$DY
Business
Dycom builds and maintains communications infrastructure and, through Building Systems, performs electrical and other work inside data centers and facilities. Communications includes fiber, wireless, design and fulfillment work. Acquired Power Solutions and National Technology Integrators expand the inside-plant offering. Revenue depends on customer programs, labor and project timing; collections, equipment and acquisition financing determine cash retained.
Three drivers
- Communications organic growth and deferred wireless programs
- Building Systems acquisition integration and segment margins
- Billing collections, fleet capex and acquisition debt
Thesis
Our view
The business has broadened materially, but growth and cash need separate checks. Q2 consolidated revenue rose 45.6%; Communications organic growth was 16.7%, while Building Systems added acquired revenue. Management moved about $150M of wireless work to FY2028. H1 adjusted EBITDA of $577.984M accompanied just $79.082M CFO and negative $60.751M after gross capex. Segment execution can remain strong while collection timing and financing absorb cash.
What changes it
Track the $7.48B-$7.66B annual revenue range, the deferred wireless program, and Building Systems margins against receivables and debt service. An August buyback authorization is capacity to spend, not completed cash deployment.
Scenario ranges
Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.
Model · 8 fiscal quarters (last eight)
| Fiscal quarter | 2025Q3 2024-10-26 | 2025Q4 2025-01-25 | 2026Q1 2025-04-26 | 2026Q2 2025-07-26 | 2026Q3 2025-10-25 | 2026Q4 2026-01-31 | 2027Q1 2026-05-02 | 2027Q2 2026-08-01 |
|---|---|---|---|---|---|---|---|---|
| Revenue ($M) | 1,272.01 | 1,084.5†2 | 1,258.63 | 1,377.94 | 1,451.81 | 1,457.6†2 | 1,964.83 | 2,005.94 |
| Gross profit ($M) | — | — | — | — | — | — | — | — |
| Operating income ($M) | — | — | — | — | — | — | — | — |
| Net income ($M) | 69.85 | 32.7†6 | 61.07 | 97.58 | 106.45 | 16.3†6 | 91.37 | 115.68 |
| EPS, diluted ($) | 2.379 | — | 2.0910 | 3.3311 | 3.639 | — | 3.0010 | 3.8111 |
| Diluted shares (M) | 29.512 | — | 29.313 | 29.214 | 29.312 | — | 30.413 | 30.414 |
| Cash ($M) | 15.315 | 92.716 | 16.117 | 28.518 | 110.119 | 709.220 | 538.821 | 340.120 |
| Long-term debt ($M) | 1,092.822 | 933.223 | 1,017.624 | 1,009.125 | 919.526 | 2,810.527 | 2,809.728 | 2,791.327 |
| Cash from operations ($M) | 65.8†29 | 328.2†30 | -54.031 | 57.4†32 | 220.0†29 | 419.0†30 | -24.631 | 103.7†32 |
| Capex ($M) | 74.6†33 | 68.5†34 | 79.535 | 51.7†36 | 55.2†33 | 54.4†34 | 70.335 | 69.5†36 |
| Free cash flow ($M) | -8.8†37 | 259.7†38 | -133.5†39 | 5.8†40 | 164.8†37 | 364.6†38 | -94.9†39 | 34.1†40 |
Estimates · base scenario
| Period | Revenue ($M) | EPS ($) | As of | Basis |
|---|---|---|---|---|
| 2027Q3 | 1,940.0 | — | 2026-09-19 | Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2027Q4 | 1,659.3 | — | 2026-09-19 | Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2028Q1 | 2,197.5 | — | 2026-09-19 | Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2028Q2 | 2,414.4 | — | 2026-09-19 | Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
Organic communications work, acquired systems and cash conversion
Model Communications and Building Systems separately. Anchor FY2027 segment sales to August guidance, subtract H1 actuals, and allocate the remaining quarters. FY2028 Communications growth excludes the separately modeled delivery of the $150M wireless deferral; Building Systems grows independently. Derive adjusted EBITDA from segment margins, then deduct total depreciation/amortization and stock compensation for a GAAP operating proxy. Translate earnings into CFO with explicit collection timing and subtract gross capital spending.
Reported anchors and guidance
| Measure | Period | Value | Basis |
|---|---|---|---|
| FY2027 Communications revenue midpoint | FY2027 | 5,955.00 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| FY2027 Building Systems revenue midpoint | FY2027 | 1,615.00 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| Q3 consolidated revenue midpoint | 2027Q3 | 1,940.00 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| Q3 adjusted EBITDA midpoint | 2027Q3 | 291.50 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| Wireless revenue deferred to FY2028 | FY2028 | 150.00 | management guidance. Approximately $150M program revenue deferred; scope unchanged, timing remains conditional. Source · 2026-08-26 |
| H1 CFO less gross capex | H1 FY2027 | -60.75 | derived. Gross cash capex, before asset-sale proceeds. |
| H1 receivables use | H1 FY2027 | 520.78 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-27 |
| H1 acquisition cash | H1 FY2027 | 238.29 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-27 |
| cash | 2027Q2 | 340.08 | reported. Reported millions; debt principal sums $1,540M term A, $800M term B and $500M notes, excluding leases and issuance costs. Source · 2026-08-27 |
| debt principal | 2027Q2 | 2,840.00 | reported. Reported millions; debt principal sums $1,540M term A, $800M term B and $500M notes, excluding leases and issuance costs. Source · 2026-08-27 |
| total backlog | 2027Q2 | 12,242.00 | reported. Reported millions; debt principal sums $1,540M term A, $800M term B and $500M notes, excluding leases and issuance costs. Source · 2026-08-27 |
| next12 backlog | 2027Q2 | 6,472.00 | reported. Reported millions; debt principal sums $1,540M term A, $800M term B and $500M notes, excluding leases and issuance costs. Source · 2026-08-27 |
| Scheduled FY2028 intangible amortization | FY2028 | 168.30 | reported. Existing intangible amortization schedule, before new acquisitions or impairments. Source · 2026-08-27 |
Downside scenario
| Period | Operating cash flow ($M) | CFO less gross capex ($M) | Gross capital expenditures ($M) | Consolidated revenue ($M) | Building Systems revenue ($M) | Communications revenue ($M) | Adjusted EBITDA ($M) | GAAP operating income proxy ($M) |
|---|---|---|---|---|---|---|---|---|
| 2027Q3 | 122.66 | 47.66 | 75.00 | 1,850.00 | 410.00 | 1,440.00 | 242.50 | 113.50 |
| 2027Q4 | 147.63 | 82.63 | 65.00 | 1,446.51 | 347.51 | 1,099.00 | 168.98 | 44.98 |
| 2028Q1 | 36.24 | -53.76 | 90.00 | 1,902.41 | 399.38 | 1,503.03 | 240.74 | 130.74 |
| 2028Q2 | 85.79 | -4.21 | 90.00 | 2,090.51 | 434.11 | 1,656.40 | 280.85 | 169.85 |
| FY2027 | 349.37 | 69.54 | 279.83 | 7,267.20 | 1,550.40 | 5,716.80 | 989.46 | 494.23 |
| FY2028 | 484.41 | 134.41 | 350.00 | 7,871.26 | 1,736.45 | 6,134.81 | 1,014.04 | 566.04 |
Base scenario
| Period | Operating cash flow ($M) | CFO less gross capex ($M) | Gross capital expenditures ($M) | Consolidated revenue ($M) | Building Systems revenue ($M) | Communications revenue ($M) | Adjusted EBITDA ($M) | GAAP operating income proxy ($M) |
|---|---|---|---|---|---|---|---|---|
| 2027Q3 | 200.13 | 125.13 | 75.00 | 1,940.00 | 440.00 | 1,500.00 | 290.50 | 162.50 |
| 2027Q4 | 243.83 | 178.83 | 65.00 | 1,659.31 | 382.11 | 1,277.20 | 229.69 | 106.69 |
| 2028Q1 | 116.63 | 31.63 | 85.00 | 2,197.46 | 482.89 | 1,714.57 | 319.47 | 210.47 |
| 2028Q2 | 193.92 | 98.92 | 95.00 | 2,414.40 | 524.88 | 1,889.53 | 369.51 | 259.51 |
| FY2027 | 523.04 | 243.21 | 279.83 | 7,570.00 | 1,615.00 | 5,955.00 | 1,098.17 | 604.94 |
| FY2028 | 873.75 | 523.75 | 350.00 | 9,097.75 | 2,099.50 | 6,998.25 | 1,352.42 | 908.42 |
Upside scenario
| Period | Operating cash flow ($M) | CFO less gross capex ($M) | Gross capital expenditures ($M) | Consolidated revenue ($M) | Building Systems revenue ($M) | Communications revenue ($M) | Adjusted EBITDA ($M) | GAAP operating income proxy ($M) |
|---|---|---|---|---|---|---|---|---|
| 2027Q3 | 240.67 | 160.67 | 80.00 | 1,975.00 | 455.00 | 1,520.00 | 312.90 | 183.90 |
| 2027Q4 | 296.37 | 226.37 | 70.00 | 1,700.01 | 383.26 | 1,316.75 | 255.49 | 131.49 |
| 2028Q1 | 176.73 | 81.73 | 95.00 | 2,397.25 | 562.75 | 1,834.50 | 380.63 | 270.63 |
| 2028Q2 | 259.87 | 154.87 | 105.00 | 2,633.37 | 611.68 | 2,021.69 | 437.82 | 326.82 |
| FY2027 | 616.13 | 326.30 | 289.83 | 7,645.70 | 1,631.15 | 6,014.55 | 1,146.38 | 651.14 |
| FY2028 | 1,145.17 | 755.17 | 390.00 | 9,934.48 | 2,446.73 | 7,487.75 | 1,610.90 | 1,162.90 |
All inputs and formulas — reproduce this model
| Input / calculation | Period / case | Value / unit | Evidence or assumption |
|---|---|---|---|
| H1 revenue h1_revenue | H1 FY2027 / shared | 3,970.69 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-27 |
| H1 communications h1_communications | H1 FY2027 / shared | 3,177.80 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-27 |
| H1 adjusted ebitda h1_adjusted_ebitda | H1 FY2027 / shared | 577.98 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-26 |
| H1 operating income h1_operating_income | H1 FY2027 / shared | 335.75 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-27 |
| H1 cfo h1_cfo | H1 FY2027 / shared | 79.08 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-27 |
| H1 capex h1_capex | H1 FY2027 / shared | 139.83 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-27 |
| H1 receivables use h1_receivables_use | H1 FY2027 / shared | 520.78 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-27 |
| H1 contract asset use h1_contract_asset_use | H1 FY2027 / shared | 30.33 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-27 |
| H1 acquisition cash h1_acquisition_cash | H1 FY2027 / shared | 238.29 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-27 |
| H1 sbc withholding h1_sbc_withholding | H1 FY2027 / shared | 29.35 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-27 |
| H1 net interest h1_net_interest | H1 FY2027 / shared | 73.50 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-27 |
| H1 tax benefit h1_tax_benefit | H1 FY2027 / shared | 16.10 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-26 |
| H1 Building Systems revenue reconciliation h1_building | H1 FY2027 / shared | 792.89 USD_millions | derived: Exact consolidated revenue less rounded Communications revenue; $792.889M reconciles to the disclosed $792.9M rounded segment figure. Formula: subtract(h1_revenue, h1_communications). |
| H1 CFO less gross capex h1_fcf | H1 FY2027 / shared | -60.75 USD_millions | derived: Gross cash capex, before asset-sale proceeds. Formula: subtract(h1_cfo, h1_capex). |
| cash cash | 2027Q2 / shared | 340.08 USD_millions | reported: Reported millions; debt principal sums $1,540M term A, $800M term B and $500M notes, excluding leases and issuance costs. Primary source · 2026-08-27 |
| debt principal debt_principal | 2027Q2 / shared | 2,840.00 USD_millions | reported: Reported millions; debt principal sums $1,540M term A, $800M term B and $500M notes, excluding leases and issuance costs. Primary source · 2026-08-27 |
| total backlog total_backlog | 2027Q2 / shared | 12,242.00 USD_millions | reported: Reported millions; debt principal sums $1,540M term A, $800M term B and $500M notes, excluding leases and issuance costs. Primary source · 2026-08-27 |
| next12 backlog next12_backlog | 2027Q2 / shared | 6,472.00 USD_millions | reported: Reported millions; debt principal sums $1,540M term A, $800M term B and $500M notes, excluding leases and issuance costs. Primary source · 2026-08-27 |
| FY2027 Communications revenue low fy27_comm_guide_low | FY2027 / shared | 5,900.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-26 |
| FY2027 Communications revenue high fy27_comm_guide_high | FY2027 / shared | 6,010.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-26 |
| Midpoint divisor two | Model / shared | 200.0% ratio | assumption: Arithmetic constant. |
| FY2027 Communications revenue endpoint sum fy27_comm_guide_sum | FY2027 / shared | 11,910.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(fy27_comm_guide_low, fy27_comm_guide_high). |
| FY2027 Communications revenue midpoint fy27_comm_guide | FY2027 / shared | 5,955.00 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy27_comm_guide_sum, two). |
| FY2027 Building Systems revenue low fy27_build_guide_low | FY2027 / shared | 1,580.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-26 |
| FY2027 Building Systems revenue high fy27_build_guide_high | FY2027 / shared | 1,650.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-26 |
| FY2027 Building Systems revenue endpoint sum fy27_build_guide_sum | FY2027 / shared | 3,230.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(fy27_build_guide_low, fy27_build_guide_high). |
| FY2027 Building Systems revenue midpoint fy27_build_guide | FY2027 / shared | 1,615.00 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy27_build_guide_sum, two). |
| Q3 consolidated revenue low q3_revenue_guide_low | 2027Q3 / shared | 1,900.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-26 |
| Q3 consolidated revenue high q3_revenue_guide_high | 2027Q3 / shared | 1,980.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-26 |
| Q3 consolidated revenue endpoint sum q3_revenue_guide_sum | 2027Q3 / shared | 3,880.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(q3_revenue_guide_low, q3_revenue_guide_high). |
| Q3 consolidated revenue midpoint q3_revenue_guide | 2027Q3 / shared | 1,940.00 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q3_revenue_guide_sum, two). |
| Q3 adjusted EBITDA low q3_ebitda_guide_low | 2027Q3 / shared | 281.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-26 |
| Q3 adjusted EBITDA high q3_ebitda_guide_high | 2027Q3 / shared | 302.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-26 |
| Q3 adjusted EBITDA endpoint sum q3_ebitda_guide_sum | 2027Q3 / shared | 583.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(q3_ebitda_guide_low, q3_ebitda_guide_high). |
| Q3 adjusted EBITDA midpoint q3_ebitda_guide | 2027Q3 / shared | 291.50 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q3_ebitda_guide_sum, two). |
| Wireless revenue deferred to FY2028 wireless_deferred | FY2028 / shared | 150.00 USD_millions | management guidance: Approximately $150M program revenue deferred; scope unchanged, timing remains conditional. Primary source · 2026-08-26 |
| Scheduled FY2028 intangible amortization fy28_amort_reference | FY2028 / shared | 168.30 USD_millions | reported: Existing intangible amortization schedule, before new acquisitions or impairments. Primary source · 2026-08-27 |
| FY2027 revenue vs guide midpoints downside_delivery | FY2027 / downside | 96.0% ratio | assumption: Desk delivery factor, not a second company guide. |
| FY2027 communications revenue downside_fy27_communications_target | FY2027 / downside | 5,716.80 USD_millions | derived: August segment midpoint times delivery sensitivity. Formula: multiply(fy27_comm_guide, downside_delivery). |
| H2 communications revenue downside_h2_communications | H2 FY2027 / downside | 2,539.00 USD_millions | derived: Annual scenario less reported H1. Formula: subtract(downside_fy27_communications_target, h1_communications). |
| FY2027 building revenue downside_fy27_building_target | FY2027 / downside | 1,550.40 USD_millions | derived: August segment midpoint times delivery sensitivity. Formula: multiply(fy27_build_guide, downside_delivery). |
| H2 building revenue downside_h2_building | H2 FY2027 / downside | 757.51 USD_millions | derived: Annual scenario less reported H1. Formula: subtract(downside_fy27_building_target, h1_building). |
| FY2028 communications growth multiplier downside_communications_growth | FY2028 / downside | 106.0% ratio | assumption: Communications excludes delivery of the separately tracked wireless deferral. |
| FY2028 communications core revenue downside_fy28_communications_core | FY2028 / downside | 6,059.81 USD_millions | derived: Growth on FY2027 recognized-revenue base. Formula: multiply(downside_fy27_communications_target, downside_communications_growth). |
| FY2028 building growth multiplier downside_building_growth | FY2028 / downside | 112.0% ratio | assumption: Communications excludes delivery of the separately tracked wireless deferral. |
| FY2028 building core revenue downside_fy28_building_core | FY2028 / downside | 1,736.45 USD_millions | derived: Growth on FY2027 recognized-revenue base. Formula: multiply(downside_fy27_building_target, downside_building_growth). |
| Share of deferred wireless work delivered downside_deferred_delivery | FY2028 / downside | 50.0% ratio | assumption: Desk timing sensitivity; the $150M amount is not guaranteed cash or backlog conversion. |
| Recognized deferred wireless work downside_deferred_revenue | FY2028 / downside | 75.00 USD_millions | derived: Added exactly once, outside the organic-growth multiplier. Formula: multiply(wireless_deferred, downside_deferred_delivery). |
| FY2028 Communications total downside_fy28_communications_total | FY2028 / downside | 6,134.81 USD_millions | derived: Core revenue plus separately delivered wireless work. Formula: sum(downside_fy28_communications_core, downside_deferred_revenue). |
| communications revenue downside_2027q3_communications | 2027Q3 / downside | 1,440.00 USD_millions | assumption: Desk assumption, not company guidance. |
| building revenue downside_2027q3_building | 2027Q3 / downside | 410.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Consolidated revenue downside_2027q3_revenue | 2027Q3 / downside | 1,850.00 USD_millions | derived: Communications plus Building Systems; acquisition contribution is already included. Formula: sum(downside_2027q3_communications, downside_2027q3_building). |
| communications adjusted EBITDA margin downside_2027q3_communications_margin | 2027Q3 / downside | 12.0% ratio | assumption: Desk assumption, not company guidance. |
| communications adjusted EBITDA downside_2027q3_communications_ebitda | 2027Q3 / downside | 172.80 USD_millions | derived: Margin definition excludes SBC and D&A; no separate duplicate corporate allocation. Formula: multiply(downside_2027q3_communications, downside_2027q3_communications_margin). |
| building adjusted EBITDA margin downside_2027q3_building_margin | 2027Q3 / downside | 17.0% ratio | assumption: Desk assumption, not company guidance. |
| building adjusted EBITDA downside_2027q3_building_ebitda | 2027Q3 / downside | 69.70 USD_millions | derived: Margin definition excludes SBC and D&A; no separate duplicate corporate allocation. Formula: multiply(downside_2027q3_building, downside_2027q3_building_margin). |
| Consolidated adjusted EBITDA downside_2027q3_adjusted_ebitda | 2027Q3 / downside | 242.50 USD_millions | derived: Sum of the two segment adjusted EBITDA contributions. Formula: sum(downside_2027q3_communications_ebitda, downside_2027q3_building_ebitda). |
| Total depreciation and amortization downside_2027q3_da | 2027Q3 / downside | 117.00 USD_millions | assumption: Includes intangible amortization. FY2028 total reflects the disclosed decline in scheduled intangible amortization; no second amortization deduction. |
| Stock compensation expense downside_2027q3_sbc | 2027Q3 / downside | 12.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating deductions downside_2027q3_gaap_deductions | 2027Q3 / downside | 129.00 USD_millions | derived: No forecast fixed-asset gains or other income. Formula: sum(downside_2027q3_da, downside_2027q3_sbc). |
| GAAP operating income proxy downside_2027q3_operating_income | 2027Q3 / downside | 113.50 USD_millions | derived: Adjusted EBITDA less D&A and SBC, with other income and gains assumed zero. Formula: subtract(downside_2027q3_adjusted_ebitda, downside_2027q3_gaap_deductions). |
| Net interest expense downside_2027q3_interest | 2027Q3 / downside | 40.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Pretax earnings downside_2027q3_pretax | 2027Q3 / downside | 73.50 USD_millions | derived: Debt financing cost remains after acquisition-led growth. Formula: subtract(downside_2027q3_operating_income, downside_2027q3_interest). |
| Normalized tax rate downside_2027q3_tax_rate | 2027Q3 / downside | 27.0% ratio | assumption: Desk assumption, not company guidance. |
| Tax allowance downside_2027q3_tax | 2027Q3 / downside | 19.85 USD_millions | derived: No repeat of H1 excess equity-compensation benefits. Formula: multiply(downside_2027q3_pretax, downside_2027q3_tax_rate). |
| After-tax earnings downside_2027q3_net_income | 2027Q3 / downside | 53.66 USD_millions | derived: Earnings proxy before noncash and collection timing. Formula: subtract(downside_2027q3_pretax, downside_2027q3_tax). |
| Earnings plus noncash charges downside_2027q3_before_wc | 2027Q3 / downside | 182.66 USD_millions | derived: Adds expensed D&A and SBC once. Formula: sum(downside_2027q3_net_income, downside_2027q3_da, downside_2027q3_sbc). |
| Net working-capital use downside_2027q3_wc | 2027Q3 / downside | 60.00 USD_millions | assumption: Positive is use; negative is collection/release. Includes billing, contract assets, supplier funding and tax timing together. |
| Operating cash flow downside_2027q3_cfo | 2027Q3 / downside | 122.66 USD_millions | derived: Acquisition purchases and share withholding classified as financing are outside CFO. Formula: subtract(downside_2027q3_before_wc, downside_2027q3_wc). |
| Gross capital expenditures downside_2027q3_capex | 2027Q3 / downside | 75.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less gross capex downside_2027q3_fcf | 2027Q3 / downside | 47.66 USD_millions | derived: Does not add future asset sale proceeds or deduct acquisitions. Formula: subtract(downside_2027q3_cfo, downside_2027q3_capex). |
| communications revenue downside_2027q4_communications | 2027Q4 / downside | 1,099.00 USD_millions | derived: H2 segment revenue less modeled Q3; winter timing is explicit. Formula: subtract(downside_h2_communications, downside_2027q3_communications). |
| building revenue downside_2027q4_building | 2027Q4 / downside | 347.51 USD_millions | derived: H2 segment revenue less modeled Q3; winter timing is explicit. Formula: subtract(downside_h2_building, downside_2027q3_building). |
| Consolidated revenue downside_2027q4_revenue | 2027Q4 / downside | 1,446.51 USD_millions | derived: Communications plus Building Systems; acquisition contribution is already included. Formula: sum(downside_2027q4_communications, downside_2027q4_building). |
| communications adjusted EBITDA margin downside_2027q4_communications_margin | 2027Q4 / downside | 10.0% ratio | assumption: Desk assumption, not company guidance. |
| communications adjusted EBITDA downside_2027q4_communications_ebitda | 2027Q4 / downside | 109.90 USD_millions | derived: Margin definition excludes SBC and D&A; no separate duplicate corporate allocation. Formula: multiply(downside_2027q4_communications, downside_2027q4_communications_margin). |
| building adjusted EBITDA margin downside_2027q4_building_margin | 2027Q4 / downside | 17.0% ratio | assumption: Desk assumption, not company guidance. |
| building adjusted EBITDA downside_2027q4_building_ebitda | 2027Q4 / downside | 59.08 USD_millions | derived: Margin definition excludes SBC and D&A; no separate duplicate corporate allocation. Formula: multiply(downside_2027q4_building, downside_2027q4_building_margin). |
| Consolidated adjusted EBITDA downside_2027q4_adjusted_ebitda | 2027Q4 / downside | 168.98 USD_millions | derived: Sum of the two segment adjusted EBITDA contributions. Formula: sum(downside_2027q4_communications_ebitda, downside_2027q4_building_ebitda). |
| Total depreciation and amortization downside_2027q4_da | 2027Q4 / downside | 112.00 USD_millions | assumption: Includes intangible amortization. FY2028 total reflects the disclosed decline in scheduled intangible amortization; no second amortization deduction. |
| Stock compensation expense downside_2027q4_sbc | 2027Q4 / downside | 12.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating deductions downside_2027q4_gaap_deductions | 2027Q4 / downside | 124.00 USD_millions | derived: No forecast fixed-asset gains or other income. Formula: sum(downside_2027q4_da, downside_2027q4_sbc). |
| GAAP operating income proxy downside_2027q4_operating_income | 2027Q4 / downside | 44.98 USD_millions | derived: Adjusted EBITDA less D&A and SBC, with other income and gains assumed zero. Formula: subtract(downside_2027q4_adjusted_ebitda, downside_2027q4_gaap_deductions). |
| Net interest expense downside_2027q4_interest | 2027Q4 / downside | 40.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Pretax earnings downside_2027q4_pretax | 2027Q4 / downside | 4.98 USD_millions | derived: Debt financing cost remains after acquisition-led growth. Formula: subtract(downside_2027q4_operating_income, downside_2027q4_interest). |
| Normalized tax rate downside_2027q4_tax_rate | 2027Q4 / downside | 27.0% ratio | assumption: Desk assumption, not company guidance. |
| Tax allowance downside_2027q4_tax | 2027Q4 / downside | 1.34 USD_millions | derived: No repeat of H1 excess equity-compensation benefits. Formula: multiply(downside_2027q4_pretax, downside_2027q4_tax_rate). |
| After-tax earnings downside_2027q4_net_income | 2027Q4 / downside | 3.63 USD_millions | derived: Earnings proxy before noncash and collection timing. Formula: subtract(downside_2027q4_pretax, downside_2027q4_tax). |
| Earnings plus noncash charges downside_2027q4_before_wc | 2027Q4 / downside | 127.63 USD_millions | derived: Adds expensed D&A and SBC once. Formula: sum(downside_2027q4_net_income, downside_2027q4_da, downside_2027q4_sbc). |
| Net working-capital use downside_2027q4_wc | 2027Q4 / downside | -20.00 USD_millions | assumption: Positive is use; negative is collection/release. Includes billing, contract assets, supplier funding and tax timing together. |
| Operating cash flow downside_2027q4_cfo | 2027Q4 / downside | 147.63 USD_millions | derived: Acquisition purchases and share withholding classified as financing are outside CFO. Formula: subtract(downside_2027q4_before_wc, downside_2027q4_wc). |
| Gross capital expenditures downside_2027q4_capex | 2027Q4 / downside | 65.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less gross capex downside_2027q4_fcf | 2027Q4 / downside | 82.63 USD_millions | derived: Does not add future asset sale proceeds or deduct acquisitions. Formula: subtract(downside_2027q4_cfo, downside_2027q4_capex). |
| Annual segment revenue quarter share downside_2028q1_communications_weight | 2028Q1 / downside | 24.5% ratio | assumption: Desk assumption, not company guidance. |
| communications revenue downside_2028q1_communications | 2028Q1 / downside | 1,503.03 USD_millions | derived: Annual segment scenario times seasonal quarter share; four shares sum to one. Formula: multiply(downside_fy28_communications_total, downside_2028q1_communications_weight). |
| Annual segment revenue quarter share downside_2028q1_building_weight | 2028Q1 / downside | 23.0% ratio | assumption: Desk assumption, not company guidance. |
| building revenue downside_2028q1_building | 2028Q1 / downside | 399.38 USD_millions | derived: Annual segment scenario times seasonal quarter share; four shares sum to one. Formula: multiply(downside_fy28_building_core, downside_2028q1_building_weight). |
| Consolidated revenue downside_2028q1_revenue | 2028Q1 / downside | 1,902.41 USD_millions | derived: Communications plus Building Systems; acquisition contribution is already included. Formula: sum(downside_2028q1_communications, downside_2028q1_building). |
| communications adjusted EBITDA margin downside_2028q1_communications_margin | 2028Q1 / downside | 11.5% ratio | assumption: Desk assumption, not company guidance. |
| communications adjusted EBITDA downside_2028q1_communications_ebitda | 2028Q1 / downside | 172.85 USD_millions | derived: Margin definition excludes SBC and D&A; no separate duplicate corporate allocation. Formula: multiply(downside_2028q1_communications, downside_2028q1_communications_margin). |
| building adjusted EBITDA margin downside_2028q1_building_margin | 2028Q1 / downside | 17.0% ratio | assumption: Desk assumption, not company guidance. |
| building adjusted EBITDA downside_2028q1_building_ebitda | 2028Q1 / downside | 67.90 USD_millions | derived: Margin definition excludes SBC and D&A; no separate duplicate corporate allocation. Formula: multiply(downside_2028q1_building, downside_2028q1_building_margin). |
| Consolidated adjusted EBITDA downside_2028q1_adjusted_ebitda | 2028Q1 / downside | 240.74 USD_millions | derived: Sum of the two segment adjusted EBITDA contributions. Formula: sum(downside_2028q1_communications_ebitda, downside_2028q1_building_ebitda). |
| Total depreciation and amortization downside_2028q1_da | 2028Q1 / downside | 98.00 USD_millions | assumption: Includes intangible amortization. FY2028 total reflects the disclosed decline in scheduled intangible amortization; no second amortization deduction. |
| Stock compensation expense downside_2028q1_sbc | 2028Q1 / downside | 12.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating deductions downside_2028q1_gaap_deductions | 2028Q1 / downside | 110.00 USD_millions | derived: No forecast fixed-asset gains or other income. Formula: sum(downside_2028q1_da, downside_2028q1_sbc). |
| GAAP operating income proxy downside_2028q1_operating_income | 2028Q1 / downside | 130.74 USD_millions | derived: Adjusted EBITDA less D&A and SBC, with other income and gains assumed zero. Formula: subtract(downside_2028q1_adjusted_ebitda, downside_2028q1_gaap_deductions). |
| Net interest expense downside_2028q1_interest | 2028Q1 / downside | 40.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Pretax earnings downside_2028q1_pretax | 2028Q1 / downside | 90.74 USD_millions | derived: Debt financing cost remains after acquisition-led growth. Formula: subtract(downside_2028q1_operating_income, downside_2028q1_interest). |
| Normalized tax rate downside_2028q1_tax_rate | 2028Q1 / downside | 27.0% ratio | assumption: Desk assumption, not company guidance. |
| Tax allowance downside_2028q1_tax | 2028Q1 / downside | 24.50 USD_millions | derived: No repeat of H1 excess equity-compensation benefits. Formula: multiply(downside_2028q1_pretax, downside_2028q1_tax_rate). |
| After-tax earnings downside_2028q1_net_income | 2028Q1 / downside | 66.24 USD_millions | derived: Earnings proxy before noncash and collection timing. Formula: subtract(downside_2028q1_pretax, downside_2028q1_tax). |
| Earnings plus noncash charges downside_2028q1_before_wc | 2028Q1 / downside | 176.24 USD_millions | derived: Adds expensed D&A and SBC once. Formula: sum(downside_2028q1_net_income, downside_2028q1_da, downside_2028q1_sbc). |
| Net working-capital use downside_2028q1_wc | 2028Q1 / downside | 140.00 USD_millions | assumption: Positive is use; negative is collection/release. Includes billing, contract assets, supplier funding and tax timing together. |
| Operating cash flow downside_2028q1_cfo | 2028Q1 / downside | 36.24 USD_millions | derived: Acquisition purchases and share withholding classified as financing are outside CFO. Formula: subtract(downside_2028q1_before_wc, downside_2028q1_wc). |
| Gross capital expenditures downside_2028q1_capex | 2028Q1 / downside | 90.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less gross capex downside_2028q1_fcf | 2028Q1 / downside | -53.76 USD_millions | derived: Does not add future asset sale proceeds or deduct acquisitions. Formula: subtract(downside_2028q1_cfo, downside_2028q1_capex). |
| Annual segment revenue quarter share downside_2028q2_communications_weight | 2028Q2 / downside | 27.0% ratio | assumption: Desk assumption, not company guidance. |
| communications revenue downside_2028q2_communications | 2028Q2 / downside | 1,656.40 USD_millions | derived: Annual segment scenario times seasonal quarter share; four shares sum to one. Formula: multiply(downside_fy28_communications_total, downside_2028q2_communications_weight). |
| Annual segment revenue quarter share downside_2028q2_building_weight | 2028Q2 / downside | 25.0% ratio | assumption: Desk assumption, not company guidance. |
| building revenue downside_2028q2_building | 2028Q2 / downside | 434.11 USD_millions | derived: Annual segment scenario times seasonal quarter share; four shares sum to one. Formula: multiply(downside_fy28_building_core, downside_2028q2_building_weight). |
| Consolidated revenue downside_2028q2_revenue | 2028Q2 / downside | 2,090.51 USD_millions | derived: Communications plus Building Systems; acquisition contribution is already included. Formula: sum(downside_2028q2_communications, downside_2028q2_building). |
| communications adjusted EBITDA margin downside_2028q2_communications_margin | 2028Q2 / downside | 12.5% ratio | assumption: Desk assumption, not company guidance. |
| communications adjusted EBITDA downside_2028q2_communications_ebitda | 2028Q2 / downside | 207.05 USD_millions | derived: Margin definition excludes SBC and D&A; no separate duplicate corporate allocation. Formula: multiply(downside_2028q2_communications, downside_2028q2_communications_margin). |
| building adjusted EBITDA margin downside_2028q2_building_margin | 2028Q2 / downside | 17.0% ratio | assumption: Desk assumption, not company guidance. |
| building adjusted EBITDA downside_2028q2_building_ebitda | 2028Q2 / downside | 73.80 USD_millions | derived: Margin definition excludes SBC and D&A; no separate duplicate corporate allocation. Formula: multiply(downside_2028q2_building, downside_2028q2_building_margin). |
| Consolidated adjusted EBITDA downside_2028q2_adjusted_ebitda | 2028Q2 / downside | 280.85 USD_millions | derived: Sum of the two segment adjusted EBITDA contributions. Formula: sum(downside_2028q2_communications_ebitda, downside_2028q2_building_ebitda). |
| Total depreciation and amortization downside_2028q2_da | 2028Q2 / downside | 99.00 USD_millions | assumption: Includes intangible amortization. FY2028 total reflects the disclosed decline in scheduled intangible amortization; no second amortization deduction. |
| Stock compensation expense downside_2028q2_sbc | 2028Q2 / downside | 12.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating deductions downside_2028q2_gaap_deductions | 2028Q2 / downside | 111.00 USD_millions | derived: No forecast fixed-asset gains or other income. Formula: sum(downside_2028q2_da, downside_2028q2_sbc). |
| GAAP operating income proxy downside_2028q2_operating_income | 2028Q2 / downside | 169.85 USD_millions | derived: Adjusted EBITDA less D&A and SBC, with other income and gains assumed zero. Formula: subtract(downside_2028q2_adjusted_ebitda, downside_2028q2_gaap_deductions). |
| Net interest expense downside_2028q2_interest | 2028Q2 / downside | 40.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Pretax earnings downside_2028q2_pretax | 2028Q2 / downside | 129.85 USD_millions | derived: Debt financing cost remains after acquisition-led growth. Formula: subtract(downside_2028q2_operating_income, downside_2028q2_interest). |
| Normalized tax rate downside_2028q2_tax_rate | 2028Q2 / downside | 27.0% ratio | assumption: Desk assumption, not company guidance. |
| Tax allowance downside_2028q2_tax | 2028Q2 / downside | 35.06 USD_millions | derived: No repeat of H1 excess equity-compensation benefits. Formula: multiply(downside_2028q2_pretax, downside_2028q2_tax_rate). |
| After-tax earnings downside_2028q2_net_income | 2028Q2 / downside | 94.79 USD_millions | derived: Earnings proxy before noncash and collection timing. Formula: subtract(downside_2028q2_pretax, downside_2028q2_tax). |
| Earnings plus noncash charges downside_2028q2_before_wc | 2028Q2 / downside | 205.79 USD_millions | derived: Adds expensed D&A and SBC once. Formula: sum(downside_2028q2_net_income, downside_2028q2_da, downside_2028q2_sbc). |
| Net working-capital use downside_2028q2_wc | 2028Q2 / downside | 120.00 USD_millions | assumption: Positive is use; negative is collection/release. Includes billing, contract assets, supplier funding and tax timing together. |
| Operating cash flow downside_2028q2_cfo | 2028Q2 / downside | 85.79 USD_millions | derived: Acquisition purchases and share withholding classified as financing are outside CFO. Formula: subtract(downside_2028q2_before_wc, downside_2028q2_wc). |
| Gross capital expenditures downside_2028q2_capex | 2028Q2 / downside | 90.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less gross capex downside_2028q2_fcf | 2028Q2 / downside | -4.21 USD_millions | derived: Does not add future asset sale proceeds or deduct acquisitions. Formula: subtract(downside_2028q2_cfo, downside_2028q2_capex). |
| Annual segment revenue quarter share downside_2028q3_communications_weight | 2028Q3 / downside | 27.0% ratio | assumption: Desk assumption, not company guidance. |
| communications revenue downside_2028q3_communications | 2028Q3 / downside | 1,656.40 USD_millions | derived: Annual segment scenario times seasonal quarter share; four shares sum to one. Formula: multiply(downside_fy28_communications_total, downside_2028q3_communications_weight). |
| Annual segment revenue quarter share downside_2028q3_building_weight | 2028Q3 / downside | 26.0% ratio | assumption: Desk assumption, not company guidance. |
| building revenue downside_2028q3_building | 2028Q3 / downside | 451.48 USD_millions | derived: Annual segment scenario times seasonal quarter share; four shares sum to one. Formula: multiply(downside_fy28_building_core, downside_2028q3_building_weight). |
| Consolidated revenue downside_2028q3_revenue | 2028Q3 / downside | 2,107.87 USD_millions | derived: Communications plus Building Systems; acquisition contribution is already included. Formula: sum(downside_2028q3_communications, downside_2028q3_building). |
| communications adjusted EBITDA margin downside_2028q3_communications_margin | 2028Q3 / downside | 12.5% ratio | assumption: Desk assumption, not company guidance. |
| communications adjusted EBITDA downside_2028q3_communications_ebitda | 2028Q3 / downside | 207.05 USD_millions | derived: Margin definition excludes SBC and D&A; no separate duplicate corporate allocation. Formula: multiply(downside_2028q3_communications, downside_2028q3_communications_margin). |
| building adjusted EBITDA margin downside_2028q3_building_margin | 2028Q3 / downside | 17.0% ratio | assumption: Desk assumption, not company guidance. |
| building adjusted EBITDA downside_2028q3_building_ebitda | 2028Q3 / downside | 76.75 USD_millions | derived: Margin definition excludes SBC and D&A; no separate duplicate corporate allocation. Formula: multiply(downside_2028q3_building, downside_2028q3_building_margin). |
| Consolidated adjusted EBITDA downside_2028q3_adjusted_ebitda | 2028Q3 / downside | 283.80 USD_millions | derived: Sum of the two segment adjusted EBITDA contributions. Formula: sum(downside_2028q3_communications_ebitda, downside_2028q3_building_ebitda). |
| Total depreciation and amortization downside_2028q3_da | 2028Q3 / downside | 101.00 USD_millions | assumption: Includes intangible amortization. FY2028 total reflects the disclosed decline in scheduled intangible amortization; no second amortization deduction. |
| Stock compensation expense downside_2028q3_sbc | 2028Q3 / downside | 12.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating deductions downside_2028q3_gaap_deductions | 2028Q3 / downside | 113.00 USD_millions | derived: No forecast fixed-asset gains or other income. Formula: sum(downside_2028q3_da, downside_2028q3_sbc). |
| GAAP operating income proxy downside_2028q3_operating_income | 2028Q3 / downside | 170.80 USD_millions | derived: Adjusted EBITDA less D&A and SBC, with other income and gains assumed zero. Formula: subtract(downside_2028q3_adjusted_ebitda, downside_2028q3_gaap_deductions). |
| Net interest expense downside_2028q3_interest | 2028Q3 / downside | 40.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Pretax earnings downside_2028q3_pretax | 2028Q3 / downside | 130.80 USD_millions | derived: Debt financing cost remains after acquisition-led growth. Formula: subtract(downside_2028q3_operating_income, downside_2028q3_interest). |
| Normalized tax rate downside_2028q3_tax_rate | 2028Q3 / downside | 27.0% ratio | assumption: Desk assumption, not company guidance. |
| Tax allowance downside_2028q3_tax | 2028Q3 / downside | 35.32 USD_millions | derived: No repeat of H1 excess equity-compensation benefits. Formula: multiply(downside_2028q3_pretax, downside_2028q3_tax_rate). |
| After-tax earnings downside_2028q3_net_income | 2028Q3 / downside | 95.48 USD_millions | derived: Earnings proxy before noncash and collection timing. Formula: subtract(downside_2028q3_pretax, downside_2028q3_tax). |
| Earnings plus noncash charges downside_2028q3_before_wc | 2028Q3 / downside | 208.48 USD_millions | derived: Adds expensed D&A and SBC once. Formula: sum(downside_2028q3_net_income, downside_2028q3_da, downside_2028q3_sbc). |
| Net working-capital use downside_2028q3_wc | 2028Q3 / downside | 50.00 USD_millions | assumption: Positive is use; negative is collection/release. Includes billing, contract assets, supplier funding and tax timing together. |
| Operating cash flow downside_2028q3_cfo | 2028Q3 / downside | 158.48 USD_millions | derived: Acquisition purchases and share withholding classified as financing are outside CFO. Formula: subtract(downside_2028q3_before_wc, downside_2028q3_wc). |
| Gross capital expenditures downside_2028q3_capex | 2028Q3 / downside | 90.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less gross capex downside_2028q3_fcf | 2028Q3 / downside | 68.48 USD_millions | derived: Does not add future asset sale proceeds or deduct acquisitions. Formula: subtract(downside_2028q3_cfo, downside_2028q3_capex). |
| Annual segment revenue quarter share downside_2028q4_communications_weight | 2028Q4 / downside | 21.5% ratio | assumption: Desk assumption, not company guidance. |
| communications revenue downside_2028q4_communications | 2028Q4 / downside | 1,318.98 USD_millions | derived: Annual segment scenario times seasonal quarter share; four shares sum to one. Formula: multiply(downside_fy28_communications_total, downside_2028q4_communications_weight). |
| Annual segment revenue quarter share downside_2028q4_building_weight | 2028Q4 / downside | 26.0% ratio | assumption: Desk assumption, not company guidance. |
| building revenue downside_2028q4_building | 2028Q4 / downside | 451.48 USD_millions | derived: Annual segment scenario times seasonal quarter share; four shares sum to one. Formula: multiply(downside_fy28_building_core, downside_2028q4_building_weight). |
| Consolidated revenue downside_2028q4_revenue | 2028Q4 / downside | 1,770.46 USD_millions | derived: Communications plus Building Systems; acquisition contribution is already included. Formula: sum(downside_2028q4_communications, downside_2028q4_building). |
| communications adjusted EBITDA margin downside_2028q4_communications_margin | 2028Q4 / downside | 10.0% ratio | assumption: Desk assumption, not company guidance. |
| communications adjusted EBITDA downside_2028q4_communications_ebitda | 2028Q4 / downside | 131.90 USD_millions | derived: Margin definition excludes SBC and D&A; no separate duplicate corporate allocation. Formula: multiply(downside_2028q4_communications, downside_2028q4_communications_margin). |
| building adjusted EBITDA margin downside_2028q4_building_margin | 2028Q4 / downside | 17.0% ratio | assumption: Desk assumption, not company guidance. |
| building adjusted EBITDA downside_2028q4_building_ebitda | 2028Q4 / downside | 76.75 USD_millions | derived: Margin definition excludes SBC and D&A; no separate duplicate corporate allocation. Formula: multiply(downside_2028q4_building, downside_2028q4_building_margin). |
| Consolidated adjusted EBITDA downside_2028q4_adjusted_ebitda | 2028Q4 / downside | 208.65 USD_millions | derived: Sum of the two segment adjusted EBITDA contributions. Formula: sum(downside_2028q4_communications_ebitda, downside_2028q4_building_ebitda). |
| Total depreciation and amortization downside_2028q4_da | 2028Q4 / downside | 102.00 USD_millions | assumption: Includes intangible amortization. FY2028 total reflects the disclosed decline in scheduled intangible amortization; no second amortization deduction. |
| Stock compensation expense downside_2028q4_sbc | 2028Q4 / downside | 12.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating deductions downside_2028q4_gaap_deductions | 2028Q4 / downside | 114.00 USD_millions | derived: No forecast fixed-asset gains or other income. Formula: sum(downside_2028q4_da, downside_2028q4_sbc). |
| GAAP operating income proxy downside_2028q4_operating_income | 2028Q4 / downside | 94.65 USD_millions | derived: Adjusted EBITDA less D&A and SBC, with other income and gains assumed zero. Formula: subtract(downside_2028q4_adjusted_ebitda, downside_2028q4_gaap_deductions). |
| Net interest expense downside_2028q4_interest | 2028Q4 / downside | 40.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Pretax earnings downside_2028q4_pretax | 2028Q4 / downside | 54.65 USD_millions | derived: Debt financing cost remains after acquisition-led growth. Formula: subtract(downside_2028q4_operating_income, downside_2028q4_interest). |
| Normalized tax rate downside_2028q4_tax_rate | 2028Q4 / downside | 27.0% ratio | assumption: Desk assumption, not company guidance. |
| Tax allowance downside_2028q4_tax | 2028Q4 / downside | 14.76 USD_millions | derived: No repeat of H1 excess equity-compensation benefits. Formula: multiply(downside_2028q4_pretax, downside_2028q4_tax_rate). |
| After-tax earnings downside_2028q4_net_income | 2028Q4 / downside | 39.89 USD_millions | derived: Earnings proxy before noncash and collection timing. Formula: subtract(downside_2028q4_pretax, downside_2028q4_tax). |
| Earnings plus noncash charges downside_2028q4_before_wc | 2028Q4 / downside | 153.89 USD_millions | derived: Adds expensed D&A and SBC once. Formula: sum(downside_2028q4_net_income, downside_2028q4_da, downside_2028q4_sbc). |
| Net working-capital use downside_2028q4_wc | 2028Q4 / downside | -50.00 USD_millions | assumption: Positive is use; negative is collection/release. Includes billing, contract assets, supplier funding and tax timing together. |
| Operating cash flow downside_2028q4_cfo | 2028Q4 / downside | 203.89 USD_millions | derived: Acquisition purchases and share withholding classified as financing are outside CFO. Formula: subtract(downside_2028q4_before_wc, downside_2028q4_wc). |
| Gross capital expenditures downside_2028q4_capex | 2028Q4 / downside | 80.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less gross capex downside_2028q4_fcf | 2028Q4 / downside | 123.89 USD_millions | derived: Does not add future asset sale proceeds or deduct acquisitions. Formula: subtract(downside_2028q4_cfo, downside_2028q4_capex). |
| Consolidated revenue ($M) downside_fy2027_revenue | FY2027 / downside | 7,267.20 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, downside_2027q3_revenue, downside_2027q4_revenue). |
| Communications revenue ($M) downside_fy2027_communications | FY2027 / downside | 5,716.80 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_communications, downside_2027q3_communications, downside_2027q4_communications). |
| Building Systems revenue ($M) downside_fy2027_building | FY2027 / downside | 1,550.40 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_building, downside_2027q3_building, downside_2027q4_building). |
| Adjusted EBITDA ($M) downside_fy2027_adjusted_ebitda | FY2027 / downside | 989.46 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adjusted_ebitda, downside_2027q3_adjusted_ebitda, downside_2027q4_adjusted_ebitda). |
| GAAP operating income proxy ($M) downside_fy2027_operating_income | FY2027 / downside | 494.23 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income). |
| Operating cash flow ($M) downside_fy2027_cfo | FY2027 / downside | 349.37 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, downside_2027q3_cfo, downside_2027q4_cfo). |
| Gross capital expenditures ($M) downside_fy2027_capex | FY2027 / downside | 279.83 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, downside_2027q3_capex, downside_2027q4_capex). |
| CFO less gross capex ($M) downside_fy2027_fcf | FY2027 / downside | 69.54 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, downside_2027q3_fcf, downside_2027q4_fcf). |
| Consolidated revenue ($M) downside_fy2028_revenue | FY2028 / downside | 7,871.26 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). |
| Communications revenue ($M) downside_fy2028_communications | FY2028 / downside | 6,134.81 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_communications, downside_2028q2_communications, downside_2028q3_communications, downside_2028q4_communications). |
| Building Systems revenue ($M) downside_fy2028_building | FY2028 / downside | 1,736.45 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_building, downside_2028q2_building, downside_2028q3_building, downside_2028q4_building). |
| Adjusted EBITDA ($M) downside_fy2028_adjusted_ebitda | FY2028 / downside | 1,014.04 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_adjusted_ebitda, downside_2028q2_adjusted_ebitda, downside_2028q3_adjusted_ebitda, downside_2028q4_adjusted_ebitda). |
| GAAP operating income proxy ($M) downside_fy2028_operating_income | FY2028 / downside | 566.04 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_operating_income, downside_2028q2_operating_income, downside_2028q3_operating_income, downside_2028q4_operating_income). |
| Operating cash flow ($M) downside_fy2028_cfo | FY2028 / downside | 484.41 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_cfo, downside_2028q2_cfo, downside_2028q3_cfo, downside_2028q4_cfo). |
| Gross capital expenditures ($M) downside_fy2028_capex | FY2028 / downside | 350.00 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 gross capex ($M) downside_fy2028_fcf | FY2028 / downside | 134.41 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). |
| FY2027 revenue vs guide midpoints base_delivery | FY2027 / base | 100.0% ratio | assumption: Desk delivery factor, not a second company guide. |
| FY2027 communications revenue base_fy27_communications_target | FY2027 / base | 5,955.00 USD_millions | derived: August segment midpoint times delivery sensitivity. Formula: multiply(fy27_comm_guide, base_delivery). |
| H2 communications revenue base_h2_communications | H2 FY2027 / base | 2,777.20 USD_millions | derived: Annual scenario less reported H1. Formula: subtract(base_fy27_communications_target, h1_communications). |
| FY2027 building revenue base_fy27_building_target | FY2027 / base | 1,615.00 USD_millions | derived: August segment midpoint times delivery sensitivity. Formula: multiply(fy27_build_guide, base_delivery). |
| H2 building revenue base_h2_building | H2 FY2027 / base | 822.11 USD_millions | derived: Annual scenario less reported H1. Formula: subtract(base_fy27_building_target, h1_building). |
| FY2028 communications growth multiplier base_communications_growth | FY2028 / base | 115.0% ratio | assumption: Communications excludes delivery of the separately tracked wireless deferral. |
| FY2028 communications core revenue base_fy28_communications_core | FY2028 / base | 6,848.25 USD_millions | derived: Growth on FY2027 recognized-revenue base. Formula: multiply(base_fy27_communications_target, base_communications_growth). |
| FY2028 building growth multiplier base_building_growth | FY2028 / base | 130.0% ratio | assumption: Communications excludes delivery of the separately tracked wireless deferral. |
| FY2028 building core revenue base_fy28_building_core | FY2028 / base | 2,099.50 USD_millions | derived: Growth on FY2027 recognized-revenue base. Formula: multiply(base_fy27_building_target, base_building_growth). |
| Share of deferred wireless work delivered base_deferred_delivery | FY2028 / base | 100.0% ratio | assumption: Desk timing sensitivity; the $150M amount is not guaranteed cash or backlog conversion. |
| Recognized deferred wireless work base_deferred_revenue | FY2028 / base | 150.00 USD_millions | derived: Added exactly once, outside the organic-growth multiplier. Formula: multiply(wireless_deferred, base_deferred_delivery). |
| FY2028 Communications total base_fy28_communications_total | FY2028 / base | 6,998.25 USD_millions | derived: Core revenue plus separately delivered wireless work. Formula: sum(base_fy28_communications_core, base_deferred_revenue). |
| communications revenue base_2027q3_communications | 2027Q3 / base | 1,500.00 USD_millions | assumption: Desk assumption, not company guidance. |
| building revenue base_2027q3_building | 2027Q3 / base | 440.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Consolidated revenue base_2027q3_revenue | 2027Q3 / base | 1,940.00 USD_millions | derived: Communications plus Building Systems; acquisition contribution is already included. Formula: sum(base_2027q3_communications, base_2027q3_building). |
| communications adjusted EBITDA margin base_2027q3_communications_margin | 2027Q3 / base | 13.5% ratio | assumption: Desk assumption, not company guidance. |
| communications adjusted EBITDA base_2027q3_communications_ebitda | 2027Q3 / base | 202.50 USD_millions | derived: Margin definition excludes SBC and D&A; no separate duplicate corporate allocation. Formula: multiply(base_2027q3_communications, base_2027q3_communications_margin). |
| building adjusted EBITDA margin base_2027q3_building_margin | 2027Q3 / base | 20.0% ratio | assumption: Desk assumption, not company guidance. |
| building adjusted EBITDA base_2027q3_building_ebitda | 2027Q3 / base | 88.00 USD_millions | derived: Margin definition excludes SBC and D&A; no separate duplicate corporate allocation. Formula: multiply(base_2027q3_building, base_2027q3_building_margin). |
| Consolidated adjusted EBITDA base_2027q3_adjusted_ebitda | 2027Q3 / base | 290.50 USD_millions | derived: Sum of the two segment adjusted EBITDA contributions. Formula: sum(base_2027q3_communications_ebitda, base_2027q3_building_ebitda). |
| Total depreciation and amortization base_2027q3_da | 2027Q3 / base | 117.00 USD_millions | assumption: Includes intangible amortization. FY2028 total reflects the disclosed decline in scheduled intangible amortization; no second amortization deduction. |
| Stock compensation expense base_2027q3_sbc | 2027Q3 / base | 11.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating deductions base_2027q3_gaap_deductions | 2027Q3 / base | 128.00 USD_millions | derived: No forecast fixed-asset gains or other income. Formula: sum(base_2027q3_da, base_2027q3_sbc). |
| GAAP operating income proxy base_2027q3_operating_income | 2027Q3 / base | 162.50 USD_millions | derived: Adjusted EBITDA less D&A and SBC, with other income and gains assumed zero. Formula: subtract(base_2027q3_adjusted_ebitda, base_2027q3_gaap_deductions). |
| Net interest expense base_2027q3_interest | 2027Q3 / base | 38.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Pretax earnings base_2027q3_pretax | 2027Q3 / base | 124.50 USD_millions | derived: Debt financing cost remains after acquisition-led growth. Formula: subtract(base_2027q3_operating_income, base_2027q3_interest). |
| Normalized tax rate base_2027q3_tax_rate | 2027Q3 / base | 26.0% ratio | assumption: Desk assumption, not company guidance. |
| Tax allowance base_2027q3_tax | 2027Q3 / base | 32.37 USD_millions | derived: No repeat of H1 excess equity-compensation benefits. Formula: multiply(base_2027q3_pretax, base_2027q3_tax_rate). |
| After-tax earnings base_2027q3_net_income | 2027Q3 / base | 92.13 USD_millions | derived: Earnings proxy before noncash and collection timing. Formula: subtract(base_2027q3_pretax, base_2027q3_tax). |
| Earnings plus noncash charges base_2027q3_before_wc | 2027Q3 / base | 220.13 USD_millions | derived: Adds expensed D&A and SBC once. Formula: sum(base_2027q3_net_income, base_2027q3_da, base_2027q3_sbc). |
| Net working-capital use base_2027q3_wc | 2027Q3 / base | 20.00 USD_millions | assumption: Positive is use; negative is collection/release. Includes billing, contract assets, supplier funding and tax timing together. |
| Operating cash flow base_2027q3_cfo | 2027Q3 / base | 200.13 USD_millions | derived: Acquisition purchases and share withholding classified as financing are outside CFO. Formula: subtract(base_2027q3_before_wc, base_2027q3_wc). |
| Gross capital expenditures base_2027q3_capex | 2027Q3 / base | 75.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less gross capex base_2027q3_fcf | 2027Q3 / base | 125.13 USD_millions | derived: Does not add future asset sale proceeds or deduct acquisitions. Formula: subtract(base_2027q3_cfo, base_2027q3_capex). |
| communications revenue base_2027q4_communications | 2027Q4 / base | 1,277.20 USD_millions | derived: H2 segment revenue less modeled Q3; winter timing is explicit. Formula: subtract(base_h2_communications, base_2027q3_communications). |
| building revenue base_2027q4_building | 2027Q4 / base | 382.11 USD_millions | derived: H2 segment revenue less modeled Q3; winter timing is explicit. Formula: subtract(base_h2_building, base_2027q3_building). |
| Consolidated revenue base_2027q4_revenue | 2027Q4 / base | 1,659.31 USD_millions | derived: Communications plus Building Systems; acquisition contribution is already included. Formula: sum(base_2027q4_communications, base_2027q4_building). |
| communications adjusted EBITDA margin base_2027q4_communications_margin | 2027Q4 / base | 12.0% ratio | assumption: Desk assumption, not company guidance. |
| communications adjusted EBITDA base_2027q4_communications_ebitda | 2027Q4 / base | 153.26 USD_millions | derived: Margin definition excludes SBC and D&A; no separate duplicate corporate allocation. Formula: multiply(base_2027q4_communications, base_2027q4_communications_margin). |
| building adjusted EBITDA margin base_2027q4_building_margin | 2027Q4 / base | 20.0% ratio | assumption: Desk assumption, not company guidance. |
| building adjusted EBITDA base_2027q4_building_ebitda | 2027Q4 / base | 76.42 USD_millions | derived: Margin definition excludes SBC and D&A; no separate duplicate corporate allocation. Formula: multiply(base_2027q4_building, base_2027q4_building_margin). |
| Consolidated adjusted EBITDA base_2027q4_adjusted_ebitda | 2027Q4 / base | 229.69 USD_millions | derived: Sum of the two segment adjusted EBITDA contributions. Formula: sum(base_2027q4_communications_ebitda, base_2027q4_building_ebitda). |
| Total depreciation and amortization base_2027q4_da | 2027Q4 / base | 112.00 USD_millions | assumption: Includes intangible amortization. FY2028 total reflects the disclosed decline in scheduled intangible amortization; no second amortization deduction. |
| Stock compensation expense base_2027q4_sbc | 2027Q4 / base | 11.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating deductions base_2027q4_gaap_deductions | 2027Q4 / base | 123.00 USD_millions | derived: No forecast fixed-asset gains or other income. Formula: sum(base_2027q4_da, base_2027q4_sbc). |
| GAAP operating income proxy base_2027q4_operating_income | 2027Q4 / base | 106.69 USD_millions | derived: Adjusted EBITDA less D&A and SBC, with other income and gains assumed zero. Formula: subtract(base_2027q4_adjusted_ebitda, base_2027q4_gaap_deductions). |
| Net interest expense base_2027q4_interest | 2027Q4 / base | 38.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Pretax earnings base_2027q4_pretax | 2027Q4 / base | 68.69 USD_millions | derived: Debt financing cost remains after acquisition-led growth. Formula: subtract(base_2027q4_operating_income, base_2027q4_interest). |
| Normalized tax rate base_2027q4_tax_rate | 2027Q4 / base | 26.0% ratio | assumption: Desk assumption, not company guidance. |
| Tax allowance base_2027q4_tax | 2027Q4 / base | 17.86 USD_millions | derived: No repeat of H1 excess equity-compensation benefits. Formula: multiply(base_2027q4_pretax, base_2027q4_tax_rate). |
| After-tax earnings base_2027q4_net_income | 2027Q4 / base | 50.83 USD_millions | derived: Earnings proxy before noncash and collection timing. Formula: subtract(base_2027q4_pretax, base_2027q4_tax). |
| Earnings plus noncash charges base_2027q4_before_wc | 2027Q4 / base | 173.83 USD_millions | derived: Adds expensed D&A and SBC once. Formula: sum(base_2027q4_net_income, base_2027q4_da, base_2027q4_sbc). |
| Net working-capital use base_2027q4_wc | 2027Q4 / base | -70.00 USD_millions | assumption: Positive is use; negative is collection/release. Includes billing, contract assets, supplier funding and tax timing together. |
| Operating cash flow base_2027q4_cfo | 2027Q4 / base | 243.83 USD_millions | derived: Acquisition purchases and share withholding classified as financing are outside CFO. Formula: subtract(base_2027q4_before_wc, base_2027q4_wc). |
| Gross capital expenditures base_2027q4_capex | 2027Q4 / base | 65.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less gross capex base_2027q4_fcf | 2027Q4 / base | 178.83 USD_millions | derived: Does not add future asset sale proceeds or deduct acquisitions. Formula: subtract(base_2027q4_cfo, base_2027q4_capex). |
| Annual segment revenue quarter share base_2028q1_communications_weight | 2028Q1 / base | 24.5% ratio | assumption: Desk assumption, not company guidance. |
| communications revenue base_2028q1_communications | 2028Q1 / base | 1,714.57 USD_millions | derived: Annual segment scenario times seasonal quarter share; four shares sum to one. Formula: multiply(base_fy28_communications_total, base_2028q1_communications_weight). |
| Annual segment revenue quarter share base_2028q1_building_weight | 2028Q1 / base | 23.0% ratio | assumption: Desk assumption, not company guidance. |
| building revenue base_2028q1_building | 2028Q1 / base | 482.89 USD_millions | derived: Annual segment scenario times seasonal quarter share; four shares sum to one. Formula: multiply(base_fy28_building_core, base_2028q1_building_weight). |
| Consolidated revenue base_2028q1_revenue | 2028Q1 / base | 2,197.46 USD_millions | derived: Communications plus Building Systems; acquisition contribution is already included. Formula: sum(base_2028q1_communications, base_2028q1_building). |
| communications adjusted EBITDA margin base_2028q1_communications_margin | 2028Q1 / base | 13.0% ratio | assumption: Desk assumption, not company guidance. |
| communications adjusted EBITDA base_2028q1_communications_ebitda | 2028Q1 / base | 222.89 USD_millions | derived: Margin definition excludes SBC and D&A; no separate duplicate corporate allocation. Formula: multiply(base_2028q1_communications, base_2028q1_communications_margin). |
| building adjusted EBITDA margin base_2028q1_building_margin | 2028Q1 / base | 20.0% ratio | assumption: Desk assumption, not company guidance. |
| building adjusted EBITDA base_2028q1_building_ebitda | 2028Q1 / base | 96.58 USD_millions | derived: Margin definition excludes SBC and D&A; no separate duplicate corporate allocation. Formula: multiply(base_2028q1_building, base_2028q1_building_margin). |
| Consolidated adjusted EBITDA base_2028q1_adjusted_ebitda | 2028Q1 / base | 319.47 USD_millions | derived: Sum of the two segment adjusted EBITDA contributions. Formula: sum(base_2028q1_communications_ebitda, base_2028q1_building_ebitda). |
| Total depreciation and amortization base_2028q1_da | 2028Q1 / base | 98.00 USD_millions | assumption: Includes intangible amortization. FY2028 total reflects the disclosed decline in scheduled intangible amortization; no second amortization deduction. |
| Stock compensation expense base_2028q1_sbc | 2028Q1 / base | 11.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating deductions base_2028q1_gaap_deductions | 2028Q1 / base | 109.00 USD_millions | derived: No forecast fixed-asset gains or other income. Formula: sum(base_2028q1_da, base_2028q1_sbc). |
| GAAP operating income proxy base_2028q1_operating_income | 2028Q1 / base | 210.47 USD_millions | derived: Adjusted EBITDA less D&A and SBC, with other income and gains assumed zero. Formula: subtract(base_2028q1_adjusted_ebitda, base_2028q1_gaap_deductions). |
| Net interest expense base_2028q1_interest | 2028Q1 / base | 38.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Pretax earnings base_2028q1_pretax | 2028Q1 / base | 172.47 USD_millions | derived: Debt financing cost remains after acquisition-led growth. Formula: subtract(base_2028q1_operating_income, base_2028q1_interest). |
| Normalized tax rate base_2028q1_tax_rate | 2028Q1 / base | 26.0% ratio | assumption: Desk assumption, not company guidance. |
| Tax allowance base_2028q1_tax | 2028Q1 / base | 44.84 USD_millions | derived: No repeat of H1 excess equity-compensation benefits. Formula: multiply(base_2028q1_pretax, base_2028q1_tax_rate). |
| After-tax earnings base_2028q1_net_income | 2028Q1 / base | 127.63 USD_millions | derived: Earnings proxy before noncash and collection timing. Formula: subtract(base_2028q1_pretax, base_2028q1_tax). |
| Earnings plus noncash charges base_2028q1_before_wc | 2028Q1 / base | 236.63 USD_millions | derived: Adds expensed D&A and SBC once. Formula: sum(base_2028q1_net_income, base_2028q1_da, base_2028q1_sbc). |
| Net working-capital use base_2028q1_wc | 2028Q1 / base | 120.00 USD_millions | assumption: Positive is use; negative is collection/release. Includes billing, contract assets, supplier funding and tax timing together. |
| Operating cash flow base_2028q1_cfo | 2028Q1 / base | 116.63 USD_millions | derived: Acquisition purchases and share withholding classified as financing are outside CFO. Formula: subtract(base_2028q1_before_wc, base_2028q1_wc). |
| Gross capital expenditures base_2028q1_capex | 2028Q1 / base | 85.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less gross capex base_2028q1_fcf | 2028Q1 / base | 31.63 USD_millions | derived: Does not add future asset sale proceeds or deduct acquisitions. Formula: subtract(base_2028q1_cfo, base_2028q1_capex). |
| Annual segment revenue quarter share base_2028q2_communications_weight | 2028Q2 / base | 27.0% ratio | assumption: Desk assumption, not company guidance. |
| communications revenue base_2028q2_communications | 2028Q2 / base | 1,889.53 USD_millions | derived: Annual segment scenario times seasonal quarter share; four shares sum to one. Formula: multiply(base_fy28_communications_total, base_2028q2_communications_weight). |
| Annual segment revenue quarter share base_2028q2_building_weight | 2028Q2 / base | 25.0% ratio | assumption: Desk assumption, not company guidance. |
| building revenue base_2028q2_building | 2028Q2 / base | 524.88 USD_millions | derived: Annual segment scenario times seasonal quarter share; four shares sum to one. Formula: multiply(base_fy28_building_core, base_2028q2_building_weight). |
| Consolidated revenue base_2028q2_revenue | 2028Q2 / base | 2,414.40 USD_millions | derived: Communications plus Building Systems; acquisition contribution is already included. Formula: sum(base_2028q2_communications, base_2028q2_building). |
| communications adjusted EBITDA margin base_2028q2_communications_margin | 2028Q2 / base | 14.0% ratio | assumption: Desk assumption, not company guidance. |
| communications adjusted EBITDA base_2028q2_communications_ebitda | 2028Q2 / base | 264.53 USD_millions | derived: Margin definition excludes SBC and D&A; no separate duplicate corporate allocation. Formula: multiply(base_2028q2_communications, base_2028q2_communications_margin). |
| building adjusted EBITDA margin base_2028q2_building_margin | 2028Q2 / base | 20.0% ratio | assumption: Desk assumption, not company guidance. |
| building adjusted EBITDA base_2028q2_building_ebitda | 2028Q2 / base | 104.98 USD_millions | derived: Margin definition excludes SBC and D&A; no separate duplicate corporate allocation. Formula: multiply(base_2028q2_building, base_2028q2_building_margin). |
| Consolidated adjusted EBITDA base_2028q2_adjusted_ebitda | 2028Q2 / base | 369.51 USD_millions | derived: Sum of the two segment adjusted EBITDA contributions. Formula: sum(base_2028q2_communications_ebitda, base_2028q2_building_ebitda). |
| Total depreciation and amortization base_2028q2_da | 2028Q2 / base | 99.00 USD_millions | assumption: Includes intangible amortization. FY2028 total reflects the disclosed decline in scheduled intangible amortization; no second amortization deduction. |
| Stock compensation expense base_2028q2_sbc | 2028Q2 / base | 11.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating deductions base_2028q2_gaap_deductions | 2028Q2 / base | 110.00 USD_millions | derived: No forecast fixed-asset gains or other income. Formula: sum(base_2028q2_da, base_2028q2_sbc). |
| GAAP operating income proxy base_2028q2_operating_income | 2028Q2 / base | 259.51 USD_millions | derived: Adjusted EBITDA less D&A and SBC, with other income and gains assumed zero. Formula: subtract(base_2028q2_adjusted_ebitda, base_2028q2_gaap_deductions). |
| Net interest expense base_2028q2_interest | 2028Q2 / base | 38.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Pretax earnings base_2028q2_pretax | 2028Q2 / base | 221.51 USD_millions | derived: Debt financing cost remains after acquisition-led growth. Formula: subtract(base_2028q2_operating_income, base_2028q2_interest). |
| Normalized tax rate base_2028q2_tax_rate | 2028Q2 / base | 26.0% ratio | assumption: Desk assumption, not company guidance. |
| Tax allowance base_2028q2_tax | 2028Q2 / base | 57.59 USD_millions | derived: No repeat of H1 excess equity-compensation benefits. Formula: multiply(base_2028q2_pretax, base_2028q2_tax_rate). |
| After-tax earnings base_2028q2_net_income | 2028Q2 / base | 163.92 USD_millions | derived: Earnings proxy before noncash and collection timing. Formula: subtract(base_2028q2_pretax, base_2028q2_tax). |
| Earnings plus noncash charges base_2028q2_before_wc | 2028Q2 / base | 273.92 USD_millions | derived: Adds expensed D&A and SBC once. Formula: sum(base_2028q2_net_income, base_2028q2_da, base_2028q2_sbc). |
| Net working-capital use base_2028q2_wc | 2028Q2 / base | 80.00 USD_millions | assumption: Positive is use; negative is collection/release. Includes billing, contract assets, supplier funding and tax timing together. |
| Operating cash flow base_2028q2_cfo | 2028Q2 / base | 193.92 USD_millions | derived: Acquisition purchases and share withholding classified as financing are outside CFO. Formula: subtract(base_2028q2_before_wc, base_2028q2_wc). |
| Gross capital expenditures base_2028q2_capex | 2028Q2 / base | 95.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less gross capex base_2028q2_fcf | 2028Q2 / base | 98.92 USD_millions | derived: Does not add future asset sale proceeds or deduct acquisitions. Formula: subtract(base_2028q2_cfo, base_2028q2_capex). |
| Annual segment revenue quarter share base_2028q3_communications_weight | 2028Q3 / base | 27.0% ratio | assumption: Desk assumption, not company guidance. |
| communications revenue base_2028q3_communications | 2028Q3 / base | 1,889.53 USD_millions | derived: Annual segment scenario times seasonal quarter share; four shares sum to one. Formula: multiply(base_fy28_communications_total, base_2028q3_communications_weight). |
| Annual segment revenue quarter share base_2028q3_building_weight | 2028Q3 / base | 26.0% ratio | assumption: Desk assumption, not company guidance. |
| building revenue base_2028q3_building | 2028Q3 / base | 545.87 USD_millions | derived: Annual segment scenario times seasonal quarter share; four shares sum to one. Formula: multiply(base_fy28_building_core, base_2028q3_building_weight). |
| Consolidated revenue base_2028q3_revenue | 2028Q3 / base | 2,435.40 USD_millions | derived: Communications plus Building Systems; acquisition contribution is already included. Formula: sum(base_2028q3_communications, base_2028q3_building). |
| communications adjusted EBITDA margin base_2028q3_communications_margin | 2028Q3 / base | 14.0% ratio | assumption: Desk assumption, not company guidance. |
| communications adjusted EBITDA base_2028q3_communications_ebitda | 2028Q3 / base | 264.53 USD_millions | derived: Margin definition excludes SBC and D&A; no separate duplicate corporate allocation. Formula: multiply(base_2028q3_communications, base_2028q3_communications_margin). |
| building adjusted EBITDA margin base_2028q3_building_margin | 2028Q3 / base | 20.0% ratio | assumption: Desk assumption, not company guidance. |
| building adjusted EBITDA base_2028q3_building_ebitda | 2028Q3 / base | 109.17 USD_millions | derived: Margin definition excludes SBC and D&A; no separate duplicate corporate allocation. Formula: multiply(base_2028q3_building, base_2028q3_building_margin). |
| Consolidated adjusted EBITDA base_2028q3_adjusted_ebitda | 2028Q3 / base | 373.71 USD_millions | derived: Sum of the two segment adjusted EBITDA contributions. Formula: sum(base_2028q3_communications_ebitda, base_2028q3_building_ebitda). |
| Total depreciation and amortization base_2028q3_da | 2028Q3 / base | 101.00 USD_millions | assumption: Includes intangible amortization. FY2028 total reflects the disclosed decline in scheduled intangible amortization; no second amortization deduction. |
| Stock compensation expense base_2028q3_sbc | 2028Q3 / base | 11.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating deductions base_2028q3_gaap_deductions | 2028Q3 / base | 112.00 USD_millions | derived: No forecast fixed-asset gains or other income. Formula: sum(base_2028q3_da, base_2028q3_sbc). |
| GAAP operating income proxy base_2028q3_operating_income | 2028Q3 / base | 261.71 USD_millions | derived: Adjusted EBITDA less D&A and SBC, with other income and gains assumed zero. Formula: subtract(base_2028q3_adjusted_ebitda, base_2028q3_gaap_deductions). |
| Net interest expense base_2028q3_interest | 2028Q3 / base | 38.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Pretax earnings base_2028q3_pretax | 2028Q3 / base | 223.71 USD_millions | derived: Debt financing cost remains after acquisition-led growth. Formula: subtract(base_2028q3_operating_income, base_2028q3_interest). |
| Normalized tax rate base_2028q3_tax_rate | 2028Q3 / base | 26.0% ratio | assumption: Desk assumption, not company guidance. |
| Tax allowance base_2028q3_tax | 2028Q3 / base | 58.16 USD_millions | derived: No repeat of H1 excess equity-compensation benefits. Formula: multiply(base_2028q3_pretax, base_2028q3_tax_rate). |
| After-tax earnings base_2028q3_net_income | 2028Q3 / base | 165.54 USD_millions | derived: Earnings proxy before noncash and collection timing. Formula: subtract(base_2028q3_pretax, base_2028q3_tax). |
| Earnings plus noncash charges base_2028q3_before_wc | 2028Q3 / base | 277.54 USD_millions | derived: Adds expensed D&A and SBC once. Formula: sum(base_2028q3_net_income, base_2028q3_da, base_2028q3_sbc). |
| Net working-capital use base_2028q3_wc | 2028Q3 / base | 20.00 USD_millions | assumption: Positive is use; negative is collection/release. Includes billing, contract assets, supplier funding and tax timing together. |
| Operating cash flow base_2028q3_cfo | 2028Q3 / base | 257.54 USD_millions | derived: Acquisition purchases and share withholding classified as financing are outside CFO. Formula: subtract(base_2028q3_before_wc, base_2028q3_wc). |
| Gross capital expenditures base_2028q3_capex | 2028Q3 / base | 95.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less gross capex base_2028q3_fcf | 2028Q3 / base | 162.54 USD_millions | derived: Does not add future asset sale proceeds or deduct acquisitions. Formula: subtract(base_2028q3_cfo, base_2028q3_capex). |
| Annual segment revenue quarter share base_2028q4_communications_weight | 2028Q4 / base | 21.5% ratio | assumption: Desk assumption, not company guidance. |
| communications revenue base_2028q4_communications | 2028Q4 / base | 1,504.62 USD_millions | derived: Annual segment scenario times seasonal quarter share; four shares sum to one. Formula: multiply(base_fy28_communications_total, base_2028q4_communications_weight). |
| Annual segment revenue quarter share base_2028q4_building_weight | 2028Q4 / base | 26.0% ratio | assumption: Desk assumption, not company guidance. |
| building revenue base_2028q4_building | 2028Q4 / base | 545.87 USD_millions | derived: Annual segment scenario times seasonal quarter share; four shares sum to one. Formula: multiply(base_fy28_building_core, base_2028q4_building_weight). |
| Consolidated revenue base_2028q4_revenue | 2028Q4 / base | 2,050.49 USD_millions | derived: Communications plus Building Systems; acquisition contribution is already included. Formula: sum(base_2028q4_communications, base_2028q4_building). |
| communications adjusted EBITDA margin base_2028q4_communications_margin | 2028Q4 / base | 12.0% ratio | assumption: Desk assumption, not company guidance. |
| communications adjusted EBITDA base_2028q4_communications_ebitda | 2028Q4 / base | 180.55 USD_millions | derived: Margin definition excludes SBC and D&A; no separate duplicate corporate allocation. Formula: multiply(base_2028q4_communications, base_2028q4_communications_margin). |
| building adjusted EBITDA margin base_2028q4_building_margin | 2028Q4 / base | 20.0% ratio | assumption: Desk assumption, not company guidance. |
| building adjusted EBITDA base_2028q4_building_ebitda | 2028Q4 / base | 109.17 USD_millions | derived: Margin definition excludes SBC and D&A; no separate duplicate corporate allocation. Formula: multiply(base_2028q4_building, base_2028q4_building_margin). |
| Consolidated adjusted EBITDA base_2028q4_adjusted_ebitda | 2028Q4 / base | 289.73 USD_millions | derived: Sum of the two segment adjusted EBITDA contributions. Formula: sum(base_2028q4_communications_ebitda, base_2028q4_building_ebitda). |
| Total depreciation and amortization base_2028q4_da | 2028Q4 / base | 102.00 USD_millions | assumption: Includes intangible amortization. FY2028 total reflects the disclosed decline in scheduled intangible amortization; no second amortization deduction. |
| Stock compensation expense base_2028q4_sbc | 2028Q4 / base | 11.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating deductions base_2028q4_gaap_deductions | 2028Q4 / base | 113.00 USD_millions | derived: No forecast fixed-asset gains or other income. Formula: sum(base_2028q4_da, base_2028q4_sbc). |
| GAAP operating income proxy base_2028q4_operating_income | 2028Q4 / base | 176.73 USD_millions | derived: Adjusted EBITDA less D&A and SBC, with other income and gains assumed zero. Formula: subtract(base_2028q4_adjusted_ebitda, base_2028q4_gaap_deductions). |
| Net interest expense base_2028q4_interest | 2028Q4 / base | 38.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Pretax earnings base_2028q4_pretax | 2028Q4 / base | 138.73 USD_millions | derived: Debt financing cost remains after acquisition-led growth. Formula: subtract(base_2028q4_operating_income, base_2028q4_interest). |
| Normalized tax rate base_2028q4_tax_rate | 2028Q4 / base | 26.0% ratio | assumption: Desk assumption, not company guidance. |
| Tax allowance base_2028q4_tax | 2028Q4 / base | 36.07 USD_millions | derived: No repeat of H1 excess equity-compensation benefits. Formula: multiply(base_2028q4_pretax, base_2028q4_tax_rate). |
| After-tax earnings base_2028q4_net_income | 2028Q4 / base | 102.66 USD_millions | derived: Earnings proxy before noncash and collection timing. Formula: subtract(base_2028q4_pretax, base_2028q4_tax). |
| Earnings plus noncash charges base_2028q4_before_wc | 2028Q4 / base | 215.66 USD_millions | derived: Adds expensed D&A and SBC once. Formula: sum(base_2028q4_net_income, base_2028q4_da, base_2028q4_sbc). |
| Net working-capital use base_2028q4_wc | 2028Q4 / base | -90.00 USD_millions | assumption: Positive is use; negative is collection/release. Includes billing, contract assets, supplier funding and tax timing together. |
| Operating cash flow base_2028q4_cfo | 2028Q4 / base | 305.66 USD_millions | derived: Acquisition purchases and share withholding classified as financing are outside CFO. Formula: subtract(base_2028q4_before_wc, base_2028q4_wc). |
| Gross capital expenditures base_2028q4_capex | 2028Q4 / base | 75.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less gross capex base_2028q4_fcf | 2028Q4 / base | 230.66 USD_millions | derived: Does not add future asset sale proceeds or deduct acquisitions. Formula: subtract(base_2028q4_cfo, base_2028q4_capex). |
| Consolidated revenue ($M) base_fy2027_revenue | FY2027 / base | 7,570.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, base_2027q3_revenue, base_2027q4_revenue). |
| Communications revenue ($M) base_fy2027_communications | FY2027 / base | 5,955.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_communications, base_2027q3_communications, base_2027q4_communications). |
| Building Systems revenue ($M) base_fy2027_building | FY2027 / base | 1,615.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_building, base_2027q3_building, base_2027q4_building). |
| Adjusted EBITDA ($M) base_fy2027_adjusted_ebitda | FY2027 / base | 1,098.17 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adjusted_ebitda, base_2027q3_adjusted_ebitda, base_2027q4_adjusted_ebitda). |
| GAAP operating income proxy ($M) base_fy2027_operating_income | FY2027 / base | 604.94 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, base_2027q3_operating_income, base_2027q4_operating_income). |
| Operating cash flow ($M) base_fy2027_cfo | FY2027 / base | 523.04 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, base_2027q3_cfo, base_2027q4_cfo). |
| Gross capital expenditures ($M) base_fy2027_capex | FY2027 / base | 279.83 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, base_2027q3_capex, base_2027q4_capex). |
| CFO less gross capex ($M) base_fy2027_fcf | FY2027 / base | 243.21 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, base_2027q3_fcf, base_2027q4_fcf). |
| Consolidated revenue ($M) base_fy2028_revenue | FY2028 / base | 9,097.75 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). |
| Communications revenue ($M) base_fy2028_communications | FY2028 / base | 6,998.25 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_communications, base_2028q2_communications, base_2028q3_communications, base_2028q4_communications). |
| Building Systems revenue ($M) base_fy2028_building | FY2028 / base | 2,099.50 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_building, base_2028q2_building, base_2028q3_building, base_2028q4_building). |
| Adjusted EBITDA ($M) base_fy2028_adjusted_ebitda | FY2028 / base | 1,352.42 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_adjusted_ebitda, base_2028q2_adjusted_ebitda, base_2028q3_adjusted_ebitda, base_2028q4_adjusted_ebitda). |
| GAAP operating income proxy ($M) base_fy2028_operating_income | FY2028 / base | 908.42 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_operating_income, base_2028q2_operating_income, base_2028q3_operating_income, base_2028q4_operating_income). |
| Operating cash flow ($M) base_fy2028_cfo | FY2028 / base | 873.75 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_cfo, base_2028q2_cfo, base_2028q3_cfo, base_2028q4_cfo). |
| Gross capital expenditures ($M) base_fy2028_capex | FY2028 / base | 350.00 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 gross capex ($M) base_fy2028_fcf | FY2028 / base | 523.75 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). |
| FY2027 revenue vs guide midpoints upside_delivery | FY2027 / upside | 101.0% ratio | assumption: Desk delivery factor, not a second company guide. |
| FY2027 communications revenue upside_fy27_communications_target | FY2027 / upside | 6,014.55 USD_millions | derived: August segment midpoint times delivery sensitivity. Formula: multiply(fy27_comm_guide, upside_delivery). |
| H2 communications revenue upside_h2_communications | H2 FY2027 / upside | 2,836.75 USD_millions | derived: Annual scenario less reported H1. Formula: subtract(upside_fy27_communications_target, h1_communications). |
| FY2027 building revenue upside_fy27_building_target | FY2027 / upside | 1,631.15 USD_millions | derived: August segment midpoint times delivery sensitivity. Formula: multiply(fy27_build_guide, upside_delivery). |
| H2 building revenue upside_h2_building | H2 FY2027 / upside | 838.26 USD_millions | derived: Annual scenario less reported H1. Formula: subtract(upside_fy27_building_target, h1_building). |
| FY2028 communications growth multiplier upside_communications_growth | FY2028 / upside | 122.0% ratio | assumption: Communications excludes delivery of the separately tracked wireless deferral. |
| FY2028 communications core revenue upside_fy28_communications_core | FY2028 / upside | 7,337.75 USD_millions | derived: Growth on FY2027 recognized-revenue base. Formula: multiply(upside_fy27_communications_target, upside_communications_growth). |
| FY2028 building growth multiplier upside_building_growth | FY2028 / upside | 150.0% ratio | assumption: Communications excludes delivery of the separately tracked wireless deferral. |
| FY2028 building core revenue upside_fy28_building_core | FY2028 / upside | 2,446.73 USD_millions | derived: Growth on FY2027 recognized-revenue base. Formula: multiply(upside_fy27_building_target, upside_building_growth). |
| Share of deferred wireless work delivered upside_deferred_delivery | FY2028 / upside | 100.0% ratio | assumption: Desk timing sensitivity; the $150M amount is not guaranteed cash or backlog conversion. |
| Recognized deferred wireless work upside_deferred_revenue | FY2028 / upside | 150.00 USD_millions | derived: Added exactly once, outside the organic-growth multiplier. Formula: multiply(wireless_deferred, upside_deferred_delivery). |
| FY2028 Communications total upside_fy28_communications_total | FY2028 / upside | 7,487.75 USD_millions | derived: Core revenue plus separately delivered wireless work. Formula: sum(upside_fy28_communications_core, upside_deferred_revenue). |
| communications revenue upside_2027q3_communications | 2027Q3 / upside | 1,520.00 USD_millions | assumption: Desk assumption, not company guidance. |
| building revenue upside_2027q3_building | 2027Q3 / upside | 455.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Consolidated revenue upside_2027q3_revenue | 2027Q3 / upside | 1,975.00 USD_millions | derived: Communications plus Building Systems; acquisition contribution is already included. Formula: sum(upside_2027q3_communications, upside_2027q3_building). |
| communications adjusted EBITDA margin upside_2027q3_communications_margin | 2027Q3 / upside | 14.0% ratio | assumption: Desk assumption, not company guidance. |
| communications adjusted EBITDA upside_2027q3_communications_ebitda | 2027Q3 / upside | 212.80 USD_millions | derived: Margin definition excludes SBC and D&A; no separate duplicate corporate allocation. Formula: multiply(upside_2027q3_communications, upside_2027q3_communications_margin). |
| building adjusted EBITDA margin upside_2027q3_building_margin | 2027Q3 / upside | 22.0% ratio | assumption: Desk assumption, not company guidance. |
| building adjusted EBITDA upside_2027q3_building_ebitda | 2027Q3 / upside | 100.10 USD_millions | derived: Margin definition excludes SBC and D&A; no separate duplicate corporate allocation. Formula: multiply(upside_2027q3_building, upside_2027q3_building_margin). |
| Consolidated adjusted EBITDA upside_2027q3_adjusted_ebitda | 2027Q3 / upside | 312.90 USD_millions | derived: Sum of the two segment adjusted EBITDA contributions. Formula: sum(upside_2027q3_communications_ebitda, upside_2027q3_building_ebitda). |
| Total depreciation and amortization upside_2027q3_da | 2027Q3 / upside | 117.00 USD_millions | assumption: Includes intangible amortization. FY2028 total reflects the disclosed decline in scheduled intangible amortization; no second amortization deduction. |
| Stock compensation expense upside_2027q3_sbc | 2027Q3 / upside | 12.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating deductions upside_2027q3_gaap_deductions | 2027Q3 / upside | 129.00 USD_millions | derived: No forecast fixed-asset gains or other income. Formula: sum(upside_2027q3_da, upside_2027q3_sbc). |
| GAAP operating income proxy upside_2027q3_operating_income | 2027Q3 / upside | 183.90 USD_millions | derived: Adjusted EBITDA less D&A and SBC, with other income and gains assumed zero. Formula: subtract(upside_2027q3_adjusted_ebitda, upside_2027q3_gaap_deductions). |
| Net interest expense upside_2027q3_interest | 2027Q3 / upside | 35.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Pretax earnings upside_2027q3_pretax | 2027Q3 / upside | 148.90 USD_millions | derived: Debt financing cost remains after acquisition-led growth. Formula: subtract(upside_2027q3_operating_income, upside_2027q3_interest). |
| Normalized tax rate upside_2027q3_tax_rate | 2027Q3 / upside | 25.0% ratio | assumption: Desk assumption, not company guidance. |
| Tax allowance upside_2027q3_tax | 2027Q3 / upside | 37.22 USD_millions | derived: No repeat of H1 excess equity-compensation benefits. Formula: multiply(upside_2027q3_pretax, upside_2027q3_tax_rate). |
| After-tax earnings upside_2027q3_net_income | 2027Q3 / upside | 111.67 USD_millions | derived: Earnings proxy before noncash and collection timing. Formula: subtract(upside_2027q3_pretax, upside_2027q3_tax). |
| Earnings plus noncash charges upside_2027q3_before_wc | 2027Q3 / upside | 240.67 USD_millions | derived: Adds expensed D&A and SBC once. Formula: sum(upside_2027q3_net_income, upside_2027q3_da, upside_2027q3_sbc). |
| Net working-capital use upside_2027q3_wc | 2027Q3 / upside | 0.00 USD_millions | assumption: Positive is use; negative is collection/release. Includes billing, contract assets, supplier funding and tax timing together. |
| Operating cash flow upside_2027q3_cfo | 2027Q3 / upside | 240.67 USD_millions | derived: Acquisition purchases and share withholding classified as financing are outside CFO. Formula: subtract(upside_2027q3_before_wc, upside_2027q3_wc). |
| Gross capital expenditures upside_2027q3_capex | 2027Q3 / upside | 80.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less gross capex upside_2027q3_fcf | 2027Q3 / upside | 160.67 USD_millions | derived: Does not add future asset sale proceeds or deduct acquisitions. Formula: subtract(upside_2027q3_cfo, upside_2027q3_capex). |
| communications revenue upside_2027q4_communications | 2027Q4 / upside | 1,316.75 USD_millions | derived: H2 segment revenue less modeled Q3; winter timing is explicit. Formula: subtract(upside_h2_communications, upside_2027q3_communications). |
| building revenue upside_2027q4_building | 2027Q4 / upside | 383.26 USD_millions | derived: H2 segment revenue less modeled Q3; winter timing is explicit. Formula: subtract(upside_h2_building, upside_2027q3_building). |
| Consolidated revenue upside_2027q4_revenue | 2027Q4 / upside | 1,700.01 USD_millions | derived: Communications plus Building Systems; acquisition contribution is already included. Formula: sum(upside_2027q4_communications, upside_2027q4_building). |
| communications adjusted EBITDA margin upside_2027q4_communications_margin | 2027Q4 / upside | 13.0% ratio | assumption: Desk assumption, not company guidance. |
| communications adjusted EBITDA upside_2027q4_communications_ebitda | 2027Q4 / upside | 171.18 USD_millions | derived: Margin definition excludes SBC and D&A; no separate duplicate corporate allocation. Formula: multiply(upside_2027q4_communications, upside_2027q4_communications_margin). |
| building adjusted EBITDA margin upside_2027q4_building_margin | 2027Q4 / upside | 22.0% ratio | assumption: Desk assumption, not company guidance. |
| building adjusted EBITDA upside_2027q4_building_ebitda | 2027Q4 / upside | 84.32 USD_millions | derived: Margin definition excludes SBC and D&A; no separate duplicate corporate allocation. Formula: multiply(upside_2027q4_building, upside_2027q4_building_margin). |
| Consolidated adjusted EBITDA upside_2027q4_adjusted_ebitda | 2027Q4 / upside | 255.49 USD_millions | derived: Sum of the two segment adjusted EBITDA contributions. Formula: sum(upside_2027q4_communications_ebitda, upside_2027q4_building_ebitda). |
| Total depreciation and amortization upside_2027q4_da | 2027Q4 / upside | 112.00 USD_millions | assumption: Includes intangible amortization. FY2028 total reflects the disclosed decline in scheduled intangible amortization; no second amortization deduction. |
| Stock compensation expense upside_2027q4_sbc | 2027Q4 / upside | 12.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating deductions upside_2027q4_gaap_deductions | 2027Q4 / upside | 124.00 USD_millions | derived: No forecast fixed-asset gains or other income. Formula: sum(upside_2027q4_da, upside_2027q4_sbc). |
| GAAP operating income proxy upside_2027q4_operating_income | 2027Q4 / upside | 131.49 USD_millions | derived: Adjusted EBITDA less D&A and SBC, with other income and gains assumed zero. Formula: subtract(upside_2027q4_adjusted_ebitda, upside_2027q4_gaap_deductions). |
| Net interest expense upside_2027q4_interest | 2027Q4 / upside | 35.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Pretax earnings upside_2027q4_pretax | 2027Q4 / upside | 96.49 USD_millions | derived: Debt financing cost remains after acquisition-led growth. Formula: subtract(upside_2027q4_operating_income, upside_2027q4_interest). |
| Normalized tax rate upside_2027q4_tax_rate | 2027Q4 / upside | 25.0% ratio | assumption: Desk assumption, not company guidance. |
| Tax allowance upside_2027q4_tax | 2027Q4 / upside | 24.12 USD_millions | derived: No repeat of H1 excess equity-compensation benefits. Formula: multiply(upside_2027q4_pretax, upside_2027q4_tax_rate). |
| After-tax earnings upside_2027q4_net_income | 2027Q4 / upside | 72.37 USD_millions | derived: Earnings proxy before noncash and collection timing. Formula: subtract(upside_2027q4_pretax, upside_2027q4_tax). |
| Earnings plus noncash charges upside_2027q4_before_wc | 2027Q4 / upside | 196.37 USD_millions | derived: Adds expensed D&A and SBC once. Formula: sum(upside_2027q4_net_income, upside_2027q4_da, upside_2027q4_sbc). |
| Net working-capital use upside_2027q4_wc | 2027Q4 / upside | -100.00 USD_millions | assumption: Positive is use; negative is collection/release. Includes billing, contract assets, supplier funding and tax timing together. |
| Operating cash flow upside_2027q4_cfo | 2027Q4 / upside | 296.37 USD_millions | derived: Acquisition purchases and share withholding classified as financing are outside CFO. Formula: subtract(upside_2027q4_before_wc, upside_2027q4_wc). |
| Gross capital expenditures upside_2027q4_capex | 2027Q4 / upside | 70.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less gross capex upside_2027q4_fcf | 2027Q4 / upside | 226.37 USD_millions | derived: Does not add future asset sale proceeds or deduct acquisitions. Formula: subtract(upside_2027q4_cfo, upside_2027q4_capex). |
| Annual segment revenue quarter share upside_2028q1_communications_weight | 2028Q1 / upside | 24.5% ratio | assumption: Desk assumption, not company guidance. |
| communications revenue upside_2028q1_communications | 2028Q1 / upside | 1,834.50 USD_millions | derived: Annual segment scenario times seasonal quarter share; four shares sum to one. Formula: multiply(upside_fy28_communications_total, upside_2028q1_communications_weight). |
| Annual segment revenue quarter share upside_2028q1_building_weight | 2028Q1 / upside | 23.0% ratio | assumption: Desk assumption, not company guidance. |
| building revenue upside_2028q1_building | 2028Q1 / upside | 562.75 USD_millions | derived: Annual segment scenario times seasonal quarter share; four shares sum to one. Formula: multiply(upside_fy28_building_core, upside_2028q1_building_weight). |
| Consolidated revenue upside_2028q1_revenue | 2028Q1 / upside | 2,397.25 USD_millions | derived: Communications plus Building Systems; acquisition contribution is already included. Formula: sum(upside_2028q1_communications, upside_2028q1_building). |
| communications adjusted EBITDA margin upside_2028q1_communications_margin | 2028Q1 / upside | 14.0% ratio | assumption: Desk assumption, not company guidance. |
| communications adjusted EBITDA upside_2028q1_communications_ebitda | 2028Q1 / upside | 256.83 USD_millions | derived: Margin definition excludes SBC and D&A; no separate duplicate corporate allocation. Formula: multiply(upside_2028q1_communications, upside_2028q1_communications_margin). |
| building adjusted EBITDA margin upside_2028q1_building_margin | 2028Q1 / upside | 22.0% ratio | assumption: Desk assumption, not company guidance. |
| building adjusted EBITDA upside_2028q1_building_ebitda | 2028Q1 / upside | 123.80 USD_millions | derived: Margin definition excludes SBC and D&A; no separate duplicate corporate allocation. Formula: multiply(upside_2028q1_building, upside_2028q1_building_margin). |
| Consolidated adjusted EBITDA upside_2028q1_adjusted_ebitda | 2028Q1 / upside | 380.63 USD_millions | derived: Sum of the two segment adjusted EBITDA contributions. Formula: sum(upside_2028q1_communications_ebitda, upside_2028q1_building_ebitda). |
| Total depreciation and amortization upside_2028q1_da | 2028Q1 / upside | 98.00 USD_millions | assumption: Includes intangible amortization. FY2028 total reflects the disclosed decline in scheduled intangible amortization; no second amortization deduction. |
| Stock compensation expense upside_2028q1_sbc | 2028Q1 / upside | 12.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating deductions upside_2028q1_gaap_deductions | 2028Q1 / upside | 110.00 USD_millions | derived: No forecast fixed-asset gains or other income. Formula: sum(upside_2028q1_da, upside_2028q1_sbc). |
| GAAP operating income proxy upside_2028q1_operating_income | 2028Q1 / upside | 270.63 USD_millions | derived: Adjusted EBITDA less D&A and SBC, with other income and gains assumed zero. Formula: subtract(upside_2028q1_adjusted_ebitda, upside_2028q1_gaap_deductions). |
| Net interest expense upside_2028q1_interest | 2028Q1 / upside | 35.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Pretax earnings upside_2028q1_pretax | 2028Q1 / upside | 235.63 USD_millions | derived: Debt financing cost remains after acquisition-led growth. Formula: subtract(upside_2028q1_operating_income, upside_2028q1_interest). |
| Normalized tax rate upside_2028q1_tax_rate | 2028Q1 / upside | 25.0% ratio | assumption: Desk assumption, not company guidance. |
| Tax allowance upside_2028q1_tax | 2028Q1 / upside | 58.91 USD_millions | derived: No repeat of H1 excess equity-compensation benefits. Formula: multiply(upside_2028q1_pretax, upside_2028q1_tax_rate). |
| After-tax earnings upside_2028q1_net_income | 2028Q1 / upside | 176.73 USD_millions | derived: Earnings proxy before noncash and collection timing. Formula: subtract(upside_2028q1_pretax, upside_2028q1_tax). |
| Earnings plus noncash charges upside_2028q1_before_wc | 2028Q1 / upside | 286.73 USD_millions | derived: Adds expensed D&A and SBC once. Formula: sum(upside_2028q1_net_income, upside_2028q1_da, upside_2028q1_sbc). |
| Net working-capital use upside_2028q1_wc | 2028Q1 / upside | 110.00 USD_millions | assumption: Positive is use; negative is collection/release. Includes billing, contract assets, supplier funding and tax timing together. |
| Operating cash flow upside_2028q1_cfo | 2028Q1 / upside | 176.73 USD_millions | derived: Acquisition purchases and share withholding classified as financing are outside CFO. Formula: subtract(upside_2028q1_before_wc, upside_2028q1_wc). |
| Gross capital expenditures upside_2028q1_capex | 2028Q1 / upside | 95.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less gross capex upside_2028q1_fcf | 2028Q1 / upside | 81.73 USD_millions | derived: Does not add future asset sale proceeds or deduct acquisitions. Formula: subtract(upside_2028q1_cfo, upside_2028q1_capex). |
| Annual segment revenue quarter share upside_2028q2_communications_weight | 2028Q2 / upside | 27.0% ratio | assumption: Desk assumption, not company guidance. |
| communications revenue upside_2028q2_communications | 2028Q2 / upside | 2,021.69 USD_millions | derived: Annual segment scenario times seasonal quarter share; four shares sum to one. Formula: multiply(upside_fy28_communications_total, upside_2028q2_communications_weight). |
| Annual segment revenue quarter share upside_2028q2_building_weight | 2028Q2 / upside | 25.0% ratio | assumption: Desk assumption, not company guidance. |
| building revenue upside_2028q2_building | 2028Q2 / upside | 611.68 USD_millions | derived: Annual segment scenario times seasonal quarter share; four shares sum to one. Formula: multiply(upside_fy28_building_core, upside_2028q2_building_weight). |
| Consolidated revenue upside_2028q2_revenue | 2028Q2 / upside | 2,633.37 USD_millions | derived: Communications plus Building Systems; acquisition contribution is already included. Formula: sum(upside_2028q2_communications, upside_2028q2_building). |
| communications adjusted EBITDA margin upside_2028q2_communications_margin | 2028Q2 / upside | 15.0% ratio | assumption: Desk assumption, not company guidance. |
| communications adjusted EBITDA upside_2028q2_communications_ebitda | 2028Q2 / upside | 303.25 USD_millions | derived: Margin definition excludes SBC and D&A; no separate duplicate corporate allocation. Formula: multiply(upside_2028q2_communications, upside_2028q2_communications_margin). |
| building adjusted EBITDA margin upside_2028q2_building_margin | 2028Q2 / upside | 22.0% ratio | assumption: Desk assumption, not company guidance. |
| building adjusted EBITDA upside_2028q2_building_ebitda | 2028Q2 / upside | 134.57 USD_millions | derived: Margin definition excludes SBC and D&A; no separate duplicate corporate allocation. Formula: multiply(upside_2028q2_building, upside_2028q2_building_margin). |
| Consolidated adjusted EBITDA upside_2028q2_adjusted_ebitda | 2028Q2 / upside | 437.82 USD_millions | derived: Sum of the two segment adjusted EBITDA contributions. Formula: sum(upside_2028q2_communications_ebitda, upside_2028q2_building_ebitda). |
| Total depreciation and amortization upside_2028q2_da | 2028Q2 / upside | 99.00 USD_millions | assumption: Includes intangible amortization. FY2028 total reflects the disclosed decline in scheduled intangible amortization; no second amortization deduction. |
| Stock compensation expense upside_2028q2_sbc | 2028Q2 / upside | 12.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating deductions upside_2028q2_gaap_deductions | 2028Q2 / upside | 111.00 USD_millions | derived: No forecast fixed-asset gains or other income. Formula: sum(upside_2028q2_da, upside_2028q2_sbc). |
| GAAP operating income proxy upside_2028q2_operating_income | 2028Q2 / upside | 326.82 USD_millions | derived: Adjusted EBITDA less D&A and SBC, with other income and gains assumed zero. Formula: subtract(upside_2028q2_adjusted_ebitda, upside_2028q2_gaap_deductions). |
| Net interest expense upside_2028q2_interest | 2028Q2 / upside | 35.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Pretax earnings upside_2028q2_pretax | 2028Q2 / upside | 291.82 USD_millions | derived: Debt financing cost remains after acquisition-led growth. Formula: subtract(upside_2028q2_operating_income, upside_2028q2_interest). |
| Normalized tax rate upside_2028q2_tax_rate | 2028Q2 / upside | 25.0% ratio | assumption: Desk assumption, not company guidance. |
| Tax allowance upside_2028q2_tax | 2028Q2 / upside | 72.96 USD_millions | derived: No repeat of H1 excess equity-compensation benefits. Formula: multiply(upside_2028q2_pretax, upside_2028q2_tax_rate). |
| After-tax earnings upside_2028q2_net_income | 2028Q2 / upside | 218.87 USD_millions | derived: Earnings proxy before noncash and collection timing. Formula: subtract(upside_2028q2_pretax, upside_2028q2_tax). |
| Earnings plus noncash charges upside_2028q2_before_wc | 2028Q2 / upside | 329.87 USD_millions | derived: Adds expensed D&A and SBC once. Formula: sum(upside_2028q2_net_income, upside_2028q2_da, upside_2028q2_sbc). |
| Net working-capital use upside_2028q2_wc | 2028Q2 / upside | 70.00 USD_millions | assumption: Positive is use; negative is collection/release. Includes billing, contract assets, supplier funding and tax timing together. |
| Operating cash flow upside_2028q2_cfo | 2028Q2 / upside | 259.87 USD_millions | derived: Acquisition purchases and share withholding classified as financing are outside CFO. Formula: subtract(upside_2028q2_before_wc, upside_2028q2_wc). |
| Gross capital expenditures upside_2028q2_capex | 2028Q2 / upside | 105.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less gross capex upside_2028q2_fcf | 2028Q2 / upside | 154.87 USD_millions | derived: Does not add future asset sale proceeds or deduct acquisitions. Formula: subtract(upside_2028q2_cfo, upside_2028q2_capex). |
| Annual segment revenue quarter share upside_2028q3_communications_weight | 2028Q3 / upside | 27.0% ratio | assumption: Desk assumption, not company guidance. |
| communications revenue upside_2028q3_communications | 2028Q3 / upside | 2,021.69 USD_millions | derived: Annual segment scenario times seasonal quarter share; four shares sum to one. Formula: multiply(upside_fy28_communications_total, upside_2028q3_communications_weight). |
| Annual segment revenue quarter share upside_2028q3_building_weight | 2028Q3 / upside | 26.0% ratio | assumption: Desk assumption, not company guidance. |
| building revenue upside_2028q3_building | 2028Q3 / upside | 636.15 USD_millions | derived: Annual segment scenario times seasonal quarter share; four shares sum to one. Formula: multiply(upside_fy28_building_core, upside_2028q3_building_weight). |
| Consolidated revenue upside_2028q3_revenue | 2028Q3 / upside | 2,657.84 USD_millions | derived: Communications plus Building Systems; acquisition contribution is already included. Formula: sum(upside_2028q3_communications, upside_2028q3_building). |
| communications adjusted EBITDA margin upside_2028q3_communications_margin | 2028Q3 / upside | 15.0% ratio | assumption: Desk assumption, not company guidance. |
| communications adjusted EBITDA upside_2028q3_communications_ebitda | 2028Q3 / upside | 303.25 USD_millions | derived: Margin definition excludes SBC and D&A; no separate duplicate corporate allocation. Formula: multiply(upside_2028q3_communications, upside_2028q3_communications_margin). |
| building adjusted EBITDA margin upside_2028q3_building_margin | 2028Q3 / upside | 22.0% ratio | assumption: Desk assumption, not company guidance. |
| building adjusted EBITDA upside_2028q3_building_ebitda | 2028Q3 / upside | 139.95 USD_millions | derived: Margin definition excludes SBC and D&A; no separate duplicate corporate allocation. Formula: multiply(upside_2028q3_building, upside_2028q3_building_margin). |
| Consolidated adjusted EBITDA upside_2028q3_adjusted_ebitda | 2028Q3 / upside | 443.21 USD_millions | derived: Sum of the two segment adjusted EBITDA contributions. Formula: sum(upside_2028q3_communications_ebitda, upside_2028q3_building_ebitda). |
| Total depreciation and amortization upside_2028q3_da | 2028Q3 / upside | 101.00 USD_millions | assumption: Includes intangible amortization. FY2028 total reflects the disclosed decline in scheduled intangible amortization; no second amortization deduction. |
| Stock compensation expense upside_2028q3_sbc | 2028Q3 / upside | 12.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating deductions upside_2028q3_gaap_deductions | 2028Q3 / upside | 113.00 USD_millions | derived: No forecast fixed-asset gains or other income. Formula: sum(upside_2028q3_da, upside_2028q3_sbc). |
| GAAP operating income proxy upside_2028q3_operating_income | 2028Q3 / upside | 330.21 USD_millions | derived: Adjusted EBITDA less D&A and SBC, with other income and gains assumed zero. Formula: subtract(upside_2028q3_adjusted_ebitda, upside_2028q3_gaap_deductions). |
| Net interest expense upside_2028q3_interest | 2028Q3 / upside | 35.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Pretax earnings upside_2028q3_pretax | 2028Q3 / upside | 295.21 USD_millions | derived: Debt financing cost remains after acquisition-led growth. Formula: subtract(upside_2028q3_operating_income, upside_2028q3_interest). |
| Normalized tax rate upside_2028q3_tax_rate | 2028Q3 / upside | 25.0% ratio | assumption: Desk assumption, not company guidance. |
| Tax allowance upside_2028q3_tax | 2028Q3 / upside | 73.80 USD_millions | derived: No repeat of H1 excess equity-compensation benefits. Formula: multiply(upside_2028q3_pretax, upside_2028q3_tax_rate). |
| After-tax earnings upside_2028q3_net_income | 2028Q3 / upside | 221.40 USD_millions | derived: Earnings proxy before noncash and collection timing. Formula: subtract(upside_2028q3_pretax, upside_2028q3_tax). |
| Earnings plus noncash charges upside_2028q3_before_wc | 2028Q3 / upside | 334.40 USD_millions | derived: Adds expensed D&A and SBC once. Formula: sum(upside_2028q3_net_income, upside_2028q3_da, upside_2028q3_sbc). |
| Net working-capital use upside_2028q3_wc | 2028Q3 / upside | 0.00 USD_millions | assumption: Positive is use; negative is collection/release. Includes billing, contract assets, supplier funding and tax timing together. |
| Operating cash flow upside_2028q3_cfo | 2028Q3 / upside | 334.40 USD_millions | derived: Acquisition purchases and share withholding classified as financing are outside CFO. Formula: subtract(upside_2028q3_before_wc, upside_2028q3_wc). |
| Gross capital expenditures upside_2028q3_capex | 2028Q3 / upside | 105.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less gross capex upside_2028q3_fcf | 2028Q3 / upside | 229.40 USD_millions | derived: Does not add future asset sale proceeds or deduct acquisitions. Formula: subtract(upside_2028q3_cfo, upside_2028q3_capex). |
| Annual segment revenue quarter share upside_2028q4_communications_weight | 2028Q4 / upside | 21.5% ratio | assumption: Desk assumption, not company guidance. |
| communications revenue upside_2028q4_communications | 2028Q4 / upside | 1,609.87 USD_millions | derived: Annual segment scenario times seasonal quarter share; four shares sum to one. Formula: multiply(upside_fy28_communications_total, upside_2028q4_communications_weight). |
| Annual segment revenue quarter share upside_2028q4_building_weight | 2028Q4 / upside | 26.0% ratio | assumption: Desk assumption, not company guidance. |
| building revenue upside_2028q4_building | 2028Q4 / upside | 636.15 USD_millions | derived: Annual segment scenario times seasonal quarter share; four shares sum to one. Formula: multiply(upside_fy28_building_core, upside_2028q4_building_weight). |
| Consolidated revenue upside_2028q4_revenue | 2028Q4 / upside | 2,246.01 USD_millions | derived: Communications plus Building Systems; acquisition contribution is already included. Formula: sum(upside_2028q4_communications, upside_2028q4_building). |
| communications adjusted EBITDA margin upside_2028q4_communications_margin | 2028Q4 / upside | 13.0% ratio | assumption: Desk assumption, not company guidance. |
| communications adjusted EBITDA upside_2028q4_communications_ebitda | 2028Q4 / upside | 209.28 USD_millions | derived: Margin definition excludes SBC and D&A; no separate duplicate corporate allocation. Formula: multiply(upside_2028q4_communications, upside_2028q4_communications_margin). |
| building adjusted EBITDA margin upside_2028q4_building_margin | 2028Q4 / upside | 22.0% ratio | assumption: Desk assumption, not company guidance. |
| building adjusted EBITDA upside_2028q4_building_ebitda | 2028Q4 / upside | 139.95 USD_millions | derived: Margin definition excludes SBC and D&A; no separate duplicate corporate allocation. Formula: multiply(upside_2028q4_building, upside_2028q4_building_margin). |
| Consolidated adjusted EBITDA upside_2028q4_adjusted_ebitda | 2028Q4 / upside | 349.24 USD_millions | derived: Sum of the two segment adjusted EBITDA contributions. Formula: sum(upside_2028q4_communications_ebitda, upside_2028q4_building_ebitda). |
| Total depreciation and amortization upside_2028q4_da | 2028Q4 / upside | 102.00 USD_millions | assumption: Includes intangible amortization. FY2028 total reflects the disclosed decline in scheduled intangible amortization; no second amortization deduction. |
| Stock compensation expense upside_2028q4_sbc | 2028Q4 / upside | 12.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating deductions upside_2028q4_gaap_deductions | 2028Q4 / upside | 114.00 USD_millions | derived: No forecast fixed-asset gains or other income. Formula: sum(upside_2028q4_da, upside_2028q4_sbc). |
| GAAP operating income proxy upside_2028q4_operating_income | 2028Q4 / upside | 235.24 USD_millions | derived: Adjusted EBITDA less D&A and SBC, with other income and gains assumed zero. Formula: subtract(upside_2028q4_adjusted_ebitda, upside_2028q4_gaap_deductions). |
| Net interest expense upside_2028q4_interest | 2028Q4 / upside | 35.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Pretax earnings upside_2028q4_pretax | 2028Q4 / upside | 200.24 USD_millions | derived: Debt financing cost remains after acquisition-led growth. Formula: subtract(upside_2028q4_operating_income, upside_2028q4_interest). |
| Normalized tax rate upside_2028q4_tax_rate | 2028Q4 / upside | 25.0% ratio | assumption: Desk assumption, not company guidance. |
| Tax allowance upside_2028q4_tax | 2028Q4 / upside | 50.06 USD_millions | derived: No repeat of H1 excess equity-compensation benefits. Formula: multiply(upside_2028q4_pretax, upside_2028q4_tax_rate). |
| After-tax earnings upside_2028q4_net_income | 2028Q4 / upside | 150.18 USD_millions | derived: Earnings proxy before noncash and collection timing. Formula: subtract(upside_2028q4_pretax, upside_2028q4_tax). |
| Earnings plus noncash charges upside_2028q4_before_wc | 2028Q4 / upside | 264.18 USD_millions | derived: Adds expensed D&A and SBC once. Formula: sum(upside_2028q4_net_income, upside_2028q4_da, upside_2028q4_sbc). |
| Net working-capital use upside_2028q4_wc | 2028Q4 / upside | -110.00 USD_millions | assumption: Positive is use; negative is collection/release. Includes billing, contract assets, supplier funding and tax timing together. |
| Operating cash flow upside_2028q4_cfo | 2028Q4 / upside | 374.18 USD_millions | derived: Acquisition purchases and share withholding classified as financing are outside CFO. Formula: subtract(upside_2028q4_before_wc, upside_2028q4_wc). |
| Gross capital expenditures upside_2028q4_capex | 2028Q4 / upside | 85.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less gross capex upside_2028q4_fcf | 2028Q4 / upside | 289.18 USD_millions | derived: Does not add future asset sale proceeds or deduct acquisitions. Formula: subtract(upside_2028q4_cfo, upside_2028q4_capex). |
| Consolidated revenue ($M) upside_fy2027_revenue | FY2027 / upside | 7,645.70 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, upside_2027q3_revenue, upside_2027q4_revenue). |
| Communications revenue ($M) upside_fy2027_communications | FY2027 / upside | 6,014.55 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_communications, upside_2027q3_communications, upside_2027q4_communications). |
| Building Systems revenue ($M) upside_fy2027_building | FY2027 / upside | 1,631.15 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_building, upside_2027q3_building, upside_2027q4_building). |
| Adjusted EBITDA ($M) upside_fy2027_adjusted_ebitda | FY2027 / upside | 1,146.38 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adjusted_ebitda, upside_2027q3_adjusted_ebitda, upside_2027q4_adjusted_ebitda). |
| GAAP operating income proxy ($M) upside_fy2027_operating_income | FY2027 / upside | 651.14 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income). |
| Operating cash flow ($M) upside_fy2027_cfo | FY2027 / upside | 616.13 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, upside_2027q3_cfo, upside_2027q4_cfo). |
| Gross capital expenditures ($M) upside_fy2027_capex | FY2027 / upside | 289.83 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, upside_2027q3_capex, upside_2027q4_capex). |
| CFO less gross capex ($M) upside_fy2027_fcf | FY2027 / upside | 326.30 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, upside_2027q3_fcf, upside_2027q4_fcf). |
| Consolidated revenue ($M) upside_fy2028_revenue | FY2028 / upside | 9,934.48 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). |
| Communications revenue ($M) upside_fy2028_communications | FY2028 / upside | 7,487.75 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_communications, upside_2028q2_communications, upside_2028q3_communications, upside_2028q4_communications). |
| Building Systems revenue ($M) upside_fy2028_building | FY2028 / upside | 2,446.73 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_building, upside_2028q2_building, upside_2028q3_building, upside_2028q4_building). |
| Adjusted EBITDA ($M) upside_fy2028_adjusted_ebitda | FY2028 / upside | 1,610.90 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_adjusted_ebitda, upside_2028q2_adjusted_ebitda, upside_2028q3_adjusted_ebitda, upside_2028q4_adjusted_ebitda). |
| GAAP operating income proxy ($M) upside_fy2028_operating_income | FY2028 / upside | 1,162.90 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). |
| Operating cash flow ($M) upside_fy2028_cfo | FY2028 / upside | 1,145.17 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_cfo, upside_2028q2_cfo, upside_2028q3_cfo, upside_2028q4_cfo). |
| Gross capital expenditures ($M) upside_fy2028_capex | FY2028 / upside | 390.00 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 gross capex ($M) upside_fy2028_fcf | FY2028 / upside | 755.17 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). |
Model boundaries
- Adjusted EBITDA and GAAP operating income have different definitions. Forecast asset-sale gains and other non-operating gains are zero. Historical GAAP results remain as reported.
- Building Systems growth includes acquired Power Solutions and National Technology Integrators. The 45.6% Q2 consolidated growth rate is not organic growth; Communications organic growth was 16.7%.
- The FY2028 wireless delivery assumption is a separate amount, not added twice within segment growth. Timing can slip again; management did not give an FY2028 revenue range.
- Backlog includes estimated work under agreements and is not guaranteed revenue. The $6,472M next-12-month amount is included within $12,242M total backlog.
- CFO and tax timing are proxies, not a full balance sheet. FCF deducts gross capex and excludes acquisitions, debt principal, share repurchases and financing-classified compensation withholding.
- No forward EPS or valuation. Adjusted EPS began excluding intangible amortization in FY2026 Q4, limiting direct comparison with older published adjusted figures.
Acquired growth and fiber demand with a collections test
Can broader program growth produce cash after billing delays, equipment spending and acquisition financing?
Q2 revenue was $2,005.907M, including approximately $1,608.4M Communications and $397.5M Building Systems. Segment adjusted EBITDA margins were 13.6% and 24.5%; management expects Building Systems high-teens to low-twenties margins for the remainder of FY2027, not automatic repetition of Q2. H1 receivables consumed $520.783M and contract assets another $30.333M. CFO of $79.082M less $139.833M gross capex left negative $60.751M, before $238.293M acquisition cash and $29.354M financing-classified share withholding. August cash was $340.080M; term loans and notes principal totaled $2,840M. Backlog was $12,242M, of which $6,472M was expected in the next twelve months. The model keeps those time horizons separate and models deferred wireless work once.
The competing explanation
The acquired data-center exposure may support growth, yet its purchase price, amortization and debt service can outweigh operating gains if collections slow or margins normalize. Customer work can move between years without changing headline program scope.
Risks to track
- Acquisition-led consolidated growth can obscure underlying Communications demand.
- Customer concentration and program starts can shift revenue between periods.
- Higher receivables and contract assets can delay cash conversion.
- Building Systems Q2 margins may exceed a sustainable run rate.
- Term-loan interest and integration costs reduce cash available to equity.
- Backlog contains estimates and can be cancelled or deferred.
Next checkpoints
- Q3 fiscal 2027 results · Quarter ends October 31, 2026; release date unconfirmed (estimated). Compare $1.90B-$1.98B revenue and $281M-$302M adjusted EBITDA guidance with cash collections.
- Wireless program timing · Fiscal 2028 delivery window (estimated). Verify the approximately $150M deferral is delivered without counting it twice in growth.
- Acquisition and cash review · Each quarterly filing (estimated). Reconcile acquired contribution, intangibles, gross capex, debt and financing-classified compensation cash.
Data coverage and open work
- Adjusted EBITDA and GAAP operating income have different definitions. Forecast asset-sale gains and other non-operating gains are zero. Historical GAAP results remain as reported.
- Building Systems growth includes acquired Power Solutions and National Technology Integrators. The 45.6% Q2 consolidated growth rate is not organic growth; Communications organic growth was 16.7%.
- The FY2028 wireless delivery assumption is a separate amount, not added twice within segment growth. Timing can slip again; management did not give an FY2028 revenue range.
- Backlog includes estimated work under agreements and is not guaranteed revenue. The $6,472M next-12-month amount is included within $12,242M total backlog.
- CFO and tax timing are proxies, not a full balance sheet. FCF deducts gross capex and excludes acquisitions, debt principal, share repurchases and financing-classified compensation withholding.
- No forward EPS or valuation. Adjusted EPS began excluding intangible amortization in FY2026 Q4, limiting direct comparison with older published adjusted figures.
What the memory says
State as of the 2026-09-18 close: in a 120-day downtrend, below its 200-day, off the 52-week high, with overhead supply, ordinary volume, closed mid-range, and some peers moving
| Vs the market, in points | Low | Middle | High | Share up |
|---|---|---|---|---|
| 1 session | -2.0 | +0.1 | +2.2 | 52% |
| 5 sessions | -4.5 | +0.1 | +6.2 | 51% |
| 10 sessions | -6.5 | +0.3 | +9.6 | 53% |
Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side.