$MXL
Business
MaxLinear designs communications and mixed-signal chips for infrastructure, broadband, connectivity and industrial applications. Optical data-center products are part of infrastructure revenue. The business pays for engineering, manufacturing inventory and intellectual property before collecting sales. Bonuses may settle in stock or cash, so adjusted earnings, dilution and cash generation require separate analysis.
Three drivers
- Optical infrastructure adoption and the other product categories
- GAAP margins, engineering costs and compensation exclusions
- Inventory, supplier advances, IP purchases and bonus settlement
Thesis
Our view
The optical ramp can improve revenue and operating leverage, but cash conversion depends on inventory and supplier commitments. The adjusted-to-GAAP gap includes both ordinary SBC and separate performance bonuses; stock settlement preserves cash while diluting shareholders. Litigation and limited unrestricted cash remain part of the underwriting.
What changes it
Compare infrastructure growth with total sales, GAAP operating profit and inventory funding. Improve confidence if the ramp finances IP investment and compensation claims; reduce it if customer concentration, delayed programs or cash settlement strains liquidity.
Scenario ranges
Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.
Model · 8 fiscal quarters (last eight)
| Fiscal quarter | 2024Q3 2024-09-30 | 2024Q4 2024-12-31 | 2025Q1 2025-03-31 | 2025Q2 2025-06-30 | 2025Q3 2025-09-30 | 2025Q4 2025-12-31 | 2026Q1 2026-03-31 | 2026Q2 2026-06-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue ($M) | 81.11 | 92.2†2 | 95.93 | 108.84 | 126.51 | 136.4†2 | 137.23 | 168.84 |
| Gross profit ($M) | 44.15 | 51.2†6 | 53.87 | 61.58 | 71.95 | 78.6†6 | 78.97 | 97.78 |
| Operating income ($M) | -66.79 | -41.2†10 | -46.111 | -24.612 | -41.39 | -14.9†10 | -17.211 | -4.212 |
| Net income ($M) | -75.813 | -57.8†14 | -49.715 | -26.615 | -45.513 | -14.9†14 | -45.115 | 1.815 |
| EPS, diluted ($) | -0.9016 | — | -0.5817 | -0.3118 | -0.5216 | — | -0.5217 | 0.0218 |
| Diluted shares (M) | 84.119 | — | 85.320 | 86.621 | 87.219 | — | 87.620 | 97.321 |
| Cash ($M) | 148.522 | 118.623 | 102.824 | 108.625 | 111.926 | 72.827 | 61.128 | 64.827 |
| Long-term debt ($M) | 122.829 | 123.030 | 123.231 | 123.332 | 123.533 | 123.634 | 123.835 | 123.934 |
| Cash from operations ($M) | -30.7†36 | -27.8†37 | -11.438 | 10.5†39 | 10.1†36 | 10.4†37 | -8.938 | 4.8†39 |
| Capex ($M) | 4.1†40 | 2.2†41 | 2.042 | 1.2†43 | 5.7†40 | 3.7†41 | 1.442 | 2.3†43 |
| Free cash flow ($M) | -34.9†44 | -30.0†45 | -13.4†46 | 9.3†47 | 4.4†44 | 6.7†45 | -10.3†46 | 2.5†47 |
Estimates · base scenario
| Period | Revenue ($M) | EPS ($) | As of | Basis |
|---|---|---|---|---|
| 2026Q3 | 215.0 | — | 2026-09-19 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2026Q4 | 236.5 | — | 2026-09-19 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2027Q1 | 260.9 | — | 2026-09-19 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2027Q2 | 288.7 | — | 2026-09-19 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
Optical infrastructure ramp after stock-settled bonuses and investment
Model infrastructure, broadband, connectivity and industrial sales separately, with Q3 total and margins anchored to guidance. Infrastructure is the residual growth requirement for Q3; later segments have independent growth assumptions. Reconcile GAAP and adjusted margins through amortization, ordinary SBC, performance bonuses and cash special costs. Distinguish expense from whether bonuses settle in shares or cash, then deduct PP&E, purchased intangibles and employee withholding.
Reported anchors and guidance
| Measure | Period | Value | Basis |
|---|---|---|---|
| Q3 revenue guidance midpoint | 2026Q3 | 215.00 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| Q3 GAAP operating expense guidance midpoint | 2026Q3 | 101.00 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| Q3 non-GAAP operating expense guidance midpoint | 2026Q3 | 68.50 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| q2 infrastructure | June 2026 | 85.02 | reported. Company balance or revenue category; not incremental cash or standalone AI revenue. Source · 2026-07-23 |
| H1 non gaap op | H1 2026 | 59.36 | reported. Reported H1 amount in millions. Source · 2026-07-23 |
| H1 operating income | H1 2026 | -21.39 | reported. Reported H1 amount in millions. Source · 2026-07-23 |
| H1 sbc | H1 2026 | 47.51 | reported. Reported H1 amount in millions. Source · 2026-07-23 |
| H1 performance expense | H1 2026 | 17.95 | reported. Performance equity sums COGS $0.139M and operating $17.809M; bonuses settled in stock are a separate prior-accrual cash-flow fact. Source · 2026-07-23 |
| H1 bonus stock settlement | H1 2026 | 32.20 | reported. Reported H1 amount in millions. Source · 2026-07-23 |
| bonus accrual | June 2026 | 18.00 | reported. Rounded $305.9M inventory and other contractual obligations; bonus accrual is approximately $18M. Source · 2026-07-23 |
| H1 cfo | H1 2026 | -4.06 | reported. Reported H1 amount in millions. Source · 2026-07-23 |
| H1 cash after intangibles | H1 2026 | -9.45 | derived. Includes intellectual-property cash purchases. |
| H1 cash after employee withholding | H1 2026 | -16.89 | derived. Before the separate $2M notes-receivable investment and financing fees. |
| cash | June 2026 | 64.81 | reported. Company balance or revenue category; not incremental cash or standalone AI revenue. Source · 2026-07-23 |
| Total restricted cash | June 2026 | 28.92 | derived. Not included in $64.814M unrestricted cash. |
| term principal | June 2026 | 125.00 | reported. Company balance or revenue category; not incremental cash or standalone AI revenue. Source · 2026-07-23 |
| inventory | June 2026 | 105.49 | reported. Company balance or revenue category; not incremental cash or standalone AI revenue. Source · 2026-07-23 |
| purchase obligations | June 2026 | 305.90 | reported. Rounded $305.9M inventory and other contractual obligations; bonus accrual is approximately $18M. Source · 2026-07-23 |
Downside scenario
| Period | Operating cash flow proxy ($M) | CFO less PP&E ($M) | Cash PP&E purchases ($M) | Revenue ($M) | Cash intangible purchases ($M) | Non-GAAP operating income ($M) | GAAP gross profit ($M) | Infrastructure revenue ($M) | GAAP operating income ($M) | Cash after investment and award taxes ($M) | Cash after PP&E and intangibles ($M) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026Q3 | 8.99 | 5.99 | 3.00 | 200.00 | 2.00 | 45.00 | 113.00 | 116.40 | 6.00 | -0.01 | 3.99 |
| 2026Q4 | 14.58 | 11.58 | 3.00 | 205.82 | 2.00 | 45.89 | 116.29 | 119.89 | 6.61 | 5.58 | 9.58 |
| 2027Q1 | 22.22 | 19.22 | 3.00 | 211.81 | 2.00 | 46.88 | 119.68 | 123.49 | 7.33 | 13.22 | 17.22 |
| 2027Q2 | 25.72 | 22.72 | 3.00 | 217.99 | 2.00 | 47.98 | 123.17 | 127.19 | 8.14 | 16.72 | 20.72 |
| FY2026 | 19.51 | 9.79 | 9.72 | 711.85 | 5.67 | 150.25 | 405.84 | 384.12 | -8.78 | -11.32 | 4.12 |
| FY2027 | 98.62 | 86.62 | 12.00 | 880.42 | 8.00 | 191.86 | 497.44 | 511.98 | 31.99 | 62.62 | 78.62 |
Base scenario
| Period | Operating cash flow proxy ($M) | CFO less PP&E ($M) | Cash PP&E purchases ($M) | Revenue ($M) | Cash intangible purchases ($M) | Non-GAAP operating income ($M) | GAAP gross profit ($M) | Infrastructure revenue ($M) | GAAP operating income ($M) | Cash after investment and award taxes ($M) | Cash after PP&E and intangibles ($M) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026Q3 | 36.04 | 33.04 | 3.00 | 215.00 | 2.00 | 60.50 | 125.77 | 127.00 | 24.77 | 27.04 | 31.04 |
| 2026Q4 | 48.49 | 45.49 | 3.00 | 236.50 | 2.00 | 71.00 | 138.35 | 146.05 | 34.83 | 39.49 | 43.49 |
| 2027Q1 | 62.65 | 59.65 | 3.00 | 260.93 | 2.00 | 83.26 | 152.65 | 167.96 | 46.60 | 53.65 | 57.65 |
| 2027Q2 | 78.58 | 75.58 | 3.00 | 288.73 | 2.00 | 97.54 | 168.91 | 193.15 | 60.33 | 69.58 | 73.58 |
| FY2026 | 80.47 | 70.75 | 9.72 | 757.54 | 5.67 | 190.87 | 440.67 | 420.88 | 38.21 | 49.64 | 65.08 |
| FY2027 | 333.27 | 321.27 | 12.00 | 1,188.96 | 8.00 | 405.81 | 695.54 | 801.13 | 256.19 | 297.27 | 313.27 |
Upside scenario
| Period | Operating cash flow proxy ($M) | CFO less PP&E ($M) | Cash PP&E purchases ($M) | Revenue ($M) | Cash intangible purchases ($M) | Non-GAAP operating income ($M) | GAAP gross profit ($M) | Infrastructure revenue ($M) | GAAP operating income ($M) | Cash after investment and award taxes ($M) | Cash after PP&E and intangibles ($M) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026Q3 | 49.99 | 46.99 | 3.00 | 230.00 | 2.00 | 72.45 | 138.00 | 137.60 | 35.00 | 40.99 | 44.99 |
| 2026Q4 | 70.57 | 67.57 | 3.00 | 264.22 | 2.00 | 91.08 | 158.53 | 169.25 | 52.96 | 61.57 | 65.57 |
| 2027Q1 | 95.63 | 92.63 | 3.00 | 305.80 | 2.00 | 114.24 | 183.48 | 208.18 | 75.33 | 86.63 | 90.63 |
| 2027Q2 | 125.99 | 122.99 | 3.00 | 356.41 | 2.00 | 142.95 | 213.85 | 256.06 | 103.12 | 116.99 | 120.99 |
| FY2026 | 116.50 | 106.78 | 9.72 | 800.26 | 5.67 | 222.89 | 473.08 | 454.68 | 66.56 | 85.67 | 101.11 |
| FY2027 | 544.74 | 532.74 | 12.00 | 1,494.45 | 8.00 | 609.28 | 896.67 | 1,087.22 | 448.62 | 508.74 | 524.74 |
All inputs and formulas — reproduce this model
| Input / calculation | Period / case | Value / unit | Evidence or assumption |
|---|---|---|---|
| H1 revenue h1_revenue | H1 2026 / shared | 306.04 USD_millions | reported: Reported H1 amount in millions. Primary source · 2026-07-23 |
| H1 infrastructure h1_infrastructure | H1 2026 / shared | 147.83 USD_millions | reported: Reported H1 amount in millions. Primary source · 2026-07-23 |
| H1 broadband h1_broadband | H1 2026 / shared | 88.51 USD_millions | reported: Reported H1 amount in millions. Primary source · 2026-07-23 |
| H1 connectivity h1_connectivity | H1 2026 / shared | 42.56 USD_millions | reported: Reported H1 amount in millions. Primary source · 2026-07-23 |
| H1 industrial h1_industrial | H1 2026 / shared | 27.13 USD_millions | reported: Reported H1 amount in millions. Primary source · 2026-07-23 |
| H1 gross profit h1_gross_profit | H1 2026 / shared | 176.55 USD_millions | reported: Reported H1 amount in millions. Primary source · 2026-07-23 |
| H1 non gaap op h1_non_gaap_op | H1 2026 / shared | 59.36 USD_millions | reported: Reported H1 amount in millions. Primary source · 2026-07-23 |
| H1 operating income h1_operating_income | H1 2026 / shared | -21.39 USD_millions | reported: Reported H1 amount in millions. Primary source · 2026-07-23 |
| H1 cfo h1_cfo | H1 2026 / shared | -4.06 USD_millions | reported: Reported H1 amount in millions. Primary source · 2026-07-23 |
| H1 capex h1_capex | H1 2026 / shared | 3.72 USD_millions | reported: Reported H1 amount in millions. Primary source · 2026-07-23 |
| H1 intangibles h1_intangibles | H1 2026 / shared | 1.67 USD_millions | reported: Reported H1 amount in millions. Primary source · 2026-07-23 |
| H1 sbc h1_sbc | H1 2026 / shared | 47.51 USD_millions | reported: Reported H1 amount in millions. Primary source · 2026-07-23 |
| H1 performance expense h1_performance_expense | H1 2026 / shared | 17.95 USD_millions | reported: Performance equity sums COGS $0.139M and operating $17.809M; bonuses settled in stock are a separate prior-accrual cash-flow fact. Primary source · 2026-07-23 |
| H1 da h1_da | H1 2026 / shared | 18.13 USD_millions | reported: Reported H1 amount in millions. Primary source · 2026-07-23 |
| H1 bonus stock settlement h1_bonus_stock_settlement | H1 2026 / shared | 32.20 USD_millions | reported: Reported H1 amount in millions. Primary source · 2026-07-23 |
| H1 award cash h1_award_cash | H1 2026 / shared | 7.44 USD_millions | reported: Reported H1 amount in millions. Primary source · 2026-07-23 |
| H1 inventory use h1_inventory_use | H1 2026 / shared | 27.39 USD_millions | reported: Reported H1 amount in millions. Primary source · 2026-07-23 |
| H1 prepaid use h1_prepaid_use | H1 2026 / shared | 22.50 USD_millions | reported: Reported H1 amount in millions. Primary source · 2026-07-23 |
| H1 funding proceeds h1_funding_proceeds | H1 2026 / shared | 8.00 USD_millions | reported: Reported H1 amount in millions. Primary source · 2026-07-23 |
| H1 CFO less PP&E h1_fcf | H1 2026 / shared | -7.79 USD_millions | derived: Historical PP&E-only scope. Formula: subtract(h1_cfo, h1_capex). |
| H1 cash after intangibles h1_cash_after_investment | H1 2026 / shared | -9.45 USD_millions | derived: Includes intellectual-property cash purchases. Formula: subtract(h1_fcf, h1_intangibles). |
| H1 cash after employee withholding h1_cash_after_awards | H1 2026 / shared | -16.89 USD_millions | derived: Before the separate $2M notes-receivable investment and financing fees. Formula: subtract(h1_cash_after_investment, h1_award_cash). |
| cash cash | June 2026 / shared | 64.81 USD_millions | reported: Company balance or revenue category; not incremental cash or standalone AI revenue. Primary source · 2026-07-23 |
| restricted short restricted_short | June 2026 / shared | 1.49 USD_millions | reported: Company balance or revenue category; not incremental cash or standalone AI revenue. Primary source · 2026-07-23 |
| restricted long restricted_long | June 2026 / shared | 27.43 USD_millions | reported: Company balance or revenue category; not incremental cash or standalone AI revenue. Primary source · 2026-07-23 |
| term principal term_principal | June 2026 / shared | 125.00 USD_millions | reported: Company balance or revenue category; not incremental cash or standalone AI revenue. Primary source · 2026-07-23 |
| inventory inventory | June 2026 / shared | 105.49 USD_millions | reported: Company balance or revenue category; not incremental cash or standalone AI revenue. Primary source · 2026-07-23 |
| bonus accrual bonus_accrual | June 2026 / shared | 18.00 USD_millions | reported: Rounded $305.9M inventory and other contractual obligations; bonus accrual is approximately $18M. Primary source · 2026-07-23 |
| purchase obligations purchase_obligations | June 2026 / shared | 305.90 USD_millions | reported: Rounded $305.9M inventory and other contractual obligations; bonus accrual is approximately $18M. Primary source · 2026-07-23 |
| q2 infrastructure q2_infrastructure | June 2026 / shared | 85.02 USD_millions | reported: Company balance or revenue category; not incremental cash or standalone AI revenue. Primary source · 2026-07-23 |
| q2 broadband q2_broadband | June 2026 / shared | 44.88 USD_millions | reported: Company balance or revenue category; not incremental cash or standalone AI revenue. Primary source · 2026-07-23 |
| q2 connectivity q2_connectivity | June 2026 / shared | 23.97 USD_millions | reported: Company balance or revenue category; not incremental cash or standalone AI revenue. Primary source · 2026-07-23 |
| q2 industrial q2_industrial | June 2026 / shared | 14.98 USD_millions | reported: Company balance or revenue category; not incremental cash or standalone AI revenue. Primary source · 2026-07-23 |
| Total restricted cash restricted_total | June 2026 / shared | 28.92 USD_millions | derived: Not included in $64.814M unrestricted cash. Formula: sum(restricted_short, restricted_long). |
| Q3 revenue guidance low q3_guide_low | 2026Q3 / shared | 210.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-07-23 |
| Q3 revenue guidance high q3_guide_high | 2026Q3 / shared | 220.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-07-23 |
| Midpoint divisor two | Model / shared | 200.0% ratio | assumption: Arithmetic constant. |
| Q3 revenue guidance endpoint sum q3_guide_sum | 2026Q3 / shared | 430.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(q3_guide_low, q3_guide_high). |
| Q3 revenue guidance midpoint q3_guide | 2026Q3 / shared | 215.00 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q3_guide_sum, two). |
| Q3 GAAP operating expense guidance low q3_gaap_opex_low | 2026Q3 / shared | 98.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-07-23 |
| Q3 GAAP operating expense guidance high q3_gaap_opex_high | 2026Q3 / shared | 104.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-07-23 |
| Q3 GAAP operating expense guidance endpoint sum q3_gaap_opex_sum | 2026Q3 / shared | 202.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(q3_gaap_opex_low, q3_gaap_opex_high). |
| Q3 GAAP operating expense guidance midpoint q3_gaap_opex | 2026Q3 / shared | 101.00 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q3_gaap_opex_sum, two). |
| Q3 non-GAAP operating expense guidance low q3_ng_opex_low | 2026Q3 / shared | 66.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-07-23 |
| Q3 non-GAAP operating expense guidance high q3_ng_opex_high | 2026Q3 / shared | 71.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-07-23 |
| Q3 non-GAAP operating expense guidance endpoint sum q3_ng_opex_sum | 2026Q3 / shared | 137.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(q3_ng_opex_low, q3_ng_opex_high). |
| Q3 non-GAAP operating expense guidance midpoint q3_ng_opex | 2026Q3 / shared | 68.50 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q3_ng_opex_sum, two). |
| broadband revenue downside_2026q3_broadband | 2026Q3 / downside | 42.75 USD_millions | assumption: Desk assumption, not company guidance. |
| connectivity revenue downside_2026q3_connectivity | 2026Q3 / downside | 24.70 USD_millions | assumption: Desk assumption, not company guidance. |
| industrial revenue downside_2026q3_industrial | 2026Q3 / downside | 16.15 USD_millions | assumption: Desk assumption, not company guidance. |
| Revenue downside_2026q3_revenue | 2026Q3 / downside | 200.00 USD_millions | assumption: Base equals Q3 $215M guidance midpoint; other cases are independent desk outcomes. |
| Other business sales downside_2026q3_other_sales | 2026Q3 / downside | 83.60 USD_millions | derived: Broadband, connectivity and industrial. Formula: sum(downside_2026q3_broadband, downside_2026q3_connectivity, downside_2026q3_industrial). |
| Infrastructure sales required downside_2026q3_infrastructure | 2026Q3 / downside | 116.40 USD_millions | derived: Residual infrastructure adoption requirement, not disclosed customer bookings. Formula: subtract(downside_2026q3_revenue, downside_2026q3_other_sales). |
| Non-GAAP gross margin downside_2026q3_ng_gm | 2026Q3 / downside | 58.0% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP gross profit downside_2026q3_ng_gp | 2026Q3 / downside | 116.00 USD_millions | derived: Includes mix sensitivity; acquired amortization and COGS equity costs excluded. Formula: multiply(downside_2026q3_revenue, downside_2026q3_ng_gm). |
| GAAP gross margin downside_2026q3_gaap_gm | 2026Q3 / downside | 56.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit downside_2026q3_gross_profit | 2026Q3 / downside | 113.00 USD_millions | derived: Q3 base midpoint of 57%-60% guidance. Formula: multiply(downside_2026q3_revenue, downside_2026q3_gaap_gm). |
| Non-GAAP operating expense downside_2026q3_ng_opex | 2026Q3 / downside | 71.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating expense downside_2026q3_gaap_opex | 2026Q3 / downside | 107.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Non-GAAP operating income downside_2026q3_non_gaap_op | 2026Q3 / downside | 45.00 USD_millions | derived: Base Q3 guidance-implied profit. Formula: subtract(downside_2026q3_ng_gp, downside_2026q3_ng_opex). |
| GAAP operating income downside_2026q3_operating_income | 2026Q3 / downside | 6.00 USD_millions | derived: No annual company operating forecast asserted. Formula: subtract(downside_2026q3_gross_profit, downside_2026q3_gaap_opex). |
| Adjusted-to-GAAP operating gap downside_2026q3_op_adjustments | 2026Q3 / downside | 39.00 USD_millions | derived: Combined COGS and operating adjustments. Formula: subtract(downside_2026q3_non_gaap_op, downside_2026q3_operating_income). |
| Performance-bonus expense downside_2026q3_performance_expense | 2026Q3 / downside | 7.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquired intangible amortization downside_2026q3_acquired_amort | 2026Q3 / downside | 2.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Specific cash acquisition/legal/restructuring expense downside_2026q3_special | 2026Q3 / downside | 2.25 USD_millions | assumption: Desk assumption, not company guidance. |
| Other adjustments downside_2026q3_non_sbc | 2026Q3 / downside | 12.05 USD_millions | derived: Performance bonus is distinct from ordinary SBC. Formula: sum(downside_2026q3_performance_expense, downside_2026q3_acquired_amort, downside_2026q3_special). |
| Implied ordinary SBC downside_2026q3_sbc | 2026Q3 / downside | 26.95 USD_millions | derived: Residual to guided GAAP/adjusted gap; not separately issued SBC guidance. Formula: subtract(downside_2026q3_op_adjustments, downside_2026q3_non_sbc). |
| Performance-bonus cash settlement fraction downside_2026q3_bonus_cash_share | 2026Q3 / downside | 60.0% ratio | assumption: Base mostly shares as company intent; downside tests greater cash use. Not a predicted committee decision. |
| Performance-bonus cash settlement downside_2026q3_bonus_cash | 2026Q3 / downside | 4.26 USD_millions | derived: Even-quarter proxy for timing; expense and settlement remain distinct. Formula: multiply(downside_2026q3_performance_expense, downside_2026q3_bonus_cash_share). |
| Other depreciation/amortization downside_2026q3_other_da | 2026Q3 / downside | 6.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before tax, interest and working capital downside_2026q3_cash_before_uses | 2026Q3 / downside | 48.75 USD_millions | derived: Special cash expense remains in profit; noncash bonus reverses before its cash fraction. Formula: sum(downside_2026q3_operating_income, downside_2026q3_sbc, downside_2026q3_performance_expense, downside_2026q3_acquired_amort, downside_2026q3_other_da). |
| Cash interest and other finance cost net downside_2026q3_net_interest | 2026Q3 / downside | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash taxes downside_2026q3_cash_tax | 2026Q3 / downside | 1.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Inventory, supplier advances and other net cash use downside_2026q3_wc | 2026Q3 / downside | 30.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Bonus, interest, tax and working-capital cash downside_2026q3_cash_uses | 2026Q3 / downside | 39.76 USD_millions | derived: Restricted cash and financing receipts do not enter CFO. Formula: sum(downside_2026q3_bonus_cash, downside_2026q3_net_interest, downside_2026q3_cash_tax, downside_2026q3_wc). |
| Operating cash flow proxy downside_2026q3_cfo | 2026Q3 / downside | 8.99 USD_millions | derived: Illustrative cash bridge including cash election on performance bonuses. Formula: subtract(downside_2026q3_cash_before_uses, downside_2026q3_cash_uses). |
| PP&E cash spending downside_2026q3_capex | 2026Q3 / downside | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Purchased intellectual property cash downside_2026q3_intangibles | 2026Q3 / downside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E downside_2026q3_fcf | 2026Q3 / downside | 5.99 USD_millions | derived: Historical feed scope. Formula: subtract(downside_2026q3_cfo, downside_2026q3_capex). |
| Cash after PP&E and IP downside_2026q3_cash_after_investment | 2026Q3 / downside | 3.99 USD_millions | derived: Purchased intellectual property is not omitted. Formula: subtract(downside_2026q3_fcf, downside_2026q3_intangibles). |
| Employee award tax withholding downside_2026q3_award_cash | 2026Q3 / downside | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award withholding downside_2026q3_cash_after_awards | 2026Q3 / downside | -0.01 USD_millions | derived: Before other investments, debt principal and financing proceeds. Formula: subtract(downside_2026q3_cash_after_investment, downside_2026q3_award_cash). |
| broadband revenue downside_2026q4_broadband | 2026Q4 / downside | 43.60 USD_millions | assumption: Desk assumption, not company guidance. |
| connectivity revenue downside_2026q4_connectivity | 2026Q4 / downside | 25.69 USD_millions | assumption: Desk assumption, not company guidance. |
| industrial revenue downside_2026q4_industrial | 2026Q4 / downside | 16.63 USD_millions | assumption: Desk assumption, not company guidance. |
| Sequential infrastructure expansion downside_2026q4_infra_growth | 2026Q4 / downside | 103.0% ratio | assumption: Desk assumption, not company guidance. |
| Infrastructure revenue downside_2026q4_infrastructure | 2026Q4 / downside | 119.89 USD_millions | derived: Optical and other infrastructure adoption; sequential growth moderates later. Formula: multiply(downside_2026q3_infrastructure, downside_2026q4_infra_growth). |
| Revenue downside_2026q4_revenue | 2026Q4 / downside | 205.82 USD_millions | derived: Four non-overlapping revenue categories. Formula: sum(downside_2026q4_infrastructure, downside_2026q4_broadband, downside_2026q4_connectivity, downside_2026q4_industrial). |
| Non-GAAP gross margin downside_2026q4_ng_gm | 2026Q4 / downside | 58.0% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP gross profit downside_2026q4_ng_gp | 2026Q4 / downside | 119.38 USD_millions | derived: Includes mix sensitivity; acquired amortization and COGS equity costs excluded. Formula: multiply(downside_2026q4_revenue, downside_2026q4_ng_gm). |
| GAAP gross margin downside_2026q4_gaap_gm | 2026Q4 / downside | 56.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit downside_2026q4_gross_profit | 2026Q4 / downside | 116.29 USD_millions | derived: Q3 base midpoint of 57%-60% guidance. Formula: multiply(downside_2026q4_revenue, downside_2026q4_gaap_gm). |
| Non-GAAP operating expense downside_2026q4_ng_opex | 2026Q4 / downside | 73.48 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating expense downside_2026q4_gaap_opex | 2026Q4 / downside | 109.67 USD_millions | assumption: Desk assumption, not company guidance. |
| Non-GAAP operating income downside_2026q4_non_gaap_op | 2026Q4 / downside | 45.89 USD_millions | derived: Base Q3 guidance-implied profit. Formula: subtract(downside_2026q4_ng_gp, downside_2026q4_ng_opex). |
| GAAP operating income downside_2026q4_operating_income | 2026Q4 / downside | 6.61 USD_millions | derived: No annual company operating forecast asserted. Formula: subtract(downside_2026q4_gross_profit, downside_2026q4_gaap_opex). |
| Adjusted-to-GAAP operating gap downside_2026q4_op_adjustments | 2026Q4 / downside | 39.28 USD_millions | derived: Combined COGS and operating adjustments. Formula: subtract(downside_2026q4_non_gaap_op, downside_2026q4_operating_income). |
| Performance-bonus expense downside_2026q4_performance_expense | 2026Q4 / downside | 7.60 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquired intangible amortization downside_2026q4_acquired_amort | 2026Q4 / downside | 2.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Specific cash acquisition/legal/restructuring expense downside_2026q4_special | 2026Q4 / downside | 2.25 USD_millions | assumption: Desk assumption, not company guidance. |
| Other adjustments downside_2026q4_non_sbc | 2026Q4 / downside | 12.55 USD_millions | derived: Performance bonus is distinct from ordinary SBC. Formula: sum(downside_2026q4_performance_expense, downside_2026q4_acquired_amort, downside_2026q4_special). |
| Implied ordinary SBC downside_2026q4_sbc | 2026Q4 / downside | 26.73 USD_millions | derived: Residual to guided GAAP/adjusted gap; not separately issued SBC guidance. Formula: subtract(downside_2026q4_op_adjustments, downside_2026q4_non_sbc). |
| Performance-bonus cash settlement fraction downside_2026q4_bonus_cash_share | 2026Q4 / downside | 60.0% ratio | assumption: Base mostly shares as company intent; downside tests greater cash use. Not a predicted committee decision. |
| Performance-bonus cash settlement downside_2026q4_bonus_cash | 2026Q4 / downside | 4.56 USD_millions | derived: Even-quarter proxy for timing; expense and settlement remain distinct. Formula: multiply(downside_2026q4_performance_expense, downside_2026q4_bonus_cash_share). |
| Other depreciation/amortization downside_2026q4_other_da | 2026Q4 / downside | 6.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before tax, interest and working capital downside_2026q4_cash_before_uses | 2026Q4 / downside | 49.64 USD_millions | derived: Special cash expense remains in profit; noncash bonus reverses before its cash fraction. Formula: sum(downside_2026q4_operating_income, downside_2026q4_sbc, downside_2026q4_performance_expense, downside_2026q4_acquired_amort, downside_2026q4_other_da). |
| Cash interest and other finance cost net downside_2026q4_net_interest | 2026Q4 / downside | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash taxes downside_2026q4_cash_tax | 2026Q4 / downside | 1.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Inventory, supplier advances and other net cash use downside_2026q4_wc | 2026Q4 / downside | 25.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Bonus, interest, tax and working-capital cash downside_2026q4_cash_uses | 2026Q4 / downside | 35.06 USD_millions | derived: Restricted cash and financing receipts do not enter CFO. Formula: sum(downside_2026q4_bonus_cash, downside_2026q4_net_interest, downside_2026q4_cash_tax, downside_2026q4_wc). |
| Operating cash flow proxy downside_2026q4_cfo | 2026Q4 / downside | 14.58 USD_millions | derived: Illustrative cash bridge including cash election on performance bonuses. Formula: subtract(downside_2026q4_cash_before_uses, downside_2026q4_cash_uses). |
| PP&E cash spending downside_2026q4_capex | 2026Q4 / downside | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Purchased intellectual property cash downside_2026q4_intangibles | 2026Q4 / downside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E downside_2026q4_fcf | 2026Q4 / downside | 11.58 USD_millions | derived: Historical feed scope. Formula: subtract(downside_2026q4_cfo, downside_2026q4_capex). |
| Cash after PP&E and IP downside_2026q4_cash_after_investment | 2026Q4 / downside | 9.58 USD_millions | derived: Purchased intellectual property is not omitted. Formula: subtract(downside_2026q4_fcf, downside_2026q4_intangibles). |
| Employee award tax withholding downside_2026q4_award_cash | 2026Q4 / downside | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award withholding downside_2026q4_cash_after_awards | 2026Q4 / downside | 5.58 USD_millions | derived: Before other investments, debt principal and financing proceeds. Formula: subtract(downside_2026q4_cash_after_investment, downside_2026q4_award_cash). |
| broadband revenue downside_2027q1_broadband | 2027Q1 / downside | 44.48 USD_millions | assumption: Desk assumption, not company guidance. |
| connectivity revenue downside_2027q1_connectivity | 2027Q1 / downside | 26.72 USD_millions | assumption: Desk assumption, not company guidance. |
| industrial revenue downside_2027q1_industrial | 2027Q1 / downside | 17.13 USD_millions | assumption: Desk assumption, not company guidance. |
| Sequential infrastructure expansion downside_2027q1_infra_growth | 2027Q1 / downside | 103.0% ratio | assumption: Desk assumption, not company guidance. |
| Infrastructure revenue downside_2027q1_infrastructure | 2027Q1 / downside | 123.49 USD_millions | derived: Optical and other infrastructure adoption; sequential growth moderates later. Formula: multiply(downside_2026q4_infrastructure, downside_2027q1_infra_growth). |
| Revenue downside_2027q1_revenue | 2027Q1 / downside | 211.81 USD_millions | derived: Four non-overlapping revenue categories. Formula: sum(downside_2027q1_infrastructure, downside_2027q1_broadband, downside_2027q1_connectivity, downside_2027q1_industrial). |
| Non-GAAP gross margin downside_2027q1_ng_gm | 2027Q1 / downside | 58.0% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP gross profit downside_2027q1_ng_gp | 2027Q1 / downside | 122.85 USD_millions | derived: Includes mix sensitivity; acquired amortization and COGS equity costs excluded. Formula: multiply(downside_2027q1_revenue, downside_2027q1_ng_gm). |
| GAAP gross margin downside_2027q1_gaap_gm | 2027Q1 / downside | 56.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit downside_2027q1_gross_profit | 2027Q1 / downside | 119.68 USD_millions | derived: Q3 base midpoint of 57%-60% guidance. Formula: multiply(downside_2027q1_revenue, downside_2027q1_gaap_gm). |
| Non-GAAP operating expense downside_2027q1_ng_opex | 2027Q1 / downside | 75.97 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating expense downside_2027q1_gaap_opex | 2027Q1 / downside | 112.35 USD_millions | assumption: Desk assumption, not company guidance. |
| Non-GAAP operating income downside_2027q1_non_gaap_op | 2027Q1 / downside | 46.88 USD_millions | derived: Base Q3 guidance-implied profit. Formula: subtract(downside_2027q1_ng_gp, downside_2027q1_ng_opex). |
| GAAP operating income downside_2027q1_operating_income | 2027Q1 / downside | 7.33 USD_millions | derived: No annual company operating forecast asserted. Formula: subtract(downside_2027q1_gross_profit, downside_2027q1_gaap_opex). |
| Adjusted-to-GAAP operating gap downside_2027q1_op_adjustments | 2027Q1 / downside | 39.56 USD_millions | derived: Combined COGS and operating adjustments. Formula: subtract(downside_2027q1_non_gaap_op, downside_2027q1_operating_income). |
| Performance-bonus expense downside_2027q1_performance_expense | 2027Q1 / downside | 8.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquired intangible amortization downside_2027q1_acquired_amort | 2027Q1 / downside | 2.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Specific cash acquisition/legal/restructuring expense downside_2027q1_special | 2027Q1 / downside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Other adjustments downside_2027q1_non_sbc | 2027Q1 / downside | 12.40 USD_millions | derived: Performance bonus is distinct from ordinary SBC. Formula: sum(downside_2027q1_performance_expense, downside_2027q1_acquired_amort, downside_2027q1_special). |
| Implied ordinary SBC downside_2027q1_sbc | 2027Q1 / downside | 27.16 USD_millions | derived: Residual to guided GAAP/adjusted gap; not separately issued SBC guidance. Formula: subtract(downside_2027q1_op_adjustments, downside_2027q1_non_sbc). |
| Performance-bonus cash settlement fraction downside_2027q1_bonus_cash_share | 2027Q1 / downside | 60.0% ratio | assumption: Base mostly shares as company intent; downside tests greater cash use. Not a predicted committee decision. |
| Performance-bonus cash settlement downside_2027q1_bonus_cash | 2027Q1 / downside | 4.86 USD_millions | derived: Even-quarter proxy for timing; expense and settlement remain distinct. Formula: multiply(downside_2027q1_performance_expense, downside_2027q1_bonus_cash_share). |
| Other depreciation/amortization downside_2027q1_other_da | 2027Q1 / downside | 6.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before tax, interest and working capital downside_2027q1_cash_before_uses | 2027Q1 / downside | 50.88 USD_millions | derived: Special cash expense remains in profit; noncash bonus reverses before its cash fraction. Formula: sum(downside_2027q1_operating_income, downside_2027q1_sbc, downside_2027q1_performance_expense, downside_2027q1_acquired_amort, downside_2027q1_other_da). |
| Cash interest and other finance cost net downside_2027q1_net_interest | 2027Q1 / downside | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash taxes downside_2027q1_cash_tax | 2027Q1 / downside | 1.80 USD_millions | assumption: Desk assumption, not company guidance. |
| Inventory, supplier advances and other net cash use downside_2027q1_wc | 2027Q1 / downside | 18.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Bonus, interest, tax and working-capital cash downside_2027q1_cash_uses | 2027Q1 / downside | 28.66 USD_millions | derived: Restricted cash and financing receipts do not enter CFO. Formula: sum(downside_2027q1_bonus_cash, downside_2027q1_net_interest, downside_2027q1_cash_tax, downside_2027q1_wc). |
| Operating cash flow proxy downside_2027q1_cfo | 2027Q1 / downside | 22.22 USD_millions | derived: Illustrative cash bridge including cash election on performance bonuses. Formula: subtract(downside_2027q1_cash_before_uses, downside_2027q1_cash_uses). |
| PP&E cash spending downside_2027q1_capex | 2027Q1 / downside | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Purchased intellectual property cash downside_2027q1_intangibles | 2027Q1 / downside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E downside_2027q1_fcf | 2027Q1 / downside | 19.22 USD_millions | derived: Historical feed scope. Formula: subtract(downside_2027q1_cfo, downside_2027q1_capex). |
| Cash after PP&E and IP downside_2027q1_cash_after_investment | 2027Q1 / downside | 17.22 USD_millions | derived: Purchased intellectual property is not omitted. Formula: subtract(downside_2027q1_fcf, downside_2027q1_intangibles). |
| Employee award tax withholding downside_2027q1_award_cash | 2027Q1 / downside | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award withholding downside_2027q1_cash_after_awards | 2027Q1 / downside | 13.22 USD_millions | derived: Before other investments, debt principal and financing proceeds. Formula: subtract(downside_2027q1_cash_after_investment, downside_2027q1_award_cash). |
| broadband revenue downside_2027q2_broadband | 2027Q2 / downside | 45.37 USD_millions | assumption: Desk assumption, not company guidance. |
| connectivity revenue downside_2027q2_connectivity | 2027Q2 / downside | 27.78 USD_millions | assumption: Desk assumption, not company guidance. |
| industrial revenue downside_2027q2_industrial | 2027Q2 / downside | 17.65 USD_millions | assumption: Desk assumption, not company guidance. |
| Sequential infrastructure expansion downside_2027q2_infra_growth | 2027Q2 / downside | 103.0% ratio | assumption: Desk assumption, not company guidance. |
| Infrastructure revenue downside_2027q2_infrastructure | 2027Q2 / downside | 127.19 USD_millions | derived: Optical and other infrastructure adoption; sequential growth moderates later. Formula: multiply(downside_2027q1_infrastructure, downside_2027q2_infra_growth). |
| Revenue downside_2027q2_revenue | 2027Q2 / downside | 217.99 USD_millions | derived: Four non-overlapping revenue categories. Formula: sum(downside_2027q2_infrastructure, downside_2027q2_broadband, downside_2027q2_connectivity, downside_2027q2_industrial). |
| Non-GAAP gross margin downside_2027q2_ng_gm | 2027Q2 / downside | 58.0% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP gross profit downside_2027q2_ng_gp | 2027Q2 / downside | 126.44 USD_millions | derived: Includes mix sensitivity; acquired amortization and COGS equity costs excluded. Formula: multiply(downside_2027q2_revenue, downside_2027q2_ng_gm). |
| GAAP gross margin downside_2027q2_gaap_gm | 2027Q2 / downside | 56.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit downside_2027q2_gross_profit | 2027Q2 / downside | 123.17 USD_millions | derived: Q3 base midpoint of 57%-60% guidance. Formula: multiply(downside_2027q2_revenue, downside_2027q2_gaap_gm). |
| Non-GAAP operating expense downside_2027q2_ng_opex | 2027Q2 / downside | 78.45 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating expense downside_2027q2_gaap_opex | 2027Q2 / downside | 115.02 USD_millions | assumption: Desk assumption, not company guidance. |
| Non-GAAP operating income downside_2027q2_non_gaap_op | 2027Q2 / downside | 47.98 USD_millions | derived: Base Q3 guidance-implied profit. Formula: subtract(downside_2027q2_ng_gp, downside_2027q2_ng_opex). |
| GAAP operating income downside_2027q2_operating_income | 2027Q2 / downside | 8.14 USD_millions | derived: No annual company operating forecast asserted. Formula: subtract(downside_2027q2_gross_profit, downside_2027q2_gaap_opex). |
| Adjusted-to-GAAP operating gap downside_2027q2_op_adjustments | 2027Q2 / downside | 39.84 USD_millions | derived: Combined COGS and operating adjustments. Formula: subtract(downside_2027q2_non_gaap_op, downside_2027q2_operating_income). |
| Performance-bonus expense downside_2027q2_performance_expense | 2027Q2 / downside | 8.60 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquired intangible amortization downside_2027q2_acquired_amort | 2027Q2 / downside | 2.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Specific cash acquisition/legal/restructuring expense downside_2027q2_special | 2027Q2 / downside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Other adjustments downside_2027q2_non_sbc | 2027Q2 / downside | 12.90 USD_millions | derived: Performance bonus is distinct from ordinary SBC. Formula: sum(downside_2027q2_performance_expense, downside_2027q2_acquired_amort, downside_2027q2_special). |
| Implied ordinary SBC downside_2027q2_sbc | 2027Q2 / downside | 26.94 USD_millions | derived: Residual to guided GAAP/adjusted gap; not separately issued SBC guidance. Formula: subtract(downside_2027q2_op_adjustments, downside_2027q2_non_sbc). |
| Performance-bonus cash settlement fraction downside_2027q2_bonus_cash_share | 2027Q2 / downside | 60.0% ratio | assumption: Base mostly shares as company intent; downside tests greater cash use. Not a predicted committee decision. |
| Performance-bonus cash settlement downside_2027q2_bonus_cash | 2027Q2 / downside | 5.16 USD_millions | derived: Even-quarter proxy for timing; expense and settlement remain distinct. Formula: multiply(downside_2027q2_performance_expense, downside_2027q2_bonus_cash_share). |
| Other depreciation/amortization downside_2027q2_other_da | 2027Q2 / downside | 6.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before tax, interest and working capital downside_2027q2_cash_before_uses | 2027Q2 / downside | 51.98 USD_millions | derived: Special cash expense remains in profit; noncash bonus reverses before its cash fraction. Formula: sum(downside_2027q2_operating_income, downside_2027q2_sbc, downside_2027q2_performance_expense, downside_2027q2_acquired_amort, downside_2027q2_other_da). |
| Cash interest and other finance cost net downside_2027q2_net_interest | 2027Q2 / downside | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash taxes downside_2027q2_cash_tax | 2027Q2 / downside | 2.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Inventory, supplier advances and other net cash use downside_2027q2_wc | 2027Q2 / downside | 15.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Bonus, interest, tax and working-capital cash downside_2027q2_cash_uses | 2027Q2 / downside | 26.26 USD_millions | derived: Restricted cash and financing receipts do not enter CFO. Formula: sum(downside_2027q2_bonus_cash, downside_2027q2_net_interest, downside_2027q2_cash_tax, downside_2027q2_wc). |
| Operating cash flow proxy downside_2027q2_cfo | 2027Q2 / downside | 25.72 USD_millions | derived: Illustrative cash bridge including cash election on performance bonuses. Formula: subtract(downside_2027q2_cash_before_uses, downside_2027q2_cash_uses). |
| PP&E cash spending downside_2027q2_capex | 2027Q2 / downside | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Purchased intellectual property cash downside_2027q2_intangibles | 2027Q2 / downside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E downside_2027q2_fcf | 2027Q2 / downside | 22.72 USD_millions | derived: Historical feed scope. Formula: subtract(downside_2027q2_cfo, downside_2027q2_capex). |
| Cash after PP&E and IP downside_2027q2_cash_after_investment | 2027Q2 / downside | 20.72 USD_millions | derived: Purchased intellectual property is not omitted. Formula: subtract(downside_2027q2_fcf, downside_2027q2_intangibles). |
| Employee award tax withholding downside_2027q2_award_cash | 2027Q2 / downside | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award withholding downside_2027q2_cash_after_awards | 2027Q2 / downside | 16.72 USD_millions | derived: Before other investments, debt principal and financing proceeds. Formula: subtract(downside_2027q2_cash_after_investment, downside_2027q2_award_cash). |
| broadband revenue downside_2027q3_broadband | 2027Q3 / downside | 46.27 USD_millions | assumption: Desk assumption, not company guidance. |
| connectivity revenue downside_2027q3_connectivity | 2027Q3 / downside | 28.90 USD_millions | assumption: Desk assumption, not company guidance. |
| industrial revenue downside_2027q3_industrial | 2027Q3 / downside | 18.18 USD_millions | assumption: Desk assumption, not company guidance. |
| Sequential infrastructure expansion downside_2027q3_infra_growth | 2027Q3 / downside | 101.8% ratio | assumption: Desk assumption, not company guidance. |
| Infrastructure revenue downside_2027q3_infrastructure | 2027Q3 / downside | 129.48 USD_millions | derived: Optical and other infrastructure adoption; sequential growth moderates later. Formula: multiply(downside_2027q2_infrastructure, downside_2027q3_infra_growth). |
| Revenue downside_2027q3_revenue | 2027Q3 / downside | 222.83 USD_millions | derived: Four non-overlapping revenue categories. Formula: sum(downside_2027q3_infrastructure, downside_2027q3_broadband, downside_2027q3_connectivity, downside_2027q3_industrial). |
| Non-GAAP gross margin downside_2027q3_ng_gm | 2027Q3 / downside | 58.0% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP gross profit downside_2027q3_ng_gp | 2027Q3 / downside | 129.24 USD_millions | derived: Includes mix sensitivity; acquired amortization and COGS equity costs excluded. Formula: multiply(downside_2027q3_revenue, downside_2027q3_ng_gm). |
| GAAP gross margin downside_2027q3_gaap_gm | 2027Q3 / downside | 56.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit downside_2027q3_gross_profit | 2027Q3 / downside | 125.90 USD_millions | derived: Q3 base midpoint of 57%-60% guidance. Formula: multiply(downside_2027q3_revenue, downside_2027q3_gaap_gm). |
| Non-GAAP operating expense downside_2027q3_ng_opex | 2027Q3 / downside | 80.94 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating expense downside_2027q3_gaap_opex | 2027Q3 / downside | 117.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Non-GAAP operating income downside_2027q3_non_gaap_op | 2027Q3 / downside | 48.30 USD_millions | derived: Base Q3 guidance-implied profit. Formula: subtract(downside_2027q3_ng_gp, downside_2027q3_ng_opex). |
| GAAP operating income downside_2027q3_operating_income | 2027Q3 / downside | 8.20 USD_millions | derived: No annual company operating forecast asserted. Formula: subtract(downside_2027q3_gross_profit, downside_2027q3_gaap_opex). |
| Adjusted-to-GAAP operating gap downside_2027q3_op_adjustments | 2027Q3 / downside | 40.10 USD_millions | derived: Combined COGS and operating adjustments. Formula: subtract(downside_2027q3_non_gaap_op, downside_2027q3_operating_income). |
| Performance-bonus expense downside_2027q3_performance_expense | 2027Q3 / downside | 9.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquired intangible amortization downside_2027q3_acquired_amort | 2027Q3 / downside | 2.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Specific cash acquisition/legal/restructuring expense downside_2027q3_special | 2027Q3 / downside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Other adjustments downside_2027q3_non_sbc | 2027Q3 / downside | 13.40 USD_millions | derived: Performance bonus is distinct from ordinary SBC. Formula: sum(downside_2027q3_performance_expense, downside_2027q3_acquired_amort, downside_2027q3_special). |
| Implied ordinary SBC downside_2027q3_sbc | 2027Q3 / downside | 26.70 USD_millions | derived: Residual to guided GAAP/adjusted gap; not separately issued SBC guidance. Formula: subtract(downside_2027q3_op_adjustments, downside_2027q3_non_sbc). |
| Performance-bonus cash settlement fraction downside_2027q3_bonus_cash_share | 2027Q3 / downside | 60.0% ratio | assumption: Base mostly shares as company intent; downside tests greater cash use. Not a predicted committee decision. |
| Performance-bonus cash settlement downside_2027q3_bonus_cash | 2027Q3 / downside | 5.46 USD_millions | derived: Even-quarter proxy for timing; expense and settlement remain distinct. Formula: multiply(downside_2027q3_performance_expense, downside_2027q3_bonus_cash_share). |
| Other depreciation/amortization downside_2027q3_other_da | 2027Q3 / downside | 6.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before tax, interest and working capital downside_2027q3_cash_before_uses | 2027Q3 / downside | 52.30 USD_millions | derived: Special cash expense remains in profit; noncash bonus reverses before its cash fraction. Formula: sum(downside_2027q3_operating_income, downside_2027q3_sbc, downside_2027q3_performance_expense, downside_2027q3_acquired_amort, downside_2027q3_other_da). |
| Cash interest and other finance cost net downside_2027q3_net_interest | 2027Q3 / downside | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash taxes downside_2027q3_cash_tax | 2027Q3 / downside | 2.40 USD_millions | assumption: Desk assumption, not company guidance. |
| Inventory, supplier advances and other net cash use downside_2027q3_wc | 2027Q3 / downside | 15.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Bonus, interest, tax and working-capital cash downside_2027q3_cash_uses | 2027Q3 / downside | 26.86 USD_millions | derived: Restricted cash and financing receipts do not enter CFO. Formula: sum(downside_2027q3_bonus_cash, downside_2027q3_net_interest, downside_2027q3_cash_tax, downside_2027q3_wc). |
| Operating cash flow proxy downside_2027q3_cfo | 2027Q3 / downside | 25.44 USD_millions | derived: Illustrative cash bridge including cash election on performance bonuses. Formula: subtract(downside_2027q3_cash_before_uses, downside_2027q3_cash_uses). |
| PP&E cash spending downside_2027q3_capex | 2027Q3 / downside | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Purchased intellectual property cash downside_2027q3_intangibles | 2027Q3 / downside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E downside_2027q3_fcf | 2027Q3 / downside | 22.44 USD_millions | derived: Historical feed scope. Formula: subtract(downside_2027q3_cfo, downside_2027q3_capex). |
| Cash after PP&E and IP downside_2027q3_cash_after_investment | 2027Q3 / downside | 20.44 USD_millions | derived: Purchased intellectual property is not omitted. Formula: subtract(downside_2027q3_fcf, downside_2027q3_intangibles). |
| Employee award tax withholding downside_2027q3_award_cash | 2027Q3 / downside | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award withholding downside_2027q3_cash_after_awards | 2027Q3 / downside | 16.44 USD_millions | derived: Before other investments, debt principal and financing proceeds. Formula: subtract(downside_2027q3_cash_after_investment, downside_2027q3_award_cash). |
| broadband revenue downside_2027q4_broadband | 2027Q4 / downside | 47.20 USD_millions | assumption: Desk assumption, not company guidance. |
| connectivity revenue downside_2027q4_connectivity | 2027Q4 / downside | 30.05 USD_millions | assumption: Desk assumption, not company guidance. |
| industrial revenue downside_2027q4_industrial | 2027Q4 / downside | 18.72 USD_millions | assumption: Desk assumption, not company guidance. |
| Sequential infrastructure expansion downside_2027q4_infra_growth | 2027Q4 / downside | 101.8% ratio | assumption: Desk assumption, not company guidance. |
| Infrastructure revenue downside_2027q4_infrastructure | 2027Q4 / downside | 131.81 USD_millions | derived: Optical and other infrastructure adoption; sequential growth moderates later. Formula: multiply(downside_2027q3_infrastructure, downside_2027q4_infra_growth). |
| Revenue downside_2027q4_revenue | 2027Q4 / downside | 227.79 USD_millions | derived: Four non-overlapping revenue categories. Formula: sum(downside_2027q4_infrastructure, downside_2027q4_broadband, downside_2027q4_connectivity, downside_2027q4_industrial). |
| Non-GAAP gross margin downside_2027q4_ng_gm | 2027Q4 / downside | 58.0% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP gross profit downside_2027q4_ng_gp | 2027Q4 / downside | 132.12 USD_millions | derived: Includes mix sensitivity; acquired amortization and COGS equity costs excluded. Formula: multiply(downside_2027q4_revenue, downside_2027q4_ng_gm). |
| GAAP gross margin downside_2027q4_gaap_gm | 2027Q4 / downside | 56.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit downside_2027q4_gross_profit | 2027Q4 / downside | 128.70 USD_millions | derived: Q3 base midpoint of 57%-60% guidance. Formula: multiply(downside_2027q4_revenue, downside_2027q4_gaap_gm). |
| Non-GAAP operating expense downside_2027q4_ng_opex | 2027Q4 / downside | 83.42 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating expense downside_2027q4_gaap_opex | 2027Q4 / downside | 120.38 USD_millions | assumption: Desk assumption, not company guidance. |
| Non-GAAP operating income downside_2027q4_non_gaap_op | 2027Q4 / downside | 48.69 USD_millions | derived: Base Q3 guidance-implied profit. Formula: subtract(downside_2027q4_ng_gp, downside_2027q4_ng_opex). |
| GAAP operating income downside_2027q4_operating_income | 2027Q4 / downside | 8.32 USD_millions | derived: No annual company operating forecast asserted. Formula: subtract(downside_2027q4_gross_profit, downside_2027q4_gaap_opex). |
| Adjusted-to-GAAP operating gap downside_2027q4_op_adjustments | 2027Q4 / downside | 40.37 USD_millions | derived: Combined COGS and operating adjustments. Formula: subtract(downside_2027q4_non_gaap_op, downside_2027q4_operating_income). |
| Performance-bonus expense downside_2027q4_performance_expense | 2027Q4 / downside | 9.60 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquired intangible amortization downside_2027q4_acquired_amort | 2027Q4 / downside | 2.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Specific cash acquisition/legal/restructuring expense downside_2027q4_special | 2027Q4 / downside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Other adjustments downside_2027q4_non_sbc | 2027Q4 / downside | 13.90 USD_millions | derived: Performance bonus is distinct from ordinary SBC. Formula: sum(downside_2027q4_performance_expense, downside_2027q4_acquired_amort, downside_2027q4_special). |
| Implied ordinary SBC downside_2027q4_sbc | 2027Q4 / downside | 26.47 USD_millions | derived: Residual to guided GAAP/adjusted gap; not separately issued SBC guidance. Formula: subtract(downside_2027q4_op_adjustments, downside_2027q4_non_sbc). |
| Performance-bonus cash settlement fraction downside_2027q4_bonus_cash_share | 2027Q4 / downside | 60.0% ratio | assumption: Base mostly shares as company intent; downside tests greater cash use. Not a predicted committee decision. |
| Performance-bonus cash settlement downside_2027q4_bonus_cash | 2027Q4 / downside | 5.76 USD_millions | derived: Even-quarter proxy for timing; expense and settlement remain distinct. Formula: multiply(downside_2027q4_performance_expense, downside_2027q4_bonus_cash_share). |
| Other depreciation/amortization downside_2027q4_other_da | 2027Q4 / downside | 6.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before tax, interest and working capital downside_2027q4_cash_before_uses | 2027Q4 / downside | 52.69 USD_millions | derived: Special cash expense remains in profit; noncash bonus reverses before its cash fraction. Formula: sum(downside_2027q4_operating_income, downside_2027q4_sbc, downside_2027q4_performance_expense, downside_2027q4_acquired_amort, downside_2027q4_other_da). |
| Cash interest and other finance cost net downside_2027q4_net_interest | 2027Q4 / downside | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash taxes downside_2027q4_cash_tax | 2027Q4 / downside | 2.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Inventory, supplier advances and other net cash use downside_2027q4_wc | 2027Q4 / downside | 15.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Bonus, interest, tax and working-capital cash downside_2027q4_cash_uses | 2027Q4 / downside | 27.46 USD_millions | derived: Restricted cash and financing receipts do not enter CFO. Formula: sum(downside_2027q4_bonus_cash, downside_2027q4_net_interest, downside_2027q4_cash_tax, downside_2027q4_wc). |
| Operating cash flow proxy downside_2027q4_cfo | 2027Q4 / downside | 25.23 USD_millions | derived: Illustrative cash bridge including cash election on performance bonuses. Formula: subtract(downside_2027q4_cash_before_uses, downside_2027q4_cash_uses). |
| PP&E cash spending downside_2027q4_capex | 2027Q4 / downside | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Purchased intellectual property cash downside_2027q4_intangibles | 2027Q4 / downside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E downside_2027q4_fcf | 2027Q4 / downside | 22.23 USD_millions | derived: Historical feed scope. Formula: subtract(downside_2027q4_cfo, downside_2027q4_capex). |
| Cash after PP&E and IP downside_2027q4_cash_after_investment | 2027Q4 / downside | 20.23 USD_millions | derived: Purchased intellectual property is not omitted. Formula: subtract(downside_2027q4_fcf, downside_2027q4_intangibles). |
| Employee award tax withholding downside_2027q4_award_cash | 2027Q4 / downside | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award withholding downside_2027q4_cash_after_awards | 2027Q4 / downside | 16.23 USD_millions | derived: Before other investments, debt principal and financing proceeds. Formula: subtract(downside_2027q4_cash_after_investment, downside_2027q4_award_cash). |
| Revenue ($M) downside_fy2026_revenue | FY2026 / downside | 711.85 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, downside_2026q3_revenue, downside_2026q4_revenue). |
| Infrastructure revenue ($M) downside_fy2026_infrastructure | FY2026 / downside | 384.12 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_infrastructure, downside_2026q3_infrastructure, downside_2026q4_infrastructure). |
| GAAP gross profit ($M) downside_fy2026_gross_profit | FY2026 / downside | 405.84 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, downside_2026q3_gross_profit, downside_2026q4_gross_profit). |
| Non-GAAP operating income ($M) downside_fy2026_non_gaap_op | FY2026 / downside | 150.25 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_non_gaap_op, downside_2026q3_non_gaap_op, downside_2026q4_non_gaap_op). |
| GAAP operating income ($M) downside_fy2026_operating_income | FY2026 / downside | -8.78 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, downside_2026q3_operating_income, downside_2026q4_operating_income). |
| Operating cash flow proxy ($M) downside_fy2026_cfo | FY2026 / downside | 19.51 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, downside_2026q3_cfo, downside_2026q4_cfo). |
| Cash PP&E purchases ($M) downside_fy2026_capex | FY2026 / downside | 9.72 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, downside_2026q3_capex, downside_2026q4_capex). |
| Cash intangible purchases ($M) downside_fy2026_intangibles | FY2026 / downside | 5.67 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_intangibles, downside_2026q3_intangibles, downside_2026q4_intangibles). |
| CFO less PP&E ($M) downside_fy2026_fcf | FY2026 / downside | 9.79 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, downside_2026q3_fcf, downside_2026q4_fcf). |
| Cash after PP&E and intangibles ($M) downside_fy2026_cash_after_investment | FY2026 / downside | 4.12 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_investment, downside_2026q3_cash_after_investment, downside_2026q4_cash_after_investment). |
| Cash after investment and award taxes ($M) downside_fy2026_cash_after_awards | FY2026 / downside | -11.32 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_awards, downside_2026q3_cash_after_awards, downside_2026q4_cash_after_awards). |
| Revenue ($M) downside_fy2027_revenue | FY2027 / downside | 880.42 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_revenue, downside_2027q2_revenue, downside_2027q3_revenue, downside_2027q4_revenue). |
| Infrastructure revenue ($M) downside_fy2027_infrastructure | FY2027 / downside | 511.98 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_infrastructure, downside_2027q2_infrastructure, downside_2027q3_infrastructure, downside_2027q4_infrastructure). |
| GAAP gross profit ($M) downside_fy2027_gross_profit | FY2027 / downside | 497.44 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_gross_profit, downside_2027q2_gross_profit, downside_2027q3_gross_profit, downside_2027q4_gross_profit). |
| Non-GAAP operating income ($M) downside_fy2027_non_gaap_op | FY2027 / downside | 191.86 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_non_gaap_op, downside_2027q2_non_gaap_op, downside_2027q3_non_gaap_op, downside_2027q4_non_gaap_op). |
| GAAP operating income ($M) downside_fy2027_operating_income | FY2027 / downside | 31.99 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_operating_income, downside_2027q2_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income). |
| Operating cash flow proxy ($M) downside_fy2027_cfo | FY2027 / downside | 98.62 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cfo, downside_2027q2_cfo, downside_2027q3_cfo, downside_2027q4_cfo). |
| Cash PP&E purchases ($M) downside_fy2027_capex | FY2027 / downside | 12.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_capex, downside_2027q2_capex, downside_2027q3_capex, downside_2027q4_capex). |
| Cash intangible purchases ($M) downside_fy2027_intangibles | FY2027 / downside | 8.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_intangibles, downside_2027q2_intangibles, downside_2027q3_intangibles, downside_2027q4_intangibles). |
| CFO less PP&E ($M) downside_fy2027_fcf | FY2027 / downside | 86.62 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_fcf, downside_2027q2_fcf, downside_2027q3_fcf, downside_2027q4_fcf). |
| Cash after PP&E and intangibles ($M) downside_fy2027_cash_after_investment | FY2027 / downside | 78.62 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cash_after_investment, downside_2027q2_cash_after_investment, downside_2027q3_cash_after_investment, downside_2027q4_cash_after_investment). |
| Cash after investment and award taxes ($M) downside_fy2027_cash_after_awards | FY2027 / downside | 62.62 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cash_after_awards, downside_2027q2_cash_after_awards, downside_2027q3_cash_after_awards, downside_2027q4_cash_after_awards). |
| broadband revenue base_2026q3_broadband | 2026Q3 / base | 45.00 USD_millions | assumption: Desk assumption, not company guidance. |
| connectivity revenue base_2026q3_connectivity | 2026Q3 / base | 26.00 USD_millions | assumption: Desk assumption, not company guidance. |
| industrial revenue base_2026q3_industrial | 2026Q3 / base | 17.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Revenue base_2026q3_revenue | 2026Q3 / base | 215.00 USD_millions | assumption: Base equals Q3 $215M guidance midpoint; other cases are independent desk outcomes. |
| Other business sales base_2026q3_other_sales | 2026Q3 / base | 88.00 USD_millions | derived: Broadband, connectivity and industrial. Formula: sum(base_2026q3_broadband, base_2026q3_connectivity, base_2026q3_industrial). |
| Infrastructure sales required base_2026q3_infrastructure | 2026Q3 / base | 127.00 USD_millions | derived: Residual infrastructure adoption requirement, not disclosed customer bookings. Formula: subtract(base_2026q3_revenue, base_2026q3_other_sales). |
| Non-GAAP gross margin base_2026q3_ng_gm | 2026Q3 / base | 60.0% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP gross profit base_2026q3_ng_gp | 2026Q3 / base | 129.00 USD_millions | derived: Includes mix sensitivity; acquired amortization and COGS equity costs excluded. Formula: multiply(base_2026q3_revenue, base_2026q3_ng_gm). |
| GAAP gross margin base_2026q3_gaap_gm | 2026Q3 / base | 58.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit base_2026q3_gross_profit | 2026Q3 / base | 125.77 USD_millions | derived: Q3 base midpoint of 57%-60% guidance. Formula: multiply(base_2026q3_revenue, base_2026q3_gaap_gm). |
| Non-GAAP operating expense base_2026q3_ng_opex | 2026Q3 / base | 68.50 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating expense base_2026q3_gaap_opex | 2026Q3 / base | 101.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Non-GAAP operating income base_2026q3_non_gaap_op | 2026Q3 / base | 60.50 USD_millions | derived: Base Q3 guidance-implied profit. Formula: subtract(base_2026q3_ng_gp, base_2026q3_ng_opex). |
| GAAP operating income base_2026q3_operating_income | 2026Q3 / base | 24.77 USD_millions | derived: No annual company operating forecast asserted. Formula: subtract(base_2026q3_gross_profit, base_2026q3_gaap_opex). |
| Adjusted-to-GAAP operating gap base_2026q3_op_adjustments | 2026Q3 / base | 35.73 USD_millions | derived: Combined COGS and operating adjustments. Formula: subtract(base_2026q3_non_gaap_op, base_2026q3_operating_income). |
| Performance-bonus expense base_2026q3_performance_expense | 2026Q3 / base | 7.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquired intangible amortization base_2026q3_acquired_amort | 2026Q3 / base | 2.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Specific cash acquisition/legal/restructuring expense base_2026q3_special | 2026Q3 / base | 2.25 USD_millions | assumption: Desk assumption, not company guidance. |
| Other adjustments base_2026q3_non_sbc | 2026Q3 / base | 12.05 USD_millions | derived: Performance bonus is distinct from ordinary SBC. Formula: sum(base_2026q3_performance_expense, base_2026q3_acquired_amort, base_2026q3_special). |
| Implied ordinary SBC base_2026q3_sbc | 2026Q3 / base | 23.68 USD_millions | derived: Residual to guided GAAP/adjusted gap; not separately issued SBC guidance. Formula: subtract(base_2026q3_op_adjustments, base_2026q3_non_sbc). |
| Performance-bonus cash settlement fraction base_2026q3_bonus_cash_share | 2026Q3 / base | 10.0% ratio | assumption: Base mostly shares as company intent; downside tests greater cash use. Not a predicted committee decision. |
| Performance-bonus cash settlement base_2026q3_bonus_cash | 2026Q3 / base | 0.71 USD_millions | derived: Even-quarter proxy for timing; expense and settlement remain distinct. Formula: multiply(base_2026q3_performance_expense, base_2026q3_bonus_cash_share). |
| Other depreciation/amortization base_2026q3_other_da | 2026Q3 / base | 6.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before tax, interest and working capital base_2026q3_cash_before_uses | 2026Q3 / base | 64.25 USD_millions | derived: Special cash expense remains in profit; noncash bonus reverses before its cash fraction. Formula: sum(base_2026q3_operating_income, base_2026q3_sbc, base_2026q3_performance_expense, base_2026q3_acquired_amort, base_2026q3_other_da). |
| Cash interest and other finance cost net base_2026q3_net_interest | 2026Q3 / base | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash taxes base_2026q3_cash_tax | 2026Q3 / base | 1.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Inventory, supplier advances and other net cash use base_2026q3_wc | 2026Q3 / base | 22.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Bonus, interest, tax and working-capital cash base_2026q3_cash_uses | 2026Q3 / base | 28.21 USD_millions | derived: Restricted cash and financing receipts do not enter CFO. Formula: sum(base_2026q3_bonus_cash, base_2026q3_net_interest, base_2026q3_cash_tax, base_2026q3_wc). |
| Operating cash flow proxy base_2026q3_cfo | 2026Q3 / base | 36.04 USD_millions | derived: Illustrative cash bridge including cash election on performance bonuses. Formula: subtract(base_2026q3_cash_before_uses, base_2026q3_cash_uses). |
| PP&E cash spending base_2026q3_capex | 2026Q3 / base | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Purchased intellectual property cash base_2026q3_intangibles | 2026Q3 / base | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E base_2026q3_fcf | 2026Q3 / base | 33.04 USD_millions | derived: Historical feed scope. Formula: subtract(base_2026q3_cfo, base_2026q3_capex). |
| Cash after PP&E and IP base_2026q3_cash_after_investment | 2026Q3 / base | 31.04 USD_millions | derived: Purchased intellectual property is not omitted. Formula: subtract(base_2026q3_fcf, base_2026q3_intangibles). |
| Employee award tax withholding base_2026q3_award_cash | 2026Q3 / base | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award withholding base_2026q3_cash_after_awards | 2026Q3 / base | 27.04 USD_millions | derived: Before other investments, debt principal and financing proceeds. Formula: subtract(base_2026q3_cash_after_investment, base_2026q3_award_cash). |
| broadband revenue base_2026q4_broadband | 2026Q4 / base | 45.90 USD_millions | assumption: Desk assumption, not company guidance. |
| connectivity revenue base_2026q4_connectivity | 2026Q4 / base | 27.04 USD_millions | assumption: Desk assumption, not company guidance. |
| industrial revenue base_2026q4_industrial | 2026Q4 / base | 17.51 USD_millions | assumption: Desk assumption, not company guidance. |
| Sequential infrastructure expansion base_2026q4_infra_growth | 2026Q4 / base | 115.0% ratio | assumption: Desk assumption, not company guidance. |
| Infrastructure revenue base_2026q4_infrastructure | 2026Q4 / base | 146.05 USD_millions | derived: Optical and other infrastructure adoption; sequential growth moderates later. Formula: multiply(base_2026q3_infrastructure, base_2026q4_infra_growth). |
| Revenue base_2026q4_revenue | 2026Q4 / base | 236.50 USD_millions | derived: Four non-overlapping revenue categories. Formula: sum(base_2026q4_infrastructure, base_2026q4_broadband, base_2026q4_connectivity, base_2026q4_industrial). |
| Non-GAAP gross margin base_2026q4_ng_gm | 2026Q4 / base | 60.0% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP gross profit base_2026q4_ng_gp | 2026Q4 / base | 141.90 USD_millions | derived: Includes mix sensitivity; acquired amortization and COGS equity costs excluded. Formula: multiply(base_2026q4_revenue, base_2026q4_ng_gm). |
| GAAP gross margin base_2026q4_gaap_gm | 2026Q4 / base | 58.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit base_2026q4_gross_profit | 2026Q4 / base | 138.35 USD_millions | derived: Q3 base midpoint of 57%-60% guidance. Formula: multiply(base_2026q4_revenue, base_2026q4_gaap_gm). |
| Non-GAAP operating expense base_2026q4_ng_opex | 2026Q4 / base | 70.90 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating expense base_2026q4_gaap_opex | 2026Q4 / base | 103.52 USD_millions | assumption: Desk assumption, not company guidance. |
| Non-GAAP operating income base_2026q4_non_gaap_op | 2026Q4 / base | 71.00 USD_millions | derived: Base Q3 guidance-implied profit. Formula: subtract(base_2026q4_ng_gp, base_2026q4_ng_opex). |
| GAAP operating income base_2026q4_operating_income | 2026Q4 / base | 34.83 USD_millions | derived: No annual company operating forecast asserted. Formula: subtract(base_2026q4_gross_profit, base_2026q4_gaap_opex). |
| Adjusted-to-GAAP operating gap base_2026q4_op_adjustments | 2026Q4 / base | 36.18 USD_millions | derived: Combined COGS and operating adjustments. Formula: subtract(base_2026q4_non_gaap_op, base_2026q4_operating_income). |
| Performance-bonus expense base_2026q4_performance_expense | 2026Q4 / base | 7.60 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquired intangible amortization base_2026q4_acquired_amort | 2026Q4 / base | 2.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Specific cash acquisition/legal/restructuring expense base_2026q4_special | 2026Q4 / base | 2.25 USD_millions | assumption: Desk assumption, not company guidance. |
| Other adjustments base_2026q4_non_sbc | 2026Q4 / base | 12.55 USD_millions | derived: Performance bonus is distinct from ordinary SBC. Formula: sum(base_2026q4_performance_expense, base_2026q4_acquired_amort, base_2026q4_special). |
| Implied ordinary SBC base_2026q4_sbc | 2026Q4 / base | 23.63 USD_millions | derived: Residual to guided GAAP/adjusted gap; not separately issued SBC guidance. Formula: subtract(base_2026q4_op_adjustments, base_2026q4_non_sbc). |
| Performance-bonus cash settlement fraction base_2026q4_bonus_cash_share | 2026Q4 / base | 10.0% ratio | assumption: Base mostly shares as company intent; downside tests greater cash use. Not a predicted committee decision. |
| Performance-bonus cash settlement base_2026q4_bonus_cash | 2026Q4 / base | 0.76 USD_millions | derived: Even-quarter proxy for timing; expense and settlement remain distinct. Formula: multiply(base_2026q4_performance_expense, base_2026q4_bonus_cash_share). |
| Other depreciation/amortization base_2026q4_other_da | 2026Q4 / base | 6.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before tax, interest and working capital base_2026q4_cash_before_uses | 2026Q4 / base | 74.75 USD_millions | derived: Special cash expense remains in profit; noncash bonus reverses before its cash fraction. Formula: sum(base_2026q4_operating_income, base_2026q4_sbc, base_2026q4_performance_expense, base_2026q4_acquired_amort, base_2026q4_other_da). |
| Cash interest and other finance cost net base_2026q4_net_interest | 2026Q4 / base | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash taxes base_2026q4_cash_tax | 2026Q4 / base | 1.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Inventory, supplier advances and other net cash use base_2026q4_wc | 2026Q4 / base | 20.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Bonus, interest, tax and working-capital cash base_2026q4_cash_uses | 2026Q4 / base | 26.26 USD_millions | derived: Restricted cash and financing receipts do not enter CFO. Formula: sum(base_2026q4_bonus_cash, base_2026q4_net_interest, base_2026q4_cash_tax, base_2026q4_wc). |
| Operating cash flow proxy base_2026q4_cfo | 2026Q4 / base | 48.49 USD_millions | derived: Illustrative cash bridge including cash election on performance bonuses. Formula: subtract(base_2026q4_cash_before_uses, base_2026q4_cash_uses). |
| PP&E cash spending base_2026q4_capex | 2026Q4 / base | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Purchased intellectual property cash base_2026q4_intangibles | 2026Q4 / base | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E base_2026q4_fcf | 2026Q4 / base | 45.49 USD_millions | derived: Historical feed scope. Formula: subtract(base_2026q4_cfo, base_2026q4_capex). |
| Cash after PP&E and IP base_2026q4_cash_after_investment | 2026Q4 / base | 43.49 USD_millions | derived: Purchased intellectual property is not omitted. Formula: subtract(base_2026q4_fcf, base_2026q4_intangibles). |
| Employee award tax withholding base_2026q4_award_cash | 2026Q4 / base | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award withholding base_2026q4_cash_after_awards | 2026Q4 / base | 39.49 USD_millions | derived: Before other investments, debt principal and financing proceeds. Formula: subtract(base_2026q4_cash_after_investment, base_2026q4_award_cash). |
| broadband revenue base_2027q1_broadband | 2027Q1 / base | 46.82 USD_millions | assumption: Desk assumption, not company guidance. |
| connectivity revenue base_2027q1_connectivity | 2027Q1 / base | 28.12 USD_millions | assumption: Desk assumption, not company guidance. |
| industrial revenue base_2027q1_industrial | 2027Q1 / base | 18.04 USD_millions | assumption: Desk assumption, not company guidance. |
| Sequential infrastructure expansion base_2027q1_infra_growth | 2027Q1 / base | 115.0% ratio | assumption: Desk assumption, not company guidance. |
| Infrastructure revenue base_2027q1_infrastructure | 2027Q1 / base | 167.96 USD_millions | derived: Optical and other infrastructure adoption; sequential growth moderates later. Formula: multiply(base_2026q4_infrastructure, base_2027q1_infra_growth). |
| Revenue base_2027q1_revenue | 2027Q1 / base | 260.93 USD_millions | derived: Four non-overlapping revenue categories. Formula: sum(base_2027q1_infrastructure, base_2027q1_broadband, base_2027q1_connectivity, base_2027q1_industrial). |
| Non-GAAP gross margin base_2027q1_ng_gm | 2027Q1 / base | 60.0% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP gross profit base_2027q1_ng_gp | 2027Q1 / base | 156.56 USD_millions | derived: Includes mix sensitivity; acquired amortization and COGS equity costs excluded. Formula: multiply(base_2027q1_revenue, base_2027q1_ng_gm). |
| GAAP gross margin base_2027q1_gaap_gm | 2027Q1 / base | 58.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit base_2027q1_gross_profit | 2027Q1 / base | 152.65 USD_millions | derived: Q3 base midpoint of 57%-60% guidance. Formula: multiply(base_2027q1_revenue, base_2027q1_gaap_gm). |
| Non-GAAP operating expense base_2027q1_ng_opex | 2027Q1 / base | 73.30 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating expense base_2027q1_gaap_opex | 2027Q1 / base | 106.05 USD_millions | assumption: Desk assumption, not company guidance. |
| Non-GAAP operating income base_2027q1_non_gaap_op | 2027Q1 / base | 83.26 USD_millions | derived: Base Q3 guidance-implied profit. Formula: subtract(base_2027q1_ng_gp, base_2027q1_ng_opex). |
| GAAP operating income base_2027q1_operating_income | 2027Q1 / base | 46.60 USD_millions | derived: No annual company operating forecast asserted. Formula: subtract(base_2027q1_gross_profit, base_2027q1_gaap_opex). |
| Adjusted-to-GAAP operating gap base_2027q1_op_adjustments | 2027Q1 / base | 36.67 USD_millions | derived: Combined COGS and operating adjustments. Formula: subtract(base_2027q1_non_gaap_op, base_2027q1_operating_income). |
| Performance-bonus expense base_2027q1_performance_expense | 2027Q1 / base | 8.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquired intangible amortization base_2027q1_acquired_amort | 2027Q1 / base | 2.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Specific cash acquisition/legal/restructuring expense base_2027q1_special | 2027Q1 / base | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Other adjustments base_2027q1_non_sbc | 2027Q1 / base | 12.40 USD_millions | derived: Performance bonus is distinct from ordinary SBC. Formula: sum(base_2027q1_performance_expense, base_2027q1_acquired_amort, base_2027q1_special). |
| Implied ordinary SBC base_2027q1_sbc | 2027Q1 / base | 24.27 USD_millions | derived: Residual to guided GAAP/adjusted gap; not separately issued SBC guidance. Formula: subtract(base_2027q1_op_adjustments, base_2027q1_non_sbc). |
| Performance-bonus cash settlement fraction base_2027q1_bonus_cash_share | 2027Q1 / base | 10.0% ratio | assumption: Base mostly shares as company intent; downside tests greater cash use. Not a predicted committee decision. |
| Performance-bonus cash settlement base_2027q1_bonus_cash | 2027Q1 / base | 0.81 USD_millions | derived: Even-quarter proxy for timing; expense and settlement remain distinct. Formula: multiply(base_2027q1_performance_expense, base_2027q1_bonus_cash_share). |
| Other depreciation/amortization base_2027q1_other_da | 2027Q1 / base | 6.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before tax, interest and working capital base_2027q1_cash_before_uses | 2027Q1 / base | 87.26 USD_millions | derived: Special cash expense remains in profit; noncash bonus reverses before its cash fraction. Formula: sum(base_2027q1_operating_income, base_2027q1_sbc, base_2027q1_performance_expense, base_2027q1_acquired_amort, base_2027q1_other_da). |
| Cash interest and other finance cost net base_2027q1_net_interest | 2027Q1 / base | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash taxes base_2027q1_cash_tax | 2027Q1 / base | 1.80 USD_millions | assumption: Desk assumption, not company guidance. |
| Inventory, supplier advances and other net cash use base_2027q1_wc | 2027Q1 / base | 18.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Bonus, interest, tax and working-capital cash base_2027q1_cash_uses | 2027Q1 / base | 24.61 USD_millions | derived: Restricted cash and financing receipts do not enter CFO. Formula: sum(base_2027q1_bonus_cash, base_2027q1_net_interest, base_2027q1_cash_tax, base_2027q1_wc). |
| Operating cash flow proxy base_2027q1_cfo | 2027Q1 / base | 62.65 USD_millions | derived: Illustrative cash bridge including cash election on performance bonuses. Formula: subtract(base_2027q1_cash_before_uses, base_2027q1_cash_uses). |
| PP&E cash spending base_2027q1_capex | 2027Q1 / base | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Purchased intellectual property cash base_2027q1_intangibles | 2027Q1 / base | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E base_2027q1_fcf | 2027Q1 / base | 59.65 USD_millions | derived: Historical feed scope. Formula: subtract(base_2027q1_cfo, base_2027q1_capex). |
| Cash after PP&E and IP base_2027q1_cash_after_investment | 2027Q1 / base | 57.65 USD_millions | derived: Purchased intellectual property is not omitted. Formula: subtract(base_2027q1_fcf, base_2027q1_intangibles). |
| Employee award tax withholding base_2027q1_award_cash | 2027Q1 / base | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award withholding base_2027q1_cash_after_awards | 2027Q1 / base | 53.65 USD_millions | derived: Before other investments, debt principal and financing proceeds. Formula: subtract(base_2027q1_cash_after_investment, base_2027q1_award_cash). |
| broadband revenue base_2027q2_broadband | 2027Q2 / base | 47.75 USD_millions | assumption: Desk assumption, not company guidance. |
| connectivity revenue base_2027q2_connectivity | 2027Q2 / base | 29.25 USD_millions | assumption: Desk assumption, not company guidance. |
| industrial revenue base_2027q2_industrial | 2027Q2 / base | 18.58 USD_millions | assumption: Desk assumption, not company guidance. |
| Sequential infrastructure expansion base_2027q2_infra_growth | 2027Q2 / base | 115.0% ratio | assumption: Desk assumption, not company guidance. |
| Infrastructure revenue base_2027q2_infrastructure | 2027Q2 / base | 193.15 USD_millions | derived: Optical and other infrastructure adoption; sequential growth moderates later. Formula: multiply(base_2027q1_infrastructure, base_2027q2_infra_growth). |
| Revenue base_2027q2_revenue | 2027Q2 / base | 288.73 USD_millions | derived: Four non-overlapping revenue categories. Formula: sum(base_2027q2_infrastructure, base_2027q2_broadband, base_2027q2_connectivity, base_2027q2_industrial). |
| Non-GAAP gross margin base_2027q2_ng_gm | 2027Q2 / base | 60.0% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP gross profit base_2027q2_ng_gp | 2027Q2 / base | 173.24 USD_millions | derived: Includes mix sensitivity; acquired amortization and COGS equity costs excluded. Formula: multiply(base_2027q2_revenue, base_2027q2_ng_gm). |
| GAAP gross margin base_2027q2_gaap_gm | 2027Q2 / base | 58.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit base_2027q2_gross_profit | 2027Q2 / base | 168.91 USD_millions | derived: Q3 base midpoint of 57%-60% guidance. Formula: multiply(base_2027q2_revenue, base_2027q2_gaap_gm). |
| Non-GAAP operating expense base_2027q2_ng_opex | 2027Q2 / base | 75.69 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating expense base_2027q2_gaap_opex | 2027Q2 / base | 108.57 USD_millions | assumption: Desk assumption, not company guidance. |
| Non-GAAP operating income base_2027q2_non_gaap_op | 2027Q2 / base | 97.54 USD_millions | derived: Base Q3 guidance-implied profit. Formula: subtract(base_2027q2_ng_gp, base_2027q2_ng_opex). |
| GAAP operating income base_2027q2_operating_income | 2027Q2 / base | 60.33 USD_millions | derived: No annual company operating forecast asserted. Formula: subtract(base_2027q2_gross_profit, base_2027q2_gaap_opex). |
| Adjusted-to-GAAP operating gap base_2027q2_op_adjustments | 2027Q2 / base | 37.21 USD_millions | derived: Combined COGS and operating adjustments. Formula: subtract(base_2027q2_non_gaap_op, base_2027q2_operating_income). |
| Performance-bonus expense base_2027q2_performance_expense | 2027Q2 / base | 8.60 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquired intangible amortization base_2027q2_acquired_amort | 2027Q2 / base | 2.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Specific cash acquisition/legal/restructuring expense base_2027q2_special | 2027Q2 / base | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Other adjustments base_2027q2_non_sbc | 2027Q2 / base | 12.90 USD_millions | derived: Performance bonus is distinct from ordinary SBC. Formula: sum(base_2027q2_performance_expense, base_2027q2_acquired_amort, base_2027q2_special). |
| Implied ordinary SBC base_2027q2_sbc | 2027Q2 / base | 24.31 USD_millions | derived: Residual to guided GAAP/adjusted gap; not separately issued SBC guidance. Formula: subtract(base_2027q2_op_adjustments, base_2027q2_non_sbc). |
| Performance-bonus cash settlement fraction base_2027q2_bonus_cash_share | 2027Q2 / base | 10.0% ratio | assumption: Base mostly shares as company intent; downside tests greater cash use. Not a predicted committee decision. |
| Performance-bonus cash settlement base_2027q2_bonus_cash | 2027Q2 / base | 0.86 USD_millions | derived: Even-quarter proxy for timing; expense and settlement remain distinct. Formula: multiply(base_2027q2_performance_expense, base_2027q2_bonus_cash_share). |
| Other depreciation/amortization base_2027q2_other_da | 2027Q2 / base | 6.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before tax, interest and working capital base_2027q2_cash_before_uses | 2027Q2 / base | 101.54 USD_millions | derived: Special cash expense remains in profit; noncash bonus reverses before its cash fraction. Formula: sum(base_2027q2_operating_income, base_2027q2_sbc, base_2027q2_performance_expense, base_2027q2_acquired_amort, base_2027q2_other_da). |
| Cash interest and other finance cost net base_2027q2_net_interest | 2027Q2 / base | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash taxes base_2027q2_cash_tax | 2027Q2 / base | 2.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Inventory, supplier advances and other net cash use base_2027q2_wc | 2027Q2 / base | 16.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Bonus, interest, tax and working-capital cash base_2027q2_cash_uses | 2027Q2 / base | 22.96 USD_millions | derived: Restricted cash and financing receipts do not enter CFO. Formula: sum(base_2027q2_bonus_cash, base_2027q2_net_interest, base_2027q2_cash_tax, base_2027q2_wc). |
| Operating cash flow proxy base_2027q2_cfo | 2027Q2 / base | 78.58 USD_millions | derived: Illustrative cash bridge including cash election on performance bonuses. Formula: subtract(base_2027q2_cash_before_uses, base_2027q2_cash_uses). |
| PP&E cash spending base_2027q2_capex | 2027Q2 / base | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Purchased intellectual property cash base_2027q2_intangibles | 2027Q2 / base | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E base_2027q2_fcf | 2027Q2 / base | 75.58 USD_millions | derived: Historical feed scope. Formula: subtract(base_2027q2_cfo, base_2027q2_capex). |
| Cash after PP&E and IP base_2027q2_cash_after_investment | 2027Q2 / base | 73.58 USD_millions | derived: Purchased intellectual property is not omitted. Formula: subtract(base_2027q2_fcf, base_2027q2_intangibles). |
| Employee award tax withholding base_2027q2_award_cash | 2027Q2 / base | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award withholding base_2027q2_cash_after_awards | 2027Q2 / base | 69.58 USD_millions | derived: Before other investments, debt principal and financing proceeds. Formula: subtract(base_2027q2_cash_after_investment, base_2027q2_award_cash). |
| broadband revenue base_2027q3_broadband | 2027Q3 / base | 48.71 USD_millions | assumption: Desk assumption, not company guidance. |
| connectivity revenue base_2027q3_connectivity | 2027Q3 / base | 30.42 USD_millions | assumption: Desk assumption, not company guidance. |
| industrial revenue base_2027q3_industrial | 2027Q3 / base | 19.13 USD_millions | assumption: Desk assumption, not company guidance. |
| Sequential infrastructure expansion base_2027q3_infra_growth | 2027Q3 / base | 109.0% ratio | assumption: Desk assumption, not company guidance. |
| Infrastructure revenue base_2027q3_infrastructure | 2027Q3 / base | 210.53 USD_millions | derived: Optical and other infrastructure adoption; sequential growth moderates later. Formula: multiply(base_2027q2_infrastructure, base_2027q3_infra_growth). |
| Revenue base_2027q3_revenue | 2027Q3 / base | 308.79 USD_millions | derived: Four non-overlapping revenue categories. Formula: sum(base_2027q3_infrastructure, base_2027q3_broadband, base_2027q3_connectivity, base_2027q3_industrial). |
| Non-GAAP gross margin base_2027q3_ng_gm | 2027Q3 / base | 60.0% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP gross profit base_2027q3_ng_gp | 2027Q3 / base | 185.28 USD_millions | derived: Includes mix sensitivity; acquired amortization and COGS equity costs excluded. Formula: multiply(base_2027q3_revenue, base_2027q3_ng_gm). |
| GAAP gross margin base_2027q3_gaap_gm | 2027Q3 / base | 58.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit base_2027q3_gross_profit | 2027Q3 / base | 180.64 USD_millions | derived: Q3 base midpoint of 57%-60% guidance. Formula: multiply(base_2027q3_revenue, base_2027q3_gaap_gm). |
| Non-GAAP operating expense base_2027q3_ng_opex | 2027Q3 / base | 78.09 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating expense base_2027q3_gaap_opex | 2027Q3 / base | 111.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Non-GAAP operating income base_2027q3_non_gaap_op | 2027Q3 / base | 107.19 USD_millions | derived: Base Q3 guidance-implied profit. Formula: subtract(base_2027q3_ng_gp, base_2027q3_ng_opex). |
| GAAP operating income base_2027q3_operating_income | 2027Q3 / base | 69.54 USD_millions | derived: No annual company operating forecast asserted. Formula: subtract(base_2027q3_gross_profit, base_2027q3_gaap_opex). |
| Adjusted-to-GAAP operating gap base_2027q3_op_adjustments | 2027Q3 / base | 37.64 USD_millions | derived: Combined COGS and operating adjustments. Formula: subtract(base_2027q3_non_gaap_op, base_2027q3_operating_income). |
| Performance-bonus expense base_2027q3_performance_expense | 2027Q3 / base | 9.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquired intangible amortization base_2027q3_acquired_amort | 2027Q3 / base | 2.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Specific cash acquisition/legal/restructuring expense base_2027q3_special | 2027Q3 / base | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Other adjustments base_2027q3_non_sbc | 2027Q3 / base | 13.40 USD_millions | derived: Performance bonus is distinct from ordinary SBC. Formula: sum(base_2027q3_performance_expense, base_2027q3_acquired_amort, base_2027q3_special). |
| Implied ordinary SBC base_2027q3_sbc | 2027Q3 / base | 24.24 USD_millions | derived: Residual to guided GAAP/adjusted gap; not separately issued SBC guidance. Formula: subtract(base_2027q3_op_adjustments, base_2027q3_non_sbc). |
| Performance-bonus cash settlement fraction base_2027q3_bonus_cash_share | 2027Q3 / base | 10.0% ratio | assumption: Base mostly shares as company intent; downside tests greater cash use. Not a predicted committee decision. |
| Performance-bonus cash settlement base_2027q3_bonus_cash | 2027Q3 / base | 0.91 USD_millions | derived: Even-quarter proxy for timing; expense and settlement remain distinct. Formula: multiply(base_2027q3_performance_expense, base_2027q3_bonus_cash_share). |
| Other depreciation/amortization base_2027q3_other_da | 2027Q3 / base | 6.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before tax, interest and working capital base_2027q3_cash_before_uses | 2027Q3 / base | 111.19 USD_millions | derived: Special cash expense remains in profit; noncash bonus reverses before its cash fraction. Formula: sum(base_2027q3_operating_income, base_2027q3_sbc, base_2027q3_performance_expense, base_2027q3_acquired_amort, base_2027q3_other_da). |
| Cash interest and other finance cost net base_2027q3_net_interest | 2027Q3 / base | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash taxes base_2027q3_cash_tax | 2027Q3 / base | 2.40 USD_millions | assumption: Desk assumption, not company guidance. |
| Inventory, supplier advances and other net cash use base_2027q3_wc | 2027Q3 / base | 14.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Bonus, interest, tax and working-capital cash base_2027q3_cash_uses | 2027Q3 / base | 21.31 USD_millions | derived: Restricted cash and financing receipts do not enter CFO. Formula: sum(base_2027q3_bonus_cash, base_2027q3_net_interest, base_2027q3_cash_tax, base_2027q3_wc). |
| Operating cash flow proxy base_2027q3_cfo | 2027Q3 / base | 89.88 USD_millions | derived: Illustrative cash bridge including cash election on performance bonuses. Formula: subtract(base_2027q3_cash_before_uses, base_2027q3_cash_uses). |
| PP&E cash spending base_2027q3_capex | 2027Q3 / base | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Purchased intellectual property cash base_2027q3_intangibles | 2027Q3 / base | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E base_2027q3_fcf | 2027Q3 / base | 86.88 USD_millions | derived: Historical feed scope. Formula: subtract(base_2027q3_cfo, base_2027q3_capex). |
| Cash after PP&E and IP base_2027q3_cash_after_investment | 2027Q3 / base | 84.88 USD_millions | derived: Purchased intellectual property is not omitted. Formula: subtract(base_2027q3_fcf, base_2027q3_intangibles). |
| Employee award tax withholding base_2027q3_award_cash | 2027Q3 / base | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award withholding base_2027q3_cash_after_awards | 2027Q3 / base | 80.88 USD_millions | derived: Before other investments, debt principal and financing proceeds. Formula: subtract(base_2027q3_cash_after_investment, base_2027q3_award_cash). |
| broadband revenue base_2027q4_broadband | 2027Q4 / base | 49.68 USD_millions | assumption: Desk assumption, not company guidance. |
| connectivity revenue base_2027q4_connectivity | 2027Q4 / base | 31.63 USD_millions | assumption: Desk assumption, not company guidance. |
| industrial revenue base_2027q4_industrial | 2027Q4 / base | 19.71 USD_millions | assumption: Desk assumption, not company guidance. |
| Sequential infrastructure expansion base_2027q4_infra_growth | 2027Q4 / base | 109.0% ratio | assumption: Desk assumption, not company guidance. |
| Infrastructure revenue base_2027q4_infrastructure | 2027Q4 / base | 229.48 USD_millions | derived: Optical and other infrastructure adoption; sequential growth moderates later. Formula: multiply(base_2027q3_infrastructure, base_2027q4_infra_growth). |
| Revenue base_2027q4_revenue | 2027Q4 / base | 330.51 USD_millions | derived: Four non-overlapping revenue categories. Formula: sum(base_2027q4_infrastructure, base_2027q4_broadband, base_2027q4_connectivity, base_2027q4_industrial). |
| Non-GAAP gross margin base_2027q4_ng_gm | 2027Q4 / base | 60.0% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP gross profit base_2027q4_ng_gp | 2027Q4 / base | 198.30 USD_millions | derived: Includes mix sensitivity; acquired amortization and COGS equity costs excluded. Formula: multiply(base_2027q4_revenue, base_2027q4_ng_gm). |
| GAAP gross margin base_2027q4_gaap_gm | 2027Q4 / base | 58.5% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit base_2027q4_gross_profit | 2027Q4 / base | 193.35 USD_millions | derived: Q3 base midpoint of 57%-60% guidance. Formula: multiply(base_2027q4_revenue, base_2027q4_gaap_gm). |
| Non-GAAP operating expense base_2027q4_ng_opex | 2027Q4 / base | 80.49 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating expense base_2027q4_gaap_opex | 2027Q4 / base | 113.62 USD_millions | assumption: Desk assumption, not company guidance. |
| Non-GAAP operating income base_2027q4_non_gaap_op | 2027Q4 / base | 117.82 USD_millions | derived: Base Q3 guidance-implied profit. Formula: subtract(base_2027q4_ng_gp, base_2027q4_ng_opex). |
| GAAP operating income base_2027q4_operating_income | 2027Q4 / base | 79.72 USD_millions | derived: No annual company operating forecast asserted. Formula: subtract(base_2027q4_gross_profit, base_2027q4_gaap_opex). |
| Adjusted-to-GAAP operating gap base_2027q4_op_adjustments | 2027Q4 / base | 38.10 USD_millions | derived: Combined COGS and operating adjustments. Formula: subtract(base_2027q4_non_gaap_op, base_2027q4_operating_income). |
| Performance-bonus expense base_2027q4_performance_expense | 2027Q4 / base | 9.60 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquired intangible amortization base_2027q4_acquired_amort | 2027Q4 / base | 2.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Specific cash acquisition/legal/restructuring expense base_2027q4_special | 2027Q4 / base | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Other adjustments base_2027q4_non_sbc | 2027Q4 / base | 13.90 USD_millions | derived: Performance bonus is distinct from ordinary SBC. Formula: sum(base_2027q4_performance_expense, base_2027q4_acquired_amort, base_2027q4_special). |
| Implied ordinary SBC base_2027q4_sbc | 2027Q4 / base | 24.20 USD_millions | derived: Residual to guided GAAP/adjusted gap; not separately issued SBC guidance. Formula: subtract(base_2027q4_op_adjustments, base_2027q4_non_sbc). |
| Performance-bonus cash settlement fraction base_2027q4_bonus_cash_share | 2027Q4 / base | 10.0% ratio | assumption: Base mostly shares as company intent; downside tests greater cash use. Not a predicted committee decision. |
| Performance-bonus cash settlement base_2027q4_bonus_cash | 2027Q4 / base | 0.96 USD_millions | derived: Even-quarter proxy for timing; expense and settlement remain distinct. Formula: multiply(base_2027q4_performance_expense, base_2027q4_bonus_cash_share). |
| Other depreciation/amortization base_2027q4_other_da | 2027Q4 / base | 6.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before tax, interest and working capital base_2027q4_cash_before_uses | 2027Q4 / base | 121.82 USD_millions | derived: Special cash expense remains in profit; noncash bonus reverses before its cash fraction. Formula: sum(base_2027q4_operating_income, base_2027q4_sbc, base_2027q4_performance_expense, base_2027q4_acquired_amort, base_2027q4_other_da). |
| Cash interest and other finance cost net base_2027q4_net_interest | 2027Q4 / base | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash taxes base_2027q4_cash_tax | 2027Q4 / base | 2.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Inventory, supplier advances and other net cash use base_2027q4_wc | 2027Q4 / base | 12.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Bonus, interest, tax and working-capital cash base_2027q4_cash_uses | 2027Q4 / base | 19.66 USD_millions | derived: Restricted cash and financing receipts do not enter CFO. Formula: sum(base_2027q4_bonus_cash, base_2027q4_net_interest, base_2027q4_cash_tax, base_2027q4_wc). |
| Operating cash flow proxy base_2027q4_cfo | 2027Q4 / base | 102.16 USD_millions | derived: Illustrative cash bridge including cash election on performance bonuses. Formula: subtract(base_2027q4_cash_before_uses, base_2027q4_cash_uses). |
| PP&E cash spending base_2027q4_capex | 2027Q4 / base | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Purchased intellectual property cash base_2027q4_intangibles | 2027Q4 / base | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E base_2027q4_fcf | 2027Q4 / base | 99.16 USD_millions | derived: Historical feed scope. Formula: subtract(base_2027q4_cfo, base_2027q4_capex). |
| Cash after PP&E and IP base_2027q4_cash_after_investment | 2027Q4 / base | 97.16 USD_millions | derived: Purchased intellectual property is not omitted. Formula: subtract(base_2027q4_fcf, base_2027q4_intangibles). |
| Employee award tax withholding base_2027q4_award_cash | 2027Q4 / base | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award withholding base_2027q4_cash_after_awards | 2027Q4 / base | 93.16 USD_millions | derived: Before other investments, debt principal and financing proceeds. Formula: subtract(base_2027q4_cash_after_investment, base_2027q4_award_cash). |
| Revenue ($M) base_fy2026_revenue | FY2026 / base | 757.54 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, base_2026q3_revenue, base_2026q4_revenue). |
| Infrastructure revenue ($M) base_fy2026_infrastructure | FY2026 / base | 420.88 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_infrastructure, base_2026q3_infrastructure, base_2026q4_infrastructure). |
| GAAP gross profit ($M) base_fy2026_gross_profit | FY2026 / base | 440.67 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, base_2026q3_gross_profit, base_2026q4_gross_profit). |
| Non-GAAP operating income ($M) base_fy2026_non_gaap_op | FY2026 / base | 190.87 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_non_gaap_op, base_2026q3_non_gaap_op, base_2026q4_non_gaap_op). |
| GAAP operating income ($M) base_fy2026_operating_income | FY2026 / base | 38.21 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, base_2026q3_operating_income, base_2026q4_operating_income). |
| Operating cash flow proxy ($M) base_fy2026_cfo | FY2026 / base | 80.47 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, base_2026q3_cfo, base_2026q4_cfo). |
| Cash PP&E purchases ($M) base_fy2026_capex | FY2026 / base | 9.72 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, base_2026q3_capex, base_2026q4_capex). |
| Cash intangible purchases ($M) base_fy2026_intangibles | FY2026 / base | 5.67 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_intangibles, base_2026q3_intangibles, base_2026q4_intangibles). |
| CFO less PP&E ($M) base_fy2026_fcf | FY2026 / base | 70.75 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, base_2026q3_fcf, base_2026q4_fcf). |
| Cash after PP&E and intangibles ($M) base_fy2026_cash_after_investment | FY2026 / base | 65.08 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_investment, base_2026q3_cash_after_investment, base_2026q4_cash_after_investment). |
| Cash after investment and award taxes ($M) base_fy2026_cash_after_awards | FY2026 / base | 49.64 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_awards, base_2026q3_cash_after_awards, base_2026q4_cash_after_awards). |
| Revenue ($M) base_fy2027_revenue | FY2027 / base | 1,188.96 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_revenue, base_2027q2_revenue, base_2027q3_revenue, base_2027q4_revenue). |
| Infrastructure revenue ($M) base_fy2027_infrastructure | FY2027 / base | 801.13 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_infrastructure, base_2027q2_infrastructure, base_2027q3_infrastructure, base_2027q4_infrastructure). |
| GAAP gross profit ($M) base_fy2027_gross_profit | FY2027 / base | 695.54 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_gross_profit, base_2027q2_gross_profit, base_2027q3_gross_profit, base_2027q4_gross_profit). |
| Non-GAAP operating income ($M) base_fy2027_non_gaap_op | FY2027 / base | 405.81 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_non_gaap_op, base_2027q2_non_gaap_op, base_2027q3_non_gaap_op, base_2027q4_non_gaap_op). |
| GAAP operating income ($M) base_fy2027_operating_income | FY2027 / base | 256.19 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_operating_income, base_2027q2_operating_income, base_2027q3_operating_income, base_2027q4_operating_income). |
| Operating cash flow proxy ($M) base_fy2027_cfo | FY2027 / base | 333.27 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cfo, base_2027q2_cfo, base_2027q3_cfo, base_2027q4_cfo). |
| Cash PP&E purchases ($M) base_fy2027_capex | FY2027 / base | 12.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_capex, base_2027q2_capex, base_2027q3_capex, base_2027q4_capex). |
| Cash intangible purchases ($M) base_fy2027_intangibles | FY2027 / base | 8.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_intangibles, base_2027q2_intangibles, base_2027q3_intangibles, base_2027q4_intangibles). |
| CFO less PP&E ($M) base_fy2027_fcf | FY2027 / base | 321.27 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_fcf, base_2027q2_fcf, base_2027q3_fcf, base_2027q4_fcf). |
| Cash after PP&E and intangibles ($M) base_fy2027_cash_after_investment | FY2027 / base | 313.27 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cash_after_investment, base_2027q2_cash_after_investment, base_2027q3_cash_after_investment, base_2027q4_cash_after_investment). |
| Cash after investment and award taxes ($M) base_fy2027_cash_after_awards | FY2027 / base | 297.27 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cash_after_awards, base_2027q2_cash_after_awards, base_2027q3_cash_after_awards, base_2027q4_cash_after_awards). |
| broadband revenue upside_2026q3_broadband | 2026Q3 / upside | 47.25 USD_millions | assumption: Desk assumption, not company guidance. |
| connectivity revenue upside_2026q3_connectivity | 2026Q3 / upside | 27.30 USD_millions | assumption: Desk assumption, not company guidance. |
| industrial revenue upside_2026q3_industrial | 2026Q3 / upside | 17.85 USD_millions | assumption: Desk assumption, not company guidance. |
| Revenue upside_2026q3_revenue | 2026Q3 / upside | 230.00 USD_millions | assumption: Base equals Q3 $215M guidance midpoint; other cases are independent desk outcomes. |
| Other business sales upside_2026q3_other_sales | 2026Q3 / upside | 92.40 USD_millions | derived: Broadband, connectivity and industrial. Formula: sum(upside_2026q3_broadband, upside_2026q3_connectivity, upside_2026q3_industrial). |
| Infrastructure sales required upside_2026q3_infrastructure | 2026Q3 / upside | 137.60 USD_millions | derived: Residual infrastructure adoption requirement, not disclosed customer bookings. Formula: subtract(upside_2026q3_revenue, upside_2026q3_other_sales). |
| Non-GAAP gross margin upside_2026q3_ng_gm | 2026Q3 / upside | 61.5% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP gross profit upside_2026q3_ng_gp | 2026Q3 / upside | 141.45 USD_millions | derived: Includes mix sensitivity; acquired amortization and COGS equity costs excluded. Formula: multiply(upside_2026q3_revenue, upside_2026q3_ng_gm). |
| GAAP gross margin upside_2026q3_gaap_gm | 2026Q3 / upside | 60.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit upside_2026q3_gross_profit | 2026Q3 / upside | 138.00 USD_millions | derived: Q3 base midpoint of 57%-60% guidance. Formula: multiply(upside_2026q3_revenue, upside_2026q3_gaap_gm). |
| Non-GAAP operating expense upside_2026q3_ng_opex | 2026Q3 / upside | 69.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating expense upside_2026q3_gaap_opex | 2026Q3 / upside | 103.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Non-GAAP operating income upside_2026q3_non_gaap_op | 2026Q3 / upside | 72.45 USD_millions | derived: Base Q3 guidance-implied profit. Formula: subtract(upside_2026q3_ng_gp, upside_2026q3_ng_opex). |
| GAAP operating income upside_2026q3_operating_income | 2026Q3 / upside | 35.00 USD_millions | derived: No annual company operating forecast asserted. Formula: subtract(upside_2026q3_gross_profit, upside_2026q3_gaap_opex). |
| Adjusted-to-GAAP operating gap upside_2026q3_op_adjustments | 2026Q3 / upside | 37.45 USD_millions | derived: Combined COGS and operating adjustments. Formula: subtract(upside_2026q3_non_gaap_op, upside_2026q3_operating_income). |
| Performance-bonus expense upside_2026q3_performance_expense | 2026Q3 / upside | 7.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquired intangible amortization upside_2026q3_acquired_amort | 2026Q3 / upside | 2.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Specific cash acquisition/legal/restructuring expense upside_2026q3_special | 2026Q3 / upside | 2.25 USD_millions | assumption: Desk assumption, not company guidance. |
| Other adjustments upside_2026q3_non_sbc | 2026Q3 / upside | 12.05 USD_millions | derived: Performance bonus is distinct from ordinary SBC. Formula: sum(upside_2026q3_performance_expense, upside_2026q3_acquired_amort, upside_2026q3_special). |
| Implied ordinary SBC upside_2026q3_sbc | 2026Q3 / upside | 25.40 USD_millions | derived: Residual to guided GAAP/adjusted gap; not separately issued SBC guidance. Formula: subtract(upside_2026q3_op_adjustments, upside_2026q3_non_sbc). |
| Performance-bonus cash settlement fraction upside_2026q3_bonus_cash_share | 2026Q3 / upside | 10.0% ratio | assumption: Base mostly shares as company intent; downside tests greater cash use. Not a predicted committee decision. |
| Performance-bonus cash settlement upside_2026q3_bonus_cash | 2026Q3 / upside | 0.71 USD_millions | derived: Even-quarter proxy for timing; expense and settlement remain distinct. Formula: multiply(upside_2026q3_performance_expense, upside_2026q3_bonus_cash_share). |
| Other depreciation/amortization upside_2026q3_other_da | 2026Q3 / upside | 6.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before tax, interest and working capital upside_2026q3_cash_before_uses | 2026Q3 / upside | 76.20 USD_millions | derived: Special cash expense remains in profit; noncash bonus reverses before its cash fraction. Formula: sum(upside_2026q3_operating_income, upside_2026q3_sbc, upside_2026q3_performance_expense, upside_2026q3_acquired_amort, upside_2026q3_other_da). |
| Cash interest and other finance cost net upside_2026q3_net_interest | 2026Q3 / upside | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash taxes upside_2026q3_cash_tax | 2026Q3 / upside | 1.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Inventory, supplier advances and other net cash use upside_2026q3_wc | 2026Q3 / upside | 20.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Bonus, interest, tax and working-capital cash upside_2026q3_cash_uses | 2026Q3 / upside | 26.21 USD_millions | derived: Restricted cash and financing receipts do not enter CFO. Formula: sum(upside_2026q3_bonus_cash, upside_2026q3_net_interest, upside_2026q3_cash_tax, upside_2026q3_wc). |
| Operating cash flow proxy upside_2026q3_cfo | 2026Q3 / upside | 49.99 USD_millions | derived: Illustrative cash bridge including cash election on performance bonuses. Formula: subtract(upside_2026q3_cash_before_uses, upside_2026q3_cash_uses). |
| PP&E cash spending upside_2026q3_capex | 2026Q3 / upside | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Purchased intellectual property cash upside_2026q3_intangibles | 2026Q3 / upside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E upside_2026q3_fcf | 2026Q3 / upside | 46.99 USD_millions | derived: Historical feed scope. Formula: subtract(upside_2026q3_cfo, upside_2026q3_capex). |
| Cash after PP&E and IP upside_2026q3_cash_after_investment | 2026Q3 / upside | 44.99 USD_millions | derived: Purchased intellectual property is not omitted. Formula: subtract(upside_2026q3_fcf, upside_2026q3_intangibles). |
| Employee award tax withholding upside_2026q3_award_cash | 2026Q3 / upside | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award withholding upside_2026q3_cash_after_awards | 2026Q3 / upside | 40.99 USD_millions | derived: Before other investments, debt principal and financing proceeds. Formula: subtract(upside_2026q3_cash_after_investment, upside_2026q3_award_cash). |
| broadband revenue upside_2026q4_broadband | 2026Q4 / upside | 48.20 USD_millions | assumption: Desk assumption, not company guidance. |
| connectivity revenue upside_2026q4_connectivity | 2026Q4 / upside | 28.39 USD_millions | assumption: Desk assumption, not company guidance. |
| industrial revenue upside_2026q4_industrial | 2026Q4 / upside | 18.39 USD_millions | assumption: Desk assumption, not company guidance. |
| Sequential infrastructure expansion upside_2026q4_infra_growth | 2026Q4 / upside | 123.0% ratio | assumption: Desk assumption, not company guidance. |
| Infrastructure revenue upside_2026q4_infrastructure | 2026Q4 / upside | 169.25 USD_millions | derived: Optical and other infrastructure adoption; sequential growth moderates later. Formula: multiply(upside_2026q3_infrastructure, upside_2026q4_infra_growth). |
| Revenue upside_2026q4_revenue | 2026Q4 / upside | 264.22 USD_millions | derived: Four non-overlapping revenue categories. Formula: sum(upside_2026q4_infrastructure, upside_2026q4_broadband, upside_2026q4_connectivity, upside_2026q4_industrial). |
| Non-GAAP gross margin upside_2026q4_ng_gm | 2026Q4 / upside | 61.5% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP gross profit upside_2026q4_ng_gp | 2026Q4 / upside | 162.50 USD_millions | derived: Includes mix sensitivity; acquired amortization and COGS equity costs excluded. Formula: multiply(upside_2026q4_revenue, upside_2026q4_ng_gm). |
| GAAP gross margin upside_2026q4_gaap_gm | 2026Q4 / upside | 60.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit upside_2026q4_gross_profit | 2026Q4 / upside | 158.53 USD_millions | derived: Q3 base midpoint of 57%-60% guidance. Formula: multiply(upside_2026q4_revenue, upside_2026q4_gaap_gm). |
| Non-GAAP operating expense upside_2026q4_ng_opex | 2026Q4 / upside | 71.41 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating expense upside_2026q4_gaap_opex | 2026Q4 / upside | 105.57 USD_millions | assumption: Desk assumption, not company guidance. |
| Non-GAAP operating income upside_2026q4_non_gaap_op | 2026Q4 / upside | 91.08 USD_millions | derived: Base Q3 guidance-implied profit. Formula: subtract(upside_2026q4_ng_gp, upside_2026q4_ng_opex). |
| GAAP operating income upside_2026q4_operating_income | 2026Q4 / upside | 52.96 USD_millions | derived: No annual company operating forecast asserted. Formula: subtract(upside_2026q4_gross_profit, upside_2026q4_gaap_opex). |
| Adjusted-to-GAAP operating gap upside_2026q4_op_adjustments | 2026Q4 / upside | 38.12 USD_millions | derived: Combined COGS and operating adjustments. Formula: subtract(upside_2026q4_non_gaap_op, upside_2026q4_operating_income). |
| Performance-bonus expense upside_2026q4_performance_expense | 2026Q4 / upside | 7.60 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquired intangible amortization upside_2026q4_acquired_amort | 2026Q4 / upside | 2.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Specific cash acquisition/legal/restructuring expense upside_2026q4_special | 2026Q4 / upside | 2.25 USD_millions | assumption: Desk assumption, not company guidance. |
| Other adjustments upside_2026q4_non_sbc | 2026Q4 / upside | 12.55 USD_millions | derived: Performance bonus is distinct from ordinary SBC. Formula: sum(upside_2026q4_performance_expense, upside_2026q4_acquired_amort, upside_2026q4_special). |
| Implied ordinary SBC upside_2026q4_sbc | 2026Q4 / upside | 25.57 USD_millions | derived: Residual to guided GAAP/adjusted gap; not separately issued SBC guidance. Formula: subtract(upside_2026q4_op_adjustments, upside_2026q4_non_sbc). |
| Performance-bonus cash settlement fraction upside_2026q4_bonus_cash_share | 2026Q4 / upside | 10.0% ratio | assumption: Base mostly shares as company intent; downside tests greater cash use. Not a predicted committee decision. |
| Performance-bonus cash settlement upside_2026q4_bonus_cash | 2026Q4 / upside | 0.76 USD_millions | derived: Even-quarter proxy for timing; expense and settlement remain distinct. Formula: multiply(upside_2026q4_performance_expense, upside_2026q4_bonus_cash_share). |
| Other depreciation/amortization upside_2026q4_other_da | 2026Q4 / upside | 6.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before tax, interest and working capital upside_2026q4_cash_before_uses | 2026Q4 / upside | 94.83 USD_millions | derived: Special cash expense remains in profit; noncash bonus reverses before its cash fraction. Formula: sum(upside_2026q4_operating_income, upside_2026q4_sbc, upside_2026q4_performance_expense, upside_2026q4_acquired_amort, upside_2026q4_other_da). |
| Cash interest and other finance cost net upside_2026q4_net_interest | 2026Q4 / upside | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash taxes upside_2026q4_cash_tax | 2026Q4 / upside | 1.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Inventory, supplier advances and other net cash use upside_2026q4_wc | 2026Q4 / upside | 18.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Bonus, interest, tax and working-capital cash upside_2026q4_cash_uses | 2026Q4 / upside | 24.26 USD_millions | derived: Restricted cash and financing receipts do not enter CFO. Formula: sum(upside_2026q4_bonus_cash, upside_2026q4_net_interest, upside_2026q4_cash_tax, upside_2026q4_wc). |
| Operating cash flow proxy upside_2026q4_cfo | 2026Q4 / upside | 70.57 USD_millions | derived: Illustrative cash bridge including cash election on performance bonuses. Formula: subtract(upside_2026q4_cash_before_uses, upside_2026q4_cash_uses). |
| PP&E cash spending upside_2026q4_capex | 2026Q4 / upside | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Purchased intellectual property cash upside_2026q4_intangibles | 2026Q4 / upside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E upside_2026q4_fcf | 2026Q4 / upside | 67.57 USD_millions | derived: Historical feed scope. Formula: subtract(upside_2026q4_cfo, upside_2026q4_capex). |
| Cash after PP&E and IP upside_2026q4_cash_after_investment | 2026Q4 / upside | 65.57 USD_millions | derived: Purchased intellectual property is not omitted. Formula: subtract(upside_2026q4_fcf, upside_2026q4_intangibles). |
| Employee award tax withholding upside_2026q4_award_cash | 2026Q4 / upside | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award withholding upside_2026q4_cash_after_awards | 2026Q4 / upside | 61.57 USD_millions | derived: Before other investments, debt principal and financing proceeds. Formula: subtract(upside_2026q4_cash_after_investment, upside_2026q4_award_cash). |
| broadband revenue upside_2027q1_broadband | 2027Q1 / upside | 49.16 USD_millions | assumption: Desk assumption, not company guidance. |
| connectivity revenue upside_2027q1_connectivity | 2027Q1 / upside | 29.53 USD_millions | assumption: Desk assumption, not company guidance. |
| industrial revenue upside_2027q1_industrial | 2027Q1 / upside | 18.94 USD_millions | assumption: Desk assumption, not company guidance. |
| Sequential infrastructure expansion upside_2027q1_infra_growth | 2027Q1 / upside | 123.0% ratio | assumption: Desk assumption, not company guidance. |
| Infrastructure revenue upside_2027q1_infrastructure | 2027Q1 / upside | 208.18 USD_millions | derived: Optical and other infrastructure adoption; sequential growth moderates later. Formula: multiply(upside_2026q4_infrastructure, upside_2027q1_infra_growth). |
| Revenue upside_2027q1_revenue | 2027Q1 / upside | 305.80 USD_millions | derived: Four non-overlapping revenue categories. Formula: sum(upside_2027q1_infrastructure, upside_2027q1_broadband, upside_2027q1_connectivity, upside_2027q1_industrial). |
| Non-GAAP gross margin upside_2027q1_ng_gm | 2027Q1 / upside | 61.5% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP gross profit upside_2027q1_ng_gp | 2027Q1 / upside | 188.07 USD_millions | derived: Includes mix sensitivity; acquired amortization and COGS equity costs excluded. Formula: multiply(upside_2027q1_revenue, upside_2027q1_ng_gm). |
| GAAP gross margin upside_2027q1_gaap_gm | 2027Q1 / upside | 60.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit upside_2027q1_gross_profit | 2027Q1 / upside | 183.48 USD_millions | derived: Q3 base midpoint of 57%-60% guidance. Formula: multiply(upside_2027q1_revenue, upside_2027q1_gaap_gm). |
| Non-GAAP operating expense upside_2027q1_ng_opex | 2027Q1 / upside | 73.83 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating expense upside_2027q1_gaap_opex | 2027Q1 / upside | 108.15 USD_millions | assumption: Desk assumption, not company guidance. |
| Non-GAAP operating income upside_2027q1_non_gaap_op | 2027Q1 / upside | 114.24 USD_millions | derived: Base Q3 guidance-implied profit. Formula: subtract(upside_2027q1_ng_gp, upside_2027q1_ng_opex). |
| GAAP operating income upside_2027q1_operating_income | 2027Q1 / upside | 75.33 USD_millions | derived: No annual company operating forecast asserted. Formula: subtract(upside_2027q1_gross_profit, upside_2027q1_gaap_opex). |
| Adjusted-to-GAAP operating gap upside_2027q1_op_adjustments | 2027Q1 / upside | 38.91 USD_millions | derived: Combined COGS and operating adjustments. Formula: subtract(upside_2027q1_non_gaap_op, upside_2027q1_operating_income). |
| Performance-bonus expense upside_2027q1_performance_expense | 2027Q1 / upside | 8.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquired intangible amortization upside_2027q1_acquired_amort | 2027Q1 / upside | 2.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Specific cash acquisition/legal/restructuring expense upside_2027q1_special | 2027Q1 / upside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Other adjustments upside_2027q1_non_sbc | 2027Q1 / upside | 12.40 USD_millions | derived: Performance bonus is distinct from ordinary SBC. Formula: sum(upside_2027q1_performance_expense, upside_2027q1_acquired_amort, upside_2027q1_special). |
| Implied ordinary SBC upside_2027q1_sbc | 2027Q1 / upside | 26.51 USD_millions | derived: Residual to guided GAAP/adjusted gap; not separately issued SBC guidance. Formula: subtract(upside_2027q1_op_adjustments, upside_2027q1_non_sbc). |
| Performance-bonus cash settlement fraction upside_2027q1_bonus_cash_share | 2027Q1 / upside | 10.0% ratio | assumption: Base mostly shares as company intent; downside tests greater cash use. Not a predicted committee decision. |
| Performance-bonus cash settlement upside_2027q1_bonus_cash | 2027Q1 / upside | 0.81 USD_millions | derived: Even-quarter proxy for timing; expense and settlement remain distinct. Formula: multiply(upside_2027q1_performance_expense, upside_2027q1_bonus_cash_share). |
| Other depreciation/amortization upside_2027q1_other_da | 2027Q1 / upside | 6.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before tax, interest and working capital upside_2027q1_cash_before_uses | 2027Q1 / upside | 118.24 USD_millions | derived: Special cash expense remains in profit; noncash bonus reverses before its cash fraction. Formula: sum(upside_2027q1_operating_income, upside_2027q1_sbc, upside_2027q1_performance_expense, upside_2027q1_acquired_amort, upside_2027q1_other_da). |
| Cash interest and other finance cost net upside_2027q1_net_interest | 2027Q1 / upside | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash taxes upside_2027q1_cash_tax | 2027Q1 / upside | 1.80 USD_millions | assumption: Desk assumption, not company guidance. |
| Inventory, supplier advances and other net cash use upside_2027q1_wc | 2027Q1 / upside | 16.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Bonus, interest, tax and working-capital cash upside_2027q1_cash_uses | 2027Q1 / upside | 22.61 USD_millions | derived: Restricted cash and financing receipts do not enter CFO. Formula: sum(upside_2027q1_bonus_cash, upside_2027q1_net_interest, upside_2027q1_cash_tax, upside_2027q1_wc). |
| Operating cash flow proxy upside_2027q1_cfo | 2027Q1 / upside | 95.63 USD_millions | derived: Illustrative cash bridge including cash election on performance bonuses. Formula: subtract(upside_2027q1_cash_before_uses, upside_2027q1_cash_uses). |
| PP&E cash spending upside_2027q1_capex | 2027Q1 / upside | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Purchased intellectual property cash upside_2027q1_intangibles | 2027Q1 / upside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E upside_2027q1_fcf | 2027Q1 / upside | 92.63 USD_millions | derived: Historical feed scope. Formula: subtract(upside_2027q1_cfo, upside_2027q1_capex). |
| Cash after PP&E and IP upside_2027q1_cash_after_investment | 2027Q1 / upside | 90.63 USD_millions | derived: Purchased intellectual property is not omitted. Formula: subtract(upside_2027q1_fcf, upside_2027q1_intangibles). |
| Employee award tax withholding upside_2027q1_award_cash | 2027Q1 / upside | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award withholding upside_2027q1_cash_after_awards | 2027Q1 / upside | 86.63 USD_millions | derived: Before other investments, debt principal and financing proceeds. Formula: subtract(upside_2027q1_cash_after_investment, upside_2027q1_award_cash). |
| broadband revenue upside_2027q2_broadband | 2027Q2 / upside | 50.14 USD_millions | assumption: Desk assumption, not company guidance. |
| connectivity revenue upside_2027q2_connectivity | 2027Q2 / upside | 30.71 USD_millions | assumption: Desk assumption, not company guidance. |
| industrial revenue upside_2027q2_industrial | 2027Q2 / upside | 19.51 USD_millions | assumption: Desk assumption, not company guidance. |
| Sequential infrastructure expansion upside_2027q2_infra_growth | 2027Q2 / upside | 123.0% ratio | assumption: Desk assumption, not company guidance. |
| Infrastructure revenue upside_2027q2_infrastructure | 2027Q2 / upside | 256.06 USD_millions | derived: Optical and other infrastructure adoption; sequential growth moderates later. Formula: multiply(upside_2027q1_infrastructure, upside_2027q2_infra_growth). |
| Revenue upside_2027q2_revenue | 2027Q2 / upside | 356.41 USD_millions | derived: Four non-overlapping revenue categories. Formula: sum(upside_2027q2_infrastructure, upside_2027q2_broadband, upside_2027q2_connectivity, upside_2027q2_industrial). |
| Non-GAAP gross margin upside_2027q2_ng_gm | 2027Q2 / upside | 61.5% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP gross profit upside_2027q2_ng_gp | 2027Q2 / upside | 219.19 USD_millions | derived: Includes mix sensitivity; acquired amortization and COGS equity costs excluded. Formula: multiply(upside_2027q2_revenue, upside_2027q2_ng_gm). |
| GAAP gross margin upside_2027q2_gaap_gm | 2027Q2 / upside | 60.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit upside_2027q2_gross_profit | 2027Q2 / upside | 213.85 USD_millions | derived: Q3 base midpoint of 57%-60% guidance. Formula: multiply(upside_2027q2_revenue, upside_2027q2_gaap_gm). |
| Non-GAAP operating expense upside_2027q2_ng_opex | 2027Q2 / upside | 76.25 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating expense upside_2027q2_gaap_opex | 2027Q2 / upside | 110.72 USD_millions | assumption: Desk assumption, not company guidance. |
| Non-GAAP operating income upside_2027q2_non_gaap_op | 2027Q2 / upside | 142.95 USD_millions | derived: Base Q3 guidance-implied profit. Formula: subtract(upside_2027q2_ng_gp, upside_2027q2_ng_opex). |
| GAAP operating income upside_2027q2_operating_income | 2027Q2 / upside | 103.12 USD_millions | derived: No annual company operating forecast asserted. Formula: subtract(upside_2027q2_gross_profit, upside_2027q2_gaap_opex). |
| Adjusted-to-GAAP operating gap upside_2027q2_op_adjustments | 2027Q2 / upside | 39.83 USD_millions | derived: Combined COGS and operating adjustments. Formula: subtract(upside_2027q2_non_gaap_op, upside_2027q2_operating_income). |
| Performance-bonus expense upside_2027q2_performance_expense | 2027Q2 / upside | 8.60 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquired intangible amortization upside_2027q2_acquired_amort | 2027Q2 / upside | 2.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Specific cash acquisition/legal/restructuring expense upside_2027q2_special | 2027Q2 / upside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Other adjustments upside_2027q2_non_sbc | 2027Q2 / upside | 12.90 USD_millions | derived: Performance bonus is distinct from ordinary SBC. Formula: sum(upside_2027q2_performance_expense, upside_2027q2_acquired_amort, upside_2027q2_special). |
| Implied ordinary SBC upside_2027q2_sbc | 2027Q2 / upside | 26.93 USD_millions | derived: Residual to guided GAAP/adjusted gap; not separately issued SBC guidance. Formula: subtract(upside_2027q2_op_adjustments, upside_2027q2_non_sbc). |
| Performance-bonus cash settlement fraction upside_2027q2_bonus_cash_share | 2027Q2 / upside | 10.0% ratio | assumption: Base mostly shares as company intent; downside tests greater cash use. Not a predicted committee decision. |
| Performance-bonus cash settlement upside_2027q2_bonus_cash | 2027Q2 / upside | 0.86 USD_millions | derived: Even-quarter proxy for timing; expense and settlement remain distinct. Formula: multiply(upside_2027q2_performance_expense, upside_2027q2_bonus_cash_share). |
| Other depreciation/amortization upside_2027q2_other_da | 2027Q2 / upside | 6.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before tax, interest and working capital upside_2027q2_cash_before_uses | 2027Q2 / upside | 146.95 USD_millions | derived: Special cash expense remains in profit; noncash bonus reverses before its cash fraction. Formula: sum(upside_2027q2_operating_income, upside_2027q2_sbc, upside_2027q2_performance_expense, upside_2027q2_acquired_amort, upside_2027q2_other_da). |
| Cash interest and other finance cost net upside_2027q2_net_interest | 2027Q2 / upside | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash taxes upside_2027q2_cash_tax | 2027Q2 / upside | 2.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Inventory, supplier advances and other net cash use upside_2027q2_wc | 2027Q2 / upside | 14.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Bonus, interest, tax and working-capital cash upside_2027q2_cash_uses | 2027Q2 / upside | 20.96 USD_millions | derived: Restricted cash and financing receipts do not enter CFO. Formula: sum(upside_2027q2_bonus_cash, upside_2027q2_net_interest, upside_2027q2_cash_tax, upside_2027q2_wc). |
| Operating cash flow proxy upside_2027q2_cfo | 2027Q2 / upside | 125.99 USD_millions | derived: Illustrative cash bridge including cash election on performance bonuses. Formula: subtract(upside_2027q2_cash_before_uses, upside_2027q2_cash_uses). |
| PP&E cash spending upside_2027q2_capex | 2027Q2 / upside | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Purchased intellectual property cash upside_2027q2_intangibles | 2027Q2 / upside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E upside_2027q2_fcf | 2027Q2 / upside | 122.99 USD_millions | derived: Historical feed scope. Formula: subtract(upside_2027q2_cfo, upside_2027q2_capex). |
| Cash after PP&E and IP upside_2027q2_cash_after_investment | 2027Q2 / upside | 120.99 USD_millions | derived: Purchased intellectual property is not omitted. Formula: subtract(upside_2027q2_fcf, upside_2027q2_intangibles). |
| Employee award tax withholding upside_2027q2_award_cash | 2027Q2 / upside | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award withholding upside_2027q2_cash_after_awards | 2027Q2 / upside | 116.99 USD_millions | derived: Before other investments, debt principal and financing proceeds. Formula: subtract(upside_2027q2_cash_after_investment, upside_2027q2_award_cash). |
| broadband revenue upside_2027q3_broadband | 2027Q3 / upside | 51.14 USD_millions | assumption: Desk assumption, not company guidance. |
| connectivity revenue upside_2027q3_connectivity | 2027Q3 / upside | 31.94 USD_millions | assumption: Desk assumption, not company guidance. |
| industrial revenue upside_2027q3_industrial | 2027Q3 / upside | 20.09 USD_millions | assumption: Desk assumption, not company guidance. |
| Sequential infrastructure expansion upside_2027q3_infra_growth | 2027Q3 / upside | 113.8% ratio | assumption: Desk assumption, not company guidance. |
| Infrastructure revenue upside_2027q3_infrastructure | 2027Q3 / upside | 291.39 USD_millions | derived: Optical and other infrastructure adoption; sequential growth moderates later. Formula: multiply(upside_2027q2_infrastructure, upside_2027q3_infra_growth). |
| Revenue upside_2027q3_revenue | 2027Q3 / upside | 394.56 USD_millions | derived: Four non-overlapping revenue categories. Formula: sum(upside_2027q3_infrastructure, upside_2027q3_broadband, upside_2027q3_connectivity, upside_2027q3_industrial). |
| Non-GAAP gross margin upside_2027q3_ng_gm | 2027Q3 / upside | 61.5% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP gross profit upside_2027q3_ng_gp | 2027Q3 / upside | 242.66 USD_millions | derived: Includes mix sensitivity; acquired amortization and COGS equity costs excluded. Formula: multiply(upside_2027q3_revenue, upside_2027q3_ng_gm). |
| GAAP gross margin upside_2027q3_gaap_gm | 2027Q3 / upside | 60.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit upside_2027q3_gross_profit | 2027Q3 / upside | 236.74 USD_millions | derived: Q3 base midpoint of 57%-60% guidance. Formula: multiply(upside_2027q3_revenue, upside_2027q3_gaap_gm). |
| Non-GAAP operating expense upside_2027q3_ng_opex | 2027Q3 / upside | 78.66 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating expense upside_2027q3_gaap_opex | 2027Q3 / upside | 113.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Non-GAAP operating income upside_2027q3_non_gaap_op | 2027Q3 / upside | 164.00 USD_millions | derived: Base Q3 guidance-implied profit. Formula: subtract(upside_2027q3_ng_gp, upside_2027q3_ng_opex). |
| GAAP operating income upside_2027q3_operating_income | 2027Q3 / upside | 123.44 USD_millions | derived: No annual company operating forecast asserted. Formula: subtract(upside_2027q3_gross_profit, upside_2027q3_gaap_opex). |
| Adjusted-to-GAAP operating gap upside_2027q3_op_adjustments | 2027Q3 / upside | 40.56 USD_millions | derived: Combined COGS and operating adjustments. Formula: subtract(upside_2027q3_non_gaap_op, upside_2027q3_operating_income). |
| Performance-bonus expense upside_2027q3_performance_expense | 2027Q3 / upside | 9.10 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquired intangible amortization upside_2027q3_acquired_amort | 2027Q3 / upside | 2.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Specific cash acquisition/legal/restructuring expense upside_2027q3_special | 2027Q3 / upside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Other adjustments upside_2027q3_non_sbc | 2027Q3 / upside | 13.40 USD_millions | derived: Performance bonus is distinct from ordinary SBC. Formula: sum(upside_2027q3_performance_expense, upside_2027q3_acquired_amort, upside_2027q3_special). |
| Implied ordinary SBC upside_2027q3_sbc | 2027Q3 / upside | 27.16 USD_millions | derived: Residual to guided GAAP/adjusted gap; not separately issued SBC guidance. Formula: subtract(upside_2027q3_op_adjustments, upside_2027q3_non_sbc). |
| Performance-bonus cash settlement fraction upside_2027q3_bonus_cash_share | 2027Q3 / upside | 10.0% ratio | assumption: Base mostly shares as company intent; downside tests greater cash use. Not a predicted committee decision. |
| Performance-bonus cash settlement upside_2027q3_bonus_cash | 2027Q3 / upside | 0.91 USD_millions | derived: Even-quarter proxy for timing; expense and settlement remain distinct. Formula: multiply(upside_2027q3_performance_expense, upside_2027q3_bonus_cash_share). |
| Other depreciation/amortization upside_2027q3_other_da | 2027Q3 / upside | 6.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before tax, interest and working capital upside_2027q3_cash_before_uses | 2027Q3 / upside | 168.00 USD_millions | derived: Special cash expense remains in profit; noncash bonus reverses before its cash fraction. Formula: sum(upside_2027q3_operating_income, upside_2027q3_sbc, upside_2027q3_performance_expense, upside_2027q3_acquired_amort, upside_2027q3_other_da). |
| Cash interest and other finance cost net upside_2027q3_net_interest | 2027Q3 / upside | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash taxes upside_2027q3_cash_tax | 2027Q3 / upside | 2.40 USD_millions | assumption: Desk assumption, not company guidance. |
| Inventory, supplier advances and other net cash use upside_2027q3_wc | 2027Q3 / upside | 12.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Bonus, interest, tax and working-capital cash upside_2027q3_cash_uses | 2027Q3 / upside | 19.31 USD_millions | derived: Restricted cash and financing receipts do not enter CFO. Formula: sum(upside_2027q3_bonus_cash, upside_2027q3_net_interest, upside_2027q3_cash_tax, upside_2027q3_wc). |
| Operating cash flow proxy upside_2027q3_cfo | 2027Q3 / upside | 148.69 USD_millions | derived: Illustrative cash bridge including cash election on performance bonuses. Formula: subtract(upside_2027q3_cash_before_uses, upside_2027q3_cash_uses). |
| PP&E cash spending upside_2027q3_capex | 2027Q3 / upside | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Purchased intellectual property cash upside_2027q3_intangibles | 2027Q3 / upside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E upside_2027q3_fcf | 2027Q3 / upside | 145.69 USD_millions | derived: Historical feed scope. Formula: subtract(upside_2027q3_cfo, upside_2027q3_capex). |
| Cash after PP&E and IP upside_2027q3_cash_after_investment | 2027Q3 / upside | 143.69 USD_millions | derived: Purchased intellectual property is not omitted. Formula: subtract(upside_2027q3_fcf, upside_2027q3_intangibles). |
| Employee award tax withholding upside_2027q3_award_cash | 2027Q3 / upside | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award withholding upside_2027q3_cash_after_awards | 2027Q3 / upside | 139.69 USD_millions | derived: Before other investments, debt principal and financing proceeds. Formula: subtract(upside_2027q3_cash_after_investment, upside_2027q3_award_cash). |
| broadband revenue upside_2027q4_broadband | 2027Q4 / upside | 52.17 USD_millions | assumption: Desk assumption, not company guidance. |
| connectivity revenue upside_2027q4_connectivity | 2027Q4 / upside | 33.21 USD_millions | assumption: Desk assumption, not company guidance. |
| industrial revenue upside_2027q4_industrial | 2027Q4 / upside | 20.69 USD_millions | assumption: Desk assumption, not company guidance. |
| Sequential infrastructure expansion upside_2027q4_infra_growth | 2027Q4 / upside | 113.8% ratio | assumption: Desk assumption, not company guidance. |
| Infrastructure revenue upside_2027q4_infrastructure | 2027Q4 / upside | 331.60 USD_millions | derived: Optical and other infrastructure adoption; sequential growth moderates later. Formula: multiply(upside_2027q3_infrastructure, upside_2027q4_infra_growth). |
| Revenue upside_2027q4_revenue | 2027Q4 / upside | 437.68 USD_millions | derived: Four non-overlapping revenue categories. Formula: sum(upside_2027q4_infrastructure, upside_2027q4_broadband, upside_2027q4_connectivity, upside_2027q4_industrial). |
| Non-GAAP gross margin upside_2027q4_ng_gm | 2027Q4 / upside | 61.5% ratio | assumption: Desk assumption, not company guidance. |
| Non-GAAP gross profit upside_2027q4_ng_gp | 2027Q4 / upside | 269.17 USD_millions | derived: Includes mix sensitivity; acquired amortization and COGS equity costs excluded. Formula: multiply(upside_2027q4_revenue, upside_2027q4_ng_gm). |
| GAAP gross margin upside_2027q4_gaap_gm | 2027Q4 / upside | 60.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit upside_2027q4_gross_profit | 2027Q4 / upside | 262.61 USD_millions | derived: Q3 base midpoint of 57%-60% guidance. Formula: multiply(upside_2027q4_revenue, upside_2027q4_gaap_gm). |
| Non-GAAP operating expense upside_2027q4_ng_opex | 2027Q4 / upside | 81.08 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating expense upside_2027q4_gaap_opex | 2027Q4 / upside | 115.88 USD_millions | assumption: Desk assumption, not company guidance. |
| Non-GAAP operating income upside_2027q4_non_gaap_op | 2027Q4 / upside | 188.10 USD_millions | derived: Base Q3 guidance-implied profit. Formula: subtract(upside_2027q4_ng_gp, upside_2027q4_ng_opex). |
| GAAP operating income upside_2027q4_operating_income | 2027Q4 / upside | 146.73 USD_millions | derived: No annual company operating forecast asserted. Formula: subtract(upside_2027q4_gross_profit, upside_2027q4_gaap_opex). |
| Adjusted-to-GAAP operating gap upside_2027q4_op_adjustments | 2027Q4 / upside | 41.37 USD_millions | derived: Combined COGS and operating adjustments. Formula: subtract(upside_2027q4_non_gaap_op, upside_2027q4_operating_income). |
| Performance-bonus expense upside_2027q4_performance_expense | 2027Q4 / upside | 9.60 USD_millions | assumption: Desk assumption, not company guidance. |
| Acquired intangible amortization upside_2027q4_acquired_amort | 2027Q4 / upside | 2.30 USD_millions | assumption: Desk assumption, not company guidance. |
| Specific cash acquisition/legal/restructuring expense upside_2027q4_special | 2027Q4 / upside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Other adjustments upside_2027q4_non_sbc | 2027Q4 / upside | 13.90 USD_millions | derived: Performance bonus is distinct from ordinary SBC. Formula: sum(upside_2027q4_performance_expense, upside_2027q4_acquired_amort, upside_2027q4_special). |
| Implied ordinary SBC upside_2027q4_sbc | 2027Q4 / upside | 27.47 USD_millions | derived: Residual to guided GAAP/adjusted gap; not separately issued SBC guidance. Formula: subtract(upside_2027q4_op_adjustments, upside_2027q4_non_sbc). |
| Performance-bonus cash settlement fraction upside_2027q4_bonus_cash_share | 2027Q4 / upside | 10.0% ratio | assumption: Base mostly shares as company intent; downside tests greater cash use. Not a predicted committee decision. |
| Performance-bonus cash settlement upside_2027q4_bonus_cash | 2027Q4 / upside | 0.96 USD_millions | derived: Even-quarter proxy for timing; expense and settlement remain distinct. Formula: multiply(upside_2027q4_performance_expense, upside_2027q4_bonus_cash_share). |
| Other depreciation/amortization upside_2027q4_other_da | 2027Q4 / upside | 6.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash before tax, interest and working capital upside_2027q4_cash_before_uses | 2027Q4 / upside | 192.10 USD_millions | derived: Special cash expense remains in profit; noncash bonus reverses before its cash fraction. Formula: sum(upside_2027q4_operating_income, upside_2027q4_sbc, upside_2027q4_performance_expense, upside_2027q4_acquired_amort, upside_2027q4_other_da). |
| Cash interest and other finance cost net upside_2027q4_net_interest | 2027Q4 / upside | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash taxes upside_2027q4_cash_tax | 2027Q4 / upside | 2.70 USD_millions | assumption: Desk assumption, not company guidance. |
| Inventory, supplier advances and other net cash use upside_2027q4_wc | 2027Q4 / upside | 10.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Bonus, interest, tax and working-capital cash upside_2027q4_cash_uses | 2027Q4 / upside | 17.66 USD_millions | derived: Restricted cash and financing receipts do not enter CFO. Formula: sum(upside_2027q4_bonus_cash, upside_2027q4_net_interest, upside_2027q4_cash_tax, upside_2027q4_wc). |
| Operating cash flow proxy upside_2027q4_cfo | 2027Q4 / upside | 174.44 USD_millions | derived: Illustrative cash bridge including cash election on performance bonuses. Formula: subtract(upside_2027q4_cash_before_uses, upside_2027q4_cash_uses). |
| PP&E cash spending upside_2027q4_capex | 2027Q4 / upside | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Purchased intellectual property cash upside_2027q4_intangibles | 2027Q4 / upside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E upside_2027q4_fcf | 2027Q4 / upside | 171.44 USD_millions | derived: Historical feed scope. Formula: subtract(upside_2027q4_cfo, upside_2027q4_capex). |
| Cash after PP&E and IP upside_2027q4_cash_after_investment | 2027Q4 / upside | 169.44 USD_millions | derived: Purchased intellectual property is not omitted. Formula: subtract(upside_2027q4_fcf, upside_2027q4_intangibles). |
| Employee award tax withholding upside_2027q4_award_cash | 2027Q4 / upside | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after award withholding upside_2027q4_cash_after_awards | 2027Q4 / upside | 165.44 USD_millions | derived: Before other investments, debt principal and financing proceeds. Formula: subtract(upside_2027q4_cash_after_investment, upside_2027q4_award_cash). |
| Revenue ($M) upside_fy2026_revenue | FY2026 / upside | 800.26 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, upside_2026q3_revenue, upside_2026q4_revenue). |
| Infrastructure revenue ($M) upside_fy2026_infrastructure | FY2026 / upside | 454.68 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_infrastructure, upside_2026q3_infrastructure, upside_2026q4_infrastructure). |
| GAAP gross profit ($M) upside_fy2026_gross_profit | FY2026 / upside | 473.08 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, upside_2026q3_gross_profit, upside_2026q4_gross_profit). |
| Non-GAAP operating income ($M) upside_fy2026_non_gaap_op | FY2026 / upside | 222.89 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_non_gaap_op, upside_2026q3_non_gaap_op, upside_2026q4_non_gaap_op). |
| GAAP operating income ($M) upside_fy2026_operating_income | FY2026 / upside | 66.56 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, upside_2026q3_operating_income, upside_2026q4_operating_income). |
| Operating cash flow proxy ($M) upside_fy2026_cfo | FY2026 / upside | 116.50 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, upside_2026q3_cfo, upside_2026q4_cfo). |
| Cash PP&E purchases ($M) upside_fy2026_capex | FY2026 / upside | 9.72 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, upside_2026q3_capex, upside_2026q4_capex). |
| Cash intangible purchases ($M) upside_fy2026_intangibles | FY2026 / upside | 5.67 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_intangibles, upside_2026q3_intangibles, upside_2026q4_intangibles). |
| CFO less PP&E ($M) upside_fy2026_fcf | FY2026 / upside | 106.78 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, upside_2026q3_fcf, upside_2026q4_fcf). |
| Cash after PP&E and intangibles ($M) upside_fy2026_cash_after_investment | FY2026 / upside | 101.11 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_investment, upside_2026q3_cash_after_investment, upside_2026q4_cash_after_investment). |
| Cash after investment and award taxes ($M) upside_fy2026_cash_after_awards | FY2026 / upside | 85.67 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_awards, upside_2026q3_cash_after_awards, upside_2026q4_cash_after_awards). |
| Revenue ($M) upside_fy2027_revenue | FY2027 / upside | 1,494.45 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_revenue, upside_2027q2_revenue, upside_2027q3_revenue, upside_2027q4_revenue). |
| Infrastructure revenue ($M) upside_fy2027_infrastructure | FY2027 / upside | 1,087.22 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_infrastructure, upside_2027q2_infrastructure, upside_2027q3_infrastructure, upside_2027q4_infrastructure). |
| GAAP gross profit ($M) upside_fy2027_gross_profit | FY2027 / upside | 896.67 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_gross_profit, upside_2027q2_gross_profit, upside_2027q3_gross_profit, upside_2027q4_gross_profit). |
| Non-GAAP operating income ($M) upside_fy2027_non_gaap_op | FY2027 / upside | 609.28 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_non_gaap_op, upside_2027q2_non_gaap_op, upside_2027q3_non_gaap_op, upside_2027q4_non_gaap_op). |
| GAAP operating income ($M) upside_fy2027_operating_income | FY2027 / upside | 448.62 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_operating_income, upside_2027q2_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income). |
| Operating cash flow proxy ($M) upside_fy2027_cfo | FY2027 / upside | 544.74 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cfo, upside_2027q2_cfo, upside_2027q3_cfo, upside_2027q4_cfo). |
| Cash PP&E purchases ($M) upside_fy2027_capex | FY2027 / upside | 12.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_capex, upside_2027q2_capex, upside_2027q3_capex, upside_2027q4_capex). |
| Cash intangible purchases ($M) upside_fy2027_intangibles | FY2027 / upside | 8.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_intangibles, upside_2027q2_intangibles, upside_2027q3_intangibles, upside_2027q4_intangibles). |
| CFO less PP&E ($M) upside_fy2027_fcf | FY2027 / upside | 532.74 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_fcf, upside_2027q2_fcf, upside_2027q3_fcf, upside_2027q4_fcf). |
| Cash after PP&E and intangibles ($M) upside_fy2027_cash_after_investment | FY2027 / upside | 524.74 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cash_after_investment, upside_2027q2_cash_after_investment, upside_2027q3_cash_after_investment, upside_2027q4_cash_after_investment). |
| Cash after investment and award taxes ($M) upside_fy2027_cash_after_awards | FY2027 / upside | 508.74 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cash_after_awards, upside_2027q2_cash_after_awards, upside_2027q3_cash_after_awards, upside_2027q4_cash_after_awards). |
Model boundaries
- Infrastructure includes multiple products. The model does not label all infrastructure sales as optical AI revenue or invent customer-specific orders.
- Only Q3 has current numerical guidance. Q4 and FY2027 revenue, mix, margins and cash timing are desk scenarios.
- Performance-based equity in the company reconciliation includes bonus costs that can settle in shares or cash. It is separate from ordinary SBC; settlement assumptions change cash and dilution, not the underlying expense.
- The company intends to settle most 2026 bonuses in stock, but the compensation committee retains discretion. Reported H1 stock settlement relates to prior-period accruals and is not current-period expense.
- Company cash includes restricted balances that are excluded from unrestricted liquidity. The $8M financing funding arrangement is not operating revenue or assumed recurring CFO.
- Forward FCF after intangibles differs from historical PP&E-only FCF. Legal damages from the terminated Silicon Motion deal are not estimable here; no zero-loss legal conclusion is implied.
- No full working-capital, debt covenant, refinancing, tax or EPS forecast. Term-loan maturity in June 2028 is beyond the annual forecast endpoint.
Optical growth after inventory and stock-settled compensation
Can infrastructure adoption produce cash after engineering investment, inventory and compensation?
H1 revenue was $306.035M, including $147.830M infrastructure. Non-GAAP operating profit $59.364M contrasts with GAAP operating loss $21.394M. The reconciliation includes $47.506M ordinary SBC and $17.948M performance equity expense. The $32.205M of bonus shares issued in H1 settles prior accruals; it is not current expense. H1 CFO negative $4.063M, PP&E $3.722M and intangibles $1.665M imply negative $9.450M after investment, or negative $16.888M after award taxes, before a separate notes investment. June unrestricted cash was $64.814M, restricted cash $28.918M and term principal $125M. Q3 guidance is $210M-$220M sales, 57%-60% GAAP gross margin and $98M-$104M GAAP operating expense. Future quarter and annual figures are desk scenarios.
The competing explanation
AI infrastructure growth can be concentrated in a few customer programs and demand inventory before cash arrives. Strong non-GAAP profit may depend on compensation exclusions. A larger cash bonus election or adverse litigation outcome could strain liquidity despite improving revenue.
Risks to track
- Optical product qualification and customer concentration affect the ramp.
- Competition and pricing can pressure semiconductor margins.
- Inventory and supplier advances consume cash ahead of sales.
- Restricted balances cannot fund general operations freely.
- Bonus and equity-award settlement changes cash use and dilution.
- Silicon Motion arbitration and related litigation have uncertain financial outcomes.
Next checkpoints
- Q3 ramp · Quarter ending September 30 (estimated). Compare total sales, infrastructure mix and both margin definitions with guidance.
- Compensation settlement · Bonus accruals and annual awards (estimated). Distinguish current expense, prior-period stock settlement and cash election.
- Liquidity and litigation · Quarterly filings and legal updates (estimated). Monitor unrestricted cash, supplier obligations, debt and disclosed legal outcomes.
Data coverage and open work
- Infrastructure includes multiple products. The model does not label all infrastructure sales as optical AI revenue or invent customer-specific orders.
- Only Q3 has current numerical guidance. Q4 and FY2027 revenue, mix, margins and cash timing are desk scenarios.
- Performance-based equity in the company reconciliation includes bonus costs that can settle in shares or cash. It is separate from ordinary SBC; settlement assumptions change cash and dilution, not the underlying expense.
- The company intends to settle most 2026 bonuses in stock, but the compensation committee retains discretion. Reported H1 stock settlement relates to prior-period accruals and is not current-period expense.
- Company cash includes restricted balances that are excluded from unrestricted liquidity. The $8M financing funding arrangement is not operating revenue or assumed recurring CFO.
- Forward FCF after intangibles differs from historical PP&E-only FCF. Legal damages from the terminated Silicon Motion deal are not estimable here; no zero-loss legal conclusion is implied.
- No full working-capital, debt covenant, refinancing, tax or EPS forecast. Term-loan maturity in June 2028 is beyond the annual forecast endpoint.
What the memory says
State as of the 2026-09-18 close: in a 120-day uptrend, above its 200-day, off the 52-week high, with overhead supply, heavy volume, closed strong, and some peers moving
| Vs the market, in points | Low | Middle | High | Share up |
|---|---|---|---|---|
| 1 session | -2.9 | +0.2 | +3.1 | 56% |
| 5 sessions | -6.3 | +0.5 | +8.5 | 54% |
| 10 sessions | -9.5 | +0.3 | +10.1 | 51% |
Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side.