ALPHAFORGE RESEARCH · COMPANY FILE · SOFTWARE & INTERNET

$FIG

Figma, Inc. · NYSE · SIC 7372 · CIK 1579878 · revision 5 as of 2026-09-19

All companies · Free for people and agents · JSON · Download model CSV · Operating scenarios

Business

Figma provides collaborative design and software creation tools through subscriptions and consumption-based AI credits. Enterprise seat expansion and AI usage support revenue; inference, hosting and sales investment determine margins. The cash retained by common owners also depends on employee equity awards and associated tax settlement.

Three drivers

Recognized seat and AI consumption demand
Inference/hosting cost and sales/product investment
Commission cash, capitalized software and equity-award withholding

Thesis

Our view

Revenue accelerated to 48% growth in Q2, but AI consumption and post-IPO equity costs change the profit and cash conversion. The model distinguishes consolidated demand from inference margins and tests how much free cash remains after employee withholding.

What changes it

Compare retained-customer expansion and AI adoption with gross-margin dollars, then reconcile adjusted operating profit, GAAP loss and cash after award settlement.

Scenario ranges

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

Model · 8 fiscal quarters (last eight)

Fiscal quarter	2025Q3 2024-09-30	2025Q4 2024-12-31	2026Q1 2025-03-31	2025Q2 2025-06-30	2025Q3 2025-09-30	2025Q4 2025-12-31	2026Q1 2026-03-31	2026Q2 2026-06-30
Revenue ($M)	198.6¹	216.9†²	228.2³	249.6⁴	274.2¹	303.8†²	333.4³	370.1⁴
Gross profit ($M)	179.9⁵	200.5†⁶	208.7⁷	221.8⁸	190.3⁵	249.5†⁶	264.8⁷	309.6⁸
Operating income ($M)	-47.3⁹	51.7†¹⁰	39.7¹¹	2.1¹²	-1,136.8⁹	-195.5†¹⁰	-137.4¹¹	-117.3¹²
Net income ($M)	-15.6¹³	97.8†¹⁴	44.9¹⁵	28.2¹⁶	-1,097.0¹³	-226.6†¹⁴	-142.4¹⁵	-112.2¹⁶
EPS, diluted ($)	-0.07¹⁷	—	0.04¹⁸	0.00¹⁹	-2.72¹⁷	—	-0.27¹⁸	-0.21¹⁹
Diluted shares (M)	210.8²⁰	—	231.1²¹	231.7²²	403.2²⁰	—	523.5²¹	527.5²²
Cash ($M)	416.1²³	487.0²⁴	618.6²⁵	621.6²⁶	340.5²³	403.5²⁶	405.7²⁵	445.8²⁶
Long-term debt ($M)	—	—	—	—	—	—	—	—
Cash from operations ($M)	61.6†²⁷	73.1†²⁸	97.2²⁹	62.5†³⁰	51.2†²⁷	39.9†²⁸	97.3²⁹	60.9†³⁰
Capex ($M)	0.4†³¹	0.7†³²	0.9³³	1.1†³⁴	1.7†³¹	0.7†³²	7.8³³	6.7†³⁴
Free cash flow ($M)	61.2†³⁵	72.4†³⁶	96.3†³⁷	61.3†³⁸	49.5†³⁵	39.2†³⁶	89.5†³⁷	54.2†³⁸

† 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
2026Q3	374.0	—	2026-09-19	Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2026Q4	387.5	—	2026-09-19	Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q1	415.0	—	2026-09-19	Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q2	450.0	—	2026-09-19	Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.

Seats and AI consumption versus inference costs and equity cash claims

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

Calibrate remaining FY2026 recognized sales to annual and Q3 revenue ranges; the base FY2026 operating expense budget matches the adjusted operating-income midpoint. Revenue and margin factors vary independently, so more AI consumption can lift sales while lowering gross margin. FY2027 is a desk extension of the recognized-revenue base, not an application of trailing NDR to a single quarter. Bridge non-GAAP operating earnings to GAAP using SBC, payroll tax, acquired amortization and amortized capitalized SBC. CFO retains payroll taxes and subtracts cash commissions; PP&E, software, purchased intangibles and equity-award withholding remain separate cash uses.

Reported anchors and guidance

Measure	Period	Value	Basis
q2 revenue	June 2026	370.08	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-05
Q3 revenue midpoint	2026Q3	374.00	derived. Calculated midpoint of the company range; not an additional company forecast.
FY2026 revenue midpoint	FY2026	1,465.00	derived. Calculated midpoint of the company range; not an additional company forecast.
FY2026 adjusted operating income midpoint	FY2026	130.00	derived. Calculated midpoint of the company range; not an additional company forecast.
H1 reconstructed GAAP operating result	H1 2026	-254.69	derived. Reconciles to GAAP operating loss.
H1 sbc	H1 2026	316.55	reported. USD millions from consolidated statements and non-GAAP reconciliation. Source · 2026-08-05
H1 cfo	H1 2026	158.20	reported. USD millions from consolidated statements and non-GAAP reconciliation. Source · 2026-08-05
H1 company FCF	H1 2026	141.82	derived. No netting of capitalized equity expense against cash costs.
H1 award withholding	H1 2026	161.65	reported. USD millions from consolidated statements and non-GAAP reconciliation. Source · 2026-08-05
H1 cash after intangibles and award taxes	H1 2026	-22.61	derived. Before option/ESPP proceeds and other capital allocation.
Cash and marketable securities	June 2026	1,667.14	derived. Excludes digital assets, restricted balances and unused borrowing capacity.
digital current	June 2026	15.82	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-05
digital noncurrent	June 2026	10.12	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-05
deferred revenue	June 2026	626.78	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-05
service commitments	June 2026	556.40	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-05
service next12	June 2026	184.80	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-05

Downside scenario

Period	Operating cash flow proxy ($M)	Company-style free cash flow ($M)	Cash PP&E and internal software ($M)	Consolidated revenue ($M)	GAAP gross profit proxy ($M)	GAAP operating income proxy ($M)	Equity-award withholding cash ($M)	Cash after intangibles and award withholding ($M)	Non-GAAP operating income proxy ($M)
2026Q3	-1.00	-11.50	10.50	360.00	283.20	-168.35	60.00	-73.50	-12.00
2026Q4	4.13	-7.67	11.80	367.00	284.90	-179.85	65.00	-74.67	-20.07
2027Q1	-1.80	-14.90	13.10	360.00	275.54	-197.41	80.00	-96.90	-34.20
2027Q2	-20.20	-34.60	14.40	390.00	298.71	-192.44	65.00	-101.60	-25.80
FY2026	161.33	122.65	38.68	1,430.52	1,142.48	-602.89	286.65	-170.78	56.16
FY2027	-36.55	-96.75	60.20	1,585.00	1,222.23	-768.77	280.00	-384.75	-95.35

Base scenario

Period	Operating cash flow proxy ($M)	Company-style free cash flow ($M)	Cash PP&E and internal software ($M)	Consolidated revenue ($M)	GAAP gross profit proxy ($M)	GAAP operating income proxy ($M)	Equity-award withholding cash ($M)	Cash after intangibles and award withholding ($M)	Non-GAAP operating income proxy ($M)
2026Q3	44.00	33.50	10.50	374.00	309.36	-138.35	50.00	-18.50	18.00
2026Q4	72.97	61.17	11.80	387.48	320.45	-136.01	55.00	4.17	23.77
2027Q1	76.85	63.75	13.10	415.00	339.19	-133.76	70.00	-8.25	29.45
2027Q2	47.10	32.70	14.40	450.00	368.01	-130.14	50.00	-19.30	36.50
FY2026	275.17	236.49	38.68	1,465.00	1,204.20	-529.04	266.65	-36.94	130.00
FY2027	276.15	215.95	60.20	1,875.00	1,543.93	-501.07	230.00	-22.05	172.35

Upside scenario

Period	Operating cash flow proxy ($M)	Company-style free cash flow ($M)	Cash PP&E and internal software ($M)	Consolidated revenue ($M)	GAAP gross profit proxy ($M)	GAAP operating income proxy ($M)	Equity-award withholding cash ($M)	Cash after intangibles and award withholding ($M)	Non-GAAP operating income proxy ($M)
2026Q3	63.96	53.46	10.50	386.00	327.16	-123.39	65.00	-13.54	32.96
2026Q4	99.10	87.30	11.80	415.00	351.87	-119.88	75.00	10.30	39.90
2027Q1	109.15	96.05	13.10	455.00	381.49	-116.46	90.00	4.05	46.75
2027Q2	87.20	72.80	14.40	510.00	433.11	-100.04	80.00	-9.20	66.60
FY2026	321.26	282.58	38.68	1,504.52	1,253.41	-497.96	301.65	-25.85	161.09
FY2027	446.15	385.95	60.20	2,175.00	1,849.93	-376.07	360.00	17.95	297.35

All inputs and formulas — reproduce this model

Input / calculation	Period / case	Value / unit	Evidence or assumption
H1 revenue h1_revenue	H1 2026 / shared	703.52 USD_millions	reported: USD millions from consolidated statements and non-GAAP reconciliation. Primary source · 2026-08-05
H1 gross profit h1_gross_profit	H1 2026 / shared	574.38 USD_millions	reported: USD millions from consolidated statements and non-GAAP reconciliation. Primary source · 2026-08-05
H1 operating income h1_operating_income	H1 2026 / shared	-254.69 USD_millions	reported: USD millions from consolidated statements and non-GAAP reconciliation. Primary source · 2026-08-05
H1 adj operating income h1_adj_operating_income	H1 2026 / shared	88.23 USD_millions	reported: USD millions from consolidated statements and non-GAAP reconciliation. Primary source · 2026-08-05
H1 cfo h1_cfo	H1 2026 / shared	158.20 USD_millions	reported: USD millions from consolidated statements and non-GAAP reconciliation. Primary source · 2026-08-05
H1 ppe h1_ppe	H1 2026 / shared	14.50 USD_millions	reported: USD millions from consolidated statements and non-GAAP reconciliation. Primary source · 2026-08-05
H1 software h1_software	H1 2026 / shared	1.88 USD_millions	reported: USD millions from consolidated statements and non-GAAP reconciliation. Primary source · 2026-08-05
H1 award withholding h1_award_withholding	H1 2026 / shared	161.65 USD_millions	reported: USD millions from consolidated statements and non-GAAP reconciliation. Primary source · 2026-08-05
H1 intangibles h1_intangibles	H1 2026 / shared	2.78 USD_millions	reported: USD millions from consolidated statements and non-GAAP reconciliation. Primary source · 2026-08-05
H1 sbc h1_sbc	H1 2026 / shared	316.55 USD_millions	reported: USD millions from consolidated statements and non-GAAP reconciliation. Primary source · 2026-08-05
H1 capitalized sbc amort h1_capitalized_sbc_amort	H1 2026 / shared	0.57 USD_millions	reported: USD millions from consolidated statements and non-GAAP reconciliation. Primary source · 2026-08-05
H1 payroll h1_payroll	H1 2026 / shared	17.38 USD_millions	reported: USD millions from consolidated statements and non-GAAP reconciliation. Primary source · 2026-08-05
H1 acquired amort h1_acquired_amort	H1 2026 / shared	6.04 USD_millions	reported: USD millions from consolidated statements and non-GAAP reconciliation. Primary source · 2026-08-05
H1 impairment h1_impairment	H1 2026 / shared	2.37 USD_millions	reported: USD millions from consolidated statements and non-GAAP reconciliation. Primary source · 2026-08-05
H1 commission amort h1_commission_amort	H1 2026 / shared	13.49 USD_millions	reported: USD millions from consolidated statements and non-GAAP reconciliation. Primary source · 2026-08-05
H1 ar release h1_ar_release	H1 2026 / shared	56.59 USD_millions	reported: USD millions from consolidated statements and non-GAAP reconciliation. Primary source · 2026-08-05
H1 deferred inflow h1_deferred_inflow	H1 2026 / shared	31.45 USD_millions	reported: USD millions from consolidated statements and non-GAAP reconciliation. Primary source · 2026-08-05
H1 PP&E and internal software h1_capex	H1 2026 / shared	16.38 USD_millions	derived: Company FCF investment perimeter. Formula: sum(h1_ppe, h1_software).
H1 company FCF h1_fcf	H1 2026 / shared	141.82 USD_millions	derived: No netting of capitalized equity expense against cash costs. Formula: subtract(h1_cfo, h1_capex).
H1 additional investment and award cash h1_extra_uses	H1 2026 / shared	164.43 USD_millions	derived: Purchased intangibles and withholding outside company FCF. Formula: sum(h1_intangibles, h1_award_withholding).
H1 cash after intangibles and award taxes h1_cash_after_claims	H1 2026 / shared	-22.61 USD_millions	derived: Before option/ESPP proceeds and other capital allocation. Formula: subtract(h1_fcf, h1_extra_uses).
H1 adjusted-income exclusions h1_non_gaap_adjustments	H1 2026 / shared	342.91 USD_millions	derived: Expense exclusions, including cash payroll tax and noncash impairment. Formula: sum(h1_sbc, h1_capitalized_sbc_amort, h1_payroll, h1_acquired_amort, h1_impairment).
H1 reconstructed GAAP operating result h1_gaap_bridge	H1 2026 / shared	-254.69 USD_millions	derived: Reconciles to GAAP operating loss. Formula: subtract(h1_adj_operating_income, h1_non_gaap_adjustments).
q2 revenue q2_revenue	June 2026 / shared	370.08 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-05
q2 adj gp q2_adj_gp	June 2026 / shared	314.00 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-05
cash cash	June 2026 / shared	445.85 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-05
securities securities	June 2026 / shared	1,221.29 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-05
digital current digital_current	June 2026 / shared	15.82 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-05
digital noncurrent digital_noncurrent	June 2026 / shared	10.12 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-05
deferred revenue deferred_revenue	June 2026 / shared	626.78 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-05
service commitments service_commitments	June 2026 / shared	556.40 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-05
service next12 service_next12	June 2026 / shared	184.80 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-05
Cash and marketable securities liquidity	June 2026 / shared	1,667.14 USD_millions	derived: Excludes digital assets, restricted balances and unused borrowing capacity. Formula: sum(cash, securities).
FY2026 revenue low fy26_revenue_low	FY2026 / shared	1,463.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-05
FY2026 revenue high fy26_revenue_high	FY2026 / shared	1,467.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-05
Midpoint divisor two	Model / shared	200.0% ratio	assumption: Arithmetic constant.
FY2026 revenue endpoint sum fy26_revenue_sum	FY2026 / shared	2,930.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(fy26_revenue_low, fy26_revenue_high).
FY2026 revenue midpoint fy26_revenue	FY2026 / shared	1,465.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy26_revenue_sum, two).
Q3 revenue low q3_revenue_low	2026Q3 / shared	373.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-05
Q3 revenue high q3_revenue_high	2026Q3 / shared	375.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-05
Q3 revenue endpoint sum q3_revenue_sum	2026Q3 / shared	748.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(q3_revenue_low, q3_revenue_high).
Q3 revenue midpoint q3_revenue	2026Q3 / shared	374.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q3_revenue_sum, two).
FY2026 adjusted operating income low fy26_adj_op_low	FY2026 / shared	125.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-05
FY2026 adjusted operating income high fy26_adj_op_high	FY2026 / shared	135.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-05
FY2026 adjusted operating income endpoint sum fy26_adj_op_sum	FY2026 / shared	260.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(fy26_adj_op_low, fy26_adj_op_high).
FY2026 adjusted operating income midpoint fy26_adj_op	FY2026 / shared	130.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy26_adj_op_sum, two).
Recognized demand / Q2 revenue downside_2026q3_recognized_growth	2026Q3 / downside	97.3% ratio	assumption: Consolidated recognized seat and consumption demand sensitivity, not reported seat counts or quarterly NDR.
Recognized revenue downside_2026q3_revenue	2026Q3 / downside	360.00 USD_millions	derived: Base H2 reconciles to FY2026 revenue midpoint. Formula: multiply(q2_revenue, downside_2026q3_recognized_growth).
Gross margin including inference and hosting downside_2026q3_adj_gross_margin	2026Q3 / downside	80.0% ratio	assumption: Desk assumption; not company guidance.
Non-GAAP gross profit downside_2026q3_adj_gross_profit	2026Q3 / downside	288.00 USD_millions	derived: AI consumption can raise revenue and service cost at different rates. Formula: multiply(downside_2026q3_revenue, downside_2026q3_adj_gross_margin).
COGS ordinary SBC downside_2026q3_cogs_sbc	2026Q3 / downside	2.50 USD_millions	assumption: Desk assumption; not company guidance.
Amortized capitalized SBC downside_2026q3_capitalized_sbc_amort	2026Q3 / downside	0.35 USD_millions	assumption: Desk assumption; not company guidance.
COGS acquired amortization downside_2026q3_cogs_acquired_amort	2026Q3 / downside	1.80 USD_millions	assumption: Desk assumption; not company guidance.
COGS payroll tax on awards downside_2026q3_cogs_payroll	2026Q3 / downside	0.15 USD_millions	assumption: Desk assumption; not company guidance.
COGS equity payroll and acquired amortization downside_2026q3_cogs_adjustments	2026Q3 / downside	4.80 USD_millions	derived: Expense allocations; included within total operating adjustments below. Formula: sum(downside_2026q3_cogs_sbc, downside_2026q3_capitalized_sbc_amort, downside_2026q3_cogs_acquired_amort, downside_2026q3_cogs_payroll).
GAAP gross profit proxy downside_2026q3_gross_profit	2026Q3 / downside	283.20 USD_millions	derived: Normal depreciation remains in adjusted gross margin. Formula: subtract(downside_2026q3_adj_gross_profit, downside_2026q3_cogs_adjustments).
Adjusted operating expense downside_2026q3_adjusted_opex	2026Q3 / downside	300.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-GAAP operating income proxy downside_2026q3_adj_operating_income	2026Q3 / downside	-12.00 USD_millions	derived: Base FY2026 reconciles to $130M annual adjusted operating-income midpoint. Formula: subtract(downside_2026q3_adj_gross_profit, downside_2026q3_adjusted_opex).
Total ordinary SBC downside_2026q3_sbc	2026Q3 / downside	150.00 USD_millions	assumption: Desk assumption; not company guidance.
Employer payroll tax on equity awards downside_2026q3_payroll	2026Q3 / downside	4.00 USD_millions	assumption: Desk assumption; not company guidance.
Total acquired amortization downside_2026q3_acquired_amort	2026Q3 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC amortization and payroll expense downside_2026q3_gaap_adjustments	2026Q3 / downside	156.35 USD_millions	derived: No new impairment assumed; the same COGS allocations are not added twice. Formula: sum(downside_2026q3_sbc, downside_2026q3_payroll, downside_2026q3_acquired_amort, downside_2026q3_capitalized_sbc_amort).
GAAP operating income proxy downside_2026q3_operating_income	2026Q3 / downside	-168.35 USD_millions	derived: Retains equity compensation as a GAAP cost. Formula: subtract(downside_2026q3_adj_operating_income, downside_2026q3_gaap_adjustments).
Ordinary noncash depreciation/software amortization downside_2026q3_ordinary_da	2026Q3 / downside	4.00 USD_millions	assumption: Desk assumption; not company guidance.
Commission amortization downside_2026q3_commission_amort	2026Q3 / downside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Investment income less debt cash interest downside_2026q3_net_interest_cash	2026Q3 / downside	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Net deferred revenue and collections cash inflow downside_2026q3_collection_inflow	2026Q3 / downside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating earnings plus cash/noncash bridge downside_2026q3_cash_before_uses	2026Q3 / downside	22.00 USD_millions	derived: No recurring digital-asset or investment fair-value gain. Formula: sum(downside_2026q3_adj_operating_income, downside_2026q3_ordinary_da, downside_2026q3_commission_amort, downside_2026q3_net_interest_cash, downside_2026q3_collection_inflow).
Contract acquisition cash downside_2026q3_commission_cash	2026Q3 / downside	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash income taxes downside_2026q3_cash_tax	2026Q3 / downside	4.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash commission tax and payroll uses downside_2026q3_cash_uses	2026Q3 / downside	23.00 USD_millions	derived: Ordinary lease cash is retained in cost budgets; no second lease subtraction. Formula: sum(downside_2026q3_commission_cash, downside_2026q3_cash_tax, downside_2026q3_payroll).
Operating cash flow proxy downside_2026q3_cfo	2026Q3 / downside	-1.00 USD_millions	derived: Desk collections and cash commission investment, not a fixed EBITDA multiple. Formula: subtract(downside_2026q3_cash_before_uses, downside_2026q3_cash_uses).
Cash PP&E downside_2026q3_ppe	2026Q3 / downside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash internal-use software downside_2026q3_software	2026Q3 / downside	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash PP&E plus capitalized software downside_2026q3_capex	2026Q3 / downside	10.50 USD_millions	derived: Capitalized SBC is noncash and not added to cash capex. Formula: sum(downside_2026q3_ppe, downside_2026q3_software).
Company-style free cash flow downside_2026q3_fcf	2026Q3 / downside	-11.50 USD_millions	derived: Same PP&E/internal-software scope as reported FCF. Formula: subtract(downside_2026q3_cfo, downside_2026q3_capex).
Cash award withholding downside_2026q3_award_withholding	2026Q3 / downside	60.00 USD_millions	assumption: Desk vesting/price sensitivity; financing cash paid to tax authorities, distinct from employer payroll tax inside CFO.
Purchased intangible assets downside_2026q3_intangibles	2026Q3 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Additional cash uses downside_2026q3_extra_uses	2026Q3 / downside	62.00 USD_millions	derived: No cash deduction of all SBC expense. Formula: sum(downside_2026q3_award_withholding, downside_2026q3_intangibles).
Cash after purchased intangibles and award withholding downside_2026q3_cash_after_claims	2026Q3 / downside	-73.50 USD_millions	derived: Before new acquisitions, option/ESPP receipts and other capital allocation. Formula: subtract(downside_2026q3_fcf, downside_2026q3_extra_uses).
Recognized demand / Q2 revenue downside_2026q4_recognized_growth	2026Q4 / downside	99.2% ratio	assumption: Consolidated recognized seat and consumption demand sensitivity, not reported seat counts or quarterly NDR.
Recognized revenue downside_2026q4_revenue	2026Q4 / downside	367.00 USD_millions	derived: Base H2 reconciles to FY2026 revenue midpoint. Formula: multiply(q2_revenue, downside_2026q4_recognized_growth).
Gross margin including inference and hosting downside_2026q4_adj_gross_margin	2026Q4 / downside	79.0% ratio	assumption: Desk assumption; not company guidance.
Non-GAAP gross profit downside_2026q4_adj_gross_profit	2026Q4 / downside	289.93 USD_millions	derived: AI consumption can raise revenue and service cost at different rates. Formula: multiply(downside_2026q4_revenue, downside_2026q4_adj_gross_margin).
COGS ordinary SBC downside_2026q4_cogs_sbc	2026Q4 / downside	2.70 USD_millions	assumption: Desk assumption; not company guidance.
Amortized capitalized SBC downside_2026q4_capitalized_sbc_amort	2026Q4 / downside	0.38 USD_millions	assumption: Desk assumption; not company guidance.
COGS acquired amortization downside_2026q4_cogs_acquired_amort	2026Q4 / downside	1.80 USD_millions	assumption: Desk assumption; not company guidance.
COGS payroll tax on awards downside_2026q4_cogs_payroll	2026Q4 / downside	0.15 USD_millions	assumption: Desk assumption; not company guidance.
COGS equity payroll and acquired amortization downside_2026q4_cogs_adjustments	2026Q4 / downside	5.03 USD_millions	derived: Expense allocations; included within total operating adjustments below. Formula: sum(downside_2026q4_cogs_sbc, downside_2026q4_capitalized_sbc_amort, downside_2026q4_cogs_acquired_amort, downside_2026q4_cogs_payroll).
GAAP gross profit proxy downside_2026q4_gross_profit	2026Q4 / downside	284.90 USD_millions	derived: Normal depreciation remains in adjusted gross margin. Formula: subtract(downside_2026q4_adj_gross_profit, downside_2026q4_cogs_adjustments).
Adjusted operating expense downside_2026q4_adjusted_opex	2026Q4 / downside	310.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-GAAP operating income proxy downside_2026q4_adj_operating_income	2026Q4 / downside	-20.07 USD_millions	derived: Base FY2026 reconciles to $130M annual adjusted operating-income midpoint. Formula: subtract(downside_2026q4_adj_gross_profit, downside_2026q4_adjusted_opex).
Total ordinary SBC downside_2026q4_sbc	2026Q4 / downside	153.00 USD_millions	assumption: Desk assumption; not company guidance.
Employer payroll tax on equity awards downside_2026q4_payroll	2026Q4 / downside	4.40 USD_millions	assumption: Desk assumption; not company guidance.
Total acquired amortization downside_2026q4_acquired_amort	2026Q4 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC amortization and payroll expense downside_2026q4_gaap_adjustments	2026Q4 / downside	159.78 USD_millions	derived: No new impairment assumed; the same COGS allocations are not added twice. Formula: sum(downside_2026q4_sbc, downside_2026q4_payroll, downside_2026q4_acquired_amort, downside_2026q4_capitalized_sbc_amort).
GAAP operating income proxy downside_2026q4_operating_income	2026Q4 / downside	-179.85 USD_millions	derived: Retains equity compensation as a GAAP cost. Formula: subtract(downside_2026q4_adj_operating_income, downside_2026q4_gaap_adjustments).
Ordinary noncash depreciation/software amortization downside_2026q4_ordinary_da	2026Q4 / downside	4.50 USD_millions	assumption: Desk assumption; not company guidance.
Commission amortization downside_2026q4_commission_amort	2026Q4 / downside	7.60 USD_millions	assumption: Desk assumption; not company guidance.
Investment income less debt cash interest downside_2026q4_net_interest_cash	2026Q4 / downside	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Net deferred revenue and collections cash inflow downside_2026q4_collection_inflow	2026Q4 / downside	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating earnings plus cash/noncash bridge downside_2026q4_cash_before_uses	2026Q4 / downside	30.03 USD_millions	derived: No recurring digital-asset or investment fair-value gain. Formula: sum(downside_2026q4_adj_operating_income, downside_2026q4_ordinary_da, downside_2026q4_commission_amort, downside_2026q4_net_interest_cash, downside_2026q4_collection_inflow).
Contract acquisition cash downside_2026q4_commission_cash	2026Q4 / downside	17.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash income taxes downside_2026q4_cash_tax	2026Q4 / downside	4.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash commission tax and payroll uses downside_2026q4_cash_uses	2026Q4 / downside	25.90 USD_millions	derived: Ordinary lease cash is retained in cost budgets; no second lease subtraction. Formula: sum(downside_2026q4_commission_cash, downside_2026q4_cash_tax, downside_2026q4_payroll).
Operating cash flow proxy downside_2026q4_cfo	2026Q4 / downside	4.13 USD_millions	derived: Desk collections and cash commission investment, not a fixed EBITDA multiple. Formula: subtract(downside_2026q4_cash_before_uses, downside_2026q4_cash_uses).
Cash PP&E downside_2026q4_ppe	2026Q4 / downside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash internal-use software downside_2026q4_software	2026Q4 / downside	1.80 USD_millions	assumption: Desk assumption; not company guidance.
Cash PP&E plus capitalized software downside_2026q4_capex	2026Q4 / downside	11.80 USD_millions	derived: Capitalized SBC is noncash and not added to cash capex. Formula: sum(downside_2026q4_ppe, downside_2026q4_software).
Company-style free cash flow downside_2026q4_fcf	2026Q4 / downside	-7.67 USD_millions	derived: Same PP&E/internal-software scope as reported FCF. Formula: subtract(downside_2026q4_cfo, downside_2026q4_capex).
Cash award withholding downside_2026q4_award_withholding	2026Q4 / downside	65.00 USD_millions	assumption: Desk vesting/price sensitivity; financing cash paid to tax authorities, distinct from employer payroll tax inside CFO.
Purchased intangible assets downside_2026q4_intangibles	2026Q4 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Additional cash uses downside_2026q4_extra_uses	2026Q4 / downside	67.00 USD_millions	derived: No cash deduction of all SBC expense. Formula: sum(downside_2026q4_award_withholding, downside_2026q4_intangibles).
Cash after purchased intangibles and award withholding downside_2026q4_cash_after_claims	2026Q4 / downside	-74.67 USD_millions	derived: Before new acquisitions, option/ESPP receipts and other capital allocation. Formula: subtract(downside_2026q4_fcf, downside_2026q4_extra_uses).
Recognized demand / Q2 revenue downside_2027q1_recognized_growth	2027Q1 / downside	97.3% ratio	assumption: Consolidated recognized seat and consumption demand sensitivity, not reported seat counts or quarterly NDR.
Recognized revenue downside_2027q1_revenue	2027Q1 / downside	360.00 USD_millions	derived: Base H2 reconciles to FY2026 revenue midpoint. Formula: multiply(q2_revenue, downside_2027q1_recognized_growth).
Gross margin including inference and hosting downside_2027q1_adj_gross_margin	2027Q1 / downside	78.0% ratio	assumption: Desk assumption; not company guidance.
Non-GAAP gross profit downside_2027q1_adj_gross_profit	2027Q1 / downside	280.80 USD_millions	derived: AI consumption can raise revenue and service cost at different rates. Formula: multiply(downside_2027q1_revenue, downside_2027q1_adj_gross_margin).
COGS ordinary SBC downside_2027q1_cogs_sbc	2027Q1 / downside	2.90 USD_millions	assumption: Desk assumption; not company guidance.
Amortized capitalized SBC downside_2027q1_capitalized_sbc_amort	2027Q1 / downside	0.41 USD_millions	assumption: Desk assumption; not company guidance.
COGS acquired amortization downside_2027q1_cogs_acquired_amort	2027Q1 / downside	1.80 USD_millions	assumption: Desk assumption; not company guidance.
COGS payroll tax on awards downside_2027q1_cogs_payroll	2027Q1 / downside	0.15 USD_millions	assumption: Desk assumption; not company guidance.
COGS equity payroll and acquired amortization downside_2027q1_cogs_adjustments	2027Q1 / downside	5.26 USD_millions	derived: Expense allocations; included within total operating adjustments below. Formula: sum(downside_2027q1_cogs_sbc, downside_2027q1_capitalized_sbc_amort, downside_2027q1_cogs_acquired_amort, downside_2027q1_cogs_payroll).
GAAP gross profit proxy downside_2027q1_gross_profit	2027Q1 / downside	275.54 USD_millions	derived: Normal depreciation remains in adjusted gross margin. Formula: subtract(downside_2027q1_adj_gross_profit, downside_2027q1_cogs_adjustments).
Adjusted operating expense downside_2027q1_adjusted_opex	2027Q1 / downside	315.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-GAAP operating income proxy downside_2027q1_adj_operating_income	2027Q1 / downside	-34.20 USD_millions	derived: Base FY2026 reconciles to $130M annual adjusted operating-income midpoint. Formula: subtract(downside_2027q1_adj_gross_profit, downside_2027q1_adjusted_opex).
Total ordinary SBC downside_2027q1_sbc	2027Q1 / downside	156.00 USD_millions	assumption: Desk assumption; not company guidance.
Employer payroll tax on equity awards downside_2027q1_payroll	2027Q1 / downside	4.80 USD_millions	assumption: Desk assumption; not company guidance.
Total acquired amortization downside_2027q1_acquired_amort	2027Q1 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC amortization and payroll expense downside_2027q1_gaap_adjustments	2027Q1 / downside	163.21 USD_millions	derived: No new impairment assumed; the same COGS allocations are not added twice. Formula: sum(downside_2027q1_sbc, downside_2027q1_payroll, downside_2027q1_acquired_amort, downside_2027q1_capitalized_sbc_amort).
GAAP operating income proxy downside_2027q1_operating_income	2027Q1 / downside	-197.41 USD_millions	derived: Retains equity compensation as a GAAP cost. Formula: subtract(downside_2027q1_adj_operating_income, downside_2027q1_gaap_adjustments).
Ordinary noncash depreciation/software amortization downside_2027q1_ordinary_da	2027Q1 / downside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Commission amortization downside_2027q1_commission_amort	2027Q1 / downside	8.20 USD_millions	assumption: Desk assumption; not company guidance.
Investment income less debt cash interest downside_2027q1_net_interest_cash	2027Q1 / downside	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Net deferred revenue and collections cash inflow downside_2027q1_collection_inflow	2027Q1 / downside	35.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating earnings plus cash/noncash bridge downside_2027q1_cash_before_uses	2027Q1 / downside	27.00 USD_millions	derived: No recurring digital-asset or investment fair-value gain. Formula: sum(downside_2027q1_adj_operating_income, downside_2027q1_ordinary_da, downside_2027q1_commission_amort, downside_2027q1_net_interest_cash, downside_2027q1_collection_inflow).
Contract acquisition cash downside_2027q1_commission_cash	2027Q1 / downside	19.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash income taxes downside_2027q1_cash_tax	2027Q1 / downside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash commission tax and payroll uses downside_2027q1_cash_uses	2027Q1 / downside	28.80 USD_millions	derived: Ordinary lease cash is retained in cost budgets; no second lease subtraction. Formula: sum(downside_2027q1_commission_cash, downside_2027q1_cash_tax, downside_2027q1_payroll).
Operating cash flow proxy downside_2027q1_cfo	2027Q1 / downside	-1.80 USD_millions	derived: Desk collections and cash commission investment, not a fixed EBITDA multiple. Formula: subtract(downside_2027q1_cash_before_uses, downside_2027q1_cash_uses).
Cash PP&E downside_2027q1_ppe	2027Q1 / downside	11.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash internal-use software downside_2027q1_software	2027Q1 / downside	2.10 USD_millions	assumption: Desk assumption; not company guidance.
Cash PP&E plus capitalized software downside_2027q1_capex	2027Q1 / downside	13.10 USD_millions	derived: Capitalized SBC is noncash and not added to cash capex. Formula: sum(downside_2027q1_ppe, downside_2027q1_software).
Company-style free cash flow downside_2027q1_fcf	2027Q1 / downside	-14.90 USD_millions	derived: Same PP&E/internal-software scope as reported FCF. Formula: subtract(downside_2027q1_cfo, downside_2027q1_capex).
Cash award withholding downside_2027q1_award_withholding	2027Q1 / downside	80.00 USD_millions	assumption: Desk vesting/price sensitivity; financing cash paid to tax authorities, distinct from employer payroll tax inside CFO.
Purchased intangible assets downside_2027q1_intangibles	2027Q1 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Additional cash uses downside_2027q1_extra_uses	2027Q1 / downside	82.00 USD_millions	derived: No cash deduction of all SBC expense. Formula: sum(downside_2027q1_award_withholding, downside_2027q1_intangibles).
Cash after purchased intangibles and award withholding downside_2027q1_cash_after_claims	2027Q1 / downside	-96.90 USD_millions	derived: Before new acquisitions, option/ESPP receipts and other capital allocation. Formula: subtract(downside_2027q1_fcf, downside_2027q1_extra_uses).
Recognized demand / Q2 revenue downside_2027q2_recognized_growth	2027Q2 / downside	105.4% ratio	assumption: Consolidated recognized seat and consumption demand sensitivity, not reported seat counts or quarterly NDR.
Recognized revenue downside_2027q2_revenue	2027Q2 / downside	390.00 USD_millions	derived: Base H2 reconciles to FY2026 revenue midpoint. Formula: multiply(q2_revenue, downside_2027q2_recognized_growth).
Gross margin including inference and hosting downside_2027q2_adj_gross_margin	2027Q2 / downside	78.0% ratio	assumption: Desk assumption; not company guidance.
Non-GAAP gross profit downside_2027q2_adj_gross_profit	2027Q2 / downside	304.20 USD_millions	derived: AI consumption can raise revenue and service cost at different rates. Formula: multiply(downside_2027q2_revenue, downside_2027q2_adj_gross_margin).
COGS ordinary SBC downside_2027q2_cogs_sbc	2027Q2 / downside	3.10 USD_millions	assumption: Desk assumption; not company guidance.
Amortized capitalized SBC downside_2027q2_capitalized_sbc_amort	2027Q2 / downside	0.44 USD_millions	assumption: Desk assumption; not company guidance.
COGS acquired amortization downside_2027q2_cogs_acquired_amort	2027Q2 / downside	1.80 USD_millions	assumption: Desk assumption; not company guidance.
COGS payroll tax on awards downside_2027q2_cogs_payroll	2027Q2 / downside	0.15 USD_millions	assumption: Desk assumption; not company guidance.
COGS equity payroll and acquired amortization downside_2027q2_cogs_adjustments	2027Q2 / downside	5.49 USD_millions	derived: Expense allocations; included within total operating adjustments below. Formula: sum(downside_2027q2_cogs_sbc, downside_2027q2_capitalized_sbc_amort, downside_2027q2_cogs_acquired_amort, downside_2027q2_cogs_payroll).
GAAP gross profit proxy downside_2027q2_gross_profit	2027Q2 / downside	298.71 USD_millions	derived: Normal depreciation remains in adjusted gross margin. Formula: subtract(downside_2027q2_adj_gross_profit, downside_2027q2_cogs_adjustments).
Adjusted operating expense downside_2027q2_adjusted_opex	2027Q2 / downside	330.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-GAAP operating income proxy downside_2027q2_adj_operating_income	2027Q2 / downside	-25.80 USD_millions	derived: Base FY2026 reconciles to $130M annual adjusted operating-income midpoint. Formula: subtract(downside_2027q2_adj_gross_profit, downside_2027q2_adjusted_opex).
Total ordinary SBC downside_2027q2_sbc	2027Q2 / downside	159.00 USD_millions	assumption: Desk assumption; not company guidance.
Employer payroll tax on equity awards downside_2027q2_payroll	2027Q2 / downside	5.20 USD_millions	assumption: Desk assumption; not company guidance.
Total acquired amortization downside_2027q2_acquired_amort	2027Q2 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC amortization and payroll expense downside_2027q2_gaap_adjustments	2027Q2 / downside	166.64 USD_millions	derived: No new impairment assumed; the same COGS allocations are not added twice. Formula: sum(downside_2027q2_sbc, downside_2027q2_payroll, downside_2027q2_acquired_amort, downside_2027q2_capitalized_sbc_amort).
GAAP operating income proxy downside_2027q2_operating_income	2027Q2 / downside	-192.44 USD_millions	derived: Retains equity compensation as a GAAP cost. Formula: subtract(downside_2027q2_adj_operating_income, downside_2027q2_gaap_adjustments).
Ordinary noncash depreciation/software amortization downside_2027q2_ordinary_da	2027Q2 / downside	5.50 USD_millions	assumption: Desk assumption; not company guidance.
Commission amortization downside_2027q2_commission_amort	2027Q2 / downside	8.80 USD_millions	assumption: Desk assumption; not company guidance.
Investment income less debt cash interest downside_2027q2_net_interest_cash	2027Q2 / downside	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Net deferred revenue and collections cash inflow downside_2027q2_collection_inflow	2027Q2 / downside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating earnings plus cash/noncash bridge downside_2027q2_cash_before_uses	2027Q2 / downside	11.50 USD_millions	derived: No recurring digital-asset or investment fair-value gain. Formula: sum(downside_2027q2_adj_operating_income, downside_2027q2_ordinary_da, downside_2027q2_commission_amort, downside_2027q2_net_interest_cash, downside_2027q2_collection_inflow).
Contract acquisition cash downside_2027q2_commission_cash	2027Q2 / downside	21.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash income taxes downside_2027q2_cash_tax	2027Q2 / downside	5.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash commission tax and payroll uses downside_2027q2_cash_uses	2027Q2 / downside	31.70 USD_millions	derived: Ordinary lease cash is retained in cost budgets; no second lease subtraction. Formula: sum(downside_2027q2_commission_cash, downside_2027q2_cash_tax, downside_2027q2_payroll).
Operating cash flow proxy downside_2027q2_cfo	2027Q2 / downside	-20.20 USD_millions	derived: Desk collections and cash commission investment, not a fixed EBITDA multiple. Formula: subtract(downside_2027q2_cash_before_uses, downside_2027q2_cash_uses).
Cash PP&E downside_2027q2_ppe	2027Q2 / downside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash internal-use software downside_2027q2_software	2027Q2 / downside	2.40 USD_millions	assumption: Desk assumption; not company guidance.
Cash PP&E plus capitalized software downside_2027q2_capex	2027Q2 / downside	14.40 USD_millions	derived: Capitalized SBC is noncash and not added to cash capex. Formula: sum(downside_2027q2_ppe, downside_2027q2_software).
Company-style free cash flow downside_2027q2_fcf	2027Q2 / downside	-34.60 USD_millions	derived: Same PP&E/internal-software scope as reported FCF. Formula: subtract(downside_2027q2_cfo, downside_2027q2_capex).
Cash award withholding downside_2027q2_award_withholding	2027Q2 / downside	65.00 USD_millions	assumption: Desk vesting/price sensitivity; financing cash paid to tax authorities, distinct from employer payroll tax inside CFO.
Purchased intangible assets downside_2027q2_intangibles	2027Q2 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Additional cash uses downside_2027q2_extra_uses	2027Q2 / downside	67.00 USD_millions	derived: No cash deduction of all SBC expense. Formula: sum(downside_2027q2_award_withholding, downside_2027q2_intangibles).
Cash after purchased intangibles and award withholding downside_2027q2_cash_after_claims	2027Q2 / downside	-101.60 USD_millions	derived: Before new acquisitions, option/ESPP receipts and other capital allocation. Formula: subtract(downside_2027q2_fcf, downside_2027q2_extra_uses).
Recognized demand / Q2 revenue downside_2027q3_recognized_growth	2027Q3 / downside	109.4% ratio	assumption: Consolidated recognized seat and consumption demand sensitivity, not reported seat counts or quarterly NDR.
Recognized revenue downside_2027q3_revenue	2027Q3 / downside	405.00 USD_millions	derived: Base H2 reconciles to FY2026 revenue midpoint. Formula: multiply(q2_revenue, downside_2027q3_recognized_growth).
Gross margin including inference and hosting downside_2027q3_adj_gross_margin	2027Q3 / downside	79.0% ratio	assumption: Desk assumption; not company guidance.
Non-GAAP gross profit downside_2027q3_adj_gross_profit	2027Q3 / downside	319.95 USD_millions	derived: AI consumption can raise revenue and service cost at different rates. Formula: multiply(downside_2027q3_revenue, downside_2027q3_adj_gross_margin).
COGS ordinary SBC downside_2027q3_cogs_sbc	2027Q3 / downside	3.30 USD_millions	assumption: Desk assumption; not company guidance.
Amortized capitalized SBC downside_2027q3_capitalized_sbc_amort	2027Q3 / downside	0.47 USD_millions	assumption: Desk assumption; not company guidance.
COGS acquired amortization downside_2027q3_cogs_acquired_amort	2027Q3 / downside	1.80 USD_millions	assumption: Desk assumption; not company guidance.
COGS payroll tax on awards downside_2027q3_cogs_payroll	2027Q3 / downside	0.15 USD_millions	assumption: Desk assumption; not company guidance.
COGS equity payroll and acquired amortization downside_2027q3_cogs_adjustments	2027Q3 / downside	5.72 USD_millions	derived: Expense allocations; included within total operating adjustments below. Formula: sum(downside_2027q3_cogs_sbc, downside_2027q3_capitalized_sbc_amort, downside_2027q3_cogs_acquired_amort, downside_2027q3_cogs_payroll).
GAAP gross profit proxy downside_2027q3_gross_profit	2027Q3 / downside	314.23 USD_millions	derived: Normal depreciation remains in adjusted gross margin. Formula: subtract(downside_2027q3_adj_gross_profit, downside_2027q3_cogs_adjustments).
Adjusted operating expense downside_2027q3_adjusted_opex	2027Q3 / downside	340.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-GAAP operating income proxy downside_2027q3_adj_operating_income	2027Q3 / downside	-20.05 USD_millions	derived: Base FY2026 reconciles to $130M annual adjusted operating-income midpoint. Formula: subtract(downside_2027q3_adj_gross_profit, downside_2027q3_adjusted_opex).
Total ordinary SBC downside_2027q3_sbc	2027Q3 / downside	162.00 USD_millions	assumption: Desk assumption; not company guidance.
Employer payroll tax on equity awards downside_2027q3_payroll	2027Q3 / downside	5.60 USD_millions	assumption: Desk assumption; not company guidance.
Total acquired amortization downside_2027q3_acquired_amort	2027Q3 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC amortization and payroll expense downside_2027q3_gaap_adjustments	2027Q3 / downside	170.07 USD_millions	derived: No new impairment assumed; the same COGS allocations are not added twice. Formula: sum(downside_2027q3_sbc, downside_2027q3_payroll, downside_2027q3_acquired_amort, downside_2027q3_capitalized_sbc_amort).
GAAP operating income proxy downside_2027q3_operating_income	2027Q3 / downside	-190.12 USD_millions	derived: Retains equity compensation as a GAAP cost. Formula: subtract(downside_2027q3_adj_operating_income, downside_2027q3_gaap_adjustments).
Ordinary noncash depreciation/software amortization downside_2027q3_ordinary_da	2027Q3 / downside	6.00 USD_millions	assumption: Desk assumption; not company guidance.
Commission amortization downside_2027q3_commission_amort	2027Q3 / downside	9.40 USD_millions	assumption: Desk assumption; not company guidance.
Investment income less debt cash interest downside_2027q3_net_interest_cash	2027Q3 / downside	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Net deferred revenue and collections cash inflow downside_2027q3_collection_inflow	2027Q3 / downside	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating earnings plus cash/noncash bridge downside_2027q3_cash_before_uses	2027Q3 / downside	28.35 USD_millions	derived: No recurring digital-asset or investment fair-value gain. Formula: sum(downside_2027q3_adj_operating_income, downside_2027q3_ordinary_da, downside_2027q3_commission_amort, downside_2027q3_net_interest_cash, downside_2027q3_collection_inflow).
Contract acquisition cash downside_2027q3_commission_cash	2027Q3 / downside	23.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash income taxes downside_2027q3_cash_tax	2027Q3 / downside	6.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash commission tax and payroll uses downside_2027q3_cash_uses	2027Q3 / downside	34.60 USD_millions	derived: Ordinary lease cash is retained in cost budgets; no second lease subtraction. Formula: sum(downside_2027q3_commission_cash, downside_2027q3_cash_tax, downside_2027q3_payroll).
Operating cash flow proxy downside_2027q3_cfo	2027Q3 / downside	-6.25 USD_millions	derived: Desk collections and cash commission investment, not a fixed EBITDA multiple. Formula: subtract(downside_2027q3_cash_before_uses, downside_2027q3_cash_uses).
Cash PP&E downside_2027q3_ppe	2027Q3 / downside	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash internal-use software downside_2027q3_software	2027Q3 / downside	2.70 USD_millions	assumption: Desk assumption; not company guidance.
Cash PP&E plus capitalized software downside_2027q3_capex	2027Q3 / downside	15.70 USD_millions	derived: Capitalized SBC is noncash and not added to cash capex. Formula: sum(downside_2027q3_ppe, downside_2027q3_software).
Company-style free cash flow downside_2027q3_fcf	2027Q3 / downside	-21.95 USD_millions	derived: Same PP&E/internal-software scope as reported FCF. Formula: subtract(downside_2027q3_cfo, downside_2027q3_capex).
Cash award withholding downside_2027q3_award_withholding	2027Q3 / downside	65.00 USD_millions	assumption: Desk vesting/price sensitivity; financing cash paid to tax authorities, distinct from employer payroll tax inside CFO.
Purchased intangible assets downside_2027q3_intangibles	2027Q3 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Additional cash uses downside_2027q3_extra_uses	2027Q3 / downside	67.00 USD_millions	derived: No cash deduction of all SBC expense. Formula: sum(downside_2027q3_award_withholding, downside_2027q3_intangibles).
Cash after purchased intangibles and award withholding downside_2027q3_cash_after_claims	2027Q3 / downside	-88.95 USD_millions	derived: Before new acquisitions, option/ESPP receipts and other capital allocation. Formula: subtract(downside_2027q3_fcf, downside_2027q3_extra_uses).
Recognized demand / Q2 revenue downside_2027q4_recognized_growth	2027Q4 / downside	116.2% ratio	assumption: Consolidated recognized seat and consumption demand sensitivity, not reported seat counts or quarterly NDR.
Recognized revenue downside_2027q4_revenue	2027Q4 / downside	430.00 USD_millions	derived: Base H2 reconciles to FY2026 revenue midpoint. Formula: multiply(q2_revenue, downside_2027q4_recognized_growth).
Gross margin including inference and hosting downside_2027q4_adj_gross_margin	2027Q4 / downside	79.0% ratio	assumption: Desk assumption; not company guidance.
Non-GAAP gross profit downside_2027q4_adj_gross_profit	2027Q4 / downside	339.70 USD_millions	derived: AI consumption can raise revenue and service cost at different rates. Formula: multiply(downside_2027q4_revenue, downside_2027q4_adj_gross_margin).
COGS ordinary SBC downside_2027q4_cogs_sbc	2027Q4 / downside	3.50 USD_millions	assumption: Desk assumption; not company guidance.
Amortized capitalized SBC downside_2027q4_capitalized_sbc_amort	2027Q4 / downside	0.50 USD_millions	assumption: Desk assumption; not company guidance.
COGS acquired amortization downside_2027q4_cogs_acquired_amort	2027Q4 / downside	1.80 USD_millions	assumption: Desk assumption; not company guidance.
COGS payroll tax on awards downside_2027q4_cogs_payroll	2027Q4 / downside	0.15 USD_millions	assumption: Desk assumption; not company guidance.
COGS equity payroll and acquired amortization downside_2027q4_cogs_adjustments	2027Q4 / downside	5.95 USD_millions	derived: Expense allocations; included within total operating adjustments below. Formula: sum(downside_2027q4_cogs_sbc, downside_2027q4_capitalized_sbc_amort, downside_2027q4_cogs_acquired_amort, downside_2027q4_cogs_payroll).
GAAP gross profit proxy downside_2027q4_gross_profit	2027Q4 / downside	333.75 USD_millions	derived: Normal depreciation remains in adjusted gross margin. Formula: subtract(downside_2027q4_adj_gross_profit, downside_2027q4_cogs_adjustments).
Adjusted operating expense downside_2027q4_adjusted_opex	2027Q4 / downside	355.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-GAAP operating income proxy downside_2027q4_adj_operating_income	2027Q4 / downside	-15.30 USD_millions	derived: Base FY2026 reconciles to $130M annual adjusted operating-income midpoint. Formula: subtract(downside_2027q4_adj_gross_profit, downside_2027q4_adjusted_opex).
Total ordinary SBC downside_2027q4_sbc	2027Q4 / downside	165.00 USD_millions	assumption: Desk assumption; not company guidance.
Employer payroll tax on equity awards downside_2027q4_payroll	2027Q4 / downside	6.00 USD_millions	assumption: Desk assumption; not company guidance.
Total acquired amortization downside_2027q4_acquired_amort	2027Q4 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC amortization and payroll expense downside_2027q4_gaap_adjustments	2027Q4 / downside	173.50 USD_millions	derived: No new impairment assumed; the same COGS allocations are not added twice. Formula: sum(downside_2027q4_sbc, downside_2027q4_payroll, downside_2027q4_acquired_amort, downside_2027q4_capitalized_sbc_amort).
GAAP operating income proxy downside_2027q4_operating_income	2027Q4 / downside	-188.80 USD_millions	derived: Retains equity compensation as a GAAP cost. Formula: subtract(downside_2027q4_adj_operating_income, downside_2027q4_gaap_adjustments).
Ordinary noncash depreciation/software amortization downside_2027q4_ordinary_da	2027Q4 / downside	6.50 USD_millions	assumption: Desk assumption; not company guidance.
Commission amortization downside_2027q4_commission_amort	2027Q4 / downside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Investment income less debt cash interest downside_2027q4_net_interest_cash	2027Q4 / downside	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Net deferred revenue and collections cash inflow downside_2027q4_collection_inflow	2027Q4 / downside	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating earnings plus cash/noncash bridge downside_2027q4_cash_before_uses	2027Q4 / downside	29.20 USD_millions	derived: No recurring digital-asset or investment fair-value gain. Formula: sum(downside_2027q4_adj_operating_income, downside_2027q4_ordinary_da, downside_2027q4_commission_amort, downside_2027q4_net_interest_cash, downside_2027q4_collection_inflow).
Contract acquisition cash downside_2027q4_commission_cash	2027Q4 / downside	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash income taxes downside_2027q4_cash_tax	2027Q4 / downside	6.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash commission tax and payroll uses downside_2027q4_cash_uses	2027Q4 / downside	37.50 USD_millions	derived: Ordinary lease cash is retained in cost budgets; no second lease subtraction. Formula: sum(downside_2027q4_commission_cash, downside_2027q4_cash_tax, downside_2027q4_payroll).
Operating cash flow proxy downside_2027q4_cfo	2027Q4 / downside	-8.30 USD_millions	derived: Desk collections and cash commission investment, not a fixed EBITDA multiple. Formula: subtract(downside_2027q4_cash_before_uses, downside_2027q4_cash_uses).
Cash PP&E downside_2027q4_ppe	2027Q4 / downside	14.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash internal-use software downside_2027q4_software	2027Q4 / downside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash PP&E plus capitalized software downside_2027q4_capex	2027Q4 / downside	17.00 USD_millions	derived: Capitalized SBC is noncash and not added to cash capex. Formula: sum(downside_2027q4_ppe, downside_2027q4_software).
Company-style free cash flow downside_2027q4_fcf	2027Q4 / downside	-25.30 USD_millions	derived: Same PP&E/internal-software scope as reported FCF. Formula: subtract(downside_2027q4_cfo, downside_2027q4_capex).
Cash award withholding downside_2027q4_award_withholding	2027Q4 / downside	70.00 USD_millions	assumption: Desk vesting/price sensitivity; financing cash paid to tax authorities, distinct from employer payroll tax inside CFO.
Purchased intangible assets downside_2027q4_intangibles	2027Q4 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Additional cash uses downside_2027q4_extra_uses	2027Q4 / downside	72.00 USD_millions	derived: No cash deduction of all SBC expense. Formula: sum(downside_2027q4_award_withholding, downside_2027q4_intangibles).
Cash after purchased intangibles and award withholding downside_2027q4_cash_after_claims	2027Q4 / downside	-97.30 USD_millions	derived: Before new acquisitions, option/ESPP receipts and other capital allocation. Formula: subtract(downside_2027q4_fcf, downside_2027q4_extra_uses).
Consolidated revenue ($M) downside_fy2026_revenue	FY2026 / downside	1,430.52 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, downside_2026q3_revenue, downside_2026q4_revenue).
GAAP gross profit proxy ($M) downside_fy2026_gross_profit	FY2026 / downside	1,142.48 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, downside_2026q3_gross_profit, downside_2026q4_gross_profit).
GAAP operating income proxy ($M) downside_fy2026_operating_income	FY2026 / downside	-602.89 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, downside_2026q3_operating_income, downside_2026q4_operating_income).
Non-GAAP operating income proxy ($M) downside_fy2026_adj_operating_income	FY2026 / downside	56.16 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adj_operating_income, downside_2026q3_adj_operating_income, downside_2026q4_adj_operating_income).
Operating cash flow proxy ($M) downside_fy2026_cfo	FY2026 / downside	161.33 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, downside_2026q3_cfo, downside_2026q4_cfo).
Cash PP&E and internal software ($M) downside_fy2026_capex	FY2026 / downside	38.68 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, downside_2026q3_capex, downside_2026q4_capex).
Company-style free cash flow ($M) downside_fy2026_fcf	FY2026 / downside	122.65 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, downside_2026q3_fcf, downside_2026q4_fcf).
Equity-award withholding cash ($M) downside_fy2026_award_withholding	FY2026 / downside	286.65 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_award_withholding, downside_2026q3_award_withholding, downside_2026q4_award_withholding).
Cash after intangibles and award withholding ($M) downside_fy2026_cash_after_claims	FY2026 / downside	-170.78 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_claims, downside_2026q3_cash_after_claims, downside_2026q4_cash_after_claims).
Consolidated revenue ($M) downside_fy2027_revenue	FY2027 / downside	1,585.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_revenue, downside_2027q2_revenue, downside_2027q3_revenue, downside_2027q4_revenue).
GAAP gross profit proxy ($M) downside_fy2027_gross_profit	FY2027 / downside	1,222.23 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_gross_profit, downside_2027q2_gross_profit, downside_2027q3_gross_profit, downside_2027q4_gross_profit).
GAAP operating income proxy ($M) downside_fy2027_operating_income	FY2027 / downside	-768.77 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_operating_income, downside_2027q2_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income).
Non-GAAP operating income proxy ($M) downside_fy2027_adj_operating_income	FY2027 / downside	-95.35 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_adj_operating_income, downside_2027q2_adj_operating_income, downside_2027q3_adj_operating_income, downside_2027q4_adj_operating_income).
Operating cash flow proxy ($M) downside_fy2027_cfo	FY2027 / downside	-36.55 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cfo, downside_2027q2_cfo, downside_2027q3_cfo, downside_2027q4_cfo).
Cash PP&E and internal software ($M) downside_fy2027_capex	FY2027 / downside	60.20 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_capex, downside_2027q2_capex, downside_2027q3_capex, downside_2027q4_capex).
Company-style free cash flow ($M) downside_fy2027_fcf	FY2027 / downside	-96.75 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_fcf, downside_2027q2_fcf, downside_2027q3_fcf, downside_2027q4_fcf).
Equity-award withholding cash ($M) downside_fy2027_award_withholding	FY2027 / downside	280.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_award_withholding, downside_2027q2_award_withholding, downside_2027q3_award_withholding, downside_2027q4_award_withholding).
Cash after intangibles and award withholding ($M) downside_fy2027_cash_after_claims	FY2027 / downside	-384.75 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cash_after_claims, downside_2027q2_cash_after_claims, downside_2027q3_cash_after_claims, downside_2027q4_cash_after_claims).
Recognized demand / Q2 revenue base_2026q3_recognized_growth	2026Q3 / base	101.1% ratio	assumption: Consolidated recognized seat and consumption demand sensitivity, not reported seat counts or quarterly NDR.
Recognized revenue base_2026q3_revenue	2026Q3 / base	374.00 USD_millions	derived: Base H2 reconciles to FY2026 revenue midpoint. Formula: multiply(q2_revenue, base_2026q3_recognized_growth).
Gross margin including inference and hosting base_2026q3_adj_gross_margin	2026Q3 / base	84.0% ratio	assumption: Desk assumption; not company guidance.
Non-GAAP gross profit base_2026q3_adj_gross_profit	2026Q3 / base	314.16 USD_millions	derived: AI consumption can raise revenue and service cost at different rates. Formula: multiply(base_2026q3_revenue, base_2026q3_adj_gross_margin).
COGS ordinary SBC base_2026q3_cogs_sbc	2026Q3 / base	2.50 USD_millions	assumption: Desk assumption; not company guidance.
Amortized capitalized SBC base_2026q3_capitalized_sbc_amort	2026Q3 / base	0.35 USD_millions	assumption: Desk assumption; not company guidance.
COGS acquired amortization base_2026q3_cogs_acquired_amort	2026Q3 / base	1.80 USD_millions	assumption: Desk assumption; not company guidance.
COGS payroll tax on awards base_2026q3_cogs_payroll	2026Q3 / base	0.15 USD_millions	assumption: Desk assumption; not company guidance.
COGS equity payroll and acquired amortization base_2026q3_cogs_adjustments	2026Q3 / base	4.80 USD_millions	derived: Expense allocations; included within total operating adjustments below. Formula: sum(base_2026q3_cogs_sbc, base_2026q3_capitalized_sbc_amort, base_2026q3_cogs_acquired_amort, base_2026q3_cogs_payroll).
GAAP gross profit proxy base_2026q3_gross_profit	2026Q3 / base	309.36 USD_millions	derived: Normal depreciation remains in adjusted gross margin. Formula: subtract(base_2026q3_adj_gross_profit, base_2026q3_cogs_adjustments).
Adjusted operating expense base_2026q3_adjusted_opex	2026Q3 / base	296.16 USD_millions	assumption: Desk assumption; not company guidance.
Non-GAAP operating income proxy base_2026q3_adj_operating_income	2026Q3 / base	18.00 USD_millions	derived: Base FY2026 reconciles to $130M annual adjusted operating-income midpoint. Formula: subtract(base_2026q3_adj_gross_profit, base_2026q3_adjusted_opex).
Total ordinary SBC base_2026q3_sbc	2026Q3 / base	150.00 USD_millions	assumption: Desk assumption; not company guidance.
Employer payroll tax on equity awards base_2026q3_payroll	2026Q3 / base	4.00 USD_millions	assumption: Desk assumption; not company guidance.
Total acquired amortization base_2026q3_acquired_amort	2026Q3 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC amortization and payroll expense base_2026q3_gaap_adjustments	2026Q3 / base	156.35 USD_millions	derived: No new impairment assumed; the same COGS allocations are not added twice. Formula: sum(base_2026q3_sbc, base_2026q3_payroll, base_2026q3_acquired_amort, base_2026q3_capitalized_sbc_amort).
GAAP operating income proxy base_2026q3_operating_income	2026Q3 / base	-138.35 USD_millions	derived: Retains equity compensation as a GAAP cost. Formula: subtract(base_2026q3_adj_operating_income, base_2026q3_gaap_adjustments).
Ordinary noncash depreciation/software amortization base_2026q3_ordinary_da	2026Q3 / base	4.00 USD_millions	assumption: Desk assumption; not company guidance.
Commission amortization base_2026q3_commission_amort	2026Q3 / base	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Investment income less debt cash interest base_2026q3_net_interest_cash	2026Q3 / base	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Net deferred revenue and collections cash inflow base_2026q3_collection_inflow	2026Q3 / base	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating earnings plus cash/noncash bridge base_2026q3_cash_before_uses	2026Q3 / base	67.00 USD_millions	derived: No recurring digital-asset or investment fair-value gain. Formula: sum(base_2026q3_adj_operating_income, base_2026q3_ordinary_da, base_2026q3_commission_amort, base_2026q3_net_interest_cash, base_2026q3_collection_inflow).
Contract acquisition cash base_2026q3_commission_cash	2026Q3 / base	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash income taxes base_2026q3_cash_tax	2026Q3 / base	4.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash commission tax and payroll uses base_2026q3_cash_uses	2026Q3 / base	23.00 USD_millions	derived: Ordinary lease cash is retained in cost budgets; no second lease subtraction. Formula: sum(base_2026q3_commission_cash, base_2026q3_cash_tax, base_2026q3_payroll).
Operating cash flow proxy base_2026q3_cfo	2026Q3 / base	44.00 USD_millions	derived: Desk collections and cash commission investment, not a fixed EBITDA multiple. Formula: subtract(base_2026q3_cash_before_uses, base_2026q3_cash_uses).
Cash PP&E base_2026q3_ppe	2026Q3 / base	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash internal-use software base_2026q3_software	2026Q3 / base	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash PP&E plus capitalized software base_2026q3_capex	2026Q3 / base	10.50 USD_millions	derived: Capitalized SBC is noncash and not added to cash capex. Formula: sum(base_2026q3_ppe, base_2026q3_software).
Company-style free cash flow base_2026q3_fcf	2026Q3 / base	33.50 USD_millions	derived: Same PP&E/internal-software scope as reported FCF. Formula: subtract(base_2026q3_cfo, base_2026q3_capex).
Cash award withholding base_2026q3_award_withholding	2026Q3 / base	50.00 USD_millions	assumption: Desk vesting/price sensitivity; financing cash paid to tax authorities, distinct from employer payroll tax inside CFO.
Purchased intangible assets base_2026q3_intangibles	2026Q3 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Additional cash uses base_2026q3_extra_uses	2026Q3 / base	52.00 USD_millions	derived: No cash deduction of all SBC expense. Formula: sum(base_2026q3_award_withholding, base_2026q3_intangibles).
Cash after purchased intangibles and award withholding base_2026q3_cash_after_claims	2026Q3 / base	-18.50 USD_millions	derived: Before new acquisitions, option/ESPP receipts and other capital allocation. Formula: subtract(base_2026q3_fcf, base_2026q3_extra_uses).
Recognized demand / Q2 revenue base_2026q4_recognized_growth	2026Q4 / base	104.7% ratio	assumption: Consolidated recognized seat and consumption demand sensitivity, not reported seat counts or quarterly NDR.
Recognized revenue base_2026q4_revenue	2026Q4 / base	387.48 USD_millions	derived: Base H2 reconciles to FY2026 revenue midpoint. Formula: multiply(q2_revenue, base_2026q4_recognized_growth).
Gross margin including inference and hosting base_2026q4_adj_gross_margin	2026Q4 / base	84.0% ratio	assumption: Desk assumption; not company guidance.
Non-GAAP gross profit base_2026q4_adj_gross_profit	2026Q4 / base	325.48 USD_millions	derived: AI consumption can raise revenue and service cost at different rates. Formula: multiply(base_2026q4_revenue, base_2026q4_adj_gross_margin).
COGS ordinary SBC base_2026q4_cogs_sbc	2026Q4 / base	2.70 USD_millions	assumption: Desk assumption; not company guidance.
Amortized capitalized SBC base_2026q4_capitalized_sbc_amort	2026Q4 / base	0.38 USD_millions	assumption: Desk assumption; not company guidance.
COGS acquired amortization base_2026q4_cogs_acquired_amort	2026Q4 / base	1.80 USD_millions	assumption: Desk assumption; not company guidance.
COGS payroll tax on awards base_2026q4_cogs_payroll	2026Q4 / base	0.15 USD_millions	assumption: Desk assumption; not company guidance.
COGS equity payroll and acquired amortization base_2026q4_cogs_adjustments	2026Q4 / base	5.03 USD_millions	derived: Expense allocations; included within total operating adjustments below. Formula: sum(base_2026q4_cogs_sbc, base_2026q4_capitalized_sbc_amort, base_2026q4_cogs_acquired_amort, base_2026q4_cogs_payroll).
GAAP gross profit proxy base_2026q4_gross_profit	2026Q4 / base	320.45 USD_millions	derived: Normal depreciation remains in adjusted gross margin. Formula: subtract(base_2026q4_adj_gross_profit, base_2026q4_cogs_adjustments).
Adjusted operating expense base_2026q4_adjusted_opex	2026Q4 / base	301.71 USD_millions	assumption: Desk assumption; not company guidance.
Non-GAAP operating income proxy base_2026q4_adj_operating_income	2026Q4 / base	23.77 USD_millions	derived: Base FY2026 reconciles to $130M annual adjusted operating-income midpoint. Formula: subtract(base_2026q4_adj_gross_profit, base_2026q4_adjusted_opex).
Total ordinary SBC base_2026q4_sbc	2026Q4 / base	153.00 USD_millions	assumption: Desk assumption; not company guidance.
Employer payroll tax on equity awards base_2026q4_payroll	2026Q4 / base	4.40 USD_millions	assumption: Desk assumption; not company guidance.
Total acquired amortization base_2026q4_acquired_amort	2026Q4 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC amortization and payroll expense base_2026q4_gaap_adjustments	2026Q4 / base	159.78 USD_millions	derived: No new impairment assumed; the same COGS allocations are not added twice. Formula: sum(base_2026q4_sbc, base_2026q4_payroll, base_2026q4_acquired_amort, base_2026q4_capitalized_sbc_amort).
GAAP operating income proxy base_2026q4_operating_income	2026Q4 / base	-136.01 USD_millions	derived: Retains equity compensation as a GAAP cost. Formula: subtract(base_2026q4_adj_operating_income, base_2026q4_gaap_adjustments).
Ordinary noncash depreciation/software amortization base_2026q4_ordinary_da	2026Q4 / base	4.50 USD_millions	assumption: Desk assumption; not company guidance.
Commission amortization base_2026q4_commission_amort	2026Q4 / base	7.60 USD_millions	assumption: Desk assumption; not company guidance.
Investment income less debt cash interest base_2026q4_net_interest_cash	2026Q4 / base	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Net deferred revenue and collections cash inflow base_2026q4_collection_inflow	2026Q4 / base	50.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating earnings plus cash/noncash bridge base_2026q4_cash_before_uses	2026Q4 / base	98.87 USD_millions	derived: No recurring digital-asset or investment fair-value gain. Formula: sum(base_2026q4_adj_operating_income, base_2026q4_ordinary_da, base_2026q4_commission_amort, base_2026q4_net_interest_cash, base_2026q4_collection_inflow).
Contract acquisition cash base_2026q4_commission_cash	2026Q4 / base	17.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash income taxes base_2026q4_cash_tax	2026Q4 / base	4.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash commission tax and payroll uses base_2026q4_cash_uses	2026Q4 / base	25.90 USD_millions	derived: Ordinary lease cash is retained in cost budgets; no second lease subtraction. Formula: sum(base_2026q4_commission_cash, base_2026q4_cash_tax, base_2026q4_payroll).
Operating cash flow proxy base_2026q4_cfo	2026Q4 / base	72.97 USD_millions	derived: Desk collections and cash commission investment, not a fixed EBITDA multiple. Formula: subtract(base_2026q4_cash_before_uses, base_2026q4_cash_uses).
Cash PP&E base_2026q4_ppe	2026Q4 / base	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash internal-use software base_2026q4_software	2026Q4 / base	1.80 USD_millions	assumption: Desk assumption; not company guidance.
Cash PP&E plus capitalized software base_2026q4_capex	2026Q4 / base	11.80 USD_millions	derived: Capitalized SBC is noncash and not added to cash capex. Formula: sum(base_2026q4_ppe, base_2026q4_software).
Company-style free cash flow base_2026q4_fcf	2026Q4 / base	61.17 USD_millions	derived: Same PP&E/internal-software scope as reported FCF. Formula: subtract(base_2026q4_cfo, base_2026q4_capex).
Cash award withholding base_2026q4_award_withholding	2026Q4 / base	55.00 USD_millions	assumption: Desk vesting/price sensitivity; financing cash paid to tax authorities, distinct from employer payroll tax inside CFO.
Purchased intangible assets base_2026q4_intangibles	2026Q4 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Additional cash uses base_2026q4_extra_uses	2026Q4 / base	57.00 USD_millions	derived: No cash deduction of all SBC expense. Formula: sum(base_2026q4_award_withholding, base_2026q4_intangibles).
Cash after purchased intangibles and award withholding base_2026q4_cash_after_claims	2026Q4 / base	4.17 USD_millions	derived: Before new acquisitions, option/ESPP receipts and other capital allocation. Formula: subtract(base_2026q4_fcf, base_2026q4_extra_uses).
Recognized demand / Q2 revenue base_2027q1_recognized_growth	2027Q1 / base	112.1% ratio	assumption: Consolidated recognized seat and consumption demand sensitivity, not reported seat counts or quarterly NDR.
Recognized revenue base_2027q1_revenue	2027Q1 / base	415.00 USD_millions	derived: Base H2 reconciles to FY2026 revenue midpoint. Formula: multiply(q2_revenue, base_2027q1_recognized_growth).
Gross margin including inference and hosting base_2027q1_adj_gross_margin	2027Q1 / base	83.0% ratio	assumption: Desk assumption; not company guidance.
Non-GAAP gross profit base_2027q1_adj_gross_profit	2027Q1 / base	344.45 USD_millions	derived: AI consumption can raise revenue and service cost at different rates. Formula: multiply(base_2027q1_revenue, base_2027q1_adj_gross_margin).
COGS ordinary SBC base_2027q1_cogs_sbc	2027Q1 / base	2.90 USD_millions	assumption: Desk assumption; not company guidance.
Amortized capitalized SBC base_2027q1_capitalized_sbc_amort	2027Q1 / base	0.41 USD_millions	assumption: Desk assumption; not company guidance.
COGS acquired amortization base_2027q1_cogs_acquired_amort	2027Q1 / base	1.80 USD_millions	assumption: Desk assumption; not company guidance.
COGS payroll tax on awards base_2027q1_cogs_payroll	2027Q1 / base	0.15 USD_millions	assumption: Desk assumption; not company guidance.
COGS equity payroll and acquired amortization base_2027q1_cogs_adjustments	2027Q1 / base	5.26 USD_millions	derived: Expense allocations; included within total operating adjustments below. Formula: sum(base_2027q1_cogs_sbc, base_2027q1_capitalized_sbc_amort, base_2027q1_cogs_acquired_amort, base_2027q1_cogs_payroll).
GAAP gross profit proxy base_2027q1_gross_profit	2027Q1 / base	339.19 USD_millions	derived: Normal depreciation remains in adjusted gross margin. Formula: subtract(base_2027q1_adj_gross_profit, base_2027q1_cogs_adjustments).
Adjusted operating expense base_2027q1_adjusted_opex	2027Q1 / base	315.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-GAAP operating income proxy base_2027q1_adj_operating_income	2027Q1 / base	29.45 USD_millions	derived: Base FY2026 reconciles to $130M annual adjusted operating-income midpoint. Formula: subtract(base_2027q1_adj_gross_profit, base_2027q1_adjusted_opex).
Total ordinary SBC base_2027q1_sbc	2027Q1 / base	156.00 USD_millions	assumption: Desk assumption; not company guidance.
Employer payroll tax on equity awards base_2027q1_payroll	2027Q1 / base	4.80 USD_millions	assumption: Desk assumption; not company guidance.
Total acquired amortization base_2027q1_acquired_amort	2027Q1 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC amortization and payroll expense base_2027q1_gaap_adjustments	2027Q1 / base	163.21 USD_millions	derived: No new impairment assumed; the same COGS allocations are not added twice. Formula: sum(base_2027q1_sbc, base_2027q1_payroll, base_2027q1_acquired_amort, base_2027q1_capitalized_sbc_amort).
GAAP operating income proxy base_2027q1_operating_income	2027Q1 / base	-133.76 USD_millions	derived: Retains equity compensation as a GAAP cost. Formula: subtract(base_2027q1_adj_operating_income, base_2027q1_gaap_adjustments).
Ordinary noncash depreciation/software amortization base_2027q1_ordinary_da	2027Q1 / base	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Commission amortization base_2027q1_commission_amort	2027Q1 / base	8.20 USD_millions	assumption: Desk assumption; not company guidance.
Investment income less debt cash interest base_2027q1_net_interest_cash	2027Q1 / base	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Net deferred revenue and collections cash inflow base_2027q1_collection_inflow	2027Q1 / base	50.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating earnings plus cash/noncash bridge base_2027q1_cash_before_uses	2027Q1 / base	105.65 USD_millions	derived: No recurring digital-asset or investment fair-value gain. Formula: sum(base_2027q1_adj_operating_income, base_2027q1_ordinary_da, base_2027q1_commission_amort, base_2027q1_net_interest_cash, base_2027q1_collection_inflow).
Contract acquisition cash base_2027q1_commission_cash	2027Q1 / base	19.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash income taxes base_2027q1_cash_tax	2027Q1 / base	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash commission tax and payroll uses base_2027q1_cash_uses	2027Q1 / base	28.80 USD_millions	derived: Ordinary lease cash is retained in cost budgets; no second lease subtraction. Formula: sum(base_2027q1_commission_cash, base_2027q1_cash_tax, base_2027q1_payroll).
Operating cash flow proxy base_2027q1_cfo	2027Q1 / base	76.85 USD_millions	derived: Desk collections and cash commission investment, not a fixed EBITDA multiple. Formula: subtract(base_2027q1_cash_before_uses, base_2027q1_cash_uses).
Cash PP&E base_2027q1_ppe	2027Q1 / base	11.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash internal-use software base_2027q1_software	2027Q1 / base	2.10 USD_millions	assumption: Desk assumption; not company guidance.
Cash PP&E plus capitalized software base_2027q1_capex	2027Q1 / base	13.10 USD_millions	derived: Capitalized SBC is noncash and not added to cash capex. Formula: sum(base_2027q1_ppe, base_2027q1_software).
Company-style free cash flow base_2027q1_fcf	2027Q1 / base	63.75 USD_millions	derived: Same PP&E/internal-software scope as reported FCF. Formula: subtract(base_2027q1_cfo, base_2027q1_capex).
Cash award withholding base_2027q1_award_withholding	2027Q1 / base	70.00 USD_millions	assumption: Desk vesting/price sensitivity; financing cash paid to tax authorities, distinct from employer payroll tax inside CFO.
Purchased intangible assets base_2027q1_intangibles	2027Q1 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Additional cash uses base_2027q1_extra_uses	2027Q1 / base	72.00 USD_millions	derived: No cash deduction of all SBC expense. Formula: sum(base_2027q1_award_withholding, base_2027q1_intangibles).
Cash after purchased intangibles and award withholding base_2027q1_cash_after_claims	2027Q1 / base	-8.25 USD_millions	derived: Before new acquisitions, option/ESPP receipts and other capital allocation. Formula: subtract(base_2027q1_fcf, base_2027q1_extra_uses).
Recognized demand / Q2 revenue base_2027q2_recognized_growth	2027Q2 / base	121.6% ratio	assumption: Consolidated recognized seat and consumption demand sensitivity, not reported seat counts or quarterly NDR.
Recognized revenue base_2027q2_revenue	2027Q2 / base	450.00 USD_millions	derived: Base H2 reconciles to FY2026 revenue midpoint. Formula: multiply(q2_revenue, base_2027q2_recognized_growth).
Gross margin including inference and hosting base_2027q2_adj_gross_margin	2027Q2 / base	83.0% ratio	assumption: Desk assumption; not company guidance.
Non-GAAP gross profit base_2027q2_adj_gross_profit	2027Q2 / base	373.50 USD_millions	derived: AI consumption can raise revenue and service cost at different rates. Formula: multiply(base_2027q2_revenue, base_2027q2_adj_gross_margin).
COGS ordinary SBC base_2027q2_cogs_sbc	2027Q2 / base	3.10 USD_millions	assumption: Desk assumption; not company guidance.
Amortized capitalized SBC base_2027q2_capitalized_sbc_amort	2027Q2 / base	0.44 USD_millions	assumption: Desk assumption; not company guidance.
COGS acquired amortization base_2027q2_cogs_acquired_amort	2027Q2 / base	1.80 USD_millions	assumption: Desk assumption; not company guidance.
COGS payroll tax on awards base_2027q2_cogs_payroll	2027Q2 / base	0.15 USD_millions	assumption: Desk assumption; not company guidance.
COGS equity payroll and acquired amortization base_2027q2_cogs_adjustments	2027Q2 / base	5.49 USD_millions	derived: Expense allocations; included within total operating adjustments below. Formula: sum(base_2027q2_cogs_sbc, base_2027q2_capitalized_sbc_amort, base_2027q2_cogs_acquired_amort, base_2027q2_cogs_payroll).
GAAP gross profit proxy base_2027q2_gross_profit	2027Q2 / base	368.01 USD_millions	derived: Normal depreciation remains in adjusted gross margin. Formula: subtract(base_2027q2_adj_gross_profit, base_2027q2_cogs_adjustments).
Adjusted operating expense base_2027q2_adjusted_opex	2027Q2 / base	337.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-GAAP operating income proxy base_2027q2_adj_operating_income	2027Q2 / base	36.50 USD_millions	derived: Base FY2026 reconciles to $130M annual adjusted operating-income midpoint. Formula: subtract(base_2027q2_adj_gross_profit, base_2027q2_adjusted_opex).
Total ordinary SBC base_2027q2_sbc	2027Q2 / base	159.00 USD_millions	assumption: Desk assumption; not company guidance.
Employer payroll tax on equity awards base_2027q2_payroll	2027Q2 / base	5.20 USD_millions	assumption: Desk assumption; not company guidance.
Total acquired amortization base_2027q2_acquired_amort	2027Q2 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC amortization and payroll expense base_2027q2_gaap_adjustments	2027Q2 / base	166.64 USD_millions	derived: No new impairment assumed; the same COGS allocations are not added twice. Formula: sum(base_2027q2_sbc, base_2027q2_payroll, base_2027q2_acquired_amort, base_2027q2_capitalized_sbc_amort).
GAAP operating income proxy base_2027q2_operating_income	2027Q2 / base	-130.14 USD_millions	derived: Retains equity compensation as a GAAP cost. Formula: subtract(base_2027q2_adj_operating_income, base_2027q2_gaap_adjustments).
Ordinary noncash depreciation/software amortization base_2027q2_ordinary_da	2027Q2 / base	5.50 USD_millions	assumption: Desk assumption; not company guidance.
Commission amortization base_2027q2_commission_amort	2027Q2 / base	8.80 USD_millions	assumption: Desk assumption; not company guidance.
Investment income less debt cash interest base_2027q2_net_interest_cash	2027Q2 / base	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Net deferred revenue and collections cash inflow base_2027q2_collection_inflow	2027Q2 / base	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating earnings plus cash/noncash bridge base_2027q2_cash_before_uses	2027Q2 / base	78.80 USD_millions	derived: No recurring digital-asset or investment fair-value gain. Formula: sum(base_2027q2_adj_operating_income, base_2027q2_ordinary_da, base_2027q2_commission_amort, base_2027q2_net_interest_cash, base_2027q2_collection_inflow).
Contract acquisition cash base_2027q2_commission_cash	2027Q2 / base	21.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash income taxes base_2027q2_cash_tax	2027Q2 / base	5.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash commission tax and payroll uses base_2027q2_cash_uses	2027Q2 / base	31.70 USD_millions	derived: Ordinary lease cash is retained in cost budgets; no second lease subtraction. Formula: sum(base_2027q2_commission_cash, base_2027q2_cash_tax, base_2027q2_payroll).
Operating cash flow proxy base_2027q2_cfo	2027Q2 / base	47.10 USD_millions	derived: Desk collections and cash commission investment, not a fixed EBITDA multiple. Formula: subtract(base_2027q2_cash_before_uses, base_2027q2_cash_uses).
Cash PP&E base_2027q2_ppe	2027Q2 / base	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash internal-use software base_2027q2_software	2027Q2 / base	2.40 USD_millions	assumption: Desk assumption; not company guidance.
Cash PP&E plus capitalized software base_2027q2_capex	2027Q2 / base	14.40 USD_millions	derived: Capitalized SBC is noncash and not added to cash capex. Formula: sum(base_2027q2_ppe, base_2027q2_software).
Company-style free cash flow base_2027q2_fcf	2027Q2 / base	32.70 USD_millions	derived: Same PP&E/internal-software scope as reported FCF. Formula: subtract(base_2027q2_cfo, base_2027q2_capex).
Cash award withholding base_2027q2_award_withholding	2027Q2 / base	50.00 USD_millions	assumption: Desk vesting/price sensitivity; financing cash paid to tax authorities, distinct from employer payroll tax inside CFO.
Purchased intangible assets base_2027q2_intangibles	2027Q2 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Additional cash uses base_2027q2_extra_uses	2027Q2 / base	52.00 USD_millions	derived: No cash deduction of all SBC expense. Formula: sum(base_2027q2_award_withholding, base_2027q2_intangibles).
Cash after purchased intangibles and award withholding base_2027q2_cash_after_claims	2027Q2 / base	-19.30 USD_millions	derived: Before new acquisitions, option/ESPP receipts and other capital allocation. Formula: subtract(base_2027q2_fcf, base_2027q2_extra_uses).
Recognized demand / Q2 revenue base_2027q3_recognized_growth	2027Q3 / base	129.7% ratio	assumption: Consolidated recognized seat and consumption demand sensitivity, not reported seat counts or quarterly NDR.
Recognized revenue base_2027q3_revenue	2027Q3 / base	480.00 USD_millions	derived: Base H2 reconciles to FY2026 revenue midpoint. Formula: multiply(q2_revenue, base_2027q3_recognized_growth).
Gross margin including inference and hosting base_2027q3_adj_gross_margin	2027Q3 / base	84.0% ratio	assumption: Desk assumption; not company guidance.
Non-GAAP gross profit base_2027q3_adj_gross_profit	2027Q3 / base	403.20 USD_millions	derived: AI consumption can raise revenue and service cost at different rates. Formula: multiply(base_2027q3_revenue, base_2027q3_adj_gross_margin).
COGS ordinary SBC base_2027q3_cogs_sbc	2027Q3 / base	3.30 USD_millions	assumption: Desk assumption; not company guidance.
Amortized capitalized SBC base_2027q3_capitalized_sbc_amort	2027Q3 / base	0.47 USD_millions	assumption: Desk assumption; not company guidance.
COGS acquired amortization base_2027q3_cogs_acquired_amort	2027Q3 / base	1.80 USD_millions	assumption: Desk assumption; not company guidance.
COGS payroll tax on awards base_2027q3_cogs_payroll	2027Q3 / base	0.15 USD_millions	assumption: Desk assumption; not company guidance.
COGS equity payroll and acquired amortization base_2027q3_cogs_adjustments	2027Q3 / base	5.72 USD_millions	derived: Expense allocations; included within total operating adjustments below. Formula: sum(base_2027q3_cogs_sbc, base_2027q3_capitalized_sbc_amort, base_2027q3_cogs_acquired_amort, base_2027q3_cogs_payroll).
GAAP gross profit proxy base_2027q3_gross_profit	2027Q3 / base	397.48 USD_millions	derived: Normal depreciation remains in adjusted gross margin. Formula: subtract(base_2027q3_adj_gross_profit, base_2027q3_cogs_adjustments).
Adjusted operating expense base_2027q3_adjusted_opex	2027Q3 / base	355.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-GAAP operating income proxy base_2027q3_adj_operating_income	2027Q3 / base	48.20 USD_millions	derived: Base FY2026 reconciles to $130M annual adjusted operating-income midpoint. Formula: subtract(base_2027q3_adj_gross_profit, base_2027q3_adjusted_opex).
Total ordinary SBC base_2027q3_sbc	2027Q3 / base	162.00 USD_millions	assumption: Desk assumption; not company guidance.
Employer payroll tax on equity awards base_2027q3_payroll	2027Q3 / base	5.60 USD_millions	assumption: Desk assumption; not company guidance.
Total acquired amortization base_2027q3_acquired_amort	2027Q3 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC amortization and payroll expense base_2027q3_gaap_adjustments	2027Q3 / base	170.07 USD_millions	derived: No new impairment assumed; the same COGS allocations are not added twice. Formula: sum(base_2027q3_sbc, base_2027q3_payroll, base_2027q3_acquired_amort, base_2027q3_capitalized_sbc_amort).
GAAP operating income proxy base_2027q3_operating_income	2027Q3 / base	-121.87 USD_millions	derived: Retains equity compensation as a GAAP cost. Formula: subtract(base_2027q3_adj_operating_income, base_2027q3_gaap_adjustments).
Ordinary noncash depreciation/software amortization base_2027q3_ordinary_da	2027Q3 / base	6.00 USD_millions	assumption: Desk assumption; not company guidance.
Commission amortization base_2027q3_commission_amort	2027Q3 / base	9.40 USD_millions	assumption: Desk assumption; not company guidance.
Investment income less debt cash interest base_2027q3_net_interest_cash	2027Q3 / base	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Net deferred revenue and collections cash inflow base_2027q3_collection_inflow	2027Q3 / base	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating earnings plus cash/noncash bridge base_2027q3_cash_before_uses	2027Q3 / base	101.60 USD_millions	derived: No recurring digital-asset or investment fair-value gain. Formula: sum(base_2027q3_adj_operating_income, base_2027q3_ordinary_da, base_2027q3_commission_amort, base_2027q3_net_interest_cash, base_2027q3_collection_inflow).
Contract acquisition cash base_2027q3_commission_cash	2027Q3 / base	23.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash income taxes base_2027q3_cash_tax	2027Q3 / base	6.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash commission tax and payroll uses base_2027q3_cash_uses	2027Q3 / base	34.60 USD_millions	derived: Ordinary lease cash is retained in cost budgets; no second lease subtraction. Formula: sum(base_2027q3_commission_cash, base_2027q3_cash_tax, base_2027q3_payroll).
Operating cash flow proxy base_2027q3_cfo	2027Q3 / base	67.00 USD_millions	derived: Desk collections and cash commission investment, not a fixed EBITDA multiple. Formula: subtract(base_2027q3_cash_before_uses, base_2027q3_cash_uses).
Cash PP&E base_2027q3_ppe	2027Q3 / base	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash internal-use software base_2027q3_software	2027Q3 / base	2.70 USD_millions	assumption: Desk assumption; not company guidance.
Cash PP&E plus capitalized software base_2027q3_capex	2027Q3 / base	15.70 USD_millions	derived: Capitalized SBC is noncash and not added to cash capex. Formula: sum(base_2027q3_ppe, base_2027q3_software).
Company-style free cash flow base_2027q3_fcf	2027Q3 / base	51.30 USD_millions	derived: Same PP&E/internal-software scope as reported FCF. Formula: subtract(base_2027q3_cfo, base_2027q3_capex).
Cash award withholding base_2027q3_award_withholding	2027Q3 / base	50.00 USD_millions	assumption: Desk vesting/price sensitivity; financing cash paid to tax authorities, distinct from employer payroll tax inside CFO.
Purchased intangible assets base_2027q3_intangibles	2027Q3 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Additional cash uses base_2027q3_extra_uses	2027Q3 / base	52.00 USD_millions	derived: No cash deduction of all SBC expense. Formula: sum(base_2027q3_award_withholding, base_2027q3_intangibles).
Cash after purchased intangibles and award withholding base_2027q3_cash_after_claims	2027Q3 / base	-0.70 USD_millions	derived: Before new acquisitions, option/ESPP receipts and other capital allocation. Formula: subtract(base_2027q3_fcf, base_2027q3_extra_uses).
Recognized demand / Q2 revenue base_2027q4_recognized_growth	2027Q4 / base	143.2% ratio	assumption: Consolidated recognized seat and consumption demand sensitivity, not reported seat counts or quarterly NDR.
Recognized revenue base_2027q4_revenue	2027Q4 / base	530.00 USD_millions	derived: Base H2 reconciles to FY2026 revenue midpoint. Formula: multiply(q2_revenue, base_2027q4_recognized_growth).
Gross margin including inference and hosting base_2027q4_adj_gross_margin	2027Q4 / base	84.0% ratio	assumption: Desk assumption; not company guidance.
Non-GAAP gross profit base_2027q4_adj_gross_profit	2027Q4 / base	445.20 USD_millions	derived: AI consumption can raise revenue and service cost at different rates. Formula: multiply(base_2027q4_revenue, base_2027q4_adj_gross_margin).
COGS ordinary SBC base_2027q4_cogs_sbc	2027Q4 / base	3.50 USD_millions	assumption: Desk assumption; not company guidance.
Amortized capitalized SBC base_2027q4_capitalized_sbc_amort	2027Q4 / base	0.50 USD_millions	assumption: Desk assumption; not company guidance.
COGS acquired amortization base_2027q4_cogs_acquired_amort	2027Q4 / base	1.80 USD_millions	assumption: Desk assumption; not company guidance.
COGS payroll tax on awards base_2027q4_cogs_payroll	2027Q4 / base	0.15 USD_millions	assumption: Desk assumption; not company guidance.
COGS equity payroll and acquired amortization base_2027q4_cogs_adjustments	2027Q4 / base	5.95 USD_millions	derived: Expense allocations; included within total operating adjustments below. Formula: sum(base_2027q4_cogs_sbc, base_2027q4_capitalized_sbc_amort, base_2027q4_cogs_acquired_amort, base_2027q4_cogs_payroll).
GAAP gross profit proxy base_2027q4_gross_profit	2027Q4 / base	439.25 USD_millions	derived: Normal depreciation remains in adjusted gross margin. Formula: subtract(base_2027q4_adj_gross_profit, base_2027q4_cogs_adjustments).
Adjusted operating expense base_2027q4_adjusted_opex	2027Q4 / base	387.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-GAAP operating income proxy base_2027q4_adj_operating_income	2027Q4 / base	58.20 USD_millions	derived: Base FY2026 reconciles to $130M annual adjusted operating-income midpoint. Formula: subtract(base_2027q4_adj_gross_profit, base_2027q4_adjusted_opex).
Total ordinary SBC base_2027q4_sbc	2027Q4 / base	165.00 USD_millions	assumption: Desk assumption; not company guidance.
Employer payroll tax on equity awards base_2027q4_payroll	2027Q4 / base	6.00 USD_millions	assumption: Desk assumption; not company guidance.
Total acquired amortization base_2027q4_acquired_amort	2027Q4 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC amortization and payroll expense base_2027q4_gaap_adjustments	2027Q4 / base	173.50 USD_millions	derived: No new impairment assumed; the same COGS allocations are not added twice. Formula: sum(base_2027q4_sbc, base_2027q4_payroll, base_2027q4_acquired_amort, base_2027q4_capitalized_sbc_amort).
GAAP operating income proxy base_2027q4_operating_income	2027Q4 / base	-115.30 USD_millions	derived: Retains equity compensation as a GAAP cost. Formula: subtract(base_2027q4_adj_operating_income, base_2027q4_gaap_adjustments).
Ordinary noncash depreciation/software amortization base_2027q4_ordinary_da	2027Q4 / base	6.50 USD_millions	assumption: Desk assumption; not company guidance.
Commission amortization base_2027q4_commission_amort	2027Q4 / base	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Investment income less debt cash interest base_2027q4_net_interest_cash	2027Q4 / base	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Net deferred revenue and collections cash inflow base_2027q4_collection_inflow	2027Q4 / base	35.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating earnings plus cash/noncash bridge base_2027q4_cash_before_uses	2027Q4 / base	122.70 USD_millions	derived: No recurring digital-asset or investment fair-value gain. Formula: sum(base_2027q4_adj_operating_income, base_2027q4_ordinary_da, base_2027q4_commission_amort, base_2027q4_net_interest_cash, base_2027q4_collection_inflow).
Contract acquisition cash base_2027q4_commission_cash	2027Q4 / base	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash income taxes base_2027q4_cash_tax	2027Q4 / base	6.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash commission tax and payroll uses base_2027q4_cash_uses	2027Q4 / base	37.50 USD_millions	derived: Ordinary lease cash is retained in cost budgets; no second lease subtraction. Formula: sum(base_2027q4_commission_cash, base_2027q4_cash_tax, base_2027q4_payroll).
Operating cash flow proxy base_2027q4_cfo	2027Q4 / base	85.20 USD_millions	derived: Desk collections and cash commission investment, not a fixed EBITDA multiple. Formula: subtract(base_2027q4_cash_before_uses, base_2027q4_cash_uses).
Cash PP&E base_2027q4_ppe	2027Q4 / base	14.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash internal-use software base_2027q4_software	2027Q4 / base	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash PP&E plus capitalized software base_2027q4_capex	2027Q4 / base	17.00 USD_millions	derived: Capitalized SBC is noncash and not added to cash capex. Formula: sum(base_2027q4_ppe, base_2027q4_software).
Company-style free cash flow base_2027q4_fcf	2027Q4 / base	68.20 USD_millions	derived: Same PP&E/internal-software scope as reported FCF. Formula: subtract(base_2027q4_cfo, base_2027q4_capex).
Cash award withholding base_2027q4_award_withholding	2027Q4 / base	60.00 USD_millions	assumption: Desk vesting/price sensitivity; financing cash paid to tax authorities, distinct from employer payroll tax inside CFO.
Purchased intangible assets base_2027q4_intangibles	2027Q4 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Additional cash uses base_2027q4_extra_uses	2027Q4 / base	62.00 USD_millions	derived: No cash deduction of all SBC expense. Formula: sum(base_2027q4_award_withholding, base_2027q4_intangibles).
Cash after purchased intangibles and award withholding base_2027q4_cash_after_claims	2027Q4 / base	6.20 USD_millions	derived: Before new acquisitions, option/ESPP receipts and other capital allocation. Formula: subtract(base_2027q4_fcf, base_2027q4_extra_uses).
Consolidated revenue ($M) base_fy2026_revenue	FY2026 / base	1,465.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, base_2026q3_revenue, base_2026q4_revenue).
GAAP gross profit proxy ($M) base_fy2026_gross_profit	FY2026 / base	1,204.20 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, base_2026q3_gross_profit, base_2026q4_gross_profit).
GAAP operating income proxy ($M) base_fy2026_operating_income	FY2026 / base	-529.04 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, base_2026q3_operating_income, base_2026q4_operating_income).
Non-GAAP operating income proxy ($M) base_fy2026_adj_operating_income	FY2026 / base	130.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adj_operating_income, base_2026q3_adj_operating_income, base_2026q4_adj_operating_income).
Operating cash flow proxy ($M) base_fy2026_cfo	FY2026 / base	275.17 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, base_2026q3_cfo, base_2026q4_cfo).
Cash PP&E and internal software ($M) base_fy2026_capex	FY2026 / base	38.68 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, base_2026q3_capex, base_2026q4_capex).
Company-style free cash flow ($M) base_fy2026_fcf	FY2026 / base	236.49 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, base_2026q3_fcf, base_2026q4_fcf).
Equity-award withholding cash ($M) base_fy2026_award_withholding	FY2026 / base	266.65 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_award_withholding, base_2026q3_award_withholding, base_2026q4_award_withholding).
Cash after intangibles and award withholding ($M) base_fy2026_cash_after_claims	FY2026 / base	-36.94 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_claims, base_2026q3_cash_after_claims, base_2026q4_cash_after_claims).
Consolidated revenue ($M) base_fy2027_revenue	FY2027 / base	1,875.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_revenue, base_2027q2_revenue, base_2027q3_revenue, base_2027q4_revenue).
GAAP gross profit proxy ($M) base_fy2027_gross_profit	FY2027 / base	1,543.93 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_gross_profit, base_2027q2_gross_profit, base_2027q3_gross_profit, base_2027q4_gross_profit).
GAAP operating income proxy ($M) base_fy2027_operating_income	FY2027 / base	-501.07 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_operating_income, base_2027q2_operating_income, base_2027q3_operating_income, base_2027q4_operating_income).
Non-GAAP operating income proxy ($M) base_fy2027_adj_operating_income	FY2027 / base	172.35 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_adj_operating_income, base_2027q2_adj_operating_income, base_2027q3_adj_operating_income, base_2027q4_adj_operating_income).
Operating cash flow proxy ($M) base_fy2027_cfo	FY2027 / base	276.15 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cfo, base_2027q2_cfo, base_2027q3_cfo, base_2027q4_cfo).
Cash PP&E and internal software ($M) base_fy2027_capex	FY2027 / base	60.20 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_capex, base_2027q2_capex, base_2027q3_capex, base_2027q4_capex).
Company-style free cash flow ($M) base_fy2027_fcf	FY2027 / base	215.95 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_fcf, base_2027q2_fcf, base_2027q3_fcf, base_2027q4_fcf).
Equity-award withholding cash ($M) base_fy2027_award_withholding	FY2027 / base	230.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_award_withholding, base_2027q2_award_withholding, base_2027q3_award_withholding, base_2027q4_award_withholding).
Cash after intangibles and award withholding ($M) base_fy2027_cash_after_claims	FY2027 / base	-22.05 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cash_after_claims, base_2027q2_cash_after_claims, base_2027q3_cash_after_claims, base_2027q4_cash_after_claims).
Recognized demand / Q2 revenue upside_2026q3_recognized_growth	2026Q3 / upside	104.3% ratio	assumption: Consolidated recognized seat and consumption demand sensitivity, not reported seat counts or quarterly NDR.
Recognized revenue upside_2026q3_revenue	2026Q3 / upside	386.00 USD_millions	derived: Base H2 reconciles to FY2026 revenue midpoint. Formula: multiply(q2_revenue, upside_2026q3_recognized_growth).
Gross margin including inference and hosting upside_2026q3_adj_gross_margin	2026Q3 / upside	86.0% ratio	assumption: Desk assumption; not company guidance.
Non-GAAP gross profit upside_2026q3_adj_gross_profit	2026Q3 / upside	331.96 USD_millions	derived: AI consumption can raise revenue and service cost at different rates. Formula: multiply(upside_2026q3_revenue, upside_2026q3_adj_gross_margin).
COGS ordinary SBC upside_2026q3_cogs_sbc	2026Q3 / upside	2.50 USD_millions	assumption: Desk assumption; not company guidance.
Amortized capitalized SBC upside_2026q3_capitalized_sbc_amort	2026Q3 / upside	0.35 USD_millions	assumption: Desk assumption; not company guidance.
COGS acquired amortization upside_2026q3_cogs_acquired_amort	2026Q3 / upside	1.80 USD_millions	assumption: Desk assumption; not company guidance.
COGS payroll tax on awards upside_2026q3_cogs_payroll	2026Q3 / upside	0.15 USD_millions	assumption: Desk assumption; not company guidance.
COGS equity payroll and acquired amortization upside_2026q3_cogs_adjustments	2026Q3 / upside	4.80 USD_millions	derived: Expense allocations; included within total operating adjustments below. Formula: sum(upside_2026q3_cogs_sbc, upside_2026q3_capitalized_sbc_amort, upside_2026q3_cogs_acquired_amort, upside_2026q3_cogs_payroll).
GAAP gross profit proxy upside_2026q3_gross_profit	2026Q3 / upside	327.16 USD_millions	derived: Normal depreciation remains in adjusted gross margin. Formula: subtract(upside_2026q3_adj_gross_profit, upside_2026q3_cogs_adjustments).
Adjusted operating expense upside_2026q3_adjusted_opex	2026Q3 / upside	299.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-GAAP operating income proxy upside_2026q3_adj_operating_income	2026Q3 / upside	32.96 USD_millions	derived: Base FY2026 reconciles to $130M annual adjusted operating-income midpoint. Formula: subtract(upside_2026q3_adj_gross_profit, upside_2026q3_adjusted_opex).
Total ordinary SBC upside_2026q3_sbc	2026Q3 / upside	150.00 USD_millions	assumption: Desk assumption; not company guidance.
Employer payroll tax on equity awards upside_2026q3_payroll	2026Q3 / upside	4.00 USD_millions	assumption: Desk assumption; not company guidance.
Total acquired amortization upside_2026q3_acquired_amort	2026Q3 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC amortization and payroll expense upside_2026q3_gaap_adjustments	2026Q3 / upside	156.35 USD_millions	derived: No new impairment assumed; the same COGS allocations are not added twice. Formula: sum(upside_2026q3_sbc, upside_2026q3_payroll, upside_2026q3_acquired_amort, upside_2026q3_capitalized_sbc_amort).
GAAP operating income proxy upside_2026q3_operating_income	2026Q3 / upside	-123.39 USD_millions	derived: Retains equity compensation as a GAAP cost. Formula: subtract(upside_2026q3_adj_operating_income, upside_2026q3_gaap_adjustments).
Ordinary noncash depreciation/software amortization upside_2026q3_ordinary_da	2026Q3 / upside	4.00 USD_millions	assumption: Desk assumption; not company guidance.
Commission amortization upside_2026q3_commission_amort	2026Q3 / upside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Investment income less debt cash interest upside_2026q3_net_interest_cash	2026Q3 / upside	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Net deferred revenue and collections cash inflow upside_2026q3_collection_inflow	2026Q3 / upside	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating earnings plus cash/noncash bridge upside_2026q3_cash_before_uses	2026Q3 / upside	86.96 USD_millions	derived: No recurring digital-asset or investment fair-value gain. Formula: sum(upside_2026q3_adj_operating_income, upside_2026q3_ordinary_da, upside_2026q3_commission_amort, upside_2026q3_net_interest_cash, upside_2026q3_collection_inflow).
Contract acquisition cash upside_2026q3_commission_cash	2026Q3 / upside	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash income taxes upside_2026q3_cash_tax	2026Q3 / upside	4.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash commission tax and payroll uses upside_2026q3_cash_uses	2026Q3 / upside	23.00 USD_millions	derived: Ordinary lease cash is retained in cost budgets; no second lease subtraction. Formula: sum(upside_2026q3_commission_cash, upside_2026q3_cash_tax, upside_2026q3_payroll).
Operating cash flow proxy upside_2026q3_cfo	2026Q3 / upside	63.96 USD_millions	derived: Desk collections and cash commission investment, not a fixed EBITDA multiple. Formula: subtract(upside_2026q3_cash_before_uses, upside_2026q3_cash_uses).
Cash PP&E upside_2026q3_ppe	2026Q3 / upside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash internal-use software upside_2026q3_software	2026Q3 / upside	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash PP&E plus capitalized software upside_2026q3_capex	2026Q3 / upside	10.50 USD_millions	derived: Capitalized SBC is noncash and not added to cash capex. Formula: sum(upside_2026q3_ppe, upside_2026q3_software).
Company-style free cash flow upside_2026q3_fcf	2026Q3 / upside	53.46 USD_millions	derived: Same PP&E/internal-software scope as reported FCF. Formula: subtract(upside_2026q3_cfo, upside_2026q3_capex).
Cash award withholding upside_2026q3_award_withholding	2026Q3 / upside	65.00 USD_millions	assumption: Desk vesting/price sensitivity; financing cash paid to tax authorities, distinct from employer payroll tax inside CFO.
Purchased intangible assets upside_2026q3_intangibles	2026Q3 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Additional cash uses upside_2026q3_extra_uses	2026Q3 / upside	67.00 USD_millions	derived: No cash deduction of all SBC expense. Formula: sum(upside_2026q3_award_withholding, upside_2026q3_intangibles).
Cash after purchased intangibles and award withholding upside_2026q3_cash_after_claims	2026Q3 / upside	-13.54 USD_millions	derived: Before new acquisitions, option/ESPP receipts and other capital allocation. Formula: subtract(upside_2026q3_fcf, upside_2026q3_extra_uses).
Recognized demand / Q2 revenue upside_2026q4_recognized_growth	2026Q4 / upside	112.1% ratio	assumption: Consolidated recognized seat and consumption demand sensitivity, not reported seat counts or quarterly NDR.
Recognized revenue upside_2026q4_revenue	2026Q4 / upside	415.00 USD_millions	derived: Base H2 reconciles to FY2026 revenue midpoint. Formula: multiply(q2_revenue, upside_2026q4_recognized_growth).
Gross margin including inference and hosting upside_2026q4_adj_gross_margin	2026Q4 / upside	86.0% ratio	assumption: Desk assumption; not company guidance.
Non-GAAP gross profit upside_2026q4_adj_gross_profit	2026Q4 / upside	356.90 USD_millions	derived: AI consumption can raise revenue and service cost at different rates. Formula: multiply(upside_2026q4_revenue, upside_2026q4_adj_gross_margin).
COGS ordinary SBC upside_2026q4_cogs_sbc	2026Q4 / upside	2.70 USD_millions	assumption: Desk assumption; not company guidance.
Amortized capitalized SBC upside_2026q4_capitalized_sbc_amort	2026Q4 / upside	0.38 USD_millions	assumption: Desk assumption; not company guidance.
COGS acquired amortization upside_2026q4_cogs_acquired_amort	2026Q4 / upside	1.80 USD_millions	assumption: Desk assumption; not company guidance.
COGS payroll tax on awards upside_2026q4_cogs_payroll	2026Q4 / upside	0.15 USD_millions	assumption: Desk assumption; not company guidance.
COGS equity payroll and acquired amortization upside_2026q4_cogs_adjustments	2026Q4 / upside	5.03 USD_millions	derived: Expense allocations; included within total operating adjustments below. Formula: sum(upside_2026q4_cogs_sbc, upside_2026q4_capitalized_sbc_amort, upside_2026q4_cogs_acquired_amort, upside_2026q4_cogs_payroll).
GAAP gross profit proxy upside_2026q4_gross_profit	2026Q4 / upside	351.87 USD_millions	derived: Normal depreciation remains in adjusted gross margin. Formula: subtract(upside_2026q4_adj_gross_profit, upside_2026q4_cogs_adjustments).
Adjusted operating expense upside_2026q4_adjusted_opex	2026Q4 / upside	317.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-GAAP operating income proxy upside_2026q4_adj_operating_income	2026Q4 / upside	39.90 USD_millions	derived: Base FY2026 reconciles to $130M annual adjusted operating-income midpoint. Formula: subtract(upside_2026q4_adj_gross_profit, upside_2026q4_adjusted_opex).
Total ordinary SBC upside_2026q4_sbc	2026Q4 / upside	153.00 USD_millions	assumption: Desk assumption; not company guidance.
Employer payroll tax on equity awards upside_2026q4_payroll	2026Q4 / upside	4.40 USD_millions	assumption: Desk assumption; not company guidance.
Total acquired amortization upside_2026q4_acquired_amort	2026Q4 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC amortization and payroll expense upside_2026q4_gaap_adjustments	2026Q4 / upside	159.78 USD_millions	derived: No new impairment assumed; the same COGS allocations are not added twice. Formula: sum(upside_2026q4_sbc, upside_2026q4_payroll, upside_2026q4_acquired_amort, upside_2026q4_capitalized_sbc_amort).
GAAP operating income proxy upside_2026q4_operating_income	2026Q4 / upside	-119.88 USD_millions	derived: Retains equity compensation as a GAAP cost. Formula: subtract(upside_2026q4_adj_operating_income, upside_2026q4_gaap_adjustments).
Ordinary noncash depreciation/software amortization upside_2026q4_ordinary_da	2026Q4 / upside	4.50 USD_millions	assumption: Desk assumption; not company guidance.
Commission amortization upside_2026q4_commission_amort	2026Q4 / upside	7.60 USD_millions	assumption: Desk assumption; not company guidance.
Investment income less debt cash interest upside_2026q4_net_interest_cash	2026Q4 / upside	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Net deferred revenue and collections cash inflow upside_2026q4_collection_inflow	2026Q4 / upside	60.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating earnings plus cash/noncash bridge upside_2026q4_cash_before_uses	2026Q4 / upside	125.00 USD_millions	derived: No recurring digital-asset or investment fair-value gain. Formula: sum(upside_2026q4_adj_operating_income, upside_2026q4_ordinary_da, upside_2026q4_commission_amort, upside_2026q4_net_interest_cash, upside_2026q4_collection_inflow).
Contract acquisition cash upside_2026q4_commission_cash	2026Q4 / upside	17.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash income taxes upside_2026q4_cash_tax	2026Q4 / upside	4.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash commission tax and payroll uses upside_2026q4_cash_uses	2026Q4 / upside	25.90 USD_millions	derived: Ordinary lease cash is retained in cost budgets; no second lease subtraction. Formula: sum(upside_2026q4_commission_cash, upside_2026q4_cash_tax, upside_2026q4_payroll).
Operating cash flow proxy upside_2026q4_cfo	2026Q4 / upside	99.10 USD_millions	derived: Desk collections and cash commission investment, not a fixed EBITDA multiple. Formula: subtract(upside_2026q4_cash_before_uses, upside_2026q4_cash_uses).
Cash PP&E upside_2026q4_ppe	2026Q4 / upside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash internal-use software upside_2026q4_software	2026Q4 / upside	1.80 USD_millions	assumption: Desk assumption; not company guidance.
Cash PP&E plus capitalized software upside_2026q4_capex	2026Q4 / upside	11.80 USD_millions	derived: Capitalized SBC is noncash and not added to cash capex. Formula: sum(upside_2026q4_ppe, upside_2026q4_software).
Company-style free cash flow upside_2026q4_fcf	2026Q4 / upside	87.30 USD_millions	derived: Same PP&E/internal-software scope as reported FCF. Formula: subtract(upside_2026q4_cfo, upside_2026q4_capex).
Cash award withholding upside_2026q4_award_withholding	2026Q4 / upside	75.00 USD_millions	assumption: Desk vesting/price sensitivity; financing cash paid to tax authorities, distinct from employer payroll tax inside CFO.
Purchased intangible assets upside_2026q4_intangibles	2026Q4 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Additional cash uses upside_2026q4_extra_uses	2026Q4 / upside	77.00 USD_millions	derived: No cash deduction of all SBC expense. Formula: sum(upside_2026q4_award_withholding, upside_2026q4_intangibles).
Cash after purchased intangibles and award withholding upside_2026q4_cash_after_claims	2026Q4 / upside	10.30 USD_millions	derived: Before new acquisitions, option/ESPP receipts and other capital allocation. Formula: subtract(upside_2026q4_fcf, upside_2026q4_extra_uses).
Recognized demand / Q2 revenue upside_2027q1_recognized_growth	2027Q1 / upside	122.9% ratio	assumption: Consolidated recognized seat and consumption demand sensitivity, not reported seat counts or quarterly NDR.
Recognized revenue upside_2027q1_revenue	2027Q1 / upside	455.00 USD_millions	derived: Base H2 reconciles to FY2026 revenue midpoint. Formula: multiply(q2_revenue, upside_2027q1_recognized_growth).
Gross margin including inference and hosting upside_2027q1_adj_gross_margin	2027Q1 / upside	85.0% ratio	assumption: Desk assumption; not company guidance.
Non-GAAP gross profit upside_2027q1_adj_gross_profit	2027Q1 / upside	386.75 USD_millions	derived: AI consumption can raise revenue and service cost at different rates. Formula: multiply(upside_2027q1_revenue, upside_2027q1_adj_gross_margin).
COGS ordinary SBC upside_2027q1_cogs_sbc	2027Q1 / upside	2.90 USD_millions	assumption: Desk assumption; not company guidance.
Amortized capitalized SBC upside_2027q1_capitalized_sbc_amort	2027Q1 / upside	0.41 USD_millions	assumption: Desk assumption; not company guidance.
COGS acquired amortization upside_2027q1_cogs_acquired_amort	2027Q1 / upside	1.80 USD_millions	assumption: Desk assumption; not company guidance.
COGS payroll tax on awards upside_2027q1_cogs_payroll	2027Q1 / upside	0.15 USD_millions	assumption: Desk assumption; not company guidance.
COGS equity payroll and acquired amortization upside_2027q1_cogs_adjustments	2027Q1 / upside	5.26 USD_millions	derived: Expense allocations; included within total operating adjustments below. Formula: sum(upside_2027q1_cogs_sbc, upside_2027q1_capitalized_sbc_amort, upside_2027q1_cogs_acquired_amort, upside_2027q1_cogs_payroll).
GAAP gross profit proxy upside_2027q1_gross_profit	2027Q1 / upside	381.49 USD_millions	derived: Normal depreciation remains in adjusted gross margin. Formula: subtract(upside_2027q1_adj_gross_profit, upside_2027q1_cogs_adjustments).
Adjusted operating expense upside_2027q1_adjusted_opex	2027Q1 / upside	340.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-GAAP operating income proxy upside_2027q1_adj_operating_income	2027Q1 / upside	46.75 USD_millions	derived: Base FY2026 reconciles to $130M annual adjusted operating-income midpoint. Formula: subtract(upside_2027q1_adj_gross_profit, upside_2027q1_adjusted_opex).
Total ordinary SBC upside_2027q1_sbc	2027Q1 / upside	156.00 USD_millions	assumption: Desk assumption; not company guidance.
Employer payroll tax on equity awards upside_2027q1_payroll	2027Q1 / upside	4.80 USD_millions	assumption: Desk assumption; not company guidance.
Total acquired amortization upside_2027q1_acquired_amort	2027Q1 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC amortization and payroll expense upside_2027q1_gaap_adjustments	2027Q1 / upside	163.21 USD_millions	derived: No new impairment assumed; the same COGS allocations are not added twice. Formula: sum(upside_2027q1_sbc, upside_2027q1_payroll, upside_2027q1_acquired_amort, upside_2027q1_capitalized_sbc_amort).
GAAP operating income proxy upside_2027q1_operating_income	2027Q1 / upside	-116.46 USD_millions	derived: Retains equity compensation as a GAAP cost. Formula: subtract(upside_2027q1_adj_operating_income, upside_2027q1_gaap_adjustments).
Ordinary noncash depreciation/software amortization upside_2027q1_ordinary_da	2027Q1 / upside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Commission amortization upside_2027q1_commission_amort	2027Q1 / upside	8.20 USD_millions	assumption: Desk assumption; not company guidance.
Investment income less debt cash interest upside_2027q1_net_interest_cash	2027Q1 / upside	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Net deferred revenue and collections cash inflow upside_2027q1_collection_inflow	2027Q1 / upside	65.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating earnings plus cash/noncash bridge upside_2027q1_cash_before_uses	2027Q1 / upside	137.95 USD_millions	derived: No recurring digital-asset or investment fair-value gain. Formula: sum(upside_2027q1_adj_operating_income, upside_2027q1_ordinary_da, upside_2027q1_commission_amort, upside_2027q1_net_interest_cash, upside_2027q1_collection_inflow).
Contract acquisition cash upside_2027q1_commission_cash	2027Q1 / upside	19.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash income taxes upside_2027q1_cash_tax	2027Q1 / upside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash commission tax and payroll uses upside_2027q1_cash_uses	2027Q1 / upside	28.80 USD_millions	derived: Ordinary lease cash is retained in cost budgets; no second lease subtraction. Formula: sum(upside_2027q1_commission_cash, upside_2027q1_cash_tax, upside_2027q1_payroll).
Operating cash flow proxy upside_2027q1_cfo	2027Q1 / upside	109.15 USD_millions	derived: Desk collections and cash commission investment, not a fixed EBITDA multiple. Formula: subtract(upside_2027q1_cash_before_uses, upside_2027q1_cash_uses).
Cash PP&E upside_2027q1_ppe	2027Q1 / upside	11.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash internal-use software upside_2027q1_software	2027Q1 / upside	2.10 USD_millions	assumption: Desk assumption; not company guidance.
Cash PP&E plus capitalized software upside_2027q1_capex	2027Q1 / upside	13.10 USD_millions	derived: Capitalized SBC is noncash and not added to cash capex. Formula: sum(upside_2027q1_ppe, upside_2027q1_software).
Company-style free cash flow upside_2027q1_fcf	2027Q1 / upside	96.05 USD_millions	derived: Same PP&E/internal-software scope as reported FCF. Formula: subtract(upside_2027q1_cfo, upside_2027q1_capex).
Cash award withholding upside_2027q1_award_withholding	2027Q1 / upside	90.00 USD_millions	assumption: Desk vesting/price sensitivity; financing cash paid to tax authorities, distinct from employer payroll tax inside CFO.
Purchased intangible assets upside_2027q1_intangibles	2027Q1 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Additional cash uses upside_2027q1_extra_uses	2027Q1 / upside	92.00 USD_millions	derived: No cash deduction of all SBC expense. Formula: sum(upside_2027q1_award_withholding, upside_2027q1_intangibles).
Cash after purchased intangibles and award withholding upside_2027q1_cash_after_claims	2027Q1 / upside	4.05 USD_millions	derived: Before new acquisitions, option/ESPP receipts and other capital allocation. Formula: subtract(upside_2027q1_fcf, upside_2027q1_extra_uses).
Recognized demand / Q2 revenue upside_2027q2_recognized_growth	2027Q2 / upside	137.8% ratio	assumption: Consolidated recognized seat and consumption demand sensitivity, not reported seat counts or quarterly NDR.
Recognized revenue upside_2027q2_revenue	2027Q2 / upside	510.00 USD_millions	derived: Base H2 reconciles to FY2026 revenue midpoint. Formula: multiply(q2_revenue, upside_2027q2_recognized_growth).
Gross margin including inference and hosting upside_2027q2_adj_gross_margin	2027Q2 / upside	86.0% ratio	assumption: Desk assumption; not company guidance.
Non-GAAP gross profit upside_2027q2_adj_gross_profit	2027Q2 / upside	438.60 USD_millions	derived: AI consumption can raise revenue and service cost at different rates. Formula: multiply(upside_2027q2_revenue, upside_2027q2_adj_gross_margin).
COGS ordinary SBC upside_2027q2_cogs_sbc	2027Q2 / upside	3.10 USD_millions	assumption: Desk assumption; not company guidance.
Amortized capitalized SBC upside_2027q2_capitalized_sbc_amort	2027Q2 / upside	0.44 USD_millions	assumption: Desk assumption; not company guidance.
COGS acquired amortization upside_2027q2_cogs_acquired_amort	2027Q2 / upside	1.80 USD_millions	assumption: Desk assumption; not company guidance.
COGS payroll tax on awards upside_2027q2_cogs_payroll	2027Q2 / upside	0.15 USD_millions	assumption: Desk assumption; not company guidance.
COGS equity payroll and acquired amortization upside_2027q2_cogs_adjustments	2027Q2 / upside	5.49 USD_millions	derived: Expense allocations; included within total operating adjustments below. Formula: sum(upside_2027q2_cogs_sbc, upside_2027q2_capitalized_sbc_amort, upside_2027q2_cogs_acquired_amort, upside_2027q2_cogs_payroll).
GAAP gross profit proxy upside_2027q2_gross_profit	2027Q2 / upside	433.11 USD_millions	derived: Normal depreciation remains in adjusted gross margin. Formula: subtract(upside_2027q2_adj_gross_profit, upside_2027q2_cogs_adjustments).
Adjusted operating expense upside_2027q2_adjusted_opex	2027Q2 / upside	372.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-GAAP operating income proxy upside_2027q2_adj_operating_income	2027Q2 / upside	66.60 USD_millions	derived: Base FY2026 reconciles to $130M annual adjusted operating-income midpoint. Formula: subtract(upside_2027q2_adj_gross_profit, upside_2027q2_adjusted_opex).
Total ordinary SBC upside_2027q2_sbc	2027Q2 / upside	159.00 USD_millions	assumption: Desk assumption; not company guidance.
Employer payroll tax on equity awards upside_2027q2_payroll	2027Q2 / upside	5.20 USD_millions	assumption: Desk assumption; not company guidance.
Total acquired amortization upside_2027q2_acquired_amort	2027Q2 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC amortization and payroll expense upside_2027q2_gaap_adjustments	2027Q2 / upside	166.64 USD_millions	derived: No new impairment assumed; the same COGS allocations are not added twice. Formula: sum(upside_2027q2_sbc, upside_2027q2_payroll, upside_2027q2_acquired_amort, upside_2027q2_capitalized_sbc_amort).
GAAP operating income proxy upside_2027q2_operating_income	2027Q2 / upside	-100.04 USD_millions	derived: Retains equity compensation as a GAAP cost. Formula: subtract(upside_2027q2_adj_operating_income, upside_2027q2_gaap_adjustments).
Ordinary noncash depreciation/software amortization upside_2027q2_ordinary_da	2027Q2 / upside	5.50 USD_millions	assumption: Desk assumption; not company guidance.
Commission amortization upside_2027q2_commission_amort	2027Q2 / upside	8.80 USD_millions	assumption: Desk assumption; not company guidance.
Investment income less debt cash interest upside_2027q2_net_interest_cash	2027Q2 / upside	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Net deferred revenue and collections cash inflow upside_2027q2_collection_inflow	2027Q2 / upside	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating earnings plus cash/noncash bridge upside_2027q2_cash_before_uses	2027Q2 / upside	118.90 USD_millions	derived: No recurring digital-asset or investment fair-value gain. Formula: sum(upside_2027q2_adj_operating_income, upside_2027q2_ordinary_da, upside_2027q2_commission_amort, upside_2027q2_net_interest_cash, upside_2027q2_collection_inflow).
Contract acquisition cash upside_2027q2_commission_cash	2027Q2 / upside	21.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash income taxes upside_2027q2_cash_tax	2027Q2 / upside	5.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash commission tax and payroll uses upside_2027q2_cash_uses	2027Q2 / upside	31.70 USD_millions	derived: Ordinary lease cash is retained in cost budgets; no second lease subtraction. Formula: sum(upside_2027q2_commission_cash, upside_2027q2_cash_tax, upside_2027q2_payroll).
Operating cash flow proxy upside_2027q2_cfo	2027Q2 / upside	87.20 USD_millions	derived: Desk collections and cash commission investment, not a fixed EBITDA multiple. Formula: subtract(upside_2027q2_cash_before_uses, upside_2027q2_cash_uses).
Cash PP&E upside_2027q2_ppe	2027Q2 / upside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash internal-use software upside_2027q2_software	2027Q2 / upside	2.40 USD_millions	assumption: Desk assumption; not company guidance.
Cash PP&E plus capitalized software upside_2027q2_capex	2027Q2 / upside	14.40 USD_millions	derived: Capitalized SBC is noncash and not added to cash capex. Formula: sum(upside_2027q2_ppe, upside_2027q2_software).
Company-style free cash flow upside_2027q2_fcf	2027Q2 / upside	72.80 USD_millions	derived: Same PP&E/internal-software scope as reported FCF. Formula: subtract(upside_2027q2_cfo, upside_2027q2_capex).
Cash award withholding upside_2027q2_award_withholding	2027Q2 / upside	80.00 USD_millions	assumption: Desk vesting/price sensitivity; financing cash paid to tax authorities, distinct from employer payroll tax inside CFO.
Purchased intangible assets upside_2027q2_intangibles	2027Q2 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Additional cash uses upside_2027q2_extra_uses	2027Q2 / upside	82.00 USD_millions	derived: No cash deduction of all SBC expense. Formula: sum(upside_2027q2_award_withholding, upside_2027q2_intangibles).
Cash after purchased intangibles and award withholding upside_2027q2_cash_after_claims	2027Q2 / upside	-9.20 USD_millions	derived: Before new acquisitions, option/ESPP receipts and other capital allocation. Formula: subtract(upside_2027q2_fcf, upside_2027q2_extra_uses).
Recognized demand / Q2 revenue upside_2027q3_recognized_growth	2027Q3 / upside	154.0% ratio	assumption: Consolidated recognized seat and consumption demand sensitivity, not reported seat counts or quarterly NDR.
Recognized revenue upside_2027q3_revenue	2027Q3 / upside	570.00 USD_millions	derived: Base H2 reconciles to FY2026 revenue midpoint. Formula: multiply(q2_revenue, upside_2027q3_recognized_growth).
Gross margin including inference and hosting upside_2027q3_adj_gross_margin	2027Q3 / upside	86.0% ratio	assumption: Desk assumption; not company guidance.
Non-GAAP gross profit upside_2027q3_adj_gross_profit	2027Q3 / upside	490.20 USD_millions	derived: AI consumption can raise revenue and service cost at different rates. Formula: multiply(upside_2027q3_revenue, upside_2027q3_adj_gross_margin).
COGS ordinary SBC upside_2027q3_cogs_sbc	2027Q3 / upside	3.30 USD_millions	assumption: Desk assumption; not company guidance.
Amortized capitalized SBC upside_2027q3_capitalized_sbc_amort	2027Q3 / upside	0.47 USD_millions	assumption: Desk assumption; not company guidance.
COGS acquired amortization upside_2027q3_cogs_acquired_amort	2027Q3 / upside	1.80 USD_millions	assumption: Desk assumption; not company guidance.
COGS payroll tax on awards upside_2027q3_cogs_payroll	2027Q3 / upside	0.15 USD_millions	assumption: Desk assumption; not company guidance.
COGS equity payroll and acquired amortization upside_2027q3_cogs_adjustments	2027Q3 / upside	5.72 USD_millions	derived: Expense allocations; included within total operating adjustments below. Formula: sum(upside_2027q3_cogs_sbc, upside_2027q3_capitalized_sbc_amort, upside_2027q3_cogs_acquired_amort, upside_2027q3_cogs_payroll).
GAAP gross profit proxy upside_2027q3_gross_profit	2027Q3 / upside	484.48 USD_millions	derived: Normal depreciation remains in adjusted gross margin. Formula: subtract(upside_2027q3_adj_gross_profit, upside_2027q3_cogs_adjustments).
Adjusted operating expense upside_2027q3_adjusted_opex	2027Q3 / upside	411.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-GAAP operating income proxy upside_2027q3_adj_operating_income	2027Q3 / upside	79.20 USD_millions	derived: Base FY2026 reconciles to $130M annual adjusted operating-income midpoint. Formula: subtract(upside_2027q3_adj_gross_profit, upside_2027q3_adjusted_opex).
Total ordinary SBC upside_2027q3_sbc	2027Q3 / upside	162.00 USD_millions	assumption: Desk assumption; not company guidance.
Employer payroll tax on equity awards upside_2027q3_payroll	2027Q3 / upside	5.60 USD_millions	assumption: Desk assumption; not company guidance.
Total acquired amortization upside_2027q3_acquired_amort	2027Q3 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC amortization and payroll expense upside_2027q3_gaap_adjustments	2027Q3 / upside	170.07 USD_millions	derived: No new impairment assumed; the same COGS allocations are not added twice. Formula: sum(upside_2027q3_sbc, upside_2027q3_payroll, upside_2027q3_acquired_amort, upside_2027q3_capitalized_sbc_amort).
GAAP operating income proxy upside_2027q3_operating_income	2027Q3 / upside	-90.87 USD_millions	derived: Retains equity compensation as a GAAP cost. Formula: subtract(upside_2027q3_adj_operating_income, upside_2027q3_gaap_adjustments).
Ordinary noncash depreciation/software amortization upside_2027q3_ordinary_da	2027Q3 / upside	6.00 USD_millions	assumption: Desk assumption; not company guidance.
Commission amortization upside_2027q3_commission_amort	2027Q3 / upside	9.40 USD_millions	assumption: Desk assumption; not company guidance.
Investment income less debt cash interest upside_2027q3_net_interest_cash	2027Q3 / upside	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Net deferred revenue and collections cash inflow upside_2027q3_collection_inflow	2027Q3 / upside	35.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating earnings plus cash/noncash bridge upside_2027q3_cash_before_uses	2027Q3 / upside	142.60 USD_millions	derived: No recurring digital-asset or investment fair-value gain. Formula: sum(upside_2027q3_adj_operating_income, upside_2027q3_ordinary_da, upside_2027q3_commission_amort, upside_2027q3_net_interest_cash, upside_2027q3_collection_inflow).
Contract acquisition cash upside_2027q3_commission_cash	2027Q3 / upside	23.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash income taxes upside_2027q3_cash_tax	2027Q3 / upside	6.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash commission tax and payroll uses upside_2027q3_cash_uses	2027Q3 / upside	34.60 USD_millions	derived: Ordinary lease cash is retained in cost budgets; no second lease subtraction. Formula: sum(upside_2027q3_commission_cash, upside_2027q3_cash_tax, upside_2027q3_payroll).
Operating cash flow proxy upside_2027q3_cfo	2027Q3 / upside	108.00 USD_millions	derived: Desk collections and cash commission investment, not a fixed EBITDA multiple. Formula: subtract(upside_2027q3_cash_before_uses, upside_2027q3_cash_uses).
Cash PP&E upside_2027q3_ppe	2027Q3 / upside	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash internal-use software upside_2027q3_software	2027Q3 / upside	2.70 USD_millions	assumption: Desk assumption; not company guidance.
Cash PP&E plus capitalized software upside_2027q3_capex	2027Q3 / upside	15.70 USD_millions	derived: Capitalized SBC is noncash and not added to cash capex. Formula: sum(upside_2027q3_ppe, upside_2027q3_software).
Company-style free cash flow upside_2027q3_fcf	2027Q3 / upside	92.30 USD_millions	derived: Same PP&E/internal-software scope as reported FCF. Formula: subtract(upside_2027q3_cfo, upside_2027q3_capex).
Cash award withholding upside_2027q3_award_withholding	2027Q3 / upside	90.00 USD_millions	assumption: Desk vesting/price sensitivity; financing cash paid to tax authorities, distinct from employer payroll tax inside CFO.
Purchased intangible assets upside_2027q3_intangibles	2027Q3 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Additional cash uses upside_2027q3_extra_uses	2027Q3 / upside	92.00 USD_millions	derived: No cash deduction of all SBC expense. Formula: sum(upside_2027q3_award_withholding, upside_2027q3_intangibles).
Cash after purchased intangibles and award withholding upside_2027q3_cash_after_claims	2027Q3 / upside	0.30 USD_millions	derived: Before new acquisitions, option/ESPP receipts and other capital allocation. Formula: subtract(upside_2027q3_fcf, upside_2027q3_extra_uses).
Recognized demand / Q2 revenue upside_2027q4_recognized_growth	2027Q4 / upside	172.9% ratio	assumption: Consolidated recognized seat and consumption demand sensitivity, not reported seat counts or quarterly NDR.
Recognized revenue upside_2027q4_revenue	2027Q4 / upside	640.00 USD_millions	derived: Base H2 reconciles to FY2026 revenue midpoint. Formula: multiply(q2_revenue, upside_2027q4_recognized_growth).
Gross margin including inference and hosting upside_2027q4_adj_gross_margin	2027Q4 / upside	87.0% ratio	assumption: Desk assumption; not company guidance.
Non-GAAP gross profit upside_2027q4_adj_gross_profit	2027Q4 / upside	556.80 USD_millions	derived: AI consumption can raise revenue and service cost at different rates. Formula: multiply(upside_2027q4_revenue, upside_2027q4_adj_gross_margin).
COGS ordinary SBC upside_2027q4_cogs_sbc	2027Q4 / upside	3.50 USD_millions	assumption: Desk assumption; not company guidance.
Amortized capitalized SBC upside_2027q4_capitalized_sbc_amort	2027Q4 / upside	0.50 USD_millions	assumption: Desk assumption; not company guidance.
COGS acquired amortization upside_2027q4_cogs_acquired_amort	2027Q4 / upside	1.80 USD_millions	assumption: Desk assumption; not company guidance.
COGS payroll tax on awards upside_2027q4_cogs_payroll	2027Q4 / upside	0.15 USD_millions	assumption: Desk assumption; not company guidance.
COGS equity payroll and acquired amortization upside_2027q4_cogs_adjustments	2027Q4 / upside	5.95 USD_millions	derived: Expense allocations; included within total operating adjustments below. Formula: sum(upside_2027q4_cogs_sbc, upside_2027q4_capitalized_sbc_amort, upside_2027q4_cogs_acquired_amort, upside_2027q4_cogs_payroll).
GAAP gross profit proxy upside_2027q4_gross_profit	2027Q4 / upside	550.85 USD_millions	derived: Normal depreciation remains in adjusted gross margin. Formula: subtract(upside_2027q4_adj_gross_profit, upside_2027q4_cogs_adjustments).
Adjusted operating expense upside_2027q4_adjusted_opex	2027Q4 / upside	452.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-GAAP operating income proxy upside_2027q4_adj_operating_income	2027Q4 / upside	104.80 USD_millions	derived: Base FY2026 reconciles to $130M annual adjusted operating-income midpoint. Formula: subtract(upside_2027q4_adj_gross_profit, upside_2027q4_adjusted_opex).
Total ordinary SBC upside_2027q4_sbc	2027Q4 / upside	165.00 USD_millions	assumption: Desk assumption; not company guidance.
Employer payroll tax on equity awards upside_2027q4_payroll	2027Q4 / upside	6.00 USD_millions	assumption: Desk assumption; not company guidance.
Total acquired amortization upside_2027q4_acquired_amort	2027Q4 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC amortization and payroll expense upside_2027q4_gaap_adjustments	2027Q4 / upside	173.50 USD_millions	derived: No new impairment assumed; the same COGS allocations are not added twice. Formula: sum(upside_2027q4_sbc, upside_2027q4_payroll, upside_2027q4_acquired_amort, upside_2027q4_capitalized_sbc_amort).
GAAP operating income proxy upside_2027q4_operating_income	2027Q4 / upside	-68.70 USD_millions	derived: Retains equity compensation as a GAAP cost. Formula: subtract(upside_2027q4_adj_operating_income, upside_2027q4_gaap_adjustments).
Ordinary noncash depreciation/software amortization upside_2027q4_ordinary_da	2027Q4 / upside	6.50 USD_millions	assumption: Desk assumption; not company guidance.
Commission amortization upside_2027q4_commission_amort	2027Q4 / upside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Investment income less debt cash interest upside_2027q4_net_interest_cash	2027Q4 / upside	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Net deferred revenue and collections cash inflow upside_2027q4_collection_inflow	2027Q4 / upside	45.00 USD_millions	assumption: Desk assumption; not company guidance.
Operating earnings plus cash/noncash bridge upside_2027q4_cash_before_uses	2027Q4 / upside	179.30 USD_millions	derived: No recurring digital-asset or investment fair-value gain. Formula: sum(upside_2027q4_adj_operating_income, upside_2027q4_ordinary_da, upside_2027q4_commission_amort, upside_2027q4_net_interest_cash, upside_2027q4_collection_inflow).
Contract acquisition cash upside_2027q4_commission_cash	2027Q4 / upside	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash income taxes upside_2027q4_cash_tax	2027Q4 / upside	6.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash commission tax and payroll uses upside_2027q4_cash_uses	2027Q4 / upside	37.50 USD_millions	derived: Ordinary lease cash is retained in cost budgets; no second lease subtraction. Formula: sum(upside_2027q4_commission_cash, upside_2027q4_cash_tax, upside_2027q4_payroll).
Operating cash flow proxy upside_2027q4_cfo	2027Q4 / upside	141.80 USD_millions	derived: Desk collections and cash commission investment, not a fixed EBITDA multiple. Formula: subtract(upside_2027q4_cash_before_uses, upside_2027q4_cash_uses).
Cash PP&E upside_2027q4_ppe	2027Q4 / upside	14.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash internal-use software upside_2027q4_software	2027Q4 / upside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash PP&E plus capitalized software upside_2027q4_capex	2027Q4 / upside	17.00 USD_millions	derived: Capitalized SBC is noncash and not added to cash capex. Formula: sum(upside_2027q4_ppe, upside_2027q4_software).
Company-style free cash flow upside_2027q4_fcf	2027Q4 / upside	124.80 USD_millions	derived: Same PP&E/internal-software scope as reported FCF. Formula: subtract(upside_2027q4_cfo, upside_2027q4_capex).
Cash award withholding upside_2027q4_award_withholding	2027Q4 / upside	100.00 USD_millions	assumption: Desk vesting/price sensitivity; financing cash paid to tax authorities, distinct from employer payroll tax inside CFO.
Purchased intangible assets upside_2027q4_intangibles	2027Q4 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Additional cash uses upside_2027q4_extra_uses	2027Q4 / upside	102.00 USD_millions	derived: No cash deduction of all SBC expense. Formula: sum(upside_2027q4_award_withholding, upside_2027q4_intangibles).
Cash after purchased intangibles and award withholding upside_2027q4_cash_after_claims	2027Q4 / upside	22.80 USD_millions	derived: Before new acquisitions, option/ESPP receipts and other capital allocation. Formula: subtract(upside_2027q4_fcf, upside_2027q4_extra_uses).
Consolidated revenue ($M) upside_fy2026_revenue	FY2026 / upside	1,504.52 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, upside_2026q3_revenue, upside_2026q4_revenue).
GAAP gross profit proxy ($M) upside_fy2026_gross_profit	FY2026 / upside	1,253.41 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, upside_2026q3_gross_profit, upside_2026q4_gross_profit).
GAAP operating income proxy ($M) upside_fy2026_operating_income	FY2026 / upside	-497.96 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, upside_2026q3_operating_income, upside_2026q4_operating_income).
Non-GAAP operating income proxy ($M) upside_fy2026_adj_operating_income	FY2026 / upside	161.09 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adj_operating_income, upside_2026q3_adj_operating_income, upside_2026q4_adj_operating_income).
Operating cash flow proxy ($M) upside_fy2026_cfo	FY2026 / upside	321.26 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, upside_2026q3_cfo, upside_2026q4_cfo).
Cash PP&E and internal software ($M) upside_fy2026_capex	FY2026 / upside	38.68 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, upside_2026q3_capex, upside_2026q4_capex).
Company-style free cash flow ($M) upside_fy2026_fcf	FY2026 / upside	282.58 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, upside_2026q3_fcf, upside_2026q4_fcf).
Equity-award withholding cash ($M) upside_fy2026_award_withholding	FY2026 / upside	301.65 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_award_withholding, upside_2026q3_award_withholding, upside_2026q4_award_withholding).
Cash after intangibles and award withholding ($M) upside_fy2026_cash_after_claims	FY2026 / upside	-25.85 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_claims, upside_2026q3_cash_after_claims, upside_2026q4_cash_after_claims).
Consolidated revenue ($M) upside_fy2027_revenue	FY2027 / upside	2,175.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_revenue, upside_2027q2_revenue, upside_2027q3_revenue, upside_2027q4_revenue).
GAAP gross profit proxy ($M) upside_fy2027_gross_profit	FY2027 / upside	1,849.93 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_gross_profit, upside_2027q2_gross_profit, upside_2027q3_gross_profit, upside_2027q4_gross_profit).
GAAP operating income proxy ($M) upside_fy2027_operating_income	FY2027 / upside	-376.07 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_operating_income, upside_2027q2_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income).
Non-GAAP operating income proxy ($M) upside_fy2027_adj_operating_income	FY2027 / upside	297.35 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_adj_operating_income, upside_2027q2_adj_operating_income, upside_2027q3_adj_operating_income, upside_2027q4_adj_operating_income).
Operating cash flow proxy ($M) upside_fy2027_cfo	FY2027 / upside	446.15 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cfo, upside_2027q2_cfo, upside_2027q3_cfo, upside_2027q4_cfo).
Cash PP&E and internal software ($M) upside_fy2027_capex	FY2027 / upside	60.20 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_capex, upside_2027q2_capex, upside_2027q3_capex, upside_2027q4_capex).
Company-style free cash flow ($M) upside_fy2027_fcf	FY2027 / upside	385.95 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_fcf, upside_2027q2_fcf, upside_2027q3_fcf, upside_2027q4_fcf).
Equity-award withholding cash ($M) upside_fy2027_award_withholding	FY2027 / upside	360.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_award_withholding, upside_2027q2_award_withholding, upside_2027q3_award_withholding, upside_2027q4_award_withholding).
Cash after intangibles and award withholding ($M) upside_fy2027_cash_after_claims	FY2027 / upside	17.95 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cash_after_claims, upside_2027q2_cash_after_claims, upside_2027q3_cash_after_claims, upside_2027q4_cash_after_claims).

Model boundaries

Figma does not disclose a complete seat-versus-AI recognized-revenue split. The model uses consolidated revenue and cost sensitivities rather than inventing historical segments.
NDR 136% is a trailing cohort metric, not a quarterly revenue growth rate. AI credit monetization is already included in consolidated revenue; no separate AI revenue is added twice.
Q3/FY2026 revenue and annual adjusted operating-income ranges are company outlook. Quarterly expense allocation and all FY2027 estimates are desk assumptions, not consensus.
Company FCF subtracts PP&E and capitalized software, but not acquired intangibles or financing cash for employee award withholding. These claims are shown below FCF without treating SBC itself as a cash payment.
Forecast equity-award withholding depends on vesting and stock price; it is not a deduction of all SBC in cash. Option/ESPP proceeds, new acquisitions, digital-asset purchases and optional buybacks are excluded.
Digital assets and unrealized investment marks are not unrestricted operating liquidity or recurring cash generation. No EPS or fully diluted valuation is presented.

The economics of seat expansion and AI consumption

Research reviewed 2026-09-19

Can Figma compound recognized revenue while keeping inference costs and equity cash claims under control?

Q2 revenue was $370.1M and trailing net dollar retention 136%; it was the first full quarter of AI credit monetization. H1 adjusted operating income $88.2M contrasts with GAAP operating loss $254.7M, including $316.6M SBC and $17.4M employer payroll taxes excluded from adjusted earnings. CFO $158.2M less PP&E $14.5M and software $1.9M gives company FCF $141.8M. Purchased intangibles $2.8M and equity-award withholding $161.6M reduce that to negative $22.6M before option/ESPP proceeds. June cash and securities totaled $1.667B; digital assets are separately disclosed. Service commitments totaled $556.4M, with $184.8M due within twelve months, and are not added again as capex. FY2026 midpoint revenue is $1.465B and adjusted operating income $130M; the model explicitly budgets the remaining expense ramp.

The competing explanation

AI adoption can increase billable consumption while requiring enough inference and product investment to slow profit growth. Positive FCF can also precede substantial award-settlement cash and dilution.

Risks to track

AI creation tools may change customer demand and competitive intensity.
Inference costs may outgrow consumption monetization.
Large SBC and vesting taxes create different GAAP, cash and ownership outcomes.
Enterprise billing and commission timing can distort a single quarter.
Infrastructure commitments reduce spending flexibility.

Next checkpoints

Consumption economics · Next quarterly report; date unconfirmed (estimated). Check revenue, gross profit and credit monetization together.
Annual expense delivery · FY2026 results (estimated). Reconcile remaining revenue and adjusted expense with annual guidance.
Employee equity cash · Each cash-flow statement (estimated). Separate employer payroll tax, withholding, capitalized SBC and option receipts.

Data coverage and open work

Figma does not disclose a complete seat-versus-AI recognized-revenue split. The model uses consolidated revenue and cost sensitivities rather than inventing historical segments.
NDR 136% is a trailing cohort metric, not a quarterly revenue growth rate. AI credit monetization is already included in consolidated revenue; no separate AI revenue is added twice.
Q3/FY2026 revenue and annual adjusted operating-income ranges are company outlook. Quarterly expense allocation and all FY2027 estimates are desk assumptions, not consensus.
Company FCF subtracts PP&E and capitalized software, but not acquired intangibles or financing cash for employee award withholding. These claims are shown below FCF without treating SBC itself as a cash payment.
Forecast equity-award withholding depends on vesting and stock price; it is not a deduction of all SBC in cash. Option/ESPP proceeds, new acquisitions, digital-asset purchases and optional buybacks are excluded.
Digital assets and unrealized investment marks are not unrestricted operating liquidity or recurring cash generation. No EPS or fully diluted valuation is presented.

This review: Completed consolidated demand/cost model with software capex and separate equity-award cash claims.

What the memory says

No comparison for FIG: Sector classification is unavailable in the market-state fields. The returned comparisons do not establish a sector match.; Available descriptive industry label: "Services". Its classification system and historical validity are unverified.; The analog set has no measurable follow-through for this st

Notes on this name

No published notes on this name yet.

Scorecard: 0 notes scored

Next report: 2026-11-03 (source: estimated from 10-Q filed 2026-08-05 plus 90 days)

Provenance

[1] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001628280-25-049683, 10-Q filed 2025-11-05; retrieved 2026-09-19T23:01:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001579878.json
[2] derived: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001628280-26-009228, 10-K filed 2026-02-18; retrieved 2026-09-19T23:01:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001579878.json
[3] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001628280-26-035209, 10-Q filed 2026-05-14; retrieved 2026-09-19T23:01:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001579878.json
[4] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001628280-26-053348, 10-Q filed 2026-08-05; retrieved 2026-09-19T23:01:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001579878.json
[5] reported: GrossProfit, accession 0001628280-25-049683, 10-Q filed 2025-11-05; retrieved 2026-09-19T23:01:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001579878.json
[6] derived: GrossProfit, accession 0001628280-26-009228, 10-K filed 2026-02-18; retrieved 2026-09-19T23:01:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001579878.json
[7] reported: GrossProfit, accession 0001628280-26-035209, 10-Q filed 2026-05-14; retrieved 2026-09-19T23:01:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001579878.json
[8] reported: GrossProfit, accession 0001628280-26-053348, 10-Q filed 2026-08-05; retrieved 2026-09-19T23:01:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001579878.json
[9] reported: OperatingIncomeLoss, accession 0001628280-25-049683, 10-Q filed 2025-11-05; retrieved 2026-09-19T23:01:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001579878.json
[10] derived: OperatingIncomeLoss, accession 0001628280-26-009228, 10-K filed 2026-02-18; retrieved 2026-09-19T23:01:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001579878.json
[11] reported: OperatingIncomeLoss, accession 0001628280-26-035209, 10-Q filed 2026-05-14; retrieved 2026-09-19T23:01:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001579878.json
[12] reported: OperatingIncomeLoss, accession 0001628280-26-053348, 10-Q filed 2026-08-05; retrieved 2026-09-19T23:01:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001579878.json
[13] reported: NetIncomeLoss, accession 0001628280-25-049683, 10-Q filed 2025-11-05; retrieved 2026-09-19T23:01:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001579878.json
[14] derived: NetIncomeLoss, accession 0001628280-26-009228, 10-K filed 2026-02-18; retrieved 2026-09-19T23:01:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001579878.json
[15] reported: NetIncomeLoss, accession 0001628280-26-035209, 10-Q filed 2026-05-14; retrieved 2026-09-19T23:01:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001579878.json
[16] reported: NetIncomeLoss, accession 0001628280-26-053348, 10-Q filed 2026-08-05; retrieved 2026-09-19T23:01:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001579878.json
[17] reported: EarningsPerShareDiluted, accession 0001628280-25-049683, 10-Q filed 2025-11-05; retrieved 2026-09-19T23:01:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001579878.json
[18] reported: EarningsPerShareDiluted, accession 0001628280-26-035209, 10-Q filed 2026-05-14; retrieved 2026-09-19T23:01:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001579878.json
[19] reported: EarningsPerShareDiluted, accession 0001628280-26-053348, 10-Q filed 2026-08-05; retrieved 2026-09-19T23:01:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001579878.json
[20] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001628280-25-049683, 10-Q filed 2025-11-05; retrieved 2026-09-19T23:01:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001579878.json
[21] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001628280-26-035209, 10-Q filed 2026-05-14; retrieved 2026-09-19T23:01:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001579878.json
[22] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001628280-26-053348, 10-Q filed 2026-08-05; retrieved 2026-09-19T23:01:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001579878.json
[23] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001628280-25-049683, 10-Q filed 2025-11-05; retrieved 2026-09-19T23:01:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001579878.json
[24] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001628280-26-009228, 10-K filed 2026-02-18; retrieved 2026-09-19T23:01:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001579878.json
[25] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001628280-26-035209, 10-Q filed 2026-05-14; retrieved 2026-09-19T23:01:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001579878.json
[26] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001628280-26-053348, 10-Q filed 2026-08-05; retrieved 2026-09-19T23:01:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001579878.json
[27] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001628280-25-049683, 10-Q filed 2025-11-05; retrieved 2026-09-19T23:01:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001579878.json
[28] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001628280-26-009228, 10-K filed 2026-02-18; retrieved 2026-09-19T23:01:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001579878.json
[29] reported: NetCashProvidedByUsedInOperatingActivities, accession 0001628280-26-035209, 10-Q filed 2026-05-14; retrieved 2026-09-19T23:01:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001579878.json
[30] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001628280-26-053348, 10-Q filed 2026-08-05; retrieved 2026-09-19T23:01:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001579878.json
[31] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001628280-25-049683, 10-Q filed 2025-11-05; retrieved 2026-09-19T23:01:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001579878.json
[32] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001628280-26-009228, 10-K filed 2026-02-18; retrieved 2026-09-19T23:01:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001579878.json
[33] reported: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001628280-26-035209, 10-Q filed 2026-05-14; retrieved 2026-09-19T23:01:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001579878.json
[34] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001628280-26-053348, 10-Q filed 2026-08-05; retrieved 2026-09-19T23:01:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001579878.json
[35] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001628280-25-049683, 10-Q filed 2025-11-05; retrieved 2026-09-19T23:01:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001579878.json
[36] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001628280-26-009228, 10-K filed 2026-02-18; retrieved 2026-09-19T23:01:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001579878.json
[37] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001628280-26-035209, 10-Q filed 2026-05-14; retrieved 2026-09-19T23:01:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001579878.json
[38] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001628280-26-053348, 10-Q filed 2026-08-05; retrieved 2026-09-19T23:01:50+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001579878.json

What the author read

August filing, equity costs, cash flow and service commitments · retrieved 2026-09-19
Q2 results, AI monetization, NDR and updated annual guidance · retrieved 2026-09-19

Compiled 2026-09-19T23:01:51.176124+00:00 · authored bbc53c744996 · generated 83b5e9c4c41a · JSON

Daily notes · Scorecard