$CRDO
Business
Credo designs high-speed connectivity technology for data centers, including active electrical cables, optical products, signal-processing chips and interconnect intellectual property. It uses outside manufacturing partners, so rapid product growth requires inventory and reserved supplier capacity even without owning large factories. A small number of end customers drive most revenue. Acquisitions broaden the optical portfolio while adding intangible assets, compensation and potential share claims.
Three drivers
- Customer program ramps and copper/optical adoption
- GAAP margins, research spending and stock compensation
- Inventory, supplier-capacity deposits and acquisition cash
Thesis
Our view
Credo has strong shipment momentum, but the useful test is growth after GAAP costs and capacity funding. Q1 revenue was $479.0M; the next-quarter guide is $525M-$535M. Four end customers represented 84% of revenue. Q1 stock compensation was $88.0M, and an additional $102.4M of supplier deposits must be funded within FY2027. The model keeps those deposits separate from PP&E, shows stock compensation explicitly and deducts technology-license financing payments after conventional FCF.
What changes it
Track customer-program breadth, GAAP gross margin and operating expense versus the Q2 guide. Watch inventory/receivable conversion, supplier deposits, acquisition integration and share claims; strong adjusted net income alone does not resolve those cash and ownership questions.
Scenario ranges
Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.
Model · 8 fiscal quarters (last eight)
| Fiscal quarter | 2025Q2 2024-11-02 | 2025Q3 2025-02-01 | 2025Q4 2025-05-03 | 2026Q1 2025-08-02 | 2026Q2 2025-11-01 | 2026Q3 2026-01-31 | 2026Q4 2026-05-02 | 2027Q1 2026-08-01 |
|---|---|---|---|---|---|---|---|---|
| Revenue ($M) | 72.01 | 135.02 | 170.0†3 | 223.14 | 268.01 | 407.02 | 437.0†3 | 479.04 |
| Gross profit ($M) | 45.55 | 85.96 | 114.2†7 | 150.48 | 181.05 | 278.96 | 298.1†7 | 309.18 |
| Operating income ($M) | -8.49 | 26.210 | 33.8†11 | 60.712 | 78.89 | 149.610 | 155.8†11 | 120.712 |
| Net income ($M) | -4.213 | 29.414 | 36.6†15 | 63.416 | 82.613 | 157.114 | 169.1†15 | 129.416 |
| EPS, diluted ($) | -0.0317 | 0.1618 | — | 0.3419 | 0.4417 | 0.8218 | — | 0.6719 |
| Diluted shares (M) | 166.520 | 182.521 | — | 184.622 | 187.720 | 192.021 | — | 194.422 |
| Cash ($M) | 239.223 | 299.224 | 236.325 | 219.626 | 567.627 | 1,220.528 | 1,165.029 | 466.929 |
| Long-term debt ($M) | — | — | — | — | — | — | — | — |
| Cash from operations ($M) | 10.3†30 | 4.2†31 | 57.8†32 | 54.233 | 61.7†30 | 166.2†31 | 182.2†32 | 90.233 |
| Capex ($M) | 21.9†34 | 4.6†35 | 3.7†36 | 2.837 | 23.2†34 | 26.5†35 | 4.8†36 | 7.337 |
| Free cash flow ($M) | -11.7†38 | -0.4†39 | 54.2†40 | 51.3†41 | 38.5†38 | 139.7†39 | 177.5†40 | 82.9†41 |
Estimates · base scenario
| Period | Revenue ($M) | EPS ($) | As of | Basis |
|---|---|---|---|---|
| 2027Q2 | 530.0 | — | 2026-09-19 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2027Q3 | 593.6 | — | 2026-09-19 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2027Q4 | 664.8 | — | 2026-09-19 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2028Q1 | 718.0 | — | 2026-09-19 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
Connectivity ramps, stock compensation and supplier deposits
Anchor the next quarter to company revenue, GAAP margin and GAAP expense guidance, then vary shipment realization and sequential growth. Deduct GAAP operating expense from gross profit. Add back explicitly modeled stock compensation and depreciation/amortization for a cash bridge, subtract taxes/other working capital and supplier-capacity deposits, then PP&E and financing-classified technology-license payments. The announced additional $102.4M supplier deposit is paid within FY2027 in every case, with different quarterly timing. Acquisition cash and contingent share claims remain separately disclosed.
Reported anchors and guidance
| Measure | Period | Value | Basis |
|---|---|---|---|
| Q2 revenue guidance midpoint | 2027Q2 | 530.00 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| Q2 GAAP gross margin midpoint | 2027Q2 | 63.9% | derived. Company range midpoint, not adjusted gross margin. |
| Q2 GAAP operating expense guidance midpoint | 2027Q2 | 201.50 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| August cash plus short-term investments | 2027Q1 | 764.26 | derived. Cash and investments; deposits and goodwill excluded. |
| Q1 stock compensation expense | 2027Q1 | 87.98 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-09-02 |
| Q1 CFO less PP&E | 2027Q1 | 82.95 | derived. Common FCF measure excludes acquisition and financing-classified payments. |
| Q1 cash after PP&E, licenses and acquisition | 2027Q1 | -657.84 | derived. Additional capital-allocation bridge, before RSU withholding and equity-plan receipts. |
| Existing refundable capacity deposits | 2027Q1 | 88.40 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-09-02 |
| Additional supplier-capacity deposits due FY2027 | FY2027 | 102.40 | reported. Subsequent signed reservation commitment disclosed in the Q1 10-Q; payment timing within the year is a desk assumption. Source · 2026-09-02 |
| Top four end-customer revenue share | 2027Q1 | 84.0% | derived. One consistent end-customer view, separate from direct contracting customers. |
| Acquisition contingent equity consideration | 2027Q1 | 300.00 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-09-02 |
Downside scenario
| Period | Operating cash flow ($M) | CFO less PP&E ($M) | Cash PP&E purchases ($M) | Revenue ($M) | GAAP gross profit ($M) | Financing-classified license payments ($M) | GAAP operating income ($M) | Cash after PP&E and license payments ($M) | Stock compensation expense ($M) |
|---|---|---|---|---|---|---|---|---|---|
| 2027Q2 | 12.09 | -2.91 | 15.00 | 498.20 | 308.88 | 1.50 | 103.35 | -4.41 | 92.00 |
| 2027Q3 | 44.58 | 26.58 | 18.00 | 508.16 | 309.98 | 1.20 | 94.17 | 25.38 | 97.00 |
| 2027Q4 | 71.37 | 51.37 | 20.00 | 518.33 | 316.18 | 0.81 | 89.58 | 50.55 | 102.00 |
| 2028Q1 | 35.45 | 15.45 | 20.00 | 518.33 | 313.59 | 1.50 | 75.66 | 13.95 | 107.00 |
| FY2027 | 218.26 | 157.98 | 60.28 | 2,003.69 | 1,244.12 | 8.69 | 407.81 | 149.30 | 378.98 |
| FY2028 | 104.19 | 15.19 | 89.00 | 2,136.34 | 1,287.04 | 5.98 | 261.55 | 9.21 | 458.00 |
Base scenario
| Period | Operating cash flow ($M) | CFO less PP&E ($M) | Cash PP&E purchases ($M) | Revenue ($M) | GAAP gross profit ($M) | Financing-classified license payments ($M) | GAAP operating income ($M) | Cash after PP&E and license payments ($M) | Stock compensation expense ($M) |
|---|---|---|---|---|---|---|---|---|---|
| 2027Q2 | 104.47 | 92.47 | 12.00 | 530.00 | 338.67 | 1.50 | 137.17 | 90.97 | 90.00 |
| 2027Q3 | 151.52 | 137.52 | 14.00 | 593.60 | 382.87 | 1.20 | 169.28 | 136.32 | 96.00 |
| 2027Q4 | 191.53 | 175.53 | 16.00 | 664.83 | 432.14 | 0.81 | 205.74 | 174.72 | 102.00 |
| 2028Q1 | 209.02 | 191.02 | 18.00 | 718.02 | 466.71 | 1.50 | 226.72 | 189.52 | 108.00 |
| FY2027 | 537.75 | 488.47 | 49.28 | 2,267.44 | 1,462.76 | 8.69 | 632.89 | 479.79 | 375.98 |
| FY2028 | 1,018.15 | 934.15 | 84.00 | 3,332.32 | 2,183.86 | 5.98 | 1,134.00 | 928.17 | 468.00 |
Upside scenario
| Period | Operating cash flow ($M) | CFO less PP&E ($M) | Cash PP&E purchases ($M) | Revenue ($M) | GAAP gross profit ($M) | Financing-classified license payments ($M) | GAAP operating income ($M) | Cash after PP&E and license payments ($M) | Stock compensation expense ($M) |
|---|---|---|---|---|---|---|---|---|---|
| 2027Q2 | 173.26 | 161.26 | 12.00 | 545.90 | 354.83 | 1.50 | 153.33 | 159.76 | 92.00 |
| 2027Q3 | 214.41 | 200.41 | 14.00 | 644.16 | 425.15 | 1.20 | 209.54 | 199.21 | 99.00 |
| 2027Q4 | 256.37 | 240.37 | 16.00 | 760.11 | 509.27 | 0.81 | 278.58 | 239.55 | 106.00 |
| 2028Q1 | 332.67 | 312.67 | 20.00 | 851.32 | 574.64 | 1.50 | 327.80 | 311.17 | 113.00 |
| FY2027 | 734.27 | 684.99 | 49.28 | 2,429.18 | 1,598.34 | 8.69 | 762.15 | 676.30 | 384.98 |
| FY2028 | 1,761.80 | 1,666.80 | 95.00 | 4,250.98 | 2,892.89 | 5.98 | 1,796.90 | 1,660.82 | 494.00 |
All inputs and formulas — reproduce this model
| Input / calculation | Period / case | Value / unit | Evidence or assumption |
|---|---|---|---|
| Q1 revenue q1_revenue | 2027Q1 / shared | 479.00 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02 |
| Q1 GAAP gross profit q1_gross_profit | 2027Q1 / shared | 309.08 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02 |
| Q1 GAAP operating income q1_operating_income | 2027Q1 / shared | 120.70 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02 |
| Q1 stock compensation expense q1_stock_compensation | 2027Q1 / shared | 87.98 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02 |
| Q1 operating cash flow q1_cfo | 2027Q1 / shared | 90.23 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02 |
| Q1 PP&E purchases q1_capex | 2027Q1 / shared | 7.28 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02 |
| Q1 financing-classified license payments q1_license_payments | 2027Q1 / shared | 5.17 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02 |
| August cash and cash equivalents q1_cash | 2027Q1 / shared | 466.87 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02 |
| August short-term investments q1_investments | 2027Q1 / shared | 297.39 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02 |
| Q1 net DustPhotonics acquisition payment q1_acquisition | 2027Q1 / shared | 735.62 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02 |
| Q1 RSU tax withholding cash q1_rsu_withholding | 2027Q1 / shared | 25.94 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02 |
| Existing refundable capacity deposits q1_supplier_deposits | 2027Q1 / shared | 88.40 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02 |
| Acquisition contingent consideration liability q1_acq_contingent_cash | 2027Q1 / shared | 10.00 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02 |
| Acquisition contingent equity consideration q1_acq_contingent_equity | 2027Q1 / shared | 300.00 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02 |
| Q1 CFO less PP&E q1_fcf | 2027Q1 / shared | 82.95 USD_millions | derived: Common FCF measure excludes acquisition and financing-classified payments. Formula: subtract(q1_cfo, q1_capex). |
| Q1 cash after PP&E and license payments q1_cash_after_license | 2027Q1 / shared | 77.78 USD_millions | derived: Deducts license financing payments, not acquisitions or RSU withholding. Formula: subtract(q1_fcf, q1_license_payments). |
| Q1 cash after PP&E, licenses and acquisition q1_after_acquisition | 2027Q1 / shared | -657.84 USD_millions | derived: Additional capital-allocation bridge, before RSU withholding and equity-plan receipts. Formula: subtract(q1_cash_after_license, q1_acquisition). |
| August cash plus short-term investments q1_liquid_assets | 2027Q1 / shared | 764.26 USD_millions | derived: Cash and investments; deposits and goodwill excluded. Formula: sum(q1_cash, q1_investments). |
| Q2 revenue guidance low q2_revenue_guide_low | 2027Q2 / shared | 525.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-01 |
| Q2 revenue guidance high q2_revenue_guide_high | 2027Q2 / shared | 535.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-01 |
| Midpoint divisor two | Model / shared | 200.0% ratio | assumption: Arithmetic constant. |
| Q2 revenue guidance endpoint sum q2_revenue_guide_sum | 2027Q2 / shared | 1,060.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(q2_revenue_guide_low, q2_revenue_guide_high). |
| Q2 revenue guidance midpoint q2_revenue_guide | 2027Q2 / shared | 530.00 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q2_revenue_guide_sum, two). |
| Q2 GAAP operating expense guidance low q2_opex_guide_low | 2027Q2 / shared | 199.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-01 |
| Q2 GAAP operating expense guidance high q2_opex_guide_high | 2027Q2 / shared | 204.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-01 |
| Q2 GAAP operating expense guidance endpoint sum q2_opex_guide_sum | 2027Q2 / shared | 403.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(q2_opex_guide_low, q2_opex_guide_high). |
| Q2 GAAP operating expense guidance midpoint q2_opex_guide | 2027Q2 / shared | 201.50 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q2_opex_guide_sum, two). |
| Q2 GAAP margin guide low q2_gm_low | 2027Q2 / shared | 62.9% ratio | management guidance: Company GAAP margin guidance; adjusted margin guidance is higher and separate. Primary source · 2026-09-01 |
| Q2 GAAP margin guide high q2_gm_high | 2027Q2 / shared | 64.9% ratio | management guidance: Company GAAP margin guidance; adjusted margin guidance is higher and separate. Primary source · 2026-09-01 |
| Q2 GAAP margin endpoint sum q2_gm_sum | 2027Q2 / shared | 127.8% ratio | derived: Arithmetic intermediate. Formula: sum(q2_gm_low, q2_gm_high). |
| Q2 GAAP gross margin midpoint q2_gm_mid | 2027Q2 / shared | 63.9% ratio | derived: Company range midpoint, not adjusted gross margin. Formula: divide(q2_gm_sum, two). |
| Additional supplier-capacity deposits due FY2027 new_capacity_deposits | FY2027 / shared | 102.40 USD_millions | reported: Subsequent signed reservation commitment disclosed in the Q1 10-Q; payment timing within the year is a desk assumption. Primary source · 2026-09-02 |
| direct customer a revenue share direct_customer_a | 2027Q1 / shared | 43.0% ratio | reported: Direct counterparties and end-customer profiles are different concentration views; do not combine or infer identities. Primary source · 2026-09-02 |
| direct customer b revenue share direct_customer_b | 2027Q1 / shared | 28.0% ratio | reported: Direct counterparties and end-customer profiles are different concentration views; do not combine or infer identities. Primary source · 2026-09-02 |
| end customer c revenue share end_customer_c | 2027Q1 / shared | 28.0% ratio | reported: Direct counterparties and end-customer profiles are different concentration views; do not combine or infer identities. Primary source · 2026-09-02 |
| end customer d revenue share end_customer_d | 2027Q1 / shared | 33.0% ratio | reported: Direct counterparties and end-customer profiles are different concentration views; do not combine or infer identities. Primary source · 2026-09-02 |
| end customer e revenue share end_customer_e | 2027Q1 / shared | 13.0% ratio | reported: Direct counterparties and end-customer profiles are different concentration views; do not combine or infer identities. Primary source · 2026-09-02 |
| end customer f revenue share end_customer_f | 2027Q1 / shared | 10.0% ratio | reported: Direct counterparties and end-customer profiles are different concentration views; do not combine or infer identities. Primary source · 2026-09-02 |
| Top four end-customer revenue share top_four_end_customers | 2027Q1 / shared | 84.0% ratio | derived: One consistent end-customer view, separate from direct contracting customers. Formula: sum(end_customer_c, end_customer_d, end_customer_e, end_customer_f). |
| Shipment realization versus Q2 midpoint downside_2027q2_delivery | 2027Q2 / downside | 94.0% ratio | assumption: Desk assumption, not company guidance. |
| Revenue downside_2027q2_revenue | 2027Q2 / downside | 498.20 USD_millions | derived: Company midpoint times desk delivery case; not a new company range. Formula: multiply(q2_revenue_guide, downside_2027q2_delivery). |
| GAAP gross margin downside_2027q2_gm | 2027Q2 / downside | 62.0% ratio | assumption: Product mix and acquisition amortization included; not the higher non-GAAP margin. |
| GAAP gross profit downside_2027q2_gross_profit | 2027Q2 / downside | 308.88 USD_millions | derived: Revenue times GAAP gross margin assumption. Formula: multiply(downside_2027q2_revenue, downside_2027q2_gm). |
| Expense versus Q2 guidance midpoint downside_2027q2_opex_factor | 2027Q2 / downside | 102.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP operating expense downside_2027q2_opex | 2027Q2 / downside | 205.53 USD_millions | derived: GAAP expense includes stock compensation and acquired-intangible amortization. Formula: multiply(q2_opex_guide, downside_2027q2_opex_factor). |
| GAAP operating income downside_2027q2_operating_income | 2027Q2 / downside | 103.35 USD_millions | derived: GAAP gross profit less GAAP operating expenses. Formula: subtract(downside_2027q2_gross_profit, downside_2027q2_opex). |
| Stock compensation expense downside_2027q2_stock_compensation | 2027Q2 / downside | 92.00 USD_millions | assumption: Noncash expense across all functions; an ownership cost despite the CFO addback. |
| D&A including acquired-intangible amortization downside_2027q2_da | 2027Q2 / downside | 23.00 USD_millions | assumption: Includes both depreciation and acquired-intangible amortization; no duplicate addback. |
| Operating income plus noncash charges downside_2027q2_cash_start | 2027Q2 / downside | 218.35 USD_millions | derived: Cash bridge before net tax, interest and working capital. Formula: sum(downside_2027q2_operating_income, downside_2027q2_stock_compensation, downside_2027q2_da). |
| Other working-capital cash use / revenue downside_2027q2_wc_ratio | 2027Q2 / downside | 23.0% ratio | assumption: Desk assumption, not company guidance. |
| Working-capital use excluding capacity deposits downside_2027q2_other_wc | 2027Q2 / downside | 114.59 USD_millions | derived: Receivables, inventory, payables and other operating balances; supplier-capacity deposits excluded here. Formula: multiply(downside_2027q2_revenue, downside_2027q2_wc_ratio). |
| Share of committed FY2027 deposit downside_2027q2_deposit_weight | 2027Q2 / downside | 70.0% ratio | assumption: Three remaining fiscal-quarter weights sum to one; cash timing is not disclosed. |
| New supplier-capacity cash deposit downside_2027q2_capacity_deposit | 2027Q2 / downside | 71.68 USD_millions | derived: Pays the entire additional $102.4M commitment within FY2027 in each case. Formula: multiply(new_capacity_deposits, downside_2027q2_deposit_weight). |
| Net cash tax, interest and other uses downside_2027q2_other | 2027Q2 / downside | 20.00 USD_millions | assumption: Positive is cash use after interest income; no repetition of acquisition-related tax benefits. |
| Net tax/interest, working capital and deposits downside_2027q2_cash_uses | 2027Q2 / downside | 206.27 USD_millions | derived: Gross manufacturing commitments are not added on top of these inventory and deposit cash assumptions. Formula: sum(downside_2027q2_other_wc, downside_2027q2_capacity_deposit, downside_2027q2_other). |
| Operating cash flow downside_2027q2_cfo | 2027Q2 / downside | 12.09 USD_millions | derived: Includes operating working-capital supplier deposits; excludes acquisition and license financing payments. Formula: subtract(downside_2027q2_cash_start, downside_2027q2_cash_uses). |
| Cash PP&E purchases downside_2027q2_capex | 2027Q2 / downside | 15.00 USD_millions | assumption: Research, test and other fixed assets; supplier refundable deposits are separate operating cash uses. |
| CFO less PP&E downside_2027q2_fcf | 2027Q2 / downside | -2.91 USD_millions | derived: Does not capture acquisitions, license financing payments or RSU withholding cash. Formula: subtract(downside_2027q2_cfo, downside_2027q2_capex). |
| Technology-license financing payments downside_2027q2_license_payments | 2027Q2 / downside | 1.50 USD_millions | assumption: Quarterly timing assumption; remaining FY2027 sums to disclosed $3.513M and FY2028 to $5.982M commitments. |
| Cash after PP&E and license payments downside_2027q2_cash_after_license | 2027Q2 / downside | -4.41 USD_millions | derived: Still excludes acquisition cash, RSU withholding, contingent payouts and equity financing. Formula: subtract(downside_2027q2_fcf, downside_2027q2_license_payments). |
| Sequential shipment revenue multiplier downside_2027q3_growth | 2027Q3 / downside | 102.0% ratio | assumption: Desk adoption and program-ramp scenario beyond the one-quarter company guide. |
| Revenue downside_2027q3_revenue | 2027Q3 / downside | 508.16 USD_millions | derived: Prior quarter revenue times explicit sequential growth. Formula: multiply(downside_2027q2_revenue, downside_2027q3_growth). |
| GAAP gross margin downside_2027q3_gm | 2027Q3 / downside | 61.0% ratio | assumption: Product mix and acquisition amortization included; not the higher non-GAAP margin. |
| GAAP gross profit downside_2027q3_gross_profit | 2027Q3 / downside | 309.98 USD_millions | derived: Revenue times GAAP gross margin assumption. Formula: multiply(downside_2027q3_revenue, downside_2027q3_gm). |
| Expense versus Q2 guidance midpoint downside_2027q3_opex_factor | 2027Q3 / downside | 107.1% ratio | assumption: Desk assumption, not company guidance. |
| GAAP operating expense downside_2027q3_opex | 2027Q3 / downside | 215.81 USD_millions | derived: GAAP expense includes stock compensation and acquired-intangible amortization. Formula: multiply(q2_opex_guide, downside_2027q3_opex_factor). |
| GAAP operating income downside_2027q3_operating_income | 2027Q3 / downside | 94.17 USD_millions | derived: GAAP gross profit less GAAP operating expenses. Formula: subtract(downside_2027q3_gross_profit, downside_2027q3_opex). |
| Stock compensation expense downside_2027q3_stock_compensation | 2027Q3 / downside | 97.00 USD_millions | assumption: Noncash expense across all functions; an ownership cost despite the CFO addback. |
| D&A including acquired-intangible amortization downside_2027q3_da | 2027Q3 / downside | 24.00 USD_millions | assumption: Includes both depreciation and acquired-intangible amortization; no duplicate addback. |
| Operating income plus noncash charges downside_2027q3_cash_start | 2027Q3 / downside | 215.17 USD_millions | derived: Cash bridge before net tax, interest and working capital. Formula: sum(downside_2027q3_operating_income, downside_2027q3_stock_compensation, downside_2027q3_da). |
| Other working-capital cash use / revenue downside_2027q3_wc_ratio | 2027Q3 / downside | 23.0% ratio | assumption: Desk assumption, not company guidance. |
| Working-capital use excluding capacity deposits downside_2027q3_other_wc | 2027Q3 / downside | 116.88 USD_millions | derived: Receivables, inventory, payables and other operating balances; supplier-capacity deposits excluded here. Formula: multiply(downside_2027q3_revenue, downside_2027q3_wc_ratio). |
| Share of committed FY2027 deposit downside_2027q3_deposit_weight | 2027Q3 / downside | 30.0% ratio | assumption: Three remaining fiscal-quarter weights sum to one; cash timing is not disclosed. |
| New supplier-capacity cash deposit downside_2027q3_capacity_deposit | 2027Q3 / downside | 30.72 USD_millions | derived: Pays the entire additional $102.4M commitment within FY2027 in each case. Formula: multiply(new_capacity_deposits, downside_2027q3_deposit_weight). |
| Net cash tax, interest and other uses downside_2027q3_other | 2027Q3 / downside | 23.00 USD_millions | assumption: Positive is cash use after interest income; no repetition of acquisition-related tax benefits. |
| Net tax/interest, working capital and deposits downside_2027q3_cash_uses | 2027Q3 / downside | 170.60 USD_millions | derived: Gross manufacturing commitments are not added on top of these inventory and deposit cash assumptions. Formula: sum(downside_2027q3_other_wc, downside_2027q3_capacity_deposit, downside_2027q3_other). |
| Operating cash flow downside_2027q3_cfo | 2027Q3 / downside | 44.58 USD_millions | derived: Includes operating working-capital supplier deposits; excludes acquisition and license financing payments. Formula: subtract(downside_2027q3_cash_start, downside_2027q3_cash_uses). |
| Cash PP&E purchases downside_2027q3_capex | 2027Q3 / downside | 18.00 USD_millions | assumption: Research, test and other fixed assets; supplier refundable deposits are separate operating cash uses. |
| CFO less PP&E downside_2027q3_fcf | 2027Q3 / downside | 26.58 USD_millions | derived: Does not capture acquisitions, license financing payments or RSU withholding cash. Formula: subtract(downside_2027q3_cfo, downside_2027q3_capex). |
| Technology-license financing payments downside_2027q3_license_payments | 2027Q3 / downside | 1.20 USD_millions | assumption: Quarterly timing assumption; remaining FY2027 sums to disclosed $3.513M and FY2028 to $5.982M commitments. |
| Cash after PP&E and license payments downside_2027q3_cash_after_license | 2027Q3 / downside | 25.38 USD_millions | derived: Still excludes acquisition cash, RSU withholding, contingent payouts and equity financing. Formula: subtract(downside_2027q3_fcf, downside_2027q3_license_payments). |
| Sequential shipment revenue multiplier downside_2027q4_growth | 2027Q4 / downside | 102.0% ratio | assumption: Desk adoption and program-ramp scenario beyond the one-quarter company guide. |
| Revenue downside_2027q4_revenue | 2027Q4 / downside | 518.33 USD_millions | derived: Prior quarter revenue times explicit sequential growth. Formula: multiply(downside_2027q3_revenue, downside_2027q4_growth). |
| GAAP gross margin downside_2027q4_gm | 2027Q4 / downside | 61.0% ratio | assumption: Product mix and acquisition amortization included; not the higher non-GAAP margin. |
| GAAP gross profit downside_2027q4_gross_profit | 2027Q4 / downside | 316.18 USD_millions | derived: Revenue times GAAP gross margin assumption. Formula: multiply(downside_2027q4_revenue, downside_2027q4_gm). |
| Expense versus Q2 guidance midpoint downside_2027q4_opex_factor | 2027Q4 / downside | 112.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP operating expense downside_2027q4_opex | 2027Q4 / downside | 226.60 USD_millions | derived: GAAP expense includes stock compensation and acquired-intangible amortization. Formula: multiply(q2_opex_guide, downside_2027q4_opex_factor). |
| GAAP operating income downside_2027q4_operating_income | 2027Q4 / downside | 89.58 USD_millions | derived: GAAP gross profit less GAAP operating expenses. Formula: subtract(downside_2027q4_gross_profit, downside_2027q4_opex). |
| Stock compensation expense downside_2027q4_stock_compensation | 2027Q4 / downside | 102.00 USD_millions | assumption: Noncash expense across all functions; an ownership cost despite the CFO addback. |
| D&A including acquired-intangible amortization downside_2027q4_da | 2027Q4 / downside | 25.00 USD_millions | assumption: Includes both depreciation and acquired-intangible amortization; no duplicate addback. |
| Operating income plus noncash charges downside_2027q4_cash_start | 2027Q4 / downside | 216.58 USD_millions | derived: Cash bridge before net tax, interest and working capital. Formula: sum(downside_2027q4_operating_income, downside_2027q4_stock_compensation, downside_2027q4_da). |
| Other working-capital cash use / revenue downside_2027q4_wc_ratio | 2027Q4 / downside | 23.0% ratio | assumption: Desk assumption, not company guidance. |
| Working-capital use excluding capacity deposits downside_2027q4_other_wc | 2027Q4 / downside | 119.22 USD_millions | derived: Receivables, inventory, payables and other operating balances; supplier-capacity deposits excluded here. Formula: multiply(downside_2027q4_revenue, downside_2027q4_wc_ratio). |
| Share of committed FY2027 deposit downside_2027q4_deposit_weight | 2027Q4 / downside | 0.0% ratio | assumption: Three remaining fiscal-quarter weights sum to one; cash timing is not disclosed. |
| New supplier-capacity cash deposit downside_2027q4_capacity_deposit | 2027Q4 / downside | 0.00 USD_millions | derived: Pays the entire additional $102.4M commitment within FY2027 in each case. Formula: multiply(new_capacity_deposits, downside_2027q4_deposit_weight). |
| Net cash tax, interest and other uses downside_2027q4_other | 2027Q4 / downside | 26.00 USD_millions | assumption: Positive is cash use after interest income; no repetition of acquisition-related tax benefits. |
| Net tax/interest, working capital and deposits downside_2027q4_cash_uses | 2027Q4 / downside | 145.22 USD_millions | derived: Gross manufacturing commitments are not added on top of these inventory and deposit cash assumptions. Formula: sum(downside_2027q4_other_wc, downside_2027q4_capacity_deposit, downside_2027q4_other). |
| Operating cash flow downside_2027q4_cfo | 2027Q4 / downside | 71.37 USD_millions | derived: Includes operating working-capital supplier deposits; excludes acquisition and license financing payments. Formula: subtract(downside_2027q4_cash_start, downside_2027q4_cash_uses). |
| Cash PP&E purchases downside_2027q4_capex | 2027Q4 / downside | 20.00 USD_millions | assumption: Research, test and other fixed assets; supplier refundable deposits are separate operating cash uses. |
| CFO less PP&E downside_2027q4_fcf | 2027Q4 / downside | 51.37 USD_millions | derived: Does not capture acquisitions, license financing payments or RSU withholding cash. Formula: subtract(downside_2027q4_cfo, downside_2027q4_capex). |
| Technology-license financing payments downside_2027q4_license_payments | 2027Q4 / downside | 0.81 USD_millions | assumption: Quarterly timing assumption; remaining FY2027 sums to disclosed $3.513M and FY2028 to $5.982M commitments. |
| Cash after PP&E and license payments downside_2027q4_cash_after_license | 2027Q4 / downside | 50.55 USD_millions | derived: Still excludes acquisition cash, RSU withholding, contingent payouts and equity financing. Formula: subtract(downside_2027q4_fcf, downside_2027q4_license_payments). |
| Sequential shipment revenue multiplier downside_2028q1_growth | 2028Q1 / downside | 100.0% ratio | assumption: Desk adoption and program-ramp scenario beyond the one-quarter company guide. |
| Revenue downside_2028q1_revenue | 2028Q1 / downside | 518.33 USD_millions | derived: Prior quarter revenue times explicit sequential growth. Formula: multiply(downside_2027q4_revenue, downside_2028q1_growth). |
| GAAP gross margin downside_2028q1_gm | 2028Q1 / downside | 60.5% ratio | assumption: Product mix and acquisition amortization included; not the higher non-GAAP margin. |
| GAAP gross profit downside_2028q1_gross_profit | 2028Q1 / downside | 313.59 USD_millions | derived: Revenue times GAAP gross margin assumption. Formula: multiply(downside_2028q1_revenue, downside_2028q1_gm). |
| Expense versus Q2 guidance midpoint downside_2028q1_opex_factor | 2028Q1 / downside | 118.1% ratio | assumption: Desk assumption, not company guidance. |
| GAAP operating expense downside_2028q1_opex | 2028Q1 / downside | 237.93 USD_millions | derived: GAAP expense includes stock compensation and acquired-intangible amortization. Formula: multiply(q2_opex_guide, downside_2028q1_opex_factor). |
| GAAP operating income downside_2028q1_operating_income | 2028Q1 / downside | 75.66 USD_millions | derived: GAAP gross profit less GAAP operating expenses. Formula: subtract(downside_2028q1_gross_profit, downside_2028q1_opex). |
| Stock compensation expense downside_2028q1_stock_compensation | 2028Q1 / downside | 107.00 USD_millions | assumption: Noncash expense across all functions; an ownership cost despite the CFO addback. |
| D&A including acquired-intangible amortization downside_2028q1_da | 2028Q1 / downside | 26.00 USD_millions | assumption: Includes both depreciation and acquired-intangible amortization; no duplicate addback. |
| Operating income plus noncash charges downside_2028q1_cash_start | 2028Q1 / downside | 208.66 USD_millions | derived: Cash bridge before net tax, interest and working capital. Formula: sum(downside_2028q1_operating_income, downside_2028q1_stock_compensation, downside_2028q1_da). |
| Other working-capital cash use / revenue downside_2028q1_wc_ratio | 2028Q1 / downside | 23.0% ratio | assumption: Desk assumption, not company guidance. |
| Working-capital use excluding capacity deposits downside_2028q1_other_wc | 2028Q1 / downside | 119.22 USD_millions | derived: Receivables, inventory, payables and other operating balances; supplier-capacity deposits excluded here. Formula: multiply(downside_2028q1_revenue, downside_2028q1_wc_ratio). |
| Additional supplier-capacity cash deposits downside_2028q1_capacity_deposit | 2028Q1 / downside | 25.00 USD_millions | assumption: Desk FY2028 growth-funding assumption, beyond the disclosed $102.4M FY2027 commitment; no deposit refund assumed. |
| Net cash tax, interest and other uses downside_2028q1_other | 2028Q1 / downside | 29.00 USD_millions | assumption: Positive is cash use after interest income; no repetition of acquisition-related tax benefits. |
| Net tax/interest, working capital and deposits downside_2028q1_cash_uses | 2028Q1 / downside | 173.22 USD_millions | derived: Gross manufacturing commitments are not added on top of these inventory and deposit cash assumptions. Formula: sum(downside_2028q1_other_wc, downside_2028q1_capacity_deposit, downside_2028q1_other). |
| Operating cash flow downside_2028q1_cfo | 2028Q1 / downside | 35.45 USD_millions | derived: Includes operating working-capital supplier deposits; excludes acquisition and license financing payments. Formula: subtract(downside_2028q1_cash_start, downside_2028q1_cash_uses). |
| Cash PP&E purchases downside_2028q1_capex | 2028Q1 / downside | 20.00 USD_millions | assumption: Research, test and other fixed assets; supplier refundable deposits are separate operating cash uses. |
| CFO less PP&E downside_2028q1_fcf | 2028Q1 / downside | 15.45 USD_millions | derived: Does not capture acquisitions, license financing payments or RSU withholding cash. Formula: subtract(downside_2028q1_cfo, downside_2028q1_capex). |
| Technology-license financing payments downside_2028q1_license_payments | 2028Q1 / downside | 1.50 USD_millions | assumption: Quarterly timing assumption; remaining FY2027 sums to disclosed $3.513M and FY2028 to $5.982M commitments. |
| Cash after PP&E and license payments downside_2028q1_cash_after_license | 2028Q1 / downside | 13.95 USD_millions | derived: Still excludes acquisition cash, RSU withholding, contingent payouts and equity financing. Formula: subtract(downside_2028q1_fcf, downside_2028q1_license_payments). |
| Sequential shipment revenue multiplier downside_2028q2_growth | 2028Q2 / downside | 102.0% ratio | assumption: Desk adoption and program-ramp scenario beyond the one-quarter company guide. |
| Revenue downside_2028q2_revenue | 2028Q2 / downside | 528.69 USD_millions | derived: Prior quarter revenue times explicit sequential growth. Formula: multiply(downside_2028q1_revenue, downside_2028q2_growth). |
| GAAP gross margin downside_2028q2_gm | 2028Q2 / downside | 60.5% ratio | assumption: Product mix and acquisition amortization included; not the higher non-GAAP margin. |
| GAAP gross profit downside_2028q2_gross_profit | 2028Q2 / downside | 319.86 USD_millions | derived: Revenue times GAAP gross margin assumption. Formula: multiply(downside_2028q2_revenue, downside_2028q2_gm). |
| Expense versus Q2 guidance midpoint downside_2028q2_opex_factor | 2028Q2 / downside | 124.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP operating expense downside_2028q2_opex | 2028Q2 / downside | 249.82 USD_millions | derived: GAAP expense includes stock compensation and acquired-intangible amortization. Formula: multiply(q2_opex_guide, downside_2028q2_opex_factor). |
| GAAP operating income downside_2028q2_operating_income | 2028Q2 / downside | 70.04 USD_millions | derived: GAAP gross profit less GAAP operating expenses. Formula: subtract(downside_2028q2_gross_profit, downside_2028q2_opex). |
| Stock compensation expense downside_2028q2_stock_compensation | 2028Q2 / downside | 112.00 USD_millions | assumption: Noncash expense across all functions; an ownership cost despite the CFO addback. |
| D&A including acquired-intangible amortization downside_2028q2_da | 2028Q2 / downside | 27.00 USD_millions | assumption: Includes both depreciation and acquired-intangible amortization; no duplicate addback. |
| Operating income plus noncash charges downside_2028q2_cash_start | 2028Q2 / downside | 209.04 USD_millions | derived: Cash bridge before net tax, interest and working capital. Formula: sum(downside_2028q2_operating_income, downside_2028q2_stock_compensation, downside_2028q2_da). |
| Other working-capital cash use / revenue downside_2028q2_wc_ratio | 2028Q2 / downside | 23.0% ratio | assumption: Desk assumption, not company guidance. |
| Working-capital use excluding capacity deposits downside_2028q2_other_wc | 2028Q2 / downside | 121.60 USD_millions | derived: Receivables, inventory, payables and other operating balances; supplier-capacity deposits excluded here. Formula: multiply(downside_2028q2_revenue, downside_2028q2_wc_ratio). |
| Additional supplier-capacity cash deposits downside_2028q2_capacity_deposit | 2028Q2 / downside | 25.00 USD_millions | assumption: Desk FY2028 growth-funding assumption, beyond the disclosed $102.4M FY2027 commitment; no deposit refund assumed. |
| Net cash tax, interest and other uses downside_2028q2_other | 2028Q2 / downside | 32.00 USD_millions | assumption: Positive is cash use after interest income; no repetition of acquisition-related tax benefits. |
| Net tax/interest, working capital and deposits downside_2028q2_cash_uses | 2028Q2 / downside | 178.60 USD_millions | derived: Gross manufacturing commitments are not added on top of these inventory and deposit cash assumptions. Formula: sum(downside_2028q2_other_wc, downside_2028q2_capacity_deposit, downside_2028q2_other). |
| Operating cash flow downside_2028q2_cfo | 2028Q2 / downside | 30.44 USD_millions | derived: Includes operating working-capital supplier deposits; excludes acquisition and license financing payments. Formula: subtract(downside_2028q2_cash_start, downside_2028q2_cash_uses). |
| Cash PP&E purchases downside_2028q2_capex | 2028Q2 / downside | 22.00 USD_millions | assumption: Research, test and other fixed assets; supplier refundable deposits are separate operating cash uses. |
| CFO less PP&E downside_2028q2_fcf | 2028Q2 / downside | 8.44 USD_millions | derived: Does not capture acquisitions, license financing payments or RSU withholding cash. Formula: subtract(downside_2028q2_cfo, downside_2028q2_capex). |
| Technology-license financing payments downside_2028q2_license_payments | 2028Q2 / downside | 1.50 USD_millions | assumption: Quarterly timing assumption; remaining FY2027 sums to disclosed $3.513M and FY2028 to $5.982M commitments. |
| Cash after PP&E and license payments downside_2028q2_cash_after_license | 2028Q2 / downside | 6.94 USD_millions | derived: Still excludes acquisition cash, RSU withholding, contingent payouts and equity financing. Formula: subtract(downside_2028q2_fcf, downside_2028q2_license_payments). |
| Sequential shipment revenue multiplier downside_2028q3_growth | 2028Q3 / downside | 102.0% ratio | assumption: Desk adoption and program-ramp scenario beyond the one-quarter company guide. |
| Revenue downside_2028q3_revenue | 2028Q3 / downside | 539.27 USD_millions | derived: Prior quarter revenue times explicit sequential growth. Formula: multiply(downside_2028q2_revenue, downside_2028q3_growth). |
| GAAP gross margin downside_2028q3_gm | 2028Q3 / downside | 60.0% ratio | assumption: Product mix and acquisition amortization included; not the higher non-GAAP margin. |
| GAAP gross profit downside_2028q3_gross_profit | 2028Q3 / downside | 323.56 USD_millions | derived: Revenue times GAAP gross margin assumption. Formula: multiply(downside_2028q3_revenue, downside_2028q3_gm). |
| Expense versus Q2 guidance midpoint downside_2028q3_opex_factor | 2028Q3 / downside | 130.2% ratio | assumption: Desk assumption, not company guidance. |
| GAAP operating expense downside_2028q3_opex | 2028Q3 / downside | 262.31 USD_millions | derived: GAAP expense includes stock compensation and acquired-intangible amortization. Formula: multiply(q2_opex_guide, downside_2028q3_opex_factor). |
| GAAP operating income downside_2028q3_operating_income | 2028Q3 / downside | 61.25 USD_millions | derived: GAAP gross profit less GAAP operating expenses. Formula: subtract(downside_2028q3_gross_profit, downside_2028q3_opex). |
| Stock compensation expense downside_2028q3_stock_compensation | 2028Q3 / downside | 117.00 USD_millions | assumption: Noncash expense across all functions; an ownership cost despite the CFO addback. |
| D&A including acquired-intangible amortization downside_2028q3_da | 2028Q3 / downside | 28.00 USD_millions | assumption: Includes both depreciation and acquired-intangible amortization; no duplicate addback. |
| Operating income plus noncash charges downside_2028q3_cash_start | 2028Q3 / downside | 206.25 USD_millions | derived: Cash bridge before net tax, interest and working capital. Formula: sum(downside_2028q3_operating_income, downside_2028q3_stock_compensation, downside_2028q3_da). |
| Other working-capital cash use / revenue downside_2028q3_wc_ratio | 2028Q3 / downside | 23.0% ratio | assumption: Desk assumption, not company guidance. |
| Working-capital use excluding capacity deposits downside_2028q3_other_wc | 2028Q3 / downside | 124.03 USD_millions | derived: Receivables, inventory, payables and other operating balances; supplier-capacity deposits excluded here. Formula: multiply(downside_2028q3_revenue, downside_2028q3_wc_ratio). |
| Additional supplier-capacity cash deposits downside_2028q3_capacity_deposit | 2028Q3 / downside | 25.00 USD_millions | assumption: Desk FY2028 growth-funding assumption, beyond the disclosed $102.4M FY2027 commitment; no deposit refund assumed. |
| Net cash tax, interest and other uses downside_2028q3_other | 2028Q3 / downside | 35.00 USD_millions | assumption: Positive is cash use after interest income; no repetition of acquisition-related tax benefits. |
| Net tax/interest, working capital and deposits downside_2028q3_cash_uses | 2028Q3 / downside | 184.03 USD_millions | derived: Gross manufacturing commitments are not added on top of these inventory and deposit cash assumptions. Formula: sum(downside_2028q3_other_wc, downside_2028q3_capacity_deposit, downside_2028q3_other). |
| Operating cash flow downside_2028q3_cfo | 2028Q3 / downside | 22.21 USD_millions | derived: Includes operating working-capital supplier deposits; excludes acquisition and license financing payments. Formula: subtract(downside_2028q3_cash_start, downside_2028q3_cash_uses). |
| Cash PP&E purchases downside_2028q3_capex | 2028Q3 / downside | 22.00 USD_millions | assumption: Research, test and other fixed assets; supplier refundable deposits are separate operating cash uses. |
| CFO less PP&E downside_2028q3_fcf | 2028Q3 / downside | 0.21 USD_millions | derived: Does not capture acquisitions, license financing payments or RSU withholding cash. Formula: subtract(downside_2028q3_cfo, downside_2028q3_capex). |
| Technology-license financing payments downside_2028q3_license_payments | 2028Q3 / downside | 1.50 USD_millions | assumption: Quarterly timing assumption; remaining FY2027 sums to disclosed $3.513M and FY2028 to $5.982M commitments. |
| Cash after PP&E and license payments downside_2028q3_cash_after_license | 2028Q3 / downside | -1.28 USD_millions | derived: Still excludes acquisition cash, RSU withholding, contingent payouts and equity financing. Formula: subtract(downside_2028q3_fcf, downside_2028q3_license_payments). |
| Sequential shipment revenue multiplier downside_2028q4_growth | 2028Q4 / downside | 102.0% ratio | assumption: Desk adoption and program-ramp scenario beyond the one-quarter company guide. |
| Revenue downside_2028q4_revenue | 2028Q4 / downside | 550.05 USD_millions | derived: Prior quarter revenue times explicit sequential growth. Formula: multiply(downside_2028q3_revenue, downside_2028q4_growth). |
| GAAP gross margin downside_2028q4_gm | 2028Q4 / downside | 60.0% ratio | assumption: Product mix and acquisition amortization included; not the higher non-GAAP margin. |
| GAAP gross profit downside_2028q4_gross_profit | 2028Q4 / downside | 330.03 USD_millions | derived: Revenue times GAAP gross margin assumption. Formula: multiply(downside_2028q4_revenue, downside_2028q4_gm). |
| Expense versus Q2 guidance midpoint downside_2028q4_opex_factor | 2028Q4 / downside | 136.7% ratio | assumption: Desk assumption, not company guidance. |
| GAAP operating expense downside_2028q4_opex | 2028Q4 / downside | 275.43 USD_millions | derived: GAAP expense includes stock compensation and acquired-intangible amortization. Formula: multiply(q2_opex_guide, downside_2028q4_opex_factor). |
| GAAP operating income downside_2028q4_operating_income | 2028Q4 / downside | 54.60 USD_millions | derived: GAAP gross profit less GAAP operating expenses. Formula: subtract(downside_2028q4_gross_profit, downside_2028q4_opex). |
| Stock compensation expense downside_2028q4_stock_compensation | 2028Q4 / downside | 122.00 USD_millions | assumption: Noncash expense across all functions; an ownership cost despite the CFO addback. |
| D&A including acquired-intangible amortization downside_2028q4_da | 2028Q4 / downside | 29.00 USD_millions | assumption: Includes both depreciation and acquired-intangible amortization; no duplicate addback. |
| Operating income plus noncash charges downside_2028q4_cash_start | 2028Q4 / downside | 205.60 USD_millions | derived: Cash bridge before net tax, interest and working capital. Formula: sum(downside_2028q4_operating_income, downside_2028q4_stock_compensation, downside_2028q4_da). |
| Other working-capital cash use / revenue downside_2028q4_wc_ratio | 2028Q4 / downside | 23.0% ratio | assumption: Desk assumption, not company guidance. |
| Working-capital use excluding capacity deposits downside_2028q4_other_wc | 2028Q4 / downside | 126.51 USD_millions | derived: Receivables, inventory, payables and other operating balances; supplier-capacity deposits excluded here. Formula: multiply(downside_2028q4_revenue, downside_2028q4_wc_ratio). |
| Additional supplier-capacity cash deposits downside_2028q4_capacity_deposit | 2028Q4 / downside | 25.00 USD_millions | assumption: Desk FY2028 growth-funding assumption, beyond the disclosed $102.4M FY2027 commitment; no deposit refund assumed. |
| Net cash tax, interest and other uses downside_2028q4_other | 2028Q4 / downside | 38.00 USD_millions | assumption: Positive is cash use after interest income; no repetition of acquisition-related tax benefits. |
| Net tax/interest, working capital and deposits downside_2028q4_cash_uses | 2028Q4 / downside | 189.51 USD_millions | derived: Gross manufacturing commitments are not added on top of these inventory and deposit cash assumptions. Formula: sum(downside_2028q4_other_wc, downside_2028q4_capacity_deposit, downside_2028q4_other). |
| Operating cash flow downside_2028q4_cfo | 2028Q4 / downside | 16.09 USD_millions | derived: Includes operating working-capital supplier deposits; excludes acquisition and license financing payments. Formula: subtract(downside_2028q4_cash_start, downside_2028q4_cash_uses). |
| Cash PP&E purchases downside_2028q4_capex | 2028Q4 / downside | 25.00 USD_millions | assumption: Research, test and other fixed assets; supplier refundable deposits are separate operating cash uses. |
| CFO less PP&E downside_2028q4_fcf | 2028Q4 / downside | -8.91 USD_millions | derived: Does not capture acquisitions, license financing payments or RSU withholding cash. Formula: subtract(downside_2028q4_cfo, downside_2028q4_capex). |
| Technology-license financing payments downside_2028q4_license_payments | 2028Q4 / downside | 1.50 USD_millions | assumption: Quarterly timing assumption; remaining FY2027 sums to disclosed $3.513M and FY2028 to $5.982M commitments. |
| Cash after PP&E and license payments downside_2028q4_cash_after_license | 2028Q4 / downside | -10.41 USD_millions | derived: Still excludes acquisition cash, RSU withholding, contingent payouts and equity financing. Formula: subtract(downside_2028q4_fcf, downside_2028q4_license_payments). |
| Revenue ($M) downside_fy2027_revenue | FY2027 / downside | 2,003.69 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_revenue, downside_2027q2_revenue, downside_2027q3_revenue, downside_2027q4_revenue). |
| GAAP gross profit ($M) downside_fy2027_gross_profit | FY2027 / downside | 1,244.12 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_gross_profit, downside_2027q2_gross_profit, downside_2027q3_gross_profit, downside_2027q4_gross_profit). |
| GAAP operating income ($M) downside_fy2027_operating_income | FY2027 / downside | 407.81 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_operating_income, downside_2027q2_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income). |
| Stock compensation expense ($M) downside_fy2027_stock_compensation | FY2027 / downside | 378.98 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_stock_compensation, downside_2027q2_stock_compensation, downside_2027q3_stock_compensation, downside_2027q4_stock_compensation). |
| Operating cash flow ($M) downside_fy2027_cfo | FY2027 / downside | 218.26 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_cfo, downside_2027q2_cfo, downside_2027q3_cfo, downside_2027q4_cfo). |
| Cash PP&E purchases ($M) downside_fy2027_capex | FY2027 / downside | 60.28 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_capex, downside_2027q2_capex, downside_2027q3_capex, downside_2027q4_capex). |
| CFO less PP&E ($M) downside_fy2027_fcf | FY2027 / downside | 157.98 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_fcf, downside_2027q2_fcf, downside_2027q3_fcf, downside_2027q4_fcf). |
| Financing-classified license payments ($M) downside_fy2027_license_payments | FY2027 / downside | 8.69 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_license_payments, downside_2027q2_license_payments, downside_2027q3_license_payments, downside_2027q4_license_payments). |
| Cash after PP&E and license payments ($M) downside_fy2027_cash_after_license | FY2027 / downside | 149.30 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_cash_after_license, downside_2027q2_cash_after_license, downside_2027q3_cash_after_license, downside_2027q4_cash_after_license). |
| Revenue ($M) downside_fy2028_revenue | FY2028 / downside | 2,136.34 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_revenue, downside_2028q2_revenue, downside_2028q3_revenue, downside_2028q4_revenue). |
| GAAP gross profit ($M) downside_fy2028_gross_profit | FY2028 / downside | 1,287.04 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). |
| GAAP operating income ($M) downside_fy2028_operating_income | FY2028 / downside | 261.55 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_operating_income, downside_2028q2_operating_income, downside_2028q3_operating_income, downside_2028q4_operating_income). |
| Stock compensation expense ($M) downside_fy2028_stock_compensation | FY2028 / downside | 458.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_stock_compensation, downside_2028q2_stock_compensation, downside_2028q3_stock_compensation, downside_2028q4_stock_compensation). |
| Operating cash flow ($M) downside_fy2028_cfo | FY2028 / downside | 104.19 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_cfo, downside_2028q2_cfo, downside_2028q3_cfo, downside_2028q4_cfo). |
| Cash PP&E purchases ($M) downside_fy2028_capex | FY2028 / downside | 89.00 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). |
| CFO less PP&E ($M) downside_fy2028_fcf | FY2028 / downside | 15.19 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_fcf, downside_2028q2_fcf, downside_2028q3_fcf, downside_2028q4_fcf). |
| Financing-classified license payments ($M) downside_fy2028_license_payments | FY2028 / downside | 5.98 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_license_payments, downside_2028q2_license_payments, downside_2028q3_license_payments, downside_2028q4_license_payments). |
| Cash after PP&E and license payments ($M) downside_fy2028_cash_after_license | FY2028 / downside | 9.21 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_cash_after_license, downside_2028q2_cash_after_license, downside_2028q3_cash_after_license, downside_2028q4_cash_after_license). |
| Shipment realization versus Q2 midpoint base_2027q2_delivery | 2027Q2 / base | 100.0% ratio | assumption: Desk assumption, not company guidance. |
| Revenue base_2027q2_revenue | 2027Q2 / base | 530.00 USD_millions | derived: Company midpoint times desk delivery case; not a new company range. Formula: multiply(q2_revenue_guide, base_2027q2_delivery). |
| GAAP gross margin base_2027q2_gm | 2027Q2 / base | 63.9% ratio | assumption: Product mix and acquisition amortization included; not the higher non-GAAP margin. |
| GAAP gross profit base_2027q2_gross_profit | 2027Q2 / base | 338.67 USD_millions | derived: Revenue times GAAP gross margin assumption. Formula: multiply(base_2027q2_revenue, base_2027q2_gm). |
| Expense versus Q2 guidance midpoint base_2027q2_opex_factor | 2027Q2 / base | 100.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP operating expense base_2027q2_opex | 2027Q2 / base | 201.50 USD_millions | derived: GAAP expense includes stock compensation and acquired-intangible amortization. Formula: multiply(q2_opex_guide, base_2027q2_opex_factor). |
| GAAP operating income base_2027q2_operating_income | 2027Q2 / base | 137.17 USD_millions | derived: GAAP gross profit less GAAP operating expenses. Formula: subtract(base_2027q2_gross_profit, base_2027q2_opex). |
| Stock compensation expense base_2027q2_stock_compensation | 2027Q2 / base | 90.00 USD_millions | assumption: Noncash expense across all functions; an ownership cost despite the CFO addback. |
| D&A including acquired-intangible amortization base_2027q2_da | 2027Q2 / base | 23.00 USD_millions | assumption: Includes both depreciation and acquired-intangible amortization; no duplicate addback. |
| Operating income plus noncash charges base_2027q2_cash_start | 2027Q2 / base | 250.17 USD_millions | derived: Cash bridge before net tax, interest and working capital. Formula: sum(base_2027q2_operating_income, base_2027q2_stock_compensation, base_2027q2_da). |
| Other working-capital cash use / revenue base_2027q2_wc_ratio | 2027Q2 / base | 15.0% ratio | assumption: Desk assumption, not company guidance. |
| Working-capital use excluding capacity deposits base_2027q2_other_wc | 2027Q2 / base | 79.50 USD_millions | derived: Receivables, inventory, payables and other operating balances; supplier-capacity deposits excluded here. Formula: multiply(base_2027q2_revenue, base_2027q2_wc_ratio). |
| Share of committed FY2027 deposit base_2027q2_deposit_weight | 2027Q2 / base | 50.0% ratio | assumption: Three remaining fiscal-quarter weights sum to one; cash timing is not disclosed. |
| New supplier-capacity cash deposit base_2027q2_capacity_deposit | 2027Q2 / base | 51.20 USD_millions | derived: Pays the entire additional $102.4M commitment within FY2027 in each case. Formula: multiply(new_capacity_deposits, base_2027q2_deposit_weight). |
| Net cash tax, interest and other uses base_2027q2_other | 2027Q2 / base | 15.00 USD_millions | assumption: Positive is cash use after interest income; no repetition of acquisition-related tax benefits. |
| Net tax/interest, working capital and deposits base_2027q2_cash_uses | 2027Q2 / base | 145.70 USD_millions | derived: Gross manufacturing commitments are not added on top of these inventory and deposit cash assumptions. Formula: sum(base_2027q2_other_wc, base_2027q2_capacity_deposit, base_2027q2_other). |
| Operating cash flow base_2027q2_cfo | 2027Q2 / base | 104.47 USD_millions | derived: Includes operating working-capital supplier deposits; excludes acquisition and license financing payments. Formula: subtract(base_2027q2_cash_start, base_2027q2_cash_uses). |
| Cash PP&E purchases base_2027q2_capex | 2027Q2 / base | 12.00 USD_millions | assumption: Research, test and other fixed assets; supplier refundable deposits are separate operating cash uses. |
| CFO less PP&E base_2027q2_fcf | 2027Q2 / base | 92.47 USD_millions | derived: Does not capture acquisitions, license financing payments or RSU withholding cash. Formula: subtract(base_2027q2_cfo, base_2027q2_capex). |
| Technology-license financing payments base_2027q2_license_payments | 2027Q2 / base | 1.50 USD_millions | assumption: Quarterly timing assumption; remaining FY2027 sums to disclosed $3.513M and FY2028 to $5.982M commitments. |
| Cash after PP&E and license payments base_2027q2_cash_after_license | 2027Q2 / base | 90.97 USD_millions | derived: Still excludes acquisition cash, RSU withholding, contingent payouts and equity financing. Formula: subtract(base_2027q2_fcf, base_2027q2_license_payments). |
| Sequential shipment revenue multiplier base_2027q3_growth | 2027Q3 / base | 112.0% ratio | assumption: Desk adoption and program-ramp scenario beyond the one-quarter company guide. |
| Revenue base_2027q3_revenue | 2027Q3 / base | 593.60 USD_millions | derived: Prior quarter revenue times explicit sequential growth. Formula: multiply(base_2027q2_revenue, base_2027q3_growth). |
| GAAP gross margin base_2027q3_gm | 2027Q3 / base | 64.5% ratio | assumption: Product mix and acquisition amortization included; not the higher non-GAAP margin. |
| GAAP gross profit base_2027q3_gross_profit | 2027Q3 / base | 382.87 USD_millions | derived: Revenue times GAAP gross margin assumption. Formula: multiply(base_2027q3_revenue, base_2027q3_gm). |
| Expense versus Q2 guidance midpoint base_2027q3_opex_factor | 2027Q3 / base | 106.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP operating expense base_2027q3_opex | 2027Q3 / base | 213.59 USD_millions | derived: GAAP expense includes stock compensation and acquired-intangible amortization. Formula: multiply(q2_opex_guide, base_2027q3_opex_factor). |
| GAAP operating income base_2027q3_operating_income | 2027Q3 / base | 169.28 USD_millions | derived: GAAP gross profit less GAAP operating expenses. Formula: subtract(base_2027q3_gross_profit, base_2027q3_opex). |
| Stock compensation expense base_2027q3_stock_compensation | 2027Q3 / base | 96.00 USD_millions | assumption: Noncash expense across all functions; an ownership cost despite the CFO addback. |
| D&A including acquired-intangible amortization base_2027q3_da | 2027Q3 / base | 24.00 USD_millions | assumption: Includes both depreciation and acquired-intangible amortization; no duplicate addback. |
| Operating income plus noncash charges base_2027q3_cash_start | 2027Q3 / base | 289.28 USD_millions | derived: Cash bridge before net tax, interest and working capital. Formula: sum(base_2027q3_operating_income, base_2027q3_stock_compensation, base_2027q3_da). |
| Other working-capital cash use / revenue base_2027q3_wc_ratio | 2027Q3 / base | 15.0% ratio | assumption: Desk assumption, not company guidance. |
| Working-capital use excluding capacity deposits base_2027q3_other_wc | 2027Q3 / base | 89.04 USD_millions | derived: Receivables, inventory, payables and other operating balances; supplier-capacity deposits excluded here. Formula: multiply(base_2027q3_revenue, base_2027q3_wc_ratio). |
| Share of committed FY2027 deposit base_2027q3_deposit_weight | 2027Q3 / base | 30.0% ratio | assumption: Three remaining fiscal-quarter weights sum to one; cash timing is not disclosed. |
| New supplier-capacity cash deposit base_2027q3_capacity_deposit | 2027Q3 / base | 30.72 USD_millions | derived: Pays the entire additional $102.4M commitment within FY2027 in each case. Formula: multiply(new_capacity_deposits, base_2027q3_deposit_weight). |
| Net cash tax, interest and other uses base_2027q3_other | 2027Q3 / base | 18.00 USD_millions | assumption: Positive is cash use after interest income; no repetition of acquisition-related tax benefits. |
| Net tax/interest, working capital and deposits base_2027q3_cash_uses | 2027Q3 / base | 137.76 USD_millions | derived: Gross manufacturing commitments are not added on top of these inventory and deposit cash assumptions. Formula: sum(base_2027q3_other_wc, base_2027q3_capacity_deposit, base_2027q3_other). |
| Operating cash flow base_2027q3_cfo | 2027Q3 / base | 151.52 USD_millions | derived: Includes operating working-capital supplier deposits; excludes acquisition and license financing payments. Formula: subtract(base_2027q3_cash_start, base_2027q3_cash_uses). |
| Cash PP&E purchases base_2027q3_capex | 2027Q3 / base | 14.00 USD_millions | assumption: Research, test and other fixed assets; supplier refundable deposits are separate operating cash uses. |
| CFO less PP&E base_2027q3_fcf | 2027Q3 / base | 137.52 USD_millions | derived: Does not capture acquisitions, license financing payments or RSU withholding cash. Formula: subtract(base_2027q3_cfo, base_2027q3_capex). |
| Technology-license financing payments base_2027q3_license_payments | 2027Q3 / base | 1.20 USD_millions | assumption: Quarterly timing assumption; remaining FY2027 sums to disclosed $3.513M and FY2028 to $5.982M commitments. |
| Cash after PP&E and license payments base_2027q3_cash_after_license | 2027Q3 / base | 136.32 USD_millions | derived: Still excludes acquisition cash, RSU withholding, contingent payouts and equity financing. Formula: subtract(base_2027q3_fcf, base_2027q3_license_payments). |
| Sequential shipment revenue multiplier base_2027q4_growth | 2027Q4 / base | 112.0% ratio | assumption: Desk adoption and program-ramp scenario beyond the one-quarter company guide. |
| Revenue base_2027q4_revenue | 2027Q4 / base | 664.83 USD_millions | derived: Prior quarter revenue times explicit sequential growth. Formula: multiply(base_2027q3_revenue, base_2027q4_growth). |
| GAAP gross margin base_2027q4_gm | 2027Q4 / base | 65.0% ratio | assumption: Product mix and acquisition amortization included; not the higher non-GAAP margin. |
| GAAP gross profit base_2027q4_gross_profit | 2027Q4 / base | 432.14 USD_millions | derived: Revenue times GAAP gross margin assumption. Formula: multiply(base_2027q4_revenue, base_2027q4_gm). |
| Expense versus Q2 guidance midpoint base_2027q4_opex_factor | 2027Q4 / base | 112.4% ratio | assumption: Desk assumption, not company guidance. |
| GAAP operating expense base_2027q4_opex | 2027Q4 / base | 226.41 USD_millions | derived: GAAP expense includes stock compensation and acquired-intangible amortization. Formula: multiply(q2_opex_guide, base_2027q4_opex_factor). |
| GAAP operating income base_2027q4_operating_income | 2027Q4 / base | 205.74 USD_millions | derived: GAAP gross profit less GAAP operating expenses. Formula: subtract(base_2027q4_gross_profit, base_2027q4_opex). |
| Stock compensation expense base_2027q4_stock_compensation | 2027Q4 / base | 102.00 USD_millions | assumption: Noncash expense across all functions; an ownership cost despite the CFO addback. |
| D&A including acquired-intangible amortization base_2027q4_da | 2027Q4 / base | 25.00 USD_millions | assumption: Includes both depreciation and acquired-intangible amortization; no duplicate addback. |
| Operating income plus noncash charges base_2027q4_cash_start | 2027Q4 / base | 332.74 USD_millions | derived: Cash bridge before net tax, interest and working capital. Formula: sum(base_2027q4_operating_income, base_2027q4_stock_compensation, base_2027q4_da). |
| Other working-capital cash use / revenue base_2027q4_wc_ratio | 2027Q4 / base | 15.0% ratio | assumption: Desk assumption, not company guidance. |
| Working-capital use excluding capacity deposits base_2027q4_other_wc | 2027Q4 / base | 99.72 USD_millions | derived: Receivables, inventory, payables and other operating balances; supplier-capacity deposits excluded here. Formula: multiply(base_2027q4_revenue, base_2027q4_wc_ratio). |
| Share of committed FY2027 deposit base_2027q4_deposit_weight | 2027Q4 / base | 20.0% ratio | assumption: Three remaining fiscal-quarter weights sum to one; cash timing is not disclosed. |
| New supplier-capacity cash deposit base_2027q4_capacity_deposit | 2027Q4 / base | 20.48 USD_millions | derived: Pays the entire additional $102.4M commitment within FY2027 in each case. Formula: multiply(new_capacity_deposits, base_2027q4_deposit_weight). |
| Net cash tax, interest and other uses base_2027q4_other | 2027Q4 / base | 21.00 USD_millions | assumption: Positive is cash use after interest income; no repetition of acquisition-related tax benefits. |
| Net tax/interest, working capital and deposits base_2027q4_cash_uses | 2027Q4 / base | 141.20 USD_millions | derived: Gross manufacturing commitments are not added on top of these inventory and deposit cash assumptions. Formula: sum(base_2027q4_other_wc, base_2027q4_capacity_deposit, base_2027q4_other). |
| Operating cash flow base_2027q4_cfo | 2027Q4 / base | 191.53 USD_millions | derived: Includes operating working-capital supplier deposits; excludes acquisition and license financing payments. Formula: subtract(base_2027q4_cash_start, base_2027q4_cash_uses). |
| Cash PP&E purchases base_2027q4_capex | 2027Q4 / base | 16.00 USD_millions | assumption: Research, test and other fixed assets; supplier refundable deposits are separate operating cash uses. |
| CFO less PP&E base_2027q4_fcf | 2027Q4 / base | 175.53 USD_millions | derived: Does not capture acquisitions, license financing payments or RSU withholding cash. Formula: subtract(base_2027q4_cfo, base_2027q4_capex). |
| Technology-license financing payments base_2027q4_license_payments | 2027Q4 / base | 0.81 USD_millions | assumption: Quarterly timing assumption; remaining FY2027 sums to disclosed $3.513M and FY2028 to $5.982M commitments. |
| Cash after PP&E and license payments base_2027q4_cash_after_license | 2027Q4 / base | 174.72 USD_millions | derived: Still excludes acquisition cash, RSU withholding, contingent payouts and equity financing. Formula: subtract(base_2027q4_fcf, base_2027q4_license_payments). |
| Sequential shipment revenue multiplier base_2028q1_growth | 2028Q1 / base | 108.0% ratio | assumption: Desk adoption and program-ramp scenario beyond the one-quarter company guide. |
| Revenue base_2028q1_revenue | 2028Q1 / base | 718.02 USD_millions | derived: Prior quarter revenue times explicit sequential growth. Formula: multiply(base_2027q4_revenue, base_2028q1_growth). |
| GAAP gross margin base_2028q1_gm | 2028Q1 / base | 65.0% ratio | assumption: Product mix and acquisition amortization included; not the higher non-GAAP margin. |
| GAAP gross profit base_2028q1_gross_profit | 2028Q1 / base | 466.71 USD_millions | derived: Revenue times GAAP gross margin assumption. Formula: multiply(base_2028q1_revenue, base_2028q1_gm). |
| Expense versus Q2 guidance midpoint base_2028q1_opex_factor | 2028Q1 / base | 119.1% ratio | assumption: Desk assumption, not company guidance. |
| GAAP operating expense base_2028q1_opex | 2028Q1 / base | 239.99 USD_millions | derived: GAAP expense includes stock compensation and acquired-intangible amortization. Formula: multiply(q2_opex_guide, base_2028q1_opex_factor). |
| GAAP operating income base_2028q1_operating_income | 2028Q1 / base | 226.72 USD_millions | derived: GAAP gross profit less GAAP operating expenses. Formula: subtract(base_2028q1_gross_profit, base_2028q1_opex). |
| Stock compensation expense base_2028q1_stock_compensation | 2028Q1 / base | 108.00 USD_millions | assumption: Noncash expense across all functions; an ownership cost despite the CFO addback. |
| D&A including acquired-intangible amortization base_2028q1_da | 2028Q1 / base | 26.00 USD_millions | assumption: Includes both depreciation and acquired-intangible amortization; no duplicate addback. |
| Operating income plus noncash charges base_2028q1_cash_start | 2028Q1 / base | 360.72 USD_millions | derived: Cash bridge before net tax, interest and working capital. Formula: sum(base_2028q1_operating_income, base_2028q1_stock_compensation, base_2028q1_da). |
| Other working-capital cash use / revenue base_2028q1_wc_ratio | 2028Q1 / base | 15.0% ratio | assumption: Desk assumption, not company guidance. |
| Working-capital use excluding capacity deposits base_2028q1_other_wc | 2028Q1 / base | 107.70 USD_millions | derived: Receivables, inventory, payables and other operating balances; supplier-capacity deposits excluded here. Formula: multiply(base_2028q1_revenue, base_2028q1_wc_ratio). |
| Additional supplier-capacity cash deposits base_2028q1_capacity_deposit | 2028Q1 / base | 20.00 USD_millions | assumption: Desk FY2028 growth-funding assumption, beyond the disclosed $102.4M FY2027 commitment; no deposit refund assumed. |
| Net cash tax, interest and other uses base_2028q1_other | 2028Q1 / base | 24.00 USD_millions | assumption: Positive is cash use after interest income; no repetition of acquisition-related tax benefits. |
| Net tax/interest, working capital and deposits base_2028q1_cash_uses | 2028Q1 / base | 151.70 USD_millions | derived: Gross manufacturing commitments are not added on top of these inventory and deposit cash assumptions. Formula: sum(base_2028q1_other_wc, base_2028q1_capacity_deposit, base_2028q1_other). |
| Operating cash flow base_2028q1_cfo | 2028Q1 / base | 209.02 USD_millions | derived: Includes operating working-capital supplier deposits; excludes acquisition and license financing payments. Formula: subtract(base_2028q1_cash_start, base_2028q1_cash_uses). |
| Cash PP&E purchases base_2028q1_capex | 2028Q1 / base | 18.00 USD_millions | assumption: Research, test and other fixed assets; supplier refundable deposits are separate operating cash uses. |
| CFO less PP&E base_2028q1_fcf | 2028Q1 / base | 191.02 USD_millions | derived: Does not capture acquisitions, license financing payments or RSU withholding cash. Formula: subtract(base_2028q1_cfo, base_2028q1_capex). |
| Technology-license financing payments base_2028q1_license_payments | 2028Q1 / base | 1.50 USD_millions | assumption: Quarterly timing assumption; remaining FY2027 sums to disclosed $3.513M and FY2028 to $5.982M commitments. |
| Cash after PP&E and license payments base_2028q1_cash_after_license | 2028Q1 / base | 189.52 USD_millions | derived: Still excludes acquisition cash, RSU withholding, contingent payouts and equity financing. Formula: subtract(base_2028q1_fcf, base_2028q1_license_payments). |
| Sequential shipment revenue multiplier base_2028q2_growth | 2028Q2 / base | 110.0% ratio | assumption: Desk adoption and program-ramp scenario beyond the one-quarter company guide. |
| Revenue base_2028q2_revenue | 2028Q2 / base | 789.82 USD_millions | derived: Prior quarter revenue times explicit sequential growth. Formula: multiply(base_2028q1_revenue, base_2028q2_growth). |
| GAAP gross margin base_2028q2_gm | 2028Q2 / base | 65.5% ratio | assumption: Product mix and acquisition amortization included; not the higher non-GAAP margin. |
| GAAP gross profit base_2028q2_gross_profit | 2028Q2 / base | 517.33 USD_millions | derived: Revenue times GAAP gross margin assumption. Formula: multiply(base_2028q2_revenue, base_2028q2_gm). |
| Expense versus Q2 guidance midpoint base_2028q2_opex_factor | 2028Q2 / base | 126.2% ratio | assumption: Desk assumption, not company guidance. |
| GAAP operating expense base_2028q2_opex | 2028Q2 / base | 254.39 USD_millions | derived: GAAP expense includes stock compensation and acquired-intangible amortization. Formula: multiply(q2_opex_guide, base_2028q2_opex_factor). |
| GAAP operating income base_2028q2_operating_income | 2028Q2 / base | 262.94 USD_millions | derived: GAAP gross profit less GAAP operating expenses. Formula: subtract(base_2028q2_gross_profit, base_2028q2_opex). |
| Stock compensation expense base_2028q2_stock_compensation | 2028Q2 / base | 114.00 USD_millions | assumption: Noncash expense across all functions; an ownership cost despite the CFO addback. |
| D&A including acquired-intangible amortization base_2028q2_da | 2028Q2 / base | 27.00 USD_millions | assumption: Includes both depreciation and acquired-intangible amortization; no duplicate addback. |
| Operating income plus noncash charges base_2028q2_cash_start | 2028Q2 / base | 403.94 USD_millions | derived: Cash bridge before net tax, interest and working capital. Formula: sum(base_2028q2_operating_income, base_2028q2_stock_compensation, base_2028q2_da). |
| Other working-capital cash use / revenue base_2028q2_wc_ratio | 2028Q2 / base | 15.0% ratio | assumption: Desk assumption, not company guidance. |
| Working-capital use excluding capacity deposits base_2028q2_other_wc | 2028Q2 / base | 118.47 USD_millions | derived: Receivables, inventory, payables and other operating balances; supplier-capacity deposits excluded here. Formula: multiply(base_2028q2_revenue, base_2028q2_wc_ratio). |
| Additional supplier-capacity cash deposits base_2028q2_capacity_deposit | 2028Q2 / base | 20.00 USD_millions | assumption: Desk FY2028 growth-funding assumption, beyond the disclosed $102.4M FY2027 commitment; no deposit refund assumed. |
| Net cash tax, interest and other uses base_2028q2_other | 2028Q2 / base | 27.00 USD_millions | assumption: Positive is cash use after interest income; no repetition of acquisition-related tax benefits. |
| Net tax/interest, working capital and deposits base_2028q2_cash_uses | 2028Q2 / base | 165.47 USD_millions | derived: Gross manufacturing commitments are not added on top of these inventory and deposit cash assumptions. Formula: sum(base_2028q2_other_wc, base_2028q2_capacity_deposit, base_2028q2_other). |
| Operating cash flow base_2028q2_cfo | 2028Q2 / base | 238.47 USD_millions | derived: Includes operating working-capital supplier deposits; excludes acquisition and license financing payments. Formula: subtract(base_2028q2_cash_start, base_2028q2_cash_uses). |
| Cash PP&E purchases base_2028q2_capex | 2028Q2 / base | 20.00 USD_millions | assumption: Research, test and other fixed assets; supplier refundable deposits are separate operating cash uses. |
| CFO less PP&E base_2028q2_fcf | 2028Q2 / base | 218.47 USD_millions | derived: Does not capture acquisitions, license financing payments or RSU withholding cash. Formula: subtract(base_2028q2_cfo, base_2028q2_capex). |
| Technology-license financing payments base_2028q2_license_payments | 2028Q2 / base | 1.50 USD_millions | assumption: Quarterly timing assumption; remaining FY2027 sums to disclosed $3.513M and FY2028 to $5.982M commitments. |
| Cash after PP&E and license payments base_2028q2_cash_after_license | 2028Q2 / base | 216.97 USD_millions | derived: Still excludes acquisition cash, RSU withholding, contingent payouts and equity financing. Formula: subtract(base_2028q2_fcf, base_2028q2_license_payments). |
| Sequential shipment revenue multiplier base_2028q3_growth | 2028Q3 / base | 110.0% ratio | assumption: Desk adoption and program-ramp scenario beyond the one-quarter company guide. |
| Revenue base_2028q3_revenue | 2028Q3 / base | 868.80 USD_millions | derived: Prior quarter revenue times explicit sequential growth. Formula: multiply(base_2028q2_revenue, base_2028q3_growth). |
| GAAP gross margin base_2028q3_gm | 2028Q3 / base | 65.5% ratio | assumption: Product mix and acquisition amortization included; not the higher non-GAAP margin. |
| GAAP gross profit base_2028q3_gross_profit | 2028Q3 / base | 569.07 USD_millions | derived: Revenue times GAAP gross margin assumption. Formula: multiply(base_2028q3_revenue, base_2028q3_gm). |
| Expense versus Q2 guidance midpoint base_2028q3_opex_factor | 2028Q3 / base | 133.8% ratio | assumption: Desk assumption, not company guidance. |
| GAAP operating expense base_2028q3_opex | 2028Q3 / base | 269.65 USD_millions | derived: GAAP expense includes stock compensation and acquired-intangible amortization. Formula: multiply(q2_opex_guide, base_2028q3_opex_factor). |
| GAAP operating income base_2028q3_operating_income | 2028Q3 / base | 299.41 USD_millions | derived: GAAP gross profit less GAAP operating expenses. Formula: subtract(base_2028q3_gross_profit, base_2028q3_opex). |
| Stock compensation expense base_2028q3_stock_compensation | 2028Q3 / base | 120.00 USD_millions | assumption: Noncash expense across all functions; an ownership cost despite the CFO addback. |
| D&A including acquired-intangible amortization base_2028q3_da | 2028Q3 / base | 28.00 USD_millions | assumption: Includes both depreciation and acquired-intangible amortization; no duplicate addback. |
| Operating income plus noncash charges base_2028q3_cash_start | 2028Q3 / base | 447.41 USD_millions | derived: Cash bridge before net tax, interest and working capital. Formula: sum(base_2028q3_operating_income, base_2028q3_stock_compensation, base_2028q3_da). |
| Other working-capital cash use / revenue base_2028q3_wc_ratio | 2028Q3 / base | 15.0% ratio | assumption: Desk assumption, not company guidance. |
| Working-capital use excluding capacity deposits base_2028q3_other_wc | 2028Q3 / base | 130.32 USD_millions | derived: Receivables, inventory, payables and other operating balances; supplier-capacity deposits excluded here. Formula: multiply(base_2028q3_revenue, base_2028q3_wc_ratio). |
| Additional supplier-capacity cash deposits base_2028q3_capacity_deposit | 2028Q3 / base | 20.00 USD_millions | assumption: Desk FY2028 growth-funding assumption, beyond the disclosed $102.4M FY2027 commitment; no deposit refund assumed. |
| Net cash tax, interest and other uses base_2028q3_other | 2028Q3 / base | 30.00 USD_millions | assumption: Positive is cash use after interest income; no repetition of acquisition-related tax benefits. |
| Net tax/interest, working capital and deposits base_2028q3_cash_uses | 2028Q3 / base | 180.32 USD_millions | derived: Gross manufacturing commitments are not added on top of these inventory and deposit cash assumptions. Formula: sum(base_2028q3_other_wc, base_2028q3_capacity_deposit, base_2028q3_other). |
| Operating cash flow base_2028q3_cfo | 2028Q3 / base | 267.09 USD_millions | derived: Includes operating working-capital supplier deposits; excludes acquisition and license financing payments. Formula: subtract(base_2028q3_cash_start, base_2028q3_cash_uses). |
| Cash PP&E purchases base_2028q3_capex | 2028Q3 / base | 22.00 USD_millions | assumption: Research, test and other fixed assets; supplier refundable deposits are separate operating cash uses. |
| CFO less PP&E base_2028q3_fcf | 2028Q3 / base | 245.09 USD_millions | derived: Does not capture acquisitions, license financing payments or RSU withholding cash. Formula: subtract(base_2028q3_cfo, base_2028q3_capex). |
| Technology-license financing payments base_2028q3_license_payments | 2028Q3 / base | 1.50 USD_millions | assumption: Quarterly timing assumption; remaining FY2027 sums to disclosed $3.513M and FY2028 to $5.982M commitments. |
| Cash after PP&E and license payments base_2028q3_cash_after_license | 2028Q3 / base | 243.60 USD_millions | derived: Still excludes acquisition cash, RSU withholding, contingent payouts and equity financing. Formula: subtract(base_2028q3_fcf, base_2028q3_license_payments). |
| Sequential shipment revenue multiplier base_2028q4_growth | 2028Q4 / base | 110.0% ratio | assumption: Desk adoption and program-ramp scenario beyond the one-quarter company guide. |
| Revenue base_2028q4_revenue | 2028Q4 / base | 955.68 USD_millions | derived: Prior quarter revenue times explicit sequential growth. Formula: multiply(base_2028q3_revenue, base_2028q4_growth). |
| GAAP gross margin base_2028q4_gm | 2028Q4 / base | 66.0% ratio | assumption: Product mix and acquisition amortization included; not the higher non-GAAP margin. |
| GAAP gross profit base_2028q4_gross_profit | 2028Q4 / base | 630.75 USD_millions | derived: Revenue times GAAP gross margin assumption. Formula: multiply(base_2028q4_revenue, base_2028q4_gm). |
| Expense versus Q2 guidance midpoint base_2028q4_opex_factor | 2028Q4 / base | 141.9% ratio | assumption: Desk assumption, not company guidance. |
| GAAP operating expense base_2028q4_opex | 2028Q4 / base | 285.83 USD_millions | derived: GAAP expense includes stock compensation and acquired-intangible amortization. Formula: multiply(q2_opex_guide, base_2028q4_opex_factor). |
| GAAP operating income base_2028q4_operating_income | 2028Q4 / base | 344.92 USD_millions | derived: GAAP gross profit less GAAP operating expenses. Formula: subtract(base_2028q4_gross_profit, base_2028q4_opex). |
| Stock compensation expense base_2028q4_stock_compensation | 2028Q4 / base | 126.00 USD_millions | assumption: Noncash expense across all functions; an ownership cost despite the CFO addback. |
| D&A including acquired-intangible amortization base_2028q4_da | 2028Q4 / base | 29.00 USD_millions | assumption: Includes both depreciation and acquired-intangible amortization; no duplicate addback. |
| Operating income plus noncash charges base_2028q4_cash_start | 2028Q4 / base | 499.92 USD_millions | derived: Cash bridge before net tax, interest and working capital. Formula: sum(base_2028q4_operating_income, base_2028q4_stock_compensation, base_2028q4_da). |
| Other working-capital cash use / revenue base_2028q4_wc_ratio | 2028Q4 / base | 15.0% ratio | assumption: Desk assumption, not company guidance. |
| Working-capital use excluding capacity deposits base_2028q4_other_wc | 2028Q4 / base | 143.35 USD_millions | derived: Receivables, inventory, payables and other operating balances; supplier-capacity deposits excluded here. Formula: multiply(base_2028q4_revenue, base_2028q4_wc_ratio). |
| Additional supplier-capacity cash deposits base_2028q4_capacity_deposit | 2028Q4 / base | 20.00 USD_millions | assumption: Desk FY2028 growth-funding assumption, beyond the disclosed $102.4M FY2027 commitment; no deposit refund assumed. |
| Net cash tax, interest and other uses base_2028q4_other | 2028Q4 / base | 33.00 USD_millions | assumption: Positive is cash use after interest income; no repetition of acquisition-related tax benefits. |
| Net tax/interest, working capital and deposits base_2028q4_cash_uses | 2028Q4 / base | 196.35 USD_millions | derived: Gross manufacturing commitments are not added on top of these inventory and deposit cash assumptions. Formula: sum(base_2028q4_other_wc, base_2028q4_capacity_deposit, base_2028q4_other). |
| Operating cash flow base_2028q4_cfo | 2028Q4 / base | 303.57 USD_millions | derived: Includes operating working-capital supplier deposits; excludes acquisition and license financing payments. Formula: subtract(base_2028q4_cash_start, base_2028q4_cash_uses). |
| Cash PP&E purchases base_2028q4_capex | 2028Q4 / base | 24.00 USD_millions | assumption: Research, test and other fixed assets; supplier refundable deposits are separate operating cash uses. |
| CFO less PP&E base_2028q4_fcf | 2028Q4 / base | 279.57 USD_millions | derived: Does not capture acquisitions, license financing payments or RSU withholding cash. Formula: subtract(base_2028q4_cfo, base_2028q4_capex). |
| Technology-license financing payments base_2028q4_license_payments | 2028Q4 / base | 1.50 USD_millions | assumption: Quarterly timing assumption; remaining FY2027 sums to disclosed $3.513M and FY2028 to $5.982M commitments. |
| Cash after PP&E and license payments base_2028q4_cash_after_license | 2028Q4 / base | 278.07 USD_millions | derived: Still excludes acquisition cash, RSU withholding, contingent payouts and equity financing. Formula: subtract(base_2028q4_fcf, base_2028q4_license_payments). |
| Revenue ($M) base_fy2027_revenue | FY2027 / base | 2,267.44 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_revenue, base_2027q2_revenue, base_2027q3_revenue, base_2027q4_revenue). |
| GAAP gross profit ($M) base_fy2027_gross_profit | FY2027 / base | 1,462.76 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_gross_profit, base_2027q2_gross_profit, base_2027q3_gross_profit, base_2027q4_gross_profit). |
| GAAP operating income ($M) base_fy2027_operating_income | FY2027 / base | 632.89 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_operating_income, base_2027q2_operating_income, base_2027q3_operating_income, base_2027q4_operating_income). |
| Stock compensation expense ($M) base_fy2027_stock_compensation | FY2027 / base | 375.98 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_stock_compensation, base_2027q2_stock_compensation, base_2027q3_stock_compensation, base_2027q4_stock_compensation). |
| Operating cash flow ($M) base_fy2027_cfo | FY2027 / base | 537.75 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_cfo, base_2027q2_cfo, base_2027q3_cfo, base_2027q4_cfo). |
| Cash PP&E purchases ($M) base_fy2027_capex | FY2027 / base | 49.28 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_capex, base_2027q2_capex, base_2027q3_capex, base_2027q4_capex). |
| CFO less PP&E ($M) base_fy2027_fcf | FY2027 / base | 488.47 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_fcf, base_2027q2_fcf, base_2027q3_fcf, base_2027q4_fcf). |
| Financing-classified license payments ($M) base_fy2027_license_payments | FY2027 / base | 8.69 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_license_payments, base_2027q2_license_payments, base_2027q3_license_payments, base_2027q4_license_payments). |
| Cash after PP&E and license payments ($M) base_fy2027_cash_after_license | FY2027 / base | 479.79 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_cash_after_license, base_2027q2_cash_after_license, base_2027q3_cash_after_license, base_2027q4_cash_after_license). |
| Revenue ($M) base_fy2028_revenue | FY2028 / base | 3,332.32 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_revenue, base_2028q2_revenue, base_2028q3_revenue, base_2028q4_revenue). |
| GAAP gross profit ($M) base_fy2028_gross_profit | FY2028 / base | 2,183.86 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). |
| GAAP operating income ($M) base_fy2028_operating_income | FY2028 / base | 1,134.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_operating_income, base_2028q2_operating_income, base_2028q3_operating_income, base_2028q4_operating_income). |
| Stock compensation expense ($M) base_fy2028_stock_compensation | FY2028 / base | 468.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_stock_compensation, base_2028q2_stock_compensation, base_2028q3_stock_compensation, base_2028q4_stock_compensation). |
| Operating cash flow ($M) base_fy2028_cfo | FY2028 / base | 1,018.15 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_cfo, base_2028q2_cfo, base_2028q3_cfo, base_2028q4_cfo). |
| Cash PP&E purchases ($M) base_fy2028_capex | FY2028 / base | 84.00 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). |
| CFO less PP&E ($M) base_fy2028_fcf | FY2028 / base | 934.15 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_fcf, base_2028q2_fcf, base_2028q3_fcf, base_2028q4_fcf). |
| Financing-classified license payments ($M) base_fy2028_license_payments | FY2028 / base | 5.98 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_license_payments, base_2028q2_license_payments, base_2028q3_license_payments, base_2028q4_license_payments). |
| Cash after PP&E and license payments ($M) base_fy2028_cash_after_license | FY2028 / base | 928.17 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_cash_after_license, base_2028q2_cash_after_license, base_2028q3_cash_after_license, base_2028q4_cash_after_license). |
| Shipment realization versus Q2 midpoint upside_2027q2_delivery | 2027Q2 / upside | 103.0% ratio | assumption: Desk assumption, not company guidance. |
| Revenue upside_2027q2_revenue | 2027Q2 / upside | 545.90 USD_millions | derived: Company midpoint times desk delivery case; not a new company range. Formula: multiply(q2_revenue_guide, upside_2027q2_delivery). |
| GAAP gross margin upside_2027q2_gm | 2027Q2 / upside | 65.0% ratio | assumption: Product mix and acquisition amortization included; not the higher non-GAAP margin. |
| GAAP gross profit upside_2027q2_gross_profit | 2027Q2 / upside | 354.83 USD_millions | derived: Revenue times GAAP gross margin assumption. Formula: multiply(upside_2027q2_revenue, upside_2027q2_gm). |
| Expense versus Q2 guidance midpoint upside_2027q2_opex_factor | 2027Q2 / upside | 100.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP operating expense upside_2027q2_opex | 2027Q2 / upside | 201.50 USD_millions | derived: GAAP expense includes stock compensation and acquired-intangible amortization. Formula: multiply(q2_opex_guide, upside_2027q2_opex_factor). |
| GAAP operating income upside_2027q2_operating_income | 2027Q2 / upside | 153.33 USD_millions | derived: GAAP gross profit less GAAP operating expenses. Formula: subtract(upside_2027q2_gross_profit, upside_2027q2_opex). |
| Stock compensation expense upside_2027q2_stock_compensation | 2027Q2 / upside | 92.00 USD_millions | assumption: Noncash expense across all functions; an ownership cost despite the CFO addback. |
| D&A including acquired-intangible amortization upside_2027q2_da | 2027Q2 / upside | 23.00 USD_millions | assumption: Includes both depreciation and acquired-intangible amortization; no duplicate addback. |
| Operating income plus noncash charges upside_2027q2_cash_start | 2027Q2 / upside | 268.33 USD_millions | derived: Cash bridge before net tax, interest and working capital. Formula: sum(upside_2027q2_operating_income, upside_2027q2_stock_compensation, upside_2027q2_da). |
| Other working-capital cash use / revenue upside_2027q2_wc_ratio | 2027Q2 / upside | 10.0% ratio | assumption: Desk assumption, not company guidance. |
| Working-capital use excluding capacity deposits upside_2027q2_other_wc | 2027Q2 / upside | 54.59 USD_millions | derived: Receivables, inventory, payables and other operating balances; supplier-capacity deposits excluded here. Formula: multiply(upside_2027q2_revenue, upside_2027q2_wc_ratio). |
| Share of committed FY2027 deposit upside_2027q2_deposit_weight | 2027Q2 / upside | 20.0% ratio | assumption: Three remaining fiscal-quarter weights sum to one; cash timing is not disclosed. |
| New supplier-capacity cash deposit upside_2027q2_capacity_deposit | 2027Q2 / upside | 20.48 USD_millions | derived: Pays the entire additional $102.4M commitment within FY2027 in each case. Formula: multiply(new_capacity_deposits, upside_2027q2_deposit_weight). |
| Net cash tax, interest and other uses upside_2027q2_other | 2027Q2 / upside | 20.00 USD_millions | assumption: Positive is cash use after interest income; no repetition of acquisition-related tax benefits. |
| Net tax/interest, working capital and deposits upside_2027q2_cash_uses | 2027Q2 / upside | 95.07 USD_millions | derived: Gross manufacturing commitments are not added on top of these inventory and deposit cash assumptions. Formula: sum(upside_2027q2_other_wc, upside_2027q2_capacity_deposit, upside_2027q2_other). |
| Operating cash flow upside_2027q2_cfo | 2027Q2 / upside | 173.26 USD_millions | derived: Includes operating working-capital supplier deposits; excludes acquisition and license financing payments. Formula: subtract(upside_2027q2_cash_start, upside_2027q2_cash_uses). |
| Cash PP&E purchases upside_2027q2_capex | 2027Q2 / upside | 12.00 USD_millions | assumption: Research, test and other fixed assets; supplier refundable deposits are separate operating cash uses. |
| CFO less PP&E upside_2027q2_fcf | 2027Q2 / upside | 161.26 USD_millions | derived: Does not capture acquisitions, license financing payments or RSU withholding cash. Formula: subtract(upside_2027q2_cfo, upside_2027q2_capex). |
| Technology-license financing payments upside_2027q2_license_payments | 2027Q2 / upside | 1.50 USD_millions | assumption: Quarterly timing assumption; remaining FY2027 sums to disclosed $3.513M and FY2028 to $5.982M commitments. |
| Cash after PP&E and license payments upside_2027q2_cash_after_license | 2027Q2 / upside | 159.76 USD_millions | derived: Still excludes acquisition cash, RSU withholding, contingent payouts and equity financing. Formula: subtract(upside_2027q2_fcf, upside_2027q2_license_payments). |
| Sequential shipment revenue multiplier upside_2027q3_growth | 2027Q3 / upside | 118.0% ratio | assumption: Desk adoption and program-ramp scenario beyond the one-quarter company guide. |
| Revenue upside_2027q3_revenue | 2027Q3 / upside | 644.16 USD_millions | derived: Prior quarter revenue times explicit sequential growth. Formula: multiply(upside_2027q2_revenue, upside_2027q3_growth). |
| GAAP gross margin upside_2027q3_gm | 2027Q3 / upside | 66.0% ratio | assumption: Product mix and acquisition amortization included; not the higher non-GAAP margin. |
| GAAP gross profit upside_2027q3_gross_profit | 2027Q3 / upside | 425.15 USD_millions | derived: Revenue times GAAP gross margin assumption. Formula: multiply(upside_2027q3_revenue, upside_2027q3_gm). |
| Expense versus Q2 guidance midpoint upside_2027q3_opex_factor | 2027Q3 / upside | 107.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP operating expense upside_2027q3_opex | 2027Q3 / upside | 215.61 USD_millions | derived: GAAP expense includes stock compensation and acquired-intangible amortization. Formula: multiply(q2_opex_guide, upside_2027q3_opex_factor). |
| GAAP operating income upside_2027q3_operating_income | 2027Q3 / upside | 209.54 USD_millions | derived: GAAP gross profit less GAAP operating expenses. Formula: subtract(upside_2027q3_gross_profit, upside_2027q3_opex). |
| Stock compensation expense upside_2027q3_stock_compensation | 2027Q3 / upside | 99.00 USD_millions | assumption: Noncash expense across all functions; an ownership cost despite the CFO addback. |
| D&A including acquired-intangible amortization upside_2027q3_da | 2027Q3 / upside | 24.00 USD_millions | assumption: Includes both depreciation and acquired-intangible amortization; no duplicate addback. |
| Operating income plus noncash charges upside_2027q3_cash_start | 2027Q3 / upside | 332.54 USD_millions | derived: Cash bridge before net tax, interest and working capital. Formula: sum(upside_2027q3_operating_income, upside_2027q3_stock_compensation, upside_2027q3_da). |
| Other working-capital cash use / revenue upside_2027q3_wc_ratio | 2027Q3 / upside | 10.0% ratio | assumption: Desk assumption, not company guidance. |
| Working-capital use excluding capacity deposits upside_2027q3_other_wc | 2027Q3 / upside | 64.42 USD_millions | derived: Receivables, inventory, payables and other operating balances; supplier-capacity deposits excluded here. Formula: multiply(upside_2027q3_revenue, upside_2027q3_wc_ratio). |
| Share of committed FY2027 deposit upside_2027q3_deposit_weight | 2027Q3 / upside | 30.0% ratio | assumption: Three remaining fiscal-quarter weights sum to one; cash timing is not disclosed. |
| New supplier-capacity cash deposit upside_2027q3_capacity_deposit | 2027Q3 / upside | 30.72 USD_millions | derived: Pays the entire additional $102.4M commitment within FY2027 in each case. Formula: multiply(new_capacity_deposits, upside_2027q3_deposit_weight). |
| Net cash tax, interest and other uses upside_2027q3_other | 2027Q3 / upside | 23.00 USD_millions | assumption: Positive is cash use after interest income; no repetition of acquisition-related tax benefits. |
| Net tax/interest, working capital and deposits upside_2027q3_cash_uses | 2027Q3 / upside | 118.14 USD_millions | derived: Gross manufacturing commitments are not added on top of these inventory and deposit cash assumptions. Formula: sum(upside_2027q3_other_wc, upside_2027q3_capacity_deposit, upside_2027q3_other). |
| Operating cash flow upside_2027q3_cfo | 2027Q3 / upside | 214.41 USD_millions | derived: Includes operating working-capital supplier deposits; excludes acquisition and license financing payments. Formula: subtract(upside_2027q3_cash_start, upside_2027q3_cash_uses). |
| Cash PP&E purchases upside_2027q3_capex | 2027Q3 / upside | 14.00 USD_millions | assumption: Research, test and other fixed assets; supplier refundable deposits are separate operating cash uses. |
| CFO less PP&E upside_2027q3_fcf | 2027Q3 / upside | 200.41 USD_millions | derived: Does not capture acquisitions, license financing payments or RSU withholding cash. Formula: subtract(upside_2027q3_cfo, upside_2027q3_capex). |
| Technology-license financing payments upside_2027q3_license_payments | 2027Q3 / upside | 1.20 USD_millions | assumption: Quarterly timing assumption; remaining FY2027 sums to disclosed $3.513M and FY2028 to $5.982M commitments. |
| Cash after PP&E and license payments upside_2027q3_cash_after_license | 2027Q3 / upside | 199.21 USD_millions | derived: Still excludes acquisition cash, RSU withholding, contingent payouts and equity financing. Formula: subtract(upside_2027q3_fcf, upside_2027q3_license_payments). |
| Sequential shipment revenue multiplier upside_2027q4_growth | 2027Q4 / upside | 118.0% ratio | assumption: Desk adoption and program-ramp scenario beyond the one-quarter company guide. |
| Revenue upside_2027q4_revenue | 2027Q4 / upside | 760.11 USD_millions | derived: Prior quarter revenue times explicit sequential growth. Formula: multiply(upside_2027q3_revenue, upside_2027q4_growth). |
| GAAP gross margin upside_2027q4_gm | 2027Q4 / upside | 67.0% ratio | assumption: Product mix and acquisition amortization included; not the higher non-GAAP margin. |
| GAAP gross profit upside_2027q4_gross_profit | 2027Q4 / upside | 509.27 USD_millions | derived: Revenue times GAAP gross margin assumption. Formula: multiply(upside_2027q4_revenue, upside_2027q4_gm). |
| Expense versus Q2 guidance midpoint upside_2027q4_opex_factor | 2027Q4 / upside | 114.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP operating expense upside_2027q4_opex | 2027Q4 / upside | 230.70 USD_millions | derived: GAAP expense includes stock compensation and acquired-intangible amortization. Formula: multiply(q2_opex_guide, upside_2027q4_opex_factor). |
| GAAP operating income upside_2027q4_operating_income | 2027Q4 / upside | 278.58 USD_millions | derived: GAAP gross profit less GAAP operating expenses. Formula: subtract(upside_2027q4_gross_profit, upside_2027q4_opex). |
| Stock compensation expense upside_2027q4_stock_compensation | 2027Q4 / upside | 106.00 USD_millions | assumption: Noncash expense across all functions; an ownership cost despite the CFO addback. |
| D&A including acquired-intangible amortization upside_2027q4_da | 2027Q4 / upside | 25.00 USD_millions | assumption: Includes both depreciation and acquired-intangible amortization; no duplicate addback. |
| Operating income plus noncash charges upside_2027q4_cash_start | 2027Q4 / upside | 409.58 USD_millions | derived: Cash bridge before net tax, interest and working capital. Formula: sum(upside_2027q4_operating_income, upside_2027q4_stock_compensation, upside_2027q4_da). |
| Other working-capital cash use / revenue upside_2027q4_wc_ratio | 2027Q4 / upside | 10.0% ratio | assumption: Desk assumption, not company guidance. |
| Working-capital use excluding capacity deposits upside_2027q4_other_wc | 2027Q4 / upside | 76.01 USD_millions | derived: Receivables, inventory, payables and other operating balances; supplier-capacity deposits excluded here. Formula: multiply(upside_2027q4_revenue, upside_2027q4_wc_ratio). |
| Share of committed FY2027 deposit upside_2027q4_deposit_weight | 2027Q4 / upside | 50.0% ratio | assumption: Three remaining fiscal-quarter weights sum to one; cash timing is not disclosed. |
| New supplier-capacity cash deposit upside_2027q4_capacity_deposit | 2027Q4 / upside | 51.20 USD_millions | derived: Pays the entire additional $102.4M commitment within FY2027 in each case. Formula: multiply(new_capacity_deposits, upside_2027q4_deposit_weight). |
| Net cash tax, interest and other uses upside_2027q4_other | 2027Q4 / upside | 26.00 USD_millions | assumption: Positive is cash use after interest income; no repetition of acquisition-related tax benefits. |
| Net tax/interest, working capital and deposits upside_2027q4_cash_uses | 2027Q4 / upside | 153.21 USD_millions | derived: Gross manufacturing commitments are not added on top of these inventory and deposit cash assumptions. Formula: sum(upside_2027q4_other_wc, upside_2027q4_capacity_deposit, upside_2027q4_other). |
| Operating cash flow upside_2027q4_cfo | 2027Q4 / upside | 256.37 USD_millions | derived: Includes operating working-capital supplier deposits; excludes acquisition and license financing payments. Formula: subtract(upside_2027q4_cash_start, upside_2027q4_cash_uses). |
| Cash PP&E purchases upside_2027q4_capex | 2027Q4 / upside | 16.00 USD_millions | assumption: Research, test and other fixed assets; supplier refundable deposits are separate operating cash uses. |
| CFO less PP&E upside_2027q4_fcf | 2027Q4 / upside | 240.37 USD_millions | derived: Does not capture acquisitions, license financing payments or RSU withholding cash. Formula: subtract(upside_2027q4_cfo, upside_2027q4_capex). |
| Technology-license financing payments upside_2027q4_license_payments | 2027Q4 / upside | 0.81 USD_millions | assumption: Quarterly timing assumption; remaining FY2027 sums to disclosed $3.513M and FY2028 to $5.982M commitments. |
| Cash after PP&E and license payments upside_2027q4_cash_after_license | 2027Q4 / upside | 239.55 USD_millions | derived: Still excludes acquisition cash, RSU withholding, contingent payouts and equity financing. Formula: subtract(upside_2027q4_fcf, upside_2027q4_license_payments). |
| Sequential shipment revenue multiplier upside_2028q1_growth | 2028Q1 / upside | 112.0% ratio | assumption: Desk adoption and program-ramp scenario beyond the one-quarter company guide. |
| Revenue upside_2028q1_revenue | 2028Q1 / upside | 851.32 USD_millions | derived: Prior quarter revenue times explicit sequential growth. Formula: multiply(upside_2027q4_revenue, upside_2028q1_growth). |
| GAAP gross margin upside_2028q1_gm | 2028Q1 / upside | 67.5% ratio | assumption: Product mix and acquisition amortization included; not the higher non-GAAP margin. |
| GAAP gross profit upside_2028q1_gross_profit | 2028Q1 / upside | 574.64 USD_millions | derived: Revenue times GAAP gross margin assumption. Formula: multiply(upside_2028q1_revenue, upside_2028q1_gm). |
| Expense versus Q2 guidance midpoint upside_2028q1_opex_factor | 2028Q1 / upside | 122.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP operating expense upside_2028q1_opex | 2028Q1 / upside | 246.85 USD_millions | derived: GAAP expense includes stock compensation and acquired-intangible amortization. Formula: multiply(q2_opex_guide, upside_2028q1_opex_factor). |
| GAAP operating income upside_2028q1_operating_income | 2028Q1 / upside | 327.80 USD_millions | derived: GAAP gross profit less GAAP operating expenses. Formula: subtract(upside_2028q1_gross_profit, upside_2028q1_opex). |
| Stock compensation expense upside_2028q1_stock_compensation | 2028Q1 / upside | 113.00 USD_millions | assumption: Noncash expense across all functions; an ownership cost despite the CFO addback. |
| D&A including acquired-intangible amortization upside_2028q1_da | 2028Q1 / upside | 26.00 USD_millions | assumption: Includes both depreciation and acquired-intangible amortization; no duplicate addback. |
| Operating income plus noncash charges upside_2028q1_cash_start | 2028Q1 / upside | 466.80 USD_millions | derived: Cash bridge before net tax, interest and working capital. Formula: sum(upside_2028q1_operating_income, upside_2028q1_stock_compensation, upside_2028q1_da). |
| Other working-capital cash use / revenue upside_2028q1_wc_ratio | 2028Q1 / upside | 10.0% ratio | assumption: Desk assumption, not company guidance. |
| Working-capital use excluding capacity deposits upside_2028q1_other_wc | 2028Q1 / upside | 85.13 USD_millions | derived: Receivables, inventory, payables and other operating balances; supplier-capacity deposits excluded here. Formula: multiply(upside_2028q1_revenue, upside_2028q1_wc_ratio). |
| Additional supplier-capacity cash deposits upside_2028q1_capacity_deposit | 2028Q1 / upside | 20.00 USD_millions | assumption: Desk FY2028 growth-funding assumption, beyond the disclosed $102.4M FY2027 commitment; no deposit refund assumed. |
| Net cash tax, interest and other uses upside_2028q1_other | 2028Q1 / upside | 29.00 USD_millions | assumption: Positive is cash use after interest income; no repetition of acquisition-related tax benefits. |
| Net tax/interest, working capital and deposits upside_2028q1_cash_uses | 2028Q1 / upside | 134.13 USD_millions | derived: Gross manufacturing commitments are not added on top of these inventory and deposit cash assumptions. Formula: sum(upside_2028q1_other_wc, upside_2028q1_capacity_deposit, upside_2028q1_other). |
| Operating cash flow upside_2028q1_cfo | 2028Q1 / upside | 332.67 USD_millions | derived: Includes operating working-capital supplier deposits; excludes acquisition and license financing payments. Formula: subtract(upside_2028q1_cash_start, upside_2028q1_cash_uses). |
| Cash PP&E purchases upside_2028q1_capex | 2028Q1 / upside | 20.00 USD_millions | assumption: Research, test and other fixed assets; supplier refundable deposits are separate operating cash uses. |
| CFO less PP&E upside_2028q1_fcf | 2028Q1 / upside | 312.67 USD_millions | derived: Does not capture acquisitions, license financing payments or RSU withholding cash. Formula: subtract(upside_2028q1_cfo, upside_2028q1_capex). |
| Technology-license financing payments upside_2028q1_license_payments | 2028Q1 / upside | 1.50 USD_millions | assumption: Quarterly timing assumption; remaining FY2027 sums to disclosed $3.513M and FY2028 to $5.982M commitments. |
| Cash after PP&E and license payments upside_2028q1_cash_after_license | 2028Q1 / upside | 311.17 USD_millions | derived: Still excludes acquisition cash, RSU withholding, contingent payouts and equity financing. Formula: subtract(upside_2028q1_fcf, upside_2028q1_license_payments). |
| Sequential shipment revenue multiplier upside_2028q2_growth | 2028Q2 / upside | 115.0% ratio | assumption: Desk adoption and program-ramp scenario beyond the one-quarter company guide. |
| Revenue upside_2028q2_revenue | 2028Q2 / upside | 979.02 USD_millions | derived: Prior quarter revenue times explicit sequential growth. Formula: multiply(upside_2028q1_revenue, upside_2028q2_growth). |
| GAAP gross margin upside_2028q2_gm | 2028Q2 / upside | 68.0% ratio | assumption: Product mix and acquisition amortization included; not the higher non-GAAP margin. |
| GAAP gross profit upside_2028q2_gross_profit | 2028Q2 / upside | 665.74 USD_millions | derived: Revenue times GAAP gross margin assumption. Formula: multiply(upside_2028q2_revenue, upside_2028q2_gm). |
| Expense versus Q2 guidance midpoint upside_2028q2_opex_factor | 2028Q2 / upside | 131.1% ratio | assumption: Desk assumption, not company guidance. |
| GAAP operating expense upside_2028q2_opex | 2028Q2 / upside | 264.13 USD_millions | derived: GAAP expense includes stock compensation and acquired-intangible amortization. Formula: multiply(q2_opex_guide, upside_2028q2_opex_factor). |
| GAAP operating income upside_2028q2_operating_income | 2028Q2 / upside | 401.61 USD_millions | derived: GAAP gross profit less GAAP operating expenses. Formula: subtract(upside_2028q2_gross_profit, upside_2028q2_opex). |
| Stock compensation expense upside_2028q2_stock_compensation | 2028Q2 / upside | 120.00 USD_millions | assumption: Noncash expense across all functions; an ownership cost despite the CFO addback. |
| D&A including acquired-intangible amortization upside_2028q2_da | 2028Q2 / upside | 27.00 USD_millions | assumption: Includes both depreciation and acquired-intangible amortization; no duplicate addback. |
| Operating income plus noncash charges upside_2028q2_cash_start | 2028Q2 / upside | 548.61 USD_millions | derived: Cash bridge before net tax, interest and working capital. Formula: sum(upside_2028q2_operating_income, upside_2028q2_stock_compensation, upside_2028q2_da). |
| Other working-capital cash use / revenue upside_2028q2_wc_ratio | 2028Q2 / upside | 10.0% ratio | assumption: Desk assumption, not company guidance. |
| Working-capital use excluding capacity deposits upside_2028q2_other_wc | 2028Q2 / upside | 97.90 USD_millions | derived: Receivables, inventory, payables and other operating balances; supplier-capacity deposits excluded here. Formula: multiply(upside_2028q2_revenue, upside_2028q2_wc_ratio). |
| Additional supplier-capacity cash deposits upside_2028q2_capacity_deposit | 2028Q2 / upside | 20.00 USD_millions | assumption: Desk FY2028 growth-funding assumption, beyond the disclosed $102.4M FY2027 commitment; no deposit refund assumed. |
| Net cash tax, interest and other uses upside_2028q2_other | 2028Q2 / upside | 32.00 USD_millions | assumption: Positive is cash use after interest income; no repetition of acquisition-related tax benefits. |
| Net tax/interest, working capital and deposits upside_2028q2_cash_uses | 2028Q2 / upside | 149.90 USD_millions | derived: Gross manufacturing commitments are not added on top of these inventory and deposit cash assumptions. Formula: sum(upside_2028q2_other_wc, upside_2028q2_capacity_deposit, upside_2028q2_other). |
| Operating cash flow upside_2028q2_cfo | 2028Q2 / upside | 398.71 USD_millions | derived: Includes operating working-capital supplier deposits; excludes acquisition and license financing payments. Formula: subtract(upside_2028q2_cash_start, upside_2028q2_cash_uses). |
| Cash PP&E purchases upside_2028q2_capex | 2028Q2 / upside | 22.00 USD_millions | assumption: Research, test and other fixed assets; supplier refundable deposits are separate operating cash uses. |
| CFO less PP&E upside_2028q2_fcf | 2028Q2 / upside | 376.71 USD_millions | derived: Does not capture acquisitions, license financing payments or RSU withholding cash. Formula: subtract(upside_2028q2_cfo, upside_2028q2_capex). |
| Technology-license financing payments upside_2028q2_license_payments | 2028Q2 / upside | 1.50 USD_millions | assumption: Quarterly timing assumption; remaining FY2027 sums to disclosed $3.513M and FY2028 to $5.982M commitments. |
| Cash after PP&E and license payments upside_2028q2_cash_after_license | 2028Q2 / upside | 375.21 USD_millions | derived: Still excludes acquisition cash, RSU withholding, contingent payouts and equity financing. Formula: subtract(upside_2028q2_fcf, upside_2028q2_license_payments). |
| Sequential shipment revenue multiplier upside_2028q3_growth | 2028Q3 / upside | 115.0% ratio | assumption: Desk adoption and program-ramp scenario beyond the one-quarter company guide. |
| Revenue upside_2028q3_revenue | 2028Q3 / upside | 1,125.88 USD_millions | derived: Prior quarter revenue times explicit sequential growth. Formula: multiply(upside_2028q2_revenue, upside_2028q3_growth). |
| GAAP gross margin upside_2028q3_gm | 2028Q3 / upside | 68.0% ratio | assumption: Product mix and acquisition amortization included; not the higher non-GAAP margin. |
| GAAP gross profit upside_2028q3_gross_profit | 2028Q3 / upside | 765.60 USD_millions | derived: Revenue times GAAP gross margin assumption. Formula: multiply(upside_2028q3_revenue, upside_2028q3_gm). |
| Expense versus Q2 guidance midpoint upside_2028q3_opex_factor | 2028Q3 / upside | 140.3% ratio | assumption: Desk assumption, not company guidance. |
| GAAP operating expense upside_2028q3_opex | 2028Q3 / upside | 282.61 USD_millions | derived: GAAP expense includes stock compensation and acquired-intangible amortization. Formula: multiply(q2_opex_guide, upside_2028q3_opex_factor). |
| GAAP operating income upside_2028q3_operating_income | 2028Q3 / upside | 482.98 USD_millions | derived: GAAP gross profit less GAAP operating expenses. Formula: subtract(upside_2028q3_gross_profit, upside_2028q3_opex). |
| Stock compensation expense upside_2028q3_stock_compensation | 2028Q3 / upside | 127.00 USD_millions | assumption: Noncash expense across all functions; an ownership cost despite the CFO addback. |
| D&A including acquired-intangible amortization upside_2028q3_da | 2028Q3 / upside | 28.00 USD_millions | assumption: Includes both depreciation and acquired-intangible amortization; no duplicate addback. |
| Operating income plus noncash charges upside_2028q3_cash_start | 2028Q3 / upside | 637.98 USD_millions | derived: Cash bridge before net tax, interest and working capital. Formula: sum(upside_2028q3_operating_income, upside_2028q3_stock_compensation, upside_2028q3_da). |
| Other working-capital cash use / revenue upside_2028q3_wc_ratio | 2028Q3 / upside | 10.0% ratio | assumption: Desk assumption, not company guidance. |
| Working-capital use excluding capacity deposits upside_2028q3_other_wc | 2028Q3 / upside | 112.59 USD_millions | derived: Receivables, inventory, payables and other operating balances; supplier-capacity deposits excluded here. Formula: multiply(upside_2028q3_revenue, upside_2028q3_wc_ratio). |
| Additional supplier-capacity cash deposits upside_2028q3_capacity_deposit | 2028Q3 / upside | 20.00 USD_millions | assumption: Desk FY2028 growth-funding assumption, beyond the disclosed $102.4M FY2027 commitment; no deposit refund assumed. |
| Net cash tax, interest and other uses upside_2028q3_other | 2028Q3 / upside | 35.00 USD_millions | assumption: Positive is cash use after interest income; no repetition of acquisition-related tax benefits. |
| Net tax/interest, working capital and deposits upside_2028q3_cash_uses | 2028Q3 / upside | 167.59 USD_millions | derived: Gross manufacturing commitments are not added on top of these inventory and deposit cash assumptions. Formula: sum(upside_2028q3_other_wc, upside_2028q3_capacity_deposit, upside_2028q3_other). |
| Operating cash flow upside_2028q3_cfo | 2028Q3 / upside | 470.39 USD_millions | derived: Includes operating working-capital supplier deposits; excludes acquisition and license financing payments. Formula: subtract(upside_2028q3_cash_start, upside_2028q3_cash_uses). |
| Cash PP&E purchases upside_2028q3_capex | 2028Q3 / upside | 25.00 USD_millions | assumption: Research, test and other fixed assets; supplier refundable deposits are separate operating cash uses. |
| CFO less PP&E upside_2028q3_fcf | 2028Q3 / upside | 445.39 USD_millions | derived: Does not capture acquisitions, license financing payments or RSU withholding cash. Formula: subtract(upside_2028q3_cfo, upside_2028q3_capex). |
| Technology-license financing payments upside_2028q3_license_payments | 2028Q3 / upside | 1.50 USD_millions | assumption: Quarterly timing assumption; remaining FY2027 sums to disclosed $3.513M and FY2028 to $5.982M commitments. |
| Cash after PP&E and license payments upside_2028q3_cash_after_license | 2028Q3 / upside | 443.90 USD_millions | derived: Still excludes acquisition cash, RSU withholding, contingent payouts and equity financing. Formula: subtract(upside_2028q3_fcf, upside_2028q3_license_payments). |
| Sequential shipment revenue multiplier upside_2028q4_growth | 2028Q4 / upside | 115.0% ratio | assumption: Desk adoption and program-ramp scenario beyond the one-quarter company guide. |
| Revenue upside_2028q4_revenue | 2028Q4 / upside | 1,294.76 USD_millions | derived: Prior quarter revenue times explicit sequential growth. Formula: multiply(upside_2028q3_revenue, upside_2028q4_growth). |
| GAAP gross margin upside_2028q4_gm | 2028Q4 / upside | 68.5% ratio | assumption: Product mix and acquisition amortization included; not the higher non-GAAP margin. |
| GAAP gross profit upside_2028q4_gross_profit | 2028Q4 / upside | 886.91 USD_millions | derived: Revenue times GAAP gross margin assumption. Formula: multiply(upside_2028q4_revenue, upside_2028q4_gm). |
| Expense versus Q2 guidance midpoint upside_2028q4_opex_factor | 2028Q4 / upside | 150.1% ratio | assumption: Desk assumption, not company guidance. |
| GAAP operating expense upside_2028q4_opex | 2028Q4 / upside | 302.40 USD_millions | derived: GAAP expense includes stock compensation and acquired-intangible amortization. Formula: multiply(q2_opex_guide, upside_2028q4_opex_factor). |
| GAAP operating income upside_2028q4_operating_income | 2028Q4 / upside | 584.51 USD_millions | derived: GAAP gross profit less GAAP operating expenses. Formula: subtract(upside_2028q4_gross_profit, upside_2028q4_opex). |
| Stock compensation expense upside_2028q4_stock_compensation | 2028Q4 / upside | 134.00 USD_millions | assumption: Noncash expense across all functions; an ownership cost despite the CFO addback. |
| D&A including acquired-intangible amortization upside_2028q4_da | 2028Q4 / upside | 29.00 USD_millions | assumption: Includes both depreciation and acquired-intangible amortization; no duplicate addback. |
| Operating income plus noncash charges upside_2028q4_cash_start | 2028Q4 / upside | 747.51 USD_millions | derived: Cash bridge before net tax, interest and working capital. Formula: sum(upside_2028q4_operating_income, upside_2028q4_stock_compensation, upside_2028q4_da). |
| Other working-capital cash use / revenue upside_2028q4_wc_ratio | 2028Q4 / upside | 10.0% ratio | assumption: Desk assumption, not company guidance. |
| Working-capital use excluding capacity deposits upside_2028q4_other_wc | 2028Q4 / upside | 129.48 USD_millions | derived: Receivables, inventory, payables and other operating balances; supplier-capacity deposits excluded here. Formula: multiply(upside_2028q4_revenue, upside_2028q4_wc_ratio). |
| Additional supplier-capacity cash deposits upside_2028q4_capacity_deposit | 2028Q4 / upside | 20.00 USD_millions | assumption: Desk FY2028 growth-funding assumption, beyond the disclosed $102.4M FY2027 commitment; no deposit refund assumed. |
| Net cash tax, interest and other uses upside_2028q4_other | 2028Q4 / upside | 38.00 USD_millions | assumption: Positive is cash use after interest income; no repetition of acquisition-related tax benefits. |
| Net tax/interest, working capital and deposits upside_2028q4_cash_uses | 2028Q4 / upside | 187.48 USD_millions | derived: Gross manufacturing commitments are not added on top of these inventory and deposit cash assumptions. Formula: sum(upside_2028q4_other_wc, upside_2028q4_capacity_deposit, upside_2028q4_other). |
| Operating cash flow upside_2028q4_cfo | 2028Q4 / upside | 560.04 USD_millions | derived: Includes operating working-capital supplier deposits; excludes acquisition and license financing payments. Formula: subtract(upside_2028q4_cash_start, upside_2028q4_cash_uses). |
| Cash PP&E purchases upside_2028q4_capex | 2028Q4 / upside | 28.00 USD_millions | assumption: Research, test and other fixed assets; supplier refundable deposits are separate operating cash uses. |
| CFO less PP&E upside_2028q4_fcf | 2028Q4 / upside | 532.04 USD_millions | derived: Does not capture acquisitions, license financing payments or RSU withholding cash. Formula: subtract(upside_2028q4_cfo, upside_2028q4_capex). |
| Technology-license financing payments upside_2028q4_license_payments | 2028Q4 / upside | 1.50 USD_millions | assumption: Quarterly timing assumption; remaining FY2027 sums to disclosed $3.513M and FY2028 to $5.982M commitments. |
| Cash after PP&E and license payments upside_2028q4_cash_after_license | 2028Q4 / upside | 530.54 USD_millions | derived: Still excludes acquisition cash, RSU withholding, contingent payouts and equity financing. Formula: subtract(upside_2028q4_fcf, upside_2028q4_license_payments). |
| Revenue ($M) upside_fy2027_revenue | FY2027 / upside | 2,429.18 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_revenue, upside_2027q2_revenue, upside_2027q3_revenue, upside_2027q4_revenue). |
| GAAP gross profit ($M) upside_fy2027_gross_profit | FY2027 / upside | 1,598.34 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_gross_profit, upside_2027q2_gross_profit, upside_2027q3_gross_profit, upside_2027q4_gross_profit). |
| GAAP operating income ($M) upside_fy2027_operating_income | FY2027 / upside | 762.15 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_operating_income, upside_2027q2_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income). |
| Stock compensation expense ($M) upside_fy2027_stock_compensation | FY2027 / upside | 384.98 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_stock_compensation, upside_2027q2_stock_compensation, upside_2027q3_stock_compensation, upside_2027q4_stock_compensation). |
| Operating cash flow ($M) upside_fy2027_cfo | FY2027 / upside | 734.27 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_cfo, upside_2027q2_cfo, upside_2027q3_cfo, upside_2027q4_cfo). |
| Cash PP&E purchases ($M) upside_fy2027_capex | FY2027 / upside | 49.28 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_capex, upside_2027q2_capex, upside_2027q3_capex, upside_2027q4_capex). |
| CFO less PP&E ($M) upside_fy2027_fcf | FY2027 / upside | 684.99 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_fcf, upside_2027q2_fcf, upside_2027q3_fcf, upside_2027q4_fcf). |
| Financing-classified license payments ($M) upside_fy2027_license_payments | FY2027 / upside | 8.69 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_license_payments, upside_2027q2_license_payments, upside_2027q3_license_payments, upside_2027q4_license_payments). |
| Cash after PP&E and license payments ($M) upside_fy2027_cash_after_license | FY2027 / upside | 676.30 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_cash_after_license, upside_2027q2_cash_after_license, upside_2027q3_cash_after_license, upside_2027q4_cash_after_license). |
| Revenue ($M) upside_fy2028_revenue | FY2028 / upside | 4,250.98 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_revenue, upside_2028q2_revenue, upside_2028q3_revenue, upside_2028q4_revenue). |
| GAAP gross profit ($M) upside_fy2028_gross_profit | FY2028 / upside | 2,892.89 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). |
| GAAP operating income ($M) upside_fy2028_operating_income | FY2028 / upside | 1,796.90 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_operating_income, upside_2028q2_operating_income, upside_2028q3_operating_income, upside_2028q4_operating_income). |
| Stock compensation expense ($M) upside_fy2028_stock_compensation | FY2028 / upside | 494.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_stock_compensation, upside_2028q2_stock_compensation, upside_2028q3_stock_compensation, upside_2028q4_stock_compensation). |
| Operating cash flow ($M) upside_fy2028_cfo | FY2028 / upside | 1,761.80 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_cfo, upside_2028q2_cfo, upside_2028q3_cfo, upside_2028q4_cfo). |
| Cash PP&E purchases ($M) upside_fy2028_capex | FY2028 / upside | 95.00 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). |
| CFO less PP&E ($M) upside_fy2028_fcf | FY2028 / upside | 1,666.80 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_fcf, upside_2028q2_fcf, upside_2028q3_fcf, upside_2028q4_fcf). |
| Financing-classified license payments ($M) upside_fy2028_license_payments | FY2028 / upside | 5.98 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_license_payments, upside_2028q2_license_payments, upside_2028q3_license_payments, upside_2028q4_license_payments). |
| Cash after PP&E and license payments ($M) upside_fy2028_cash_after_license | FY2028 / upside | 1,660.82 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_cash_after_license, upside_2028q2_cash_after_license, upside_2028q3_cash_after_license, upside_2028q4_cash_after_license). |
Model boundaries
- FY2027 beyond Q2 and all FY2028 are desk scenarios, not company guidance or paid consensus. Quarterly shipment growth is sensitive to a few large end customers and program transitions.
- This is an operating cash model, not a complete balance sheet, customer-by-customer order book, equity valuation or EPS forecast. Direct contracting-customer shares are different from end-customer concentration.
- Stock compensation is a GAAP expense and a noncash CFO addback, but remains an economic ownership cost. The separately visible amount is not assumed costless because it does not use CFO.
- CFO assumptions include supplier-capacity deposits in operating working capital. The $102.4M subsequent commitment is not PP&E capex or incremental cost of goods sold; FY2028 new deposits are desk assumptions.
- The $735.6M DustPhotonics net acquisition payment is excluded from CFO less capex. Acquisition shares, contingent equity and employee withholding payments can change ownership/cash beyond the operating outputs.
- Technology-license payments classified as financing are deducted only in the final cash measure. Gross foundry purchase commitments are not subtracted again on top of inventory and manufacturing costs.
- Quarter-end dates after August 1 are planning dates based on the 52/53-week reporting calendar; future release dates are unconfirmed.
Connectivity growth after funding capacity and ownership costs
Can shipment growth produce durable cash while funding suppliers and absorbing compensation and acquisition claims?
Q1 GAAP gross profit was $309.1M and operating income $120.7M. GAAP expense is materially higher than the adjusted presentation: next-quarter operating expense guidance is $199M-$204M versus $100M-$105M non-GAAP. CFO of $90.2M less $7.3M PP&E was $82.9M, while $5.2M technology-license financing payments and the $735.6M DustPhotonics net acquisition payment fall outside that FCF measure. August cash and short-term investments totaled $764.3M. Existing supplier-capacity deposits were $88.4M, and a subsequent agreement requires another $102.4M during FY2027. The acquisition includes $300M contingent equity consideration and a $10M contingent liability at recorded fair value; they are not a $310M cash bill. End-customer concentration is distinct from direct contracting-customer concentration and no customer identities are inferred.
The competing explanation
Large customers can slow or change connectivity architectures after Credo commits capacity and inventory. High cash conversion can also rely on noncash stock-compensation addbacks while shareholders absorb dilution. Optical acquisitions add integration and amortization risks before their financial contribution becomes material.
Risks to track
- Four end customers generated 84% of Q1 revenue.
- Customer qualification and architecture transitions can change product demand.
- Supplier capacity commitments can consume cash before revenue arrives.
- Stock compensation, acquisition shares and contingent equity affect ownership.
- Acquired optical technology may not deliver the expected commercial benefits.
- Fabless manufacturing still requires inventory, testing capacity and working capital.
Next checkpoints
- Next quarterly results · FY2027 Q2; release date unconfirmed (estimated). Compare $525M-$535M revenue and GAAP margin/expense guidance with delivery.
- Supplier-capacity funding · Within FY2027 under the disclosed agreement (estimated). Reconcile the additional $102.4M deposits, refunds and remaining commitments.
- Acquisition integration and share claims · Subsequent quarterly filings (estimated). Track optical commercialization, acquired amortization and contingent consideration.
Data coverage and open work
- FY2027 beyond Q2 and all FY2028 are desk scenarios, not company guidance or paid consensus. Quarterly shipment growth is sensitive to a few large end customers and program transitions.
- This is an operating cash model, not a complete balance sheet, customer-by-customer order book, equity valuation or EPS forecast. Direct contracting-customer shares are different from end-customer concentration.
- Stock compensation is a GAAP expense and a noncash CFO addback, but remains an economic ownership cost. The separately visible amount is not assumed costless because it does not use CFO.
- CFO assumptions include supplier-capacity deposits in operating working capital. The $102.4M subsequent commitment is not PP&E capex or incremental cost of goods sold; FY2028 new deposits are desk assumptions.
- The $735.6M DustPhotonics net acquisition payment is excluded from CFO less capex. Acquisition shares, contingent equity and employee withholding payments can change ownership/cash beyond the operating outputs.
- Technology-license payments classified as financing are deducted only in the final cash measure. Gross foundry purchase commitments are not subtracted again on top of inventory and manufacturing costs.
- Quarter-end dates after August 1 are planning dates based on the 52/53-week reporting calendar; future release dates are unconfirmed.
What the memory says
State as of the 2026-09-18 close: in a 120-day uptrend, above its 200-day, off the 52-week high, with overhead supply, ordinary volume, closed strong, and some peers moving
| Vs the market, in points | Low | Middle | High | Share up |
|---|---|---|---|---|
| 1 session | -1.8 | +0.0 | +2.0 | 51% |
| 5 sessions | -5.8 | +0.0 | +4.8 | 50% |
| 10 sessions | -7.6 | +0.2 | +7.5 | 52% |
Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side.