omitted from operating economics. Formula: subtract(upside_2027q2_adjusted_ebitda, upside_2027q2_ebitda_to_gaap).
APA service cash settlement upside_2027q2_apa_service_cash	2027Q2 / upside	0.00 USD_millions	assumption: All-cash desk election: first anniversary, December 31 elapsed-service installment, then remaining second anniversary; employment conditions apply.
AWM service cash settlement upside_2027q2_awm_service_cash	2027Q2 / upside	0.00 USD_millions	assumption: First anniversary payment assumes continued employment and cash rather than shares.
Convertible cash coupon upside_2027q2_debt_coupon	2027Q2 / upside	1.62 USD_millions	assumption: 2031 notes pay January/July; 2028 notes June/December. No principal maturity within this horizon.
Cash investment income upside_2027q2_investment_income	2027Q2 / upside	1.20 USD_millions	assumption: Desk assumption, not company guidance.
Cash before financing costs, taxes and working capital upside_2027q2_cash_before_uses	2027Q2 / upside	93.10 USD_millions	derived: Reverse accrued retention expense, then deduct contractual-scenario payments. Formula: sum(upside_2027q2_operating_income, upside_2027q2_sbc, upside_2027q2_da, upside_2027q2_retention_expense, upside_2027q2_investment_income).
Other borrowing and bank cash cost upside_2027q2_other_interest	2027Q2 / upside	0.40 USD_millions	assumption: Desk assumption, not company guidance.
Cash taxes upside_2027q2_cash_tax	2027Q2 / upside	12.00 USD_millions	assumption: Desk assumption, not company guidance.
Additional special-cost deduction upside_2027q2_no_extra_special	2027Q2 / upside	0.00 USD_millions	assumption: Special expense is already cash in operating profit; no second deduction.
Interest, tax and service-linked cash uses upside_2027q2_cash_uses	2027Q2 / upside	14.03 USD_millions	derived: Purchase consideration and preferred dividends remain below FCF. Formula: sum(upside_2027q2_apa_service_cash, upside_2027q2_awm_service_cash, upside_2027q2_debt_coupon, upside_2027q2_other_interest, upside_2027q2_cash_tax, upside_2027q2_no_extra_special).
Cash before operating working capital upside_2027q2_cash_before_wc	2027Q2 / upside	79.08 USD_millions	derived: Includes service compensation once in cash. Formula: subtract(upside_2027q2_cash_before_uses, upside_2027q2_cash_uses).
Net working-capital cash source upside_2027q2_wc_source	2027Q2 / upside	5.00 USD_millions	assumption: Desk customer/deposit, inventory, vendor-rebate and warranty cash timing; Q4 delivery collections partly spill into Q1.
Operating cash flow proxy upside_2027q2_cfo	2027Q2 / upside	84.08 USD_millions	derived: No automatic collection of all rebate receivables. Formula: sum(upside_2027q2_cash_before_wc, upside_2027q2_wc_source).
PP&E cash spending upside_2027q2_capex	2027Q2 / upside	9.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less capex upside_2027q2_fcf	2027Q2 / upside	75.08 USD_millions	derived: Before acquisition price and senior capital cash. Formula: subtract(upside_2027q2_cfo, upside_2027q2_capex).
Preferred liquidation proxy upside_2027q2_preferred_base	2027Q2 / upside	510.00 USD_millions	assumption: June $506.4M plus desk accrual through the August cash transition; not a reported closing balance.
Cash dividend rate upside_2027q2_preferred_rate	2027Q2 / upside	6.2% ratio	assumption: 6.25% after fifth anniversary; 6.75% after August 10, 2027; Q3 2027 blended.
Quarter year fraction upside_2027q2_quarter	2027Q2 / upside	25.0% ratio	assumption: Desk assumption, not company guidance.
Preferred cash dividend allowance upside_2027q2_preferred_cash	2027Q2 / upside	7.97 USD_millions	derived: Conservative full-quarter Q3 2026 cash allowance; exact declaration/payment calendar not assumed. Formula: multiply(upside_2027q2_preferred_base, upside_2027q2_preferred_rate, upside_2027q2_quarter).
Upfront AWM purchase cash upside_2027q2_acquisition_cash	2027Q2 / upside	0.00 USD_millions	assumption: August 31 close: approximate $165M cash, subject to settlement. Not repeated in subsequent quarters.
APA and AWM contingent purchase payments upside_2027q2_contingent_cash	2027Q2 / upside	0.00 USD_millions	assumption: Desk cash-election/timing scenario; differs from service payments and recognized fair value. Actual payment can be shares or zero.
Preferred, purchase price and earnout cash upside_2027q2_below_fcf	2027Q2 / upside	7.97 USD_millions	derived: Distinct cash claims, not GAAP operating expense. Formula: sum(upside_2027q2_preferred_cash, upside_2027q2_acquisition_cash, upside_2027q2_contingent_cash).
Cash after acquisition and preferred claims upside_2027q2_cash_after_claims	2027Q2 / upside	67.11 USD_millions	derived: Before debt principal, new financing, ordinary award withholding and discretionary repurchases. Formula: subtract(upside_2027q2_fcf, upside_2027q2_below_fcf).
Pre-AWM business expansion upside_2027q3_core_growth	2027Q3 / upside	120.0% ratio	assumption: Desk assumption, not company guidance.
Annual quarter share upside_2027q3_core_season	2027Q3 / upside	24.0% ratio	assumption: Desk assumption, not company guidance.
Revenue excluding AWM upside_2027q3_core_revenue	2027Q3 / upside	446.40 USD_millions	derived: Organic and existing APA expansion; no new AWM inside core. Formula: multiply(upside_core_target, upside_2027q3_core_growth, upside_2027q3_core_season).
Consolidated AWM revenue upside_2027q3_awm_revenue	2027Q3 / upside	25.00 USD_millions	assumption: September only in Q3 following August 31 close; future quarters are independent desk sales assumptions.
Consolidated revenue upside_2027q3_revenue	2027Q3 / upside	471.40 USD_millions	derived: Guided pre-AWM perimeter plus new business once. Formula: sum(upside_2027q3_core_revenue, upside_2027q3_awm_revenue).
Pre-AWM EBITDA margin upside_2027q3_core_eb_margin	2027Q3 / upside	18.0% ratio	assumption: Desk assumption, not company guidance.
Pre-AWM adjusted EBITDA upside_2027q3_core_ebitda	2027Q3 / upside	80.35 USD_millions	derived: Desk cost conversion; prior APA is already included. Formula: multiply(upside_2027q3_core_revenue, upside_2027q3_core_eb_margin).
Adjusted gross margin upside_2027q3_core_gp_margin	2027Q3 / upside	28.5% ratio	assumption: Desk assumption, not company guidance.
Pre-AWM adjusted gross profit upside_2027q3_core_adjusted_gp	2027Q3 / upside	127.22 USD_millions	derived: Includes vendor rebates and own credits; no extra subsidy revenue. Formula: multiply(upside_2027q3_core_revenue, upside_2027q3_core_gp_margin).
AWM EBITDA margin upside_2027q3_awm_eb_margin	2027Q3 / upside	40.0% ratio	assumption: Desk assumption, not company guidance.
AWM EBITDA contribution upside_2027q3_awm_ebitda	2027Q3 / upside	10.00 USD_millions	derived: Desk contribution before integration and compensation exclusions. Formula: multiply(upside_2027q3_awm_revenue, upside_2027q3_awm_eb_margin).
Consolidated adjusted EBITDA upside_2027q3_adjusted_ebitda	2027Q3 / upside	90.35 USD_millions	derived: Proxy for combined perimeter; not updated company guidance. Formula: sum(upside_2027q3_core_ebitda, upside_2027q3_awm_ebitda).
AWM gross margin upside_2027q3_awm_gm	2027Q3 / upside	52.0% ratio	assumption: Desk assumption, not company guidance.
AWM gross profit before acquisition accounting upside_2027q3_awm_gp	2027Q3 / upside	13.00 USD_millions	derived: Desk gross margin; acquisition allocation not yet disclosed. Formula: multiply(upside_2027q3_awm_revenue, upside_2027q3_awm_gm).
Acquired amortization/step-up in COGS upside_2027q3_cogs_amort	2027Q3 / upside	6.70 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted consolidated gross profit upside_2027q3_combined_gp	2027Q3 / upside	140.22 USD_millions	derived: Each business once. Formula: sum(upside_2027q3_core_adjusted_gp, upside_2027q3_awm_gp).
GAAP gross profit proxy upside_2027q3_gross_profit	2027Q3 / upside	133.52 USD_millions	derived: Provisional acquisition accounting allowance. Formula: subtract(upside_2027q3_combined_gp, upside_2027q3_cogs_amort).
APA service-linked compensation expense upside_2027q3_apa_service_expense	2027Q3 / upside	2.50 USD_millions	assumption: Desk assumption, not company guidance.
AWM service-linked compensation expense upside_2027q3_awm_service_expense	2027Q3 / upside	1.25 USD_millions	assumption: Desk straight-line two-year service period; final accounting pending.
Combined service-linked compensation upside_2027q3_retention_expense	2027Q3 / upside	3.75 USD_millions	derived: Excluded from adjusted EBITDA proxy but real compensation cost. Formula: sum(upside_2027q3_apa_service_expense, upside_2027q3_awm_service_expense).
Integration and other cash acquisition expense upside_2027q3_special_cash	2027Q3 / upside	1.00 USD_millions	assumption: Desk assumption, not company guidance.
Ordinary equity compensation upside_2027q3_sbc	2027Q3 / upside	6.20 USD_millions	assumption: Desk assumption, not company guidance.
Other depreciation/amortization upside_2027q3_other_da	2027Q3 / upside	12.00 USD_millions	assumption: Desk assumption, not company guidance.
Total depreciation and acquired amortization upside_2027q3_da	2027Q3 / upside	18.70 USD_millions	derived: Provisional allowance; no goodwill amortization. Formula: sum(upside_2027q3_cogs_amort, upside_2027q3_other_da).
EBITDA-to-GAAP operating costs upside_2027q3_ebitda_to_gaap	2027Q3 / upside	29.65 USD_millions	derived: No recurring fair-value gain assumed. Formula: sum(upside_2027q3_retention_expense, upside_2027q3_special_cash, upside_2027q3_sbc, upside_2027q3_da).
GAAP operating income proxy upside_2027q3_operating_income	2027Q3 / upside	60.70 USD_millions	derived: Cash special costs and SBC are not omitted from operating economics. Formula: subtract(upside_2027q3_adjusted_ebitda, upside_2027q3_ebitda_to_gaap).
APA service cash settlement upside_2027q3_apa_service_cash	2027Q3 / upside	6.19 USD_millions	assumption: All-cash desk election: first anniversary, December 31 elapsed-service installment, then remaining second anniversary; employment conditions apply.
AWM service cash settlement upside_2027q3_awm_service_cash	2027Q3 / upside	5.00 USD_millions	assumption: First anniversary payment assumes continued employment and cash rather than shares.
Convertible cash coupon upside_2027q3_debt_coupon	2027Q3 / upside	4.96 USD_millions	assumption: 2031 notes pay January/July; 2028 notes June/December. No principal maturity within this horizon.
Cash investment income upside_2027q3_investment_income	2027Q3 / upside	1.20 USD_millions	assumption: Desk assumption, not company guidance.
Cash before financing costs, taxes and working capital upside_2027q3_cash_before_uses	2027Q3 / upside	90.55 USD_millions	derived: Reverse accrued retention expense, then deduct contractual-scenario payments. Formula: sum(upside_2027q3_operating_income, upside_2027q3_sbc, upside_2027q3_da, upside_2027q3_retention_expense, upside_2027q3_investment_income).
Other borrowing and bank cash cost upside_2027q3_other_interest	2027Q3 / upside	0.40 USD_millions	assumption: Desk assumption, not company guidance.
Cash taxes upside_2027q3_cash_tax	2027Q3 / upside	12.00 USD_millions	assumption: Desk assumption, not company guidance.
Additional special-cost deduction upside_2027q3_no_extra_special	2027Q3 / upside	0.00 USD_millions	assumption: Special expense is already cash in operating profit; no second deduction.
Interest, tax and service-linked cash uses upside_2027q3_cash_uses	2027Q3 / upside	28.55 USD_millions	derived: Purchase consideration and preferred dividends remain below FCF. Formula: sum(upside_2027q3_apa_service_cash, upside_2027q3_awm_service_cash, upside_2027q3_debt_coupon, upside_2027q3_other_interest, upside_2027q3_cash_tax, upside_2027q3_no_extra_special).
Cash before operating working capital upside_2027q3_cash_before_wc	2027Q3 / upside	62.00 USD_millions	derived: Includes service compensation once in cash. Formula: subtract(upside_2027q3_cash_before_uses, upside_2027q3_cash_uses).
Net working-capital cash source upside_2027q3_wc_source	2027Q3 / upside	-5.00 USD_millions	assumption: Desk customer/deposit, inventory, vendor-rebate and warranty cash timing; Q4 delivery collections partly spill into Q1.
Operating cash flow proxy upside_2027q3_cfo	2027Q3 / upside	57.00 USD_millions	derived: No automatic collection of all rebate receivables. Formula: sum(upside_2027q3_cash_before_wc, upside_2027q3_wc_source).
PP&E cash spending upside_2027q3_capex	2027Q3 / upside	9.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less capex upside_2027q3_fcf	2027Q3 / upside	48.00 USD_millions	derived: Before acquisition price and senior capital cash. Formula: subtract(upside_2027q3_cfo, upside_2027q3_capex).
Preferred liquidation proxy upside_2027q3_preferred_base	2027Q3 / upside	510.00 USD_millions	assumption: June $506.4M plus desk accrual through the August cash transition; not a reported closing balance.
Cash dividend rate upside_2027q3_preferred_rate	2027Q3 / upside	6.5% ratio	assumption: 6.25% after fifth anniversary; 6.75% after August 10, 2027; Q3 2027 blended.
Quarter year fraction upside_2027q3_quarter	2027Q3 / upside	25.0% ratio	assumption: Desk assumption, not company guidance.
Preferred cash dividend allowance upside_2027q3_preferred_cash	2027Q3 / upside	8.33 USD_millions	derived: Conservative full-quarter Q3 2026 cash allowance; exact declaration/payment calendar not assumed. Formula: multiply(upside_2027q3_preferred_base, upside_2027q3_preferred_rate, upside_2027q3_quarter).
Upfront AWM purchase cash upside_2027q3_acquisition_cash	2027Q3 / upside	0.00 USD_millions	assumption: August 31 close: approximate $165M cash, subject to settlement. Not repeated in subsequent quarters.
APA and AWM contingent purchase payments upside_2027q3_contingent_cash	2027Q3 / upside	0.00 USD_millions	assumption: Desk cash-election/timing scenario; differs from service payments and recognized fair value. Actual payment can be shares or zero.
Preferred, purchase price and earnout cash upside_2027q3_below_fcf	2027Q3 / upside	8.33 USD_millions	derived: Distinct cash claims, not GAAP operating expense. Formula: sum(upside_2027q3_preferred_cash, upside_2027q3_acquisition_cash, upside_2027q3_contingent_cash).
Cash after acquisition and preferred claims upside_2027q3_cash_after_claims	2027Q3 / upside	39.67 USD_millions	derived: Before debt principal, new financing, ordinary award withholding and discretionary repurchases. Formula: subtract(upside_2027q3_fcf, upside_2027q3_below_fcf).
Pre-AWM business expansion upside_2027q4_core_growth	2027Q4 / upside	120.0% ratio	assumption: Desk assumption, not company guidance.
Annual quarter share upside_2027q4_core_season	2027Q4 / upside	30.0% ratio	assumption: Desk assumption, not company guidance.
Revenue excluding AWM upside_2027q4_core_revenue	2027Q4 / upside	558.00 USD_millions	derived: Organic and existing APA expansion; no new AWM inside core. Formula: multiply(upside_core_target, upside_2027q4_core_growth, upside_2027q4_core_season).
Consolidated AWM revenue upside_2027q4_awm_revenue	2027Q4 / upside	28.00 USD_millions	assumption: September only in Q3 following August 31 close; future quarters are independent desk sales assumptions.
Consolidated revenue upside_2027q4_revenue	2027Q4 / upside	586.00 USD_millions	derived: Guided pre-AWM perimeter plus new business once. Formula: sum(upside_2027q4_core_revenue, upside_2027q4_awm_revenue).
Pre-AWM EBITDA margin upside_2027q4_core_eb_margin	2027Q4 / upside	18.0% ratio	assumption: Desk assumption, not company guidance.
Pre-AWM adjusted EBITDA upside_2027q4_core_ebitda	2027Q4 / upside	100.44 USD_millions	derived: Desk cost conversion; prior APA is already included. Formula: multiply(upside_2027q4_core_revenue, upside_2027q4_core_eb_margin).
Adjusted gross margin upside_2027q4_core_gp_margin	2027Q4 / upside	28.5% ratio	assumption: Desk assumption, not company guidance.
Pre-AWM adjusted gross profit upside_2027q4_core_adjusted_gp	2027Q4 / upside	159.03 USD_millions	derived: Includes vendor rebates and own credits; no extra subsidy revenue. Formula: multiply(upside_2027q4_core_revenue, upside_2027q4_core_gp_margin).
AWM EBITDA margin upside_2027q4_awm_eb_margin	2027Q4 / upside	40.0% ratio	assumption: Desk assumption, not company guidance.
AWM EBITDA contribution upside_2027q4_awm_ebitda	2027Q4 / upside	11.20 USD_millions	derived: Desk contribution before integration and compensation exclusions. Formula: multiply(upside_2027q4_awm_revenue, upside_2027q4_awm_eb_margin).
Consolidated adjusted EBITDA upside_2027q4_adjusted_ebitda	2027Q4 / upside	111.64 USD_millions	derived: Proxy for combined perimeter; not updated company guidance. Formula: sum(upside_2027q4_core_ebitda, upside_2027q4_awm_ebitda).
AWM gross margin upside_2027q4_awm_gm	2027Q4 / upside	52.0% ratio	assumption: Desk assumption, not company guidance.
AWM gross profit before acquisition accounting upside_2027q4_awm_gp	2027Q4 / upside	14.56 USD_millions	derived: Desk gross margin; acquisition allocation not yet disclosed. Formula: multiply(upside_2027q4_awm_revenue, upside_2027q4_awm_gm).
Acquired amortization/step-up in COGS upside_2027q4_cogs_amort	2027Q4 / upside	6.70 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted consolidated gross profit upside_2027q4_combined_gp	2027Q4 / upside	173.59 USD_millions	derived: Each business once. Formula: sum(upside_2027q4_core_adjusted_gp, upside_2027q4_awm_gp).
GAAP gross profit proxy upside_2027q4_gross_profit	2027Q4 / upside	166.89 USD_millions	derived: Provisional acquisition accounting allowance. Formula: subtract(upside_2027q4_combined_gp, upside_2027q4_cogs_amort).
APA service-linked compensation expense upside_2027q4_apa_service_expense	2027Q4 / upside	0.00 USD_millions	assumption: Desk assumption, not company guidance.
AWM service-linked compensation expense upside_2027q4_awm_service_expense	2027Q4 / upside	1.25 USD_millions	assumption: Desk straight-line two-year service period; final accounting pending.
Combined service-linked compensation upside_2027q4_retention_expense	2027Q4 / upside	1.25 USD_millions	derived: Excluded from adjusted EBITDA proxy but real compensation cost. Formula: sum(upside_2027q4_apa_service_expense, upside_2027q4_awm_service_expense).
Integration and other cash acquisition expense upside_2027q4_special_cash	2027Q4 / upside	1.00 USD_millions	assumption: Desk assumption, not company guidance.
Ordinary equity compensation upside_2027q4_sbc	2027Q4 / upside	6.50 USD_millions	assumption: Desk assumption, not company guidance.
Other depreciation/amortization upside_2027q4_other_da	2027Q4 / upside	12.00 USD_millions	assumption: Desk assumption, not company guidance.
Total depreciation and acquired amortization upside_2027q4_da	2027Q4 / upside	18.70 USD_millions	derived: Provisional allowance; no goodwill amortization. Formula: sum(upside_2027q4_cogs_amort, upside_2027q4_other_da).
EBITDA-to-GAAP operating costs upside_2027q4_ebitda_to_gaap	2027Q4 / upside	27.45 USD_millions	derived: No recurring fair-value gain assumed. Formula: sum(upside_2027q4_retention_expense, upside_2027q4_special_cash, upside_2027q4_sbc, upside_2027q4_da).
GAAP operating income proxy upside_2027q4_operating_income	2027Q4 / upside	84.19 USD_millions	derived: Cash special costs and SBC are not omitted from operating economics. Formula: subtract(upside_2027q4_adjusted_ebitda, upside_2027q4_ebitda_to_gaap).
APA service cash settlement upside_2027q4_apa_service_cash	2027Q4 / upside	0.00 USD_millions	assumption: All-cash desk election: first anniversary, December 31 elapsed-service installment, then remaining second anniversary; employment conditions apply.
AWM service cash settlement upside_2027q4_awm_service_cash	2027Q4 / upside	0.00 USD_millions	assumption: First anniversary payment assumes continued employment and cash rather than shares.
Convertible cash coupon upside_2027q4_debt_coupon	2027Q4 / upside	1.62 USD_millions	assumption: 2031 notes pay January/July; 2028 notes June/December. No principal maturity within this horizon.
Cash investment income upside_2027q4_investment_income	2027Q4 / upside	1.20 USD_millions	assumption: Desk assumption, not company guidance.
Cash before financing costs, taxes and working capital upside_2027q4_cash_before_uses	2027Q4 / upside	111.84 USD_millions	derived: Reverse accrued retention expense, then deduct contractual-scenario payments. Formula: sum(upside_2027q4_operating_income, upside_2027q4_sbc, upside_2027q4_da, upside_2027q4_retention_expense, upside_2027q4_investment_income).
Other borrowing and bank cash cost upside_2027q4_other_interest	2027Q4 / upside	0.40 USD_millions	assumption: Desk assumption, not company guidance.
Cash taxes upside_2027q4_cash_tax	2027Q4 / upside	15.00 USD_millions	assumption: Desk assumption, not company guidance.
Additional special-cost deduction upside_2027q4_no_extra_special	2027Q4 / upside	0.00 USD_millions	assumption: Special expense is already cash in operating profit; no second deduction.
Interest, tax and service-linked cash uses upside_2027q4_cash_uses	2027Q4 / upside	17.02 USD_millions	derived: Purchase consideration and preferred dividends remain below FCF. Formula: sum(upside_2027q4_apa_service_cash, upside_2027q4_awm_service_cash, upside_2027q4_debt_coupon, upside_2027q4_other_interest, upside_2027q4_cash_tax, upside_2027q4_no_extra_special).
Cash before operating working capital upside_2027q4_cash_before_wc	2027Q4 / upside	94.81 USD_millions	derived: Includes service compensation once in cash. Formula: subtract(upside_2027q4_cash_before_uses, upside_2027q4_cash_uses).
Net working-capital cash source upside_2027q4_wc_source	2027Q4 / upside	15.00 USD_millions	assumption: Desk customer/deposit, inventory, vendor-rebate and warranty cash timing; Q4 delivery collections partly spill into Q1.
Operating cash flow proxy upside_2027q4_cfo	2027Q4 / upside	109.81 USD_millions	derived: No automatic collection of all rebate receivables. Formula: sum(upside_2027q4_cash_before_wc, upside_2027q4_wc_source).
PP&E cash spending upside_2027q4_capex	2027Q4 / upside	9.00 USD_millions	assumption: Desk assumption, not company guidance.
CFO less capex upside_2027q4_fcf	2027Q4 / upside	100.81 USD_millions	derived: Before acquisition price and senior capital cash. Formula: subtract(upside_2027q4_cfo, upside_2027q4_capex).
Preferred liquidation proxy upside_2027q4_preferred_base	2027Q4 / upside	510.00 USD_millions	assumption: June $506.4M plus desk accrual through the August cash transition; not a reported closing balance.
Cash dividend rate upside_2027q4_preferred_rate	2027Q4 / upside	6.8% ratio	assumption: 6.25% after fifth anniversary; 6.75% after August 10, 2027; Q3 2027 blended.
Quarter year fraction upside_2027q4_quarter	2027Q4 / upside	25.0% ratio	assumption: Desk assumption, not company guidance.
Preferred cash dividend allowance upside_2027q4_preferred_cash	2027Q4 / upside	8.61 USD_millions	derived: Conservative full-quarter Q3 2026 cash allowance; exact declaration/payment calendar not assumed. Formula: multiply(upside_2027q4_preferred_base, upside_2027q4_preferred_rate, upside_2027q4_quarter).
Upfront AWM purchase cash upside_2027q4_acquisition_cash	2027Q4 / upside	0.00 USD_millions	assumption: August 31 close: approximate $165M cash, subject to settlement. Not repeated in subsequent quarters.
APA and AWM contingent purchase payments upside_2027q4_contingent_cash	2027Q4 / upside	12.00 USD_millions	assumption: Desk cash-election/timing scenario; differs from service payments and recognized fair value. Actual payment can be shares or zero.
Preferred, purchase price and earnout cash upside_2027q4_below_fcf	2027Q4 / upside	20.61 USD_millions	derived: Distinct cash claims, not GAAP operating expense. Formula: sum(upside_2027q4_preferred_cash, upside_2027q4_acquisition_cash, upside_2027q4_contingent_cash).
Cash after acquisition and preferred claims upside_2027q4_cash_after_claims	2027Q4 / upside	80.21 USD_millions	derived: Before debt principal, new financing, ordinary award withholding and discretionary repurchases. Formula: subtract(upside_2027q4_fcf, upside_2027q4_below_fcf).
Revenue including modeled post-close AWM ($M) upside_fy2026_revenue	FY2026 / upside	1,577.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, upside_2026q3_revenue, upside_2026q4_revenue).
Revenue on pre-AWM guidance perimeter ($M) upside_fy2026_core_revenue	FY2026 / upside	1,550.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_core_revenue, upside_2026q3_core_revenue, upside_2026q4_core_revenue).
Post-close AWM revenue ($M) upside_fy2026_awm_revenue	FY2026 / upside	27.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_awm_revenue, upside_2026q3_awm_revenue, upside_2026q4_awm_revenue).
Adjusted EBITDA proxy ($M) upside_fy2026_adjusted_ebitda	FY2026 / upside	260.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adjusted_ebitda, upside_2026q3_adjusted_ebitda, upside_2026q4_adjusted_ebitda).
GAAP gross profit proxy ($M) upside_fy2026_gross_profit	FY2026 / upside	431.78 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, upside_2026q3_gross_profit, upside_2026q4_gross_profit).
GAAP operating income proxy ($M) upside_fy2026_operating_income	FY2026 / upside	147.92 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, upside_2026q3_operating_income, upside_2026q4_operating_income).
Operating cash flow proxy ($M) upside_fy2026_cfo	FY2026 / upside	133.78 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, upside_2026q3_cfo, upside_2026q4_cfo).
Cash capex ($M) upside_fy2026_capex	FY2026 / upside	31.14 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, upside_2026q3_capex, upside_2026q4_capex).
CFO less capex ($M) upside_fy2026_fcf	FY2026 / upside	102.63 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, upside_2026q3_fcf, upside_2026q4_fcf).
Preferred cash dividend allowance ($M) upside_fy2026_preferred_cash	FY2026 / upside	15.94 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_preferred_cash, upside_2026q3_preferred_cash, upside_2026q4_preferred_cash).
Upfront acquisition cash ($M) upside_fy2026_acquisition_cash	FY2026 / upside	165.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_acquisition_cash, upside_2026q3_acquisition_cash, upside_2026q4_acquisition_cash).
Cash after acquisitions and senior claims ($M) upside_fy2026_cash_after_claims	FY2026 / upside	-92.88 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_claims, upside_2026q3_cash_after_claims, upside_2026q4_cash_after_claims).
Revenue including modeled post-close AWM ($M) upside_fy2027_revenue	FY2027 / upside	1,957.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_revenue, upside_2027q2_revenue, upside_2027q3_revenue, upside_2027q4_revenue).
Revenue on pre-AWM guidance perimeter ($M) upside_fy2027_core_revenue	FY2027 / upside	1,860.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_core_revenue, upside_2027q2_core_revenue, upside_2027q3_core_revenue, upside_2027q4_core_revenue).
Post-close AWM revenue ($M) upside_fy2027_awm_revenue	FY2027 / upside	97.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_awm_revenue, upside_2027q2_awm_revenue, upside_2027q3_awm_revenue, upside_2027q4_awm_revenue).
Adjusted EBITDA proxy ($M) upside_fy2027_adjusted_ebitda	FY2027 / upside	373.60 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_adjusted_ebitda, upside_2027q2_adjusted_ebitda, upside_2027q3_adjusted_ebitda, upside_2027q4_adjusted_ebitda).
GAAP gross profit proxy ($M) upside_fy2027_gross_profit	FY2027 / upside	553.74 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_gross_profit, upside_2027q2_gross_profit, upside_2027q3_gross_profit, upside_2027q4_gross_profit).
GAAP operating income proxy ($M) upside_fy2027_operating_income	FY2027 / upside	253.10 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_operating_income, upside_2027q2_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income).
Operating cash flow proxy ($M) upside_fy2027_cfo	FY2027 / upside	369.44 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cfo, upside_2027q2_cfo, upside_2027q3_cfo, upside_2027q4_cfo).
Cash capex ($M) upside_fy2027_capex	FY2027 / upside	36.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_capex, upside_2027q2_capex, upside_2027q3_capex, upside_2027q4_capex).
CFO less capex ($M) upside_fy2027_fcf	FY2027 / upside	333.44 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_fcf, upside_2027q2_fcf, upside_2027q3_fcf, upside_2027q4_fcf).
Preferred cash dividend allowance ($M) upside_fy2027_preferred_cash	FY2027 / upside	32.88 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_preferred_cash, upside_2027q2_preferred_cash, upside_2027q3_preferred_cash, upside_2027q4_preferred_cash).
Upfront acquisition cash ($M) upside_fy2027_acquisition_cash	FY2027 / upside	0.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_acquisition_cash, upside_2027q2_acquisition_cash, upside_2027q3_acquisition_cash, upside_2027q4_acquisition_cash).
Cash after acquisitions and senior claims ($M) upside_fy2027_cash_after_claims	FY2027 / upside	280.56 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cash_after_claims, upside_2027q2_cash_after_claims, upside_2027q3_cash_after_claims, upside_2027q4_cash_after_claims).

Model boundaries

The August earnings presentation explicitly excludes AWM from guidance. Added AWM revenue and earnings are desk assumptions; July disclosed nearly $60M trailing sales, not a future sales forecast.
AWM closed August 31 for approximately $165M cash subject to settlement. The earlier $153M base price and $203M headline including maximum contingent/service amounts are not three separate cash payments.
AWM purchase accounting is not yet available. Acquired amortization is a provisional scenario, not reported GAAP. Employment-conditioned payments are treated as compensation proxies pending filing confirmation.
APA service-linked payments are compensation, separate from acquisition earnouts. All-cash settlement is a conservative scenario; contracts permit common shares or a combination, which changes dilution and cash needs.
Preferred dividends become cash-only after August 10, 2026 absent default accrual. Forecast uses a $510M liquidation base and quarterly cash allowance; exact declaration, payment dates and redemption economics are not modeled.
45X vendor rebates and own credits reduce product costs and are already inside the margin scenario. Receivables are not counted as incremental revenue or instantly collected cash. No legal eligibility forecast is made.
Backlog is not guaranteed revenue. Q4 delivery concentration shifts some collections into Q1 2027. No full debt, revolver, common EPS, preferred redemption or acquisition accounting model is supplied.

Backlog conversion after acquisitions and preferred cash claims

Research reviewed 2026-09-19

Can project delivery and the expanded product portfolio finance cash obligations ahead of common equity?

H1 sales were $565.477M, adjusted EBITDA $92.087M and GAAP operating income $41.874M. Net income $26.343M became a $5.102M common-stockholder loss after $31.445M preferred dividends/accretion. CFO $91.858M less capex $15.144M gave $76.714M. June cash was $307.302M against $670M convertible principal and a $506.4M preferred liquidation claim. Preferred dividends become cash-only after August 10 absent default accrual. The $1.4B-$1.5B annual sales and $210M-$230M adjusted EBITDA guidance explicitly exclude AWM. AWM closed August 31 for about $165M cash; service-conditioned payments up to $10M and earnouts up to $40M are separate. APA service-linked payments total $40M under employment conditions and are compensation, not purchase price. Vendor-rebate receivables of $142.7M include $91.3M long-term; they are not free cash.

The competing explanation

Record backlog can mask a concentrated delivery schedule and working-capital needs. Vendor rebates can improve margins before cash arrives. Acquisition integration, service payments and preferred dividends can absorb cash that EBITDA appears to generate, while payment in shares shifts the burden to dilution.

Risks to track

Project delays, financing and interconnection can defer backlog conversion.
Customer concentration and receivable collection create cash volatility.
Rebate realization, tariffs and incentive changes affect product cost and demand.
AWM acquisition accounting, integration and contingent payments remain uncertain.
APA service payments and earnouts can use cash or dilute equity.
Preferred dividends, redemption economics and convertible debt rank ahead of common equity.

Next checkpoints

Q3 consolidated perimeter · Quarter ending September 30 (estimated). Check pre-AWM revenue separately from one month of acquired operations.
Q4 delivery and Q1 collections · Year-end 2026 into Q1 2027 (estimated). Compare backlog conversion, contract assets and vendor-rebate cash receipts.
Acquisition and preferred claims · Next quarterly filing (estimated). Confirm AWM purchase accounting, APA payment elections and preferred cash declarations.

Data coverage and open work

The August earnings presentation explicitly excludes AWM from guidance. Added AWM revenue and earnings are desk assumptions; July disclosed nearly $60M trailing sales, not a future sales forecast.
AWM closed August 31 for approximately $165M cash subject to settlement. The earlier $153M base price and $203M headline including maximum contingent/service amounts are not three separate cash payments.
AWM purchase accounting is not yet available. Acquired amortization is a provisional scenario, not reported GAAP. Employment-conditioned payments are treated as compensation proxies pending filing confirmation.
APA service-linked payments are compensation, separate from acquisition earnouts. All-cash settlement is a conservative scenario; contracts permit common shares or a combination, which changes dilution and cash needs.
Preferred dividends become cash-only after August 10, 2026 absent default accrual. Forecast uses a $510M liquidation base and quarterly cash allowance; exact declaration, payment dates and redemption economics are not modeled.
45X vendor rebates and own credits reduce product costs and are already inside the margin scenario. Receivables are not counted as incremental revenue or instantly collected cash. No legal eligibility forecast is made.
Backlog is not guaranteed revenue. Q4 delivery concentration shifts some collections into Q1 2027. No full debt, revolver, common EPS, preferred redemption or acquisition accounting model is supplied.

This review: First completed pre/post-acquisition model with explicit preferred cash transition, compensation-linked seller payments and rebate collection timing.

What the memory says

State as of the 2026-09-18 close: in a 120-day downtrend, below its 200-day, off the 52-week high, with overhead supply, heavy volume, closed mid-range, and some peers moving

300 similar days

Vs the market, in points	Low	Middle	High	Share up
1 session	-5.6	-0.2	+4.5	47%
5 sessions	-11.3	-0.6	+10.2	46%
10 sessions	-14.2	-0.7	+13.1	43%

Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side.

Notes on this name

No published notes on this name yet.

Scorecard: 0 notes scored

Next report: 2026-11-03 (source: estimated from 10-Q filed 2026-08-05 plus 90 days)

Provenance

[1] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001820721-25-000095, 10-Q filed 2025-11-05; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[2] derived: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001820721-26-000008, 10-K filed 2026-02-25; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[3] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001628280-26-031453, 10-Q filed 2026-05-06; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[4] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001628280-26-053517, 10-Q filed 2026-08-05; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[5] reported: GrossProfit, accession 0001820721-25-000095, 10-Q filed 2025-11-05; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[6] derived: GrossProfit, accession 0001820721-26-000008, 10-K filed 2026-02-25; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[7] reported: GrossProfit, accession 0001628280-26-031453, 10-Q filed 2026-05-06; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[8] reported: GrossProfit, accession 0001628280-26-053517, 10-Q filed 2026-08-05; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[9] reported: OperatingIncomeLoss, accession 0001820721-25-000095, 10-Q filed 2025-11-05; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[10] derived: OperatingIncomeLoss, accession 0001820721-26-000008, 10-K filed 2026-02-25; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[11] reported: OperatingIncomeLoss, accession 0001628280-26-031453, 10-Q filed 2026-05-06; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[12] reported: OperatingIncomeLoss, accession 0001628280-26-053517, 10-Q filed 2026-08-05; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[13] reported: NetIncomeLoss, accession 0001820721-25-000095, 10-Q filed 2025-11-05; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[14] derived: NetIncomeLoss, accession 0001820721-26-000008, 10-K filed 2026-02-25; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[15] reported: NetIncomeLoss, accession 0001628280-26-031453, 10-Q filed 2026-05-06; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[16] reported: NetIncomeLoss, accession 0001628280-26-053517, 10-Q filed 2026-08-05; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[17] reported: EarningsPerShareDiluted, accession 0001820721-25-000095, 10-Q filed 2025-11-05; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[18] reported: EarningsPerShareDiluted, accession 0001628280-26-031453, 10-Q filed 2026-05-06; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[19] reported: EarningsPerShareDiluted, accession 0001628280-26-053517, 10-Q filed 2026-08-05; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[20] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001820721-25-000095, 10-Q filed 2025-11-05; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[21] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001628280-26-031453, 10-Q filed 2026-05-06; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[22] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001628280-26-053517, 10-Q filed 2026-08-05; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[23] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001820721-24-000076, 10-Q filed 2024-11-07; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[24] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001820721-26-000008, 10-K filed 2026-02-25; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[25] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001820721-25-000060, 10-Q filed 2025-05-06; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[26] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001820721-25-000085, 10-Q filed 2025-08-07; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[27] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001820721-25-000095, 10-Q filed 2025-11-05; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[28] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001628280-26-053517, 10-Q filed 2026-08-05; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[29] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001628280-26-031453, 10-Q filed 2026-05-06; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[30] reported: LongTermDebtNoncurrent, accession 0001820721-24-000076, 10-Q filed 2024-11-07; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[31] reported: LongTermDebtNoncurrent, accession 0001820721-26-000008, 10-K filed 2026-02-25; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[32] reported: LongTermDebtNoncurrent, accession 0001820721-25-000060, 10-Q filed 2025-05-06; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[33] reported: LongTermDebtNoncurrent, accession 0001820721-25-000085, 10-Q filed 2025-08-07; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[34] reported: LongTermDebtNoncurrent, accession 0001820721-25-000095, 10-Q filed 2025-11-05; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[35] reported: LongTermDebtNoncurrent, accession 0001628280-26-053517, 10-Q filed 2026-08-05; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[36] reported: LongTermDebtNoncurrent, accession 0001628280-26-031453, 10-Q filed 2026-05-06; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[37] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001820721-25-000095, 10-Q filed 2025-11-05; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[38] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001820721-26-000008, 10-K filed 2026-02-25; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[39] reported: NetCashProvidedByUsedInOperatingActivities, accession 0001628280-26-031453, 10-Q filed 2026-05-06; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[40] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001628280-26-053517, 10-Q filed 2026-08-05; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[41] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001820721-25-000095, 10-Q filed 2025-11-05; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[42] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001820721-26-000008, 10-K filed 2026-02-25; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[43] reported: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001628280-26-031453, 10-Q filed 2026-05-06; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[44] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001628280-26-053517, 10-Q filed 2026-08-05; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[45] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001820721-25-000095, 10-Q filed 2025-11-05; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[46] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001820721-26-000008, 10-K filed 2026-02-25; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[47] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001628280-26-031453, 10-Q filed 2026-05-06; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json
[48] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001628280-26-053517, 10-Q filed 2026-08-05; retrieved 2026-09-19T21:33:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001820721.json

What the author read

August 5 10-Q: accounts, rebates, debt, preferred and APA terms · retrieved 2026-09-19
August 5 results and reconciliations · retrieved 2026-09-19
August 5 presentation: guidance excludes AWM and Q4 collection timing · retrieved 2026-09-19
July 16 AWM terms and trailing sales · retrieved 2026-09-19
August 31 closing cash consideration · retrieved 2026-09-19

Compiled 2026-09-19T21:33:25.739446+00:00 · authored b381a39b01ea · generated 0f36c530882b · JSON

Daily notes · Scorecard