$AVAV
Business
AeroVironment supplies defense technology through Autonomous Systems and Space, Cyber and Directed Energy. Product deliveries, contract-service execution and government funding determine revenue. BlueHalo broadened the portfolio and added substantial acquired intangible amortization. Manufacturing expansion, inventory and unbilled work require cash before customer acceptance and payment. Funded contracts, unfunded awards and large contract ceilings have different economic certainty.
Three drivers
- Funded orders converting into accepted deliveries
- Autonomous Systems scale and SCDE recovery
- Inventory, contract billing and manufacturing investment
Thesis
Our view
Q1 revenue reached $480.490M, but SCDE adjusted EBITDA was negative $8.896M while Autonomous Systems earned $62.285M. The full-year outlook requires stronger second-half execution. September management commentary says new directed-energy awards are already included in guidance; treating the headline contracts as extra annual sales would overstate the opportunity. The real test is cash after manufacturing and software investment.
What changes it
Track funded backlog conversion, segment margins, inventory and unbilled receivables. Verify the second-half profit ramp and control remediation; treat future capacity as an investment that must earn returns.
Scenario ranges
Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.
Model · 8 fiscal quarters (last eight)
| Fiscal quarter | 2025Q2 2024-10-26 | 2025Q3 2025-01-25 | 2025Q4 2025-04-30 | 2026Q1 2025-08-02 | 2026Q2 2025-11-01 | 2026Q3 2026-01-31 | 2026Q4 2026-04-30 | 2027Q1 2026-08-01 |
|---|---|---|---|---|---|---|---|---|
| Revenue ($M) | 188.51 | 167.62 | 275.1†3 | 454.74 | 472.51 | 408.02 | 641.6†3 | 480.54 |
| Gross profit ($M) | 73.65 | 63.26 | 100.3†7 | 95.18 | 104.15 | 98.86 | 202.6†7 | 124.68 |
| Operating income ($M) | 7.09 | -3.110 | 13.8†11 | -69.312 | -30.29 | -268.410 | 56.9†11 | -10.912 |
| Net income ($M) | — | — | — | — | — | — | — | — |
| EPS, diluted ($) | 0.2713 | -0.0614 | — | -1.4415 | -0.3413 | -4.9014 | — | -0.1015 |
| Diluted shares (M) | 28.116 | 28.017 | — | 46.918 | 49.716 | 49.717 | — | 49.818 |
| Cash ($M) | 69.019 | 47.020 | 40.921 | 685.822 | 359.423 | 289.924 | 377.325 | 278.425 |
| Long-term debt ($M) | 15.026 | 25.027 | 30.028 | 725.729 | 726.830 | 727.931 | 729.032 | 730.132 |
| Cash from operations ($M) | -3.6†33 | -25.8†34 | -0.3†35 | -123.736 | -45.1†33 | -5.1†34 | 95.5†35 | 13.536 |
| Capex ($M) | 5.0†37 | 3.8†38 | 5.3†39 | 22.740 | 10.8†37 | 12.6†38 | 16.4†39 | 44.040 |
| Free cash flow ($M) | -8.7†41 | -29.6†42 | -5.5†43 | -146.5†44 | -55.9†41 | -17.7†42 | 79.1†43 | -30.5†44 |
Estimates · base scenario
| Period | Revenue ($M) | EPS ($) | As of | Basis |
|---|---|---|---|---|
| 2027Q2 | 498.3 | — | 2026-09-19 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2027Q3 | 550.3 | — | 2026-09-19 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2027Q4 | 646.0 | — | 2026-09-19 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2028Q1 | 587.9 | — | 2026-09-19 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
Funded deliveries, segment recovery and factory cash investment
Anchor FY2027 revenue and adjusted EBITDA to September guidance, with the September 10 first-half cadence of 45% of revenue and one-third of EBITDA. Preserve actual Q1 and allocate the remaining year across Autonomous Systems and Space/Cyber/Directed Energy. Extend those businesses independently in FY2028. Separate GAAP noncash amortization and equity compensation from cash integration costs, then bridge inventory and unbilled receivables to CFO. Capital investment includes the already closed August campus purchase once.
Reported anchors and guidance
| Measure | Period | Value | Basis |
|---|---|---|---|
| FY2027 revenue outlook midpoint | FY2027 | 2,175.00 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| FY2027 adjusted EBITDA outlook midpoint | FY2027 | 315.00 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| First-half revenue share | FY2027 | 45.0% | management guidance. Management September 10 cadence. Source · 2026-09-10 |
| First-half adjusted EBITDA share | FY2027 | 33.3% | management guidance. Management September 10 cadence. Source · 2026-09-10 |
| funded backlog | August 2026 | 1,457.82 | reported. August 1 balance except campus purchase closed August 21; unfunded backlog is not a firm funded performance obligation. Source · 2026-09-10 |
| unfunded backlog | August 2026 | 1,366.50 | reported. August 1 balance except campus purchase closed August 21; unfunded backlog is not a firm funded performance obligation. Source · 2026-09-10 |
| August funded backlog FY2027 conversion reference | FY2027 | 1,137.10 | derived. Subset of backlog, not additive to revenue guidance. |
| Q1 cash after software | 2027Q1 | -35.95 | derived. Capitalized software is a separate investing outflow. |
| Q1 after award withholding | 2027Q1 | -45.52 | derived. Excludes ESPP proceeds and securities trades. |
| unbilled receivables | August 2026 | 637.83 | reported. August 1 balance except campus purchase closed August 21; unfunded backlog is not a firm funded performance obligation. Source · 2026-09-10 |
| inventory | August 2026 | 410.77 | reported. August 1 balance except campus purchase closed August 21; unfunded backlog is not a firm funded performance obligation. Source · 2026-09-10 |
| customer advances | August 2026 | 87.55 | reported. August 1 balance except campus purchase closed August 21; unfunded backlog is not a firm funded performance obligation. Source · 2026-09-10 |
| Cash plus short- and long-term investments | August 2026 | 675.00 | derived. Not all in demand deposits; excludes revolver capacity. |
| campus purchase | August 2026 | 29.25 | reported. August 1 balance except campus purchase closed August 21; unfunded backlog is not a firm funded performance obligation. Source · 2026-09-10 |
Downside scenario
| Period | Autonomous Systems revenue ($M) | Operating cash flow ($M) | CFO less PP&E ($M) | Space/Cyber/Directed Energy revenue ($M) | PP&E cash purchases ($M) | Revenue ($M) | Capitalized software cash ($M) | GAAP gross profit proxy ($M) | Adjusted EBITDA ($M) | GAAP operating income proxy ($M) | Cash after software and award withholding ($M) | Cash after PP&E and software ($M) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2027Q2 | 314.53 | -51.52 | -122.77 | 125.00 | 71.25 | 439.53 | 6.00 | 116.30 | 30.61 | -51.08 | -136.77 | -128.77 |
| 2027Q3 | 377.26 | 10.15 | -34.85 | 140.00 | 45.00 | 517.26 | 6.00 | 138.50 | 77.28 | -4.41 | -48.85 | -40.85 |
| 2027Q4 | 447.22 | 68.59 | 23.59 | 160.00 | 45.00 | 607.22 | 6.00 | 163.58 | 90.72 | 9.03 | 9.59 | 17.59 |
| 2028Q1 | 352.83 | -10.99 | -55.99 | 129.25 | 45.00 | 482.08 | 7.00 | 129.36 | 63.51 | -18.49 | -72.99 | -62.99 |
| FY2027 | 1,484.98 | 40.71 | -164.58 | 559.52 | 205.28 | 2,044.50 | 23.42 | 542.97 | 252.00 | -57.33 | -221.56 | -187.99 |
| FY2028 | 1,603.78 | 90.68 | -74.32 | 587.50 | 165.00 | 2,191.27 | 28.00 | 588.00 | 288.68 | -39.32 | -142.32 | -102.32 |
Base scenario
| Period | Autonomous Systems revenue ($M) | Operating cash flow ($M) | CFO less PP&E ($M) | Space/Cyber/Directed Energy revenue ($M) | PP&E cash purchases ($M) | Revenue ($M) | Capitalized software cash ($M) | GAAP gross profit proxy ($M) | Adjusted EBITDA ($M) | GAAP operating income proxy ($M) | Cash after software and award withholding ($M) | Cash after PP&E and software ($M) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2027Q2 | 363.26 | -5.52 | -69.77 | 135.00 | 64.25 | 498.26 | 6.00 | 149.67 | 51.61 | -30.08 | -83.77 | -75.77 |
| 2027Q3 | 390.27 | 59.47 | 24.47 | 160.00 | 35.00 | 550.27 | 6.00 | 162.90 | 96.60 | 14.91 | 10.47 | 18.47 |
| 2027Q4 | 455.50 | 136.27 | 101.27 | 190.48 | 35.00 | 645.98 | 6.00 | 190.65 | 113.40 | 31.71 | 87.27 | 95.27 |
| 2028Q1 | 417.36 | 51.79 | 16.79 | 170.50 | 35.00 | 587.86 | 7.00 | 174.12 | 101.29 | 19.29 | -0.21 | 9.79 |
| FY2027 | 1,555.00 | 203.71 | 25.42 | 620.00 | 178.28 | 2,175.00 | 23.42 | 627.82 | 315.00 | 5.67 | -31.56 | 2.01 |
| FY2028 | 1,897.10 | 357.39 | 217.39 | 775.00 | 140.00 | 2,672.10 | 28.00 | 791.46 | 460.39 | 132.39 | 149.39 | 189.39 |
Upside scenario
| Period | Autonomous Systems revenue ($M) | Operating cash flow ($M) | CFO less PP&E ($M) | Space/Cyber/Directed Energy revenue ($M) | PP&E cash purchases ($M) | Revenue ($M) | Capitalized software cash ($M) | GAAP gross profit proxy ($M) | Adjusted EBITDA ($M) | GAAP operating income proxy ($M) | Cash after software and award withholding ($M) | Cash after PP&E and software ($M) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2027Q2 | 397.41 | 22.08 | -42.17 | 140.00 | 64.25 | 537.41 | 6.00 | 176.22 | 64.21 | -17.48 | -56.17 | -48.17 |
| 2027Q3 | 392.29 | 86.06 | 46.06 | 180.00 | 40.00 | 572.29 | 6.00 | 181.47 | 108.19 | 26.50 | 32.06 | 40.06 |
| 2027Q4 | 461.81 | 164.87 | 124.87 | 210.00 | 40.00 | 671.81 | 6.00 | 213.29 | 127.01 | 45.32 | 110.87 | 118.87 |
| 2028Q1 | 463.91 | 91.76 | 51.76 | 204.67 | 40.00 | 668.58 | 7.00 | 213.13 | 131.26 | 49.26 | 34.76 | 44.76 |
| FY2027 | 1,597.48 | 286.51 | 98.22 | 664.52 | 188.28 | 2,262.00 | 23.42 | 695.57 | 352.80 | 43.47 | 41.24 | 74.81 |
| FY2028 | 2,108.67 | 533.63 | 373.63 | 930.33 | 160.00 | 3,039.00 | 28.00 | 968.75 | 596.63 | 268.63 | 305.63 | 345.63 |
All inputs and formulas — reproduce this model
| Input / calculation | Period / case | Value / unit | Evidence or assumption |
|---|---|---|---|
| Q1 revenue q1_revenue | 2027Q1 / shared | 480.49 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10 |
| Q1 axs q1_axs | 2027Q1 / shared | 345.97 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10 |
| Q1 scde q1_scde | 2027Q1 / shared | 134.52 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10 |
| Q1 gross profit q1_gross_profit | 2027Q1 / shared | 124.60 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10 |
| Q1 adjusted ebitda q1_adjusted_ebitda | 2027Q1 / shared | 53.39 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10 |
| Q1 operating income q1_operating_income | 2027Q1 / shared | -10.87 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10 |
| Q1 cfo q1_cfo | 2027Q1 / shared | 13.50 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10 |
| Q1 capex q1_capex | 2027Q1 / shared | 44.03 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10 |
| Q1 software q1_software | 2027Q1 / shared | 5.42 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10 |
| Q1 sbc q1_sbc | 2027Q1 / shared | 4.93 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10 |
| Q1 da q1_da | 2027Q1 / shared | 56.03 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10 |
| Q1 withholding q1_withholding | 2027Q1 / shared | 9.56 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10 |
| Q1 inventory use q1_inventory_use | 2027Q1 / shared | 100.31 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10 |
| Q1 unbilled use q1_unbilled_use | 2027Q1 / shared | 68.04 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10 |
| Q1 receivable release q1_receivable_release | 2027Q1 / shared | 128.35 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10 |
| Q1 cash after PP&E q1_fcf | 2027Q1 / shared | -30.54 USD_millions | derived: PP&E-only historical cash definition. Formula: subtract(q1_cfo, q1_capex). |
| Q1 cash after software q1_cash_after_software | 2027Q1 / shared | -35.95 USD_millions | derived: Capitalized software is a separate investing outflow. Formula: subtract(q1_fcf, q1_software). |
| Q1 after award withholding q1_cash_after_awards | 2027Q1 / shared | -45.52 USD_millions | derived: Excludes ESPP proceeds and securities trades. Formula: subtract(q1_cash_after_software, q1_withholding). |
| cash cash | August 2026 / shared | 278.39 USD_millions | reported: August 1 balance except campus purchase closed August 21; unfunded backlog is not a firm funded performance obligation. Primary source · 2026-09-10 |
| short investments short_investments | August 2026 / shared | 301.84 USD_millions | reported: August 1 balance except campus purchase closed August 21; unfunded backlog is not a firm funded performance obligation. Primary source · 2026-09-10 |
| long investments long_investments | August 2026 / shared | 94.78 USD_millions | reported: August 1 balance except campus purchase closed August 21; unfunded backlog is not a firm funded performance obligation. Primary source · 2026-09-10 |
| funded backlog funded_backlog | August 2026 / shared | 1,457.82 USD_millions | reported: August 1 balance except campus purchase closed August 21; unfunded backlog is not a firm funded performance obligation. Primary source · 2026-09-10 |
| unfunded backlog unfunded_backlog | August 2026 / shared | 1,366.50 USD_millions | reported: August 1 balance except campus purchase closed August 21; unfunded backlog is not a firm funded performance obligation. Primary source · 2026-09-10 |
| unbilled receivables unbilled_receivables | August 2026 / shared | 637.83 USD_millions | reported: August 1 balance except campus purchase closed August 21; unfunded backlog is not a firm funded performance obligation. Primary source · 2026-09-10 |
| inventory inventory | August 2026 / shared | 410.77 USD_millions | reported: August 1 balance except campus purchase closed August 21; unfunded backlog is not a firm funded performance obligation. Primary source · 2026-09-10 |
| customer advances customer_advances | August 2026 / shared | 87.55 USD_millions | reported: August 1 balance except campus purchase closed August 21; unfunded backlog is not a firm funded performance obligation. Primary source · 2026-09-10 |
| campus purchase campus_purchase | August 2026 / shared | 29.25 USD_millions | reported: August 1 balance except campus purchase closed August 21; unfunded backlog is not a firm funded performance obligation. Primary source · 2026-09-10 |
| Cash plus short- and long-term investments liquidity | August 2026 / shared | 675.00 USD_millions | derived: Not all in demand deposits; excludes revolver capacity. Formula: sum(cash, short_investments, long_investments). |
| August funded backlog expected in FY2027 funded_conversion | FY2027 / shared | 78.0% ratio | management guidance: Share of August 1 funded remaining performance obligations; not September total-year visibility. Primary source · 2026-09-10 |
| August funded backlog FY2027 conversion reference funded_conversion_amount | FY2027 / shared | 1,137.10 USD_millions | derived: Subset of backlog, not additive to revenue guidance. Formula: multiply(funded_backlog, funded_conversion). |
| FY2027 revenue outlook low fy27_revenue_guide_low | FY2027 / shared | 2,125.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-09 |
| FY2027 revenue outlook high fy27_revenue_guide_high | FY2027 / shared | 2,225.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-09 |
| Midpoint divisor two | Model / shared | 200.0% ratio | assumption: Arithmetic constant. |
| FY2027 revenue outlook endpoint sum fy27_revenue_guide_sum | FY2027 / shared | 4,350.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(fy27_revenue_guide_low, fy27_revenue_guide_high). |
| FY2027 revenue outlook midpoint fy27_revenue_guide | FY2027 / shared | 2,175.00 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy27_revenue_guide_sum, two). |
| FY2027 adjusted EBITDA outlook low fy27_ebitda_guide_low | FY2027 / shared | 305.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-09 |
| FY2027 adjusted EBITDA outlook high fy27_ebitda_guide_high | FY2027 / shared | 325.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-09 |
| FY2027 adjusted EBITDA outlook endpoint sum fy27_ebitda_guide_sum | FY2027 / shared | 630.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(fy27_ebitda_guide_low, fy27_ebitda_guide_high). |
| FY2027 adjusted EBITDA outlook midpoint fy27_ebitda_guide | FY2027 / shared | 315.00 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy27_ebitda_guide_sum, two). |
| First-half revenue share h1_revenue_share | FY2027 / shared | 45.0% ratio | management guidance: Management September 10 cadence. Primary source · 2026-09-10 |
| First-half adjusted EBITDA share h1_ebitda_share | FY2027 / shared | 33.3% ratio | management guidance: Management September 10 cadence. Primary source · 2026-09-10 |
| revenue delivery / midpoint downside_revenue_factor | FY2027 / downside | 94.0% ratio | assumption: Desk annual scenario sensitivity. |
| FY2027 revenue downside_fy27_revenue_target | FY2027 / downside | 2,044.50 USD_millions | derived: Annual management midpoint times sensitivity. Formula: multiply(fy27_revenue_guide, downside_revenue_factor). |
| First-half revenue downside_h1_revenue | H1 FY2027 / downside | 920.02 USD_millions | derived: Uses management consolidated first-half cadence. Formula: multiply(downside_fy27_revenue_target, h1_revenue_share). |
| Q2 revenue downside_q2_revenue | 2027Q2 / downside | 439.53 USD_millions | derived: H1 scenario less actual Q1. Formula: subtract(downside_h1_revenue, q1_revenue). |
| H2 revenue downside_h2_revenue | H2 FY2027 / downside | 1,124.47 USD_millions | derived: Remaining second-half scenario. Formula: subtract(downside_fy27_revenue_target, downside_h1_revenue). |
| adjusted_ebitda delivery / midpoint downside_adjusted_ebitda_factor | FY2027 / downside | 80.0% ratio | assumption: Desk annual scenario sensitivity. |
| FY2027 adjusted_ebitda downside_fy27_adjusted_ebitda_target | FY2027 / downside | 252.00 USD_millions | derived: Annual management midpoint times sensitivity. Formula: multiply(fy27_ebitda_guide, downside_adjusted_ebitda_factor). |
| First-half adjusted_ebitda downside_h1_adjusted_ebitda | H1 FY2027 / downside | 84.00 USD_millions | derived: Uses management consolidated first-half cadence. Formula: multiply(downside_fy27_adjusted_ebitda_target, h1_ebitda_share). |
| Q2 adjusted_ebitda downside_q2_adjusted_ebitda | 2027Q2 / downside | 30.61 USD_millions | derived: H1 scenario less actual Q1. Formula: subtract(downside_h1_adjusted_ebitda, q1_adjusted_ebitda). |
| H2 adjusted_ebitda downside_h2_adjusted_ebitda | H2 FY2027 / downside | 168.00 USD_millions | derived: Remaining second-half scenario. Formula: subtract(downside_fy27_adjusted_ebitda_target, downside_h1_adjusted_ebitda). |
| Remaining FY2027 SCDE revenue downside_scde_remaining | FY2027 / downside | 425.00 USD_millions | assumption: Desk SCDE sales allocation inside consolidated outlook. |
| FY2027 SCDE revenue downside_fy27_scde | FY2027 / downside | 559.52 USD_millions | derived: Actual Q1 plus modeled remaining periods. Formula: sum(q1_scde, downside_scde_remaining). |
| FY2027 AxS revenue downside_fy27_axs | FY2027 / downside | 1,484.98 USD_millions | derived: Consolidated total less SCDE. Formula: subtract(downside_fy27_revenue_target, downside_fy27_scde). |
| FY2028 axs growth multiplier downside_axs_growth | FY2028 / downside | 108.0% ratio | assumption: Desk independent segment growth. |
| FY2028 axs sales downside_fy28_axs | FY2028 / downside | 1,603.78 USD_millions | derived: No contract award ceiling added a second time. Formula: multiply(downside_fy27_axs, downside_axs_growth). |
| FY2028 scde growth multiplier downside_scde_growth | FY2028 / downside | 105.0% ratio | assumption: Desk independent segment growth. |
| FY2028 scde sales downside_fy28_scde | FY2028 / downside | 587.50 USD_millions | derived: No contract award ceiling added a second time. Formula: multiply(downside_fy27_scde, downside_scde_growth). |
| Arithmetic zero downside_2027q2_zero | 2027Q2 / downside | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Revenue downside_2027q2_revenue | 2027Q2 / downside | 439.53 USD_millions | derived: Q2 remaining first-half scenario. Formula: sum(downside_q2_revenue, downside_2027q2_zero). |
| Adjusted EBITDA downside_2027q2_adjusted_ebitda | 2027Q2 / downside | 30.61 USD_millions | derived: Q2 remaining first-half scenario. Formula: sum(downside_q2_adjusted_ebitda, downside_2027q2_zero). |
| SCDE revenue downside_2027q2_scde | 2027Q2 / downside | 125.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Autonomous Systems revenue downside_2027q2_axs | 2027Q2 / downside | 314.53 USD_millions | derived: Separate segment allocation within consolidated guide. Formula: subtract(downside_2027q2_revenue, downside_2027q2_scde). |
| axs GAAP gross margin downside_2027q2_axs_gross_margin | 2027Q2 / downside | 33.0% ratio | assumption: Desk assumption, not company guidance. |
| axs gross profit downside_2027q2_axs_gross | 2027Q2 / downside | 103.80 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(downside_2027q2_axs, downside_2027q2_axs_gross_margin). |
| scde GAAP gross margin downside_2027q2_scde_gross_margin | 2027Q2 / downside | 10.0% ratio | assumption: Desk assumption, not company guidance. |
| scde gross profit downside_2027q2_scde_gross | 2027Q2 / downside | 12.50 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(downside_2027q2_scde, downside_2027q2_scde_gross_margin). |
| GAAP gross profit proxy downside_2027q2_gross_profit | 2027Q2 / downside | 116.30 USD_millions | derived: Provisional business mix margins, not adjusted gross profit. Formula: sum(downside_2027q2_axs_gross, downside_2027q2_scde_gross). |
| Ordinary stock compensation downside_2027q2_sbc | 2027Q2 / downside | 11.69 USD_millions | assumption: FY2027 remaining SBC calibrated to approximately $40M annual guidance, after unusually low actual Q1. |
| Depreciation downside_2027q2_depreciation | 2027Q2 / downside | 20.47 USD_millions | assumption: FY2027 remaining depreciation calibrated to approximately $74M annual reference after $12.6M Q1. |
| Acquired intangible amortization downside_2027q2_amortization | 2027Q2 / downside | 43.20 USD_millions | assumption: Desk assumption, not company guidance. |
| Cloud implementation amortization downside_2027q2_cloud_amort | 2027Q2 / downside | 3.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash acquisition/integration cost downside_2027q2_integration | 2027Q2 / downside | 2.63 USD_millions | assumption: Desk assumption, not company guidance. |
| Costs excluded from adjusted EBITDA downside_2027q2_gaap_costs | 2027Q2 / downside | 81.69 USD_millions | derived: Cash integration is not a noncash addback. Formula: sum(downside_2027q2_sbc, downside_2027q2_depreciation, downside_2027q2_amortization, downside_2027q2_cloud_amort, downside_2027q2_integration). |
| GAAP operating income proxy downside_2027q2_operating_income | 2027Q2 / downside | -51.08 USD_millions | derived: Excludes nonoperating equity-method income and complete GAAP taxes. Formula: subtract(downside_2027q2_adjusted_ebitda, downside_2027q2_gaap_costs). |
| Net cash investment income downside_2027q2_net_cash_interest | 2027Q2 / downside | 2.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash earnings before working capital downside_2027q2_cash_before_uses | 2027Q2 / downside | 30.48 USD_millions | derived: No financing proceeds or unrealized securities gains. Formula: sum(downside_2027q2_operating_income, downside_2027q2_sbc, downside_2027q2_depreciation, downside_2027q2_amortization, downside_2027q2_cloud_amort, downside_2027q2_net_cash_interest). |
| Net inventory, billing and other operating cash use downside_2027q2_net_working_capital | 2027Q2 / downside | 80.00 USD_millions | assumption: Net sensitivity incorporates inventory and unbilled work after collections and supplier/customer funding; not gross accounts duplicated. |
| Cash tax allowance downside_2027q2_cash_tax | 2027Q2 / downside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Working capital and cash taxes downside_2027q2_cash_uses | 2027Q2 / downside | 82.00 USD_millions | derived: No complete balance-sheet forecast. Formula: sum(downside_2027q2_net_working_capital, downside_2027q2_cash_tax). |
| Operating cash flow downside_2027q2_cfo | 2027Q2 / downside | -51.52 USD_millions | derived: Noncash purchase accounting does not itself consume cash. Formula: subtract(downside_2027q2_cash_before_uses, downside_2027q2_cash_uses). |
| Campus purchase cash share downside_2027q2_campus_timing | 2027Q2 / downside | 100.0% ratio | assumption: Desk assumption, not company guidance. |
| August campus purchase cash downside_2027q2_campus_cash | 2027Q2 / downside | 29.25 USD_millions | derived: Reported August 21 close lies in FY2027 Q2. Formula: multiply(campus_purchase, downside_2027q2_campus_timing). |
| Other factory and equipment cash downside_2027q2_other_capex | 2027Q2 / downside | 42.00 USD_millions | assumption: Desk assumption, not company guidance. |
| PP&E cash purchases downside_2027q2_capex | 2027Q2 / downside | 71.25 USD_millions | derived: Campus cash included once; other capex is a desk allowance including capacity expansion. Formula: sum(downside_2027q2_other_capex, downside_2027q2_campus_cash). |
| Capitalized software investment downside_2027q2_software | 2027Q2 / downside | 6.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E downside_2027q2_fcf | 2027Q2 / downside | -122.77 USD_millions | derived: PP&E-only historical scope. Formula: subtract(downside_2027q2_cfo, downside_2027q2_capex). |
| Cash after software downside_2027q2_cash_after_software | 2027Q2 / downside | -128.77 USD_millions | derived: Includes software investment omitted from PP&E-only cash. Formula: subtract(downside_2027q2_fcf, downside_2027q2_software). |
| Award withholding cash downside_2027q2_withholding | 2027Q2 / downside | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award withholding downside_2027q2_cash_after_awards | 2027Q2 / downside | -136.77 USD_millions | derived: Before financing, acquisitions and securities portfolio changes. Formula: subtract(downside_2027q2_cash_after_software, downside_2027q2_withholding). |
| Share of second half downside_2027q3_h2_share | 2027Q3 / downside | 46.0% ratio | assumption: Desk assumption, not company guidance. |
| Revenue downside_2027q3_revenue | 2027Q3 / downside | 517.26 USD_millions | derived: Desk H2 delivery phasing. Formula: multiply(downside_h2_revenue, downside_2027q3_h2_share). |
| Adjusted EBITDA downside_2027q3_adjusted_ebitda | 2027Q3 / downside | 77.28 USD_millions | derived: Desk H2 profit phasing. Formula: multiply(downside_h2_adjusted_ebitda, downside_2027q3_h2_share). |
| SCDE revenue downside_2027q3_scde | 2027Q3 / downside | 140.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Autonomous Systems revenue downside_2027q3_axs | 2027Q3 / downside | 377.26 USD_millions | derived: Separate segment allocation within consolidated guide. Formula: subtract(downside_2027q3_revenue, downside_2027q3_scde). |
| axs GAAP gross margin downside_2027q3_axs_gross_margin | 2027Q3 / downside | 33.0% ratio | assumption: Desk assumption, not company guidance. |
| axs gross profit downside_2027q3_axs_gross | 2027Q3 / downside | 124.50 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(downside_2027q3_axs, downside_2027q3_axs_gross_margin). |
| scde GAAP gross margin downside_2027q3_scde_gross_margin | 2027Q3 / downside | 10.0% ratio | assumption: Desk assumption, not company guidance. |
| scde gross profit downside_2027q3_scde_gross | 2027Q3 / downside | 14.00 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(downside_2027q3_scde, downside_2027q3_scde_gross_margin). |
| GAAP gross profit proxy downside_2027q3_gross_profit | 2027Q3 / downside | 138.50 USD_millions | derived: Provisional business mix margins, not adjusted gross profit. Formula: sum(downside_2027q3_axs_gross, downside_2027q3_scde_gross). |
| Ordinary stock compensation downside_2027q3_sbc | 2027Q3 / downside | 11.69 USD_millions | assumption: FY2027 remaining SBC calibrated to approximately $40M annual guidance, after unusually low actual Q1. |
| Depreciation downside_2027q3_depreciation | 2027Q3 / downside | 20.47 USD_millions | assumption: FY2027 remaining depreciation calibrated to approximately $74M annual reference after $12.6M Q1. |
| Acquired intangible amortization downside_2027q3_amortization | 2027Q3 / downside | 43.20 USD_millions | assumption: Desk assumption, not company guidance. |
| Cloud implementation amortization downside_2027q3_cloud_amort | 2027Q3 / downside | 3.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash acquisition/integration cost downside_2027q3_integration | 2027Q3 / downside | 2.63 USD_millions | assumption: Desk assumption, not company guidance. |
| Costs excluded from adjusted EBITDA downside_2027q3_gaap_costs | 2027Q3 / downside | 81.69 USD_millions | derived: Cash integration is not a noncash addback. Formula: sum(downside_2027q3_sbc, downside_2027q3_depreciation, downside_2027q3_amortization, downside_2027q3_cloud_amort, downside_2027q3_integration). |
| GAAP operating income proxy downside_2027q3_operating_income | 2027Q3 / downside | -4.41 USD_millions | derived: Excludes nonoperating equity-method income and complete GAAP taxes. Formula: subtract(downside_2027q3_adjusted_ebitda, downside_2027q3_gaap_costs). |
| Net cash investment income downside_2027q3_net_cash_interest | 2027Q3 / downside | 2.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash earnings before working capital downside_2027q3_cash_before_uses | 2027Q3 / downside | 77.15 USD_millions | derived: No financing proceeds or unrealized securities gains. Formula: sum(downside_2027q3_operating_income, downside_2027q3_sbc, downside_2027q3_depreciation, downside_2027q3_amortization, downside_2027q3_cloud_amort, downside_2027q3_net_cash_interest). |
| Net inventory, billing and other operating cash use downside_2027q3_net_working_capital | 2027Q3 / downside | 65.00 USD_millions | assumption: Net sensitivity incorporates inventory and unbilled work after collections and supplier/customer funding; not gross accounts duplicated. |
| Cash tax allowance downside_2027q3_cash_tax | 2027Q3 / downside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Working capital and cash taxes downside_2027q3_cash_uses | 2027Q3 / downside | 67.00 USD_millions | derived: No complete balance-sheet forecast. Formula: sum(downside_2027q3_net_working_capital, downside_2027q3_cash_tax). |
| Operating cash flow downside_2027q3_cfo | 2027Q3 / downside | 10.15 USD_millions | derived: Noncash purchase accounting does not itself consume cash. Formula: subtract(downside_2027q3_cash_before_uses, downside_2027q3_cash_uses). |
| Campus purchase cash share downside_2027q3_campus_timing | 2027Q3 / downside | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| August campus purchase cash downside_2027q3_campus_cash | 2027Q3 / downside | 0.00 USD_millions | derived: Reported August 21 close lies in FY2027 Q2. Formula: multiply(campus_purchase, downside_2027q3_campus_timing). |
| Other factory and equipment cash downside_2027q3_other_capex | 2027Q3 / downside | 45.00 USD_millions | assumption: Desk assumption, not company guidance. |
| PP&E cash purchases downside_2027q3_capex | 2027Q3 / downside | 45.00 USD_millions | derived: Campus cash included once; other capex is a desk allowance including capacity expansion. Formula: sum(downside_2027q3_other_capex, downside_2027q3_campus_cash). |
| Capitalized software investment downside_2027q3_software | 2027Q3 / downside | 6.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E downside_2027q3_fcf | 2027Q3 / downside | -34.85 USD_millions | derived: PP&E-only historical scope. Formula: subtract(downside_2027q3_cfo, downside_2027q3_capex). |
| Cash after software downside_2027q3_cash_after_software | 2027Q3 / downside | -40.85 USD_millions | derived: Includes software investment omitted from PP&E-only cash. Formula: subtract(downside_2027q3_fcf, downside_2027q3_software). |
| Award withholding cash downside_2027q3_withholding | 2027Q3 / downside | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award withholding downside_2027q3_cash_after_awards | 2027Q3 / downside | -48.85 USD_millions | derived: Before financing, acquisitions and securities portfolio changes. Formula: subtract(downside_2027q3_cash_after_software, downside_2027q3_withholding). |
| Share of second half downside_2027q4_h2_share | 2027Q4 / downside | 54.0% ratio | assumption: Desk assumption, not company guidance. |
| Revenue downside_2027q4_revenue | 2027Q4 / downside | 607.22 USD_millions | derived: Desk H2 delivery phasing. Formula: multiply(downside_h2_revenue, downside_2027q4_h2_share). |
| Adjusted EBITDA downside_2027q4_adjusted_ebitda | 2027Q4 / downside | 90.72 USD_millions | derived: Desk H2 profit phasing. Formula: multiply(downside_h2_adjusted_ebitda, downside_2027q4_h2_share). |
| SCDE revenue downside_2027q4_scde | 2027Q4 / downside | 160.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Autonomous Systems revenue downside_2027q4_axs | 2027Q4 / downside | 447.22 USD_millions | derived: Separate segment allocation within consolidated guide. Formula: subtract(downside_2027q4_revenue, downside_2027q4_scde). |
| axs GAAP gross margin downside_2027q4_axs_gross_margin | 2027Q4 / downside | 33.0% ratio | assumption: Desk assumption, not company guidance. |
| axs gross profit downside_2027q4_axs_gross | 2027Q4 / downside | 147.58 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(downside_2027q4_axs, downside_2027q4_axs_gross_margin). |
| scde GAAP gross margin downside_2027q4_scde_gross_margin | 2027Q4 / downside | 10.0% ratio | assumption: Desk assumption, not company guidance. |
| scde gross profit downside_2027q4_scde_gross | 2027Q4 / downside | 16.00 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(downside_2027q4_scde, downside_2027q4_scde_gross_margin). |
| GAAP gross profit proxy downside_2027q4_gross_profit | 2027Q4 / downside | 163.58 USD_millions | derived: Provisional business mix margins, not adjusted gross profit. Formula: sum(downside_2027q4_axs_gross, downside_2027q4_scde_gross). |
| Ordinary stock compensation downside_2027q4_sbc | 2027Q4 / downside | 11.69 USD_millions | assumption: FY2027 remaining SBC calibrated to approximately $40M annual guidance, after unusually low actual Q1. |
| Depreciation downside_2027q4_depreciation | 2027Q4 / downside | 20.47 USD_millions | assumption: FY2027 remaining depreciation calibrated to approximately $74M annual reference after $12.6M Q1. |
| Acquired intangible amortization downside_2027q4_amortization | 2027Q4 / downside | 43.20 USD_millions | assumption: Desk assumption, not company guidance. |
| Cloud implementation amortization downside_2027q4_cloud_amort | 2027Q4 / downside | 3.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash acquisition/integration cost downside_2027q4_integration | 2027Q4 / downside | 2.63 USD_millions | assumption: Desk assumption, not company guidance. |
| Costs excluded from adjusted EBITDA downside_2027q4_gaap_costs | 2027Q4 / downside | 81.69 USD_millions | derived: Cash integration is not a noncash addback. Formula: sum(downside_2027q4_sbc, downside_2027q4_depreciation, downside_2027q4_amortization, downside_2027q4_cloud_amort, downside_2027q4_integration). |
| GAAP operating income proxy downside_2027q4_operating_income | 2027Q4 / downside | 9.03 USD_millions | derived: Excludes nonoperating equity-method income and complete GAAP taxes. Formula: subtract(downside_2027q4_adjusted_ebitda, downside_2027q4_gaap_costs). |
| Net cash investment income downside_2027q4_net_cash_interest | 2027Q4 / downside | 2.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash earnings before working capital downside_2027q4_cash_before_uses | 2027Q4 / downside | 90.59 USD_millions | derived: No financing proceeds or unrealized securities gains. Formula: sum(downside_2027q4_operating_income, downside_2027q4_sbc, downside_2027q4_depreciation, downside_2027q4_amortization, downside_2027q4_cloud_amort, downside_2027q4_net_cash_interest). |
| Net inventory, billing and other operating cash use downside_2027q4_net_working_capital | 2027Q4 / downside | 20.00 USD_millions | assumption: Net sensitivity incorporates inventory and unbilled work after collections and supplier/customer funding; not gross accounts duplicated. |
| Cash tax allowance downside_2027q4_cash_tax | 2027Q4 / downside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Working capital and cash taxes downside_2027q4_cash_uses | 2027Q4 / downside | 22.00 USD_millions | derived: No complete balance-sheet forecast. Formula: sum(downside_2027q4_net_working_capital, downside_2027q4_cash_tax). |
| Operating cash flow downside_2027q4_cfo | 2027Q4 / downside | 68.59 USD_millions | derived: Noncash purchase accounting does not itself consume cash. Formula: subtract(downside_2027q4_cash_before_uses, downside_2027q4_cash_uses). |
| Campus purchase cash share downside_2027q4_campus_timing | 2027Q4 / downside | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| August campus purchase cash downside_2027q4_campus_cash | 2027Q4 / downside | 0.00 USD_millions | derived: Reported August 21 close lies in FY2027 Q2. Formula: multiply(campus_purchase, downside_2027q4_campus_timing). |
| Other factory and equipment cash downside_2027q4_other_capex | 2027Q4 / downside | 45.00 USD_millions | assumption: Desk assumption, not company guidance. |
| PP&E cash purchases downside_2027q4_capex | 2027Q4 / downside | 45.00 USD_millions | derived: Campus cash included once; other capex is a desk allowance including capacity expansion. Formula: sum(downside_2027q4_other_capex, downside_2027q4_campus_cash). |
| Capitalized software investment downside_2027q4_software | 2027Q4 / downside | 6.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E downside_2027q4_fcf | 2027Q4 / downside | 23.59 USD_millions | derived: PP&E-only historical scope. Formula: subtract(downside_2027q4_cfo, downside_2027q4_capex). |
| Cash after software downside_2027q4_cash_after_software | 2027Q4 / downside | 17.59 USD_millions | derived: Includes software investment omitted from PP&E-only cash. Formula: subtract(downside_2027q4_fcf, downside_2027q4_software). |
| Award withholding cash downside_2027q4_withholding | 2027Q4 / downside | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award withholding downside_2027q4_cash_after_awards | 2027Q4 / downside | 9.59 USD_millions | derived: Before financing, acquisitions and securities portfolio changes. Formula: subtract(downside_2027q4_cash_after_software, downside_2027q4_withholding). |
| FY2028 quarter share downside_2028q1_weight | 2028Q1 / downside | 22.0% ratio | assumption: Desk assumption, not company guidance. |
| Autonomous Systems revenue downside_2028q1_axs | 2028Q1 / downside | 352.83 USD_millions | derived: Desk delivery schedule. Formula: multiply(downside_fy28_axs, downside_2028q1_weight). |
| SCDE revenue downside_2028q1_scde | 2028Q1 / downside | 129.25 USD_millions | derived: Desk delivery schedule. Formula: multiply(downside_fy28_scde, downside_2028q1_weight). |
| Revenue downside_2028q1_revenue | 2028Q1 / downside | 482.08 USD_millions | derived: Mutually exclusive segments. Formula: sum(downside_2028q1_axs, downside_2028q1_scde). |
| axs adjusted EBITDA margin downside_2028q1_axs_ebitda_margin | 2028Q1 / downside | 18.0% ratio | assumption: Desk assumption, not company guidance. |
| axs adjusted EBITDA downside_2028q1_axs_ebitda | 2028Q1 / downside | 63.51 USD_millions | derived: Desk segment economics after allocated corporate costs. Formula: multiply(downside_2028q1_axs, downside_2028q1_axs_ebitda_margin). |
| scde adjusted EBITDA margin downside_2028q1_scde_ebitda_margin | 2028Q1 / downside | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| scde adjusted EBITDA downside_2028q1_scde_ebitda | 2028Q1 / downside | 0.00 USD_millions | derived: Desk segment economics after allocated corporate costs. Formula: multiply(downside_2028q1_scde, downside_2028q1_scde_ebitda_margin). |
| Adjusted EBITDA downside_2028q1_adjusted_ebitda | 2028Q1 / downside | 63.51 USD_millions | derived: No unallocated profit or speculative award value added. Formula: sum(downside_2028q1_axs_ebitda, downside_2028q1_scde_ebitda). |
| axs GAAP gross margin downside_2028q1_axs_gross_margin | 2028Q1 / downside | 33.0% ratio | assumption: Desk assumption, not company guidance. |
| axs gross profit downside_2028q1_axs_gross | 2028Q1 / downside | 116.43 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(downside_2028q1_axs, downside_2028q1_axs_gross_margin). |
| scde GAAP gross margin downside_2028q1_scde_gross_margin | 2028Q1 / downside | 10.0% ratio | assumption: Desk assumption, not company guidance. |
| scde gross profit downside_2028q1_scde_gross | 2028Q1 / downside | 12.92 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(downside_2028q1_scde, downside_2028q1_scde_gross_margin). |
| GAAP gross profit proxy downside_2028q1_gross_profit | 2028Q1 / downside | 129.36 USD_millions | derived: Provisional business mix margins, not adjusted gross profit. Formula: sum(downside_2028q1_axs_gross, downside_2028q1_scde_gross). |
| Ordinary stock compensation downside_2028q1_sbc | 2028Q1 / downside | 12.50 USD_millions | assumption: FY2027 remaining SBC calibrated to approximately $40M annual guidance, after unusually low actual Q1. |
| Depreciation downside_2028q1_depreciation | 2028Q1 / downside | 22.00 USD_millions | assumption: FY2027 remaining depreciation calibrated to approximately $74M annual reference after $12.6M Q1. |
| Acquired intangible amortization downside_2028q1_amortization | 2028Q1 / downside | 42.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cloud implementation amortization downside_2028q1_cloud_amort | 2028Q1 / downside | 3.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash acquisition/integration cost downside_2028q1_integration | 2028Q1 / downside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Costs excluded from adjusted EBITDA downside_2028q1_gaap_costs | 2028Q1 / downside | 82.00 USD_millions | derived: Cash integration is not a noncash addback. Formula: sum(downside_2028q1_sbc, downside_2028q1_depreciation, downside_2028q1_amortization, downside_2028q1_cloud_amort, downside_2028q1_integration). |
| GAAP operating income proxy downside_2028q1_operating_income | 2028Q1 / downside | -18.49 USD_millions | derived: Excludes nonoperating equity-method income and complete GAAP taxes. Formula: subtract(downside_2028q1_adjusted_ebitda, downside_2028q1_gaap_costs). |
| Net cash investment income downside_2028q1_net_cash_interest | 2028Q1 / downside | 2.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash earnings before working capital downside_2028q1_cash_before_uses | 2028Q1 / downside | 64.01 USD_millions | derived: No financing proceeds or unrealized securities gains. Formula: sum(downside_2028q1_operating_income, downside_2028q1_sbc, downside_2028q1_depreciation, downside_2028q1_amortization, downside_2028q1_cloud_amort, downside_2028q1_net_cash_interest). |
| Net inventory, billing and other operating cash use downside_2028q1_net_working_capital | 2028Q1 / downside | 70.00 USD_millions | assumption: Net sensitivity incorporates inventory and unbilled work after collections and supplier/customer funding; not gross accounts duplicated. |
| Cash tax allowance downside_2028q1_cash_tax | 2028Q1 / downside | 5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Working capital and cash taxes downside_2028q1_cash_uses | 2028Q1 / downside | 75.00 USD_millions | derived: No complete balance-sheet forecast. Formula: sum(downside_2028q1_net_working_capital, downside_2028q1_cash_tax). |
| Operating cash flow downside_2028q1_cfo | 2028Q1 / downside | -10.99 USD_millions | derived: Noncash purchase accounting does not itself consume cash. Formula: subtract(downside_2028q1_cash_before_uses, downside_2028q1_cash_uses). |
| Campus purchase cash share downside_2028q1_campus_timing | 2028Q1 / downside | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| August campus purchase cash downside_2028q1_campus_cash | 2028Q1 / downside | 0.00 USD_millions | derived: Reported August 21 close lies in FY2027 Q2. Formula: multiply(campus_purchase, downside_2028q1_campus_timing). |
| Other factory and equipment cash downside_2028q1_other_capex | 2028Q1 / downside | 45.00 USD_millions | assumption: Desk assumption, not company guidance. |
| PP&E cash purchases downside_2028q1_capex | 2028Q1 / downside | 45.00 USD_millions | derived: Campus cash included once; other capex is a desk allowance including capacity expansion. Formula: sum(downside_2028q1_other_capex, downside_2028q1_campus_cash). |
| Capitalized software investment downside_2028q1_software | 2028Q1 / downside | 7.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E downside_2028q1_fcf | 2028Q1 / downside | -55.99 USD_millions | derived: PP&E-only historical scope. Formula: subtract(downside_2028q1_cfo, downside_2028q1_capex). |
| Cash after software downside_2028q1_cash_after_software | 2028Q1 / downside | -62.99 USD_millions | derived: Includes software investment omitted from PP&E-only cash. Formula: subtract(downside_2028q1_fcf, downside_2028q1_software). |
| Award withholding cash downside_2028q1_withholding | 2028Q1 / downside | 10.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award withholding downside_2028q1_cash_after_awards | 2028Q1 / downside | -72.99 USD_millions | derived: Before financing, acquisitions and securities portfolio changes. Formula: subtract(downside_2028q1_cash_after_software, downside_2028q1_withholding). |
| FY2028 quarter share downside_2028q2_weight | 2028Q2 / downside | 23.0% ratio | assumption: Desk assumption, not company guidance. |
| Autonomous Systems revenue downside_2028q2_axs | 2028Q2 / downside | 368.87 USD_millions | derived: Desk delivery schedule. Formula: multiply(downside_fy28_axs, downside_2028q2_weight). |
| SCDE revenue downside_2028q2_scde | 2028Q2 / downside | 135.12 USD_millions | derived: Desk delivery schedule. Formula: multiply(downside_fy28_scde, downside_2028q2_weight). |
| Revenue downside_2028q2_revenue | 2028Q2 / downside | 503.99 USD_millions | derived: Mutually exclusive segments. Formula: sum(downside_2028q2_axs, downside_2028q2_scde). |
| axs adjusted EBITDA margin downside_2028q2_axs_ebitda_margin | 2028Q2 / downside | 18.0% ratio | assumption: Desk assumption, not company guidance. |
| axs adjusted EBITDA downside_2028q2_axs_ebitda | 2028Q2 / downside | 66.40 USD_millions | derived: Desk segment economics after allocated corporate costs. Formula: multiply(downside_2028q2_axs, downside_2028q2_axs_ebitda_margin). |
| scde adjusted EBITDA margin downside_2028q2_scde_ebitda_margin | 2028Q2 / downside | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| scde adjusted EBITDA downside_2028q2_scde_ebitda | 2028Q2 / downside | 0.00 USD_millions | derived: Desk segment economics after allocated corporate costs. Formula: multiply(downside_2028q2_scde, downside_2028q2_scde_ebitda_margin). |
| Adjusted EBITDA downside_2028q2_adjusted_ebitda | 2028Q2 / downside | 66.40 USD_millions | derived: No unallocated profit or speculative award value added. Formula: sum(downside_2028q2_axs_ebitda, downside_2028q2_scde_ebitda). |
| axs GAAP gross margin downside_2028q2_axs_gross_margin | 2028Q2 / downside | 33.0% ratio | assumption: Desk assumption, not company guidance. |
| axs gross profit downside_2028q2_axs_gross | 2028Q2 / downside | 121.73 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(downside_2028q2_axs, downside_2028q2_axs_gross_margin). |
| scde GAAP gross margin downside_2028q2_scde_gross_margin | 2028Q2 / downside | 10.0% ratio | assumption: Desk assumption, not company guidance. |
| scde gross profit downside_2028q2_scde_gross | 2028Q2 / downside | 13.51 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(downside_2028q2_scde, downside_2028q2_scde_gross_margin). |
| GAAP gross profit proxy downside_2028q2_gross_profit | 2028Q2 / downside | 135.24 USD_millions | derived: Provisional business mix margins, not adjusted gross profit. Formula: sum(downside_2028q2_axs_gross, downside_2028q2_scde_gross). |
| Ordinary stock compensation downside_2028q2_sbc | 2028Q2 / downside | 12.50 USD_millions | assumption: FY2027 remaining SBC calibrated to approximately $40M annual guidance, after unusually low actual Q1. |
| Depreciation downside_2028q2_depreciation | 2028Q2 / downside | 22.00 USD_millions | assumption: FY2027 remaining depreciation calibrated to approximately $74M annual reference after $12.6M Q1. |
| Acquired intangible amortization downside_2028q2_amortization | 2028Q2 / downside | 42.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cloud implementation amortization downside_2028q2_cloud_amort | 2028Q2 / downside | 3.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash acquisition/integration cost downside_2028q2_integration | 2028Q2 / downside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Costs excluded from adjusted EBITDA downside_2028q2_gaap_costs | 2028Q2 / downside | 82.00 USD_millions | derived: Cash integration is not a noncash addback. Formula: sum(downside_2028q2_sbc, downside_2028q2_depreciation, downside_2028q2_amortization, downside_2028q2_cloud_amort, downside_2028q2_integration). |
| GAAP operating income proxy downside_2028q2_operating_income | 2028Q2 / downside | -15.60 USD_millions | derived: Excludes nonoperating equity-method income and complete GAAP taxes. Formula: subtract(downside_2028q2_adjusted_ebitda, downside_2028q2_gaap_costs). |
| Net cash investment income downside_2028q2_net_cash_interest | 2028Q2 / downside | 2.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash earnings before working capital downside_2028q2_cash_before_uses | 2028Q2 / downside | 66.90 USD_millions | derived: No financing proceeds or unrealized securities gains. Formula: sum(downside_2028q2_operating_income, downside_2028q2_sbc, downside_2028q2_depreciation, downside_2028q2_amortization, downside_2028q2_cloud_amort, downside_2028q2_net_cash_interest). |
| Net inventory, billing and other operating cash use downside_2028q2_net_working_capital | 2028Q2 / downside | 45.00 USD_millions | assumption: Net sensitivity incorporates inventory and unbilled work after collections and supplier/customer funding; not gross accounts duplicated. |
| Cash tax allowance downside_2028q2_cash_tax | 2028Q2 / downside | 5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Working capital and cash taxes downside_2028q2_cash_uses | 2028Q2 / downside | 50.00 USD_millions | derived: No complete balance-sheet forecast. Formula: sum(downside_2028q2_net_working_capital, downside_2028q2_cash_tax). |
| Operating cash flow downside_2028q2_cfo | 2028Q2 / downside | 16.90 USD_millions | derived: Noncash purchase accounting does not itself consume cash. Formula: subtract(downside_2028q2_cash_before_uses, downside_2028q2_cash_uses). |
| Campus purchase cash share downside_2028q2_campus_timing | 2028Q2 / downside | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| August campus purchase cash downside_2028q2_campus_cash | 2028Q2 / downside | 0.00 USD_millions | derived: Reported August 21 close lies in FY2027 Q2. Formula: multiply(campus_purchase, downside_2028q2_campus_timing). |
| Other factory and equipment cash downside_2028q2_other_capex | 2028Q2 / downside | 40.00 USD_millions | assumption: Desk assumption, not company guidance. |
| PP&E cash purchases downside_2028q2_capex | 2028Q2 / downside | 40.00 USD_millions | derived: Campus cash included once; other capex is a desk allowance including capacity expansion. Formula: sum(downside_2028q2_other_capex, downside_2028q2_campus_cash). |
| Capitalized software investment downside_2028q2_software | 2028Q2 / downside | 7.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E downside_2028q2_fcf | 2028Q2 / downside | -23.10 USD_millions | derived: PP&E-only historical scope. Formula: subtract(downside_2028q2_cfo, downside_2028q2_capex). |
| Cash after software downside_2028q2_cash_after_software | 2028Q2 / downside | -30.10 USD_millions | derived: Includes software investment omitted from PP&E-only cash. Formula: subtract(downside_2028q2_fcf, downside_2028q2_software). |
| Award withholding cash downside_2028q2_withholding | 2028Q2 / downside | 10.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award withholding downside_2028q2_cash_after_awards | 2028Q2 / downside | -40.10 USD_millions | derived: Before financing, acquisitions and securities portfolio changes. Formula: subtract(downside_2028q2_cash_after_software, downside_2028q2_withholding). |
| FY2028 quarter share downside_2028q3_weight | 2028Q3 / downside | 26.0% ratio | assumption: Desk assumption, not company guidance. |
| Autonomous Systems revenue downside_2028q3_axs | 2028Q3 / downside | 416.98 USD_millions | derived: Desk delivery schedule. Formula: multiply(downside_fy28_axs, downside_2028q3_weight). |
| SCDE revenue downside_2028q3_scde | 2028Q3 / downside | 152.75 USD_millions | derived: Desk delivery schedule. Formula: multiply(downside_fy28_scde, downside_2028q3_weight). |
| Revenue downside_2028q3_revenue | 2028Q3 / downside | 569.73 USD_millions | derived: Mutually exclusive segments. Formula: sum(downside_2028q3_axs, downside_2028q3_scde). |
| axs adjusted EBITDA margin downside_2028q3_axs_ebitda_margin | 2028Q3 / downside | 18.0% ratio | assumption: Desk assumption, not company guidance. |
| axs adjusted EBITDA downside_2028q3_axs_ebitda | 2028Q3 / downside | 75.06 USD_millions | derived: Desk segment economics after allocated corporate costs. Formula: multiply(downside_2028q3_axs, downside_2028q3_axs_ebitda_margin). |
| scde adjusted EBITDA margin downside_2028q3_scde_ebitda_margin | 2028Q3 / downside | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| scde adjusted EBITDA downside_2028q3_scde_ebitda | 2028Q3 / downside | 0.00 USD_millions | derived: Desk segment economics after allocated corporate costs. Formula: multiply(downside_2028q3_scde, downside_2028q3_scde_ebitda_margin). |
| Adjusted EBITDA downside_2028q3_adjusted_ebitda | 2028Q3 / downside | 75.06 USD_millions | derived: No unallocated profit or speculative award value added. Formula: sum(downside_2028q3_axs_ebitda, downside_2028q3_scde_ebitda). |
| axs GAAP gross margin downside_2028q3_axs_gross_margin | 2028Q3 / downside | 33.0% ratio | assumption: Desk assumption, not company guidance. |
| axs gross profit downside_2028q3_axs_gross | 2028Q3 / downside | 137.60 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(downside_2028q3_axs, downside_2028q3_axs_gross_margin). |
| scde GAAP gross margin downside_2028q3_scde_gross_margin | 2028Q3 / downside | 10.0% ratio | assumption: Desk assumption, not company guidance. |
| scde gross profit downside_2028q3_scde_gross | 2028Q3 / downside | 15.27 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(downside_2028q3_scde, downside_2028q3_scde_gross_margin). |
| GAAP gross profit proxy downside_2028q3_gross_profit | 2028Q3 / downside | 152.88 USD_millions | derived: Provisional business mix margins, not adjusted gross profit. Formula: sum(downside_2028q3_axs_gross, downside_2028q3_scde_gross). |
| Ordinary stock compensation downside_2028q3_sbc | 2028Q3 / downside | 12.50 USD_millions | assumption: FY2027 remaining SBC calibrated to approximately $40M annual guidance, after unusually low actual Q1. |
| Depreciation downside_2028q3_depreciation | 2028Q3 / downside | 22.00 USD_millions | assumption: FY2027 remaining depreciation calibrated to approximately $74M annual reference after $12.6M Q1. |
| Acquired intangible amortization downside_2028q3_amortization | 2028Q3 / downside | 42.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cloud implementation amortization downside_2028q3_cloud_amort | 2028Q3 / downside | 3.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash acquisition/integration cost downside_2028q3_integration | 2028Q3 / downside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Costs excluded from adjusted EBITDA downside_2028q3_gaap_costs | 2028Q3 / downside | 82.00 USD_millions | derived: Cash integration is not a noncash addback. Formula: sum(downside_2028q3_sbc, downside_2028q3_depreciation, downside_2028q3_amortization, downside_2028q3_cloud_amort, downside_2028q3_integration). |
| GAAP operating income proxy downside_2028q3_operating_income | 2028Q3 / downside | -6.94 USD_millions | derived: Excludes nonoperating equity-method income and complete GAAP taxes. Formula: subtract(downside_2028q3_adjusted_ebitda, downside_2028q3_gaap_costs). |
| Net cash investment income downside_2028q3_net_cash_interest | 2028Q3 / downside | 2.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash earnings before working capital downside_2028q3_cash_before_uses | 2028Q3 / downside | 75.56 USD_millions | derived: No financing proceeds or unrealized securities gains. Formula: sum(downside_2028q3_operating_income, downside_2028q3_sbc, downside_2028q3_depreciation, downside_2028q3_amortization, downside_2028q3_cloud_amort, downside_2028q3_net_cash_interest). |
| Net inventory, billing and other operating cash use downside_2028q3_net_working_capital | 2028Q3 / downside | 45.00 USD_millions | assumption: Net sensitivity incorporates inventory and unbilled work after collections and supplier/customer funding; not gross accounts duplicated. |
| Cash tax allowance downside_2028q3_cash_tax | 2028Q3 / downside | 5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Working capital and cash taxes downside_2028q3_cash_uses | 2028Q3 / downside | 50.00 USD_millions | derived: No complete balance-sheet forecast. Formula: sum(downside_2028q3_net_working_capital, downside_2028q3_cash_tax). |
| Operating cash flow downside_2028q3_cfo | 2028Q3 / downside | 25.56 USD_millions | derived: Noncash purchase accounting does not itself consume cash. Formula: subtract(downside_2028q3_cash_before_uses, downside_2028q3_cash_uses). |
| Campus purchase cash share downside_2028q3_campus_timing | 2028Q3 / downside | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| August campus purchase cash downside_2028q3_campus_cash | 2028Q3 / downside | 0.00 USD_millions | derived: Reported August 21 close lies in FY2027 Q2. Formula: multiply(campus_purchase, downside_2028q3_campus_timing). |
| Other factory and equipment cash downside_2028q3_other_capex | 2028Q3 / downside | 40.00 USD_millions | assumption: Desk assumption, not company guidance. |
| PP&E cash purchases downside_2028q3_capex | 2028Q3 / downside | 40.00 USD_millions | derived: Campus cash included once; other capex is a desk allowance including capacity expansion. Formula: sum(downside_2028q3_other_capex, downside_2028q3_campus_cash). |
| Capitalized software investment downside_2028q3_software | 2028Q3 / downside | 7.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E downside_2028q3_fcf | 2028Q3 / downside | -14.44 USD_millions | derived: PP&E-only historical scope. Formula: subtract(downside_2028q3_cfo, downside_2028q3_capex). |
| Cash after software downside_2028q3_cash_after_software | 2028Q3 / downside | -21.44 USD_millions | derived: Includes software investment omitted from PP&E-only cash. Formula: subtract(downside_2028q3_fcf, downside_2028q3_software). |
| Award withholding cash downside_2028q3_withholding | 2028Q3 / downside | 10.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award withholding downside_2028q3_cash_after_awards | 2028Q3 / downside | -31.44 USD_millions | derived: Before financing, acquisitions and securities portfolio changes. Formula: subtract(downside_2028q3_cash_after_software, downside_2028q3_withholding). |
| FY2028 quarter share downside_2028q4_weight | 2028Q4 / downside | 29.0% ratio | assumption: Desk assumption, not company guidance. |
| Autonomous Systems revenue downside_2028q4_axs | 2028Q4 / downside | 465.10 USD_millions | derived: Desk delivery schedule. Formula: multiply(downside_fy28_axs, downside_2028q4_weight). |
| SCDE revenue downside_2028q4_scde | 2028Q4 / downside | 170.37 USD_millions | derived: Desk delivery schedule. Formula: multiply(downside_fy28_scde, downside_2028q4_weight). |
| Revenue downside_2028q4_revenue | 2028Q4 / downside | 635.47 USD_millions | derived: Mutually exclusive segments. Formula: sum(downside_2028q4_axs, downside_2028q4_scde). |
| axs adjusted EBITDA margin downside_2028q4_axs_ebitda_margin | 2028Q4 / downside | 18.0% ratio | assumption: Desk assumption, not company guidance. |
| axs adjusted EBITDA downside_2028q4_axs_ebitda | 2028Q4 / downside | 83.72 USD_millions | derived: Desk segment economics after allocated corporate costs. Formula: multiply(downside_2028q4_axs, downside_2028q4_axs_ebitda_margin). |
| scde adjusted EBITDA margin downside_2028q4_scde_ebitda_margin | 2028Q4 / downside | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| scde adjusted EBITDA downside_2028q4_scde_ebitda | 2028Q4 / downside | 0.00 USD_millions | derived: Desk segment economics after allocated corporate costs. Formula: multiply(downside_2028q4_scde, downside_2028q4_scde_ebitda_margin). |
| Adjusted EBITDA downside_2028q4_adjusted_ebitda | 2028Q4 / downside | 83.72 USD_millions | derived: No unallocated profit or speculative award value added. Formula: sum(downside_2028q4_axs_ebitda, downside_2028q4_scde_ebitda). |
| axs GAAP gross margin downside_2028q4_axs_gross_margin | 2028Q4 / downside | 33.0% ratio | assumption: Desk assumption, not company guidance. |
| axs gross profit downside_2028q4_axs_gross | 2028Q4 / downside | 153.48 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(downside_2028q4_axs, downside_2028q4_axs_gross_margin). |
| scde GAAP gross margin downside_2028q4_scde_gross_margin | 2028Q4 / downside | 10.0% ratio | assumption: Desk assumption, not company guidance. |
| scde gross profit downside_2028q4_scde_gross | 2028Q4 / downside | 17.04 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(downside_2028q4_scde, downside_2028q4_scde_gross_margin). |
| GAAP gross profit proxy downside_2028q4_gross_profit | 2028Q4 / downside | 170.52 USD_millions | derived: Provisional business mix margins, not adjusted gross profit. Formula: sum(downside_2028q4_axs_gross, downside_2028q4_scde_gross). |
| Ordinary stock compensation downside_2028q4_sbc | 2028Q4 / downside | 12.50 USD_millions | assumption: FY2027 remaining SBC calibrated to approximately $40M annual guidance, after unusually low actual Q1. |
| Depreciation downside_2028q4_depreciation | 2028Q4 / downside | 22.00 USD_millions | assumption: FY2027 remaining depreciation calibrated to approximately $74M annual reference after $12.6M Q1. |
| Acquired intangible amortization downside_2028q4_amortization | 2028Q4 / downside | 42.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cloud implementation amortization downside_2028q4_cloud_amort | 2028Q4 / downside | 3.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash acquisition/integration cost downside_2028q4_integration | 2028Q4 / downside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Costs excluded from adjusted EBITDA downside_2028q4_gaap_costs | 2028Q4 / downside | 82.00 USD_millions | derived: Cash integration is not a noncash addback. Formula: sum(downside_2028q4_sbc, downside_2028q4_depreciation, downside_2028q4_amortization, downside_2028q4_cloud_amort, downside_2028q4_integration). |
| GAAP operating income proxy downside_2028q4_operating_income | 2028Q4 / downside | 1.72 USD_millions | derived: Excludes nonoperating equity-method income and complete GAAP taxes. Formula: subtract(downside_2028q4_adjusted_ebitda, downside_2028q4_gaap_costs). |
| Net cash investment income downside_2028q4_net_cash_interest | 2028Q4 / downside | 2.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash earnings before working capital downside_2028q4_cash_before_uses | 2028Q4 / downside | 84.22 USD_millions | derived: No financing proceeds or unrealized securities gains. Formula: sum(downside_2028q4_operating_income, downside_2028q4_sbc, downside_2028q4_depreciation, downside_2028q4_amortization, downside_2028q4_cloud_amort, downside_2028q4_net_cash_interest). |
| Net inventory, billing and other operating cash use downside_2028q4_net_working_capital | 2028Q4 / downside | 20.00 USD_millions | assumption: Net sensitivity incorporates inventory and unbilled work after collections and supplier/customer funding; not gross accounts duplicated. |
| Cash tax allowance downside_2028q4_cash_tax | 2028Q4 / downside | 5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Working capital and cash taxes downside_2028q4_cash_uses | 2028Q4 / downside | 25.00 USD_millions | derived: No complete balance-sheet forecast. Formula: sum(downside_2028q4_net_working_capital, downside_2028q4_cash_tax). |
| Operating cash flow downside_2028q4_cfo | 2028Q4 / downside | 59.22 USD_millions | derived: Noncash purchase accounting does not itself consume cash. Formula: subtract(downside_2028q4_cash_before_uses, downside_2028q4_cash_uses). |
| Campus purchase cash share downside_2028q4_campus_timing | 2028Q4 / downside | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| August campus purchase cash downside_2028q4_campus_cash | 2028Q4 / downside | 0.00 USD_millions | derived: Reported August 21 close lies in FY2027 Q2. Formula: multiply(campus_purchase, downside_2028q4_campus_timing). |
| Other factory and equipment cash downside_2028q4_other_capex | 2028Q4 / downside | 40.00 USD_millions | assumption: Desk assumption, not company guidance. |
| PP&E cash purchases downside_2028q4_capex | 2028Q4 / downside | 40.00 USD_millions | derived: Campus cash included once; other capex is a desk allowance including capacity expansion. Formula: sum(downside_2028q4_other_capex, downside_2028q4_campus_cash). |
| Capitalized software investment downside_2028q4_software | 2028Q4 / downside | 7.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E downside_2028q4_fcf | 2028Q4 / downside | 19.22 USD_millions | derived: PP&E-only historical scope. Formula: subtract(downside_2028q4_cfo, downside_2028q4_capex). |
| Cash after software downside_2028q4_cash_after_software | 2028Q4 / downside | 12.22 USD_millions | derived: Includes software investment omitted from PP&E-only cash. Formula: subtract(downside_2028q4_fcf, downside_2028q4_software). |
| Award withholding cash downside_2028q4_withholding | 2028Q4 / downside | 10.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award withholding downside_2028q4_cash_after_awards | 2028Q4 / downside | 2.22 USD_millions | derived: Before financing, acquisitions and securities portfolio changes. Formula: subtract(downside_2028q4_cash_after_software, downside_2028q4_withholding). |
| Revenue ($M) downside_fy2027_revenue | FY2027 / downside | 2,044.50 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_revenue, downside_2027q2_revenue, downside_2027q3_revenue, downside_2027q4_revenue). |
| Autonomous Systems revenue ($M) downside_fy2027_axs | FY2027 / downside | 1,484.98 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_axs, downside_2027q2_axs, downside_2027q3_axs, downside_2027q4_axs). |
| Space/Cyber/Directed Energy revenue ($M) downside_fy2027_scde | FY2027 / downside | 559.52 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_scde, downside_2027q2_scde, downside_2027q3_scde, downside_2027q4_scde). |
| GAAP gross profit proxy ($M) downside_fy2027_gross_profit | FY2027 / downside | 542.97 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_gross_profit, downside_2027q2_gross_profit, downside_2027q3_gross_profit, downside_2027q4_gross_profit). |
| Adjusted EBITDA ($M) downside_fy2027_adjusted_ebitda | FY2027 / downside | 252.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_adjusted_ebitda, downside_2027q2_adjusted_ebitda, downside_2027q3_adjusted_ebitda, downside_2027q4_adjusted_ebitda). |
| GAAP operating income proxy ($M) downside_fy2027_operating_income | FY2027 / downside | -57.33 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_operating_income, downside_2027q2_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income). |
| Operating cash flow ($M) downside_fy2027_cfo | FY2027 / downside | 40.71 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_cfo, downside_2027q2_cfo, downside_2027q3_cfo, downside_2027q4_cfo). |
| PP&E cash purchases ($M) downside_fy2027_capex | FY2027 / downside | 205.28 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_capex, downside_2027q2_capex, downside_2027q3_capex, downside_2027q4_capex). |
| Capitalized software cash ($M) downside_fy2027_software | FY2027 / downside | 23.42 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_software, downside_2027q2_software, downside_2027q3_software, downside_2027q4_software). |
| CFO less PP&E ($M) downside_fy2027_fcf | FY2027 / downside | -164.58 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_fcf, downside_2027q2_fcf, downside_2027q3_fcf, downside_2027q4_fcf). |
| Cash after PP&E and software ($M) downside_fy2027_cash_after_software | FY2027 / downside | -187.99 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_cash_after_software, downside_2027q2_cash_after_software, downside_2027q3_cash_after_software, downside_2027q4_cash_after_software). |
| Cash after software and award withholding ($M) downside_fy2027_cash_after_awards | FY2027 / downside | -221.56 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_cash_after_awards, downside_2027q2_cash_after_awards, downside_2027q3_cash_after_awards, downside_2027q4_cash_after_awards). |
| Revenue ($M) downside_fy2028_revenue | FY2028 / downside | 2,191.27 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_revenue, downside_2028q2_revenue, downside_2028q3_revenue, downside_2028q4_revenue). |
| Autonomous Systems revenue ($M) downside_fy2028_axs | FY2028 / downside | 1,603.78 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_axs, downside_2028q2_axs, downside_2028q3_axs, downside_2028q4_axs). |
| Space/Cyber/Directed Energy revenue ($M) downside_fy2028_scde | FY2028 / downside | 587.50 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_scde, downside_2028q2_scde, downside_2028q3_scde, downside_2028q4_scde). |
| GAAP gross profit proxy ($M) downside_fy2028_gross_profit | FY2028 / downside | 588.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_gross_profit, downside_2028q2_gross_profit, downside_2028q3_gross_profit, downside_2028q4_gross_profit). |
| Adjusted EBITDA ($M) downside_fy2028_adjusted_ebitda | FY2028 / downside | 288.68 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_adjusted_ebitda, downside_2028q2_adjusted_ebitda, downside_2028q3_adjusted_ebitda, downside_2028q4_adjusted_ebitda). |
| GAAP operating income proxy ($M) downside_fy2028_operating_income | FY2028 / downside | -39.32 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_operating_income, downside_2028q2_operating_income, downside_2028q3_operating_income, downside_2028q4_operating_income). |
| Operating cash flow ($M) downside_fy2028_cfo | FY2028 / downside | 90.68 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_cfo, downside_2028q2_cfo, downside_2028q3_cfo, downside_2028q4_cfo). |
| PP&E cash purchases ($M) downside_fy2028_capex | FY2028 / downside | 165.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_capex, downside_2028q2_capex, downside_2028q3_capex, downside_2028q4_capex). |
| Capitalized software cash ($M) downside_fy2028_software | FY2028 / downside | 28.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_software, downside_2028q2_software, downside_2028q3_software, downside_2028q4_software). |
| CFO less PP&E ($M) downside_fy2028_fcf | FY2028 / downside | -74.32 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_fcf, downside_2028q2_fcf, downside_2028q3_fcf, downside_2028q4_fcf). |
| Cash after PP&E and software ($M) downside_fy2028_cash_after_software | FY2028 / downside | -102.32 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_cash_after_software, downside_2028q2_cash_after_software, downside_2028q3_cash_after_software, downside_2028q4_cash_after_software). |
| Cash after software and award withholding ($M) downside_fy2028_cash_after_awards | FY2028 / downside | -142.32 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_cash_after_awards, downside_2028q2_cash_after_awards, downside_2028q3_cash_after_awards, downside_2028q4_cash_after_awards). |
| revenue delivery / midpoint base_revenue_factor | FY2027 / base | 100.0% ratio | assumption: Desk annual scenario sensitivity. |
| FY2027 revenue base_fy27_revenue_target | FY2027 / base | 2,175.00 USD_millions | derived: Annual management midpoint times sensitivity. Formula: multiply(fy27_revenue_guide, base_revenue_factor). |
| First-half revenue base_h1_revenue | H1 FY2027 / base | 978.75 USD_millions | derived: Uses management consolidated first-half cadence. Formula: multiply(base_fy27_revenue_target, h1_revenue_share). |
| Q2 revenue base_q2_revenue | 2027Q2 / base | 498.26 USD_millions | derived: H1 scenario less actual Q1. Formula: subtract(base_h1_revenue, q1_revenue). |
| H2 revenue base_h2_revenue | H2 FY2027 / base | 1,196.25 USD_millions | derived: Remaining second-half scenario. Formula: subtract(base_fy27_revenue_target, base_h1_revenue). |
| adjusted_ebitda delivery / midpoint base_adjusted_ebitda_factor | FY2027 / base | 100.0% ratio | assumption: Desk annual scenario sensitivity. |
| FY2027 adjusted_ebitda base_fy27_adjusted_ebitda_target | FY2027 / base | 315.00 USD_millions | derived: Annual management midpoint times sensitivity. Formula: multiply(fy27_ebitda_guide, base_adjusted_ebitda_factor). |
| First-half adjusted_ebitda base_h1_adjusted_ebitda | H1 FY2027 / base | 105.00 USD_millions | derived: Uses management consolidated first-half cadence. Formula: multiply(base_fy27_adjusted_ebitda_target, h1_ebitda_share). |
| Q2 adjusted_ebitda base_q2_adjusted_ebitda | 2027Q2 / base | 51.61 USD_millions | derived: H1 scenario less actual Q1. Formula: subtract(base_h1_adjusted_ebitda, q1_adjusted_ebitda). |
| H2 adjusted_ebitda base_h2_adjusted_ebitda | H2 FY2027 / base | 210.00 USD_millions | derived: Remaining second-half scenario. Formula: subtract(base_fy27_adjusted_ebitda_target, base_h1_adjusted_ebitda). |
| Remaining FY2027 SCDE revenue base_scde_remaining | FY2027 / base | 485.48 USD_millions | assumption: Desk SCDE sales allocation inside consolidated outlook. |
| FY2027 SCDE revenue base_fy27_scde | FY2027 / base | 620.00 USD_millions | derived: Actual Q1 plus modeled remaining periods. Formula: sum(q1_scde, base_scde_remaining). |
| FY2027 AxS revenue base_fy27_axs | FY2027 / base | 1,555.00 USD_millions | derived: Consolidated total less SCDE. Formula: subtract(base_fy27_revenue_target, base_fy27_scde). |
| FY2028 axs growth multiplier base_axs_growth | FY2028 / base | 122.0% ratio | assumption: Desk independent segment growth. |
| FY2028 axs sales base_fy28_axs | FY2028 / base | 1,897.10 USD_millions | derived: No contract award ceiling added a second time. Formula: multiply(base_fy27_axs, base_axs_growth). |
| FY2028 scde growth multiplier base_scde_growth | FY2028 / base | 125.0% ratio | assumption: Desk independent segment growth. |
| FY2028 scde sales base_fy28_scde | FY2028 / base | 775.00 USD_millions | derived: No contract award ceiling added a second time. Formula: multiply(base_fy27_scde, base_scde_growth). |
| Arithmetic zero base_2027q2_zero | 2027Q2 / base | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Revenue base_2027q2_revenue | 2027Q2 / base | 498.26 USD_millions | derived: Q2 remaining first-half scenario. Formula: sum(base_q2_revenue, base_2027q2_zero). |
| Adjusted EBITDA base_2027q2_adjusted_ebitda | 2027Q2 / base | 51.61 USD_millions | derived: Q2 remaining first-half scenario. Formula: sum(base_q2_adjusted_ebitda, base_2027q2_zero). |
| SCDE revenue base_2027q2_scde | 2027Q2 / base | 135.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Autonomous Systems revenue base_2027q2_axs | 2027Q2 / base | 363.26 USD_millions | derived: Separate segment allocation within consolidated guide. Formula: subtract(base_2027q2_revenue, base_2027q2_scde). |
| axs GAAP gross margin base_2027q2_axs_gross_margin | 2027Q2 / base | 36.0% ratio | assumption: Desk assumption, not company guidance. |
| axs gross profit base_2027q2_axs_gross | 2027Q2 / base | 130.77 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(base_2027q2_axs, base_2027q2_axs_gross_margin). |
| scde GAAP gross margin base_2027q2_scde_gross_margin | 2027Q2 / base | 14.0% ratio | assumption: Desk assumption, not company guidance. |
| scde gross profit base_2027q2_scde_gross | 2027Q2 / base | 18.90 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(base_2027q2_scde, base_2027q2_scde_gross_margin). |
| GAAP gross profit proxy base_2027q2_gross_profit | 2027Q2 / base | 149.67 USD_millions | derived: Provisional business mix margins, not adjusted gross profit. Formula: sum(base_2027q2_axs_gross, base_2027q2_scde_gross). |
| Ordinary stock compensation base_2027q2_sbc | 2027Q2 / base | 11.69 USD_millions | assumption: FY2027 remaining SBC calibrated to approximately $40M annual guidance, after unusually low actual Q1. |
| Depreciation base_2027q2_depreciation | 2027Q2 / base | 20.47 USD_millions | assumption: FY2027 remaining depreciation calibrated to approximately $74M annual reference after $12.6M Q1. |
| Acquired intangible amortization base_2027q2_amortization | 2027Q2 / base | 43.20 USD_millions | assumption: Desk assumption, not company guidance. |
| Cloud implementation amortization base_2027q2_cloud_amort | 2027Q2 / base | 3.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash acquisition/integration cost base_2027q2_integration | 2027Q2 / base | 2.63 USD_millions | assumption: Desk assumption, not company guidance. |
| Costs excluded from adjusted EBITDA base_2027q2_gaap_costs | 2027Q2 / base | 81.69 USD_millions | derived: Cash integration is not a noncash addback. Formula: sum(base_2027q2_sbc, base_2027q2_depreciation, base_2027q2_amortization, base_2027q2_cloud_amort, base_2027q2_integration). |
| GAAP operating income proxy base_2027q2_operating_income | 2027Q2 / base | -30.08 USD_millions | derived: Excludes nonoperating equity-method income and complete GAAP taxes. Formula: subtract(base_2027q2_adjusted_ebitda, base_2027q2_gaap_costs). |
| Net cash investment income base_2027q2_net_cash_interest | 2027Q2 / base | 2.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash earnings before working capital base_2027q2_cash_before_uses | 2027Q2 / base | 51.48 USD_millions | derived: No financing proceeds or unrealized securities gains. Formula: sum(base_2027q2_operating_income, base_2027q2_sbc, base_2027q2_depreciation, base_2027q2_amortization, base_2027q2_cloud_amort, base_2027q2_net_cash_interest). |
| Net inventory, billing and other operating cash use base_2027q2_net_working_capital | 2027Q2 / base | 55.00 USD_millions | assumption: Net sensitivity incorporates inventory and unbilled work after collections and supplier/customer funding; not gross accounts duplicated. |
| Cash tax allowance base_2027q2_cash_tax | 2027Q2 / base | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Working capital and cash taxes base_2027q2_cash_uses | 2027Q2 / base | 57.00 USD_millions | derived: No complete balance-sheet forecast. Formula: sum(base_2027q2_net_working_capital, base_2027q2_cash_tax). |
| Operating cash flow base_2027q2_cfo | 2027Q2 / base | -5.52 USD_millions | derived: Noncash purchase accounting does not itself consume cash. Formula: subtract(base_2027q2_cash_before_uses, base_2027q2_cash_uses). |
| Campus purchase cash share base_2027q2_campus_timing | 2027Q2 / base | 100.0% ratio | assumption: Desk assumption, not company guidance. |
| August campus purchase cash base_2027q2_campus_cash | 2027Q2 / base | 29.25 USD_millions | derived: Reported August 21 close lies in FY2027 Q2. Formula: multiply(campus_purchase, base_2027q2_campus_timing). |
| Other factory and equipment cash base_2027q2_other_capex | 2027Q2 / base | 35.00 USD_millions | assumption: Desk assumption, not company guidance. |
| PP&E cash purchases base_2027q2_capex | 2027Q2 / base | 64.25 USD_millions | derived: Campus cash included once; other capex is a desk allowance including capacity expansion. Formula: sum(base_2027q2_other_capex, base_2027q2_campus_cash). |
| Capitalized software investment base_2027q2_software | 2027Q2 / base | 6.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E base_2027q2_fcf | 2027Q2 / base | -69.77 USD_millions | derived: PP&E-only historical scope. Formula: subtract(base_2027q2_cfo, base_2027q2_capex). |
| Cash after software base_2027q2_cash_after_software | 2027Q2 / base | -75.77 USD_millions | derived: Includes software investment omitted from PP&E-only cash. Formula: subtract(base_2027q2_fcf, base_2027q2_software). |
| Award withholding cash base_2027q2_withholding | 2027Q2 / base | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award withholding base_2027q2_cash_after_awards | 2027Q2 / base | -83.77 USD_millions | derived: Before financing, acquisitions and securities portfolio changes. Formula: subtract(base_2027q2_cash_after_software, base_2027q2_withholding). |
| Share of second half base_2027q3_h2_share | 2027Q3 / base | 46.0% ratio | assumption: Desk assumption, not company guidance. |
| Revenue base_2027q3_revenue | 2027Q3 / base | 550.27 USD_millions | derived: Desk H2 delivery phasing. Formula: multiply(base_h2_revenue, base_2027q3_h2_share). |
| Adjusted EBITDA base_2027q3_adjusted_ebitda | 2027Q3 / base | 96.60 USD_millions | derived: Desk H2 profit phasing. Formula: multiply(base_h2_adjusted_ebitda, base_2027q3_h2_share). |
| SCDE revenue base_2027q3_scde | 2027Q3 / base | 160.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Autonomous Systems revenue base_2027q3_axs | 2027Q3 / base | 390.27 USD_millions | derived: Separate segment allocation within consolidated guide. Formula: subtract(base_2027q3_revenue, base_2027q3_scde). |
| axs GAAP gross margin base_2027q3_axs_gross_margin | 2027Q3 / base | 36.0% ratio | assumption: Desk assumption, not company guidance. |
| axs gross profit base_2027q3_axs_gross | 2027Q3 / base | 140.50 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(base_2027q3_axs, base_2027q3_axs_gross_margin). |
| scde GAAP gross margin base_2027q3_scde_gross_margin | 2027Q3 / base | 14.0% ratio | assumption: Desk assumption, not company guidance. |
| scde gross profit base_2027q3_scde_gross | 2027Q3 / base | 22.40 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(base_2027q3_scde, base_2027q3_scde_gross_margin). |
| GAAP gross profit proxy base_2027q3_gross_profit | 2027Q3 / base | 162.90 USD_millions | derived: Provisional business mix margins, not adjusted gross profit. Formula: sum(base_2027q3_axs_gross, base_2027q3_scde_gross). |
| Ordinary stock compensation base_2027q3_sbc | 2027Q3 / base | 11.69 USD_millions | assumption: FY2027 remaining SBC calibrated to approximately $40M annual guidance, after unusually low actual Q1. |
| Depreciation base_2027q3_depreciation | 2027Q3 / base | 20.47 USD_millions | assumption: FY2027 remaining depreciation calibrated to approximately $74M annual reference after $12.6M Q1. |
| Acquired intangible amortization base_2027q3_amortization | 2027Q3 / base | 43.20 USD_millions | assumption: Desk assumption, not company guidance. |
| Cloud implementation amortization base_2027q3_cloud_amort | 2027Q3 / base | 3.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash acquisition/integration cost base_2027q3_integration | 2027Q3 / base | 2.63 USD_millions | assumption: Desk assumption, not company guidance. |
| Costs excluded from adjusted EBITDA base_2027q3_gaap_costs | 2027Q3 / base | 81.69 USD_millions | derived: Cash integration is not a noncash addback. Formula: sum(base_2027q3_sbc, base_2027q3_depreciation, base_2027q3_amortization, base_2027q3_cloud_amort, base_2027q3_integration). |
| GAAP operating income proxy base_2027q3_operating_income | 2027Q3 / base | 14.91 USD_millions | derived: Excludes nonoperating equity-method income and complete GAAP taxes. Formula: subtract(base_2027q3_adjusted_ebitda, base_2027q3_gaap_costs). |
| Net cash investment income base_2027q3_net_cash_interest | 2027Q3 / base | 2.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash earnings before working capital base_2027q3_cash_before_uses | 2027Q3 / base | 96.47 USD_millions | derived: No financing proceeds or unrealized securities gains. Formula: sum(base_2027q3_operating_income, base_2027q3_sbc, base_2027q3_depreciation, base_2027q3_amortization, base_2027q3_cloud_amort, base_2027q3_net_cash_interest). |
| Net inventory, billing and other operating cash use base_2027q3_net_working_capital | 2027Q3 / base | 35.00 USD_millions | assumption: Net sensitivity incorporates inventory and unbilled work after collections and supplier/customer funding; not gross accounts duplicated. |
| Cash tax allowance base_2027q3_cash_tax | 2027Q3 / base | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Working capital and cash taxes base_2027q3_cash_uses | 2027Q3 / base | 37.00 USD_millions | derived: No complete balance-sheet forecast. Formula: sum(base_2027q3_net_working_capital, base_2027q3_cash_tax). |
| Operating cash flow base_2027q3_cfo | 2027Q3 / base | 59.47 USD_millions | derived: Noncash purchase accounting does not itself consume cash. Formula: subtract(base_2027q3_cash_before_uses, base_2027q3_cash_uses). |
| Campus purchase cash share base_2027q3_campus_timing | 2027Q3 / base | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| August campus purchase cash base_2027q3_campus_cash | 2027Q3 / base | 0.00 USD_millions | derived: Reported August 21 close lies in FY2027 Q2. Formula: multiply(campus_purchase, base_2027q3_campus_timing). |
| Other factory and equipment cash base_2027q3_other_capex | 2027Q3 / base | 35.00 USD_millions | assumption: Desk assumption, not company guidance. |
| PP&E cash purchases base_2027q3_capex | 2027Q3 / base | 35.00 USD_millions | derived: Campus cash included once; other capex is a desk allowance including capacity expansion. Formula: sum(base_2027q3_other_capex, base_2027q3_campus_cash). |
| Capitalized software investment base_2027q3_software | 2027Q3 / base | 6.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E base_2027q3_fcf | 2027Q3 / base | 24.47 USD_millions | derived: PP&E-only historical scope. Formula: subtract(base_2027q3_cfo, base_2027q3_capex). |
| Cash after software base_2027q3_cash_after_software | 2027Q3 / base | 18.47 USD_millions | derived: Includes software investment omitted from PP&E-only cash. Formula: subtract(base_2027q3_fcf, base_2027q3_software). |
| Award withholding cash base_2027q3_withholding | 2027Q3 / base | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award withholding base_2027q3_cash_after_awards | 2027Q3 / base | 10.47 USD_millions | derived: Before financing, acquisitions and securities portfolio changes. Formula: subtract(base_2027q3_cash_after_software, base_2027q3_withholding). |
| Share of second half base_2027q4_h2_share | 2027Q4 / base | 54.0% ratio | assumption: Desk assumption, not company guidance. |
| Revenue base_2027q4_revenue | 2027Q4 / base | 645.98 USD_millions | derived: Desk H2 delivery phasing. Formula: multiply(base_h2_revenue, base_2027q4_h2_share). |
| Adjusted EBITDA base_2027q4_adjusted_ebitda | 2027Q4 / base | 113.40 USD_millions | derived: Desk H2 profit phasing. Formula: multiply(base_h2_adjusted_ebitda, base_2027q4_h2_share). |
| SCDE revenue base_2027q4_scde | 2027Q4 / base | 190.48 USD_millions | assumption: Desk assumption, not company guidance. |
| Autonomous Systems revenue base_2027q4_axs | 2027Q4 / base | 455.50 USD_millions | derived: Separate segment allocation within consolidated guide. Formula: subtract(base_2027q4_revenue, base_2027q4_scde). |
| axs GAAP gross margin base_2027q4_axs_gross_margin | 2027Q4 / base | 36.0% ratio | assumption: Desk assumption, not company guidance. |
| axs gross profit base_2027q4_axs_gross | 2027Q4 / base | 163.98 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(base_2027q4_axs, base_2027q4_axs_gross_margin). |
| scde GAAP gross margin base_2027q4_scde_gross_margin | 2027Q4 / base | 14.0% ratio | assumption: Desk assumption, not company guidance. |
| scde gross profit base_2027q4_scde_gross | 2027Q4 / base | 26.67 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(base_2027q4_scde, base_2027q4_scde_gross_margin). |
| GAAP gross profit proxy base_2027q4_gross_profit | 2027Q4 / base | 190.65 USD_millions | derived: Provisional business mix margins, not adjusted gross profit. Formula: sum(base_2027q4_axs_gross, base_2027q4_scde_gross). |
| Ordinary stock compensation base_2027q4_sbc | 2027Q4 / base | 11.69 USD_millions | assumption: FY2027 remaining SBC calibrated to approximately $40M annual guidance, after unusually low actual Q1. |
| Depreciation base_2027q4_depreciation | 2027Q4 / base | 20.47 USD_millions | assumption: FY2027 remaining depreciation calibrated to approximately $74M annual reference after $12.6M Q1. |
| Acquired intangible amortization base_2027q4_amortization | 2027Q4 / base | 43.20 USD_millions | assumption: Desk assumption, not company guidance. |
| Cloud implementation amortization base_2027q4_cloud_amort | 2027Q4 / base | 3.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash acquisition/integration cost base_2027q4_integration | 2027Q4 / base | 2.63 USD_millions | assumption: Desk assumption, not company guidance. |
| Costs excluded from adjusted EBITDA base_2027q4_gaap_costs | 2027Q4 / base | 81.69 USD_millions | derived: Cash integration is not a noncash addback. Formula: sum(base_2027q4_sbc, base_2027q4_depreciation, base_2027q4_amortization, base_2027q4_cloud_amort, base_2027q4_integration). |
| GAAP operating income proxy base_2027q4_operating_income | 2027Q4 / base | 31.71 USD_millions | derived: Excludes nonoperating equity-method income and complete GAAP taxes. Formula: subtract(base_2027q4_adjusted_ebitda, base_2027q4_gaap_costs). |
| Net cash investment income base_2027q4_net_cash_interest | 2027Q4 / base | 2.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash earnings before working capital base_2027q4_cash_before_uses | 2027Q4 / base | 113.27 USD_millions | derived: No financing proceeds or unrealized securities gains. Formula: sum(base_2027q4_operating_income, base_2027q4_sbc, base_2027q4_depreciation, base_2027q4_amortization, base_2027q4_cloud_amort, base_2027q4_net_cash_interest). |
| Net inventory, billing and other operating cash use base_2027q4_net_working_capital | 2027Q4 / base | -25.00 USD_millions | assumption: Net sensitivity incorporates inventory and unbilled work after collections and supplier/customer funding; not gross accounts duplicated. |
| Cash tax allowance base_2027q4_cash_tax | 2027Q4 / base | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Working capital and cash taxes base_2027q4_cash_uses | 2027Q4 / base | -23.00 USD_millions | derived: No complete balance-sheet forecast. Formula: sum(base_2027q4_net_working_capital, base_2027q4_cash_tax). |
| Operating cash flow base_2027q4_cfo | 2027Q4 / base | 136.27 USD_millions | derived: Noncash purchase accounting does not itself consume cash. Formula: subtract(base_2027q4_cash_before_uses, base_2027q4_cash_uses). |
| Campus purchase cash share base_2027q4_campus_timing | 2027Q4 / base | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| August campus purchase cash base_2027q4_campus_cash | 2027Q4 / base | 0.00 USD_millions | derived: Reported August 21 close lies in FY2027 Q2. Formula: multiply(campus_purchase, base_2027q4_campus_timing). |
| Other factory and equipment cash base_2027q4_other_capex | 2027Q4 / base | 35.00 USD_millions | assumption: Desk assumption, not company guidance. |
| PP&E cash purchases base_2027q4_capex | 2027Q4 / base | 35.00 USD_millions | derived: Campus cash included once; other capex is a desk allowance including capacity expansion. Formula: sum(base_2027q4_other_capex, base_2027q4_campus_cash). |
| Capitalized software investment base_2027q4_software | 2027Q4 / base | 6.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E base_2027q4_fcf | 2027Q4 / base | 101.27 USD_millions | derived: PP&E-only historical scope. Formula: subtract(base_2027q4_cfo, base_2027q4_capex). |
| Cash after software base_2027q4_cash_after_software | 2027Q4 / base | 95.27 USD_millions | derived: Includes software investment omitted from PP&E-only cash. Formula: subtract(base_2027q4_fcf, base_2027q4_software). |
| Award withholding cash base_2027q4_withholding | 2027Q4 / base | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award withholding base_2027q4_cash_after_awards | 2027Q4 / base | 87.27 USD_millions | derived: Before financing, acquisitions and securities portfolio changes. Formula: subtract(base_2027q4_cash_after_software, base_2027q4_withholding). |
| FY2028 quarter share base_2028q1_weight | 2028Q1 / base | 22.0% ratio | assumption: Desk assumption, not company guidance. |
| Autonomous Systems revenue base_2028q1_axs | 2028Q1 / base | 417.36 USD_millions | derived: Desk delivery schedule. Formula: multiply(base_fy28_axs, base_2028q1_weight). |
| SCDE revenue base_2028q1_scde | 2028Q1 / base | 170.50 USD_millions | derived: Desk delivery schedule. Formula: multiply(base_fy28_scde, base_2028q1_weight). |
| Revenue base_2028q1_revenue | 2028Q1 / base | 587.86 USD_millions | derived: Mutually exclusive segments. Formula: sum(base_2028q1_axs, base_2028q1_scde). |
| axs adjusted EBITDA margin base_2028q1_axs_ebitda_margin | 2028Q1 / base | 21.0% ratio | assumption: Desk assumption, not company guidance. |
| axs adjusted EBITDA base_2028q1_axs_ebitda | 2028Q1 / base | 87.65 USD_millions | derived: Desk segment economics after allocated corporate costs. Formula: multiply(base_2028q1_axs, base_2028q1_axs_ebitda_margin). |
| scde adjusted EBITDA margin base_2028q1_scde_ebitda_margin | 2028Q1 / base | 8.0% ratio | assumption: Desk assumption, not company guidance. |
| scde adjusted EBITDA base_2028q1_scde_ebitda | 2028Q1 / base | 13.64 USD_millions | derived: Desk segment economics after allocated corporate costs. Formula: multiply(base_2028q1_scde, base_2028q1_scde_ebitda_margin). |
| Adjusted EBITDA base_2028q1_adjusted_ebitda | 2028Q1 / base | 101.29 USD_millions | derived: No unallocated profit or speculative award value added. Formula: sum(base_2028q1_axs_ebitda, base_2028q1_scde_ebitda). |
| axs GAAP gross margin base_2028q1_axs_gross_margin | 2028Q1 / base | 36.0% ratio | assumption: Desk assumption, not company guidance. |
| axs gross profit base_2028q1_axs_gross | 2028Q1 / base | 150.25 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(base_2028q1_axs, base_2028q1_axs_gross_margin). |
| scde GAAP gross margin base_2028q1_scde_gross_margin | 2028Q1 / base | 14.0% ratio | assumption: Desk assumption, not company guidance. |
| scde gross profit base_2028q1_scde_gross | 2028Q1 / base | 23.87 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(base_2028q1_scde, base_2028q1_scde_gross_margin). |
| GAAP gross profit proxy base_2028q1_gross_profit | 2028Q1 / base | 174.12 USD_millions | derived: Provisional business mix margins, not adjusted gross profit. Formula: sum(base_2028q1_axs_gross, base_2028q1_scde_gross). |
| Ordinary stock compensation base_2028q1_sbc | 2028Q1 / base | 12.50 USD_millions | assumption: FY2027 remaining SBC calibrated to approximately $40M annual guidance, after unusually low actual Q1. |
| Depreciation base_2028q1_depreciation | 2028Q1 / base | 22.00 USD_millions | assumption: FY2027 remaining depreciation calibrated to approximately $74M annual reference after $12.6M Q1. |
| Acquired intangible amortization base_2028q1_amortization | 2028Q1 / base | 42.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cloud implementation amortization base_2028q1_cloud_amort | 2028Q1 / base | 3.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash acquisition/integration cost base_2028q1_integration | 2028Q1 / base | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Costs excluded from adjusted EBITDA base_2028q1_gaap_costs | 2028Q1 / base | 82.00 USD_millions | derived: Cash integration is not a noncash addback. Formula: sum(base_2028q1_sbc, base_2028q1_depreciation, base_2028q1_amortization, base_2028q1_cloud_amort, base_2028q1_integration). |
| GAAP operating income proxy base_2028q1_operating_income | 2028Q1 / base | 19.29 USD_millions | derived: Excludes nonoperating equity-method income and complete GAAP taxes. Formula: subtract(base_2028q1_adjusted_ebitda, base_2028q1_gaap_costs). |
| Net cash investment income base_2028q1_net_cash_interest | 2028Q1 / base | 2.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash earnings before working capital base_2028q1_cash_before_uses | 2028Q1 / base | 101.79 USD_millions | derived: No financing proceeds or unrealized securities gains. Formula: sum(base_2028q1_operating_income, base_2028q1_sbc, base_2028q1_depreciation, base_2028q1_amortization, base_2028q1_cloud_amort, base_2028q1_net_cash_interest). |
| Net inventory, billing and other operating cash use base_2028q1_net_working_capital | 2028Q1 / base | 45.00 USD_millions | assumption: Net sensitivity incorporates inventory and unbilled work after collections and supplier/customer funding; not gross accounts duplicated. |
| Cash tax allowance base_2028q1_cash_tax | 2028Q1 / base | 5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Working capital and cash taxes base_2028q1_cash_uses | 2028Q1 / base | 50.00 USD_millions | derived: No complete balance-sheet forecast. Formula: sum(base_2028q1_net_working_capital, base_2028q1_cash_tax). |
| Operating cash flow base_2028q1_cfo | 2028Q1 / base | 51.79 USD_millions | derived: Noncash purchase accounting does not itself consume cash. Formula: subtract(base_2028q1_cash_before_uses, base_2028q1_cash_uses). |
| Campus purchase cash share base_2028q1_campus_timing | 2028Q1 / base | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| August campus purchase cash base_2028q1_campus_cash | 2028Q1 / base | 0.00 USD_millions | derived: Reported August 21 close lies in FY2027 Q2. Formula: multiply(campus_purchase, base_2028q1_campus_timing). |
| Other factory and equipment cash base_2028q1_other_capex | 2028Q1 / base | 35.00 USD_millions | assumption: Desk assumption, not company guidance. |
| PP&E cash purchases base_2028q1_capex | 2028Q1 / base | 35.00 USD_millions | derived: Campus cash included once; other capex is a desk allowance including capacity expansion. Formula: sum(base_2028q1_other_capex, base_2028q1_campus_cash). |
| Capitalized software investment base_2028q1_software | 2028Q1 / base | 7.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E base_2028q1_fcf | 2028Q1 / base | 16.79 USD_millions | derived: PP&E-only historical scope. Formula: subtract(base_2028q1_cfo, base_2028q1_capex). |
| Cash after software base_2028q1_cash_after_software | 2028Q1 / base | 9.79 USD_millions | derived: Includes software investment omitted from PP&E-only cash. Formula: subtract(base_2028q1_fcf, base_2028q1_software). |
| Award withholding cash base_2028q1_withholding | 2028Q1 / base | 10.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award withholding base_2028q1_cash_after_awards | 2028Q1 / base | -0.21 USD_millions | derived: Before financing, acquisitions and securities portfolio changes. Formula: subtract(base_2028q1_cash_after_software, base_2028q1_withholding). |
| FY2028 quarter share base_2028q2_weight | 2028Q2 / base | 23.0% ratio | assumption: Desk assumption, not company guidance. |
| Autonomous Systems revenue base_2028q2_axs | 2028Q2 / base | 436.33 USD_millions | derived: Desk delivery schedule. Formula: multiply(base_fy28_axs, base_2028q2_weight). |
| SCDE revenue base_2028q2_scde | 2028Q2 / base | 178.25 USD_millions | derived: Desk delivery schedule. Formula: multiply(base_fy28_scde, base_2028q2_weight). |
| Revenue base_2028q2_revenue | 2028Q2 / base | 614.58 USD_millions | derived: Mutually exclusive segments. Formula: sum(base_2028q2_axs, base_2028q2_scde). |
| axs adjusted EBITDA margin base_2028q2_axs_ebitda_margin | 2028Q2 / base | 21.0% ratio | assumption: Desk assumption, not company guidance. |
| axs adjusted EBITDA base_2028q2_axs_ebitda | 2028Q2 / base | 91.63 USD_millions | derived: Desk segment economics after allocated corporate costs. Formula: multiply(base_2028q2_axs, base_2028q2_axs_ebitda_margin). |
| scde adjusted EBITDA margin base_2028q2_scde_ebitda_margin | 2028Q2 / base | 8.0% ratio | assumption: Desk assumption, not company guidance. |
| scde adjusted EBITDA base_2028q2_scde_ebitda | 2028Q2 / base | 14.26 USD_millions | derived: Desk segment economics after allocated corporate costs. Formula: multiply(base_2028q2_scde, base_2028q2_scde_ebitda_margin). |
| Adjusted EBITDA base_2028q2_adjusted_ebitda | 2028Q2 / base | 105.89 USD_millions | derived: No unallocated profit or speculative award value added. Formula: sum(base_2028q2_axs_ebitda, base_2028q2_scde_ebitda). |
| axs GAAP gross margin base_2028q2_axs_gross_margin | 2028Q2 / base | 36.0% ratio | assumption: Desk assumption, not company guidance. |
| axs gross profit base_2028q2_axs_gross | 2028Q2 / base | 157.08 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(base_2028q2_axs, base_2028q2_axs_gross_margin). |
| scde GAAP gross margin base_2028q2_scde_gross_margin | 2028Q2 / base | 14.0% ratio | assumption: Desk assumption, not company guidance. |
| scde gross profit base_2028q2_scde_gross | 2028Q2 / base | 24.96 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(base_2028q2_scde, base_2028q2_scde_gross_margin). |
| GAAP gross profit proxy base_2028q2_gross_profit | 2028Q2 / base | 182.03 USD_millions | derived: Provisional business mix margins, not adjusted gross profit. Formula: sum(base_2028q2_axs_gross, base_2028q2_scde_gross). |
| Ordinary stock compensation base_2028q2_sbc | 2028Q2 / base | 12.50 USD_millions | assumption: FY2027 remaining SBC calibrated to approximately $40M annual guidance, after unusually low actual Q1. |
| Depreciation base_2028q2_depreciation | 2028Q2 / base | 22.00 USD_millions | assumption: FY2027 remaining depreciation calibrated to approximately $74M annual reference after $12.6M Q1. |
| Acquired intangible amortization base_2028q2_amortization | 2028Q2 / base | 42.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cloud implementation amortization base_2028q2_cloud_amort | 2028Q2 / base | 3.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash acquisition/integration cost base_2028q2_integration | 2028Q2 / base | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Costs excluded from adjusted EBITDA base_2028q2_gaap_costs | 2028Q2 / base | 82.00 USD_millions | derived: Cash integration is not a noncash addback. Formula: sum(base_2028q2_sbc, base_2028q2_depreciation, base_2028q2_amortization, base_2028q2_cloud_amort, base_2028q2_integration). |
| GAAP operating income proxy base_2028q2_operating_income | 2028Q2 / base | 23.89 USD_millions | derived: Excludes nonoperating equity-method income and complete GAAP taxes. Formula: subtract(base_2028q2_adjusted_ebitda, base_2028q2_gaap_costs). |
| Net cash investment income base_2028q2_net_cash_interest | 2028Q2 / base | 2.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash earnings before working capital base_2028q2_cash_before_uses | 2028Q2 / base | 106.39 USD_millions | derived: No financing proceeds or unrealized securities gains. Formula: sum(base_2028q2_operating_income, base_2028q2_sbc, base_2028q2_depreciation, base_2028q2_amortization, base_2028q2_cloud_amort, base_2028q2_net_cash_interest). |
| Net inventory, billing and other operating cash use base_2028q2_net_working_capital | 2028Q2 / base | 25.00 USD_millions | assumption: Net sensitivity incorporates inventory and unbilled work after collections and supplier/customer funding; not gross accounts duplicated. |
| Cash tax allowance base_2028q2_cash_tax | 2028Q2 / base | 5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Working capital and cash taxes base_2028q2_cash_uses | 2028Q2 / base | 30.00 USD_millions | derived: No complete balance-sheet forecast. Formula: sum(base_2028q2_net_working_capital, base_2028q2_cash_tax). |
| Operating cash flow base_2028q2_cfo | 2028Q2 / base | 76.39 USD_millions | derived: Noncash purchase accounting does not itself consume cash. Formula: subtract(base_2028q2_cash_before_uses, base_2028q2_cash_uses). |
| Campus purchase cash share base_2028q2_campus_timing | 2028Q2 / base | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| August campus purchase cash base_2028q2_campus_cash | 2028Q2 / base | 0.00 USD_millions | derived: Reported August 21 close lies in FY2027 Q2. Formula: multiply(campus_purchase, base_2028q2_campus_timing). |
| Other factory and equipment cash base_2028q2_other_capex | 2028Q2 / base | 35.00 USD_millions | assumption: Desk assumption, not company guidance. |
| PP&E cash purchases base_2028q2_capex | 2028Q2 / base | 35.00 USD_millions | derived: Campus cash included once; other capex is a desk allowance including capacity expansion. Formula: sum(base_2028q2_other_capex, base_2028q2_campus_cash). |
| Capitalized software investment base_2028q2_software | 2028Q2 / base | 7.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E base_2028q2_fcf | 2028Q2 / base | 41.39 USD_millions | derived: PP&E-only historical scope. Formula: subtract(base_2028q2_cfo, base_2028q2_capex). |
| Cash after software base_2028q2_cash_after_software | 2028Q2 / base | 34.39 USD_millions | derived: Includes software investment omitted from PP&E-only cash. Formula: subtract(base_2028q2_fcf, base_2028q2_software). |
| Award withholding cash base_2028q2_withholding | 2028Q2 / base | 10.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award withholding base_2028q2_cash_after_awards | 2028Q2 / base | 24.39 USD_millions | derived: Before financing, acquisitions and securities portfolio changes. Formula: subtract(base_2028q2_cash_after_software, base_2028q2_withholding). |
| FY2028 quarter share base_2028q3_weight | 2028Q3 / base | 26.0% ratio | assumption: Desk assumption, not company guidance. |
| Autonomous Systems revenue base_2028q3_axs | 2028Q3 / base | 493.25 USD_millions | derived: Desk delivery schedule. Formula: multiply(base_fy28_axs, base_2028q3_weight). |
| SCDE revenue base_2028q3_scde | 2028Q3 / base | 201.50 USD_millions | derived: Desk delivery schedule. Formula: multiply(base_fy28_scde, base_2028q3_weight). |
| Revenue base_2028q3_revenue | 2028Q3 / base | 694.75 USD_millions | derived: Mutually exclusive segments. Formula: sum(base_2028q3_axs, base_2028q3_scde). |
| axs adjusted EBITDA margin base_2028q3_axs_ebitda_margin | 2028Q3 / base | 21.0% ratio | assumption: Desk assumption, not company guidance. |
| axs adjusted EBITDA base_2028q3_axs_ebitda | 2028Q3 / base | 103.58 USD_millions | derived: Desk segment economics after allocated corporate costs. Formula: multiply(base_2028q3_axs, base_2028q3_axs_ebitda_margin). |
| scde adjusted EBITDA margin base_2028q3_scde_ebitda_margin | 2028Q3 / base | 8.0% ratio | assumption: Desk assumption, not company guidance. |
| scde adjusted EBITDA base_2028q3_scde_ebitda | 2028Q3 / base | 16.12 USD_millions | derived: Desk segment economics after allocated corporate costs. Formula: multiply(base_2028q3_scde, base_2028q3_scde_ebitda_margin). |
| Adjusted EBITDA base_2028q3_adjusted_ebitda | 2028Q3 / base | 119.70 USD_millions | derived: No unallocated profit or speculative award value added. Formula: sum(base_2028q3_axs_ebitda, base_2028q3_scde_ebitda). |
| axs GAAP gross margin base_2028q3_axs_gross_margin | 2028Q3 / base | 36.0% ratio | assumption: Desk assumption, not company guidance. |
| axs gross profit base_2028q3_axs_gross | 2028Q3 / base | 177.57 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(base_2028q3_axs, base_2028q3_axs_gross_margin). |
| scde GAAP gross margin base_2028q3_scde_gross_margin | 2028Q3 / base | 14.0% ratio | assumption: Desk assumption, not company guidance. |
| scde gross profit base_2028q3_scde_gross | 2028Q3 / base | 28.21 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(base_2028q3_scde, base_2028q3_scde_gross_margin). |
| GAAP gross profit proxy base_2028q3_gross_profit | 2028Q3 / base | 205.78 USD_millions | derived: Provisional business mix margins, not adjusted gross profit. Formula: sum(base_2028q3_axs_gross, base_2028q3_scde_gross). |
| Ordinary stock compensation base_2028q3_sbc | 2028Q3 / base | 12.50 USD_millions | assumption: FY2027 remaining SBC calibrated to approximately $40M annual guidance, after unusually low actual Q1. |
| Depreciation base_2028q3_depreciation | 2028Q3 / base | 22.00 USD_millions | assumption: FY2027 remaining depreciation calibrated to approximately $74M annual reference after $12.6M Q1. |
| Acquired intangible amortization base_2028q3_amortization | 2028Q3 / base | 42.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cloud implementation amortization base_2028q3_cloud_amort | 2028Q3 / base | 3.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash acquisition/integration cost base_2028q3_integration | 2028Q3 / base | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Costs excluded from adjusted EBITDA base_2028q3_gaap_costs | 2028Q3 / base | 82.00 USD_millions | derived: Cash integration is not a noncash addback. Formula: sum(base_2028q3_sbc, base_2028q3_depreciation, base_2028q3_amortization, base_2028q3_cloud_amort, base_2028q3_integration). |
| GAAP operating income proxy base_2028q3_operating_income | 2028Q3 / base | 37.70 USD_millions | derived: Excludes nonoperating equity-method income and complete GAAP taxes. Formula: subtract(base_2028q3_adjusted_ebitda, base_2028q3_gaap_costs). |
| Net cash investment income base_2028q3_net_cash_interest | 2028Q3 / base | 2.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash earnings before working capital base_2028q3_cash_before_uses | 2028Q3 / base | 120.20 USD_millions | derived: No financing proceeds or unrealized securities gains. Formula: sum(base_2028q3_operating_income, base_2028q3_sbc, base_2028q3_depreciation, base_2028q3_amortization, base_2028q3_cloud_amort, base_2028q3_net_cash_interest). |
| Net inventory, billing and other operating cash use base_2028q3_net_working_capital | 2028Q3 / base | 25.00 USD_millions | assumption: Net sensitivity incorporates inventory and unbilled work after collections and supplier/customer funding; not gross accounts duplicated. |
| Cash tax allowance base_2028q3_cash_tax | 2028Q3 / base | 5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Working capital and cash taxes base_2028q3_cash_uses | 2028Q3 / base | 30.00 USD_millions | derived: No complete balance-sheet forecast. Formula: sum(base_2028q3_net_working_capital, base_2028q3_cash_tax). |
| Operating cash flow base_2028q3_cfo | 2028Q3 / base | 90.20 USD_millions | derived: Noncash purchase accounting does not itself consume cash. Formula: subtract(base_2028q3_cash_before_uses, base_2028q3_cash_uses). |
| Campus purchase cash share base_2028q3_campus_timing | 2028Q3 / base | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| August campus purchase cash base_2028q3_campus_cash | 2028Q3 / base | 0.00 USD_millions | derived: Reported August 21 close lies in FY2027 Q2. Formula: multiply(campus_purchase, base_2028q3_campus_timing). |
| Other factory and equipment cash base_2028q3_other_capex | 2028Q3 / base | 35.00 USD_millions | assumption: Desk assumption, not company guidance. |
| PP&E cash purchases base_2028q3_capex | 2028Q3 / base | 35.00 USD_millions | derived: Campus cash included once; other capex is a desk allowance including capacity expansion. Formula: sum(base_2028q3_other_capex, base_2028q3_campus_cash). |
| Capitalized software investment base_2028q3_software | 2028Q3 / base | 7.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E base_2028q3_fcf | 2028Q3 / base | 55.20 USD_millions | derived: PP&E-only historical scope. Formula: subtract(base_2028q3_cfo, base_2028q3_capex). |
| Cash after software base_2028q3_cash_after_software | 2028Q3 / base | 48.20 USD_millions | derived: Includes software investment omitted from PP&E-only cash. Formula: subtract(base_2028q3_fcf, base_2028q3_software). |
| Award withholding cash base_2028q3_withholding | 2028Q3 / base | 10.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award withholding base_2028q3_cash_after_awards | 2028Q3 / base | 38.20 USD_millions | derived: Before financing, acquisitions and securities portfolio changes. Formula: subtract(base_2028q3_cash_after_software, base_2028q3_withholding). |
| FY2028 quarter share base_2028q4_weight | 2028Q4 / base | 29.0% ratio | assumption: Desk assumption, not company guidance. |
| Autonomous Systems revenue base_2028q4_axs | 2028Q4 / base | 550.16 USD_millions | derived: Desk delivery schedule. Formula: multiply(base_fy28_axs, base_2028q4_weight). |
| SCDE revenue base_2028q4_scde | 2028Q4 / base | 224.75 USD_millions | derived: Desk delivery schedule. Formula: multiply(base_fy28_scde, base_2028q4_weight). |
| Revenue base_2028q4_revenue | 2028Q4 / base | 774.91 USD_millions | derived: Mutually exclusive segments. Formula: sum(base_2028q4_axs, base_2028q4_scde). |
| axs adjusted EBITDA margin base_2028q4_axs_ebitda_margin | 2028Q4 / base | 21.0% ratio | assumption: Desk assumption, not company guidance. |
| axs adjusted EBITDA base_2028q4_axs_ebitda | 2028Q4 / base | 115.53 USD_millions | derived: Desk segment economics after allocated corporate costs. Formula: multiply(base_2028q4_axs, base_2028q4_axs_ebitda_margin). |
| scde adjusted EBITDA margin base_2028q4_scde_ebitda_margin | 2028Q4 / base | 8.0% ratio | assumption: Desk assumption, not company guidance. |
| scde adjusted EBITDA base_2028q4_scde_ebitda | 2028Q4 / base | 17.98 USD_millions | derived: Desk segment economics after allocated corporate costs. Formula: multiply(base_2028q4_scde, base_2028q4_scde_ebitda_margin). |
| Adjusted EBITDA base_2028q4_adjusted_ebitda | 2028Q4 / base | 133.51 USD_millions | derived: No unallocated profit or speculative award value added. Formula: sum(base_2028q4_axs_ebitda, base_2028q4_scde_ebitda). |
| axs GAAP gross margin base_2028q4_axs_gross_margin | 2028Q4 / base | 36.0% ratio | assumption: Desk assumption, not company guidance. |
| axs gross profit base_2028q4_axs_gross | 2028Q4 / base | 198.06 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(base_2028q4_axs, base_2028q4_axs_gross_margin). |
| scde GAAP gross margin base_2028q4_scde_gross_margin | 2028Q4 / base | 14.0% ratio | assumption: Desk assumption, not company guidance. |
| scde gross profit base_2028q4_scde_gross | 2028Q4 / base | 31.46 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(base_2028q4_scde, base_2028q4_scde_gross_margin). |
| GAAP gross profit proxy base_2028q4_gross_profit | 2028Q4 / base | 229.52 USD_millions | derived: Provisional business mix margins, not adjusted gross profit. Formula: sum(base_2028q4_axs_gross, base_2028q4_scde_gross). |
| Ordinary stock compensation base_2028q4_sbc | 2028Q4 / base | 12.50 USD_millions | assumption: FY2027 remaining SBC calibrated to approximately $40M annual guidance, after unusually low actual Q1. |
| Depreciation base_2028q4_depreciation | 2028Q4 / base | 22.00 USD_millions | assumption: FY2027 remaining depreciation calibrated to approximately $74M annual reference after $12.6M Q1. |
| Acquired intangible amortization base_2028q4_amortization | 2028Q4 / base | 42.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cloud implementation amortization base_2028q4_cloud_amort | 2028Q4 / base | 3.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash acquisition/integration cost base_2028q4_integration | 2028Q4 / base | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Costs excluded from adjusted EBITDA base_2028q4_gaap_costs | 2028Q4 / base | 82.00 USD_millions | derived: Cash integration is not a noncash addback. Formula: sum(base_2028q4_sbc, base_2028q4_depreciation, base_2028q4_amortization, base_2028q4_cloud_amort, base_2028q4_integration). |
| GAAP operating income proxy base_2028q4_operating_income | 2028Q4 / base | 51.51 USD_millions | derived: Excludes nonoperating equity-method income and complete GAAP taxes. Formula: subtract(base_2028q4_adjusted_ebitda, base_2028q4_gaap_costs). |
| Net cash investment income base_2028q4_net_cash_interest | 2028Q4 / base | 2.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash earnings before working capital base_2028q4_cash_before_uses | 2028Q4 / base | 134.01 USD_millions | derived: No financing proceeds or unrealized securities gains. Formula: sum(base_2028q4_operating_income, base_2028q4_sbc, base_2028q4_depreciation, base_2028q4_amortization, base_2028q4_cloud_amort, base_2028q4_net_cash_interest). |
| Net inventory, billing and other operating cash use base_2028q4_net_working_capital | 2028Q4 / base | -10.00 USD_millions | assumption: Net sensitivity incorporates inventory and unbilled work after collections and supplier/customer funding; not gross accounts duplicated. |
| Cash tax allowance base_2028q4_cash_tax | 2028Q4 / base | 5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Working capital and cash taxes base_2028q4_cash_uses | 2028Q4 / base | -5.00 USD_millions | derived: No complete balance-sheet forecast. Formula: sum(base_2028q4_net_working_capital, base_2028q4_cash_tax). |
| Operating cash flow base_2028q4_cfo | 2028Q4 / base | 139.01 USD_millions | derived: Noncash purchase accounting does not itself consume cash. Formula: subtract(base_2028q4_cash_before_uses, base_2028q4_cash_uses). |
| Campus purchase cash share base_2028q4_campus_timing | 2028Q4 / base | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| August campus purchase cash base_2028q4_campus_cash | 2028Q4 / base | 0.00 USD_millions | derived: Reported August 21 close lies in FY2027 Q2. Formula: multiply(campus_purchase, base_2028q4_campus_timing). |
| Other factory and equipment cash base_2028q4_other_capex | 2028Q4 / base | 35.00 USD_millions | assumption: Desk assumption, not company guidance. |
| PP&E cash purchases base_2028q4_capex | 2028Q4 / base | 35.00 USD_millions | derived: Campus cash included once; other capex is a desk allowance including capacity expansion. Formula: sum(base_2028q4_other_capex, base_2028q4_campus_cash). |
| Capitalized software investment base_2028q4_software | 2028Q4 / base | 7.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E base_2028q4_fcf | 2028Q4 / base | 104.01 USD_millions | derived: PP&E-only historical scope. Formula: subtract(base_2028q4_cfo, base_2028q4_capex). |
| Cash after software base_2028q4_cash_after_software | 2028Q4 / base | 97.01 USD_millions | derived: Includes software investment omitted from PP&E-only cash. Formula: subtract(base_2028q4_fcf, base_2028q4_software). |
| Award withholding cash base_2028q4_withholding | 2028Q4 / base | 10.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award withholding base_2028q4_cash_after_awards | 2028Q4 / base | 87.01 USD_millions | derived: Before financing, acquisitions and securities portfolio changes. Formula: subtract(base_2028q4_cash_after_software, base_2028q4_withholding). |
| Revenue ($M) base_fy2027_revenue | FY2027 / base | 2,175.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_revenue, base_2027q2_revenue, base_2027q3_revenue, base_2027q4_revenue). |
| Autonomous Systems revenue ($M) base_fy2027_axs | FY2027 / base | 1,555.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_axs, base_2027q2_axs, base_2027q3_axs, base_2027q4_axs). |
| Space/Cyber/Directed Energy revenue ($M) base_fy2027_scde | FY2027 / base | 620.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_scde, base_2027q2_scde, base_2027q3_scde, base_2027q4_scde). |
| GAAP gross profit proxy ($M) base_fy2027_gross_profit | FY2027 / base | 627.82 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_gross_profit, base_2027q2_gross_profit, base_2027q3_gross_profit, base_2027q4_gross_profit). |
| Adjusted EBITDA ($M) base_fy2027_adjusted_ebitda | FY2027 / base | 315.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_adjusted_ebitda, base_2027q2_adjusted_ebitda, base_2027q3_adjusted_ebitda, base_2027q4_adjusted_ebitda). |
| GAAP operating income proxy ($M) base_fy2027_operating_income | FY2027 / base | 5.67 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_operating_income, base_2027q2_operating_income, base_2027q3_operating_income, base_2027q4_operating_income). |
| Operating cash flow ($M) base_fy2027_cfo | FY2027 / base | 203.71 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_cfo, base_2027q2_cfo, base_2027q3_cfo, base_2027q4_cfo). |
| PP&E cash purchases ($M) base_fy2027_capex | FY2027 / base | 178.28 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_capex, base_2027q2_capex, base_2027q3_capex, base_2027q4_capex). |
| Capitalized software cash ($M) base_fy2027_software | FY2027 / base | 23.42 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_software, base_2027q2_software, base_2027q3_software, base_2027q4_software). |
| CFO less PP&E ($M) base_fy2027_fcf | FY2027 / base | 25.42 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_fcf, base_2027q2_fcf, base_2027q3_fcf, base_2027q4_fcf). |
| Cash after PP&E and software ($M) base_fy2027_cash_after_software | FY2027 / base | 2.01 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_cash_after_software, base_2027q2_cash_after_software, base_2027q3_cash_after_software, base_2027q4_cash_after_software). |
| Cash after software and award withholding ($M) base_fy2027_cash_after_awards | FY2027 / base | -31.56 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_cash_after_awards, base_2027q2_cash_after_awards, base_2027q3_cash_after_awards, base_2027q4_cash_after_awards). |
| Revenue ($M) base_fy2028_revenue | FY2028 / base | 2,672.10 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_revenue, base_2028q2_revenue, base_2028q3_revenue, base_2028q4_revenue). |
| Autonomous Systems revenue ($M) base_fy2028_axs | FY2028 / base | 1,897.10 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_axs, base_2028q2_axs, base_2028q3_axs, base_2028q4_axs). |
| Space/Cyber/Directed Energy revenue ($M) base_fy2028_scde | FY2028 / base | 775.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_scde, base_2028q2_scde, base_2028q3_scde, base_2028q4_scde). |
| GAAP gross profit proxy ($M) base_fy2028_gross_profit | FY2028 / base | 791.46 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_gross_profit, base_2028q2_gross_profit, base_2028q3_gross_profit, base_2028q4_gross_profit). |
| Adjusted EBITDA ($M) base_fy2028_adjusted_ebitda | FY2028 / base | 460.39 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_adjusted_ebitda, base_2028q2_adjusted_ebitda, base_2028q3_adjusted_ebitda, base_2028q4_adjusted_ebitda). |
| GAAP operating income proxy ($M) base_fy2028_operating_income | FY2028 / base | 132.39 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_operating_income, base_2028q2_operating_income, base_2028q3_operating_income, base_2028q4_operating_income). |
| Operating cash flow ($M) base_fy2028_cfo | FY2028 / base | 357.39 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_cfo, base_2028q2_cfo, base_2028q3_cfo, base_2028q4_cfo). |
| PP&E cash purchases ($M) base_fy2028_capex | FY2028 / base | 140.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_capex, base_2028q2_capex, base_2028q3_capex, base_2028q4_capex). |
| Capitalized software cash ($M) base_fy2028_software | FY2028 / base | 28.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_software, base_2028q2_software, base_2028q3_software, base_2028q4_software). |
| CFO less PP&E ($M) base_fy2028_fcf | FY2028 / base | 217.39 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_fcf, base_2028q2_fcf, base_2028q3_fcf, base_2028q4_fcf). |
| Cash after PP&E and software ($M) base_fy2028_cash_after_software | FY2028 / base | 189.39 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_cash_after_software, base_2028q2_cash_after_software, base_2028q3_cash_after_software, base_2028q4_cash_after_software). |
| Cash after software and award withholding ($M) base_fy2028_cash_after_awards | FY2028 / base | 149.39 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_cash_after_awards, base_2028q2_cash_after_awards, base_2028q3_cash_after_awards, base_2028q4_cash_after_awards). |
| revenue delivery / midpoint upside_revenue_factor | FY2027 / upside | 104.0% ratio | assumption: Desk annual scenario sensitivity. |
| FY2027 revenue upside_fy27_revenue_target | FY2027 / upside | 2,262.00 USD_millions | derived: Annual management midpoint times sensitivity. Formula: multiply(fy27_revenue_guide, upside_revenue_factor). |
| First-half revenue upside_h1_revenue | H1 FY2027 / upside | 1,017.90 USD_millions | derived: Uses management consolidated first-half cadence. Formula: multiply(upside_fy27_revenue_target, h1_revenue_share). |
| Q2 revenue upside_q2_revenue | 2027Q2 / upside | 537.41 USD_millions | derived: H1 scenario less actual Q1. Formula: subtract(upside_h1_revenue, q1_revenue). |
| H2 revenue upside_h2_revenue | H2 FY2027 / upside | 1,244.10 USD_millions | derived: Remaining second-half scenario. Formula: subtract(upside_fy27_revenue_target, upside_h1_revenue). |
| adjusted_ebitda delivery / midpoint upside_adjusted_ebitda_factor | FY2027 / upside | 112.0% ratio | assumption: Desk annual scenario sensitivity. |
| FY2027 adjusted_ebitda upside_fy27_adjusted_ebitda_target | FY2027 / upside | 352.80 USD_millions | derived: Annual management midpoint times sensitivity. Formula: multiply(fy27_ebitda_guide, upside_adjusted_ebitda_factor). |
| First-half adjusted_ebitda upside_h1_adjusted_ebitda | H1 FY2027 / upside | 117.60 USD_millions | derived: Uses management consolidated first-half cadence. Formula: multiply(upside_fy27_adjusted_ebitda_target, h1_ebitda_share). |
| Q2 adjusted_ebitda upside_q2_adjusted_ebitda | 2027Q2 / upside | 64.21 USD_millions | derived: H1 scenario less actual Q1. Formula: subtract(upside_h1_adjusted_ebitda, q1_adjusted_ebitda). |
| H2 adjusted_ebitda upside_h2_adjusted_ebitda | H2 FY2027 / upside | 235.20 USD_millions | derived: Remaining second-half scenario. Formula: subtract(upside_fy27_adjusted_ebitda_target, upside_h1_adjusted_ebitda). |
| Remaining FY2027 SCDE revenue upside_scde_remaining | FY2027 / upside | 530.00 USD_millions | assumption: Desk SCDE sales allocation inside consolidated outlook. |
| FY2027 SCDE revenue upside_fy27_scde | FY2027 / upside | 664.52 USD_millions | derived: Actual Q1 plus modeled remaining periods. Formula: sum(q1_scde, upside_scde_remaining). |
| FY2027 AxS revenue upside_fy27_axs | FY2027 / upside | 1,597.48 USD_millions | derived: Consolidated total less SCDE. Formula: subtract(upside_fy27_revenue_target, upside_fy27_scde). |
| FY2028 axs growth multiplier upside_axs_growth | FY2028 / upside | 132.0% ratio | assumption: Desk independent segment growth. |
| FY2028 axs sales upside_fy28_axs | FY2028 / upside | 2,108.67 USD_millions | derived: No contract award ceiling added a second time. Formula: multiply(upside_fy27_axs, upside_axs_growth). |
| FY2028 scde growth multiplier upside_scde_growth | FY2028 / upside | 140.0% ratio | assumption: Desk independent segment growth. |
| FY2028 scde sales upside_fy28_scde | FY2028 / upside | 930.33 USD_millions | derived: No contract award ceiling added a second time. Formula: multiply(upside_fy27_scde, upside_scde_growth). |
| Arithmetic zero upside_2027q2_zero | 2027Q2 / upside | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Revenue upside_2027q2_revenue | 2027Q2 / upside | 537.41 USD_millions | derived: Q2 remaining first-half scenario. Formula: sum(upside_q2_revenue, upside_2027q2_zero). |
| Adjusted EBITDA upside_2027q2_adjusted_ebitda | 2027Q2 / upside | 64.21 USD_millions | derived: Q2 remaining first-half scenario. Formula: sum(upside_q2_adjusted_ebitda, upside_2027q2_zero). |
| SCDE revenue upside_2027q2_scde | 2027Q2 / upside | 140.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Autonomous Systems revenue upside_2027q2_axs | 2027Q2 / upside | 397.41 USD_millions | derived: Separate segment allocation within consolidated guide. Formula: subtract(upside_2027q2_revenue, upside_2027q2_scde). |
| axs GAAP gross margin upside_2027q2_axs_gross_margin | 2027Q2 / upside | 38.0% ratio | assumption: Desk assumption, not company guidance. |
| axs gross profit upside_2027q2_axs_gross | 2027Q2 / upside | 151.02 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(upside_2027q2_axs, upside_2027q2_axs_gross_margin). |
| scde GAAP gross margin upside_2027q2_scde_gross_margin | 2027Q2 / upside | 18.0% ratio | assumption: Desk assumption, not company guidance. |
| scde gross profit upside_2027q2_scde_gross | 2027Q2 / upside | 25.20 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(upside_2027q2_scde, upside_2027q2_scde_gross_margin). |
| GAAP gross profit proxy upside_2027q2_gross_profit | 2027Q2 / upside | 176.22 USD_millions | derived: Provisional business mix margins, not adjusted gross profit. Formula: sum(upside_2027q2_axs_gross, upside_2027q2_scde_gross). |
| Ordinary stock compensation upside_2027q2_sbc | 2027Q2 / upside | 11.69 USD_millions | assumption: FY2027 remaining SBC calibrated to approximately $40M annual guidance, after unusually low actual Q1. |
| Depreciation upside_2027q2_depreciation | 2027Q2 / upside | 20.47 USD_millions | assumption: FY2027 remaining depreciation calibrated to approximately $74M annual reference after $12.6M Q1. |
| Acquired intangible amortization upside_2027q2_amortization | 2027Q2 / upside | 43.20 USD_millions | assumption: Desk assumption, not company guidance. |
| Cloud implementation amortization upside_2027q2_cloud_amort | 2027Q2 / upside | 3.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash acquisition/integration cost upside_2027q2_integration | 2027Q2 / upside | 2.63 USD_millions | assumption: Desk assumption, not company guidance. |
| Costs excluded from adjusted EBITDA upside_2027q2_gaap_costs | 2027Q2 / upside | 81.69 USD_millions | derived: Cash integration is not a noncash addback. Formula: sum(upside_2027q2_sbc, upside_2027q2_depreciation, upside_2027q2_amortization, upside_2027q2_cloud_amort, upside_2027q2_integration). |
| GAAP operating income proxy upside_2027q2_operating_income | 2027Q2 / upside | -17.48 USD_millions | derived: Excludes nonoperating equity-method income and complete GAAP taxes. Formula: subtract(upside_2027q2_adjusted_ebitda, upside_2027q2_gaap_costs). |
| Net cash investment income upside_2027q2_net_cash_interest | 2027Q2 / upside | 2.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash earnings before working capital upside_2027q2_cash_before_uses | 2027Q2 / upside | 64.08 USD_millions | derived: No financing proceeds or unrealized securities gains. Formula: sum(upside_2027q2_operating_income, upside_2027q2_sbc, upside_2027q2_depreciation, upside_2027q2_amortization, upside_2027q2_cloud_amort, upside_2027q2_net_cash_interest). |
| Net inventory, billing and other operating cash use upside_2027q2_net_working_capital | 2027Q2 / upside | 40.00 USD_millions | assumption: Net sensitivity incorporates inventory and unbilled work after collections and supplier/customer funding; not gross accounts duplicated. |
| Cash tax allowance upside_2027q2_cash_tax | 2027Q2 / upside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Working capital and cash taxes upside_2027q2_cash_uses | 2027Q2 / upside | 42.00 USD_millions | derived: No complete balance-sheet forecast. Formula: sum(upside_2027q2_net_working_capital, upside_2027q2_cash_tax). |
| Operating cash flow upside_2027q2_cfo | 2027Q2 / upside | 22.08 USD_millions | derived: Noncash purchase accounting does not itself consume cash. Formula: subtract(upside_2027q2_cash_before_uses, upside_2027q2_cash_uses). |
| Campus purchase cash share upside_2027q2_campus_timing | 2027Q2 / upside | 100.0% ratio | assumption: Desk assumption, not company guidance. |
| August campus purchase cash upside_2027q2_campus_cash | 2027Q2 / upside | 29.25 USD_millions | derived: Reported August 21 close lies in FY2027 Q2. Formula: multiply(campus_purchase, upside_2027q2_campus_timing). |
| Other factory and equipment cash upside_2027q2_other_capex | 2027Q2 / upside | 35.00 USD_millions | assumption: Desk assumption, not company guidance. |
| PP&E cash purchases upside_2027q2_capex | 2027Q2 / upside | 64.25 USD_millions | derived: Campus cash included once; other capex is a desk allowance including capacity expansion. Formula: sum(upside_2027q2_other_capex, upside_2027q2_campus_cash). |
| Capitalized software investment upside_2027q2_software | 2027Q2 / upside | 6.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E upside_2027q2_fcf | 2027Q2 / upside | -42.17 USD_millions | derived: PP&E-only historical scope. Formula: subtract(upside_2027q2_cfo, upside_2027q2_capex). |
| Cash after software upside_2027q2_cash_after_software | 2027Q2 / upside | -48.17 USD_millions | derived: Includes software investment omitted from PP&E-only cash. Formula: subtract(upside_2027q2_fcf, upside_2027q2_software). |
| Award withholding cash upside_2027q2_withholding | 2027Q2 / upside | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award withholding upside_2027q2_cash_after_awards | 2027Q2 / upside | -56.17 USD_millions | derived: Before financing, acquisitions and securities portfolio changes. Formula: subtract(upside_2027q2_cash_after_software, upside_2027q2_withholding). |
| Share of second half upside_2027q3_h2_share | 2027Q3 / upside | 46.0% ratio | assumption: Desk assumption, not company guidance. |
| Revenue upside_2027q3_revenue | 2027Q3 / upside | 572.29 USD_millions | derived: Desk H2 delivery phasing. Formula: multiply(upside_h2_revenue, upside_2027q3_h2_share). |
| Adjusted EBITDA upside_2027q3_adjusted_ebitda | 2027Q3 / upside | 108.19 USD_millions | derived: Desk H2 profit phasing. Formula: multiply(upside_h2_adjusted_ebitda, upside_2027q3_h2_share). |
| SCDE revenue upside_2027q3_scde | 2027Q3 / upside | 180.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Autonomous Systems revenue upside_2027q3_axs | 2027Q3 / upside | 392.29 USD_millions | derived: Separate segment allocation within consolidated guide. Formula: subtract(upside_2027q3_revenue, upside_2027q3_scde). |
| axs GAAP gross margin upside_2027q3_axs_gross_margin | 2027Q3 / upside | 38.0% ratio | assumption: Desk assumption, not company guidance. |
| axs gross profit upside_2027q3_axs_gross | 2027Q3 / upside | 149.07 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(upside_2027q3_axs, upside_2027q3_axs_gross_margin). |
| scde GAAP gross margin upside_2027q3_scde_gross_margin | 2027Q3 / upside | 18.0% ratio | assumption: Desk assumption, not company guidance. |
| scde gross profit upside_2027q3_scde_gross | 2027Q3 / upside | 32.40 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(upside_2027q3_scde, upside_2027q3_scde_gross_margin). |
| GAAP gross profit proxy upside_2027q3_gross_profit | 2027Q3 / upside | 181.47 USD_millions | derived: Provisional business mix margins, not adjusted gross profit. Formula: sum(upside_2027q3_axs_gross, upside_2027q3_scde_gross). |
| Ordinary stock compensation upside_2027q3_sbc | 2027Q3 / upside | 11.69 USD_millions | assumption: FY2027 remaining SBC calibrated to approximately $40M annual guidance, after unusually low actual Q1. |
| Depreciation upside_2027q3_depreciation | 2027Q3 / upside | 20.47 USD_millions | assumption: FY2027 remaining depreciation calibrated to approximately $74M annual reference after $12.6M Q1. |
| Acquired intangible amortization upside_2027q3_amortization | 2027Q3 / upside | 43.20 USD_millions | assumption: Desk assumption, not company guidance. |
| Cloud implementation amortization upside_2027q3_cloud_amort | 2027Q3 / upside | 3.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash acquisition/integration cost upside_2027q3_integration | 2027Q3 / upside | 2.63 USD_millions | assumption: Desk assumption, not company guidance. |
| Costs excluded from adjusted EBITDA upside_2027q3_gaap_costs | 2027Q3 / upside | 81.69 USD_millions | derived: Cash integration is not a noncash addback. Formula: sum(upside_2027q3_sbc, upside_2027q3_depreciation, upside_2027q3_amortization, upside_2027q3_cloud_amort, upside_2027q3_integration). |
| GAAP operating income proxy upside_2027q3_operating_income | 2027Q3 / upside | 26.50 USD_millions | derived: Excludes nonoperating equity-method income and complete GAAP taxes. Formula: subtract(upside_2027q3_adjusted_ebitda, upside_2027q3_gaap_costs). |
| Net cash investment income upside_2027q3_net_cash_interest | 2027Q3 / upside | 2.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash earnings before working capital upside_2027q3_cash_before_uses | 2027Q3 / upside | 108.06 USD_millions | derived: No financing proceeds or unrealized securities gains. Formula: sum(upside_2027q3_operating_income, upside_2027q3_sbc, upside_2027q3_depreciation, upside_2027q3_amortization, upside_2027q3_cloud_amort, upside_2027q3_net_cash_interest). |
| Net inventory, billing and other operating cash use upside_2027q3_net_working_capital | 2027Q3 / upside | 20.00 USD_millions | assumption: Net sensitivity incorporates inventory and unbilled work after collections and supplier/customer funding; not gross accounts duplicated. |
| Cash tax allowance upside_2027q3_cash_tax | 2027Q3 / upside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Working capital and cash taxes upside_2027q3_cash_uses | 2027Q3 / upside | 22.00 USD_millions | derived: No complete balance-sheet forecast. Formula: sum(upside_2027q3_net_working_capital, upside_2027q3_cash_tax). |
| Operating cash flow upside_2027q3_cfo | 2027Q3 / upside | 86.06 USD_millions | derived: Noncash purchase accounting does not itself consume cash. Formula: subtract(upside_2027q3_cash_before_uses, upside_2027q3_cash_uses). |
| Campus purchase cash share upside_2027q3_campus_timing | 2027Q3 / upside | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| August campus purchase cash upside_2027q3_campus_cash | 2027Q3 / upside | 0.00 USD_millions | derived: Reported August 21 close lies in FY2027 Q2. Formula: multiply(campus_purchase, upside_2027q3_campus_timing). |
| Other factory and equipment cash upside_2027q3_other_capex | 2027Q3 / upside | 40.00 USD_millions | assumption: Desk assumption, not company guidance. |
| PP&E cash purchases upside_2027q3_capex | 2027Q3 / upside | 40.00 USD_millions | derived: Campus cash included once; other capex is a desk allowance including capacity expansion. Formula: sum(upside_2027q3_other_capex, upside_2027q3_campus_cash). |
| Capitalized software investment upside_2027q3_software | 2027Q3 / upside | 6.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E upside_2027q3_fcf | 2027Q3 / upside | 46.06 USD_millions | derived: PP&E-only historical scope. Formula: subtract(upside_2027q3_cfo, upside_2027q3_capex). |
| Cash after software upside_2027q3_cash_after_software | 2027Q3 / upside | 40.06 USD_millions | derived: Includes software investment omitted from PP&E-only cash. Formula: subtract(upside_2027q3_fcf, upside_2027q3_software). |
| Award withholding cash upside_2027q3_withholding | 2027Q3 / upside | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award withholding upside_2027q3_cash_after_awards | 2027Q3 / upside | 32.06 USD_millions | derived: Before financing, acquisitions and securities portfolio changes. Formula: subtract(upside_2027q3_cash_after_software, upside_2027q3_withholding). |
| Share of second half upside_2027q4_h2_share | 2027Q4 / upside | 54.0% ratio | assumption: Desk assumption, not company guidance. |
| Revenue upside_2027q4_revenue | 2027Q4 / upside | 671.81 USD_millions | derived: Desk H2 delivery phasing. Formula: multiply(upside_h2_revenue, upside_2027q4_h2_share). |
| Adjusted EBITDA upside_2027q4_adjusted_ebitda | 2027Q4 / upside | 127.01 USD_millions | derived: Desk H2 profit phasing. Formula: multiply(upside_h2_adjusted_ebitda, upside_2027q4_h2_share). |
| SCDE revenue upside_2027q4_scde | 2027Q4 / upside | 210.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Autonomous Systems revenue upside_2027q4_axs | 2027Q4 / upside | 461.81 USD_millions | derived: Separate segment allocation within consolidated guide. Formula: subtract(upside_2027q4_revenue, upside_2027q4_scde). |
| axs GAAP gross margin upside_2027q4_axs_gross_margin | 2027Q4 / upside | 38.0% ratio | assumption: Desk assumption, not company guidance. |
| axs gross profit upside_2027q4_axs_gross | 2027Q4 / upside | 175.49 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(upside_2027q4_axs, upside_2027q4_axs_gross_margin). |
| scde GAAP gross margin upside_2027q4_scde_gross_margin | 2027Q4 / upside | 18.0% ratio | assumption: Desk assumption, not company guidance. |
| scde gross profit upside_2027q4_scde_gross | 2027Q4 / upside | 37.80 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(upside_2027q4_scde, upside_2027q4_scde_gross_margin). |
| GAAP gross profit proxy upside_2027q4_gross_profit | 2027Q4 / upside | 213.29 USD_millions | derived: Provisional business mix margins, not adjusted gross profit. Formula: sum(upside_2027q4_axs_gross, upside_2027q4_scde_gross). |
| Ordinary stock compensation upside_2027q4_sbc | 2027Q4 / upside | 11.69 USD_millions | assumption: FY2027 remaining SBC calibrated to approximately $40M annual guidance, after unusually low actual Q1. |
| Depreciation upside_2027q4_depreciation | 2027Q4 / upside | 20.47 USD_millions | assumption: FY2027 remaining depreciation calibrated to approximately $74M annual reference after $12.6M Q1. |
| Acquired intangible amortization upside_2027q4_amortization | 2027Q4 / upside | 43.20 USD_millions | assumption: Desk assumption, not company guidance. |
| Cloud implementation amortization upside_2027q4_cloud_amort | 2027Q4 / upside | 3.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash acquisition/integration cost upside_2027q4_integration | 2027Q4 / upside | 2.63 USD_millions | assumption: Desk assumption, not company guidance. |
| Costs excluded from adjusted EBITDA upside_2027q4_gaap_costs | 2027Q4 / upside | 81.69 USD_millions | derived: Cash integration is not a noncash addback. Formula: sum(upside_2027q4_sbc, upside_2027q4_depreciation, upside_2027q4_amortization, upside_2027q4_cloud_amort, upside_2027q4_integration). |
| GAAP operating income proxy upside_2027q4_operating_income | 2027Q4 / upside | 45.32 USD_millions | derived: Excludes nonoperating equity-method income and complete GAAP taxes. Formula: subtract(upside_2027q4_adjusted_ebitda, upside_2027q4_gaap_costs). |
| Net cash investment income upside_2027q4_net_cash_interest | 2027Q4 / upside | 2.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash earnings before working capital upside_2027q4_cash_before_uses | 2027Q4 / upside | 126.87 USD_millions | derived: No financing proceeds or unrealized securities gains. Formula: sum(upside_2027q4_operating_income, upside_2027q4_sbc, upside_2027q4_depreciation, upside_2027q4_amortization, upside_2027q4_cloud_amort, upside_2027q4_net_cash_interest). |
| Net inventory, billing and other operating cash use upside_2027q4_net_working_capital | 2027Q4 / upside | -40.00 USD_millions | assumption: Net sensitivity incorporates inventory and unbilled work after collections and supplier/customer funding; not gross accounts duplicated. |
| Cash tax allowance upside_2027q4_cash_tax | 2027Q4 / upside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Working capital and cash taxes upside_2027q4_cash_uses | 2027Q4 / upside | -38.00 USD_millions | derived: No complete balance-sheet forecast. Formula: sum(upside_2027q4_net_working_capital, upside_2027q4_cash_tax). |
| Operating cash flow upside_2027q4_cfo | 2027Q4 / upside | 164.87 USD_millions | derived: Noncash purchase accounting does not itself consume cash. Formula: subtract(upside_2027q4_cash_before_uses, upside_2027q4_cash_uses). |
| Campus purchase cash share upside_2027q4_campus_timing | 2027Q4 / upside | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| August campus purchase cash upside_2027q4_campus_cash | 2027Q4 / upside | 0.00 USD_millions | derived: Reported August 21 close lies in FY2027 Q2. Formula: multiply(campus_purchase, upside_2027q4_campus_timing). |
| Other factory and equipment cash upside_2027q4_other_capex | 2027Q4 / upside | 40.00 USD_millions | assumption: Desk assumption, not company guidance. |
| PP&E cash purchases upside_2027q4_capex | 2027Q4 / upside | 40.00 USD_millions | derived: Campus cash included once; other capex is a desk allowance including capacity expansion. Formula: sum(upside_2027q4_other_capex, upside_2027q4_campus_cash). |
| Capitalized software investment upside_2027q4_software | 2027Q4 / upside | 6.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E upside_2027q4_fcf | 2027Q4 / upside | 124.87 USD_millions | derived: PP&E-only historical scope. Formula: subtract(upside_2027q4_cfo, upside_2027q4_capex). |
| Cash after software upside_2027q4_cash_after_software | 2027Q4 / upside | 118.87 USD_millions | derived: Includes software investment omitted from PP&E-only cash. Formula: subtract(upside_2027q4_fcf, upside_2027q4_software). |
| Award withholding cash upside_2027q4_withholding | 2027Q4 / upside | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award withholding upside_2027q4_cash_after_awards | 2027Q4 / upside | 110.87 USD_millions | derived: Before financing, acquisitions and securities portfolio changes. Formula: subtract(upside_2027q4_cash_after_software, upside_2027q4_withholding). |
| FY2028 quarter share upside_2028q1_weight | 2028Q1 / upside | 22.0% ratio | assumption: Desk assumption, not company guidance. |
| Autonomous Systems revenue upside_2028q1_axs | 2028Q1 / upside | 463.91 USD_millions | derived: Desk delivery schedule. Formula: multiply(upside_fy28_axs, upside_2028q1_weight). |
| SCDE revenue upside_2028q1_scde | 2028Q1 / upside | 204.67 USD_millions | derived: Desk delivery schedule. Formula: multiply(upside_fy28_scde, upside_2028q1_weight). |
| Revenue upside_2028q1_revenue | 2028Q1 / upside | 668.58 USD_millions | derived: Mutually exclusive segments. Formula: sum(upside_2028q1_axs, upside_2028q1_scde). |
| axs adjusted EBITDA margin upside_2028q1_axs_ebitda_margin | 2028Q1 / upside | 23.0% ratio | assumption: Desk assumption, not company guidance. |
| axs adjusted EBITDA upside_2028q1_axs_ebitda | 2028Q1 / upside | 106.70 USD_millions | derived: Desk segment economics after allocated corporate costs. Formula: multiply(upside_2028q1_axs, upside_2028q1_axs_ebitda_margin). |
| scde adjusted EBITDA margin upside_2028q1_scde_ebitda_margin | 2028Q1 / upside | 12.0% ratio | assumption: Desk assumption, not company guidance. |
| scde adjusted EBITDA upside_2028q1_scde_ebitda | 2028Q1 / upside | 24.56 USD_millions | derived: Desk segment economics after allocated corporate costs. Formula: multiply(upside_2028q1_scde, upside_2028q1_scde_ebitda_margin). |
| Adjusted EBITDA upside_2028q1_adjusted_ebitda | 2028Q1 / upside | 131.26 USD_millions | derived: No unallocated profit or speculative award value added. Formula: sum(upside_2028q1_axs_ebitda, upside_2028q1_scde_ebitda). |
| axs GAAP gross margin upside_2028q1_axs_gross_margin | 2028Q1 / upside | 38.0% ratio | assumption: Desk assumption, not company guidance. |
| axs gross profit upside_2028q1_axs_gross | 2028Q1 / upside | 176.29 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(upside_2028q1_axs, upside_2028q1_axs_gross_margin). |
| scde GAAP gross margin upside_2028q1_scde_gross_margin | 2028Q1 / upside | 18.0% ratio | assumption: Desk assumption, not company guidance. |
| scde gross profit upside_2028q1_scde_gross | 2028Q1 / upside | 36.84 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(upside_2028q1_scde, upside_2028q1_scde_gross_margin). |
| GAAP gross profit proxy upside_2028q1_gross_profit | 2028Q1 / upside | 213.13 USD_millions | derived: Provisional business mix margins, not adjusted gross profit. Formula: sum(upside_2028q1_axs_gross, upside_2028q1_scde_gross). |
| Ordinary stock compensation upside_2028q1_sbc | 2028Q1 / upside | 12.50 USD_millions | assumption: FY2027 remaining SBC calibrated to approximately $40M annual guidance, after unusually low actual Q1. |
| Depreciation upside_2028q1_depreciation | 2028Q1 / upside | 22.00 USD_millions | assumption: FY2027 remaining depreciation calibrated to approximately $74M annual reference after $12.6M Q1. |
| Acquired intangible amortization upside_2028q1_amortization | 2028Q1 / upside | 42.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cloud implementation amortization upside_2028q1_cloud_amort | 2028Q1 / upside | 3.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash acquisition/integration cost upside_2028q1_integration | 2028Q1 / upside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Costs excluded from adjusted EBITDA upside_2028q1_gaap_costs | 2028Q1 / upside | 82.00 USD_millions | derived: Cash integration is not a noncash addback. Formula: sum(upside_2028q1_sbc, upside_2028q1_depreciation, upside_2028q1_amortization, upside_2028q1_cloud_amort, upside_2028q1_integration). |
| GAAP operating income proxy upside_2028q1_operating_income | 2028Q1 / upside | 49.26 USD_millions | derived: Excludes nonoperating equity-method income and complete GAAP taxes. Formula: subtract(upside_2028q1_adjusted_ebitda, upside_2028q1_gaap_costs). |
| Net cash investment income upside_2028q1_net_cash_interest | 2028Q1 / upside | 2.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash earnings before working capital upside_2028q1_cash_before_uses | 2028Q1 / upside | 131.76 USD_millions | derived: No financing proceeds or unrealized securities gains. Formula: sum(upside_2028q1_operating_income, upside_2028q1_sbc, upside_2028q1_depreciation, upside_2028q1_amortization, upside_2028q1_cloud_amort, upside_2028q1_net_cash_interest). |
| Net inventory, billing and other operating cash use upside_2028q1_net_working_capital | 2028Q1 / upside | 35.00 USD_millions | assumption: Net sensitivity incorporates inventory and unbilled work after collections and supplier/customer funding; not gross accounts duplicated. |
| Cash tax allowance upside_2028q1_cash_tax | 2028Q1 / upside | 5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Working capital and cash taxes upside_2028q1_cash_uses | 2028Q1 / upside | 40.00 USD_millions | derived: No complete balance-sheet forecast. Formula: sum(upside_2028q1_net_working_capital, upside_2028q1_cash_tax). |
| Operating cash flow upside_2028q1_cfo | 2028Q1 / upside | 91.76 USD_millions | derived: Noncash purchase accounting does not itself consume cash. Formula: subtract(upside_2028q1_cash_before_uses, upside_2028q1_cash_uses). |
| Campus purchase cash share upside_2028q1_campus_timing | 2028Q1 / upside | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| August campus purchase cash upside_2028q1_campus_cash | 2028Q1 / upside | 0.00 USD_millions | derived: Reported August 21 close lies in FY2027 Q2. Formula: multiply(campus_purchase, upside_2028q1_campus_timing). |
| Other factory and equipment cash upside_2028q1_other_capex | 2028Q1 / upside | 40.00 USD_millions | assumption: Desk assumption, not company guidance. |
| PP&E cash purchases upside_2028q1_capex | 2028Q1 / upside | 40.00 USD_millions | derived: Campus cash included once; other capex is a desk allowance including capacity expansion. Formula: sum(upside_2028q1_other_capex, upside_2028q1_campus_cash). |
| Capitalized software investment upside_2028q1_software | 2028Q1 / upside | 7.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E upside_2028q1_fcf | 2028Q1 / upside | 51.76 USD_millions | derived: PP&E-only historical scope. Formula: subtract(upside_2028q1_cfo, upside_2028q1_capex). |
| Cash after software upside_2028q1_cash_after_software | 2028Q1 / upside | 44.76 USD_millions | derived: Includes software investment omitted from PP&E-only cash. Formula: subtract(upside_2028q1_fcf, upside_2028q1_software). |
| Award withholding cash upside_2028q1_withholding | 2028Q1 / upside | 10.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award withholding upside_2028q1_cash_after_awards | 2028Q1 / upside | 34.76 USD_millions | derived: Before financing, acquisitions and securities portfolio changes. Formula: subtract(upside_2028q1_cash_after_software, upside_2028q1_withholding). |
| FY2028 quarter share upside_2028q2_weight | 2028Q2 / upside | 23.0% ratio | assumption: Desk assumption, not company guidance. |
| Autonomous Systems revenue upside_2028q2_axs | 2028Q2 / upside | 484.99 USD_millions | derived: Desk delivery schedule. Formula: multiply(upside_fy28_axs, upside_2028q2_weight). |
| SCDE revenue upside_2028q2_scde | 2028Q2 / upside | 213.98 USD_millions | derived: Desk delivery schedule. Formula: multiply(upside_fy28_scde, upside_2028q2_weight). |
| Revenue upside_2028q2_revenue | 2028Q2 / upside | 698.97 USD_millions | derived: Mutually exclusive segments. Formula: sum(upside_2028q2_axs, upside_2028q2_scde). |
| axs adjusted EBITDA margin upside_2028q2_axs_ebitda_margin | 2028Q2 / upside | 23.0% ratio | assumption: Desk assumption, not company guidance. |
| axs adjusted EBITDA upside_2028q2_axs_ebitda | 2028Q2 / upside | 111.55 USD_millions | derived: Desk segment economics after allocated corporate costs. Formula: multiply(upside_2028q2_axs, upside_2028q2_axs_ebitda_margin). |
| scde adjusted EBITDA margin upside_2028q2_scde_ebitda_margin | 2028Q2 / upside | 12.0% ratio | assumption: Desk assumption, not company guidance. |
| scde adjusted EBITDA upside_2028q2_scde_ebitda | 2028Q2 / upside | 25.68 USD_millions | derived: Desk segment economics after allocated corporate costs. Formula: multiply(upside_2028q2_scde, upside_2028q2_scde_ebitda_margin). |
| Adjusted EBITDA upside_2028q2_adjusted_ebitda | 2028Q2 / upside | 137.23 USD_millions | derived: No unallocated profit or speculative award value added. Formula: sum(upside_2028q2_axs_ebitda, upside_2028q2_scde_ebitda). |
| axs GAAP gross margin upside_2028q2_axs_gross_margin | 2028Q2 / upside | 38.0% ratio | assumption: Desk assumption, not company guidance. |
| axs gross profit upside_2028q2_axs_gross | 2028Q2 / upside | 184.30 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(upside_2028q2_axs, upside_2028q2_axs_gross_margin). |
| scde GAAP gross margin upside_2028q2_scde_gross_margin | 2028Q2 / upside | 18.0% ratio | assumption: Desk assumption, not company guidance. |
| scde gross profit upside_2028q2_scde_gross | 2028Q2 / upside | 38.52 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(upside_2028q2_scde, upside_2028q2_scde_gross_margin). |
| GAAP gross profit proxy upside_2028q2_gross_profit | 2028Q2 / upside | 222.81 USD_millions | derived: Provisional business mix margins, not adjusted gross profit. Formula: sum(upside_2028q2_axs_gross, upside_2028q2_scde_gross). |
| Ordinary stock compensation upside_2028q2_sbc | 2028Q2 / upside | 12.50 USD_millions | assumption: FY2027 remaining SBC calibrated to approximately $40M annual guidance, after unusually low actual Q1. |
| Depreciation upside_2028q2_depreciation | 2028Q2 / upside | 22.00 USD_millions | assumption: FY2027 remaining depreciation calibrated to approximately $74M annual reference after $12.6M Q1. |
| Acquired intangible amortization upside_2028q2_amortization | 2028Q2 / upside | 42.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cloud implementation amortization upside_2028q2_cloud_amort | 2028Q2 / upside | 3.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash acquisition/integration cost upside_2028q2_integration | 2028Q2 / upside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Costs excluded from adjusted EBITDA upside_2028q2_gaap_costs | 2028Q2 / upside | 82.00 USD_millions | derived: Cash integration is not a noncash addback. Formula: sum(upside_2028q2_sbc, upside_2028q2_depreciation, upside_2028q2_amortization, upside_2028q2_cloud_amort, upside_2028q2_integration). |
| GAAP operating income proxy upside_2028q2_operating_income | 2028Q2 / upside | 55.23 USD_millions | derived: Excludes nonoperating equity-method income and complete GAAP taxes. Formula: subtract(upside_2028q2_adjusted_ebitda, upside_2028q2_gaap_costs). |
| Net cash investment income upside_2028q2_net_cash_interest | 2028Q2 / upside | 2.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash earnings before working capital upside_2028q2_cash_before_uses | 2028Q2 / upside | 137.73 USD_millions | derived: No financing proceeds or unrealized securities gains. Formula: sum(upside_2028q2_operating_income, upside_2028q2_sbc, upside_2028q2_depreciation, upside_2028q2_amortization, upside_2028q2_cloud_amort, upside_2028q2_net_cash_interest). |
| Net inventory, billing and other operating cash use upside_2028q2_net_working_capital | 2028Q2 / upside | 15.00 USD_millions | assumption: Net sensitivity incorporates inventory and unbilled work after collections and supplier/customer funding; not gross accounts duplicated. |
| Cash tax allowance upside_2028q2_cash_tax | 2028Q2 / upside | 5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Working capital and cash taxes upside_2028q2_cash_uses | 2028Q2 / upside | 20.00 USD_millions | derived: No complete balance-sheet forecast. Formula: sum(upside_2028q2_net_working_capital, upside_2028q2_cash_tax). |
| Operating cash flow upside_2028q2_cfo | 2028Q2 / upside | 117.73 USD_millions | derived: Noncash purchase accounting does not itself consume cash. Formula: subtract(upside_2028q2_cash_before_uses, upside_2028q2_cash_uses). |
| Campus purchase cash share upside_2028q2_campus_timing | 2028Q2 / upside | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| August campus purchase cash upside_2028q2_campus_cash | 2028Q2 / upside | 0.00 USD_millions | derived: Reported August 21 close lies in FY2027 Q2. Formula: multiply(campus_purchase, upside_2028q2_campus_timing). |
| Other factory and equipment cash upside_2028q2_other_capex | 2028Q2 / upside | 40.00 USD_millions | assumption: Desk assumption, not company guidance. |
| PP&E cash purchases upside_2028q2_capex | 2028Q2 / upside | 40.00 USD_millions | derived: Campus cash included once; other capex is a desk allowance including capacity expansion. Formula: sum(upside_2028q2_other_capex, upside_2028q2_campus_cash). |
| Capitalized software investment upside_2028q2_software | 2028Q2 / upside | 7.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E upside_2028q2_fcf | 2028Q2 / upside | 77.73 USD_millions | derived: PP&E-only historical scope. Formula: subtract(upside_2028q2_cfo, upside_2028q2_capex). |
| Cash after software upside_2028q2_cash_after_software | 2028Q2 / upside | 70.73 USD_millions | derived: Includes software investment omitted from PP&E-only cash. Formula: subtract(upside_2028q2_fcf, upside_2028q2_software). |
| Award withholding cash upside_2028q2_withholding | 2028Q2 / upside | 10.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award withholding upside_2028q2_cash_after_awards | 2028Q2 / upside | 60.73 USD_millions | derived: Before financing, acquisitions and securities portfolio changes. Formula: subtract(upside_2028q2_cash_after_software, upside_2028q2_withholding). |
| FY2028 quarter share upside_2028q3_weight | 2028Q3 / upside | 26.0% ratio | assumption: Desk assumption, not company guidance. |
| Autonomous Systems revenue upside_2028q3_axs | 2028Q3 / upside | 548.25 USD_millions | derived: Desk delivery schedule. Formula: multiply(upside_fy28_axs, upside_2028q3_weight). |
| SCDE revenue upside_2028q3_scde | 2028Q3 / upside | 241.89 USD_millions | derived: Desk delivery schedule. Formula: multiply(upside_fy28_scde, upside_2028q3_weight). |
| Revenue upside_2028q3_revenue | 2028Q3 / upside | 790.14 USD_millions | derived: Mutually exclusive segments. Formula: sum(upside_2028q3_axs, upside_2028q3_scde). |
| axs adjusted EBITDA margin upside_2028q3_axs_ebitda_margin | 2028Q3 / upside | 23.0% ratio | assumption: Desk assumption, not company guidance. |
| axs adjusted EBITDA upside_2028q3_axs_ebitda | 2028Q3 / upside | 126.10 USD_millions | derived: Desk segment economics after allocated corporate costs. Formula: multiply(upside_2028q3_axs, upside_2028q3_axs_ebitda_margin). |
| scde adjusted EBITDA margin upside_2028q3_scde_ebitda_margin | 2028Q3 / upside | 12.0% ratio | assumption: Desk assumption, not company guidance. |
| scde adjusted EBITDA upside_2028q3_scde_ebitda | 2028Q3 / upside | 29.03 USD_millions | derived: Desk segment economics after allocated corporate costs. Formula: multiply(upside_2028q3_scde, upside_2028q3_scde_ebitda_margin). |
| Adjusted EBITDA upside_2028q3_adjusted_ebitda | 2028Q3 / upside | 155.12 USD_millions | derived: No unallocated profit or speculative award value added. Formula: sum(upside_2028q3_axs_ebitda, upside_2028q3_scde_ebitda). |
| axs GAAP gross margin upside_2028q3_axs_gross_margin | 2028Q3 / upside | 38.0% ratio | assumption: Desk assumption, not company guidance. |
| axs gross profit upside_2028q3_axs_gross | 2028Q3 / upside | 208.34 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(upside_2028q3_axs, upside_2028q3_axs_gross_margin). |
| scde GAAP gross margin upside_2028q3_scde_gross_margin | 2028Q3 / upside | 18.0% ratio | assumption: Desk assumption, not company guidance. |
| scde gross profit upside_2028q3_scde_gross | 2028Q3 / upside | 43.54 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(upside_2028q3_scde, upside_2028q3_scde_gross_margin). |
| GAAP gross profit proxy upside_2028q3_gross_profit | 2028Q3 / upside | 251.88 USD_millions | derived: Provisional business mix margins, not adjusted gross profit. Formula: sum(upside_2028q3_axs_gross, upside_2028q3_scde_gross). |
| Ordinary stock compensation upside_2028q3_sbc | 2028Q3 / upside | 12.50 USD_millions | assumption: FY2027 remaining SBC calibrated to approximately $40M annual guidance, after unusually low actual Q1. |
| Depreciation upside_2028q3_depreciation | 2028Q3 / upside | 22.00 USD_millions | assumption: FY2027 remaining depreciation calibrated to approximately $74M annual reference after $12.6M Q1. |
| Acquired intangible amortization upside_2028q3_amortization | 2028Q3 / upside | 42.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cloud implementation amortization upside_2028q3_cloud_amort | 2028Q3 / upside | 3.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash acquisition/integration cost upside_2028q3_integration | 2028Q3 / upside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Costs excluded from adjusted EBITDA upside_2028q3_gaap_costs | 2028Q3 / upside | 82.00 USD_millions | derived: Cash integration is not a noncash addback. Formula: sum(upside_2028q3_sbc, upside_2028q3_depreciation, upside_2028q3_amortization, upside_2028q3_cloud_amort, upside_2028q3_integration). |
| GAAP operating income proxy upside_2028q3_operating_income | 2028Q3 / upside | 73.12 USD_millions | derived: Excludes nonoperating equity-method income and complete GAAP taxes. Formula: subtract(upside_2028q3_adjusted_ebitda, upside_2028q3_gaap_costs). |
| Net cash investment income upside_2028q3_net_cash_interest | 2028Q3 / upside | 2.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash earnings before working capital upside_2028q3_cash_before_uses | 2028Q3 / upside | 155.62 USD_millions | derived: No financing proceeds or unrealized securities gains. Formula: sum(upside_2028q3_operating_income, upside_2028q3_sbc, upside_2028q3_depreciation, upside_2028q3_amortization, upside_2028q3_cloud_amort, upside_2028q3_net_cash_interest). |
| Net inventory, billing and other operating cash use upside_2028q3_net_working_capital | 2028Q3 / upside | 15.00 USD_millions | assumption: Net sensitivity incorporates inventory and unbilled work after collections and supplier/customer funding; not gross accounts duplicated. |
| Cash tax allowance upside_2028q3_cash_tax | 2028Q3 / upside | 5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Working capital and cash taxes upside_2028q3_cash_uses | 2028Q3 / upside | 20.00 USD_millions | derived: No complete balance-sheet forecast. Formula: sum(upside_2028q3_net_working_capital, upside_2028q3_cash_tax). |
| Operating cash flow upside_2028q3_cfo | 2028Q3 / upside | 135.62 USD_millions | derived: Noncash purchase accounting does not itself consume cash. Formula: subtract(upside_2028q3_cash_before_uses, upside_2028q3_cash_uses). |
| Campus purchase cash share upside_2028q3_campus_timing | 2028Q3 / upside | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| August campus purchase cash upside_2028q3_campus_cash | 2028Q3 / upside | 0.00 USD_millions | derived: Reported August 21 close lies in FY2027 Q2. Formula: multiply(campus_purchase, upside_2028q3_campus_timing). |
| Other factory and equipment cash upside_2028q3_other_capex | 2028Q3 / upside | 40.00 USD_millions | assumption: Desk assumption, not company guidance. |
| PP&E cash purchases upside_2028q3_capex | 2028Q3 / upside | 40.00 USD_millions | derived: Campus cash included once; other capex is a desk allowance including capacity expansion. Formula: sum(upside_2028q3_other_capex, upside_2028q3_campus_cash). |
| Capitalized software investment upside_2028q3_software | 2028Q3 / upside | 7.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E upside_2028q3_fcf | 2028Q3 / upside | 95.62 USD_millions | derived: PP&E-only historical scope. Formula: subtract(upside_2028q3_cfo, upside_2028q3_capex). |
| Cash after software upside_2028q3_cash_after_software | 2028Q3 / upside | 88.62 USD_millions | derived: Includes software investment omitted from PP&E-only cash. Formula: subtract(upside_2028q3_fcf, upside_2028q3_software). |
| Award withholding cash upside_2028q3_withholding | 2028Q3 / upside | 10.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award withholding upside_2028q3_cash_after_awards | 2028Q3 / upside | 78.62 USD_millions | derived: Before financing, acquisitions and securities portfolio changes. Formula: subtract(upside_2028q3_cash_after_software, upside_2028q3_withholding). |
| FY2028 quarter share upside_2028q4_weight | 2028Q4 / upside | 29.0% ratio | assumption: Desk assumption, not company guidance. |
| Autonomous Systems revenue upside_2028q4_axs | 2028Q4 / upside | 611.51 USD_millions | derived: Desk delivery schedule. Formula: multiply(upside_fy28_axs, upside_2028q4_weight). |
| SCDE revenue upside_2028q4_scde | 2028Q4 / upside | 269.80 USD_millions | derived: Desk delivery schedule. Formula: multiply(upside_fy28_scde, upside_2028q4_weight). |
| Revenue upside_2028q4_revenue | 2028Q4 / upside | 881.31 USD_millions | derived: Mutually exclusive segments. Formula: sum(upside_2028q4_axs, upside_2028q4_scde). |
| axs adjusted EBITDA margin upside_2028q4_axs_ebitda_margin | 2028Q4 / upside | 23.0% ratio | assumption: Desk assumption, not company guidance. |
| axs adjusted EBITDA upside_2028q4_axs_ebitda | 2028Q4 / upside | 140.65 USD_millions | derived: Desk segment economics after allocated corporate costs. Formula: multiply(upside_2028q4_axs, upside_2028q4_axs_ebitda_margin). |
| scde adjusted EBITDA margin upside_2028q4_scde_ebitda_margin | 2028Q4 / upside | 12.0% ratio | assumption: Desk assumption, not company guidance. |
| scde adjusted EBITDA upside_2028q4_scde_ebitda | 2028Q4 / upside | 32.38 USD_millions | derived: Desk segment economics after allocated corporate costs. Formula: multiply(upside_2028q4_scde, upside_2028q4_scde_ebitda_margin). |
| Adjusted EBITDA upside_2028q4_adjusted_ebitda | 2028Q4 / upside | 173.02 USD_millions | derived: No unallocated profit or speculative award value added. Formula: sum(upside_2028q4_axs_ebitda, upside_2028q4_scde_ebitda). |
| axs GAAP gross margin upside_2028q4_axs_gross_margin | 2028Q4 / upside | 38.0% ratio | assumption: Desk assumption, not company guidance. |
| axs gross profit upside_2028q4_axs_gross | 2028Q4 / upside | 232.38 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(upside_2028q4_axs, upside_2028q4_axs_gross_margin). |
| scde GAAP gross margin upside_2028q4_scde_gross_margin | 2028Q4 / upside | 18.0% ratio | assumption: Desk assumption, not company guidance. |
| scde gross profit upside_2028q4_scde_gross | 2028Q4 / upside | 48.56 USD_millions | derived: Includes cost-of-sales amortization and SBC. Formula: multiply(upside_2028q4_scde, upside_2028q4_scde_gross_margin). |
| GAAP gross profit proxy upside_2028q4_gross_profit | 2028Q4 / upside | 280.94 USD_millions | derived: Provisional business mix margins, not adjusted gross profit. Formula: sum(upside_2028q4_axs_gross, upside_2028q4_scde_gross). |
| Ordinary stock compensation upside_2028q4_sbc | 2028Q4 / upside | 12.50 USD_millions | assumption: FY2027 remaining SBC calibrated to approximately $40M annual guidance, after unusually low actual Q1. |
| Depreciation upside_2028q4_depreciation | 2028Q4 / upside | 22.00 USD_millions | assumption: FY2027 remaining depreciation calibrated to approximately $74M annual reference after $12.6M Q1. |
| Acquired intangible amortization upside_2028q4_amortization | 2028Q4 / upside | 42.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cloud implementation amortization upside_2028q4_cloud_amort | 2028Q4 / upside | 3.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash acquisition/integration cost upside_2028q4_integration | 2028Q4 / upside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Costs excluded from adjusted EBITDA upside_2028q4_gaap_costs | 2028Q4 / upside | 82.00 USD_millions | derived: Cash integration is not a noncash addback. Formula: sum(upside_2028q4_sbc, upside_2028q4_depreciation, upside_2028q4_amortization, upside_2028q4_cloud_amort, upside_2028q4_integration). |
| GAAP operating income proxy upside_2028q4_operating_income | 2028Q4 / upside | 91.02 USD_millions | derived: Excludes nonoperating equity-method income and complete GAAP taxes. Formula: subtract(upside_2028q4_adjusted_ebitda, upside_2028q4_gaap_costs). |
| Net cash investment income upside_2028q4_net_cash_interest | 2028Q4 / upside | 2.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash earnings before working capital upside_2028q4_cash_before_uses | 2028Q4 / upside | 173.52 USD_millions | derived: No financing proceeds or unrealized securities gains. Formula: sum(upside_2028q4_operating_income, upside_2028q4_sbc, upside_2028q4_depreciation, upside_2028q4_amortization, upside_2028q4_cloud_amort, upside_2028q4_net_cash_interest). |
| Net inventory, billing and other operating cash use upside_2028q4_net_working_capital | 2028Q4 / upside | -20.00 USD_millions | assumption: Net sensitivity incorporates inventory and unbilled work after collections and supplier/customer funding; not gross accounts duplicated. |
| Cash tax allowance upside_2028q4_cash_tax | 2028Q4 / upside | 5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Working capital and cash taxes upside_2028q4_cash_uses | 2028Q4 / upside | -15.00 USD_millions | derived: No complete balance-sheet forecast. Formula: sum(upside_2028q4_net_working_capital, upside_2028q4_cash_tax). |
| Operating cash flow upside_2028q4_cfo | 2028Q4 / upside | 188.52 USD_millions | derived: Noncash purchase accounting does not itself consume cash. Formula: subtract(upside_2028q4_cash_before_uses, upside_2028q4_cash_uses). |
| Campus purchase cash share upside_2028q4_campus_timing | 2028Q4 / upside | 0.0% ratio | assumption: Desk assumption, not company guidance. |
| August campus purchase cash upside_2028q4_campus_cash | 2028Q4 / upside | 0.00 USD_millions | derived: Reported August 21 close lies in FY2027 Q2. Formula: multiply(campus_purchase, upside_2028q4_campus_timing). |
| Other factory and equipment cash upside_2028q4_other_capex | 2028Q4 / upside | 40.00 USD_millions | assumption: Desk assumption, not company guidance. |
| PP&E cash purchases upside_2028q4_capex | 2028Q4 / upside | 40.00 USD_millions | derived: Campus cash included once; other capex is a desk allowance including capacity expansion. Formula: sum(upside_2028q4_other_capex, upside_2028q4_campus_cash). |
| Capitalized software investment upside_2028q4_software | 2028Q4 / upside | 7.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E upside_2028q4_fcf | 2028Q4 / upside | 148.52 USD_millions | derived: PP&E-only historical scope. Formula: subtract(upside_2028q4_cfo, upside_2028q4_capex). |
| Cash after software upside_2028q4_cash_after_software | 2028Q4 / upside | 141.52 USD_millions | derived: Includes software investment omitted from PP&E-only cash. Formula: subtract(upside_2028q4_fcf, upside_2028q4_software). |
| Award withholding cash upside_2028q4_withholding | 2028Q4 / upside | 10.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award withholding upside_2028q4_cash_after_awards | 2028Q4 / upside | 131.52 USD_millions | derived: Before financing, acquisitions and securities portfolio changes. Formula: subtract(upside_2028q4_cash_after_software, upside_2028q4_withholding). |
| Revenue ($M) upside_fy2027_revenue | FY2027 / upside | 2,262.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_revenue, upside_2027q2_revenue, upside_2027q3_revenue, upside_2027q4_revenue). |
| Autonomous Systems revenue ($M) upside_fy2027_axs | FY2027 / upside | 1,597.48 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_axs, upside_2027q2_axs, upside_2027q3_axs, upside_2027q4_axs). |
| Space/Cyber/Directed Energy revenue ($M) upside_fy2027_scde | FY2027 / upside | 664.52 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_scde, upside_2027q2_scde, upside_2027q3_scde, upside_2027q4_scde). |
| GAAP gross profit proxy ($M) upside_fy2027_gross_profit | FY2027 / upside | 695.57 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_gross_profit, upside_2027q2_gross_profit, upside_2027q3_gross_profit, upside_2027q4_gross_profit). |
| Adjusted EBITDA ($M) upside_fy2027_adjusted_ebitda | FY2027 / upside | 352.80 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_adjusted_ebitda, upside_2027q2_adjusted_ebitda, upside_2027q3_adjusted_ebitda, upside_2027q4_adjusted_ebitda). |
| GAAP operating income proxy ($M) upside_fy2027_operating_income | FY2027 / upside | 43.47 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_operating_income, upside_2027q2_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income). |
| Operating cash flow ($M) upside_fy2027_cfo | FY2027 / upside | 286.51 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_cfo, upside_2027q2_cfo, upside_2027q3_cfo, upside_2027q4_cfo). |
| PP&E cash purchases ($M) upside_fy2027_capex | FY2027 / upside | 188.28 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_capex, upside_2027q2_capex, upside_2027q3_capex, upside_2027q4_capex). |
| Capitalized software cash ($M) upside_fy2027_software | FY2027 / upside | 23.42 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_software, upside_2027q2_software, upside_2027q3_software, upside_2027q4_software). |
| CFO less PP&E ($M) upside_fy2027_fcf | FY2027 / upside | 98.22 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_fcf, upside_2027q2_fcf, upside_2027q3_fcf, upside_2027q4_fcf). |
| Cash after PP&E and software ($M) upside_fy2027_cash_after_software | FY2027 / upside | 74.81 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_cash_after_software, upside_2027q2_cash_after_software, upside_2027q3_cash_after_software, upside_2027q4_cash_after_software). |
| Cash after software and award withholding ($M) upside_fy2027_cash_after_awards | FY2027 / upside | 41.24 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_cash_after_awards, upside_2027q2_cash_after_awards, upside_2027q3_cash_after_awards, upside_2027q4_cash_after_awards). |
| Revenue ($M) upside_fy2028_revenue | FY2028 / upside | 3,039.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_revenue, upside_2028q2_revenue, upside_2028q3_revenue, upside_2028q4_revenue). |
| Autonomous Systems revenue ($M) upside_fy2028_axs | FY2028 / upside | 2,108.67 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_axs, upside_2028q2_axs, upside_2028q3_axs, upside_2028q4_axs). |
| Space/Cyber/Directed Energy revenue ($M) upside_fy2028_scde | FY2028 / upside | 930.33 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_scde, upside_2028q2_scde, upside_2028q3_scde, upside_2028q4_scde). |
| GAAP gross profit proxy ($M) upside_fy2028_gross_profit | FY2028 / upside | 968.75 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_gross_profit, upside_2028q2_gross_profit, upside_2028q3_gross_profit, upside_2028q4_gross_profit). |
| Adjusted EBITDA ($M) upside_fy2028_adjusted_ebitda | FY2028 / upside | 596.63 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_adjusted_ebitda, upside_2028q2_adjusted_ebitda, upside_2028q3_adjusted_ebitda, upside_2028q4_adjusted_ebitda). |
| GAAP operating income proxy ($M) upside_fy2028_operating_income | FY2028 / upside | 268.63 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_operating_income, upside_2028q2_operating_income, upside_2028q3_operating_income, upside_2028q4_operating_income). |
| Operating cash flow ($M) upside_fy2028_cfo | FY2028 / upside | 533.63 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_cfo, upside_2028q2_cfo, upside_2028q3_cfo, upside_2028q4_cfo). |
| PP&E cash purchases ($M) upside_fy2028_capex | FY2028 / upside | 160.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_capex, upside_2028q2_capex, upside_2028q3_capex, upside_2028q4_capex). |
| Capitalized software cash ($M) upside_fy2028_software | FY2028 / upside | 28.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_software, upside_2028q2_software, upside_2028q3_software, upside_2028q4_software). |
| CFO less PP&E ($M) upside_fy2028_fcf | FY2028 / upside | 373.63 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_fcf, upside_2028q2_fcf, upside_2028q3_fcf, upside_2028q4_fcf). |
| Cash after PP&E and software ($M) upside_fy2028_cash_after_software | FY2028 / upside | 345.63 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_cash_after_software, upside_2028q2_cash_after_software, upside_2028q3_cash_after_software, upside_2028q4_cash_after_software). |
| Cash after software and award withholding ($M) upside_fy2028_cash_after_awards | FY2028 / upside | 305.63 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_cash_after_awards, upside_2028q2_cash_after_awards, upside_2028q3_cash_after_awards, upside_2028q4_cash_after_awards). |
Model boundaries
- Funded backlog, unfunded awards and contract ceilings are distinct. August 1 funded-backlog conversion percentages use that date and perimeter; September visibility commentary is not the same measure.
- September management commentary says E-HEL and international LOCUST work is already in FY2027 guidance. The model does not add their headline award values to forecast revenue.
- Segment sales, gross margins and EBITDA allocations are desk assumptions except for reported Q1. Guidance is consolidated; the SCDE recovery is a sensitivity rather than a guaranteed turnaround.
- The GAAP operating proxy subtracts ordinary SBC, depreciation, acquired amortization, cloud amortization and cash integration expense. Equity-method earnings, nonoperating gains and complete taxes/dilution are not forecast, so EPS is omitted.
- Company fiscal years end April 30, not the final Saturday. FY2027 intermediate quarter ends are directly disclosed; FY2028 intermediate dates are estimated from its 13-week convention.
- No complete backlog, debt, inventory or balance-sheet rollforward is provided. Future impairment, working-capital reversals and more capacity investment could materially change cash.
Funded demand must convert through a costly production ramp
Can segment recovery and delivery growth finance inventory, software and new production capacity?
Q1 revenue of $480.490M produced $124.599M gross profit, a $10.871M GAAP operating loss and $53.389M adjusted EBITDA. CFO was $13.496M; PP&E cash of $44.033M and capitalized software of $5.417M left negative $35.954M before $9.563M award withholding. Receivable collections supplied $128.346M while inventory consumed $100.310M and unbilled work $68.041M. August 1 funded backlog was $1,457.822M, with 78% expected in the remaining fiscal year; $1,366.5M unfunded backlog is not a firm funded obligation. Cash and marketable investments totaled $675.004M. The August campus purchase cost $29.250M. September guidance remains $2.125B-$2.225B revenue and $305M-$325M adjusted EBITDA, with 45% of sales and one-third of EBITDA in H1. The annual depreciation, amortization and ordinary equity expenses materially reduce GAAP earnings.
The competing explanation
Contract demand can grow while low-margin services, capacity investment and unbilled work weaken cash. SCDE recovery is not established by an award announcement. BlueHalo-related financial-control weaknesses and the prior Space impairment make execution and accounting review central to the thesis.
Risks to track
- Government funding, export approvals and customer acceptance can shift deliveries.
- Unfunded backlog and contract ceilings do not guarantee purchases.
- SCDE margins and BlueHalo integration can lag the consolidated recovery.
- Inventories and unbilled work can absorb cash ahead of milestones.
- Factory and software investment can exceed the desk cash allowance.
- Acquired goodwill, intangibles and unresolved control weaknesses affect reporting risk.
Next checkpoints
- First-half cadence · FY2027 Q2 ends October 31 (estimated). Compare H1 against approximately 45% of annual revenue and one-third of annual EBITDA.
- Backlog conversion · Each quarterly release (estimated). Separate funded obligations, new orders and previously guided awards.
- Capacity and cash · FY2027 second half (estimated). Reconcile campus/equipment spending with inventory, unbilled collections and SCDE economics.
Data coverage and open work
- Funded backlog, unfunded awards and contract ceilings are distinct. August 1 funded-backlog conversion percentages use that date and perimeter; September visibility commentary is not the same measure.
- September management commentary says E-HEL and international LOCUST work is already in FY2027 guidance. The model does not add their headline award values to forecast revenue.
- Segment sales, gross margins and EBITDA allocations are desk assumptions except for reported Q1. Guidance is consolidated; the SCDE recovery is a sensitivity rather than a guaranteed turnaround.
- The GAAP operating proxy subtracts ordinary SBC, depreciation, acquired amortization, cloud amortization and cash integration expense. Equity-method earnings, nonoperating gains and complete taxes/dilution are not forecast, so EPS is omitted.
- Company fiscal years end April 30, not the final Saturday. FY2027 intermediate quarter ends are directly disclosed; FY2028 intermediate dates are estimated from its 13-week convention.
- No complete backlog, debt, inventory or balance-sheet rollforward is provided. Future impairment, working-capital reversals and more capacity investment could materially change cash.
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, ordinary volume, closed weak, and some peers moving
| Vs the market, in points | Low | Middle | High | Share up |
|---|---|---|---|---|
| 1 session | -1.7 | +0.3 | +2.9 | 57% |
| 5 sessions | -4.8 | +0.4 | +6.7 | 54% |
| 10 sessions | -7.7 | +0.5 | +10.1 | 56% |
Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side.