ALPHAFORGE RESEARCH · COMPANY FILE · SOFTWARE & INTERNET

$GTLB

Gitlab Inc. · Nasdaq · SIC 7372 · CIK 1653482 · revision 4 as of 2026-09-19

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Business

GitLab sells a DevSecOps platform spanning software planning, development, security and deployment. Customers use self-managed software or hosted services, with subscriptions, licenses and emerging usage credits. Seats, expansion, retention and product adoption drive revenue, while hosting costs, sales commissions, engineering and equity compensation shape margins and cash. JiHu, the China joint venture, remains consolidated.

Three drivers

Bookings and retention converting into recognized revenue
AI usage, hosting costs and subscription economics
Restructuring, equity compensation and unadjusted cash

Thesis

Our view

Q2 bookings and net ARR commentary strengthened, but the near-term revenue guide is still $281M-$283M after $286.254M reported Q2 sales. The model therefore follows revenue recognition rather than equating bookings growth with immediate sales. GAAP operating loss includes equity compensation and restructuring. Q2 company adjusted FCF was positive, while unadjusted CFO less capex was negative; both definitions need to remain visible.

What changes it

Watch whether 117% dollar-based net retention and the stronger bookings translate into revenue while gross margin stabilizes. Reconcile the restructuring plan, special tax cash flows and buybacks before treating adjusted cash as funds retained.

Scenario ranges

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

Model · 8 fiscal quarters (last eight)

Fiscal quarter	2025Q3 2024-10-31	2025Q4 2025-01-31	2026Q1 2025-04-30	2026Q2 2025-07-31	2026Q3 2025-10-31	2026Q4 2026-01-31	2027Q1 2026-04-30	2027Q2 2026-07-31
Revenue ($M)	196.0¹	211.4†²	214.5³	236.0⁴	244.4¹	260.4†²	264.2³	286.3⁴
Gross profit ($M)	173.9⁵	188.6†⁶	189.5⁷	207.5⁸	212.1⁵	225.4†⁶	226.7⁷	240.6⁸
Operating income ($M)	-28.7⁹	-19.3†¹⁰	-34.6¹¹	-18.4¹²	-12.4⁹	-5.2†¹⁰	-15.7¹¹	-56.9¹²
Net income ($M)	29.1¹³	6.9†¹⁴	-35.9¹⁵	-9.2¹⁶	-8.3¹³	-2.6†¹⁴	-5.0¹⁵	-36.8¹⁶
EPS, diluted ($)	0.17¹⁷	—	-0.22¹⁸	-0.06¹⁹	-0.05¹⁷	—	-0.03¹⁸	-0.22¹⁹
Diluted shares (M)	167.4²⁰	—	164.5²¹	166.0²²	167.4²⁰	—	169.9²¹	168.7²²
Cash ($M)	176.6²³	227.6²⁴	255.7²⁵	261.4²⁶	224.2²⁷	229.6²⁸	335.4²⁹	226.5²⁸
Long-term debt ($M)	—	—	—	—	—	—	—	—
Cash from operations ($M)	-177.0†³⁰	63.2†³¹	106.3³²	49.4†³³	31.4†³⁰	45.8†³¹	149.2³²	-3.1†³³
Capex ($M)	1.1†³⁴	1.2†³⁵	0.9³⁶	2.9†³⁷	3.0†³⁴	4.0†³⁵	2.4³⁶	0.2†³⁷
Free cash flow ($M)	-178.1†³⁸	62.1†³⁹	105.4†⁴⁰	46.5†⁴¹	28.4†³⁸	41.8†³⁹	146.8†⁴⁰	-3.3†⁴¹

† 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
2027Q3	282.0	—	2026-09-19	Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q4	298.6	—	2026-09-19	Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2028Q1	318.9	—	2026-09-19	Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2028Q2	332.5	—	2026-09-19	Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.

Bookings conversion, restructuring and unadjusted cash

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

Anchor FY2027 and Q3 revenue and non-GAAP operating income to September guidance, then derive Q4 after reported H1. Extend FY2028 with explicit growth and operating margin assumptions. Reconcile adjusted operating profit to GAAP by deducting total SBC, acquired-intangible amortization, non-SBC restructuring and equity donations. Build CFO from operating earnings, investment income, cash taxes, noncash charges, capitalized commissions and billing timing. Show raw cash after capex separately from company adjusted FCF.

Reported anchors and guidance

Measure	Period	Value	Basis
FY2027 revenue midpoint	FY2027	1,131.00	derived. Calculated midpoint of the company range; not an additional company forecast.
Q3 revenue midpoint	2027Q3	282.00	derived. Calculated midpoint of the company range; not an additional company forecast.
FY2027 non-GAAP operating income midpoint	FY2027	150.00	derived. Calculated midpoint of the company range; not an additional company forecast.
Total plan restructuring charges midpoint	Plan	32.50	derived. Calculated midpoint of the company range; not an additional company forecast.
H1 restructuring	H1 FY2027	23.29	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-09-02
H1 unadjusted cash after capex	H1 FY2027	143.50	derived. Retains actual JiHu settlement payments and BAPA refunds.
H1 company adjusted FCF	H1 FY2027	156.48	derived. Removes BAPA refunds; adjusted amount is not cash remaining after actual payments.
Q2 unadjusted cash after capex	2027Q2	-3.31	derived. Compare with positive $9.750M company adjusted FCF.
q2 adjusted fcf	2027Q2	9.75	reported. Reported millions. Total RPO is rounded; JiHu cash is included in consolidated cash and is not extra parent liquidity. Source · 2026-09-01
current rpo	2027Q2	744.70	reported. Reported millions. Total RPO is rounded; JiHu cash is included in consolidated cash and is not extra parent liquidity. Source · 2026-09-01
liquidity	2027Q2	1,256.99	reported. Reported millions. Total RPO is rounded; JiHu cash is included in consolidated cash and is not extra parent liquidity. Source · 2026-09-02
jihu cash balance	2027Q2	39.06	reported. Reported millions. Total RPO is rounded; JiHu cash is included in consolidated cash and is not extra parent liquidity. Source · 2026-09-02
H1 buybacks	H1 FY2027	154.69	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-09-02

Downside scenario

Period	Operating cash flow ($M)	Unadjusted CFO less capex ($M)	Cash PP&E additions ($M)	Consolidated revenue ($M)	Company-definition adjusted FCF ($M)	GAAP gross profit ($M)	GAAP operating income ($M)	Non-GAAP operating income ($M)
2027Q3	-2.88	-4.38	1.50	273.54	-4.38	224.30	-48.20	28.80
2027Q4	23.94	22.44	1.50	273.12	22.44	223.96	-62.90	11.10
2028Q1	78.21	76.21	2.00	288.75	76.21	236.77	-36.75	34.65
2028Q2	-2.43	-4.43	2.00	301.04	-4.43	246.85	-33.28	36.12
FY2027	167.17	161.57	5.61	1,097.07	174.54	915.55	-183.78	120.00
FY2028	140.01	132.01	8.00	1,228.72	132.01	1,007.55	-135.15	147.45

Base scenario

Period	Operating cash flow ($M)	Unadjusted CFO less capex ($M)	Cash PP&E additions ($M)	Consolidated revenue ($M)	Company-definition adjusted FCF ($M)	GAAP gross profit ($M)	GAAP operating income ($M)	Non-GAAP operating income ($M)
2027Q3	22.40	20.90	1.50	282.00	20.90	239.70	-36.50	36.00
2027Q4	62.97	61.47	1.50	298.59	61.47	253.80	-36.60	33.90
2028Q1	126.08	124.08	2.00	318.94	124.08	271.10	-18.37	51.03
2028Q2	34.08	32.08	2.00	332.51	32.08	282.64	-17.20	53.20
FY2027	231.48	225.87	5.61	1,131.00	238.85	960.79	-145.78	150.00
FY2028	299.29	291.29	8.00	1,357.20	291.29	1,153.62	-69.45	217.15

Upside scenario

Period	Operating cash flow ($M)	Unadjusted CFO less capex ($M)	Cash PP&E additions ($M)	Consolidated revenue ($M)	Company-definition adjusted FCF ($M)	GAAP gross profit ($M)	GAAP operating income ($M)	Non-GAAP operating income ($M)
2027Q3	35.22	33.72	1.50	287.64	33.72	250.25	-34.40	39.60
2027Q4	83.02	81.52	1.50	315.57	81.52	274.54	-27.70	45.30
2028Q1	148.58	146.58	2.00	347.01	146.58	301.90	-6.47	65.93
2028Q2	57.15	55.15	2.00	361.78	55.15	314.74	-5.66	68.74
FY2027	264.34	258.74	5.61	1,153.62	271.72	992.08	-134.78	165.00
FY2028	392.73	384.73	8.00	1,476.63	384.73	1,284.67	-24.04	280.56

All inputs and formulas — reproduce this model

Input / calculation	Period / case	Value / unit	Evidence or assumption
H1 revenue h1_revenue	H1 FY2027 / shared	550.41 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02
H1 gross profit h1_gross_profit	H1 FY2027 / shared	467.29 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02
H1 adjusted operating income h1_adjusted_operating_income	H1 FY2027 / shared	80.10 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-01
H1 operating income h1_operating_income	H1 FY2027 / shared	-72.68 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02
H1 cfo h1_cfo	H1 FY2027 / shared	146.10 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02
H1 capex h1_capex	H1 FY2027 / shared	2.61 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02
H1 sbc h1_sbc	H1 FY2027 / shared	125.07 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02
H1 restructuring h1_restructuring	H1 FY2027 / shared	23.29 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02
H1 restructuring sbc h1_restructuring_sbc	H1 FY2027 / shared	3.86 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02
H1 jihu cash h1_jihu_cash	H1 FY2027 / shared	14.04 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-01
H1 bapa refund h1_bapa_refund	H1 FY2027 / shared	1.06 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-01
H1 commission amort h1_commission_amort	H1 FY2027 / shared	23.50 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02
H1 commission cash h1_commission_cash	H1 FY2027 / shared	24.75 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02
H1 buybacks h1_buybacks	H1 FY2027 / shared	154.69 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02
H1 unadjusted cash after capex h1_fcf	H1 FY2027 / shared	143.50 USD_millions	derived: Retains actual JiHu settlement payments and BAPA refunds. Formula: subtract(h1_cfo, h1_capex).
H1 cash with JiHu payment added back h1_adjusted_fcf_before_refund	H1 FY2027 / shared	157.53 USD_millions	derived: Intermediate in company adjusted definition. Formula: sum(h1_fcf, h1_jihu_cash).
H1 company adjusted FCF h1_adjusted_fcf	H1 FY2027 / shared	156.48 USD_millions	derived: Removes BAPA refunds; adjusted amount is not cash remaining after actual payments. Formula: subtract(h1_adjusted_fcf_before_refund, h1_bapa_refund).
q2 cfo q2_cfo	2027Q2 / shared	-3.09 USD_millions	reported: Reported millions. Total RPO is rounded; JiHu cash is included in consolidated cash and is not extra parent liquidity. Primary source · 2026-09-01
q2 capex q2_capex	2027Q2 / shared	0.21 USD_millions	reported: Reported millions. Total RPO is rounded; JiHu cash is included in consolidated cash and is not extra parent liquidity. Primary source · 2026-09-01
q2 adjusted fcf q2_adjusted_fcf	2027Q2 / shared	9.75 USD_millions	reported: Reported millions. Total RPO is rounded; JiHu cash is included in consolidated cash and is not extra parent liquidity. Primary source · 2026-09-01
liquidity liquidity	2027Q2 / shared	1,256.99 USD_millions	reported: Reported millions. Total RPO is rounded; JiHu cash is included in consolidated cash and is not extra parent liquidity. Primary source · 2026-09-02
jihu cash balance jihu_cash_balance	2027Q2 / shared	39.06 USD_millions	reported: Reported millions. Total RPO is rounded; JiHu cash is included in consolidated cash and is not extra parent liquidity. Primary source · 2026-09-02
current rpo current_rpo	2027Q2 / shared	744.70 USD_millions	reported: Reported millions. Total RPO is rounded; JiHu cash is included in consolidated cash and is not extra parent liquidity. Primary source · 2026-09-01
total rpo total_rpo	2027Q2 / shared	1,200.00 USD_millions	reported: Reported millions. Total RPO is rounded; JiHu cash is included in consolidated cash and is not extra parent liquidity. Primary source · 2026-09-01
Q2 unadjusted cash after capex q2_fcf	2027Q2 / shared	-3.31 USD_millions	derived: Compare with positive $9.750M company adjusted FCF. Formula: subtract(q2_cfo, q2_capex).
FY2027 revenue low fy27_revenue_guide_low	FY2027 / shared	1,129.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-01
FY2027 revenue high fy27_revenue_guide_high	FY2027 / shared	1,133.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-01
Midpoint divisor two	Model / shared	200.0% ratio	assumption: Arithmetic constant.
FY2027 revenue endpoint sum fy27_revenue_guide_sum	FY2027 / shared	2,262.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(fy27_revenue_guide_low, fy27_revenue_guide_high).
FY2027 revenue midpoint fy27_revenue_guide	FY2027 / shared	1,131.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy27_revenue_guide_sum, two).
Q3 revenue low q3_revenue_guide_low	2027Q3 / shared	281.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-01
Q3 revenue high q3_revenue_guide_high	2027Q3 / shared	283.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-01
Q3 revenue endpoint sum q3_revenue_guide_sum	2027Q3 / shared	564.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(q3_revenue_guide_low, q3_revenue_guide_high).
Q3 revenue midpoint q3_revenue_guide	2027Q3 / shared	282.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q3_revenue_guide_sum, two).
FY2027 non-GAAP operating income low fy27_op_guide_low	FY2027 / shared	148.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-01
FY2027 non-GAAP operating income high fy27_op_guide_high	FY2027 / shared	152.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-01
FY2027 non-GAAP operating income endpoint sum fy27_op_guide_sum	FY2027 / shared	300.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(fy27_op_guide_low, fy27_op_guide_high).
FY2027 non-GAAP operating income midpoint fy27_op_guide	FY2027 / shared	150.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy27_op_guide_sum, two).
Q3 non-GAAP operating income low q3_op_guide_low	2027Q3 / shared	35.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-01
Q3 non-GAAP operating income high q3_op_guide_high	2027Q3 / shared	37.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-01
Q3 non-GAAP operating income endpoint sum q3_op_guide_sum	2027Q3 / shared	72.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(q3_op_guide_low, q3_op_guide_high).
Q3 non-GAAP operating income midpoint q3_op_guide	2027Q3 / shared	36.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q3_op_guide_sum, two).
Total plan restructuring charges low restructuring_total_guide_low	Plan / shared	30.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-02
Total plan restructuring charges high restructuring_total_guide_high	Plan / shared	35.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-02
Total plan restructuring charges endpoint sum restructuring_total_guide_sum	Plan / shared	65.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(restructuring_total_guide_low, restructuring_total_guide_high).
Total plan restructuring charges midpoint restructuring_total_guide	Plan / shared	32.50 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(restructuring_total_guide_sum, two).
FY2027 delivery versus guide midpoint downside_delivery	FY2027 / downside	97.0% ratio	assumption: Desk sensitivity.
FY2027 opfactor versus guide midpoint downside_opfactor	FY2027 / downside	80.0% ratio	assumption: Desk sensitivity.
FY2027 revenue downside_fy27_revenue_target	FY2027 / downside	1,097.07 USD_millions	derived: Company midpoint times desk sensitivity. Formula: multiply(fy27_revenue_guide, downside_delivery).
H2 revenue downside_h2_revenue	H2 FY2027 / downside	546.66 USD_millions	derived: Annual scenario less actual H1. Formula: subtract(downside_fy27_revenue_target, h1_revenue).
FY2027 adjusted_operating_income downside_fy27_adjusted_operating_income_target	FY2027 / downside	120.00 USD_millions	derived: Company midpoint times desk sensitivity. Formula: multiply(fy27_op_guide, downside_opfactor).
H2 adjusted_operating_income downside_h2_adjusted_operating_income	H2 FY2027 / downside	39.90 USD_millions	derived: Annual scenario less actual H1. Formula: subtract(downside_fy27_adjusted_operating_income_target, h1_adjusted_operating_income).
FY2028 revenue multiplier downside_growth	FY2028 / downside	112.0% ratio	assumption: Desk growth beyond published guidance.
FY2028 revenue downside_fy28_revenue_target	FY2028 / downside	1,228.72 USD_millions	derived: Prior-year scenario times growth. Formula: multiply(downside_fy27_revenue_target, downside_growth).
Revenue downside_2027q3_revenue	2027Q3 / downside	273.54 USD_millions	derived: Q3 midpoint times delivery sensitivity. Formula: multiply(q3_revenue_guide, downside_delivery).
Non-GAAP operating income downside_2027q3_adjusted_operating_income	2027Q3 / downside	28.80 USD_millions	derived: Q3 adjusted operating midpoint times sensitivity. Formula: multiply(q3_op_guide, downside_opfactor).
GAAP gross margin downside_2027q3_gross_margin	2027Q3 / downside	82.0% ratio	assumption: Includes cost-of-revenue SBC and amortization; margin pressure can accompany AI/hosting usage.
GAAP gross profit downside_2027q3_gross_profit	2027Q3 / downside	224.30 USD_millions	derived: Reported-scope gross margin proxy, independent of adjusted operating profit. Formula: multiply(downside_2027q3_revenue, downside_2027q3_gross_margin).
Total stock compensation expense downside_2027q3_sbc	2027Q3 / downside	66.00 USD_millions	assumption: Includes assumed modified/restructuring awards of $1M Q3 and $0.5M Q4; no second deduction of those awards.
Acquired-intangible amortization downside_2027q3_amort	2027Q3 / downside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Non-SBC restructuring expense downside_2027q3_cash_restructuring	2027Q3 / downside	8.00 USD_millions	assumption: Non-SBC portion only. Cash settlement timing is captured in working capital; retention can extend into FY2028.
Equity donation expense downside_2027q3_donation	2027Q3 / downside	1.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP reconciling expenses downside_2027q3_adjustments	2027Q3 / downside	77.00 USD_millions	derived: Total SBC includes cost-of-revenue SBC and restructuring equity, avoiding duplicate deductions. Formula: sum(downside_2027q3_sbc, downside_2027q3_amort, downside_2027q3_cash_restructuring, downside_2027q3_donation).
GAAP operating income downside_2027q3_operating_income	2027Q3 / downside	-48.20 USD_millions	derived: Non-GAAP operating scenario less explicitly modeled exclusions. Formula: subtract(downside_2027q3_adjusted_operating_income, downside_2027q3_adjustments).
Investment income less cash tax downside_2027q3_net_interest_after_cash_tax	2027Q3 / downside	6.00 USD_millions	assumption: Desk $11M quarterly interest income less named cash-tax allowance; no recurring JiHu tax benefit.
Operating income plus investment income less cash tax downside_2027q3_cash_earnings	2027Q3 / downside	-42.20 USD_millions	derived: Simplified cash earnings starting point, not a parent net-income forecast. Formula: sum(downside_2027q3_operating_income, downside_2027q3_net_interest_after_cash_tax).
Other depreciation downside_2027q3_depreciation	2027Q3 / downside	1.50 USD_millions	assumption: Desk assumption, not company guidance.
Amortization of deferred commissions downside_2027q3_commission_amort	2027Q3 / downside	12.50 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings plus noncash charges downside_2027q3_before_commissions	2027Q3 / downside	40.80 USD_millions	derived: Adds only noncash charges; restructuring cash expense is not added back. Formula: sum(downside_2027q3_cash_earnings, downside_2027q3_sbc, downside_2027q3_amort, downside_2027q3_donation, downside_2027q3_depreciation, downside_2027q3_commission_amort).
New capitalized commissions / revenue downside_2027q3_commission_rate	2027Q3 / downside	5.0% ratio	assumption: Desk assumption, not company guidance.
Capitalized commission cash spending downside_2027q3_commission_cash	2027Q3 / downside	13.68 USD_millions	derived: Capitalized acquisition costs are CFO cash use, separate from amortization. Formula: multiply(downside_2027q3_revenue, downside_2027q3_commission_rate).
Other net operating cash use downside_2027q3_wc	2027Q3 / downside	30.00 USD_millions	assumption: Positive use/negative release includes billing, deferred revenue, tax and restructuring settlement timing.
Commission and working-capital use downside_2027q3_operating_uses	2027Q3 / downside	43.68 USD_millions	derived: No RPO added to cash or revenue. Formula: sum(downside_2027q3_commission_cash, downside_2027q3_wc).
Operating cash flow downside_2027q3_cfo	2027Q3 / downside	-2.88 USD_millions	derived: No future special JiHu formation payment or BAPA refund is assumed. Formula: subtract(downside_2027q3_before_commissions, downside_2027q3_operating_uses).
PP&E cash additions downside_2027q3_capex	2027Q3 / downside	1.50 USD_millions	assumption: Desk assumption, not company guidance.
Unadjusted cash after capex downside_2027q3_fcf	2027Q3 / downside	-4.38 USD_millions	derived: Actual cash definition before financing and acquisitions. Formula: subtract(downside_2027q3_cfo, downside_2027q3_capex).
Future JiHu/BAPA FCF adjustment downside_2027q3_special_adjustment	2027Q3 / downside	0.00 USD_millions	assumption: Zero future special payments or refunds assumed; annual H1 adjustment remains actual.
Company-definition adjusted FCF downside_2027q3_adjusted_fcf	2027Q3 / downside	-4.38 USD_millions	derived: Future raw and adjusted FCF coincide only under the explicit zero-special-cash assumption. Formula: sum(downside_2027q3_fcf, downside_2027q3_special_adjustment).
Revenue downside_2027q4_revenue	2027Q4 / downside	273.12 USD_millions	derived: H2 scenario less modeled Q3. Formula: subtract(downside_h2_revenue, downside_2027q3_revenue).
Non-GAAP operating income downside_2027q4_adjusted_operating_income	2027Q4 / downside	11.10 USD_millions	derived: Annual adjusted income less actual H1 and forecast Q3. Formula: subtract(downside_h2_adjusted_operating_income, downside_2027q3_adjusted_operating_income).
GAAP gross margin downside_2027q4_gross_margin	2027Q4 / downside	82.0% ratio	assumption: Includes cost-of-revenue SBC and amortization; margin pressure can accompany AI/hosting usage.
GAAP gross profit downside_2027q4_gross_profit	2027Q4 / downside	223.96 USD_millions	derived: Reported-scope gross margin proxy, independent of adjusted operating profit. Formula: multiply(downside_2027q4_revenue, downside_2027q4_gross_margin).
Total stock compensation expense downside_2027q4_sbc	2027Q4 / downside	67.00 USD_millions	assumption: Includes assumed modified/restructuring awards of $1M Q3 and $0.5M Q4; no second deduction of those awards.
Acquired-intangible amortization downside_2027q4_amort	2027Q4 / downside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Non-SBC restructuring expense downside_2027q4_cash_restructuring	2027Q4 / downside	4.00 USD_millions	assumption: Non-SBC portion only. Cash settlement timing is captured in working capital; retention can extend into FY2028.
Equity donation expense downside_2027q4_donation	2027Q4 / downside	1.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP reconciling expenses downside_2027q4_adjustments	2027Q4 / downside	74.00 USD_millions	derived: Total SBC includes cost-of-revenue SBC and restructuring equity, avoiding duplicate deductions. Formula: sum(downside_2027q4_sbc, downside_2027q4_amort, downside_2027q4_cash_restructuring, downside_2027q4_donation).
GAAP operating income downside_2027q4_operating_income	2027Q4 / downside	-62.90 USD_millions	derived: Non-GAAP operating scenario less explicitly modeled exclusions. Formula: subtract(downside_2027q4_adjusted_operating_income, downside_2027q4_adjustments).
Investment income less cash tax downside_2027q4_net_interest_after_cash_tax	2027Q4 / downside	6.00 USD_millions	assumption: Desk $11M quarterly interest income less named cash-tax allowance; no recurring JiHu tax benefit.
Operating income plus investment income less cash tax downside_2027q4_cash_earnings	2027Q4 / downside	-56.90 USD_millions	derived: Simplified cash earnings starting point, not a parent net-income forecast. Formula: sum(downside_2027q4_operating_income, downside_2027q4_net_interest_after_cash_tax).
Other depreciation downside_2027q4_depreciation	2027Q4 / downside	1.50 USD_millions	assumption: Desk assumption, not company guidance.
Amortization of deferred commissions downside_2027q4_commission_amort	2027Q4 / downside	13.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings plus noncash charges downside_2027q4_before_commissions	2027Q4 / downside	27.60 USD_millions	derived: Adds only noncash charges; restructuring cash expense is not added back. Formula: sum(downside_2027q4_cash_earnings, downside_2027q4_sbc, downside_2027q4_amort, downside_2027q4_donation, downside_2027q4_depreciation, downside_2027q4_commission_amort).
New capitalized commissions / revenue downside_2027q4_commission_rate	2027Q4 / downside	5.0% ratio	assumption: Desk assumption, not company guidance.
Capitalized commission cash spending downside_2027q4_commission_cash	2027Q4 / downside	13.66 USD_millions	derived: Capitalized acquisition costs are CFO cash use, separate from amortization. Formula: multiply(downside_2027q4_revenue, downside_2027q4_commission_rate).
Other net operating cash use downside_2027q4_wc	2027Q4 / downside	-10.00 USD_millions	assumption: Positive use/negative release includes billing, deferred revenue, tax and restructuring settlement timing.
Commission and working-capital use downside_2027q4_operating_uses	2027Q4 / downside	3.66 USD_millions	derived: No RPO added to cash or revenue. Formula: sum(downside_2027q4_commission_cash, downside_2027q4_wc).
Operating cash flow downside_2027q4_cfo	2027Q4 / downside	23.94 USD_millions	derived: No future special JiHu formation payment or BAPA refund is assumed. Formula: subtract(downside_2027q4_before_commissions, downside_2027q4_operating_uses).
PP&E cash additions downside_2027q4_capex	2027Q4 / downside	1.50 USD_millions	assumption: Desk assumption, not company guidance.
Unadjusted cash after capex downside_2027q4_fcf	2027Q4 / downside	22.44 USD_millions	derived: Actual cash definition before financing and acquisitions. Formula: subtract(downside_2027q4_cfo, downside_2027q4_capex).
Future JiHu/BAPA FCF adjustment downside_2027q4_special_adjustment	2027Q4 / downside	0.00 USD_millions	assumption: Zero future special payments or refunds assumed; annual H1 adjustment remains actual.
Company-definition adjusted FCF downside_2027q4_adjusted_fcf	2027Q4 / downside	22.44 USD_millions	derived: Future raw and adjusted FCF coincide only under the explicit zero-special-cash assumption. Formula: sum(downside_2027q4_fcf, downside_2027q4_special_adjustment).
Annual revenue quarter share downside_2028q1_weight	2028Q1 / downside	23.5% ratio	assumption: Desk assumption, not company guidance.
Revenue downside_2028q1_revenue	2028Q1 / downside	288.75 USD_millions	derived: Quarterly phasing; four shares sum to one. Formula: multiply(downside_fy28_revenue_target, downside_2028q1_weight).
Non-GAAP operating margin downside_2028q1_adjusted_margin	2028Q1 / downside	12.0% ratio	assumption: Desk assumption, not company guidance.
Non-GAAP operating income downside_2028q1_adjusted_operating_income	2028Q1 / downside	34.65 USD_millions	derived: Independent operating leverage scenario. Formula: multiply(downside_2028q1_revenue, downside_2028q1_adjusted_margin).
GAAP gross margin downside_2028q1_gross_margin	2028Q1 / downside	82.0% ratio	assumption: Includes cost-of-revenue SBC and amortization; margin pressure can accompany AI/hosting usage.
GAAP gross profit downside_2028q1_gross_profit	2028Q1 / downside	236.77 USD_millions	derived: Reported-scope gross margin proxy, independent of adjusted operating profit. Formula: multiply(downside_2028q1_revenue, downside_2028q1_gross_margin).
Total stock compensation expense downside_2028q1_sbc	2028Q1 / downside	67.00 USD_millions	assumption: Includes assumed modified/restructuring awards of $1M Q3 and $0.5M Q4; no second deduction of those awards.
Acquired-intangible amortization downside_2028q1_amort	2028Q1 / downside	0.40 USD_millions	assumption: Desk assumption, not company guidance.
Non-SBC restructuring expense downside_2028q1_cash_restructuring	2028Q1 / downside	3.00 USD_millions	assumption: Non-SBC portion only. Cash settlement timing is captured in working capital; retention can extend into FY2028.
Equity donation expense downside_2028q1_donation	2028Q1 / downside	1.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP reconciling expenses downside_2028q1_adjustments	2028Q1 / downside	71.40 USD_millions	derived: Total SBC includes cost-of-revenue SBC and restructuring equity, avoiding duplicate deductions. Formula: sum(downside_2028q1_sbc, downside_2028q1_amort, downside_2028q1_cash_restructuring, downside_2028q1_donation).
GAAP operating income downside_2028q1_operating_income	2028Q1 / downside	-36.75 USD_millions	derived: Non-GAAP operating scenario less explicitly modeled exclusions. Formula: subtract(downside_2028q1_adjusted_operating_income, downside_2028q1_adjustments).
Investment income less cash tax downside_2028q1_net_interest_after_cash_tax	2028Q1 / downside	6.00 USD_millions	assumption: Desk $11M quarterly interest income less named cash-tax allowance; no recurring JiHu tax benefit.
Operating income plus investment income less cash tax downside_2028q1_cash_earnings	2028Q1 / downside	-30.75 USD_millions	derived: Simplified cash earnings starting point, not a parent net-income forecast. Formula: sum(downside_2028q1_operating_income, downside_2028q1_net_interest_after_cash_tax).
Other depreciation downside_2028q1_depreciation	2028Q1 / downside	1.50 USD_millions	assumption: Desk assumption, not company guidance.
Amortization of deferred commissions downside_2028q1_commission_amort	2028Q1 / downside	13.50 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings plus noncash charges downside_2028q1_before_commissions	2028Q1 / downside	52.65 USD_millions	derived: Adds only noncash charges; restructuring cash expense is not added back. Formula: sum(downside_2028q1_cash_earnings, downside_2028q1_sbc, downside_2028q1_amort, downside_2028q1_donation, downside_2028q1_depreciation, downside_2028q1_commission_amort).
New capitalized commissions / revenue downside_2028q1_commission_rate	2028Q1 / downside	5.0% ratio	assumption: Desk assumption, not company guidance.
Capitalized commission cash spending downside_2028q1_commission_cash	2028Q1 / downside	14.44 USD_millions	derived: Capitalized acquisition costs are CFO cash use, separate from amortization. Formula: multiply(downside_2028q1_revenue, downside_2028q1_commission_rate).
Other net operating cash use downside_2028q1_wc	2028Q1 / downside	-40.00 USD_millions	assumption: Positive use/negative release includes billing, deferred revenue, tax and restructuring settlement timing.
Commission and working-capital use downside_2028q1_operating_uses	2028Q1 / downside	-25.56 USD_millions	derived: No RPO added to cash or revenue. Formula: sum(downside_2028q1_commission_cash, downside_2028q1_wc).
Operating cash flow downside_2028q1_cfo	2028Q1 / downside	78.21 USD_millions	derived: No future special JiHu formation payment or BAPA refund is assumed. Formula: subtract(downside_2028q1_before_commissions, downside_2028q1_operating_uses).
PP&E cash additions downside_2028q1_capex	2028Q1 / downside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Unadjusted cash after capex downside_2028q1_fcf	2028Q1 / downside	76.21 USD_millions	derived: Actual cash definition before financing and acquisitions. Formula: subtract(downside_2028q1_cfo, downside_2028q1_capex).
Future JiHu/BAPA FCF adjustment downside_2028q1_special_adjustment	2028Q1 / downside	0.00 USD_millions	assumption: Zero future special payments or refunds assumed; annual H1 adjustment remains actual.
Company-definition adjusted FCF downside_2028q1_adjusted_fcf	2028Q1 / downside	76.21 USD_millions	derived: Future raw and adjusted FCF coincide only under the explicit zero-special-cash assumption. Formula: sum(downside_2028q1_fcf, downside_2028q1_special_adjustment).
Annual revenue quarter share downside_2028q2_weight	2028Q2 / downside	24.5% ratio	assumption: Desk assumption, not company guidance.
Revenue downside_2028q2_revenue	2028Q2 / downside	301.04 USD_millions	derived: Quarterly phasing; four shares sum to one. Formula: multiply(downside_fy28_revenue_target, downside_2028q2_weight).
Non-GAAP operating margin downside_2028q2_adjusted_margin	2028Q2 / downside	12.0% ratio	assumption: Desk assumption, not company guidance.
Non-GAAP operating income downside_2028q2_adjusted_operating_income	2028Q2 / downside	36.12 USD_millions	derived: Independent operating leverage scenario. Formula: multiply(downside_2028q2_revenue, downside_2028q2_adjusted_margin).
GAAP gross margin downside_2028q2_gross_margin	2028Q2 / downside	82.0% ratio	assumption: Includes cost-of-revenue SBC and amortization; margin pressure can accompany AI/hosting usage.
GAAP gross profit downside_2028q2_gross_profit	2028Q2 / downside	246.85 USD_millions	derived: Reported-scope gross margin proxy, independent of adjusted operating profit. Formula: multiply(downside_2028q2_revenue, downside_2028q2_gross_margin).
Total stock compensation expense downside_2028q2_sbc	2028Q2 / downside	68.00 USD_millions	assumption: Includes assumed modified/restructuring awards of $1M Q3 and $0.5M Q4; no second deduction of those awards.
Acquired-intangible amortization downside_2028q2_amort	2028Q2 / downside	0.40 USD_millions	assumption: Desk assumption, not company guidance.
Non-SBC restructuring expense downside_2028q2_cash_restructuring	2028Q2 / downside	0.00 USD_millions	assumption: Non-SBC portion only. Cash settlement timing is captured in working capital; retention can extend into FY2028.
Equity donation expense downside_2028q2_donation	2028Q2 / downside	1.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP reconciling expenses downside_2028q2_adjustments	2028Q2 / downside	69.40 USD_millions	derived: Total SBC includes cost-of-revenue SBC and restructuring equity, avoiding duplicate deductions. Formula: sum(downside_2028q2_sbc, downside_2028q2_amort, downside_2028q2_cash_restructuring, downside_2028q2_donation).
GAAP operating income downside_2028q2_operating_income	2028Q2 / downside	-33.28 USD_millions	derived: Non-GAAP operating scenario less explicitly modeled exclusions. Formula: subtract(downside_2028q2_adjusted_operating_income, downside_2028q2_adjustments).
Investment income less cash tax downside_2028q2_net_interest_after_cash_tax	2028Q2 / downside	6.00 USD_millions	assumption: Desk $11M quarterly interest income less named cash-tax allowance; no recurring JiHu tax benefit.
Operating income plus investment income less cash tax downside_2028q2_cash_earnings	2028Q2 / downside	-27.28 USD_millions	derived: Simplified cash earnings starting point, not a parent net-income forecast. Formula: sum(downside_2028q2_operating_income, downside_2028q2_net_interest_after_cash_tax).
Other depreciation downside_2028q2_depreciation	2028Q2 / downside	1.50 USD_millions	assumption: Desk assumption, not company guidance.
Amortization of deferred commissions downside_2028q2_commission_amort	2028Q2 / downside	14.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings plus noncash charges downside_2028q2_before_commissions	2028Q2 / downside	57.62 USD_millions	derived: Adds only noncash charges; restructuring cash expense is not added back. Formula: sum(downside_2028q2_cash_earnings, downside_2028q2_sbc, downside_2028q2_amort, downside_2028q2_donation, downside_2028q2_depreciation, downside_2028q2_commission_amort).
New capitalized commissions / revenue downside_2028q2_commission_rate	2028Q2 / downside	5.0% ratio	assumption: Desk assumption, not company guidance.
Capitalized commission cash spending downside_2028q2_commission_cash	2028Q2 / downside	15.05 USD_millions	derived: Capitalized acquisition costs are CFO cash use, separate from amortization. Formula: multiply(downside_2028q2_revenue, downside_2028q2_commission_rate).
Other net operating cash use downside_2028q2_wc	2028Q2 / downside	45.00 USD_millions	assumption: Positive use/negative release includes billing, deferred revenue, tax and restructuring settlement timing.
Commission and working-capital use downside_2028q2_operating_uses	2028Q2 / downside	60.05 USD_millions	derived: No RPO added to cash or revenue. Formula: sum(downside_2028q2_commission_cash, downside_2028q2_wc).
Operating cash flow downside_2028q2_cfo	2028Q2 / downside	-2.43 USD_millions	derived: No future special JiHu formation payment or BAPA refund is assumed. Formula: subtract(downside_2028q2_before_commissions, downside_2028q2_operating_uses).
PP&E cash additions downside_2028q2_capex	2028Q2 / downside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Unadjusted cash after capex downside_2028q2_fcf	2028Q2 / downside	-4.43 USD_millions	derived: Actual cash definition before financing and acquisitions. Formula: subtract(downside_2028q2_cfo, downside_2028q2_capex).
Future JiHu/BAPA FCF adjustment downside_2028q2_special_adjustment	2028Q2 / downside	0.00 USD_millions	assumption: Zero future special payments or refunds assumed; annual H1 adjustment remains actual.
Company-definition adjusted FCF downside_2028q2_adjusted_fcf	2028Q2 / downside	-4.43 USD_millions	derived: Future raw and adjusted FCF coincide only under the explicit zero-special-cash assumption. Formula: sum(downside_2028q2_fcf, downside_2028q2_special_adjustment).
Annual revenue quarter share downside_2028q3_weight	2028Q3 / downside	25.5% ratio	assumption: Desk assumption, not company guidance.
Revenue downside_2028q3_revenue	2028Q3 / downside	313.32 USD_millions	derived: Quarterly phasing; four shares sum to one. Formula: multiply(downside_fy28_revenue_target, downside_2028q3_weight).
Non-GAAP operating margin downside_2028q3_adjusted_margin	2028Q3 / downside	12.0% ratio	assumption: Desk assumption, not company guidance.
Non-GAAP operating income downside_2028q3_adjusted_operating_income	2028Q3 / downside	37.60 USD_millions	derived: Independent operating leverage scenario. Formula: multiply(downside_2028q3_revenue, downside_2028q3_adjusted_margin).
GAAP gross margin downside_2028q3_gross_margin	2028Q3 / downside	82.0% ratio	assumption: Includes cost-of-revenue SBC and amortization; margin pressure can accompany AI/hosting usage.
GAAP gross profit downside_2028q3_gross_profit	2028Q3 / downside	256.93 USD_millions	derived: Reported-scope gross margin proxy, independent of adjusted operating profit. Formula: multiply(downside_2028q3_revenue, downside_2028q3_gross_margin).
Total stock compensation expense downside_2028q3_sbc	2028Q3 / downside	69.00 USD_millions	assumption: Includes assumed modified/restructuring awards of $1M Q3 and $0.5M Q4; no second deduction of those awards.
Acquired-intangible amortization downside_2028q3_amort	2028Q3 / downside	0.40 USD_millions	assumption: Desk assumption, not company guidance.
Non-SBC restructuring expense downside_2028q3_cash_restructuring	2028Q3 / downside	0.00 USD_millions	assumption: Non-SBC portion only. Cash settlement timing is captured in working capital; retention can extend into FY2028.
Equity donation expense downside_2028q3_donation	2028Q3 / downside	1.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP reconciling expenses downside_2028q3_adjustments	2028Q3 / downside	70.40 USD_millions	derived: Total SBC includes cost-of-revenue SBC and restructuring equity, avoiding duplicate deductions. Formula: sum(downside_2028q3_sbc, downside_2028q3_amort, downside_2028q3_cash_restructuring, downside_2028q3_donation).
GAAP operating income downside_2028q3_operating_income	2028Q3 / downside	-32.80 USD_millions	derived: Non-GAAP operating scenario less explicitly modeled exclusions. Formula: subtract(downside_2028q3_adjusted_operating_income, downside_2028q3_adjustments).
Investment income less cash tax downside_2028q3_net_interest_after_cash_tax	2028Q3 / downside	6.00 USD_millions	assumption: Desk $11M quarterly interest income less named cash-tax allowance; no recurring JiHu tax benefit.
Operating income plus investment income less cash tax downside_2028q3_cash_earnings	2028Q3 / downside	-26.80 USD_millions	derived: Simplified cash earnings starting point, not a parent net-income forecast. Formula: sum(downside_2028q3_operating_income, downside_2028q3_net_interest_after_cash_tax).
Other depreciation downside_2028q3_depreciation	2028Q3 / downside	1.50 USD_millions	assumption: Desk assumption, not company guidance.
Amortization of deferred commissions downside_2028q3_commission_amort	2028Q3 / downside	14.50 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings plus noncash charges downside_2028q3_before_commissions	2028Q3 / downside	59.60 USD_millions	derived: Adds only noncash charges; restructuring cash expense is not added back. Formula: sum(downside_2028q3_cash_earnings, downside_2028q3_sbc, downside_2028q3_amort, downside_2028q3_donation, downside_2028q3_depreciation, downside_2028q3_commission_amort).
New capitalized commissions / revenue downside_2028q3_commission_rate	2028Q3 / downside	5.0% ratio	assumption: Desk assumption, not company guidance.
Capitalized commission cash spending downside_2028q3_commission_cash	2028Q3 / downside	15.67 USD_millions	derived: Capitalized acquisition costs are CFO cash use, separate from amortization. Formula: multiply(downside_2028q3_revenue, downside_2028q3_commission_rate).
Other net operating cash use downside_2028q3_wc	2028Q3 / downside	35.00 USD_millions	assumption: Positive use/negative release includes billing, deferred revenue, tax and restructuring settlement timing.
Commission and working-capital use downside_2028q3_operating_uses	2028Q3 / downside	50.67 USD_millions	derived: No RPO added to cash or revenue. Formula: sum(downside_2028q3_commission_cash, downside_2028q3_wc).
Operating cash flow downside_2028q3_cfo	2028Q3 / downside	8.93 USD_millions	derived: No future special JiHu formation payment or BAPA refund is assumed. Formula: subtract(downside_2028q3_before_commissions, downside_2028q3_operating_uses).
PP&E cash additions downside_2028q3_capex	2028Q3 / downside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Unadjusted cash after capex downside_2028q3_fcf	2028Q3 / downside	6.93 USD_millions	derived: Actual cash definition before financing and acquisitions. Formula: subtract(downside_2028q3_cfo, downside_2028q3_capex).
Future JiHu/BAPA FCF adjustment downside_2028q3_special_adjustment	2028Q3 / downside	0.00 USD_millions	assumption: Zero future special payments or refunds assumed; annual H1 adjustment remains actual.
Company-definition adjusted FCF downside_2028q3_adjusted_fcf	2028Q3 / downside	6.93 USD_millions	derived: Future raw and adjusted FCF coincide only under the explicit zero-special-cash assumption. Formula: sum(downside_2028q3_fcf, downside_2028q3_special_adjustment).
Annual revenue quarter share downside_2028q4_weight	2028Q4 / downside	26.5% ratio	assumption: Desk assumption, not company guidance.
Revenue downside_2028q4_revenue	2028Q4 / downside	325.61 USD_millions	derived: Quarterly phasing; four shares sum to one. Formula: multiply(downside_fy28_revenue_target, downside_2028q4_weight).
Non-GAAP operating margin downside_2028q4_adjusted_margin	2028Q4 / downside	12.0% ratio	assumption: Desk assumption, not company guidance.
Non-GAAP operating income downside_2028q4_adjusted_operating_income	2028Q4 / downside	39.07 USD_millions	derived: Independent operating leverage scenario. Formula: multiply(downside_2028q4_revenue, downside_2028q4_adjusted_margin).
GAAP gross margin downside_2028q4_gross_margin	2028Q4 / downside	82.0% ratio	assumption: Includes cost-of-revenue SBC and amortization; margin pressure can accompany AI/hosting usage.
GAAP gross profit downside_2028q4_gross_profit	2028Q4 / downside	267.00 USD_millions	derived: Reported-scope gross margin proxy, independent of adjusted operating profit. Formula: multiply(downside_2028q4_revenue, downside_2028q4_gross_margin).
Total stock compensation expense downside_2028q4_sbc	2028Q4 / downside	70.00 USD_millions	assumption: Includes assumed modified/restructuring awards of $1M Q3 and $0.5M Q4; no second deduction of those awards.
Acquired-intangible amortization downside_2028q4_amort	2028Q4 / downside	0.40 USD_millions	assumption: Desk assumption, not company guidance.
Non-SBC restructuring expense downside_2028q4_cash_restructuring	2028Q4 / downside	0.00 USD_millions	assumption: Non-SBC portion only. Cash settlement timing is captured in working capital; retention can extend into FY2028.
Equity donation expense downside_2028q4_donation	2028Q4 / downside	1.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP reconciling expenses downside_2028q4_adjustments	2028Q4 / downside	71.40 USD_millions	derived: Total SBC includes cost-of-revenue SBC and restructuring equity, avoiding duplicate deductions. Formula: sum(downside_2028q4_sbc, downside_2028q4_amort, downside_2028q4_cash_restructuring, downside_2028q4_donation).
GAAP operating income downside_2028q4_operating_income	2028Q4 / downside	-32.33 USD_millions	derived: Non-GAAP operating scenario less explicitly modeled exclusions. Formula: subtract(downside_2028q4_adjusted_operating_income, downside_2028q4_adjustments).
Investment income less cash tax downside_2028q4_net_interest_after_cash_tax	2028Q4 / downside	6.00 USD_millions	assumption: Desk $11M quarterly interest income less named cash-tax allowance; no recurring JiHu tax benefit.
Operating income plus investment income less cash tax downside_2028q4_cash_earnings	2028Q4 / downside	-26.33 USD_millions	derived: Simplified cash earnings starting point, not a parent net-income forecast. Formula: sum(downside_2028q4_operating_income, downside_2028q4_net_interest_after_cash_tax).
Other depreciation downside_2028q4_depreciation	2028Q4 / downside	1.50 USD_millions	assumption: Desk assumption, not company guidance.
Amortization of deferred commissions downside_2028q4_commission_amort	2028Q4 / downside	15.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings plus noncash charges downside_2028q4_before_commissions	2028Q4 / downside	61.57 USD_millions	derived: Adds only noncash charges; restructuring cash expense is not added back. Formula: sum(downside_2028q4_cash_earnings, downside_2028q4_sbc, downside_2028q4_amort, downside_2028q4_donation, downside_2028q4_depreciation, downside_2028q4_commission_amort).
New capitalized commissions / revenue downside_2028q4_commission_rate	2028Q4 / downside	5.0% ratio	assumption: Desk assumption, not company guidance.
Capitalized commission cash spending downside_2028q4_commission_cash	2028Q4 / downside	16.28 USD_millions	derived: Capitalized acquisition costs are CFO cash use, separate from amortization. Formula: multiply(downside_2028q4_revenue, downside_2028q4_commission_rate).
Other net operating cash use downside_2028q4_wc	2028Q4 / downside	-10.00 USD_millions	assumption: Positive use/negative release includes billing, deferred revenue, tax and restructuring settlement timing.
Commission and working-capital use downside_2028q4_operating_uses	2028Q4 / downside	6.28 USD_millions	derived: No RPO added to cash or revenue. Formula: sum(downside_2028q4_commission_cash, downside_2028q4_wc).
Operating cash flow downside_2028q4_cfo	2028Q4 / downside	55.29 USD_millions	derived: No future special JiHu formation payment or BAPA refund is assumed. Formula: subtract(downside_2028q4_before_commissions, downside_2028q4_operating_uses).
PP&E cash additions downside_2028q4_capex	2028Q4 / downside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Unadjusted cash after capex downside_2028q4_fcf	2028Q4 / downside	53.29 USD_millions	derived: Actual cash definition before financing and acquisitions. Formula: subtract(downside_2028q4_cfo, downside_2028q4_capex).
Future JiHu/BAPA FCF adjustment downside_2028q4_special_adjustment	2028Q4 / downside	0.00 USD_millions	assumption: Zero future special payments or refunds assumed; annual H1 adjustment remains actual.
Company-definition adjusted FCF downside_2028q4_adjusted_fcf	2028Q4 / downside	53.29 USD_millions	derived: Future raw and adjusted FCF coincide only under the explicit zero-special-cash assumption. Formula: sum(downside_2028q4_fcf, downside_2028q4_special_adjustment).
Consolidated revenue ($M) downside_fy2027_revenue	FY2027 / downside	1,097.07 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, downside_2027q3_revenue, downside_2027q4_revenue).
GAAP gross profit ($M) downside_fy2027_gross_profit	FY2027 / downside	915.55 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, downside_2027q3_gross_profit, downside_2027q4_gross_profit).
Non-GAAP operating income ($M) downside_fy2027_adjusted_operating_income	FY2027 / downside	120.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adjusted_operating_income, downside_2027q3_adjusted_operating_income, downside_2027q4_adjusted_operating_income).
GAAP operating income ($M) downside_fy2027_operating_income	FY2027 / downside	-183.78 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income).
Operating cash flow ($M) downside_fy2027_cfo	FY2027 / downside	167.17 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, downside_2027q3_cfo, downside_2027q4_cfo).
Cash PP&E additions ($M) downside_fy2027_capex	FY2027 / downside	5.61 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, downside_2027q3_capex, downside_2027q4_capex).
Unadjusted CFO less capex ($M) downside_fy2027_fcf	FY2027 / downside	161.57 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, downside_2027q3_fcf, downside_2027q4_fcf).
Company-definition adjusted FCF ($M) downside_fy2027_adjusted_fcf	FY2027 / downside	174.54 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adjusted_fcf, downside_2027q3_adjusted_fcf, downside_2027q4_adjusted_fcf).
Consolidated revenue ($M) downside_fy2028_revenue	FY2028 / downside	1,228.72 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_revenue, downside_2028q2_revenue, downside_2028q3_revenue, downside_2028q4_revenue).
GAAP gross profit ($M) downside_fy2028_gross_profit	FY2028 / downside	1,007.55 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_gross_profit, downside_2028q2_gross_profit, downside_2028q3_gross_profit, downside_2028q4_gross_profit).
Non-GAAP operating income ($M) downside_fy2028_adjusted_operating_income	FY2028 / downside	147.45 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_adjusted_operating_income, downside_2028q2_adjusted_operating_income, downside_2028q3_adjusted_operating_income, downside_2028q4_adjusted_operating_income).
GAAP operating income ($M) downside_fy2028_operating_income	FY2028 / downside	-135.15 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_operating_income, downside_2028q2_operating_income, downside_2028q3_operating_income, downside_2028q4_operating_income).
Operating cash flow ($M) downside_fy2028_cfo	FY2028 / downside	140.01 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 additions ($M) downside_fy2028_capex	FY2028 / downside	8.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_capex, downside_2028q2_capex, downside_2028q3_capex, downside_2028q4_capex).
Unadjusted CFO less capex ($M) downside_fy2028_fcf	FY2028 / downside	132.01 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).
Company-definition adjusted FCF ($M) downside_fy2028_adjusted_fcf	FY2028 / downside	132.01 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_adjusted_fcf, downside_2028q2_adjusted_fcf, downside_2028q3_adjusted_fcf, downside_2028q4_adjusted_fcf).
FY2027 delivery versus guide midpoint base_delivery	FY2027 / base	100.0% ratio	assumption: Desk sensitivity.
FY2027 opfactor versus guide midpoint base_opfactor	FY2027 / base	100.0% ratio	assumption: Desk sensitivity.
FY2027 revenue base_fy27_revenue_target	FY2027 / base	1,131.00 USD_millions	derived: Company midpoint times desk sensitivity. Formula: multiply(fy27_revenue_guide, base_delivery).
H2 revenue base_h2_revenue	H2 FY2027 / base	580.59 USD_millions	derived: Annual scenario less actual H1. Formula: subtract(base_fy27_revenue_target, h1_revenue).
FY2027 adjusted_operating_income base_fy27_adjusted_operating_income_target	FY2027 / base	150.00 USD_millions	derived: Company midpoint times desk sensitivity. Formula: multiply(fy27_op_guide, base_opfactor).
H2 adjusted_operating_income base_h2_adjusted_operating_income	H2 FY2027 / base	69.90 USD_millions	derived: Annual scenario less actual H1. Formula: subtract(base_fy27_adjusted_operating_income_target, h1_adjusted_operating_income).
FY2028 revenue multiplier base_growth	FY2028 / base	120.0% ratio	assumption: Desk growth beyond published guidance.
FY2028 revenue base_fy28_revenue_target	FY2028 / base	1,357.20 USD_millions	derived: Prior-year scenario times growth. Formula: multiply(base_fy27_revenue_target, base_growth).
Revenue base_2027q3_revenue	2027Q3 / base	282.00 USD_millions	derived: Q3 midpoint times delivery sensitivity. Formula: multiply(q3_revenue_guide, base_delivery).
Non-GAAP operating income base_2027q3_adjusted_operating_income	2027Q3 / base	36.00 USD_millions	derived: Q3 adjusted operating midpoint times sensitivity. Formula: multiply(q3_op_guide, base_opfactor).
GAAP gross margin base_2027q3_gross_margin	2027Q3 / base	85.0% ratio	assumption: Includes cost-of-revenue SBC and amortization; margin pressure can accompany AI/hosting usage.
GAAP gross profit base_2027q3_gross_profit	2027Q3 / base	239.70 USD_millions	derived: Reported-scope gross margin proxy, independent of adjusted operating profit. Formula: multiply(base_2027q3_revenue, base_2027q3_gross_margin).
Total stock compensation expense base_2027q3_sbc	2027Q3 / base	64.00 USD_millions	assumption: Includes assumed modified/restructuring awards of $1M Q3 and $0.5M Q4; no second deduction of those awards.
Acquired-intangible amortization base_2027q3_amort	2027Q3 / base	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Non-SBC restructuring expense base_2027q3_cash_restructuring	2027Q3 / base	5.50 USD_millions	assumption: Non-SBC portion only. Cash settlement timing is captured in working capital; retention can extend into FY2028.
Equity donation expense base_2027q3_donation	2027Q3 / base	1.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP reconciling expenses base_2027q3_adjustments	2027Q3 / base	72.50 USD_millions	derived: Total SBC includes cost-of-revenue SBC and restructuring equity, avoiding duplicate deductions. Formula: sum(base_2027q3_sbc, base_2027q3_amort, base_2027q3_cash_restructuring, base_2027q3_donation).
GAAP operating income base_2027q3_operating_income	2027Q3 / base	-36.50 USD_millions	derived: Non-GAAP operating scenario less explicitly modeled exclusions. Formula: subtract(base_2027q3_adjusted_operating_income, base_2027q3_adjustments).
Investment income less cash tax base_2027q3_net_interest_after_cash_tax	2027Q3 / base	7.00 USD_millions	assumption: Desk $11M quarterly interest income less named cash-tax allowance; no recurring JiHu tax benefit.
Operating income plus investment income less cash tax base_2027q3_cash_earnings	2027Q3 / base	-29.50 USD_millions	derived: Simplified cash earnings starting point, not a parent net-income forecast. Formula: sum(base_2027q3_operating_income, base_2027q3_net_interest_after_cash_tax).
Other depreciation base_2027q3_depreciation	2027Q3 / base	1.50 USD_millions	assumption: Desk assumption, not company guidance.
Amortization of deferred commissions base_2027q3_commission_amort	2027Q3 / base	12.50 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings plus noncash charges base_2027q3_before_commissions	2027Q3 / base	51.50 USD_millions	derived: Adds only noncash charges; restructuring cash expense is not added back. Formula: sum(base_2027q3_cash_earnings, base_2027q3_sbc, base_2027q3_amort, base_2027q3_donation, base_2027q3_depreciation, base_2027q3_commission_amort).
New capitalized commissions / revenue base_2027q3_commission_rate	2027Q3 / base	5.0% ratio	assumption: Desk assumption, not company guidance.
Capitalized commission cash spending base_2027q3_commission_cash	2027Q3 / base	14.10 USD_millions	derived: Capitalized acquisition costs are CFO cash use, separate from amortization. Formula: multiply(base_2027q3_revenue, base_2027q3_commission_rate).
Other net operating cash use base_2027q3_wc	2027Q3 / base	15.00 USD_millions	assumption: Positive use/negative release includes billing, deferred revenue, tax and restructuring settlement timing.
Commission and working-capital use base_2027q3_operating_uses	2027Q3 / base	29.10 USD_millions	derived: No RPO added to cash or revenue. Formula: sum(base_2027q3_commission_cash, base_2027q3_wc).
Operating cash flow base_2027q3_cfo	2027Q3 / base	22.40 USD_millions	derived: No future special JiHu formation payment or BAPA refund is assumed. Formula: subtract(base_2027q3_before_commissions, base_2027q3_operating_uses).
PP&E cash additions base_2027q3_capex	2027Q3 / base	1.50 USD_millions	assumption: Desk assumption, not company guidance.
Unadjusted cash after capex base_2027q3_fcf	2027Q3 / base	20.90 USD_millions	derived: Actual cash definition before financing and acquisitions. Formula: subtract(base_2027q3_cfo, base_2027q3_capex).
Future JiHu/BAPA FCF adjustment base_2027q3_special_adjustment	2027Q3 / base	0.00 USD_millions	assumption: Zero future special payments or refunds assumed; annual H1 adjustment remains actual.
Company-definition adjusted FCF base_2027q3_adjusted_fcf	2027Q3 / base	20.90 USD_millions	derived: Future raw and adjusted FCF coincide only under the explicit zero-special-cash assumption. Formula: sum(base_2027q3_fcf, base_2027q3_special_adjustment).
Revenue base_2027q4_revenue	2027Q4 / base	298.59 USD_millions	derived: H2 scenario less modeled Q3. Formula: subtract(base_h2_revenue, base_2027q3_revenue).
Non-GAAP operating income base_2027q4_adjusted_operating_income	2027Q4 / base	33.90 USD_millions	derived: Annual adjusted income less actual H1 and forecast Q3. Formula: subtract(base_h2_adjusted_operating_income, base_2027q3_adjusted_operating_income).
GAAP gross margin base_2027q4_gross_margin	2027Q4 / base	85.0% ratio	assumption: Includes cost-of-revenue SBC and amortization; margin pressure can accompany AI/hosting usage.
GAAP gross profit base_2027q4_gross_profit	2027Q4 / base	253.80 USD_millions	derived: Reported-scope gross margin proxy, independent of adjusted operating profit. Formula: multiply(base_2027q4_revenue, base_2027q4_gross_margin).
Total stock compensation expense base_2027q4_sbc	2027Q4 / base	65.00 USD_millions	assumption: Includes assumed modified/restructuring awards of $1M Q3 and $0.5M Q4; no second deduction of those awards.
Acquired-intangible amortization base_2027q4_amort	2027Q4 / base	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Non-SBC restructuring expense base_2027q4_cash_restructuring	2027Q4 / base	2.50 USD_millions	assumption: Non-SBC portion only. Cash settlement timing is captured in working capital; retention can extend into FY2028.
Equity donation expense base_2027q4_donation	2027Q4 / base	1.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP reconciling expenses base_2027q4_adjustments	2027Q4 / base	70.50 USD_millions	derived: Total SBC includes cost-of-revenue SBC and restructuring equity, avoiding duplicate deductions. Formula: sum(base_2027q4_sbc, base_2027q4_amort, base_2027q4_cash_restructuring, base_2027q4_donation).
GAAP operating income base_2027q4_operating_income	2027Q4 / base	-36.60 USD_millions	derived: Non-GAAP operating scenario less explicitly modeled exclusions. Formula: subtract(base_2027q4_adjusted_operating_income, base_2027q4_adjustments).
Investment income less cash tax base_2027q4_net_interest_after_cash_tax	2027Q4 / base	7.00 USD_millions	assumption: Desk $11M quarterly interest income less named cash-tax allowance; no recurring JiHu tax benefit.
Operating income plus investment income less cash tax base_2027q4_cash_earnings	2027Q4 / base	-29.60 USD_millions	derived: Simplified cash earnings starting point, not a parent net-income forecast. Formula: sum(base_2027q4_operating_income, base_2027q4_net_interest_after_cash_tax).
Other depreciation base_2027q4_depreciation	2027Q4 / base	1.50 USD_millions	assumption: Desk assumption, not company guidance.
Amortization of deferred commissions base_2027q4_commission_amort	2027Q4 / base	13.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings plus noncash charges base_2027q4_before_commissions	2027Q4 / base	52.90 USD_millions	derived: Adds only noncash charges; restructuring cash expense is not added back. Formula: sum(base_2027q4_cash_earnings, base_2027q4_sbc, base_2027q4_amort, base_2027q4_donation, base_2027q4_depreciation, base_2027q4_commission_amort).
New capitalized commissions / revenue base_2027q4_commission_rate	2027Q4 / base	5.0% ratio	assumption: Desk assumption, not company guidance.
Capitalized commission cash spending base_2027q4_commission_cash	2027Q4 / base	14.93 USD_millions	derived: Capitalized acquisition costs are CFO cash use, separate from amortization. Formula: multiply(base_2027q4_revenue, base_2027q4_commission_rate).
Other net operating cash use base_2027q4_wc	2027Q4 / base	-25.00 USD_millions	assumption: Positive use/negative release includes billing, deferred revenue, tax and restructuring settlement timing.
Commission and working-capital use base_2027q4_operating_uses	2027Q4 / base	-10.07 USD_millions	derived: No RPO added to cash or revenue. Formula: sum(base_2027q4_commission_cash, base_2027q4_wc).
Operating cash flow base_2027q4_cfo	2027Q4 / base	62.97 USD_millions	derived: No future special JiHu formation payment or BAPA refund is assumed. Formula: subtract(base_2027q4_before_commissions, base_2027q4_operating_uses).
PP&E cash additions base_2027q4_capex	2027Q4 / base	1.50 USD_millions	assumption: Desk assumption, not company guidance.
Unadjusted cash after capex base_2027q4_fcf	2027Q4 / base	61.47 USD_millions	derived: Actual cash definition before financing and acquisitions. Formula: subtract(base_2027q4_cfo, base_2027q4_capex).
Future JiHu/BAPA FCF adjustment base_2027q4_special_adjustment	2027Q4 / base	0.00 USD_millions	assumption: Zero future special payments or refunds assumed; annual H1 adjustment remains actual.
Company-definition adjusted FCF base_2027q4_adjusted_fcf	2027Q4 / base	61.47 USD_millions	derived: Future raw and adjusted FCF coincide only under the explicit zero-special-cash assumption. Formula: sum(base_2027q4_fcf, base_2027q4_special_adjustment).
Annual revenue quarter share base_2028q1_weight	2028Q1 / base	23.5% ratio	assumption: Desk assumption, not company guidance.
Revenue base_2028q1_revenue	2028Q1 / base	318.94 USD_millions	derived: Quarterly phasing; four shares sum to one. Formula: multiply(base_fy28_revenue_target, base_2028q1_weight).
Non-GAAP operating margin base_2028q1_adjusted_margin	2028Q1 / base	16.0% ratio	assumption: Desk assumption, not company guidance.
Non-GAAP operating income base_2028q1_adjusted_operating_income	2028Q1 / base	51.03 USD_millions	derived: Independent operating leverage scenario. Formula: multiply(base_2028q1_revenue, base_2028q1_adjusted_margin).
GAAP gross margin base_2028q1_gross_margin	2028Q1 / base	85.0% ratio	assumption: Includes cost-of-revenue SBC and amortization; margin pressure can accompany AI/hosting usage.
GAAP gross profit base_2028q1_gross_profit	2028Q1 / base	271.10 USD_millions	derived: Reported-scope gross margin proxy, independent of adjusted operating profit. Formula: multiply(base_2028q1_revenue, base_2028q1_gross_margin).
Total stock compensation expense base_2028q1_sbc	2028Q1 / base	67.00 USD_millions	assumption: Includes assumed modified/restructuring awards of $1M Q3 and $0.5M Q4; no second deduction of those awards.
Acquired-intangible amortization base_2028q1_amort	2028Q1 / base	0.40 USD_millions	assumption: Desk assumption, not company guidance.
Non-SBC restructuring expense base_2028q1_cash_restructuring	2028Q1 / base	1.00 USD_millions	assumption: Non-SBC portion only. Cash settlement timing is captured in working capital; retention can extend into FY2028.
Equity donation expense base_2028q1_donation	2028Q1 / base	1.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP reconciling expenses base_2028q1_adjustments	2028Q1 / base	69.40 USD_millions	derived: Total SBC includes cost-of-revenue SBC and restructuring equity, avoiding duplicate deductions. Formula: sum(base_2028q1_sbc, base_2028q1_amort, base_2028q1_cash_restructuring, base_2028q1_donation).
GAAP operating income base_2028q1_operating_income	2028Q1 / base	-18.37 USD_millions	derived: Non-GAAP operating scenario less explicitly modeled exclusions. Formula: subtract(base_2028q1_adjusted_operating_income, base_2028q1_adjustments).
Investment income less cash tax base_2028q1_net_interest_after_cash_tax	2028Q1 / base	7.00 USD_millions	assumption: Desk $11M quarterly interest income less named cash-tax allowance; no recurring JiHu tax benefit.
Operating income plus investment income less cash tax base_2028q1_cash_earnings	2028Q1 / base	-11.37 USD_millions	derived: Simplified cash earnings starting point, not a parent net-income forecast. Formula: sum(base_2028q1_operating_income, base_2028q1_net_interest_after_cash_tax).
Other depreciation base_2028q1_depreciation	2028Q1 / base	1.50 USD_millions	assumption: Desk assumption, not company guidance.
Amortization of deferred commissions base_2028q1_commission_amort	2028Q1 / base	13.50 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings plus noncash charges base_2028q1_before_commissions	2028Q1 / base	72.03 USD_millions	derived: Adds only noncash charges; restructuring cash expense is not added back. Formula: sum(base_2028q1_cash_earnings, base_2028q1_sbc, base_2028q1_amort, base_2028q1_donation, base_2028q1_depreciation, base_2028q1_commission_amort).
New capitalized commissions / revenue base_2028q1_commission_rate	2028Q1 / base	5.0% ratio	assumption: Desk assumption, not company guidance.
Capitalized commission cash spending base_2028q1_commission_cash	2028Q1 / base	15.95 USD_millions	derived: Capitalized acquisition costs are CFO cash use, separate from amortization. Formula: multiply(base_2028q1_revenue, base_2028q1_commission_rate).
Other net operating cash use base_2028q1_wc	2028Q1 / base	-70.00 USD_millions	assumption: Positive use/negative release includes billing, deferred revenue, tax and restructuring settlement timing.
Commission and working-capital use base_2028q1_operating_uses	2028Q1 / base	-54.05 USD_millions	derived: No RPO added to cash or revenue. Formula: sum(base_2028q1_commission_cash, base_2028q1_wc).
Operating cash flow base_2028q1_cfo	2028Q1 / base	126.08 USD_millions	derived: No future special JiHu formation payment or BAPA refund is assumed. Formula: subtract(base_2028q1_before_commissions, base_2028q1_operating_uses).
PP&E cash additions base_2028q1_capex	2028Q1 / base	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Unadjusted cash after capex base_2028q1_fcf	2028Q1 / base	124.08 USD_millions	derived: Actual cash definition before financing and acquisitions. Formula: subtract(base_2028q1_cfo, base_2028q1_capex).
Future JiHu/BAPA FCF adjustment base_2028q1_special_adjustment	2028Q1 / base	0.00 USD_millions	assumption: Zero future special payments or refunds assumed; annual H1 adjustment remains actual.
Company-definition adjusted FCF base_2028q1_adjusted_fcf	2028Q1 / base	124.08 USD_millions	derived: Future raw and adjusted FCF coincide only under the explicit zero-special-cash assumption. Formula: sum(base_2028q1_fcf, base_2028q1_special_adjustment).
Annual revenue quarter share base_2028q2_weight	2028Q2 / base	24.5% ratio	assumption: Desk assumption, not company guidance.
Revenue base_2028q2_revenue	2028Q2 / base	332.51 USD_millions	derived: Quarterly phasing; four shares sum to one. Formula: multiply(base_fy28_revenue_target, base_2028q2_weight).
Non-GAAP operating margin base_2028q2_adjusted_margin	2028Q2 / base	16.0% ratio	assumption: Desk assumption, not company guidance.
Non-GAAP operating income base_2028q2_adjusted_operating_income	2028Q2 / base	53.20 USD_millions	derived: Independent operating leverage scenario. Formula: multiply(base_2028q2_revenue, base_2028q2_adjusted_margin).
GAAP gross margin base_2028q2_gross_margin	2028Q2 / base	85.0% ratio	assumption: Includes cost-of-revenue SBC and amortization; margin pressure can accompany AI/hosting usage.
GAAP gross profit base_2028q2_gross_profit	2028Q2 / base	282.64 USD_millions	derived: Reported-scope gross margin proxy, independent of adjusted operating profit. Formula: multiply(base_2028q2_revenue, base_2028q2_gross_margin).
Total stock compensation expense base_2028q2_sbc	2028Q2 / base	69.00 USD_millions	assumption: Includes assumed modified/restructuring awards of $1M Q3 and $0.5M Q4; no second deduction of those awards.
Acquired-intangible amortization base_2028q2_amort	2028Q2 / base	0.40 USD_millions	assumption: Desk assumption, not company guidance.
Non-SBC restructuring expense base_2028q2_cash_restructuring	2028Q2 / base	0.00 USD_millions	assumption: Non-SBC portion only. Cash settlement timing is captured in working capital; retention can extend into FY2028.
Equity donation expense base_2028q2_donation	2028Q2 / base	1.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP reconciling expenses base_2028q2_adjustments	2028Q2 / base	70.40 USD_millions	derived: Total SBC includes cost-of-revenue SBC and restructuring equity, avoiding duplicate deductions. Formula: sum(base_2028q2_sbc, base_2028q2_amort, base_2028q2_cash_restructuring, base_2028q2_donation).
GAAP operating income base_2028q2_operating_income	2028Q2 / base	-17.20 USD_millions	derived: Non-GAAP operating scenario less explicitly modeled exclusions. Formula: subtract(base_2028q2_adjusted_operating_income, base_2028q2_adjustments).
Investment income less cash tax base_2028q2_net_interest_after_cash_tax	2028Q2 / base	7.00 USD_millions	assumption: Desk $11M quarterly interest income less named cash-tax allowance; no recurring JiHu tax benefit.
Operating income plus investment income less cash tax base_2028q2_cash_earnings	2028Q2 / base	-10.20 USD_millions	derived: Simplified cash earnings starting point, not a parent net-income forecast. Formula: sum(base_2028q2_operating_income, base_2028q2_net_interest_after_cash_tax).
Other depreciation base_2028q2_depreciation	2028Q2 / base	1.50 USD_millions	assumption: Desk assumption, not company guidance.
Amortization of deferred commissions base_2028q2_commission_amort	2028Q2 / base	14.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings plus noncash charges base_2028q2_before_commissions	2028Q2 / base	75.70 USD_millions	derived: Adds only noncash charges; restructuring cash expense is not added back. Formula: sum(base_2028q2_cash_earnings, base_2028q2_sbc, base_2028q2_amort, base_2028q2_donation, base_2028q2_depreciation, base_2028q2_commission_amort).
New capitalized commissions / revenue base_2028q2_commission_rate	2028Q2 / base	5.0% ratio	assumption: Desk assumption, not company guidance.
Capitalized commission cash spending base_2028q2_commission_cash	2028Q2 / base	16.63 USD_millions	derived: Capitalized acquisition costs are CFO cash use, separate from amortization. Formula: multiply(base_2028q2_revenue, base_2028q2_commission_rate).
Other net operating cash use base_2028q2_wc	2028Q2 / base	25.00 USD_millions	assumption: Positive use/negative release includes billing, deferred revenue, tax and restructuring settlement timing.
Commission and working-capital use base_2028q2_operating_uses	2028Q2 / base	41.63 USD_millions	derived: No RPO added to cash or revenue. Formula: sum(base_2028q2_commission_cash, base_2028q2_wc).
Operating cash flow base_2028q2_cfo	2028Q2 / base	34.08 USD_millions	derived: No future special JiHu formation payment or BAPA refund is assumed. Formula: subtract(base_2028q2_before_commissions, base_2028q2_operating_uses).
PP&E cash additions base_2028q2_capex	2028Q2 / base	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Unadjusted cash after capex base_2028q2_fcf	2028Q2 / base	32.08 USD_millions	derived: Actual cash definition before financing and acquisitions. Formula: subtract(base_2028q2_cfo, base_2028q2_capex).
Future JiHu/BAPA FCF adjustment base_2028q2_special_adjustment	2028Q2 / base	0.00 USD_millions	assumption: Zero future special payments or refunds assumed; annual H1 adjustment remains actual.
Company-definition adjusted FCF base_2028q2_adjusted_fcf	2028Q2 / base	32.08 USD_millions	derived: Future raw and adjusted FCF coincide only under the explicit zero-special-cash assumption. Formula: sum(base_2028q2_fcf, base_2028q2_special_adjustment).
Annual revenue quarter share base_2028q3_weight	2028Q3 / base	25.5% ratio	assumption: Desk assumption, not company guidance.
Revenue base_2028q3_revenue	2028Q3 / base	346.09 USD_millions	derived: Quarterly phasing; four shares sum to one. Formula: multiply(base_fy28_revenue_target, base_2028q3_weight).
Non-GAAP operating margin base_2028q3_adjusted_margin	2028Q3 / base	16.0% ratio	assumption: Desk assumption, not company guidance.
Non-GAAP operating income base_2028q3_adjusted_operating_income	2028Q3 / base	55.37 USD_millions	derived: Independent operating leverage scenario. Formula: multiply(base_2028q3_revenue, base_2028q3_adjusted_margin).
GAAP gross margin base_2028q3_gross_margin	2028Q3 / base	85.0% ratio	assumption: Includes cost-of-revenue SBC and amortization; margin pressure can accompany AI/hosting usage.
GAAP gross profit base_2028q3_gross_profit	2028Q3 / base	294.17 USD_millions	derived: Reported-scope gross margin proxy, independent of adjusted operating profit. Formula: multiply(base_2028q3_revenue, base_2028q3_gross_margin).
Total stock compensation expense base_2028q3_sbc	2028Q3 / base	71.00 USD_millions	assumption: Includes assumed modified/restructuring awards of $1M Q3 and $0.5M Q4; no second deduction of those awards.
Acquired-intangible amortization base_2028q3_amort	2028Q3 / base	0.40 USD_millions	assumption: Desk assumption, not company guidance.
Non-SBC restructuring expense base_2028q3_cash_restructuring	2028Q3 / base	0.00 USD_millions	assumption: Non-SBC portion only. Cash settlement timing is captured in working capital; retention can extend into FY2028.
Equity donation expense base_2028q3_donation	2028Q3 / base	1.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP reconciling expenses base_2028q3_adjustments	2028Q3 / base	72.40 USD_millions	derived: Total SBC includes cost-of-revenue SBC and restructuring equity, avoiding duplicate deductions. Formula: sum(base_2028q3_sbc, base_2028q3_amort, base_2028q3_cash_restructuring, base_2028q3_donation).
GAAP operating income base_2028q3_operating_income	2028Q3 / base	-17.03 USD_millions	derived: Non-GAAP operating scenario less explicitly modeled exclusions. Formula: subtract(base_2028q3_adjusted_operating_income, base_2028q3_adjustments).
Investment income less cash tax base_2028q3_net_interest_after_cash_tax	2028Q3 / base	7.00 USD_millions	assumption: Desk $11M quarterly interest income less named cash-tax allowance; no recurring JiHu tax benefit.
Operating income plus investment income less cash tax base_2028q3_cash_earnings	2028Q3 / base	-10.03 USD_millions	derived: Simplified cash earnings starting point, not a parent net-income forecast. Formula: sum(base_2028q3_operating_income, base_2028q3_net_interest_after_cash_tax).
Other depreciation base_2028q3_depreciation	2028Q3 / base	1.50 USD_millions	assumption: Desk assumption, not company guidance.
Amortization of deferred commissions base_2028q3_commission_amort	2028Q3 / base	14.50 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings plus noncash charges base_2028q3_before_commissions	2028Q3 / base	78.37 USD_millions	derived: Adds only noncash charges; restructuring cash expense is not added back. Formula: sum(base_2028q3_cash_earnings, base_2028q3_sbc, base_2028q3_amort, base_2028q3_donation, base_2028q3_depreciation, base_2028q3_commission_amort).
New capitalized commissions / revenue base_2028q3_commission_rate	2028Q3 / base	5.0% ratio	assumption: Desk assumption, not company guidance.
Capitalized commission cash spending base_2028q3_commission_cash	2028Q3 / base	17.30 USD_millions	derived: Capitalized acquisition costs are CFO cash use, separate from amortization. Formula: multiply(base_2028q3_revenue, base_2028q3_commission_rate).
Other net operating cash use base_2028q3_wc	2028Q3 / base	15.00 USD_millions	assumption: Positive use/negative release includes billing, deferred revenue, tax and restructuring settlement timing.
Commission and working-capital use base_2028q3_operating_uses	2028Q3 / base	32.30 USD_millions	derived: No RPO added to cash or revenue. Formula: sum(base_2028q3_commission_cash, base_2028q3_wc).
Operating cash flow base_2028q3_cfo	2028Q3 / base	46.07 USD_millions	derived: No future special JiHu formation payment or BAPA refund is assumed. Formula: subtract(base_2028q3_before_commissions, base_2028q3_operating_uses).
PP&E cash additions base_2028q3_capex	2028Q3 / base	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Unadjusted cash after capex base_2028q3_fcf	2028Q3 / base	44.07 USD_millions	derived: Actual cash definition before financing and acquisitions. Formula: subtract(base_2028q3_cfo, base_2028q3_capex).
Future JiHu/BAPA FCF adjustment base_2028q3_special_adjustment	2028Q3 / base	0.00 USD_millions	assumption: Zero future special payments or refunds assumed; annual H1 adjustment remains actual.
Company-definition adjusted FCF base_2028q3_adjusted_fcf	2028Q3 / base	44.07 USD_millions	derived: Future raw and adjusted FCF coincide only under the explicit zero-special-cash assumption. Formula: sum(base_2028q3_fcf, base_2028q3_special_adjustment).
Annual revenue quarter share base_2028q4_weight	2028Q4 / base	26.5% ratio	assumption: Desk assumption, not company guidance.
Revenue base_2028q4_revenue	2028Q4 / base	359.66 USD_millions	derived: Quarterly phasing; four shares sum to one. Formula: multiply(base_fy28_revenue_target, base_2028q4_weight).
Non-GAAP operating margin base_2028q4_adjusted_margin	2028Q4 / base	16.0% ratio	assumption: Desk assumption, not company guidance.
Non-GAAP operating income base_2028q4_adjusted_operating_income	2028Q4 / base	57.55 USD_millions	derived: Independent operating leverage scenario. Formula: multiply(base_2028q4_revenue, base_2028q4_adjusted_margin).
GAAP gross margin base_2028q4_gross_margin	2028Q4 / base	85.0% ratio	assumption: Includes cost-of-revenue SBC and amortization; margin pressure can accompany AI/hosting usage.
GAAP gross profit base_2028q4_gross_profit	2028Q4 / base	305.71 USD_millions	derived: Reported-scope gross margin proxy, independent of adjusted operating profit. Formula: multiply(base_2028q4_revenue, base_2028q4_gross_margin).
Total stock compensation expense base_2028q4_sbc	2028Q4 / base	73.00 USD_millions	assumption: Includes assumed modified/restructuring awards of $1M Q3 and $0.5M Q4; no second deduction of those awards.
Acquired-intangible amortization base_2028q4_amort	2028Q4 / base	0.40 USD_millions	assumption: Desk assumption, not company guidance.
Non-SBC restructuring expense base_2028q4_cash_restructuring	2028Q4 / base	0.00 USD_millions	assumption: Non-SBC portion only. Cash settlement timing is captured in working capital; retention can extend into FY2028.
Equity donation expense base_2028q4_donation	2028Q4 / base	1.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP reconciling expenses base_2028q4_adjustments	2028Q4 / base	74.40 USD_millions	derived: Total SBC includes cost-of-revenue SBC and restructuring equity, avoiding duplicate deductions. Formula: sum(base_2028q4_sbc, base_2028q4_amort, base_2028q4_cash_restructuring, base_2028q4_donation).
GAAP operating income base_2028q4_operating_income	2028Q4 / base	-16.85 USD_millions	derived: Non-GAAP operating scenario less explicitly modeled exclusions. Formula: subtract(base_2028q4_adjusted_operating_income, base_2028q4_adjustments).
Investment income less cash tax base_2028q4_net_interest_after_cash_tax	2028Q4 / base	7.00 USD_millions	assumption: Desk $11M quarterly interest income less named cash-tax allowance; no recurring JiHu tax benefit.
Operating income plus investment income less cash tax base_2028q4_cash_earnings	2028Q4 / base	-9.85 USD_millions	derived: Simplified cash earnings starting point, not a parent net-income forecast. Formula: sum(base_2028q4_operating_income, base_2028q4_net_interest_after_cash_tax).
Other depreciation base_2028q4_depreciation	2028Q4 / base	1.50 USD_millions	assumption: Desk assumption, not company guidance.
Amortization of deferred commissions base_2028q4_commission_amort	2028Q4 / base	15.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings plus noncash charges base_2028q4_before_commissions	2028Q4 / base	81.05 USD_millions	derived: Adds only noncash charges; restructuring cash expense is not added back. Formula: sum(base_2028q4_cash_earnings, base_2028q4_sbc, base_2028q4_amort, base_2028q4_donation, base_2028q4_depreciation, base_2028q4_commission_amort).
New capitalized commissions / revenue base_2028q4_commission_rate	2028Q4 / base	5.0% ratio	assumption: Desk assumption, not company guidance.
Capitalized commission cash spending base_2028q4_commission_cash	2028Q4 / base	17.98 USD_millions	derived: Capitalized acquisition costs are CFO cash use, separate from amortization. Formula: multiply(base_2028q4_revenue, base_2028q4_commission_rate).
Other net operating cash use base_2028q4_wc	2028Q4 / base	-30.00 USD_millions	assumption: Positive use/negative release includes billing, deferred revenue, tax and restructuring settlement timing.
Commission and working-capital use base_2028q4_operating_uses	2028Q4 / base	-12.02 USD_millions	derived: No RPO added to cash or revenue. Formula: sum(base_2028q4_commission_cash, base_2028q4_wc).
Operating cash flow base_2028q4_cfo	2028Q4 / base	93.06 USD_millions	derived: No future special JiHu formation payment or BAPA refund is assumed. Formula: subtract(base_2028q4_before_commissions, base_2028q4_operating_uses).
PP&E cash additions base_2028q4_capex	2028Q4 / base	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Unadjusted cash after capex base_2028q4_fcf	2028Q4 / base	91.06 USD_millions	derived: Actual cash definition before financing and acquisitions. Formula: subtract(base_2028q4_cfo, base_2028q4_capex).
Future JiHu/BAPA FCF adjustment base_2028q4_special_adjustment	2028Q4 / base	0.00 USD_millions	assumption: Zero future special payments or refunds assumed; annual H1 adjustment remains actual.
Company-definition adjusted FCF base_2028q4_adjusted_fcf	2028Q4 / base	91.06 USD_millions	derived: Future raw and adjusted FCF coincide only under the explicit zero-special-cash assumption. Formula: sum(base_2028q4_fcf, base_2028q4_special_adjustment).
Consolidated revenue ($M) base_fy2027_revenue	FY2027 / base	1,131.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, base_2027q3_revenue, base_2027q4_revenue).
GAAP gross profit ($M) base_fy2027_gross_profit	FY2027 / base	960.79 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, base_2027q3_gross_profit, base_2027q4_gross_profit).
Non-GAAP operating income ($M) base_fy2027_adjusted_operating_income	FY2027 / base	150.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adjusted_operating_income, base_2027q3_adjusted_operating_income, base_2027q4_adjusted_operating_income).
GAAP operating income ($M) base_fy2027_operating_income	FY2027 / base	-145.78 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, base_2027q3_operating_income, base_2027q4_operating_income).
Operating cash flow ($M) base_fy2027_cfo	FY2027 / base	231.48 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, base_2027q3_cfo, base_2027q4_cfo).
Cash PP&E additions ($M) base_fy2027_capex	FY2027 / base	5.61 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, base_2027q3_capex, base_2027q4_capex).
Unadjusted CFO less capex ($M) base_fy2027_fcf	FY2027 / base	225.87 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, base_2027q3_fcf, base_2027q4_fcf).
Company-definition adjusted FCF ($M) base_fy2027_adjusted_fcf	FY2027 / base	238.85 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adjusted_fcf, base_2027q3_adjusted_fcf, base_2027q4_adjusted_fcf).
Consolidated revenue ($M) base_fy2028_revenue	FY2028 / base	1,357.20 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_revenue, base_2028q2_revenue, base_2028q3_revenue, base_2028q4_revenue).
GAAP gross profit ($M) base_fy2028_gross_profit	FY2028 / base	1,153.62 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_gross_profit, base_2028q2_gross_profit, base_2028q3_gross_profit, base_2028q4_gross_profit).
Non-GAAP operating income ($M) base_fy2028_adjusted_operating_income	FY2028 / base	217.15 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_adjusted_operating_income, base_2028q2_adjusted_operating_income, base_2028q3_adjusted_operating_income, base_2028q4_adjusted_operating_income).
GAAP operating income ($M) base_fy2028_operating_income	FY2028 / base	-69.45 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_operating_income, base_2028q2_operating_income, base_2028q3_operating_income, base_2028q4_operating_income).
Operating cash flow ($M) base_fy2028_cfo	FY2028 / base	299.29 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 additions ($M) base_fy2028_capex	FY2028 / base	8.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_capex, base_2028q2_capex, base_2028q3_capex, base_2028q4_capex).
Unadjusted CFO less capex ($M) base_fy2028_fcf	FY2028 / base	291.29 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).
Company-definition adjusted FCF ($M) base_fy2028_adjusted_fcf	FY2028 / base	291.29 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_adjusted_fcf, base_2028q2_adjusted_fcf, base_2028q3_adjusted_fcf, base_2028q4_adjusted_fcf).
FY2027 delivery versus guide midpoint upside_delivery	FY2027 / upside	102.0% ratio	assumption: Desk sensitivity.
FY2027 opfactor versus guide midpoint upside_opfactor	FY2027 / upside	110.0% ratio	assumption: Desk sensitivity.
FY2027 revenue upside_fy27_revenue_target	FY2027 / upside	1,153.62 USD_millions	derived: Company midpoint times desk sensitivity. Formula: multiply(fy27_revenue_guide, upside_delivery).
H2 revenue upside_h2_revenue	H2 FY2027 / upside	603.21 USD_millions	derived: Annual scenario less actual H1. Formula: subtract(upside_fy27_revenue_target, h1_revenue).
FY2027 adjusted_operating_income upside_fy27_adjusted_operating_income_target	FY2027 / upside	165.00 USD_millions	derived: Company midpoint times desk sensitivity. Formula: multiply(fy27_op_guide, upside_opfactor).
H2 adjusted_operating_income upside_h2_adjusted_operating_income	H2 FY2027 / upside	84.90 USD_millions	derived: Annual scenario less actual H1. Formula: subtract(upside_fy27_adjusted_operating_income_target, h1_adjusted_operating_income).
FY2028 revenue multiplier upside_growth	FY2028 / upside	128.0% ratio	assumption: Desk growth beyond published guidance.
FY2028 revenue upside_fy28_revenue_target	FY2028 / upside	1,476.63 USD_millions	derived: Prior-year scenario times growth. Formula: multiply(upside_fy27_revenue_target, upside_growth).
Revenue upside_2027q3_revenue	2027Q3 / upside	287.64 USD_millions	derived: Q3 midpoint times delivery sensitivity. Formula: multiply(q3_revenue_guide, upside_delivery).
Non-GAAP operating income upside_2027q3_adjusted_operating_income	2027Q3 / upside	39.60 USD_millions	derived: Q3 adjusted operating midpoint times sensitivity. Formula: multiply(q3_op_guide, upside_opfactor).
GAAP gross margin upside_2027q3_gross_margin	2027Q3 / upside	87.0% ratio	assumption: Includes cost-of-revenue SBC and amortization; margin pressure can accompany AI/hosting usage.
GAAP gross profit upside_2027q3_gross_profit	2027Q3 / upside	250.25 USD_millions	derived: Reported-scope gross margin proxy, independent of adjusted operating profit. Formula: multiply(upside_2027q3_revenue, upside_2027q3_gross_margin).
Total stock compensation expense upside_2027q3_sbc	2027Q3 / upside	66.00 USD_millions	assumption: Includes assumed modified/restructuring awards of $1M Q3 and $0.5M Q4; no second deduction of those awards.
Acquired-intangible amortization upside_2027q3_amort	2027Q3 / upside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Non-SBC restructuring expense upside_2027q3_cash_restructuring	2027Q3 / upside	5.00 USD_millions	assumption: Non-SBC portion only. Cash settlement timing is captured in working capital; retention can extend into FY2028.
Equity donation expense upside_2027q3_donation	2027Q3 / upside	1.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP reconciling expenses upside_2027q3_adjustments	2027Q3 / upside	74.00 USD_millions	derived: Total SBC includes cost-of-revenue SBC and restructuring equity, avoiding duplicate deductions. Formula: sum(upside_2027q3_sbc, upside_2027q3_amort, upside_2027q3_cash_restructuring, upside_2027q3_donation).
GAAP operating income upside_2027q3_operating_income	2027Q3 / upside	-34.40 USD_millions	derived: Non-GAAP operating scenario less explicitly modeled exclusions. Formula: subtract(upside_2027q3_adjusted_operating_income, upside_2027q3_adjustments).
Investment income less cash tax upside_2027q3_net_interest_after_cash_tax	2027Q3 / upside	6.00 USD_millions	assumption: Desk $11M quarterly interest income less named cash-tax allowance; no recurring JiHu tax benefit.
Operating income plus investment income less cash tax upside_2027q3_cash_earnings	2027Q3 / upside	-28.40 USD_millions	derived: Simplified cash earnings starting point, not a parent net-income forecast. Formula: sum(upside_2027q3_operating_income, upside_2027q3_net_interest_after_cash_tax).
Other depreciation upside_2027q3_depreciation	2027Q3 / upside	1.50 USD_millions	assumption: Desk assumption, not company guidance.
Amortization of deferred commissions upside_2027q3_commission_amort	2027Q3 / upside	12.50 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings plus noncash charges upside_2027q3_before_commissions	2027Q3 / upside	54.60 USD_millions	derived: Adds only noncash charges; restructuring cash expense is not added back. Formula: sum(upside_2027q3_cash_earnings, upside_2027q3_sbc, upside_2027q3_amort, upside_2027q3_donation, upside_2027q3_depreciation, upside_2027q3_commission_amort).
New capitalized commissions / revenue upside_2027q3_commission_rate	2027Q3 / upside	5.0% ratio	assumption: Desk assumption, not company guidance.
Capitalized commission cash spending upside_2027q3_commission_cash	2027Q3 / upside	14.38 USD_millions	derived: Capitalized acquisition costs are CFO cash use, separate from amortization. Formula: multiply(upside_2027q3_revenue, upside_2027q3_commission_rate).
Other net operating cash use upside_2027q3_wc	2027Q3 / upside	5.00 USD_millions	assumption: Positive use/negative release includes billing, deferred revenue, tax and restructuring settlement timing.
Commission and working-capital use upside_2027q3_operating_uses	2027Q3 / upside	19.38 USD_millions	derived: No RPO added to cash or revenue. Formula: sum(upside_2027q3_commission_cash, upside_2027q3_wc).
Operating cash flow upside_2027q3_cfo	2027Q3 / upside	35.22 USD_millions	derived: No future special JiHu formation payment or BAPA refund is assumed. Formula: subtract(upside_2027q3_before_commissions, upside_2027q3_operating_uses).
PP&E cash additions upside_2027q3_capex	2027Q3 / upside	1.50 USD_millions	assumption: Desk assumption, not company guidance.
Unadjusted cash after capex upside_2027q3_fcf	2027Q3 / upside	33.72 USD_millions	derived: Actual cash definition before financing and acquisitions. Formula: subtract(upside_2027q3_cfo, upside_2027q3_capex).
Future JiHu/BAPA FCF adjustment upside_2027q3_special_adjustment	2027Q3 / upside	0.00 USD_millions	assumption: Zero future special payments or refunds assumed; annual H1 adjustment remains actual.
Company-definition adjusted FCF upside_2027q3_adjusted_fcf	2027Q3 / upside	33.72 USD_millions	derived: Future raw and adjusted FCF coincide only under the explicit zero-special-cash assumption. Formula: sum(upside_2027q3_fcf, upside_2027q3_special_adjustment).
Revenue upside_2027q4_revenue	2027Q4 / upside	315.57 USD_millions	derived: H2 scenario less modeled Q3. Formula: subtract(upside_h2_revenue, upside_2027q3_revenue).
Non-GAAP operating income upside_2027q4_adjusted_operating_income	2027Q4 / upside	45.30 USD_millions	derived: Annual adjusted income less actual H1 and forecast Q3. Formula: subtract(upside_h2_adjusted_operating_income, upside_2027q3_adjusted_operating_income).
GAAP gross margin upside_2027q4_gross_margin	2027Q4 / upside	87.0% ratio	assumption: Includes cost-of-revenue SBC and amortization; margin pressure can accompany AI/hosting usage.
GAAP gross profit upside_2027q4_gross_profit	2027Q4 / upside	274.54 USD_millions	derived: Reported-scope gross margin proxy, independent of adjusted operating profit. Formula: multiply(upside_2027q4_revenue, upside_2027q4_gross_margin).
Total stock compensation expense upside_2027q4_sbc	2027Q4 / upside	68.00 USD_millions	assumption: Includes assumed modified/restructuring awards of $1M Q3 and $0.5M Q4; no second deduction of those awards.
Acquired-intangible amortization upside_2027q4_amort	2027Q4 / upside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Non-SBC restructuring expense upside_2027q4_cash_restructuring	2027Q4 / upside	2.00 USD_millions	assumption: Non-SBC portion only. Cash settlement timing is captured in working capital; retention can extend into FY2028.
Equity donation expense upside_2027q4_donation	2027Q4 / upside	1.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP reconciling expenses upside_2027q4_adjustments	2027Q4 / upside	73.00 USD_millions	derived: Total SBC includes cost-of-revenue SBC and restructuring equity, avoiding duplicate deductions. Formula: sum(upside_2027q4_sbc, upside_2027q4_amort, upside_2027q4_cash_restructuring, upside_2027q4_donation).
GAAP operating income upside_2027q4_operating_income	2027Q4 / upside	-27.70 USD_millions	derived: Non-GAAP operating scenario less explicitly modeled exclusions. Formula: subtract(upside_2027q4_adjusted_operating_income, upside_2027q4_adjustments).
Investment income less cash tax upside_2027q4_net_interest_after_cash_tax	2027Q4 / upside	6.00 USD_millions	assumption: Desk $11M quarterly interest income less named cash-tax allowance; no recurring JiHu tax benefit.
Operating income plus investment income less cash tax upside_2027q4_cash_earnings	2027Q4 / upside	-21.70 USD_millions	derived: Simplified cash earnings starting point, not a parent net-income forecast. Formula: sum(upside_2027q4_operating_income, upside_2027q4_net_interest_after_cash_tax).
Other depreciation upside_2027q4_depreciation	2027Q4 / upside	1.50 USD_millions	assumption: Desk assumption, not company guidance.
Amortization of deferred commissions upside_2027q4_commission_amort	2027Q4 / upside	13.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings plus noncash charges upside_2027q4_before_commissions	2027Q4 / upside	63.80 USD_millions	derived: Adds only noncash charges; restructuring cash expense is not added back. Formula: sum(upside_2027q4_cash_earnings, upside_2027q4_sbc, upside_2027q4_amort, upside_2027q4_donation, upside_2027q4_depreciation, upside_2027q4_commission_amort).
New capitalized commissions / revenue upside_2027q4_commission_rate	2027Q4 / upside	5.0% ratio	assumption: Desk assumption, not company guidance.
Capitalized commission cash spending upside_2027q4_commission_cash	2027Q4 / upside	15.78 USD_millions	derived: Capitalized acquisition costs are CFO cash use, separate from amortization. Formula: multiply(upside_2027q4_revenue, upside_2027q4_commission_rate).
Other net operating cash use upside_2027q4_wc	2027Q4 / upside	-35.00 USD_millions	assumption: Positive use/negative release includes billing, deferred revenue, tax and restructuring settlement timing.
Commission and working-capital use upside_2027q4_operating_uses	2027Q4 / upside	-19.22 USD_millions	derived: No RPO added to cash or revenue. Formula: sum(upside_2027q4_commission_cash, upside_2027q4_wc).
Operating cash flow upside_2027q4_cfo	2027Q4 / upside	83.02 USD_millions	derived: No future special JiHu formation payment or BAPA refund is assumed. Formula: subtract(upside_2027q4_before_commissions, upside_2027q4_operating_uses).
PP&E cash additions upside_2027q4_capex	2027Q4 / upside	1.50 USD_millions	assumption: Desk assumption, not company guidance.
Unadjusted cash after capex upside_2027q4_fcf	2027Q4 / upside	81.52 USD_millions	derived: Actual cash definition before financing and acquisitions. Formula: subtract(upside_2027q4_cfo, upside_2027q4_capex).
Future JiHu/BAPA FCF adjustment upside_2027q4_special_adjustment	2027Q4 / upside	0.00 USD_millions	assumption: Zero future special payments or refunds assumed; annual H1 adjustment remains actual.
Company-definition adjusted FCF upside_2027q4_adjusted_fcf	2027Q4 / upside	81.52 USD_millions	derived: Future raw and adjusted FCF coincide only under the explicit zero-special-cash assumption. Formula: sum(upside_2027q4_fcf, upside_2027q4_special_adjustment).
Annual revenue quarter share upside_2028q1_weight	2028Q1 / upside	23.5% ratio	assumption: Desk assumption, not company guidance.
Revenue upside_2028q1_revenue	2028Q1 / upside	347.01 USD_millions	derived: Quarterly phasing; four shares sum to one. Formula: multiply(upside_fy28_revenue_target, upside_2028q1_weight).
Non-GAAP operating margin upside_2028q1_adjusted_margin	2028Q1 / upside	19.0% ratio	assumption: Desk assumption, not company guidance.
Non-GAAP operating income upside_2028q1_adjusted_operating_income	2028Q1 / upside	65.93 USD_millions	derived: Independent operating leverage scenario. Formula: multiply(upside_2028q1_revenue, upside_2028q1_adjusted_margin).
GAAP gross margin upside_2028q1_gross_margin	2028Q1 / upside	87.0% ratio	assumption: Includes cost-of-revenue SBC and amortization; margin pressure can accompany AI/hosting usage.
GAAP gross profit upside_2028q1_gross_profit	2028Q1 / upside	301.90 USD_millions	derived: Reported-scope gross margin proxy, independent of adjusted operating profit. Formula: multiply(upside_2028q1_revenue, upside_2028q1_gross_margin).
Total stock compensation expense upside_2028q1_sbc	2028Q1 / upside	70.00 USD_millions	assumption: Includes assumed modified/restructuring awards of $1M Q3 and $0.5M Q4; no second deduction of those awards.
Acquired-intangible amortization upside_2028q1_amort	2028Q1 / upside	0.40 USD_millions	assumption: Desk assumption, not company guidance.
Non-SBC restructuring expense upside_2028q1_cash_restructuring	2028Q1 / upside	1.00 USD_millions	assumption: Non-SBC portion only. Cash settlement timing is captured in working capital; retention can extend into FY2028.
Equity donation expense upside_2028q1_donation	2028Q1 / upside	1.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP reconciling expenses upside_2028q1_adjustments	2028Q1 / upside	72.40 USD_millions	derived: Total SBC includes cost-of-revenue SBC and restructuring equity, avoiding duplicate deductions. Formula: sum(upside_2028q1_sbc, upside_2028q1_amort, upside_2028q1_cash_restructuring, upside_2028q1_donation).
GAAP operating income upside_2028q1_operating_income	2028Q1 / upside	-6.47 USD_millions	derived: Non-GAAP operating scenario less explicitly modeled exclusions. Formula: subtract(upside_2028q1_adjusted_operating_income, upside_2028q1_adjustments).
Investment income less cash tax upside_2028q1_net_interest_after_cash_tax	2028Q1 / upside	6.00 USD_millions	assumption: Desk $11M quarterly interest income less named cash-tax allowance; no recurring JiHu tax benefit.
Operating income plus investment income less cash tax upside_2028q1_cash_earnings	2028Q1 / upside	-0.47 USD_millions	derived: Simplified cash earnings starting point, not a parent net-income forecast. Formula: sum(upside_2028q1_operating_income, upside_2028q1_net_interest_after_cash_tax).
Other depreciation upside_2028q1_depreciation	2028Q1 / upside	1.50 USD_millions	assumption: Desk assumption, not company guidance.
Amortization of deferred commissions upside_2028q1_commission_amort	2028Q1 / upside	13.50 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings plus noncash charges upside_2028q1_before_commissions	2028Q1 / upside	85.93 USD_millions	derived: Adds only noncash charges; restructuring cash expense is not added back. Formula: sum(upside_2028q1_cash_earnings, upside_2028q1_sbc, upside_2028q1_amort, upside_2028q1_donation, upside_2028q1_depreciation, upside_2028q1_commission_amort).
New capitalized commissions / revenue upside_2028q1_commission_rate	2028Q1 / upside	5.0% ratio	assumption: Desk assumption, not company guidance.
Capitalized commission cash spending upside_2028q1_commission_cash	2028Q1 / upside	17.35 USD_millions	derived: Capitalized acquisition costs are CFO cash use, separate from amortization. Formula: multiply(upside_2028q1_revenue, upside_2028q1_commission_rate).
Other net operating cash use upside_2028q1_wc	2028Q1 / upside	-80.00 USD_millions	assumption: Positive use/negative release includes billing, deferred revenue, tax and restructuring settlement timing.
Commission and working-capital use upside_2028q1_operating_uses	2028Q1 / upside	-62.65 USD_millions	derived: No RPO added to cash or revenue. Formula: sum(upside_2028q1_commission_cash, upside_2028q1_wc).
Operating cash flow upside_2028q1_cfo	2028Q1 / upside	148.58 USD_millions	derived: No future special JiHu formation payment or BAPA refund is assumed. Formula: subtract(upside_2028q1_before_commissions, upside_2028q1_operating_uses).
PP&E cash additions upside_2028q1_capex	2028Q1 / upside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Unadjusted cash after capex upside_2028q1_fcf	2028Q1 / upside	146.58 USD_millions	derived: Actual cash definition before financing and acquisitions. Formula: subtract(upside_2028q1_cfo, upside_2028q1_capex).
Future JiHu/BAPA FCF adjustment upside_2028q1_special_adjustment	2028Q1 / upside	0.00 USD_millions	assumption: Zero future special payments or refunds assumed; annual H1 adjustment remains actual.
Company-definition adjusted FCF upside_2028q1_adjusted_fcf	2028Q1 / upside	146.58 USD_millions	derived: Future raw and adjusted FCF coincide only under the explicit zero-special-cash assumption. Formula: sum(upside_2028q1_fcf, upside_2028q1_special_adjustment).
Annual revenue quarter share upside_2028q2_weight	2028Q2 / upside	24.5% ratio	assumption: Desk assumption, not company guidance.
Revenue upside_2028q2_revenue	2028Q2 / upside	361.78 USD_millions	derived: Quarterly phasing; four shares sum to one. Formula: multiply(upside_fy28_revenue_target, upside_2028q2_weight).
Non-GAAP operating margin upside_2028q2_adjusted_margin	2028Q2 / upside	19.0% ratio	assumption: Desk assumption, not company guidance.
Non-GAAP operating income upside_2028q2_adjusted_operating_income	2028Q2 / upside	68.74 USD_millions	derived: Independent operating leverage scenario. Formula: multiply(upside_2028q2_revenue, upside_2028q2_adjusted_margin).
GAAP gross margin upside_2028q2_gross_margin	2028Q2 / upside	87.0% ratio	assumption: Includes cost-of-revenue SBC and amortization; margin pressure can accompany AI/hosting usage.
GAAP gross profit upside_2028q2_gross_profit	2028Q2 / upside	314.74 USD_millions	derived: Reported-scope gross margin proxy, independent of adjusted operating profit. Formula: multiply(upside_2028q2_revenue, upside_2028q2_gross_margin).
Total stock compensation expense upside_2028q2_sbc	2028Q2 / upside	73.00 USD_millions	assumption: Includes assumed modified/restructuring awards of $1M Q3 and $0.5M Q4; no second deduction of those awards.
Acquired-intangible amortization upside_2028q2_amort	2028Q2 / upside	0.40 USD_millions	assumption: Desk assumption, not company guidance.
Non-SBC restructuring expense upside_2028q2_cash_restructuring	2028Q2 / upside	0.00 USD_millions	assumption: Non-SBC portion only. Cash settlement timing is captured in working capital; retention can extend into FY2028.
Equity donation expense upside_2028q2_donation	2028Q2 / upside	1.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP reconciling expenses upside_2028q2_adjustments	2028Q2 / upside	74.40 USD_millions	derived: Total SBC includes cost-of-revenue SBC and restructuring equity, avoiding duplicate deductions. Formula: sum(upside_2028q2_sbc, upside_2028q2_amort, upside_2028q2_cash_restructuring, upside_2028q2_donation).
GAAP operating income upside_2028q2_operating_income	2028Q2 / upside	-5.66 USD_millions	derived: Non-GAAP operating scenario less explicitly modeled exclusions. Formula: subtract(upside_2028q2_adjusted_operating_income, upside_2028q2_adjustments).
Investment income less cash tax upside_2028q2_net_interest_after_cash_tax	2028Q2 / upside	6.00 USD_millions	assumption: Desk $11M quarterly interest income less named cash-tax allowance; no recurring JiHu tax benefit.
Operating income plus investment income less cash tax upside_2028q2_cash_earnings	2028Q2 / upside	0.34 USD_millions	derived: Simplified cash earnings starting point, not a parent net-income forecast. Formula: sum(upside_2028q2_operating_income, upside_2028q2_net_interest_after_cash_tax).
Other depreciation upside_2028q2_depreciation	2028Q2 / upside	1.50 USD_millions	assumption: Desk assumption, not company guidance.
Amortization of deferred commissions upside_2028q2_commission_amort	2028Q2 / upside	14.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings plus noncash charges upside_2028q2_before_commissions	2028Q2 / upside	90.24 USD_millions	derived: Adds only noncash charges; restructuring cash expense is not added back. Formula: sum(upside_2028q2_cash_earnings, upside_2028q2_sbc, upside_2028q2_amort, upside_2028q2_donation, upside_2028q2_depreciation, upside_2028q2_commission_amort).
New capitalized commissions / revenue upside_2028q2_commission_rate	2028Q2 / upside	5.0% ratio	assumption: Desk assumption, not company guidance.
Capitalized commission cash spending upside_2028q2_commission_cash	2028Q2 / upside	18.09 USD_millions	derived: Capitalized acquisition costs are CFO cash use, separate from amortization. Formula: multiply(upside_2028q2_revenue, upside_2028q2_commission_rate).
Other net operating cash use upside_2028q2_wc	2028Q2 / upside	15.00 USD_millions	assumption: Positive use/negative release includes billing, deferred revenue, tax and restructuring settlement timing.
Commission and working-capital use upside_2028q2_operating_uses	2028Q2 / upside	33.09 USD_millions	derived: No RPO added to cash or revenue. Formula: sum(upside_2028q2_commission_cash, upside_2028q2_wc).
Operating cash flow upside_2028q2_cfo	2028Q2 / upside	57.15 USD_millions	derived: No future special JiHu formation payment or BAPA refund is assumed. Formula: subtract(upside_2028q2_before_commissions, upside_2028q2_operating_uses).
PP&E cash additions upside_2028q2_capex	2028Q2 / upside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Unadjusted cash after capex upside_2028q2_fcf	2028Q2 / upside	55.15 USD_millions	derived: Actual cash definition before financing and acquisitions. Formula: subtract(upside_2028q2_cfo, upside_2028q2_capex).
Future JiHu/BAPA FCF adjustment upside_2028q2_special_adjustment	2028Q2 / upside	0.00 USD_millions	assumption: Zero future special payments or refunds assumed; annual H1 adjustment remains actual.
Company-definition adjusted FCF upside_2028q2_adjusted_fcf	2028Q2 / upside	55.15 USD_millions	derived: Future raw and adjusted FCF coincide only under the explicit zero-special-cash assumption. Formula: sum(upside_2028q2_fcf, upside_2028q2_special_adjustment).
Annual revenue quarter share upside_2028q3_weight	2028Q3 / upside	25.5% ratio	assumption: Desk assumption, not company guidance.
Revenue upside_2028q3_revenue	2028Q3 / upside	376.54 USD_millions	derived: Quarterly phasing; four shares sum to one. Formula: multiply(upside_fy28_revenue_target, upside_2028q3_weight).
Non-GAAP operating margin upside_2028q3_adjusted_margin	2028Q3 / upside	19.0% ratio	assumption: Desk assumption, not company guidance.
Non-GAAP operating income upside_2028q3_adjusted_operating_income	2028Q3 / upside	71.54 USD_millions	derived: Independent operating leverage scenario. Formula: multiply(upside_2028q3_revenue, upside_2028q3_adjusted_margin).
GAAP gross margin upside_2028q3_gross_margin	2028Q3 / upside	87.0% ratio	assumption: Includes cost-of-revenue SBC and amortization; margin pressure can accompany AI/hosting usage.
GAAP gross profit upside_2028q3_gross_profit	2028Q3 / upside	327.59 USD_millions	derived: Reported-scope gross margin proxy, independent of adjusted operating profit. Formula: multiply(upside_2028q3_revenue, upside_2028q3_gross_margin).
Total stock compensation expense upside_2028q3_sbc	2028Q3 / upside	76.00 USD_millions	assumption: Includes assumed modified/restructuring awards of $1M Q3 and $0.5M Q4; no second deduction of those awards.
Acquired-intangible amortization upside_2028q3_amort	2028Q3 / upside	0.40 USD_millions	assumption: Desk assumption, not company guidance.
Non-SBC restructuring expense upside_2028q3_cash_restructuring	2028Q3 / upside	0.00 USD_millions	assumption: Non-SBC portion only. Cash settlement timing is captured in working capital; retention can extend into FY2028.
Equity donation expense upside_2028q3_donation	2028Q3 / upside	1.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP reconciling expenses upside_2028q3_adjustments	2028Q3 / upside	77.40 USD_millions	derived: Total SBC includes cost-of-revenue SBC and restructuring equity, avoiding duplicate deductions. Formula: sum(upside_2028q3_sbc, upside_2028q3_amort, upside_2028q3_cash_restructuring, upside_2028q3_donation).
GAAP operating income upside_2028q3_operating_income	2028Q3 / upside	-5.86 USD_millions	derived: Non-GAAP operating scenario less explicitly modeled exclusions. Formula: subtract(upside_2028q3_adjusted_operating_income, upside_2028q3_adjustments).
Investment income less cash tax upside_2028q3_net_interest_after_cash_tax	2028Q3 / upside	6.00 USD_millions	assumption: Desk $11M quarterly interest income less named cash-tax allowance; no recurring JiHu tax benefit.
Operating income plus investment income less cash tax upside_2028q3_cash_earnings	2028Q3 / upside	0.14 USD_millions	derived: Simplified cash earnings starting point, not a parent net-income forecast. Formula: sum(upside_2028q3_operating_income, upside_2028q3_net_interest_after_cash_tax).
Other depreciation upside_2028q3_depreciation	2028Q3 / upside	1.50 USD_millions	assumption: Desk assumption, not company guidance.
Amortization of deferred commissions upside_2028q3_commission_amort	2028Q3 / upside	14.50 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings plus noncash charges upside_2028q3_before_commissions	2028Q3 / upside	93.54 USD_millions	derived: Adds only noncash charges; restructuring cash expense is not added back. Formula: sum(upside_2028q3_cash_earnings, upside_2028q3_sbc, upside_2028q3_amort, upside_2028q3_donation, upside_2028q3_depreciation, upside_2028q3_commission_amort).
New capitalized commissions / revenue upside_2028q3_commission_rate	2028Q3 / upside	5.0% ratio	assumption: Desk assumption, not company guidance.
Capitalized commission cash spending upside_2028q3_commission_cash	2028Q3 / upside	18.83 USD_millions	derived: Capitalized acquisition costs are CFO cash use, separate from amortization. Formula: multiply(upside_2028q3_revenue, upside_2028q3_commission_rate).
Other net operating cash use upside_2028q3_wc	2028Q3 / upside	5.00 USD_millions	assumption: Positive use/negative release includes billing, deferred revenue, tax and restructuring settlement timing.
Commission and working-capital use upside_2028q3_operating_uses	2028Q3 / upside	23.83 USD_millions	derived: No RPO added to cash or revenue. Formula: sum(upside_2028q3_commission_cash, upside_2028q3_wc).
Operating cash flow upside_2028q3_cfo	2028Q3 / upside	69.72 USD_millions	derived: No future special JiHu formation payment or BAPA refund is assumed. Formula: subtract(upside_2028q3_before_commissions, upside_2028q3_operating_uses).
PP&E cash additions upside_2028q3_capex	2028Q3 / upside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Unadjusted cash after capex upside_2028q3_fcf	2028Q3 / upside	67.72 USD_millions	derived: Actual cash definition before financing and acquisitions. Formula: subtract(upside_2028q3_cfo, upside_2028q3_capex).
Future JiHu/BAPA FCF adjustment upside_2028q3_special_adjustment	2028Q3 / upside	0.00 USD_millions	assumption: Zero future special payments or refunds assumed; annual H1 adjustment remains actual.
Company-definition adjusted FCF upside_2028q3_adjusted_fcf	2028Q3 / upside	67.72 USD_millions	derived: Future raw and adjusted FCF coincide only under the explicit zero-special-cash assumption. Formula: sum(upside_2028q3_fcf, upside_2028q3_special_adjustment).
Annual revenue quarter share upside_2028q4_weight	2028Q4 / upside	26.5% ratio	assumption: Desk assumption, not company guidance.
Revenue upside_2028q4_revenue	2028Q4 / upside	391.31 USD_millions	derived: Quarterly phasing; four shares sum to one. Formula: multiply(upside_fy28_revenue_target, upside_2028q4_weight).
Non-GAAP operating margin upside_2028q4_adjusted_margin	2028Q4 / upside	19.0% ratio	assumption: Desk assumption, not company guidance.
Non-GAAP operating income upside_2028q4_adjusted_operating_income	2028Q4 / upside	74.35 USD_millions	derived: Independent operating leverage scenario. Formula: multiply(upside_2028q4_revenue, upside_2028q4_adjusted_margin).
GAAP gross margin upside_2028q4_gross_margin	2028Q4 / upside	87.0% ratio	assumption: Includes cost-of-revenue SBC and amortization; margin pressure can accompany AI/hosting usage.
GAAP gross profit upside_2028q4_gross_profit	2028Q4 / upside	340.44 USD_millions	derived: Reported-scope gross margin proxy, independent of adjusted operating profit. Formula: multiply(upside_2028q4_revenue, upside_2028q4_gross_margin).
Total stock compensation expense upside_2028q4_sbc	2028Q4 / upside	79.00 USD_millions	assumption: Includes assumed modified/restructuring awards of $1M Q3 and $0.5M Q4; no second deduction of those awards.
Acquired-intangible amortization upside_2028q4_amort	2028Q4 / upside	0.40 USD_millions	assumption: Desk assumption, not company guidance.
Non-SBC restructuring expense upside_2028q4_cash_restructuring	2028Q4 / upside	0.00 USD_millions	assumption: Non-SBC portion only. Cash settlement timing is captured in working capital; retention can extend into FY2028.
Equity donation expense upside_2028q4_donation	2028Q4 / upside	1.00 USD_millions	assumption: Desk assumption, not company guidance.
GAAP reconciling expenses upside_2028q4_adjustments	2028Q4 / upside	80.40 USD_millions	derived: Total SBC includes cost-of-revenue SBC and restructuring equity, avoiding duplicate deductions. Formula: sum(upside_2028q4_sbc, upside_2028q4_amort, upside_2028q4_cash_restructuring, upside_2028q4_donation).
GAAP operating income upside_2028q4_operating_income	2028Q4 / upside	-6.05 USD_millions	derived: Non-GAAP operating scenario less explicitly modeled exclusions. Formula: subtract(upside_2028q4_adjusted_operating_income, upside_2028q4_adjustments).
Investment income less cash tax upside_2028q4_net_interest_after_cash_tax	2028Q4 / upside	6.00 USD_millions	assumption: Desk $11M quarterly interest income less named cash-tax allowance; no recurring JiHu tax benefit.
Operating income plus investment income less cash tax upside_2028q4_cash_earnings	2028Q4 / upside	-0.05 USD_millions	derived: Simplified cash earnings starting point, not a parent net-income forecast. Formula: sum(upside_2028q4_operating_income, upside_2028q4_net_interest_after_cash_tax).
Other depreciation upside_2028q4_depreciation	2028Q4 / upside	1.50 USD_millions	assumption: Desk assumption, not company guidance.
Amortization of deferred commissions upside_2028q4_commission_amort	2028Q4 / upside	15.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings plus noncash charges upside_2028q4_before_commissions	2028Q4 / upside	96.85 USD_millions	derived: Adds only noncash charges; restructuring cash expense is not added back. Formula: sum(upside_2028q4_cash_earnings, upside_2028q4_sbc, upside_2028q4_amort, upside_2028q4_donation, upside_2028q4_depreciation, upside_2028q4_commission_amort).
New capitalized commissions / revenue upside_2028q4_commission_rate	2028Q4 / upside	5.0% ratio	assumption: Desk assumption, not company guidance.
Capitalized commission cash spending upside_2028q4_commission_cash	2028Q4 / upside	19.57 USD_millions	derived: Capitalized acquisition costs are CFO cash use, separate from amortization. Formula: multiply(upside_2028q4_revenue, upside_2028q4_commission_rate).
Other net operating cash use upside_2028q4_wc	2028Q4 / upside	-40.00 USD_millions	assumption: Positive use/negative release includes billing, deferred revenue, tax and restructuring settlement timing.
Commission and working-capital use upside_2028q4_operating_uses	2028Q4 / upside	-20.43 USD_millions	derived: No RPO added to cash or revenue. Formula: sum(upside_2028q4_commission_cash, upside_2028q4_wc).
Operating cash flow upside_2028q4_cfo	2028Q4 / upside	117.28 USD_millions	derived: No future special JiHu formation payment or BAPA refund is assumed. Formula: subtract(upside_2028q4_before_commissions, upside_2028q4_operating_uses).
PP&E cash additions upside_2028q4_capex	2028Q4 / upside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Unadjusted cash after capex upside_2028q4_fcf	2028Q4 / upside	115.28 USD_millions	derived: Actual cash definition before financing and acquisitions. Formula: subtract(upside_2028q4_cfo, upside_2028q4_capex).
Future JiHu/BAPA FCF adjustment upside_2028q4_special_adjustment	2028Q4 / upside	0.00 USD_millions	assumption: Zero future special payments or refunds assumed; annual H1 adjustment remains actual.
Company-definition adjusted FCF upside_2028q4_adjusted_fcf	2028Q4 / upside	115.28 USD_millions	derived: Future raw and adjusted FCF coincide only under the explicit zero-special-cash assumption. Formula: sum(upside_2028q4_fcf, upside_2028q4_special_adjustment).
Consolidated revenue ($M) upside_fy2027_revenue	FY2027 / upside	1,153.62 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, upside_2027q3_revenue, upside_2027q4_revenue).
GAAP gross profit ($M) upside_fy2027_gross_profit	FY2027 / upside	992.08 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, upside_2027q3_gross_profit, upside_2027q4_gross_profit).
Non-GAAP operating income ($M) upside_fy2027_adjusted_operating_income	FY2027 / upside	165.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adjusted_operating_income, upside_2027q3_adjusted_operating_income, upside_2027q4_adjusted_operating_income).
GAAP operating income ($M) upside_fy2027_operating_income	FY2027 / upside	-134.78 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income).
Operating cash flow ($M) upside_fy2027_cfo	FY2027 / upside	264.34 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, upside_2027q3_cfo, upside_2027q4_cfo).
Cash PP&E additions ($M) upside_fy2027_capex	FY2027 / upside	5.61 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, upside_2027q3_capex, upside_2027q4_capex).
Unadjusted CFO less capex ($M) upside_fy2027_fcf	FY2027 / upside	258.74 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, upside_2027q3_fcf, upside_2027q4_fcf).
Company-definition adjusted FCF ($M) upside_fy2027_adjusted_fcf	FY2027 / upside	271.72 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adjusted_fcf, upside_2027q3_adjusted_fcf, upside_2027q4_adjusted_fcf).
Consolidated revenue ($M) upside_fy2028_revenue	FY2028 / upside	1,476.63 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_revenue, upside_2028q2_revenue, upside_2028q3_revenue, upside_2028q4_revenue).
GAAP gross profit ($M) upside_fy2028_gross_profit	FY2028 / upside	1,284.67 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_gross_profit, upside_2028q2_gross_profit, upside_2028q3_gross_profit, upside_2028q4_gross_profit).
Non-GAAP operating income ($M) upside_fy2028_adjusted_operating_income	FY2028 / upside	280.56 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_adjusted_operating_income, upside_2028q2_adjusted_operating_income, upside_2028q3_adjusted_operating_income, upside_2028q4_adjusted_operating_income).
GAAP operating income ($M) upside_fy2028_operating_income	FY2028 / upside	-24.04 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_operating_income, upside_2028q2_operating_income, upside_2028q3_operating_income, upside_2028q4_operating_income).
Operating cash flow ($M) upside_fy2028_cfo	FY2028 / upside	392.73 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 additions ($M) upside_fy2028_capex	FY2028 / upside	8.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_capex, upside_2028q2_capex, upside_2028q3_capex, upside_2028q4_capex).
Unadjusted CFO less capex ($M) upside_fy2028_fcf	FY2028 / upside	384.73 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).
Company-definition adjusted FCF ($M) upside_fy2028_adjusted_fcf	FY2028 / upside	384.73 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_adjusted_fcf, upside_2028q2_adjusted_fcf, upside_2028q3_adjusted_fcf, upside_2028q4_adjusted_fcf).

Model boundaries

Bookings, RPO and net ARR growth are leading indicators, not additional revenue. The model does not invent AI product revenue or assume seats and usage credits have identical economics.
Forecast GAAP gross margin is an independent desk assumption. Non-GAAP operating guidance is reconciled to GAAP with explicitly estimated excluded expenses, not claimed as GAAP company guidance.
Restructuring stock compensation is included within total SBC; only non-SBC restructuring is deducted again. Total H1 restructuring was $23.286M, including $3.864M SBC.
JiHu remains consolidated at approximately 54% ownership. The model forecasts consolidated operating/cash outcomes, not parent EPS or a liquidation value of joint-venture cash.
Company adjusted FCF adds back JiHu formation payments and removes BAPA refunds. Raw FCF retains both. No additional JiHu settlement or BAPA refund is assumed after H1.
Cash taxes, commission capitalization and working capital are simplified. Future buybacks, acquisitions, financing and share-count changes are outside FCF and no forward EPS is published.

Bookings strength with a restructuring and cash-definition bridge

Research reviewed 2026-09-19

Can bookings and AI usage convert into durable revenue and cash after the restructuring?

H1 revenue was $550.412M, GAAP operating loss $72.684M and non-GAAP operating income $80.100M. The difference includes $125.067M SBC and $19.422M non-SBC restructuring; total restructuring was $23.286M including $3.864M already in SBC. The plan targets $30M-$35M total charges and roughly 14% of the workforce, with retention costs extending into FY2028. Q2 CFO of negative $3.092M less $0.213M capex was negative $3.305M. Company adjusted FCF of $9.750M adds back $14.036M JiHu formation cash and removes $0.981M BAPA refunds. H1 raw FCF was $143.499M versus $156.477M adjusted, before $154.685M repurchases. July cash and investments of $1,256.986M include $39.056M JiHu cash. RPO and bookings are demand references, not extra modeled sales.

The competing explanation

AI features can increase usage and engagement while lowering gross margin or changing seat economics. Workforce reductions can impair delivery, and bookings can convert more slowly than expected. Adjusted profit and cash can improve while dilution and actual payments limit per-share value.

Risks to track

AI and usage-based packaging may change pricing and hosting economics.
Bookings, RPO and revenue are recognized on different schedules.
Restructuring can disrupt product execution and customer support.
SBC remains material and differs from cash compensation.
JiHu and BAPA tax items can distort quarterly cash comparisons.
Large buybacks can consume operating cash without reducing shares proportionally.

Next checkpoints

Revenue and gross-margin conversion · Q3 FY2027 ends October 31, 2026 (estimated). Compare $281M-$283M revenue guidance with retention, bookings and hosting costs.
Restructuring completion · FY2027 separations; retention into FY2028 (estimated). Track total charges versus $30M-$35M and avoid counting restructuring SBC twice.
Cash retained · Every filing (estimated). Separate raw FCF, JiHu/BAPA adjustments and repurchase cash.

Data coverage and open work

Bookings, RPO and net ARR growth are leading indicators, not additional revenue. The model does not invent AI product revenue or assume seats and usage credits have identical economics.
Forecast GAAP gross margin is an independent desk assumption. Non-GAAP operating guidance is reconciled to GAAP with explicitly estimated excluded expenses, not claimed as GAAP company guidance.
Restructuring stock compensation is included within total SBC; only non-SBC restructuring is deducted again. Total H1 restructuring was $23.286M, including $3.864M SBC.
JiHu remains consolidated at approximately 54% ownership. The model forecasts consolidated operating/cash outcomes, not parent EPS or a liquidation value of joint-venture cash.
Company adjusted FCF adds back JiHu formation payments and removes BAPA refunds. Raw FCF retains both. No additional JiHu settlement or BAPA refund is assumed after H1.
Cash taxes, commission capitalization and working capital are simplified. Future buybacks, acquisitions, financing and share-count changes are outside FCF and no forward EPS is published.

This review: First sourced software model with guidance-to-GAAP reconciliation, commission cash and raw versus adjusted FCF.

What the memory says

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

300 similar days

Vs the market, in points	Low	Middle	High	Share up
1 session	-6.9	-0.2	+6.1	48%
5 sessions	-14.8	-1.2	+12.8	43%
10 sessions	-18.8	-1.4	+18.5	44%

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

Notes on this name

No published notes on this name yet.

Scorecard: 0 notes scored

Next report: 2026-12-01 (source: estimated from 10-Q filed 2026-09-02 plus 90 days)

Provenance

[1] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001628280-25-054840, 10-Q filed 2025-12-03; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[2] derived: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001628280-26-018731, 10-K filed 2026-03-17; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[3] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001628280-26-039793, 10-Q filed 2026-06-02; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[4] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001628280-26-059943, 10-Q filed 2026-09-02; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[5] reported: GrossProfit, accession 0001628280-25-054840, 10-Q filed 2025-12-03; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[6] derived: GrossProfit, accession 0001628280-26-018731, 10-K filed 2026-03-17; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[7] reported: GrossProfit, accession 0001628280-26-039793, 10-Q filed 2026-06-02; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[8] reported: GrossProfit, accession 0001628280-26-059943, 10-Q filed 2026-09-02; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[9] reported: OperatingIncomeLoss, accession 0001628280-25-054840, 10-Q filed 2025-12-03; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[10] derived: OperatingIncomeLoss, accession 0001628280-26-018731, 10-K filed 2026-03-17; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[11] reported: OperatingIncomeLoss, accession 0001628280-26-039793, 10-Q filed 2026-06-02; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[12] reported: OperatingIncomeLoss, accession 0001628280-26-059943, 10-Q filed 2026-09-02; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[13] reported: NetIncomeLoss, accession 0001628280-25-054840, 10-Q filed 2025-12-03; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[14] derived: NetIncomeLoss, accession 0001628280-26-018731, 10-K filed 2026-03-17; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[15] reported: NetIncomeLoss, accession 0001628280-26-039793, 10-Q filed 2026-06-02; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[16] reported: NetIncomeLoss, accession 0001628280-26-059943, 10-Q filed 2026-09-02; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[17] reported: EarningsPerShareDiluted, accession 0001628280-25-054840, 10-Q filed 2025-12-03; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[18] reported: EarningsPerShareDiluted, accession 0001628280-26-039793, 10-Q filed 2026-06-02; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[19] reported: EarningsPerShareDiluted, accession 0001628280-26-059943, 10-Q filed 2026-09-02; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[20] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001628280-25-054840, 10-Q filed 2025-12-03; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[21] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001628280-26-039793, 10-Q filed 2026-06-02; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[22] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001628280-26-059943, 10-Q filed 2026-09-02; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[23] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001628280-24-050129, 10-Q filed 2024-12-06; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[24] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001628280-26-018731, 10-K filed 2026-03-17; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[25] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001628280-25-030546, 10-Q filed 2025-06-11; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[26] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001653482-25-000010, 10-Q filed 2025-09-04; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[27] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001628280-25-054840, 10-Q filed 2025-12-03; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[28] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001628280-26-059943, 10-Q filed 2026-09-02; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[29] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001628280-26-039793, 10-Q filed 2026-06-02; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[30] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001628280-25-054840, 10-Q filed 2025-12-03; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[31] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001628280-26-018731, 10-K filed 2026-03-17; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[32] reported: NetCashProvidedByUsedInOperatingActivities, accession 0001628280-26-039793, 10-Q filed 2026-06-02; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[33] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001628280-26-059943, 10-Q filed 2026-09-02; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[34] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001628280-25-054840, 10-Q filed 2025-12-03; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[35] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001628280-26-018731, 10-K filed 2026-03-17; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[36] reported: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001628280-26-039793, 10-Q filed 2026-06-02; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[37] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001628280-26-059943, 10-Q filed 2026-09-02; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[38] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001628280-25-054840, 10-Q filed 2025-12-03; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[39] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001628280-26-018731, 10-K filed 2026-03-17; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[40] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001628280-26-039793, 10-Q filed 2026-06-02; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json
[41] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001628280-26-059943, 10-Q filed 2026-09-02; retrieved 2026-09-19T19:41:02+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001653482.json

What the author read

September 1 fiscal Q2 results, guidance and non-GAAP reconciliations · retrieved 2026-09-19
September 2 Form 10-Q: restructuring, JiHu, taxes and cash · retrieved 2026-09-19

Compiled 2026-09-19T19:41:03.086510+00:00 · authored fd41b7e521fb · generated 62376047929b · JSON

Daily notes · Scorecard