$BOX
Business
Box sells a subscription platform for managing, securing and using enterprise content. Customer expansion into higher-tier plans and AI workflows can increase contract value, while cloud hosting, model usage and software development affect delivery costs. Annual billing creates seasonal cash patterns. Preferred shares, employee awards and convertible debt create claims distinct from ordinary operating profit.
Three drivers
- Renewals, plan upgrades and reported-currency revenue
- Cloud/AI delivery cost and software investment
- Billing seasonality, preferred dividends and equity-award cash
Thesis
Our view
The content platform can grow as AI increases the value of governed enterprise information. The evidence must appear in customer expansion, margins and cash after software investment. Reported operating profit is real, but preferred participation and equity-related cash mean that consolidated profit and company free cash flow are not automatically common-shareholder earnings.
What changes it
Track net retention, upgrade adoption, gross margin and software capitalization. Improve confidence when cash after preferred and employee claims grows alongside revenue; reduce it if AI serving costs, FX or churn overwhelm contract expansion.
Scenario ranges
Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.
Model · 8 fiscal quarters (last eight)
| Fiscal quarter | 2025Q3 2024-10-31 | 2025Q4 2025-01-31 | 2026Q1 2025-04-30 | 2026Q2 2025-07-31 | 2026Q3 2025-10-31 | 2026Q4 2026-01-31 | 2027Q1 2026-04-30 | 2027Q2 2026-07-31 |
|---|---|---|---|---|---|---|---|---|
| Revenue ($M) | 275.91 | 279.5†2 | 276.33 | 294.04 | 301.11 | 305.9†2 | 305.93 | 321.14 |
| Gross profit ($M) | 220.45 | 220.7†6 | 215.67 | 232.58 | 239.55 | 245.0†6 | 243.27 | 254.08 |
| Operating income ($M) | 23.49 | 17.9†10 | 6.311 | 20.612 | 25.19 | 31.2†10 | 27.411 | 32.612 |
| Net income ($M) | 12.913 | 194.0†14 | 8.215 | 13.416 | 12.113 | 81.7†14 | 17.715 | 19.216 |
| EPS, diluted ($) | 0.0517 | — | 0.0218 | 0.0519 | 0.0517 | — | 0.0818 | 0.0919 |
| Diluted shares (M) | 149.120 | — | 149.621 | 151.122 | 149.420 | — | 140.121 | 139.722 |
| Cash ($M) | 608.823 | 624.624 | 689.625 | 657.826 | 633.227 | 375.128 | 378.829 | 342.928 |
| Long-term debt ($M) | 651.730 | 448.631 | 449.232 | 449.833 | 450.434 | 451.035 | 451.636 | 452.235 |
| Cash from operations ($M) | 62.6†37 | 102.2†38 | 127.139 | 46.0†40 | 73.0†37 | 110.4†38 | 140.239 | 70.8†40 |
| Capex ($M) | 0.3†41 | 0.6†42 | 0.343 | 1.9†44 | 2.0†41 | 1.9†42 | 1.343 | 0.1†44 |
| Free cash flow ($M) | 62.3†45 | 101.5†46 | 126.7†47 | 44.1†48 | 71.1†45 | 108.5†46 | 138.9†47 | 70.7†48 |
Estimates · base scenario
| Period | Revenue ($M) | EPS ($) | As of | Basis |
|---|---|---|---|---|
| 2027Q3 | 329.0 | — | 2026-09-19 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2027Q4 | 333.9 | — | 2026-09-19 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2028Q1 | 339.5 | — | 2026-09-19 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2028Q2 | 354.0 | — | 2026-09-19 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
Content expansion must pay for AI delivery, software and senior claims
Preserve actual H1 and anchor FY2027 and Q3 nominal revenue and operating margins to August guidance. Q4 is the residual. Extend FY2028 from separate customer expansion and currency assumptions; no second FX headwind is applied to already reported-currency FY2027 guidance. Reconcile non-GAAP profit with GAAP expense, then track commissions, billings/deferred revenue, receivable timing and software investment. Deduct preferred cash dividends and award withholding before discretionary repurchases.
Reported anchors and guidance
| Measure | Period | Value | Basis |
|---|---|---|---|
| FY2027 revenue guidance | FY2027 | 1,290.00 | management guidance. Company approximate guidance in reported currency. Source · 2026-08-25 |
| Q3 revenue guidance | 2027Q3 | 329.00 | management guidance. Company approximate guidance in reported currency. Source · 2026-08-25 |
| annual gaap margin | FY2027 | 9.5% | management guidance. Company approximate operating margin guidance. Source · 2026-08-25 |
| annual ng margin | FY2027 | 28.0% | management guidance. Company approximate operating margin guidance. Source · 2026-08-25 |
| Net retention rate | 2027Q2 | 106.0% | reported. Company net retention indicator, not an annual revenue growth guarantee. Source · 2026-08-25 |
| rpo current | July/August 2026 | 904.70 | reported. July balance; lease extension signed August 21 covers July 2028 onward. RPO and buyback amounts rounded. Source · 2026-08-26 |
| H1 cfo | H1 FY2027 | 211.04 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-26 |
| H1 company free cash flow | H1 FY2027 | 188.82 | derived. Also deduct capitalized software. |
| H1 cash after preferred and employee claims | H1 FY2027 | 144.47 | derived. Before repurchases, ESPP inflows and financing fees. |
| H1 buyback cash | H1 FY2027 | 185.66 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-26 |
| H1 common income | H1 FY2027 | 25.05 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-26 |
| H1 net income | H1 FY2027 | 36.95 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-26 |
| Unrestricted cash and investments | July 2026 | 444.14 | derived. Restricted cash and unused credit are excluded. |
| preferred principal | July/August 2026 | 500.00 | reported. July balance; lease extension signed August 21 covers July 2028 onward. RPO and buyback amounts rounded. Source · 2026-08-26 |
| debt principal | July/August 2026 | 460.00 | reported. July balance; lease extension signed August 21 covers July 2028 onward. RPO and buyback amounts rounded. Source · 2026-08-26 |
| buyback remaining | July/August 2026 | 378.00 | reported. July balance; lease extension signed August 21 covers July 2028 onward. RPO and buyback amounts rounded. Source · 2026-08-26 |
| new lease rent | July/August 2026 | 283.30 | reported. July balance; lease extension signed August 21 covers July 2028 onward. RPO and buyback amounts rounded. Source · 2026-08-26 |
| tenant allowance | July/August 2026 | 27.50 | reported. July balance; lease extension signed August 21 covers July 2028 onward. RPO and buyback amounts rounded. Source · 2026-08-26 |
Downside scenario
| Period | Operating cash flow ($M) | CFO less PP&E ($M) | PP&E cash purchases ($M) | Revenue ($M) | Capitalized software cash ($M) | CFO less PP&E and software ($M) | Non-GAAP operating income ($M) | GAAP gross profit proxy ($M) | GAAP operating income ($M) | Cash after preferred dividends and awards ($M) |
|---|---|---|---|---|---|---|---|---|---|---|
| 2027Q3 | 60.46 | 59.71 | 0.75 | 319.13 | 11.00 | 48.71 | 81.38 | 247.33 | 25.53 | 24.96 |
| 2027Q4 | 92.98 | 92.23 | 0.75 | 305.08 | 11.50 | 80.73 | 58.53 | 236.44 | 8.24 | 56.98 |
| 2028Q1 | 144.46 | 143.71 | 0.75 | 302.58 | 12.00 | 131.71 | 80.18 | 234.80 | 25.72 | 107.96 |
| 2028Q2 | 71.95 | 71.20 | 0.75 | 315.46 | 12.50 | 58.70 | 83.60 | 245.11 | 26.81 | 34.95 |
| FY2027 | 364.47 | 361.58 | 2.89 | 1,251.30 | 43.32 | 318.26 | 319.08 | 980.94 | 93.85 | 226.41 |
| FY2028 | 407.79 | 404.79 | 3.00 | 1,287.59 | 51.00 | 353.79 | 341.21 | 1,001.16 | 109.44 | 258.79 |
Base scenario
| Period | Operating cash flow ($M) | CFO less PP&E ($M) | PP&E cash purchases ($M) | Revenue ($M) | Capitalized software cash ($M) | CFO less PP&E and software ($M) | Non-GAAP operating income ($M) | GAAP gross profit proxy ($M) | GAAP operating income ($M) | Cash after preferred dividends and awards ($M) |
|---|---|---|---|---|---|---|---|---|---|---|
| 2027Q3 | 71.71 | 70.96 | 0.75 | 329.00 | 11.00 | 59.96 | 92.12 | 260.90 | 32.90 | 37.21 |
| 2027Q4 | 123.97 | 123.22 | 0.75 | 333.91 | 11.50 | 111.72 | 89.90 | 264.79 | 29.57 | 88.97 |
| 2028Q1 | 161.98 | 161.23 | 0.75 | 339.53 | 12.00 | 149.23 | 98.46 | 269.59 | 35.65 | 126.48 |
| 2028Q2 | 90.22 | 89.47 | 0.75 | 353.98 | 12.50 | 76.97 | 102.65 | 281.41 | 37.17 | 54.22 |
| FY2027 | 406.72 | 403.83 | 2.89 | 1,290.00 | 43.32 | 360.51 | 361.20 | 1,022.86 | 122.55 | 270.66 |
| FY2028 | 482.36 | 479.36 | 3.00 | 1,444.80 | 51.00 | 428.36 | 418.99 | 1,149.41 | 151.70 | 337.36 |
Upside scenario
| Period | Operating cash flow ($M) | CFO less PP&E ($M) | PP&E cash purchases ($M) | Revenue ($M) | Capitalized software cash ($M) | CFO less PP&E and software ($M) | Non-GAAP operating income ($M) | GAAP gross profit proxy ($M) | GAAP operating income ($M) | Cash after preferred dividends and awards ($M) |
|---|---|---|---|---|---|---|---|---|---|---|
| 2027Q3 | 78.03 | 77.28 | 0.75 | 337.22 | 11.00 | 66.28 | 97.80 | 269.78 | 37.09 | 42.53 |
| 2027Q4 | 140.54 | 139.79 | 0.75 | 357.94 | 11.50 | 128.29 | 106.48 | 286.35 | 41.66 | 104.54 |
| 2028Q1 | 174.47 | 173.72 | 0.75 | 370.82 | 12.00 | 161.72 | 111.25 | 297.03 | 42.64 | 137.97 |
| 2028Q2 | 103.24 | 102.49 | 0.75 | 386.60 | 12.50 | 89.99 | 115.98 | 310.06 | 44.46 | 66.24 |
| FY2027 | 429.61 | 426.72 | 2.89 | 1,322.25 | 43.32 | 383.39 | 383.45 | 1,053.30 | 138.84 | 291.55 |
| FY2028 | 535.51 | 532.51 | 3.00 | 1,577.97 | 51.00 | 481.51 | 473.39 | 1,266.40 | 181.47 | 386.51 |
All inputs and formulas — reproduce this model
| Input / calculation | Period / case | Value / unit | Evidence or assumption |
|---|---|---|---|
| H1 revenue h1_revenue | H1 FY2027 / shared | 627.09 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-26 |
| H1 gross profit h1_gross_profit | H1 FY2027 / shared | 497.17 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-26 |
| H1 non gaap op h1_non_gaap_op | H1 FY2027 / shared | 179.18 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-25 |
| H1 operating income h1_operating_income | H1 FY2027 / shared | 60.08 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-26 |
| H1 cfo h1_cfo | H1 FY2027 / shared | 211.04 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-26 |
| H1 capex h1_capex | H1 FY2027 / shared | 1.39 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-26 |
| H1 software h1_software | H1 FY2027 / shared | 20.82 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-26 |
| H1 sbc h1_sbc | H1 FY2027 / shared | 117.68 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-26 |
| H1 da h1_da | H1 FY2027 / shared | 19.19 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-26 |
| H1 commission amort h1_commission_amort | H1 FY2027 / shared | 27.09 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-26 |
| H1 commission cash h1_commission_cash | H1 FY2027 / shared | 26.75 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-26 |
| H1 receivable release h1_receivable_release | H1 FY2027 / shared | 109.69 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-26 |
| H1 deferred use h1_deferred_use | H1 FY2027 / shared | 54.58 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-26 |
| H1 preferred cash h1_preferred_cash | H1 FY2027 / shared | 7.50 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-26 |
| H1 withholding h1_withholding | H1 FY2027 / shared | 36.84 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-26 |
| H1 buyback cash h1_buyback_cash | H1 FY2027 / shared | 185.66 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-26 |
| H1 common income h1_common_income | H1 FY2027 / shared | 25.05 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-26 |
| H1 net income h1_net_income | H1 FY2027 / shared | 36.95 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-26 |
| H1 CFO less PP&E h1_fcf | H1 FY2027 / shared | 209.64 USD_millions | derived: PP&E-only historical definition. Formula: subtract(h1_cfo, h1_capex). |
| H1 company free cash flow h1_company_fcf | H1 FY2027 / shared | 188.82 USD_millions | derived: Also deduct capitalized software. Formula: subtract(h1_fcf, h1_software). |
| H1 preferred and award cash h1_claims | H1 FY2027 / shared | 44.34 USD_millions | derived: Cash financing claims, not additional operating expense. Formula: sum(h1_preferred_cash, h1_withholding). |
| H1 cash after preferred and employee claims h1_cash_after_claims | H1 FY2027 / shared | 144.47 USD_millions | derived: Before repurchases, ESPP inflows and financing fees. Formula: subtract(h1_company_fcf, h1_claims). |
| cash cash | July/August 2026 / shared | 342.87 USD_millions | reported: July balance; lease extension signed August 21 covers July 2028 onward. RPO and buyback amounts rounded. Primary source · 2026-08-26 |
| investments investments | July/August 2026 / shared | 101.27 USD_millions | reported: July balance; lease extension signed August 21 covers July 2028 onward. RPO and buyback amounts rounded. Primary source · 2026-08-26 |
| preferred principal preferred_principal | July/August 2026 / shared | 500.00 USD_millions | reported: July balance; lease extension signed August 21 covers July 2028 onward. RPO and buyback amounts rounded. Primary source · 2026-08-26 |
| debt principal debt_principal | July/August 2026 / shared | 460.00 USD_millions | reported: July balance; lease extension signed August 21 covers July 2028 onward. RPO and buyback amounts rounded. Primary source · 2026-08-26 |
| rpo current rpo_current | July/August 2026 / shared | 904.70 USD_millions | reported: July balance; lease extension signed August 21 covers July 2028 onward. RPO and buyback amounts rounded. Primary source · 2026-08-26 |
| rpo long rpo_long | July/August 2026 / shared | 787.00 USD_millions | reported: July balance; lease extension signed August 21 covers July 2028 onward. RPO and buyback amounts rounded. Primary source · 2026-08-26 |
| buyback remaining buyback_remaining | July/August 2026 / shared | 378.00 USD_millions | reported: July balance; lease extension signed August 21 covers July 2028 onward. RPO and buyback amounts rounded. Primary source · 2026-08-26 |
| new lease rent new_lease_rent | July/August 2026 / shared | 283.30 USD_millions | reported: July balance; lease extension signed August 21 covers July 2028 onward. RPO and buyback amounts rounded. Primary source · 2026-08-26 |
| tenant allowance tenant_allowance | July/August 2026 / shared | 27.50 USD_millions | reported: July balance; lease extension signed August 21 covers July 2028 onward. RPO and buyback amounts rounded. Primary source · 2026-08-26 |
| Unrestricted cash and investments liquidity | July 2026 / shared | 444.14 USD_millions | derived: Restricted cash and unused credit are excluded. Formula: sum(cash, investments). |
| Net retention rate net_retention | 2027Q2 / shared | 106.0% ratio | reported: Company net retention indicator, not an annual revenue growth guarantee. Primary source · 2026-08-25 |
| FY2027 revenue guidance annual_guide | FY2027 / shared | 1,290.00 USD_millions | management guidance: Company approximate guidance in reported currency. Primary source · 2026-08-25 |
| Q3 revenue guidance q3_guide | 2027Q3 / shared | 329.00 USD_millions | management guidance: Company approximate guidance in reported currency. Primary source · 2026-08-25 |
| annual gaap margin annual_gaap_margin | FY2027 / shared | 9.5% ratio | management guidance: Company approximate operating margin guidance. Primary source · 2026-08-25 |
| annual ng margin annual_ng_margin | FY2027 / shared | 28.0% ratio | management guidance: Company approximate operating margin guidance. Primary source · 2026-08-25 |
| q3 gaap margin q3_gaap_margin | 2027Q3 / shared | 10.0% ratio | management guidance: Company approximate operating margin guidance. Primary source · 2026-08-25 |
| q3 ng margin q3_ng_margin | 2027Q3 / shared | 28.0% ratio | management guidance: Company approximate operating margin guidance. Primary source · 2026-08-25 |
| FY2027 delivery / guide downside_delivery | FY2027 / downside | 97.0% ratio | assumption: Desk nominal revenue sensitivity. |
| FY2027 revenue target downside_annual_revenue_target | FY2027 / downside | 1,251.30 USD_millions | derived: Already includes management FX outlook. Formula: multiply(annual_guide, downside_delivery). |
| FY2027 operating_income margin downside_operating_income_margin | FY2027 / downside | 7.5% ratio | assumption: Base aligns with guidance; cases are desk sensitivities. |
| FY2027 operating_income target downside_annual_operating_income_target | FY2027 / downside | 93.85 USD_millions | derived: Annual operating margin on nominal revenue. Formula: multiply(downside_annual_revenue_target, downside_operating_income_margin). |
| FY2027 non_gaap_op margin downside_non_gaap_op_margin | FY2027 / downside | 25.5% ratio | assumption: Base aligns with guidance; cases are desk sensitivities. |
| FY2027 non_gaap_op target downside_annual_non_gaap_op_target | FY2027 / downside | 319.08 USD_millions | derived: Annual operating margin on nominal revenue. Formula: multiply(downside_annual_revenue_target, downside_non_gaap_op_margin). |
| Revenue downside_2027q3_revenue | 2027Q3 / downside | 319.13 USD_millions | derived: Q3 guide with desk delivery sensitivity. Formula: multiply(q3_guide, downside_delivery). |
| Gross margin after cloud and AI cost downside_2027q3_gross_margin | 2027Q3 / downside | 77.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit downside_2027q3_gross_profit | 2027Q3 / downside | 247.33 USD_millions | derived: Includes ordinary COGS equity compensation and software amortization. Formula: multiply(downside_2027q3_revenue, downside_2027q3_gross_margin). |
| GAAP operating margin downside_2027q3_gaap_margin | 2027Q3 / downside | 8.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP operating income downside_2027q3_operating_income | 2027Q3 / downside | 25.53 USD_millions | derived: Q3 base equals 10%; FY2028 is a desk cost/scale sensitivity. Formula: multiply(downside_2027q3_revenue, downside_2027q3_gaap_margin). |
| Non-GAAP operating margin downside_2027q3_non_gaap_margin | 2027Q3 / downside | 25.5% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP operating income downside_2027q3_non_gaap_op | 2027Q3 / downside | 81.38 USD_millions | derived: Q3 base equals 28%; later scenarios include operating leverage. Formula: multiply(downside_2027q3_revenue, downside_2027q3_non_gaap_margin). |
| Non-GAAP to GAAP expense gap downside_2027q3_excluded_costs | 2027Q3 / downside | 55.85 USD_millions | derived: Includes both cash and noncash items. Formula: subtract(downside_2027q3_non_gaap_op, downside_2027q3_operating_income). |
| Acquired amortization downside_2027q3_acquired_amort | 2027Q3 / downside | 0.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash litigation/reorganization allowance downside_2027q3_special_cash | 2027Q3 / downside | 0.40 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquired amortization and cash special costs downside_2027q3_non_sbc_adjustments | 2027Q3 / downside | 0.70 USD_millions | derived: Cash special costs are not added back in CFO. Formula: sum(downside_2027q3_acquired_amort, downside_2027q3_special_cash). |
| Implied ordinary SBC downside_2027q3_sbc | 2027Q3 / downside | 55.14 USD_millions | derived: Residual to guided GAAP bridge; not independent management SBC guidance. Formula: subtract(downside_2027q3_excluded_costs, downside_2027q3_non_sbc_adjustments). |
| Commission cash / sales downside_2027q3_commission_rate | 2027Q3 / downside | 4.8% ratio | assumption: Desk assumption, not company guidance. |
| Deferred commission cash downside_2027q3_commission_cash | 2027Q3 / downside | 15.32 USD_millions | derived: Cash acquisition cost separate from amortization expense. Formula: multiply(downside_2027q3_revenue, downside_2027q3_commission_rate). |
| Depreciation and amortization downside_2027q3_da | 2027Q3 / downside | 10.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Commission amortization downside_2027q3_commission_amort | 2027Q3 / downside | 14.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Net deferred revenue cash source downside_2027q3_deferred_funding | 2027Q3 / downside | -5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Net interest cash downside_2027q3_net_interest_cash | 2027Q3 / downside | 1.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before commissions, taxes and receivable timing downside_2027q3_cash_before_uses | 2027Q3 / downside | 100.78 USD_millions | derived: Net interest is an even-period proxy; coupon payments and hedges are not a full cash calendar. Formula: sum(downside_2027q3_operating_income, downside_2027q3_sbc, downside_2027q3_da, downside_2027q3_commission_amort, downside_2027q3_deferred_funding, downside_2027q3_net_interest_cash). |
| Cash taxes downside_2027q3_cash_tax | 2027Q3 / downside | 5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Receivable and other operating cash use downside_2027q3_receivable_use | 2027Q3 / downside | 20.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Commission, tax and working capital uses downside_2027q3_cash_uses | 2027Q3 / downside | 40.32 USD_millions | derived: Negative receivable use represents seasonal collections; no permanent advance-funding assumption. Formula: sum(downside_2027q3_commission_cash, downside_2027q3_cash_tax, downside_2027q3_receivable_use). |
| Operating cash flow downside_2027q3_cfo | 2027Q3 / downside | 60.46 USD_millions | derived: Cash special costs remain in GAAP profit; noncash costs reverse once. Formula: subtract(downside_2027q3_cash_before_uses, downside_2027q3_cash_uses). |
| PP&E cash purchases downside_2027q3_capex | 2027Q3 / downside | 0.75 USD_millions | assumption: Desk assumption, not company guidance. |
| Capitalized software cash downside_2027q3_software | 2027Q3 / downside | 11.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E downside_2027q3_fcf | 2027Q3 / downside | 59.71 USD_millions | derived: PP&E-only historical scope. Formula: subtract(downside_2027q3_cfo, downside_2027q3_capex). |
| Cash after PP&E and software downside_2027q3_company_fcf | 2027Q3 / downside | 48.71 USD_millions | derived: Company FCF scope before preferred and award financing claims. Formula: subtract(downside_2027q3_fcf, downside_2027q3_software). |
| Preferred cash dividend downside_2027q3_preferred_cash | 2027Q3 / downside | 3.75 USD_millions | assumption: Desk continuation of recent quarterly payment; conversion/redemption could alter it. |
| Employee award withholding downside_2027q3_award_cash | 2027Q3 / downside | 20.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Preferred cash dividend and employee taxes downside_2027q3_financing_claims | 2027Q3 / downside | 23.75 USD_millions | derived: No discretionary repurchase assumption; not additional operating expense. Formula: sum(downside_2027q3_preferred_cash, downside_2027q3_award_cash). |
| Cash after preferred and award claims downside_2027q3_cash_after_claims | 2027Q3 / downside | 24.96 USD_millions | derived: Before discretionary repurchases, new financing and preferred redemption/conversion. Formula: subtract(downside_2027q3_company_fcf, downside_2027q3_financing_claims). |
| H1 plus Q3 revenue downside_2027q4_reported_plus_q3 | 2027Q4 / downside | 946.22 USD_millions | derived: Known H1 plus modeled Q3. Formula: sum(h1_revenue, downside_2027q3_revenue). |
| Revenue downside_2027q4_revenue | 2027Q4 / downside | 305.08 USD_millions | derived: Residual needed to meet current annual scenario. Formula: subtract(downside_annual_revenue_target, downside_2027q4_reported_plus_q3). |
| Gross margin after cloud and AI cost downside_2027q4_gross_margin | 2027Q4 / downside | 77.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit downside_2027q4_gross_profit | 2027Q4 / downside | 236.44 USD_millions | derived: Includes ordinary COGS equity compensation and software amortization. Formula: multiply(downside_2027q4_revenue, downside_2027q4_gross_margin). |
| H1 plus Q3 operating income downside_2027q4_prior_gaap | 2027Q4 / downside | 85.61 USD_millions | derived: Actual and forecast first nine months. Formula: sum(h1_operating_income, downside_2027q3_operating_income). |
| GAAP operating income downside_2027q4_operating_income | 2027Q4 / downside | 8.24 USD_millions | derived: Residual to annual guided-margin scenario. Formula: subtract(downside_annual_operating_income_target, downside_2027q4_prior_gaap). |
| H1 plus Q3 adjusted operating income downside_2027q4_prior_non_gaap | 2027Q4 / downside | 260.55 USD_millions | derived: Actual and forecast first nine months. Formula: sum(h1_non_gaap_op, downside_2027q3_non_gaap_op). |
| Non-GAAP operating income downside_2027q4_non_gaap_op | 2027Q4 / downside | 58.53 USD_millions | derived: Residual to annual non-GAAP scenario. Formula: subtract(downside_annual_non_gaap_op_target, downside_2027q4_prior_non_gaap). |
| Non-GAAP to GAAP expense gap downside_2027q4_excluded_costs | 2027Q4 / downside | 50.29 USD_millions | derived: Includes both cash and noncash items. Formula: subtract(downside_2027q4_non_gaap_op, downside_2027q4_operating_income). |
| Acquired amortization downside_2027q4_acquired_amort | 2027Q4 / downside | 0.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash litigation/reorganization allowance downside_2027q4_special_cash | 2027Q4 / downside | 0.40 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquired amortization and cash special costs downside_2027q4_non_sbc_adjustments | 2027Q4 / downside | 0.70 USD_millions | derived: Cash special costs are not added back in CFO. Formula: sum(downside_2027q4_acquired_amort, downside_2027q4_special_cash). |
| Implied ordinary SBC downside_2027q4_sbc | 2027Q4 / downside | 49.58 USD_millions | derived: Residual to guided GAAP bridge; not independent management SBC guidance. Formula: subtract(downside_2027q4_excluded_costs, downside_2027q4_non_sbc_adjustments). |
| Commission cash / sales downside_2027q4_commission_rate | 2027Q4 / downside | 4.8% ratio | assumption: Desk assumption, not company guidance. |
| Deferred commission cash downside_2027q4_commission_cash | 2027Q4 / downside | 14.64 USD_millions | derived: Cash acquisition cost separate from amortization expense. Formula: multiply(downside_2027q4_revenue, downside_2027q4_commission_rate). |
| Depreciation and amortization downside_2027q4_da | 2027Q4 / downside | 10.40 USD_millions | assumption: Desk assumption, not company guidance. |
| Commission amortization downside_2027q4_commission_amort | 2027Q4 / downside | 14.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Net deferred revenue cash source downside_2027q4_deferred_funding | 2027Q4 / downside | 90.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Net interest cash downside_2027q4_net_interest_cash | 2027Q4 / downside | 1.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before commissions, taxes and receivable timing downside_2027q4_cash_before_uses | 2027Q4 / downside | 173.62 USD_millions | derived: Net interest is an even-period proxy; coupon payments and hedges are not a full cash calendar. Formula: sum(downside_2027q4_operating_income, downside_2027q4_sbc, downside_2027q4_da, downside_2027q4_commission_amort, downside_2027q4_deferred_funding, downside_2027q4_net_interest_cash). |
| Cash taxes downside_2027q4_cash_tax | 2027Q4 / downside | 6.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Receivable and other operating cash use downside_2027q4_receivable_use | 2027Q4 / downside | 60.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Commission, tax and working capital uses downside_2027q4_cash_uses | 2027Q4 / downside | 80.64 USD_millions | derived: Negative receivable use represents seasonal collections; no permanent advance-funding assumption. Formula: sum(downside_2027q4_commission_cash, downside_2027q4_cash_tax, downside_2027q4_receivable_use). |
| Operating cash flow downside_2027q4_cfo | 2027Q4 / downside | 92.98 USD_millions | derived: Cash special costs remain in GAAP profit; noncash costs reverse once. Formula: subtract(downside_2027q4_cash_before_uses, downside_2027q4_cash_uses). |
| PP&E cash purchases downside_2027q4_capex | 2027Q4 / downside | 0.75 USD_millions | assumption: Desk assumption, not company guidance. |
| Capitalized software cash downside_2027q4_software | 2027Q4 / downside | 11.50 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E downside_2027q4_fcf | 2027Q4 / downside | 92.23 USD_millions | derived: PP&E-only historical scope. Formula: subtract(downside_2027q4_cfo, downside_2027q4_capex). |
| Cash after PP&E and software downside_2027q4_company_fcf | 2027Q4 / downside | 80.73 USD_millions | derived: Company FCF scope before preferred and award financing claims. Formula: subtract(downside_2027q4_fcf, downside_2027q4_software). |
| Preferred cash dividend downside_2027q4_preferred_cash | 2027Q4 / downside | 3.75 USD_millions | assumption: Desk continuation of recent quarterly payment; conversion/redemption could alter it. |
| Employee award withholding downside_2027q4_award_cash | 2027Q4 / downside | 20.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Preferred cash dividend and employee taxes downside_2027q4_financing_claims | 2027Q4 / downside | 23.75 USD_millions | derived: No discretionary repurchase assumption; not additional operating expense. Formula: sum(downside_2027q4_preferred_cash, downside_2027q4_award_cash). |
| Cash after preferred and award claims downside_2027q4_cash_after_claims | 2027Q4 / downside | 56.98 USD_millions | derived: Before discretionary repurchases, new financing and preferred redemption/conversion. Formula: subtract(downside_2027q4_company_fcf, downside_2027q4_financing_claims). |
| Customer expansion multiplier downside_2028q1_annual_growth | 2028Q1 / downside | 105.0% ratio | assumption: Desk assumption, not company guidance. |
| Quarter share of FY2028 downside_2028q1_year_share | 2028Q1 / downside | 23.5% ratio | assumption: Desk assumption, not company guidance. |
| Revenue at constant currency reference downside_2028q1_revenue_before_fx | 2028Q1 / downside | 308.76 USD_millions | derived: Desk customer expansion and seasonality, not net-retention multiplication. Formula: multiply(downside_annual_revenue_target, downside_2028q1_annual_growth, downside_2028q1_year_share). |
| Reported currency / reference currency downside_2028q1_fx_factor | 2028Q1 / downside | 98.0% ratio | assumption: Desk assumption, not company guidance. |
| Revenue downside_2028q1_revenue | 2028Q1 / downside | 302.58 USD_millions | derived: Independent future currency sensitivity. Formula: multiply(downside_2028q1_revenue_before_fx, downside_2028q1_fx_factor). |
| Gross margin after cloud and AI cost downside_2028q1_gross_margin | 2028Q1 / downside | 77.6% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit downside_2028q1_gross_profit | 2028Q1 / downside | 234.80 USD_millions | derived: Includes ordinary COGS equity compensation and software amortization. Formula: multiply(downside_2028q1_revenue, downside_2028q1_gross_margin). |
| GAAP operating margin downside_2028q1_gaap_margin | 2028Q1 / downside | 8.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP operating income downside_2028q1_operating_income | 2028Q1 / downside | 25.72 USD_millions | derived: Q3 base equals 10%; FY2028 is a desk cost/scale sensitivity. Formula: multiply(downside_2028q1_revenue, downside_2028q1_gaap_margin). |
| Non-GAAP operating margin downside_2028q1_non_gaap_margin | 2028Q1 / downside | 26.5% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP operating income downside_2028q1_non_gaap_op | 2028Q1 / downside | 80.18 USD_millions | derived: Q3 base equals 28%; later scenarios include operating leverage. Formula: multiply(downside_2028q1_revenue, downside_2028q1_non_gaap_margin). |
| Non-GAAP to GAAP expense gap downside_2028q1_excluded_costs | 2028Q1 / downside | 54.46 USD_millions | derived: Includes both cash and noncash items. Formula: subtract(downside_2028q1_non_gaap_op, downside_2028q1_operating_income). |
| Acquired amortization downside_2028q1_acquired_amort | 2028Q1 / downside | 0.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash litigation/reorganization allowance downside_2028q1_special_cash | 2028Q1 / downside | 0.40 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquired amortization and cash special costs downside_2028q1_non_sbc_adjustments | 2028Q1 / downside | 0.70 USD_millions | derived: Cash special costs are not added back in CFO. Formula: sum(downside_2028q1_acquired_amort, downside_2028q1_special_cash). |
| Implied ordinary SBC downside_2028q1_sbc | 2028Q1 / downside | 53.76 USD_millions | derived: Residual to guided GAAP bridge; not independent management SBC guidance. Formula: subtract(downside_2028q1_excluded_costs, downside_2028q1_non_sbc_adjustments). |
| Commission cash / sales downside_2028q1_commission_rate | 2028Q1 / downside | 4.8% ratio | assumption: Desk assumption, not company guidance. |
| Deferred commission cash downside_2028q1_commission_cash | 2028Q1 / downside | 14.52 USD_millions | derived: Cash acquisition cost separate from amortization expense. Formula: multiply(downside_2028q1_revenue, downside_2028q1_commission_rate). |
| Depreciation and amortization downside_2028q1_da | 2028Q1 / downside | 10.80 USD_millions | assumption: Desk assumption, not company guidance. |
| Commission amortization downside_2028q1_commission_amort | 2028Q1 / downside | 14.60 USD_millions | assumption: Desk assumption, not company guidance. |
| Net deferred revenue cash source downside_2028q1_deferred_funding | 2028Q1 / downside | -50.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Net interest cash downside_2028q1_net_interest_cash | 2028Q1 / downside | 1.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before commissions, taxes and receivable timing downside_2028q1_cash_before_uses | 2028Q1 / downside | 55.98 USD_millions | derived: Net interest is an even-period proxy; coupon payments and hedges are not a full cash calendar. Formula: sum(downside_2028q1_operating_income, downside_2028q1_sbc, downside_2028q1_da, downside_2028q1_commission_amort, downside_2028q1_deferred_funding, downside_2028q1_net_interest_cash). |
| Cash taxes downside_2028q1_cash_tax | 2028Q1 / downside | 7.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Receivable and other operating cash use downside_2028q1_receivable_use | 2028Q1 / downside | -110.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Commission, tax and working capital uses downside_2028q1_cash_uses | 2028Q1 / downside | -88.48 USD_millions | derived: Negative receivable use represents seasonal collections; no permanent advance-funding assumption. Formula: sum(downside_2028q1_commission_cash, downside_2028q1_cash_tax, downside_2028q1_receivable_use). |
| Operating cash flow downside_2028q1_cfo | 2028Q1 / downside | 144.46 USD_millions | derived: Cash special costs remain in GAAP profit; noncash costs reverse once. Formula: subtract(downside_2028q1_cash_before_uses, downside_2028q1_cash_uses). |
| PP&E cash purchases downside_2028q1_capex | 2028Q1 / downside | 0.75 USD_millions | assumption: Desk assumption, not company guidance. |
| Capitalized software cash downside_2028q1_software | 2028Q1 / downside | 12.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E downside_2028q1_fcf | 2028Q1 / downside | 143.71 USD_millions | derived: PP&E-only historical scope. Formula: subtract(downside_2028q1_cfo, downside_2028q1_capex). |
| Cash after PP&E and software downside_2028q1_company_fcf | 2028Q1 / downside | 131.71 USD_millions | derived: Company FCF scope before preferred and award financing claims. Formula: subtract(downside_2028q1_fcf, downside_2028q1_software). |
| Preferred cash dividend downside_2028q1_preferred_cash | 2028Q1 / downside | 3.75 USD_millions | assumption: Desk continuation of recent quarterly payment; conversion/redemption could alter it. |
| Employee award withholding downside_2028q1_award_cash | 2028Q1 / downside | 20.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Preferred cash dividend and employee taxes downside_2028q1_financing_claims | 2028Q1 / downside | 23.75 USD_millions | derived: No discretionary repurchase assumption; not additional operating expense. Formula: sum(downside_2028q1_preferred_cash, downside_2028q1_award_cash). |
| Cash after preferred and award claims downside_2028q1_cash_after_claims | 2028Q1 / downside | 107.96 USD_millions | derived: Before discretionary repurchases, new financing and preferred redemption/conversion. Formula: subtract(downside_2028q1_company_fcf, downside_2028q1_financing_claims). |
| Customer expansion multiplier downside_2028q2_annual_growth | 2028Q2 / downside | 105.0% ratio | assumption: Desk assumption, not company guidance. |
| Quarter share of FY2028 downside_2028q2_year_share | 2028Q2 / downside | 24.5% ratio | assumption: Desk assumption, not company guidance. |
| Revenue at constant currency reference downside_2028q2_revenue_before_fx | 2028Q2 / downside | 321.90 USD_millions | derived: Desk customer expansion and seasonality, not net-retention multiplication. Formula: multiply(downside_annual_revenue_target, downside_2028q2_annual_growth, downside_2028q2_year_share). |
| Reported currency / reference currency downside_2028q2_fx_factor | 2028Q2 / downside | 98.0% ratio | assumption: Desk assumption, not company guidance. |
| Revenue downside_2028q2_revenue | 2028Q2 / downside | 315.46 USD_millions | derived: Independent future currency sensitivity. Formula: multiply(downside_2028q2_revenue_before_fx, downside_2028q2_fx_factor). |
| Gross margin after cloud and AI cost downside_2028q2_gross_margin | 2028Q2 / downside | 77.7% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit downside_2028q2_gross_profit | 2028Q2 / downside | 245.11 USD_millions | derived: Includes ordinary COGS equity compensation and software amortization. Formula: multiply(downside_2028q2_revenue, downside_2028q2_gross_margin). |
| GAAP operating margin downside_2028q2_gaap_margin | 2028Q2 / downside | 8.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP operating income downside_2028q2_operating_income | 2028Q2 / downside | 26.81 USD_millions | derived: Q3 base equals 10%; FY2028 is a desk cost/scale sensitivity. Formula: multiply(downside_2028q2_revenue, downside_2028q2_gaap_margin). |
| Non-GAAP operating margin downside_2028q2_non_gaap_margin | 2028Q2 / downside | 26.5% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP operating income downside_2028q2_non_gaap_op | 2028Q2 / downside | 83.60 USD_millions | derived: Q3 base equals 28%; later scenarios include operating leverage. Formula: multiply(downside_2028q2_revenue, downside_2028q2_non_gaap_margin). |
| Non-GAAP to GAAP expense gap downside_2028q2_excluded_costs | 2028Q2 / downside | 56.78 USD_millions | derived: Includes both cash and noncash items. Formula: subtract(downside_2028q2_non_gaap_op, downside_2028q2_operating_income). |
| Acquired amortization downside_2028q2_acquired_amort | 2028Q2 / downside | 0.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash litigation/reorganization allowance downside_2028q2_special_cash | 2028Q2 / downside | 0.40 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquired amortization and cash special costs downside_2028q2_non_sbc_adjustments | 2028Q2 / downside | 0.70 USD_millions | derived: Cash special costs are not added back in CFO. Formula: sum(downside_2028q2_acquired_amort, downside_2028q2_special_cash). |
| Implied ordinary SBC downside_2028q2_sbc | 2028Q2 / downside | 56.08 USD_millions | derived: Residual to guided GAAP bridge; not independent management SBC guidance. Formula: subtract(downside_2028q2_excluded_costs, downside_2028q2_non_sbc_adjustments). |
| Commission cash / sales downside_2028q2_commission_rate | 2028Q2 / downside | 4.8% ratio | assumption: Desk assumption, not company guidance. |
| Deferred commission cash downside_2028q2_commission_cash | 2028Q2 / downside | 15.14 USD_millions | derived: Cash acquisition cost separate from amortization expense. Formula: multiply(downside_2028q2_revenue, downside_2028q2_commission_rate). |
| Depreciation and amortization downside_2028q2_da | 2028Q2 / downside | 11.20 USD_millions | assumption: Desk assumption, not company guidance. |
| Commission amortization downside_2028q2_commission_amort | 2028Q2 / downside | 14.90 USD_millions | assumption: Desk assumption, not company guidance. |
| Net deferred revenue cash source downside_2028q2_deferred_funding | 2028Q2 / downside | -10.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Net interest cash downside_2028q2_net_interest_cash | 2028Q2 / downside | 1.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before commissions, taxes and receivable timing downside_2028q2_cash_before_uses | 2028Q2 / downside | 100.09 USD_millions | derived: Net interest is an even-period proxy; coupon payments and hedges are not a full cash calendar. Formula: sum(downside_2028q2_operating_income, downside_2028q2_sbc, downside_2028q2_da, downside_2028q2_commission_amort, downside_2028q2_deferred_funding, downside_2028q2_net_interest_cash). |
| Cash taxes downside_2028q2_cash_tax | 2028Q2 / downside | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Receivable and other operating cash use downside_2028q2_receivable_use | 2028Q2 / downside | 5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Commission, tax and working capital uses downside_2028q2_cash_uses | 2028Q2 / downside | 28.14 USD_millions | derived: Negative receivable use represents seasonal collections; no permanent advance-funding assumption. Formula: sum(downside_2028q2_commission_cash, downside_2028q2_cash_tax, downside_2028q2_receivable_use). |
| Operating cash flow downside_2028q2_cfo | 2028Q2 / downside | 71.95 USD_millions | derived: Cash special costs remain in GAAP profit; noncash costs reverse once. Formula: subtract(downside_2028q2_cash_before_uses, downside_2028q2_cash_uses). |
| PP&E cash purchases downside_2028q2_capex | 2028Q2 / downside | 0.75 USD_millions | assumption: Desk assumption, not company guidance. |
| Capitalized software cash downside_2028q2_software | 2028Q2 / downside | 12.50 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E downside_2028q2_fcf | 2028Q2 / downside | 71.20 USD_millions | derived: PP&E-only historical scope. Formula: subtract(downside_2028q2_cfo, downside_2028q2_capex). |
| Cash after PP&E and software downside_2028q2_company_fcf | 2028Q2 / downside | 58.70 USD_millions | derived: Company FCF scope before preferred and award financing claims. Formula: subtract(downside_2028q2_fcf, downside_2028q2_software). |
| Preferred cash dividend downside_2028q2_preferred_cash | 2028Q2 / downside | 3.75 USD_millions | assumption: Desk continuation of recent quarterly payment; conversion/redemption could alter it. |
| Employee award withholding downside_2028q2_award_cash | 2028Q2 / downside | 20.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Preferred cash dividend and employee taxes downside_2028q2_financing_claims | 2028Q2 / downside | 23.75 USD_millions | derived: No discretionary repurchase assumption; not additional operating expense. Formula: sum(downside_2028q2_preferred_cash, downside_2028q2_award_cash). |
| Cash after preferred and award claims downside_2028q2_cash_after_claims | 2028Q2 / downside | 34.95 USD_millions | derived: Before discretionary repurchases, new financing and preferred redemption/conversion. Formula: subtract(downside_2028q2_company_fcf, downside_2028q2_financing_claims). |
| Customer expansion multiplier downside_2028q3_annual_growth | 2028Q3 / downside | 105.0% ratio | assumption: Desk assumption, not company guidance. |
| Quarter share of FY2028 downside_2028q3_year_share | 2028Q3 / downside | 25.5% ratio | assumption: Desk assumption, not company guidance. |
| Revenue at constant currency reference downside_2028q3_revenue_before_fx | 2028Q3 / downside | 335.04 USD_millions | derived: Desk customer expansion and seasonality, not net-retention multiplication. Formula: multiply(downside_annual_revenue_target, downside_2028q3_annual_growth, downside_2028q3_year_share). |
| Reported currency / reference currency downside_2028q3_fx_factor | 2028Q3 / downside | 98.0% ratio | assumption: Desk assumption, not company guidance. |
| Revenue downside_2028q3_revenue | 2028Q3 / downside | 328.33 USD_millions | derived: Independent future currency sensitivity. Formula: multiply(downside_2028q3_revenue_before_fx, downside_2028q3_fx_factor). |
| Gross margin after cloud and AI cost downside_2028q3_gross_margin | 2028Q3 / downside | 77.8% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit downside_2028q3_gross_profit | 2028Q3 / downside | 255.44 USD_millions | derived: Includes ordinary COGS equity compensation and software amortization. Formula: multiply(downside_2028q3_revenue, downside_2028q3_gross_margin). |
| GAAP operating margin downside_2028q3_gaap_margin | 2028Q3 / downside | 8.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP operating income downside_2028q3_operating_income | 2028Q3 / downside | 27.91 USD_millions | derived: Q3 base equals 10%; FY2028 is a desk cost/scale sensitivity. Formula: multiply(downside_2028q3_revenue, downside_2028q3_gaap_margin). |
| Non-GAAP operating margin downside_2028q3_non_gaap_margin | 2028Q3 / downside | 26.5% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP operating income downside_2028q3_non_gaap_op | 2028Q3 / downside | 87.01 USD_millions | derived: Q3 base equals 28%; later scenarios include operating leverage. Formula: multiply(downside_2028q3_revenue, downside_2028q3_non_gaap_margin). |
| Non-GAAP to GAAP expense gap downside_2028q3_excluded_costs | 2028Q3 / downside | 59.10 USD_millions | derived: Includes both cash and noncash items. Formula: subtract(downside_2028q3_non_gaap_op, downside_2028q3_operating_income). |
| Acquired amortization downside_2028q3_acquired_amort | 2028Q3 / downside | 0.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash litigation/reorganization allowance downside_2028q3_special_cash | 2028Q3 / downside | 0.40 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquired amortization and cash special costs downside_2028q3_non_sbc_adjustments | 2028Q3 / downside | 0.70 USD_millions | derived: Cash special costs are not added back in CFO. Formula: sum(downside_2028q3_acquired_amort, downside_2028q3_special_cash). |
| Implied ordinary SBC downside_2028q3_sbc | 2028Q3 / downside | 58.40 USD_millions | derived: Residual to guided GAAP bridge; not independent management SBC guidance. Formula: subtract(downside_2028q3_excluded_costs, downside_2028q3_non_sbc_adjustments). |
| Commission cash / sales downside_2028q3_commission_rate | 2028Q3 / downside | 4.8% ratio | assumption: Desk assumption, not company guidance. |
| Deferred commission cash downside_2028q3_commission_cash | 2028Q3 / downside | 15.76 USD_millions | derived: Cash acquisition cost separate from amortization expense. Formula: multiply(downside_2028q3_revenue, downside_2028q3_commission_rate). |
| Depreciation and amortization downside_2028q3_da | 2028Q3 / downside | 11.60 USD_millions | assumption: Desk assumption, not company guidance. |
| Commission amortization downside_2028q3_commission_amort | 2028Q3 / downside | 15.20 USD_millions | assumption: Desk assumption, not company guidance. |
| Net deferred revenue cash source downside_2028q3_deferred_funding | 2028Q3 / downside | -5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Net interest cash downside_2028q3_net_interest_cash | 2028Q3 / downside | 1.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before commissions, taxes and receivable timing downside_2028q3_cash_before_uses | 2028Q3 / downside | 109.21 USD_millions | derived: Net interest is an even-period proxy; coupon payments and hedges are not a full cash calendar. Formula: sum(downside_2028q3_operating_income, downside_2028q3_sbc, downside_2028q3_da, downside_2028q3_commission_amort, downside_2028q3_deferred_funding, downside_2028q3_net_interest_cash). |
| Cash taxes downside_2028q3_cash_tax | 2028Q3 / downside | 9.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Receivable and other operating cash use downside_2028q3_receivable_use | 2028Q3 / downside | 20.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Commission, tax and working capital uses downside_2028q3_cash_uses | 2028Q3 / downside | 44.76 USD_millions | derived: Negative receivable use represents seasonal collections; no permanent advance-funding assumption. Formula: sum(downside_2028q3_commission_cash, downside_2028q3_cash_tax, downside_2028q3_receivable_use). |
| Operating cash flow downside_2028q3_cfo | 2028Q3 / downside | 64.45 USD_millions | derived: Cash special costs remain in GAAP profit; noncash costs reverse once. Formula: subtract(downside_2028q3_cash_before_uses, downside_2028q3_cash_uses). |
| PP&E cash purchases downside_2028q3_capex | 2028Q3 / downside | 0.75 USD_millions | assumption: Desk assumption, not company guidance. |
| Capitalized software cash downside_2028q3_software | 2028Q3 / downside | 13.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E downside_2028q3_fcf | 2028Q3 / downside | 63.70 USD_millions | derived: PP&E-only historical scope. Formula: subtract(downside_2028q3_cfo, downside_2028q3_capex). |
| Cash after PP&E and software downside_2028q3_company_fcf | 2028Q3 / downside | 50.70 USD_millions | derived: Company FCF scope before preferred and award financing claims. Formula: subtract(downside_2028q3_fcf, downside_2028q3_software). |
| Preferred cash dividend downside_2028q3_preferred_cash | 2028Q3 / downside | 3.75 USD_millions | assumption: Desk continuation of recent quarterly payment; conversion/redemption could alter it. |
| Employee award withholding downside_2028q3_award_cash | 2028Q3 / downside | 20.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Preferred cash dividend and employee taxes downside_2028q3_financing_claims | 2028Q3 / downside | 23.75 USD_millions | derived: No discretionary repurchase assumption; not additional operating expense. Formula: sum(downside_2028q3_preferred_cash, downside_2028q3_award_cash). |
| Cash after preferred and award claims downside_2028q3_cash_after_claims | 2028Q3 / downside | 26.95 USD_millions | derived: Before discretionary repurchases, new financing and preferred redemption/conversion. Formula: subtract(downside_2028q3_company_fcf, downside_2028q3_financing_claims). |
| Customer expansion multiplier downside_2028q4_annual_growth | 2028Q4 / downside | 105.0% ratio | assumption: Desk assumption, not company guidance. |
| Quarter share of FY2028 downside_2028q4_year_share | 2028Q4 / downside | 26.5% ratio | assumption: Desk assumption, not company guidance. |
| Revenue at constant currency reference downside_2028q4_revenue_before_fx | 2028Q4 / downside | 348.17 USD_millions | derived: Desk customer expansion and seasonality, not net-retention multiplication. Formula: multiply(downside_annual_revenue_target, downside_2028q4_annual_growth, downside_2028q4_year_share). |
| Reported currency / reference currency downside_2028q4_fx_factor | 2028Q4 / downside | 98.0% ratio | assumption: Desk assumption, not company guidance. |
| Revenue downside_2028q4_revenue | 2028Q4 / downside | 341.21 USD_millions | derived: Independent future currency sensitivity. Formula: multiply(downside_2028q4_revenue_before_fx, downside_2028q4_fx_factor). |
| Gross margin after cloud and AI cost downside_2028q4_gross_margin | 2028Q4 / downside | 77.9% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit downside_2028q4_gross_profit | 2028Q4 / downside | 265.80 USD_millions | derived: Includes ordinary COGS equity compensation and software amortization. Formula: multiply(downside_2028q4_revenue, downside_2028q4_gross_margin). |
| GAAP operating margin downside_2028q4_gaap_margin | 2028Q4 / downside | 8.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP operating income downside_2028q4_operating_income | 2028Q4 / downside | 29.00 USD_millions | derived: Q3 base equals 10%; FY2028 is a desk cost/scale sensitivity. Formula: multiply(downside_2028q4_revenue, downside_2028q4_gaap_margin). |
| Non-GAAP operating margin downside_2028q4_non_gaap_margin | 2028Q4 / downside | 26.5% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP operating income downside_2028q4_non_gaap_op | 2028Q4 / downside | 90.42 USD_millions | derived: Q3 base equals 28%; later scenarios include operating leverage. Formula: multiply(downside_2028q4_revenue, downside_2028q4_non_gaap_margin). |
| Non-GAAP to GAAP expense gap downside_2028q4_excluded_costs | 2028Q4 / downside | 61.42 USD_millions | derived: Includes both cash and noncash items. Formula: subtract(downside_2028q4_non_gaap_op, downside_2028q4_operating_income). |
| Acquired amortization downside_2028q4_acquired_amort | 2028Q4 / downside | 0.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash litigation/reorganization allowance downside_2028q4_special_cash | 2028Q4 / downside | 0.40 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquired amortization and cash special costs downside_2028q4_non_sbc_adjustments | 2028Q4 / downside | 0.70 USD_millions | derived: Cash special costs are not added back in CFO. Formula: sum(downside_2028q4_acquired_amort, downside_2028q4_special_cash). |
| Implied ordinary SBC downside_2028q4_sbc | 2028Q4 / downside | 60.71 USD_millions | derived: Residual to guided GAAP bridge; not independent management SBC guidance. Formula: subtract(downside_2028q4_excluded_costs, downside_2028q4_non_sbc_adjustments). |
| Commission cash / sales downside_2028q4_commission_rate | 2028Q4 / downside | 4.8% ratio | assumption: Desk assumption, not company guidance. |
| Deferred commission cash downside_2028q4_commission_cash | 2028Q4 / downside | 16.38 USD_millions | derived: Cash acquisition cost separate from amortization expense. Formula: multiply(downside_2028q4_revenue, downside_2028q4_commission_rate). |
| Depreciation and amortization downside_2028q4_da | 2028Q4 / downside | 12.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Commission amortization downside_2028q4_commission_amort | 2028Q4 / downside | 15.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Net deferred revenue cash source downside_2028q4_deferred_funding | 2028Q4 / downside | 100.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Net interest cash downside_2028q4_net_interest_cash | 2028Q4 / downside | 1.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before commissions, taxes and receivable timing downside_2028q4_cash_before_uses | 2028Q4 / downside | 218.32 USD_millions | derived: Net interest is an even-period proxy; coupon payments and hedges are not a full cash calendar. Formula: sum(downside_2028q4_operating_income, downside_2028q4_sbc, downside_2028q4_da, downside_2028q4_commission_amort, downside_2028q4_deferred_funding, downside_2028q4_net_interest_cash). |
| Cash taxes downside_2028q4_cash_tax | 2028Q4 / downside | 10.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Receivable and other operating cash use downside_2028q4_receivable_use | 2028Q4 / downside | 65.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Commission, tax and working capital uses downside_2028q4_cash_uses | 2028Q4 / downside | 91.38 USD_millions | derived: Negative receivable use represents seasonal collections; no permanent advance-funding assumption. Formula: sum(downside_2028q4_commission_cash, downside_2028q4_cash_tax, downside_2028q4_receivable_use). |
| Operating cash flow downside_2028q4_cfo | 2028Q4 / downside | 126.94 USD_millions | derived: Cash special costs remain in GAAP profit; noncash costs reverse once. Formula: subtract(downside_2028q4_cash_before_uses, downside_2028q4_cash_uses). |
| PP&E cash purchases downside_2028q4_capex | 2028Q4 / downside | 0.75 USD_millions | assumption: Desk assumption, not company guidance. |
| Capitalized software cash downside_2028q4_software | 2028Q4 / downside | 13.50 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E downside_2028q4_fcf | 2028Q4 / downside | 126.19 USD_millions | derived: PP&E-only historical scope. Formula: subtract(downside_2028q4_cfo, downside_2028q4_capex). |
| Cash after PP&E and software downside_2028q4_company_fcf | 2028Q4 / downside | 112.69 USD_millions | derived: Company FCF scope before preferred and award financing claims. Formula: subtract(downside_2028q4_fcf, downside_2028q4_software). |
| Preferred cash dividend downside_2028q4_preferred_cash | 2028Q4 / downside | 3.75 USD_millions | assumption: Desk continuation of recent quarterly payment; conversion/redemption could alter it. |
| Employee award withholding downside_2028q4_award_cash | 2028Q4 / downside | 20.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Preferred cash dividend and employee taxes downside_2028q4_financing_claims | 2028Q4 / downside | 23.75 USD_millions | derived: No discretionary repurchase assumption; not additional operating expense. Formula: sum(downside_2028q4_preferred_cash, downside_2028q4_award_cash). |
| Cash after preferred and award claims downside_2028q4_cash_after_claims | 2028Q4 / downside | 88.94 USD_millions | derived: Before discretionary repurchases, new financing and preferred redemption/conversion. Formula: subtract(downside_2028q4_company_fcf, downside_2028q4_financing_claims). |
| Revenue ($M) downside_fy2027_revenue | FY2027 / downside | 1,251.30 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, downside_2027q3_revenue, downside_2027q4_revenue). |
| GAAP gross profit proxy ($M) downside_fy2027_gross_profit | FY2027 / downside | 980.94 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, downside_2027q3_gross_profit, downside_2027q4_gross_profit). |
| Non-GAAP operating income ($M) downside_fy2027_non_gaap_op | FY2027 / downside | 319.08 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_non_gaap_op, downside_2027q3_non_gaap_op, downside_2027q4_non_gaap_op). |
| GAAP operating income ($M) downside_fy2027_operating_income | FY2027 / downside | 93.85 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income). |
| Operating cash flow ($M) downside_fy2027_cfo | FY2027 / downside | 364.47 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, downside_2027q3_cfo, downside_2027q4_cfo). |
| PP&E cash purchases ($M) downside_fy2027_capex | FY2027 / downside | 2.89 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, downside_2027q3_capex, downside_2027q4_capex). |
| Capitalized software cash ($M) downside_fy2027_software | FY2027 / downside | 43.32 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_software, downside_2027q3_software, downside_2027q4_software). |
| CFO less PP&E ($M) downside_fy2027_fcf | FY2027 / downside | 361.58 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, downside_2027q3_fcf, downside_2027q4_fcf). |
| CFO less PP&E and software ($M) downside_fy2027_company_fcf | FY2027 / downside | 318.26 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_company_fcf, downside_2027q3_company_fcf, downside_2027q4_company_fcf). |
| Cash after preferred dividends and awards ($M) downside_fy2027_cash_after_claims | FY2027 / downside | 226.41 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_claims, downside_2027q3_cash_after_claims, downside_2027q4_cash_after_claims). |
| Revenue ($M) downside_fy2028_revenue | FY2028 / downside | 1,287.59 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). |
| GAAP gross profit proxy ($M) downside_fy2028_gross_profit | FY2028 / downside | 1,001.16 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_gross_profit, downside_2028q2_gross_profit, downside_2028q3_gross_profit, downside_2028q4_gross_profit). |
| Non-GAAP operating income ($M) downside_fy2028_non_gaap_op | FY2028 / downside | 341.21 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_non_gaap_op, downside_2028q2_non_gaap_op, downside_2028q3_non_gaap_op, downside_2028q4_non_gaap_op). |
| GAAP operating income ($M) downside_fy2028_operating_income | FY2028 / downside | 109.44 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_operating_income, downside_2028q2_operating_income, downside_2028q3_operating_income, downside_2028q4_operating_income). |
| Operating cash flow ($M) downside_fy2028_cfo | FY2028 / downside | 407.79 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 ($M) downside_fy2028_capex | FY2028 / downside | 3.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_capex, downside_2028q2_capex, downside_2028q3_capex, downside_2028q4_capex). |
| Capitalized software cash ($M) downside_fy2028_software | FY2028 / downside | 51.00 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 ($M) downside_fy2028_fcf | FY2028 / downside | 404.79 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_fcf, downside_2028q2_fcf, downside_2028q3_fcf, downside_2028q4_fcf). |
| CFO less PP&E and software ($M) downside_fy2028_company_fcf | FY2028 / downside | 353.79 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_company_fcf, downside_2028q2_company_fcf, downside_2028q3_company_fcf, downside_2028q4_company_fcf). |
| Cash after preferred dividends and awards ($M) downside_fy2028_cash_after_claims | FY2028 / downside | 258.79 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_cash_after_claims, downside_2028q2_cash_after_claims, downside_2028q3_cash_after_claims, downside_2028q4_cash_after_claims). |
| FY2027 delivery / guide base_delivery | FY2027 / base | 100.0% ratio | assumption: Desk nominal revenue sensitivity. |
| FY2027 revenue target base_annual_revenue_target | FY2027 / base | 1,290.00 USD_millions | derived: Already includes management FX outlook. Formula: multiply(annual_guide, base_delivery). |
| FY2027 operating_income margin base_operating_income_margin | FY2027 / base | 9.5% ratio | assumption: Base aligns with guidance; cases are desk sensitivities. |
| FY2027 operating_income target base_annual_operating_income_target | FY2027 / base | 122.55 USD_millions | derived: Annual operating margin on nominal revenue. Formula: multiply(base_annual_revenue_target, base_operating_income_margin). |
| FY2027 non_gaap_op margin base_non_gaap_op_margin | FY2027 / base | 28.0% ratio | assumption: Base aligns with guidance; cases are desk sensitivities. |
| FY2027 non_gaap_op target base_annual_non_gaap_op_target | FY2027 / base | 361.20 USD_millions | derived: Annual operating margin on nominal revenue. Formula: multiply(base_annual_revenue_target, base_non_gaap_op_margin). |
| Revenue base_2027q3_revenue | 2027Q3 / base | 329.00 USD_millions | derived: Q3 guide with desk delivery sensitivity. Formula: multiply(q3_guide, base_delivery). |
| Gross margin after cloud and AI cost base_2027q3_gross_margin | 2027Q3 / base | 79.3% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit base_2027q3_gross_profit | 2027Q3 / base | 260.90 USD_millions | derived: Includes ordinary COGS equity compensation and software amortization. Formula: multiply(base_2027q3_revenue, base_2027q3_gross_margin). |
| GAAP operating margin base_2027q3_gaap_margin | 2027Q3 / base | 10.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP operating income base_2027q3_operating_income | 2027Q3 / base | 32.90 USD_millions | derived: Q3 base equals 10%; FY2028 is a desk cost/scale sensitivity. Formula: multiply(base_2027q3_revenue, base_2027q3_gaap_margin). |
| Non-GAAP operating margin base_2027q3_non_gaap_margin | 2027Q3 / base | 28.0% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP operating income base_2027q3_non_gaap_op | 2027Q3 / base | 92.12 USD_millions | derived: Q3 base equals 28%; later scenarios include operating leverage. Formula: multiply(base_2027q3_revenue, base_2027q3_non_gaap_margin). |
| Non-GAAP to GAAP expense gap base_2027q3_excluded_costs | 2027Q3 / base | 59.22 USD_millions | derived: Includes both cash and noncash items. Formula: subtract(base_2027q3_non_gaap_op, base_2027q3_operating_income). |
| Acquired amortization base_2027q3_acquired_amort | 2027Q3 / base | 0.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash litigation/reorganization allowance base_2027q3_special_cash | 2027Q3 / base | 0.40 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquired amortization and cash special costs base_2027q3_non_sbc_adjustments | 2027Q3 / base | 0.70 USD_millions | derived: Cash special costs are not added back in CFO. Formula: sum(base_2027q3_acquired_amort, base_2027q3_special_cash). |
| Implied ordinary SBC base_2027q3_sbc | 2027Q3 / base | 58.52 USD_millions | derived: Residual to guided GAAP bridge; not independent management SBC guidance. Formula: subtract(base_2027q3_excluded_costs, base_2027q3_non_sbc_adjustments). |
| Commission cash / sales base_2027q3_commission_rate | 2027Q3 / base | 4.5% ratio | assumption: Desk assumption, not company guidance. |
| Deferred commission cash base_2027q3_commission_cash | 2027Q3 / base | 14.80 USD_millions | derived: Cash acquisition cost separate from amortization expense. Formula: multiply(base_2027q3_revenue, base_2027q3_commission_rate). |
| Depreciation and amortization base_2027q3_da | 2027Q3 / base | 10.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Commission amortization base_2027q3_commission_amort | 2027Q3 / base | 14.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Net deferred revenue cash source base_2027q3_deferred_funding | 2027Q3 / base | -5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Net interest cash base_2027q3_net_interest_cash | 2027Q3 / base | 1.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before commissions, taxes and receivable timing base_2027q3_cash_before_uses | 2027Q3 / base | 111.52 USD_millions | derived: Net interest is an even-period proxy; coupon payments and hedges are not a full cash calendar. Formula: sum(base_2027q3_operating_income, base_2027q3_sbc, base_2027q3_da, base_2027q3_commission_amort, base_2027q3_deferred_funding, base_2027q3_net_interest_cash). |
| Cash taxes base_2027q3_cash_tax | 2027Q3 / base | 5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Receivable and other operating cash use base_2027q3_receivable_use | 2027Q3 / base | 20.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Commission, tax and working capital uses base_2027q3_cash_uses | 2027Q3 / base | 39.80 USD_millions | derived: Negative receivable use represents seasonal collections; no permanent advance-funding assumption. Formula: sum(base_2027q3_commission_cash, base_2027q3_cash_tax, base_2027q3_receivable_use). |
| Operating cash flow base_2027q3_cfo | 2027Q3 / base | 71.71 USD_millions | derived: Cash special costs remain in GAAP profit; noncash costs reverse once. Formula: subtract(base_2027q3_cash_before_uses, base_2027q3_cash_uses). |
| PP&E cash purchases base_2027q3_capex | 2027Q3 / base | 0.75 USD_millions | assumption: Desk assumption, not company guidance. |
| Capitalized software cash base_2027q3_software | 2027Q3 / base | 11.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E base_2027q3_fcf | 2027Q3 / base | 70.96 USD_millions | derived: PP&E-only historical scope. Formula: subtract(base_2027q3_cfo, base_2027q3_capex). |
| Cash after PP&E and software base_2027q3_company_fcf | 2027Q3 / base | 59.96 USD_millions | derived: Company FCF scope before preferred and award financing claims. Formula: subtract(base_2027q3_fcf, base_2027q3_software). |
| Preferred cash dividend base_2027q3_preferred_cash | 2027Q3 / base | 3.75 USD_millions | assumption: Desk continuation of recent quarterly payment; conversion/redemption could alter it. |
| Employee award withholding base_2027q3_award_cash | 2027Q3 / base | 19.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Preferred cash dividend and employee taxes base_2027q3_financing_claims | 2027Q3 / base | 22.75 USD_millions | derived: No discretionary repurchase assumption; not additional operating expense. Formula: sum(base_2027q3_preferred_cash, base_2027q3_award_cash). |
| Cash after preferred and award claims base_2027q3_cash_after_claims | 2027Q3 / base | 37.21 USD_millions | derived: Before discretionary repurchases, new financing and preferred redemption/conversion. Formula: subtract(base_2027q3_company_fcf, base_2027q3_financing_claims). |
| H1 plus Q3 revenue base_2027q4_reported_plus_q3 | 2027Q4 / base | 956.09 USD_millions | derived: Known H1 plus modeled Q3. Formula: sum(h1_revenue, base_2027q3_revenue). |
| Revenue base_2027q4_revenue | 2027Q4 / base | 333.91 USD_millions | derived: Residual needed to meet current annual scenario. Formula: subtract(base_annual_revenue_target, base_2027q4_reported_plus_q3). |
| Gross margin after cloud and AI cost base_2027q4_gross_margin | 2027Q4 / base | 79.3% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit base_2027q4_gross_profit | 2027Q4 / base | 264.79 USD_millions | derived: Includes ordinary COGS equity compensation and software amortization. Formula: multiply(base_2027q4_revenue, base_2027q4_gross_margin). |
| H1 plus Q3 operating income base_2027q4_prior_gaap | 2027Q4 / base | 92.98 USD_millions | derived: Actual and forecast first nine months. Formula: sum(h1_operating_income, base_2027q3_operating_income). |
| GAAP operating income base_2027q4_operating_income | 2027Q4 / base | 29.57 USD_millions | derived: Residual to annual guided-margin scenario. Formula: subtract(base_annual_operating_income_target, base_2027q4_prior_gaap). |
| H1 plus Q3 adjusted operating income base_2027q4_prior_non_gaap | 2027Q4 / base | 271.30 USD_millions | derived: Actual and forecast first nine months. Formula: sum(h1_non_gaap_op, base_2027q3_non_gaap_op). |
| Non-GAAP operating income base_2027q4_non_gaap_op | 2027Q4 / base | 89.90 USD_millions | derived: Residual to annual non-GAAP scenario. Formula: subtract(base_annual_non_gaap_op_target, base_2027q4_prior_non_gaap). |
| Non-GAAP to GAAP expense gap base_2027q4_excluded_costs | 2027Q4 / base | 60.33 USD_millions | derived: Includes both cash and noncash items. Formula: subtract(base_2027q4_non_gaap_op, base_2027q4_operating_income). |
| Acquired amortization base_2027q4_acquired_amort | 2027Q4 / base | 0.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash litigation/reorganization allowance base_2027q4_special_cash | 2027Q4 / base | 0.40 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquired amortization and cash special costs base_2027q4_non_sbc_adjustments | 2027Q4 / base | 0.70 USD_millions | derived: Cash special costs are not added back in CFO. Formula: sum(base_2027q4_acquired_amort, base_2027q4_special_cash). |
| Implied ordinary SBC base_2027q4_sbc | 2027Q4 / base | 59.63 USD_millions | derived: Residual to guided GAAP bridge; not independent management SBC guidance. Formula: subtract(base_2027q4_excluded_costs, base_2027q4_non_sbc_adjustments). |
| Commission cash / sales base_2027q4_commission_rate | 2027Q4 / base | 4.5% ratio | assumption: Desk assumption, not company guidance. |
| Deferred commission cash base_2027q4_commission_cash | 2027Q4 / base | 15.03 USD_millions | derived: Cash acquisition cost separate from amortization expense. Formula: multiply(base_2027q4_revenue, base_2027q4_commission_rate). |
| Depreciation and amortization base_2027q4_da | 2027Q4 / base | 10.40 USD_millions | assumption: Desk assumption, not company guidance. |
| Commission amortization base_2027q4_commission_amort | 2027Q4 / base | 14.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Net deferred revenue cash source base_2027q4_deferred_funding | 2027Q4 / base | 90.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Net interest cash base_2027q4_net_interest_cash | 2027Q4 / base | 1.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before commissions, taxes and receivable timing base_2027q4_cash_before_uses | 2027Q4 / base | 205.00 USD_millions | derived: Net interest is an even-period proxy; coupon payments and hedges are not a full cash calendar. Formula: sum(base_2027q4_operating_income, base_2027q4_sbc, base_2027q4_da, base_2027q4_commission_amort, base_2027q4_deferred_funding, base_2027q4_net_interest_cash). |
| Cash taxes base_2027q4_cash_tax | 2027Q4 / base | 6.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Receivable and other operating cash use base_2027q4_receivable_use | 2027Q4 / base | 60.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Commission, tax and working capital uses base_2027q4_cash_uses | 2027Q4 / base | 81.03 USD_millions | derived: Negative receivable use represents seasonal collections; no permanent advance-funding assumption. Formula: sum(base_2027q4_commission_cash, base_2027q4_cash_tax, base_2027q4_receivable_use). |
| Operating cash flow base_2027q4_cfo | 2027Q4 / base | 123.97 USD_millions | derived: Cash special costs remain in GAAP profit; noncash costs reverse once. Formula: subtract(base_2027q4_cash_before_uses, base_2027q4_cash_uses). |
| PP&E cash purchases base_2027q4_capex | 2027Q4 / base | 0.75 USD_millions | assumption: Desk assumption, not company guidance. |
| Capitalized software cash base_2027q4_software | 2027Q4 / base | 11.50 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E base_2027q4_fcf | 2027Q4 / base | 123.22 USD_millions | derived: PP&E-only historical scope. Formula: subtract(base_2027q4_cfo, base_2027q4_capex). |
| Cash after PP&E and software base_2027q4_company_fcf | 2027Q4 / base | 111.72 USD_millions | derived: Company FCF scope before preferred and award financing claims. Formula: subtract(base_2027q4_fcf, base_2027q4_software). |
| Preferred cash dividend base_2027q4_preferred_cash | 2027Q4 / base | 3.75 USD_millions | assumption: Desk continuation of recent quarterly payment; conversion/redemption could alter it. |
| Employee award withholding base_2027q4_award_cash | 2027Q4 / base | 19.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Preferred cash dividend and employee taxes base_2027q4_financing_claims | 2027Q4 / base | 22.75 USD_millions | derived: No discretionary repurchase assumption; not additional operating expense. Formula: sum(base_2027q4_preferred_cash, base_2027q4_award_cash). |
| Cash after preferred and award claims base_2027q4_cash_after_claims | 2027Q4 / base | 88.97 USD_millions | derived: Before discretionary repurchases, new financing and preferred redemption/conversion. Formula: subtract(base_2027q4_company_fcf, base_2027q4_financing_claims). |
| Customer expansion multiplier base_2028q1_annual_growth | 2028Q1 / base | 112.0% ratio | assumption: Desk assumption, not company guidance. |
| Quarter share of FY2028 base_2028q1_year_share | 2028Q1 / base | 23.5% ratio | assumption: Desk assumption, not company guidance. |
| Revenue at constant currency reference base_2028q1_revenue_before_fx | 2028Q1 / base | 339.53 USD_millions | derived: Desk customer expansion and seasonality, not net-retention multiplication. Formula: multiply(base_annual_revenue_target, base_2028q1_annual_growth, base_2028q1_year_share). |
| Reported currency / reference currency base_2028q1_fx_factor | 2028Q1 / base | 100.0% ratio | assumption: Desk assumption, not company guidance. |
| Revenue base_2028q1_revenue | 2028Q1 / base | 339.53 USD_millions | derived: Independent future currency sensitivity. Formula: multiply(base_2028q1_revenue_before_fx, base_2028q1_fx_factor). |
| Gross margin after cloud and AI cost base_2028q1_gross_margin | 2028Q1 / base | 79.4% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit base_2028q1_gross_profit | 2028Q1 / base | 269.59 USD_millions | derived: Includes ordinary COGS equity compensation and software amortization. Formula: multiply(base_2028q1_revenue, base_2028q1_gross_margin). |
| GAAP operating margin base_2028q1_gaap_margin | 2028Q1 / base | 10.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP operating income base_2028q1_operating_income | 2028Q1 / base | 35.65 USD_millions | derived: Q3 base equals 10%; FY2028 is a desk cost/scale sensitivity. Formula: multiply(base_2028q1_revenue, base_2028q1_gaap_margin). |
| Non-GAAP operating margin base_2028q1_non_gaap_margin | 2028Q1 / base | 29.0% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP operating income base_2028q1_non_gaap_op | 2028Q1 / base | 98.46 USD_millions | derived: Q3 base equals 28%; later scenarios include operating leverage. Formula: multiply(base_2028q1_revenue, base_2028q1_non_gaap_margin). |
| Non-GAAP to GAAP expense gap base_2028q1_excluded_costs | 2028Q1 / base | 62.81 USD_millions | derived: Includes both cash and noncash items. Formula: subtract(base_2028q1_non_gaap_op, base_2028q1_operating_income). |
| Acquired amortization base_2028q1_acquired_amort | 2028Q1 / base | 0.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash litigation/reorganization allowance base_2028q1_special_cash | 2028Q1 / base | 0.40 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquired amortization and cash special costs base_2028q1_non_sbc_adjustments | 2028Q1 / base | 0.70 USD_millions | derived: Cash special costs are not added back in CFO. Formula: sum(base_2028q1_acquired_amort, base_2028q1_special_cash). |
| Implied ordinary SBC base_2028q1_sbc | 2028Q1 / base | 62.11 USD_millions | derived: Residual to guided GAAP bridge; not independent management SBC guidance. Formula: subtract(base_2028q1_excluded_costs, base_2028q1_non_sbc_adjustments). |
| Commission cash / sales base_2028q1_commission_rate | 2028Q1 / base | 4.5% ratio | assumption: Desk assumption, not company guidance. |
| Deferred commission cash base_2028q1_commission_cash | 2028Q1 / base | 15.28 USD_millions | derived: Cash acquisition cost separate from amortization expense. Formula: multiply(base_2028q1_revenue, base_2028q1_commission_rate). |
| Depreciation and amortization base_2028q1_da | 2028Q1 / base | 10.80 USD_millions | assumption: Desk assumption, not company guidance. |
| Commission amortization base_2028q1_commission_amort | 2028Q1 / base | 14.60 USD_millions | assumption: Desk assumption, not company guidance. |
| Net deferred revenue cash source base_2028q1_deferred_funding | 2028Q1 / base | -50.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Net interest cash base_2028q1_net_interest_cash | 2028Q1 / base | 1.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before commissions, taxes and receivable timing base_2028q1_cash_before_uses | 2028Q1 / base | 74.26 USD_millions | derived: Net interest is an even-period proxy; coupon payments and hedges are not a full cash calendar. Formula: sum(base_2028q1_operating_income, base_2028q1_sbc, base_2028q1_da, base_2028q1_commission_amort, base_2028q1_deferred_funding, base_2028q1_net_interest_cash). |
| Cash taxes base_2028q1_cash_tax | 2028Q1 / base | 7.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Receivable and other operating cash use base_2028q1_receivable_use | 2028Q1 / base | -110.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Commission, tax and working capital uses base_2028q1_cash_uses | 2028Q1 / base | -87.72 USD_millions | derived: Negative receivable use represents seasonal collections; no permanent advance-funding assumption. Formula: sum(base_2028q1_commission_cash, base_2028q1_cash_tax, base_2028q1_receivable_use). |
| Operating cash flow base_2028q1_cfo | 2028Q1 / base | 161.98 USD_millions | derived: Cash special costs remain in GAAP profit; noncash costs reverse once. Formula: subtract(base_2028q1_cash_before_uses, base_2028q1_cash_uses). |
| PP&E cash purchases base_2028q1_capex | 2028Q1 / base | 0.75 USD_millions | assumption: Desk assumption, not company guidance. |
| Capitalized software cash base_2028q1_software | 2028Q1 / base | 12.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E base_2028q1_fcf | 2028Q1 / base | 161.23 USD_millions | derived: PP&E-only historical scope. Formula: subtract(base_2028q1_cfo, base_2028q1_capex). |
| Cash after PP&E and software base_2028q1_company_fcf | 2028Q1 / base | 149.23 USD_millions | derived: Company FCF scope before preferred and award financing claims. Formula: subtract(base_2028q1_fcf, base_2028q1_software). |
| Preferred cash dividend base_2028q1_preferred_cash | 2028Q1 / base | 3.75 USD_millions | assumption: Desk continuation of recent quarterly payment; conversion/redemption could alter it. |
| Employee award withholding base_2028q1_award_cash | 2028Q1 / base | 19.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Preferred cash dividend and employee taxes base_2028q1_financing_claims | 2028Q1 / base | 22.75 USD_millions | derived: No discretionary repurchase assumption; not additional operating expense. Formula: sum(base_2028q1_preferred_cash, base_2028q1_award_cash). |
| Cash after preferred and award claims base_2028q1_cash_after_claims | 2028Q1 / base | 126.48 USD_millions | derived: Before discretionary repurchases, new financing and preferred redemption/conversion. Formula: subtract(base_2028q1_company_fcf, base_2028q1_financing_claims). |
| Customer expansion multiplier base_2028q2_annual_growth | 2028Q2 / base | 112.0% ratio | assumption: Desk assumption, not company guidance. |
| Quarter share of FY2028 base_2028q2_year_share | 2028Q2 / base | 24.5% ratio | assumption: Desk assumption, not company guidance. |
| Revenue at constant currency reference base_2028q2_revenue_before_fx | 2028Q2 / base | 353.98 USD_millions | derived: Desk customer expansion and seasonality, not net-retention multiplication. Formula: multiply(base_annual_revenue_target, base_2028q2_annual_growth, base_2028q2_year_share). |
| Reported currency / reference currency base_2028q2_fx_factor | 2028Q2 / base | 100.0% ratio | assumption: Desk assumption, not company guidance. |
| Revenue base_2028q2_revenue | 2028Q2 / base | 353.98 USD_millions | derived: Independent future currency sensitivity. Formula: multiply(base_2028q2_revenue_before_fx, base_2028q2_fx_factor). |
| Gross margin after cloud and AI cost base_2028q2_gross_margin | 2028Q2 / base | 79.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit base_2028q2_gross_profit | 2028Q2 / base | 281.41 USD_millions | derived: Includes ordinary COGS equity compensation and software amortization. Formula: multiply(base_2028q2_revenue, base_2028q2_gross_margin). |
| GAAP operating margin base_2028q2_gaap_margin | 2028Q2 / base | 10.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP operating income base_2028q2_operating_income | 2028Q2 / base | 37.17 USD_millions | derived: Q3 base equals 10%; FY2028 is a desk cost/scale sensitivity. Formula: multiply(base_2028q2_revenue, base_2028q2_gaap_margin). |
| Non-GAAP operating margin base_2028q2_non_gaap_margin | 2028Q2 / base | 29.0% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP operating income base_2028q2_non_gaap_op | 2028Q2 / base | 102.65 USD_millions | derived: Q3 base equals 28%; later scenarios include operating leverage. Formula: multiply(base_2028q2_revenue, base_2028q2_non_gaap_margin). |
| Non-GAAP to GAAP expense gap base_2028q2_excluded_costs | 2028Q2 / base | 65.49 USD_millions | derived: Includes both cash and noncash items. Formula: subtract(base_2028q2_non_gaap_op, base_2028q2_operating_income). |
| Acquired amortization base_2028q2_acquired_amort | 2028Q2 / base | 0.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash litigation/reorganization allowance base_2028q2_special_cash | 2028Q2 / base | 0.40 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquired amortization and cash special costs base_2028q2_non_sbc_adjustments | 2028Q2 / base | 0.70 USD_millions | derived: Cash special costs are not added back in CFO. Formula: sum(base_2028q2_acquired_amort, base_2028q2_special_cash). |
| Implied ordinary SBC base_2028q2_sbc | 2028Q2 / base | 64.78 USD_millions | derived: Residual to guided GAAP bridge; not independent management SBC guidance. Formula: subtract(base_2028q2_excluded_costs, base_2028q2_non_sbc_adjustments). |
| Commission cash / sales base_2028q2_commission_rate | 2028Q2 / base | 4.5% ratio | assumption: Desk assumption, not company guidance. |
| Deferred commission cash base_2028q2_commission_cash | 2028Q2 / base | 15.93 USD_millions | derived: Cash acquisition cost separate from amortization expense. Formula: multiply(base_2028q2_revenue, base_2028q2_commission_rate). |
| Depreciation and amortization base_2028q2_da | 2028Q2 / base | 11.20 USD_millions | assumption: Desk assumption, not company guidance. |
| Commission amortization base_2028q2_commission_amort | 2028Q2 / base | 14.90 USD_millions | assumption: Desk assumption, not company guidance. |
| Net deferred revenue cash source base_2028q2_deferred_funding | 2028Q2 / base | -10.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Net interest cash base_2028q2_net_interest_cash | 2028Q2 / base | 1.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before commissions, taxes and receivable timing base_2028q2_cash_before_uses | 2028Q2 / base | 119.15 USD_millions | derived: Net interest is an even-period proxy; coupon payments and hedges are not a full cash calendar. Formula: sum(base_2028q2_operating_income, base_2028q2_sbc, base_2028q2_da, base_2028q2_commission_amort, base_2028q2_deferred_funding, base_2028q2_net_interest_cash). |
| Cash taxes base_2028q2_cash_tax | 2028Q2 / base | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Receivable and other operating cash use base_2028q2_receivable_use | 2028Q2 / base | 5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Commission, tax and working capital uses base_2028q2_cash_uses | 2028Q2 / base | 28.93 USD_millions | derived: Negative receivable use represents seasonal collections; no permanent advance-funding assumption. Formula: sum(base_2028q2_commission_cash, base_2028q2_cash_tax, base_2028q2_receivable_use). |
| Operating cash flow base_2028q2_cfo | 2028Q2 / base | 90.22 USD_millions | derived: Cash special costs remain in GAAP profit; noncash costs reverse once. Formula: subtract(base_2028q2_cash_before_uses, base_2028q2_cash_uses). |
| PP&E cash purchases base_2028q2_capex | 2028Q2 / base | 0.75 USD_millions | assumption: Desk assumption, not company guidance. |
| Capitalized software cash base_2028q2_software | 2028Q2 / base | 12.50 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E base_2028q2_fcf | 2028Q2 / base | 89.47 USD_millions | derived: PP&E-only historical scope. Formula: subtract(base_2028q2_cfo, base_2028q2_capex). |
| Cash after PP&E and software base_2028q2_company_fcf | 2028Q2 / base | 76.97 USD_millions | derived: Company FCF scope before preferred and award financing claims. Formula: subtract(base_2028q2_fcf, base_2028q2_software). |
| Preferred cash dividend base_2028q2_preferred_cash | 2028Q2 / base | 3.75 USD_millions | assumption: Desk continuation of recent quarterly payment; conversion/redemption could alter it. |
| Employee award withholding base_2028q2_award_cash | 2028Q2 / base | 19.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Preferred cash dividend and employee taxes base_2028q2_financing_claims | 2028Q2 / base | 22.75 USD_millions | derived: No discretionary repurchase assumption; not additional operating expense. Formula: sum(base_2028q2_preferred_cash, base_2028q2_award_cash). |
| Cash after preferred and award claims base_2028q2_cash_after_claims | 2028Q2 / base | 54.22 USD_millions | derived: Before discretionary repurchases, new financing and preferred redemption/conversion. Formula: subtract(base_2028q2_company_fcf, base_2028q2_financing_claims). |
| Customer expansion multiplier base_2028q3_annual_growth | 2028Q3 / base | 112.0% ratio | assumption: Desk assumption, not company guidance. |
| Quarter share of FY2028 base_2028q3_year_share | 2028Q3 / base | 25.5% ratio | assumption: Desk assumption, not company guidance. |
| Revenue at constant currency reference base_2028q3_revenue_before_fx | 2028Q3 / base | 368.42 USD_millions | derived: Desk customer expansion and seasonality, not net-retention multiplication. Formula: multiply(base_annual_revenue_target, base_2028q3_annual_growth, base_2028q3_year_share). |
| Reported currency / reference currency base_2028q3_fx_factor | 2028Q3 / base | 100.0% ratio | assumption: Desk assumption, not company guidance. |
| Revenue base_2028q3_revenue | 2028Q3 / base | 368.42 USD_millions | derived: Independent future currency sensitivity. Formula: multiply(base_2028q3_revenue_before_fx, base_2028q3_fx_factor). |
| Gross margin after cloud and AI cost base_2028q3_gross_margin | 2028Q3 / base | 79.6% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit base_2028q3_gross_profit | 2028Q3 / base | 293.27 USD_millions | derived: Includes ordinary COGS equity compensation and software amortization. Formula: multiply(base_2028q3_revenue, base_2028q3_gross_margin). |
| GAAP operating margin base_2028q3_gaap_margin | 2028Q3 / base | 10.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP operating income base_2028q3_operating_income | 2028Q3 / base | 38.68 USD_millions | derived: Q3 base equals 10%; FY2028 is a desk cost/scale sensitivity. Formula: multiply(base_2028q3_revenue, base_2028q3_gaap_margin). |
| Non-GAAP operating margin base_2028q3_non_gaap_margin | 2028Q3 / base | 29.0% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP operating income base_2028q3_non_gaap_op | 2028Q3 / base | 106.84 USD_millions | derived: Q3 base equals 28%; later scenarios include operating leverage. Formula: multiply(base_2028q3_revenue, base_2028q3_non_gaap_margin). |
| Non-GAAP to GAAP expense gap base_2028q3_excluded_costs | 2028Q3 / base | 68.16 USD_millions | derived: Includes both cash and noncash items. Formula: subtract(base_2028q3_non_gaap_op, base_2028q3_operating_income). |
| Acquired amortization base_2028q3_acquired_amort | 2028Q3 / base | 0.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash litigation/reorganization allowance base_2028q3_special_cash | 2028Q3 / base | 0.40 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquired amortization and cash special costs base_2028q3_non_sbc_adjustments | 2028Q3 / base | 0.70 USD_millions | derived: Cash special costs are not added back in CFO. Formula: sum(base_2028q3_acquired_amort, base_2028q3_special_cash). |
| Implied ordinary SBC base_2028q3_sbc | 2028Q3 / base | 67.46 USD_millions | derived: Residual to guided GAAP bridge; not independent management SBC guidance. Formula: subtract(base_2028q3_excluded_costs, base_2028q3_non_sbc_adjustments). |
| Commission cash / sales base_2028q3_commission_rate | 2028Q3 / base | 4.5% ratio | assumption: Desk assumption, not company guidance. |
| Deferred commission cash base_2028q3_commission_cash | 2028Q3 / base | 16.58 USD_millions | derived: Cash acquisition cost separate from amortization expense. Formula: multiply(base_2028q3_revenue, base_2028q3_commission_rate). |
| Depreciation and amortization base_2028q3_da | 2028Q3 / base | 11.60 USD_millions | assumption: Desk assumption, not company guidance. |
| Commission amortization base_2028q3_commission_amort | 2028Q3 / base | 15.20 USD_millions | assumption: Desk assumption, not company guidance. |
| Net deferred revenue cash source base_2028q3_deferred_funding | 2028Q3 / base | -5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Net interest cash base_2028q3_net_interest_cash | 2028Q3 / base | 1.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before commissions, taxes and receivable timing base_2028q3_cash_before_uses | 2028Q3 / base | 129.04 USD_millions | derived: Net interest is an even-period proxy; coupon payments and hedges are not a full cash calendar. Formula: sum(base_2028q3_operating_income, base_2028q3_sbc, base_2028q3_da, base_2028q3_commission_amort, base_2028q3_deferred_funding, base_2028q3_net_interest_cash). |
| Cash taxes base_2028q3_cash_tax | 2028Q3 / base | 9.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Receivable and other operating cash use base_2028q3_receivable_use | 2028Q3 / base | 20.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Commission, tax and working capital uses base_2028q3_cash_uses | 2028Q3 / base | 45.58 USD_millions | derived: Negative receivable use represents seasonal collections; no permanent advance-funding assumption. Formula: sum(base_2028q3_commission_cash, base_2028q3_cash_tax, base_2028q3_receivable_use). |
| Operating cash flow base_2028q3_cfo | 2028Q3 / base | 83.46 USD_millions | derived: Cash special costs remain in GAAP profit; noncash costs reverse once. Formula: subtract(base_2028q3_cash_before_uses, base_2028q3_cash_uses). |
| PP&E cash purchases base_2028q3_capex | 2028Q3 / base | 0.75 USD_millions | assumption: Desk assumption, not company guidance. |
| Capitalized software cash base_2028q3_software | 2028Q3 / base | 13.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E base_2028q3_fcf | 2028Q3 / base | 82.71 USD_millions | derived: PP&E-only historical scope. Formula: subtract(base_2028q3_cfo, base_2028q3_capex). |
| Cash after PP&E and software base_2028q3_company_fcf | 2028Q3 / base | 69.71 USD_millions | derived: Company FCF scope before preferred and award financing claims. Formula: subtract(base_2028q3_fcf, base_2028q3_software). |
| Preferred cash dividend base_2028q3_preferred_cash | 2028Q3 / base | 3.75 USD_millions | assumption: Desk continuation of recent quarterly payment; conversion/redemption could alter it. |
| Employee award withholding base_2028q3_award_cash | 2028Q3 / base | 19.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Preferred cash dividend and employee taxes base_2028q3_financing_claims | 2028Q3 / base | 22.75 USD_millions | derived: No discretionary repurchase assumption; not additional operating expense. Formula: sum(base_2028q3_preferred_cash, base_2028q3_award_cash). |
| Cash after preferred and award claims base_2028q3_cash_after_claims | 2028Q3 / base | 46.96 USD_millions | derived: Before discretionary repurchases, new financing and preferred redemption/conversion. Formula: subtract(base_2028q3_company_fcf, base_2028q3_financing_claims). |
| Customer expansion multiplier base_2028q4_annual_growth | 2028Q4 / base | 112.0% ratio | assumption: Desk assumption, not company guidance. |
| Quarter share of FY2028 base_2028q4_year_share | 2028Q4 / base | 26.5% ratio | assumption: Desk assumption, not company guidance. |
| Revenue at constant currency reference base_2028q4_revenue_before_fx | 2028Q4 / base | 382.87 USD_millions | derived: Desk customer expansion and seasonality, not net-retention multiplication. Formula: multiply(base_annual_revenue_target, base_2028q4_annual_growth, base_2028q4_year_share). |
| Reported currency / reference currency base_2028q4_fx_factor | 2028Q4 / base | 100.0% ratio | assumption: Desk assumption, not company guidance. |
| Revenue base_2028q4_revenue | 2028Q4 / base | 382.87 USD_millions | derived: Independent future currency sensitivity. Formula: multiply(base_2028q4_revenue_before_fx, base_2028q4_fx_factor). |
| Gross margin after cloud and AI cost base_2028q4_gross_margin | 2028Q4 / base | 79.7% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit base_2028q4_gross_profit | 2028Q4 / base | 305.15 USD_millions | derived: Includes ordinary COGS equity compensation and software amortization. Formula: multiply(base_2028q4_revenue, base_2028q4_gross_margin). |
| GAAP operating margin base_2028q4_gaap_margin | 2028Q4 / base | 10.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP operating income base_2028q4_operating_income | 2028Q4 / base | 40.20 USD_millions | derived: Q3 base equals 10%; FY2028 is a desk cost/scale sensitivity. Formula: multiply(base_2028q4_revenue, base_2028q4_gaap_margin). |
| Non-GAAP operating margin base_2028q4_non_gaap_margin | 2028Q4 / base | 29.0% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP operating income base_2028q4_non_gaap_op | 2028Q4 / base | 111.03 USD_millions | derived: Q3 base equals 28%; later scenarios include operating leverage. Formula: multiply(base_2028q4_revenue, base_2028q4_non_gaap_margin). |
| Non-GAAP to GAAP expense gap base_2028q4_excluded_costs | 2028Q4 / base | 70.83 USD_millions | derived: Includes both cash and noncash items. Formula: subtract(base_2028q4_non_gaap_op, base_2028q4_operating_income). |
| Acquired amortization base_2028q4_acquired_amort | 2028Q4 / base | 0.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash litigation/reorganization allowance base_2028q4_special_cash | 2028Q4 / base | 0.40 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquired amortization and cash special costs base_2028q4_non_sbc_adjustments | 2028Q4 / base | 0.70 USD_millions | derived: Cash special costs are not added back in CFO. Formula: sum(base_2028q4_acquired_amort, base_2028q4_special_cash). |
| Implied ordinary SBC base_2028q4_sbc | 2028Q4 / base | 70.13 USD_millions | derived: Residual to guided GAAP bridge; not independent management SBC guidance. Formula: subtract(base_2028q4_excluded_costs, base_2028q4_non_sbc_adjustments). |
| Commission cash / sales base_2028q4_commission_rate | 2028Q4 / base | 4.5% ratio | assumption: Desk assumption, not company guidance. |
| Deferred commission cash base_2028q4_commission_cash | 2028Q4 / base | 17.23 USD_millions | derived: Cash acquisition cost separate from amortization expense. Formula: multiply(base_2028q4_revenue, base_2028q4_commission_rate). |
| Depreciation and amortization base_2028q4_da | 2028Q4 / base | 12.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Commission amortization base_2028q4_commission_amort | 2028Q4 / base | 15.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Net deferred revenue cash source base_2028q4_deferred_funding | 2028Q4 / base | 100.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Net interest cash base_2028q4_net_interest_cash | 2028Q4 / base | 1.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before commissions, taxes and receivable timing base_2028q4_cash_before_uses | 2028Q4 / base | 238.93 USD_millions | derived: Net interest is an even-period proxy; coupon payments and hedges are not a full cash calendar. Formula: sum(base_2028q4_operating_income, base_2028q4_sbc, base_2028q4_da, base_2028q4_commission_amort, base_2028q4_deferred_funding, base_2028q4_net_interest_cash). |
| Cash taxes base_2028q4_cash_tax | 2028Q4 / base | 10.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Receivable and other operating cash use base_2028q4_receivable_use | 2028Q4 / base | 65.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Commission, tax and working capital uses base_2028q4_cash_uses | 2028Q4 / base | 92.23 USD_millions | derived: Negative receivable use represents seasonal collections; no permanent advance-funding assumption. Formula: sum(base_2028q4_commission_cash, base_2028q4_cash_tax, base_2028q4_receivable_use). |
| Operating cash flow base_2028q4_cfo | 2028Q4 / base | 146.70 USD_millions | derived: Cash special costs remain in GAAP profit; noncash costs reverse once. Formula: subtract(base_2028q4_cash_before_uses, base_2028q4_cash_uses). |
| PP&E cash purchases base_2028q4_capex | 2028Q4 / base | 0.75 USD_millions | assumption: Desk assumption, not company guidance. |
| Capitalized software cash base_2028q4_software | 2028Q4 / base | 13.50 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E base_2028q4_fcf | 2028Q4 / base | 145.95 USD_millions | derived: PP&E-only historical scope. Formula: subtract(base_2028q4_cfo, base_2028q4_capex). |
| Cash after PP&E and software base_2028q4_company_fcf | 2028Q4 / base | 132.45 USD_millions | derived: Company FCF scope before preferred and award financing claims. Formula: subtract(base_2028q4_fcf, base_2028q4_software). |
| Preferred cash dividend base_2028q4_preferred_cash | 2028Q4 / base | 3.75 USD_millions | assumption: Desk continuation of recent quarterly payment; conversion/redemption could alter it. |
| Employee award withholding base_2028q4_award_cash | 2028Q4 / base | 19.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Preferred cash dividend and employee taxes base_2028q4_financing_claims | 2028Q4 / base | 22.75 USD_millions | derived: No discretionary repurchase assumption; not additional operating expense. Formula: sum(base_2028q4_preferred_cash, base_2028q4_award_cash). |
| Cash after preferred and award claims base_2028q4_cash_after_claims | 2028Q4 / base | 109.70 USD_millions | derived: Before discretionary repurchases, new financing and preferred redemption/conversion. Formula: subtract(base_2028q4_company_fcf, base_2028q4_financing_claims). |
| Revenue ($M) base_fy2027_revenue | FY2027 / base | 1,290.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, base_2027q3_revenue, base_2027q4_revenue). |
| GAAP gross profit proxy ($M) base_fy2027_gross_profit | FY2027 / base | 1,022.86 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, base_2027q3_gross_profit, base_2027q4_gross_profit). |
| Non-GAAP operating income ($M) base_fy2027_non_gaap_op | FY2027 / base | 361.20 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_non_gaap_op, base_2027q3_non_gaap_op, base_2027q4_non_gaap_op). |
| GAAP operating income ($M) base_fy2027_operating_income | FY2027 / base | 122.55 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, base_2027q3_operating_income, base_2027q4_operating_income). |
| Operating cash flow ($M) base_fy2027_cfo | FY2027 / base | 406.72 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, base_2027q3_cfo, base_2027q4_cfo). |
| PP&E cash purchases ($M) base_fy2027_capex | FY2027 / base | 2.89 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, base_2027q3_capex, base_2027q4_capex). |
| Capitalized software cash ($M) base_fy2027_software | FY2027 / base | 43.32 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_software, base_2027q3_software, base_2027q4_software). |
| CFO less PP&E ($M) base_fy2027_fcf | FY2027 / base | 403.83 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, base_2027q3_fcf, base_2027q4_fcf). |
| CFO less PP&E and software ($M) base_fy2027_company_fcf | FY2027 / base | 360.51 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_company_fcf, base_2027q3_company_fcf, base_2027q4_company_fcf). |
| Cash after preferred dividends and awards ($M) base_fy2027_cash_after_claims | FY2027 / base | 270.66 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_claims, base_2027q3_cash_after_claims, base_2027q4_cash_after_claims). |
| Revenue ($M) base_fy2028_revenue | FY2028 / base | 1,444.80 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). |
| GAAP gross profit proxy ($M) base_fy2028_gross_profit | FY2028 / base | 1,149.41 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_gross_profit, base_2028q2_gross_profit, base_2028q3_gross_profit, base_2028q4_gross_profit). |
| Non-GAAP operating income ($M) base_fy2028_non_gaap_op | FY2028 / base | 418.99 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_non_gaap_op, base_2028q2_non_gaap_op, base_2028q3_non_gaap_op, base_2028q4_non_gaap_op). |
| GAAP operating income ($M) base_fy2028_operating_income | FY2028 / base | 151.70 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_operating_income, base_2028q2_operating_income, base_2028q3_operating_income, base_2028q4_operating_income). |
| Operating cash flow ($M) base_fy2028_cfo | FY2028 / base | 482.36 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 ($M) base_fy2028_capex | FY2028 / base | 3.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_capex, base_2028q2_capex, base_2028q3_capex, base_2028q4_capex). |
| Capitalized software cash ($M) base_fy2028_software | FY2028 / base | 51.00 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 ($M) base_fy2028_fcf | FY2028 / base | 479.36 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_fcf, base_2028q2_fcf, base_2028q3_fcf, base_2028q4_fcf). |
| CFO less PP&E and software ($M) base_fy2028_company_fcf | FY2028 / base | 428.36 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_company_fcf, base_2028q2_company_fcf, base_2028q3_company_fcf, base_2028q4_company_fcf). |
| Cash after preferred dividends and awards ($M) base_fy2028_cash_after_claims | FY2028 / base | 337.36 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_cash_after_claims, base_2028q2_cash_after_claims, base_2028q3_cash_after_claims, base_2028q4_cash_after_claims). |
| FY2027 delivery / guide upside_delivery | FY2027 / upside | 102.5% ratio | assumption: Desk nominal revenue sensitivity. |
| FY2027 revenue target upside_annual_revenue_target | FY2027 / upside | 1,322.25 USD_millions | derived: Already includes management FX outlook. Formula: multiply(annual_guide, upside_delivery). |
| FY2027 operating_income margin upside_operating_income_margin | FY2027 / upside | 10.5% ratio | assumption: Base aligns with guidance; cases are desk sensitivities. |
| FY2027 operating_income target upside_annual_operating_income_target | FY2027 / upside | 138.84 USD_millions | derived: Annual operating margin on nominal revenue. Formula: multiply(upside_annual_revenue_target, upside_operating_income_margin). |
| FY2027 non_gaap_op margin upside_non_gaap_op_margin | FY2027 / upside | 29.0% ratio | assumption: Base aligns with guidance; cases are desk sensitivities. |
| FY2027 non_gaap_op target upside_annual_non_gaap_op_target | FY2027 / upside | 383.45 USD_millions | derived: Annual operating margin on nominal revenue. Formula: multiply(upside_annual_revenue_target, upside_non_gaap_op_margin). |
| Revenue upside_2027q3_revenue | 2027Q3 / upside | 337.22 USD_millions | derived: Q3 guide with desk delivery sensitivity. Formula: multiply(q3_guide, upside_delivery). |
| Gross margin after cloud and AI cost upside_2027q3_gross_margin | 2027Q3 / upside | 80.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit upside_2027q3_gross_profit | 2027Q3 / upside | 269.78 USD_millions | derived: Includes ordinary COGS equity compensation and software amortization. Formula: multiply(upside_2027q3_revenue, upside_2027q3_gross_margin). |
| GAAP operating margin upside_2027q3_gaap_margin | 2027Q3 / upside | 11.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP operating income upside_2027q3_operating_income | 2027Q3 / upside | 37.09 USD_millions | derived: Q3 base equals 10%; FY2028 is a desk cost/scale sensitivity. Formula: multiply(upside_2027q3_revenue, upside_2027q3_gaap_margin). |
| Non-GAAP operating margin upside_2027q3_non_gaap_margin | 2027Q3 / upside | 29.0% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP operating income upside_2027q3_non_gaap_op | 2027Q3 / upside | 97.80 USD_millions | derived: Q3 base equals 28%; later scenarios include operating leverage. Formula: multiply(upside_2027q3_revenue, upside_2027q3_non_gaap_margin). |
| Non-GAAP to GAAP expense gap upside_2027q3_excluded_costs | 2027Q3 / upside | 60.70 USD_millions | derived: Includes both cash and noncash items. Formula: subtract(upside_2027q3_non_gaap_op, upside_2027q3_operating_income). |
| Acquired amortization upside_2027q3_acquired_amort | 2027Q3 / upside | 0.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash litigation/reorganization allowance upside_2027q3_special_cash | 2027Q3 / upside | 0.40 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquired amortization and cash special costs upside_2027q3_non_sbc_adjustments | 2027Q3 / upside | 0.70 USD_millions | derived: Cash special costs are not added back in CFO. Formula: sum(upside_2027q3_acquired_amort, upside_2027q3_special_cash). |
| Implied ordinary SBC upside_2027q3_sbc | 2027Q3 / upside | 60.00 USD_millions | derived: Residual to guided GAAP bridge; not independent management SBC guidance. Formula: subtract(upside_2027q3_excluded_costs, upside_2027q3_non_sbc_adjustments). |
| Commission cash / sales upside_2027q3_commission_rate | 2027Q3 / upside | 4.2% ratio | assumption: Desk assumption, not company guidance. |
| Deferred commission cash upside_2027q3_commission_cash | 2027Q3 / upside | 14.16 USD_millions | derived: Cash acquisition cost separate from amortization expense. Formula: multiply(upside_2027q3_revenue, upside_2027q3_commission_rate). |
| Depreciation and amortization upside_2027q3_da | 2027Q3 / upside | 10.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Commission amortization upside_2027q3_commission_amort | 2027Q3 / upside | 14.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Net deferred revenue cash source upside_2027q3_deferred_funding | 2027Q3 / upside | -5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Net interest cash upside_2027q3_net_interest_cash | 2027Q3 / upside | 1.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before commissions, taxes and receivable timing upside_2027q3_cash_before_uses | 2027Q3 / upside | 117.19 USD_millions | derived: Net interest is an even-period proxy; coupon payments and hedges are not a full cash calendar. Formula: sum(upside_2027q3_operating_income, upside_2027q3_sbc, upside_2027q3_da, upside_2027q3_commission_amort, upside_2027q3_deferred_funding, upside_2027q3_net_interest_cash). |
| Cash taxes upside_2027q3_cash_tax | 2027Q3 / upside | 5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Receivable and other operating cash use upside_2027q3_receivable_use | 2027Q3 / upside | 20.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Commission, tax and working capital uses upside_2027q3_cash_uses | 2027Q3 / upside | 39.16 USD_millions | derived: Negative receivable use represents seasonal collections; no permanent advance-funding assumption. Formula: sum(upside_2027q3_commission_cash, upside_2027q3_cash_tax, upside_2027q3_receivable_use). |
| Operating cash flow upside_2027q3_cfo | 2027Q3 / upside | 78.03 USD_millions | derived: Cash special costs remain in GAAP profit; noncash costs reverse once. Formula: subtract(upside_2027q3_cash_before_uses, upside_2027q3_cash_uses). |
| PP&E cash purchases upside_2027q3_capex | 2027Q3 / upside | 0.75 USD_millions | assumption: Desk assumption, not company guidance. |
| Capitalized software cash upside_2027q3_software | 2027Q3 / upside | 11.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E upside_2027q3_fcf | 2027Q3 / upside | 77.28 USD_millions | derived: PP&E-only historical scope. Formula: subtract(upside_2027q3_cfo, upside_2027q3_capex). |
| Cash after PP&E and software upside_2027q3_company_fcf | 2027Q3 / upside | 66.28 USD_millions | derived: Company FCF scope before preferred and award financing claims. Formula: subtract(upside_2027q3_fcf, upside_2027q3_software). |
| Preferred cash dividend upside_2027q3_preferred_cash | 2027Q3 / upside | 3.75 USD_millions | assumption: Desk continuation of recent quarterly payment; conversion/redemption could alter it. |
| Employee award withholding upside_2027q3_award_cash | 2027Q3 / upside | 20.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Preferred cash dividend and employee taxes upside_2027q3_financing_claims | 2027Q3 / upside | 23.75 USD_millions | derived: No discretionary repurchase assumption; not additional operating expense. Formula: sum(upside_2027q3_preferred_cash, upside_2027q3_award_cash). |
| Cash after preferred and award claims upside_2027q3_cash_after_claims | 2027Q3 / upside | 42.53 USD_millions | derived: Before discretionary repurchases, new financing and preferred redemption/conversion. Formula: subtract(upside_2027q3_company_fcf, upside_2027q3_financing_claims). |
| H1 plus Q3 revenue upside_2027q4_reported_plus_q3 | 2027Q4 / upside | 964.31 USD_millions | derived: Known H1 plus modeled Q3. Formula: sum(h1_revenue, upside_2027q3_revenue). |
| Revenue upside_2027q4_revenue | 2027Q4 / upside | 357.94 USD_millions | derived: Residual needed to meet current annual scenario. Formula: subtract(upside_annual_revenue_target, upside_2027q4_reported_plus_q3). |
| Gross margin after cloud and AI cost upside_2027q4_gross_margin | 2027Q4 / upside | 80.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit upside_2027q4_gross_profit | 2027Q4 / upside | 286.35 USD_millions | derived: Includes ordinary COGS equity compensation and software amortization. Formula: multiply(upside_2027q4_revenue, upside_2027q4_gross_margin). |
| H1 plus Q3 operating income upside_2027q4_prior_gaap | 2027Q4 / upside | 97.17 USD_millions | derived: Actual and forecast first nine months. Formula: sum(h1_operating_income, upside_2027q3_operating_income). |
| GAAP operating income upside_2027q4_operating_income | 2027Q4 / upside | 41.66 USD_millions | derived: Residual to annual guided-margin scenario. Formula: subtract(upside_annual_operating_income_target, upside_2027q4_prior_gaap). |
| H1 plus Q3 adjusted operating income upside_2027q4_prior_non_gaap | 2027Q4 / upside | 276.97 USD_millions | derived: Actual and forecast first nine months. Formula: sum(h1_non_gaap_op, upside_2027q3_non_gaap_op). |
| Non-GAAP operating income upside_2027q4_non_gaap_op | 2027Q4 / upside | 106.48 USD_millions | derived: Residual to annual non-GAAP scenario. Formula: subtract(upside_annual_non_gaap_op_target, upside_2027q4_prior_non_gaap). |
| Non-GAAP to GAAP expense gap upside_2027q4_excluded_costs | 2027Q4 / upside | 64.82 USD_millions | derived: Includes both cash and noncash items. Formula: subtract(upside_2027q4_non_gaap_op, upside_2027q4_operating_income). |
| Acquired amortization upside_2027q4_acquired_amort | 2027Q4 / upside | 0.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash litigation/reorganization allowance upside_2027q4_special_cash | 2027Q4 / upside | 0.40 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquired amortization and cash special costs upside_2027q4_non_sbc_adjustments | 2027Q4 / upside | 0.70 USD_millions | derived: Cash special costs are not added back in CFO. Formula: sum(upside_2027q4_acquired_amort, upside_2027q4_special_cash). |
| Implied ordinary SBC upside_2027q4_sbc | 2027Q4 / upside | 64.11 USD_millions | derived: Residual to guided GAAP bridge; not independent management SBC guidance. Formula: subtract(upside_2027q4_excluded_costs, upside_2027q4_non_sbc_adjustments). |
| Commission cash / sales upside_2027q4_commission_rate | 2027Q4 / upside | 4.2% ratio | assumption: Desk assumption, not company guidance. |
| Deferred commission cash upside_2027q4_commission_cash | 2027Q4 / upside | 15.03 USD_millions | derived: Cash acquisition cost separate from amortization expense. Formula: multiply(upside_2027q4_revenue, upside_2027q4_commission_rate). |
| Depreciation and amortization upside_2027q4_da | 2027Q4 / upside | 10.40 USD_millions | assumption: Desk assumption, not company guidance. |
| Commission amortization upside_2027q4_commission_amort | 2027Q4 / upside | 14.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Net deferred revenue cash source upside_2027q4_deferred_funding | 2027Q4 / upside | 90.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Net interest cash upside_2027q4_net_interest_cash | 2027Q4 / upside | 1.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before commissions, taxes and receivable timing upside_2027q4_cash_before_uses | 2027Q4 / upside | 221.58 USD_millions | derived: Net interest is an even-period proxy; coupon payments and hedges are not a full cash calendar. Formula: sum(upside_2027q4_operating_income, upside_2027q4_sbc, upside_2027q4_da, upside_2027q4_commission_amort, upside_2027q4_deferred_funding, upside_2027q4_net_interest_cash). |
| Cash taxes upside_2027q4_cash_tax | 2027Q4 / upside | 6.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Receivable and other operating cash use upside_2027q4_receivable_use | 2027Q4 / upside | 60.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Commission, tax and working capital uses upside_2027q4_cash_uses | 2027Q4 / upside | 81.03 USD_millions | derived: Negative receivable use represents seasonal collections; no permanent advance-funding assumption. Formula: sum(upside_2027q4_commission_cash, upside_2027q4_cash_tax, upside_2027q4_receivable_use). |
| Operating cash flow upside_2027q4_cfo | 2027Q4 / upside | 140.54 USD_millions | derived: Cash special costs remain in GAAP profit; noncash costs reverse once. Formula: subtract(upside_2027q4_cash_before_uses, upside_2027q4_cash_uses). |
| PP&E cash purchases upside_2027q4_capex | 2027Q4 / upside | 0.75 USD_millions | assumption: Desk assumption, not company guidance. |
| Capitalized software cash upside_2027q4_software | 2027Q4 / upside | 11.50 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E upside_2027q4_fcf | 2027Q4 / upside | 139.79 USD_millions | derived: PP&E-only historical scope. Formula: subtract(upside_2027q4_cfo, upside_2027q4_capex). |
| Cash after PP&E and software upside_2027q4_company_fcf | 2027Q4 / upside | 128.29 USD_millions | derived: Company FCF scope before preferred and award financing claims. Formula: subtract(upside_2027q4_fcf, upside_2027q4_software). |
| Preferred cash dividend upside_2027q4_preferred_cash | 2027Q4 / upside | 3.75 USD_millions | assumption: Desk continuation of recent quarterly payment; conversion/redemption could alter it. |
| Employee award withholding upside_2027q4_award_cash | 2027Q4 / upside | 20.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Preferred cash dividend and employee taxes upside_2027q4_financing_claims | 2027Q4 / upside | 23.75 USD_millions | derived: No discretionary repurchase assumption; not additional operating expense. Formula: sum(upside_2027q4_preferred_cash, upside_2027q4_award_cash). |
| Cash after preferred and award claims upside_2027q4_cash_after_claims | 2027Q4 / upside | 104.54 USD_millions | derived: Before discretionary repurchases, new financing and preferred redemption/conversion. Formula: subtract(upside_2027q4_company_fcf, upside_2027q4_financing_claims). |
| Customer expansion multiplier upside_2028q1_annual_growth | 2028Q1 / upside | 117.0% ratio | assumption: Desk assumption, not company guidance. |
| Quarter share of FY2028 upside_2028q1_year_share | 2028Q1 / upside | 23.5% ratio | assumption: Desk assumption, not company guidance. |
| Revenue at constant currency reference upside_2028q1_revenue_before_fx | 2028Q1 / upside | 363.55 USD_millions | derived: Desk customer expansion and seasonality, not net-retention multiplication. Formula: multiply(upside_annual_revenue_target, upside_2028q1_annual_growth, upside_2028q1_year_share). |
| Reported currency / reference currency upside_2028q1_fx_factor | 2028Q1 / upside | 102.0% ratio | assumption: Desk assumption, not company guidance. |
| Revenue upside_2028q1_revenue | 2028Q1 / upside | 370.82 USD_millions | derived: Independent future currency sensitivity. Formula: multiply(upside_2028q1_revenue_before_fx, upside_2028q1_fx_factor). |
| Gross margin after cloud and AI cost upside_2028q1_gross_margin | 2028Q1 / upside | 80.1% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit upside_2028q1_gross_profit | 2028Q1 / upside | 297.03 USD_millions | derived: Includes ordinary COGS equity compensation and software amortization. Formula: multiply(upside_2028q1_revenue, upside_2028q1_gross_margin). |
| GAAP operating margin upside_2028q1_gaap_margin | 2028Q1 / upside | 11.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP operating income upside_2028q1_operating_income | 2028Q1 / upside | 42.64 USD_millions | derived: Q3 base equals 10%; FY2028 is a desk cost/scale sensitivity. Formula: multiply(upside_2028q1_revenue, upside_2028q1_gaap_margin). |
| Non-GAAP operating margin upside_2028q1_non_gaap_margin | 2028Q1 / upside | 30.0% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP operating income upside_2028q1_non_gaap_op | 2028Q1 / upside | 111.25 USD_millions | derived: Q3 base equals 28%; later scenarios include operating leverage. Formula: multiply(upside_2028q1_revenue, upside_2028q1_non_gaap_margin). |
| Non-GAAP to GAAP expense gap upside_2028q1_excluded_costs | 2028Q1 / upside | 68.60 USD_millions | derived: Includes both cash and noncash items. Formula: subtract(upside_2028q1_non_gaap_op, upside_2028q1_operating_income). |
| Acquired amortization upside_2028q1_acquired_amort | 2028Q1 / upside | 0.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash litigation/reorganization allowance upside_2028q1_special_cash | 2028Q1 / upside | 0.40 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquired amortization and cash special costs upside_2028q1_non_sbc_adjustments | 2028Q1 / upside | 0.70 USD_millions | derived: Cash special costs are not added back in CFO. Formula: sum(upside_2028q1_acquired_amort, upside_2028q1_special_cash). |
| Implied ordinary SBC upside_2028q1_sbc | 2028Q1 / upside | 67.90 USD_millions | derived: Residual to guided GAAP bridge; not independent management SBC guidance. Formula: subtract(upside_2028q1_excluded_costs, upside_2028q1_non_sbc_adjustments). |
| Commission cash / sales upside_2028q1_commission_rate | 2028Q1 / upside | 4.2% ratio | assumption: Desk assumption, not company guidance. |
| Deferred commission cash upside_2028q1_commission_cash | 2028Q1 / upside | 15.57 USD_millions | derived: Cash acquisition cost separate from amortization expense. Formula: multiply(upside_2028q1_revenue, upside_2028q1_commission_rate). |
| Depreciation and amortization upside_2028q1_da | 2028Q1 / upside | 10.80 USD_millions | assumption: Desk assumption, not company guidance. |
| Commission amortization upside_2028q1_commission_amort | 2028Q1 / upside | 14.60 USD_millions | assumption: Desk assumption, not company guidance. |
| Net deferred revenue cash source upside_2028q1_deferred_funding | 2028Q1 / upside | -50.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Net interest cash upside_2028q1_net_interest_cash | 2028Q1 / upside | 1.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before commissions, taxes and receivable timing upside_2028q1_cash_before_uses | 2028Q1 / upside | 87.04 USD_millions | derived: Net interest is an even-period proxy; coupon payments and hedges are not a full cash calendar. Formula: sum(upside_2028q1_operating_income, upside_2028q1_sbc, upside_2028q1_da, upside_2028q1_commission_amort, upside_2028q1_deferred_funding, upside_2028q1_net_interest_cash). |
| Cash taxes upside_2028q1_cash_tax | 2028Q1 / upside | 7.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Receivable and other operating cash use upside_2028q1_receivable_use | 2028Q1 / upside | -110.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Commission, tax and working capital uses upside_2028q1_cash_uses | 2028Q1 / upside | -87.43 USD_millions | derived: Negative receivable use represents seasonal collections; no permanent advance-funding assumption. Formula: sum(upside_2028q1_commission_cash, upside_2028q1_cash_tax, upside_2028q1_receivable_use). |
| Operating cash flow upside_2028q1_cfo | 2028Q1 / upside | 174.47 USD_millions | derived: Cash special costs remain in GAAP profit; noncash costs reverse once. Formula: subtract(upside_2028q1_cash_before_uses, upside_2028q1_cash_uses). |
| PP&E cash purchases upside_2028q1_capex | 2028Q1 / upside | 0.75 USD_millions | assumption: Desk assumption, not company guidance. |
| Capitalized software cash upside_2028q1_software | 2028Q1 / upside | 12.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E upside_2028q1_fcf | 2028Q1 / upside | 173.72 USD_millions | derived: PP&E-only historical scope. Formula: subtract(upside_2028q1_cfo, upside_2028q1_capex). |
| Cash after PP&E and software upside_2028q1_company_fcf | 2028Q1 / upside | 161.72 USD_millions | derived: Company FCF scope before preferred and award financing claims. Formula: subtract(upside_2028q1_fcf, upside_2028q1_software). |
| Preferred cash dividend upside_2028q1_preferred_cash | 2028Q1 / upside | 3.75 USD_millions | assumption: Desk continuation of recent quarterly payment; conversion/redemption could alter it. |
| Employee award withholding upside_2028q1_award_cash | 2028Q1 / upside | 20.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Preferred cash dividend and employee taxes upside_2028q1_financing_claims | 2028Q1 / upside | 23.75 USD_millions | derived: No discretionary repurchase assumption; not additional operating expense. Formula: sum(upside_2028q1_preferred_cash, upside_2028q1_award_cash). |
| Cash after preferred and award claims upside_2028q1_cash_after_claims | 2028Q1 / upside | 137.97 USD_millions | derived: Before discretionary repurchases, new financing and preferred redemption/conversion. Formula: subtract(upside_2028q1_company_fcf, upside_2028q1_financing_claims). |
| Customer expansion multiplier upside_2028q2_annual_growth | 2028Q2 / upside | 117.0% ratio | assumption: Desk assumption, not company guidance. |
| Quarter share of FY2028 upside_2028q2_year_share | 2028Q2 / upside | 24.5% ratio | assumption: Desk assumption, not company guidance. |
| Revenue at constant currency reference upside_2028q2_revenue_before_fx | 2028Q2 / upside | 379.02 USD_millions | derived: Desk customer expansion and seasonality, not net-retention multiplication. Formula: multiply(upside_annual_revenue_target, upside_2028q2_annual_growth, upside_2028q2_year_share). |
| Reported currency / reference currency upside_2028q2_fx_factor | 2028Q2 / upside | 102.0% ratio | assumption: Desk assumption, not company guidance. |
| Revenue upside_2028q2_revenue | 2028Q2 / upside | 386.60 USD_millions | derived: Independent future currency sensitivity. Formula: multiply(upside_2028q2_revenue_before_fx, upside_2028q2_fx_factor). |
| Gross margin after cloud and AI cost upside_2028q2_gross_margin | 2028Q2 / upside | 80.2% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit upside_2028q2_gross_profit | 2028Q2 / upside | 310.06 USD_millions | derived: Includes ordinary COGS equity compensation and software amortization. Formula: multiply(upside_2028q2_revenue, upside_2028q2_gross_margin). |
| GAAP operating margin upside_2028q2_gaap_margin | 2028Q2 / upside | 11.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP operating income upside_2028q2_operating_income | 2028Q2 / upside | 44.46 USD_millions | derived: Q3 base equals 10%; FY2028 is a desk cost/scale sensitivity. Formula: multiply(upside_2028q2_revenue, upside_2028q2_gaap_margin). |
| Non-GAAP operating margin upside_2028q2_non_gaap_margin | 2028Q2 / upside | 30.0% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP operating income upside_2028q2_non_gaap_op | 2028Q2 / upside | 115.98 USD_millions | derived: Q3 base equals 28%; later scenarios include operating leverage. Formula: multiply(upside_2028q2_revenue, upside_2028q2_non_gaap_margin). |
| Non-GAAP to GAAP expense gap upside_2028q2_excluded_costs | 2028Q2 / upside | 71.52 USD_millions | derived: Includes both cash and noncash items. Formula: subtract(upside_2028q2_non_gaap_op, upside_2028q2_operating_income). |
| Acquired amortization upside_2028q2_acquired_amort | 2028Q2 / upside | 0.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash litigation/reorganization allowance upside_2028q2_special_cash | 2028Q2 / upside | 0.40 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquired amortization and cash special costs upside_2028q2_non_sbc_adjustments | 2028Q2 / upside | 0.70 USD_millions | derived: Cash special costs are not added back in CFO. Formula: sum(upside_2028q2_acquired_amort, upside_2028q2_special_cash). |
| Implied ordinary SBC upside_2028q2_sbc | 2028Q2 / upside | 70.82 USD_millions | derived: Residual to guided GAAP bridge; not independent management SBC guidance. Formula: subtract(upside_2028q2_excluded_costs, upside_2028q2_non_sbc_adjustments). |
| Commission cash / sales upside_2028q2_commission_rate | 2028Q2 / upside | 4.2% ratio | assumption: Desk assumption, not company guidance. |
| Deferred commission cash upside_2028q2_commission_cash | 2028Q2 / upside | 16.24 USD_millions | derived: Cash acquisition cost separate from amortization expense. Formula: multiply(upside_2028q2_revenue, upside_2028q2_commission_rate). |
| Depreciation and amortization upside_2028q2_da | 2028Q2 / upside | 11.20 USD_millions | assumption: Desk assumption, not company guidance. |
| Commission amortization upside_2028q2_commission_amort | 2028Q2 / upside | 14.90 USD_millions | assumption: Desk assumption, not company guidance. |
| Net deferred revenue cash source upside_2028q2_deferred_funding | 2028Q2 / upside | -10.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Net interest cash upside_2028q2_net_interest_cash | 2028Q2 / upside | 1.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before commissions, taxes and receivable timing upside_2028q2_cash_before_uses | 2028Q2 / upside | 132.48 USD_millions | derived: Net interest is an even-period proxy; coupon payments and hedges are not a full cash calendar. Formula: sum(upside_2028q2_operating_income, upside_2028q2_sbc, upside_2028q2_da, upside_2028q2_commission_amort, upside_2028q2_deferred_funding, upside_2028q2_net_interest_cash). |
| Cash taxes upside_2028q2_cash_tax | 2028Q2 / upside | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Receivable and other operating cash use upside_2028q2_receivable_use | 2028Q2 / upside | 5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Commission, tax and working capital uses upside_2028q2_cash_uses | 2028Q2 / upside | 29.24 USD_millions | derived: Negative receivable use represents seasonal collections; no permanent advance-funding assumption. Formula: sum(upside_2028q2_commission_cash, upside_2028q2_cash_tax, upside_2028q2_receivable_use). |
| Operating cash flow upside_2028q2_cfo | 2028Q2 / upside | 103.24 USD_millions | derived: Cash special costs remain in GAAP profit; noncash costs reverse once. Formula: subtract(upside_2028q2_cash_before_uses, upside_2028q2_cash_uses). |
| PP&E cash purchases upside_2028q2_capex | 2028Q2 / upside | 0.75 USD_millions | assumption: Desk assumption, not company guidance. |
| Capitalized software cash upside_2028q2_software | 2028Q2 / upside | 12.50 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E upside_2028q2_fcf | 2028Q2 / upside | 102.49 USD_millions | derived: PP&E-only historical scope. Formula: subtract(upside_2028q2_cfo, upside_2028q2_capex). |
| Cash after PP&E and software upside_2028q2_company_fcf | 2028Q2 / upside | 89.99 USD_millions | derived: Company FCF scope before preferred and award financing claims. Formula: subtract(upside_2028q2_fcf, upside_2028q2_software). |
| Preferred cash dividend upside_2028q2_preferred_cash | 2028Q2 / upside | 3.75 USD_millions | assumption: Desk continuation of recent quarterly payment; conversion/redemption could alter it. |
| Employee award withholding upside_2028q2_award_cash | 2028Q2 / upside | 20.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Preferred cash dividend and employee taxes upside_2028q2_financing_claims | 2028Q2 / upside | 23.75 USD_millions | derived: No discretionary repurchase assumption; not additional operating expense. Formula: sum(upside_2028q2_preferred_cash, upside_2028q2_award_cash). |
| Cash after preferred and award claims upside_2028q2_cash_after_claims | 2028Q2 / upside | 66.24 USD_millions | derived: Before discretionary repurchases, new financing and preferred redemption/conversion. Formula: subtract(upside_2028q2_company_fcf, upside_2028q2_financing_claims). |
| Customer expansion multiplier upside_2028q3_annual_growth | 2028Q3 / upside | 117.0% ratio | assumption: Desk assumption, not company guidance. |
| Quarter share of FY2028 upside_2028q3_year_share | 2028Q3 / upside | 25.5% ratio | assumption: Desk assumption, not company guidance. |
| Revenue at constant currency reference upside_2028q3_revenue_before_fx | 2028Q3 / upside | 394.49 USD_millions | derived: Desk customer expansion and seasonality, not net-retention multiplication. Formula: multiply(upside_annual_revenue_target, upside_2028q3_annual_growth, upside_2028q3_year_share). |
| Reported currency / reference currency upside_2028q3_fx_factor | 2028Q3 / upside | 102.0% ratio | assumption: Desk assumption, not company guidance. |
| Revenue upside_2028q3_revenue | 2028Q3 / upside | 402.38 USD_millions | derived: Independent future currency sensitivity. Formula: multiply(upside_2028q3_revenue_before_fx, upside_2028q3_fx_factor). |
| Gross margin after cloud and AI cost upside_2028q3_gross_margin | 2028Q3 / upside | 80.3% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit upside_2028q3_gross_profit | 2028Q3 / upside | 323.11 USD_millions | derived: Includes ordinary COGS equity compensation and software amortization. Formula: multiply(upside_2028q3_revenue, upside_2028q3_gross_margin). |
| GAAP operating margin upside_2028q3_gaap_margin | 2028Q3 / upside | 11.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP operating income upside_2028q3_operating_income | 2028Q3 / upside | 46.27 USD_millions | derived: Q3 base equals 10%; FY2028 is a desk cost/scale sensitivity. Formula: multiply(upside_2028q3_revenue, upside_2028q3_gaap_margin). |
| Non-GAAP operating margin upside_2028q3_non_gaap_margin | 2028Q3 / upside | 30.0% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP operating income upside_2028q3_non_gaap_op | 2028Q3 / upside | 120.71 USD_millions | derived: Q3 base equals 28%; later scenarios include operating leverage. Formula: multiply(upside_2028q3_revenue, upside_2028q3_non_gaap_margin). |
| Non-GAAP to GAAP expense gap upside_2028q3_excluded_costs | 2028Q3 / upside | 74.44 USD_millions | derived: Includes both cash and noncash items. Formula: subtract(upside_2028q3_non_gaap_op, upside_2028q3_operating_income). |
| Acquired amortization upside_2028q3_acquired_amort | 2028Q3 / upside | 0.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash litigation/reorganization allowance upside_2028q3_special_cash | 2028Q3 / upside | 0.40 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquired amortization and cash special costs upside_2028q3_non_sbc_adjustments | 2028Q3 / upside | 0.70 USD_millions | derived: Cash special costs are not added back in CFO. Formula: sum(upside_2028q3_acquired_amort, upside_2028q3_special_cash). |
| Implied ordinary SBC upside_2028q3_sbc | 2028Q3 / upside | 73.74 USD_millions | derived: Residual to guided GAAP bridge; not independent management SBC guidance. Formula: subtract(upside_2028q3_excluded_costs, upside_2028q3_non_sbc_adjustments). |
| Commission cash / sales upside_2028q3_commission_rate | 2028Q3 / upside | 4.2% ratio | assumption: Desk assumption, not company guidance. |
| Deferred commission cash upside_2028q3_commission_cash | 2028Q3 / upside | 16.90 USD_millions | derived: Cash acquisition cost separate from amortization expense. Formula: multiply(upside_2028q3_revenue, upside_2028q3_commission_rate). |
| Depreciation and amortization upside_2028q3_da | 2028Q3 / upside | 11.60 USD_millions | assumption: Desk assumption, not company guidance. |
| Commission amortization upside_2028q3_commission_amort | 2028Q3 / upside | 15.20 USD_millions | assumption: Desk assumption, not company guidance. |
| Net deferred revenue cash source upside_2028q3_deferred_funding | 2028Q3 / upside | -5.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Net interest cash upside_2028q3_net_interest_cash | 2028Q3 / upside | 1.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before commissions, taxes and receivable timing upside_2028q3_cash_before_uses | 2028Q3 / upside | 142.91 USD_millions | derived: Net interest is an even-period proxy; coupon payments and hedges are not a full cash calendar. Formula: sum(upside_2028q3_operating_income, upside_2028q3_sbc, upside_2028q3_da, upside_2028q3_commission_amort, upside_2028q3_deferred_funding, upside_2028q3_net_interest_cash). |
| Cash taxes upside_2028q3_cash_tax | 2028Q3 / upside | 9.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Receivable and other operating cash use upside_2028q3_receivable_use | 2028Q3 / upside | 20.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Commission, tax and working capital uses upside_2028q3_cash_uses | 2028Q3 / upside | 45.90 USD_millions | derived: Negative receivable use represents seasonal collections; no permanent advance-funding assumption. Formula: sum(upside_2028q3_commission_cash, upside_2028q3_cash_tax, upside_2028q3_receivable_use). |
| Operating cash flow upside_2028q3_cfo | 2028Q3 / upside | 97.01 USD_millions | derived: Cash special costs remain in GAAP profit; noncash costs reverse once. Formula: subtract(upside_2028q3_cash_before_uses, upside_2028q3_cash_uses). |
| PP&E cash purchases upside_2028q3_capex | 2028Q3 / upside | 0.75 USD_millions | assumption: Desk assumption, not company guidance. |
| Capitalized software cash upside_2028q3_software | 2028Q3 / upside | 13.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E upside_2028q3_fcf | 2028Q3 / upside | 96.26 USD_millions | derived: PP&E-only historical scope. Formula: subtract(upside_2028q3_cfo, upside_2028q3_capex). |
| Cash after PP&E and software upside_2028q3_company_fcf | 2028Q3 / upside | 83.26 USD_millions | derived: Company FCF scope before preferred and award financing claims. Formula: subtract(upside_2028q3_fcf, upside_2028q3_software). |
| Preferred cash dividend upside_2028q3_preferred_cash | 2028Q3 / upside | 3.75 USD_millions | assumption: Desk continuation of recent quarterly payment; conversion/redemption could alter it. |
| Employee award withholding upside_2028q3_award_cash | 2028Q3 / upside | 20.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Preferred cash dividend and employee taxes upside_2028q3_financing_claims | 2028Q3 / upside | 23.75 USD_millions | derived: No discretionary repurchase assumption; not additional operating expense. Formula: sum(upside_2028q3_preferred_cash, upside_2028q3_award_cash). |
| Cash after preferred and award claims upside_2028q3_cash_after_claims | 2028Q3 / upside | 59.51 USD_millions | derived: Before discretionary repurchases, new financing and preferred redemption/conversion. Formula: subtract(upside_2028q3_company_fcf, upside_2028q3_financing_claims). |
| Customer expansion multiplier upside_2028q4_annual_growth | 2028Q4 / upside | 117.0% ratio | assumption: Desk assumption, not company guidance. |
| Quarter share of FY2028 upside_2028q4_year_share | 2028Q4 / upside | 26.5% ratio | assumption: Desk assumption, not company guidance. |
| Revenue at constant currency reference upside_2028q4_revenue_before_fx | 2028Q4 / upside | 409.96 USD_millions | derived: Desk customer expansion and seasonality, not net-retention multiplication. Formula: multiply(upside_annual_revenue_target, upside_2028q4_annual_growth, upside_2028q4_year_share). |
| Reported currency / reference currency upside_2028q4_fx_factor | 2028Q4 / upside | 102.0% ratio | assumption: Desk assumption, not company guidance. |
| Revenue upside_2028q4_revenue | 2028Q4 / upside | 418.16 USD_millions | derived: Independent future currency sensitivity. Formula: multiply(upside_2028q4_revenue_before_fx, upside_2028q4_fx_factor). |
| Gross margin after cloud and AI cost upside_2028q4_gross_margin | 2028Q4 / upside | 80.4% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit upside_2028q4_gross_profit | 2028Q4 / upside | 336.20 USD_millions | derived: Includes ordinary COGS equity compensation and software amortization. Formula: multiply(upside_2028q4_revenue, upside_2028q4_gross_margin). |
| GAAP operating margin upside_2028q4_gaap_margin | 2028Q4 / upside | 11.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP operating income upside_2028q4_operating_income | 2028Q4 / upside | 48.09 USD_millions | derived: Q3 base equals 10%; FY2028 is a desk cost/scale sensitivity. Formula: multiply(upside_2028q4_revenue, upside_2028q4_gaap_margin). |
| Non-GAAP operating margin upside_2028q4_non_gaap_margin | 2028Q4 / upside | 30.0% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP operating income upside_2028q4_non_gaap_op | 2028Q4 / upside | 125.45 USD_millions | derived: Q3 base equals 28%; later scenarios include operating leverage. Formula: multiply(upside_2028q4_revenue, upside_2028q4_non_gaap_margin). |
| Non-GAAP to GAAP expense gap upside_2028q4_excluded_costs | 2028Q4 / upside | 77.36 USD_millions | derived: Includes both cash and noncash items. Formula: subtract(upside_2028q4_non_gaap_op, upside_2028q4_operating_income). |
| Acquired amortization upside_2028q4_acquired_amort | 2028Q4 / upside | 0.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash litigation/reorganization allowance upside_2028q4_special_cash | 2028Q4 / upside | 0.40 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquired amortization and cash special costs upside_2028q4_non_sbc_adjustments | 2028Q4 / upside | 0.70 USD_millions | derived: Cash special costs are not added back in CFO. Formula: sum(upside_2028q4_acquired_amort, upside_2028q4_special_cash). |
| Implied ordinary SBC upside_2028q4_sbc | 2028Q4 / upside | 76.66 USD_millions | derived: Residual to guided GAAP bridge; not independent management SBC guidance. Formula: subtract(upside_2028q4_excluded_costs, upside_2028q4_non_sbc_adjustments). |
| Commission cash / sales upside_2028q4_commission_rate | 2028Q4 / upside | 4.2% ratio | assumption: Desk assumption, not company guidance. |
| Deferred commission cash upside_2028q4_commission_cash | 2028Q4 / upside | 17.56 USD_millions | derived: Cash acquisition cost separate from amortization expense. Formula: multiply(upside_2028q4_revenue, upside_2028q4_commission_rate). |
| Depreciation and amortization upside_2028q4_da | 2028Q4 / upside | 12.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Commission amortization upside_2028q4_commission_amort | 2028Q4 / upside | 15.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Net deferred revenue cash source upside_2028q4_deferred_funding | 2028Q4 / upside | 100.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Net interest cash upside_2028q4_net_interest_cash | 2028Q4 / upside | 1.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before commissions, taxes and receivable timing upside_2028q4_cash_before_uses | 2028Q4 / upside | 253.35 USD_millions | derived: Net interest is an even-period proxy; coupon payments and hedges are not a full cash calendar. Formula: sum(upside_2028q4_operating_income, upside_2028q4_sbc, upside_2028q4_da, upside_2028q4_commission_amort, upside_2028q4_deferred_funding, upside_2028q4_net_interest_cash). |
| Cash taxes upside_2028q4_cash_tax | 2028Q4 / upside | 10.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Receivable and other operating cash use upside_2028q4_receivable_use | 2028Q4 / upside | 65.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Commission, tax and working capital uses upside_2028q4_cash_uses | 2028Q4 / upside | 92.56 USD_millions | derived: Negative receivable use represents seasonal collections; no permanent advance-funding assumption. Formula: sum(upside_2028q4_commission_cash, upside_2028q4_cash_tax, upside_2028q4_receivable_use). |
| Operating cash flow upside_2028q4_cfo | 2028Q4 / upside | 160.78 USD_millions | derived: Cash special costs remain in GAAP profit; noncash costs reverse once. Formula: subtract(upside_2028q4_cash_before_uses, upside_2028q4_cash_uses). |
| PP&E cash purchases upside_2028q4_capex | 2028Q4 / upside | 0.75 USD_millions | assumption: Desk assumption, not company guidance. |
| Capitalized software cash upside_2028q4_software | 2028Q4 / upside | 13.50 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E upside_2028q4_fcf | 2028Q4 / upside | 160.03 USD_millions | derived: PP&E-only historical scope. Formula: subtract(upside_2028q4_cfo, upside_2028q4_capex). |
| Cash after PP&E and software upside_2028q4_company_fcf | 2028Q4 / upside | 146.53 USD_millions | derived: Company FCF scope before preferred and award financing claims. Formula: subtract(upside_2028q4_fcf, upside_2028q4_software). |
| Preferred cash dividend upside_2028q4_preferred_cash | 2028Q4 / upside | 3.75 USD_millions | assumption: Desk continuation of recent quarterly payment; conversion/redemption could alter it. |
| Employee award withholding upside_2028q4_award_cash | 2028Q4 / upside | 20.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Preferred cash dividend and employee taxes upside_2028q4_financing_claims | 2028Q4 / upside | 23.75 USD_millions | derived: No discretionary repurchase assumption; not additional operating expense. Formula: sum(upside_2028q4_preferred_cash, upside_2028q4_award_cash). |
| Cash after preferred and award claims upside_2028q4_cash_after_claims | 2028Q4 / upside | 122.78 USD_millions | derived: Before discretionary repurchases, new financing and preferred redemption/conversion. Formula: subtract(upside_2028q4_company_fcf, upside_2028q4_financing_claims). |
| Revenue ($M) upside_fy2027_revenue | FY2027 / upside | 1,322.25 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, upside_2027q3_revenue, upside_2027q4_revenue). |
| GAAP gross profit proxy ($M) upside_fy2027_gross_profit | FY2027 / upside | 1,053.30 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, upside_2027q3_gross_profit, upside_2027q4_gross_profit). |
| Non-GAAP operating income ($M) upside_fy2027_non_gaap_op | FY2027 / upside | 383.45 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_non_gaap_op, upside_2027q3_non_gaap_op, upside_2027q4_non_gaap_op). |
| GAAP operating income ($M) upside_fy2027_operating_income | FY2027 / upside | 138.84 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income). |
| Operating cash flow ($M) upside_fy2027_cfo | FY2027 / upside | 429.61 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, upside_2027q3_cfo, upside_2027q4_cfo). |
| PP&E cash purchases ($M) upside_fy2027_capex | FY2027 / upside | 2.89 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, upside_2027q3_capex, upside_2027q4_capex). |
| Capitalized software cash ($M) upside_fy2027_software | FY2027 / upside | 43.32 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_software, upside_2027q3_software, upside_2027q4_software). |
| CFO less PP&E ($M) upside_fy2027_fcf | FY2027 / upside | 426.72 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, upside_2027q3_fcf, upside_2027q4_fcf). |
| CFO less PP&E and software ($M) upside_fy2027_company_fcf | FY2027 / upside | 383.39 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_company_fcf, upside_2027q3_company_fcf, upside_2027q4_company_fcf). |
| Cash after preferred dividends and awards ($M) upside_fy2027_cash_after_claims | FY2027 / upside | 291.55 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_claims, upside_2027q3_cash_after_claims, upside_2027q4_cash_after_claims). |
| Revenue ($M) upside_fy2028_revenue | FY2028 / upside | 1,577.97 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). |
| GAAP gross profit proxy ($M) upside_fy2028_gross_profit | FY2028 / upside | 1,266.40 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_gross_profit, upside_2028q2_gross_profit, upside_2028q3_gross_profit, upside_2028q4_gross_profit). |
| Non-GAAP operating income ($M) upside_fy2028_non_gaap_op | FY2028 / upside | 473.39 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_non_gaap_op, upside_2028q2_non_gaap_op, upside_2028q3_non_gaap_op, upside_2028q4_non_gaap_op). |
| GAAP operating income ($M) upside_fy2028_operating_income | FY2028 / upside | 181.47 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_operating_income, upside_2028q2_operating_income, upside_2028q3_operating_income, upside_2028q4_operating_income). |
| Operating cash flow ($M) upside_fy2028_cfo | FY2028 / upside | 535.51 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 ($M) upside_fy2028_capex | FY2028 / upside | 3.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_capex, upside_2028q2_capex, upside_2028q3_capex, upside_2028q4_capex). |
| Capitalized software cash ($M) upside_fy2028_software | FY2028 / upside | 51.00 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 ($M) upside_fy2028_fcf | FY2028 / upside | 532.51 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_fcf, upside_2028q2_fcf, upside_2028q3_fcf, upside_2028q4_fcf). |
| CFO less PP&E and software ($M) upside_fy2028_company_fcf | FY2028 / upside | 481.51 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_company_fcf, upside_2028q2_company_fcf, upside_2028q3_company_fcf, upside_2028q4_company_fcf). |
| Cash after preferred dividends and awards ($M) upside_fy2028_cash_after_claims | FY2028 / upside | 386.51 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_cash_after_claims, upside_2028q2_cash_after_claims, upside_2028q3_cash_after_claims, upside_2028q4_cash_after_claims). |
Model boundaries
- Net retention and RPO are demand indicators, not multipliers applied to all reported revenue. The model does not invent a disclosed customer count or AI product revenue split.
- Current-year guidance already includes FX headwinds. FY2028 expansion and FX sensitivities are separate desk assumptions; constant-currency growth is not added to reported-currency guidance.
- Forecast SBC is a residual of the guided GAAP/non-GAAP operating gap after separately modeled acquired amortization and cash special costs, not an independently disclosed compensation forecast.
- Company FCF deducts both PP&E and capitalized software. The historical table uses the PP&E-only feed; forward outputs separately show both scopes.
- The $500M preferred investment, its cash dividend, earnings participation and potential conversion differ from ordinary common equity. No complete two-class EPS or conversion model is supplied.
- The August lease extension adds $283.3M undiscounted base rent from July 2028 through June 2040, with up to $27.5M tenant improvements. It is not an immediate cash purchase or current-horizon capex commitment.
AI content growth after software investment and preferred claims
Does content-platform expansion create recurring cash for common owners after all operating and senior claims?
H1 FY2027 revenue was $627.088M, GAAP operating income $60.077M and non-GAAP operating income $179.176M. CFO $211.036M less PP&E $1.394M and software $20.822M produced $188.820M company FCF. Preferred dividends $7.5M and employee withholding $36.845M reduce that to $144.475M before $185.662M cash repurchases. Consolidated net income $36.947M differs from $25.045M attributable to common stockholders. July cash and investments totaled $444.136M, against $460M convertible principal and the $500M preferred investment. Q3 guidance is approximately $329M revenue with 10% GAAP/28% non-GAAP operating margins; FY2027 $1.290B with 9.5%/28%. The August lease extension adds long-dated rent beginning July 2028, not an immediate $283.3M cash bill.
The competing explanation
AI integrations can attract usage without enough paid expansion to cover delivery and development cost. Annual billing can make cash look stronger than the underlying growth rate. Buybacks and preferred claims may consume cash that adjusted earnings appear to generate.
Risks to track
- Competition, customer renewal and seat changes can weaken expansion.
- AI inference and cloud costs can pressure gross margins.
- Japanese yen exposure and hedging make reported growth differ from constant currency.
- Capitalized software shifts development cash outside CFO.
- Preferred participation, conversion and equity awards complicate common-owner economics.
- Long-term rent and discretionary buybacks reduce future flexibility.
Next checkpoints
- Q3 growth and cost · Quarter ending October 31 (estimated). Compare reported-currency revenue and both operating margins with guidance.
- Cash seasonality · Each quarterly filing (estimated). Separate receivable collections, deferred billing, commissions and software cash.
- Common-owner claims · Capital allocation disclosures (estimated). Reconcile preferred dividends, employee taxes, conversion and repurchase cash.
Data coverage and open work
- No AI product revenue, full EPS or preferred conversion forecast is invented.
- Future FX, cash timing and margin paths are desk scenarios.
- Guidance already incorporates current FX assumptions.
What the memory says
State as of the 2026-09-18 close: in a 120-day uptrend, above its 200-day, near 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 | -1.4 | -0.1 | +1.4 | 46% |
| 5 sessions | -4.6 | -0.1 | +3.5 | 47% |
| 10 sessions | -5.7 | -0.4 | +5.1 | 44% |
Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side.