ALPHAFORGE RESEARCH · COMPANY FILE · AI INFRASTRUCTURE & POWER

$FPS

Forgent Power Solutions, Inc. · NYSE · SIC 3620 · CIK 2080126 · revision 3 as of 2026-09-19

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Research status

Evidence awaiting review · 74 pending evidence leads

Financial accounts through: 2026-06-30
Authored update: 2026-09-19
Source scan: 2026-10-12 09:40 ET
Full model review: Not recorded
Latest event review: Not recorded
Oldest pending lead: 2026-09-20 10:27 ET

Filings: checked | 2026-10-12 09:40 ET
News: checked | 2026-10-12 09:40 ET
Price: checked | 2026-10-12 09:40 ET

Open evidence leads

FPS Stock Shot Up As Much As 13% Today Pre-Market – Record Orders, $3B Backlog And 76% FY27 Growth Guide Draw Investor Cheer - Stocktwits
Top Forgent Power Solutions (FPS) Competitors 2026 - MarketBeat
IPO News - US IPO Weekly Winners & Losers - renaissancecapital.com
Forgent Power Solutions Earnings Call Signals Powerful Growth - TipRanks
BofA cuts to the chase on AI data center demand - Fresno Bee

Leads require verification; they are not established material changes.

A published model and a successful scan do not establish a completed review. Status describes current monitoring; every promotion requires fresh checks.

Research status JSON

Business

Forgent manufactures electrical distribution equipment for data centers, grids and industrial facilities. Custom products and modular powertrain solutions convert orders into recognized progress and delivered equipment. Manufacturing capacity, customer advances and the Up-C ownership structure shape cash available after expansion.

Three drivers

Custom and modular-powertrain backlog conversion
Factory utilization, input cost and working-capital funding
TRA payments, minority ownership and expansion cash

Thesis

Our view

The order book and new capacity support substantial growth, but the quality of that growth depends on margin and cash conversion. Customer advances and offering headlines must be separated from cash earned for public shareholders.

What changes it

Compare sequential backlog conversion with production margins, gross working-capital use, capex and ownership-related cash claims.

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	2025Q1 2024-09-30	2025Q2 2024-12-31	2025Q3 2025-03-31	2025Q4 2025-06-30	2026Q1 2025-09-30	2026Q2 2025-12-31	2026Q3 2026-03-31	2026Q4 2026-06-30
Revenue ($M)	154.0†¹	175.3²	186.2³	237.6†⁴	283.3†¹	296.4²	378.7³	461.7†⁴
Gross profit ($M)	—	63.8⁵	68.2⁶	79.7†⁷	—	101.8⁵	131.2⁶	166.7†⁷
Operating income ($M)	22.6†⁸	18.9⁹	22.4¹⁰	8.3†¹¹	31.2†⁸	20.1⁹	39.3¹⁰	91.9¹²
Net income ($M)	6.3†¹³	4.6¹⁴	6.9¹⁵	-2.6†¹⁶	10.0†¹³	0.2¹⁴	18.3¹⁵	53.3¹⁷
EPS, diluted ($)	—	—	—	—	—	—	—	—
Diluted shares (M)	—	—	—	—	—	—	—	—
Cash ($M)	—	—	—	111.3¹⁸	—	106.2¹⁹	93.8²⁰	97.5¹⁸
Long-term debt ($M)	—	—	—	496.9²¹	—	579.0²²	578.1²³	576.2²¹
Cash from operations ($M)	—	—	-7.5†²⁴	-7.2†²⁵	—	—	29.2†²⁴	73.9†²⁵
Capex ($M)	—	—	18.7†²⁶	41.0†²⁷	—	—	28.2†²⁶	31.3†²⁷
Free cash flow ($M)	—	—	-26.2†²⁸	-48.2†²⁹	—	—	0.9†²⁸	42.6†²⁹

† 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
2027Q1	480.0	—	2026-09-19	Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q2	560.0	—	2026-09-19	Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q3	670.0	—	2026-09-19	Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q4	790.0	—	2026-09-19	Desk base scenario. Revenue basis: Total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.

Backlog conversion, customer advances and public-owner cash claims

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

Drive custom products, modular powertrain and other offerings independently. Base FY2027 revenue $2.5B, adjusted EBITDA $600M and capex $87M match September guidance midpoints or stated capex outlook. Track backlog as a stock: opening balance plus bookings less recognized sales and cancellations. Bridge EBITDA through cash costs and gross working-capital investment, customer advances and payables, then deduct capex, TRA payments and outside-owner distributions. Never treat secondary offering proceeds as incremental company funding.

Reported anchors and guidance

Measure	Period	Value	Basis
FY2027 revenue guidance midpoint	FY2027	2,500.00	derived. Calculated midpoint of the company range; not an additional company forecast.
FY2027 adjusted EBITDA guidance midpoint	FY2027	600.00	derived. Calculated midpoint of the company range; not an additional company forecast.
FY2027 PP&E outlook midpoint	FY2027	87.00	derived. Calculated midpoint of the company range; not an additional company forecast.
backlog	June / September 2026	3,000.00	reported. Backlog rounded to $3B; debt principal differs from carrying value. Restricted cash and TRA claims are not freely available funds. Source · 2026-09-15
FY2026 customer advance flow	FY2026	152.96	reported. USD millions; consolidated amounts except explicitly public-attributable income. Offering proceeds used for existing Opco ownership purchases. Source · 2026-09-15
FY2026 cfo	FY2026	109.08	reported. USD millions; consolidated amounts except explicitly public-attributable income. Offering proceeds used for existing Opco ownership purchases. Source · 2026-09-15
FY2026 CFO less PP&E	FY2026	-6.82	derived. No credit for equity proceeds paid to selling owners.
FY2026 adjusted EBITDA to operating income	FY2026	182.49	derived. Other expense was included in EBITDA starting from consolidated net income.
cash	June / September 2026	97.48	reported. Backlog rounded to $3B; debt principal differs from carrying value. Restricted cash and TRA claims are not freely available funds. Source · 2026-09-15
restricted	June / September 2026	24.24	reported. Backlog rounded to $3B; debt principal differs from carrying value. Restricted cash and TRA claims are not freely available funds. Source · 2026-09-15
tra liability	June / September 2026	338.93	reported. Backlog rounded to $3B; debt principal differs from carrying value. Restricted cash and TRA claims are not freely available funds. Source · 2026-09-15
Net offering cash after Opco purchases	FY2026	0.00	derived. Zero before additional deferred offering costs.
debt principal	June / September 2026	598.50	reported. Backlog rounded to $3B; debt principal differs from carrying value. Restricted cash and TRA claims are not freely available funds. Source · 2026-09-15
expansion investment	June / September 2026	35.00	reported. Backlog rounded to $3B; debt principal differs from carrying value. Restricted cash and TRA claims are not freely available funds. Source · 2026-09-15

Downside scenario

Period	Operating cash flow proxy ($M)	CFO less PP&E ($M)	Cash PP&E ($M)	Custom products ($M)	Total revenue ($M)	TRA cash payments ($M)	Adjusted EBITDA proxy ($M)	Powertrain solutions ($M)	Standard products and services ($M)	Operating income proxy ($M)	Cash after TRA and outside-owner claims ($M)	Outside-owner distributions ($M)
2027Q1	-36.36	-62.76	26.40	285.00	443.00	0.00	62.44	135.00	23.00	36.44	-66.76	4.00
2027Q2	-41.08	-71.08	30.00	310.00	494.00	5.00	78.12	160.00	24.00	50.62	-81.08	5.00
2027Q3	-45.58	-75.58	30.00	340.00	565.00	8.00	94.92	200.00	25.00	66.92	-89.58	6.00
2027Q4	-23.95	-41.95	18.00	380.00	651.00	10.00	128.25	245.00	26.00	98.75	-58.95	7.00
FY2027	-146.98	-251.38	104.40	1,315.00	2,153.00	23.00	363.73	740.00	98.00	252.73	-296.38	22.00
FY2028	-234.55	-336.55	102.00	1,750.00	3,134.00	65.00	531.35	1,270.00	114.00	398.35	-439.55	38.00

Base scenario

Period	Operating cash flow proxy ($M)	CFO less PP&E ($M)	Cash PP&E ($M)	Custom products ($M)	Total revenue ($M)	TRA cash payments ($M)	Adjusted EBITDA proxy ($M)	Powertrain solutions ($M)	Standard products and services ($M)	Operating income proxy ($M)	Cash after TRA and outside-owner claims ($M)	Outside-owner distributions ($M)
2027Q1	30.70	8.70	22.00	300.00	480.00	0.00	100.00	155.00	25.00	74.00	4.70	4.00
2027Q2	45.70	20.70	25.00	340.00	560.00	5.00	128.00	193.00	27.00	100.50	10.70	5.00
2027Q3	57.70	32.70	25.00	380.00	670.00	8.00	162.00	262.00	28.00	134.00	18.70	6.00
2027Q4	92.70	77.70	15.00	420.00	790.00	10.00	210.00	340.00	30.00	180.50	60.70	7.00
FY2027	226.80	139.80	87.00	1,440.00	2,500.00	23.00	600.00	950.00	110.00	489.00	94.80	22.00
FY2028	408.80	323.80	85.00	2,120.00	4,050.00	65.00	1,023.00	1,790.00	140.00	890.00	220.80	38.00

Upside scenario

Period	Operating cash flow proxy ($M)	CFO less PP&E ($M)	Cash PP&E ($M)	Custom products ($M)	Total revenue ($M)	TRA cash payments ($M)	Adjusted EBITDA proxy ($M)	Powertrain solutions ($M)	Standard products and services ($M)	Operating income proxy ($M)	Cash after TRA and outside-owner claims ($M)	Outside-owner distributions ($M)
2027Q1	52.90	28.70	24.20	315.00	506.00	0.00	116.95	165.00	26.00	90.95	24.70	4.00
2027Q2	76.97	49.47	27.50	355.00	603.00	5.00	152.53	220.00	28.00	125.03	39.47	5.00
2027Q3	92.50	65.00	27.50	400.00	720.00	8.00	190.80	290.00	30.00	162.80	51.00	6.00
2027Q4	129.30	112.80	16.50	450.00	842.00	10.00	241.35	360.00	32.00	211.85	95.80	7.00
FY2027	351.67	255.97	95.70	1,520.00	2,671.00	23.00	701.62	1,035.00	116.00	590.62	210.97	22.00
FY2028	683.67	590.17	93.50	2,300.00	4,563.00	65.00	1,276.12	2,105.00	158.00	1,143.12	487.17	38.00

All inputs and formulas — reproduce this model

Input / calculation	Period / case	Value / unit	Evidence or assumption
FY2026 revenue fy26_revenue	FY2026 / shared	1,420.06 USD_millions	reported: USD millions; consolidated amounts except explicitly public-attributable income. Offering proceeds used for existing Opco ownership purchases. Primary source · 2026-09-15
FY2026 custom fy26_custom	FY2026 / shared	990.48 USD_millions	reported: USD millions; consolidated amounts except explicitly public-attributable income. Offering proceeds used for existing Opco ownership purchases. Primary source · 2026-09-15
FY2026 powertrain fy26_powertrain	FY2026 / shared	357.41 USD_millions	reported: USD millions; consolidated amounts except explicitly public-attributable income. Offering proceeds used for existing Opco ownership purchases. Primary source · 2026-09-15
FY2026 other revenue fy26_other_revenue	FY2026 / shared	72.17 USD_millions	reported: USD millions; consolidated amounts except explicitly public-attributable income. Offering proceeds used for existing Opco ownership purchases. Primary source · 2026-09-15
FY2026 adj ebitda fy26_adj_ebitda	FY2026 / shared	322.90 USD_millions	reported: USD millions; consolidated amounts except explicitly public-attributable income. Offering proceeds used for existing Opco ownership purchases. Primary source · 2026-09-15
FY2026 operating income fy26_operating_income	FY2026 / shared	182.49 USD_millions	reported: USD millions; consolidated amounts except explicitly public-attributable income. Offering proceeds used for existing Opco ownership purchases. Primary source · 2026-09-15
FY2026 cfo fy26_cfo	FY2026 / shared	109.08 USD_millions	reported: USD millions; consolidated amounts except explicitly public-attributable income. Offering proceeds used for existing Opco ownership purchases. Primary source · 2026-09-15
FY2026 capex fy26_capex	FY2026 / shared	115.91 USD_millions	reported: USD millions; consolidated amounts except explicitly public-attributable income. Offering proceeds used for existing Opco ownership purchases. Primary source · 2026-09-15
FY2026 da fy26_da	FY2026 / shared	66.90 USD_millions	reported: USD millions; consolidated amounts except explicitly public-attributable income. Offering proceeds used for existing Opco ownership purchases. Primary source · 2026-09-15
FY2026 sbc fy26_sbc	FY2026 / shared	10.04 USD_millions	reported: USD millions; consolidated amounts except explicitly public-attributable income. Offering proceeds used for existing Opco ownership purchases. Primary source · 2026-09-15
FY2026 sponsor fy26_sponsor	FY2026 / shared	18.82 USD_millions	reported: USD millions; consolidated amounts except explicitly public-attributable income. Offering proceeds used for existing Opco ownership purchases. Primary source · 2026-09-15
FY2026 readiness fy26_readiness	FY2026 / shared	21.21 USD_millions	reported: USD millions; consolidated amounts except explicitly public-attributable income. Offering proceeds used for existing Opco ownership purchases. Primary source · 2026-09-15
FY2026 earnout fy26_earnout	FY2026 / shared	5.40 USD_millions	reported: USD millions; consolidated amounts except explicitly public-attributable income. Offering proceeds used for existing Opco ownership purchases. Primary source · 2026-09-15
FY2026 integration fy26_integration	FY2026 / shared	18.80 USD_millions	reported: USD millions; consolidated amounts except explicitly public-attributable income. Offering proceeds used for existing Opco ownership purchases. Primary source · 2026-09-15
FY2026 other expense fy26_other_expense	FY2026 / shared	0.75 USD_millions	reported: USD millions; consolidated amounts except explicitly public-attributable income. Offering proceeds used for existing Opco ownership purchases. Primary source · 2026-09-15
FY2026 customer advance flow fy26_customer_advance_flow	FY2026 / shared	152.96 USD_millions	reported: USD millions; consolidated amounts except explicitly public-attributable income. Offering proceeds used for existing Opco ownership purchases. Primary source · 2026-09-15
FY2026 inventory cash use fy26_inventory_cash_use	FY2026 / shared	142.91 USD_millions	reported: USD millions; consolidated amounts except explicitly public-attributable income. Offering proceeds used for existing Opco ownership purchases. Primary source · 2026-09-15
FY2026 receivable cash use fy26_receivable_cash_use	FY2026 / shared	172.66 USD_millions	reported: USD millions; consolidated amounts except explicitly public-attributable income. Offering proceeds used for existing Opco ownership purchases. Primary source · 2026-09-15
FY2026 net income fy26_net_income	FY2026 / shared	106.03 USD_millions	reported: USD millions; consolidated amounts except explicitly public-attributable income. Offering proceeds used for existing Opco ownership purchases. Primary source · 2026-09-15
FY2026 public net income fy26_public_net_income	FY2026 / shared	81.84 USD_millions	reported: USD millions; consolidated amounts except explicitly public-attributable income. Offering proceeds used for existing Opco ownership purchases. Primary source · 2026-09-15
FY2026 ipo proceeds fy26_ipo_proceeds	FY2026 / shared	491.83 USD_millions	reported: USD millions; consolidated amounts except explicitly public-attributable income. Offering proceeds used for existing Opco ownership purchases. Primary source · 2026-09-15
FY2026 secondary proceeds fy26_secondary_proceeds	FY2026 / shared	1,033.13 USD_millions	reported: USD millions; consolidated amounts except explicitly public-attributable income. Offering proceeds used for existing Opco ownership purchases. Primary source · 2026-09-15
FY2026 opco purchase cash fy26_opco_purchase_cash	FY2026 / shared	1,524.96 USD_millions	reported: USD millions; consolidated amounts except explicitly public-attributable income. Offering proceeds used for existing Opco ownership purchases. Primary source · 2026-09-15
FY2026 outside distributions fy26_outside_distributions	FY2026 / shared	8.59 USD_millions	reported: USD millions; consolidated amounts except explicitly public-attributable income. Offering proceeds used for existing Opco ownership purchases. Primary source · 2026-09-15
FY2026 CFO less PP&E fy26_fcf	FY2026 / shared	-6.82 USD_millions	derived: No credit for equity proceeds paid to selling owners. Formula: subtract(fy26_cfo, fy26_capex).
D&A SBC and adjusted cash-cost exclusions fy26_adjustments	FY2026 / shared	141.16 USD_millions	derived: Company adjusted reconciliation. Formula: sum(fy26_da, fy26_sbc, fy26_sponsor, fy26_readiness, fy26_earnout, fy26_integration).
EBITDA after disclosed exclusions fy26_after_adjustments	FY2026 / shared	181.74 USD_millions	derived: Before nonoperating residual. Formula: subtract(fy26_adj_ebitda, fy26_adjustments).
FY2026 adjusted EBITDA to operating income fy26_gaap_bridge	FY2026 / shared	182.49 USD_millions	derived: Other expense was included in EBITDA starting from consolidated net income. Formula: sum(fy26_after_adjustments, fy26_other_expense).
Net-of-underwriting offering receipts gross_offering_cash	FY2026 / shared	1,524.96 USD_millions	derived: Receipts are offset by seller payments. Formula: sum(fy26_ipo_proceeds, fy26_secondary_proceeds).
Net offering cash after Opco purchases net_offering_cash	FY2026 / shared	0.00 USD_millions	derived: Zero before additional deferred offering costs. Formula: subtract(gross_offering_cash, fy26_opco_purchase_cash).
cash cash	June / September 2026 / shared	97.48 USD_millions	reported: Backlog rounded to $3B; debt principal differs from carrying value. Restricted cash and TRA claims are not freely available funds. Primary source · 2026-09-15
restricted restricted	June / September 2026 / shared	24.24 USD_millions	reported: Backlog rounded to $3B; debt principal differs from carrying value. Restricted cash and TRA claims are not freely available funds. Primary source · 2026-09-15
tra liability tra_liability	June / September 2026 / shared	338.93 USD_millions	reported: Backlog rounded to $3B; debt principal differs from carrying value. Restricted cash and TRA claims are not freely available funds. Primary source · 2026-09-15
backlog backlog	June / September 2026 / shared	3,000.00 USD_millions	reported: Backlog rounded to $3B; debt principal differs from carrying value. Restricted cash and TRA claims are not freely available funds. Primary source · 2026-09-15
debt principal debt_principal	June / September 2026 / shared	598.50 USD_millions	reported: Backlog rounded to $3B; debt principal differs from carrying value. Restricted cash and TRA claims are not freely available funds. Primary source · 2026-09-15
expansion investment expansion_investment	June / September 2026 / shared	35.00 USD_millions	reported: Backlog rounded to $3B; debt principal differs from carrying value. Restricted cash and TRA claims are not freely available funds. Primary source · 2026-09-15
FY2027 revenue guidance low fy27_revenue_guide_low	FY2027 / shared	2,400.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-15
FY2027 revenue guidance high fy27_revenue_guide_high	FY2027 / shared	2,600.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-15
Midpoint divisor two	Model / shared	200.0% ratio	assumption: Arithmetic constant.
FY2027 revenue guidance endpoint sum fy27_revenue_guide_sum	FY2027 / shared	5,000.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(fy27_revenue_guide_low, fy27_revenue_guide_high).
FY2027 revenue guidance midpoint fy27_revenue_guide	FY2027 / shared	2,500.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy27_revenue_guide_sum, two).
FY2027 adjusted EBITDA guidance low fy27_ebitda_guide_low	FY2027 / shared	575.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-15
FY2027 adjusted EBITDA guidance high fy27_ebitda_guide_high	FY2027 / shared	625.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-15
FY2027 adjusted EBITDA guidance endpoint sum fy27_ebitda_guide_sum	FY2027 / shared	1,200.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(fy27_ebitda_guide_low, fy27_ebitda_guide_high).
FY2027 adjusted EBITDA guidance midpoint fy27_ebitda_guide	FY2027 / shared	600.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy27_ebitda_guide_sum, two).
FY2027 PP&E outlook low fy27_capex_guide_low	FY2027 / shared	87.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-15
FY2027 PP&E outlook high fy27_capex_guide_high	FY2027 / shared	87.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-15
FY2027 PP&E outlook endpoint sum fy27_capex_guide_sum	FY2027 / shared	174.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(fy27_capex_guide_low, fy27_capex_guide_high).
FY2027 PP&E outlook midpoint fy27_capex_guide	FY2027 / shared	87.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy27_capex_guide_sum, two).
Custom accepted-work reference downside_2027q1_custom_activity	2027Q1 / downside	285.00 USD_millions	assumption: Desk assumption; not company guidance.
Custom price and progress realization downside_2027q1_custom_realization	2027Q1 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Custom products revenue downside_2027q1_custom	2027Q1 / downside	285.00 USD_millions	derived: Progress recognition can precede final equipment delivery. Formula: multiply(downside_2027q1_custom_activity, downside_2027q1_custom_realization).
Powertrain accepted-work reference downside_2027q1_pts_activity	2027Q1 / downside	135.00 USD_millions	assumption: Desk assumption; not company guidance.
Powertrain realization downside_2027q1_pts_realization	2027Q1 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Powertrain solutions revenue downside_2027q1_powertrain	2027Q1 / downside	135.00 USD_millions	derived: Capacity alone does not create sales. Formula: multiply(downside_2027q1_pts_activity, downside_2027q1_pts_realization).
Standard products and services downside_2027q1_other_revenue	2027Q1 / downside	23.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue downside_2027q1_revenue	2027Q1 / downside	443.00 USD_millions	derived: Three distinct offering buckets. Formula: sum(downside_2027q1_custom, downside_2027q1_powertrain, downside_2027q1_other_revenue).
Gross contribution before D&A margin downside_2027q1_gross_margin	2027Q1 / downside	32.5% ratio	assumption: Desk assumption; not company guidance.
Gross contribution before D&A downside_2027q1_cash_gross	2027Q1 / downside	143.97 USD_millions	derived: Cash-contribution proxy; reported COGS includes some depreciation. Formula: multiply(downside_2027q1_revenue, downside_2027q1_gross_margin).
Adjusted operating cost budget downside_2027q1_adjusted_opex	2027Q1 / downside	81.54 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy downside_2027q1_adj_ebitda	2027Q1 / downside	62.44 USD_millions	derived: Base annual $600M calibrated to guidance; quarter allocation is a scenario. Formula: subtract(downside_2027q1_cash_gross, downside_2027q1_adjusted_opex).
D&A downside_2027q1_da	2027Q1 / downside	18.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC downside_2027q1_sbc	2027Q1 / downside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash adjusted-metric exclusions downside_2027q1_cash_adjustments	2027Q1 / downside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
D&A SBC and adjusted cash expenses downside_2027q1_gaap_adjustments	2027Q1 / downside	26.00 USD_millions	derived: No additional COGS depreciation deducted twice. Formula: sum(downside_2027q1_da, downside_2027q1_sbc, downside_2027q1_cash_adjustments).
Operating income proxy downside_2027q1_operating_income	2027Q1 / downside	36.44 USD_millions	derived: No future fair-value or nonoperating mark assumption. Formula: subtract(downside_2027q1_adj_ebitda, downside_2027q1_gaap_adjustments).
Net customer advances downside_2027q1_advance_flow	2027Q1 / downside	17.50 USD_millions	assumption: Cash timing and performance liability; independent of current revenue recognition.
Inventory receivables and other cash investment downside_2027q1_gross_wc	2027Q1 / downside	112.00 USD_millions	assumption: Desk assumption; not company guidance.
Payable/accrual cash inflow downside_2027q1_payables	2027Q1 / downside	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Payables and customer advance cash downside_2027q1_working_sources	2027Q1 / downside	47.50 USD_millions	derived: These are liabilities and settlement timing, not new earnings. Formula: sum(downside_2027q1_payables, downside_2027q1_advance_flow).
Net working-capital cash use downside_2027q1_working_cash	2027Q1 / downside	64.50 USD_millions	derived: Gross receivables and inventories remain visible before funding from customers/vendors. Formula: subtract(downside_2027q1_gross_wc, downside_2027q1_working_sources).
Cash investment interest downside_2027q1_interest_income	2027Q1 / downside	0.70 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA and interest income downside_2027q1_cash_profit	2027Q1 / downside	63.14 USD_millions	derived: Small corporate interest allowance. Formula: sum(downside_2027q1_adj_ebitda, downside_2027q1_interest_income).
Cash interest downside_2027q1_cash_interest	2027Q1 / downside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax downside_2027q1_cash_tax	2027Q1 / downside	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash costs taxes interest and working capital downside_2027q1_cash_uses	2027Q1 / downside	99.50 USD_millions	derived: TRA cash is deducted separately after FCF for comparison; actual statement classification may differ. Formula: sum(downside_2027q1_cash_adjustments, downside_2027q1_cash_interest, downside_2027q1_cash_tax, downside_2027q1_working_cash).
Operating cash flow proxy downside_2027q1_cfo	2027Q1 / downside	-36.36 USD_millions	derived: No automatic IPO financing inflow. Formula: subtract(downside_2027q1_cash_profit, downside_2027q1_cash_uses).
Cash PP&E downside_2027q1_capex	2027Q1 / downside	26.40 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E downside_2027q1_fcf	2027Q1 / downside	-62.76 USD_millions	derived: Before TRA and non-controlling owner distributions. Formula: subtract(downside_2027q1_cfo, downside_2027q1_capex).
TRA payment sensitivity downside_2027q1_tra_cash	2027Q1 / downside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
Outside Opco owner cash distribution downside_2027q1_owner_distributions	2027Q1 / downside	4.00 USD_millions	assumption: Desk assumption; not company guidance.
TRA and outside-owner cash downside_2027q1_owner_claims	2027Q1 / downside	4.00 USD_millions	derived: Tax-sharing and minority-owner claims are not dividends available to public holders. Formula: sum(downside_2027q1_tra_cash, downside_2027q1_owner_distributions).
Cash after selected ownership claims downside_2027q1_cash_after_claims	2027Q1 / downside	-66.76 USD_millions	derived: Still excludes debt principal and discretionary capital allocation. Formula: subtract(downside_2027q1_fcf, downside_2027q1_owner_claims).
New booked orders downside_2027q1_bookings	2027Q1 / downside	800.00 USD_millions	assumption: Desk assumption; not company guidance.
Backlog cancellations and scope reductions downside_2027q1_cancellations	2027Q1 / downside	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Opening backlog plus bookings downside_2027q1_available_backlog	2027Q1 / downside	3,800.00 USD_millions	derived: Forward orders may be cancelled. Formula: sum(backlog, downside_2027q1_bookings).
Revenue conversion and cancellation downside_2027q1_backlog_consumption	2027Q1 / downside	463.00 USD_millions	derived: Illustrative stock bridge; no FX/acquisition adjustment. Formula: sum(downside_2027q1_revenue, downside_2027q1_cancellations).
Ending backlog stock downside_2027q1_ending_backlog	2027Q1 / downside	3,337.00 USD_millions	derived: Never summed as an annual revenue flow. Formula: subtract(downside_2027q1_available_backlog, downside_2027q1_backlog_consumption).
Custom accepted-work reference downside_2027q2_custom_activity	2027Q2 / downside	310.00 USD_millions	assumption: Desk assumption; not company guidance.
Custom price and progress realization downside_2027q2_custom_realization	2027Q2 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Custom products revenue downside_2027q2_custom	2027Q2 / downside	310.00 USD_millions	derived: Progress recognition can precede final equipment delivery. Formula: multiply(downside_2027q2_custom_activity, downside_2027q2_custom_realization).
Powertrain accepted-work reference downside_2027q2_pts_activity	2027Q2 / downside	160.00 USD_millions	assumption: Desk assumption; not company guidance.
Powertrain realization downside_2027q2_pts_realization	2027Q2 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Powertrain solutions revenue downside_2027q2_powertrain	2027Q2 / downside	160.00 USD_millions	derived: Capacity alone does not create sales. Formula: multiply(downside_2027q2_pts_activity, downside_2027q2_pts_realization).
Standard products and services downside_2027q2_other_revenue	2027Q2 / downside	24.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue downside_2027q2_revenue	2027Q2 / downside	494.00 USD_millions	derived: Three distinct offering buckets. Formula: sum(downside_2027q2_custom, downside_2027q2_powertrain, downside_2027q2_other_revenue).
Gross contribution before D&A margin downside_2027q2_gross_margin	2027Q2 / downside	32.5% ratio	assumption: Desk assumption; not company guidance.
Gross contribution before D&A downside_2027q2_cash_gross	2027Q2 / downside	160.55 USD_millions	derived: Cash-contribution proxy; reported COGS includes some depreciation. Formula: multiply(downside_2027q2_revenue, downside_2027q2_gross_margin).
Adjusted operating cost budget downside_2027q2_adjusted_opex	2027Q2 / downside	82.43 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy downside_2027q2_adj_ebitda	2027Q2 / downside	78.12 USD_millions	derived: Base annual $600M calibrated to guidance; quarter allocation is a scenario. Formula: subtract(downside_2027q2_cash_gross, downside_2027q2_adjusted_opex).
D&A downside_2027q2_da	2027Q2 / downside	19.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC downside_2027q2_sbc	2027Q2 / downside	5.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash adjusted-metric exclusions downside_2027q2_cash_adjustments	2027Q2 / downside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
D&A SBC and adjusted cash expenses downside_2027q2_gaap_adjustments	2027Q2 / downside	27.50 USD_millions	derived: No additional COGS depreciation deducted twice. Formula: sum(downside_2027q2_da, downside_2027q2_sbc, downside_2027q2_cash_adjustments).
Operating income proxy downside_2027q2_operating_income	2027Q2 / downside	50.62 USD_millions	derived: No future fair-value or nonoperating mark assumption. Formula: subtract(downside_2027q2_adj_ebitda, downside_2027q2_gaap_adjustments).
Net customer advances downside_2027q2_advance_flow	2027Q2 / downside	22.50 USD_millions	assumption: Cash timing and performance liability; independent of current revenue recognition.
Inventory receivables and other cash investment downside_2027q2_gross_wc	2027Q2 / downside	134.40 USD_millions	assumption: Desk assumption; not company guidance.
Payable/accrual cash inflow downside_2027q2_payables	2027Q2 / downside	35.00 USD_millions	assumption: Desk assumption; not company guidance.
Payables and customer advance cash downside_2027q2_working_sources	2027Q2 / downside	57.50 USD_millions	derived: These are liabilities and settlement timing, not new earnings. Formula: sum(downside_2027q2_payables, downside_2027q2_advance_flow).
Net working-capital cash use downside_2027q2_working_cash	2027Q2 / downside	76.90 USD_millions	derived: Gross receivables and inventories remain visible before funding from customers/vendors. Formula: subtract(downside_2027q2_gross_wc, downside_2027q2_working_sources).
Cash investment interest downside_2027q2_interest_income	2027Q2 / downside	0.70 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA and interest income downside_2027q2_cash_profit	2027Q2 / downside	78.82 USD_millions	derived: Small corporate interest allowance. Formula: sum(downside_2027q2_adj_ebitda, downside_2027q2_interest_income).
Cash interest downside_2027q2_cash_interest	2027Q2 / downside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax downside_2027q2_cash_tax	2027Q2 / downside	28.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash costs taxes interest and working capital downside_2027q2_cash_uses	2027Q2 / downside	119.90 USD_millions	derived: TRA cash is deducted separately after FCF for comparison; actual statement classification may differ. Formula: sum(downside_2027q2_cash_adjustments, downside_2027q2_cash_interest, downside_2027q2_cash_tax, downside_2027q2_working_cash).
Operating cash flow proxy downside_2027q2_cfo	2027Q2 / downside	-41.08 USD_millions	derived: No automatic IPO financing inflow. Formula: subtract(downside_2027q2_cash_profit, downside_2027q2_cash_uses).
Cash PP&E downside_2027q2_capex	2027Q2 / downside	30.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E downside_2027q2_fcf	2027Q2 / downside	-71.08 USD_millions	derived: Before TRA and non-controlling owner distributions. Formula: subtract(downside_2027q2_cfo, downside_2027q2_capex).
TRA payment sensitivity downside_2027q2_tra_cash	2027Q2 / downside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Outside Opco owner cash distribution downside_2027q2_owner_distributions	2027Q2 / downside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
TRA and outside-owner cash downside_2027q2_owner_claims	2027Q2 / downside	10.00 USD_millions	derived: Tax-sharing and minority-owner claims are not dividends available to public holders. Formula: sum(downside_2027q2_tra_cash, downside_2027q2_owner_distributions).
Cash after selected ownership claims downside_2027q2_cash_after_claims	2027Q2 / downside	-81.08 USD_millions	derived: Still excludes debt principal and discretionary capital allocation. Formula: subtract(downside_2027q2_fcf, downside_2027q2_owner_claims).
New booked orders downside_2027q2_bookings	2027Q2 / downside	850.00 USD_millions	assumption: Desk assumption; not company guidance.
Backlog cancellations and scope reductions downside_2027q2_cancellations	2027Q2 / downside	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Opening backlog plus bookings downside_2027q2_available_backlog	2027Q2 / downside	4,187.00 USD_millions	derived: Forward orders may be cancelled. Formula: sum(downside_2027q1_ending_backlog, downside_2027q2_bookings).
Revenue conversion and cancellation downside_2027q2_backlog_consumption	2027Q2 / downside	519.00 USD_millions	derived: Illustrative stock bridge; no FX/acquisition adjustment. Formula: sum(downside_2027q2_revenue, downside_2027q2_cancellations).
Ending backlog stock downside_2027q2_ending_backlog	2027Q2 / downside	3,668.00 USD_millions	derived: Never summed as an annual revenue flow. Formula: subtract(downside_2027q2_available_backlog, downside_2027q2_backlog_consumption).
Custom accepted-work reference downside_2027q3_custom_activity	2027Q3 / downside	340.00 USD_millions	assumption: Desk assumption; not company guidance.
Custom price and progress realization downside_2027q3_custom_realization	2027Q3 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Custom products revenue downside_2027q3_custom	2027Q3 / downside	340.00 USD_millions	derived: Progress recognition can precede final equipment delivery. Formula: multiply(downside_2027q3_custom_activity, downside_2027q3_custom_realization).
Powertrain accepted-work reference downside_2027q3_pts_activity	2027Q3 / downside	200.00 USD_millions	assumption: Desk assumption; not company guidance.
Powertrain realization downside_2027q3_pts_realization	2027Q3 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Powertrain solutions revenue downside_2027q3_powertrain	2027Q3 / downside	200.00 USD_millions	derived: Capacity alone does not create sales. Formula: multiply(downside_2027q3_pts_activity, downside_2027q3_pts_realization).
Standard products and services downside_2027q3_other_revenue	2027Q3 / downside	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue downside_2027q3_revenue	2027Q3 / downside	565.00 USD_millions	derived: Three distinct offering buckets. Formula: sum(downside_2027q3_custom, downside_2027q3_powertrain, downside_2027q3_other_revenue).
Gross contribution before D&A margin downside_2027q3_gross_margin	2027Q3 / downside	32.5% ratio	assumption: Desk assumption; not company guidance.
Gross contribution before D&A downside_2027q3_cash_gross	2027Q3 / downside	183.62 USD_millions	derived: Cash-contribution proxy; reported COGS includes some depreciation. Formula: multiply(downside_2027q3_revenue, downside_2027q3_gross_margin).
Adjusted operating cost budget downside_2027q3_adjusted_opex	2027Q3 / downside	88.70 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy downside_2027q3_adj_ebitda	2027Q3 / downside	94.92 USD_millions	derived: Base annual $600M calibrated to guidance; quarter allocation is a scenario. Formula: subtract(downside_2027q3_cash_gross, downside_2027q3_adjusted_opex).
D&A downside_2027q3_da	2027Q3 / downside	20.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC downside_2027q3_sbc	2027Q3 / downside	6.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash adjusted-metric exclusions downside_2027q3_cash_adjustments	2027Q3 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
D&A SBC and adjusted cash expenses downside_2027q3_gaap_adjustments	2027Q3 / downside	28.00 USD_millions	derived: No additional COGS depreciation deducted twice. Formula: sum(downside_2027q3_da, downside_2027q3_sbc, downside_2027q3_cash_adjustments).
Operating income proxy downside_2027q3_operating_income	2027Q3 / downside	66.92 USD_millions	derived: No future fair-value or nonoperating mark assumption. Formula: subtract(downside_2027q3_adj_ebitda, downside_2027q3_gaap_adjustments).
Net customer advances downside_2027q3_advance_flow	2027Q3 / downside	20.00 USD_millions	assumption: Cash timing and performance liability; independent of current revenue recognition.
Inventory receivables and other cash investment downside_2027q3_gross_wc	2027Q3 / downside	151.20 USD_millions	assumption: Desk assumption; not company guidance.
Payable/accrual cash inflow downside_2027q3_payables	2027Q3 / downside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Payables and customer advance cash downside_2027q3_working_sources	2027Q3 / downside	60.00 USD_millions	derived: These are liabilities and settlement timing, not new earnings. Formula: sum(downside_2027q3_payables, downside_2027q3_advance_flow).
Net working-capital cash use downside_2027q3_working_cash	2027Q3 / downside	91.20 USD_millions	derived: Gross receivables and inventories remain visible before funding from customers/vendors. Formula: subtract(downside_2027q3_gross_wc, downside_2027q3_working_sources).
Cash investment interest downside_2027q3_interest_income	2027Q3 / downside	0.70 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA and interest income downside_2027q3_cash_profit	2027Q3 / downside	95.62 USD_millions	derived: Small corporate interest allowance. Formula: sum(downside_2027q3_adj_ebitda, downside_2027q3_interest_income).
Cash interest downside_2027q3_cash_interest	2027Q3 / downside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax downside_2027q3_cash_tax	2027Q3 / downside	36.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash costs taxes interest and working capital downside_2027q3_cash_uses	2027Q3 / downside	141.20 USD_millions	derived: TRA cash is deducted separately after FCF for comparison; actual statement classification may differ. Formula: sum(downside_2027q3_cash_adjustments, downside_2027q3_cash_interest, downside_2027q3_cash_tax, downside_2027q3_working_cash).
Operating cash flow proxy downside_2027q3_cfo	2027Q3 / downside	-45.58 USD_millions	derived: No automatic IPO financing inflow. Formula: subtract(downside_2027q3_cash_profit, downside_2027q3_cash_uses).
Cash PP&E downside_2027q3_capex	2027Q3 / downside	30.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E downside_2027q3_fcf	2027Q3 / downside	-75.58 USD_millions	derived: Before TRA and non-controlling owner distributions. Formula: subtract(downside_2027q3_cfo, downside_2027q3_capex).
TRA payment sensitivity downside_2027q3_tra_cash	2027Q3 / downside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Outside Opco owner cash distribution downside_2027q3_owner_distributions	2027Q3 / downside	6.00 USD_millions	assumption: Desk assumption; not company guidance.
TRA and outside-owner cash downside_2027q3_owner_claims	2027Q3 / downside	14.00 USD_millions	derived: Tax-sharing and minority-owner claims are not dividends available to public holders. Formula: sum(downside_2027q3_tra_cash, downside_2027q3_owner_distributions).
Cash after selected ownership claims downside_2027q3_cash_after_claims	2027Q3 / downside	-89.58 USD_millions	derived: Still excludes debt principal and discretionary capital allocation. Formula: subtract(downside_2027q3_fcf, downside_2027q3_owner_claims).
New booked orders downside_2027q3_bookings	2027Q3 / downside	900.00 USD_millions	assumption: Desk assumption; not company guidance.
Backlog cancellations and scope reductions downside_2027q3_cancellations	2027Q3 / downside	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Opening backlog plus bookings downside_2027q3_available_backlog	2027Q3 / downside	4,568.00 USD_millions	derived: Forward orders may be cancelled. Formula: sum(downside_2027q2_ending_backlog, downside_2027q3_bookings).
Revenue conversion and cancellation downside_2027q3_backlog_consumption	2027Q3 / downside	595.00 USD_millions	derived: Illustrative stock bridge; no FX/acquisition adjustment. Formula: sum(downside_2027q3_revenue, downside_2027q3_cancellations).
Ending backlog stock downside_2027q3_ending_backlog	2027Q3 / downside	3,973.00 USD_millions	derived: Never summed as an annual revenue flow. Formula: subtract(downside_2027q3_available_backlog, downside_2027q3_backlog_consumption).
Custom accepted-work reference downside_2027q4_custom_activity	2027Q4 / downside	380.00 USD_millions	assumption: Desk assumption; not company guidance.
Custom price and progress realization downside_2027q4_custom_realization	2027Q4 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Custom products revenue downside_2027q4_custom	2027Q4 / downside	380.00 USD_millions	derived: Progress recognition can precede final equipment delivery. Formula: multiply(downside_2027q4_custom_activity, downside_2027q4_custom_realization).
Powertrain accepted-work reference downside_2027q4_pts_activity	2027Q4 / downside	245.00 USD_millions	assumption: Desk assumption; not company guidance.
Powertrain realization downside_2027q4_pts_realization	2027Q4 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Powertrain solutions revenue downside_2027q4_powertrain	2027Q4 / downside	245.00 USD_millions	derived: Capacity alone does not create sales. Formula: multiply(downside_2027q4_pts_activity, downside_2027q4_pts_realization).
Standard products and services downside_2027q4_other_revenue	2027Q4 / downside	26.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue downside_2027q4_revenue	2027Q4 / downside	651.00 USD_millions	derived: Three distinct offering buckets. Formula: sum(downside_2027q4_custom, downside_2027q4_powertrain, downside_2027q4_other_revenue).
Gross contribution before D&A margin downside_2027q4_gross_margin	2027Q4 / downside	32.5% ratio	assumption: Desk assumption; not company guidance.
Gross contribution before D&A downside_2027q4_cash_gross	2027Q4 / downside	211.58 USD_millions	derived: Cash-contribution proxy; reported COGS includes some depreciation. Formula: multiply(downside_2027q4_revenue, downside_2027q4_gross_margin).
Adjusted operating cost budget downside_2027q4_adjusted_opex	2027Q4 / downside	83.33 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy downside_2027q4_adj_ebitda	2027Q4 / downside	128.25 USD_millions	derived: Base annual $600M calibrated to guidance; quarter allocation is a scenario. Formula: subtract(downside_2027q4_cash_gross, downside_2027q4_adjusted_opex).
D&A downside_2027q4_da	2027Q4 / downside	21.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC downside_2027q4_sbc	2027Q4 / downside	6.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash adjusted-metric exclusions downside_2027q4_cash_adjustments	2027Q4 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
D&A SBC and adjusted cash expenses downside_2027q4_gaap_adjustments	2027Q4 / downside	29.50 USD_millions	derived: No additional COGS depreciation deducted twice. Formula: sum(downside_2027q4_da, downside_2027q4_sbc, downside_2027q4_cash_adjustments).
Operating income proxy downside_2027q4_operating_income	2027Q4 / downside	98.75 USD_millions	derived: No future fair-value or nonoperating mark assumption. Formula: subtract(downside_2027q4_adj_ebitda, downside_2027q4_gaap_adjustments).
Net customer advances downside_2027q4_advance_flow	2027Q4 / downside	17.50 USD_millions	assumption: Cash timing and performance liability; independent of current revenue recognition.
Inventory receivables and other cash investment downside_2027q4_gross_wc	2027Q4 / downside	162.40 USD_millions	assumption: Desk assumption; not company guidance.
Payable/accrual cash inflow downside_2027q4_payables	2027Q4 / downside	50.00 USD_millions	assumption: Desk assumption; not company guidance.
Payables and customer advance cash downside_2027q4_working_sources	2027Q4 / downside	67.50 USD_millions	derived: These are liabilities and settlement timing, not new earnings. Formula: sum(downside_2027q4_payables, downside_2027q4_advance_flow).
Net working-capital cash use downside_2027q4_working_cash	2027Q4 / downside	94.90 USD_millions	derived: Gross receivables and inventories remain visible before funding from customers/vendors. Formula: subtract(downside_2027q4_gross_wc, downside_2027q4_working_sources).
Cash investment interest downside_2027q4_interest_income	2027Q4 / downside	0.70 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA and interest income downside_2027q4_cash_profit	2027Q4 / downside	128.95 USD_millions	derived: Small corporate interest allowance. Formula: sum(downside_2027q4_adj_ebitda, downside_2027q4_interest_income).
Cash interest downside_2027q4_cash_interest	2027Q4 / downside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax downside_2027q4_cash_tax	2027Q4 / downside	44.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash costs taxes interest and working capital downside_2027q4_cash_uses	2027Q4 / downside	152.90 USD_millions	derived: TRA cash is deducted separately after FCF for comparison; actual statement classification may differ. Formula: sum(downside_2027q4_cash_adjustments, downside_2027q4_cash_interest, downside_2027q4_cash_tax, downside_2027q4_working_cash).
Operating cash flow proxy downside_2027q4_cfo	2027Q4 / downside	-23.95 USD_millions	derived: No automatic IPO financing inflow. Formula: subtract(downside_2027q4_cash_profit, downside_2027q4_cash_uses).
Cash PP&E downside_2027q4_capex	2027Q4 / downside	18.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E downside_2027q4_fcf	2027Q4 / downside	-41.95 USD_millions	derived: Before TRA and non-controlling owner distributions. Formula: subtract(downside_2027q4_cfo, downside_2027q4_capex).
TRA payment sensitivity downside_2027q4_tra_cash	2027Q4 / downside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Outside Opco owner cash distribution downside_2027q4_owner_distributions	2027Q4 / downside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
TRA and outside-owner cash downside_2027q4_owner_claims	2027Q4 / downside	17.00 USD_millions	derived: Tax-sharing and minority-owner claims are not dividends available to public holders. Formula: sum(downside_2027q4_tra_cash, downside_2027q4_owner_distributions).
Cash after selected ownership claims downside_2027q4_cash_after_claims	2027Q4 / downside	-58.95 USD_millions	derived: Still excludes debt principal and discretionary capital allocation. Formula: subtract(downside_2027q4_fcf, downside_2027q4_owner_claims).
New booked orders downside_2027q4_bookings	2027Q4 / downside	950.00 USD_millions	assumption: Desk assumption; not company guidance.
Backlog cancellations and scope reductions downside_2027q4_cancellations	2027Q4 / downside	35.00 USD_millions	assumption: Desk assumption; not company guidance.
Opening backlog plus bookings downside_2027q4_available_backlog	2027Q4 / downside	4,923.00 USD_millions	derived: Forward orders may be cancelled. Formula: sum(downside_2027q3_ending_backlog, downside_2027q4_bookings).
Revenue conversion and cancellation downside_2027q4_backlog_consumption	2027Q4 / downside	686.00 USD_millions	derived: Illustrative stock bridge; no FX/acquisition adjustment. Formula: sum(downside_2027q4_revenue, downside_2027q4_cancellations).
Ending backlog stock downside_2027q4_ending_backlog	2027Q4 / downside	4,237.00 USD_millions	derived: Never summed as an annual revenue flow. Formula: subtract(downside_2027q4_available_backlog, downside_2027q4_backlog_consumption).
Custom accepted-work reference downside_2028q1_custom_activity	2028Q1 / downside	400.00 USD_millions	assumption: Desk assumption; not company guidance.
Custom price and progress realization downside_2028q1_custom_realization	2028Q1 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Custom products revenue downside_2028q1_custom	2028Q1 / downside	400.00 USD_millions	derived: Progress recognition can precede final equipment delivery. Formula: multiply(downside_2028q1_custom_activity, downside_2028q1_custom_realization).
Powertrain accepted-work reference downside_2028q1_pts_activity	2028Q1 / downside	280.00 USD_millions	assumption: Desk assumption; not company guidance.
Powertrain realization downside_2028q1_pts_realization	2028Q1 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Powertrain solutions revenue downside_2028q1_powertrain	2028Q1 / downside	280.00 USD_millions	derived: Capacity alone does not create sales. Formula: multiply(downside_2028q1_pts_activity, downside_2028q1_pts_realization).
Standard products and services downside_2028q1_other_revenue	2028Q1 / downside	27.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue downside_2028q1_revenue	2028Q1 / downside	707.00 USD_millions	derived: Three distinct offering buckets. Formula: sum(downside_2028q1_custom, downside_2028q1_powertrain, downside_2028q1_other_revenue).
Gross contribution before D&A margin downside_2028q1_gross_margin	2028Q1 / downside	32.5% ratio	assumption: Desk assumption; not company guidance.
Gross contribution before D&A downside_2028q1_cash_gross	2028Q1 / downside	229.78 USD_millions	derived: Cash-contribution proxy; reported COGS includes some depreciation. Formula: multiply(downside_2028q1_revenue, downside_2028q1_gross_margin).
Adjusted operating cost budget downside_2028q1_adjusted_opex	2028Q1 / downside	106.40 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy downside_2028q1_adj_ebitda	2028Q1 / downside	123.38 USD_millions	derived: Base annual $600M calibrated to guidance; quarter allocation is a scenario. Formula: subtract(downside_2028q1_cash_gross, downside_2028q1_adjusted_opex).
D&A downside_2028q1_da	2028Q1 / downside	22.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC downside_2028q1_sbc	2028Q1 / downside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash adjusted-metric exclusions downside_2028q1_cash_adjustments	2028Q1 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
D&A SBC and adjusted cash expenses downside_2028q1_gaap_adjustments	2028Q1 / downside	31.00 USD_millions	derived: No additional COGS depreciation deducted twice. Formula: sum(downside_2028q1_da, downside_2028q1_sbc, downside_2028q1_cash_adjustments).
Operating income proxy downside_2028q1_operating_income	2028Q1 / downside	92.38 USD_millions	derived: No future fair-value or nonoperating mark assumption. Formula: subtract(downside_2028q1_adj_ebitda, downside_2028q1_gaap_adjustments).
Net customer advances downside_2028q1_advance_flow	2028Q1 / downside	15.00 USD_millions	assumption: Cash timing and performance liability; independent of current revenue recognition.
Inventory receivables and other cash investment downside_2028q1_gross_wc	2028Q1 / downside	168.00 USD_millions	assumption: Desk assumption; not company guidance.
Payable/accrual cash inflow downside_2028q1_payables	2028Q1 / downside	45.00 USD_millions	assumption: Desk assumption; not company guidance.
Payables and customer advance cash downside_2028q1_working_sources	2028Q1 / downside	60.00 USD_millions	derived: These are liabilities and settlement timing, not new earnings. Formula: sum(downside_2028q1_payables, downside_2028q1_advance_flow).
Net working-capital cash use downside_2028q1_working_cash	2028Q1 / downside	108.00 USD_millions	derived: Gross receivables and inventories remain visible before funding from customers/vendors. Formula: subtract(downside_2028q1_gross_wc, downside_2028q1_working_sources).
Cash investment interest downside_2028q1_interest_income	2028Q1 / downside	0.70 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA and interest income downside_2028q1_cash_profit	2028Q1 / downside	124.08 USD_millions	derived: Small corporate interest allowance. Formula: sum(downside_2028q1_adj_ebitda, downside_2028q1_interest_income).
Cash interest downside_2028q1_cash_interest	2028Q1 / downside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax downside_2028q1_cash_tax	2028Q1 / downside	52.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash costs taxes interest and working capital downside_2028q1_cash_uses	2028Q1 / downside	174.00 USD_millions	derived: TRA cash is deducted separately after FCF for comparison; actual statement classification may differ. Formula: sum(downside_2028q1_cash_adjustments, downside_2028q1_cash_interest, downside_2028q1_cash_tax, downside_2028q1_working_cash).
Operating cash flow proxy downside_2028q1_cfo	2028Q1 / downside	-49.93 USD_millions	derived: No automatic IPO financing inflow. Formula: subtract(downside_2028q1_cash_profit, downside_2028q1_cash_uses).
Cash PP&E downside_2028q1_capex	2028Q1 / downside	21.60 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E downside_2028q1_fcf	2028Q1 / downside	-71.53 USD_millions	derived: Before TRA and non-controlling owner distributions. Formula: subtract(downside_2028q1_cfo, downside_2028q1_capex).
TRA payment sensitivity downside_2028q1_tra_cash	2028Q1 / downside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Outside Opco owner cash distribution downside_2028q1_owner_distributions	2028Q1 / downside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
TRA and outside-owner cash downside_2028q1_owner_claims	2028Q1 / downside	20.00 USD_millions	derived: Tax-sharing and minority-owner claims are not dividends available to public holders. Formula: sum(downside_2028q1_tra_cash, downside_2028q1_owner_distributions).
Cash after selected ownership claims downside_2028q1_cash_after_claims	2028Q1 / downside	-91.53 USD_millions	derived: Still excludes debt principal and discretionary capital allocation. Formula: subtract(downside_2028q1_fcf, downside_2028q1_owner_claims).
New booked orders downside_2028q1_bookings	2028Q1 / downside	1,000.00 USD_millions	assumption: Desk assumption; not company guidance.
Backlog cancellations and scope reductions downside_2028q1_cancellations	2028Q1 / downside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Opening backlog plus bookings downside_2028q1_available_backlog	2028Q1 / downside	5,237.00 USD_millions	derived: Forward orders may be cancelled. Formula: sum(downside_2027q4_ending_backlog, downside_2028q1_bookings).
Revenue conversion and cancellation downside_2028q1_backlog_consumption	2028Q1 / downside	747.00 USD_millions	derived: Illustrative stock bridge; no FX/acquisition adjustment. Formula: sum(downside_2028q1_revenue, downside_2028q1_cancellations).
Ending backlog stock downside_2028q1_ending_backlog	2028Q1 / downside	4,490.00 USD_millions	derived: Never summed as an annual revenue flow. Formula: subtract(downside_2028q1_available_backlog, downside_2028q1_backlog_consumption).
Custom accepted-work reference downside_2028q2_custom_activity	2028Q2 / downside	425.00 USD_millions	assumption: Desk assumption; not company guidance.
Custom price and progress realization downside_2028q2_custom_realization	2028Q2 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Custom products revenue downside_2028q2_custom	2028Q2 / downside	425.00 USD_millions	derived: Progress recognition can precede final equipment delivery. Formula: multiply(downside_2028q2_custom_activity, downside_2028q2_custom_realization).
Powertrain accepted-work reference downside_2028q2_pts_activity	2028Q2 / downside	310.00 USD_millions	assumption: Desk assumption; not company guidance.
Powertrain realization downside_2028q2_pts_realization	2028Q2 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Powertrain solutions revenue downside_2028q2_powertrain	2028Q2 / downside	310.00 USD_millions	derived: Capacity alone does not create sales. Formula: multiply(downside_2028q2_pts_activity, downside_2028q2_pts_realization).
Standard products and services downside_2028q2_other_revenue	2028Q2 / downside	28.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue downside_2028q2_revenue	2028Q2 / downside	763.00 USD_millions	derived: Three distinct offering buckets. Formula: sum(downside_2028q2_custom, downside_2028q2_powertrain, downside_2028q2_other_revenue).
Gross contribution before D&A margin downside_2028q2_gross_margin	2028Q2 / downside	32.5% ratio	assumption: Desk assumption; not company guidance.
Gross contribution before D&A downside_2028q2_cash_gross	2028Q2 / downside	247.97 USD_millions	derived: Cash-contribution proxy; reported COGS includes some depreciation. Formula: multiply(downside_2028q2_revenue, downside_2028q2_gross_margin).
Adjusted operating cost budget downside_2028q2_adjusted_opex	2028Q2 / downside	116.48 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy downside_2028q2_adj_ebitda	2028Q2 / downside	131.49 USD_millions	derived: Base annual $600M calibrated to guidance; quarter allocation is a scenario. Formula: subtract(downside_2028q2_cash_gross, downside_2028q2_adjusted_opex).
D&A downside_2028q2_da	2028Q2 / downside	23.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC downside_2028q2_sbc	2028Q2 / downside	7.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash adjusted-metric exclusions downside_2028q2_cash_adjustments	2028Q2 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
D&A SBC and adjusted cash expenses downside_2028q2_gaap_adjustments	2028Q2 / downside	32.50 USD_millions	derived: No additional COGS depreciation deducted twice. Formula: sum(downside_2028q2_da, downside_2028q2_sbc, downside_2028q2_cash_adjustments).
Operating income proxy downside_2028q2_operating_income	2028Q2 / downside	98.99 USD_millions	derived: No future fair-value or nonoperating mark assumption. Formula: subtract(downside_2028q2_adj_ebitda, downside_2028q2_gaap_adjustments).
Net customer advances downside_2028q2_advance_flow	2028Q2 / downside	17.50 USD_millions	assumption: Cash timing and performance liability; independent of current revenue recognition.
Inventory receivables and other cash investment downside_2028q2_gross_wc	2028Q2 / downside	179.20 USD_millions	assumption: Desk assumption; not company guidance.
Payable/accrual cash inflow downside_2028q2_payables	2028Q2 / downside	50.00 USD_millions	assumption: Desk assumption; not company guidance.
Payables and customer advance cash downside_2028q2_working_sources	2028Q2 / downside	67.50 USD_millions	derived: These are liabilities and settlement timing, not new earnings. Formula: sum(downside_2028q2_payables, downside_2028q2_advance_flow).
Net working-capital cash use downside_2028q2_working_cash	2028Q2 / downside	111.70 USD_millions	derived: Gross receivables and inventories remain visible before funding from customers/vendors. Formula: subtract(downside_2028q2_gross_wc, downside_2028q2_working_sources).
Cash investment interest downside_2028q2_interest_income	2028Q2 / downside	0.70 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA and interest income downside_2028q2_cash_profit	2028Q2 / downside	132.19 USD_millions	derived: Small corporate interest allowance. Formula: sum(downside_2028q2_adj_ebitda, downside_2028q2_interest_income).
Cash interest downside_2028q2_cash_interest	2028Q2 / downside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax downside_2028q2_cash_tax	2028Q2 / downside	60.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash costs taxes interest and working capital downside_2028q2_cash_uses	2028Q2 / downside	185.70 USD_millions	derived: TRA cash is deducted separately after FCF for comparison; actual statement classification may differ. Formula: sum(downside_2028q2_cash_adjustments, downside_2028q2_cash_interest, downside_2028q2_cash_tax, downside_2028q2_working_cash).
Operating cash flow proxy downside_2028q2_cfo	2028Q2 / downside	-53.51 USD_millions	derived: No automatic IPO financing inflow. Formula: subtract(downside_2028q2_cash_profit, downside_2028q2_cash_uses).
Cash PP&E downside_2028q2_capex	2028Q2 / downside	24.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E downside_2028q2_fcf	2028Q2 / downside	-77.51 USD_millions	derived: Before TRA and non-controlling owner distributions. Formula: subtract(downside_2028q2_cfo, downside_2028q2_capex).
TRA payment sensitivity downside_2028q2_tra_cash	2028Q2 / downside	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Outside Opco owner cash distribution downside_2028q2_owner_distributions	2028Q2 / downside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
TRA and outside-owner cash downside_2028q2_owner_claims	2028Q2 / downside	24.00 USD_millions	derived: Tax-sharing and minority-owner claims are not dividends available to public holders. Formula: sum(downside_2028q2_tra_cash, downside_2028q2_owner_distributions).
Cash after selected ownership claims downside_2028q2_cash_after_claims	2028Q2 / downside	-101.51 USD_millions	derived: Still excludes debt principal and discretionary capital allocation. Formula: subtract(downside_2028q2_fcf, downside_2028q2_owner_claims).
New booked orders downside_2028q2_bookings	2028Q2 / downside	1,050.00 USD_millions	assumption: Desk assumption; not company guidance.
Backlog cancellations and scope reductions downside_2028q2_cancellations	2028Q2 / downside	45.00 USD_millions	assumption: Desk assumption; not company guidance.
Opening backlog plus bookings downside_2028q2_available_backlog	2028Q2 / downside	5,540.00 USD_millions	derived: Forward orders may be cancelled. Formula: sum(downside_2028q1_ending_backlog, downside_2028q2_bookings).
Revenue conversion and cancellation downside_2028q2_backlog_consumption	2028Q2 / downside	808.00 USD_millions	derived: Illustrative stock bridge; no FX/acquisition adjustment. Formula: sum(downside_2028q2_revenue, downside_2028q2_cancellations).
Ending backlog stock downside_2028q2_ending_backlog	2028Q2 / downside	4,732.00 USD_millions	derived: Never summed as an annual revenue flow. Formula: subtract(downside_2028q2_available_backlog, downside_2028q2_backlog_consumption).
Custom accepted-work reference downside_2028q3_custom_activity	2028Q3 / downside	450.00 USD_millions	assumption: Desk assumption; not company guidance.
Custom price and progress realization downside_2028q3_custom_realization	2028Q3 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Custom products revenue downside_2028q3_custom	2028Q3 / downside	450.00 USD_millions	derived: Progress recognition can precede final equipment delivery. Formula: multiply(downside_2028q3_custom_activity, downside_2028q3_custom_realization).
Powertrain accepted-work reference downside_2028q3_pts_activity	2028Q3 / downside	330.00 USD_millions	assumption: Desk assumption; not company guidance.
Powertrain realization downside_2028q3_pts_realization	2028Q3 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Powertrain solutions revenue downside_2028q3_powertrain	2028Q3 / downside	330.00 USD_millions	derived: Capacity alone does not create sales. Formula: multiply(downside_2028q3_pts_activity, downside_2028q3_pts_realization).
Standard products and services downside_2028q3_other_revenue	2028Q3 / downside	29.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue downside_2028q3_revenue	2028Q3 / downside	809.00 USD_millions	derived: Three distinct offering buckets. Formula: sum(downside_2028q3_custom, downside_2028q3_powertrain, downside_2028q3_other_revenue).
Gross contribution before D&A margin downside_2028q3_gross_margin	2028Q3 / downside	32.5% ratio	assumption: Desk assumption; not company guidance.
Gross contribution before D&A downside_2028q3_cash_gross	2028Q3 / downside	262.93 USD_millions	derived: Cash-contribution proxy; reported COGS includes some depreciation. Formula: multiply(downside_2028q3_revenue, downside_2028q3_gross_margin).
Adjusted operating cost budget downside_2028q3_adjusted_opex	2028Q3 / downside	125.44 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy downside_2028q3_adj_ebitda	2028Q3 / downside	137.49 USD_millions	derived: Base annual $600M calibrated to guidance; quarter allocation is a scenario. Formula: subtract(downside_2028q3_cash_gross, downside_2028q3_adjusted_opex).
D&A downside_2028q3_da	2028Q3 / downside	24.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC downside_2028q3_sbc	2028Q3 / downside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash adjusted-metric exclusions downside_2028q3_cash_adjustments	2028Q3 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
D&A SBC and adjusted cash expenses downside_2028q3_gaap_adjustments	2028Q3 / downside	34.00 USD_millions	derived: No additional COGS depreciation deducted twice. Formula: sum(downside_2028q3_da, downside_2028q3_sbc, downside_2028q3_cash_adjustments).
Operating income proxy downside_2028q3_operating_income	2028Q3 / downside	103.49 USD_millions	derived: No future fair-value or nonoperating mark assumption. Formula: subtract(downside_2028q3_adj_ebitda, downside_2028q3_gaap_adjustments).
Net customer advances downside_2028q3_advance_flow	2028Q3 / downside	20.00 USD_millions	assumption: Cash timing and performance liability; independent of current revenue recognition.
Inventory receivables and other cash investment downside_2028q3_gross_wc	2028Q3 / downside	190.40 USD_millions	assumption: Desk assumption; not company guidance.
Payable/accrual cash inflow downside_2028q3_payables	2028Q3 / downside	55.00 USD_millions	assumption: Desk assumption; not company guidance.
Payables and customer advance cash downside_2028q3_working_sources	2028Q3 / downside	75.00 USD_millions	derived: These are liabilities and settlement timing, not new earnings. Formula: sum(downside_2028q3_payables, downside_2028q3_advance_flow).
Net working-capital cash use downside_2028q3_working_cash	2028Q3 / downside	115.40 USD_millions	derived: Gross receivables and inventories remain visible before funding from customers/vendors. Formula: subtract(downside_2028q3_gross_wc, downside_2028q3_working_sources).
Cash investment interest downside_2028q3_interest_income	2028Q3 / downside	0.70 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA and interest income downside_2028q3_cash_profit	2028Q3 / downside	138.19 USD_millions	derived: Small corporate interest allowance. Formula: sum(downside_2028q3_adj_ebitda, downside_2028q3_interest_income).
Cash interest downside_2028q3_cash_interest	2028Q3 / downside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax downside_2028q3_cash_tax	2028Q3 / downside	68.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash costs taxes interest and working capital downside_2028q3_cash_uses	2028Q3 / downside	197.40 USD_millions	derived: TRA cash is deducted separately after FCF for comparison; actual statement classification may differ. Formula: sum(downside_2028q3_cash_adjustments, downside_2028q3_cash_interest, downside_2028q3_cash_tax, downside_2028q3_working_cash).
Operating cash flow proxy downside_2028q3_cfo	2028Q3 / downside	-59.22 USD_millions	derived: No automatic IPO financing inflow. Formula: subtract(downside_2028q3_cash_profit, downside_2028q3_cash_uses).
Cash PP&E downside_2028q3_capex	2028Q3 / downside	26.40 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E downside_2028q3_fcf	2028Q3 / downside	-85.62 USD_millions	derived: Before TRA and non-controlling owner distributions. Formula: subtract(downside_2028q3_cfo, downside_2028q3_capex).
TRA payment sensitivity downside_2028q3_tra_cash	2028Q3 / downside	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Outside Opco owner cash distribution downside_2028q3_owner_distributions	2028Q3 / downside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
TRA and outside-owner cash downside_2028q3_owner_claims	2028Q3 / downside	28.00 USD_millions	derived: Tax-sharing and minority-owner claims are not dividends available to public holders. Formula: sum(downside_2028q3_tra_cash, downside_2028q3_owner_distributions).
Cash after selected ownership claims downside_2028q3_cash_after_claims	2028Q3 / downside	-113.62 USD_millions	derived: Still excludes debt principal and discretionary capital allocation. Formula: subtract(downside_2028q3_fcf, downside_2028q3_owner_claims).
New booked orders downside_2028q3_bookings	2028Q3 / downside	1,100.00 USD_millions	assumption: Desk assumption; not company guidance.
Backlog cancellations and scope reductions downside_2028q3_cancellations	2028Q3 / downside	50.00 USD_millions	assumption: Desk assumption; not company guidance.
Opening backlog plus bookings downside_2028q3_available_backlog	2028Q3 / downside	5,832.00 USD_millions	derived: Forward orders may be cancelled. Formula: sum(downside_2028q2_ending_backlog, downside_2028q3_bookings).
Revenue conversion and cancellation downside_2028q3_backlog_consumption	2028Q3 / downside	859.00 USD_millions	derived: Illustrative stock bridge; no FX/acquisition adjustment. Formula: sum(downside_2028q3_revenue, downside_2028q3_cancellations).
Ending backlog stock downside_2028q3_ending_backlog	2028Q3 / downside	4,973.00 USD_millions	derived: Never summed as an annual revenue flow. Formula: subtract(downside_2028q3_available_backlog, downside_2028q3_backlog_consumption).
Custom accepted-work reference downside_2028q4_custom_activity	2028Q4 / downside	475.00 USD_millions	assumption: Desk assumption; not company guidance.
Custom price and progress realization downside_2028q4_custom_realization	2028Q4 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Custom products revenue downside_2028q4_custom	2028Q4 / downside	475.00 USD_millions	derived: Progress recognition can precede final equipment delivery. Formula: multiply(downside_2028q4_custom_activity, downside_2028q4_custom_realization).
Powertrain accepted-work reference downside_2028q4_pts_activity	2028Q4 / downside	350.00 USD_millions	assumption: Desk assumption; not company guidance.
Powertrain realization downside_2028q4_pts_realization	2028Q4 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Powertrain solutions revenue downside_2028q4_powertrain	2028Q4 / downside	350.00 USD_millions	derived: Capacity alone does not create sales. Formula: multiply(downside_2028q4_pts_activity, downside_2028q4_pts_realization).
Standard products and services downside_2028q4_other_revenue	2028Q4 / downside	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue downside_2028q4_revenue	2028Q4 / downside	855.00 USD_millions	derived: Three distinct offering buckets. Formula: sum(downside_2028q4_custom, downside_2028q4_powertrain, downside_2028q4_other_revenue).
Gross contribution before D&A margin downside_2028q4_gross_margin	2028Q4 / downside	32.5% ratio	assumption: Desk assumption; not company guidance.
Gross contribution before D&A downside_2028q4_cash_gross	2028Q4 / downside	277.88 USD_millions	derived: Cash-contribution proxy; reported COGS includes some depreciation. Formula: multiply(downside_2028q4_revenue, downside_2028q4_gross_margin).
Adjusted operating cost budget downside_2028q4_adjusted_opex	2028Q4 / downside	138.88 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy downside_2028q4_adj_ebitda	2028Q4 / downside	138.99 USD_millions	derived: Base annual $600M calibrated to guidance; quarter allocation is a scenario. Formula: subtract(downside_2028q4_cash_gross, downside_2028q4_adjusted_opex).
D&A downside_2028q4_da	2028Q4 / downside	25.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC downside_2028q4_sbc	2028Q4 / downside	8.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash adjusted-metric exclusions downside_2028q4_cash_adjustments	2028Q4 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
D&A SBC and adjusted cash expenses downside_2028q4_gaap_adjustments	2028Q4 / downside	35.50 USD_millions	derived: No additional COGS depreciation deducted twice. Formula: sum(downside_2028q4_da, downside_2028q4_sbc, downside_2028q4_cash_adjustments).
Operating income proxy downside_2028q4_operating_income	2028Q4 / downside	103.49 USD_millions	derived: No future fair-value or nonoperating mark assumption. Formula: subtract(downside_2028q4_adj_ebitda, downside_2028q4_gaap_adjustments).
Net customer advances downside_2028q4_advance_flow	2028Q4 / downside	20.00 USD_millions	assumption: Cash timing and performance liability; independent of current revenue recognition.
Inventory receivables and other cash investment downside_2028q4_gross_wc	2028Q4 / downside	201.60 USD_millions	assumption: Desk assumption; not company guidance.
Payable/accrual cash inflow downside_2028q4_payables	2028Q4 / downside	60.00 USD_millions	assumption: Desk assumption; not company guidance.
Payables and customer advance cash downside_2028q4_working_sources	2028Q4 / downside	80.00 USD_millions	derived: These are liabilities and settlement timing, not new earnings. Formula: sum(downside_2028q4_payables, downside_2028q4_advance_flow).
Net working-capital cash use downside_2028q4_working_cash	2028Q4 / downside	121.60 USD_millions	derived: Gross receivables and inventories remain visible before funding from customers/vendors. Formula: subtract(downside_2028q4_gross_wc, downside_2028q4_working_sources).
Cash investment interest downside_2028q4_interest_income	2028Q4 / downside	0.70 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA and interest income downside_2028q4_cash_profit	2028Q4 / downside	139.69 USD_millions	derived: Small corporate interest allowance. Formula: sum(downside_2028q4_adj_ebitda, downside_2028q4_interest_income).
Cash interest downside_2028q4_cash_interest	2028Q4 / downside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax downside_2028q4_cash_tax	2028Q4 / downside	76.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash costs taxes interest and working capital downside_2028q4_cash_uses	2028Q4 / downside	211.60 USD_millions	derived: TRA cash is deducted separately after FCF for comparison; actual statement classification may differ. Formula: sum(downside_2028q4_cash_adjustments, downside_2028q4_cash_interest, downside_2028q4_cash_tax, downside_2028q4_working_cash).
Operating cash flow proxy downside_2028q4_cfo	2028Q4 / downside	-71.91 USD_millions	derived: No automatic IPO financing inflow. Formula: subtract(downside_2028q4_cash_profit, downside_2028q4_cash_uses).
Cash PP&E downside_2028q4_capex	2028Q4 / downside	30.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E downside_2028q4_fcf	2028Q4 / downside	-101.91 USD_millions	derived: Before TRA and non-controlling owner distributions. Formula: subtract(downside_2028q4_cfo, downside_2028q4_capex).
TRA payment sensitivity downside_2028q4_tra_cash	2028Q4 / downside	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Outside Opco owner cash distribution downside_2028q4_owner_distributions	2028Q4 / downside	11.00 USD_millions	assumption: Desk assumption; not company guidance.
TRA and outside-owner cash downside_2028q4_owner_claims	2028Q4 / downside	31.00 USD_millions	derived: Tax-sharing and minority-owner claims are not dividends available to public holders. Formula: sum(downside_2028q4_tra_cash, downside_2028q4_owner_distributions).
Cash after selected ownership claims downside_2028q4_cash_after_claims	2028Q4 / downside	-132.91 USD_millions	derived: Still excludes debt principal and discretionary capital allocation. Formula: subtract(downside_2028q4_fcf, downside_2028q4_owner_claims).
New booked orders downside_2028q4_bookings	2028Q4 / downside	1,150.00 USD_millions	assumption: Desk assumption; not company guidance.
Backlog cancellations and scope reductions downside_2028q4_cancellations	2028Q4 / downside	55.00 USD_millions	assumption: Desk assumption; not company guidance.
Opening backlog plus bookings downside_2028q4_available_backlog	2028Q4 / downside	6,123.00 USD_millions	derived: Forward orders may be cancelled. Formula: sum(downside_2028q3_ending_backlog, downside_2028q4_bookings).
Revenue conversion and cancellation downside_2028q4_backlog_consumption	2028Q4 / downside	910.00 USD_millions	derived: Illustrative stock bridge; no FX/acquisition adjustment. Formula: sum(downside_2028q4_revenue, downside_2028q4_cancellations).
Ending backlog stock downside_2028q4_ending_backlog	2028Q4 / downside	5,213.00 USD_millions	derived: Never summed as an annual revenue flow. Formula: subtract(downside_2028q4_available_backlog, downside_2028q4_backlog_consumption).
Total revenue ($M) downside_fy2027_revenue	FY2027 / downside	2,153.00 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).
Custom products ($M) downside_fy2027_custom	FY2027 / downside	1,315.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_custom, downside_2027q2_custom, downside_2027q3_custom, downside_2027q4_custom).
Powertrain solutions ($M) downside_fy2027_powertrain	FY2027 / downside	740.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_powertrain, downside_2027q2_powertrain, downside_2027q3_powertrain, downside_2027q4_powertrain).
Standard products and services ($M) downside_fy2027_other_revenue	FY2027 / downside	98.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_other_revenue, downside_2027q2_other_revenue, downside_2027q3_other_revenue, downside_2027q4_other_revenue).
Adjusted EBITDA proxy ($M) downside_fy2027_adj_ebitda	FY2027 / downside	363.73 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_adj_ebitda, downside_2027q2_adj_ebitda, downside_2027q3_adj_ebitda, downside_2027q4_adj_ebitda).
Operating income proxy ($M) downside_fy2027_operating_income	FY2027 / downside	252.73 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_operating_income, downside_2027q2_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income).
Operating cash flow proxy ($M) downside_fy2027_cfo	FY2027 / downside	-146.98 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 ($M) downside_fy2027_capex	FY2027 / downside	104.40 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_capex, downside_2027q2_capex, downside_2027q3_capex, downside_2027q4_capex).
CFO less PP&E ($M) downside_fy2027_fcf	FY2027 / downside	-251.38 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).
TRA cash payments ($M) downside_fy2027_tra_cash	FY2027 / downside	23.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_tra_cash, downside_2027q2_tra_cash, downside_2027q3_tra_cash, downside_2027q4_tra_cash).
Outside-owner distributions ($M) downside_fy2027_owner_distributions	FY2027 / downside	22.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_owner_distributions, downside_2027q2_owner_distributions, downside_2027q3_owner_distributions, downside_2027q4_owner_distributions).
Cash after TRA and outside-owner claims ($M) downside_fy2027_cash_after_claims	FY2027 / downside	-296.38 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cash_after_claims, downside_2027q2_cash_after_claims, downside_2027q3_cash_after_claims, downside_2027q4_cash_after_claims).
Total revenue ($M) downside_fy2028_revenue	FY2028 / downside	3,134.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_revenue, downside_2028q2_revenue, downside_2028q3_revenue, downside_2028q4_revenue).
Custom products ($M) downside_fy2028_custom	FY2028 / downside	1,750.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_custom, downside_2028q2_custom, downside_2028q3_custom, downside_2028q4_custom).
Powertrain solutions ($M) downside_fy2028_powertrain	FY2028 / downside	1,270.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_powertrain, downside_2028q2_powertrain, downside_2028q3_powertrain, downside_2028q4_powertrain).
Standard products and services ($M) downside_fy2028_other_revenue	FY2028 / downside	114.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_other_revenue, downside_2028q2_other_revenue, downside_2028q3_other_revenue, downside_2028q4_other_revenue).
Adjusted EBITDA proxy ($M) downside_fy2028_adj_ebitda	FY2028 / downside	531.35 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_adj_ebitda, downside_2028q2_adj_ebitda, downside_2028q3_adj_ebitda, downside_2028q4_adj_ebitda).
Operating income proxy ($M) downside_fy2028_operating_income	FY2028 / downside	398.35 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_operating_income, downside_2028q2_operating_income, downside_2028q3_operating_income, downside_2028q4_operating_income).
Operating cash flow proxy ($M) downside_fy2028_cfo	FY2028 / downside	-234.55 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_cfo, downside_2028q2_cfo, downside_2028q3_cfo, downside_2028q4_cfo).
Cash PP&E ($M) downside_fy2028_capex	FY2028 / downside	102.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_capex, downside_2028q2_capex, downside_2028q3_capex, downside_2028q4_capex).
CFO less PP&E ($M) downside_fy2028_fcf	FY2028 / downside	-336.55 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_fcf, downside_2028q2_fcf, downside_2028q3_fcf, downside_2028q4_fcf).
TRA cash payments ($M) downside_fy2028_tra_cash	FY2028 / downside	65.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_tra_cash, downside_2028q2_tra_cash, downside_2028q3_tra_cash, downside_2028q4_tra_cash).
Outside-owner distributions ($M) downside_fy2028_owner_distributions	FY2028 / downside	38.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_owner_distributions, downside_2028q2_owner_distributions, downside_2028q3_owner_distributions, downside_2028q4_owner_distributions).
Cash after TRA and outside-owner claims ($M) downside_fy2028_cash_after_claims	FY2028 / downside	-439.55 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_cash_after_claims, downside_2028q2_cash_after_claims, downside_2028q3_cash_after_claims, downside_2028q4_cash_after_claims).
Custom accepted-work reference base_2027q1_custom_activity	2027Q1 / base	300.00 USD_millions	assumption: Desk assumption; not company guidance.
Custom price and progress realization base_2027q1_custom_realization	2027Q1 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Custom products revenue base_2027q1_custom	2027Q1 / base	300.00 USD_millions	derived: Progress recognition can precede final equipment delivery. Formula: multiply(base_2027q1_custom_activity, base_2027q1_custom_realization).
Powertrain accepted-work reference base_2027q1_pts_activity	2027Q1 / base	155.00 USD_millions	assumption: Desk assumption; not company guidance.
Powertrain realization base_2027q1_pts_realization	2027Q1 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Powertrain solutions revenue base_2027q1_powertrain	2027Q1 / base	155.00 USD_millions	derived: Capacity alone does not create sales. Formula: multiply(base_2027q1_pts_activity, base_2027q1_pts_realization).
Standard products and services base_2027q1_other_revenue	2027Q1 / base	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue base_2027q1_revenue	2027Q1 / base	480.00 USD_millions	derived: Three distinct offering buckets. Formula: sum(base_2027q1_custom, base_2027q1_powertrain, base_2027q1_other_revenue).
Gross contribution before D&A margin base_2027q1_gross_margin	2027Q1 / base	36.0% ratio	assumption: Desk assumption; not company guidance.
Gross contribution before D&A base_2027q1_cash_gross	2027Q1 / base	172.80 USD_millions	derived: Cash-contribution proxy; reported COGS includes some depreciation. Formula: multiply(base_2027q1_revenue, base_2027q1_gross_margin).
Adjusted operating cost budget base_2027q1_adjusted_opex	2027Q1 / base	72.80 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy base_2027q1_adj_ebitda	2027Q1 / base	100.00 USD_millions	derived: Base annual $600M calibrated to guidance; quarter allocation is a scenario. Formula: subtract(base_2027q1_cash_gross, base_2027q1_adjusted_opex).
D&A base_2027q1_da	2027Q1 / base	18.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC base_2027q1_sbc	2027Q1 / base	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash adjusted-metric exclusions base_2027q1_cash_adjustments	2027Q1 / base	3.00 USD_millions	assumption: Desk assumption; not company guidance.
D&A SBC and adjusted cash expenses base_2027q1_gaap_adjustments	2027Q1 / base	26.00 USD_millions	derived: No additional COGS depreciation deducted twice. Formula: sum(base_2027q1_da, base_2027q1_sbc, base_2027q1_cash_adjustments).
Operating income proxy base_2027q1_operating_income	2027Q1 / base	74.00 USD_millions	derived: No future fair-value or nonoperating mark assumption. Formula: subtract(base_2027q1_adj_ebitda, base_2027q1_gaap_adjustments).
Net customer advances base_2027q1_advance_flow	2027Q1 / base	35.00 USD_millions	assumption: Cash timing and performance liability; independent of current revenue recognition.
Inventory receivables and other cash investment base_2027q1_gross_wc	2027Q1 / base	100.00 USD_millions	assumption: Desk assumption; not company guidance.
Payable/accrual cash inflow base_2027q1_payables	2027Q1 / base	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Payables and customer advance cash base_2027q1_working_sources	2027Q1 / base	65.00 USD_millions	derived: These are liabilities and settlement timing, not new earnings. Formula: sum(base_2027q1_payables, base_2027q1_advance_flow).
Net working-capital cash use base_2027q1_working_cash	2027Q1 / base	35.00 USD_millions	derived: Gross receivables and inventories remain visible before funding from customers/vendors. Formula: subtract(base_2027q1_gross_wc, base_2027q1_working_sources).
Cash investment interest base_2027q1_interest_income	2027Q1 / base	0.70 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA and interest income base_2027q1_cash_profit	2027Q1 / base	100.70 USD_millions	derived: Small corporate interest allowance. Formula: sum(base_2027q1_adj_ebitda, base_2027q1_interest_income).
Cash interest base_2027q1_cash_interest	2027Q1 / base	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax base_2027q1_cash_tax	2027Q1 / base	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash costs taxes interest and working capital base_2027q1_cash_uses	2027Q1 / base	70.00 USD_millions	derived: TRA cash is deducted separately after FCF for comparison; actual statement classification may differ. Formula: sum(base_2027q1_cash_adjustments, base_2027q1_cash_interest, base_2027q1_cash_tax, base_2027q1_working_cash).
Operating cash flow proxy base_2027q1_cfo	2027Q1 / base	30.70 USD_millions	derived: No automatic IPO financing inflow. Formula: subtract(base_2027q1_cash_profit, base_2027q1_cash_uses).
Cash PP&E base_2027q1_capex	2027Q1 / base	22.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E base_2027q1_fcf	2027Q1 / base	8.70 USD_millions	derived: Before TRA and non-controlling owner distributions. Formula: subtract(base_2027q1_cfo, base_2027q1_capex).
TRA payment sensitivity base_2027q1_tra_cash	2027Q1 / base	0.00 USD_millions	assumption: Desk assumption; not company guidance.
Outside Opco owner cash distribution base_2027q1_owner_distributions	2027Q1 / base	4.00 USD_millions	assumption: Desk assumption; not company guidance.
TRA and outside-owner cash base_2027q1_owner_claims	2027Q1 / base	4.00 USD_millions	derived: Tax-sharing and minority-owner claims are not dividends available to public holders. Formula: sum(base_2027q1_tra_cash, base_2027q1_owner_distributions).
Cash after selected ownership claims base_2027q1_cash_after_claims	2027Q1 / base	4.70 USD_millions	derived: Still excludes debt principal and discretionary capital allocation. Formula: subtract(base_2027q1_fcf, base_2027q1_owner_claims).
New booked orders base_2027q1_bookings	2027Q1 / base	1,000.00 USD_millions	assumption: Desk assumption; not company guidance.
Backlog cancellations and scope reductions base_2027q1_cancellations	2027Q1 / base	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Opening backlog plus bookings base_2027q1_available_backlog	2027Q1 / base	4,000.00 USD_millions	derived: Forward orders may be cancelled. Formula: sum(backlog, base_2027q1_bookings).
Revenue conversion and cancellation base_2027q1_backlog_consumption	2027Q1 / base	500.00 USD_millions	derived: Illustrative stock bridge; no FX/acquisition adjustment. Formula: sum(base_2027q1_revenue, base_2027q1_cancellations).
Ending backlog stock base_2027q1_ending_backlog	2027Q1 / base	3,500.00 USD_millions	derived: Never summed as an annual revenue flow. Formula: subtract(base_2027q1_available_backlog, base_2027q1_backlog_consumption).
Custom accepted-work reference base_2027q2_custom_activity	2027Q2 / base	340.00 USD_millions	assumption: Desk assumption; not company guidance.
Custom price and progress realization base_2027q2_custom_realization	2027Q2 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Custom products revenue base_2027q2_custom	2027Q2 / base	340.00 USD_millions	derived: Progress recognition can precede final equipment delivery. Formula: multiply(base_2027q2_custom_activity, base_2027q2_custom_realization).
Powertrain accepted-work reference base_2027q2_pts_activity	2027Q2 / base	193.00 USD_millions	assumption: Desk assumption; not company guidance.
Powertrain realization base_2027q2_pts_realization	2027Q2 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Powertrain solutions revenue base_2027q2_powertrain	2027Q2 / base	193.00 USD_millions	derived: Capacity alone does not create sales. Formula: multiply(base_2027q2_pts_activity, base_2027q2_pts_realization).
Standard products and services base_2027q2_other_revenue	2027Q2 / base	27.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue base_2027q2_revenue	2027Q2 / base	560.00 USD_millions	derived: Three distinct offering buckets. Formula: sum(base_2027q2_custom, base_2027q2_powertrain, base_2027q2_other_revenue).
Gross contribution before D&A margin base_2027q2_gross_margin	2027Q2 / base	36.0% ratio	assumption: Desk assumption; not company guidance.
Gross contribution before D&A base_2027q2_cash_gross	2027Q2 / base	201.60 USD_millions	derived: Cash-contribution proxy; reported COGS includes some depreciation. Formula: multiply(base_2027q2_revenue, base_2027q2_gross_margin).
Adjusted operating cost budget base_2027q2_adjusted_opex	2027Q2 / base	73.60 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy base_2027q2_adj_ebitda	2027Q2 / base	128.00 USD_millions	derived: Base annual $600M calibrated to guidance; quarter allocation is a scenario. Formula: subtract(base_2027q2_cash_gross, base_2027q2_adjusted_opex).
D&A base_2027q2_da	2027Q2 / base	19.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC base_2027q2_sbc	2027Q2 / base	5.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash adjusted-metric exclusions base_2027q2_cash_adjustments	2027Q2 / base	3.00 USD_millions	assumption: Desk assumption; not company guidance.
D&A SBC and adjusted cash expenses base_2027q2_gaap_adjustments	2027Q2 / base	27.50 USD_millions	derived: No additional COGS depreciation deducted twice. Formula: sum(base_2027q2_da, base_2027q2_sbc, base_2027q2_cash_adjustments).
Operating income proxy base_2027q2_operating_income	2027Q2 / base	100.50 USD_millions	derived: No future fair-value or nonoperating mark assumption. Formula: subtract(base_2027q2_adj_ebitda, base_2027q2_gaap_adjustments).
Net customer advances base_2027q2_advance_flow	2027Q2 / base	45.00 USD_millions	assumption: Cash timing and performance liability; independent of current revenue recognition.
Inventory receivables and other cash investment base_2027q2_gross_wc	2027Q2 / base	120.00 USD_millions	assumption: Desk assumption; not company guidance.
Payable/accrual cash inflow base_2027q2_payables	2027Q2 / base	35.00 USD_millions	assumption: Desk assumption; not company guidance.
Payables and customer advance cash base_2027q2_working_sources	2027Q2 / base	80.00 USD_millions	derived: These are liabilities and settlement timing, not new earnings. Formula: sum(base_2027q2_payables, base_2027q2_advance_flow).
Net working-capital cash use base_2027q2_working_cash	2027Q2 / base	40.00 USD_millions	derived: Gross receivables and inventories remain visible before funding from customers/vendors. Formula: subtract(base_2027q2_gross_wc, base_2027q2_working_sources).
Cash investment interest base_2027q2_interest_income	2027Q2 / base	0.70 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA and interest income base_2027q2_cash_profit	2027Q2 / base	128.70 USD_millions	derived: Small corporate interest allowance. Formula: sum(base_2027q2_adj_ebitda, base_2027q2_interest_income).
Cash interest base_2027q2_cash_interest	2027Q2 / base	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax base_2027q2_cash_tax	2027Q2 / base	28.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash costs taxes interest and working capital base_2027q2_cash_uses	2027Q2 / base	83.00 USD_millions	derived: TRA cash is deducted separately after FCF for comparison; actual statement classification may differ. Formula: sum(base_2027q2_cash_adjustments, base_2027q2_cash_interest, base_2027q2_cash_tax, base_2027q2_working_cash).
Operating cash flow proxy base_2027q2_cfo	2027Q2 / base	45.70 USD_millions	derived: No automatic IPO financing inflow. Formula: subtract(base_2027q2_cash_profit, base_2027q2_cash_uses).
Cash PP&E base_2027q2_capex	2027Q2 / base	25.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E base_2027q2_fcf	2027Q2 / base	20.70 USD_millions	derived: Before TRA and non-controlling owner distributions. Formula: subtract(base_2027q2_cfo, base_2027q2_capex).
TRA payment sensitivity base_2027q2_tra_cash	2027Q2 / base	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Outside Opco owner cash distribution base_2027q2_owner_distributions	2027Q2 / base	5.00 USD_millions	assumption: Desk assumption; not company guidance.
TRA and outside-owner cash base_2027q2_owner_claims	2027Q2 / base	10.00 USD_millions	derived: Tax-sharing and minority-owner claims are not dividends available to public holders. Formula: sum(base_2027q2_tra_cash, base_2027q2_owner_distributions).
Cash after selected ownership claims base_2027q2_cash_after_claims	2027Q2 / base	10.70 USD_millions	derived: Still excludes debt principal and discretionary capital allocation. Formula: subtract(base_2027q2_fcf, base_2027q2_owner_claims).
New booked orders base_2027q2_bookings	2027Q2 / base	1,050.00 USD_millions	assumption: Desk assumption; not company guidance.
Backlog cancellations and scope reductions base_2027q2_cancellations	2027Q2 / base	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Opening backlog plus bookings base_2027q2_available_backlog	2027Q2 / base	4,550.00 USD_millions	derived: Forward orders may be cancelled. Formula: sum(base_2027q1_ending_backlog, base_2027q2_bookings).
Revenue conversion and cancellation base_2027q2_backlog_consumption	2027Q2 / base	585.00 USD_millions	derived: Illustrative stock bridge; no FX/acquisition adjustment. Formula: sum(base_2027q2_revenue, base_2027q2_cancellations).
Ending backlog stock base_2027q2_ending_backlog	2027Q2 / base	3,965.00 USD_millions	derived: Never summed as an annual revenue flow. Formula: subtract(base_2027q2_available_backlog, base_2027q2_backlog_consumption).
Custom accepted-work reference base_2027q3_custom_activity	2027Q3 / base	380.00 USD_millions	assumption: Desk assumption; not company guidance.
Custom price and progress realization base_2027q3_custom_realization	2027Q3 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Custom products revenue base_2027q3_custom	2027Q3 / base	380.00 USD_millions	derived: Progress recognition can precede final equipment delivery. Formula: multiply(base_2027q3_custom_activity, base_2027q3_custom_realization).
Powertrain accepted-work reference base_2027q3_pts_activity	2027Q3 / base	262.00 USD_millions	assumption: Desk assumption; not company guidance.
Powertrain realization base_2027q3_pts_realization	2027Q3 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Powertrain solutions revenue base_2027q3_powertrain	2027Q3 / base	262.00 USD_millions	derived: Capacity alone does not create sales. Formula: multiply(base_2027q3_pts_activity, base_2027q3_pts_realization).
Standard products and services base_2027q3_other_revenue	2027Q3 / base	28.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue base_2027q3_revenue	2027Q3 / base	670.00 USD_millions	derived: Three distinct offering buckets. Formula: sum(base_2027q3_custom, base_2027q3_powertrain, base_2027q3_other_revenue).
Gross contribution before D&A margin base_2027q3_gross_margin	2027Q3 / base	36.0% ratio	assumption: Desk assumption; not company guidance.
Gross contribution before D&A base_2027q3_cash_gross	2027Q3 / base	241.20 USD_millions	derived: Cash-contribution proxy; reported COGS includes some depreciation. Formula: multiply(base_2027q3_revenue, base_2027q3_gross_margin).
Adjusted operating cost budget base_2027q3_adjusted_opex	2027Q3 / base	79.20 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy base_2027q3_adj_ebitda	2027Q3 / base	162.00 USD_millions	derived: Base annual $600M calibrated to guidance; quarter allocation is a scenario. Formula: subtract(base_2027q3_cash_gross, base_2027q3_adjusted_opex).
D&A base_2027q3_da	2027Q3 / base	20.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC base_2027q3_sbc	2027Q3 / base	6.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash adjusted-metric exclusions base_2027q3_cash_adjustments	2027Q3 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
D&A SBC and adjusted cash expenses base_2027q3_gaap_adjustments	2027Q3 / base	28.00 USD_millions	derived: No additional COGS depreciation deducted twice. Formula: sum(base_2027q3_da, base_2027q3_sbc, base_2027q3_cash_adjustments).
Operating income proxy base_2027q3_operating_income	2027Q3 / base	134.00 USD_millions	derived: No future fair-value or nonoperating mark assumption. Formula: subtract(base_2027q3_adj_ebitda, base_2027q3_gaap_adjustments).
Net customer advances base_2027q3_advance_flow	2027Q3 / base	40.00 USD_millions	assumption: Cash timing and performance liability; independent of current revenue recognition.
Inventory receivables and other cash investment base_2027q3_gross_wc	2027Q3 / base	135.00 USD_millions	assumption: Desk assumption; not company guidance.
Payable/accrual cash inflow base_2027q3_payables	2027Q3 / base	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Payables and customer advance cash base_2027q3_working_sources	2027Q3 / base	80.00 USD_millions	derived: These are liabilities and settlement timing, not new earnings. Formula: sum(base_2027q3_payables, base_2027q3_advance_flow).
Net working-capital cash use base_2027q3_working_cash	2027Q3 / base	55.00 USD_millions	derived: Gross receivables and inventories remain visible before funding from customers/vendors. Formula: subtract(base_2027q3_gross_wc, base_2027q3_working_sources).
Cash investment interest base_2027q3_interest_income	2027Q3 / base	0.70 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA and interest income base_2027q3_cash_profit	2027Q3 / base	162.70 USD_millions	derived: Small corporate interest allowance. Formula: sum(base_2027q3_adj_ebitda, base_2027q3_interest_income).
Cash interest base_2027q3_cash_interest	2027Q3 / base	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax base_2027q3_cash_tax	2027Q3 / base	36.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash costs taxes interest and working capital base_2027q3_cash_uses	2027Q3 / base	105.00 USD_millions	derived: TRA cash is deducted separately after FCF for comparison; actual statement classification may differ. Formula: sum(base_2027q3_cash_adjustments, base_2027q3_cash_interest, base_2027q3_cash_tax, base_2027q3_working_cash).
Operating cash flow proxy base_2027q3_cfo	2027Q3 / base	57.70 USD_millions	derived: No automatic IPO financing inflow. Formula: subtract(base_2027q3_cash_profit, base_2027q3_cash_uses).
Cash PP&E base_2027q3_capex	2027Q3 / base	25.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E base_2027q3_fcf	2027Q3 / base	32.70 USD_millions	derived: Before TRA and non-controlling owner distributions. Formula: subtract(base_2027q3_cfo, base_2027q3_capex).
TRA payment sensitivity base_2027q3_tra_cash	2027Q3 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Outside Opco owner cash distribution base_2027q3_owner_distributions	2027Q3 / base	6.00 USD_millions	assumption: Desk assumption; not company guidance.
TRA and outside-owner cash base_2027q3_owner_claims	2027Q3 / base	14.00 USD_millions	derived: Tax-sharing and minority-owner claims are not dividends available to public holders. Formula: sum(base_2027q3_tra_cash, base_2027q3_owner_distributions).
Cash after selected ownership claims base_2027q3_cash_after_claims	2027Q3 / base	18.70 USD_millions	derived: Still excludes debt principal and discretionary capital allocation. Formula: subtract(base_2027q3_fcf, base_2027q3_owner_claims).
New booked orders base_2027q3_bookings	2027Q3 / base	1,100.00 USD_millions	assumption: Desk assumption; not company guidance.
Backlog cancellations and scope reductions base_2027q3_cancellations	2027Q3 / base	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Opening backlog plus bookings base_2027q3_available_backlog	2027Q3 / base	5,065.00 USD_millions	derived: Forward orders may be cancelled. Formula: sum(base_2027q2_ending_backlog, base_2027q3_bookings).
Revenue conversion and cancellation base_2027q3_backlog_consumption	2027Q3 / base	700.00 USD_millions	derived: Illustrative stock bridge; no FX/acquisition adjustment. Formula: sum(base_2027q3_revenue, base_2027q3_cancellations).
Ending backlog stock base_2027q3_ending_backlog	2027Q3 / base	4,365.00 USD_millions	derived: Never summed as an annual revenue flow. Formula: subtract(base_2027q3_available_backlog, base_2027q3_backlog_consumption).
Custom accepted-work reference base_2027q4_custom_activity	2027Q4 / base	420.00 USD_millions	assumption: Desk assumption; not company guidance.
Custom price and progress realization base_2027q4_custom_realization	2027Q4 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Custom products revenue base_2027q4_custom	2027Q4 / base	420.00 USD_millions	derived: Progress recognition can precede final equipment delivery. Formula: multiply(base_2027q4_custom_activity, base_2027q4_custom_realization).
Powertrain accepted-work reference base_2027q4_pts_activity	2027Q4 / base	340.00 USD_millions	assumption: Desk assumption; not company guidance.
Powertrain realization base_2027q4_pts_realization	2027Q4 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Powertrain solutions revenue base_2027q4_powertrain	2027Q4 / base	340.00 USD_millions	derived: Capacity alone does not create sales. Formula: multiply(base_2027q4_pts_activity, base_2027q4_pts_realization).
Standard products and services base_2027q4_other_revenue	2027Q4 / base	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue base_2027q4_revenue	2027Q4 / base	790.00 USD_millions	derived: Three distinct offering buckets. Formula: sum(base_2027q4_custom, base_2027q4_powertrain, base_2027q4_other_revenue).
Gross contribution before D&A margin base_2027q4_gross_margin	2027Q4 / base	36.0% ratio	assumption: Desk assumption; not company guidance.
Gross contribution before D&A base_2027q4_cash_gross	2027Q4 / base	284.40 USD_millions	derived: Cash-contribution proxy; reported COGS includes some depreciation. Formula: multiply(base_2027q4_revenue, base_2027q4_gross_margin).
Adjusted operating cost budget base_2027q4_adjusted_opex	2027Q4 / base	74.40 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy base_2027q4_adj_ebitda	2027Q4 / base	210.00 USD_millions	derived: Base annual $600M calibrated to guidance; quarter allocation is a scenario. Formula: subtract(base_2027q4_cash_gross, base_2027q4_adjusted_opex).
D&A base_2027q4_da	2027Q4 / base	21.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC base_2027q4_sbc	2027Q4 / base	6.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash adjusted-metric exclusions base_2027q4_cash_adjustments	2027Q4 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
D&A SBC and adjusted cash expenses base_2027q4_gaap_adjustments	2027Q4 / base	29.50 USD_millions	derived: No additional COGS depreciation deducted twice. Formula: sum(base_2027q4_da, base_2027q4_sbc, base_2027q4_cash_adjustments).
Operating income proxy base_2027q4_operating_income	2027Q4 / base	180.50 USD_millions	derived: No future fair-value or nonoperating mark assumption. Formula: subtract(base_2027q4_adj_ebitda, base_2027q4_gaap_adjustments).
Net customer advances base_2027q4_advance_flow	2027Q4 / base	35.00 USD_millions	assumption: Cash timing and performance liability; independent of current revenue recognition.
Inventory receivables and other cash investment base_2027q4_gross_wc	2027Q4 / base	145.00 USD_millions	assumption: Desk assumption; not company guidance.
Payable/accrual cash inflow base_2027q4_payables	2027Q4 / base	50.00 USD_millions	assumption: Desk assumption; not company guidance.
Payables and customer advance cash base_2027q4_working_sources	2027Q4 / base	85.00 USD_millions	derived: These are liabilities and settlement timing, not new earnings. Formula: sum(base_2027q4_payables, base_2027q4_advance_flow).
Net working-capital cash use base_2027q4_working_cash	2027Q4 / base	60.00 USD_millions	derived: Gross receivables and inventories remain visible before funding from customers/vendors. Formula: subtract(base_2027q4_gross_wc, base_2027q4_working_sources).
Cash investment interest base_2027q4_interest_income	2027Q4 / base	0.70 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA and interest income base_2027q4_cash_profit	2027Q4 / base	210.70 USD_millions	derived: Small corporate interest allowance. Formula: sum(base_2027q4_adj_ebitda, base_2027q4_interest_income).
Cash interest base_2027q4_cash_interest	2027Q4 / base	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax base_2027q4_cash_tax	2027Q4 / base	44.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash costs taxes interest and working capital base_2027q4_cash_uses	2027Q4 / base	118.00 USD_millions	derived: TRA cash is deducted separately after FCF for comparison; actual statement classification may differ. Formula: sum(base_2027q4_cash_adjustments, base_2027q4_cash_interest, base_2027q4_cash_tax, base_2027q4_working_cash).
Operating cash flow proxy base_2027q4_cfo	2027Q4 / base	92.70 USD_millions	derived: No automatic IPO financing inflow. Formula: subtract(base_2027q4_cash_profit, base_2027q4_cash_uses).
Cash PP&E base_2027q4_capex	2027Q4 / base	15.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E base_2027q4_fcf	2027Q4 / base	77.70 USD_millions	derived: Before TRA and non-controlling owner distributions. Formula: subtract(base_2027q4_cfo, base_2027q4_capex).
TRA payment sensitivity base_2027q4_tra_cash	2027Q4 / base	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Outside Opco owner cash distribution base_2027q4_owner_distributions	2027Q4 / base	7.00 USD_millions	assumption: Desk assumption; not company guidance.
TRA and outside-owner cash base_2027q4_owner_claims	2027Q4 / base	17.00 USD_millions	derived: Tax-sharing and minority-owner claims are not dividends available to public holders. Formula: sum(base_2027q4_tra_cash, base_2027q4_owner_distributions).
Cash after selected ownership claims base_2027q4_cash_after_claims	2027Q4 / base	60.70 USD_millions	derived: Still excludes debt principal and discretionary capital allocation. Formula: subtract(base_2027q4_fcf, base_2027q4_owner_claims).
New booked orders base_2027q4_bookings	2027Q4 / base	1,150.00 USD_millions	assumption: Desk assumption; not company guidance.
Backlog cancellations and scope reductions base_2027q4_cancellations	2027Q4 / base	35.00 USD_millions	assumption: Desk assumption; not company guidance.
Opening backlog plus bookings base_2027q4_available_backlog	2027Q4 / base	5,515.00 USD_millions	derived: Forward orders may be cancelled. Formula: sum(base_2027q3_ending_backlog, base_2027q4_bookings).
Revenue conversion and cancellation base_2027q4_backlog_consumption	2027Q4 / base	825.00 USD_millions	derived: Illustrative stock bridge; no FX/acquisition adjustment. Formula: sum(base_2027q4_revenue, base_2027q4_cancellations).
Ending backlog stock base_2027q4_ending_backlog	2027Q4 / base	4,690.00 USD_millions	derived: Never summed as an annual revenue flow. Formula: subtract(base_2027q4_available_backlog, base_2027q4_backlog_consumption).
Custom accepted-work reference base_2028q1_custom_activity	2028Q1 / base	470.00 USD_millions	assumption: Desk assumption; not company guidance.
Custom price and progress realization base_2028q1_custom_realization	2028Q1 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Custom products revenue base_2028q1_custom	2028Q1 / base	470.00 USD_millions	derived: Progress recognition can precede final equipment delivery. Formula: multiply(base_2028q1_custom_activity, base_2028q1_custom_realization).
Powertrain accepted-work reference base_2028q1_pts_activity	2028Q1 / base	380.00 USD_millions	assumption: Desk assumption; not company guidance.
Powertrain realization base_2028q1_pts_realization	2028Q1 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Powertrain solutions revenue base_2028q1_powertrain	2028Q1 / base	380.00 USD_millions	derived: Capacity alone does not create sales. Formula: multiply(base_2028q1_pts_activity, base_2028q1_pts_realization).
Standard products and services base_2028q1_other_revenue	2028Q1 / base	32.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue base_2028q1_revenue	2028Q1 / base	882.00 USD_millions	derived: Three distinct offering buckets. Formula: sum(base_2028q1_custom, base_2028q1_powertrain, base_2028q1_other_revenue).
Gross contribution before D&A margin base_2028q1_gross_margin	2028Q1 / base	36.0% ratio	assumption: Desk assumption; not company guidance.
Gross contribution before D&A base_2028q1_cash_gross	2028Q1 / base	317.52 USD_millions	derived: Cash-contribution proxy; reported COGS includes some depreciation. Formula: multiply(base_2028q1_revenue, base_2028q1_gross_margin).
Adjusted operating cost budget base_2028q1_adjusted_opex	2028Q1 / base	95.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy base_2028q1_adj_ebitda	2028Q1 / base	222.52 USD_millions	derived: Base annual $600M calibrated to guidance; quarter allocation is a scenario. Formula: subtract(base_2028q1_cash_gross, base_2028q1_adjusted_opex).
D&A base_2028q1_da	2028Q1 / base	22.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC base_2028q1_sbc	2028Q1 / base	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash adjusted-metric exclusions base_2028q1_cash_adjustments	2028Q1 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
D&A SBC and adjusted cash expenses base_2028q1_gaap_adjustments	2028Q1 / base	31.00 USD_millions	derived: No additional COGS depreciation deducted twice. Formula: sum(base_2028q1_da, base_2028q1_sbc, base_2028q1_cash_adjustments).
Operating income proxy base_2028q1_operating_income	2028Q1 / base	191.52 USD_millions	derived: No future fair-value or nonoperating mark assumption. Formula: subtract(base_2028q1_adj_ebitda, base_2028q1_gaap_adjustments).
Net customer advances base_2028q1_advance_flow	2028Q1 / base	30.00 USD_millions	assumption: Cash timing and performance liability; independent of current revenue recognition.
Inventory receivables and other cash investment base_2028q1_gross_wc	2028Q1 / base	150.00 USD_millions	assumption: Desk assumption; not company guidance.
Payable/accrual cash inflow base_2028q1_payables	2028Q1 / base	45.00 USD_millions	assumption: Desk assumption; not company guidance.
Payables and customer advance cash base_2028q1_working_sources	2028Q1 / base	75.00 USD_millions	derived: These are liabilities and settlement timing, not new earnings. Formula: sum(base_2028q1_payables, base_2028q1_advance_flow).
Net working-capital cash use base_2028q1_working_cash	2028Q1 / base	75.00 USD_millions	derived: Gross receivables and inventories remain visible before funding from customers/vendors. Formula: subtract(base_2028q1_gross_wc, base_2028q1_working_sources).
Cash investment interest base_2028q1_interest_income	2028Q1 / base	0.70 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA and interest income base_2028q1_cash_profit	2028Q1 / base	223.22 USD_millions	derived: Small corporate interest allowance. Formula: sum(base_2028q1_adj_ebitda, base_2028q1_interest_income).
Cash interest base_2028q1_cash_interest	2028Q1 / base	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax base_2028q1_cash_tax	2028Q1 / base	52.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash costs taxes interest and working capital base_2028q1_cash_uses	2028Q1 / base	141.00 USD_millions	derived: TRA cash is deducted separately after FCF for comparison; actual statement classification may differ. Formula: sum(base_2028q1_cash_adjustments, base_2028q1_cash_interest, base_2028q1_cash_tax, base_2028q1_working_cash).
Operating cash flow proxy base_2028q1_cfo	2028Q1 / base	82.22 USD_millions	derived: No automatic IPO financing inflow. Formula: subtract(base_2028q1_cash_profit, base_2028q1_cash_uses).
Cash PP&E base_2028q1_capex	2028Q1 / base	18.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E base_2028q1_fcf	2028Q1 / base	64.22 USD_millions	derived: Before TRA and non-controlling owner distributions. Formula: subtract(base_2028q1_cfo, base_2028q1_capex).
TRA payment sensitivity base_2028q1_tra_cash	2028Q1 / base	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Outside Opco owner cash distribution base_2028q1_owner_distributions	2028Q1 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
TRA and outside-owner cash base_2028q1_owner_claims	2028Q1 / base	20.00 USD_millions	derived: Tax-sharing and minority-owner claims are not dividends available to public holders. Formula: sum(base_2028q1_tra_cash, base_2028q1_owner_distributions).
Cash after selected ownership claims base_2028q1_cash_after_claims	2028Q1 / base	44.22 USD_millions	derived: Still excludes debt principal and discretionary capital allocation. Formula: subtract(base_2028q1_fcf, base_2028q1_owner_claims).
New booked orders base_2028q1_bookings	2028Q1 / base	1,200.00 USD_millions	assumption: Desk assumption; not company guidance.
Backlog cancellations and scope reductions base_2028q1_cancellations	2028Q1 / base	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Opening backlog plus bookings base_2028q1_available_backlog	2028Q1 / base	5,890.00 USD_millions	derived: Forward orders may be cancelled. Formula: sum(base_2027q4_ending_backlog, base_2028q1_bookings).
Revenue conversion and cancellation base_2028q1_backlog_consumption	2028Q1 / base	922.00 USD_millions	derived: Illustrative stock bridge; no FX/acquisition adjustment. Formula: sum(base_2028q1_revenue, base_2028q1_cancellations).
Ending backlog stock base_2028q1_ending_backlog	2028Q1 / base	4,968.00 USD_millions	derived: Never summed as an annual revenue flow. Formula: subtract(base_2028q1_available_backlog, base_2028q1_backlog_consumption).
Custom accepted-work reference base_2028q2_custom_activity	2028Q2 / base	510.00 USD_millions	assumption: Desk assumption; not company guidance.
Custom price and progress realization base_2028q2_custom_realization	2028Q2 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Custom products revenue base_2028q2_custom	2028Q2 / base	510.00 USD_millions	derived: Progress recognition can precede final equipment delivery. Formula: multiply(base_2028q2_custom_activity, base_2028q2_custom_realization).
Powertrain accepted-work reference base_2028q2_pts_activity	2028Q2 / base	425.00 USD_millions	assumption: Desk assumption; not company guidance.
Powertrain realization base_2028q2_pts_realization	2028Q2 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Powertrain solutions revenue base_2028q2_powertrain	2028Q2 / base	425.00 USD_millions	derived: Capacity alone does not create sales. Formula: multiply(base_2028q2_pts_activity, base_2028q2_pts_realization).
Standard products and services base_2028q2_other_revenue	2028Q2 / base	34.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue base_2028q2_revenue	2028Q2 / base	969.00 USD_millions	derived: Three distinct offering buckets. Formula: sum(base_2028q2_custom, base_2028q2_powertrain, base_2028q2_other_revenue).
Gross contribution before D&A margin base_2028q2_gross_margin	2028Q2 / base	36.0% ratio	assumption: Desk assumption; not company guidance.
Gross contribution before D&A base_2028q2_cash_gross	2028Q2 / base	348.84 USD_millions	derived: Cash-contribution proxy; reported COGS includes some depreciation. Formula: multiply(base_2028q2_revenue, base_2028q2_gross_margin).
Adjusted operating cost budget base_2028q2_adjusted_opex	2028Q2 / base	104.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy base_2028q2_adj_ebitda	2028Q2 / base	244.84 USD_millions	derived: Base annual $600M calibrated to guidance; quarter allocation is a scenario. Formula: subtract(base_2028q2_cash_gross, base_2028q2_adjusted_opex).
D&A base_2028q2_da	2028Q2 / base	23.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC base_2028q2_sbc	2028Q2 / base	7.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash adjusted-metric exclusions base_2028q2_cash_adjustments	2028Q2 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
D&A SBC and adjusted cash expenses base_2028q2_gaap_adjustments	2028Q2 / base	32.50 USD_millions	derived: No additional COGS depreciation deducted twice. Formula: sum(base_2028q2_da, base_2028q2_sbc, base_2028q2_cash_adjustments).
Operating income proxy base_2028q2_operating_income	2028Q2 / base	212.34 USD_millions	derived: No future fair-value or nonoperating mark assumption. Formula: subtract(base_2028q2_adj_ebitda, base_2028q2_gaap_adjustments).
Net customer advances base_2028q2_advance_flow	2028Q2 / base	35.00 USD_millions	assumption: Cash timing and performance liability; independent of current revenue recognition.
Inventory receivables and other cash investment base_2028q2_gross_wc	2028Q2 / base	160.00 USD_millions	assumption: Desk assumption; not company guidance.
Payable/accrual cash inflow base_2028q2_payables	2028Q2 / base	50.00 USD_millions	assumption: Desk assumption; not company guidance.
Payables and customer advance cash base_2028q2_working_sources	2028Q2 / base	85.00 USD_millions	derived: These are liabilities and settlement timing, not new earnings. Formula: sum(base_2028q2_payables, base_2028q2_advance_flow).
Net working-capital cash use base_2028q2_working_cash	2028Q2 / base	75.00 USD_millions	derived: Gross receivables and inventories remain visible before funding from customers/vendors. Formula: subtract(base_2028q2_gross_wc, base_2028q2_working_sources).
Cash investment interest base_2028q2_interest_income	2028Q2 / base	0.70 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA and interest income base_2028q2_cash_profit	2028Q2 / base	245.54 USD_millions	derived: Small corporate interest allowance. Formula: sum(base_2028q2_adj_ebitda, base_2028q2_interest_income).
Cash interest base_2028q2_cash_interest	2028Q2 / base	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax base_2028q2_cash_tax	2028Q2 / base	60.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash costs taxes interest and working capital base_2028q2_cash_uses	2028Q2 / base	149.00 USD_millions	derived: TRA cash is deducted separately after FCF for comparison; actual statement classification may differ. Formula: sum(base_2028q2_cash_adjustments, base_2028q2_cash_interest, base_2028q2_cash_tax, base_2028q2_working_cash).
Operating cash flow proxy base_2028q2_cfo	2028Q2 / base	96.54 USD_millions	derived: No automatic IPO financing inflow. Formula: subtract(base_2028q2_cash_profit, base_2028q2_cash_uses).
Cash PP&E base_2028q2_capex	2028Q2 / base	20.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E base_2028q2_fcf	2028Q2 / base	76.54 USD_millions	derived: Before TRA and non-controlling owner distributions. Formula: subtract(base_2028q2_cfo, base_2028q2_capex).
TRA payment sensitivity base_2028q2_tra_cash	2028Q2 / base	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Outside Opco owner cash distribution base_2028q2_owner_distributions	2028Q2 / base	9.00 USD_millions	assumption: Desk assumption; not company guidance.
TRA and outside-owner cash base_2028q2_owner_claims	2028Q2 / base	24.00 USD_millions	derived: Tax-sharing and minority-owner claims are not dividends available to public holders. Formula: sum(base_2028q2_tra_cash, base_2028q2_owner_distributions).
Cash after selected ownership claims base_2028q2_cash_after_claims	2028Q2 / base	52.54 USD_millions	derived: Still excludes debt principal and discretionary capital allocation. Formula: subtract(base_2028q2_fcf, base_2028q2_owner_claims).
New booked orders base_2028q2_bookings	2028Q2 / base	1,250.00 USD_millions	assumption: Desk assumption; not company guidance.
Backlog cancellations and scope reductions base_2028q2_cancellations	2028Q2 / base	45.00 USD_millions	assumption: Desk assumption; not company guidance.
Opening backlog plus bookings base_2028q2_available_backlog	2028Q2 / base	6,218.00 USD_millions	derived: Forward orders may be cancelled. Formula: sum(base_2028q1_ending_backlog, base_2028q2_bookings).
Revenue conversion and cancellation base_2028q2_backlog_consumption	2028Q2 / base	1,014.00 USD_millions	derived: Illustrative stock bridge; no FX/acquisition adjustment. Formula: sum(base_2028q2_revenue, base_2028q2_cancellations).
Ending backlog stock base_2028q2_ending_backlog	2028Q2 / base	5,204.00 USD_millions	derived: Never summed as an annual revenue flow. Formula: subtract(base_2028q2_available_backlog, base_2028q2_backlog_consumption).
Custom accepted-work reference base_2028q3_custom_activity	2028Q3 / base	550.00 USD_millions	assumption: Desk assumption; not company guidance.
Custom price and progress realization base_2028q3_custom_realization	2028Q3 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Custom products revenue base_2028q3_custom	2028Q3 / base	550.00 USD_millions	derived: Progress recognition can precede final equipment delivery. Formula: multiply(base_2028q3_custom_activity, base_2028q3_custom_realization).
Powertrain accepted-work reference base_2028q3_pts_activity	2028Q3 / base	470.00 USD_millions	assumption: Desk assumption; not company guidance.
Powertrain realization base_2028q3_pts_realization	2028Q3 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Powertrain solutions revenue base_2028q3_powertrain	2028Q3 / base	470.00 USD_millions	derived: Capacity alone does not create sales. Formula: multiply(base_2028q3_pts_activity, base_2028q3_pts_realization).
Standard products and services base_2028q3_other_revenue	2028Q3 / base	36.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue base_2028q3_revenue	2028Q3 / base	1,056.00 USD_millions	derived: Three distinct offering buckets. Formula: sum(base_2028q3_custom, base_2028q3_powertrain, base_2028q3_other_revenue).
Gross contribution before D&A margin base_2028q3_gross_margin	2028Q3 / base	36.0% ratio	assumption: Desk assumption; not company guidance.
Gross contribution before D&A base_2028q3_cash_gross	2028Q3 / base	380.16 USD_millions	derived: Cash-contribution proxy; reported COGS includes some depreciation. Formula: multiply(base_2028q3_revenue, base_2028q3_gross_margin).
Adjusted operating cost budget base_2028q3_adjusted_opex	2028Q3 / base	112.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy base_2028q3_adj_ebitda	2028Q3 / base	268.16 USD_millions	derived: Base annual $600M calibrated to guidance; quarter allocation is a scenario. Formula: subtract(base_2028q3_cash_gross, base_2028q3_adjusted_opex).
D&A base_2028q3_da	2028Q3 / base	24.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC base_2028q3_sbc	2028Q3 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash adjusted-metric exclusions base_2028q3_cash_adjustments	2028Q3 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
D&A SBC and adjusted cash expenses base_2028q3_gaap_adjustments	2028Q3 / base	34.00 USD_millions	derived: No additional COGS depreciation deducted twice. Formula: sum(base_2028q3_da, base_2028q3_sbc, base_2028q3_cash_adjustments).
Operating income proxy base_2028q3_operating_income	2028Q3 / base	234.16 USD_millions	derived: No future fair-value or nonoperating mark assumption. Formula: subtract(base_2028q3_adj_ebitda, base_2028q3_gaap_adjustments).
Net customer advances base_2028q3_advance_flow	2028Q3 / base	40.00 USD_millions	assumption: Cash timing and performance liability; independent of current revenue recognition.
Inventory receivables and other cash investment base_2028q3_gross_wc	2028Q3 / base	170.00 USD_millions	assumption: Desk assumption; not company guidance.
Payable/accrual cash inflow base_2028q3_payables	2028Q3 / base	55.00 USD_millions	assumption: Desk assumption; not company guidance.
Payables and customer advance cash base_2028q3_working_sources	2028Q3 / base	95.00 USD_millions	derived: These are liabilities and settlement timing, not new earnings. Formula: sum(base_2028q3_payables, base_2028q3_advance_flow).
Net working-capital cash use base_2028q3_working_cash	2028Q3 / base	75.00 USD_millions	derived: Gross receivables and inventories remain visible before funding from customers/vendors. Formula: subtract(base_2028q3_gross_wc, base_2028q3_working_sources).
Cash investment interest base_2028q3_interest_income	2028Q3 / base	0.70 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA and interest income base_2028q3_cash_profit	2028Q3 / base	268.86 USD_millions	derived: Small corporate interest allowance. Formula: sum(base_2028q3_adj_ebitda, base_2028q3_interest_income).
Cash interest base_2028q3_cash_interest	2028Q3 / base	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax base_2028q3_cash_tax	2028Q3 / base	68.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash costs taxes interest and working capital base_2028q3_cash_uses	2028Q3 / base	157.00 USD_millions	derived: TRA cash is deducted separately after FCF for comparison; actual statement classification may differ. Formula: sum(base_2028q3_cash_adjustments, base_2028q3_cash_interest, base_2028q3_cash_tax, base_2028q3_working_cash).
Operating cash flow proxy base_2028q3_cfo	2028Q3 / base	111.86 USD_millions	derived: No automatic IPO financing inflow. Formula: subtract(base_2028q3_cash_profit, base_2028q3_cash_uses).
Cash PP&E base_2028q3_capex	2028Q3 / base	22.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E base_2028q3_fcf	2028Q3 / base	89.86 USD_millions	derived: Before TRA and non-controlling owner distributions. Formula: subtract(base_2028q3_cfo, base_2028q3_capex).
TRA payment sensitivity base_2028q3_tra_cash	2028Q3 / base	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Outside Opco owner cash distribution base_2028q3_owner_distributions	2028Q3 / base	10.00 USD_millions	assumption: Desk assumption; not company guidance.
TRA and outside-owner cash base_2028q3_owner_claims	2028Q3 / base	28.00 USD_millions	derived: Tax-sharing and minority-owner claims are not dividends available to public holders. Formula: sum(base_2028q3_tra_cash, base_2028q3_owner_distributions).
Cash after selected ownership claims base_2028q3_cash_after_claims	2028Q3 / base	61.86 USD_millions	derived: Still excludes debt principal and discretionary capital allocation. Formula: subtract(base_2028q3_fcf, base_2028q3_owner_claims).
New booked orders base_2028q3_bookings	2028Q3 / base	1,300.00 USD_millions	assumption: Desk assumption; not company guidance.
Backlog cancellations and scope reductions base_2028q3_cancellations	2028Q3 / base	50.00 USD_millions	assumption: Desk assumption; not company guidance.
Opening backlog plus bookings base_2028q3_available_backlog	2028Q3 / base	6,504.00 USD_millions	derived: Forward orders may be cancelled. Formula: sum(base_2028q2_ending_backlog, base_2028q3_bookings).
Revenue conversion and cancellation base_2028q3_backlog_consumption	2028Q3 / base	1,106.00 USD_millions	derived: Illustrative stock bridge; no FX/acquisition adjustment. Formula: sum(base_2028q3_revenue, base_2028q3_cancellations).
Ending backlog stock base_2028q3_ending_backlog	2028Q3 / base	5,398.00 USD_millions	derived: Never summed as an annual revenue flow. Formula: subtract(base_2028q3_available_backlog, base_2028q3_backlog_consumption).
Custom accepted-work reference base_2028q4_custom_activity	2028Q4 / base	590.00 USD_millions	assumption: Desk assumption; not company guidance.
Custom price and progress realization base_2028q4_custom_realization	2028Q4 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Custom products revenue base_2028q4_custom	2028Q4 / base	590.00 USD_millions	derived: Progress recognition can precede final equipment delivery. Formula: multiply(base_2028q4_custom_activity, base_2028q4_custom_realization).
Powertrain accepted-work reference base_2028q4_pts_activity	2028Q4 / base	515.00 USD_millions	assumption: Desk assumption; not company guidance.
Powertrain realization base_2028q4_pts_realization	2028Q4 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Powertrain solutions revenue base_2028q4_powertrain	2028Q4 / base	515.00 USD_millions	derived: Capacity alone does not create sales. Formula: multiply(base_2028q4_pts_activity, base_2028q4_pts_realization).
Standard products and services base_2028q4_other_revenue	2028Q4 / base	38.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue base_2028q4_revenue	2028Q4 / base	1,143.00 USD_millions	derived: Three distinct offering buckets. Formula: sum(base_2028q4_custom, base_2028q4_powertrain, base_2028q4_other_revenue).
Gross contribution before D&A margin base_2028q4_gross_margin	2028Q4 / base	36.0% ratio	assumption: Desk assumption; not company guidance.
Gross contribution before D&A base_2028q4_cash_gross	2028Q4 / base	411.48 USD_millions	derived: Cash-contribution proxy; reported COGS includes some depreciation. Formula: multiply(base_2028q4_revenue, base_2028q4_gross_margin).
Adjusted operating cost budget base_2028q4_adjusted_opex	2028Q4 / base	124.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy base_2028q4_adj_ebitda	2028Q4 / base	287.48 USD_millions	derived: Base annual $600M calibrated to guidance; quarter allocation is a scenario. Formula: subtract(base_2028q4_cash_gross, base_2028q4_adjusted_opex).
D&A base_2028q4_da	2028Q4 / base	25.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC base_2028q4_sbc	2028Q4 / base	8.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash adjusted-metric exclusions base_2028q4_cash_adjustments	2028Q4 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
D&A SBC and adjusted cash expenses base_2028q4_gaap_adjustments	2028Q4 / base	35.50 USD_millions	derived: No additional COGS depreciation deducted twice. Formula: sum(base_2028q4_da, base_2028q4_sbc, base_2028q4_cash_adjustments).
Operating income proxy base_2028q4_operating_income	2028Q4 / base	251.98 USD_millions	derived: No future fair-value or nonoperating mark assumption. Formula: subtract(base_2028q4_adj_ebitda, base_2028q4_gaap_adjustments).
Net customer advances base_2028q4_advance_flow	2028Q4 / base	40.00 USD_millions	assumption: Cash timing and performance liability; independent of current revenue recognition.
Inventory receivables and other cash investment base_2028q4_gross_wc	2028Q4 / base	180.00 USD_millions	assumption: Desk assumption; not company guidance.
Payable/accrual cash inflow base_2028q4_payables	2028Q4 / base	60.00 USD_millions	assumption: Desk assumption; not company guidance.
Payables and customer advance cash base_2028q4_working_sources	2028Q4 / base	100.00 USD_millions	derived: These are liabilities and settlement timing, not new earnings. Formula: sum(base_2028q4_payables, base_2028q4_advance_flow).
Net working-capital cash use base_2028q4_working_cash	2028Q4 / base	80.00 USD_millions	derived: Gross receivables and inventories remain visible before funding from customers/vendors. Formula: subtract(base_2028q4_gross_wc, base_2028q4_working_sources).
Cash investment interest base_2028q4_interest_income	2028Q4 / base	0.70 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA and interest income base_2028q4_cash_profit	2028Q4 / base	288.18 USD_millions	derived: Small corporate interest allowance. Formula: sum(base_2028q4_adj_ebitda, base_2028q4_interest_income).
Cash interest base_2028q4_cash_interest	2028Q4 / base	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax base_2028q4_cash_tax	2028Q4 / base	76.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash costs taxes interest and working capital base_2028q4_cash_uses	2028Q4 / base	170.00 USD_millions	derived: TRA cash is deducted separately after FCF for comparison; actual statement classification may differ. Formula: sum(base_2028q4_cash_adjustments, base_2028q4_cash_interest, base_2028q4_cash_tax, base_2028q4_working_cash).
Operating cash flow proxy base_2028q4_cfo	2028Q4 / base	118.18 USD_millions	derived: No automatic IPO financing inflow. Formula: subtract(base_2028q4_cash_profit, base_2028q4_cash_uses).
Cash PP&E base_2028q4_capex	2028Q4 / base	25.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E base_2028q4_fcf	2028Q4 / base	93.18 USD_millions	derived: Before TRA and non-controlling owner distributions. Formula: subtract(base_2028q4_cfo, base_2028q4_capex).
TRA payment sensitivity base_2028q4_tra_cash	2028Q4 / base	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Outside Opco owner cash distribution base_2028q4_owner_distributions	2028Q4 / base	11.00 USD_millions	assumption: Desk assumption; not company guidance.
TRA and outside-owner cash base_2028q4_owner_claims	2028Q4 / base	31.00 USD_millions	derived: Tax-sharing and minority-owner claims are not dividends available to public holders. Formula: sum(base_2028q4_tra_cash, base_2028q4_owner_distributions).
Cash after selected ownership claims base_2028q4_cash_after_claims	2028Q4 / base	62.18 USD_millions	derived: Still excludes debt principal and discretionary capital allocation. Formula: subtract(base_2028q4_fcf, base_2028q4_owner_claims).
New booked orders base_2028q4_bookings	2028Q4 / base	1,350.00 USD_millions	assumption: Desk assumption; not company guidance.
Backlog cancellations and scope reductions base_2028q4_cancellations	2028Q4 / base	55.00 USD_millions	assumption: Desk assumption; not company guidance.
Opening backlog plus bookings base_2028q4_available_backlog	2028Q4 / base	6,748.00 USD_millions	derived: Forward orders may be cancelled. Formula: sum(base_2028q3_ending_backlog, base_2028q4_bookings).
Revenue conversion and cancellation base_2028q4_backlog_consumption	2028Q4 / base	1,198.00 USD_millions	derived: Illustrative stock bridge; no FX/acquisition adjustment. Formula: sum(base_2028q4_revenue, base_2028q4_cancellations).
Ending backlog stock base_2028q4_ending_backlog	2028Q4 / base	5,550.00 USD_millions	derived: Never summed as an annual revenue flow. Formula: subtract(base_2028q4_available_backlog, base_2028q4_backlog_consumption).
Total revenue ($M) base_fy2027_revenue	FY2027 / base	2,500.00 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).
Custom products ($M) base_fy2027_custom	FY2027 / base	1,440.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_custom, base_2027q2_custom, base_2027q3_custom, base_2027q4_custom).
Powertrain solutions ($M) base_fy2027_powertrain	FY2027 / base	950.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_powertrain, base_2027q2_powertrain, base_2027q3_powertrain, base_2027q4_powertrain).
Standard products and services ($M) base_fy2027_other_revenue	FY2027 / base	110.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_other_revenue, base_2027q2_other_revenue, base_2027q3_other_revenue, base_2027q4_other_revenue).
Adjusted EBITDA proxy ($M) base_fy2027_adj_ebitda	FY2027 / base	600.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_adj_ebitda, base_2027q2_adj_ebitda, base_2027q3_adj_ebitda, base_2027q4_adj_ebitda).
Operating income proxy ($M) base_fy2027_operating_income	FY2027 / base	489.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_operating_income, base_2027q2_operating_income, base_2027q3_operating_income, base_2027q4_operating_income).
Operating cash flow proxy ($M) base_fy2027_cfo	FY2027 / base	226.80 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 ($M) base_fy2027_capex	FY2027 / base	87.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_capex, base_2027q2_capex, base_2027q3_capex, base_2027q4_capex).
CFO less PP&E ($M) base_fy2027_fcf	FY2027 / base	139.80 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).
TRA cash payments ($M) base_fy2027_tra_cash	FY2027 / base	23.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_tra_cash, base_2027q2_tra_cash, base_2027q3_tra_cash, base_2027q4_tra_cash).
Outside-owner distributions ($M) base_fy2027_owner_distributions	FY2027 / base	22.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_owner_distributions, base_2027q2_owner_distributions, base_2027q3_owner_distributions, base_2027q4_owner_distributions).
Cash after TRA and outside-owner claims ($M) base_fy2027_cash_after_claims	FY2027 / base	94.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cash_after_claims, base_2027q2_cash_after_claims, base_2027q3_cash_after_claims, base_2027q4_cash_after_claims).
Total revenue ($M) base_fy2028_revenue	FY2028 / base	4,050.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_revenue, base_2028q2_revenue, base_2028q3_revenue, base_2028q4_revenue).
Custom products ($M) base_fy2028_custom	FY2028 / base	2,120.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_custom, base_2028q2_custom, base_2028q3_custom, base_2028q4_custom).
Powertrain solutions ($M) base_fy2028_powertrain	FY2028 / base	1,790.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_powertrain, base_2028q2_powertrain, base_2028q3_powertrain, base_2028q4_powertrain).
Standard products and services ($M) base_fy2028_other_revenue	FY2028 / base	140.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_other_revenue, base_2028q2_other_revenue, base_2028q3_other_revenue, base_2028q4_other_revenue).
Adjusted EBITDA proxy ($M) base_fy2028_adj_ebitda	FY2028 / base	1,023.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_adj_ebitda, base_2028q2_adj_ebitda, base_2028q3_adj_ebitda, base_2028q4_adj_ebitda).
Operating income proxy ($M) base_fy2028_operating_income	FY2028 / base	890.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_operating_income, base_2028q2_operating_income, base_2028q3_operating_income, base_2028q4_operating_income).
Operating cash flow proxy ($M) base_fy2028_cfo	FY2028 / base	408.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_cfo, base_2028q2_cfo, base_2028q3_cfo, base_2028q4_cfo).
Cash PP&E ($M) base_fy2028_capex	FY2028 / base	85.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_capex, base_2028q2_capex, base_2028q3_capex, base_2028q4_capex).
CFO less PP&E ($M) base_fy2028_fcf	FY2028 / base	323.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_fcf, base_2028q2_fcf, base_2028q3_fcf, base_2028q4_fcf).
TRA cash payments ($M) base_fy2028_tra_cash	FY2028 / base	65.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_tra_cash, base_2028q2_tra_cash, base_2028q3_tra_cash, base_2028q4_tra_cash).
Outside-owner distributions ($M) base_fy2028_owner_distributions	FY2028 / base	38.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_owner_distributions, base_2028q2_owner_distributions, base_2028q3_owner_distributions, base_2028q4_owner_distributions).
Cash after TRA and outside-owner claims ($M) base_fy2028_cash_after_claims	FY2028 / base	220.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_cash_after_claims, base_2028q2_cash_after_claims, base_2028q3_cash_after_claims, base_2028q4_cash_after_claims).
Custom accepted-work reference upside_2027q1_custom_activity	2027Q1 / upside	315.00 USD_millions	assumption: Desk assumption; not company guidance.
Custom price and progress realization upside_2027q1_custom_realization	2027Q1 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Custom products revenue upside_2027q1_custom	2027Q1 / upside	315.00 USD_millions	derived: Progress recognition can precede final equipment delivery. Formula: multiply(upside_2027q1_custom_activity, upside_2027q1_custom_realization).
Powertrain accepted-work reference upside_2027q1_pts_activity	2027Q1 / upside	165.00 USD_millions	assumption: Desk assumption; not company guidance.
Powertrain realization upside_2027q1_pts_realization	2027Q1 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Powertrain solutions revenue upside_2027q1_powertrain	2027Q1 / upside	165.00 USD_millions	derived: Capacity alone does not create sales. Formula: multiply(upside_2027q1_pts_activity, upside_2027q1_pts_realization).
Standard products and services upside_2027q1_other_revenue	2027Q1 / upside	26.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue upside_2027q1_revenue	2027Q1 / upside	506.00 USD_millions	derived: Three distinct offering buckets. Formula: sum(upside_2027q1_custom, upside_2027q1_powertrain, upside_2027q1_other_revenue).
Gross contribution before D&A margin upside_2027q1_gross_margin	2027Q1 / upside	37.5% ratio	assumption: Desk assumption; not company guidance.
Gross contribution before D&A upside_2027q1_cash_gross	2027Q1 / upside	189.75 USD_millions	derived: Cash-contribution proxy; reported COGS includes some depreciation. Formula: multiply(upside_2027q1_revenue, upside_2027q1_gross_margin).
Adjusted operating cost budget upside_2027q1_adjusted_opex	2027Q1 / upside	72.80 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy upside_2027q1_adj_ebitda	2027Q1 / upside	116.95 USD_millions	derived: Base annual $600M calibrated to guidance; quarter allocation is a scenario. Formula: subtract(upside_2027q1_cash_gross, upside_2027q1_adjusted_opex).
D&A upside_2027q1_da	2027Q1 / upside	18.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC upside_2027q1_sbc	2027Q1 / upside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash adjusted-metric exclusions upside_2027q1_cash_adjustments	2027Q1 / upside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
D&A SBC and adjusted cash expenses upside_2027q1_gaap_adjustments	2027Q1 / upside	26.00 USD_millions	derived: No additional COGS depreciation deducted twice. Formula: sum(upside_2027q1_da, upside_2027q1_sbc, upside_2027q1_cash_adjustments).
Operating income proxy upside_2027q1_operating_income	2027Q1 / upside	90.95 USD_millions	derived: No future fair-value or nonoperating mark assumption. Formula: subtract(upside_2027q1_adj_ebitda, upside_2027q1_gaap_adjustments).
Net customer advances upside_2027q1_advance_flow	2027Q1 / upside	40.25 USD_millions	assumption: Cash timing and performance liability; independent of current revenue recognition.
Inventory receivables and other cash investment upside_2027q1_gross_wc	2027Q1 / upside	100.00 USD_millions	assumption: Desk assumption; not company guidance.
Payable/accrual cash inflow upside_2027q1_payables	2027Q1 / upside	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Payables and customer advance cash upside_2027q1_working_sources	2027Q1 / upside	70.25 USD_millions	derived: These are liabilities and settlement timing, not new earnings. Formula: sum(upside_2027q1_payables, upside_2027q1_advance_flow).
Net working-capital cash use upside_2027q1_working_cash	2027Q1 / upside	29.75 USD_millions	derived: Gross receivables and inventories remain visible before funding from customers/vendors. Formula: subtract(upside_2027q1_gross_wc, upside_2027q1_working_sources).
Cash investment interest upside_2027q1_interest_income	2027Q1 / upside	0.70 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA and interest income upside_2027q1_cash_profit	2027Q1 / upside	117.65 USD_millions	derived: Small corporate interest allowance. Formula: sum(upside_2027q1_adj_ebitda, upside_2027q1_interest_income).
Cash interest upside_2027q1_cash_interest	2027Q1 / upside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax upside_2027q1_cash_tax	2027Q1 / upside	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash costs taxes interest and working capital upside_2027q1_cash_uses	2027Q1 / upside	64.75 USD_millions	derived: TRA cash is deducted separately after FCF for comparison; actual statement classification may differ. Formula: sum(upside_2027q1_cash_adjustments, upside_2027q1_cash_interest, upside_2027q1_cash_tax, upside_2027q1_working_cash).
Operating cash flow proxy upside_2027q1_cfo	2027Q1 / upside	52.90 USD_millions	derived: No automatic IPO financing inflow. Formula: subtract(upside_2027q1_cash_profit, upside_2027q1_cash_uses).
Cash PP&E upside_2027q1_capex	2027Q1 / upside	24.20 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E upside_2027q1_fcf	2027Q1 / upside	28.70 USD_millions	derived: Before TRA and non-controlling owner distributions. Formula: subtract(upside_2027q1_cfo, upside_2027q1_capex).
TRA payment sensitivity upside_2027q1_tra_cash	2027Q1 / upside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
Outside Opco owner cash distribution upside_2027q1_owner_distributions	2027Q1 / upside	4.00 USD_millions	assumption: Desk assumption; not company guidance.
TRA and outside-owner cash upside_2027q1_owner_claims	2027Q1 / upside	4.00 USD_millions	derived: Tax-sharing and minority-owner claims are not dividends available to public holders. Formula: sum(upside_2027q1_tra_cash, upside_2027q1_owner_distributions).
Cash after selected ownership claims upside_2027q1_cash_after_claims	2027Q1 / upside	24.70 USD_millions	derived: Still excludes debt principal and discretionary capital allocation. Formula: subtract(upside_2027q1_fcf, upside_2027q1_owner_claims).
New booked orders upside_2027q1_bookings	2027Q1 / upside	1,200.00 USD_millions	assumption: Desk assumption; not company guidance.
Backlog cancellations and scope reductions upside_2027q1_cancellations	2027Q1 / upside	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Opening backlog plus bookings upside_2027q1_available_backlog	2027Q1 / upside	4,200.00 USD_millions	derived: Forward orders may be cancelled. Formula: sum(backlog, upside_2027q1_bookings).
Revenue conversion and cancellation upside_2027q1_backlog_consumption	2027Q1 / upside	526.00 USD_millions	derived: Illustrative stock bridge; no FX/acquisition adjustment. Formula: sum(upside_2027q1_revenue, upside_2027q1_cancellations).
Ending backlog stock upside_2027q1_ending_backlog	2027Q1 / upside	3,674.00 USD_millions	derived: Never summed as an annual revenue flow. Formula: subtract(upside_2027q1_available_backlog, upside_2027q1_backlog_consumption).
Custom accepted-work reference upside_2027q2_custom_activity	2027Q2 / upside	355.00 USD_millions	assumption: Desk assumption; not company guidance.
Custom price and progress realization upside_2027q2_custom_realization	2027Q2 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Custom products revenue upside_2027q2_custom	2027Q2 / upside	355.00 USD_millions	derived: Progress recognition can precede final equipment delivery. Formula: multiply(upside_2027q2_custom_activity, upside_2027q2_custom_realization).
Powertrain accepted-work reference upside_2027q2_pts_activity	2027Q2 / upside	220.00 USD_millions	assumption: Desk assumption; not company guidance.
Powertrain realization upside_2027q2_pts_realization	2027Q2 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Powertrain solutions revenue upside_2027q2_powertrain	2027Q2 / upside	220.00 USD_millions	derived: Capacity alone does not create sales. Formula: multiply(upside_2027q2_pts_activity, upside_2027q2_pts_realization).
Standard products and services upside_2027q2_other_revenue	2027Q2 / upside	28.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue upside_2027q2_revenue	2027Q2 / upside	603.00 USD_millions	derived: Three distinct offering buckets. Formula: sum(upside_2027q2_custom, upside_2027q2_powertrain, upside_2027q2_other_revenue).
Gross contribution before D&A margin upside_2027q2_gross_margin	2027Q2 / upside	37.5% ratio	assumption: Desk assumption; not company guidance.
Gross contribution before D&A upside_2027q2_cash_gross	2027Q2 / upside	226.12 USD_millions	derived: Cash-contribution proxy; reported COGS includes some depreciation. Formula: multiply(upside_2027q2_revenue, upside_2027q2_gross_margin).
Adjusted operating cost budget upside_2027q2_adjusted_opex	2027Q2 / upside	73.60 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy upside_2027q2_adj_ebitda	2027Q2 / upside	152.53 USD_millions	derived: Base annual $600M calibrated to guidance; quarter allocation is a scenario. Formula: subtract(upside_2027q2_cash_gross, upside_2027q2_adjusted_opex).
D&A upside_2027q2_da	2027Q2 / upside	19.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC upside_2027q2_sbc	2027Q2 / upside	5.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash adjusted-metric exclusions upside_2027q2_cash_adjustments	2027Q2 / upside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
D&A SBC and adjusted cash expenses upside_2027q2_gaap_adjustments	2027Q2 / upside	27.50 USD_millions	derived: No additional COGS depreciation deducted twice. Formula: sum(upside_2027q2_da, upside_2027q2_sbc, upside_2027q2_cash_adjustments).
Operating income proxy upside_2027q2_operating_income	2027Q2 / upside	125.03 USD_millions	derived: No future fair-value or nonoperating mark assumption. Formula: subtract(upside_2027q2_adj_ebitda, upside_2027q2_gaap_adjustments).
Net customer advances upside_2027q2_advance_flow	2027Q2 / upside	51.75 USD_millions	assumption: Cash timing and performance liability; independent of current revenue recognition.
Inventory receivables and other cash investment upside_2027q2_gross_wc	2027Q2 / upside	120.00 USD_millions	assumption: Desk assumption; not company guidance.
Payable/accrual cash inflow upside_2027q2_payables	2027Q2 / upside	35.00 USD_millions	assumption: Desk assumption; not company guidance.
Payables and customer advance cash upside_2027q2_working_sources	2027Q2 / upside	86.75 USD_millions	derived: These are liabilities and settlement timing, not new earnings. Formula: sum(upside_2027q2_payables, upside_2027q2_advance_flow).
Net working-capital cash use upside_2027q2_working_cash	2027Q2 / upside	33.25 USD_millions	derived: Gross receivables and inventories remain visible before funding from customers/vendors. Formula: subtract(upside_2027q2_gross_wc, upside_2027q2_working_sources).
Cash investment interest upside_2027q2_interest_income	2027Q2 / upside	0.70 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA and interest income upside_2027q2_cash_profit	2027Q2 / upside	153.22 USD_millions	derived: Small corporate interest allowance. Formula: sum(upside_2027q2_adj_ebitda, upside_2027q2_interest_income).
Cash interest upside_2027q2_cash_interest	2027Q2 / upside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax upside_2027q2_cash_tax	2027Q2 / upside	28.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash costs taxes interest and working capital upside_2027q2_cash_uses	2027Q2 / upside	76.25 USD_millions	derived: TRA cash is deducted separately after FCF for comparison; actual statement classification may differ. Formula: sum(upside_2027q2_cash_adjustments, upside_2027q2_cash_interest, upside_2027q2_cash_tax, upside_2027q2_working_cash).
Operating cash flow proxy upside_2027q2_cfo	2027Q2 / upside	76.97 USD_millions	derived: No automatic IPO financing inflow. Formula: subtract(upside_2027q2_cash_profit, upside_2027q2_cash_uses).
Cash PP&E upside_2027q2_capex	2027Q2 / upside	27.50 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E upside_2027q2_fcf	2027Q2 / upside	49.47 USD_millions	derived: Before TRA and non-controlling owner distributions. Formula: subtract(upside_2027q2_cfo, upside_2027q2_capex).
TRA payment sensitivity upside_2027q2_tra_cash	2027Q2 / upside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Outside Opco owner cash distribution upside_2027q2_owner_distributions	2027Q2 / upside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
TRA and outside-owner cash upside_2027q2_owner_claims	2027Q2 / upside	10.00 USD_millions	derived: Tax-sharing and minority-owner claims are not dividends available to public holders. Formula: sum(upside_2027q2_tra_cash, upside_2027q2_owner_distributions).
Cash after selected ownership claims upside_2027q2_cash_after_claims	2027Q2 / upside	39.47 USD_millions	derived: Still excludes debt principal and discretionary capital allocation. Formula: subtract(upside_2027q2_fcf, upside_2027q2_owner_claims).
New booked orders upside_2027q2_bookings	2027Q2 / upside	1,250.00 USD_millions	assumption: Desk assumption; not company guidance.
Backlog cancellations and scope reductions upside_2027q2_cancellations	2027Q2 / upside	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Opening backlog plus bookings upside_2027q2_available_backlog	2027Q2 / upside	4,924.00 USD_millions	derived: Forward orders may be cancelled. Formula: sum(upside_2027q1_ending_backlog, upside_2027q2_bookings).
Revenue conversion and cancellation upside_2027q2_backlog_consumption	2027Q2 / upside	628.00 USD_millions	derived: Illustrative stock bridge; no FX/acquisition adjustment. Formula: sum(upside_2027q2_revenue, upside_2027q2_cancellations).
Ending backlog stock upside_2027q2_ending_backlog	2027Q2 / upside	4,296.00 USD_millions	derived: Never summed as an annual revenue flow. Formula: subtract(upside_2027q2_available_backlog, upside_2027q2_backlog_consumption).
Custom accepted-work reference upside_2027q3_custom_activity	2027Q3 / upside	400.00 USD_millions	assumption: Desk assumption; not company guidance.
Custom price and progress realization upside_2027q3_custom_realization	2027Q3 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Custom products revenue upside_2027q3_custom	2027Q3 / upside	400.00 USD_millions	derived: Progress recognition can precede final equipment delivery. Formula: multiply(upside_2027q3_custom_activity, upside_2027q3_custom_realization).
Powertrain accepted-work reference upside_2027q3_pts_activity	2027Q3 / upside	290.00 USD_millions	assumption: Desk assumption; not company guidance.
Powertrain realization upside_2027q3_pts_realization	2027Q3 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Powertrain solutions revenue upside_2027q3_powertrain	2027Q3 / upside	290.00 USD_millions	derived: Capacity alone does not create sales. Formula: multiply(upside_2027q3_pts_activity, upside_2027q3_pts_realization).
Standard products and services upside_2027q3_other_revenue	2027Q3 / upside	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue upside_2027q3_revenue	2027Q3 / upside	720.00 USD_millions	derived: Three distinct offering buckets. Formula: sum(upside_2027q3_custom, upside_2027q3_powertrain, upside_2027q3_other_revenue).
Gross contribution before D&A margin upside_2027q3_gross_margin	2027Q3 / upside	37.5% ratio	assumption: Desk assumption; not company guidance.
Gross contribution before D&A upside_2027q3_cash_gross	2027Q3 / upside	270.00 USD_millions	derived: Cash-contribution proxy; reported COGS includes some depreciation. Formula: multiply(upside_2027q3_revenue, upside_2027q3_gross_margin).
Adjusted operating cost budget upside_2027q3_adjusted_opex	2027Q3 / upside	79.20 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy upside_2027q3_adj_ebitda	2027Q3 / upside	190.80 USD_millions	derived: Base annual $600M calibrated to guidance; quarter allocation is a scenario. Formula: subtract(upside_2027q3_cash_gross, upside_2027q3_adjusted_opex).
D&A upside_2027q3_da	2027Q3 / upside	20.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC upside_2027q3_sbc	2027Q3 / upside	6.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash adjusted-metric exclusions upside_2027q3_cash_adjustments	2027Q3 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
D&A SBC and adjusted cash expenses upside_2027q3_gaap_adjustments	2027Q3 / upside	28.00 USD_millions	derived: No additional COGS depreciation deducted twice. Formula: sum(upside_2027q3_da, upside_2027q3_sbc, upside_2027q3_cash_adjustments).
Operating income proxy upside_2027q3_operating_income	2027Q3 / upside	162.80 USD_millions	derived: No future fair-value or nonoperating mark assumption. Formula: subtract(upside_2027q3_adj_ebitda, upside_2027q3_gaap_adjustments).
Net customer advances upside_2027q3_advance_flow	2027Q3 / upside	46.00 USD_millions	assumption: Cash timing and performance liability; independent of current revenue recognition.
Inventory receivables and other cash investment upside_2027q3_gross_wc	2027Q3 / upside	135.00 USD_millions	assumption: Desk assumption; not company guidance.
Payable/accrual cash inflow upside_2027q3_payables	2027Q3 / upside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Payables and customer advance cash upside_2027q3_working_sources	2027Q3 / upside	86.00 USD_millions	derived: These are liabilities and settlement timing, not new earnings. Formula: sum(upside_2027q3_payables, upside_2027q3_advance_flow).
Net working-capital cash use upside_2027q3_working_cash	2027Q3 / upside	49.00 USD_millions	derived: Gross receivables and inventories remain visible before funding from customers/vendors. Formula: subtract(upside_2027q3_gross_wc, upside_2027q3_working_sources).
Cash investment interest upside_2027q3_interest_income	2027Q3 / upside	0.70 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA and interest income upside_2027q3_cash_profit	2027Q3 / upside	191.50 USD_millions	derived: Small corporate interest allowance. Formula: sum(upside_2027q3_adj_ebitda, upside_2027q3_interest_income).
Cash interest upside_2027q3_cash_interest	2027Q3 / upside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax upside_2027q3_cash_tax	2027Q3 / upside	36.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash costs taxes interest and working capital upside_2027q3_cash_uses	2027Q3 / upside	99.00 USD_millions	derived: TRA cash is deducted separately after FCF for comparison; actual statement classification may differ. Formula: sum(upside_2027q3_cash_adjustments, upside_2027q3_cash_interest, upside_2027q3_cash_tax, upside_2027q3_working_cash).
Operating cash flow proxy upside_2027q3_cfo	2027Q3 / upside	92.50 USD_millions	derived: No automatic IPO financing inflow. Formula: subtract(upside_2027q3_cash_profit, upside_2027q3_cash_uses).
Cash PP&E upside_2027q3_capex	2027Q3 / upside	27.50 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E upside_2027q3_fcf	2027Q3 / upside	65.00 USD_millions	derived: Before TRA and non-controlling owner distributions. Formula: subtract(upside_2027q3_cfo, upside_2027q3_capex).
TRA payment sensitivity upside_2027q3_tra_cash	2027Q3 / upside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Outside Opco owner cash distribution upside_2027q3_owner_distributions	2027Q3 / upside	6.00 USD_millions	assumption: Desk assumption; not company guidance.
TRA and outside-owner cash upside_2027q3_owner_claims	2027Q3 / upside	14.00 USD_millions	derived: Tax-sharing and minority-owner claims are not dividends available to public holders. Formula: sum(upside_2027q3_tra_cash, upside_2027q3_owner_distributions).
Cash after selected ownership claims upside_2027q3_cash_after_claims	2027Q3 / upside	51.00 USD_millions	derived: Still excludes debt principal and discretionary capital allocation. Formula: subtract(upside_2027q3_fcf, upside_2027q3_owner_claims).
New booked orders upside_2027q3_bookings	2027Q3 / upside	1,300.00 USD_millions	assumption: Desk assumption; not company guidance.
Backlog cancellations and scope reductions upside_2027q3_cancellations	2027Q3 / upside	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Opening backlog plus bookings upside_2027q3_available_backlog	2027Q3 / upside	5,596.00 USD_millions	derived: Forward orders may be cancelled. Formula: sum(upside_2027q2_ending_backlog, upside_2027q3_bookings).
Revenue conversion and cancellation upside_2027q3_backlog_consumption	2027Q3 / upside	750.00 USD_millions	derived: Illustrative stock bridge; no FX/acquisition adjustment. Formula: sum(upside_2027q3_revenue, upside_2027q3_cancellations).
Ending backlog stock upside_2027q3_ending_backlog	2027Q3 / upside	4,846.00 USD_millions	derived: Never summed as an annual revenue flow. Formula: subtract(upside_2027q3_available_backlog, upside_2027q3_backlog_consumption).
Custom accepted-work reference upside_2027q4_custom_activity	2027Q4 / upside	450.00 USD_millions	assumption: Desk assumption; not company guidance.
Custom price and progress realization upside_2027q4_custom_realization	2027Q4 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Custom products revenue upside_2027q4_custom	2027Q4 / upside	450.00 USD_millions	derived: Progress recognition can precede final equipment delivery. Formula: multiply(upside_2027q4_custom_activity, upside_2027q4_custom_realization).
Powertrain accepted-work reference upside_2027q4_pts_activity	2027Q4 / upside	360.00 USD_millions	assumption: Desk assumption; not company guidance.
Powertrain realization upside_2027q4_pts_realization	2027Q4 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Powertrain solutions revenue upside_2027q4_powertrain	2027Q4 / upside	360.00 USD_millions	derived: Capacity alone does not create sales. Formula: multiply(upside_2027q4_pts_activity, upside_2027q4_pts_realization).
Standard products and services upside_2027q4_other_revenue	2027Q4 / upside	32.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue upside_2027q4_revenue	2027Q4 / upside	842.00 USD_millions	derived: Three distinct offering buckets. Formula: sum(upside_2027q4_custom, upside_2027q4_powertrain, upside_2027q4_other_revenue).
Gross contribution before D&A margin upside_2027q4_gross_margin	2027Q4 / upside	37.5% ratio	assumption: Desk assumption; not company guidance.
Gross contribution before D&A upside_2027q4_cash_gross	2027Q4 / upside	315.75 USD_millions	derived: Cash-contribution proxy; reported COGS includes some depreciation. Formula: multiply(upside_2027q4_revenue, upside_2027q4_gross_margin).
Adjusted operating cost budget upside_2027q4_adjusted_opex	2027Q4 / upside	74.40 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy upside_2027q4_adj_ebitda	2027Q4 / upside	241.35 USD_millions	derived: Base annual $600M calibrated to guidance; quarter allocation is a scenario. Formula: subtract(upside_2027q4_cash_gross, upside_2027q4_adjusted_opex).
D&A upside_2027q4_da	2027Q4 / upside	21.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC upside_2027q4_sbc	2027Q4 / upside	6.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash adjusted-metric exclusions upside_2027q4_cash_adjustments	2027Q4 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
D&A SBC and adjusted cash expenses upside_2027q4_gaap_adjustments	2027Q4 / upside	29.50 USD_millions	derived: No additional COGS depreciation deducted twice. Formula: sum(upside_2027q4_da, upside_2027q4_sbc, upside_2027q4_cash_adjustments).
Operating income proxy upside_2027q4_operating_income	2027Q4 / upside	211.85 USD_millions	derived: No future fair-value or nonoperating mark assumption. Formula: subtract(upside_2027q4_adj_ebitda, upside_2027q4_gaap_adjustments).
Net customer advances upside_2027q4_advance_flow	2027Q4 / upside	40.25 USD_millions	assumption: Cash timing and performance liability; independent of current revenue recognition.
Inventory receivables and other cash investment upside_2027q4_gross_wc	2027Q4 / upside	145.00 USD_millions	assumption: Desk assumption; not company guidance.
Payable/accrual cash inflow upside_2027q4_payables	2027Q4 / upside	50.00 USD_millions	assumption: Desk assumption; not company guidance.
Payables and customer advance cash upside_2027q4_working_sources	2027Q4 / upside	90.25 USD_millions	derived: These are liabilities and settlement timing, not new earnings. Formula: sum(upside_2027q4_payables, upside_2027q4_advance_flow).
Net working-capital cash use upside_2027q4_working_cash	2027Q4 / upside	54.75 USD_millions	derived: Gross receivables and inventories remain visible before funding from customers/vendors. Formula: subtract(upside_2027q4_gross_wc, upside_2027q4_working_sources).
Cash investment interest upside_2027q4_interest_income	2027Q4 / upside	0.70 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA and interest income upside_2027q4_cash_profit	2027Q4 / upside	242.05 USD_millions	derived: Small corporate interest allowance. Formula: sum(upside_2027q4_adj_ebitda, upside_2027q4_interest_income).
Cash interest upside_2027q4_cash_interest	2027Q4 / upside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax upside_2027q4_cash_tax	2027Q4 / upside	44.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash costs taxes interest and working capital upside_2027q4_cash_uses	2027Q4 / upside	112.75 USD_millions	derived: TRA cash is deducted separately after FCF for comparison; actual statement classification may differ. Formula: sum(upside_2027q4_cash_adjustments, upside_2027q4_cash_interest, upside_2027q4_cash_tax, upside_2027q4_working_cash).
Operating cash flow proxy upside_2027q4_cfo	2027Q4 / upside	129.30 USD_millions	derived: No automatic IPO financing inflow. Formula: subtract(upside_2027q4_cash_profit, upside_2027q4_cash_uses).
Cash PP&E upside_2027q4_capex	2027Q4 / upside	16.50 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E upside_2027q4_fcf	2027Q4 / upside	112.80 USD_millions	derived: Before TRA and non-controlling owner distributions. Formula: subtract(upside_2027q4_cfo, upside_2027q4_capex).
TRA payment sensitivity upside_2027q4_tra_cash	2027Q4 / upside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Outside Opco owner cash distribution upside_2027q4_owner_distributions	2027Q4 / upside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
TRA and outside-owner cash upside_2027q4_owner_claims	2027Q4 / upside	17.00 USD_millions	derived: Tax-sharing and minority-owner claims are not dividends available to public holders. Formula: sum(upside_2027q4_tra_cash, upside_2027q4_owner_distributions).
Cash after selected ownership claims upside_2027q4_cash_after_claims	2027Q4 / upside	95.80 USD_millions	derived: Still excludes debt principal and discretionary capital allocation. Formula: subtract(upside_2027q4_fcf, upside_2027q4_owner_claims).
New booked orders upside_2027q4_bookings	2027Q4 / upside	1,350.00 USD_millions	assumption: Desk assumption; not company guidance.
Backlog cancellations and scope reductions upside_2027q4_cancellations	2027Q4 / upside	35.00 USD_millions	assumption: Desk assumption; not company guidance.
Opening backlog plus bookings upside_2027q4_available_backlog	2027Q4 / upside	6,196.00 USD_millions	derived: Forward orders may be cancelled. Formula: sum(upside_2027q3_ending_backlog, upside_2027q4_bookings).
Revenue conversion and cancellation upside_2027q4_backlog_consumption	2027Q4 / upside	877.00 USD_millions	derived: Illustrative stock bridge; no FX/acquisition adjustment. Formula: sum(upside_2027q4_revenue, upside_2027q4_cancellations).
Ending backlog stock upside_2027q4_ending_backlog	2027Q4 / upside	5,319.00 USD_millions	derived: Never summed as an annual revenue flow. Formula: subtract(upside_2027q4_available_backlog, upside_2027q4_backlog_consumption).
Custom accepted-work reference upside_2028q1_custom_activity	2028Q1 / upside	500.00 USD_millions	assumption: Desk assumption; not company guidance.
Custom price and progress realization upside_2028q1_custom_realization	2028Q1 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Custom products revenue upside_2028q1_custom	2028Q1 / upside	500.00 USD_millions	derived: Progress recognition can precede final equipment delivery. Formula: multiply(upside_2028q1_custom_activity, upside_2028q1_custom_realization).
Powertrain accepted-work reference upside_2028q1_pts_activity	2028Q1 / upside	425.00 USD_millions	assumption: Desk assumption; not company guidance.
Powertrain realization upside_2028q1_pts_realization	2028Q1 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Powertrain solutions revenue upside_2028q1_powertrain	2028Q1 / upside	425.00 USD_millions	derived: Capacity alone does not create sales. Formula: multiply(upside_2028q1_pts_activity, upside_2028q1_pts_realization).
Standard products and services upside_2028q1_other_revenue	2028Q1 / upside	35.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue upside_2028q1_revenue	2028Q1 / upside	960.00 USD_millions	derived: Three distinct offering buckets. Formula: sum(upside_2028q1_custom, upside_2028q1_powertrain, upside_2028q1_other_revenue).
Gross contribution before D&A margin upside_2028q1_gross_margin	2028Q1 / upside	37.5% ratio	assumption: Desk assumption; not company guidance.
Gross contribution before D&A upside_2028q1_cash_gross	2028Q1 / upside	360.00 USD_millions	derived: Cash-contribution proxy; reported COGS includes some depreciation. Formula: multiply(upside_2028q1_revenue, upside_2028q1_gross_margin).
Adjusted operating cost budget upside_2028q1_adjusted_opex	2028Q1 / upside	95.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy upside_2028q1_adj_ebitda	2028Q1 / upside	265.00 USD_millions	derived: Base annual $600M calibrated to guidance; quarter allocation is a scenario. Formula: subtract(upside_2028q1_cash_gross, upside_2028q1_adjusted_opex).
D&A upside_2028q1_da	2028Q1 / upside	22.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC upside_2028q1_sbc	2028Q1 / upside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash adjusted-metric exclusions upside_2028q1_cash_adjustments	2028Q1 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
D&A SBC and adjusted cash expenses upside_2028q1_gaap_adjustments	2028Q1 / upside	31.00 USD_millions	derived: No additional COGS depreciation deducted twice. Formula: sum(upside_2028q1_da, upside_2028q1_sbc, upside_2028q1_cash_adjustments).
Operating income proxy upside_2028q1_operating_income	2028Q1 / upside	234.00 USD_millions	derived: No future fair-value or nonoperating mark assumption. Formula: subtract(upside_2028q1_adj_ebitda, upside_2028q1_gaap_adjustments).
Net customer advances upside_2028q1_advance_flow	2028Q1 / upside	34.50 USD_millions	assumption: Cash timing and performance liability; independent of current revenue recognition.
Inventory receivables and other cash investment upside_2028q1_gross_wc	2028Q1 / upside	150.00 USD_millions	assumption: Desk assumption; not company guidance.
Payable/accrual cash inflow upside_2028q1_payables	2028Q1 / upside	45.00 USD_millions	assumption: Desk assumption; not company guidance.
Payables and customer advance cash upside_2028q1_working_sources	2028Q1 / upside	79.50 USD_millions	derived: These are liabilities and settlement timing, not new earnings. Formula: sum(upside_2028q1_payables, upside_2028q1_advance_flow).
Net working-capital cash use upside_2028q1_working_cash	2028Q1 / upside	70.50 USD_millions	derived: Gross receivables and inventories remain visible before funding from customers/vendors. Formula: subtract(upside_2028q1_gross_wc, upside_2028q1_working_sources).
Cash investment interest upside_2028q1_interest_income	2028Q1 / upside	0.70 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA and interest income upside_2028q1_cash_profit	2028Q1 / upside	265.70 USD_millions	derived: Small corporate interest allowance. Formula: sum(upside_2028q1_adj_ebitda, upside_2028q1_interest_income).
Cash interest upside_2028q1_cash_interest	2028Q1 / upside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax upside_2028q1_cash_tax	2028Q1 / upside	52.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash costs taxes interest and working capital upside_2028q1_cash_uses	2028Q1 / upside	136.50 USD_millions	derived: TRA cash is deducted separately after FCF for comparison; actual statement classification may differ. Formula: sum(upside_2028q1_cash_adjustments, upside_2028q1_cash_interest, upside_2028q1_cash_tax, upside_2028q1_working_cash).
Operating cash flow proxy upside_2028q1_cfo	2028Q1 / upside	129.20 USD_millions	derived: No automatic IPO financing inflow. Formula: subtract(upside_2028q1_cash_profit, upside_2028q1_cash_uses).
Cash PP&E upside_2028q1_capex	2028Q1 / upside	19.80 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E upside_2028q1_fcf	2028Q1 / upside	109.40 USD_millions	derived: Before TRA and non-controlling owner distributions. Formula: subtract(upside_2028q1_cfo, upside_2028q1_capex).
TRA payment sensitivity upside_2028q1_tra_cash	2028Q1 / upside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Outside Opco owner cash distribution upside_2028q1_owner_distributions	2028Q1 / upside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
TRA and outside-owner cash upside_2028q1_owner_claims	2028Q1 / upside	20.00 USD_millions	derived: Tax-sharing and minority-owner claims are not dividends available to public holders. Formula: sum(upside_2028q1_tra_cash, upside_2028q1_owner_distributions).
Cash after selected ownership claims upside_2028q1_cash_after_claims	2028Q1 / upside	89.40 USD_millions	derived: Still excludes debt principal and discretionary capital allocation. Formula: subtract(upside_2028q1_fcf, upside_2028q1_owner_claims).
New booked orders upside_2028q1_bookings	2028Q1 / upside	1,400.00 USD_millions	assumption: Desk assumption; not company guidance.
Backlog cancellations and scope reductions upside_2028q1_cancellations	2028Q1 / upside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Opening backlog plus bookings upside_2028q1_available_backlog	2028Q1 / upside	6,719.00 USD_millions	derived: Forward orders may be cancelled. Formula: sum(upside_2027q4_ending_backlog, upside_2028q1_bookings).
Revenue conversion and cancellation upside_2028q1_backlog_consumption	2028Q1 / upside	1,000.00 USD_millions	derived: Illustrative stock bridge; no FX/acquisition adjustment. Formula: sum(upside_2028q1_revenue, upside_2028q1_cancellations).
Ending backlog stock upside_2028q1_ending_backlog	2028Q1 / upside	5,719.00 USD_millions	derived: Never summed as an annual revenue flow. Formula: subtract(upside_2028q1_available_backlog, upside_2028q1_backlog_consumption).
Custom accepted-work reference upside_2028q2_custom_activity	2028Q2 / upside	550.00 USD_millions	assumption: Desk assumption; not company guidance.
Custom price and progress realization upside_2028q2_custom_realization	2028Q2 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Custom products revenue upside_2028q2_custom	2028Q2 / upside	550.00 USD_millions	derived: Progress recognition can precede final equipment delivery. Formula: multiply(upside_2028q2_custom_activity, upside_2028q2_custom_realization).
Powertrain accepted-work reference upside_2028q2_pts_activity	2028Q2 / upside	490.00 USD_millions	assumption: Desk assumption; not company guidance.
Powertrain realization upside_2028q2_pts_realization	2028Q2 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Powertrain solutions revenue upside_2028q2_powertrain	2028Q2 / upside	490.00 USD_millions	derived: Capacity alone does not create sales. Formula: multiply(upside_2028q2_pts_activity, upside_2028q2_pts_realization).
Standard products and services upside_2028q2_other_revenue	2028Q2 / upside	38.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue upside_2028q2_revenue	2028Q2 / upside	1,078.00 USD_millions	derived: Three distinct offering buckets. Formula: sum(upside_2028q2_custom, upside_2028q2_powertrain, upside_2028q2_other_revenue).
Gross contribution before D&A margin upside_2028q2_gross_margin	2028Q2 / upside	37.5% ratio	assumption: Desk assumption; not company guidance.
Gross contribution before D&A upside_2028q2_cash_gross	2028Q2 / upside	404.25 USD_millions	derived: Cash-contribution proxy; reported COGS includes some depreciation. Formula: multiply(upside_2028q2_revenue, upside_2028q2_gross_margin).
Adjusted operating cost budget upside_2028q2_adjusted_opex	2028Q2 / upside	104.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy upside_2028q2_adj_ebitda	2028Q2 / upside	300.25 USD_millions	derived: Base annual $600M calibrated to guidance; quarter allocation is a scenario. Formula: subtract(upside_2028q2_cash_gross, upside_2028q2_adjusted_opex).
D&A upside_2028q2_da	2028Q2 / upside	23.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC upside_2028q2_sbc	2028Q2 / upside	7.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash adjusted-metric exclusions upside_2028q2_cash_adjustments	2028Q2 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
D&A SBC and adjusted cash expenses upside_2028q2_gaap_adjustments	2028Q2 / upside	32.50 USD_millions	derived: No additional COGS depreciation deducted twice. Formula: sum(upside_2028q2_da, upside_2028q2_sbc, upside_2028q2_cash_adjustments).
Operating income proxy upside_2028q2_operating_income	2028Q2 / upside	267.75 USD_millions	derived: No future fair-value or nonoperating mark assumption. Formula: subtract(upside_2028q2_adj_ebitda, upside_2028q2_gaap_adjustments).
Net customer advances upside_2028q2_advance_flow	2028Q2 / upside	40.25 USD_millions	assumption: Cash timing and performance liability; independent of current revenue recognition.
Inventory receivables and other cash investment upside_2028q2_gross_wc	2028Q2 / upside	160.00 USD_millions	assumption: Desk assumption; not company guidance.
Payable/accrual cash inflow upside_2028q2_payables	2028Q2 / upside	50.00 USD_millions	assumption: Desk assumption; not company guidance.
Payables and customer advance cash upside_2028q2_working_sources	2028Q2 / upside	90.25 USD_millions	derived: These are liabilities and settlement timing, not new earnings. Formula: sum(upside_2028q2_payables, upside_2028q2_advance_flow).
Net working-capital cash use upside_2028q2_working_cash	2028Q2 / upside	69.75 USD_millions	derived: Gross receivables and inventories remain visible before funding from customers/vendors. Formula: subtract(upside_2028q2_gross_wc, upside_2028q2_working_sources).
Cash investment interest upside_2028q2_interest_income	2028Q2 / upside	0.70 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA and interest income upside_2028q2_cash_profit	2028Q2 / upside	300.95 USD_millions	derived: Small corporate interest allowance. Formula: sum(upside_2028q2_adj_ebitda, upside_2028q2_interest_income).
Cash interest upside_2028q2_cash_interest	2028Q2 / upside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax upside_2028q2_cash_tax	2028Q2 / upside	60.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash costs taxes interest and working capital upside_2028q2_cash_uses	2028Q2 / upside	143.75 USD_millions	derived: TRA cash is deducted separately after FCF for comparison; actual statement classification may differ. Formula: sum(upside_2028q2_cash_adjustments, upside_2028q2_cash_interest, upside_2028q2_cash_tax, upside_2028q2_working_cash).
Operating cash flow proxy upside_2028q2_cfo	2028Q2 / upside	157.20 USD_millions	derived: No automatic IPO financing inflow. Formula: subtract(upside_2028q2_cash_profit, upside_2028q2_cash_uses).
Cash PP&E upside_2028q2_capex	2028Q2 / upside	22.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E upside_2028q2_fcf	2028Q2 / upside	135.20 USD_millions	derived: Before TRA and non-controlling owner distributions. Formula: subtract(upside_2028q2_cfo, upside_2028q2_capex).
TRA payment sensitivity upside_2028q2_tra_cash	2028Q2 / upside	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Outside Opco owner cash distribution upside_2028q2_owner_distributions	2028Q2 / upside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
TRA and outside-owner cash upside_2028q2_owner_claims	2028Q2 / upside	24.00 USD_millions	derived: Tax-sharing and minority-owner claims are not dividends available to public holders. Formula: sum(upside_2028q2_tra_cash, upside_2028q2_owner_distributions).
Cash after selected ownership claims upside_2028q2_cash_after_claims	2028Q2 / upside	111.20 USD_millions	derived: Still excludes debt principal and discretionary capital allocation. Formula: subtract(upside_2028q2_fcf, upside_2028q2_owner_claims).
New booked orders upside_2028q2_bookings	2028Q2 / upside	1,450.00 USD_millions	assumption: Desk assumption; not company guidance.
Backlog cancellations and scope reductions upside_2028q2_cancellations	2028Q2 / upside	45.00 USD_millions	assumption: Desk assumption; not company guidance.
Opening backlog plus bookings upside_2028q2_available_backlog	2028Q2 / upside	7,169.00 USD_millions	derived: Forward orders may be cancelled. Formula: sum(upside_2028q1_ending_backlog, upside_2028q2_bookings).
Revenue conversion and cancellation upside_2028q2_backlog_consumption	2028Q2 / upside	1,123.00 USD_millions	derived: Illustrative stock bridge; no FX/acquisition adjustment. Formula: sum(upside_2028q2_revenue, upside_2028q2_cancellations).
Ending backlog stock upside_2028q2_ending_backlog	2028Q2 / upside	6,046.00 USD_millions	derived: Never summed as an annual revenue flow. Formula: subtract(upside_2028q2_available_backlog, upside_2028q2_backlog_consumption).
Custom accepted-work reference upside_2028q3_custom_activity	2028Q3 / upside	600.00 USD_millions	assumption: Desk assumption; not company guidance.
Custom price and progress realization upside_2028q3_custom_realization	2028Q3 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Custom products revenue upside_2028q3_custom	2028Q3 / upside	600.00 USD_millions	derived: Progress recognition can precede final equipment delivery. Formula: multiply(upside_2028q3_custom_activity, upside_2028q3_custom_realization).
Powertrain accepted-work reference upside_2028q3_pts_activity	2028Q3 / upside	560.00 USD_millions	assumption: Desk assumption; not company guidance.
Powertrain realization upside_2028q3_pts_realization	2028Q3 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Powertrain solutions revenue upside_2028q3_powertrain	2028Q3 / upside	560.00 USD_millions	derived: Capacity alone does not create sales. Formula: multiply(upside_2028q3_pts_activity, upside_2028q3_pts_realization).
Standard products and services upside_2028q3_other_revenue	2028Q3 / upside	41.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue upside_2028q3_revenue	2028Q3 / upside	1,201.00 USD_millions	derived: Three distinct offering buckets. Formula: sum(upside_2028q3_custom, upside_2028q3_powertrain, upside_2028q3_other_revenue).
Gross contribution before D&A margin upside_2028q3_gross_margin	2028Q3 / upside	37.5% ratio	assumption: Desk assumption; not company guidance.
Gross contribution before D&A upside_2028q3_cash_gross	2028Q3 / upside	450.38 USD_millions	derived: Cash-contribution proxy; reported COGS includes some depreciation. Formula: multiply(upside_2028q3_revenue, upside_2028q3_gross_margin).
Adjusted operating cost budget upside_2028q3_adjusted_opex	2028Q3 / upside	112.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy upside_2028q3_adj_ebitda	2028Q3 / upside	338.38 USD_millions	derived: Base annual $600M calibrated to guidance; quarter allocation is a scenario. Formula: subtract(upside_2028q3_cash_gross, upside_2028q3_adjusted_opex).
D&A upside_2028q3_da	2028Q3 / upside	24.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC upside_2028q3_sbc	2028Q3 / upside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash adjusted-metric exclusions upside_2028q3_cash_adjustments	2028Q3 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
D&A SBC and adjusted cash expenses upside_2028q3_gaap_adjustments	2028Q3 / upside	34.00 USD_millions	derived: No additional COGS depreciation deducted twice. Formula: sum(upside_2028q3_da, upside_2028q3_sbc, upside_2028q3_cash_adjustments).
Operating income proxy upside_2028q3_operating_income	2028Q3 / upside	304.38 USD_millions	derived: No future fair-value or nonoperating mark assumption. Formula: subtract(upside_2028q3_adj_ebitda, upside_2028q3_gaap_adjustments).
Net customer advances upside_2028q3_advance_flow	2028Q3 / upside	46.00 USD_millions	assumption: Cash timing and performance liability; independent of current revenue recognition.
Inventory receivables and other cash investment upside_2028q3_gross_wc	2028Q3 / upside	170.00 USD_millions	assumption: Desk assumption; not company guidance.
Payable/accrual cash inflow upside_2028q3_payables	2028Q3 / upside	55.00 USD_millions	assumption: Desk assumption; not company guidance.
Payables and customer advance cash upside_2028q3_working_sources	2028Q3 / upside	101.00 USD_millions	derived: These are liabilities and settlement timing, not new earnings. Formula: sum(upside_2028q3_payables, upside_2028q3_advance_flow).
Net working-capital cash use upside_2028q3_working_cash	2028Q3 / upside	69.00 USD_millions	derived: Gross receivables and inventories remain visible before funding from customers/vendors. Formula: subtract(upside_2028q3_gross_wc, upside_2028q3_working_sources).
Cash investment interest upside_2028q3_interest_income	2028Q3 / upside	0.70 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA and interest income upside_2028q3_cash_profit	2028Q3 / upside	339.07 USD_millions	derived: Small corporate interest allowance. Formula: sum(upside_2028q3_adj_ebitda, upside_2028q3_interest_income).
Cash interest upside_2028q3_cash_interest	2028Q3 / upside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax upside_2028q3_cash_tax	2028Q3 / upside	68.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash costs taxes interest and working capital upside_2028q3_cash_uses	2028Q3 / upside	151.00 USD_millions	derived: TRA cash is deducted separately after FCF for comparison; actual statement classification may differ. Formula: sum(upside_2028q3_cash_adjustments, upside_2028q3_cash_interest, upside_2028q3_cash_tax, upside_2028q3_working_cash).
Operating cash flow proxy upside_2028q3_cfo	2028Q3 / upside	188.07 USD_millions	derived: No automatic IPO financing inflow. Formula: subtract(upside_2028q3_cash_profit, upside_2028q3_cash_uses).
Cash PP&E upside_2028q3_capex	2028Q3 / upside	24.20 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E upside_2028q3_fcf	2028Q3 / upside	163.88 USD_millions	derived: Before TRA and non-controlling owner distributions. Formula: subtract(upside_2028q3_cfo, upside_2028q3_capex).
TRA payment sensitivity upside_2028q3_tra_cash	2028Q3 / upside	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Outside Opco owner cash distribution upside_2028q3_owner_distributions	2028Q3 / upside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
TRA and outside-owner cash upside_2028q3_owner_claims	2028Q3 / upside	28.00 USD_millions	derived: Tax-sharing and minority-owner claims are not dividends available to public holders. Formula: sum(upside_2028q3_tra_cash, upside_2028q3_owner_distributions).
Cash after selected ownership claims upside_2028q3_cash_after_claims	2028Q3 / upside	135.88 USD_millions	derived: Still excludes debt principal and discretionary capital allocation. Formula: subtract(upside_2028q3_fcf, upside_2028q3_owner_claims).
New booked orders upside_2028q3_bookings	2028Q3 / upside	1,500.00 USD_millions	assumption: Desk assumption; not company guidance.
Backlog cancellations and scope reductions upside_2028q3_cancellations	2028Q3 / upside	50.00 USD_millions	assumption: Desk assumption; not company guidance.
Opening backlog plus bookings upside_2028q3_available_backlog	2028Q3 / upside	7,546.00 USD_millions	derived: Forward orders may be cancelled. Formula: sum(upside_2028q2_ending_backlog, upside_2028q3_bookings).
Revenue conversion and cancellation upside_2028q3_backlog_consumption	2028Q3 / upside	1,251.00 USD_millions	derived: Illustrative stock bridge; no FX/acquisition adjustment. Formula: sum(upside_2028q3_revenue, upside_2028q3_cancellations).
Ending backlog stock upside_2028q3_ending_backlog	2028Q3 / upside	6,295.00 USD_millions	derived: Never summed as an annual revenue flow. Formula: subtract(upside_2028q3_available_backlog, upside_2028q3_backlog_consumption).
Custom accepted-work reference upside_2028q4_custom_activity	2028Q4 / upside	650.00 USD_millions	assumption: Desk assumption; not company guidance.
Custom price and progress realization upside_2028q4_custom_realization	2028Q4 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Custom products revenue upside_2028q4_custom	2028Q4 / upside	650.00 USD_millions	derived: Progress recognition can precede final equipment delivery. Formula: multiply(upside_2028q4_custom_activity, upside_2028q4_custom_realization).
Powertrain accepted-work reference upside_2028q4_pts_activity	2028Q4 / upside	630.00 USD_millions	assumption: Desk assumption; not company guidance.
Powertrain realization upside_2028q4_pts_realization	2028Q4 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Powertrain solutions revenue upside_2028q4_powertrain	2028Q4 / upside	630.00 USD_millions	derived: Capacity alone does not create sales. Formula: multiply(upside_2028q4_pts_activity, upside_2028q4_pts_realization).
Standard products and services upside_2028q4_other_revenue	2028Q4 / upside	44.00 USD_millions	assumption: Desk assumption; not company guidance.
Total revenue upside_2028q4_revenue	2028Q4 / upside	1,324.00 USD_millions	derived: Three distinct offering buckets. Formula: sum(upside_2028q4_custom, upside_2028q4_powertrain, upside_2028q4_other_revenue).
Gross contribution before D&A margin upside_2028q4_gross_margin	2028Q4 / upside	37.5% ratio	assumption: Desk assumption; not company guidance.
Gross contribution before D&A upside_2028q4_cash_gross	2028Q4 / upside	496.50 USD_millions	derived: Cash-contribution proxy; reported COGS includes some depreciation. Formula: multiply(upside_2028q4_revenue, upside_2028q4_gross_margin).
Adjusted operating cost budget upside_2028q4_adjusted_opex	2028Q4 / upside	124.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy upside_2028q4_adj_ebitda	2028Q4 / upside	372.50 USD_millions	derived: Base annual $600M calibrated to guidance; quarter allocation is a scenario. Formula: subtract(upside_2028q4_cash_gross, upside_2028q4_adjusted_opex).
D&A upside_2028q4_da	2028Q4 / upside	25.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC upside_2028q4_sbc	2028Q4 / upside	8.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash adjusted-metric exclusions upside_2028q4_cash_adjustments	2028Q4 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
D&A SBC and adjusted cash expenses upside_2028q4_gaap_adjustments	2028Q4 / upside	35.50 USD_millions	derived: No additional COGS depreciation deducted twice. Formula: sum(upside_2028q4_da, upside_2028q4_sbc, upside_2028q4_cash_adjustments).
Operating income proxy upside_2028q4_operating_income	2028Q4 / upside	337.00 USD_millions	derived: No future fair-value or nonoperating mark assumption. Formula: subtract(upside_2028q4_adj_ebitda, upside_2028q4_gaap_adjustments).
Net customer advances upside_2028q4_advance_flow	2028Q4 / upside	46.00 USD_millions	assumption: Cash timing and performance liability; independent of current revenue recognition.
Inventory receivables and other cash investment upside_2028q4_gross_wc	2028Q4 / upside	180.00 USD_millions	assumption: Desk assumption; not company guidance.
Payable/accrual cash inflow upside_2028q4_payables	2028Q4 / upside	60.00 USD_millions	assumption: Desk assumption; not company guidance.
Payables and customer advance cash upside_2028q4_working_sources	2028Q4 / upside	106.00 USD_millions	derived: These are liabilities and settlement timing, not new earnings. Formula: sum(upside_2028q4_payables, upside_2028q4_advance_flow).
Net working-capital cash use upside_2028q4_working_cash	2028Q4 / upside	74.00 USD_millions	derived: Gross receivables and inventories remain visible before funding from customers/vendors. Formula: subtract(upside_2028q4_gross_wc, upside_2028q4_working_sources).
Cash investment interest upside_2028q4_interest_income	2028Q4 / upside	0.70 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA and interest income upside_2028q4_cash_profit	2028Q4 / upside	373.20 USD_millions	derived: Small corporate interest allowance. Formula: sum(upside_2028q4_adj_ebitda, upside_2028q4_interest_income).
Cash interest upside_2028q4_cash_interest	2028Q4 / upside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax upside_2028q4_cash_tax	2028Q4 / upside	76.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash costs taxes interest and working capital upside_2028q4_cash_uses	2028Q4 / upside	164.00 USD_millions	derived: TRA cash is deducted separately after FCF for comparison; actual statement classification may differ. Formula: sum(upside_2028q4_cash_adjustments, upside_2028q4_cash_interest, upside_2028q4_cash_tax, upside_2028q4_working_cash).
Operating cash flow proxy upside_2028q4_cfo	2028Q4 / upside	209.20 USD_millions	derived: No automatic IPO financing inflow. Formula: subtract(upside_2028q4_cash_profit, upside_2028q4_cash_uses).
Cash PP&E upside_2028q4_capex	2028Q4 / upside	27.50 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E upside_2028q4_fcf	2028Q4 / upside	181.70 USD_millions	derived: Before TRA and non-controlling owner distributions. Formula: subtract(upside_2028q4_cfo, upside_2028q4_capex).
TRA payment sensitivity upside_2028q4_tra_cash	2028Q4 / upside	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Outside Opco owner cash distribution upside_2028q4_owner_distributions	2028Q4 / upside	11.00 USD_millions	assumption: Desk assumption; not company guidance.
TRA and outside-owner cash upside_2028q4_owner_claims	2028Q4 / upside	31.00 USD_millions	derived: Tax-sharing and minority-owner claims are not dividends available to public holders. Formula: sum(upside_2028q4_tra_cash, upside_2028q4_owner_distributions).
Cash after selected ownership claims upside_2028q4_cash_after_claims	2028Q4 / upside	150.70 USD_millions	derived: Still excludes debt principal and discretionary capital allocation. Formula: subtract(upside_2028q4_fcf, upside_2028q4_owner_claims).
New booked orders upside_2028q4_bookings	2028Q4 / upside	1,550.00 USD_millions	assumption: Desk assumption; not company guidance.
Backlog cancellations and scope reductions upside_2028q4_cancellations	2028Q4 / upside	55.00 USD_millions	assumption: Desk assumption; not company guidance.
Opening backlog plus bookings upside_2028q4_available_backlog	2028Q4 / upside	7,845.00 USD_millions	derived: Forward orders may be cancelled. Formula: sum(upside_2028q3_ending_backlog, upside_2028q4_bookings).
Revenue conversion and cancellation upside_2028q4_backlog_consumption	2028Q4 / upside	1,379.00 USD_millions	derived: Illustrative stock bridge; no FX/acquisition adjustment. Formula: sum(upside_2028q4_revenue, upside_2028q4_cancellations).
Ending backlog stock upside_2028q4_ending_backlog	2028Q4 / upside	6,466.00 USD_millions	derived: Never summed as an annual revenue flow. Formula: subtract(upside_2028q4_available_backlog, upside_2028q4_backlog_consumption).
Total revenue ($M) upside_fy2027_revenue	FY2027 / upside	2,671.00 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).
Custom products ($M) upside_fy2027_custom	FY2027 / upside	1,520.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_custom, upside_2027q2_custom, upside_2027q3_custom, upside_2027q4_custom).
Powertrain solutions ($M) upside_fy2027_powertrain	FY2027 / upside	1,035.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_powertrain, upside_2027q2_powertrain, upside_2027q3_powertrain, upside_2027q4_powertrain).
Standard products and services ($M) upside_fy2027_other_revenue	FY2027 / upside	116.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_other_revenue, upside_2027q2_other_revenue, upside_2027q3_other_revenue, upside_2027q4_other_revenue).
Adjusted EBITDA proxy ($M) upside_fy2027_adj_ebitda	FY2027 / upside	701.62 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_adj_ebitda, upside_2027q2_adj_ebitda, upside_2027q3_adj_ebitda, upside_2027q4_adj_ebitda).
Operating income proxy ($M) upside_fy2027_operating_income	FY2027 / upside	590.62 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_operating_income, upside_2027q2_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income).
Operating cash flow proxy ($M) upside_fy2027_cfo	FY2027 / upside	351.67 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 ($M) upside_fy2027_capex	FY2027 / upside	95.70 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_capex, upside_2027q2_capex, upside_2027q3_capex, upside_2027q4_capex).
CFO less PP&E ($M) upside_fy2027_fcf	FY2027 / upside	255.97 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).
TRA cash payments ($M) upside_fy2027_tra_cash	FY2027 / upside	23.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_tra_cash, upside_2027q2_tra_cash, upside_2027q3_tra_cash, upside_2027q4_tra_cash).
Outside-owner distributions ($M) upside_fy2027_owner_distributions	FY2027 / upside	22.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_owner_distributions, upside_2027q2_owner_distributions, upside_2027q3_owner_distributions, upside_2027q4_owner_distributions).
Cash after TRA and outside-owner claims ($M) upside_fy2027_cash_after_claims	FY2027 / upside	210.97 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cash_after_claims, upside_2027q2_cash_after_claims, upside_2027q3_cash_after_claims, upside_2027q4_cash_after_claims).
Total revenue ($M) upside_fy2028_revenue	FY2028 / upside	4,563.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_revenue, upside_2028q2_revenue, upside_2028q3_revenue, upside_2028q4_revenue).
Custom products ($M) upside_fy2028_custom	FY2028 / upside	2,300.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_custom, upside_2028q2_custom, upside_2028q3_custom, upside_2028q4_custom).
Powertrain solutions ($M) upside_fy2028_powertrain	FY2028 / upside	2,105.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_powertrain, upside_2028q2_powertrain, upside_2028q3_powertrain, upside_2028q4_powertrain).
Standard products and services ($M) upside_fy2028_other_revenue	FY2028 / upside	158.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_other_revenue, upside_2028q2_other_revenue, upside_2028q3_other_revenue, upside_2028q4_other_revenue).
Adjusted EBITDA proxy ($M) upside_fy2028_adj_ebitda	FY2028 / upside	1,276.12 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_adj_ebitda, upside_2028q2_adj_ebitda, upside_2028q3_adj_ebitda, upside_2028q4_adj_ebitda).
Operating income proxy ($M) upside_fy2028_operating_income	FY2028 / upside	1,143.12 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_operating_income, upside_2028q2_operating_income, upside_2028q3_operating_income, upside_2028q4_operating_income).
Operating cash flow proxy ($M) upside_fy2028_cfo	FY2028 / upside	683.67 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_cfo, upside_2028q2_cfo, upside_2028q3_cfo, upside_2028q4_cfo).
Cash PP&E ($M) upside_fy2028_capex	FY2028 / upside	93.50 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_capex, upside_2028q2_capex, upside_2028q3_capex, upside_2028q4_capex).
CFO less PP&E ($M) upside_fy2028_fcf	FY2028 / upside	590.17 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_fcf, upside_2028q2_fcf, upside_2028q3_fcf, upside_2028q4_fcf).
TRA cash payments ($M) upside_fy2028_tra_cash	FY2028 / upside	65.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_tra_cash, upside_2028q2_tra_cash, upside_2028q3_tra_cash, upside_2028q4_tra_cash).
Outside-owner distributions ($M) upside_fy2028_owner_distributions	FY2028 / upside	38.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_owner_distributions, upside_2028q2_owner_distributions, upside_2028q3_owner_distributions, upside_2028q4_owner_distributions).
Cash after TRA and outside-owner claims ($M) upside_fy2028_cash_after_claims	FY2028 / upside	487.17 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_cash_after_claims, upside_2028q2_cash_after_claims, upside_2028q3_cash_after_claims, upside_2028q4_cash_after_claims).

Model boundaries

Backlog is rounded, cancellable order value and is not cash or guaranteed revenue. Capacity of about $5.8B after the planned expansion is not a sales forecast; base revenue is well below nameplate capacity.
Much custom work uses over-time recognition. Forecast segment realization represents accepted progress/revenue, not necessarily physical units shipped. Quarterly margin and booking allocation are desk assumptions; management expects sequential growth.
Customer advances improve current CFO while creating performance obligations. Future cash collection depends on milestone billing, inventory, contract assets and acceptance. A change in advances is not an incremental sale.
Adjusted EBITDA excludes public-company readiness, sponsor, earnout and integration expenses. Historical reconciliation identifies these; forecasts separately charge remaining cash adjustments, SBC and D&A. Other nonoperating expense creates a small historical bridge residual.
The February IPO and later offering cash was used to purchase existing owners' Opco interests. Gross equity proceeds do not establish net new operating liquidity. June cash is separate from restricted cash held for distributions/taxes.
The Up-C structure has non-controlling Opco owners and an 85% tax-benefit sharing agreement. TRA liability $338.925M is not paid in one quarter; modeled TRA and outside-owner distributions are cash sensitivities, not a contractual schedule.
Eight quarterly income histories are reconstructed from filed six/nine-month and annual statements where possible. Missing early-quarter cash-flow and balance facts remain unknown. Labels follow the June fiscal year, including comparative periods.
No parent ownership, tax-allocation, full debt amortization or diluted EPS bridge. Cash after claims excludes discretionary buybacks, acquisition payments and debt principal; it is not distributable public-shareholder cash.

Backlog growth through the factory and ownership cash waterfall

Research reviewed 2026-09-19

Can record electrical-equipment orders convert into profitable production and cash after expansion and outside-owner claims?

FY2026 revenue was $1.420B and adjusted EBITDA $322.9M. CFO $109.1M included $153.0M customer-advance inflow, while cash PP&E $115.9M left negative $6.8M FCF. Q4 revenue $461.7M and EBITDA $112.7M accompanied $3.0B rounded backlog. September FY2027 guidance targets $2.4-2.6B revenue and $575-625M EBITDA, with about $87M capex. The $35M additional powertrain expansion targets Q4 FY2027 availability and raises nameplate revenue capacity to about $5.8B. June cash was $97.5M plus $24.2M restricted. The $1.525B combined IPO/follow-on net-underwriting proceeds were offset by purchases of existing owners' Opco interests. TRA liability was $338.9M under an 85% tax-benefit sharing arrangement.

The competing explanation

Orders can move or cancel, and rising inventory and receivables can exceed customer funding. Headline EBITDA excludes real cash costs while TRA payments and outside-owner distributions further separate consolidated performance from public-owner cash.

Risks to track

Data-center customer concentration and order timing.
Manufacturing ramp, commodity cost and tariff exposure.
Customer advances may reverse while working capital grows.
Tax receivable and non-controlling-owner cash claims.
Nameplate capacity and adjusted earnings can overstate near-term cash capacity.

Next checkpoints

FY2027 sequential ramp · Q1 results; date unconfirmed (estimated). Compare expected sequential revenue and margin improvement with factory and backlog conversion.
Powertrain expansion · Q4 FY2027 company target (estimated). Verify commissioning of incremental $35M investment and actual utilized capacity.
Cash and ownership · Each quarterly filing (estimated). Track gross working capital, customer advances, TRA cash and outside-owner distributions.

Data coverage and open work

Backlog is rounded, cancellable order value and is not cash or guaranteed revenue. Capacity of about $5.8B after the planned expansion is not a sales forecast; base revenue is well below nameplate capacity.
Much custom work uses over-time recognition. Forecast segment realization represents accepted progress/revenue, not necessarily physical units shipped. Quarterly margin and booking allocation are desk assumptions; management expects sequential growth.
Customer advances improve current CFO while creating performance obligations. Future cash collection depends on milestone billing, inventory, contract assets and acceptance. A change in advances is not an incremental sale.
Adjusted EBITDA excludes public-company readiness, sponsor, earnout and integration expenses. Historical reconciliation identifies these; forecasts separately charge remaining cash adjustments, SBC and D&A. Other nonoperating expense creates a small historical bridge residual.
The February IPO and later offering cash was used to purchase existing owners' Opco interests. Gross equity proceeds do not establish net new operating liquidity. June cash is separate from restricted cash held for distributions/taxes.
The Up-C structure has non-controlling Opco owners and an 85% tax-benefit sharing agreement. TRA liability $338.925M is not paid in one quarter; modeled TRA and outside-owner distributions are cash sensitivities, not a contractual schedule.
Eight quarterly income histories are reconstructed from filed six/nine-month and annual statements where possible. Missing early-quarter cash-flow and balance facts remain unknown. Labels follow the June fiscal year, including comparative periods.
No parent ownership, tax-allocation, full debt amortization or diluted EPS bridge. Cash after claims excludes discretionary buybacks, acquisition payments and debt principal; it is not distributable public-shareholder cash.

This review: Added backlog conversion, secondary-offering offsets, TRA sensitivities and corrected fiscal history.

What the memory says

No comparison for FPS: No built market state is available for FPS.

Notes on this name

Forgent: A $3.0 Billion Backlog, a 37% Sponsor Stake, and the Conversion Test · 2026-09-15

Scorecard: 1 note scored

Next report date: not dated. Undated in the latest note (https://chartlibrary.io/research/views/fps-backlog-conversion-sponsor-supply-20260915): First: today's completed session, September 15, the first observation after the release; we will record the close, volume and the open-to-close move separately from the overnight

Provenance

[1] derived: Six-month revenue less directly reported Q2; retrieved 2026-09-19T18:30:00+00:00 from https://www.sec.gov/Archives/edgar/data/2080126/000208012626000011/fps-20251231.htm
[2] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0002080126-26-000011, 10-Q filed 2026-03-16; retrieved 2026-09-20T00:34:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002080126.json
[3] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0002080126-26-000018, 10-Q filed 2026-05-14; retrieved 2026-09-20T00:34:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002080126.json
[4] derived: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0002080126-26-000035, 10-K filed 2026-09-15; retrieved 2026-09-20T00:34:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002080126.json
[5] reported: GrossProfit, accession 0002080126-26-000011, 10-Q filed 2026-03-16; retrieved 2026-09-20T00:34:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002080126.json
[6] reported: GrossProfit, accession 0002080126-26-000018, 10-Q filed 2026-05-14; retrieved 2026-09-20T00:34:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002080126.json
[7] derived: GrossProfit, accession 0002080126-26-000035, 10-K filed 2026-09-15; retrieved 2026-09-20T00:34:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002080126.json
[8] derived: Six-month operating income less Q2; retrieved 2026-09-19T18:30:00+00:00 from https://www.sec.gov/Archives/edgar/data/2080126/000208012626000011/fps-20251231.htm
[9] reported: OperatingIncomeLoss, accession 0002080126-26-000011, 10-Q filed 2026-03-16; retrieved 2026-09-20T00:34:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002080126.json
[10] reported: OperatingIncomeLoss, accession 0002080126-26-000018, 10-Q filed 2026-05-14; retrieved 2026-09-20T00:34:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002080126.json
[11] derived: OperatingIncomeLoss, accession 0002080126-26-000035, 10-K filed 2026-09-15; retrieved 2026-09-20T00:34:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002080126.json
[12] reported: Direct Q4 operating income; retrieved 2026-09-19T18:30:00+00:00 from https://www.sec.gov/Archives/edgar/data/2080126/000208012626000034/exhibit991earningsrelease_.htm
[13] derived: Attributable six-month income less Q2; not consolidated before NCI; retrieved 2026-09-19T18:30:00+00:00 from https://www.sec.gov/Archives/edgar/data/2080126/000208012626000011/fps-20251231.htm
[14] reported: NetIncomeLoss, accession 0002080126-26-000011, 10-Q filed 2026-03-16; retrieved 2026-09-20T00:34:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002080126.json
[15] reported: NetIncomeLoss, accession 0002080126-26-000018, 10-Q filed 2026-05-14; retrieved 2026-09-20T00:34:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002080126.json
[16] derived: NetIncomeLoss, accession 0002080126-26-000035, 10-K filed 2026-09-15; retrieved 2026-09-20T00:34:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002080126.json
[17] reported: Direct Q4 income attributable to company; retrieved 2026-09-19T18:30:00+00:00 from https://www.sec.gov/Archives/edgar/data/2080126/000208012626000034/exhibit991earningsrelease_.htm
[18] reported: CashAndCashEquivalentsAtCarryingValue, accession 0002080126-26-000035, 10-K filed 2026-09-15; retrieved 2026-09-20T00:34:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002080126.json
[19] reported: CashAndCashEquivalentsAtCarryingValue, accession 0002080126-26-000011, 10-Q filed 2026-03-16; retrieved 2026-09-20T00:34:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002080126.json
[20] reported: CashAndCashEquivalentsAtCarryingValue, accession 0002080126-26-000018, 10-Q filed 2026-05-14; retrieved 2026-09-20T00:34:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002080126.json
[21] reported: LongTermDebtNoncurrent, accession 0002080126-26-000035, 10-K filed 2026-09-15; retrieved 2026-09-20T00:34:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002080126.json
[22] reported: LongTermDebtNoncurrent, accession 0002080126-26-000011, 10-Q filed 2026-03-16; retrieved 2026-09-20T00:34:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002080126.json
[23] reported: LongTermDebtNoncurrent, accession 0002080126-26-000018, 10-Q filed 2026-05-14; retrieved 2026-09-20T00:34:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002080126.json
[24] derived: NetCashProvidedByUsedInOperatingActivities, accession 0002080126-26-000018, 10-Q filed 2026-05-14; retrieved 2026-09-20T00:34:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002080126.json
[25] derived: NetCashProvidedByUsedInOperatingActivities, accession 0002080126-26-000035, 10-K filed 2026-09-15; retrieved 2026-09-20T00:34:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002080126.json
[26] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0002080126-26-000018, 10-Q filed 2026-05-14; retrieved 2026-09-20T00:34:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002080126.json
[27] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0002080126-26-000035, 10-K filed 2026-09-15; retrieved 2026-09-20T00:34:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002080126.json
[28] derived: CFO - capex; NetCashProvidedByUsedInOperatingActivities [https://data.sec.gov/api/xbrl/companyfacts/CIK0002080126.json; filed 2026-05-14] ; PaymentsToAcquirePropertyPlantAndEquipment [https://data.sec.gov/api/xbrl/companyfacts/CIK0002080126.json; filed 2026-05-14], accession 0002080126-26-000018, 10-Q filed 2026-05-14; retrieved 2026-09-20T00:34:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002080126.json
[29] derived: CFO - capex; NetCashProvidedByUsedInOperatingActivities [https://data.sec.gov/api/xbrl/companyfacts/CIK0002080126.json; filed 2026-09-15] ; PaymentsToAcquirePropertyPlantAndEquipment [https://data.sec.gov/api/xbrl/companyfacts/CIK0002080126.json; filed 2026-09-15], accession 0002080126-26-000035, 10-K filed 2026-09-15; retrieved 2026-09-20T00:34:13+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002080126.json

What the author read

FY2026 consolidated accounts, offerings, debt and TRA · retrieved 2026-09-19
September FY2027 guidance, Q4 results and expansion · retrieved 2026-09-19
Comparative six-month accounts used for Q1 reconstruction · retrieved 2026-09-19
Comparative nine-month accounts and cash flows · retrieved 2026-09-19

Compiled 2026-09-20T00:34:13.032245+00:00 · authored a3aa885920d2 · generated c457d1a95b6c · JSON

Daily notes · Scorecard