ALPHAFORGE RESEARCH · COMPANY FILE · SOFTWARE & INTERNET

$ESTC

Elastic N.V. · NYSE · SIC 7372 · CIK 1707753 · revision 4 as of 2026-09-19

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Business

Elastic sells search, observability and security software through cloud and self-managed subscriptions, with services alongside them. Annual cloud contracts, monthly consumption and other subscriptions have different recognition and cash patterns. AI workloads can increase demand, while hosting costs, selling expense, commissions and product investment determine profitability.

Three drivers

Sales-led subscriptions versus monthly cloud consumption
Cloud delivery costs, selling expense and equity compensation
Contract cash timing, debt interest and acquisition spending

Thesis

Our view

Elastic has a credible route from search and AI workloads to profitable subscription growth if larger contracts translate into durable usage and efficient delivery. The cash test must retain interest and restructuring payments: adjusted FCF is higher than cash after PP&E because it adds debt interest back. Acquisitions expand the product set while consuming capital.

What changes it

Track sales-led revenue, annual versus monthly Cloud, gross margin and net expansion together. Reassess if customer commitments fail to become usage, restructuring disrupts execution, or interest and acquisition cash weaken the cash available after operations.

Scenario ranges

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

Model · 8 fiscal quarters (last eight)

Fiscal quarter	2025Q2 2024-10-31	2025Q3 2025-01-31	2025Q4 2025-04-30	2026Q1 2025-07-31	2026Q2 2025-10-31	2026Q3 2026-01-31	2026Q4 2026-04-30	2027Q1 2026-07-31
Revenue ($M)	365.4¹	382.1²	388.4†³	415.3⁴	423.5¹	449.9²	450.7†³	478.1⁴
Gross profit ($M)	272.2⁵	284.9⁶	290.6†⁷	318.5⁸	321.5⁵	343.4⁶	339.6†⁷	356.2⁸
Operating income ($M)	-4.4⁹	-4.6¹⁰	-12.0†¹¹	-9.4¹²	-8.2⁹	0.6¹⁰	-16.4†¹¹	-23.6¹²
Net income ($M)	-25.4¹³	-17.1¹⁴	-16.4†¹⁵	-24.6¹⁶	-51.3¹³	7.8¹⁴	435.9†¹⁵	-16.7¹⁶
EPS, diluted ($)	-0.25¹⁷	-0.16¹⁸	—	-0.23¹⁹	-0.48¹⁷	0.07¹⁸	—	-0.16¹⁹
Diluted shares (M)	103.2²⁰	104.1²¹	—	106.0²²	106.6²⁰	106.2²¹	—	104.6²²
Cash ($M)	658.5²³	584.0²⁴	727.5²⁵	662.3²⁶	800.6²⁷	737.2²⁸	768.7²⁹	879.9²⁹
Long-term debt ($M)	569.2³⁰	569.4³¹	569.7³²	570.0³³	570.3³⁴	570.6³⁵	570.9³⁶	571.2³⁶
Cash from operations ($M)	38.4†³⁷	88.1†³⁸	87.0†³⁹	104.8⁴⁰	26.6†³⁷	42.7†³⁸	152.7†³⁹	132.0⁴⁰
Capex ($M)	0.7†⁴¹	0.8†⁴²	2.1†⁴³	0.7⁴⁴	0.6†⁴¹	0.9†⁴²	2.9†⁴³	0.6⁴⁴
Free cash flow ($M)	37.7†⁴⁵	87.3†⁴⁶	84.9†⁴⁷	104.2†⁴⁸	26.0†⁴⁵	41.8†⁴⁶	149.8†⁴⁷	131.4†⁴⁸

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

Estimates · base scenario

Period	Revenue ($M)	EPS ($)	As of	Basis
2027Q2	486.5	—	2026-09-19	Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q3	504.5	—	2026-09-19	Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q4	534.9	—	2026-09-19	Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2028Q1	562.7	—	2026-09-19	Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.

Sales-led cloud growth with interest and restructuring cash kept visible

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

Separate annual Elastic Cloud and other subscription inside sales-led revenue, then add monthly Cloud and services. Anchor FY2027 and Q2 revenue and non-GAAP operating margins to guidance; allocate remaining quarters explicitly. Extend business lines independently through FY2028. Reconcile ordinary equity compensation, cash payroll taxes, acquired amortization and restructuring to GAAP profit. Show cash after interest and a second measure adding back senior-note interest, then the August acquisition cash.

Reported anchors and guidance

Measure	Period	Value	Basis
FY2027 revenue outlook midpoint	FY2027	2,004.00	derived. Calculated midpoint of the company range; not an additional company forecast.
FY2027 sales-led outlook midpoint	FY2027	1,688.00	derived. Calculated midpoint of the company range; not an additional company forecast.
Q2 revenue outlook midpoint	2027Q2	486.50	derived. Calculated midpoint of the company range; not an additional company forecast.
Q2 sales-led outlook midpoint	2027Q2	408.00	derived. Calculated midpoint of the company range; not an additional company forecast.
Q1 annual cloud	2027Q1	185.00	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-28
Q1 monthly cloud	2027Q1	50.20	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-28
Q1 CFO less PP&E	2027Q1	131.41	derived. After actual debt-interest payments.
Q1 company adjusted FCF	2027Q1	143.27	derived. Company reconciliation adds debt interest, not restructuring cash.
Q1 senior interest cash	2027Q1	11.86	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-27
Adjusted FCF guide at revenue midpoint	FY2027	430.86	derived. Benchmark with company exclusions, not cash after debt interest/acquisitions.
liquidity	July/August 2026	1,461.00	reported. July 31 reported amount; liquidity rounded. Deductive consideration is approximately $70M for August 21 closing. Source · 2026-08-27
senior principal	July/August 2026	575.00	reported. July 31 reported amount; liquidity rounded. Deductive consideration is approximately $70M for August 21 closing. Source · 2026-08-28
Semiannual senior-note cash coupon	Semiannual	11.86	derived. Exact contractual cash coupon; reported historical cash rounds to thousands.
Q1 restruct expense	2027Q1	19.92	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-28
Q1 restruct cash	2027Q1	13.02	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-28
restruct reserve	July/August 2026	6.92	reported. July 31 reported amount; liquidity rounded. Deductive consideration is approximately $70M for August 21 closing. Source · 2026-08-28
deductive cash	July/August 2026	70.00	reported. July 31 reported amount; liquidity rounded. Deductive consideration is approximately $70M for August 21 closing. Source · 2026-08-28
crpo	July/August 2026	1,152.67	reported. July 31 reported amount; liquidity rounded. Deductive consideration is approximately $70M for August 21 closing. Source · 2026-08-27

Downside scenario

Period	Operating cash flow ($M)	CFO less PP&E after interest ($M)	PP&E cash purchases ($M)	Revenue ($M)	Services revenue ($M)	Sales-led subscription revenue ($M)	Non-GAAP operating income ($M)	GAAP gross profit proxy ($M)	Monthly Cloud revenue ($M)	GAAP operating income proxy ($M)	FCF with senior-note interest added back ($M)	Cash after PP&E and acquisition ($M)
2027Q2	55.69	54.94	0.75	467.04	26.88	391.68	77.06	336.27	48.48	-9.44	54.94	-15.06
2027Q3	59.58	58.73	0.85	484.32	27.36	408.00	82.33	349.44	48.96	-5.75	70.59	58.73
2027Q4	46.12	45.17	0.95	494.37	22.18	422.27	90.39	357.43	49.92	2.39	45.17	45.17
2028Q1	152.70	151.65	1.05	492.56	25.36	422.63	88.66	356.86	44.57	-1.34	163.51	151.65
FY2027	293.39	290.25	3.14	1,923.84	105.80	1,620.48	327.05	1,399.32	197.56	-36.36	313.97	220.25
FY2028	405.28	400.48	4.80	2,096.00	107.91	1,798.43	377.28	1,523.42	189.66	5.28	424.20	400.48

Base scenario

Period	Operating cash flow ($M)	CFO less PP&E after interest ($M)	PP&E cash purchases ($M)	Revenue ($M)	Services revenue ($M)	Sales-led subscription revenue ($M)	Non-GAAP operating income ($M)	GAAP gross profit proxy ($M)	Monthly Cloud revenue ($M)	GAAP operating income proxy ($M)	FCF with senior-note interest added back ($M)	Cash after PP&E and acquisition ($M)
2027Q2	93.92	93.17	0.75	486.50	28.00	408.00	92.44	363.90	50.50	7.94	93.17	23.17
2027Q3	98.09	97.24	0.85	504.50	28.50	425.00	97.87	378.12	51.00	11.79	109.10	97.24
2027Q4	85.94	84.99	0.95	534.89	26.42	456.47	121.21	401.70	52.00	35.21	84.99	84.99
2028Q1	189.11	188.06	1.05	562.72	28.50	483.48	114.80	423.45	50.74	26.80	199.92	188.06
FY2027	409.94	406.80	3.14	2,004.00	112.30	1,688.00	388.78	1,499.91	203.70	31.36	430.52	336.80
FY2028	587.64	582.84	4.80	2,394.57	121.28	2,057.36	488.49	1,807.48	215.92	124.49	606.56	582.84

Upside scenario

Period	Operating cash flow ($M)	CFO less PP&E after interest ($M)	PP&E cash purchases ($M)	Revenue ($M)	Services revenue ($M)	Sales-led subscription revenue ($M)	Non-GAAP operating income ($M)	GAAP gross profit proxy ($M)	Monthly Cloud revenue ($M)	GAAP operating income proxy ($M)	FCF with senior-note interest added back ($M)	Cash after PP&E and acquisition ($M)
2027Q2	113.37	112.62	0.75	503.53	28.98	422.28	100.71	386.21	52.27	15.21	112.62	42.62
2027Q3	121.10	120.25	0.85	522.16	29.50	439.87	109.65	401.28	52.78	22.57	132.11	120.25
2027Q4	136.17	135.22	0.95	570.34	30.13	486.39	147.95	439.16	53.82	60.95	135.22	135.22
2028Q1	231.23	230.18	1.05	627.00	31.05	540.92	137.94	483.73	55.03	48.94	242.03	230.18
FY2027	502.64	499.50	3.14	2,074.14	117.99	1,747.08	435.57	1,582.83	209.07	75.15	523.22	429.50
FY2028	731.75	726.95	4.80	2,668.08	132.14	2,301.77	586.98	2,064.63	234.16	218.98	750.67	726.95

All inputs and formulas — reproduce this model

Input / calculation	Period / case	Value / unit	Evidence or assumption
Q1 revenue q1_revenue	2027Q1 / shared	478.11 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-28
Q1 annual cloud q1_annual_cloud	2027Q1 / shared	185.00 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-28
Q1 other subscription q1_other_subscription	2027Q1 / shared	213.53 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-28
Q1 monthly cloud q1_monthly_cloud	2027Q1 / shared	50.20 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-28
Q1 services q1_services	2027Q1 / shared	29.38 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-28
Q1 gross profit q1_gross_profit	2027Q1 / shared	356.19 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-28
Q1 non gaap op q1_non_gaap_op	2027Q1 / shared	77.26 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-27
Q1 operating income q1_operating_income	2027Q1 / shared	-23.57 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-28
Q1 cfo q1_cfo	2027Q1 / shared	132.00 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-28
Q1 capex q1_capex	2027Q1 / shared	0.59 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-28
Q1 sbc q1_sbc	2027Q1 / shared	74.78 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-28
Q1 da q1_da	2027Q1 / shared	3.36 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-28
Q1 commission amort q1_commission_amort	2027Q1 / shared	32.47 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-28
Q1 commission cash q1_commission_cash	2027Q1 / shared	24.87 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-28
Q1 receivable release q1_receivable_release	2027Q1 / shared	227.03 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-28
Q1 deferred use q1_deferred_use	2027Q1 / shared	139.16 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-28
Q1 restruct expense q1_restruct_expense	2027Q1 / shared	19.92 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-28
Q1 restruct cash q1_restruct_cash	2027Q1 / shared	13.02 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-28
Q1 senior interest cash q1_senior_interest_cash	2027Q1 / shared	11.86 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-27
Q1 buyback cash q1_buyback_cash	2027Q1 / shared	40.02 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-28
Q1 sales-led subscription q1_sales_led	2027Q1 / shared	398.53 USD_millions	derived: Subscription excluding Monthly Elastic Cloud. Formula: sum(q1_annual_cloud, q1_other_subscription).
Q1 CFO less PP&E q1_fcf	2027Q1 / shared	131.41 USD_millions	derived: After actual debt-interest payments. Formula: subtract(q1_cfo, q1_capex).
Q1 company adjusted FCF q1_interest_added_fcf	2027Q1 / shared	143.27 USD_millions	derived: Company reconciliation adds debt interest, not restructuring cash. Formula: sum(q1_fcf, q1_senior_interest_cash).
Q1 acquisition cash zero_acquisition	2027Q1 / shared	0.00 USD_millions	reported: No acquisition cash in reported Q1 cash statement. Primary source · 2026-08-28
Q1 cash after acquisitions q1_cash_after_acquisition	2027Q1 / shared	131.41 USD_millions	derived: Deductive AI closed in the next fiscal quarter. Formula: subtract(q1_fcf, zero_acquisition).
liquidity liquidity	July/August 2026 / shared	1,461.00 USD_millions	reported: July 31 reported amount; liquidity rounded. Deductive consideration is approximately $70M for August 21 closing. Primary source · 2026-08-27
senior principal senior_principal	July/August 2026 / shared	575.00 USD_millions	reported: July 31 reported amount; liquidity rounded. Deductive consideration is approximately $70M for August 21 closing. Primary source · 2026-08-28
restruct reserve restruct_reserve	July/August 2026 / shared	6.92 USD_millions	reported: July 31 reported amount; liquidity rounded. Deductive consideration is approximately $70M for August 21 closing. Primary source · 2026-08-28
deductive cash deductive_cash	July/August 2026 / shared	70.00 USD_millions	reported: July 31 reported amount; liquidity rounded. Deductive consideration is approximately $70M for August 21 closing. Primary source · 2026-08-28
rpo rpo	July/August 2026 / shared	1,854.23 USD_millions	reported: July 31 reported amount; liquidity rounded. Deductive consideration is approximately $70M for August 21 closing. Primary source · 2026-08-27
crpo crpo	July/August 2026 / shared	1,152.67 USD_millions	reported: July 31 reported amount; liquidity rounded. Deductive consideration is approximately $70M for August 21 closing. Primary source · 2026-08-27
Senior-note annual coupon coupon	Annual / shared	4.1% ratio	reported: Contractual coupon; cash payable January 15 and July 15, maturity July 15, 2029. Primary source · 2026-08-28
Half annual coupon half_year	Model / shared	50.0% ratio	assumption: Two payments annually.
Semiannual senior-note cash coupon coupon_payment	Semiannual / shared	11.86 USD_millions	derived: Exact contractual cash coupon; reported historical cash rounds to thousands. Formula: multiply(senior_principal, coupon, half_year).
FY2027 revenue outlook low annual_guide_low	FY2027 / shared	1,998.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-27
FY2027 revenue outlook high annual_guide_high	FY2027 / shared	2,010.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-27
Midpoint divisor two	Model / shared	200.0% ratio	assumption: Arithmetic constant.
FY2027 revenue outlook endpoint sum annual_guide_sum	FY2027 / shared	4,008.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(annual_guide_low, annual_guide_high).
FY2027 revenue outlook midpoint annual_guide	FY2027 / shared	2,004.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(annual_guide_sum, two).
FY2027 sales-led outlook low annual_sales_guide_low	FY2027 / shared	1,682.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-27
FY2027 sales-led outlook high annual_sales_guide_high	FY2027 / shared	1,694.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-27
FY2027 sales-led outlook endpoint sum annual_sales_guide_sum	FY2027 / shared	3,376.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(annual_sales_guide_low, annual_sales_guide_high).
FY2027 sales-led outlook midpoint annual_sales_guide	FY2027 / shared	1,688.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(annual_sales_guide_sum, two).
Q2 revenue outlook low q2_guide_low	2027Q2 / shared	486.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-27
Q2 revenue outlook high q2_guide_high	2027Q2 / shared	487.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-27
Q2 revenue outlook endpoint sum q2_guide_sum	2027Q2 / shared	973.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(q2_guide_low, q2_guide_high).
Q2 revenue outlook midpoint q2_guide	2027Q2 / shared	486.50 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q2_guide_sum, two).
Q2 sales-led outlook low q2_sales_guide_low	2027Q2 / shared	407.50 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-27
Q2 sales-led outlook high q2_sales_guide_high	2027Q2 / shared	408.50 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-27
Q2 sales-led outlook endpoint sum q2_sales_guide_sum	2027Q2 / shared	816.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(q2_sales_guide_low, q2_sales_guide_high).
Q2 sales-led outlook midpoint q2_sales_guide	2027Q2 / shared	408.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q2_sales_guide_sum, two).
FY2027 adjusted FCF guidance margin fcf_guide_margin	FY2027 / shared	21.5% ratio	management guidance: Approximately 21.5%, excluding acquisitions or other one-time charges; not GAAP CFO margin. Primary source · 2026-08-27
Adjusted FCF guide at revenue midpoint fcf_guide_amount	FY2027 / shared	430.86 USD_millions	derived: Benchmark with company exclusions, not cash after debt interest/acquisitions. Formula: multiply(annual_guide, fcf_guide_margin).
FY2027 delivery / guide downside_delivery	FY2027 / downside	96.0% ratio	assumption: Desk revenue sensitivity.
FY2027 revenue downside_annual_revenue_target	FY2027 / downside	1,923.84 USD_millions	derived: Management midpoint times delivery sensitivity. Formula: multiply(annual_guide, downside_delivery).
FY2027 sales_led downside_annual_sales_led_target	FY2027 / downside	1,620.48 USD_millions	derived: Management midpoint times delivery sensitivity. Formula: multiply(annual_sales_guide, downside_delivery).
Annual non-GAAP operating margin downside_annual_margin	FY2027 / downside	17.0% ratio	assumption: Base aligns with approximately 19.4% outlook.
FY2027 non-GAAP operating income downside_annual_non_gaap_target	FY2027 / downside	327.05 USD_millions	derived: Annual margin anchor; later FY2028 is a desk forecast. Formula: multiply(downside_annual_revenue_target, downside_annual_margin).
Annual Elastic Cloud revenue downside_2027q2_annual_cloud	2027Q2 / downside	191.04 USD_millions	assumption: Desk assumption; not management guidance.
Sales-led subscription downside_2027q2_sales_led	2027Q2 / downside	391.68 USD_millions	derived: Q2 guidance sensitivity. Formula: multiply(q2_sales_guide, downside_delivery).
Other subscription revenue downside_2027q2_other_subscription	2027Q2 / downside	200.64 USD_millions	derived: Sales-led includes both annual Cloud and self-managed/other subscription. Formula: subtract(downside_2027q2_sales_led, downside_2027q2_annual_cloud).
Monthly Elastic Cloud revenue downside_2027q2_monthly_cloud	2027Q2 / downside	48.48 USD_millions	assumption: Desk assumption; not management guidance.
Total revenue downside_2027q2_revenue	2027Q2 / downside	467.04 USD_millions	derived: Q2 consolidated guidance sensitivity. Formula: multiply(q2_guide, downside_delivery).
Total subscription downside_2027q2_subscription	2027Q2 / downside	440.16 USD_millions	derived: Nonoverlapping sales-led and Monthly Cloud. Formula: sum(downside_2027q2_sales_led, downside_2027q2_monthly_cloud).
Services revenue downside_2027q2_services	2027Q2 / downside	26.88 USD_millions	derived: Services residual within guidance; not a new product revenue forecast. Formula: subtract(downside_2027q2_revenue, downside_2027q2_subscription).
Non-GAAP operating margin downside_2027q2_ng_margin	2027Q2 / downside	16.5% ratio	assumption: Desk assumption; not management guidance.
Non-GAAP operating income downside_2027q2_non_gaap_op	2027Q2 / downside	77.06 USD_millions	derived: Q2 base uses 19%; future leverage is a desk assumption. Formula: multiply(downside_2027q2_revenue, downside_2027q2_ng_margin).
GAAP gross margin downside_2027q2_gross_margin	2027Q2 / downside	72.0% ratio	assumption: Desk assumption; not management guidance.
GAAP gross profit proxy downside_2027q2_gross_profit	2027Q2 / downside	336.27 USD_millions	derived: Cloud infrastructure and services delivery costs remain included. Formula: multiply(downside_2027q2_revenue, downside_2027q2_gross_margin).
Ordinary stock compensation downside_2027q2_sbc	2027Q2 / downside	77.00 USD_millions	assumption: Desk assumption; not management guidance.
Acquired intangible amortization downside_2027q2_amort	2027Q2 / downside	3.50 USD_millions	assumption: Desk provisional amount after Deductive; allocation not complete in August filing.
New restructuring expense downside_2027q2_restruct_expense	2027Q2 / downside	2.00 USD_millions	assumption: Desk remaining recognition to $23.5M program expense; H1 reserve cash is separate.
Employer cash tax on equity awards downside_2027q2_payroll_tax	2027Q2 / downside	3.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash acquisition/integration expense downside_2027q2_acquisition_expense	2027Q2 / downside	1.00 USD_millions	assumption: Desk assumption; not management guidance.
Excluded GAAP costs downside_2027q2_excluded_costs	2027Q2 / downside	86.50 USD_millions	derived: Payroll tax and acquisition expense are cash costs, not noncash SBC. Formula: sum(downside_2027q2_sbc, downside_2027q2_amort, downside_2027q2_restruct_expense, downside_2027q2_payroll_tax, downside_2027q2_acquisition_expense).
GAAP operating income proxy downside_2027q2_operating_income	2027Q2 / downside	-9.44 USD_millions	derived: Base remains positive after Q1, consistent with directional GAAP guidance. Formula: subtract(downside_2027q2_non_gaap_op, downside_2027q2_excluded_costs).
Other depreciation and amortization downside_2027q2_other_da	2027Q2 / downside	0.50 USD_millions	assumption: Desk assumption; not management guidance.
Contract commission amortization downside_2027q2_commission_amort	2027Q2 / downside	33.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash interest income downside_2027q2_interest_income	2027Q2 / downside	13.00 USD_millions	assumption: Desk assumption; not management guidance.
Net deferred revenue funding downside_2027q2_deferred_funding	2027Q2 / downside	25.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash before cash uses downside_2027q2_cash_before_uses	2027Q2 / downside	144.56 USD_millions	derived: Reverse only noncash costs and restructuring accrual; actual severance payments follow below. Formula: sum(downside_2027q2_operating_income, downside_2027q2_sbc, downside_2027q2_amort, downside_2027q2_other_da, downside_2027q2_restruct_expense, downside_2027q2_commission_amort, downside_2027q2_interest_income, downside_2027q2_deferred_funding).
Coupon payment in quarter downside_2027q2_coupon_due	2027Q2 / downside	0.0% ratio	assumption: Desk assumption; not management guidance.
Senior-note cash interest downside_2027q2_senior_interest	2027Q2 / downside	0.00 USD_millions	derived: January and July contractual payments, not flat quarterly cash. Formula: multiply(coupon_payment, downside_2027q2_coupon_due).
Commission cash / sales-led revenue downside_2027q2_commission_rate	2027Q2 / downside	7.5% ratio	assumption: Desk assumption; not management guidance.
Contract acquisition cash downside_2027q2_commission_cash	2027Q2 / downside	29.38 USD_millions	derived: Deferred acquisition costs are paid before their amortization. Formula: multiply(downside_2027q2_sales_led, downside_2027q2_commission_rate).
Cash taxes downside_2027q2_tax_cash	2027Q2 / downside	6.00 USD_millions	assumption: Desk assumption; not management guidance.
Receivable and other working-capital cash use downside_2027q2_receivable_use	2027Q2 / downside	45.00 USD_millions	assumption: Desk seasonal collections assumption. Base FY2027 Q4 is calibrated near the annual adjusted-FCF guide, not an independently reported cash target.
Restructuring cash payment downside_2027q2_restruct_payment	2027Q2 / downside	8.50 USD_millions	assumption: Remaining $6.919M reserve plus modeled $3.58M new expense; total cash includes reported $0.015M FX reserve adjustment.
Operating cash uses downside_2027q2_cash_uses	2027Q2 / downside	88.88 USD_millions	derived: No second GAAP charge for payment of an existing reserve. Formula: sum(downside_2027q2_commission_cash, downside_2027q2_senior_interest, downside_2027q2_tax_cash, downside_2027q2_receivable_use, downside_2027q2_restruct_payment).
Operating cash flow downside_2027q2_cfo	2027Q2 / downside	55.69 USD_millions	derived: After debt interest, acquisition-related operating costs and severance. Formula: subtract(downside_2027q2_cash_before_uses, downside_2027q2_cash_uses).
PP&E cash purchases downside_2027q2_capex	2027Q2 / downside	0.75 USD_millions	assumption: Desk assumption; not management guidance.
CFO less PP&E after interest downside_2027q2_fcf	2027Q2 / downside	54.94 USD_millions	derived: Cash measure after debt interest. Formula: subtract(downside_2027q2_cfo, downside_2027q2_capex).
FCF with senior-note interest added back downside_2027q2_interest_added_fcf	2027Q2 / downside	54.94 USD_millions	derived: Matches Q1 mechanical interest adjustment; retains modeled restructuring operating cash. Formula: sum(downside_2027q2_fcf, downside_2027q2_senior_interest).
Acquisition payment timing downside_2027q2_purchase_due	2027Q2 / downside	100.0% ratio	assumption: Desk assumption; not management guidance.
Deductive AI cash purchase downside_2027q2_acquisition_cash	2027Q2 / downside	70.00 USD_millions	derived: August closed transaction paid once, approximately $70M before undisclosed cash acquired/closing adjustments. Formula: multiply(deductive_cash, downside_2027q2_purchase_due).
Cash after PP&E and acquisition downside_2027q2_cash_after_acquisition	2027Q2 / downside	-15.06 USD_millions	derived: Before discretionary buybacks and financing; acquisition proceeds never enter operating revenue. Formula: subtract(downside_2027q2_fcf, downside_2027q2_acquisition_cash).
Annual Elastic Cloud revenue downside_2027q3_annual_cloud	2027Q3 / downside	206.40 USD_millions	assumption: Desk assumption; not management guidance.
Sales-led subscription downside_2027q3_sales_led	2027Q3 / downside	408.00 USD_millions	assumption: Desk assumption; not management guidance.
Other subscription revenue downside_2027q3_other_subscription	2027Q3 / downside	201.60 USD_millions	derived: Sales-led includes both annual Cloud and self-managed/other subscription. Formula: subtract(downside_2027q3_sales_led, downside_2027q3_annual_cloud).
Monthly Elastic Cloud revenue downside_2027q3_monthly_cloud	2027Q3 / downside	48.96 USD_millions	assumption: Desk assumption; not management guidance.
Total revenue downside_2027q3_revenue	2027Q3 / downside	484.32 USD_millions	assumption: Desk assumption; not management guidance.
Total subscription downside_2027q3_subscription	2027Q3 / downside	456.96 USD_millions	derived: Nonoverlapping sales-led and Monthly Cloud. Formula: sum(downside_2027q3_sales_led, downside_2027q3_monthly_cloud).
Services revenue downside_2027q3_services	2027Q3 / downside	27.36 USD_millions	derived: Services residual within guidance; not a new product revenue forecast. Formula: subtract(downside_2027q3_revenue, downside_2027q3_subscription).
Non-GAAP operating margin downside_2027q3_ng_margin	2027Q3 / downside	17.0% ratio	assumption: Desk assumption; not management guidance.
Non-GAAP operating income downside_2027q3_non_gaap_op	2027Q3 / downside	82.33 USD_millions	derived: Q2 base uses 19%; future leverage is a desk assumption. Formula: multiply(downside_2027q3_revenue, downside_2027q3_ng_margin).
GAAP gross margin downside_2027q3_gross_margin	2027Q3 / downside	72.1% ratio	assumption: Desk assumption; not management guidance.
GAAP gross profit proxy downside_2027q3_gross_profit	2027Q3 / downside	349.44 USD_millions	derived: Cloud infrastructure and services delivery costs remain included. Formula: multiply(downside_2027q3_revenue, downside_2027q3_gross_margin).
Ordinary stock compensation downside_2027q3_sbc	2027Q3 / downside	79.00 USD_millions	assumption: Desk assumption; not management guidance.
Acquired intangible amortization downside_2027q3_amort	2027Q3 / downside	3.50 USD_millions	assumption: Desk provisional amount after Deductive; allocation not complete in August filing.
New restructuring expense downside_2027q3_restruct_expense	2027Q3 / downside	1.58 USD_millions	assumption: Desk remaining recognition to $23.5M program expense; H1 reserve cash is separate.
Employer cash tax on equity awards downside_2027q3_payroll_tax	2027Q3 / downside	3.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash acquisition/integration expense downside_2027q3_acquisition_expense	2027Q3 / downside	1.00 USD_millions	assumption: Desk assumption; not management guidance.
Excluded GAAP costs downside_2027q3_excluded_costs	2027Q3 / downside	88.08 USD_millions	derived: Payroll tax and acquisition expense are cash costs, not noncash SBC. Formula: sum(downside_2027q3_sbc, downside_2027q3_amort, downside_2027q3_restruct_expense, downside_2027q3_payroll_tax, downside_2027q3_acquisition_expense).
GAAP operating income proxy downside_2027q3_operating_income	2027Q3 / downside	-5.75 USD_millions	derived: Base remains positive after Q1, consistent with directional GAAP guidance. Formula: subtract(downside_2027q3_non_gaap_op, downside_2027q3_excluded_costs).
Other depreciation and amortization downside_2027q3_other_da	2027Q3 / downside	0.70 USD_millions	assumption: Desk assumption; not management guidance.
Contract commission amortization downside_2027q3_commission_amort	2027Q3 / downside	34.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash interest income downside_2027q3_interest_income	2027Q3 / downside	13.00 USD_millions	assumption: Desk assumption; not management guidance.
Net deferred revenue funding downside_2027q3_deferred_funding	2027Q3 / downside	70.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash before cash uses downside_2027q3_cash_before_uses	2027Q3 / downside	196.03 USD_millions	derived: Reverse only noncash costs and restructuring accrual; actual severance payments follow below. Formula: sum(downside_2027q3_operating_income, downside_2027q3_sbc, downside_2027q3_amort, downside_2027q3_other_da, downside_2027q3_restruct_expense, downside_2027q3_commission_amort, downside_2027q3_interest_income, downside_2027q3_deferred_funding).
Coupon payment in quarter downside_2027q3_coupon_due	2027Q3 / downside	100.0% ratio	assumption: Desk assumption; not management guidance.
Senior-note cash interest downside_2027q3_senior_interest	2027Q3 / downside	11.86 USD_millions	derived: January and July contractual payments, not flat quarterly cash. Formula: multiply(coupon_payment, downside_2027q3_coupon_due).
Commission cash / sales-led revenue downside_2027q3_commission_rate	2027Q3 / downside	7.5% ratio	assumption: Desk assumption; not management guidance.
Contract acquisition cash downside_2027q3_commission_cash	2027Q3 / downside	30.60 USD_millions	derived: Deferred acquisition costs are paid before their amortization. Formula: multiply(downside_2027q3_sales_led, downside_2027q3_commission_rate).
Cash taxes downside_2027q3_tax_cash	2027Q3 / downside	7.00 USD_millions	assumption: Desk assumption; not management guidance.
Receivable and other working-capital cash use downside_2027q3_receivable_use	2027Q3 / downside	85.00 USD_millions	assumption: Desk seasonal collections assumption. Base FY2027 Q4 is calibrated near the annual adjusted-FCF guide, not an independently reported cash target.
Restructuring cash payment downside_2027q3_restruct_payment	2027Q3 / downside	2.00 USD_millions	assumption: Remaining $6.919M reserve plus modeled $3.58M new expense; total cash includes reported $0.015M FX reserve adjustment.
Operating cash uses downside_2027q3_cash_uses	2027Q3 / downside	136.46 USD_millions	derived: No second GAAP charge for payment of an existing reserve. Formula: sum(downside_2027q3_commission_cash, downside_2027q3_senior_interest, downside_2027q3_tax_cash, downside_2027q3_receivable_use, downside_2027q3_restruct_payment).
Operating cash flow downside_2027q3_cfo	2027Q3 / downside	59.58 USD_millions	derived: After debt interest, acquisition-related operating costs and severance. Formula: subtract(downside_2027q3_cash_before_uses, downside_2027q3_cash_uses).
PP&E cash purchases downside_2027q3_capex	2027Q3 / downside	0.85 USD_millions	assumption: Desk assumption; not management guidance.
CFO less PP&E after interest downside_2027q3_fcf	2027Q3 / downside	58.73 USD_millions	derived: Cash measure after debt interest. Formula: subtract(downside_2027q3_cfo, downside_2027q3_capex).
FCF with senior-note interest added back downside_2027q3_interest_added_fcf	2027Q3 / downside	70.59 USD_millions	derived: Matches Q1 mechanical interest adjustment; retains modeled restructuring operating cash. Formula: sum(downside_2027q3_fcf, downside_2027q3_senior_interest).
Acquisition payment timing downside_2027q3_purchase_due	2027Q3 / downside	0.0% ratio	assumption: Desk assumption; not management guidance.
Deductive AI cash purchase downside_2027q3_acquisition_cash	2027Q3 / downside	0.00 USD_millions	derived: August closed transaction paid once, approximately $70M before undisclosed cash acquired/closing adjustments. Formula: multiply(deductive_cash, downside_2027q3_purchase_due).
Cash after PP&E and acquisition downside_2027q3_cash_after_acquisition	2027Q3 / downside	58.73 USD_millions	derived: Before discretionary buybacks and financing; acquisition proceeds never enter operating revenue. Formula: subtract(downside_2027q3_fcf, downside_2027q3_acquisition_cash).
Annual Elastic Cloud revenue downside_2027q4_annual_cloud	2027Q4 / downside	225.60 USD_millions	assumption: Desk assumption; not management guidance.
Q1 through Q3 sales-led downside_2027q4_prior_sales	2027Q4 / downside	1,198.21 USD_millions	derived: Reported Q1 and two forecast quarters. Formula: sum(q1_sales_led, downside_2027q2_sales_led, downside_2027q3_sales_led).
Sales-led subscription downside_2027q4_sales_led	2027Q4 / downside	422.27 USD_millions	derived: Annual sales-led guidance residual. Formula: subtract(downside_annual_sales_led_target, downside_2027q4_prior_sales).
Other subscription revenue downside_2027q4_other_subscription	2027Q4 / downside	196.67 USD_millions	derived: Sales-led includes both annual Cloud and self-managed/other subscription. Formula: subtract(downside_2027q4_sales_led, downside_2027q4_annual_cloud).
Monthly Elastic Cloud revenue downside_2027q4_monthly_cloud	2027Q4 / downside	49.92 USD_millions	assumption: Desk assumption; not management guidance.
Q1 through Q3 total revenue downside_2027q4_prior_revenue	2027Q4 / downside	1,429.47 USD_millions	derived: Reported Q1 and forecast next two quarters. Formula: sum(q1_revenue, downside_2027q2_revenue, downside_2027q3_revenue).
Total revenue downside_2027q4_revenue	2027Q4 / downside	494.37 USD_millions	derived: Residual to annual scenario. Formula: subtract(downside_annual_revenue_target, downside_2027q4_prior_revenue).
Total subscription downside_2027q4_subscription	2027Q4 / downside	472.19 USD_millions	derived: Nonoverlapping sales-led and Monthly Cloud. Formula: sum(downside_2027q4_sales_led, downside_2027q4_monthly_cloud).
Services revenue downside_2027q4_services	2027Q4 / downside	22.18 USD_millions	derived: Services residual within guidance; not a new product revenue forecast. Formula: subtract(downside_2027q4_revenue, downside_2027q4_subscription).
Q1 through Q3 non-GAAP profit downside_2027q4_prior_ng	2027Q4 / downside	236.66 USD_millions	derived: Annual guided profit residual. Formula: sum(q1_non_gaap_op, downside_2027q2_non_gaap_op, downside_2027q3_non_gaap_op).
Non-GAAP operating income downside_2027q4_non_gaap_op	2027Q4 / downside	90.39 USD_millions	derived: Remaining annual adjusted operating income. Formula: subtract(downside_annual_non_gaap_target, downside_2027q4_prior_ng).
GAAP gross margin downside_2027q4_gross_margin	2027Q4 / downside	72.3% ratio	assumption: Desk assumption; not management guidance.
GAAP gross profit proxy downside_2027q4_gross_profit	2027Q4 / downside	357.43 USD_millions	derived: Cloud infrastructure and services delivery costs remain included. Formula: multiply(downside_2027q4_revenue, downside_2027q4_gross_margin).
Ordinary stock compensation downside_2027q4_sbc	2027Q4 / downside	81.00 USD_millions	assumption: Desk assumption; not management guidance.
Acquired intangible amortization downside_2027q4_amort	2027Q4 / downside	3.50 USD_millions	assumption: Desk provisional amount after Deductive; allocation not complete in August filing.
New restructuring expense downside_2027q4_restruct_expense	2027Q4 / downside	0.00 USD_millions	assumption: Desk remaining recognition to $23.5M program expense; H1 reserve cash is separate.
Employer cash tax on equity awards downside_2027q4_payroll_tax	2027Q4 / downside	3.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash acquisition/integration expense downside_2027q4_acquisition_expense	2027Q4 / downside	0.50 USD_millions	assumption: Desk assumption; not management guidance.
Excluded GAAP costs downside_2027q4_excluded_costs	2027Q4 / downside	88.00 USD_millions	derived: Payroll tax and acquisition expense are cash costs, not noncash SBC. Formula: sum(downside_2027q4_sbc, downside_2027q4_amort, downside_2027q4_restruct_expense, downside_2027q4_payroll_tax, downside_2027q4_acquisition_expense).
GAAP operating income proxy downside_2027q4_operating_income	2027Q4 / downside	2.39 USD_millions	derived: Base remains positive after Q1, consistent with directional GAAP guidance. Formula: subtract(downside_2027q4_non_gaap_op, downside_2027q4_excluded_costs).
Other depreciation and amortization downside_2027q4_other_da	2027Q4 / downside	0.90 USD_millions	assumption: Desk assumption; not management guidance.
Contract commission amortization downside_2027q4_commission_amort	2027Q4 / downside	35.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash interest income downside_2027q4_interest_income	2027Q4 / downside	13.00 USD_millions	assumption: Desk assumption; not management guidance.
Net deferred revenue funding downside_2027q4_deferred_funding	2027Q4 / downside	190.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash before cash uses downside_2027q4_cash_before_uses	2027Q4 / downside	325.79 USD_millions	derived: Reverse only noncash costs and restructuring accrual; actual severance payments follow below. Formula: sum(downside_2027q4_operating_income, downside_2027q4_sbc, downside_2027q4_amort, downside_2027q4_other_da, downside_2027q4_restruct_expense, downside_2027q4_commission_amort, downside_2027q4_interest_income, downside_2027q4_deferred_funding).
Coupon payment in quarter downside_2027q4_coupon_due	2027Q4 / downside	0.0% ratio	assumption: Desk assumption; not management guidance.
Senior-note cash interest downside_2027q4_senior_interest	2027Q4 / downside	0.00 USD_millions	derived: January and July contractual payments, not flat quarterly cash. Formula: multiply(coupon_payment, downside_2027q4_coupon_due).
Commission cash / sales-led revenue downside_2027q4_commission_rate	2027Q4 / downside	7.5% ratio	assumption: Desk assumption; not management guidance.
Contract acquisition cash downside_2027q4_commission_cash	2027Q4 / downside	31.67 USD_millions	derived: Deferred acquisition costs are paid before their amortization. Formula: multiply(downside_2027q4_sales_led, downside_2027q4_commission_rate).
Cash taxes downside_2027q4_tax_cash	2027Q4 / downside	8.00 USD_millions	assumption: Desk assumption; not management guidance.
Receivable and other working-capital cash use downside_2027q4_receivable_use	2027Q4 / downside	240.00 USD_millions	assumption: Desk seasonal collections assumption. Base FY2027 Q4 is calibrated near the annual adjusted-FCF guide, not an independently reported cash target.
Restructuring cash payment downside_2027q4_restruct_payment	2027Q4 / downside	0.00 USD_millions	assumption: Remaining $6.919M reserve plus modeled $3.58M new expense; total cash includes reported $0.015M FX reserve adjustment.
Operating cash uses downside_2027q4_cash_uses	2027Q4 / downside	279.67 USD_millions	derived: No second GAAP charge for payment of an existing reserve. Formula: sum(downside_2027q4_commission_cash, downside_2027q4_senior_interest, downside_2027q4_tax_cash, downside_2027q4_receivable_use, downside_2027q4_restruct_payment).
Operating cash flow downside_2027q4_cfo	2027Q4 / downside	46.12 USD_millions	derived: After debt interest, acquisition-related operating costs and severance. Formula: subtract(downside_2027q4_cash_before_uses, downside_2027q4_cash_uses).
PP&E cash purchases downside_2027q4_capex	2027Q4 / downside	0.95 USD_millions	assumption: Desk assumption; not management guidance.
CFO less PP&E after interest downside_2027q4_fcf	2027Q4 / downside	45.17 USD_millions	derived: Cash measure after debt interest. Formula: subtract(downside_2027q4_cfo, downside_2027q4_capex).
FCF with senior-note interest added back downside_2027q4_interest_added_fcf	2027Q4 / downside	45.17 USD_millions	derived: Matches Q1 mechanical interest adjustment; retains modeled restructuring operating cash. Formula: sum(downside_2027q4_fcf, downside_2027q4_senior_interest).
Acquisition payment timing downside_2027q4_purchase_due	2027Q4 / downside	0.0% ratio	assumption: Desk assumption; not management guidance.
Deductive AI cash purchase downside_2027q4_acquisition_cash	2027Q4 / downside	0.00 USD_millions	derived: August closed transaction paid once, approximately $70M before undisclosed cash acquired/closing adjustments. Formula: multiply(deductive_cash, downside_2027q4_purchase_due).
Cash after PP&E and acquisition downside_2027q4_cash_after_acquisition	2027Q4 / downside	45.17 USD_millions	derived: Before discretionary buybacks and financing; acquisition proceeds never enter operating revenue. Formula: subtract(downside_2027q4_fcf, downside_2027q4_acquisition_cash).
Prior-year annual_cloud downside_2028q1_annual_cloud_prior_year	2028Q1 / downside	808.04 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_annual_cloud, downside_2027q2_annual_cloud, downside_2027q3_annual_cloud, downside_2027q4_annual_cloud).
annual_cloud annual multiplier downside_2028q1_annual_cloud_growth	2028Q1 / downside	118.0% ratio	assumption: Desk assumption; not management guidance.
annual_cloud quarter share downside_2028q1_annual_cloud_share	2028Q1 / downside	23.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 annual_cloud downside_2028q1_annual_cloud	2028Q1 / downside	224.07 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(downside_2028q1_annual_cloud_prior_year, downside_2028q1_annual_cloud_growth, downside_2028q1_annual_cloud_share).
Prior-year other_subscription downside_2028q1_other_subscription_prior_year	2028Q1 / downside	812.44 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_other_subscription, downside_2027q2_other_subscription, downside_2027q3_other_subscription, downside_2027q4_other_subscription).
other_subscription annual multiplier downside_2028q1_other_subscription_growth	2028Q1 / downside	104.0% ratio	assumption: Desk assumption; not management guidance.
other_subscription quarter share downside_2028q1_other_subscription_share	2028Q1 / downside	23.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 other_subscription downside_2028q1_other_subscription	2028Q1 / downside	198.56 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(downside_2028q1_other_subscription_prior_year, downside_2028q1_other_subscription_growth, downside_2028q1_other_subscription_share).
Prior-year monthly_cloud downside_2028q1_monthly_cloud_prior_year	2028Q1 / downside	197.56 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_monthly_cloud, downside_2027q2_monthly_cloud, downside_2027q3_monthly_cloud, downside_2027q4_monthly_cloud).
monthly_cloud annual multiplier downside_2028q1_monthly_cloud_growth	2028Q1 / downside	96.0% ratio	assumption: Desk assumption; not management guidance.
monthly_cloud quarter share downside_2028q1_monthly_cloud_share	2028Q1 / downside	23.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 monthly_cloud downside_2028q1_monthly_cloud	2028Q1 / downside	44.57 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(downside_2028q1_monthly_cloud_prior_year, downside_2028q1_monthly_cloud_growth, downside_2028q1_monthly_cloud_share).
Prior-year services downside_2028q1_services_prior_year	2028Q1 / downside	105.80 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_services, downside_2027q2_services, downside_2027q3_services, downside_2027q4_services).
services annual multiplier downside_2028q1_services_growth	2028Q1 / downside	102.0% ratio	assumption: Desk assumption; not management guidance.
services quarter share downside_2028q1_services_share	2028Q1 / downside	23.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 services downside_2028q1_services	2028Q1 / downside	25.36 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(downside_2028q1_services_prior_year, downside_2028q1_services_growth, downside_2028q1_services_share).
Sales-led subscription downside_2028q1_sales_led	2028Q1 / downside	422.63 USD_millions	derived: Annual Cloud plus other subscription only. Formula: sum(downside_2028q1_annual_cloud, downside_2028q1_other_subscription).
Total revenue downside_2028q1_revenue	2028Q1 / downside	492.56 USD_millions	derived: No added RPO or separate AI-product headline. Formula: sum(downside_2028q1_sales_led, downside_2028q1_monthly_cloud, downside_2028q1_services).
Non-GAAP operating margin downside_2028q1_ng_margin	2028Q1 / downside	18.0% ratio	assumption: Desk assumption; not management guidance.
Non-GAAP operating income downside_2028q1_non_gaap_op	2028Q1 / downside	88.66 USD_millions	derived: Q2 base uses 19%; future leverage is a desk assumption. Formula: multiply(downside_2028q1_revenue, downside_2028q1_ng_margin).
GAAP gross margin downside_2028q1_gross_margin	2028Q1 / downside	72.4% ratio	assumption: Desk assumption; not management guidance.
GAAP gross profit proxy downside_2028q1_gross_profit	2028Q1 / downside	356.86 USD_millions	derived: Cloud infrastructure and services delivery costs remain included. Formula: multiply(downside_2028q1_revenue, downside_2028q1_gross_margin).
Ordinary stock compensation downside_2028q1_sbc	2028Q1 / downside	83.00 USD_millions	assumption: Desk assumption; not management guidance.
Acquired intangible amortization downside_2028q1_amort	2028Q1 / downside	3.50 USD_millions	assumption: Desk provisional amount after Deductive; allocation not complete in August filing.
New restructuring expense downside_2028q1_restruct_expense	2028Q1 / downside	0.00 USD_millions	assumption: Desk remaining recognition to $23.5M program expense; H1 reserve cash is separate.
Employer cash tax on equity awards downside_2028q1_payroll_tax	2028Q1 / downside	3.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash acquisition/integration expense downside_2028q1_acquisition_expense	2028Q1 / downside	0.50 USD_millions	assumption: Desk assumption; not management guidance.
Excluded GAAP costs downside_2028q1_excluded_costs	2028Q1 / downside	90.00 USD_millions	derived: Payroll tax and acquisition expense are cash costs, not noncash SBC. Formula: sum(downside_2028q1_sbc, downside_2028q1_amort, downside_2028q1_restruct_expense, downside_2028q1_payroll_tax, downside_2028q1_acquisition_expense).
GAAP operating income proxy downside_2028q1_operating_income	2028Q1 / downside	-1.34 USD_millions	derived: Base remains positive after Q1, consistent with directional GAAP guidance. Formula: subtract(downside_2028q1_non_gaap_op, downside_2028q1_excluded_costs).
Other depreciation and amortization downside_2028q1_other_da	2028Q1 / downside	1.10 USD_millions	assumption: Desk assumption; not management guidance.
Contract commission amortization downside_2028q1_commission_amort	2028Q1 / downside	36.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash interest income downside_2028q1_interest_income	2028Q1 / downside	13.00 USD_millions	assumption: Desk assumption; not management guidance.
Net deferred revenue funding downside_2028q1_deferred_funding	2028Q1 / downside	-150.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash before cash uses downside_2028q1_cash_before_uses	2028Q1 / downside	-14.74 USD_millions	derived: Reverse only noncash costs and restructuring accrual; actual severance payments follow below. Formula: sum(downside_2028q1_operating_income, downside_2028q1_sbc, downside_2028q1_amort, downside_2028q1_other_da, downside_2028q1_restruct_expense, downside_2028q1_commission_amort, downside_2028q1_interest_income, downside_2028q1_deferred_funding).
Coupon payment in quarter downside_2028q1_coupon_due	2028Q1 / downside	100.0% ratio	assumption: Desk assumption; not management guidance.
Senior-note cash interest downside_2028q1_senior_interest	2028Q1 / downside	11.86 USD_millions	derived: January and July contractual payments, not flat quarterly cash. Formula: multiply(coupon_payment, downside_2028q1_coupon_due).
Commission cash / sales-led revenue downside_2028q1_commission_rate	2028Q1 / downside	7.5% ratio	assumption: Desk assumption; not management guidance.
Contract acquisition cash downside_2028q1_commission_cash	2028Q1 / downside	31.70 USD_millions	derived: Deferred acquisition costs are paid before their amortization. Formula: multiply(downside_2028q1_sales_led, downside_2028q1_commission_rate).
Cash taxes downside_2028q1_tax_cash	2028Q1 / downside	9.00 USD_millions	assumption: Desk assumption; not management guidance.
Receivable and other working-capital cash use downside_2028q1_receivable_use	2028Q1 / downside	-220.00 USD_millions	assumption: Desk seasonal collections assumption. Base FY2027 Q4 is calibrated near the annual adjusted-FCF guide, not an independently reported cash target.
Restructuring cash payment downside_2028q1_restruct_payment	2028Q1 / downside	0.00 USD_millions	assumption: Remaining $6.919M reserve plus modeled $3.58M new expense; total cash includes reported $0.015M FX reserve adjustment.
Operating cash uses downside_2028q1_cash_uses	2028Q1 / downside	-167.44 USD_millions	derived: No second GAAP charge for payment of an existing reserve. Formula: sum(downside_2028q1_commission_cash, downside_2028q1_senior_interest, downside_2028q1_tax_cash, downside_2028q1_receivable_use, downside_2028q1_restruct_payment).
Operating cash flow downside_2028q1_cfo	2028Q1 / downside	152.70 USD_millions	derived: After debt interest, acquisition-related operating costs and severance. Formula: subtract(downside_2028q1_cash_before_uses, downside_2028q1_cash_uses).
PP&E cash purchases downside_2028q1_capex	2028Q1 / downside	1.05 USD_millions	assumption: Desk assumption; not management guidance.
CFO less PP&E after interest downside_2028q1_fcf	2028Q1 / downside	151.65 USD_millions	derived: Cash measure after debt interest. Formula: subtract(downside_2028q1_cfo, downside_2028q1_capex).
FCF with senior-note interest added back downside_2028q1_interest_added_fcf	2028Q1 / downside	163.51 USD_millions	derived: Matches Q1 mechanical interest adjustment; retains modeled restructuring operating cash. Formula: sum(downside_2028q1_fcf, downside_2028q1_senior_interest).
Acquisition payment timing downside_2028q1_purchase_due	2028Q1 / downside	0.0% ratio	assumption: Desk assumption; not management guidance.
Deductive AI cash purchase downside_2028q1_acquisition_cash	2028Q1 / downside	0.00 USD_millions	derived: August closed transaction paid once, approximately $70M before undisclosed cash acquired/closing adjustments. Formula: multiply(deductive_cash, downside_2028q1_purchase_due).
Cash after PP&E and acquisition downside_2028q1_cash_after_acquisition	2028Q1 / downside	151.65 USD_millions	derived: Before discretionary buybacks and financing; acquisition proceeds never enter operating revenue. Formula: subtract(downside_2028q1_fcf, downside_2028q1_acquisition_cash).
Prior-year annual_cloud downside_2028q2_annual_cloud_prior_year	2028Q2 / downside	808.04 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_annual_cloud, downside_2027q2_annual_cloud, downside_2027q3_annual_cloud, downside_2027q4_annual_cloud).
annual_cloud annual multiplier downside_2028q2_annual_cloud_growth	2028Q2 / downside	118.0% ratio	assumption: Desk assumption; not management guidance.
annual_cloud quarter share downside_2028q2_annual_cloud_share	2028Q2 / downside	24.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 annual_cloud downside_2028q2_annual_cloud	2028Q2 / downside	233.61 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(downside_2028q2_annual_cloud_prior_year, downside_2028q2_annual_cloud_growth, downside_2028q2_annual_cloud_share).
Prior-year other_subscription downside_2028q2_other_subscription_prior_year	2028Q2 / downside	812.44 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_other_subscription, downside_2027q2_other_subscription, downside_2027q3_other_subscription, downside_2027q4_other_subscription).
other_subscription annual multiplier downside_2028q2_other_subscription_growth	2028Q2 / downside	104.0% ratio	assumption: Desk assumption; not management guidance.
other_subscription quarter share downside_2028q2_other_subscription_share	2028Q2 / downside	24.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 other_subscription downside_2028q2_other_subscription	2028Q2 / downside	207.01 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(downside_2028q2_other_subscription_prior_year, downside_2028q2_other_subscription_growth, downside_2028q2_other_subscription_share).
Prior-year monthly_cloud downside_2028q2_monthly_cloud_prior_year	2028Q2 / downside	197.56 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_monthly_cloud, downside_2027q2_monthly_cloud, downside_2027q3_monthly_cloud, downside_2027q4_monthly_cloud).
monthly_cloud annual multiplier downside_2028q2_monthly_cloud_growth	2028Q2 / downside	96.0% ratio	assumption: Desk assumption; not management guidance.
monthly_cloud quarter share downside_2028q2_monthly_cloud_share	2028Q2 / downside	24.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 monthly_cloud downside_2028q2_monthly_cloud	2028Q2 / downside	46.47 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(downside_2028q2_monthly_cloud_prior_year, downside_2028q2_monthly_cloud_growth, downside_2028q2_monthly_cloud_share).
Prior-year services downside_2028q2_services_prior_year	2028Q2 / downside	105.80 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_services, downside_2027q2_services, downside_2027q3_services, downside_2027q4_services).
services annual multiplier downside_2028q2_services_growth	2028Q2 / downside	102.0% ratio	assumption: Desk assumption; not management guidance.
services quarter share downside_2028q2_services_share	2028Q2 / downside	24.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 services downside_2028q2_services	2028Q2 / downside	26.44 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(downside_2028q2_services_prior_year, downside_2028q2_services_growth, downside_2028q2_services_share).
Sales-led subscription downside_2028q2_sales_led	2028Q2 / downside	440.61 USD_millions	derived: Annual Cloud plus other subscription only. Formula: sum(downside_2028q2_annual_cloud, downside_2028q2_other_subscription).
Total revenue downside_2028q2_revenue	2028Q2 / downside	513.52 USD_millions	derived: No added RPO or separate AI-product headline. Formula: sum(downside_2028q2_sales_led, downside_2028q2_monthly_cloud, downside_2028q2_services).
Non-GAAP operating margin downside_2028q2_ng_margin	2028Q2 / downside	18.0% ratio	assumption: Desk assumption; not management guidance.
Non-GAAP operating income downside_2028q2_non_gaap_op	2028Q2 / downside	92.43 USD_millions	derived: Q2 base uses 19%; future leverage is a desk assumption. Formula: multiply(downside_2028q2_revenue, downside_2028q2_ng_margin).
GAAP gross margin downside_2028q2_gross_margin	2028Q2 / downside	72.6% ratio	assumption: Desk assumption; not management guidance.
GAAP gross profit proxy downside_2028q2_gross_profit	2028Q2 / downside	372.82 USD_millions	derived: Cloud infrastructure and services delivery costs remain included. Formula: multiply(downside_2028q2_revenue, downside_2028q2_gross_margin).
Ordinary stock compensation downside_2028q2_sbc	2028Q2 / downside	85.00 USD_millions	assumption: Desk assumption; not management guidance.
Acquired intangible amortization downside_2028q2_amort	2028Q2 / downside	3.50 USD_millions	assumption: Desk provisional amount after Deductive; allocation not complete in August filing.
New restructuring expense downside_2028q2_restruct_expense	2028Q2 / downside	0.00 USD_millions	assumption: Desk remaining recognition to $23.5M program expense; H1 reserve cash is separate.
Employer cash tax on equity awards downside_2028q2_payroll_tax	2028Q2 / downside	3.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash acquisition/integration expense downside_2028q2_acquisition_expense	2028Q2 / downside	0.50 USD_millions	assumption: Desk assumption; not management guidance.
Excluded GAAP costs downside_2028q2_excluded_costs	2028Q2 / downside	92.00 USD_millions	derived: Payroll tax and acquisition expense are cash costs, not noncash SBC. Formula: sum(downside_2028q2_sbc, downside_2028q2_amort, downside_2028q2_restruct_expense, downside_2028q2_payroll_tax, downside_2028q2_acquisition_expense).
GAAP operating income proxy downside_2028q2_operating_income	2028Q2 / downside	0.43 USD_millions	derived: Base remains positive after Q1, consistent with directional GAAP guidance. Formula: subtract(downside_2028q2_non_gaap_op, downside_2028q2_excluded_costs).
Other depreciation and amortization downside_2028q2_other_da	2028Q2 / downside	1.30 USD_millions	assumption: Desk assumption; not management guidance.
Contract commission amortization downside_2028q2_commission_amort	2028Q2 / downside	37.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash interest income downside_2028q2_interest_income	2028Q2 / downside	13.00 USD_millions	assumption: Desk assumption; not management guidance.
Net deferred revenue funding downside_2028q2_deferred_funding	2028Q2 / downside	30.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash before cash uses downside_2028q2_cash_before_uses	2028Q2 / downside	170.23 USD_millions	derived: Reverse only noncash costs and restructuring accrual; actual severance payments follow below. Formula: sum(downside_2028q2_operating_income, downside_2028q2_sbc, downside_2028q2_amort, downside_2028q2_other_da, downside_2028q2_restruct_expense, downside_2028q2_commission_amort, downside_2028q2_interest_income, downside_2028q2_deferred_funding).
Coupon payment in quarter downside_2028q2_coupon_due	2028Q2 / downside	0.0% ratio	assumption: Desk assumption; not management guidance.
Senior-note cash interest downside_2028q2_senior_interest	2028Q2 / downside	0.00 USD_millions	derived: January and July contractual payments, not flat quarterly cash. Formula: multiply(coupon_payment, downside_2028q2_coupon_due).
Commission cash / sales-led revenue downside_2028q2_commission_rate	2028Q2 / downside	7.5% ratio	assumption: Desk assumption; not management guidance.
Contract acquisition cash downside_2028q2_commission_cash	2028Q2 / downside	33.05 USD_millions	derived: Deferred acquisition costs are paid before their amortization. Formula: multiply(downside_2028q2_sales_led, downside_2028q2_commission_rate).
Cash taxes downside_2028q2_tax_cash	2028Q2 / downside	10.00 USD_millions	assumption: Desk assumption; not management guidance.
Receivable and other working-capital cash use downside_2028q2_receivable_use	2028Q2 / downside	50.00 USD_millions	assumption: Desk seasonal collections assumption. Base FY2027 Q4 is calibrated near the annual adjusted-FCF guide, not an independently reported cash target.
Restructuring cash payment downside_2028q2_restruct_payment	2028Q2 / downside	0.00 USD_millions	assumption: Remaining $6.919M reserve plus modeled $3.58M new expense; total cash includes reported $0.015M FX reserve adjustment.
Operating cash uses downside_2028q2_cash_uses	2028Q2 / downside	93.05 USD_millions	derived: No second GAAP charge for payment of an existing reserve. Formula: sum(downside_2028q2_commission_cash, downside_2028q2_senior_interest, downside_2028q2_tax_cash, downside_2028q2_receivable_use, downside_2028q2_restruct_payment).
Operating cash flow downside_2028q2_cfo	2028Q2 / downside	77.19 USD_millions	derived: After debt interest, acquisition-related operating costs and severance. Formula: subtract(downside_2028q2_cash_before_uses, downside_2028q2_cash_uses).
PP&E cash purchases downside_2028q2_capex	2028Q2 / downside	1.15 USD_millions	assumption: Desk assumption; not management guidance.
CFO less PP&E after interest downside_2028q2_fcf	2028Q2 / downside	76.04 USD_millions	derived: Cash measure after debt interest. Formula: subtract(downside_2028q2_cfo, downside_2028q2_capex).
FCF with senior-note interest added back downside_2028q2_interest_added_fcf	2028Q2 / downside	76.04 USD_millions	derived: Matches Q1 mechanical interest adjustment; retains modeled restructuring operating cash. Formula: sum(downside_2028q2_fcf, downside_2028q2_senior_interest).
Acquisition payment timing downside_2028q2_purchase_due	2028Q2 / downside	0.0% ratio	assumption: Desk assumption; not management guidance.
Deductive AI cash purchase downside_2028q2_acquisition_cash	2028Q2 / downside	0.00 USD_millions	derived: August closed transaction paid once, approximately $70M before undisclosed cash acquired/closing adjustments. Formula: multiply(deductive_cash, downside_2028q2_purchase_due).
Cash after PP&E and acquisition downside_2028q2_cash_after_acquisition	2028Q2 / downside	76.04 USD_millions	derived: Before discretionary buybacks and financing; acquisition proceeds never enter operating revenue. Formula: subtract(downside_2028q2_fcf, downside_2028q2_acquisition_cash).
Prior-year annual_cloud downside_2028q3_annual_cloud_prior_year	2028Q3 / downside	808.04 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_annual_cloud, downside_2027q2_annual_cloud, downside_2027q3_annual_cloud, downside_2027q4_annual_cloud).
annual_cloud annual multiplier downside_2028q3_annual_cloud_growth	2028Q3 / downside	118.0% ratio	assumption: Desk assumption; not management guidance.
annual_cloud quarter share downside_2028q3_annual_cloud_share	2028Q3 / downside	25.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 annual_cloud downside_2028q3_annual_cloud	2028Q3 / downside	243.14 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(downside_2028q3_annual_cloud_prior_year, downside_2028q3_annual_cloud_growth, downside_2028q3_annual_cloud_share).
Prior-year other_subscription downside_2028q3_other_subscription_prior_year	2028Q3 / downside	812.44 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_other_subscription, downside_2027q2_other_subscription, downside_2027q3_other_subscription, downside_2027q4_other_subscription).
other_subscription annual multiplier downside_2028q3_other_subscription_growth	2028Q3 / downside	104.0% ratio	assumption: Desk assumption; not management guidance.
other_subscription quarter share downside_2028q3_other_subscription_share	2028Q3 / downside	25.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 other_subscription downside_2028q3_other_subscription	2028Q3 / downside	215.46 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(downside_2028q3_other_subscription_prior_year, downside_2028q3_other_subscription_growth, downside_2028q3_other_subscription_share).
Prior-year monthly_cloud downside_2028q3_monthly_cloud_prior_year	2028Q3 / downside	197.56 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_monthly_cloud, downside_2027q2_monthly_cloud, downside_2027q3_monthly_cloud, downside_2027q4_monthly_cloud).
monthly_cloud annual multiplier downside_2028q3_monthly_cloud_growth	2028Q3 / downside	96.0% ratio	assumption: Desk assumption; not management guidance.
monthly_cloud quarter share downside_2028q3_monthly_cloud_share	2028Q3 / downside	25.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 monthly_cloud downside_2028q3_monthly_cloud	2028Q3 / downside	48.36 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(downside_2028q3_monthly_cloud_prior_year, downside_2028q3_monthly_cloud_growth, downside_2028q3_monthly_cloud_share).
Prior-year services downside_2028q3_services_prior_year	2028Q3 / downside	105.80 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_services, downside_2027q2_services, downside_2027q3_services, downside_2027q4_services).
services annual multiplier downside_2028q3_services_growth	2028Q3 / downside	102.0% ratio	assumption: Desk assumption; not management guidance.
services quarter share downside_2028q3_services_share	2028Q3 / downside	25.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 services downside_2028q3_services	2028Q3 / downside	27.52 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(downside_2028q3_services_prior_year, downside_2028q3_services_growth, downside_2028q3_services_share).
Sales-led subscription downside_2028q3_sales_led	2028Q3 / downside	458.60 USD_millions	derived: Annual Cloud plus other subscription only. Formula: sum(downside_2028q3_annual_cloud, downside_2028q3_other_subscription).
Total revenue downside_2028q3_revenue	2028Q3 / downside	534.48 USD_millions	derived: No added RPO or separate AI-product headline. Formula: sum(downside_2028q3_sales_led, downside_2028q3_monthly_cloud, downside_2028q3_services).
Non-GAAP operating margin downside_2028q3_ng_margin	2028Q3 / downside	18.0% ratio	assumption: Desk assumption; not management guidance.
Non-GAAP operating income downside_2028q3_non_gaap_op	2028Q3 / downside	96.21 USD_millions	derived: Q2 base uses 19%; future leverage is a desk assumption. Formula: multiply(downside_2028q3_revenue, downside_2028q3_ng_margin).
GAAP gross margin downside_2028q3_gross_margin	2028Q3 / downside	72.7% ratio	assumption: Desk assumption; not management guidance.
GAAP gross profit proxy downside_2028q3_gross_profit	2028Q3 / downside	388.83 USD_millions	derived: Cloud infrastructure and services delivery costs remain included. Formula: multiply(downside_2028q3_revenue, downside_2028q3_gross_margin).
Ordinary stock compensation downside_2028q3_sbc	2028Q3 / downside	87.00 USD_millions	assumption: Desk assumption; not management guidance.
Acquired intangible amortization downside_2028q3_amort	2028Q3 / downside	3.50 USD_millions	assumption: Desk provisional amount after Deductive; allocation not complete in August filing.
New restructuring expense downside_2028q3_restruct_expense	2028Q3 / downside	0.00 USD_millions	assumption: Desk remaining recognition to $23.5M program expense; H1 reserve cash is separate.
Employer cash tax on equity awards downside_2028q3_payroll_tax	2028Q3 / downside	3.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash acquisition/integration expense downside_2028q3_acquisition_expense	2028Q3 / downside	0.50 USD_millions	assumption: Desk assumption; not management guidance.
Excluded GAAP costs downside_2028q3_excluded_costs	2028Q3 / downside	94.00 USD_millions	derived: Payroll tax and acquisition expense are cash costs, not noncash SBC. Formula: sum(downside_2028q3_sbc, downside_2028q3_amort, downside_2028q3_restruct_expense, downside_2028q3_payroll_tax, downside_2028q3_acquisition_expense).
GAAP operating income proxy downside_2028q3_operating_income	2028Q3 / downside	2.21 USD_millions	derived: Base remains positive after Q1, consistent with directional GAAP guidance. Formula: subtract(downside_2028q3_non_gaap_op, downside_2028q3_excluded_costs).
Other depreciation and amortization downside_2028q3_other_da	2028Q3 / downside	1.50 USD_millions	assumption: Desk assumption; not management guidance.
Contract commission amortization downside_2028q3_commission_amort	2028Q3 / downside	38.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash interest income downside_2028q3_interest_income	2028Q3 / downside	13.00 USD_millions	assumption: Desk assumption; not management guidance.
Net deferred revenue funding downside_2028q3_deferred_funding	2028Q3 / downside	80.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash before cash uses downside_2028q3_cash_before_uses	2028Q3 / downside	225.21 USD_millions	derived: Reverse only noncash costs and restructuring accrual; actual severance payments follow below. Formula: sum(downside_2028q3_operating_income, downside_2028q3_sbc, downside_2028q3_amort, downside_2028q3_other_da, downside_2028q3_restruct_expense, downside_2028q3_commission_amort, downside_2028q3_interest_income, downside_2028q3_deferred_funding).
Coupon payment in quarter downside_2028q3_coupon_due	2028Q3 / downside	100.0% ratio	assumption: Desk assumption; not management guidance.
Senior-note cash interest downside_2028q3_senior_interest	2028Q3 / downside	11.86 USD_millions	derived: January and July contractual payments, not flat quarterly cash. Formula: multiply(coupon_payment, downside_2028q3_coupon_due).
Commission cash / sales-led revenue downside_2028q3_commission_rate	2028Q3 / downside	7.5% ratio	assumption: Desk assumption; not management guidance.
Contract acquisition cash downside_2028q3_commission_cash	2028Q3 / downside	34.39 USD_millions	derived: Deferred acquisition costs are paid before their amortization. Formula: multiply(downside_2028q3_sales_led, downside_2028q3_commission_rate).
Cash taxes downside_2028q3_tax_cash	2028Q3 / downside	11.00 USD_millions	assumption: Desk assumption; not management guidance.
Receivable and other working-capital cash use downside_2028q3_receivable_use	2028Q3 / downside	95.00 USD_millions	assumption: Desk seasonal collections assumption. Base FY2027 Q4 is calibrated near the annual adjusted-FCF guide, not an independently reported cash target.
Restructuring cash payment downside_2028q3_restruct_payment	2028Q3 / downside	0.00 USD_millions	assumption: Remaining $6.919M reserve plus modeled $3.58M new expense; total cash includes reported $0.015M FX reserve adjustment.
Operating cash uses downside_2028q3_cash_uses	2028Q3 / downside	152.25 USD_millions	derived: No second GAAP charge for payment of an existing reserve. Formula: sum(downside_2028q3_commission_cash, downside_2028q3_senior_interest, downside_2028q3_tax_cash, downside_2028q3_receivable_use, downside_2028q3_restruct_payment).
Operating cash flow downside_2028q3_cfo	2028Q3 / downside	72.95 USD_millions	derived: After debt interest, acquisition-related operating costs and severance. Formula: subtract(downside_2028q3_cash_before_uses, downside_2028q3_cash_uses).
PP&E cash purchases downside_2028q3_capex	2028Q3 / downside	1.25 USD_millions	assumption: Desk assumption; not management guidance.
CFO less PP&E after interest downside_2028q3_fcf	2028Q3 / downside	71.70 USD_millions	derived: Cash measure after debt interest. Formula: subtract(downside_2028q3_cfo, downside_2028q3_capex).
FCF with senior-note interest added back downside_2028q3_interest_added_fcf	2028Q3 / downside	83.56 USD_millions	derived: Matches Q1 mechanical interest adjustment; retains modeled restructuring operating cash. Formula: sum(downside_2028q3_fcf, downside_2028q3_senior_interest).
Acquisition payment timing downside_2028q3_purchase_due	2028Q3 / downside	0.0% ratio	assumption: Desk assumption; not management guidance.
Deductive AI cash purchase downside_2028q3_acquisition_cash	2028Q3 / downside	0.00 USD_millions	derived: August closed transaction paid once, approximately $70M before undisclosed cash acquired/closing adjustments. Formula: multiply(deductive_cash, downside_2028q3_purchase_due).
Cash after PP&E and acquisition downside_2028q3_cash_after_acquisition	2028Q3 / downside	71.70 USD_millions	derived: Before discretionary buybacks and financing; acquisition proceeds never enter operating revenue. Formula: subtract(downside_2028q3_fcf, downside_2028q3_acquisition_cash).
Prior-year annual_cloud downside_2028q4_annual_cloud_prior_year	2028Q4 / downside	808.04 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_annual_cloud, downside_2027q2_annual_cloud, downside_2027q3_annual_cloud, downside_2027q4_annual_cloud).
annual_cloud annual multiplier downside_2028q4_annual_cloud_growth	2028Q4 / downside	118.0% ratio	assumption: Desk assumption; not management guidance.
annual_cloud quarter share downside_2028q4_annual_cloud_share	2028Q4 / downside	26.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 annual_cloud downside_2028q4_annual_cloud	2028Q4 / downside	252.68 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(downside_2028q4_annual_cloud_prior_year, downside_2028q4_annual_cloud_growth, downside_2028q4_annual_cloud_share).
Prior-year other_subscription downside_2028q4_other_subscription_prior_year	2028Q4 / downside	812.44 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_other_subscription, downside_2027q2_other_subscription, downside_2027q3_other_subscription, downside_2027q4_other_subscription).
other_subscription annual multiplier downside_2028q4_other_subscription_growth	2028Q4 / downside	104.0% ratio	assumption: Desk assumption; not management guidance.
other_subscription quarter share downside_2028q4_other_subscription_share	2028Q4 / downside	26.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 other_subscription downside_2028q4_other_subscription	2028Q4 / downside	223.91 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(downside_2028q4_other_subscription_prior_year, downside_2028q4_other_subscription_growth, downside_2028q4_other_subscription_share).
Prior-year monthly_cloud downside_2028q4_monthly_cloud_prior_year	2028Q4 / downside	197.56 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_monthly_cloud, downside_2027q2_monthly_cloud, downside_2027q3_monthly_cloud, downside_2027q4_monthly_cloud).
monthly_cloud annual multiplier downside_2028q4_monthly_cloud_growth	2028Q4 / downside	96.0% ratio	assumption: Desk assumption; not management guidance.
monthly_cloud quarter share downside_2028q4_monthly_cloud_share	2028Q4 / downside	26.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 monthly_cloud downside_2028q4_monthly_cloud	2028Q4 / downside	50.26 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(downside_2028q4_monthly_cloud_prior_year, downside_2028q4_monthly_cloud_growth, downside_2028q4_monthly_cloud_share).
Prior-year services downside_2028q4_services_prior_year	2028Q4 / downside	105.80 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_services, downside_2027q2_services, downside_2027q3_services, downside_2027q4_services).
services annual multiplier downside_2028q4_services_growth	2028Q4 / downside	102.0% ratio	assumption: Desk assumption; not management guidance.
services quarter share downside_2028q4_services_share	2028Q4 / downside	26.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 services downside_2028q4_services	2028Q4 / downside	28.60 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(downside_2028q4_services_prior_year, downside_2028q4_services_growth, downside_2028q4_services_share).
Sales-led subscription downside_2028q4_sales_led	2028Q4 / downside	476.58 USD_millions	derived: Annual Cloud plus other subscription only. Formula: sum(downside_2028q4_annual_cloud, downside_2028q4_other_subscription).
Total revenue downside_2028q4_revenue	2028Q4 / downside	555.44 USD_millions	derived: No added RPO or separate AI-product headline. Formula: sum(downside_2028q4_sales_led, downside_2028q4_monthly_cloud, downside_2028q4_services).
Non-GAAP operating margin downside_2028q4_ng_margin	2028Q4 / downside	18.0% ratio	assumption: Desk assumption; not management guidance.
Non-GAAP operating income downside_2028q4_non_gaap_op	2028Q4 / downside	99.98 USD_millions	derived: Q2 base uses 19%; future leverage is a desk assumption. Formula: multiply(downside_2028q4_revenue, downside_2028q4_ng_margin).
GAAP gross margin downside_2028q4_gross_margin	2028Q4 / downside	72.9% ratio	assumption: Desk assumption; not management guidance.
GAAP gross profit proxy downside_2028q4_gross_profit	2028Q4 / downside	404.92 USD_millions	derived: Cloud infrastructure and services delivery costs remain included. Formula: multiply(downside_2028q4_revenue, downside_2028q4_gross_margin).
Ordinary stock compensation downside_2028q4_sbc	2028Q4 / downside	89.00 USD_millions	assumption: Desk assumption; not management guidance.
Acquired intangible amortization downside_2028q4_amort	2028Q4 / downside	3.50 USD_millions	assumption: Desk provisional amount after Deductive; allocation not complete in August filing.
New restructuring expense downside_2028q4_restruct_expense	2028Q4 / downside	0.00 USD_millions	assumption: Desk remaining recognition to $23.5M program expense; H1 reserve cash is separate.
Employer cash tax on equity awards downside_2028q4_payroll_tax	2028Q4 / downside	3.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash acquisition/integration expense downside_2028q4_acquisition_expense	2028Q4 / downside	0.50 USD_millions	assumption: Desk assumption; not management guidance.
Excluded GAAP costs downside_2028q4_excluded_costs	2028Q4 / downside	96.00 USD_millions	derived: Payroll tax and acquisition expense are cash costs, not noncash SBC. Formula: sum(downside_2028q4_sbc, downside_2028q4_amort, downside_2028q4_restruct_expense, downside_2028q4_payroll_tax, downside_2028q4_acquisition_expense).
GAAP operating income proxy downside_2028q4_operating_income	2028Q4 / downside	3.98 USD_millions	derived: Base remains positive after Q1, consistent with directional GAAP guidance. Formula: subtract(downside_2028q4_non_gaap_op, downside_2028q4_excluded_costs).
Other depreciation and amortization downside_2028q4_other_da	2028Q4 / downside	1.70 USD_millions	assumption: Desk assumption; not management guidance.
Contract commission amortization downside_2028q4_commission_amort	2028Q4 / downside	39.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash interest income downside_2028q4_interest_income	2028Q4 / downside	13.00 USD_millions	assumption: Desk assumption; not management guidance.
Net deferred revenue funding downside_2028q4_deferred_funding	2028Q4 / downside	210.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash before cash uses downside_2028q4_cash_before_uses	2028Q4 / downside	360.18 USD_millions	derived: Reverse only noncash costs and restructuring accrual; actual severance payments follow below. Formula: sum(downside_2028q4_operating_income, downside_2028q4_sbc, downside_2028q4_amort, downside_2028q4_other_da, downside_2028q4_restruct_expense, downside_2028q4_commission_amort, downside_2028q4_interest_income, downside_2028q4_deferred_funding).
Coupon payment in quarter downside_2028q4_coupon_due	2028Q4 / downside	0.0% ratio	assumption: Desk assumption; not management guidance.
Senior-note cash interest downside_2028q4_senior_interest	2028Q4 / downside	0.00 USD_millions	derived: January and July contractual payments, not flat quarterly cash. Formula: multiply(coupon_payment, downside_2028q4_coupon_due).
Commission cash / sales-led revenue downside_2028q4_commission_rate	2028Q4 / downside	7.5% ratio	assumption: Desk assumption; not management guidance.
Contract acquisition cash downside_2028q4_commission_cash	2028Q4 / downside	35.74 USD_millions	derived: Deferred acquisition costs are paid before their amortization. Formula: multiply(downside_2028q4_sales_led, downside_2028q4_commission_rate).
Cash taxes downside_2028q4_tax_cash	2028Q4 / downside	12.00 USD_millions	assumption: Desk assumption; not management guidance.
Receivable and other working-capital cash use downside_2028q4_receivable_use	2028Q4 / downside	210.00 USD_millions	assumption: Desk seasonal collections assumption. Base FY2027 Q4 is calibrated near the annual adjusted-FCF guide, not an independently reported cash target.
Restructuring cash payment downside_2028q4_restruct_payment	2028Q4 / downside	0.00 USD_millions	assumption: Remaining $6.919M reserve plus modeled $3.58M new expense; total cash includes reported $0.015M FX reserve adjustment.
Operating cash uses downside_2028q4_cash_uses	2028Q4 / downside	257.74 USD_millions	derived: No second GAAP charge for payment of an existing reserve. Formula: sum(downside_2028q4_commission_cash, downside_2028q4_senior_interest, downside_2028q4_tax_cash, downside_2028q4_receivable_use, downside_2028q4_restruct_payment).
Operating cash flow downside_2028q4_cfo	2028Q4 / downside	102.44 USD_millions	derived: After debt interest, acquisition-related operating costs and severance. Formula: subtract(downside_2028q4_cash_before_uses, downside_2028q4_cash_uses).
PP&E cash purchases downside_2028q4_capex	2028Q4 / downside	1.35 USD_millions	assumption: Desk assumption; not management guidance.
CFO less PP&E after interest downside_2028q4_fcf	2028Q4 / downside	101.09 USD_millions	derived: Cash measure after debt interest. Formula: subtract(downside_2028q4_cfo, downside_2028q4_capex).
FCF with senior-note interest added back downside_2028q4_interest_added_fcf	2028Q4 / downside	101.09 USD_millions	derived: Matches Q1 mechanical interest adjustment; retains modeled restructuring operating cash. Formula: sum(downside_2028q4_fcf, downside_2028q4_senior_interest).
Acquisition payment timing downside_2028q4_purchase_due	2028Q4 / downside	0.0% ratio	assumption: Desk assumption; not management guidance.
Deductive AI cash purchase downside_2028q4_acquisition_cash	2028Q4 / downside	0.00 USD_millions	derived: August closed transaction paid once, approximately $70M before undisclosed cash acquired/closing adjustments. Formula: multiply(deductive_cash, downside_2028q4_purchase_due).
Cash after PP&E and acquisition downside_2028q4_cash_after_acquisition	2028Q4 / downside	101.09 USD_millions	derived: Before discretionary buybacks and financing; acquisition proceeds never enter operating revenue. Formula: subtract(downside_2028q4_fcf, downside_2028q4_acquisition_cash).
Revenue ($M) downside_fy2027_revenue	FY2027 / downside	1,923.84 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_revenue, downside_2027q2_revenue, downside_2027q3_revenue, downside_2027q4_revenue).
Sales-led subscription revenue ($M) downside_fy2027_sales_led	FY2027 / downside	1,620.48 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_sales_led, downside_2027q2_sales_led, downside_2027q3_sales_led, downside_2027q4_sales_led).
Monthly Cloud revenue ($M) downside_fy2027_monthly_cloud	FY2027 / downside	197.56 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_monthly_cloud, downside_2027q2_monthly_cloud, downside_2027q3_monthly_cloud, downside_2027q4_monthly_cloud).
Services revenue ($M) downside_fy2027_services	FY2027 / downside	105.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_services, downside_2027q2_services, downside_2027q3_services, downside_2027q4_services).
GAAP gross profit proxy ($M) downside_fy2027_gross_profit	FY2027 / downside	1,399.32 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_gross_profit, downside_2027q2_gross_profit, downside_2027q3_gross_profit, downside_2027q4_gross_profit).
Non-GAAP operating income ($M) downside_fy2027_non_gaap_op	FY2027 / downside	327.05 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_non_gaap_op, downside_2027q2_non_gaap_op, downside_2027q3_non_gaap_op, downside_2027q4_non_gaap_op).
GAAP operating income proxy ($M) downside_fy2027_operating_income	FY2027 / downside	-36.36 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_operating_income, downside_2027q2_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income).
Operating cash flow ($M) downside_fy2027_cfo	FY2027 / downside	293.39 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_cfo, downside_2027q2_cfo, downside_2027q3_cfo, downside_2027q4_cfo).
PP&E cash purchases ($M) downside_fy2027_capex	FY2027 / downside	3.14 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_capex, downside_2027q2_capex, downside_2027q3_capex, downside_2027q4_capex).
CFO less PP&E after interest ($M) downside_fy2027_fcf	FY2027 / downside	290.25 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_fcf, downside_2027q2_fcf, downside_2027q3_fcf, downside_2027q4_fcf).
FCF with senior-note interest added back ($M) downside_fy2027_interest_added_fcf	FY2027 / downside	313.97 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_interest_added_fcf, downside_2027q2_interest_added_fcf, downside_2027q3_interest_added_fcf, downside_2027q4_interest_added_fcf).
Cash after PP&E and acquisition ($M) downside_fy2027_cash_after_acquisition	FY2027 / downside	220.25 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_cash_after_acquisition, downside_2027q2_cash_after_acquisition, downside_2027q3_cash_after_acquisition, downside_2027q4_cash_after_acquisition).
Revenue ($M) downside_fy2028_revenue	FY2028 / downside	2,096.00 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).
Sales-led subscription revenue ($M) downside_fy2028_sales_led	FY2028 / downside	1,798.43 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_sales_led, downside_2028q2_sales_led, downside_2028q3_sales_led, downside_2028q4_sales_led).
Monthly Cloud revenue ($M) downside_fy2028_monthly_cloud	FY2028 / downside	189.66 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_monthly_cloud, downside_2028q2_monthly_cloud, downside_2028q3_monthly_cloud, downside_2028q4_monthly_cloud).
Services revenue ($M) downside_fy2028_services	FY2028 / downside	107.91 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_services, downside_2028q2_services, downside_2028q3_services, downside_2028q4_services).
GAAP gross profit proxy ($M) downside_fy2028_gross_profit	FY2028 / downside	1,523.42 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_gross_profit, downside_2028q2_gross_profit, downside_2028q3_gross_profit, downside_2028q4_gross_profit).
Non-GAAP operating income ($M) downside_fy2028_non_gaap_op	FY2028 / downside	377.28 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_non_gaap_op, downside_2028q2_non_gaap_op, downside_2028q3_non_gaap_op, downside_2028q4_non_gaap_op).
GAAP operating income proxy ($M) downside_fy2028_operating_income	FY2028 / downside	5.28 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 ($M) downside_fy2028_cfo	FY2028 / downside	405.28 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_cfo, downside_2028q2_cfo, downside_2028q3_cfo, downside_2028q4_cfo).
PP&E cash purchases ($M) downside_fy2028_capex	FY2028 / downside	4.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_capex, downside_2028q2_capex, downside_2028q3_capex, downside_2028q4_capex).
CFO less PP&E after interest ($M) downside_fy2028_fcf	FY2028 / downside	400.48 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_fcf, downside_2028q2_fcf, downside_2028q3_fcf, downside_2028q4_fcf).
FCF with senior-note interest added back ($M) downside_fy2028_interest_added_fcf	FY2028 / downside	424.20 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_interest_added_fcf, downside_2028q2_interest_added_fcf, downside_2028q3_interest_added_fcf, downside_2028q4_interest_added_fcf).
Cash after PP&E and acquisition ($M) downside_fy2028_cash_after_acquisition	FY2028 / downside	400.48 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_cash_after_acquisition, downside_2028q2_cash_after_acquisition, downside_2028q3_cash_after_acquisition, downside_2028q4_cash_after_acquisition).
FY2027 delivery / guide base_delivery	FY2027 / base	100.0% ratio	assumption: Desk revenue sensitivity.
FY2027 revenue base_annual_revenue_target	FY2027 / base	2,004.00 USD_millions	derived: Management midpoint times delivery sensitivity. Formula: multiply(annual_guide, base_delivery).
FY2027 sales_led base_annual_sales_led_target	FY2027 / base	1,688.00 USD_millions	derived: Management midpoint times delivery sensitivity. Formula: multiply(annual_sales_guide, base_delivery).
Annual non-GAAP operating margin base_annual_margin	FY2027 / base	19.4% ratio	assumption: Base aligns with approximately 19.4% outlook.
FY2027 non-GAAP operating income base_annual_non_gaap_target	FY2027 / base	388.78 USD_millions	derived: Annual margin anchor; later FY2028 is a desk forecast. Formula: multiply(base_annual_revenue_target, base_annual_margin).
Annual Elastic Cloud revenue base_2027q2_annual_cloud	2027Q2 / base	199.00 USD_millions	assumption: Desk assumption; not management guidance.
Sales-led subscription base_2027q2_sales_led	2027Q2 / base	408.00 USD_millions	derived: Q2 guidance sensitivity. Formula: multiply(q2_sales_guide, base_delivery).
Other subscription revenue base_2027q2_other_subscription	2027Q2 / base	209.00 USD_millions	derived: Sales-led includes both annual Cloud and self-managed/other subscription. Formula: subtract(base_2027q2_sales_led, base_2027q2_annual_cloud).
Monthly Elastic Cloud revenue base_2027q2_monthly_cloud	2027Q2 / base	50.50 USD_millions	assumption: Desk assumption; not management guidance.
Total revenue base_2027q2_revenue	2027Q2 / base	486.50 USD_millions	derived: Q2 consolidated guidance sensitivity. Formula: multiply(q2_guide, base_delivery).
Total subscription base_2027q2_subscription	2027Q2 / base	458.50 USD_millions	derived: Nonoverlapping sales-led and Monthly Cloud. Formula: sum(base_2027q2_sales_led, base_2027q2_monthly_cloud).
Services revenue base_2027q2_services	2027Q2 / base	28.00 USD_millions	derived: Services residual within guidance; not a new product revenue forecast. Formula: subtract(base_2027q2_revenue, base_2027q2_subscription).
Non-GAAP operating margin base_2027q2_ng_margin	2027Q2 / base	19.0% ratio	assumption: Desk assumption; not management guidance.
Non-GAAP operating income base_2027q2_non_gaap_op	2027Q2 / base	92.44 USD_millions	derived: Q2 base uses 19%; future leverage is a desk assumption. Formula: multiply(base_2027q2_revenue, base_2027q2_ng_margin).
GAAP gross margin base_2027q2_gross_margin	2027Q2 / base	74.8% ratio	assumption: Desk assumption; not management guidance.
GAAP gross profit proxy base_2027q2_gross_profit	2027Q2 / base	363.90 USD_millions	derived: Cloud infrastructure and services delivery costs remain included. Formula: multiply(base_2027q2_revenue, base_2027q2_gross_margin).
Ordinary stock compensation base_2027q2_sbc	2027Q2 / base	75.00 USD_millions	assumption: Desk assumption; not management guidance.
Acquired intangible amortization base_2027q2_amort	2027Q2 / base	3.50 USD_millions	assumption: Desk provisional amount after Deductive; allocation not complete in August filing.
New restructuring expense base_2027q2_restruct_expense	2027Q2 / base	2.00 USD_millions	assumption: Desk remaining recognition to $23.5M program expense; H1 reserve cash is separate.
Employer cash tax on equity awards base_2027q2_payroll_tax	2027Q2 / base	3.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash acquisition/integration expense base_2027q2_acquisition_expense	2027Q2 / base	1.00 USD_millions	assumption: Desk assumption; not management guidance.
Excluded GAAP costs base_2027q2_excluded_costs	2027Q2 / base	84.50 USD_millions	derived: Payroll tax and acquisition expense are cash costs, not noncash SBC. Formula: sum(base_2027q2_sbc, base_2027q2_amort, base_2027q2_restruct_expense, base_2027q2_payroll_tax, base_2027q2_acquisition_expense).
GAAP operating income proxy base_2027q2_operating_income	2027Q2 / base	7.94 USD_millions	derived: Base remains positive after Q1, consistent with directional GAAP guidance. Formula: subtract(base_2027q2_non_gaap_op, base_2027q2_excluded_costs).
Other depreciation and amortization base_2027q2_other_da	2027Q2 / base	0.50 USD_millions	assumption: Desk assumption; not management guidance.
Contract commission amortization base_2027q2_commission_amort	2027Q2 / base	33.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash interest income base_2027q2_interest_income	2027Q2 / base	13.00 USD_millions	assumption: Desk assumption; not management guidance.
Net deferred revenue funding base_2027q2_deferred_funding	2027Q2 / base	25.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash before cash uses base_2027q2_cash_before_uses	2027Q2 / base	159.94 USD_millions	derived: Reverse only noncash costs and restructuring accrual; actual severance payments follow below. Formula: sum(base_2027q2_operating_income, base_2027q2_sbc, base_2027q2_amort, base_2027q2_other_da, base_2027q2_restruct_expense, base_2027q2_commission_amort, base_2027q2_interest_income, base_2027q2_deferred_funding).
Coupon payment in quarter base_2027q2_coupon_due	2027Q2 / base	0.0% ratio	assumption: Desk assumption; not management guidance.
Senior-note cash interest base_2027q2_senior_interest	2027Q2 / base	0.00 USD_millions	derived: January and July contractual payments, not flat quarterly cash. Formula: multiply(coupon_payment, base_2027q2_coupon_due).
Commission cash / sales-led revenue base_2027q2_commission_rate	2027Q2 / base	6.5% ratio	assumption: Desk assumption; not management guidance.
Contract acquisition cash base_2027q2_commission_cash	2027Q2 / base	26.52 USD_millions	derived: Deferred acquisition costs are paid before their amortization. Formula: multiply(base_2027q2_sales_led, base_2027q2_commission_rate).
Cash taxes base_2027q2_tax_cash	2027Q2 / base	6.00 USD_millions	assumption: Desk assumption; not management guidance.
Receivable and other working-capital cash use base_2027q2_receivable_use	2027Q2 / base	25.00 USD_millions	assumption: Desk seasonal collections assumption. Base FY2027 Q4 is calibrated near the annual adjusted-FCF guide, not an independently reported cash target.
Restructuring cash payment base_2027q2_restruct_payment	2027Q2 / base	8.50 USD_millions	assumption: Remaining $6.919M reserve plus modeled $3.58M new expense; total cash includes reported $0.015M FX reserve adjustment.
Operating cash uses base_2027q2_cash_uses	2027Q2 / base	66.02 USD_millions	derived: No second GAAP charge for payment of an existing reserve. Formula: sum(base_2027q2_commission_cash, base_2027q2_senior_interest, base_2027q2_tax_cash, base_2027q2_receivable_use, base_2027q2_restruct_payment).
Operating cash flow base_2027q2_cfo	2027Q2 / base	93.92 USD_millions	derived: After debt interest, acquisition-related operating costs and severance. Formula: subtract(base_2027q2_cash_before_uses, base_2027q2_cash_uses).
PP&E cash purchases base_2027q2_capex	2027Q2 / base	0.75 USD_millions	assumption: Desk assumption; not management guidance.
CFO less PP&E after interest base_2027q2_fcf	2027Q2 / base	93.17 USD_millions	derived: Cash measure after debt interest. Formula: subtract(base_2027q2_cfo, base_2027q2_capex).
FCF with senior-note interest added back base_2027q2_interest_added_fcf	2027Q2 / base	93.17 USD_millions	derived: Matches Q1 mechanical interest adjustment; retains modeled restructuring operating cash. Formula: sum(base_2027q2_fcf, base_2027q2_senior_interest).
Acquisition payment timing base_2027q2_purchase_due	2027Q2 / base	100.0% ratio	assumption: Desk assumption; not management guidance.
Deductive AI cash purchase base_2027q2_acquisition_cash	2027Q2 / base	70.00 USD_millions	derived: August closed transaction paid once, approximately $70M before undisclosed cash acquired/closing adjustments. Formula: multiply(deductive_cash, base_2027q2_purchase_due).
Cash after PP&E and acquisition base_2027q2_cash_after_acquisition	2027Q2 / base	23.17 USD_millions	derived: Before discretionary buybacks and financing; acquisition proceeds never enter operating revenue. Formula: subtract(base_2027q2_fcf, base_2027q2_acquisition_cash).
Annual Elastic Cloud revenue base_2027q3_annual_cloud	2027Q3 / base	215.00 USD_millions	assumption: Desk assumption; not management guidance.
Sales-led subscription base_2027q3_sales_led	2027Q3 / base	425.00 USD_millions	assumption: Desk assumption; not management guidance.
Other subscription revenue base_2027q3_other_subscription	2027Q3 / base	210.00 USD_millions	derived: Sales-led includes both annual Cloud and self-managed/other subscription. Formula: subtract(base_2027q3_sales_led, base_2027q3_annual_cloud).
Monthly Elastic Cloud revenue base_2027q3_monthly_cloud	2027Q3 / base	51.00 USD_millions	assumption: Desk assumption; not management guidance.
Total revenue base_2027q3_revenue	2027Q3 / base	504.50 USD_millions	assumption: Desk assumption; not management guidance.
Total subscription base_2027q3_subscription	2027Q3 / base	476.00 USD_millions	derived: Nonoverlapping sales-led and Monthly Cloud. Formula: sum(base_2027q3_sales_led, base_2027q3_monthly_cloud).
Services revenue base_2027q3_services	2027Q3 / base	28.50 USD_millions	derived: Services residual within guidance; not a new product revenue forecast. Formula: subtract(base_2027q3_revenue, base_2027q3_subscription).
Non-GAAP operating margin base_2027q3_ng_margin	2027Q3 / base	19.4% ratio	assumption: Desk assumption; not management guidance.
Non-GAAP operating income base_2027q3_non_gaap_op	2027Q3 / base	97.87 USD_millions	derived: Q2 base uses 19%; future leverage is a desk assumption. Formula: multiply(base_2027q3_revenue, base_2027q3_ng_margin).
GAAP gross margin base_2027q3_gross_margin	2027Q3 / base	74.9% ratio	assumption: Desk assumption; not management guidance.
GAAP gross profit proxy base_2027q3_gross_profit	2027Q3 / base	378.12 USD_millions	derived: Cloud infrastructure and services delivery costs remain included. Formula: multiply(base_2027q3_revenue, base_2027q3_gross_margin).
Ordinary stock compensation base_2027q3_sbc	2027Q3 / base	77.00 USD_millions	assumption: Desk assumption; not management guidance.
Acquired intangible amortization base_2027q3_amort	2027Q3 / base	3.50 USD_millions	assumption: Desk provisional amount after Deductive; allocation not complete in August filing.
New restructuring expense base_2027q3_restruct_expense	2027Q3 / base	1.58 USD_millions	assumption: Desk remaining recognition to $23.5M program expense; H1 reserve cash is separate.
Employer cash tax on equity awards base_2027q3_payroll_tax	2027Q3 / base	3.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash acquisition/integration expense base_2027q3_acquisition_expense	2027Q3 / base	1.00 USD_millions	assumption: Desk assumption; not management guidance.
Excluded GAAP costs base_2027q3_excluded_costs	2027Q3 / base	86.08 USD_millions	derived: Payroll tax and acquisition expense are cash costs, not noncash SBC. Formula: sum(base_2027q3_sbc, base_2027q3_amort, base_2027q3_restruct_expense, base_2027q3_payroll_tax, base_2027q3_acquisition_expense).
GAAP operating income proxy base_2027q3_operating_income	2027Q3 / base	11.79 USD_millions	derived: Base remains positive after Q1, consistent with directional GAAP guidance. Formula: subtract(base_2027q3_non_gaap_op, base_2027q3_excluded_costs).
Other depreciation and amortization base_2027q3_other_da	2027Q3 / base	0.70 USD_millions	assumption: Desk assumption; not management guidance.
Contract commission amortization base_2027q3_commission_amort	2027Q3 / base	34.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash interest income base_2027q3_interest_income	2027Q3 / base	13.00 USD_millions	assumption: Desk assumption; not management guidance.
Net deferred revenue funding base_2027q3_deferred_funding	2027Q3 / base	70.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash before cash uses base_2027q3_cash_before_uses	2027Q3 / base	211.57 USD_millions	derived: Reverse only noncash costs and restructuring accrual; actual severance payments follow below. Formula: sum(base_2027q3_operating_income, base_2027q3_sbc, base_2027q3_amort, base_2027q3_other_da, base_2027q3_restruct_expense, base_2027q3_commission_amort, base_2027q3_interest_income, base_2027q3_deferred_funding).
Coupon payment in quarter base_2027q3_coupon_due	2027Q3 / base	100.0% ratio	assumption: Desk assumption; not management guidance.
Senior-note cash interest base_2027q3_senior_interest	2027Q3 / base	11.86 USD_millions	derived: January and July contractual payments, not flat quarterly cash. Formula: multiply(coupon_payment, base_2027q3_coupon_due).
Commission cash / sales-led revenue base_2027q3_commission_rate	2027Q3 / base	6.5% ratio	assumption: Desk assumption; not management guidance.
Contract acquisition cash base_2027q3_commission_cash	2027Q3 / base	27.62 USD_millions	derived: Deferred acquisition costs are paid before their amortization. Formula: multiply(base_2027q3_sales_led, base_2027q3_commission_rate).
Cash taxes base_2027q3_tax_cash	2027Q3 / base	7.00 USD_millions	assumption: Desk assumption; not management guidance.
Receivable and other working-capital cash use base_2027q3_receivable_use	2027Q3 / base	65.00 USD_millions	assumption: Desk seasonal collections assumption. Base FY2027 Q4 is calibrated near the annual adjusted-FCF guide, not an independently reported cash target.
Restructuring cash payment base_2027q3_restruct_payment	2027Q3 / base	2.00 USD_millions	assumption: Remaining $6.919M reserve plus modeled $3.58M new expense; total cash includes reported $0.015M FX reserve adjustment.
Operating cash uses base_2027q3_cash_uses	2027Q3 / base	113.48 USD_millions	derived: No second GAAP charge for payment of an existing reserve. Formula: sum(base_2027q3_commission_cash, base_2027q3_senior_interest, base_2027q3_tax_cash, base_2027q3_receivable_use, base_2027q3_restruct_payment).
Operating cash flow base_2027q3_cfo	2027Q3 / base	98.09 USD_millions	derived: After debt interest, acquisition-related operating costs and severance. Formula: subtract(base_2027q3_cash_before_uses, base_2027q3_cash_uses).
PP&E cash purchases base_2027q3_capex	2027Q3 / base	0.85 USD_millions	assumption: Desk assumption; not management guidance.
CFO less PP&E after interest base_2027q3_fcf	2027Q3 / base	97.24 USD_millions	derived: Cash measure after debt interest. Formula: subtract(base_2027q3_cfo, base_2027q3_capex).
FCF with senior-note interest added back base_2027q3_interest_added_fcf	2027Q3 / base	109.10 USD_millions	derived: Matches Q1 mechanical interest adjustment; retains modeled restructuring operating cash. Formula: sum(base_2027q3_fcf, base_2027q3_senior_interest).
Acquisition payment timing base_2027q3_purchase_due	2027Q3 / base	0.0% ratio	assumption: Desk assumption; not management guidance.
Deductive AI cash purchase base_2027q3_acquisition_cash	2027Q3 / base	0.00 USD_millions	derived: August closed transaction paid once, approximately $70M before undisclosed cash acquired/closing adjustments. Formula: multiply(deductive_cash, base_2027q3_purchase_due).
Cash after PP&E and acquisition base_2027q3_cash_after_acquisition	2027Q3 / base	97.24 USD_millions	derived: Before discretionary buybacks and financing; acquisition proceeds never enter operating revenue. Formula: subtract(base_2027q3_fcf, base_2027q3_acquisition_cash).
Annual Elastic Cloud revenue base_2027q4_annual_cloud	2027Q4 / base	235.00 USD_millions	assumption: Desk assumption; not management guidance.
Q1 through Q3 sales-led base_2027q4_prior_sales	2027Q4 / base	1,231.53 USD_millions	derived: Reported Q1 and two forecast quarters. Formula: sum(q1_sales_led, base_2027q2_sales_led, base_2027q3_sales_led).
Sales-led subscription base_2027q4_sales_led	2027Q4 / base	456.47 USD_millions	derived: Annual sales-led guidance residual. Formula: subtract(base_annual_sales_led_target, base_2027q4_prior_sales).
Other subscription revenue base_2027q4_other_subscription	2027Q4 / base	221.47 USD_millions	derived: Sales-led includes both annual Cloud and self-managed/other subscription. Formula: subtract(base_2027q4_sales_led, base_2027q4_annual_cloud).
Monthly Elastic Cloud revenue base_2027q4_monthly_cloud	2027Q4 / base	52.00 USD_millions	assumption: Desk assumption; not management guidance.
Q1 through Q3 total revenue base_2027q4_prior_revenue	2027Q4 / base	1,469.11 USD_millions	derived: Reported Q1 and forecast next two quarters. Formula: sum(q1_revenue, base_2027q2_revenue, base_2027q3_revenue).
Total revenue base_2027q4_revenue	2027Q4 / base	534.89 USD_millions	derived: Residual to annual scenario. Formula: subtract(base_annual_revenue_target, base_2027q4_prior_revenue).
Total subscription base_2027q4_subscription	2027Q4 / base	508.47 USD_millions	derived: Nonoverlapping sales-led and Monthly Cloud. Formula: sum(base_2027q4_sales_led, base_2027q4_monthly_cloud).
Services revenue base_2027q4_services	2027Q4 / base	26.42 USD_millions	derived: Services residual within guidance; not a new product revenue forecast. Formula: subtract(base_2027q4_revenue, base_2027q4_subscription).
Q1 through Q3 non-GAAP profit base_2027q4_prior_ng	2027Q4 / base	267.57 USD_millions	derived: Annual guided profit residual. Formula: sum(q1_non_gaap_op, base_2027q2_non_gaap_op, base_2027q3_non_gaap_op).
Non-GAAP operating income base_2027q4_non_gaap_op	2027Q4 / base	121.21 USD_millions	derived: Remaining annual adjusted operating income. Formula: subtract(base_annual_non_gaap_target, base_2027q4_prior_ng).
GAAP gross margin base_2027q4_gross_margin	2027Q4 / base	75.1% ratio	assumption: Desk assumption; not management guidance.
GAAP gross profit proxy base_2027q4_gross_profit	2027Q4 / base	401.70 USD_millions	derived: Cloud infrastructure and services delivery costs remain included. Formula: multiply(base_2027q4_revenue, base_2027q4_gross_margin).
Ordinary stock compensation base_2027q4_sbc	2027Q4 / base	79.00 USD_millions	assumption: Desk assumption; not management guidance.
Acquired intangible amortization base_2027q4_amort	2027Q4 / base	3.50 USD_millions	assumption: Desk provisional amount after Deductive; allocation not complete in August filing.
New restructuring expense base_2027q4_restruct_expense	2027Q4 / base	0.00 USD_millions	assumption: Desk remaining recognition to $23.5M program expense; H1 reserve cash is separate.
Employer cash tax on equity awards base_2027q4_payroll_tax	2027Q4 / base	3.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash acquisition/integration expense base_2027q4_acquisition_expense	2027Q4 / base	0.50 USD_millions	assumption: Desk assumption; not management guidance.
Excluded GAAP costs base_2027q4_excluded_costs	2027Q4 / base	86.00 USD_millions	derived: Payroll tax and acquisition expense are cash costs, not noncash SBC. Formula: sum(base_2027q4_sbc, base_2027q4_amort, base_2027q4_restruct_expense, base_2027q4_payroll_tax, base_2027q4_acquisition_expense).
GAAP operating income proxy base_2027q4_operating_income	2027Q4 / base	35.21 USD_millions	derived: Base remains positive after Q1, consistent with directional GAAP guidance. Formula: subtract(base_2027q4_non_gaap_op, base_2027q4_excluded_costs).
Other depreciation and amortization base_2027q4_other_da	2027Q4 / base	0.90 USD_millions	assumption: Desk assumption; not management guidance.
Contract commission amortization base_2027q4_commission_amort	2027Q4 / base	35.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash interest income base_2027q4_interest_income	2027Q4 / base	13.00 USD_millions	assumption: Desk assumption; not management guidance.
Net deferred revenue funding base_2027q4_deferred_funding	2027Q4 / base	190.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash before cash uses base_2027q4_cash_before_uses	2027Q4 / base	356.61 USD_millions	derived: Reverse only noncash costs and restructuring accrual; actual severance payments follow below. Formula: sum(base_2027q4_operating_income, base_2027q4_sbc, base_2027q4_amort, base_2027q4_other_da, base_2027q4_restruct_expense, base_2027q4_commission_amort, base_2027q4_interest_income, base_2027q4_deferred_funding).
Coupon payment in quarter base_2027q4_coupon_due	2027Q4 / base	0.0% ratio	assumption: Desk assumption; not management guidance.
Senior-note cash interest base_2027q4_senior_interest	2027Q4 / base	0.00 USD_millions	derived: January and July contractual payments, not flat quarterly cash. Formula: multiply(coupon_payment, base_2027q4_coupon_due).
Commission cash / sales-led revenue base_2027q4_commission_rate	2027Q4 / base	6.5% ratio	assumption: Desk assumption; not management guidance.
Contract acquisition cash base_2027q4_commission_cash	2027Q4 / base	29.67 USD_millions	derived: Deferred acquisition costs are paid before their amortization. Formula: multiply(base_2027q4_sales_led, base_2027q4_commission_rate).
Cash taxes base_2027q4_tax_cash	2027Q4 / base	8.00 USD_millions	assumption: Desk assumption; not management guidance.
Receivable and other working-capital cash use base_2027q4_receivable_use	2027Q4 / base	233.00 USD_millions	assumption: Desk seasonal collections assumption. Base FY2027 Q4 is calibrated near the annual adjusted-FCF guide, not an independently reported cash target.
Restructuring cash payment base_2027q4_restruct_payment	2027Q4 / base	0.00 USD_millions	assumption: Remaining $6.919M reserve plus modeled $3.58M new expense; total cash includes reported $0.015M FX reserve adjustment.
Operating cash uses base_2027q4_cash_uses	2027Q4 / base	270.67 USD_millions	derived: No second GAAP charge for payment of an existing reserve. Formula: sum(base_2027q4_commission_cash, base_2027q4_senior_interest, base_2027q4_tax_cash, base_2027q4_receivable_use, base_2027q4_restruct_payment).
Operating cash flow base_2027q4_cfo	2027Q4 / base	85.94 USD_millions	derived: After debt interest, acquisition-related operating costs and severance. Formula: subtract(base_2027q4_cash_before_uses, base_2027q4_cash_uses).
PP&E cash purchases base_2027q4_capex	2027Q4 / base	0.95 USD_millions	assumption: Desk assumption; not management guidance.
CFO less PP&E after interest base_2027q4_fcf	2027Q4 / base	84.99 USD_millions	derived: Cash measure after debt interest. Formula: subtract(base_2027q4_cfo, base_2027q4_capex).
FCF with senior-note interest added back base_2027q4_interest_added_fcf	2027Q4 / base	84.99 USD_millions	derived: Matches Q1 mechanical interest adjustment; retains modeled restructuring operating cash. Formula: sum(base_2027q4_fcf, base_2027q4_senior_interest).
Acquisition payment timing base_2027q4_purchase_due	2027Q4 / base	0.0% ratio	assumption: Desk assumption; not management guidance.
Deductive AI cash purchase base_2027q4_acquisition_cash	2027Q4 / base	0.00 USD_millions	derived: August closed transaction paid once, approximately $70M before undisclosed cash acquired/closing adjustments. Formula: multiply(deductive_cash, base_2027q4_purchase_due).
Cash after PP&E and acquisition base_2027q4_cash_after_acquisition	2027Q4 / base	84.99 USD_millions	derived: Before discretionary buybacks and financing; acquisition proceeds never enter operating revenue. Formula: subtract(base_2027q4_fcf, base_2027q4_acquisition_cash).
Prior-year annual_cloud base_2028q1_annual_cloud_prior_year	2028Q1 / base	834.00 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_annual_cloud, base_2027q2_annual_cloud, base_2027q3_annual_cloud, base_2027q4_annual_cloud).
annual_cloud annual multiplier base_2028q1_annual_cloud_growth	2028Q1 / base	132.0% ratio	assumption: Desk assumption; not management guidance.
annual_cloud quarter share base_2028q1_annual_cloud_share	2028Q1 / base	23.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 annual_cloud base_2028q1_annual_cloud	2028Q1 / base	258.71 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(base_2028q1_annual_cloud_prior_year, base_2028q1_annual_cloud_growth, base_2028q1_annual_cloud_share).
Prior-year other_subscription base_2028q1_other_subscription_prior_year	2028Q1 / base	854.00 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_other_subscription, base_2027q2_other_subscription, base_2027q3_other_subscription, base_2027q4_other_subscription).
other_subscription annual multiplier base_2028q1_other_subscription_growth	2028Q1 / base	112.0% ratio	assumption: Desk assumption; not management guidance.
other_subscription quarter share base_2028q1_other_subscription_share	2028Q1 / base	23.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 other_subscription base_2028q1_other_subscription	2028Q1 / base	224.77 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(base_2028q1_other_subscription_prior_year, base_2028q1_other_subscription_growth, base_2028q1_other_subscription_share).
Prior-year monthly_cloud base_2028q1_monthly_cloud_prior_year	2028Q1 / base	203.70 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_monthly_cloud, base_2027q2_monthly_cloud, base_2027q3_monthly_cloud, base_2027q4_monthly_cloud).
monthly_cloud annual multiplier base_2028q1_monthly_cloud_growth	2028Q1 / base	106.0% ratio	assumption: Desk assumption; not management guidance.
monthly_cloud quarter share base_2028q1_monthly_cloud_share	2028Q1 / base	23.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 monthly_cloud base_2028q1_monthly_cloud	2028Q1 / base	50.74 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(base_2028q1_monthly_cloud_prior_year, base_2028q1_monthly_cloud_growth, base_2028q1_monthly_cloud_share).
Prior-year services base_2028q1_services_prior_year	2028Q1 / base	112.30 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_services, base_2027q2_services, base_2027q3_services, base_2027q4_services).
services annual multiplier base_2028q1_services_growth	2028Q1 / base	108.0% ratio	assumption: Desk assumption; not management guidance.
services quarter share base_2028q1_services_share	2028Q1 / base	23.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 services base_2028q1_services	2028Q1 / base	28.50 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(base_2028q1_services_prior_year, base_2028q1_services_growth, base_2028q1_services_share).
Sales-led subscription base_2028q1_sales_led	2028Q1 / base	483.48 USD_millions	derived: Annual Cloud plus other subscription only. Formula: sum(base_2028q1_annual_cloud, base_2028q1_other_subscription).
Total revenue base_2028q1_revenue	2028Q1 / base	562.72 USD_millions	derived: No added RPO or separate AI-product headline. Formula: sum(base_2028q1_sales_led, base_2028q1_monthly_cloud, base_2028q1_services).
Non-GAAP operating margin base_2028q1_ng_margin	2028Q1 / base	20.4% ratio	assumption: Desk assumption; not management guidance.
Non-GAAP operating income base_2028q1_non_gaap_op	2028Q1 / base	114.80 USD_millions	derived: Q2 base uses 19%; future leverage is a desk assumption. Formula: multiply(base_2028q1_revenue, base_2028q1_ng_margin).
GAAP gross margin base_2028q1_gross_margin	2028Q1 / base	75.2% ratio	assumption: Desk assumption; not management guidance.
GAAP gross profit proxy base_2028q1_gross_profit	2028Q1 / base	423.45 USD_millions	derived: Cloud infrastructure and services delivery costs remain included. Formula: multiply(base_2028q1_revenue, base_2028q1_gross_margin).
Ordinary stock compensation base_2028q1_sbc	2028Q1 / base	81.00 USD_millions	assumption: Desk assumption; not management guidance.
Acquired intangible amortization base_2028q1_amort	2028Q1 / base	3.50 USD_millions	assumption: Desk provisional amount after Deductive; allocation not complete in August filing.
New restructuring expense base_2028q1_restruct_expense	2028Q1 / base	0.00 USD_millions	assumption: Desk remaining recognition to $23.5M program expense; H1 reserve cash is separate.
Employer cash tax on equity awards base_2028q1_payroll_tax	2028Q1 / base	3.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash acquisition/integration expense base_2028q1_acquisition_expense	2028Q1 / base	0.50 USD_millions	assumption: Desk assumption; not management guidance.
Excluded GAAP costs base_2028q1_excluded_costs	2028Q1 / base	88.00 USD_millions	derived: Payroll tax and acquisition expense are cash costs, not noncash SBC. Formula: sum(base_2028q1_sbc, base_2028q1_amort, base_2028q1_restruct_expense, base_2028q1_payroll_tax, base_2028q1_acquisition_expense).
GAAP operating income proxy base_2028q1_operating_income	2028Q1 / base	26.80 USD_millions	derived: Base remains positive after Q1, consistent with directional GAAP guidance. Formula: subtract(base_2028q1_non_gaap_op, base_2028q1_excluded_costs).
Other depreciation and amortization base_2028q1_other_da	2028Q1 / base	1.10 USD_millions	assumption: Desk assumption; not management guidance.
Contract commission amortization base_2028q1_commission_amort	2028Q1 / base	36.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash interest income base_2028q1_interest_income	2028Q1 / base	13.00 USD_millions	assumption: Desk assumption; not management guidance.
Net deferred revenue funding base_2028q1_deferred_funding	2028Q1 / base	-150.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash before cash uses base_2028q1_cash_before_uses	2028Q1 / base	11.40 USD_millions	derived: Reverse only noncash costs and restructuring accrual; actual severance payments follow below. Formula: sum(base_2028q1_operating_income, base_2028q1_sbc, base_2028q1_amort, base_2028q1_other_da, base_2028q1_restruct_expense, base_2028q1_commission_amort, base_2028q1_interest_income, base_2028q1_deferred_funding).
Coupon payment in quarter base_2028q1_coupon_due	2028Q1 / base	100.0% ratio	assumption: Desk assumption; not management guidance.
Senior-note cash interest base_2028q1_senior_interest	2028Q1 / base	11.86 USD_millions	derived: January and July contractual payments, not flat quarterly cash. Formula: multiply(coupon_payment, base_2028q1_coupon_due).
Commission cash / sales-led revenue base_2028q1_commission_rate	2028Q1 / base	6.5% ratio	assumption: Desk assumption; not management guidance.
Contract acquisition cash base_2028q1_commission_cash	2028Q1 / base	31.43 USD_millions	derived: Deferred acquisition costs are paid before their amortization. Formula: multiply(base_2028q1_sales_led, base_2028q1_commission_rate).
Cash taxes base_2028q1_tax_cash	2028Q1 / base	9.00 USD_millions	assumption: Desk assumption; not management guidance.
Receivable and other working-capital cash use base_2028q1_receivable_use	2028Q1 / base	-230.00 USD_millions	assumption: Desk seasonal collections assumption. Base FY2027 Q4 is calibrated near the annual adjusted-FCF guide, not an independently reported cash target.
Restructuring cash payment base_2028q1_restruct_payment	2028Q1 / base	0.00 USD_millions	assumption: Remaining $6.919M reserve plus modeled $3.58M new expense; total cash includes reported $0.015M FX reserve adjustment.
Operating cash uses base_2028q1_cash_uses	2028Q1 / base	-177.71 USD_millions	derived: No second GAAP charge for payment of an existing reserve. Formula: sum(base_2028q1_commission_cash, base_2028q1_senior_interest, base_2028q1_tax_cash, base_2028q1_receivable_use, base_2028q1_restruct_payment).
Operating cash flow base_2028q1_cfo	2028Q1 / base	189.11 USD_millions	derived: After debt interest, acquisition-related operating costs and severance. Formula: subtract(base_2028q1_cash_before_uses, base_2028q1_cash_uses).
PP&E cash purchases base_2028q1_capex	2028Q1 / base	1.05 USD_millions	assumption: Desk assumption; not management guidance.
CFO less PP&E after interest base_2028q1_fcf	2028Q1 / base	188.06 USD_millions	derived: Cash measure after debt interest. Formula: subtract(base_2028q1_cfo, base_2028q1_capex).
FCF with senior-note interest added back base_2028q1_interest_added_fcf	2028Q1 / base	199.92 USD_millions	derived: Matches Q1 mechanical interest adjustment; retains modeled restructuring operating cash. Formula: sum(base_2028q1_fcf, base_2028q1_senior_interest).
Acquisition payment timing base_2028q1_purchase_due	2028Q1 / base	0.0% ratio	assumption: Desk assumption; not management guidance.
Deductive AI cash purchase base_2028q1_acquisition_cash	2028Q1 / base	0.00 USD_millions	derived: August closed transaction paid once, approximately $70M before undisclosed cash acquired/closing adjustments. Formula: multiply(deductive_cash, base_2028q1_purchase_due).
Cash after PP&E and acquisition base_2028q1_cash_after_acquisition	2028Q1 / base	188.06 USD_millions	derived: Before discretionary buybacks and financing; acquisition proceeds never enter operating revenue. Formula: subtract(base_2028q1_fcf, base_2028q1_acquisition_cash).
Prior-year annual_cloud base_2028q2_annual_cloud_prior_year	2028Q2 / base	834.00 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_annual_cloud, base_2027q2_annual_cloud, base_2027q3_annual_cloud, base_2027q4_annual_cloud).
annual_cloud annual multiplier base_2028q2_annual_cloud_growth	2028Q2 / base	132.0% ratio	assumption: Desk assumption; not management guidance.
annual_cloud quarter share base_2028q2_annual_cloud_share	2028Q2 / base	24.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 annual_cloud base_2028q2_annual_cloud	2028Q2 / base	269.72 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(base_2028q2_annual_cloud_prior_year, base_2028q2_annual_cloud_growth, base_2028q2_annual_cloud_share).
Prior-year other_subscription base_2028q2_other_subscription_prior_year	2028Q2 / base	854.00 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_other_subscription, base_2027q2_other_subscription, base_2027q3_other_subscription, base_2027q4_other_subscription).
other_subscription annual multiplier base_2028q2_other_subscription_growth	2028Q2 / base	112.0% ratio	assumption: Desk assumption; not management guidance.
other_subscription quarter share base_2028q2_other_subscription_share	2028Q2 / base	24.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 other_subscription base_2028q2_other_subscription	2028Q2 / base	234.34 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(base_2028q2_other_subscription_prior_year, base_2028q2_other_subscription_growth, base_2028q2_other_subscription_share).
Prior-year monthly_cloud base_2028q2_monthly_cloud_prior_year	2028Q2 / base	203.70 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_monthly_cloud, base_2027q2_monthly_cloud, base_2027q3_monthly_cloud, base_2027q4_monthly_cloud).
monthly_cloud annual multiplier base_2028q2_monthly_cloud_growth	2028Q2 / base	106.0% ratio	assumption: Desk assumption; not management guidance.
monthly_cloud quarter share base_2028q2_monthly_cloud_share	2028Q2 / base	24.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 monthly_cloud base_2028q2_monthly_cloud	2028Q2 / base	52.90 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(base_2028q2_monthly_cloud_prior_year, base_2028q2_monthly_cloud_growth, base_2028q2_monthly_cloud_share).
Prior-year services base_2028q2_services_prior_year	2028Q2 / base	112.30 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_services, base_2027q2_services, base_2027q3_services, base_2027q4_services).
services annual multiplier base_2028q2_services_growth	2028Q2 / base	108.0% ratio	assumption: Desk assumption; not management guidance.
services quarter share base_2028q2_services_share	2028Q2 / base	24.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 services base_2028q2_services	2028Q2 / base	29.71 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(base_2028q2_services_prior_year, base_2028q2_services_growth, base_2028q2_services_share).
Sales-led subscription base_2028q2_sales_led	2028Q2 / base	504.05 USD_millions	derived: Annual Cloud plus other subscription only. Formula: sum(base_2028q2_annual_cloud, base_2028q2_other_subscription).
Total revenue base_2028q2_revenue	2028Q2 / base	586.67 USD_millions	derived: No added RPO or separate AI-product headline. Formula: sum(base_2028q2_sales_led, base_2028q2_monthly_cloud, base_2028q2_services).
Non-GAAP operating margin base_2028q2_ng_margin	2028Q2 / base	20.4% ratio	assumption: Desk assumption; not management guidance.
Non-GAAP operating income base_2028q2_non_gaap_op	2028Q2 / base	119.68 USD_millions	derived: Q2 base uses 19%; future leverage is a desk assumption. Formula: multiply(base_2028q2_revenue, base_2028q2_ng_margin).
GAAP gross margin base_2028q2_gross_margin	2028Q2 / base	75.4% ratio	assumption: Desk assumption; not management guidance.
GAAP gross profit proxy base_2028q2_gross_profit	2028Q2 / base	442.35 USD_millions	derived: Cloud infrastructure and services delivery costs remain included. Formula: multiply(base_2028q2_revenue, base_2028q2_gross_margin).
Ordinary stock compensation base_2028q2_sbc	2028Q2 / base	83.00 USD_millions	assumption: Desk assumption; not management guidance.
Acquired intangible amortization base_2028q2_amort	2028Q2 / base	3.50 USD_millions	assumption: Desk provisional amount after Deductive; allocation not complete in August filing.
New restructuring expense base_2028q2_restruct_expense	2028Q2 / base	0.00 USD_millions	assumption: Desk remaining recognition to $23.5M program expense; H1 reserve cash is separate.
Employer cash tax on equity awards base_2028q2_payroll_tax	2028Q2 / base	3.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash acquisition/integration expense base_2028q2_acquisition_expense	2028Q2 / base	0.50 USD_millions	assumption: Desk assumption; not management guidance.
Excluded GAAP costs base_2028q2_excluded_costs	2028Q2 / base	90.00 USD_millions	derived: Payroll tax and acquisition expense are cash costs, not noncash SBC. Formula: sum(base_2028q2_sbc, base_2028q2_amort, base_2028q2_restruct_expense, base_2028q2_payroll_tax, base_2028q2_acquisition_expense).
GAAP operating income proxy base_2028q2_operating_income	2028Q2 / base	29.68 USD_millions	derived: Base remains positive after Q1, consistent with directional GAAP guidance. Formula: subtract(base_2028q2_non_gaap_op, base_2028q2_excluded_costs).
Other depreciation and amortization base_2028q2_other_da	2028Q2 / base	1.30 USD_millions	assumption: Desk assumption; not management guidance.
Contract commission amortization base_2028q2_commission_amort	2028Q2 / base	37.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash interest income base_2028q2_interest_income	2028Q2 / base	13.00 USD_millions	assumption: Desk assumption; not management guidance.
Net deferred revenue funding base_2028q2_deferred_funding	2028Q2 / base	30.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash before cash uses base_2028q2_cash_before_uses	2028Q2 / base	197.48 USD_millions	derived: Reverse only noncash costs and restructuring accrual; actual severance payments follow below. Formula: sum(base_2028q2_operating_income, base_2028q2_sbc, base_2028q2_amort, base_2028q2_other_da, base_2028q2_restruct_expense, base_2028q2_commission_amort, base_2028q2_interest_income, base_2028q2_deferred_funding).
Coupon payment in quarter base_2028q2_coupon_due	2028Q2 / base	0.0% ratio	assumption: Desk assumption; not management guidance.
Senior-note cash interest base_2028q2_senior_interest	2028Q2 / base	0.00 USD_millions	derived: January and July contractual payments, not flat quarterly cash. Formula: multiply(coupon_payment, base_2028q2_coupon_due).
Commission cash / sales-led revenue base_2028q2_commission_rate	2028Q2 / base	6.5% ratio	assumption: Desk assumption; not management guidance.
Contract acquisition cash base_2028q2_commission_cash	2028Q2 / base	32.76 USD_millions	derived: Deferred acquisition costs are paid before their amortization. Formula: multiply(base_2028q2_sales_led, base_2028q2_commission_rate).
Cash taxes base_2028q2_tax_cash	2028Q2 / base	10.00 USD_millions	assumption: Desk assumption; not management guidance.
Receivable and other working-capital cash use base_2028q2_receivable_use	2028Q2 / base	30.00 USD_millions	assumption: Desk seasonal collections assumption. Base FY2027 Q4 is calibrated near the annual adjusted-FCF guide, not an independently reported cash target.
Restructuring cash payment base_2028q2_restruct_payment	2028Q2 / base	0.00 USD_millions	assumption: Remaining $6.919M reserve plus modeled $3.58M new expense; total cash includes reported $0.015M FX reserve adjustment.
Operating cash uses base_2028q2_cash_uses	2028Q2 / base	72.76 USD_millions	derived: No second GAAP charge for payment of an existing reserve. Formula: sum(base_2028q2_commission_cash, base_2028q2_senior_interest, base_2028q2_tax_cash, base_2028q2_receivable_use, base_2028q2_restruct_payment).
Operating cash flow base_2028q2_cfo	2028Q2 / base	124.72 USD_millions	derived: After debt interest, acquisition-related operating costs and severance. Formula: subtract(base_2028q2_cash_before_uses, base_2028q2_cash_uses).
PP&E cash purchases base_2028q2_capex	2028Q2 / base	1.15 USD_millions	assumption: Desk assumption; not management guidance.
CFO less PP&E after interest base_2028q2_fcf	2028Q2 / base	123.57 USD_millions	derived: Cash measure after debt interest. Formula: subtract(base_2028q2_cfo, base_2028q2_capex).
FCF with senior-note interest added back base_2028q2_interest_added_fcf	2028Q2 / base	123.57 USD_millions	derived: Matches Q1 mechanical interest adjustment; retains modeled restructuring operating cash. Formula: sum(base_2028q2_fcf, base_2028q2_senior_interest).
Acquisition payment timing base_2028q2_purchase_due	2028Q2 / base	0.0% ratio	assumption: Desk assumption; not management guidance.
Deductive AI cash purchase base_2028q2_acquisition_cash	2028Q2 / base	0.00 USD_millions	derived: August closed transaction paid once, approximately $70M before undisclosed cash acquired/closing adjustments. Formula: multiply(deductive_cash, base_2028q2_purchase_due).
Cash after PP&E and acquisition base_2028q2_cash_after_acquisition	2028Q2 / base	123.57 USD_millions	derived: Before discretionary buybacks and financing; acquisition proceeds never enter operating revenue. Formula: subtract(base_2028q2_fcf, base_2028q2_acquisition_cash).
Prior-year annual_cloud base_2028q3_annual_cloud_prior_year	2028Q3 / base	834.00 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_annual_cloud, base_2027q2_annual_cloud, base_2027q3_annual_cloud, base_2027q4_annual_cloud).
annual_cloud annual multiplier base_2028q3_annual_cloud_growth	2028Q3 / base	132.0% ratio	assumption: Desk assumption; not management guidance.
annual_cloud quarter share base_2028q3_annual_cloud_share	2028Q3 / base	25.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 annual_cloud base_2028q3_annual_cloud	2028Q3 / base	280.73 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(base_2028q3_annual_cloud_prior_year, base_2028q3_annual_cloud_growth, base_2028q3_annual_cloud_share).
Prior-year other_subscription base_2028q3_other_subscription_prior_year	2028Q3 / base	854.00 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_other_subscription, base_2027q2_other_subscription, base_2027q3_other_subscription, base_2027q4_other_subscription).
other_subscription annual multiplier base_2028q3_other_subscription_growth	2028Q3 / base	112.0% ratio	assumption: Desk assumption; not management guidance.
other_subscription quarter share base_2028q3_other_subscription_share	2028Q3 / base	25.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 other_subscription base_2028q3_other_subscription	2028Q3 / base	243.90 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(base_2028q3_other_subscription_prior_year, base_2028q3_other_subscription_growth, base_2028q3_other_subscription_share).
Prior-year monthly_cloud base_2028q3_monthly_cloud_prior_year	2028Q3 / base	203.70 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_monthly_cloud, base_2027q2_monthly_cloud, base_2027q3_monthly_cloud, base_2027q4_monthly_cloud).
monthly_cloud annual multiplier base_2028q3_monthly_cloud_growth	2028Q3 / base	106.0% ratio	assumption: Desk assumption; not management guidance.
monthly_cloud quarter share base_2028q3_monthly_cloud_share	2028Q3 / base	25.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 monthly_cloud base_2028q3_monthly_cloud	2028Q3 / base	55.06 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(base_2028q3_monthly_cloud_prior_year, base_2028q3_monthly_cloud_growth, base_2028q3_monthly_cloud_share).
Prior-year services base_2028q3_services_prior_year	2028Q3 / base	112.30 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_services, base_2027q2_services, base_2027q3_services, base_2027q4_services).
services annual multiplier base_2028q3_services_growth	2028Q3 / base	108.0% ratio	assumption: Desk assumption; not management guidance.
services quarter share base_2028q3_services_share	2028Q3 / base	25.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 services base_2028q3_services	2028Q3 / base	30.93 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(base_2028q3_services_prior_year, base_2028q3_services_growth, base_2028q3_services_share).
Sales-led subscription base_2028q3_sales_led	2028Q3 / base	524.63 USD_millions	derived: Annual Cloud plus other subscription only. Formula: sum(base_2028q3_annual_cloud, base_2028q3_other_subscription).
Total revenue base_2028q3_revenue	2028Q3 / base	610.61 USD_millions	derived: No added RPO or separate AI-product headline. Formula: sum(base_2028q3_sales_led, base_2028q3_monthly_cloud, base_2028q3_services).
Non-GAAP operating margin base_2028q3_ng_margin	2028Q3 / base	20.4% ratio	assumption: Desk assumption; not management guidance.
Non-GAAP operating income base_2028q3_non_gaap_op	2028Q3 / base	124.57 USD_millions	derived: Q2 base uses 19%; future leverage is a desk assumption. Formula: multiply(base_2028q3_revenue, base_2028q3_ng_margin).
GAAP gross margin base_2028q3_gross_margin	2028Q3 / base	75.5% ratio	assumption: Desk assumption; not management guidance.
GAAP gross profit proxy base_2028q3_gross_profit	2028Q3 / base	461.32 USD_millions	derived: Cloud infrastructure and services delivery costs remain included. Formula: multiply(base_2028q3_revenue, base_2028q3_gross_margin).
Ordinary stock compensation base_2028q3_sbc	2028Q3 / base	85.00 USD_millions	assumption: Desk assumption; not management guidance.
Acquired intangible amortization base_2028q3_amort	2028Q3 / base	3.50 USD_millions	assumption: Desk provisional amount after Deductive; allocation not complete in August filing.
New restructuring expense base_2028q3_restruct_expense	2028Q3 / base	0.00 USD_millions	assumption: Desk remaining recognition to $23.5M program expense; H1 reserve cash is separate.
Employer cash tax on equity awards base_2028q3_payroll_tax	2028Q3 / base	3.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash acquisition/integration expense base_2028q3_acquisition_expense	2028Q3 / base	0.50 USD_millions	assumption: Desk assumption; not management guidance.
Excluded GAAP costs base_2028q3_excluded_costs	2028Q3 / base	92.00 USD_millions	derived: Payroll tax and acquisition expense are cash costs, not noncash SBC. Formula: sum(base_2028q3_sbc, base_2028q3_amort, base_2028q3_restruct_expense, base_2028q3_payroll_tax, base_2028q3_acquisition_expense).
GAAP operating income proxy base_2028q3_operating_income	2028Q3 / base	32.57 USD_millions	derived: Base remains positive after Q1, consistent with directional GAAP guidance. Formula: subtract(base_2028q3_non_gaap_op, base_2028q3_excluded_costs).
Other depreciation and amortization base_2028q3_other_da	2028Q3 / base	1.50 USD_millions	assumption: Desk assumption; not management guidance.
Contract commission amortization base_2028q3_commission_amort	2028Q3 / base	38.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash interest income base_2028q3_interest_income	2028Q3 / base	13.00 USD_millions	assumption: Desk assumption; not management guidance.
Net deferred revenue funding base_2028q3_deferred_funding	2028Q3 / base	80.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash before cash uses base_2028q3_cash_before_uses	2028Q3 / base	253.57 USD_millions	derived: Reverse only noncash costs and restructuring accrual; actual severance payments follow below. Formula: sum(base_2028q3_operating_income, base_2028q3_sbc, base_2028q3_amort, base_2028q3_other_da, base_2028q3_restruct_expense, base_2028q3_commission_amort, base_2028q3_interest_income, base_2028q3_deferred_funding).
Coupon payment in quarter base_2028q3_coupon_due	2028Q3 / base	100.0% ratio	assumption: Desk assumption; not management guidance.
Senior-note cash interest base_2028q3_senior_interest	2028Q3 / base	11.86 USD_millions	derived: January and July contractual payments, not flat quarterly cash. Formula: multiply(coupon_payment, base_2028q3_coupon_due).
Commission cash / sales-led revenue base_2028q3_commission_rate	2028Q3 / base	6.5% ratio	assumption: Desk assumption; not management guidance.
Contract acquisition cash base_2028q3_commission_cash	2028Q3 / base	34.10 USD_millions	derived: Deferred acquisition costs are paid before their amortization. Formula: multiply(base_2028q3_sales_led, base_2028q3_commission_rate).
Cash taxes base_2028q3_tax_cash	2028Q3 / base	11.00 USD_millions	assumption: Desk assumption; not management guidance.
Receivable and other working-capital cash use base_2028q3_receivable_use	2028Q3 / base	75.00 USD_millions	assumption: Desk seasonal collections assumption. Base FY2027 Q4 is calibrated near the annual adjusted-FCF guide, not an independently reported cash target.
Restructuring cash payment base_2028q3_restruct_payment	2028Q3 / base	0.00 USD_millions	assumption: Remaining $6.919M reserve plus modeled $3.58M new expense; total cash includes reported $0.015M FX reserve adjustment.
Operating cash uses base_2028q3_cash_uses	2028Q3 / base	131.96 USD_millions	derived: No second GAAP charge for payment of an existing reserve. Formula: sum(base_2028q3_commission_cash, base_2028q3_senior_interest, base_2028q3_tax_cash, base_2028q3_receivable_use, base_2028q3_restruct_payment).
Operating cash flow base_2028q3_cfo	2028Q3 / base	121.61 USD_millions	derived: After debt interest, acquisition-related operating costs and severance. Formula: subtract(base_2028q3_cash_before_uses, base_2028q3_cash_uses).
PP&E cash purchases base_2028q3_capex	2028Q3 / base	1.25 USD_millions	assumption: Desk assumption; not management guidance.
CFO less PP&E after interest base_2028q3_fcf	2028Q3 / base	120.36 USD_millions	derived: Cash measure after debt interest. Formula: subtract(base_2028q3_cfo, base_2028q3_capex).
FCF with senior-note interest added back base_2028q3_interest_added_fcf	2028Q3 / base	132.21 USD_millions	derived: Matches Q1 mechanical interest adjustment; retains modeled restructuring operating cash. Formula: sum(base_2028q3_fcf, base_2028q3_senior_interest).
Acquisition payment timing base_2028q3_purchase_due	2028Q3 / base	0.0% ratio	assumption: Desk assumption; not management guidance.
Deductive AI cash purchase base_2028q3_acquisition_cash	2028Q3 / base	0.00 USD_millions	derived: August closed transaction paid once, approximately $70M before undisclosed cash acquired/closing adjustments. Formula: multiply(deductive_cash, base_2028q3_purchase_due).
Cash after PP&E and acquisition base_2028q3_cash_after_acquisition	2028Q3 / base	120.36 USD_millions	derived: Before discretionary buybacks and financing; acquisition proceeds never enter operating revenue. Formula: subtract(base_2028q3_fcf, base_2028q3_acquisition_cash).
Prior-year annual_cloud base_2028q4_annual_cloud_prior_year	2028Q4 / base	834.00 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_annual_cloud, base_2027q2_annual_cloud, base_2027q3_annual_cloud, base_2027q4_annual_cloud).
annual_cloud annual multiplier base_2028q4_annual_cloud_growth	2028Q4 / base	132.0% ratio	assumption: Desk assumption; not management guidance.
annual_cloud quarter share base_2028q4_annual_cloud_share	2028Q4 / base	26.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 annual_cloud base_2028q4_annual_cloud	2028Q4 / base	291.73 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(base_2028q4_annual_cloud_prior_year, base_2028q4_annual_cloud_growth, base_2028q4_annual_cloud_share).
Prior-year other_subscription base_2028q4_other_subscription_prior_year	2028Q4 / base	854.00 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_other_subscription, base_2027q2_other_subscription, base_2027q3_other_subscription, base_2027q4_other_subscription).
other_subscription annual multiplier base_2028q4_other_subscription_growth	2028Q4 / base	112.0% ratio	assumption: Desk assumption; not management guidance.
other_subscription quarter share base_2028q4_other_subscription_share	2028Q4 / base	26.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 other_subscription base_2028q4_other_subscription	2028Q4 / base	253.47 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(base_2028q4_other_subscription_prior_year, base_2028q4_other_subscription_growth, base_2028q4_other_subscription_share).
Prior-year monthly_cloud base_2028q4_monthly_cloud_prior_year	2028Q4 / base	203.70 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_monthly_cloud, base_2027q2_monthly_cloud, base_2027q3_monthly_cloud, base_2027q4_monthly_cloud).
monthly_cloud annual multiplier base_2028q4_monthly_cloud_growth	2028Q4 / base	106.0% ratio	assumption: Desk assumption; not management guidance.
monthly_cloud quarter share base_2028q4_monthly_cloud_share	2028Q4 / base	26.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 monthly_cloud base_2028q4_monthly_cloud	2028Q4 / base	57.22 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(base_2028q4_monthly_cloud_prior_year, base_2028q4_monthly_cloud_growth, base_2028q4_monthly_cloud_share).
Prior-year services base_2028q4_services_prior_year	2028Q4 / base	112.30 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_services, base_2027q2_services, base_2027q3_services, base_2027q4_services).
services annual multiplier base_2028q4_services_growth	2028Q4 / base	108.0% ratio	assumption: Desk assumption; not management guidance.
services quarter share base_2028q4_services_share	2028Q4 / base	26.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 services base_2028q4_services	2028Q4 / base	32.14 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(base_2028q4_services_prior_year, base_2028q4_services_growth, base_2028q4_services_share).
Sales-led subscription base_2028q4_sales_led	2028Q4 / base	545.20 USD_millions	derived: Annual Cloud plus other subscription only. Formula: sum(base_2028q4_annual_cloud, base_2028q4_other_subscription).
Total revenue base_2028q4_revenue	2028Q4 / base	634.56 USD_millions	derived: No added RPO or separate AI-product headline. Formula: sum(base_2028q4_sales_led, base_2028q4_monthly_cloud, base_2028q4_services).
Non-GAAP operating margin base_2028q4_ng_margin	2028Q4 / base	20.4% ratio	assumption: Desk assumption; not management guidance.
Non-GAAP operating income base_2028q4_non_gaap_op	2028Q4 / base	129.45 USD_millions	derived: Q2 base uses 19%; future leverage is a desk assumption. Formula: multiply(base_2028q4_revenue, base_2028q4_ng_margin).
GAAP gross margin base_2028q4_gross_margin	2028Q4 / base	75.7% ratio	assumption: Desk assumption; not management guidance.
GAAP gross profit proxy base_2028q4_gross_profit	2028Q4 / base	480.36 USD_millions	derived: Cloud infrastructure and services delivery costs remain included. Formula: multiply(base_2028q4_revenue, base_2028q4_gross_margin).
Ordinary stock compensation base_2028q4_sbc	2028Q4 / base	87.00 USD_millions	assumption: Desk assumption; not management guidance.
Acquired intangible amortization base_2028q4_amort	2028Q4 / base	3.50 USD_millions	assumption: Desk provisional amount after Deductive; allocation not complete in August filing.
New restructuring expense base_2028q4_restruct_expense	2028Q4 / base	0.00 USD_millions	assumption: Desk remaining recognition to $23.5M program expense; H1 reserve cash is separate.
Employer cash tax on equity awards base_2028q4_payroll_tax	2028Q4 / base	3.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash acquisition/integration expense base_2028q4_acquisition_expense	2028Q4 / base	0.50 USD_millions	assumption: Desk assumption; not management guidance.
Excluded GAAP costs base_2028q4_excluded_costs	2028Q4 / base	94.00 USD_millions	derived: Payroll tax and acquisition expense are cash costs, not noncash SBC. Formula: sum(base_2028q4_sbc, base_2028q4_amort, base_2028q4_restruct_expense, base_2028q4_payroll_tax, base_2028q4_acquisition_expense).
GAAP operating income proxy base_2028q4_operating_income	2028Q4 / base	35.45 USD_millions	derived: Base remains positive after Q1, consistent with directional GAAP guidance. Formula: subtract(base_2028q4_non_gaap_op, base_2028q4_excluded_costs).
Other depreciation and amortization base_2028q4_other_da	2028Q4 / base	1.70 USD_millions	assumption: Desk assumption; not management guidance.
Contract commission amortization base_2028q4_commission_amort	2028Q4 / base	39.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash interest income base_2028q4_interest_income	2028Q4 / base	13.00 USD_millions	assumption: Desk assumption; not management guidance.
Net deferred revenue funding base_2028q4_deferred_funding	2028Q4 / base	210.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash before cash uses base_2028q4_cash_before_uses	2028Q4 / base	389.65 USD_millions	derived: Reverse only noncash costs and restructuring accrual; actual severance payments follow below. Formula: sum(base_2028q4_operating_income, base_2028q4_sbc, base_2028q4_amort, base_2028q4_other_da, base_2028q4_restruct_expense, base_2028q4_commission_amort, base_2028q4_interest_income, base_2028q4_deferred_funding).
Coupon payment in quarter base_2028q4_coupon_due	2028Q4 / base	0.0% ratio	assumption: Desk assumption; not management guidance.
Senior-note cash interest base_2028q4_senior_interest	2028Q4 / base	0.00 USD_millions	derived: January and July contractual payments, not flat quarterly cash. Formula: multiply(coupon_payment, base_2028q4_coupon_due).
Commission cash / sales-led revenue base_2028q4_commission_rate	2028Q4 / base	6.5% ratio	assumption: Desk assumption; not management guidance.
Contract acquisition cash base_2028q4_commission_cash	2028Q4 / base	35.44 USD_millions	derived: Deferred acquisition costs are paid before their amortization. Formula: multiply(base_2028q4_sales_led, base_2028q4_commission_rate).
Cash taxes base_2028q4_tax_cash	2028Q4 / base	12.00 USD_millions	assumption: Desk assumption; not management guidance.
Receivable and other working-capital cash use base_2028q4_receivable_use	2028Q4 / base	190.00 USD_millions	assumption: Desk seasonal collections assumption. Base FY2027 Q4 is calibrated near the annual adjusted-FCF guide, not an independently reported cash target.
Restructuring cash payment base_2028q4_restruct_payment	2028Q4 / base	0.00 USD_millions	assumption: Remaining $6.919M reserve plus modeled $3.58M new expense; total cash includes reported $0.015M FX reserve adjustment.
Operating cash uses base_2028q4_cash_uses	2028Q4 / base	237.44 USD_millions	derived: No second GAAP charge for payment of an existing reserve. Formula: sum(base_2028q4_commission_cash, base_2028q4_senior_interest, base_2028q4_tax_cash, base_2028q4_receivable_use, base_2028q4_restruct_payment).
Operating cash flow base_2028q4_cfo	2028Q4 / base	152.21 USD_millions	derived: After debt interest, acquisition-related operating costs and severance. Formula: subtract(base_2028q4_cash_before_uses, base_2028q4_cash_uses).
PP&E cash purchases base_2028q4_capex	2028Q4 / base	1.35 USD_millions	assumption: Desk assumption; not management guidance.
CFO less PP&E after interest base_2028q4_fcf	2028Q4 / base	150.86 USD_millions	derived: Cash measure after debt interest. Formula: subtract(base_2028q4_cfo, base_2028q4_capex).
FCF with senior-note interest added back base_2028q4_interest_added_fcf	2028Q4 / base	150.86 USD_millions	derived: Matches Q1 mechanical interest adjustment; retains modeled restructuring operating cash. Formula: sum(base_2028q4_fcf, base_2028q4_senior_interest).
Acquisition payment timing base_2028q4_purchase_due	2028Q4 / base	0.0% ratio	assumption: Desk assumption; not management guidance.
Deductive AI cash purchase base_2028q4_acquisition_cash	2028Q4 / base	0.00 USD_millions	derived: August closed transaction paid once, approximately $70M before undisclosed cash acquired/closing adjustments. Formula: multiply(deductive_cash, base_2028q4_purchase_due).
Cash after PP&E and acquisition base_2028q4_cash_after_acquisition	2028Q4 / base	150.86 USD_millions	derived: Before discretionary buybacks and financing; acquisition proceeds never enter operating revenue. Formula: subtract(base_2028q4_fcf, base_2028q4_acquisition_cash).
Revenue ($M) base_fy2027_revenue	FY2027 / base	2,004.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_revenue, base_2027q2_revenue, base_2027q3_revenue, base_2027q4_revenue).
Sales-led subscription revenue ($M) base_fy2027_sales_led	FY2027 / base	1,688.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_sales_led, base_2027q2_sales_led, base_2027q3_sales_led, base_2027q4_sales_led).
Monthly Cloud revenue ($M) base_fy2027_monthly_cloud	FY2027 / base	203.70 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_monthly_cloud, base_2027q2_monthly_cloud, base_2027q3_monthly_cloud, base_2027q4_monthly_cloud).
Services revenue ($M) base_fy2027_services	FY2027 / base	112.30 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_services, base_2027q2_services, base_2027q3_services, base_2027q4_services).
GAAP gross profit proxy ($M) base_fy2027_gross_profit	FY2027 / base	1,499.91 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_gross_profit, base_2027q2_gross_profit, base_2027q3_gross_profit, base_2027q4_gross_profit).
Non-GAAP operating income ($M) base_fy2027_non_gaap_op	FY2027 / base	388.78 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_non_gaap_op, base_2027q2_non_gaap_op, base_2027q3_non_gaap_op, base_2027q4_non_gaap_op).
GAAP operating income proxy ($M) base_fy2027_operating_income	FY2027 / base	31.36 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_operating_income, base_2027q2_operating_income, base_2027q3_operating_income, base_2027q4_operating_income).
Operating cash flow ($M) base_fy2027_cfo	FY2027 / base	409.94 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_cfo, base_2027q2_cfo, base_2027q3_cfo, base_2027q4_cfo).
PP&E cash purchases ($M) base_fy2027_capex	FY2027 / base	3.14 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_capex, base_2027q2_capex, base_2027q3_capex, base_2027q4_capex).
CFO less PP&E after interest ($M) base_fy2027_fcf	FY2027 / base	406.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_fcf, base_2027q2_fcf, base_2027q3_fcf, base_2027q4_fcf).
FCF with senior-note interest added back ($M) base_fy2027_interest_added_fcf	FY2027 / base	430.52 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_interest_added_fcf, base_2027q2_interest_added_fcf, base_2027q3_interest_added_fcf, base_2027q4_interest_added_fcf).
Cash after PP&E and acquisition ($M) base_fy2027_cash_after_acquisition	FY2027 / base	336.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_cash_after_acquisition, base_2027q2_cash_after_acquisition, base_2027q3_cash_after_acquisition, base_2027q4_cash_after_acquisition).
Revenue ($M) base_fy2028_revenue	FY2028 / base	2,394.57 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).
Sales-led subscription revenue ($M) base_fy2028_sales_led	FY2028 / base	2,057.36 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_sales_led, base_2028q2_sales_led, base_2028q3_sales_led, base_2028q4_sales_led).
Monthly Cloud revenue ($M) base_fy2028_monthly_cloud	FY2028 / base	215.92 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_monthly_cloud, base_2028q2_monthly_cloud, base_2028q3_monthly_cloud, base_2028q4_monthly_cloud).
Services revenue ($M) base_fy2028_services	FY2028 / base	121.28 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_services, base_2028q2_services, base_2028q3_services, base_2028q4_services).
GAAP gross profit proxy ($M) base_fy2028_gross_profit	FY2028 / base	1,807.48 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_gross_profit, base_2028q2_gross_profit, base_2028q3_gross_profit, base_2028q4_gross_profit).
Non-GAAP operating income ($M) base_fy2028_non_gaap_op	FY2028 / base	488.49 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_non_gaap_op, base_2028q2_non_gaap_op, base_2028q3_non_gaap_op, base_2028q4_non_gaap_op).
GAAP operating income proxy ($M) base_fy2028_operating_income	FY2028 / base	124.49 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 ($M) base_fy2028_cfo	FY2028 / base	587.64 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_cfo, base_2028q2_cfo, base_2028q3_cfo, base_2028q4_cfo).
PP&E cash purchases ($M) base_fy2028_capex	FY2028 / base	4.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_capex, base_2028q2_capex, base_2028q3_capex, base_2028q4_capex).
CFO less PP&E after interest ($M) base_fy2028_fcf	FY2028 / base	582.84 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_fcf, base_2028q2_fcf, base_2028q3_fcf, base_2028q4_fcf).
FCF with senior-note interest added back ($M) base_fy2028_interest_added_fcf	FY2028 / base	606.56 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_interest_added_fcf, base_2028q2_interest_added_fcf, base_2028q3_interest_added_fcf, base_2028q4_interest_added_fcf).
Cash after PP&E and acquisition ($M) base_fy2028_cash_after_acquisition	FY2028 / base	582.84 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_cash_after_acquisition, base_2028q2_cash_after_acquisition, base_2028q3_cash_after_acquisition, base_2028q4_cash_after_acquisition).
FY2027 delivery / guide upside_delivery	FY2027 / upside	103.5% ratio	assumption: Desk revenue sensitivity.
FY2027 revenue upside_annual_revenue_target	FY2027 / upside	2,074.14 USD_millions	derived: Management midpoint times delivery sensitivity. Formula: multiply(annual_guide, upside_delivery).
FY2027 sales_led upside_annual_sales_led_target	FY2027 / upside	1,747.08 USD_millions	derived: Management midpoint times delivery sensitivity. Formula: multiply(annual_sales_guide, upside_delivery).
Annual non-GAAP operating margin upside_annual_margin	FY2027 / upside	21.0% ratio	assumption: Base aligns with approximately 19.4% outlook.
FY2027 non-GAAP operating income upside_annual_non_gaap_target	FY2027 / upside	435.57 USD_millions	derived: Annual margin anchor; later FY2028 is a desk forecast. Formula: multiply(upside_annual_revenue_target, upside_annual_margin).
Annual Elastic Cloud revenue upside_2027q2_annual_cloud	2027Q2 / upside	205.96 USD_millions	assumption: Desk assumption; not management guidance.
Sales-led subscription upside_2027q2_sales_led	2027Q2 / upside	422.28 USD_millions	derived: Q2 guidance sensitivity. Formula: multiply(q2_sales_guide, upside_delivery).
Other subscription revenue upside_2027q2_other_subscription	2027Q2 / upside	216.31 USD_millions	derived: Sales-led includes both annual Cloud and self-managed/other subscription. Formula: subtract(upside_2027q2_sales_led, upside_2027q2_annual_cloud).
Monthly Elastic Cloud revenue upside_2027q2_monthly_cloud	2027Q2 / upside	52.27 USD_millions	assumption: Desk assumption; not management guidance.
Total revenue upside_2027q2_revenue	2027Q2 / upside	503.53 USD_millions	derived: Q2 consolidated guidance sensitivity. Formula: multiply(q2_guide, upside_delivery).
Total subscription upside_2027q2_subscription	2027Q2 / upside	474.55 USD_millions	derived: Nonoverlapping sales-led and Monthly Cloud. Formula: sum(upside_2027q2_sales_led, upside_2027q2_monthly_cloud).
Services revenue upside_2027q2_services	2027Q2 / upside	28.98 USD_millions	derived: Services residual within guidance; not a new product revenue forecast. Formula: subtract(upside_2027q2_revenue, upside_2027q2_subscription).
Non-GAAP operating margin upside_2027q2_ng_margin	2027Q2 / upside	20.0% ratio	assumption: Desk assumption; not management guidance.
Non-GAAP operating income upside_2027q2_non_gaap_op	2027Q2 / upside	100.71 USD_millions	derived: Q2 base uses 19%; future leverage is a desk assumption. Formula: multiply(upside_2027q2_revenue, upside_2027q2_ng_margin).
GAAP gross margin upside_2027q2_gross_margin	2027Q2 / upside	76.7% ratio	assumption: Desk assumption; not management guidance.
GAAP gross profit proxy upside_2027q2_gross_profit	2027Q2 / upside	386.21 USD_millions	derived: Cloud infrastructure and services delivery costs remain included. Formula: multiply(upside_2027q2_revenue, upside_2027q2_gross_margin).
Ordinary stock compensation upside_2027q2_sbc	2027Q2 / upside	76.00 USD_millions	assumption: Desk assumption; not management guidance.
Acquired intangible amortization upside_2027q2_amort	2027Q2 / upside	3.50 USD_millions	assumption: Desk provisional amount after Deductive; allocation not complete in August filing.
New restructuring expense upside_2027q2_restruct_expense	2027Q2 / upside	2.00 USD_millions	assumption: Desk remaining recognition to $23.5M program expense; H1 reserve cash is separate.
Employer cash tax on equity awards upside_2027q2_payroll_tax	2027Q2 / upside	3.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash acquisition/integration expense upside_2027q2_acquisition_expense	2027Q2 / upside	1.00 USD_millions	assumption: Desk assumption; not management guidance.
Excluded GAAP costs upside_2027q2_excluded_costs	2027Q2 / upside	85.50 USD_millions	derived: Payroll tax and acquisition expense are cash costs, not noncash SBC. Formula: sum(upside_2027q2_sbc, upside_2027q2_amort, upside_2027q2_restruct_expense, upside_2027q2_payroll_tax, upside_2027q2_acquisition_expense).
GAAP operating income proxy upside_2027q2_operating_income	2027Q2 / upside	15.21 USD_millions	derived: Base remains positive after Q1, consistent with directional GAAP guidance. Formula: subtract(upside_2027q2_non_gaap_op, upside_2027q2_excluded_costs).
Other depreciation and amortization upside_2027q2_other_da	2027Q2 / upside	0.50 USD_millions	assumption: Desk assumption; not management guidance.
Contract commission amortization upside_2027q2_commission_amort	2027Q2 / upside	33.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash interest income upside_2027q2_interest_income	2027Q2 / upside	13.00 USD_millions	assumption: Desk assumption; not management guidance.
Net deferred revenue funding upside_2027q2_deferred_funding	2027Q2 / upside	25.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash before cash uses upside_2027q2_cash_before_uses	2027Q2 / upside	168.21 USD_millions	derived: Reverse only noncash costs and restructuring accrual; actual severance payments follow below. Formula: sum(upside_2027q2_operating_income, upside_2027q2_sbc, upside_2027q2_amort, upside_2027q2_other_da, upside_2027q2_restruct_expense, upside_2027q2_commission_amort, upside_2027q2_interest_income, upside_2027q2_deferred_funding).
Coupon payment in quarter upside_2027q2_coupon_due	2027Q2 / upside	0.0% ratio	assumption: Desk assumption; not management guidance.
Senior-note cash interest upside_2027q2_senior_interest	2027Q2 / upside	0.00 USD_millions	derived: January and July contractual payments, not flat quarterly cash. Formula: multiply(coupon_payment, upside_2027q2_coupon_due).
Commission cash / sales-led revenue upside_2027q2_commission_rate	2027Q2 / upside	6.0% ratio	assumption: Desk assumption; not management guidance.
Contract acquisition cash upside_2027q2_commission_cash	2027Q2 / upside	25.34 USD_millions	derived: Deferred acquisition costs are paid before their amortization. Formula: multiply(upside_2027q2_sales_led, upside_2027q2_commission_rate).
Cash taxes upside_2027q2_tax_cash	2027Q2 / upside	6.00 USD_millions	assumption: Desk assumption; not management guidance.
Receivable and other working-capital cash use upside_2027q2_receivable_use	2027Q2 / upside	15.00 USD_millions	assumption: Desk seasonal collections assumption. Base FY2027 Q4 is calibrated near the annual adjusted-FCF guide, not an independently reported cash target.
Restructuring cash payment upside_2027q2_restruct_payment	2027Q2 / upside	8.50 USD_millions	assumption: Remaining $6.919M reserve plus modeled $3.58M new expense; total cash includes reported $0.015M FX reserve adjustment.
Operating cash uses upside_2027q2_cash_uses	2027Q2 / upside	54.84 USD_millions	derived: No second GAAP charge for payment of an existing reserve. Formula: sum(upside_2027q2_commission_cash, upside_2027q2_senior_interest, upside_2027q2_tax_cash, upside_2027q2_receivable_use, upside_2027q2_restruct_payment).
Operating cash flow upside_2027q2_cfo	2027Q2 / upside	113.37 USD_millions	derived: After debt interest, acquisition-related operating costs and severance. Formula: subtract(upside_2027q2_cash_before_uses, upside_2027q2_cash_uses).
PP&E cash purchases upside_2027q2_capex	2027Q2 / upside	0.75 USD_millions	assumption: Desk assumption; not management guidance.
CFO less PP&E after interest upside_2027q2_fcf	2027Q2 / upside	112.62 USD_millions	derived: Cash measure after debt interest. Formula: subtract(upside_2027q2_cfo, upside_2027q2_capex).
FCF with senior-note interest added back upside_2027q2_interest_added_fcf	2027Q2 / upside	112.62 USD_millions	derived: Matches Q1 mechanical interest adjustment; retains modeled restructuring operating cash. Formula: sum(upside_2027q2_fcf, upside_2027q2_senior_interest).
Acquisition payment timing upside_2027q2_purchase_due	2027Q2 / upside	100.0% ratio	assumption: Desk assumption; not management guidance.
Deductive AI cash purchase upside_2027q2_acquisition_cash	2027Q2 / upside	70.00 USD_millions	derived: August closed transaction paid once, approximately $70M before undisclosed cash acquired/closing adjustments. Formula: multiply(deductive_cash, upside_2027q2_purchase_due).
Cash after PP&E and acquisition upside_2027q2_cash_after_acquisition	2027Q2 / upside	42.62 USD_millions	derived: Before discretionary buybacks and financing; acquisition proceeds never enter operating revenue. Formula: subtract(upside_2027q2_fcf, upside_2027q2_acquisition_cash).
Annual Elastic Cloud revenue upside_2027q3_annual_cloud	2027Q3 / upside	222.52 USD_millions	assumption: Desk assumption; not management guidance.
Sales-led subscription upside_2027q3_sales_led	2027Q3 / upside	439.87 USD_millions	assumption: Desk assumption; not management guidance.
Other subscription revenue upside_2027q3_other_subscription	2027Q3 / upside	217.35 USD_millions	derived: Sales-led includes both annual Cloud and self-managed/other subscription. Formula: subtract(upside_2027q3_sales_led, upside_2027q3_annual_cloud).
Monthly Elastic Cloud revenue upside_2027q3_monthly_cloud	2027Q3 / upside	52.78 USD_millions	assumption: Desk assumption; not management guidance.
Total revenue upside_2027q3_revenue	2027Q3 / upside	522.16 USD_millions	assumption: Desk assumption; not management guidance.
Total subscription upside_2027q3_subscription	2027Q3 / upside	492.66 USD_millions	derived: Nonoverlapping sales-led and Monthly Cloud. Formula: sum(upside_2027q3_sales_led, upside_2027q3_monthly_cloud).
Services revenue upside_2027q3_services	2027Q3 / upside	29.50 USD_millions	derived: Services residual within guidance; not a new product revenue forecast. Formula: subtract(upside_2027q3_revenue, upside_2027q3_subscription).
Non-GAAP operating margin upside_2027q3_ng_margin	2027Q3 / upside	21.0% ratio	assumption: Desk assumption; not management guidance.
Non-GAAP operating income upside_2027q3_non_gaap_op	2027Q3 / upside	109.65 USD_millions	derived: Q2 base uses 19%; future leverage is a desk assumption. Formula: multiply(upside_2027q3_revenue, upside_2027q3_ng_margin).
GAAP gross margin upside_2027q3_gross_margin	2027Q3 / upside	76.8% ratio	assumption: Desk assumption; not management guidance.
GAAP gross profit proxy upside_2027q3_gross_profit	2027Q3 / upside	401.28 USD_millions	derived: Cloud infrastructure and services delivery costs remain included. Formula: multiply(upside_2027q3_revenue, upside_2027q3_gross_margin).
Ordinary stock compensation upside_2027q3_sbc	2027Q3 / upside	78.00 USD_millions	assumption: Desk assumption; not management guidance.
Acquired intangible amortization upside_2027q3_amort	2027Q3 / upside	3.50 USD_millions	assumption: Desk provisional amount after Deductive; allocation not complete in August filing.
New restructuring expense upside_2027q3_restruct_expense	2027Q3 / upside	1.58 USD_millions	assumption: Desk remaining recognition to $23.5M program expense; H1 reserve cash is separate.
Employer cash tax on equity awards upside_2027q3_payroll_tax	2027Q3 / upside	3.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash acquisition/integration expense upside_2027q3_acquisition_expense	2027Q3 / upside	1.00 USD_millions	assumption: Desk assumption; not management guidance.
Excluded GAAP costs upside_2027q3_excluded_costs	2027Q3 / upside	87.08 USD_millions	derived: Payroll tax and acquisition expense are cash costs, not noncash SBC. Formula: sum(upside_2027q3_sbc, upside_2027q3_amort, upside_2027q3_restruct_expense, upside_2027q3_payroll_tax, upside_2027q3_acquisition_expense).
GAAP operating income proxy upside_2027q3_operating_income	2027Q3 / upside	22.57 USD_millions	derived: Base remains positive after Q1, consistent with directional GAAP guidance. Formula: subtract(upside_2027q3_non_gaap_op, upside_2027q3_excluded_costs).
Other depreciation and amortization upside_2027q3_other_da	2027Q3 / upside	0.70 USD_millions	assumption: Desk assumption; not management guidance.
Contract commission amortization upside_2027q3_commission_amort	2027Q3 / upside	34.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash interest income upside_2027q3_interest_income	2027Q3 / upside	13.00 USD_millions	assumption: Desk assumption; not management guidance.
Net deferred revenue funding upside_2027q3_deferred_funding	2027Q3 / upside	70.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash before cash uses upside_2027q3_cash_before_uses	2027Q3 / upside	223.35 USD_millions	derived: Reverse only noncash costs and restructuring accrual; actual severance payments follow below. Formula: sum(upside_2027q3_operating_income, upside_2027q3_sbc, upside_2027q3_amort, upside_2027q3_other_da, upside_2027q3_restruct_expense, upside_2027q3_commission_amort, upside_2027q3_interest_income, upside_2027q3_deferred_funding).
Coupon payment in quarter upside_2027q3_coupon_due	2027Q3 / upside	100.0% ratio	assumption: Desk assumption; not management guidance.
Senior-note cash interest upside_2027q3_senior_interest	2027Q3 / upside	11.86 USD_millions	derived: January and July contractual payments, not flat quarterly cash. Formula: multiply(coupon_payment, upside_2027q3_coupon_due).
Commission cash / sales-led revenue upside_2027q3_commission_rate	2027Q3 / upside	6.0% ratio	assumption: Desk assumption; not management guidance.
Contract acquisition cash upside_2027q3_commission_cash	2027Q3 / upside	26.39 USD_millions	derived: Deferred acquisition costs are paid before their amortization. Formula: multiply(upside_2027q3_sales_led, upside_2027q3_commission_rate).
Cash taxes upside_2027q3_tax_cash	2027Q3 / upside	7.00 USD_millions	assumption: Desk assumption; not management guidance.
Receivable and other working-capital cash use upside_2027q3_receivable_use	2027Q3 / upside	55.00 USD_millions	assumption: Desk seasonal collections assumption. Base FY2027 Q4 is calibrated near the annual adjusted-FCF guide, not an independently reported cash target.
Restructuring cash payment upside_2027q3_restruct_payment	2027Q3 / upside	2.00 USD_millions	assumption: Remaining $6.919M reserve plus modeled $3.58M new expense; total cash includes reported $0.015M FX reserve adjustment.
Operating cash uses upside_2027q3_cash_uses	2027Q3 / upside	102.25 USD_millions	derived: No second GAAP charge for payment of an existing reserve. Formula: sum(upside_2027q3_commission_cash, upside_2027q3_senior_interest, upside_2027q3_tax_cash, upside_2027q3_receivable_use, upside_2027q3_restruct_payment).
Operating cash flow upside_2027q3_cfo	2027Q3 / upside	121.10 USD_millions	derived: After debt interest, acquisition-related operating costs and severance. Formula: subtract(upside_2027q3_cash_before_uses, upside_2027q3_cash_uses).
PP&E cash purchases upside_2027q3_capex	2027Q3 / upside	0.85 USD_millions	assumption: Desk assumption; not management guidance.
CFO less PP&E after interest upside_2027q3_fcf	2027Q3 / upside	120.25 USD_millions	derived: Cash measure after debt interest. Formula: subtract(upside_2027q3_cfo, upside_2027q3_capex).
FCF with senior-note interest added back upside_2027q3_interest_added_fcf	2027Q3 / upside	132.11 USD_millions	derived: Matches Q1 mechanical interest adjustment; retains modeled restructuring operating cash. Formula: sum(upside_2027q3_fcf, upside_2027q3_senior_interest).
Acquisition payment timing upside_2027q3_purchase_due	2027Q3 / upside	0.0% ratio	assumption: Desk assumption; not management guidance.
Deductive AI cash purchase upside_2027q3_acquisition_cash	2027Q3 / upside	0.00 USD_millions	derived: August closed transaction paid once, approximately $70M before undisclosed cash acquired/closing adjustments. Formula: multiply(deductive_cash, upside_2027q3_purchase_due).
Cash after PP&E and acquisition upside_2027q3_cash_after_acquisition	2027Q3 / upside	120.25 USD_millions	derived: Before discretionary buybacks and financing; acquisition proceeds never enter operating revenue. Formula: subtract(upside_2027q3_fcf, upside_2027q3_acquisition_cash).
Annual Elastic Cloud revenue upside_2027q4_annual_cloud	2027Q4 / upside	243.22 USD_millions	assumption: Desk assumption; not management guidance.
Q1 through Q3 sales-led upside_2027q4_prior_sales	2027Q4 / upside	1,260.69 USD_millions	derived: Reported Q1 and two forecast quarters. Formula: sum(q1_sales_led, upside_2027q2_sales_led, upside_2027q3_sales_led).
Sales-led subscription upside_2027q4_sales_led	2027Q4 / upside	486.39 USD_millions	derived: Annual sales-led guidance residual. Formula: subtract(upside_annual_sales_led_target, upside_2027q4_prior_sales).
Other subscription revenue upside_2027q4_other_subscription	2027Q4 / upside	243.17 USD_millions	derived: Sales-led includes both annual Cloud and self-managed/other subscription. Formula: subtract(upside_2027q4_sales_led, upside_2027q4_annual_cloud).
Monthly Elastic Cloud revenue upside_2027q4_monthly_cloud	2027Q4 / upside	53.82 USD_millions	assumption: Desk assumption; not management guidance.
Q1 through Q3 total revenue upside_2027q4_prior_revenue	2027Q4 / upside	1,503.80 USD_millions	derived: Reported Q1 and forecast next two quarters. Formula: sum(q1_revenue, upside_2027q2_revenue, upside_2027q3_revenue).
Total revenue upside_2027q4_revenue	2027Q4 / upside	570.34 USD_millions	derived: Residual to annual scenario. Formula: subtract(upside_annual_revenue_target, upside_2027q4_prior_revenue).
Total subscription upside_2027q4_subscription	2027Q4 / upside	540.21 USD_millions	derived: Nonoverlapping sales-led and Monthly Cloud. Formula: sum(upside_2027q4_sales_led, upside_2027q4_monthly_cloud).
Services revenue upside_2027q4_services	2027Q4 / upside	30.13 USD_millions	derived: Services residual within guidance; not a new product revenue forecast. Formula: subtract(upside_2027q4_revenue, upside_2027q4_subscription).
Q1 through Q3 non-GAAP profit upside_2027q4_prior_ng	2027Q4 / upside	287.62 USD_millions	derived: Annual guided profit residual. Formula: sum(q1_non_gaap_op, upside_2027q2_non_gaap_op, upside_2027q3_non_gaap_op).
Non-GAAP operating income upside_2027q4_non_gaap_op	2027Q4 / upside	147.95 USD_millions	derived: Remaining annual adjusted operating income. Formula: subtract(upside_annual_non_gaap_target, upside_2027q4_prior_ng).
GAAP gross margin upside_2027q4_gross_margin	2027Q4 / upside	77.0% ratio	assumption: Desk assumption; not management guidance.
GAAP gross profit proxy upside_2027q4_gross_profit	2027Q4 / upside	439.16 USD_millions	derived: Cloud infrastructure and services delivery costs remain included. Formula: multiply(upside_2027q4_revenue, upside_2027q4_gross_margin).
Ordinary stock compensation upside_2027q4_sbc	2027Q4 / upside	80.00 USD_millions	assumption: Desk assumption; not management guidance.
Acquired intangible amortization upside_2027q4_amort	2027Q4 / upside	3.50 USD_millions	assumption: Desk provisional amount after Deductive; allocation not complete in August filing.
New restructuring expense upside_2027q4_restruct_expense	2027Q4 / upside	0.00 USD_millions	assumption: Desk remaining recognition to $23.5M program expense; H1 reserve cash is separate.
Employer cash tax on equity awards upside_2027q4_payroll_tax	2027Q4 / upside	3.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash acquisition/integration expense upside_2027q4_acquisition_expense	2027Q4 / upside	0.50 USD_millions	assumption: Desk assumption; not management guidance.
Excluded GAAP costs upside_2027q4_excluded_costs	2027Q4 / upside	87.00 USD_millions	derived: Payroll tax and acquisition expense are cash costs, not noncash SBC. Formula: sum(upside_2027q4_sbc, upside_2027q4_amort, upside_2027q4_restruct_expense, upside_2027q4_payroll_tax, upside_2027q4_acquisition_expense).
GAAP operating income proxy upside_2027q4_operating_income	2027Q4 / upside	60.95 USD_millions	derived: Base remains positive after Q1, consistent with directional GAAP guidance. Formula: subtract(upside_2027q4_non_gaap_op, upside_2027q4_excluded_costs).
Other depreciation and amortization upside_2027q4_other_da	2027Q4 / upside	0.90 USD_millions	assumption: Desk assumption; not management guidance.
Contract commission amortization upside_2027q4_commission_amort	2027Q4 / upside	35.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash interest income upside_2027q4_interest_income	2027Q4 / upside	13.00 USD_millions	assumption: Desk assumption; not management guidance.
Net deferred revenue funding upside_2027q4_deferred_funding	2027Q4 / upside	190.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash before cash uses upside_2027q4_cash_before_uses	2027Q4 / upside	383.35 USD_millions	derived: Reverse only noncash costs and restructuring accrual; actual severance payments follow below. Formula: sum(upside_2027q4_operating_income, upside_2027q4_sbc, upside_2027q4_amort, upside_2027q4_other_da, upside_2027q4_restruct_expense, upside_2027q4_commission_amort, upside_2027q4_interest_income, upside_2027q4_deferred_funding).
Coupon payment in quarter upside_2027q4_coupon_due	2027Q4 / upside	0.0% ratio	assumption: Desk assumption; not management guidance.
Senior-note cash interest upside_2027q4_senior_interest	2027Q4 / upside	0.00 USD_millions	derived: January and July contractual payments, not flat quarterly cash. Formula: multiply(coupon_payment, upside_2027q4_coupon_due).
Commission cash / sales-led revenue upside_2027q4_commission_rate	2027Q4 / upside	6.0% ratio	assumption: Desk assumption; not management guidance.
Contract acquisition cash upside_2027q4_commission_cash	2027Q4 / upside	29.18 USD_millions	derived: Deferred acquisition costs are paid before their amortization. Formula: multiply(upside_2027q4_sales_led, upside_2027q4_commission_rate).
Cash taxes upside_2027q4_tax_cash	2027Q4 / upside	8.00 USD_millions	assumption: Desk assumption; not management guidance.
Receivable and other working-capital cash use upside_2027q4_receivable_use	2027Q4 / upside	210.00 USD_millions	assumption: Desk seasonal collections assumption. Base FY2027 Q4 is calibrated near the annual adjusted-FCF guide, not an independently reported cash target.
Restructuring cash payment upside_2027q4_restruct_payment	2027Q4 / upside	0.00 USD_millions	assumption: Remaining $6.919M reserve plus modeled $3.58M new expense; total cash includes reported $0.015M FX reserve adjustment.
Operating cash uses upside_2027q4_cash_uses	2027Q4 / upside	247.18 USD_millions	derived: No second GAAP charge for payment of an existing reserve. Formula: sum(upside_2027q4_commission_cash, upside_2027q4_senior_interest, upside_2027q4_tax_cash, upside_2027q4_receivable_use, upside_2027q4_restruct_payment).
Operating cash flow upside_2027q4_cfo	2027Q4 / upside	136.17 USD_millions	derived: After debt interest, acquisition-related operating costs and severance. Formula: subtract(upside_2027q4_cash_before_uses, upside_2027q4_cash_uses).
PP&E cash purchases upside_2027q4_capex	2027Q4 / upside	0.95 USD_millions	assumption: Desk assumption; not management guidance.
CFO less PP&E after interest upside_2027q4_fcf	2027Q4 / upside	135.22 USD_millions	derived: Cash measure after debt interest. Formula: subtract(upside_2027q4_cfo, upside_2027q4_capex).
FCF with senior-note interest added back upside_2027q4_interest_added_fcf	2027Q4 / upside	135.22 USD_millions	derived: Matches Q1 mechanical interest adjustment; retains modeled restructuring operating cash. Formula: sum(upside_2027q4_fcf, upside_2027q4_senior_interest).
Acquisition payment timing upside_2027q4_purchase_due	2027Q4 / upside	0.0% ratio	assumption: Desk assumption; not management guidance.
Deductive AI cash purchase upside_2027q4_acquisition_cash	2027Q4 / upside	0.00 USD_millions	derived: August closed transaction paid once, approximately $70M before undisclosed cash acquired/closing adjustments. Formula: multiply(deductive_cash, upside_2027q4_purchase_due).
Cash after PP&E and acquisition upside_2027q4_cash_after_acquisition	2027Q4 / upside	135.22 USD_millions	derived: Before discretionary buybacks and financing; acquisition proceeds never enter operating revenue. Formula: subtract(upside_2027q4_fcf, upside_2027q4_acquisition_cash).
Prior-year annual_cloud upside_2028q1_annual_cloud_prior_year	2028Q1 / upside	856.72 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_annual_cloud, upside_2027q2_annual_cloud, upside_2027q3_annual_cloud, upside_2027q4_annual_cloud).
annual_cloud annual multiplier upside_2028q1_annual_cloud_growth	2028Q1 / upside	145.0% ratio	assumption: Desk assumption; not management guidance.
annual_cloud quarter share upside_2028q1_annual_cloud_share	2028Q1 / upside	23.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 annual_cloud upside_2028q1_annual_cloud	2028Q1 / upside	291.93 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(upside_2028q1_annual_cloud_prior_year, upside_2028q1_annual_cloud_growth, upside_2028q1_annual_cloud_share).
Prior-year other_subscription upside_2028q1_other_subscription_prior_year	2028Q1 / upside	890.36 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_other_subscription, upside_2027q2_other_subscription, upside_2027q3_other_subscription, upside_2027q4_other_subscription).
other_subscription annual multiplier upside_2028q1_other_subscription_growth	2028Q1 / upside	119.0% ratio	assumption: Desk assumption; not management guidance.
other_subscription quarter share upside_2028q1_other_subscription_share	2028Q1 / upside	23.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 other_subscription upside_2028q1_other_subscription	2028Q1 / upside	248.99 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(upside_2028q1_other_subscription_prior_year, upside_2028q1_other_subscription_growth, upside_2028q1_other_subscription_share).
Prior-year monthly_cloud upside_2028q1_monthly_cloud_prior_year	2028Q1 / upside	209.07 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_monthly_cloud, upside_2027q2_monthly_cloud, upside_2027q3_monthly_cloud, upside_2027q4_monthly_cloud).
monthly_cloud annual multiplier upside_2028q1_monthly_cloud_growth	2028Q1 / upside	112.0% ratio	assumption: Desk assumption; not management guidance.
monthly_cloud quarter share upside_2028q1_monthly_cloud_share	2028Q1 / upside	23.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 monthly_cloud upside_2028q1_monthly_cloud	2028Q1 / upside	55.03 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(upside_2028q1_monthly_cloud_prior_year, upside_2028q1_monthly_cloud_growth, upside_2028q1_monthly_cloud_share).
Prior-year services upside_2028q1_services_prior_year	2028Q1 / upside	117.99 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_services, upside_2027q2_services, upside_2027q3_services, upside_2027q4_services).
services annual multiplier upside_2028q1_services_growth	2028Q1 / upside	112.0% ratio	assumption: Desk assumption; not management guidance.
services quarter share upside_2028q1_services_share	2028Q1 / upside	23.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 services upside_2028q1_services	2028Q1 / upside	31.05 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(upside_2028q1_services_prior_year, upside_2028q1_services_growth, upside_2028q1_services_share).
Sales-led subscription upside_2028q1_sales_led	2028Q1 / upside	540.92 USD_millions	derived: Annual Cloud plus other subscription only. Formula: sum(upside_2028q1_annual_cloud, upside_2028q1_other_subscription).
Total revenue upside_2028q1_revenue	2028Q1 / upside	627.00 USD_millions	derived: No added RPO or separate AI-product headline. Formula: sum(upside_2028q1_sales_led, upside_2028q1_monthly_cloud, upside_2028q1_services).
Non-GAAP operating margin upside_2028q1_ng_margin	2028Q1 / upside	22.0% ratio	assumption: Desk assumption; not management guidance.
Non-GAAP operating income upside_2028q1_non_gaap_op	2028Q1 / upside	137.94 USD_millions	derived: Q2 base uses 19%; future leverage is a desk assumption. Formula: multiply(upside_2028q1_revenue, upside_2028q1_ng_margin).
GAAP gross margin upside_2028q1_gross_margin	2028Q1 / upside	77.1% ratio	assumption: Desk assumption; not management guidance.
GAAP gross profit proxy upside_2028q1_gross_profit	2028Q1 / upside	483.73 USD_millions	derived: Cloud infrastructure and services delivery costs remain included. Formula: multiply(upside_2028q1_revenue, upside_2028q1_gross_margin).
Ordinary stock compensation upside_2028q1_sbc	2028Q1 / upside	82.00 USD_millions	assumption: Desk assumption; not management guidance.
Acquired intangible amortization upside_2028q1_amort	2028Q1 / upside	3.50 USD_millions	assumption: Desk provisional amount after Deductive; allocation not complete in August filing.
New restructuring expense upside_2028q1_restruct_expense	2028Q1 / upside	0.00 USD_millions	assumption: Desk remaining recognition to $23.5M program expense; H1 reserve cash is separate.
Employer cash tax on equity awards upside_2028q1_payroll_tax	2028Q1 / upside	3.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash acquisition/integration expense upside_2028q1_acquisition_expense	2028Q1 / upside	0.50 USD_millions	assumption: Desk assumption; not management guidance.
Excluded GAAP costs upside_2028q1_excluded_costs	2028Q1 / upside	89.00 USD_millions	derived: Payroll tax and acquisition expense are cash costs, not noncash SBC. Formula: sum(upside_2028q1_sbc, upside_2028q1_amort, upside_2028q1_restruct_expense, upside_2028q1_payroll_tax, upside_2028q1_acquisition_expense).
GAAP operating income proxy upside_2028q1_operating_income	2028Q1 / upside	48.94 USD_millions	derived: Base remains positive after Q1, consistent with directional GAAP guidance. Formula: subtract(upside_2028q1_non_gaap_op, upside_2028q1_excluded_costs).
Other depreciation and amortization upside_2028q1_other_da	2028Q1 / upside	1.10 USD_millions	assumption: Desk assumption; not management guidance.
Contract commission amortization upside_2028q1_commission_amort	2028Q1 / upside	36.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash interest income upside_2028q1_interest_income	2028Q1 / upside	13.00 USD_millions	assumption: Desk assumption; not management guidance.
Net deferred revenue funding upside_2028q1_deferred_funding	2028Q1 / upside	-150.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash before cash uses upside_2028q1_cash_before_uses	2028Q1 / upside	34.54 USD_millions	derived: Reverse only noncash costs and restructuring accrual; actual severance payments follow below. Formula: sum(upside_2028q1_operating_income, upside_2028q1_sbc, upside_2028q1_amort, upside_2028q1_other_da, upside_2028q1_restruct_expense, upside_2028q1_commission_amort, upside_2028q1_interest_income, upside_2028q1_deferred_funding).
Coupon payment in quarter upside_2028q1_coupon_due	2028Q1 / upside	100.0% ratio	assumption: Desk assumption; not management guidance.
Senior-note cash interest upside_2028q1_senior_interest	2028Q1 / upside	11.86 USD_millions	derived: January and July contractual payments, not flat quarterly cash. Formula: multiply(coupon_payment, upside_2028q1_coupon_due).
Commission cash / sales-led revenue upside_2028q1_commission_rate	2028Q1 / upside	6.0% ratio	assumption: Desk assumption; not management guidance.
Contract acquisition cash upside_2028q1_commission_cash	2028Q1 / upside	32.45 USD_millions	derived: Deferred acquisition costs are paid before their amortization. Formula: multiply(upside_2028q1_sales_led, upside_2028q1_commission_rate).
Cash taxes upside_2028q1_tax_cash	2028Q1 / upside	9.00 USD_millions	assumption: Desk assumption; not management guidance.
Receivable and other working-capital cash use upside_2028q1_receivable_use	2028Q1 / upside	-250.00 USD_millions	assumption: Desk seasonal collections assumption. Base FY2027 Q4 is calibrated near the annual adjusted-FCF guide, not an independently reported cash target.
Restructuring cash payment upside_2028q1_restruct_payment	2028Q1 / upside	0.00 USD_millions	assumption: Remaining $6.919M reserve plus modeled $3.58M new expense; total cash includes reported $0.015M FX reserve adjustment.
Operating cash uses upside_2028q1_cash_uses	2028Q1 / upside	-196.69 USD_millions	derived: No second GAAP charge for payment of an existing reserve. Formula: sum(upside_2028q1_commission_cash, upside_2028q1_senior_interest, upside_2028q1_tax_cash, upside_2028q1_receivable_use, upside_2028q1_restruct_payment).
Operating cash flow upside_2028q1_cfo	2028Q1 / upside	231.23 USD_millions	derived: After debt interest, acquisition-related operating costs and severance. Formula: subtract(upside_2028q1_cash_before_uses, upside_2028q1_cash_uses).
PP&E cash purchases upside_2028q1_capex	2028Q1 / upside	1.05 USD_millions	assumption: Desk assumption; not management guidance.
CFO less PP&E after interest upside_2028q1_fcf	2028Q1 / upside	230.18 USD_millions	derived: Cash measure after debt interest. Formula: subtract(upside_2028q1_cfo, upside_2028q1_capex).
FCF with senior-note interest added back upside_2028q1_interest_added_fcf	2028Q1 / upside	242.03 USD_millions	derived: Matches Q1 mechanical interest adjustment; retains modeled restructuring operating cash. Formula: sum(upside_2028q1_fcf, upside_2028q1_senior_interest).
Acquisition payment timing upside_2028q1_purchase_due	2028Q1 / upside	0.0% ratio	assumption: Desk assumption; not management guidance.
Deductive AI cash purchase upside_2028q1_acquisition_cash	2028Q1 / upside	0.00 USD_millions	derived: August closed transaction paid once, approximately $70M before undisclosed cash acquired/closing adjustments. Formula: multiply(deductive_cash, upside_2028q1_purchase_due).
Cash after PP&E and acquisition upside_2028q1_cash_after_acquisition	2028Q1 / upside	230.18 USD_millions	derived: Before discretionary buybacks and financing; acquisition proceeds never enter operating revenue. Formula: subtract(upside_2028q1_fcf, upside_2028q1_acquisition_cash).
Prior-year annual_cloud upside_2028q2_annual_cloud_prior_year	2028Q2 / upside	856.72 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_annual_cloud, upside_2027q2_annual_cloud, upside_2027q3_annual_cloud, upside_2027q4_annual_cloud).
annual_cloud annual multiplier upside_2028q2_annual_cloud_growth	2028Q2 / upside	145.0% ratio	assumption: Desk assumption; not management guidance.
annual_cloud quarter share upside_2028q2_annual_cloud_share	2028Q2 / upside	24.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 annual_cloud upside_2028q2_annual_cloud	2028Q2 / upside	304.35 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(upside_2028q2_annual_cloud_prior_year, upside_2028q2_annual_cloud_growth, upside_2028q2_annual_cloud_share).
Prior-year other_subscription upside_2028q2_other_subscription_prior_year	2028Q2 / upside	890.36 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_other_subscription, upside_2027q2_other_subscription, upside_2027q3_other_subscription, upside_2027q4_other_subscription).
other_subscription annual multiplier upside_2028q2_other_subscription_growth	2028Q2 / upside	119.0% ratio	assumption: Desk assumption; not management guidance.
other_subscription quarter share upside_2028q2_other_subscription_share	2028Q2 / upside	24.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 other_subscription upside_2028q2_other_subscription	2028Q2 / upside	259.59 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(upside_2028q2_other_subscription_prior_year, upside_2028q2_other_subscription_growth, upside_2028q2_other_subscription_share).
Prior-year monthly_cloud upside_2028q2_monthly_cloud_prior_year	2028Q2 / upside	209.07 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_monthly_cloud, upside_2027q2_monthly_cloud, upside_2027q3_monthly_cloud, upside_2027q4_monthly_cloud).
monthly_cloud annual multiplier upside_2028q2_monthly_cloud_growth	2028Q2 / upside	112.0% ratio	assumption: Desk assumption; not management guidance.
monthly_cloud quarter share upside_2028q2_monthly_cloud_share	2028Q2 / upside	24.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 monthly_cloud upside_2028q2_monthly_cloud	2028Q2 / upside	57.37 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(upside_2028q2_monthly_cloud_prior_year, upside_2028q2_monthly_cloud_growth, upside_2028q2_monthly_cloud_share).
Prior-year services upside_2028q2_services_prior_year	2028Q2 / upside	117.99 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_services, upside_2027q2_services, upside_2027q3_services, upside_2027q4_services).
services annual multiplier upside_2028q2_services_growth	2028Q2 / upside	112.0% ratio	assumption: Desk assumption; not management guidance.
services quarter share upside_2028q2_services_share	2028Q2 / upside	24.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 services upside_2028q2_services	2028Q2 / upside	32.38 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(upside_2028q2_services_prior_year, upside_2028q2_services_growth, upside_2028q2_services_share).
Sales-led subscription upside_2028q2_sales_led	2028Q2 / upside	563.93 USD_millions	derived: Annual Cloud plus other subscription only. Formula: sum(upside_2028q2_annual_cloud, upside_2028q2_other_subscription).
Total revenue upside_2028q2_revenue	2028Q2 / upside	653.68 USD_millions	derived: No added RPO or separate AI-product headline. Formula: sum(upside_2028q2_sales_led, upside_2028q2_monthly_cloud, upside_2028q2_services).
Non-GAAP operating margin upside_2028q2_ng_margin	2028Q2 / upside	22.0% ratio	assumption: Desk assumption; not management guidance.
Non-GAAP operating income upside_2028q2_non_gaap_op	2028Q2 / upside	143.81 USD_millions	derived: Q2 base uses 19%; future leverage is a desk assumption. Formula: multiply(upside_2028q2_revenue, upside_2028q2_ng_margin).
GAAP gross margin upside_2028q2_gross_margin	2028Q2 / upside	77.3% ratio	assumption: Desk assumption; not management guidance.
GAAP gross profit proxy upside_2028q2_gross_profit	2028Q2 / upside	505.29 USD_millions	derived: Cloud infrastructure and services delivery costs remain included. Formula: multiply(upside_2028q2_revenue, upside_2028q2_gross_margin).
Ordinary stock compensation upside_2028q2_sbc	2028Q2 / upside	84.00 USD_millions	assumption: Desk assumption; not management guidance.
Acquired intangible amortization upside_2028q2_amort	2028Q2 / upside	3.50 USD_millions	assumption: Desk provisional amount after Deductive; allocation not complete in August filing.
New restructuring expense upside_2028q2_restruct_expense	2028Q2 / upside	0.00 USD_millions	assumption: Desk remaining recognition to $23.5M program expense; H1 reserve cash is separate.
Employer cash tax on equity awards upside_2028q2_payroll_tax	2028Q2 / upside	3.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash acquisition/integration expense upside_2028q2_acquisition_expense	2028Q2 / upside	0.50 USD_millions	assumption: Desk assumption; not management guidance.
Excluded GAAP costs upside_2028q2_excluded_costs	2028Q2 / upside	91.00 USD_millions	derived: Payroll tax and acquisition expense are cash costs, not noncash SBC. Formula: sum(upside_2028q2_sbc, upside_2028q2_amort, upside_2028q2_restruct_expense, upside_2028q2_payroll_tax, upside_2028q2_acquisition_expense).
GAAP operating income proxy upside_2028q2_operating_income	2028Q2 / upside	52.81 USD_millions	derived: Base remains positive after Q1, consistent with directional GAAP guidance. Formula: subtract(upside_2028q2_non_gaap_op, upside_2028q2_excluded_costs).
Other depreciation and amortization upside_2028q2_other_da	2028Q2 / upside	1.30 USD_millions	assumption: Desk assumption; not management guidance.
Contract commission amortization upside_2028q2_commission_amort	2028Q2 / upside	37.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash interest income upside_2028q2_interest_income	2028Q2 / upside	13.00 USD_millions	assumption: Desk assumption; not management guidance.
Net deferred revenue funding upside_2028q2_deferred_funding	2028Q2 / upside	30.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash before cash uses upside_2028q2_cash_before_uses	2028Q2 / upside	221.61 USD_millions	derived: Reverse only noncash costs and restructuring accrual; actual severance payments follow below. Formula: sum(upside_2028q2_operating_income, upside_2028q2_sbc, upside_2028q2_amort, upside_2028q2_other_da, upside_2028q2_restruct_expense, upside_2028q2_commission_amort, upside_2028q2_interest_income, upside_2028q2_deferred_funding).
Coupon payment in quarter upside_2028q2_coupon_due	2028Q2 / upside	0.0% ratio	assumption: Desk assumption; not management guidance.
Senior-note cash interest upside_2028q2_senior_interest	2028Q2 / upside	0.00 USD_millions	derived: January and July contractual payments, not flat quarterly cash. Formula: multiply(coupon_payment, upside_2028q2_coupon_due).
Commission cash / sales-led revenue upside_2028q2_commission_rate	2028Q2 / upside	6.0% ratio	assumption: Desk assumption; not management guidance.
Contract acquisition cash upside_2028q2_commission_cash	2028Q2 / upside	33.84 USD_millions	derived: Deferred acquisition costs are paid before their amortization. Formula: multiply(upside_2028q2_sales_led, upside_2028q2_commission_rate).
Cash taxes upside_2028q2_tax_cash	2028Q2 / upside	10.00 USD_millions	assumption: Desk assumption; not management guidance.
Receivable and other working-capital cash use upside_2028q2_receivable_use	2028Q2 / upside	20.00 USD_millions	assumption: Desk seasonal collections assumption. Base FY2027 Q4 is calibrated near the annual adjusted-FCF guide, not an independently reported cash target.
Restructuring cash payment upside_2028q2_restruct_payment	2028Q2 / upside	0.00 USD_millions	assumption: Remaining $6.919M reserve plus modeled $3.58M new expense; total cash includes reported $0.015M FX reserve adjustment.
Operating cash uses upside_2028q2_cash_uses	2028Q2 / upside	63.84 USD_millions	derived: No second GAAP charge for payment of an existing reserve. Formula: sum(upside_2028q2_commission_cash, upside_2028q2_senior_interest, upside_2028q2_tax_cash, upside_2028q2_receivable_use, upside_2028q2_restruct_payment).
Operating cash flow upside_2028q2_cfo	2028Q2 / upside	157.77 USD_millions	derived: After debt interest, acquisition-related operating costs and severance. Formula: subtract(upside_2028q2_cash_before_uses, upside_2028q2_cash_uses).
PP&E cash purchases upside_2028q2_capex	2028Q2 / upside	1.15 USD_millions	assumption: Desk assumption; not management guidance.
CFO less PP&E after interest upside_2028q2_fcf	2028Q2 / upside	156.62 USD_millions	derived: Cash measure after debt interest. Formula: subtract(upside_2028q2_cfo, upside_2028q2_capex).
FCF with senior-note interest added back upside_2028q2_interest_added_fcf	2028Q2 / upside	156.62 USD_millions	derived: Matches Q1 mechanical interest adjustment; retains modeled restructuring operating cash. Formula: sum(upside_2028q2_fcf, upside_2028q2_senior_interest).
Acquisition payment timing upside_2028q2_purchase_due	2028Q2 / upside	0.0% ratio	assumption: Desk assumption; not management guidance.
Deductive AI cash purchase upside_2028q2_acquisition_cash	2028Q2 / upside	0.00 USD_millions	derived: August closed transaction paid once, approximately $70M before undisclosed cash acquired/closing adjustments. Formula: multiply(deductive_cash, upside_2028q2_purchase_due).
Cash after PP&E and acquisition upside_2028q2_cash_after_acquisition	2028Q2 / upside	156.62 USD_millions	derived: Before discretionary buybacks and financing; acquisition proceeds never enter operating revenue. Formula: subtract(upside_2028q2_fcf, upside_2028q2_acquisition_cash).
Prior-year annual_cloud upside_2028q3_annual_cloud_prior_year	2028Q3 / upside	856.72 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_annual_cloud, upside_2027q2_annual_cloud, upside_2027q3_annual_cloud, upside_2027q4_annual_cloud).
annual_cloud annual multiplier upside_2028q3_annual_cloud_growth	2028Q3 / upside	145.0% ratio	assumption: Desk assumption; not management guidance.
annual_cloud quarter share upside_2028q3_annual_cloud_share	2028Q3 / upside	25.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 annual_cloud upside_2028q3_annual_cloud	2028Q3 / upside	316.77 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(upside_2028q3_annual_cloud_prior_year, upside_2028q3_annual_cloud_growth, upside_2028q3_annual_cloud_share).
Prior-year other_subscription upside_2028q3_other_subscription_prior_year	2028Q3 / upside	890.36 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_other_subscription, upside_2027q2_other_subscription, upside_2027q3_other_subscription, upside_2027q4_other_subscription).
other_subscription annual multiplier upside_2028q3_other_subscription_growth	2028Q3 / upside	119.0% ratio	assumption: Desk assumption; not management guidance.
other_subscription quarter share upside_2028q3_other_subscription_share	2028Q3 / upside	25.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 other_subscription upside_2028q3_other_subscription	2028Q3 / upside	270.18 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(upside_2028q3_other_subscription_prior_year, upside_2028q3_other_subscription_growth, upside_2028q3_other_subscription_share).
Prior-year monthly_cloud upside_2028q3_monthly_cloud_prior_year	2028Q3 / upside	209.07 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_monthly_cloud, upside_2027q2_monthly_cloud, upside_2027q3_monthly_cloud, upside_2027q4_monthly_cloud).
monthly_cloud annual multiplier upside_2028q3_monthly_cloud_growth	2028Q3 / upside	112.0% ratio	assumption: Desk assumption; not management guidance.
monthly_cloud quarter share upside_2028q3_monthly_cloud_share	2028Q3 / upside	25.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 monthly_cloud upside_2028q3_monthly_cloud	2028Q3 / upside	59.71 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(upside_2028q3_monthly_cloud_prior_year, upside_2028q3_monthly_cloud_growth, upside_2028q3_monthly_cloud_share).
Prior-year services upside_2028q3_services_prior_year	2028Q3 / upside	117.99 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_services, upside_2027q2_services, upside_2027q3_services, upside_2027q4_services).
services annual multiplier upside_2028q3_services_growth	2028Q3 / upside	112.0% ratio	assumption: Desk assumption; not management guidance.
services quarter share upside_2028q3_services_share	2028Q3 / upside	25.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 services upside_2028q3_services	2028Q3 / upside	33.70 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(upside_2028q3_services_prior_year, upside_2028q3_services_growth, upside_2028q3_services_share).
Sales-led subscription upside_2028q3_sales_led	2028Q3 / upside	586.95 USD_millions	derived: Annual Cloud plus other subscription only. Formula: sum(upside_2028q3_annual_cloud, upside_2028q3_other_subscription).
Total revenue upside_2028q3_revenue	2028Q3 / upside	680.36 USD_millions	derived: No added RPO or separate AI-product headline. Formula: sum(upside_2028q3_sales_led, upside_2028q3_monthly_cloud, upside_2028q3_services).
Non-GAAP operating margin upside_2028q3_ng_margin	2028Q3 / upside	22.0% ratio	assumption: Desk assumption; not management guidance.
Non-GAAP operating income upside_2028q3_non_gaap_op	2028Q3 / upside	149.68 USD_millions	derived: Q2 base uses 19%; future leverage is a desk assumption. Formula: multiply(upside_2028q3_revenue, upside_2028q3_ng_margin).
GAAP gross margin upside_2028q3_gross_margin	2028Q3 / upside	77.5% ratio	assumption: Desk assumption; not management guidance.
GAAP gross profit proxy upside_2028q3_gross_profit	2028Q3 / upside	526.94 USD_millions	derived: Cloud infrastructure and services delivery costs remain included. Formula: multiply(upside_2028q3_revenue, upside_2028q3_gross_margin).
Ordinary stock compensation upside_2028q3_sbc	2028Q3 / upside	86.00 USD_millions	assumption: Desk assumption; not management guidance.
Acquired intangible amortization upside_2028q3_amort	2028Q3 / upside	3.50 USD_millions	assumption: Desk provisional amount after Deductive; allocation not complete in August filing.
New restructuring expense upside_2028q3_restruct_expense	2028Q3 / upside	0.00 USD_millions	assumption: Desk remaining recognition to $23.5M program expense; H1 reserve cash is separate.
Employer cash tax on equity awards upside_2028q3_payroll_tax	2028Q3 / upside	3.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash acquisition/integration expense upside_2028q3_acquisition_expense	2028Q3 / upside	0.50 USD_millions	assumption: Desk assumption; not management guidance.
Excluded GAAP costs upside_2028q3_excluded_costs	2028Q3 / upside	93.00 USD_millions	derived: Payroll tax and acquisition expense are cash costs, not noncash SBC. Formula: sum(upside_2028q3_sbc, upside_2028q3_amort, upside_2028q3_restruct_expense, upside_2028q3_payroll_tax, upside_2028q3_acquisition_expense).
GAAP operating income proxy upside_2028q3_operating_income	2028Q3 / upside	56.68 USD_millions	derived: Base remains positive after Q1, consistent with directional GAAP guidance. Formula: subtract(upside_2028q3_non_gaap_op, upside_2028q3_excluded_costs).
Other depreciation and amortization upside_2028q3_other_da	2028Q3 / upside	1.50 USD_millions	assumption: Desk assumption; not management guidance.
Contract commission amortization upside_2028q3_commission_amort	2028Q3 / upside	38.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash interest income upside_2028q3_interest_income	2028Q3 / upside	13.00 USD_millions	assumption: Desk assumption; not management guidance.
Net deferred revenue funding upside_2028q3_deferred_funding	2028Q3 / upside	80.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash before cash uses upside_2028q3_cash_before_uses	2028Q3 / upside	278.68 USD_millions	derived: Reverse only noncash costs and restructuring accrual; actual severance payments follow below. Formula: sum(upside_2028q3_operating_income, upside_2028q3_sbc, upside_2028q3_amort, upside_2028q3_other_da, upside_2028q3_restruct_expense, upside_2028q3_commission_amort, upside_2028q3_interest_income, upside_2028q3_deferred_funding).
Coupon payment in quarter upside_2028q3_coupon_due	2028Q3 / upside	100.0% ratio	assumption: Desk assumption; not management guidance.
Senior-note cash interest upside_2028q3_senior_interest	2028Q3 / upside	11.86 USD_millions	derived: January and July contractual payments, not flat quarterly cash. Formula: multiply(coupon_payment, upside_2028q3_coupon_due).
Commission cash / sales-led revenue upside_2028q3_commission_rate	2028Q3 / upside	6.0% ratio	assumption: Desk assumption; not management guidance.
Contract acquisition cash upside_2028q3_commission_cash	2028Q3 / upside	35.22 USD_millions	derived: Deferred acquisition costs are paid before their amortization. Formula: multiply(upside_2028q3_sales_led, upside_2028q3_commission_rate).
Cash taxes upside_2028q3_tax_cash	2028Q3 / upside	11.00 USD_millions	assumption: Desk assumption; not management guidance.
Receivable and other working-capital cash use upside_2028q3_receivable_use	2028Q3 / upside	65.00 USD_millions	assumption: Desk seasonal collections assumption. Base FY2027 Q4 is calibrated near the annual adjusted-FCF guide, not an independently reported cash target.
Restructuring cash payment upside_2028q3_restruct_payment	2028Q3 / upside	0.00 USD_millions	assumption: Remaining $6.919M reserve plus modeled $3.58M new expense; total cash includes reported $0.015M FX reserve adjustment.
Operating cash uses upside_2028q3_cash_uses	2028Q3 / upside	123.08 USD_millions	derived: No second GAAP charge for payment of an existing reserve. Formula: sum(upside_2028q3_commission_cash, upside_2028q3_senior_interest, upside_2028q3_tax_cash, upside_2028q3_receivable_use, upside_2028q3_restruct_payment).
Operating cash flow upside_2028q3_cfo	2028Q3 / upside	155.60 USD_millions	derived: After debt interest, acquisition-related operating costs and severance. Formula: subtract(upside_2028q3_cash_before_uses, upside_2028q3_cash_uses).
PP&E cash purchases upside_2028q3_capex	2028Q3 / upside	1.25 USD_millions	assumption: Desk assumption; not management guidance.
CFO less PP&E after interest upside_2028q3_fcf	2028Q3 / upside	154.35 USD_millions	derived: Cash measure after debt interest. Formula: subtract(upside_2028q3_cfo, upside_2028q3_capex).
FCF with senior-note interest added back upside_2028q3_interest_added_fcf	2028Q3 / upside	166.21 USD_millions	derived: Matches Q1 mechanical interest adjustment; retains modeled restructuring operating cash. Formula: sum(upside_2028q3_fcf, upside_2028q3_senior_interest).
Acquisition payment timing upside_2028q3_purchase_due	2028Q3 / upside	0.0% ratio	assumption: Desk assumption; not management guidance.
Deductive AI cash purchase upside_2028q3_acquisition_cash	2028Q3 / upside	0.00 USD_millions	derived: August closed transaction paid once, approximately $70M before undisclosed cash acquired/closing adjustments. Formula: multiply(deductive_cash, upside_2028q3_purchase_due).
Cash after PP&E and acquisition upside_2028q3_cash_after_acquisition	2028Q3 / upside	154.35 USD_millions	derived: Before discretionary buybacks and financing; acquisition proceeds never enter operating revenue. Formula: subtract(upside_2028q3_fcf, upside_2028q3_acquisition_cash).
Prior-year annual_cloud upside_2028q4_annual_cloud_prior_year	2028Q4 / upside	856.72 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_annual_cloud, upside_2027q2_annual_cloud, upside_2027q3_annual_cloud, upside_2027q4_annual_cloud).
annual_cloud annual multiplier upside_2028q4_annual_cloud_growth	2028Q4 / upside	145.0% ratio	assumption: Desk assumption; not management guidance.
annual_cloud quarter share upside_2028q4_annual_cloud_share	2028Q4 / upside	26.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 annual_cloud upside_2028q4_annual_cloud	2028Q4 / upside	329.19 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(upside_2028q4_annual_cloud_prior_year, upside_2028q4_annual_cloud_growth, upside_2028q4_annual_cloud_share).
Prior-year other_subscription upside_2028q4_other_subscription_prior_year	2028Q4 / upside	890.36 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_other_subscription, upside_2027q2_other_subscription, upside_2027q3_other_subscription, upside_2027q4_other_subscription).
other_subscription annual multiplier upside_2028q4_other_subscription_growth	2028Q4 / upside	119.0% ratio	assumption: Desk assumption; not management guidance.
other_subscription quarter share upside_2028q4_other_subscription_share	2028Q4 / upside	26.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 other_subscription upside_2028q4_other_subscription	2028Q4 / upside	280.78 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(upside_2028q4_other_subscription_prior_year, upside_2028q4_other_subscription_growth, upside_2028q4_other_subscription_share).
Prior-year monthly_cloud upside_2028q4_monthly_cloud_prior_year	2028Q4 / upside	209.07 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_monthly_cloud, upside_2027q2_monthly_cloud, upside_2027q3_monthly_cloud, upside_2027q4_monthly_cloud).
monthly_cloud annual multiplier upside_2028q4_monthly_cloud_growth	2028Q4 / upside	112.0% ratio	assumption: Desk assumption; not management guidance.
monthly_cloud quarter share upside_2028q4_monthly_cloud_share	2028Q4 / upside	26.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 monthly_cloud upside_2028q4_monthly_cloud	2028Q4 / upside	62.05 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(upside_2028q4_monthly_cloud_prior_year, upside_2028q4_monthly_cloud_growth, upside_2028q4_monthly_cloud_share).
Prior-year services upside_2028q4_services_prior_year	2028Q4 / upside	117.99 USD_millions	derived: Actual Q1 and modeled remaining fiscal year. Formula: sum(q1_services, upside_2027q2_services, upside_2027q3_services, upside_2027q4_services).
services annual multiplier upside_2028q4_services_growth	2028Q4 / upside	112.0% ratio	assumption: Desk assumption; not management guidance.
services quarter share upside_2028q4_services_share	2028Q4 / upside	26.5% ratio	assumption: Desk assumption; not management guidance.
FY2028 services upside_2028q4_services	2028Q4 / upside	35.02 USD_millions	derived: Independent business growth and seasonal recognition. Formula: multiply(upside_2028q4_services_prior_year, upside_2028q4_services_growth, upside_2028q4_services_share).
Sales-led subscription upside_2028q4_sales_led	2028Q4 / upside	609.97 USD_millions	derived: Annual Cloud plus other subscription only. Formula: sum(upside_2028q4_annual_cloud, upside_2028q4_other_subscription).
Total revenue upside_2028q4_revenue	2028Q4 / upside	707.04 USD_millions	derived: No added RPO or separate AI-product headline. Formula: sum(upside_2028q4_sales_led, upside_2028q4_monthly_cloud, upside_2028q4_services).
Non-GAAP operating margin upside_2028q4_ng_margin	2028Q4 / upside	22.0% ratio	assumption: Desk assumption; not management guidance.
Non-GAAP operating income upside_2028q4_non_gaap_op	2028Q4 / upside	155.55 USD_millions	derived: Q2 base uses 19%; future leverage is a desk assumption. Formula: multiply(upside_2028q4_revenue, upside_2028q4_ng_margin).
GAAP gross margin upside_2028q4_gross_margin	2028Q4 / upside	77.6% ratio	assumption: Desk assumption; not management guidance.
GAAP gross profit proxy upside_2028q4_gross_profit	2028Q4 / upside	548.66 USD_millions	derived: Cloud infrastructure and services delivery costs remain included. Formula: multiply(upside_2028q4_revenue, upside_2028q4_gross_margin).
Ordinary stock compensation upside_2028q4_sbc	2028Q4 / upside	88.00 USD_millions	assumption: Desk assumption; not management guidance.
Acquired intangible amortization upside_2028q4_amort	2028Q4 / upside	3.50 USD_millions	assumption: Desk provisional amount after Deductive; allocation not complete in August filing.
New restructuring expense upside_2028q4_restruct_expense	2028Q4 / upside	0.00 USD_millions	assumption: Desk remaining recognition to $23.5M program expense; H1 reserve cash is separate.
Employer cash tax on equity awards upside_2028q4_payroll_tax	2028Q4 / upside	3.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash acquisition/integration expense upside_2028q4_acquisition_expense	2028Q4 / upside	0.50 USD_millions	assumption: Desk assumption; not management guidance.
Excluded GAAP costs upside_2028q4_excluded_costs	2028Q4 / upside	95.00 USD_millions	derived: Payroll tax and acquisition expense are cash costs, not noncash SBC. Formula: sum(upside_2028q4_sbc, upside_2028q4_amort, upside_2028q4_restruct_expense, upside_2028q4_payroll_tax, upside_2028q4_acquisition_expense).
GAAP operating income proxy upside_2028q4_operating_income	2028Q4 / upside	60.55 USD_millions	derived: Base remains positive after Q1, consistent with directional GAAP guidance. Formula: subtract(upside_2028q4_non_gaap_op, upside_2028q4_excluded_costs).
Other depreciation and amortization upside_2028q4_other_da	2028Q4 / upside	1.70 USD_millions	assumption: Desk assumption; not management guidance.
Contract commission amortization upside_2028q4_commission_amort	2028Q4 / upside	39.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash interest income upside_2028q4_interest_income	2028Q4 / upside	13.00 USD_millions	assumption: Desk assumption; not management guidance.
Net deferred revenue funding upside_2028q4_deferred_funding	2028Q4 / upside	210.00 USD_millions	assumption: Desk assumption; not management guidance.
Cash before cash uses upside_2028q4_cash_before_uses	2028Q4 / upside	415.75 USD_millions	derived: Reverse only noncash costs and restructuring accrual; actual severance payments follow below. Formula: sum(upside_2028q4_operating_income, upside_2028q4_sbc, upside_2028q4_amort, upside_2028q4_other_da, upside_2028q4_restruct_expense, upside_2028q4_commission_amort, upside_2028q4_interest_income, upside_2028q4_deferred_funding).
Coupon payment in quarter upside_2028q4_coupon_due	2028Q4 / upside	0.0% ratio	assumption: Desk assumption; not management guidance.
Senior-note cash interest upside_2028q4_senior_interest	2028Q4 / upside	0.00 USD_millions	derived: January and July contractual payments, not flat quarterly cash. Formula: multiply(coupon_payment, upside_2028q4_coupon_due).
Commission cash / sales-led revenue upside_2028q4_commission_rate	2028Q4 / upside	6.0% ratio	assumption: Desk assumption; not management guidance.
Contract acquisition cash upside_2028q4_commission_cash	2028Q4 / upside	36.60 USD_millions	derived: Deferred acquisition costs are paid before their amortization. Formula: multiply(upside_2028q4_sales_led, upside_2028q4_commission_rate).
Cash taxes upside_2028q4_tax_cash	2028Q4 / upside	12.00 USD_millions	assumption: Desk assumption; not management guidance.
Receivable and other working-capital cash use upside_2028q4_receivable_use	2028Q4 / upside	180.00 USD_millions	assumption: Desk seasonal collections assumption. Base FY2027 Q4 is calibrated near the annual adjusted-FCF guide, not an independently reported cash target.
Restructuring cash payment upside_2028q4_restruct_payment	2028Q4 / upside	0.00 USD_millions	assumption: Remaining $6.919M reserve plus modeled $3.58M new expense; total cash includes reported $0.015M FX reserve adjustment.
Operating cash uses upside_2028q4_cash_uses	2028Q4 / upside	228.60 USD_millions	derived: No second GAAP charge for payment of an existing reserve. Formula: sum(upside_2028q4_commission_cash, upside_2028q4_senior_interest, upside_2028q4_tax_cash, upside_2028q4_receivable_use, upside_2028q4_restruct_payment).
Operating cash flow upside_2028q4_cfo	2028Q4 / upside	187.15 USD_millions	derived: After debt interest, acquisition-related operating costs and severance. Formula: subtract(upside_2028q4_cash_before_uses, upside_2028q4_cash_uses).
PP&E cash purchases upside_2028q4_capex	2028Q4 / upside	1.35 USD_millions	assumption: Desk assumption; not management guidance.
CFO less PP&E after interest upside_2028q4_fcf	2028Q4 / upside	185.80 USD_millions	derived: Cash measure after debt interest. Formula: subtract(upside_2028q4_cfo, upside_2028q4_capex).
FCF with senior-note interest added back upside_2028q4_interest_added_fcf	2028Q4 / upside	185.80 USD_millions	derived: Matches Q1 mechanical interest adjustment; retains modeled restructuring operating cash. Formula: sum(upside_2028q4_fcf, upside_2028q4_senior_interest).
Acquisition payment timing upside_2028q4_purchase_due	2028Q4 / upside	0.0% ratio	assumption: Desk assumption; not management guidance.
Deductive AI cash purchase upside_2028q4_acquisition_cash	2028Q4 / upside	0.00 USD_millions	derived: August closed transaction paid once, approximately $70M before undisclosed cash acquired/closing adjustments. Formula: multiply(deductive_cash, upside_2028q4_purchase_due).
Cash after PP&E and acquisition upside_2028q4_cash_after_acquisition	2028Q4 / upside	185.80 USD_millions	derived: Before discretionary buybacks and financing; acquisition proceeds never enter operating revenue. Formula: subtract(upside_2028q4_fcf, upside_2028q4_acquisition_cash).
Revenue ($M) upside_fy2027_revenue	FY2027 / upside	2,074.14 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_revenue, upside_2027q2_revenue, upside_2027q3_revenue, upside_2027q4_revenue).
Sales-led subscription revenue ($M) upside_fy2027_sales_led	FY2027 / upside	1,747.08 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_sales_led, upside_2027q2_sales_led, upside_2027q3_sales_led, upside_2027q4_sales_led).
Monthly Cloud revenue ($M) upside_fy2027_monthly_cloud	FY2027 / upside	209.07 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_monthly_cloud, upside_2027q2_monthly_cloud, upside_2027q3_monthly_cloud, upside_2027q4_monthly_cloud).
Services revenue ($M) upside_fy2027_services	FY2027 / upside	117.99 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_services, upside_2027q2_services, upside_2027q3_services, upside_2027q4_services).
GAAP gross profit proxy ($M) upside_fy2027_gross_profit	FY2027 / upside	1,582.83 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_gross_profit, upside_2027q2_gross_profit, upside_2027q3_gross_profit, upside_2027q4_gross_profit).
Non-GAAP operating income ($M) upside_fy2027_non_gaap_op	FY2027 / upside	435.57 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_non_gaap_op, upside_2027q2_non_gaap_op, upside_2027q3_non_gaap_op, upside_2027q4_non_gaap_op).
GAAP operating income proxy ($M) upside_fy2027_operating_income	FY2027 / upside	75.15 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_operating_income, upside_2027q2_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income).
Operating cash flow ($M) upside_fy2027_cfo	FY2027 / upside	502.64 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_cfo, upside_2027q2_cfo, upside_2027q3_cfo, upside_2027q4_cfo).
PP&E cash purchases ($M) upside_fy2027_capex	FY2027 / upside	3.14 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_capex, upside_2027q2_capex, upside_2027q3_capex, upside_2027q4_capex).
CFO less PP&E after interest ($M) upside_fy2027_fcf	FY2027 / upside	499.50 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_fcf, upside_2027q2_fcf, upside_2027q3_fcf, upside_2027q4_fcf).
FCF with senior-note interest added back ($M) upside_fy2027_interest_added_fcf	FY2027 / upside	523.22 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_interest_added_fcf, upside_2027q2_interest_added_fcf, upside_2027q3_interest_added_fcf, upside_2027q4_interest_added_fcf).
Cash after PP&E and acquisition ($M) upside_fy2027_cash_after_acquisition	FY2027 / upside	429.50 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(q1_cash_after_acquisition, upside_2027q2_cash_after_acquisition, upside_2027q3_cash_after_acquisition, upside_2027q4_cash_after_acquisition).
Revenue ($M) upside_fy2028_revenue	FY2028 / upside	2,668.08 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).
Sales-led subscription revenue ($M) upside_fy2028_sales_led	FY2028 / upside	2,301.77 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_sales_led, upside_2028q2_sales_led, upside_2028q3_sales_led, upside_2028q4_sales_led).
Monthly Cloud revenue ($M) upside_fy2028_monthly_cloud	FY2028 / upside	234.16 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_monthly_cloud, upside_2028q2_monthly_cloud, upside_2028q3_monthly_cloud, upside_2028q4_monthly_cloud).
Services revenue ($M) upside_fy2028_services	FY2028 / upside	132.14 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_services, upside_2028q2_services, upside_2028q3_services, upside_2028q4_services).
GAAP gross profit proxy ($M) upside_fy2028_gross_profit	FY2028 / upside	2,064.63 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_gross_profit, upside_2028q2_gross_profit, upside_2028q3_gross_profit, upside_2028q4_gross_profit).
Non-GAAP operating income ($M) upside_fy2028_non_gaap_op	FY2028 / upside	586.98 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_non_gaap_op, upside_2028q2_non_gaap_op, upside_2028q3_non_gaap_op, upside_2028q4_non_gaap_op).
GAAP operating income proxy ($M) upside_fy2028_operating_income	FY2028 / upside	218.98 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 ($M) upside_fy2028_cfo	FY2028 / upside	731.75 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_cfo, upside_2028q2_cfo, upside_2028q3_cfo, upside_2028q4_cfo).
PP&E cash purchases ($M) upside_fy2028_capex	FY2028 / upside	4.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_capex, upside_2028q2_capex, upside_2028q3_capex, upside_2028q4_capex).
CFO less PP&E after interest ($M) upside_fy2028_fcf	FY2028 / upside	726.95 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_fcf, upside_2028q2_fcf, upside_2028q3_fcf, upside_2028q4_fcf).
FCF with senior-note interest added back ($M) upside_fy2028_interest_added_fcf	FY2028 / upside	750.67 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_interest_added_fcf, upside_2028q2_interest_added_fcf, upside_2028q3_interest_added_fcf, upside_2028q4_interest_added_fcf).
Cash after PP&E and acquisition ($M) upside_fy2028_cash_after_acquisition	FY2028 / upside	726.95 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_cash_after_acquisition, upside_2028q2_cash_after_acquisition, upside_2028q3_cash_after_acquisition, upside_2028q4_cash_after_acquisition).

Model boundaries

Sales-led subscription means subscription excluding Monthly Elastic Cloud; it is not all cloud revenue, bookings, ARR or RPO.
Monthly Cloud is not included in RPO when there is no minimum purchase commitment. Backlog conversion and renewal sales are not added twice.
Company historical adjusted FCF adds back cash interest on long-term debt. Forward interest-added-back cash uses this same mechanical scope; annual guidance may exclude additional future one-time charges, so comparisons are not exact.
The June restructuring plan calls for $22M-$25M cash charges. Accrued expense and payment timing differ; remaining reserve cash is not expensed a second time.
Deductive AI closed August 21 for approximately $70M cash. The acquisition is in the current consolidated perimeter; no arbitrary incremental revenue is added to guidance, and purchase accounting remains provisional.
No full commissions, customer contract, debt repayment, dilution or tax-balance rollforward. Product availability and AI partnerships do not constitute sales commitments; forecast EPS is omitted.

Subscription growth with the interest bill left in view

Research reviewed 2026-09-19

How much cash does search and cloud growth generate after commissions, debt interest and acquisitions?

Q1 FY2027 revenue was $478.113M: annual Cloud $185.003M, Monthly Cloud $50.202M, other subscription $213.530M and services $29.378M. Sales-led subscription equals $398.533M, excluding Monthly Cloud. Non-GAAP operating income $77.262M contrasts with a $23.574M GAAP loss after SBC, related cash payroll taxes, amortization, acquisition costs and $19.920M restructuring expense. CFO $132.004M less $0.590M capex leaves $131.414M; company adjusted FCF $143.273M adds $11.859M senior-note interest. July liquidity was about $1.461B with $575M notes outstanding. The June workforce plan targets $22M-$25M cash charges; $13.016M was paid and $6.919M accrued at July. Deductive AI closed August 21 for approximately $70M cash. FY2027 guidance is $1.998B-$2.010B revenue, 19.4% non-GAAP operating margin and approximately 21.5% adjusted FCF margin with company exclusions.

The competing explanation

Strong contract metrics can coexist with slower consumption, rising cloud costs and continued GAAP equity expense. Removing debt interest changes the meaning of a cash metric. A leaner workforce and a new AI acquisition can also create integration and customer-support risks before efficiency gains arrive.

Risks to track

Cloud usage and customer optimization can diverge from contract growth.
AI search and observability face intense platform competition.
Hosting costs and service losses can pressure gross margins.
SBC and employer award taxes remain material expenses.
Restructuring and acquired-product integration can disrupt execution.
Debt interest, commissions and discretionary repurchases constrain retained cash.

Next checkpoints

Q2 conversion · Quarter ending October 31 (estimated). Compare $486M-$487M total and $407.5M-$408.5M sales-led guidance.
Restructuring and acquisition · Through FY2027 Q3 (estimated). Reconcile reserve payments and completed Deductive purchase accounting.
Cash definitions · Each cash-flow release (estimated). Show CFO less capex both before and after the company interest addback.

Data coverage and open work

Sales-led, RPO and total Cloud are different measures.
Cash timing is calibrated near the annual cash guide; forecast and company one-time exclusions can differ.
No complete dilution or valuation model.

This review: First sales-led/cloud operating model with debt coupon timing, restructuring cash and the closed August acquisition.

What the memory says

State as of the 2026-09-18 close: in a 120-day uptrend, above its 200-day, off the 52-week high, with overhead supply, ordinary volume, closed weak, and some peers moving

300 similar days

Vs the market, in points	Low	Middle	High	Share up
1 session	-3.6	+0.1	+3.9	52%
5 sessions	-8.2	+0.4	+11.8	53%
10 sessions	-10.7	-0.4	+15.5	48%

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

Notes on this name

No published notes on this name yet.

Scorecard: 0 notes scored

Next report: 2026-11-26 (source: estimated from 10-Q filed 2026-08-28 plus 90 days)

Provenance

[1] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001707753-25-000056, 10-Q filed 2025-11-24; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[2] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001707753-26-000006, 10-Q filed 2026-02-27; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[3] derived: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001707753-26-000018, 10-K filed 2026-06-08; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[4] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001707753-26-000054, 10-Q filed 2026-08-28; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[5] reported: GrossProfit, accession 0001707753-25-000056, 10-Q filed 2025-11-24; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[6] reported: GrossProfit, accession 0001707753-26-000006, 10-Q filed 2026-02-27; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[7] derived: GrossProfit, accession 0001707753-26-000018, 10-K filed 2026-06-08; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[8] reported: GrossProfit, accession 0001707753-26-000054, 10-Q filed 2026-08-28; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[9] reported: OperatingIncomeLoss, accession 0001707753-25-000056, 10-Q filed 2025-11-24; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[10] reported: OperatingIncomeLoss, accession 0001707753-26-000006, 10-Q filed 2026-02-27; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[11] derived: OperatingIncomeLoss, accession 0001707753-26-000018, 10-K filed 2026-06-08; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[12] reported: OperatingIncomeLoss, accession 0001707753-26-000054, 10-Q filed 2026-08-28; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[13] reported: NetIncomeLoss, accession 0001707753-25-000056, 10-Q filed 2025-11-24; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[14] reported: NetIncomeLoss, accession 0001707753-26-000006, 10-Q filed 2026-02-27; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[15] derived: NetIncomeLoss, accession 0001707753-26-000018, 10-K filed 2026-06-08; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[16] reported: NetIncomeLoss, accession 0001707753-26-000054, 10-Q filed 2026-08-28; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[17] reported: EarningsPerShareDiluted, accession 0001707753-25-000056, 10-Q filed 2025-11-24; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[18] reported: EarningsPerShareDiluted, accession 0001707753-26-000006, 10-Q filed 2026-02-27; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[19] reported: EarningsPerShareDiluted, accession 0001707753-26-000054, 10-Q filed 2026-08-28; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[20] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001707753-25-000056, 10-Q filed 2025-11-24; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[21] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001707753-26-000006, 10-Q filed 2026-02-27; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[22] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001707753-26-000054, 10-Q filed 2026-08-28; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[23] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001707753-24-000047, 10-Q filed 2024-11-25; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[24] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001707753-25-000010, 10-Q filed 2025-02-28; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[25] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001707753-26-000018, 10-K filed 2026-06-08; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[26] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001707753-25-000040, 10-Q filed 2025-08-29; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[27] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001707753-25-000056, 10-Q filed 2025-11-24; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[28] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001707753-26-000006, 10-Q filed 2026-02-27; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[29] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001707753-26-000054, 10-Q filed 2026-08-28; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[30] reported: LongTermDebt, accession 0001707753-24-000047, 10-Q filed 2024-11-25; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[31] reported: LongTermDebt, accession 0001707753-25-000010, 10-Q filed 2025-02-28; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[32] reported: LongTermDebt, accession 0001707753-26-000018, 10-K filed 2026-06-08; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[33] reported: LongTermDebt, accession 0001707753-25-000040, 10-Q filed 2025-08-29; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[34] reported: LongTermDebt, accession 0001707753-25-000056, 10-Q filed 2025-11-24; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[35] reported: LongTermDebt, accession 0001707753-26-000006, 10-Q filed 2026-02-27; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[36] reported: LongTermDebt, accession 0001707753-26-000054, 10-Q filed 2026-08-28; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[37] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001707753-25-000056, 10-Q filed 2025-11-24; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[38] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001707753-26-000006, 10-Q filed 2026-02-27; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[39] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001707753-26-000018, 10-K filed 2026-06-08; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[40] reported: NetCashProvidedByUsedInOperatingActivities, accession 0001707753-26-000054, 10-Q filed 2026-08-28; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[41] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001707753-25-000056, 10-Q filed 2025-11-24; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[42] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001707753-26-000006, 10-Q filed 2026-02-27; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[43] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001707753-26-000018, 10-K filed 2026-06-08; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[44] reported: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001707753-26-000054, 10-Q filed 2026-08-28; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[45] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001707753-25-000056, 10-Q filed 2025-11-24; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[46] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001707753-26-000006, 10-Q filed 2026-02-27; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[47] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001707753-26-000018, 10-K filed 2026-06-08; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json
[48] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001707753-26-000054, 10-Q filed 2026-08-28; retrieved 2026-09-19T21:11:25+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001707753.json

What the author read

August 28 quarterly filing and subsequent acquisition · retrieved 2026-09-19
August 27 results, guidance and adjusted FCF definition · retrieved 2026-09-19
September 11 serverless vector database availability · retrieved 2026-09-19

Compiled 2026-09-19T21:11:26.103258+00:00 · authored 8f40eb7bbf65 · generated cc365d46ae93 · JSON

Daily notes · Scorecard