ALPHAFORGE RESEARCH · COMPANY FILE · SOFTWARE & INTERNET

$NAVN

Navan, Inc. · Nasdaq · SIC 7372 · CIK 1639723 · revision 3 as of 2026-09-19

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Business

Navan provides business travel booking, corporate payments and expense management. Most revenue is usage based, with a smaller subscription component. Gross bookings and card payment volumes measure customer activity, not Navan revenue. The September BoomPop acquisition adds meetings and events capability; card receivables and supplier settlement also create funding needs.

Three drivers

Booking/card activity and recognized monetization
Subscription adoption, service costs and sales investment
Card receivable funding, restricted cash and acquisition claims

Thesis

Our view

Enterprise wins and signed demand support growth, but booked travel volume must convert into recognized net revenue and cash. The model makes card funding and acquisition cash visible beside reported FCF rather than treating the travel platform as a pure subscription business.

What changes it

Compare usage/subscription growth and service margin, then check commission cash, corporate-card receivables, supplier settlements and the disclosed BoomPop consideration split.

Scenario ranges

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

Model · 8 fiscal quarters (last eight)

Fiscal quarter	2025Q3 2024-10-31	2025Q4 2025-01-31	2026Q1 2025-04-30	2026Q2 2025-07-31	2026Q3 2025-10-31	2026Q4 2026-01-31	2027Q1 2026-04-30	2027Q2 2026-07-31
Revenue ($M)	151.1¹	132.0†²	157.5³	172.0⁴	194.9¹	177.9†²	220.2³	232.8⁴
Gross profit ($M)	106.6⁵	89.2†⁶	111.8⁷	125.0⁸	137.9⁵	125.8†⁶	163.1⁷	172.5⁸
Operating income ($M)	-19.5⁹	-32.8†¹⁰	-15.9¹¹	-12.3¹²	-79.2⁹	-89.5†¹⁰	-18.1¹¹	-25.6¹²
Net income ($M)	-41.9¹³	-46.7†¹⁴	-61.3¹⁵	-38.6¹⁵	-225.4¹³	-72.8†¹⁴	-20.5¹⁵	-29.1¹⁵
EPS, diluted ($)	-0.92¹⁶	—	-1.33¹⁷	-0.83¹⁸	-4.58¹⁶	—	-0.08¹⁷	-0.11¹⁸
Diluted shares (M)	45.3¹⁹	—	46.1²⁰	46.5²¹	49.3¹⁹	—	250.3²⁰	256.4²¹
Cash ($M)	—	157.7²²	—	—	809.1²³	583.5²⁴	518.4²⁵	653.0²⁴
Long-term debt ($M)	617.9²⁶	617.9²⁷	—	—	206.6²⁶	124.8²⁸	124.5²⁸	—
Cash from operations ($M)	—	-8.9†²⁹	4.6³⁰	0.2†³¹	-6.1†³²	35.0†²⁹	-6.8³⁰	25.2†³¹
Capex ($M)	—	0.2†³³	0.1³⁴	0.1†³⁵	0.4†³⁶	0.3†³³	0.1³⁴	0.9†³⁵
Free cash flow ($M)	—	-9.2†³⁷	4.5†³⁸	0.1†³⁹	-6.5†⁴⁰	34.7†³⁷	-6.9†³⁸	24.3†³⁹

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

Estimates · base scenario

Period	Revenue ($M)	EPS ($)	As of	Basis
2027Q3	254.0	—	2026-09-19	Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q4	223.0	—	2026-09-19	Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2028Q1	277.0	—	2026-09-19	Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2028Q2	296.0	—	2026-09-19	Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.

Travel and payment activity with card funding and acquisition cash

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

Separate usage and subscription revenue. Normalize booking and payment volumes to Q2, combine them with an explicitly assumed 80/20 activity weighting, then apply a monetization/mix factor to Q2 usage revenue. This analytical activity index is not a disclosed segment split or a pure travel take rate. Base revenue and adjusted operating profit match Q3 and FY2027 guidance after H1. Bridge to GAAP with SBC, acquired amortization and transition costs; CFO retains cash payroll taxes and up-front commissions. Cash PP&E/software, corporate-card receivable investment, BoomPop cash sensitivity and debt principal follow below CFO.

Reported anchors and guidance

Measure	Period	Value	Basis
q2 usage	July/September 2026	211.39	reported. USD millions; GBV and payment volumes are reported rounded operating metrics. BoomPop maximum consideration includes both cash and shares, announced September. Source · 2026-09-10
q2 subscriptions	July/September 2026	21.40	reported. USD millions; GBV and payment volumes are reported rounded operating metrics. BoomPop maximum consideration includes both cash and shares, announced September. Source · 2026-09-10
q2 gbv	July/September 2026	3,000.00	reported. USD millions; GBV and payment volumes are reported rounded operating metrics. BoomPop maximum consideration includes both cash and shares, announced September. Source · 2026-09-10
q2 payment volume	July/September 2026	1,300.00	reported. USD millions; GBV and payment volumes are reported rounded operating metrics. BoomPop maximum consideration includes both cash and shares, announced September. Source · 2026-09-10
FY2027 Q3 revenue midpoint	2027Q3	254.00	derived. Calculated midpoint of the company range; not an additional company forecast.
FY2027 revenue midpoint	FY2027	930.00	derived. Calculated midpoint of the company range; not an additional company forecast.
FY2027 adjusted operating income midpoint	FY2027	84.00	derived. Calculated midpoint of the company range; not an additional company forecast.
H1 CFO less gross cash investment	H1 FY2027	7.30	derived. Comparable gross-investment FCF, distinct from company net-capex definition.
H1 company-reported FCF reconciliation	H1 FY2027	9.95	derived. Company nets disposal proceeds into capex.
FY2027 H1 card funding	H1 FY2027	4.97	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-09-10
July cash plus short-term investments	July 2026	820.04	derived. Predates BoomPop cash settlement; excludes restricted cash.
restricted current	July/September 2026	89.84	reported. USD millions; GBV and payment volumes are reported rounded operating metrics. BoomPop maximum consideration includes both cash and shares, announced September. Source · 2026-09-10
card receivables	July/September 2026	212.94	reported. USD millions; GBV and payment volumes are reported rounded operating metrics. BoomPop maximum consideration includes both cash and shares, announced September. Source · 2026-09-10
warehouse debt	July/September 2026	118.17	reported. USD millions; GBV and payment volumes are reported rounded operating metrics. BoomPop maximum consideration includes both cash and shares, announced September. Source · 2026-09-10
abl debt	July/September 2026	6.00	reported. USD millions; GBV and payment volumes are reported rounded operating metrics. BoomPop maximum consideration includes both cash and shares, announced September. Source · 2026-09-10
boompop max	July/September 2026	95.00	reported. USD millions; GBV and payment volumes are reported rounded operating metrics. BoomPop maximum consideration includes both cash and shares, announced September. Source · 2026-09-10
supplier payables	July/September 2026	51.29	reported. USD millions; GBV and payment volumes are reported rounded operating metrics. BoomPop maximum consideration includes both cash and shares, announced September. Source · 2026-09-10
customer deposits	July/September 2026	32.59	reported. USD millions; GBV and payment volumes are reported rounded operating metrics. BoomPop maximum consideration includes both cash and shares, announced September. Source · 2026-09-10

Downside scenario

Period	Operating cash flow proxy ($M)	CFO less gross PP&E/software ($M)	Gross cash PP&E and software ($M)	Consolidated revenue ($M)	Asset-sale cash ($M)	Corporate-card receivable investment ($M)	GAAP gross profit proxy ($M)	Scheduled small-note principal ($M)	Acquisition cash sensitivity ($M)	GAAP operating income proxy ($M)	Cash after card funding and capital claims ($M)	Non-GAAP operating income proxy ($M)
2027Q3	3.30	-3.70	7.00	244.00	0.00	16.00	176.34	0.40	95.00	-24.60	-117.10	25.00
2027Q4	-31.70	-39.40	7.70	200.00	0.00	18.00	143.80	0.40	0.00	-59.70	-59.80	-7.00
2028Q1	-9.70	-18.10	8.40	241.00	0.00	18.00	173.73	0.02	0.00	-42.40	-38.12	13.00
2028Q2	-7.70	-16.80	9.10	254.00	0.00	22.00	183.09	0.02	0.00	-40.50	-40.82	18.00
FY2027	-10.01	-35.80	25.79	897.02	2.65	38.97	655.66	1.31	95.00	-127.98	-172.87	58.89
FY2028	-47.80	-85.60	37.80	1,011.00	0.00	87.00	728.29	0.08	0.00	-179.20	-180.68	61.00

Base scenario

Period	Operating cash flow proxy ($M)	CFO less gross PP&E/software ($M)	Gross cash PP&E and software ($M)	Consolidated revenue ($M)	Asset-sale cash ($M)	Corporate-card receivable investment ($M)	GAAP gross profit proxy ($M)	Scheduled small-note principal ($M)	Acquisition cash sensitivity ($M)	GAAP operating income proxy ($M)	Cash after card funding and capital claims ($M)	Non-GAAP operating income proxy ($M)
2027Q3	21.30	14.30	7.00	254.00	0.00	12.00	188.77	0.40	60.00	-13.60	-60.10	36.00
2027Q4	-11.59	-19.29	7.70	222.98	0.00	14.00	165.15	0.40	0.00	-45.59	-35.69	7.11
2028Q1	11.30	2.90	8.40	277.00	0.00	14.00	205.73	0.02	0.00	-25.40	-13.12	30.00
2028Q2	14.30	5.20	9.10	296.00	0.00	18.00	219.88	0.02	0.00	-22.50	-14.82	36.00
FY2027	28.09	2.31	25.79	930.00	2.65	30.97	689.44	1.31	60.00	-102.87	-91.76	84.00
FY2028	52.20	14.40	37.80	1,186.00	0.00	72.00	880.63	0.08	0.00	-99.20	-65.68	141.00

Upside scenario

Period	Operating cash flow proxy ($M)	CFO less gross PP&E/software ($M)	Gross cash PP&E and software ($M)	Consolidated revenue ($M)	Asset-sale cash ($M)	Corporate-card receivable investment ($M)	GAAP gross profit proxy ($M)	Scheduled small-note principal ($M)	Acquisition cash sensitivity ($M)	GAAP operating income proxy ($M)	Cash after card funding and capital claims ($M)	Non-GAAP operating income proxy ($M)
2027Q3	24.30	17.30	7.00	267.00	0.00	15.00	203.92	0.40	30.00	-7.60	-30.10	42.00
2027Q4	-6.70	-14.40	7.70	244.00	0.00	18.00	185.90	0.40	0.00	-36.70	-34.80	16.00
2028Q1	20.30	11.90	8.40	307.00	0.00	22.00	234.53	0.02	0.00	-12.40	-12.12	43.00
2028Q2	30.30	21.20	9.10	345.00	0.00	27.00	263.77	0.02	0.00	-1.50	-7.82	57.00
FY2027	35.99	10.20	25.79	964.02	2.65	37.97	725.35	1.31	30.00	-87.98	-60.87	98.89
FY2028	120.20	82.40	37.80	1,398.00	0.00	109.00	1,068.65	0.08	0.00	-10.20	-34.68	230.00

All inputs and formulas — reproduce this model

Input / calculation	Period / case	Value / unit	Evidence or assumption
FY2027 H1 revenue h1_revenue	H1 FY2027 / shared	453.02 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10
FY2027 H1 gross profit h1_gross_profit	H1 FY2027 / shared	335.52 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10
FY2027 H1 operating income h1_operating_income	H1 FY2027 / shared	-43.68 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10
FY2027 H1 adj operating income h1_adj_operating_income	H1 FY2027 / shared	40.89 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-09
FY2027 H1 cfo h1_cfo	H1 FY2027 / shared	18.39 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10
FY2027 H1 ppe h1_ppe	H1 FY2027 / shared	1.03 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10
FY2027 H1 software h1_software	H1 FY2027 / shared	10.06 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10
FY2027 H1 asset sales h1_asset_sales	H1 FY2027 / shared	2.65 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10
FY2027 H1 card funding h1_card_funding	H1 FY2027 / shared	4.97 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10
FY2027 H1 acquisition cash h1_acquisition_cash	H1 FY2027 / shared	0.00 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10
FY2027 H1 debt principal h1_debt_principal	H1 FY2027 / shared	0.52 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10
FY2027 H1 award withholding h1_award_withholding	H1 FY2027 / shared	0.44 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10
FY2027 H1 sbc h1_sbc	H1 FY2027 / shared	79.17 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10
FY2027 H1 sbc related h1_sbc_related	H1 FY2027 / shared	81.20 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-09
FY2027 H1 acquired amort h1_acquired_amort	H1 FY2027 / shared	1.34 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-09
FY2027 H1 transition h1_transition	H1 FY2027 / shared	1.80 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-09
FY2027 H1 restructuring h1_restructuring	H1 FY2027 / shared	2.41 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-09
FY2027 H1 disposal gain h1_disposal_gain	H1 FY2027 / shared	2.17 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10
FY2027 H1 commission cash h1_commission_cash	H1 FY2027 / shared	22.14 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10
FY2027 H1 commission amort h1_commission_amort	H1 FY2027 / shared	5.05 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10
FY2027 H1 usage h1_usage	H1 FY2027 / shared	413.53 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10
FY2027 H1 subscriptions h1_subscriptions	H1 FY2027 / shared	39.49 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10
H1 gross PP&E and software cash h1_capex	H1 FY2027 / shared	11.09 USD_millions	derived: No disposal proceeds netted. Formula: sum(h1_ppe, h1_software).
H1 CFO less gross cash investment h1_fcf	H1 FY2027 / shared	7.30 USD_millions	derived: Comparable gross-investment FCF, distinct from company net-capex definition. Formula: subtract(h1_cfo, h1_capex).
H1 company-reported FCF reconciliation h1_company_fcf	H1 FY2027 / shared	9.95 USD_millions	derived: Company nets disposal proceeds into capex. Formula: sum(h1_fcf, h1_asset_sales).
H1 additional cash claims h1_claims	H1 FY2027 / shared	5.92 USD_millions	derived: Card receivables and capital claims outside CFO. Formula: sum(h1_card_funding, h1_acquisition_cash, h1_debt_principal, h1_award_withholding).
H1 cash after card and capital claims h1_cash_after_claims	H1 FY2027 / shared	4.03 USD_millions	derived: Before borrowing, option proceeds and equity-award taxes collected from employees. Formula: subtract(h1_company_fcf, h1_claims).
q2 usage q2_usage	July/September 2026 / shared	211.39 USD_millions	reported: USD millions; GBV and payment volumes are reported rounded operating metrics. BoomPop maximum consideration includes both cash and shares, announced September. Primary source · 2026-09-10
q2 subscriptions q2_subscriptions	July/September 2026 / shared	21.40 USD_millions	reported: USD millions; GBV and payment volumes are reported rounded operating metrics. BoomPop maximum consideration includes both cash and shares, announced September. Primary source · 2026-09-10
q2 gbv q2_gbv	July/September 2026 / shared	3,000.00 USD_millions	reported: USD millions; GBV and payment volumes are reported rounded operating metrics. BoomPop maximum consideration includes both cash and shares, announced September. Primary source · 2026-09-10
q2 payment volume q2_payment_volume	July/September 2026 / shared	1,300.00 USD_millions	reported: USD millions; GBV and payment volumes are reported rounded operating metrics. BoomPop maximum consideration includes both cash and shares, announced September. Primary source · 2026-09-10
cash cash	July/September 2026 / shared	653.01 USD_millions	reported: USD millions; GBV and payment volumes are reported rounded operating metrics. BoomPop maximum consideration includes both cash and shares, announced September. Primary source · 2026-09-10
securities securities	July/September 2026 / shared	167.03 USD_millions	reported: USD millions; GBV and payment volumes are reported rounded operating metrics. BoomPop maximum consideration includes both cash and shares, announced September. Primary source · 2026-09-10
restricted current restricted_current	July/September 2026 / shared	89.84 USD_millions	reported: USD millions; GBV and payment volumes are reported rounded operating metrics. BoomPop maximum consideration includes both cash and shares, announced September. Primary source · 2026-09-10
restricted noncurrent restricted_noncurrent	July/September 2026 / shared	5.60 USD_millions	reported: USD millions; GBV and payment volumes are reported rounded operating metrics. BoomPop maximum consideration includes both cash and shares, announced September. Primary source · 2026-09-10
card receivables card_receivables	July/September 2026 / shared	212.94 USD_millions	reported: USD millions; GBV and payment volumes are reported rounded operating metrics. BoomPop maximum consideration includes both cash and shares, announced September. Primary source · 2026-09-10
warehouse debt warehouse_debt	July/September 2026 / shared	118.17 USD_millions	reported: USD millions; GBV and payment volumes are reported rounded operating metrics. BoomPop maximum consideration includes both cash and shares, announced September. Primary source · 2026-09-10
abl debt abl_debt	July/September 2026 / shared	6.00 USD_millions	reported: USD millions; GBV and payment volumes are reported rounded operating metrics. BoomPop maximum consideration includes both cash and shares, announced September. Primary source · 2026-09-10
small notes small_notes	July/September 2026 / shared	0.87 USD_millions	reported: USD millions; GBV and payment volumes are reported rounded operating metrics. BoomPop maximum consideration includes both cash and shares, announced September. Primary source · 2026-09-10
supplier payables supplier_payables	July/September 2026 / shared	51.29 USD_millions	reported: USD millions; GBV and payment volumes are reported rounded operating metrics. BoomPop maximum consideration includes both cash and shares, announced September. Primary source · 2026-09-10
customer deposits customer_deposits	July/September 2026 / shared	32.59 USD_millions	reported: USD millions; GBV and payment volumes are reported rounded operating metrics. BoomPop maximum consideration includes both cash and shares, announced September. Primary source · 2026-09-10
boompop max boompop_max	July/September 2026 / shared	95.00 USD_millions	reported: USD millions; GBV and payment volumes are reported rounded operating metrics. BoomPop maximum consideration includes both cash and shares, announced September. Primary source · 2026-09-10
July cash plus short-term investments liquidity	July 2026 / shared	820.04 USD_millions	derived: Predates BoomPop cash settlement; excludes restricted cash. Formula: sum(cash, securities).
FY2027 Q3 revenue low q3_revenue_low	2027Q3 / shared	253.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-09
FY2027 Q3 revenue high q3_revenue_high	2027Q3 / shared	255.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-09
Midpoint divisor two	Model / shared	200.0% ratio	assumption: Arithmetic constant.
FY2027 Q3 revenue endpoint sum q3_revenue_sum	2027Q3 / shared	508.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(q3_revenue_low, q3_revenue_high).
FY2027 Q3 revenue midpoint q3_revenue	2027Q3 / shared	254.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q3_revenue_sum, two).
FY2027 revenue low fy27_revenue_low	FY2027 / shared	927.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-09
FY2027 revenue high fy27_revenue_high	FY2027 / shared	933.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-09
FY2027 revenue endpoint sum fy27_revenue_sum	FY2027 / shared	1,860.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(fy27_revenue_low, fy27_revenue_high).
FY2027 revenue midpoint fy27_revenue	FY2027 / shared	930.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy27_revenue_sum, two).
FY2027 Q3 adjusted operating income low q3_adj_op_low	2027Q3 / shared	35.50 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-09
FY2027 Q3 adjusted operating income high q3_adj_op_high	2027Q3 / shared	36.50 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-09
FY2027 Q3 adjusted operating income endpoint sum q3_adj_op_sum	2027Q3 / shared	72.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(q3_adj_op_low, q3_adj_op_high).
FY2027 Q3 adjusted operating income midpoint q3_adj_op	2027Q3 / shared	36.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q3_adj_op_sum, two).
FY2027 adjusted operating income low fy27_adj_op_low	FY2027 / shared	82.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-09
FY2027 adjusted operating income high fy27_adj_op_high	FY2027 / shared	86.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-09
FY2027 adjusted operating income endpoint sum fy27_adj_op_sum	FY2027 / shared	168.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(fy27_adj_op_low, fy27_adj_op_high).
FY2027 adjusted operating income midpoint fy27_adj_op	FY2027 / shared	84.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy27_adj_op_sum, two).
Gross booking volume downside_2027q3_gbv	2027Q3 / downside	3,100.00 USD_millions	assumption: Desk assumption; not company guidance.
Card payment volume downside_2027q3_payment_volume	2027Q3 / downside	1,380.00 USD_millions	assumption: Desk assumption; not company guidance.
GBV versus Q2 downside_2027q3_gbv_ratio	2027Q3 / downside	103.3% ratio	derived: Normalize booked travel volume; not revenue. Formula: divide(downside_2027q3_gbv, q2_gbv).
Card volume versus Q2 downside_2027q3_payment_ratio	2027Q3 / downside	106.2% ratio	derived: Normalize settled card spend; not revenue. Formula: divide(downside_2027q3_payment_volume, q2_payment_volume).
Assumed booking weight downside_2027q3_booking_weight	2027Q3 / downside	80.0% ratio	assumption: Desk assumption; not company guidance.
Weighted booking activity downside_2027q3_gbv_weighted	2027Q3 / downside	82.7% ratio	derived: Desk weight, not disclosed travel revenue share. Formula: multiply(downside_2027q3_gbv_ratio, downside_2027q3_booking_weight).
Assumed card weight downside_2027q3_payment_weight	2027Q3 / downside	20.0% ratio	assumption: Desk assumption; not company guidance.
Weighted payment activity downside_2027q3_payment_weighted	2027Q3 / downside	21.2% ratio	derived: Complementary desk activity weight. Formula: multiply(downside_2027q3_payment_ratio, downside_2027q3_payment_weight).
Combined usage activity index downside_2027q3_activity_index	2027Q3 / downside	103.9% ratio	derived: Dimensionless weighted sensitivity; dollar volumes are never added as company sales. Formula: sum(downside_2027q3_gbv_weighted, downside_2027q3_payment_weighted).
Monetization/mix versus reference downside_2027q3_monetization	2027Q3 / downside	101.1% ratio	assumption: Initial base calibration fits recognized revenue guidance; captures mixed travel/card yield and recognition timing, not a pure take rate.
Usage-based revenue downside_2027q3_usage	2027Q3 / downside	222.00 USD_millions	derived: Activity and realization vary independently. Formula: multiply(q2_usage, downside_2027q3_activity_index, downside_2027q3_monetization).
Subscription revenue downside_2027q3_subscriptions	2027Q3 / downside	22.00 USD_millions	assumption: Desk assumption; not company guidance.
Consolidated revenue downside_2027q3_revenue	2027Q3 / downside	244.00 USD_millions	derived: No separate BoomPop uplift; company expects no material guidance impact. Formula: sum(downside_2027q3_usage, downside_2027q3_subscriptions).
Adjusted gross margin downside_2027q3_adj_gross_margin	2027Q3 / downside	73.5% ratio	assumption: Desk assumption; not company guidance.
Adjusted gross profit downside_2027q3_adj_gross_profit	2027Q3 / downside	179.34 USD_millions	derived: Includes processing, travel support and ordinary infrastructure cost. Formula: multiply(downside_2027q3_revenue, downside_2027q3_adj_gross_margin).
COGS SBC and acquired amortization downside_2027q3_cogs_adjustments	2027Q3 / downside	3.00 USD_millions	assumption: Allocation of total GAAP adjustments below, not extra operating expense.
GAAP gross profit proxy downside_2027q3_gross_profit	2027Q3 / downside	176.34 USD_millions	derived: No change to agent/principal revenue scope. Formula: subtract(downside_2027q3_adj_gross_profit, downside_2027q3_cogs_adjustments).
Adjusted operating expense downside_2027q3_adjusted_opex	2027Q3 / downside	154.34 USD_millions	assumption: Desk assumption; not company guidance.
Non-GAAP operating income proxy downside_2027q3_adj_operating_income	2027Q3 / downside	25.00 USD_millions	derived: Base remaining-year cost budget reconciles to management Q3 and annual midpoints. Formula: subtract(downside_2027q3_adj_gross_profit, downside_2027q3_adjusted_opex).
Employer payroll taxes on SBC downside_2027q3_payroll	2027Q3 / downside	1.20 USD_millions	assumption: Desk assumption; not company guidance.
Transition restructuring and integration expense downside_2027q3_special_cash	2027Q3 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Ordinary SBC downside_2027q3_sbc	2027Q3 / downside	45.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquired intangible amortization including BoomPop allowance downside_2027q3_acquired_amort	2027Q3 / downside	1.40 USD_millions	assumption: Desk assumption; not company guidance.
SBC payroll acquired amortization and transition downside_2027q3_gaap_adjustments	2027Q3 / downside	49.60 USD_millions	derived: Purchase-price allocation unavailable; allowance is explicitly a desk input. Formula: sum(downside_2027q3_sbc, downside_2027q3_payroll, downside_2027q3_acquired_amort, downside_2027q3_special_cash).
GAAP operating income proxy downside_2027q3_operating_income	2027Q3 / downside	-24.60 USD_millions	derived: No repeated property-disposal gain. Formula: subtract(downside_2027q3_adj_operating_income, downside_2027q3_gaap_adjustments).
Ordinary depreciation and software amortization downside_2027q3_ordinary_da	2027Q3 / downside	5.50 USD_millions	assumption: Desk assumption; not company guidance.
Commission amortization downside_2027q3_commission_amort	2027Q3 / downside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Investment income less borrowing cash interest downside_2027q3_net_interest_cash	2027Q3 / downside	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted earnings plus ordinary noncash costs downside_2027q3_cash_before_uses	2027Q3 / downside	34.50 USD_millions	derived: Acquired amortization already excluded from adjusted income; it is not added again. Formula: sum(downside_2027q3_adj_operating_income, downside_2027q3_ordinary_da, downside_2027q3_commission_amort, downside_2027q3_net_interest_cash).
Contract acquisition cash downside_2027q3_commission_cash	2027Q3 / downside	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax downside_2027q3_cash_tax	2027Q3 / downside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Net supplier receivable and other operating cash use downside_2027q3_wc_use	2027Q3 / downside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Commissions tax payroll transition and working capital downside_2027q3_cash_uses	2027Q3 / downside	31.20 USD_millions	derived: Card receivable investment is excluded here and deducted below FCF. Formula: sum(downside_2027q3_commission_cash, downside_2027q3_cash_tax, downside_2027q3_payroll, downside_2027q3_special_cash, downside_2027q3_wc_use).
Operating cash flow proxy downside_2027q3_cfo	2027Q3 / downside	3.30 USD_millions	derived: No future warehouse/ABL borrowing counted as operating cash. Formula: subtract(downside_2027q3_cash_before_uses, downside_2027q3_cash_uses).
Cash PP&E downside_2027q3_ppe	2027Q3 / downside	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash internal-use software downside_2027q3_software	2027Q3 / downside	6.00 USD_millions	assumption: Desk assumption; not company guidance.
Gross cash PP&E and internal software downside_2027q3_capex	2027Q3 / downside	7.00 USD_millions	derived: Excludes noncash capitalized SBC. Formula: sum(downside_2027q3_ppe, downside_2027q3_software).
CFO less gross PP&E and software downside_2027q3_fcf	2027Q3 / downside	-3.70 USD_millions	derived: Asset sales remain separate. Formula: subtract(downside_2027q3_cfo, downside_2027q3_capex).
Asset-sale cash downside_2027q3_asset_sales	2027Q3 / downside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
Net corporate-card receivable funding downside_2027q3_card_funding	2027Q3 / downside	16.00 USD_millions	assumption: Cash investment before new warehouse borrowing; not a duplicate operating receivable deduction.
BoomPop cash portion sensitivity downside_2027q3_acquisition_cash	2027Q3 / downside	95.00 USD_millions	assumption: Undisclosed cash/share split: sensitivity inside the up-to-$95M total consideration, not reported deal cash. Assumes payment in September with no later earnout cash.
Scheduled small-note principal downside_2027q3_debt_principal	2027Q3 / downside	0.40 USD_millions	assumption: Remaining FY2027 $0.791M and FY2028 $0.076M evenly allocated. Warehouse/ABL maturities follow January 2028 model end.
FCF plus disposal proceeds downside_2027q3_cash_with_sales	2027Q3 / downside	-3.70 USD_millions	derived: Comparable with company net-capex convention. Formula: sum(downside_2027q3_fcf, downside_2027q3_asset_sales).
Equity-award withholding cash downside_2027q3_award_withholding	2027Q3 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Card acquisition principal and award cash downside_2027q3_additional_uses	2027Q3 / downside	113.40 USD_millions	derived: Excludes fresh financing and employee tax collections. Formula: sum(downside_2027q3_card_funding, downside_2027q3_acquisition_cash, downside_2027q3_debt_principal, downside_2027q3_award_withholding).
Cash after card funding and capital claims downside_2027q3_cash_after_claims	2027Q3 / downside	-117.10 USD_millions	derived: Not a full liquidity balance; restricted-reserve transfers can add uses. Formula: subtract(downside_2027q3_cash_with_sales, downside_2027q3_additional_uses).
Gross booking volume downside_2027q4_gbv	2027Q4 / downside	2,550.00 USD_millions	assumption: Desk assumption; not company guidance.
Card payment volume downside_2027q4_payment_volume	2027Q4 / downside	1,380.00 USD_millions	assumption: Desk assumption; not company guidance.
GBV versus Q2 downside_2027q4_gbv_ratio	2027Q4 / downside	85.0% ratio	derived: Normalize booked travel volume; not revenue. Formula: divide(downside_2027q4_gbv, q2_gbv).
Card volume versus Q2 downside_2027q4_payment_ratio	2027Q4 / downside	106.2% ratio	derived: Normalize settled card spend; not revenue. Formula: divide(downside_2027q4_payment_volume, q2_payment_volume).
Assumed booking weight downside_2027q4_booking_weight	2027Q4 / downside	80.0% ratio	assumption: Desk assumption; not company guidance.
Weighted booking activity downside_2027q4_gbv_weighted	2027Q4 / downside	68.0% ratio	derived: Desk weight, not disclosed travel revenue share. Formula: multiply(downside_2027q4_gbv_ratio, downside_2027q4_booking_weight).
Assumed card weight downside_2027q4_payment_weight	2027Q4 / downside	20.0% ratio	assumption: Desk assumption; not company guidance.
Weighted payment activity downside_2027q4_payment_weighted	2027Q4 / downside	21.2% ratio	derived: Complementary desk activity weight. Formula: multiply(downside_2027q4_payment_ratio, downside_2027q4_payment_weight).
Combined usage activity index downside_2027q4_activity_index	2027Q4 / downside	89.2% ratio	derived: Dimensionless weighted sensitivity; dollar volumes are never added as company sales. Formula: sum(downside_2027q4_gbv_weighted, downside_2027q4_payment_weighted).
Monetization/mix versus reference downside_2027q4_monetization	2027Q4 / downside	93.8% ratio	assumption: Initial base calibration fits recognized revenue guidance; captures mixed travel/card yield and recognition timing, not a pure take rate.
Usage-based revenue downside_2027q4_usage	2027Q4 / downside	177.00 USD_millions	derived: Activity and realization vary independently. Formula: multiply(q2_usage, downside_2027q4_activity_index, downside_2027q4_monetization).
Subscription revenue downside_2027q4_subscriptions	2027Q4 / downside	23.00 USD_millions	assumption: Desk assumption; not company guidance.
Consolidated revenue downside_2027q4_revenue	2027Q4 / downside	200.00 USD_millions	derived: No separate BoomPop uplift; company expects no material guidance impact. Formula: sum(downside_2027q4_usage, downside_2027q4_subscriptions).
Adjusted gross margin downside_2027q4_adj_gross_margin	2027Q4 / downside	73.5% ratio	assumption: Desk assumption; not company guidance.
Adjusted gross profit downside_2027q4_adj_gross_profit	2027Q4 / downside	147.00 USD_millions	derived: Includes processing, travel support and ordinary infrastructure cost. Formula: multiply(downside_2027q4_revenue, downside_2027q4_adj_gross_margin).
COGS SBC and acquired amortization downside_2027q4_cogs_adjustments	2027Q4 / downside	3.20 USD_millions	assumption: Allocation of total GAAP adjustments below, not extra operating expense.
GAAP gross profit proxy downside_2027q4_gross_profit	2027Q4 / downside	143.80 USD_millions	derived: No change to agent/principal revenue scope. Formula: subtract(downside_2027q4_adj_gross_profit, downside_2027q4_cogs_adjustments).
Adjusted operating expense downside_2027q4_adjusted_opex	2027Q4 / downside	154.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-GAAP operating income proxy downside_2027q4_adj_operating_income	2027Q4 / downside	-7.00 USD_millions	derived: Base remaining-year cost budget reconciles to management Q3 and annual midpoints. Formula: subtract(downside_2027q4_adj_gross_profit, downside_2027q4_adjusted_opex).
Employer payroll taxes on SBC downside_2027q4_payroll	2027Q4 / downside	1.30 USD_millions	assumption: Desk assumption; not company guidance.
Transition restructuring and integration expense downside_2027q4_special_cash	2027Q4 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Ordinary SBC downside_2027q4_sbc	2027Q4 / downside	48.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquired intangible amortization including BoomPop allowance downside_2027q4_acquired_amort	2027Q4 / downside	1.40 USD_millions	assumption: Desk assumption; not company guidance.
SBC payroll acquired amortization and transition downside_2027q4_gaap_adjustments	2027Q4 / downside	52.70 USD_millions	derived: Purchase-price allocation unavailable; allowance is explicitly a desk input. Formula: sum(downside_2027q4_sbc, downside_2027q4_payroll, downside_2027q4_acquired_amort, downside_2027q4_special_cash).
GAAP operating income proxy downside_2027q4_operating_income	2027Q4 / downside	-59.70 USD_millions	derived: No repeated property-disposal gain. Formula: subtract(downside_2027q4_adj_operating_income, downside_2027q4_gaap_adjustments).
Ordinary depreciation and software amortization downside_2027q4_ordinary_da	2027Q4 / downside	6.00 USD_millions	assumption: Desk assumption; not company guidance.
Commission amortization downside_2027q4_commission_amort	2027Q4 / downside	3.40 USD_millions	assumption: Desk assumption; not company guidance.
Investment income less borrowing cash interest downside_2027q4_net_interest_cash	2027Q4 / downside	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted earnings plus ordinary noncash costs downside_2027q4_cash_before_uses	2027Q4 / downside	3.40 USD_millions	derived: Acquired amortization already excluded from adjusted income; it is not added again. Formula: sum(downside_2027q4_adj_operating_income, downside_2027q4_ordinary_da, downside_2027q4_commission_amort, downside_2027q4_net_interest_cash).
Contract acquisition cash downside_2027q4_commission_cash	2027Q4 / downside	14.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax downside_2027q4_cash_tax	2027Q4 / downside	3.30 USD_millions	assumption: Desk assumption; not company guidance.
Net supplier receivable and other operating cash use downside_2027q4_wc_use	2027Q4 / downside	14.00 USD_millions	assumption: Desk assumption; not company guidance.
Commissions tax payroll transition and working capital downside_2027q4_cash_uses	2027Q4 / downside	35.10 USD_millions	derived: Card receivable investment is excluded here and deducted below FCF. Formula: sum(downside_2027q4_commission_cash, downside_2027q4_cash_tax, downside_2027q4_payroll, downside_2027q4_special_cash, downside_2027q4_wc_use).
Operating cash flow proxy downside_2027q4_cfo	2027Q4 / downside	-31.70 USD_millions	derived: No future warehouse/ABL borrowing counted as operating cash. Formula: subtract(downside_2027q4_cash_before_uses, downside_2027q4_cash_uses).
Cash PP&E downside_2027q4_ppe	2027Q4 / downside	1.20 USD_millions	assumption: Desk assumption; not company guidance.
Cash internal-use software downside_2027q4_software	2027Q4 / downside	6.50 USD_millions	assumption: Desk assumption; not company guidance.
Gross cash PP&E and internal software downside_2027q4_capex	2027Q4 / downside	7.70 USD_millions	derived: Excludes noncash capitalized SBC. Formula: sum(downside_2027q4_ppe, downside_2027q4_software).
CFO less gross PP&E and software downside_2027q4_fcf	2027Q4 / downside	-39.40 USD_millions	derived: Asset sales remain separate. Formula: subtract(downside_2027q4_cfo, downside_2027q4_capex).
Asset-sale cash downside_2027q4_asset_sales	2027Q4 / downside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
Net corporate-card receivable funding downside_2027q4_card_funding	2027Q4 / downside	18.00 USD_millions	assumption: Cash investment before new warehouse borrowing; not a duplicate operating receivable deduction.
BoomPop cash portion sensitivity downside_2027q4_acquisition_cash	2027Q4 / downside	0.00 USD_millions	assumption: Undisclosed cash/share split: sensitivity inside the up-to-$95M total consideration, not reported deal cash. Assumes payment in September with no later earnout cash.
Scheduled small-note principal downside_2027q4_debt_principal	2027Q4 / downside	0.40 USD_millions	assumption: Remaining FY2027 $0.791M and FY2028 $0.076M evenly allocated. Warehouse/ABL maturities follow January 2028 model end.
FCF plus disposal proceeds downside_2027q4_cash_with_sales	2027Q4 / downside	-39.40 USD_millions	derived: Comparable with company net-capex convention. Formula: sum(downside_2027q4_fcf, downside_2027q4_asset_sales).
Equity-award withholding cash downside_2027q4_award_withholding	2027Q4 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Card acquisition principal and award cash downside_2027q4_additional_uses	2027Q4 / downside	20.40 USD_millions	derived: Excludes fresh financing and employee tax collections. Formula: sum(downside_2027q4_card_funding, downside_2027q4_acquisition_cash, downside_2027q4_debt_principal, downside_2027q4_award_withholding).
Cash after card funding and capital claims downside_2027q4_cash_after_claims	2027Q4 / downside	-59.80 USD_millions	derived: Not a full liquidity balance; restricted-reserve transfers can add uses. Formula: subtract(downside_2027q4_cash_with_sales, downside_2027q4_additional_uses).
Gross booking volume downside_2028q1_gbv	2028Q1 / downside	3,050.00 USD_millions	assumption: Desk assumption; not company guidance.
Card payment volume downside_2028q1_payment_volume	2028Q1 / downside	1,420.00 USD_millions	assumption: Desk assumption; not company guidance.
GBV versus Q2 downside_2028q1_gbv_ratio	2028Q1 / downside	101.7% ratio	derived: Normalize booked travel volume; not revenue. Formula: divide(downside_2028q1_gbv, q2_gbv).
Card volume versus Q2 downside_2028q1_payment_ratio	2028Q1 / downside	109.2% ratio	derived: Normalize settled card spend; not revenue. Formula: divide(downside_2028q1_payment_volume, q2_payment_volume).
Assumed booking weight downside_2028q1_booking_weight	2028Q1 / downside	80.0% ratio	assumption: Desk assumption; not company guidance.
Weighted booking activity downside_2028q1_gbv_weighted	2028Q1 / downside	81.3% ratio	derived: Desk weight, not disclosed travel revenue share. Formula: multiply(downside_2028q1_gbv_ratio, downside_2028q1_booking_weight).
Assumed card weight downside_2028q1_payment_weight	2028Q1 / downside	20.0% ratio	assumption: Desk assumption; not company guidance.
Weighted payment activity downside_2028q1_payment_weighted	2028Q1 / downside	21.8% ratio	derived: Complementary desk activity weight. Formula: multiply(downside_2028q1_payment_ratio, downside_2028q1_payment_weight).
Combined usage activity index downside_2028q1_activity_index	2028Q1 / downside	103.2% ratio	derived: Dimensionless weighted sensitivity; dollar volumes are never added as company sales. Formula: sum(downside_2028q1_gbv_weighted, downside_2028q1_payment_weighted).
Monetization/mix versus reference downside_2028q1_monetization	2028Q1 / downside	99.0% ratio	assumption: Initial base calibration fits recognized revenue guidance; captures mixed travel/card yield and recognition timing, not a pure take rate.
Usage-based revenue downside_2028q1_usage	2028Q1 / downside	216.00 USD_millions	derived: Activity and realization vary independently. Formula: multiply(q2_usage, downside_2028q1_activity_index, downside_2028q1_monetization).
Subscription revenue downside_2028q1_subscriptions	2028Q1 / downside	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Consolidated revenue downside_2028q1_revenue	2028Q1 / downside	241.00 USD_millions	derived: No separate BoomPop uplift; company expects no material guidance impact. Formula: sum(downside_2028q1_usage, downside_2028q1_subscriptions).
Adjusted gross margin downside_2028q1_adj_gross_margin	2028Q1 / downside	73.5% ratio	assumption: Desk assumption; not company guidance.
Adjusted gross profit downside_2028q1_adj_gross_profit	2028Q1 / downside	177.13 USD_millions	derived: Includes processing, travel support and ordinary infrastructure cost. Formula: multiply(downside_2028q1_revenue, downside_2028q1_adj_gross_margin).
COGS SBC and acquired amortization downside_2028q1_cogs_adjustments	2028Q1 / downside	3.40 USD_millions	assumption: Allocation of total GAAP adjustments below, not extra operating expense.
GAAP gross profit proxy downside_2028q1_gross_profit	2028Q1 / downside	173.73 USD_millions	derived: No change to agent/principal revenue scope. Formula: subtract(downside_2028q1_adj_gross_profit, downside_2028q1_cogs_adjustments).
Adjusted operating expense downside_2028q1_adjusted_opex	2028Q1 / downside	164.13 USD_millions	assumption: Desk assumption; not company guidance.
Non-GAAP operating income proxy downside_2028q1_adj_operating_income	2028Q1 / downside	13.00 USD_millions	derived: Base remaining-year cost budget reconciles to management Q3 and annual midpoints. Formula: subtract(downside_2028q1_adj_gross_profit, downside_2028q1_adjusted_opex).
Employer payroll taxes on SBC downside_2028q1_payroll	2028Q1 / downside	1.40 USD_millions	assumption: Desk assumption; not company guidance.
Transition restructuring and integration expense downside_2028q1_special_cash	2028Q1 / downside	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Ordinary SBC downside_2028q1_sbc	2028Q1 / downside	51.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquired intangible amortization including BoomPop allowance downside_2028q1_acquired_amort	2028Q1 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC payroll acquired amortization and transition downside_2028q1_gaap_adjustments	2028Q1 / downside	55.40 USD_millions	derived: Purchase-price allocation unavailable; allowance is explicitly a desk input. Formula: sum(downside_2028q1_sbc, downside_2028q1_payroll, downside_2028q1_acquired_amort, downside_2028q1_special_cash).
GAAP operating income proxy downside_2028q1_operating_income	2028Q1 / downside	-42.40 USD_millions	derived: No repeated property-disposal gain. Formula: subtract(downside_2028q1_adj_operating_income, downside_2028q1_gaap_adjustments).
Ordinary depreciation and software amortization downside_2028q1_ordinary_da	2028Q1 / downside	6.50 USD_millions	assumption: Desk assumption; not company guidance.
Commission amortization downside_2028q1_commission_amort	2028Q1 / downside	3.80 USD_millions	assumption: Desk assumption; not company guidance.
Investment income less borrowing cash interest downside_2028q1_net_interest_cash	2028Q1 / downside	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted earnings plus ordinary noncash costs downside_2028q1_cash_before_uses	2028Q1 / downside	24.30 USD_millions	derived: Acquired amortization already excluded from adjusted income; it is not added again. Formula: sum(downside_2028q1_adj_operating_income, downside_2028q1_ordinary_da, downside_2028q1_commission_amort, downside_2028q1_net_interest_cash).
Contract acquisition cash downside_2028q1_commission_cash	2028Q1 / downside	16.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax downside_2028q1_cash_tax	2028Q1 / downside	3.60 USD_millions	assumption: Desk assumption; not company guidance.
Net supplier receivable and other operating cash use downside_2028q1_wc_use	2028Q1 / downside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Commissions tax payroll transition and working capital downside_2028q1_cash_uses	2028Q1 / downside	34.00 USD_millions	derived: Card receivable investment is excluded here and deducted below FCF. Formula: sum(downside_2028q1_commission_cash, downside_2028q1_cash_tax, downside_2028q1_payroll, downside_2028q1_special_cash, downside_2028q1_wc_use).
Operating cash flow proxy downside_2028q1_cfo	2028Q1 / downside	-9.70 USD_millions	derived: No future warehouse/ABL borrowing counted as operating cash. Formula: subtract(downside_2028q1_cash_before_uses, downside_2028q1_cash_uses).
Cash PP&E downside_2028q1_ppe	2028Q1 / downside	1.40 USD_millions	assumption: Desk assumption; not company guidance.
Cash internal-use software downside_2028q1_software	2028Q1 / downside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Gross cash PP&E and internal software downside_2028q1_capex	2028Q1 / downside	8.40 USD_millions	derived: Excludes noncash capitalized SBC. Formula: sum(downside_2028q1_ppe, downside_2028q1_software).
CFO less gross PP&E and software downside_2028q1_fcf	2028Q1 / downside	-18.10 USD_millions	derived: Asset sales remain separate. Formula: subtract(downside_2028q1_cfo, downside_2028q1_capex).
Asset-sale cash downside_2028q1_asset_sales	2028Q1 / downside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
Net corporate-card receivable funding downside_2028q1_card_funding	2028Q1 / downside	18.00 USD_millions	assumption: Cash investment before new warehouse borrowing; not a duplicate operating receivable deduction.
BoomPop cash portion sensitivity downside_2028q1_acquisition_cash	2028Q1 / downside	0.00 USD_millions	assumption: Undisclosed cash/share split: sensitivity inside the up-to-$95M total consideration, not reported deal cash. Assumes payment in September with no later earnout cash.
Scheduled small-note principal downside_2028q1_debt_principal	2028Q1 / downside	0.02 USD_millions	assumption: Remaining FY2027 $0.791M and FY2028 $0.076M evenly allocated. Warehouse/ABL maturities follow January 2028 model end.
FCF plus disposal proceeds downside_2028q1_cash_with_sales	2028Q1 / downside	-18.10 USD_millions	derived: Comparable with company net-capex convention. Formula: sum(downside_2028q1_fcf, downside_2028q1_asset_sales).
Equity-award withholding cash downside_2028q1_award_withholding	2028Q1 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Card acquisition principal and award cash downside_2028q1_additional_uses	2028Q1 / downside	20.02 USD_millions	derived: Excludes fresh financing and employee tax collections. Formula: sum(downside_2028q1_card_funding, downside_2028q1_acquisition_cash, downside_2028q1_debt_principal, downside_2028q1_award_withholding).
Cash after card funding and capital claims downside_2028q1_cash_after_claims	2028Q1 / downside	-38.12 USD_millions	derived: Not a full liquidity balance; restricted-reserve transfers can add uses. Formula: subtract(downside_2028q1_cash_with_sales, downside_2028q1_additional_uses).
Gross booking volume downside_2028q2_gbv	2028Q2 / downside	3,150.00 USD_millions	assumption: Desk assumption; not company guidance.
Card payment volume downside_2028q2_payment_volume	2028Q2 / downside	1,500.00 USD_millions	assumption: Desk assumption; not company guidance.
GBV versus Q2 downside_2028q2_gbv_ratio	2028Q2 / downside	105.0% ratio	derived: Normalize booked travel volume; not revenue. Formula: divide(downside_2028q2_gbv, q2_gbv).
Card volume versus Q2 downside_2028q2_payment_ratio	2028Q2 / downside	115.4% ratio	derived: Normalize settled card spend; not revenue. Formula: divide(downside_2028q2_payment_volume, q2_payment_volume).
Assumed booking weight downside_2028q2_booking_weight	2028Q2 / downside	80.0% ratio	assumption: Desk assumption; not company guidance.
Weighted booking activity downside_2028q2_gbv_weighted	2028Q2 / downside	84.0% ratio	derived: Desk weight, not disclosed travel revenue share. Formula: multiply(downside_2028q2_gbv_ratio, downside_2028q2_booking_weight).
Assumed card weight downside_2028q2_payment_weight	2028Q2 / downside	20.0% ratio	assumption: Desk assumption; not company guidance.
Weighted payment activity downside_2028q2_payment_weighted	2028Q2 / downside	23.1% ratio	derived: Complementary desk activity weight. Formula: multiply(downside_2028q2_payment_ratio, downside_2028q2_payment_weight).
Combined usage activity index downside_2028q2_activity_index	2028Q2 / downside	107.1% ratio	derived: Dimensionless weighted sensitivity; dollar volumes are never added as company sales. Formula: sum(downside_2028q2_gbv_weighted, downside_2028q2_payment_weighted).
Monetization/mix versus reference downside_2028q2_monetization	2028Q2 / downside	100.3% ratio	assumption: Initial base calibration fits recognized revenue guidance; captures mixed travel/card yield and recognition timing, not a pure take rate.
Usage-based revenue downside_2028q2_usage	2028Q2 / downside	227.00 USD_millions	derived: Activity and realization vary independently. Formula: multiply(q2_usage, downside_2028q2_activity_index, downside_2028q2_monetization).
Subscription revenue downside_2028q2_subscriptions	2028Q2 / downside	27.00 USD_millions	assumption: Desk assumption; not company guidance.
Consolidated revenue downside_2028q2_revenue	2028Q2 / downside	254.00 USD_millions	derived: No separate BoomPop uplift; company expects no material guidance impact. Formula: sum(downside_2028q2_usage, downside_2028q2_subscriptions).
Adjusted gross margin downside_2028q2_adj_gross_margin	2028Q2 / downside	73.5% ratio	assumption: Desk assumption; not company guidance.
Adjusted gross profit downside_2028q2_adj_gross_profit	2028Q2 / downside	186.69 USD_millions	derived: Includes processing, travel support and ordinary infrastructure cost. Formula: multiply(downside_2028q2_revenue, downside_2028q2_adj_gross_margin).
COGS SBC and acquired amortization downside_2028q2_cogs_adjustments	2028Q2 / downside	3.60 USD_millions	assumption: Allocation of total GAAP adjustments below, not extra operating expense.
GAAP gross profit proxy downside_2028q2_gross_profit	2028Q2 / downside	183.09 USD_millions	derived: No change to agent/principal revenue scope. Formula: subtract(downside_2028q2_adj_gross_profit, downside_2028q2_cogs_adjustments).
Adjusted operating expense downside_2028q2_adjusted_opex	2028Q2 / downside	168.69 USD_millions	assumption: Desk assumption; not company guidance.
Non-GAAP operating income proxy downside_2028q2_adj_operating_income	2028Q2 / downside	18.00 USD_millions	derived: Base remaining-year cost budget reconciles to management Q3 and annual midpoints. Formula: subtract(downside_2028q2_adj_gross_profit, downside_2028q2_adjusted_opex).
Employer payroll taxes on SBC downside_2028q2_payroll	2028Q2 / downside	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Transition restructuring and integration expense downside_2028q2_special_cash	2028Q2 / downside	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Ordinary SBC downside_2028q2_sbc	2028Q2 / downside	54.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquired intangible amortization including BoomPop allowance downside_2028q2_acquired_amort	2028Q2 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC payroll acquired amortization and transition downside_2028q2_gaap_adjustments	2028Q2 / downside	58.50 USD_millions	derived: Purchase-price allocation unavailable; allowance is explicitly a desk input. Formula: sum(downside_2028q2_sbc, downside_2028q2_payroll, downside_2028q2_acquired_amort, downside_2028q2_special_cash).
GAAP operating income proxy downside_2028q2_operating_income	2028Q2 / downside	-40.50 USD_millions	derived: No repeated property-disposal gain. Formula: subtract(downside_2028q2_adj_operating_income, downside_2028q2_gaap_adjustments).
Ordinary depreciation and software amortization downside_2028q2_ordinary_da	2028Q2 / downside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Commission amortization downside_2028q2_commission_amort	2028Q2 / downside	4.20 USD_millions	assumption: Desk assumption; not company guidance.
Investment income less borrowing cash interest downside_2028q2_net_interest_cash	2028Q2 / downside	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted earnings plus ordinary noncash costs downside_2028q2_cash_before_uses	2028Q2 / downside	30.20 USD_millions	derived: Acquired amortization already excluded from adjusted income; it is not added again. Formula: sum(downside_2028q2_adj_operating_income, downside_2028q2_ordinary_da, downside_2028q2_commission_amort, downside_2028q2_net_interest_cash).
Contract acquisition cash downside_2028q2_commission_cash	2028Q2 / downside	17.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax downside_2028q2_cash_tax	2028Q2 / downside	3.90 USD_millions	assumption: Desk assumption; not company guidance.
Net supplier receivable and other operating cash use downside_2028q2_wc_use	2028Q2 / downside	14.00 USD_millions	assumption: Desk assumption; not company guidance.
Commissions tax payroll transition and working capital downside_2028q2_cash_uses	2028Q2 / downside	37.90 USD_millions	derived: Card receivable investment is excluded here and deducted below FCF. Formula: sum(downside_2028q2_commission_cash, downside_2028q2_cash_tax, downside_2028q2_payroll, downside_2028q2_special_cash, downside_2028q2_wc_use).
Operating cash flow proxy downside_2028q2_cfo	2028Q2 / downside	-7.70 USD_millions	derived: No future warehouse/ABL borrowing counted as operating cash. Formula: subtract(downside_2028q2_cash_before_uses, downside_2028q2_cash_uses).
Cash PP&E downside_2028q2_ppe	2028Q2 / downside	1.60 USD_millions	assumption: Desk assumption; not company guidance.
Cash internal-use software downside_2028q2_software	2028Q2 / downside	7.50 USD_millions	assumption: Desk assumption; not company guidance.
Gross cash PP&E and internal software downside_2028q2_capex	2028Q2 / downside	9.10 USD_millions	derived: Excludes noncash capitalized SBC. Formula: sum(downside_2028q2_ppe, downside_2028q2_software).
CFO less gross PP&E and software downside_2028q2_fcf	2028Q2 / downside	-16.80 USD_millions	derived: Asset sales remain separate. Formula: subtract(downside_2028q2_cfo, downside_2028q2_capex).
Asset-sale cash downside_2028q2_asset_sales	2028Q2 / downside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
Net corporate-card receivable funding downside_2028q2_card_funding	2028Q2 / downside	22.00 USD_millions	assumption: Cash investment before new warehouse borrowing; not a duplicate operating receivable deduction.
BoomPop cash portion sensitivity downside_2028q2_acquisition_cash	2028Q2 / downside	0.00 USD_millions	assumption: Undisclosed cash/share split: sensitivity inside the up-to-$95M total consideration, not reported deal cash. Assumes payment in September with no later earnout cash.
Scheduled small-note principal downside_2028q2_debt_principal	2028Q2 / downside	0.02 USD_millions	assumption: Remaining FY2027 $0.791M and FY2028 $0.076M evenly allocated. Warehouse/ABL maturities follow January 2028 model end.
FCF plus disposal proceeds downside_2028q2_cash_with_sales	2028Q2 / downside	-16.80 USD_millions	derived: Comparable with company net-capex convention. Formula: sum(downside_2028q2_fcf, downside_2028q2_asset_sales).
Equity-award withholding cash downside_2028q2_award_withholding	2028Q2 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Card acquisition principal and award cash downside_2028q2_additional_uses	2028Q2 / downside	24.02 USD_millions	derived: Excludes fresh financing and employee tax collections. Formula: sum(downside_2028q2_card_funding, downside_2028q2_acquisition_cash, downside_2028q2_debt_principal, downside_2028q2_award_withholding).
Cash after card funding and capital claims downside_2028q2_cash_after_claims	2028Q2 / downside	-40.82 USD_millions	derived: Not a full liquidity balance; restricted-reserve transfers can add uses. Formula: subtract(downside_2028q2_cash_with_sales, downside_2028q2_additional_uses).
Gross booking volume downside_2028q3_gbv	2028Q3 / downside	3,500.00 USD_millions	assumption: Desk assumption; not company guidance.
Card payment volume downside_2028q3_payment_volume	2028Q3 / downside	1,600.00 USD_millions	assumption: Desk assumption; not company guidance.
GBV versus Q2 downside_2028q3_gbv_ratio	2028Q3 / downside	116.7% ratio	derived: Normalize booked travel volume; not revenue. Formula: divide(downside_2028q3_gbv, q2_gbv).
Card volume versus Q2 downside_2028q3_payment_ratio	2028Q3 / downside	123.1% ratio	derived: Normalize settled card spend; not revenue. Formula: divide(downside_2028q3_payment_volume, q2_payment_volume).
Assumed booking weight downside_2028q3_booking_weight	2028Q3 / downside	80.0% ratio	assumption: Desk assumption; not company guidance.
Weighted booking activity downside_2028q3_gbv_weighted	2028Q3 / downside	93.3% ratio	derived: Desk weight, not disclosed travel revenue share. Formula: multiply(downside_2028q3_gbv_ratio, downside_2028q3_booking_weight).
Assumed card weight downside_2028q3_payment_weight	2028Q3 / downside	20.0% ratio	assumption: Desk assumption; not company guidance.
Weighted payment activity downside_2028q3_payment_weighted	2028Q3 / downside	24.6% ratio	derived: Complementary desk activity weight. Formula: multiply(downside_2028q3_payment_ratio, downside_2028q3_payment_weight).
Combined usage activity index downside_2028q3_activity_index	2028Q3 / downside	117.9% ratio	derived: Dimensionless weighted sensitivity; dollar volumes are never added as company sales. Formula: sum(downside_2028q3_gbv_weighted, downside_2028q3_payment_weighted).
Monetization/mix versus reference downside_2028q3_monetization	2028Q3 / downside	100.7% ratio	assumption: Initial base calibration fits recognized revenue guidance; captures mixed travel/card yield and recognition timing, not a pure take rate.
Usage-based revenue downside_2028q3_usage	2028Q3 / downside	251.00 USD_millions	derived: Activity and realization vary independently. Formula: multiply(q2_usage, downside_2028q3_activity_index, downside_2028q3_monetization).
Subscription revenue downside_2028q3_subscriptions	2028Q3 / downside	29.00 USD_millions	assumption: Desk assumption; not company guidance.
Consolidated revenue downside_2028q3_revenue	2028Q3 / downside	280.00 USD_millions	derived: No separate BoomPop uplift; company expects no material guidance impact. Formula: sum(downside_2028q3_usage, downside_2028q3_subscriptions).
Adjusted gross margin downside_2028q3_adj_gross_margin	2028Q3 / downside	73.5% ratio	assumption: Desk assumption; not company guidance.
Adjusted gross profit downside_2028q3_adj_gross_profit	2028Q3 / downside	205.80 USD_millions	derived: Includes processing, travel support and ordinary infrastructure cost. Formula: multiply(downside_2028q3_revenue, downside_2028q3_adj_gross_margin).
COGS SBC and acquired amortization downside_2028q3_cogs_adjustments	2028Q3 / downside	3.80 USD_millions	assumption: Allocation of total GAAP adjustments below, not extra operating expense.
GAAP gross profit proxy downside_2028q3_gross_profit	2028Q3 / downside	202.00 USD_millions	derived: No change to agent/principal revenue scope. Formula: subtract(downside_2028q3_adj_gross_profit, downside_2028q3_cogs_adjustments).
Adjusted operating expense downside_2028q3_adjusted_opex	2028Q3 / downside	173.80 USD_millions	assumption: Desk assumption; not company guidance.
Non-GAAP operating income proxy downside_2028q3_adj_operating_income	2028Q3 / downside	32.00 USD_millions	derived: Base remaining-year cost budget reconciles to management Q3 and annual midpoints. Formula: subtract(downside_2028q3_adj_gross_profit, downside_2028q3_adjusted_opex).
Employer payroll taxes on SBC downside_2028q3_payroll	2028Q3 / downside	1.60 USD_millions	assumption: Desk assumption; not company guidance.
Transition restructuring and integration expense downside_2028q3_special_cash	2028Q3 / downside	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Ordinary SBC downside_2028q3_sbc	2028Q3 / downside	57.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquired intangible amortization including BoomPop allowance downside_2028q3_acquired_amort	2028Q3 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC payroll acquired amortization and transition downside_2028q3_gaap_adjustments	2028Q3 / downside	61.60 USD_millions	derived: Purchase-price allocation unavailable; allowance is explicitly a desk input. Formula: sum(downside_2028q3_sbc, downside_2028q3_payroll, downside_2028q3_acquired_amort, downside_2028q3_special_cash).
GAAP operating income proxy downside_2028q3_operating_income	2028Q3 / downside	-29.60 USD_millions	derived: No repeated property-disposal gain. Formula: subtract(downside_2028q3_adj_operating_income, downside_2028q3_gaap_adjustments).
Ordinary depreciation and software amortization downside_2028q3_ordinary_da	2028Q3 / downside	7.50 USD_millions	assumption: Desk assumption; not company guidance.
Commission amortization downside_2028q3_commission_amort	2028Q3 / downside	4.60 USD_millions	assumption: Desk assumption; not company guidance.
Investment income less borrowing cash interest downside_2028q3_net_interest_cash	2028Q3 / downside	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted earnings plus ordinary noncash costs downside_2028q3_cash_before_uses	2028Q3 / downside	45.10 USD_millions	derived: Acquired amortization already excluded from adjusted income; it is not added again. Formula: sum(downside_2028q3_adj_operating_income, downside_2028q3_ordinary_da, downside_2028q3_commission_amort, downside_2028q3_net_interest_cash).
Contract acquisition cash downside_2028q3_commission_cash	2028Q3 / downside	19.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax downside_2028q3_cash_tax	2028Q3 / downside	4.20 USD_millions	assumption: Desk assumption; not company guidance.
Net supplier receivable and other operating cash use downside_2028q3_wc_use	2028Q3 / downside	16.00 USD_millions	assumption: Desk assumption; not company guidance.
Commissions tax payroll transition and working capital downside_2028q3_cash_uses	2028Q3 / downside	41.80 USD_millions	derived: Card receivable investment is excluded here and deducted below FCF. Formula: sum(downside_2028q3_commission_cash, downside_2028q3_cash_tax, downside_2028q3_payroll, downside_2028q3_special_cash, downside_2028q3_wc_use).
Operating cash flow proxy downside_2028q3_cfo	2028Q3 / downside	3.30 USD_millions	derived: No future warehouse/ABL borrowing counted as operating cash. Formula: subtract(downside_2028q3_cash_before_uses, downside_2028q3_cash_uses).
Cash PP&E downside_2028q3_ppe	2028Q3 / downside	1.80 USD_millions	assumption: Desk assumption; not company guidance.
Cash internal-use software downside_2028q3_software	2028Q3 / downside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Gross cash PP&E and internal software downside_2028q3_capex	2028Q3 / downside	9.80 USD_millions	derived: Excludes noncash capitalized SBC. Formula: sum(downside_2028q3_ppe, downside_2028q3_software).
CFO less gross PP&E and software downside_2028q3_fcf	2028Q3 / downside	-6.50 USD_millions	derived: Asset sales remain separate. Formula: subtract(downside_2028q3_cfo, downside_2028q3_capex).
Asset-sale cash downside_2028q3_asset_sales	2028Q3 / downside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
Net corporate-card receivable funding downside_2028q3_card_funding	2028Q3 / downside	25.00 USD_millions	assumption: Cash investment before new warehouse borrowing; not a duplicate operating receivable deduction.
BoomPop cash portion sensitivity downside_2028q3_acquisition_cash	2028Q3 / downside	0.00 USD_millions	assumption: Undisclosed cash/share split: sensitivity inside the up-to-$95M total consideration, not reported deal cash. Assumes payment in September with no later earnout cash.
Scheduled small-note principal downside_2028q3_debt_principal	2028Q3 / downside	0.02 USD_millions	assumption: Remaining FY2027 $0.791M and FY2028 $0.076M evenly allocated. Warehouse/ABL maturities follow January 2028 model end.
FCF plus disposal proceeds downside_2028q3_cash_with_sales	2028Q3 / downside	-6.50 USD_millions	derived: Comparable with company net-capex convention. Formula: sum(downside_2028q3_fcf, downside_2028q3_asset_sales).
Equity-award withholding cash downside_2028q3_award_withholding	2028Q3 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Card acquisition principal and award cash downside_2028q3_additional_uses	2028Q3 / downside	27.02 USD_millions	derived: Excludes fresh financing and employee tax collections. Formula: sum(downside_2028q3_card_funding, downside_2028q3_acquisition_cash, downside_2028q3_debt_principal, downside_2028q3_award_withholding).
Cash after card funding and capital claims downside_2028q3_cash_after_claims	2028Q3 / downside	-33.52 USD_millions	derived: Not a full liquidity balance; restricted-reserve transfers can add uses. Formula: subtract(downside_2028q3_cash_with_sales, downside_2028q3_additional_uses).
Gross booking volume downside_2028q4_gbv	2028Q4 / downside	2,850.00 USD_millions	assumption: Desk assumption; not company guidance.
Card payment volume downside_2028q4_payment_volume	2028Q4 / downside	1,650.00 USD_millions	assumption: Desk assumption; not company guidance.
GBV versus Q2 downside_2028q4_gbv_ratio	2028Q4 / downside	95.0% ratio	derived: Normalize booked travel volume; not revenue. Formula: divide(downside_2028q4_gbv, q2_gbv).
Card volume versus Q2 downside_2028q4_payment_ratio	2028Q4 / downside	126.9% ratio	derived: Normalize settled card spend; not revenue. Formula: divide(downside_2028q4_payment_volume, q2_payment_volume).
Assumed booking weight downside_2028q4_booking_weight	2028Q4 / downside	80.0% ratio	assumption: Desk assumption; not company guidance.
Weighted booking activity downside_2028q4_gbv_weighted	2028Q4 / downside	76.0% ratio	derived: Desk weight, not disclosed travel revenue share. Formula: multiply(downside_2028q4_gbv_ratio, downside_2028q4_booking_weight).
Assumed card weight downside_2028q4_payment_weight	2028Q4 / downside	20.0% ratio	assumption: Desk assumption; not company guidance.
Weighted payment activity downside_2028q4_payment_weighted	2028Q4 / downside	25.4% ratio	derived: Complementary desk activity weight. Formula: multiply(downside_2028q4_payment_ratio, downside_2028q4_payment_weight).
Combined usage activity index downside_2028q4_activity_index	2028Q4 / downside	101.4% ratio	derived: Dimensionless weighted sensitivity; dollar volumes are never added as company sales. Formula: sum(downside_2028q4_gbv_weighted, downside_2028q4_payment_weighted).
Monetization/mix versus reference downside_2028q4_monetization	2028Q4 / downside	95.7% ratio	assumption: Initial base calibration fits recognized revenue guidance; captures mixed travel/card yield and recognition timing, not a pure take rate.
Usage-based revenue downside_2028q4_usage	2028Q4 / downside	205.00 USD_millions	derived: Activity and realization vary independently. Formula: multiply(q2_usage, downside_2028q4_activity_index, downside_2028q4_monetization).
Subscription revenue downside_2028q4_subscriptions	2028Q4 / downside	31.00 USD_millions	assumption: Desk assumption; not company guidance.
Consolidated revenue downside_2028q4_revenue	2028Q4 / downside	236.00 USD_millions	derived: No separate BoomPop uplift; company expects no material guidance impact. Formula: sum(downside_2028q4_usage, downside_2028q4_subscriptions).
Adjusted gross margin downside_2028q4_adj_gross_margin	2028Q4 / downside	73.5% ratio	assumption: Desk assumption; not company guidance.
Adjusted gross profit downside_2028q4_adj_gross_profit	2028Q4 / downside	173.46 USD_millions	derived: Includes processing, travel support and ordinary infrastructure cost. Formula: multiply(downside_2028q4_revenue, downside_2028q4_adj_gross_margin).
COGS SBC and acquired amortization downside_2028q4_cogs_adjustments	2028Q4 / downside	4.00 USD_millions	assumption: Allocation of total GAAP adjustments below, not extra operating expense.
GAAP gross profit proxy downside_2028q4_gross_profit	2028Q4 / downside	169.46 USD_millions	derived: No change to agent/principal revenue scope. Formula: subtract(downside_2028q4_adj_gross_profit, downside_2028q4_cogs_adjustments).
Adjusted operating expense downside_2028q4_adjusted_opex	2028Q4 / downside	175.46 USD_millions	assumption: Desk assumption; not company guidance.
Non-GAAP operating income proxy downside_2028q4_adj_operating_income	2028Q4 / downside	-2.00 USD_millions	derived: Base remaining-year cost budget reconciles to management Q3 and annual midpoints. Formula: subtract(downside_2028q4_adj_gross_profit, downside_2028q4_adjusted_opex).
Employer payroll taxes on SBC downside_2028q4_payroll	2028Q4 / downside	1.70 USD_millions	assumption: Desk assumption; not company guidance.
Transition restructuring and integration expense downside_2028q4_special_cash	2028Q4 / downside	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Ordinary SBC downside_2028q4_sbc	2028Q4 / downside	60.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquired intangible amortization including BoomPop allowance downside_2028q4_acquired_amort	2028Q4 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC payroll acquired amortization and transition downside_2028q4_gaap_adjustments	2028Q4 / downside	64.70 USD_millions	derived: Purchase-price allocation unavailable; allowance is explicitly a desk input. Formula: sum(downside_2028q4_sbc, downside_2028q4_payroll, downside_2028q4_acquired_amort, downside_2028q4_special_cash).
GAAP operating income proxy downside_2028q4_operating_income	2028Q4 / downside	-66.70 USD_millions	derived: No repeated property-disposal gain. Formula: subtract(downside_2028q4_adj_operating_income, downside_2028q4_gaap_adjustments).
Ordinary depreciation and software amortization downside_2028q4_ordinary_da	2028Q4 / downside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Commission amortization downside_2028q4_commission_amort	2028Q4 / downside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Investment income less borrowing cash interest downside_2028q4_net_interest_cash	2028Q4 / downside	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted earnings plus ordinary noncash costs downside_2028q4_cash_before_uses	2028Q4 / downside	12.00 USD_millions	derived: Acquired amortization already excluded from adjusted income; it is not added again. Formula: sum(downside_2028q4_adj_operating_income, downside_2028q4_ordinary_da, downside_2028q4_commission_amort, downside_2028q4_net_interest_cash).
Contract acquisition cash downside_2028q4_commission_cash	2028Q4 / downside	20.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax downside_2028q4_cash_tax	2028Q4 / downside	4.50 USD_millions	assumption: Desk assumption; not company guidance.
Net supplier receivable and other operating cash use downside_2028q4_wc_use	2028Q4 / downside	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Commissions tax payroll transition and working capital downside_2028q4_cash_uses	2028Q4 / downside	45.70 USD_millions	derived: Card receivable investment is excluded here and deducted below FCF. Formula: sum(downside_2028q4_commission_cash, downside_2028q4_cash_tax, downside_2028q4_payroll, downside_2028q4_special_cash, downside_2028q4_wc_use).
Operating cash flow proxy downside_2028q4_cfo	2028Q4 / downside	-33.70 USD_millions	derived: No future warehouse/ABL borrowing counted as operating cash. Formula: subtract(downside_2028q4_cash_before_uses, downside_2028q4_cash_uses).
Cash PP&E downside_2028q4_ppe	2028Q4 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash internal-use software downside_2028q4_software	2028Q4 / downside	8.50 USD_millions	assumption: Desk assumption; not company guidance.
Gross cash PP&E and internal software downside_2028q4_capex	2028Q4 / downside	10.50 USD_millions	derived: Excludes noncash capitalized SBC. Formula: sum(downside_2028q4_ppe, downside_2028q4_software).
CFO less gross PP&E and software downside_2028q4_fcf	2028Q4 / downside	-44.20 USD_millions	derived: Asset sales remain separate. Formula: subtract(downside_2028q4_cfo, downside_2028q4_capex).
Asset-sale cash downside_2028q4_asset_sales	2028Q4 / downside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
Net corporate-card receivable funding downside_2028q4_card_funding	2028Q4 / downside	22.00 USD_millions	assumption: Cash investment before new warehouse borrowing; not a duplicate operating receivable deduction.
BoomPop cash portion sensitivity downside_2028q4_acquisition_cash	2028Q4 / downside	0.00 USD_millions	assumption: Undisclosed cash/share split: sensitivity inside the up-to-$95M total consideration, not reported deal cash. Assumes payment in September with no later earnout cash.
Scheduled small-note principal downside_2028q4_debt_principal	2028Q4 / downside	0.02 USD_millions	assumption: Remaining FY2027 $0.791M and FY2028 $0.076M evenly allocated. Warehouse/ABL maturities follow January 2028 model end.
FCF plus disposal proceeds downside_2028q4_cash_with_sales	2028Q4 / downside	-44.20 USD_millions	derived: Comparable with company net-capex convention. Formula: sum(downside_2028q4_fcf, downside_2028q4_asset_sales).
Equity-award withholding cash downside_2028q4_award_withholding	2028Q4 / downside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Card acquisition principal and award cash downside_2028q4_additional_uses	2028Q4 / downside	24.02 USD_millions	derived: Excludes fresh financing and employee tax collections. Formula: sum(downside_2028q4_card_funding, downside_2028q4_acquisition_cash, downside_2028q4_debt_principal, downside_2028q4_award_withholding).
Cash after card funding and capital claims downside_2028q4_cash_after_claims	2028Q4 / downside	-68.22 USD_millions	derived: Not a full liquidity balance; restricted-reserve transfers can add uses. Formula: subtract(downside_2028q4_cash_with_sales, downside_2028q4_additional_uses).
Consolidated revenue ($M) downside_fy2027_revenue	FY2027 / downside	897.02 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, downside_2027q3_revenue, downside_2027q4_revenue).
GAAP gross profit proxy ($M) downside_fy2027_gross_profit	FY2027 / downside	655.66 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, downside_2027q3_gross_profit, downside_2027q4_gross_profit).
GAAP operating income proxy ($M) downside_fy2027_operating_income	FY2027 / downside	-127.98 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income).
Non-GAAP operating income proxy ($M) downside_fy2027_adj_operating_income	FY2027 / downside	58.89 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adj_operating_income, downside_2027q3_adj_operating_income, downside_2027q4_adj_operating_income).
Operating cash flow proxy ($M) downside_fy2027_cfo	FY2027 / downside	-10.01 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, downside_2027q3_cfo, downside_2027q4_cfo).
Gross cash PP&E and software ($M) downside_fy2027_capex	FY2027 / downside	25.79 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, downside_2027q3_capex, downside_2027q4_capex).
CFO less gross PP&E/software ($M) downside_fy2027_fcf	FY2027 / downside	-35.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, downside_2027q3_fcf, downside_2027q4_fcf).
Asset-sale cash ($M) downside_fy2027_asset_sales	FY2027 / downside	2.65 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_asset_sales, downside_2027q3_asset_sales, downside_2027q4_asset_sales).
Corporate-card receivable investment ($M) downside_fy2027_card_funding	FY2027 / downside	38.97 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_card_funding, downside_2027q3_card_funding, downside_2027q4_card_funding).
Acquisition cash sensitivity ($M) downside_fy2027_acquisition_cash	FY2027 / downside	95.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_acquisition_cash, downside_2027q3_acquisition_cash, downside_2027q4_acquisition_cash).
Scheduled small-note principal ($M) downside_fy2027_debt_principal	FY2027 / downside	1.31 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_debt_principal, downside_2027q3_debt_principal, downside_2027q4_debt_principal).
Cash after card funding and capital claims ($M) downside_fy2027_cash_after_claims	FY2027 / downside	-172.87 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_claims, downside_2027q3_cash_after_claims, downside_2027q4_cash_after_claims).
Consolidated revenue ($M) downside_fy2028_revenue	FY2028 / downside	1,011.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_revenue, downside_2028q2_revenue, downside_2028q3_revenue, downside_2028q4_revenue).
GAAP gross profit proxy ($M) downside_fy2028_gross_profit	FY2028 / downside	728.29 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_gross_profit, downside_2028q2_gross_profit, downside_2028q3_gross_profit, downside_2028q4_gross_profit).
GAAP operating income proxy ($M) downside_fy2028_operating_income	FY2028 / downside	-179.20 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_operating_income, downside_2028q2_operating_income, downside_2028q3_operating_income, downside_2028q4_operating_income).
Non-GAAP operating income proxy ($M) downside_fy2028_adj_operating_income	FY2028 / downside	61.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_adj_operating_income, downside_2028q2_adj_operating_income, downside_2028q3_adj_operating_income, downside_2028q4_adj_operating_income).
Operating cash flow proxy ($M) downside_fy2028_cfo	FY2028 / downside	-47.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_cfo, downside_2028q2_cfo, downside_2028q3_cfo, downside_2028q4_cfo).
Gross cash PP&E and software ($M) downside_fy2028_capex	FY2028 / downside	37.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_capex, downside_2028q2_capex, downside_2028q3_capex, downside_2028q4_capex).
CFO less gross PP&E/software ($M) downside_fy2028_fcf	FY2028 / downside	-85.60 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_fcf, downside_2028q2_fcf, downside_2028q3_fcf, downside_2028q4_fcf).
Asset-sale cash ($M) downside_fy2028_asset_sales	FY2028 / downside	0.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_asset_sales, downside_2028q2_asset_sales, downside_2028q3_asset_sales, downside_2028q4_asset_sales).
Corporate-card receivable investment ($M) downside_fy2028_card_funding	FY2028 / downside	87.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_card_funding, downside_2028q2_card_funding, downside_2028q3_card_funding, downside_2028q4_card_funding).
Acquisition cash sensitivity ($M) downside_fy2028_acquisition_cash	FY2028 / downside	0.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_acquisition_cash, downside_2028q2_acquisition_cash, downside_2028q3_acquisition_cash, downside_2028q4_acquisition_cash).
Scheduled small-note principal ($M) downside_fy2028_debt_principal	FY2028 / downside	0.08 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_debt_principal, downside_2028q2_debt_principal, downside_2028q3_debt_principal, downside_2028q4_debt_principal).
Cash after card funding and capital claims ($M) downside_fy2028_cash_after_claims	FY2028 / downside	-180.68 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_cash_after_claims, downside_2028q2_cash_after_claims, downside_2028q3_cash_after_claims, downside_2028q4_cash_after_claims).
Gross booking volume base_2027q3_gbv	2027Q3 / base	3,300.00 USD_millions	assumption: Desk assumption; not company guidance.
Card payment volume base_2027q3_payment_volume	2027Q3 / base	1,450.00 USD_millions	assumption: Desk assumption; not company guidance.
GBV versus Q2 base_2027q3_gbv_ratio	2027Q3 / base	110.0% ratio	derived: Normalize booked travel volume; not revenue. Formula: divide(base_2027q3_gbv, q2_gbv).
Card volume versus Q2 base_2027q3_payment_ratio	2027Q3 / base	111.5% ratio	derived: Normalize settled card spend; not revenue. Formula: divide(base_2027q3_payment_volume, q2_payment_volume).
Assumed booking weight base_2027q3_booking_weight	2027Q3 / base	80.0% ratio	assumption: Desk assumption; not company guidance.
Weighted booking activity base_2027q3_gbv_weighted	2027Q3 / base	88.0% ratio	derived: Desk weight, not disclosed travel revenue share. Formula: multiply(base_2027q3_gbv_ratio, base_2027q3_booking_weight).
Assumed card weight base_2027q3_payment_weight	2027Q3 / base	20.0% ratio	assumption: Desk assumption; not company guidance.
Weighted payment activity base_2027q3_payment_weighted	2027Q3 / base	22.3% ratio	derived: Complementary desk activity weight. Formula: multiply(base_2027q3_payment_ratio, base_2027q3_payment_weight).
Combined usage activity index base_2027q3_activity_index	2027Q3 / base	110.3% ratio	derived: Dimensionless weighted sensitivity; dollar volumes are never added as company sales. Formula: sum(base_2027q3_gbv_weighted, base_2027q3_payment_weighted).
Monetization/mix versus reference base_2027q3_monetization	2027Q3 / base	99.1% ratio	assumption: Initial base calibration fits recognized revenue guidance; captures mixed travel/card yield and recognition timing, not a pure take rate.
Usage-based revenue base_2027q3_usage	2027Q3 / base	231.00 USD_millions	derived: Activity and realization vary independently. Formula: multiply(q2_usage, base_2027q3_activity_index, base_2027q3_monetization).
Subscription revenue base_2027q3_subscriptions	2027Q3 / base	23.00 USD_millions	assumption: Desk assumption; not company guidance.
Consolidated revenue base_2027q3_revenue	2027Q3 / base	254.00 USD_millions	derived: No separate BoomPop uplift; company expects no material guidance impact. Formula: sum(base_2027q3_usage, base_2027q3_subscriptions).
Adjusted gross margin base_2027q3_adj_gross_margin	2027Q3 / base	75.5% ratio	assumption: Desk assumption; not company guidance.
Adjusted gross profit base_2027q3_adj_gross_profit	2027Q3 / base	191.77 USD_millions	derived: Includes processing, travel support and ordinary infrastructure cost. Formula: multiply(base_2027q3_revenue, base_2027q3_adj_gross_margin).
COGS SBC and acquired amortization base_2027q3_cogs_adjustments	2027Q3 / base	3.00 USD_millions	assumption: Allocation of total GAAP adjustments below, not extra operating expense.
GAAP gross profit proxy base_2027q3_gross_profit	2027Q3 / base	188.77 USD_millions	derived: No change to agent/principal revenue scope. Formula: subtract(base_2027q3_adj_gross_profit, base_2027q3_cogs_adjustments).
Adjusted operating expense base_2027q3_adjusted_opex	2027Q3 / base	155.77 USD_millions	assumption: Desk assumption; not company guidance.
Non-GAAP operating income proxy base_2027q3_adj_operating_income	2027Q3 / base	36.00 USD_millions	derived: Base remaining-year cost budget reconciles to management Q3 and annual midpoints. Formula: subtract(base_2027q3_adj_gross_profit, base_2027q3_adjusted_opex).
Employer payroll taxes on SBC base_2027q3_payroll	2027Q3 / base	1.20 USD_millions	assumption: Desk assumption; not company guidance.
Transition restructuring and integration expense base_2027q3_special_cash	2027Q3 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Ordinary SBC base_2027q3_sbc	2027Q3 / base	45.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquired intangible amortization including BoomPop allowance base_2027q3_acquired_amort	2027Q3 / base	1.40 USD_millions	assumption: Desk assumption; not company guidance.
SBC payroll acquired amortization and transition base_2027q3_gaap_adjustments	2027Q3 / base	49.60 USD_millions	derived: Purchase-price allocation unavailable; allowance is explicitly a desk input. Formula: sum(base_2027q3_sbc, base_2027q3_payroll, base_2027q3_acquired_amort, base_2027q3_special_cash).
GAAP operating income proxy base_2027q3_operating_income	2027Q3 / base	-13.60 USD_millions	derived: No repeated property-disposal gain. Formula: subtract(base_2027q3_adj_operating_income, base_2027q3_gaap_adjustments).
Ordinary depreciation and software amortization base_2027q3_ordinary_da	2027Q3 / base	5.50 USD_millions	assumption: Desk assumption; not company guidance.
Commission amortization base_2027q3_commission_amort	2027Q3 / base	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Investment income less borrowing cash interest base_2027q3_net_interest_cash	2027Q3 / base	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted earnings plus ordinary noncash costs base_2027q3_cash_before_uses	2027Q3 / base	45.50 USD_millions	derived: Acquired amortization already excluded from adjusted income; it is not added again. Formula: sum(base_2027q3_adj_operating_income, base_2027q3_ordinary_da, base_2027q3_commission_amort, base_2027q3_net_interest_cash).
Contract acquisition cash base_2027q3_commission_cash	2027Q3 / base	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax base_2027q3_cash_tax	2027Q3 / base	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Net supplier receivable and other operating cash use base_2027q3_wc_use	2027Q3 / base	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Commissions tax payroll transition and working capital base_2027q3_cash_uses	2027Q3 / base	24.20 USD_millions	derived: Card receivable investment is excluded here and deducted below FCF. Formula: sum(base_2027q3_commission_cash, base_2027q3_cash_tax, base_2027q3_payroll, base_2027q3_special_cash, base_2027q3_wc_use).
Operating cash flow proxy base_2027q3_cfo	2027Q3 / base	21.30 USD_millions	derived: No future warehouse/ABL borrowing counted as operating cash. Formula: subtract(base_2027q3_cash_before_uses, base_2027q3_cash_uses).
Cash PP&E base_2027q3_ppe	2027Q3 / base	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash internal-use software base_2027q3_software	2027Q3 / base	6.00 USD_millions	assumption: Desk assumption; not company guidance.
Gross cash PP&E and internal software base_2027q3_capex	2027Q3 / base	7.00 USD_millions	derived: Excludes noncash capitalized SBC. Formula: sum(base_2027q3_ppe, base_2027q3_software).
CFO less gross PP&E and software base_2027q3_fcf	2027Q3 / base	14.30 USD_millions	derived: Asset sales remain separate. Formula: subtract(base_2027q3_cfo, base_2027q3_capex).
Asset-sale cash base_2027q3_asset_sales	2027Q3 / base	0.00 USD_millions	assumption: Desk assumption; not company guidance.
Net corporate-card receivable funding base_2027q3_card_funding	2027Q3 / base	12.00 USD_millions	assumption: Cash investment before new warehouse borrowing; not a duplicate operating receivable deduction.
BoomPop cash portion sensitivity base_2027q3_acquisition_cash	2027Q3 / base	60.00 USD_millions	assumption: Undisclosed cash/share split: sensitivity inside the up-to-$95M total consideration, not reported deal cash. Assumes payment in September with no later earnout cash.
Scheduled small-note principal base_2027q3_debt_principal	2027Q3 / base	0.40 USD_millions	assumption: Remaining FY2027 $0.791M and FY2028 $0.076M evenly allocated. Warehouse/ABL maturities follow January 2028 model end.
FCF plus disposal proceeds base_2027q3_cash_with_sales	2027Q3 / base	14.30 USD_millions	derived: Comparable with company net-capex convention. Formula: sum(base_2027q3_fcf, base_2027q3_asset_sales).
Equity-award withholding cash base_2027q3_award_withholding	2027Q3 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Card acquisition principal and award cash base_2027q3_additional_uses	2027Q3 / base	74.40 USD_millions	derived: Excludes fresh financing and employee tax collections. Formula: sum(base_2027q3_card_funding, base_2027q3_acquisition_cash, base_2027q3_debt_principal, base_2027q3_award_withholding).
Cash after card funding and capital claims base_2027q3_cash_after_claims	2027Q3 / base	-60.10 USD_millions	derived: Not a full liquidity balance; restricted-reserve transfers can add uses. Formula: subtract(base_2027q3_cash_with_sales, base_2027q3_additional_uses).
Gross booking volume base_2027q4_gbv	2027Q4 / base	2,850.00 USD_millions	assumption: Desk assumption; not company guidance.
Card payment volume base_2027q4_payment_volume	2027Q4 / base	1,450.00 USD_millions	assumption: Desk assumption; not company guidance.
GBV versus Q2 base_2027q4_gbv_ratio	2027Q4 / base	95.0% ratio	derived: Normalize booked travel volume; not revenue. Formula: divide(base_2027q4_gbv, q2_gbv).
Card volume versus Q2 base_2027q4_payment_ratio	2027Q4 / base	111.5% ratio	derived: Normalize settled card spend; not revenue. Formula: divide(base_2027q4_payment_volume, q2_payment_volume).
Assumed booking weight base_2027q4_booking_weight	2027Q4 / base	80.0% ratio	assumption: Desk assumption; not company guidance.
Weighted booking activity base_2027q4_gbv_weighted	2027Q4 / base	76.0% ratio	derived: Desk weight, not disclosed travel revenue share. Formula: multiply(base_2027q4_gbv_ratio, base_2027q4_booking_weight).
Assumed card weight base_2027q4_payment_weight	2027Q4 / base	20.0% ratio	assumption: Desk assumption; not company guidance.
Weighted payment activity base_2027q4_payment_weighted	2027Q4 / base	22.3% ratio	derived: Complementary desk activity weight. Formula: multiply(base_2027q4_payment_ratio, base_2027q4_payment_weight).
Combined usage activity index base_2027q4_activity_index	2027Q4 / base	98.3% ratio	derived: Dimensionless weighted sensitivity; dollar volumes are never added as company sales. Formula: sum(base_2027q4_gbv_weighted, base_2027q4_payment_weighted).
Monetization/mix versus reference base_2027q4_monetization	2027Q4 / base	95.7% ratio	assumption: Initial base calibration fits recognized revenue guidance; captures mixed travel/card yield and recognition timing, not a pure take rate.
Usage-based revenue base_2027q4_usage	2027Q4 / base	198.98 USD_millions	derived: Activity and realization vary independently. Formula: multiply(q2_usage, base_2027q4_activity_index, base_2027q4_monetization).
Subscription revenue base_2027q4_subscriptions	2027Q4 / base	24.00 USD_millions	assumption: Desk assumption; not company guidance.
Consolidated revenue base_2027q4_revenue	2027Q4 / base	222.98 USD_millions	derived: No separate BoomPop uplift; company expects no material guidance impact. Formula: sum(base_2027q4_usage, base_2027q4_subscriptions).
Adjusted gross margin base_2027q4_adj_gross_margin	2027Q4 / base	75.5% ratio	assumption: Desk assumption; not company guidance.
Adjusted gross profit base_2027q4_adj_gross_profit	2027Q4 / base	168.35 USD_millions	derived: Includes processing, travel support and ordinary infrastructure cost. Formula: multiply(base_2027q4_revenue, base_2027q4_adj_gross_margin).
COGS SBC and acquired amortization base_2027q4_cogs_adjustments	2027Q4 / base	3.20 USD_millions	assumption: Allocation of total GAAP adjustments below, not extra operating expense.
GAAP gross profit proxy base_2027q4_gross_profit	2027Q4 / base	165.15 USD_millions	derived: No change to agent/principal revenue scope. Formula: subtract(base_2027q4_adj_gross_profit, base_2027q4_cogs_adjustments).
Adjusted operating expense base_2027q4_adjusted_opex	2027Q4 / base	161.24 USD_millions	assumption: Desk assumption; not company guidance.
Non-GAAP operating income proxy base_2027q4_adj_operating_income	2027Q4 / base	7.11 USD_millions	derived: Base remaining-year cost budget reconciles to management Q3 and annual midpoints. Formula: subtract(base_2027q4_adj_gross_profit, base_2027q4_adjusted_opex).
Employer payroll taxes on SBC base_2027q4_payroll	2027Q4 / base	1.30 USD_millions	assumption: Desk assumption; not company guidance.
Transition restructuring and integration expense base_2027q4_special_cash	2027Q4 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Ordinary SBC base_2027q4_sbc	2027Q4 / base	48.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquired intangible amortization including BoomPop allowance base_2027q4_acquired_amort	2027Q4 / base	1.40 USD_millions	assumption: Desk assumption; not company guidance.
SBC payroll acquired amortization and transition base_2027q4_gaap_adjustments	2027Q4 / base	52.70 USD_millions	derived: Purchase-price allocation unavailable; allowance is explicitly a desk input. Formula: sum(base_2027q4_sbc, base_2027q4_payroll, base_2027q4_acquired_amort, base_2027q4_special_cash).
GAAP operating income proxy base_2027q4_operating_income	2027Q4 / base	-45.59 USD_millions	derived: No repeated property-disposal gain. Formula: subtract(base_2027q4_adj_operating_income, base_2027q4_gaap_adjustments).
Ordinary depreciation and software amortization base_2027q4_ordinary_da	2027Q4 / base	6.00 USD_millions	assumption: Desk assumption; not company guidance.
Commission amortization base_2027q4_commission_amort	2027Q4 / base	3.40 USD_millions	assumption: Desk assumption; not company guidance.
Investment income less borrowing cash interest base_2027q4_net_interest_cash	2027Q4 / base	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted earnings plus ordinary noncash costs base_2027q4_cash_before_uses	2027Q4 / base	17.51 USD_millions	derived: Acquired amortization already excluded from adjusted income; it is not added again. Formula: sum(base_2027q4_adj_operating_income, base_2027q4_ordinary_da, base_2027q4_commission_amort, base_2027q4_net_interest_cash).
Contract acquisition cash base_2027q4_commission_cash	2027Q4 / base	14.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax base_2027q4_cash_tax	2027Q4 / base	3.30 USD_millions	assumption: Desk assumption; not company guidance.
Net supplier receivable and other operating cash use base_2027q4_wc_use	2027Q4 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Commissions tax payroll transition and working capital base_2027q4_cash_uses	2027Q4 / base	29.10 USD_millions	derived: Card receivable investment is excluded here and deducted below FCF. Formula: sum(base_2027q4_commission_cash, base_2027q4_cash_tax, base_2027q4_payroll, base_2027q4_special_cash, base_2027q4_wc_use).
Operating cash flow proxy base_2027q4_cfo	2027Q4 / base	-11.59 USD_millions	derived: No future warehouse/ABL borrowing counted as operating cash. Formula: subtract(base_2027q4_cash_before_uses, base_2027q4_cash_uses).
Cash PP&E base_2027q4_ppe	2027Q4 / base	1.20 USD_millions	assumption: Desk assumption; not company guidance.
Cash internal-use software base_2027q4_software	2027Q4 / base	6.50 USD_millions	assumption: Desk assumption; not company guidance.
Gross cash PP&E and internal software base_2027q4_capex	2027Q4 / base	7.70 USD_millions	derived: Excludes noncash capitalized SBC. Formula: sum(base_2027q4_ppe, base_2027q4_software).
CFO less gross PP&E and software base_2027q4_fcf	2027Q4 / base	-19.29 USD_millions	derived: Asset sales remain separate. Formula: subtract(base_2027q4_cfo, base_2027q4_capex).
Asset-sale cash base_2027q4_asset_sales	2027Q4 / base	0.00 USD_millions	assumption: Desk assumption; not company guidance.
Net corporate-card receivable funding base_2027q4_card_funding	2027Q4 / base	14.00 USD_millions	assumption: Cash investment before new warehouse borrowing; not a duplicate operating receivable deduction.
BoomPop cash portion sensitivity base_2027q4_acquisition_cash	2027Q4 / base	0.00 USD_millions	assumption: Undisclosed cash/share split: sensitivity inside the up-to-$95M total consideration, not reported deal cash. Assumes payment in September with no later earnout cash.
Scheduled small-note principal base_2027q4_debt_principal	2027Q4 / base	0.40 USD_millions	assumption: Remaining FY2027 $0.791M and FY2028 $0.076M evenly allocated. Warehouse/ABL maturities follow January 2028 model end.
FCF plus disposal proceeds base_2027q4_cash_with_sales	2027Q4 / base	-19.29 USD_millions	derived: Comparable with company net-capex convention. Formula: sum(base_2027q4_fcf, base_2027q4_asset_sales).
Equity-award withholding cash base_2027q4_award_withholding	2027Q4 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Card acquisition principal and award cash base_2027q4_additional_uses	2027Q4 / base	16.40 USD_millions	derived: Excludes fresh financing and employee tax collections. Formula: sum(base_2027q4_card_funding, base_2027q4_acquisition_cash, base_2027q4_debt_principal, base_2027q4_award_withholding).
Cash after card funding and capital claims base_2027q4_cash_after_claims	2027Q4 / base	-35.69 USD_millions	derived: Not a full liquidity balance; restricted-reserve transfers can add uses. Formula: subtract(base_2027q4_cash_with_sales, base_2027q4_additional_uses).
Gross booking volume base_2028q1_gbv	2028Q1 / base	3,600.00 USD_millions	assumption: Desk assumption; not company guidance.
Card payment volume base_2028q1_payment_volume	2028Q1 / base	1,540.00 USD_millions	assumption: Desk assumption; not company guidance.
GBV versus Q2 base_2028q1_gbv_ratio	2028Q1 / base	120.0% ratio	derived: Normalize booked travel volume; not revenue. Formula: divide(base_2028q1_gbv, q2_gbv).
Card volume versus Q2 base_2028q1_payment_ratio	2028Q1 / base	118.5% ratio	derived: Normalize settled card spend; not revenue. Formula: divide(base_2028q1_payment_volume, q2_payment_volume).
Assumed booking weight base_2028q1_booking_weight	2028Q1 / base	80.0% ratio	assumption: Desk assumption; not company guidance.
Weighted booking activity base_2028q1_gbv_weighted	2028Q1 / base	96.0% ratio	derived: Desk weight, not disclosed travel revenue share. Formula: multiply(base_2028q1_gbv_ratio, base_2028q1_booking_weight).
Assumed card weight base_2028q1_payment_weight	2028Q1 / base	20.0% ratio	assumption: Desk assumption; not company guidance.
Weighted payment activity base_2028q1_payment_weighted	2028Q1 / base	23.7% ratio	derived: Complementary desk activity weight. Formula: multiply(base_2028q1_payment_ratio, base_2028q1_payment_weight).
Combined usage activity index base_2028q1_activity_index	2028Q1 / base	119.7% ratio	derived: Dimensionless weighted sensitivity; dollar volumes are never added as company sales. Formula: sum(base_2028q1_gbv_weighted, base_2028q1_payment_weighted).
Monetization/mix versus reference base_2028q1_monetization	2028Q1 / base	98.8% ratio	assumption: Initial base calibration fits recognized revenue guidance; captures mixed travel/card yield and recognition timing, not a pure take rate.
Usage-based revenue base_2028q1_usage	2028Q1 / base	250.00 USD_millions	derived: Activity and realization vary independently. Formula: multiply(q2_usage, base_2028q1_activity_index, base_2028q1_monetization).
Subscription revenue base_2028q1_subscriptions	2028Q1 / base	27.00 USD_millions	assumption: Desk assumption; not company guidance.
Consolidated revenue base_2028q1_revenue	2028Q1 / base	277.00 USD_millions	derived: No separate BoomPop uplift; company expects no material guidance impact. Formula: sum(base_2028q1_usage, base_2028q1_subscriptions).
Adjusted gross margin base_2028q1_adj_gross_margin	2028Q1 / base	75.5% ratio	assumption: Desk assumption; not company guidance.
Adjusted gross profit base_2028q1_adj_gross_profit	2028Q1 / base	209.13 USD_millions	derived: Includes processing, travel support and ordinary infrastructure cost. Formula: multiply(base_2028q1_revenue, base_2028q1_adj_gross_margin).
COGS SBC and acquired amortization base_2028q1_cogs_adjustments	2028Q1 / base	3.40 USD_millions	assumption: Allocation of total GAAP adjustments below, not extra operating expense.
GAAP gross profit proxy base_2028q1_gross_profit	2028Q1 / base	205.73 USD_millions	derived: No change to agent/principal revenue scope. Formula: subtract(base_2028q1_adj_gross_profit, base_2028q1_cogs_adjustments).
Adjusted operating expense base_2028q1_adjusted_opex	2028Q1 / base	179.13 USD_millions	assumption: Desk assumption; not company guidance.
Non-GAAP operating income proxy base_2028q1_adj_operating_income	2028Q1 / base	30.00 USD_millions	derived: Base remaining-year cost budget reconciles to management Q3 and annual midpoints. Formula: subtract(base_2028q1_adj_gross_profit, base_2028q1_adjusted_opex).
Employer payroll taxes on SBC base_2028q1_payroll	2028Q1 / base	1.40 USD_millions	assumption: Desk assumption; not company guidance.
Transition restructuring and integration expense base_2028q1_special_cash	2028Q1 / base	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Ordinary SBC base_2028q1_sbc	2028Q1 / base	51.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquired intangible amortization including BoomPop allowance base_2028q1_acquired_amort	2028Q1 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC payroll acquired amortization and transition base_2028q1_gaap_adjustments	2028Q1 / base	55.40 USD_millions	derived: Purchase-price allocation unavailable; allowance is explicitly a desk input. Formula: sum(base_2028q1_sbc, base_2028q1_payroll, base_2028q1_acquired_amort, base_2028q1_special_cash).
GAAP operating income proxy base_2028q1_operating_income	2028Q1 / base	-25.40 USD_millions	derived: No repeated property-disposal gain. Formula: subtract(base_2028q1_adj_operating_income, base_2028q1_gaap_adjustments).
Ordinary depreciation and software amortization base_2028q1_ordinary_da	2028Q1 / base	6.50 USD_millions	assumption: Desk assumption; not company guidance.
Commission amortization base_2028q1_commission_amort	2028Q1 / base	3.80 USD_millions	assumption: Desk assumption; not company guidance.
Investment income less borrowing cash interest base_2028q1_net_interest_cash	2028Q1 / base	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted earnings plus ordinary noncash costs base_2028q1_cash_before_uses	2028Q1 / base	41.30 USD_millions	derived: Acquired amortization already excluded from adjusted income; it is not added again. Formula: sum(base_2028q1_adj_operating_income, base_2028q1_ordinary_da, base_2028q1_commission_amort, base_2028q1_net_interest_cash).
Contract acquisition cash base_2028q1_commission_cash	2028Q1 / base	16.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax base_2028q1_cash_tax	2028Q1 / base	3.60 USD_millions	assumption: Desk assumption; not company guidance.
Net supplier receivable and other operating cash use base_2028q1_wc_use	2028Q1 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Commissions tax payroll transition and working capital base_2028q1_cash_uses	2028Q1 / base	30.00 USD_millions	derived: Card receivable investment is excluded here and deducted below FCF. Formula: sum(base_2028q1_commission_cash, base_2028q1_cash_tax, base_2028q1_payroll, base_2028q1_special_cash, base_2028q1_wc_use).
Operating cash flow proxy base_2028q1_cfo	2028Q1 / base	11.30 USD_millions	derived: No future warehouse/ABL borrowing counted as operating cash. Formula: subtract(base_2028q1_cash_before_uses, base_2028q1_cash_uses).
Cash PP&E base_2028q1_ppe	2028Q1 / base	1.40 USD_millions	assumption: Desk assumption; not company guidance.
Cash internal-use software base_2028q1_software	2028Q1 / base	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Gross cash PP&E and internal software base_2028q1_capex	2028Q1 / base	8.40 USD_millions	derived: Excludes noncash capitalized SBC. Formula: sum(base_2028q1_ppe, base_2028q1_software).
CFO less gross PP&E and software base_2028q1_fcf	2028Q1 / base	2.90 USD_millions	derived: Asset sales remain separate. Formula: subtract(base_2028q1_cfo, base_2028q1_capex).
Asset-sale cash base_2028q1_asset_sales	2028Q1 / base	0.00 USD_millions	assumption: Desk assumption; not company guidance.
Net corporate-card receivable funding base_2028q1_card_funding	2028Q1 / base	14.00 USD_millions	assumption: Cash investment before new warehouse borrowing; not a duplicate operating receivable deduction.
BoomPop cash portion sensitivity base_2028q1_acquisition_cash	2028Q1 / base	0.00 USD_millions	assumption: Undisclosed cash/share split: sensitivity inside the up-to-$95M total consideration, not reported deal cash. Assumes payment in September with no later earnout cash.
Scheduled small-note principal base_2028q1_debt_principal	2028Q1 / base	0.02 USD_millions	assumption: Remaining FY2027 $0.791M and FY2028 $0.076M evenly allocated. Warehouse/ABL maturities follow January 2028 model end.
FCF plus disposal proceeds base_2028q1_cash_with_sales	2028Q1 / base	2.90 USD_millions	derived: Comparable with company net-capex convention. Formula: sum(base_2028q1_fcf, base_2028q1_asset_sales).
Equity-award withholding cash base_2028q1_award_withholding	2028Q1 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Card acquisition principal and award cash base_2028q1_additional_uses	2028Q1 / base	16.02 USD_millions	derived: Excludes fresh financing and employee tax collections. Formula: sum(base_2028q1_card_funding, base_2028q1_acquisition_cash, base_2028q1_debt_principal, base_2028q1_award_withholding).
Cash after card funding and capital claims base_2028q1_cash_after_claims	2028Q1 / base	-13.12 USD_millions	derived: Not a full liquidity balance; restricted-reserve transfers can add uses. Formula: subtract(base_2028q1_cash_with_sales, base_2028q1_additional_uses).
Gross booking volume base_2028q2_gbv	2028Q2 / base	3,750.00 USD_millions	assumption: Desk assumption; not company guidance.
Card payment volume base_2028q2_payment_volume	2028Q2 / base	1,680.00 USD_millions	assumption: Desk assumption; not company guidance.
GBV versus Q2 base_2028q2_gbv_ratio	2028Q2 / base	125.0% ratio	derived: Normalize booked travel volume; not revenue. Formula: divide(base_2028q2_gbv, q2_gbv).
Card volume versus Q2 base_2028q2_payment_ratio	2028Q2 / base	129.2% ratio	derived: Normalize settled card spend; not revenue. Formula: divide(base_2028q2_payment_volume, q2_payment_volume).
Assumed booking weight base_2028q2_booking_weight	2028Q2 / base	80.0% ratio	assumption: Desk assumption; not company guidance.
Weighted booking activity base_2028q2_gbv_weighted	2028Q2 / base	100.0% ratio	derived: Desk weight, not disclosed travel revenue share. Formula: multiply(base_2028q2_gbv_ratio, base_2028q2_booking_weight).
Assumed card weight base_2028q2_payment_weight	2028Q2 / base	20.0% ratio	assumption: Desk assumption; not company guidance.
Weighted payment activity base_2028q2_payment_weighted	2028Q2 / base	25.8% ratio	derived: Complementary desk activity weight. Formula: multiply(base_2028q2_payment_ratio, base_2028q2_payment_weight).
Combined usage activity index base_2028q2_activity_index	2028Q2 / base	125.8% ratio	derived: Dimensionless weighted sensitivity; dollar volumes are never added as company sales. Formula: sum(base_2028q2_gbv_weighted, base_2028q2_payment_weighted).
Monetization/mix versus reference base_2028q2_monetization	2028Q2 / base	100.0% ratio	assumption: Initial base calibration fits recognized revenue guidance; captures mixed travel/card yield and recognition timing, not a pure take rate.
Usage-based revenue base_2028q2_usage	2028Q2 / base	266.00 USD_millions	derived: Activity and realization vary independently. Formula: multiply(q2_usage, base_2028q2_activity_index, base_2028q2_monetization).
Subscription revenue base_2028q2_subscriptions	2028Q2 / base	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Consolidated revenue base_2028q2_revenue	2028Q2 / base	296.00 USD_millions	derived: No separate BoomPop uplift; company expects no material guidance impact. Formula: sum(base_2028q2_usage, base_2028q2_subscriptions).
Adjusted gross margin base_2028q2_adj_gross_margin	2028Q2 / base	75.5% ratio	assumption: Desk assumption; not company guidance.
Adjusted gross profit base_2028q2_adj_gross_profit	2028Q2 / base	223.48 USD_millions	derived: Includes processing, travel support and ordinary infrastructure cost. Formula: multiply(base_2028q2_revenue, base_2028q2_adj_gross_margin).
COGS SBC and acquired amortization base_2028q2_cogs_adjustments	2028Q2 / base	3.60 USD_millions	assumption: Allocation of total GAAP adjustments below, not extra operating expense.
GAAP gross profit proxy base_2028q2_gross_profit	2028Q2 / base	219.88 USD_millions	derived: No change to agent/principal revenue scope. Formula: subtract(base_2028q2_adj_gross_profit, base_2028q2_cogs_adjustments).
Adjusted operating expense base_2028q2_adjusted_opex	2028Q2 / base	187.48 USD_millions	assumption: Desk assumption; not company guidance.
Non-GAAP operating income proxy base_2028q2_adj_operating_income	2028Q2 / base	36.00 USD_millions	derived: Base remaining-year cost budget reconciles to management Q3 and annual midpoints. Formula: subtract(base_2028q2_adj_gross_profit, base_2028q2_adjusted_opex).
Employer payroll taxes on SBC base_2028q2_payroll	2028Q2 / base	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Transition restructuring and integration expense base_2028q2_special_cash	2028Q2 / base	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Ordinary SBC base_2028q2_sbc	2028Q2 / base	54.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquired intangible amortization including BoomPop allowance base_2028q2_acquired_amort	2028Q2 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC payroll acquired amortization and transition base_2028q2_gaap_adjustments	2028Q2 / base	58.50 USD_millions	derived: Purchase-price allocation unavailable; allowance is explicitly a desk input. Formula: sum(base_2028q2_sbc, base_2028q2_payroll, base_2028q2_acquired_amort, base_2028q2_special_cash).
GAAP operating income proxy base_2028q2_operating_income	2028Q2 / base	-22.50 USD_millions	derived: No repeated property-disposal gain. Formula: subtract(base_2028q2_adj_operating_income, base_2028q2_gaap_adjustments).
Ordinary depreciation and software amortization base_2028q2_ordinary_da	2028Q2 / base	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Commission amortization base_2028q2_commission_amort	2028Q2 / base	4.20 USD_millions	assumption: Desk assumption; not company guidance.
Investment income less borrowing cash interest base_2028q2_net_interest_cash	2028Q2 / base	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted earnings plus ordinary noncash costs base_2028q2_cash_before_uses	2028Q2 / base	48.20 USD_millions	derived: Acquired amortization already excluded from adjusted income; it is not added again. Formula: sum(base_2028q2_adj_operating_income, base_2028q2_ordinary_da, base_2028q2_commission_amort, base_2028q2_net_interest_cash).
Contract acquisition cash base_2028q2_commission_cash	2028Q2 / base	17.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax base_2028q2_cash_tax	2028Q2 / base	3.90 USD_millions	assumption: Desk assumption; not company guidance.
Net supplier receivable and other operating cash use base_2028q2_wc_use	2028Q2 / base	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Commissions tax payroll transition and working capital base_2028q2_cash_uses	2028Q2 / base	33.90 USD_millions	derived: Card receivable investment is excluded here and deducted below FCF. Formula: sum(base_2028q2_commission_cash, base_2028q2_cash_tax, base_2028q2_payroll, base_2028q2_special_cash, base_2028q2_wc_use).
Operating cash flow proxy base_2028q2_cfo	2028Q2 / base	14.30 USD_millions	derived: No future warehouse/ABL borrowing counted as operating cash. Formula: subtract(base_2028q2_cash_before_uses, base_2028q2_cash_uses).
Cash PP&E base_2028q2_ppe	2028Q2 / base	1.60 USD_millions	assumption: Desk assumption; not company guidance.
Cash internal-use software base_2028q2_software	2028Q2 / base	7.50 USD_millions	assumption: Desk assumption; not company guidance.
Gross cash PP&E and internal software base_2028q2_capex	2028Q2 / base	9.10 USD_millions	derived: Excludes noncash capitalized SBC. Formula: sum(base_2028q2_ppe, base_2028q2_software).
CFO less gross PP&E and software base_2028q2_fcf	2028Q2 / base	5.20 USD_millions	derived: Asset sales remain separate. Formula: subtract(base_2028q2_cfo, base_2028q2_capex).
Asset-sale cash base_2028q2_asset_sales	2028Q2 / base	0.00 USD_millions	assumption: Desk assumption; not company guidance.
Net corporate-card receivable funding base_2028q2_card_funding	2028Q2 / base	18.00 USD_millions	assumption: Cash investment before new warehouse borrowing; not a duplicate operating receivable deduction.
BoomPop cash portion sensitivity base_2028q2_acquisition_cash	2028Q2 / base	0.00 USD_millions	assumption: Undisclosed cash/share split: sensitivity inside the up-to-$95M total consideration, not reported deal cash. Assumes payment in September with no later earnout cash.
Scheduled small-note principal base_2028q2_debt_principal	2028Q2 / base	0.02 USD_millions	assumption: Remaining FY2027 $0.791M and FY2028 $0.076M evenly allocated. Warehouse/ABL maturities follow January 2028 model end.
FCF plus disposal proceeds base_2028q2_cash_with_sales	2028Q2 / base	5.20 USD_millions	derived: Comparable with company net-capex convention. Formula: sum(base_2028q2_fcf, base_2028q2_asset_sales).
Equity-award withholding cash base_2028q2_award_withholding	2028Q2 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Card acquisition principal and award cash base_2028q2_additional_uses	2028Q2 / base	20.02 USD_millions	derived: Excludes fresh financing and employee tax collections. Formula: sum(base_2028q2_card_funding, base_2028q2_acquisition_cash, base_2028q2_debt_principal, base_2028q2_award_withholding).
Cash after card funding and capital claims base_2028q2_cash_after_claims	2028Q2 / base	-14.82 USD_millions	derived: Not a full liquidity balance; restricted-reserve transfers can add uses. Formula: subtract(base_2028q2_cash_with_sales, base_2028q2_additional_uses).
Gross booking volume base_2028q3_gbv	2028Q3 / base	4,200.00 USD_millions	assumption: Desk assumption; not company guidance.
Card payment volume base_2028q3_payment_volume	2028Q3 / base	1,850.00 USD_millions	assumption: Desk assumption; not company guidance.
GBV versus Q2 base_2028q3_gbv_ratio	2028Q3 / base	140.0% ratio	derived: Normalize booked travel volume; not revenue. Formula: divide(base_2028q3_gbv, q2_gbv).
Card volume versus Q2 base_2028q3_payment_ratio	2028Q3 / base	142.3% ratio	derived: Normalize settled card spend; not revenue. Formula: divide(base_2028q3_payment_volume, q2_payment_volume).
Assumed booking weight base_2028q3_booking_weight	2028Q3 / base	80.0% ratio	assumption: Desk assumption; not company guidance.
Weighted booking activity base_2028q3_gbv_weighted	2028Q3 / base	112.0% ratio	derived: Desk weight, not disclosed travel revenue share. Formula: multiply(base_2028q3_gbv_ratio, base_2028q3_booking_weight).
Assumed card weight base_2028q3_payment_weight	2028Q3 / base	20.0% ratio	assumption: Desk assumption; not company guidance.
Weighted payment activity base_2028q3_payment_weighted	2028Q3 / base	28.5% ratio	derived: Complementary desk activity weight. Formula: multiply(base_2028q3_payment_ratio, base_2028q3_payment_weight).
Combined usage activity index base_2028q3_activity_index	2028Q3 / base	140.5% ratio	derived: Dimensionless weighted sensitivity; dollar volumes are never added as company sales. Formula: sum(base_2028q3_gbv_weighted, base_2028q3_payment_weighted).
Monetization/mix versus reference base_2028q3_monetization	2028Q3 / base	100.4% ratio	assumption: Initial base calibration fits recognized revenue guidance; captures mixed travel/card yield and recognition timing, not a pure take rate.
Usage-based revenue base_2028q3_usage	2028Q3 / base	298.00 USD_millions	derived: Activity and realization vary independently. Formula: multiply(q2_usage, base_2028q3_activity_index, base_2028q3_monetization).
Subscription revenue base_2028q3_subscriptions	2028Q3 / base	33.00 USD_millions	assumption: Desk assumption; not company guidance.
Consolidated revenue base_2028q3_revenue	2028Q3 / base	331.00 USD_millions	derived: No separate BoomPop uplift; company expects no material guidance impact. Formula: sum(base_2028q3_usage, base_2028q3_subscriptions).
Adjusted gross margin base_2028q3_adj_gross_margin	2028Q3 / base	75.5% ratio	assumption: Desk assumption; not company guidance.
Adjusted gross profit base_2028q3_adj_gross_profit	2028Q3 / base	249.91 USD_millions	derived: Includes processing, travel support and ordinary infrastructure cost. Formula: multiply(base_2028q3_revenue, base_2028q3_adj_gross_margin).
COGS SBC and acquired amortization base_2028q3_cogs_adjustments	2028Q3 / base	3.80 USD_millions	assumption: Allocation of total GAAP adjustments below, not extra operating expense.
GAAP gross profit proxy base_2028q3_gross_profit	2028Q3 / base	246.10 USD_millions	derived: No change to agent/principal revenue scope. Formula: subtract(base_2028q3_adj_gross_profit, base_2028q3_cogs_adjustments).
Adjusted operating expense base_2028q3_adjusted_opex	2028Q3 / base	194.91 USD_millions	assumption: Desk assumption; not company guidance.
Non-GAAP operating income proxy base_2028q3_adj_operating_income	2028Q3 / base	55.00 USD_millions	derived: Base remaining-year cost budget reconciles to management Q3 and annual midpoints. Formula: subtract(base_2028q3_adj_gross_profit, base_2028q3_adjusted_opex).
Employer payroll taxes on SBC base_2028q3_payroll	2028Q3 / base	1.60 USD_millions	assumption: Desk assumption; not company guidance.
Transition restructuring and integration expense base_2028q3_special_cash	2028Q3 / base	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Ordinary SBC base_2028q3_sbc	2028Q3 / base	57.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquired intangible amortization including BoomPop allowance base_2028q3_acquired_amort	2028Q3 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC payroll acquired amortization and transition base_2028q3_gaap_adjustments	2028Q3 / base	61.60 USD_millions	derived: Purchase-price allocation unavailable; allowance is explicitly a desk input. Formula: sum(base_2028q3_sbc, base_2028q3_payroll, base_2028q3_acquired_amort, base_2028q3_special_cash).
GAAP operating income proxy base_2028q3_operating_income	2028Q3 / base	-6.60 USD_millions	derived: No repeated property-disposal gain. Formula: subtract(base_2028q3_adj_operating_income, base_2028q3_gaap_adjustments).
Ordinary depreciation and software amortization base_2028q3_ordinary_da	2028Q3 / base	7.50 USD_millions	assumption: Desk assumption; not company guidance.
Commission amortization base_2028q3_commission_amort	2028Q3 / base	4.60 USD_millions	assumption: Desk assumption; not company guidance.
Investment income less borrowing cash interest base_2028q3_net_interest_cash	2028Q3 / base	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted earnings plus ordinary noncash costs base_2028q3_cash_before_uses	2028Q3 / base	68.10 USD_millions	derived: Acquired amortization already excluded from adjusted income; it is not added again. Formula: sum(base_2028q3_adj_operating_income, base_2028q3_ordinary_da, base_2028q3_commission_amort, base_2028q3_net_interest_cash).
Contract acquisition cash base_2028q3_commission_cash	2028Q3 / base	19.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax base_2028q3_cash_tax	2028Q3 / base	4.20 USD_millions	assumption: Desk assumption; not company guidance.
Net supplier receivable and other operating cash use base_2028q3_wc_use	2028Q3 / base	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Commissions tax payroll transition and working capital base_2028q3_cash_uses	2028Q3 / base	37.80 USD_millions	derived: Card receivable investment is excluded here and deducted below FCF. Formula: sum(base_2028q3_commission_cash, base_2028q3_cash_tax, base_2028q3_payroll, base_2028q3_special_cash, base_2028q3_wc_use).
Operating cash flow proxy base_2028q3_cfo	2028Q3 / base	30.30 USD_millions	derived: No future warehouse/ABL borrowing counted as operating cash. Formula: subtract(base_2028q3_cash_before_uses, base_2028q3_cash_uses).
Cash PP&E base_2028q3_ppe	2028Q3 / base	1.80 USD_millions	assumption: Desk assumption; not company guidance.
Cash internal-use software base_2028q3_software	2028Q3 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Gross cash PP&E and internal software base_2028q3_capex	2028Q3 / base	9.80 USD_millions	derived: Excludes noncash capitalized SBC. Formula: sum(base_2028q3_ppe, base_2028q3_software).
CFO less gross PP&E and software base_2028q3_fcf	2028Q3 / base	20.50 USD_millions	derived: Asset sales remain separate. Formula: subtract(base_2028q3_cfo, base_2028q3_capex).
Asset-sale cash base_2028q3_asset_sales	2028Q3 / base	0.00 USD_millions	assumption: Desk assumption; not company guidance.
Net corporate-card receivable funding base_2028q3_card_funding	2028Q3 / base	22.00 USD_millions	assumption: Cash investment before new warehouse borrowing; not a duplicate operating receivable deduction.
BoomPop cash portion sensitivity base_2028q3_acquisition_cash	2028Q3 / base	0.00 USD_millions	assumption: Undisclosed cash/share split: sensitivity inside the up-to-$95M total consideration, not reported deal cash. Assumes payment in September with no later earnout cash.
Scheduled small-note principal base_2028q3_debt_principal	2028Q3 / base	0.02 USD_millions	assumption: Remaining FY2027 $0.791M and FY2028 $0.076M evenly allocated. Warehouse/ABL maturities follow January 2028 model end.
FCF plus disposal proceeds base_2028q3_cash_with_sales	2028Q3 / base	20.50 USD_millions	derived: Comparable with company net-capex convention. Formula: sum(base_2028q3_fcf, base_2028q3_asset_sales).
Equity-award withholding cash base_2028q3_award_withholding	2028Q3 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Card acquisition principal and award cash base_2028q3_additional_uses	2028Q3 / base	24.02 USD_millions	derived: Excludes fresh financing and employee tax collections. Formula: sum(base_2028q3_card_funding, base_2028q3_acquisition_cash, base_2028q3_debt_principal, base_2028q3_award_withholding).
Cash after card funding and capital claims base_2028q3_cash_after_claims	2028Q3 / base	-3.52 USD_millions	derived: Not a full liquidity balance; restricted-reserve transfers can add uses. Formula: subtract(base_2028q3_cash_with_sales, base_2028q3_additional_uses).
Gross booking volume base_2028q4_gbv	2028Q4 / base	3,400.00 USD_millions	assumption: Desk assumption; not company guidance.
Card payment volume base_2028q4_payment_volume	2028Q4 / base	1,900.00 USD_millions	assumption: Desk assumption; not company guidance.
GBV versus Q2 base_2028q4_gbv_ratio	2028Q4 / base	113.3% ratio	derived: Normalize booked travel volume; not revenue. Formula: divide(base_2028q4_gbv, q2_gbv).
Card volume versus Q2 base_2028q4_payment_ratio	2028Q4 / base	146.2% ratio	derived: Normalize settled card spend; not revenue. Formula: divide(base_2028q4_payment_volume, q2_payment_volume).
Assumed booking weight base_2028q4_booking_weight	2028Q4 / base	80.0% ratio	assumption: Desk assumption; not company guidance.
Weighted booking activity base_2028q4_gbv_weighted	2028Q4 / base	90.7% ratio	derived: Desk weight, not disclosed travel revenue share. Formula: multiply(base_2028q4_gbv_ratio, base_2028q4_booking_weight).
Assumed card weight base_2028q4_payment_weight	2028Q4 / base	20.0% ratio	assumption: Desk assumption; not company guidance.
Weighted payment activity base_2028q4_payment_weighted	2028Q4 / base	29.2% ratio	derived: Complementary desk activity weight. Formula: multiply(base_2028q4_payment_ratio, base_2028q4_payment_weight).
Combined usage activity index base_2028q4_activity_index	2028Q4 / base	119.9% ratio	derived: Dimensionless weighted sensitivity; dollar volumes are never added as company sales. Formula: sum(base_2028q4_gbv_weighted, base_2028q4_payment_weighted).
Monetization/mix versus reference base_2028q4_monetization	2028Q4 / base	97.1% ratio	assumption: Initial base calibration fits recognized revenue guidance; captures mixed travel/card yield and recognition timing, not a pure take rate.
Usage-based revenue base_2028q4_usage	2028Q4 / base	246.00 USD_millions	derived: Activity and realization vary independently. Formula: multiply(q2_usage, base_2028q4_activity_index, base_2028q4_monetization).
Subscription revenue base_2028q4_subscriptions	2028Q4 / base	36.00 USD_millions	assumption: Desk assumption; not company guidance.
Consolidated revenue base_2028q4_revenue	2028Q4 / base	282.00 USD_millions	derived: No separate BoomPop uplift; company expects no material guidance impact. Formula: sum(base_2028q4_usage, base_2028q4_subscriptions).
Adjusted gross margin base_2028q4_adj_gross_margin	2028Q4 / base	75.5% ratio	assumption: Desk assumption; not company guidance.
Adjusted gross profit base_2028q4_adj_gross_profit	2028Q4 / base	212.91 USD_millions	derived: Includes processing, travel support and ordinary infrastructure cost. Formula: multiply(base_2028q4_revenue, base_2028q4_adj_gross_margin).
COGS SBC and acquired amortization base_2028q4_cogs_adjustments	2028Q4 / base	4.00 USD_millions	assumption: Allocation of total GAAP adjustments below, not extra operating expense.
GAAP gross profit proxy base_2028q4_gross_profit	2028Q4 / base	208.91 USD_millions	derived: No change to agent/principal revenue scope. Formula: subtract(base_2028q4_adj_gross_profit, base_2028q4_cogs_adjustments).
Adjusted operating expense base_2028q4_adjusted_opex	2028Q4 / base	192.91 USD_millions	assumption: Desk assumption; not company guidance.
Non-GAAP operating income proxy base_2028q4_adj_operating_income	2028Q4 / base	20.00 USD_millions	derived: Base remaining-year cost budget reconciles to management Q3 and annual midpoints. Formula: subtract(base_2028q4_adj_gross_profit, base_2028q4_adjusted_opex).
Employer payroll taxes on SBC base_2028q4_payroll	2028Q4 / base	1.70 USD_millions	assumption: Desk assumption; not company guidance.
Transition restructuring and integration expense base_2028q4_special_cash	2028Q4 / base	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Ordinary SBC base_2028q4_sbc	2028Q4 / base	60.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquired intangible amortization including BoomPop allowance base_2028q4_acquired_amort	2028Q4 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC payroll acquired amortization and transition base_2028q4_gaap_adjustments	2028Q4 / base	64.70 USD_millions	derived: Purchase-price allocation unavailable; allowance is explicitly a desk input. Formula: sum(base_2028q4_sbc, base_2028q4_payroll, base_2028q4_acquired_amort, base_2028q4_special_cash).
GAAP operating income proxy base_2028q4_operating_income	2028Q4 / base	-44.70 USD_millions	derived: No repeated property-disposal gain. Formula: subtract(base_2028q4_adj_operating_income, base_2028q4_gaap_adjustments).
Ordinary depreciation and software amortization base_2028q4_ordinary_da	2028Q4 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Commission amortization base_2028q4_commission_amort	2028Q4 / base	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Investment income less borrowing cash interest base_2028q4_net_interest_cash	2028Q4 / base	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted earnings plus ordinary noncash costs base_2028q4_cash_before_uses	2028Q4 / base	34.00 USD_millions	derived: Acquired amortization already excluded from adjusted income; it is not added again. Formula: sum(base_2028q4_adj_operating_income, base_2028q4_ordinary_da, base_2028q4_commission_amort, base_2028q4_net_interest_cash).
Contract acquisition cash base_2028q4_commission_cash	2028Q4 / base	20.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax base_2028q4_cash_tax	2028Q4 / base	4.50 USD_millions	assumption: Desk assumption; not company guidance.
Net supplier receivable and other operating cash use base_2028q4_wc_use	2028Q4 / base	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Commissions tax payroll transition and working capital base_2028q4_cash_uses	2028Q4 / base	37.70 USD_millions	derived: Card receivable investment is excluded here and deducted below FCF. Formula: sum(base_2028q4_commission_cash, base_2028q4_cash_tax, base_2028q4_payroll, base_2028q4_special_cash, base_2028q4_wc_use).
Operating cash flow proxy base_2028q4_cfo	2028Q4 / base	-3.70 USD_millions	derived: No future warehouse/ABL borrowing counted as operating cash. Formula: subtract(base_2028q4_cash_before_uses, base_2028q4_cash_uses).
Cash PP&E base_2028q4_ppe	2028Q4 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash internal-use software base_2028q4_software	2028Q4 / base	8.50 USD_millions	assumption: Desk assumption; not company guidance.
Gross cash PP&E and internal software base_2028q4_capex	2028Q4 / base	10.50 USD_millions	derived: Excludes noncash capitalized SBC. Formula: sum(base_2028q4_ppe, base_2028q4_software).
CFO less gross PP&E and software base_2028q4_fcf	2028Q4 / base	-14.20 USD_millions	derived: Asset sales remain separate. Formula: subtract(base_2028q4_cfo, base_2028q4_capex).
Asset-sale cash base_2028q4_asset_sales	2028Q4 / base	0.00 USD_millions	assumption: Desk assumption; not company guidance.
Net corporate-card receivable funding base_2028q4_card_funding	2028Q4 / base	18.00 USD_millions	assumption: Cash investment before new warehouse borrowing; not a duplicate operating receivable deduction.
BoomPop cash portion sensitivity base_2028q4_acquisition_cash	2028Q4 / base	0.00 USD_millions	assumption: Undisclosed cash/share split: sensitivity inside the up-to-$95M total consideration, not reported deal cash. Assumes payment in September with no later earnout cash.
Scheduled small-note principal base_2028q4_debt_principal	2028Q4 / base	0.02 USD_millions	assumption: Remaining FY2027 $0.791M and FY2028 $0.076M evenly allocated. Warehouse/ABL maturities follow January 2028 model end.
FCF plus disposal proceeds base_2028q4_cash_with_sales	2028Q4 / base	-14.20 USD_millions	derived: Comparable with company net-capex convention. Formula: sum(base_2028q4_fcf, base_2028q4_asset_sales).
Equity-award withholding cash base_2028q4_award_withholding	2028Q4 / base	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Card acquisition principal and award cash base_2028q4_additional_uses	2028Q4 / base	20.02 USD_millions	derived: Excludes fresh financing and employee tax collections. Formula: sum(base_2028q4_card_funding, base_2028q4_acquisition_cash, base_2028q4_debt_principal, base_2028q4_award_withholding).
Cash after card funding and capital claims base_2028q4_cash_after_claims	2028Q4 / base	-34.22 USD_millions	derived: Not a full liquidity balance; restricted-reserve transfers can add uses. Formula: subtract(base_2028q4_cash_with_sales, base_2028q4_additional_uses).
Consolidated revenue ($M) base_fy2027_revenue	FY2027 / base	930.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, base_2027q3_revenue, base_2027q4_revenue).
GAAP gross profit proxy ($M) base_fy2027_gross_profit	FY2027 / base	689.44 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, base_2027q3_gross_profit, base_2027q4_gross_profit).
GAAP operating income proxy ($M) base_fy2027_operating_income	FY2027 / base	-102.87 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, base_2027q3_operating_income, base_2027q4_operating_income).
Non-GAAP operating income proxy ($M) base_fy2027_adj_operating_income	FY2027 / base	84.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adj_operating_income, base_2027q3_adj_operating_income, base_2027q4_adj_operating_income).
Operating cash flow proxy ($M) base_fy2027_cfo	FY2027 / base	28.09 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, base_2027q3_cfo, base_2027q4_cfo).
Gross cash PP&E and software ($M) base_fy2027_capex	FY2027 / base	25.79 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, base_2027q3_capex, base_2027q4_capex).
CFO less gross PP&E/software ($M) base_fy2027_fcf	FY2027 / base	2.31 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, base_2027q3_fcf, base_2027q4_fcf).
Asset-sale cash ($M) base_fy2027_asset_sales	FY2027 / base	2.65 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_asset_sales, base_2027q3_asset_sales, base_2027q4_asset_sales).
Corporate-card receivable investment ($M) base_fy2027_card_funding	FY2027 / base	30.97 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_card_funding, base_2027q3_card_funding, base_2027q4_card_funding).
Acquisition cash sensitivity ($M) base_fy2027_acquisition_cash	FY2027 / base	60.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_acquisition_cash, base_2027q3_acquisition_cash, base_2027q4_acquisition_cash).
Scheduled small-note principal ($M) base_fy2027_debt_principal	FY2027 / base	1.31 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_debt_principal, base_2027q3_debt_principal, base_2027q4_debt_principal).
Cash after card funding and capital claims ($M) base_fy2027_cash_after_claims	FY2027 / base	-91.76 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_claims, base_2027q3_cash_after_claims, base_2027q4_cash_after_claims).
Consolidated revenue ($M) base_fy2028_revenue	FY2028 / base	1,186.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_revenue, base_2028q2_revenue, base_2028q3_revenue, base_2028q4_revenue).
GAAP gross profit proxy ($M) base_fy2028_gross_profit	FY2028 / base	880.63 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_gross_profit, base_2028q2_gross_profit, base_2028q3_gross_profit, base_2028q4_gross_profit).
GAAP operating income proxy ($M) base_fy2028_operating_income	FY2028 / base	-99.20 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_operating_income, base_2028q2_operating_income, base_2028q3_operating_income, base_2028q4_operating_income).
Non-GAAP operating income proxy ($M) base_fy2028_adj_operating_income	FY2028 / base	141.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_adj_operating_income, base_2028q2_adj_operating_income, base_2028q3_adj_operating_income, base_2028q4_adj_operating_income).
Operating cash flow proxy ($M) base_fy2028_cfo	FY2028 / base	52.20 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_cfo, base_2028q2_cfo, base_2028q3_cfo, base_2028q4_cfo).
Gross cash PP&E and software ($M) base_fy2028_capex	FY2028 / base	37.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_capex, base_2028q2_capex, base_2028q3_capex, base_2028q4_capex).
CFO less gross PP&E/software ($M) base_fy2028_fcf	FY2028 / base	14.40 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_fcf, base_2028q2_fcf, base_2028q3_fcf, base_2028q4_fcf).
Asset-sale cash ($M) base_fy2028_asset_sales	FY2028 / base	0.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_asset_sales, base_2028q2_asset_sales, base_2028q3_asset_sales, base_2028q4_asset_sales).
Corporate-card receivable investment ($M) base_fy2028_card_funding	FY2028 / base	72.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_card_funding, base_2028q2_card_funding, base_2028q3_card_funding, base_2028q4_card_funding).
Acquisition cash sensitivity ($M) base_fy2028_acquisition_cash	FY2028 / base	0.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_acquisition_cash, base_2028q2_acquisition_cash, base_2028q3_acquisition_cash, base_2028q4_acquisition_cash).
Scheduled small-note principal ($M) base_fy2028_debt_principal	FY2028 / base	0.08 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_debt_principal, base_2028q2_debt_principal, base_2028q3_debt_principal, base_2028q4_debt_principal).
Cash after card funding and capital claims ($M) base_fy2028_cash_after_claims	FY2028 / base	-65.68 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_cash_after_claims, base_2028q2_cash_after_claims, base_2028q3_cash_after_claims, base_2028q4_cash_after_claims).
Gross booking volume upside_2027q3_gbv	2027Q3 / upside	3,480.00 USD_millions	assumption: Desk assumption; not company guidance.
Card payment volume upside_2027q3_payment_volume	2027Q3 / upside	1,520.00 USD_millions	assumption: Desk assumption; not company guidance.
GBV versus Q2 upside_2027q3_gbv_ratio	2027Q3 / upside	116.0% ratio	derived: Normalize booked travel volume; not revenue. Formula: divide(upside_2027q3_gbv, q2_gbv).
Card volume versus Q2 upside_2027q3_payment_ratio	2027Q3 / upside	116.9% ratio	derived: Normalize settled card spend; not revenue. Formula: divide(upside_2027q3_payment_volume, q2_payment_volume).
Assumed booking weight upside_2027q3_booking_weight	2027Q3 / upside	80.0% ratio	assumption: Desk assumption; not company guidance.
Weighted booking activity upside_2027q3_gbv_weighted	2027Q3 / upside	92.8% ratio	derived: Desk weight, not disclosed travel revenue share. Formula: multiply(upside_2027q3_gbv_ratio, upside_2027q3_booking_weight).
Assumed card weight upside_2027q3_payment_weight	2027Q3 / upside	20.0% ratio	assumption: Desk assumption; not company guidance.
Weighted payment activity upside_2027q3_payment_weighted	2027Q3 / upside	23.4% ratio	derived: Complementary desk activity weight. Formula: multiply(upside_2027q3_payment_ratio, upside_2027q3_payment_weight).
Combined usage activity index upside_2027q3_activity_index	2027Q3 / upside	116.2% ratio	derived: Dimensionless weighted sensitivity; dollar volumes are never added as company sales. Formula: sum(upside_2027q3_gbv_weighted, upside_2027q3_payment_weighted).
Monetization/mix versus reference upside_2027q3_monetization	2027Q3 / upside	98.9% ratio	assumption: Initial base calibration fits recognized revenue guidance; captures mixed travel/card yield and recognition timing, not a pure take rate.
Usage-based revenue upside_2027q3_usage	2027Q3 / upside	243.00 USD_millions	derived: Activity and realization vary independently. Formula: multiply(q2_usage, upside_2027q3_activity_index, upside_2027q3_monetization).
Subscription revenue upside_2027q3_subscriptions	2027Q3 / upside	24.00 USD_millions	assumption: Desk assumption; not company guidance.
Consolidated revenue upside_2027q3_revenue	2027Q3 / upside	267.00 USD_millions	derived: No separate BoomPop uplift; company expects no material guidance impact. Formula: sum(upside_2027q3_usage, upside_2027q3_subscriptions).
Adjusted gross margin upside_2027q3_adj_gross_margin	2027Q3 / upside	77.5% ratio	assumption: Desk assumption; not company guidance.
Adjusted gross profit upside_2027q3_adj_gross_profit	2027Q3 / upside	206.92 USD_millions	derived: Includes processing, travel support and ordinary infrastructure cost. Formula: multiply(upside_2027q3_revenue, upside_2027q3_adj_gross_margin).
COGS SBC and acquired amortization upside_2027q3_cogs_adjustments	2027Q3 / upside	3.00 USD_millions	assumption: Allocation of total GAAP adjustments below, not extra operating expense.
GAAP gross profit proxy upside_2027q3_gross_profit	2027Q3 / upside	203.92 USD_millions	derived: No change to agent/principal revenue scope. Formula: subtract(upside_2027q3_adj_gross_profit, upside_2027q3_cogs_adjustments).
Adjusted operating expense upside_2027q3_adjusted_opex	2027Q3 / upside	164.93 USD_millions	assumption: Desk assumption; not company guidance.
Non-GAAP operating income proxy upside_2027q3_adj_operating_income	2027Q3 / upside	42.00 USD_millions	derived: Base remaining-year cost budget reconciles to management Q3 and annual midpoints. Formula: subtract(upside_2027q3_adj_gross_profit, upside_2027q3_adjusted_opex).
Employer payroll taxes on SBC upside_2027q3_payroll	2027Q3 / upside	1.20 USD_millions	assumption: Desk assumption; not company guidance.
Transition restructuring and integration expense upside_2027q3_special_cash	2027Q3 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Ordinary SBC upside_2027q3_sbc	2027Q3 / upside	45.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquired intangible amortization including BoomPop allowance upside_2027q3_acquired_amort	2027Q3 / upside	1.40 USD_millions	assumption: Desk assumption; not company guidance.
SBC payroll acquired amortization and transition upside_2027q3_gaap_adjustments	2027Q3 / upside	49.60 USD_millions	derived: Purchase-price allocation unavailable; allowance is explicitly a desk input. Formula: sum(upside_2027q3_sbc, upside_2027q3_payroll, upside_2027q3_acquired_amort, upside_2027q3_special_cash).
GAAP operating income proxy upside_2027q3_operating_income	2027Q3 / upside	-7.60 USD_millions	derived: No repeated property-disposal gain. Formula: subtract(upside_2027q3_adj_operating_income, upside_2027q3_gaap_adjustments).
Ordinary depreciation and software amortization upside_2027q3_ordinary_da	2027Q3 / upside	5.50 USD_millions	assumption: Desk assumption; not company guidance.
Commission amortization upside_2027q3_commission_amort	2027Q3 / upside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Investment income less borrowing cash interest upside_2027q3_net_interest_cash	2027Q3 / upside	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted earnings plus ordinary noncash costs upside_2027q3_cash_before_uses	2027Q3 / upside	51.50 USD_millions	derived: Acquired amortization already excluded from adjusted income; it is not added again. Formula: sum(upside_2027q3_adj_operating_income, upside_2027q3_ordinary_da, upside_2027q3_commission_amort, upside_2027q3_net_interest_cash).
Contract acquisition cash upside_2027q3_commission_cash	2027Q3 / upside	13.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax upside_2027q3_cash_tax	2027Q3 / upside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Net supplier receivable and other operating cash use upside_2027q3_wc_use	2027Q3 / upside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Commissions tax payroll transition and working capital upside_2027q3_cash_uses	2027Q3 / upside	27.20 USD_millions	derived: Card receivable investment is excluded here and deducted below FCF. Formula: sum(upside_2027q3_commission_cash, upside_2027q3_cash_tax, upside_2027q3_payroll, upside_2027q3_special_cash, upside_2027q3_wc_use).
Operating cash flow proxy upside_2027q3_cfo	2027Q3 / upside	24.30 USD_millions	derived: No future warehouse/ABL borrowing counted as operating cash. Formula: subtract(upside_2027q3_cash_before_uses, upside_2027q3_cash_uses).
Cash PP&E upside_2027q3_ppe	2027Q3 / upside	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash internal-use software upside_2027q3_software	2027Q3 / upside	6.00 USD_millions	assumption: Desk assumption; not company guidance.
Gross cash PP&E and internal software upside_2027q3_capex	2027Q3 / upside	7.00 USD_millions	derived: Excludes noncash capitalized SBC. Formula: sum(upside_2027q3_ppe, upside_2027q3_software).
CFO less gross PP&E and software upside_2027q3_fcf	2027Q3 / upside	17.30 USD_millions	derived: Asset sales remain separate. Formula: subtract(upside_2027q3_cfo, upside_2027q3_capex).
Asset-sale cash upside_2027q3_asset_sales	2027Q3 / upside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
Net corporate-card receivable funding upside_2027q3_card_funding	2027Q3 / upside	15.00 USD_millions	assumption: Cash investment before new warehouse borrowing; not a duplicate operating receivable deduction.
BoomPop cash portion sensitivity upside_2027q3_acquisition_cash	2027Q3 / upside	30.00 USD_millions	assumption: Undisclosed cash/share split: sensitivity inside the up-to-$95M total consideration, not reported deal cash. Assumes payment in September with no later earnout cash.
Scheduled small-note principal upside_2027q3_debt_principal	2027Q3 / upside	0.40 USD_millions	assumption: Remaining FY2027 $0.791M and FY2028 $0.076M evenly allocated. Warehouse/ABL maturities follow January 2028 model end.
FCF plus disposal proceeds upside_2027q3_cash_with_sales	2027Q3 / upside	17.30 USD_millions	derived: Comparable with company net-capex convention. Formula: sum(upside_2027q3_fcf, upside_2027q3_asset_sales).
Equity-award withholding cash upside_2027q3_award_withholding	2027Q3 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Card acquisition principal and award cash upside_2027q3_additional_uses	2027Q3 / upside	47.40 USD_millions	derived: Excludes fresh financing and employee tax collections. Formula: sum(upside_2027q3_card_funding, upside_2027q3_acquisition_cash, upside_2027q3_debt_principal, upside_2027q3_award_withholding).
Cash after card funding and capital claims upside_2027q3_cash_after_claims	2027Q3 / upside	-30.10 USD_millions	derived: Not a full liquidity balance; restricted-reserve transfers can add uses. Formula: subtract(upside_2027q3_cash_with_sales, upside_2027q3_additional_uses).
Gross booking volume upside_2027q4_gbv	2027Q4 / upside	3,100.00 USD_millions	assumption: Desk assumption; not company guidance.
Card payment volume upside_2027q4_payment_volume	2027Q4 / upside	1,570.00 USD_millions	assumption: Desk assumption; not company guidance.
GBV versus Q2 upside_2027q4_gbv_ratio	2027Q4 / upside	103.3% ratio	derived: Normalize booked travel volume; not revenue. Formula: divide(upside_2027q4_gbv, q2_gbv).
Card volume versus Q2 upside_2027q4_payment_ratio	2027Q4 / upside	120.8% ratio	derived: Normalize settled card spend; not revenue. Formula: divide(upside_2027q4_payment_volume, q2_payment_volume).
Assumed booking weight upside_2027q4_booking_weight	2027Q4 / upside	80.0% ratio	assumption: Desk assumption; not company guidance.
Weighted booking activity upside_2027q4_gbv_weighted	2027Q4 / upside	82.7% ratio	derived: Desk weight, not disclosed travel revenue share. Formula: multiply(upside_2027q4_gbv_ratio, upside_2027q4_booking_weight).
Assumed card weight upside_2027q4_payment_weight	2027Q4 / upside	20.0% ratio	assumption: Desk assumption; not company guidance.
Weighted payment activity upside_2027q4_payment_weighted	2027Q4 / upside	24.2% ratio	derived: Complementary desk activity weight. Formula: multiply(upside_2027q4_payment_ratio, upside_2027q4_payment_weight).
Combined usage activity index upside_2027q4_activity_index	2027Q4 / upside	106.8% ratio	derived: Dimensionless weighted sensitivity; dollar volumes are never added as company sales. Formula: sum(upside_2027q4_gbv_weighted, upside_2027q4_payment_weighted).
Monetization/mix versus reference upside_2027q4_monetization	2027Q4 / upside	96.5% ratio	assumption: Initial base calibration fits recognized revenue guidance; captures mixed travel/card yield and recognition timing, not a pure take rate.
Usage-based revenue upside_2027q4_usage	2027Q4 / upside	218.00 USD_millions	derived: Activity and realization vary independently. Formula: multiply(q2_usage, upside_2027q4_activity_index, upside_2027q4_monetization).
Subscription revenue upside_2027q4_subscriptions	2027Q4 / upside	26.00 USD_millions	assumption: Desk assumption; not company guidance.
Consolidated revenue upside_2027q4_revenue	2027Q4 / upside	244.00 USD_millions	derived: No separate BoomPop uplift; company expects no material guidance impact. Formula: sum(upside_2027q4_usage, upside_2027q4_subscriptions).
Adjusted gross margin upside_2027q4_adj_gross_margin	2027Q4 / upside	77.5% ratio	assumption: Desk assumption; not company guidance.
Adjusted gross profit upside_2027q4_adj_gross_profit	2027Q4 / upside	189.10 USD_millions	derived: Includes processing, travel support and ordinary infrastructure cost. Formula: multiply(upside_2027q4_revenue, upside_2027q4_adj_gross_margin).
COGS SBC and acquired amortization upside_2027q4_cogs_adjustments	2027Q4 / upside	3.20 USD_millions	assumption: Allocation of total GAAP adjustments below, not extra operating expense.
GAAP gross profit proxy upside_2027q4_gross_profit	2027Q4 / upside	185.90 USD_millions	derived: No change to agent/principal revenue scope. Formula: subtract(upside_2027q4_adj_gross_profit, upside_2027q4_cogs_adjustments).
Adjusted operating expense upside_2027q4_adjusted_opex	2027Q4 / upside	173.10 USD_millions	assumption: Desk assumption; not company guidance.
Non-GAAP operating income proxy upside_2027q4_adj_operating_income	2027Q4 / upside	16.00 USD_millions	derived: Base remaining-year cost budget reconciles to management Q3 and annual midpoints. Formula: subtract(upside_2027q4_adj_gross_profit, upside_2027q4_adjusted_opex).
Employer payroll taxes on SBC upside_2027q4_payroll	2027Q4 / upside	1.30 USD_millions	assumption: Desk assumption; not company guidance.
Transition restructuring and integration expense upside_2027q4_special_cash	2027Q4 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Ordinary SBC upside_2027q4_sbc	2027Q4 / upside	48.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquired intangible amortization including BoomPop allowance upside_2027q4_acquired_amort	2027Q4 / upside	1.40 USD_millions	assumption: Desk assumption; not company guidance.
SBC payroll acquired amortization and transition upside_2027q4_gaap_adjustments	2027Q4 / upside	52.70 USD_millions	derived: Purchase-price allocation unavailable; allowance is explicitly a desk input. Formula: sum(upside_2027q4_sbc, upside_2027q4_payroll, upside_2027q4_acquired_amort, upside_2027q4_special_cash).
GAAP operating income proxy upside_2027q4_operating_income	2027Q4 / upside	-36.70 USD_millions	derived: No repeated property-disposal gain. Formula: subtract(upside_2027q4_adj_operating_income, upside_2027q4_gaap_adjustments).
Ordinary depreciation and software amortization upside_2027q4_ordinary_da	2027Q4 / upside	6.00 USD_millions	assumption: Desk assumption; not company guidance.
Commission amortization upside_2027q4_commission_amort	2027Q4 / upside	3.40 USD_millions	assumption: Desk assumption; not company guidance.
Investment income less borrowing cash interest upside_2027q4_net_interest_cash	2027Q4 / upside	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted earnings plus ordinary noncash costs upside_2027q4_cash_before_uses	2027Q4 / upside	26.40 USD_millions	derived: Acquired amortization already excluded from adjusted income; it is not added again. Formula: sum(upside_2027q4_adj_operating_income, upside_2027q4_ordinary_da, upside_2027q4_commission_amort, upside_2027q4_net_interest_cash).
Contract acquisition cash upside_2027q4_commission_cash	2027Q4 / upside	14.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax upside_2027q4_cash_tax	2027Q4 / upside	3.30 USD_millions	assumption: Desk assumption; not company guidance.
Net supplier receivable and other operating cash use upside_2027q4_wc_use	2027Q4 / upside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Commissions tax payroll transition and working capital upside_2027q4_cash_uses	2027Q4 / upside	33.10 USD_millions	derived: Card receivable investment is excluded here and deducted below FCF. Formula: sum(upside_2027q4_commission_cash, upside_2027q4_cash_tax, upside_2027q4_payroll, upside_2027q4_special_cash, upside_2027q4_wc_use).
Operating cash flow proxy upside_2027q4_cfo	2027Q4 / upside	-6.70 USD_millions	derived: No future warehouse/ABL borrowing counted as operating cash. Formula: subtract(upside_2027q4_cash_before_uses, upside_2027q4_cash_uses).
Cash PP&E upside_2027q4_ppe	2027Q4 / upside	1.20 USD_millions	assumption: Desk assumption; not company guidance.
Cash internal-use software upside_2027q4_software	2027Q4 / upside	6.50 USD_millions	assumption: Desk assumption; not company guidance.
Gross cash PP&E and internal software upside_2027q4_capex	2027Q4 / upside	7.70 USD_millions	derived: Excludes noncash capitalized SBC. Formula: sum(upside_2027q4_ppe, upside_2027q4_software).
CFO less gross PP&E and software upside_2027q4_fcf	2027Q4 / upside	-14.40 USD_millions	derived: Asset sales remain separate. Formula: subtract(upside_2027q4_cfo, upside_2027q4_capex).
Asset-sale cash upside_2027q4_asset_sales	2027Q4 / upside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
Net corporate-card receivable funding upside_2027q4_card_funding	2027Q4 / upside	18.00 USD_millions	assumption: Cash investment before new warehouse borrowing; not a duplicate operating receivable deduction.
BoomPop cash portion sensitivity upside_2027q4_acquisition_cash	2027Q4 / upside	0.00 USD_millions	assumption: Undisclosed cash/share split: sensitivity inside the up-to-$95M total consideration, not reported deal cash. Assumes payment in September with no later earnout cash.
Scheduled small-note principal upside_2027q4_debt_principal	2027Q4 / upside	0.40 USD_millions	assumption: Remaining FY2027 $0.791M and FY2028 $0.076M evenly allocated. Warehouse/ABL maturities follow January 2028 model end.
FCF plus disposal proceeds upside_2027q4_cash_with_sales	2027Q4 / upside	-14.40 USD_millions	derived: Comparable with company net-capex convention. Formula: sum(upside_2027q4_fcf, upside_2027q4_asset_sales).
Equity-award withholding cash upside_2027q4_award_withholding	2027Q4 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Card acquisition principal and award cash upside_2027q4_additional_uses	2027Q4 / upside	20.40 USD_millions	derived: Excludes fresh financing and employee tax collections. Formula: sum(upside_2027q4_card_funding, upside_2027q4_acquisition_cash, upside_2027q4_debt_principal, upside_2027q4_award_withholding).
Cash after card funding and capital claims upside_2027q4_cash_after_claims	2027Q4 / upside	-34.80 USD_millions	derived: Not a full liquidity balance; restricted-reserve transfers can add uses. Formula: subtract(upside_2027q4_cash_with_sales, upside_2027q4_additional_uses).
Gross booking volume upside_2028q1_gbv	2028Q1 / upside	3,950.00 USD_millions	assumption: Desk assumption; not company guidance.
Card payment volume upside_2028q1_payment_volume	2028Q1 / upside	1,750.00 USD_millions	assumption: Desk assumption; not company guidance.
GBV versus Q2 upside_2028q1_gbv_ratio	2028Q1 / upside	131.7% ratio	derived: Normalize booked travel volume; not revenue. Formula: divide(upside_2028q1_gbv, q2_gbv).
Card volume versus Q2 upside_2028q1_payment_ratio	2028Q1 / upside	134.6% ratio	derived: Normalize settled card spend; not revenue. Formula: divide(upside_2028q1_payment_volume, q2_payment_volume).
Assumed booking weight upside_2028q1_booking_weight	2028Q1 / upside	80.0% ratio	assumption: Desk assumption; not company guidance.
Weighted booking activity upside_2028q1_gbv_weighted	2028Q1 / upside	105.3% ratio	derived: Desk weight, not disclosed travel revenue share. Formula: multiply(upside_2028q1_gbv_ratio, upside_2028q1_booking_weight).
Assumed card weight upside_2028q1_payment_weight	2028Q1 / upside	20.0% ratio	assumption: Desk assumption; not company guidance.
Weighted payment activity upside_2028q1_payment_weighted	2028Q1 / upside	26.9% ratio	derived: Complementary desk activity weight. Formula: multiply(upside_2028q1_payment_ratio, upside_2028q1_payment_weight).
Combined usage activity index upside_2028q1_activity_index	2028Q1 / upside	132.3% ratio	derived: Dimensionless weighted sensitivity; dollar volumes are never added as company sales. Formula: sum(upside_2028q1_gbv_weighted, upside_2028q1_payment_weighted).
Monetization/mix versus reference upside_2028q1_monetization	2028Q1 / upside	98.7% ratio	assumption: Initial base calibration fits recognized revenue guidance; captures mixed travel/card yield and recognition timing, not a pure take rate.
Usage-based revenue upside_2028q1_usage	2028Q1 / upside	276.00 USD_millions	derived: Activity and realization vary independently. Formula: multiply(q2_usage, upside_2028q1_activity_index, upside_2028q1_monetization).
Subscription revenue upside_2028q1_subscriptions	2028Q1 / upside	31.00 USD_millions	assumption: Desk assumption; not company guidance.
Consolidated revenue upside_2028q1_revenue	2028Q1 / upside	307.00 USD_millions	derived: No separate BoomPop uplift; company expects no material guidance impact. Formula: sum(upside_2028q1_usage, upside_2028q1_subscriptions).
Adjusted gross margin upside_2028q1_adj_gross_margin	2028Q1 / upside	77.5% ratio	assumption: Desk assumption; not company guidance.
Adjusted gross profit upside_2028q1_adj_gross_profit	2028Q1 / upside	237.93 USD_millions	derived: Includes processing, travel support and ordinary infrastructure cost. Formula: multiply(upside_2028q1_revenue, upside_2028q1_adj_gross_margin).
COGS SBC and acquired amortization upside_2028q1_cogs_adjustments	2028Q1 / upside	3.40 USD_millions	assumption: Allocation of total GAAP adjustments below, not extra operating expense.
GAAP gross profit proxy upside_2028q1_gross_profit	2028Q1 / upside	234.53 USD_millions	derived: No change to agent/principal revenue scope. Formula: subtract(upside_2028q1_adj_gross_profit, upside_2028q1_cogs_adjustments).
Adjusted operating expense upside_2028q1_adjusted_opex	2028Q1 / upside	194.93 USD_millions	assumption: Desk assumption; not company guidance.
Non-GAAP operating income proxy upside_2028q1_adj_operating_income	2028Q1 / upside	43.00 USD_millions	derived: Base remaining-year cost budget reconciles to management Q3 and annual midpoints. Formula: subtract(upside_2028q1_adj_gross_profit, upside_2028q1_adjusted_opex).
Employer payroll taxes on SBC upside_2028q1_payroll	2028Q1 / upside	1.40 USD_millions	assumption: Desk assumption; not company guidance.
Transition restructuring and integration expense upside_2028q1_special_cash	2028Q1 / upside	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Ordinary SBC upside_2028q1_sbc	2028Q1 / upside	51.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquired intangible amortization including BoomPop allowance upside_2028q1_acquired_amort	2028Q1 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC payroll acquired amortization and transition upside_2028q1_gaap_adjustments	2028Q1 / upside	55.40 USD_millions	derived: Purchase-price allocation unavailable; allowance is explicitly a desk input. Formula: sum(upside_2028q1_sbc, upside_2028q1_payroll, upside_2028q1_acquired_amort, upside_2028q1_special_cash).
GAAP operating income proxy upside_2028q1_operating_income	2028Q1 / upside	-12.40 USD_millions	derived: No repeated property-disposal gain. Formula: subtract(upside_2028q1_adj_operating_income, upside_2028q1_gaap_adjustments).
Ordinary depreciation and software amortization upside_2028q1_ordinary_da	2028Q1 / upside	6.50 USD_millions	assumption: Desk assumption; not company guidance.
Commission amortization upside_2028q1_commission_amort	2028Q1 / upside	3.80 USD_millions	assumption: Desk assumption; not company guidance.
Investment income less borrowing cash interest upside_2028q1_net_interest_cash	2028Q1 / upside	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted earnings plus ordinary noncash costs upside_2028q1_cash_before_uses	2028Q1 / upside	54.30 USD_millions	derived: Acquired amortization already excluded from adjusted income; it is not added again. Formula: sum(upside_2028q1_adj_operating_income, upside_2028q1_ordinary_da, upside_2028q1_commission_amort, upside_2028q1_net_interest_cash).
Contract acquisition cash upside_2028q1_commission_cash	2028Q1 / upside	16.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax upside_2028q1_cash_tax	2028Q1 / upside	3.60 USD_millions	assumption: Desk assumption; not company guidance.
Net supplier receivable and other operating cash use upside_2028q1_wc_use	2028Q1 / upside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Commissions tax payroll transition and working capital upside_2028q1_cash_uses	2028Q1 / upside	34.00 USD_millions	derived: Card receivable investment is excluded here and deducted below FCF. Formula: sum(upside_2028q1_commission_cash, upside_2028q1_cash_tax, upside_2028q1_payroll, upside_2028q1_special_cash, upside_2028q1_wc_use).
Operating cash flow proxy upside_2028q1_cfo	2028Q1 / upside	20.30 USD_millions	derived: No future warehouse/ABL borrowing counted as operating cash. Formula: subtract(upside_2028q1_cash_before_uses, upside_2028q1_cash_uses).
Cash PP&E upside_2028q1_ppe	2028Q1 / upside	1.40 USD_millions	assumption: Desk assumption; not company guidance.
Cash internal-use software upside_2028q1_software	2028Q1 / upside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Gross cash PP&E and internal software upside_2028q1_capex	2028Q1 / upside	8.40 USD_millions	derived: Excludes noncash capitalized SBC. Formula: sum(upside_2028q1_ppe, upside_2028q1_software).
CFO less gross PP&E and software upside_2028q1_fcf	2028Q1 / upside	11.90 USD_millions	derived: Asset sales remain separate. Formula: subtract(upside_2028q1_cfo, upside_2028q1_capex).
Asset-sale cash upside_2028q1_asset_sales	2028Q1 / upside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
Net corporate-card receivable funding upside_2028q1_card_funding	2028Q1 / upside	22.00 USD_millions	assumption: Cash investment before new warehouse borrowing; not a duplicate operating receivable deduction.
BoomPop cash portion sensitivity upside_2028q1_acquisition_cash	2028Q1 / upside	0.00 USD_millions	assumption: Undisclosed cash/share split: sensitivity inside the up-to-$95M total consideration, not reported deal cash. Assumes payment in September with no later earnout cash.
Scheduled small-note principal upside_2028q1_debt_principal	2028Q1 / upside	0.02 USD_millions	assumption: Remaining FY2027 $0.791M and FY2028 $0.076M evenly allocated. Warehouse/ABL maturities follow January 2028 model end.
FCF plus disposal proceeds upside_2028q1_cash_with_sales	2028Q1 / upside	11.90 USD_millions	derived: Comparable with company net-capex convention. Formula: sum(upside_2028q1_fcf, upside_2028q1_asset_sales).
Equity-award withholding cash upside_2028q1_award_withholding	2028Q1 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Card acquisition principal and award cash upside_2028q1_additional_uses	2028Q1 / upside	24.02 USD_millions	derived: Excludes fresh financing and employee tax collections. Formula: sum(upside_2028q1_card_funding, upside_2028q1_acquisition_cash, upside_2028q1_debt_principal, upside_2028q1_award_withholding).
Cash after card funding and capital claims upside_2028q1_cash_after_claims	2028Q1 / upside	-12.12 USD_millions	derived: Not a full liquidity balance; restricted-reserve transfers can add uses. Formula: subtract(upside_2028q1_cash_with_sales, upside_2028q1_additional_uses).
Gross booking volume upside_2028q2_gbv	2028Q2 / upside	4,300.00 USD_millions	assumption: Desk assumption; not company guidance.
Card payment volume upside_2028q2_payment_volume	2028Q2 / upside	1,980.00 USD_millions	assumption: Desk assumption; not company guidance.
GBV versus Q2 upside_2028q2_gbv_ratio	2028Q2 / upside	143.3% ratio	derived: Normalize booked travel volume; not revenue. Formula: divide(upside_2028q2_gbv, q2_gbv).
Card volume versus Q2 upside_2028q2_payment_ratio	2028Q2 / upside	152.3% ratio	derived: Normalize settled card spend; not revenue. Formula: divide(upside_2028q2_payment_volume, q2_payment_volume).
Assumed booking weight upside_2028q2_booking_weight	2028Q2 / upside	80.0% ratio	assumption: Desk assumption; not company guidance.
Weighted booking activity upside_2028q2_gbv_weighted	2028Q2 / upside	114.7% ratio	derived: Desk weight, not disclosed travel revenue share. Formula: multiply(upside_2028q2_gbv_ratio, upside_2028q2_booking_weight).
Assumed card weight upside_2028q2_payment_weight	2028Q2 / upside	20.0% ratio	assumption: Desk assumption; not company guidance.
Weighted payment activity upside_2028q2_payment_weighted	2028Q2 / upside	30.5% ratio	derived: Complementary desk activity weight. Formula: multiply(upside_2028q2_payment_ratio, upside_2028q2_payment_weight).
Combined usage activity index upside_2028q2_activity_index	2028Q2 / upside	145.1% ratio	derived: Dimensionless weighted sensitivity; dollar volumes are never added as company sales. Formula: sum(upside_2028q2_gbv_weighted, upside_2028q2_payment_weighted).
Monetization/mix versus reference upside_2028q2_monetization	2028Q2 / upside	100.7% ratio	assumption: Initial base calibration fits recognized revenue guidance; captures mixed travel/card yield and recognition timing, not a pure take rate.
Usage-based revenue upside_2028q2_usage	2028Q2 / upside	309.00 USD_millions	derived: Activity and realization vary independently. Formula: multiply(q2_usage, upside_2028q2_activity_index, upside_2028q2_monetization).
Subscription revenue upside_2028q2_subscriptions	2028Q2 / upside	36.00 USD_millions	assumption: Desk assumption; not company guidance.
Consolidated revenue upside_2028q2_revenue	2028Q2 / upside	345.00 USD_millions	derived: No separate BoomPop uplift; company expects no material guidance impact. Formula: sum(upside_2028q2_usage, upside_2028q2_subscriptions).
Adjusted gross margin upside_2028q2_adj_gross_margin	2028Q2 / upside	77.5% ratio	assumption: Desk assumption; not company guidance.
Adjusted gross profit upside_2028q2_adj_gross_profit	2028Q2 / upside	267.38 USD_millions	derived: Includes processing, travel support and ordinary infrastructure cost. Formula: multiply(upside_2028q2_revenue, upside_2028q2_adj_gross_margin).
COGS SBC and acquired amortization upside_2028q2_cogs_adjustments	2028Q2 / upside	3.60 USD_millions	assumption: Allocation of total GAAP adjustments below, not extra operating expense.
GAAP gross profit proxy upside_2028q2_gross_profit	2028Q2 / upside	263.77 USD_millions	derived: No change to agent/principal revenue scope. Formula: subtract(upside_2028q2_adj_gross_profit, upside_2028q2_cogs_adjustments).
Adjusted operating expense upside_2028q2_adjusted_opex	2028Q2 / upside	210.38 USD_millions	assumption: Desk assumption; not company guidance.
Non-GAAP operating income proxy upside_2028q2_adj_operating_income	2028Q2 / upside	57.00 USD_millions	derived: Base remaining-year cost budget reconciles to management Q3 and annual midpoints. Formula: subtract(upside_2028q2_adj_gross_profit, upside_2028q2_adjusted_opex).
Employer payroll taxes on SBC upside_2028q2_payroll	2028Q2 / upside	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Transition restructuring and integration expense upside_2028q2_special_cash	2028Q2 / upside	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Ordinary SBC upside_2028q2_sbc	2028Q2 / upside	54.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquired intangible amortization including BoomPop allowance upside_2028q2_acquired_amort	2028Q2 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC payroll acquired amortization and transition upside_2028q2_gaap_adjustments	2028Q2 / upside	58.50 USD_millions	derived: Purchase-price allocation unavailable; allowance is explicitly a desk input. Formula: sum(upside_2028q2_sbc, upside_2028q2_payroll, upside_2028q2_acquired_amort, upside_2028q2_special_cash).
GAAP operating income proxy upside_2028q2_operating_income	2028Q2 / upside	-1.50 USD_millions	derived: No repeated property-disposal gain. Formula: subtract(upside_2028q2_adj_operating_income, upside_2028q2_gaap_adjustments).
Ordinary depreciation and software amortization upside_2028q2_ordinary_da	2028Q2 / upside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Commission amortization upside_2028q2_commission_amort	2028Q2 / upside	4.20 USD_millions	assumption: Desk assumption; not company guidance.
Investment income less borrowing cash interest upside_2028q2_net_interest_cash	2028Q2 / upside	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted earnings plus ordinary noncash costs upside_2028q2_cash_before_uses	2028Q2 / upside	69.20 USD_millions	derived: Acquired amortization already excluded from adjusted income; it is not added again. Formula: sum(upside_2028q2_adj_operating_income, upside_2028q2_ordinary_da, upside_2028q2_commission_amort, upside_2028q2_net_interest_cash).
Contract acquisition cash upside_2028q2_commission_cash	2028Q2 / upside	17.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax upside_2028q2_cash_tax	2028Q2 / upside	3.90 USD_millions	assumption: Desk assumption; not company guidance.
Net supplier receivable and other operating cash use upside_2028q2_wc_use	2028Q2 / upside	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Commissions tax payroll transition and working capital upside_2028q2_cash_uses	2028Q2 / upside	38.90 USD_millions	derived: Card receivable investment is excluded here and deducted below FCF. Formula: sum(upside_2028q2_commission_cash, upside_2028q2_cash_tax, upside_2028q2_payroll, upside_2028q2_special_cash, upside_2028q2_wc_use).
Operating cash flow proxy upside_2028q2_cfo	2028Q2 / upside	30.30 USD_millions	derived: No future warehouse/ABL borrowing counted as operating cash. Formula: subtract(upside_2028q2_cash_before_uses, upside_2028q2_cash_uses).
Cash PP&E upside_2028q2_ppe	2028Q2 / upside	1.60 USD_millions	assumption: Desk assumption; not company guidance.
Cash internal-use software upside_2028q2_software	2028Q2 / upside	7.50 USD_millions	assumption: Desk assumption; not company guidance.
Gross cash PP&E and internal software upside_2028q2_capex	2028Q2 / upside	9.10 USD_millions	derived: Excludes noncash capitalized SBC. Formula: sum(upside_2028q2_ppe, upside_2028q2_software).
CFO less gross PP&E and software upside_2028q2_fcf	2028Q2 / upside	21.20 USD_millions	derived: Asset sales remain separate. Formula: subtract(upside_2028q2_cfo, upside_2028q2_capex).
Asset-sale cash upside_2028q2_asset_sales	2028Q2 / upside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
Net corporate-card receivable funding upside_2028q2_card_funding	2028Q2 / upside	27.00 USD_millions	assumption: Cash investment before new warehouse borrowing; not a duplicate operating receivable deduction.
BoomPop cash portion sensitivity upside_2028q2_acquisition_cash	2028Q2 / upside	0.00 USD_millions	assumption: Undisclosed cash/share split: sensitivity inside the up-to-$95M total consideration, not reported deal cash. Assumes payment in September with no later earnout cash.
Scheduled small-note principal upside_2028q2_debt_principal	2028Q2 / upside	0.02 USD_millions	assumption: Remaining FY2027 $0.791M and FY2028 $0.076M evenly allocated. Warehouse/ABL maturities follow January 2028 model end.
FCF plus disposal proceeds upside_2028q2_cash_with_sales	2028Q2 / upside	21.20 USD_millions	derived: Comparable with company net-capex convention. Formula: sum(upside_2028q2_fcf, upside_2028q2_asset_sales).
Equity-award withholding cash upside_2028q2_award_withholding	2028Q2 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Card acquisition principal and award cash upside_2028q2_additional_uses	2028Q2 / upside	29.02 USD_millions	derived: Excludes fresh financing and employee tax collections. Formula: sum(upside_2028q2_card_funding, upside_2028q2_acquisition_cash, upside_2028q2_debt_principal, upside_2028q2_award_withholding).
Cash after card funding and capital claims upside_2028q2_cash_after_claims	2028Q2 / upside	-7.82 USD_millions	derived: Not a full liquidity balance; restricted-reserve transfers can add uses. Formula: subtract(upside_2028q2_cash_with_sales, upside_2028q2_additional_uses).
Gross booking volume upside_2028q3_gbv	2028Q3 / upside	4,900.00 USD_millions	assumption: Desk assumption; not company guidance.
Card payment volume upside_2028q3_payment_volume	2028Q3 / upside	2,300.00 USD_millions	assumption: Desk assumption; not company guidance.
GBV versus Q2 upside_2028q3_gbv_ratio	2028Q3 / upside	163.3% ratio	derived: Normalize booked travel volume; not revenue. Formula: divide(upside_2028q3_gbv, q2_gbv).
Card volume versus Q2 upside_2028q3_payment_ratio	2028Q3 / upside	176.9% ratio	derived: Normalize settled card spend; not revenue. Formula: divide(upside_2028q3_payment_volume, q2_payment_volume).
Assumed booking weight upside_2028q3_booking_weight	2028Q3 / upside	80.0% ratio	assumption: Desk assumption; not company guidance.
Weighted booking activity upside_2028q3_gbv_weighted	2028Q3 / upside	130.7% ratio	derived: Desk weight, not disclosed travel revenue share. Formula: multiply(upside_2028q3_gbv_ratio, upside_2028q3_booking_weight).
Assumed card weight upside_2028q3_payment_weight	2028Q3 / upside	20.0% ratio	assumption: Desk assumption; not company guidance.
Weighted payment activity upside_2028q3_payment_weighted	2028Q3 / upside	35.4% ratio	derived: Complementary desk activity weight. Formula: multiply(upside_2028q3_payment_ratio, upside_2028q3_payment_weight).
Combined usage activity index upside_2028q3_activity_index	2028Q3 / upside	166.1% ratio	derived: Dimensionless weighted sensitivity; dollar volumes are never added as company sales. Formula: sum(upside_2028q3_gbv_weighted, upside_2028q3_payment_weighted).
Monetization/mix versus reference upside_2028q3_monetization	2028Q3 / upside	101.1% ratio	assumption: Initial base calibration fits recognized revenue guidance; captures mixed travel/card yield and recognition timing, not a pure take rate.
Usage-based revenue upside_2028q3_usage	2028Q3 / upside	355.00 USD_millions	derived: Activity and realization vary independently. Formula: multiply(q2_usage, upside_2028q3_activity_index, upside_2028q3_monetization).
Subscription revenue upside_2028q3_subscriptions	2028Q3 / upside	42.00 USD_millions	assumption: Desk assumption; not company guidance.
Consolidated revenue upside_2028q3_revenue	2028Q3 / upside	397.00 USD_millions	derived: No separate BoomPop uplift; company expects no material guidance impact. Formula: sum(upside_2028q3_usage, upside_2028q3_subscriptions).
Adjusted gross margin upside_2028q3_adj_gross_margin	2028Q3 / upside	77.5% ratio	assumption: Desk assumption; not company guidance.
Adjusted gross profit upside_2028q3_adj_gross_profit	2028Q3 / upside	307.68 USD_millions	derived: Includes processing, travel support and ordinary infrastructure cost. Formula: multiply(upside_2028q3_revenue, upside_2028q3_adj_gross_margin).
COGS SBC and acquired amortization upside_2028q3_cogs_adjustments	2028Q3 / upside	3.80 USD_millions	assumption: Allocation of total GAAP adjustments below, not extra operating expense.
GAAP gross profit proxy upside_2028q3_gross_profit	2028Q3 / upside	303.88 USD_millions	derived: No change to agent/principal revenue scope. Formula: subtract(upside_2028q3_adj_gross_profit, upside_2028q3_cogs_adjustments).
Adjusted operating expense upside_2028q3_adjusted_opex	2028Q3 / upside	226.68 USD_millions	assumption: Desk assumption; not company guidance.
Non-GAAP operating income proxy upside_2028q3_adj_operating_income	2028Q3 / upside	81.00 USD_millions	derived: Base remaining-year cost budget reconciles to management Q3 and annual midpoints. Formula: subtract(upside_2028q3_adj_gross_profit, upside_2028q3_adjusted_opex).
Employer payroll taxes on SBC upside_2028q3_payroll	2028Q3 / upside	1.60 USD_millions	assumption: Desk assumption; not company guidance.
Transition restructuring and integration expense upside_2028q3_special_cash	2028Q3 / upside	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Ordinary SBC upside_2028q3_sbc	2028Q3 / upside	57.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquired intangible amortization including BoomPop allowance upside_2028q3_acquired_amort	2028Q3 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC payroll acquired amortization and transition upside_2028q3_gaap_adjustments	2028Q3 / upside	61.60 USD_millions	derived: Purchase-price allocation unavailable; allowance is explicitly a desk input. Formula: sum(upside_2028q3_sbc, upside_2028q3_payroll, upside_2028q3_acquired_amort, upside_2028q3_special_cash).
GAAP operating income proxy upside_2028q3_operating_income	2028Q3 / upside	19.40 USD_millions	derived: No repeated property-disposal gain. Formula: subtract(upside_2028q3_adj_operating_income, upside_2028q3_gaap_adjustments).
Ordinary depreciation and software amortization upside_2028q3_ordinary_da	2028Q3 / upside	7.50 USD_millions	assumption: Desk assumption; not company guidance.
Commission amortization upside_2028q3_commission_amort	2028Q3 / upside	4.60 USD_millions	assumption: Desk assumption; not company guidance.
Investment income less borrowing cash interest upside_2028q3_net_interest_cash	2028Q3 / upside	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted earnings plus ordinary noncash costs upside_2028q3_cash_before_uses	2028Q3 / upside	94.10 USD_millions	derived: Acquired amortization already excluded from adjusted income; it is not added again. Formula: sum(upside_2028q3_adj_operating_income, upside_2028q3_ordinary_da, upside_2028q3_commission_amort, upside_2028q3_net_interest_cash).
Contract acquisition cash upside_2028q3_commission_cash	2028Q3 / upside	19.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax upside_2028q3_cash_tax	2028Q3 / upside	4.20 USD_millions	assumption: Desk assumption; not company guidance.
Net supplier receivable and other operating cash use upside_2028q3_wc_use	2028Q3 / upside	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Commissions tax payroll transition and working capital upside_2028q3_cash_uses	2028Q3 / upside	43.80 USD_millions	derived: Card receivable investment is excluded here and deducted below FCF. Formula: sum(upside_2028q3_commission_cash, upside_2028q3_cash_tax, upside_2028q3_payroll, upside_2028q3_special_cash, upside_2028q3_wc_use).
Operating cash flow proxy upside_2028q3_cfo	2028Q3 / upside	50.30 USD_millions	derived: No future warehouse/ABL borrowing counted as operating cash. Formula: subtract(upside_2028q3_cash_before_uses, upside_2028q3_cash_uses).
Cash PP&E upside_2028q3_ppe	2028Q3 / upside	1.80 USD_millions	assumption: Desk assumption; not company guidance.
Cash internal-use software upside_2028q3_software	2028Q3 / upside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Gross cash PP&E and internal software upside_2028q3_capex	2028Q3 / upside	9.80 USD_millions	derived: Excludes noncash capitalized SBC. Formula: sum(upside_2028q3_ppe, upside_2028q3_software).
CFO less gross PP&E and software upside_2028q3_fcf	2028Q3 / upside	40.50 USD_millions	derived: Asset sales remain separate. Formula: subtract(upside_2028q3_cfo, upside_2028q3_capex).
Asset-sale cash upside_2028q3_asset_sales	2028Q3 / upside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
Net corporate-card receivable funding upside_2028q3_card_funding	2028Q3 / upside	32.00 USD_millions	assumption: Cash investment before new warehouse borrowing; not a duplicate operating receivable deduction.
BoomPop cash portion sensitivity upside_2028q3_acquisition_cash	2028Q3 / upside	0.00 USD_millions	assumption: Undisclosed cash/share split: sensitivity inside the up-to-$95M total consideration, not reported deal cash. Assumes payment in September with no later earnout cash.
Scheduled small-note principal upside_2028q3_debt_principal	2028Q3 / upside	0.02 USD_millions	assumption: Remaining FY2027 $0.791M and FY2028 $0.076M evenly allocated. Warehouse/ABL maturities follow January 2028 model end.
FCF plus disposal proceeds upside_2028q3_cash_with_sales	2028Q3 / upside	40.50 USD_millions	derived: Comparable with company net-capex convention. Formula: sum(upside_2028q3_fcf, upside_2028q3_asset_sales).
Equity-award withholding cash upside_2028q3_award_withholding	2028Q3 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Card acquisition principal and award cash upside_2028q3_additional_uses	2028Q3 / upside	34.02 USD_millions	derived: Excludes fresh financing and employee tax collections. Formula: sum(upside_2028q3_card_funding, upside_2028q3_acquisition_cash, upside_2028q3_debt_principal, upside_2028q3_award_withholding).
Cash after card funding and capital claims upside_2028q3_cash_after_claims	2028Q3 / upside	6.48 USD_millions	derived: Not a full liquidity balance; restricted-reserve transfers can add uses. Formula: subtract(upside_2028q3_cash_with_sales, upside_2028q3_additional_uses).
Gross booking volume upside_2028q4_gbv	2028Q4 / upside	4,100.00 USD_millions	assumption: Desk assumption; not company guidance.
Card payment volume upside_2028q4_payment_volume	2028Q4 / upside	2,450.00 USD_millions	assumption: Desk assumption; not company guidance.
GBV versus Q2 upside_2028q4_gbv_ratio	2028Q4 / upside	136.7% ratio	derived: Normalize booked travel volume; not revenue. Formula: divide(upside_2028q4_gbv, q2_gbv).
Card volume versus Q2 upside_2028q4_payment_ratio	2028Q4 / upside	188.5% ratio	derived: Normalize settled card spend; not revenue. Formula: divide(upside_2028q4_payment_volume, q2_payment_volume).
Assumed booking weight upside_2028q4_booking_weight	2028Q4 / upside	80.0% ratio	assumption: Desk assumption; not company guidance.
Weighted booking activity upside_2028q4_gbv_weighted	2028Q4 / upside	109.3% ratio	derived: Desk weight, not disclosed travel revenue share. Formula: multiply(upside_2028q4_gbv_ratio, upside_2028q4_booking_weight).
Assumed card weight upside_2028q4_payment_weight	2028Q4 / upside	20.0% ratio	assumption: Desk assumption; not company guidance.
Weighted payment activity upside_2028q4_payment_weighted	2028Q4 / upside	37.7% ratio	derived: Complementary desk activity weight. Formula: multiply(upside_2028q4_payment_ratio, upside_2028q4_payment_weight).
Combined usage activity index upside_2028q4_activity_index	2028Q4 / upside	147.0% ratio	derived: Dimensionless weighted sensitivity; dollar volumes are never added as company sales. Formula: sum(upside_2028q4_gbv_weighted, upside_2028q4_payment_weighted).
Monetization/mix versus reference upside_2028q4_monetization	2028Q4 / upside	96.5% ratio	assumption: Initial base calibration fits recognized revenue guidance; captures mixed travel/card yield and recognition timing, not a pure take rate.
Usage-based revenue upside_2028q4_usage	2028Q4 / upside	300.00 USD_millions	derived: Activity and realization vary independently. Formula: multiply(q2_usage, upside_2028q4_activity_index, upside_2028q4_monetization).
Subscription revenue upside_2028q4_subscriptions	2028Q4 / upside	49.00 USD_millions	assumption: Desk assumption; not company guidance.
Consolidated revenue upside_2028q4_revenue	2028Q4 / upside	349.00 USD_millions	derived: No separate BoomPop uplift; company expects no material guidance impact. Formula: sum(upside_2028q4_usage, upside_2028q4_subscriptions).
Adjusted gross margin upside_2028q4_adj_gross_margin	2028Q4 / upside	77.5% ratio	assumption: Desk assumption; not company guidance.
Adjusted gross profit upside_2028q4_adj_gross_profit	2028Q4 / upside	270.48 USD_millions	derived: Includes processing, travel support and ordinary infrastructure cost. Formula: multiply(upside_2028q4_revenue, upside_2028q4_adj_gross_margin).
COGS SBC and acquired amortization upside_2028q4_cogs_adjustments	2028Q4 / upside	4.00 USD_millions	assumption: Allocation of total GAAP adjustments below, not extra operating expense.
GAAP gross profit proxy upside_2028q4_gross_profit	2028Q4 / upside	266.48 USD_millions	derived: No change to agent/principal revenue scope. Formula: subtract(upside_2028q4_adj_gross_profit, upside_2028q4_cogs_adjustments).
Adjusted operating expense upside_2028q4_adjusted_opex	2028Q4 / upside	221.48 USD_millions	assumption: Desk assumption; not company guidance.
Non-GAAP operating income proxy upside_2028q4_adj_operating_income	2028Q4 / upside	49.00 USD_millions	derived: Base remaining-year cost budget reconciles to management Q3 and annual midpoints. Formula: subtract(upside_2028q4_adj_gross_profit, upside_2028q4_adjusted_opex).
Employer payroll taxes on SBC upside_2028q4_payroll	2028Q4 / upside	1.70 USD_millions	assumption: Desk assumption; not company guidance.
Transition restructuring and integration expense upside_2028q4_special_cash	2028Q4 / upside	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Ordinary SBC upside_2028q4_sbc	2028Q4 / upside	60.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquired intangible amortization including BoomPop allowance upside_2028q4_acquired_amort	2028Q4 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC payroll acquired amortization and transition upside_2028q4_gaap_adjustments	2028Q4 / upside	64.70 USD_millions	derived: Purchase-price allocation unavailable; allowance is explicitly a desk input. Formula: sum(upside_2028q4_sbc, upside_2028q4_payroll, upside_2028q4_acquired_amort, upside_2028q4_special_cash).
GAAP operating income proxy upside_2028q4_operating_income	2028Q4 / upside	-15.70 USD_millions	derived: No repeated property-disposal gain. Formula: subtract(upside_2028q4_adj_operating_income, upside_2028q4_gaap_adjustments).
Ordinary depreciation and software amortization upside_2028q4_ordinary_da	2028Q4 / upside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Commission amortization upside_2028q4_commission_amort	2028Q4 / upside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Investment income less borrowing cash interest upside_2028q4_net_interest_cash	2028Q4 / upside	1.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted earnings plus ordinary noncash costs upside_2028q4_cash_before_uses	2028Q4 / upside	63.00 USD_millions	derived: Acquired amortization already excluded from adjusted income; it is not added again. Formula: sum(upside_2028q4_adj_operating_income, upside_2028q4_ordinary_da, upside_2028q4_commission_amort, upside_2028q4_net_interest_cash).
Contract acquisition cash upside_2028q4_commission_cash	2028Q4 / upside	20.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash tax upside_2028q4_cash_tax	2028Q4 / upside	4.50 USD_millions	assumption: Desk assumption; not company guidance.
Net supplier receivable and other operating cash use upside_2028q4_wc_use	2028Q4 / upside	16.00 USD_millions	assumption: Desk assumption; not company guidance.
Commissions tax payroll transition and working capital upside_2028q4_cash_uses	2028Q4 / upside	43.70 USD_millions	derived: Card receivable investment is excluded here and deducted below FCF. Formula: sum(upside_2028q4_commission_cash, upside_2028q4_cash_tax, upside_2028q4_payroll, upside_2028q4_special_cash, upside_2028q4_wc_use).
Operating cash flow proxy upside_2028q4_cfo	2028Q4 / upside	19.30 USD_millions	derived: No future warehouse/ABL borrowing counted as operating cash. Formula: subtract(upside_2028q4_cash_before_uses, upside_2028q4_cash_uses).
Cash PP&E upside_2028q4_ppe	2028Q4 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash internal-use software upside_2028q4_software	2028Q4 / upside	8.50 USD_millions	assumption: Desk assumption; not company guidance.
Gross cash PP&E and internal software upside_2028q4_capex	2028Q4 / upside	10.50 USD_millions	derived: Excludes noncash capitalized SBC. Formula: sum(upside_2028q4_ppe, upside_2028q4_software).
CFO less gross PP&E and software upside_2028q4_fcf	2028Q4 / upside	8.80 USD_millions	derived: Asset sales remain separate. Formula: subtract(upside_2028q4_cfo, upside_2028q4_capex).
Asset-sale cash upside_2028q4_asset_sales	2028Q4 / upside	0.00 USD_millions	assumption: Desk assumption; not company guidance.
Net corporate-card receivable funding upside_2028q4_card_funding	2028Q4 / upside	28.00 USD_millions	assumption: Cash investment before new warehouse borrowing; not a duplicate operating receivable deduction.
BoomPop cash portion sensitivity upside_2028q4_acquisition_cash	2028Q4 / upside	0.00 USD_millions	assumption: Undisclosed cash/share split: sensitivity inside the up-to-$95M total consideration, not reported deal cash. Assumes payment in September with no later earnout cash.
Scheduled small-note principal upside_2028q4_debt_principal	2028Q4 / upside	0.02 USD_millions	assumption: Remaining FY2027 $0.791M and FY2028 $0.076M evenly allocated. Warehouse/ABL maturities follow January 2028 model end.
FCF plus disposal proceeds upside_2028q4_cash_with_sales	2028Q4 / upside	8.80 USD_millions	derived: Comparable with company net-capex convention. Formula: sum(upside_2028q4_fcf, upside_2028q4_asset_sales).
Equity-award withholding cash upside_2028q4_award_withholding	2028Q4 / upside	2.00 USD_millions	assumption: Desk assumption; not company guidance.
Card acquisition principal and award cash upside_2028q4_additional_uses	2028Q4 / upside	30.02 USD_millions	derived: Excludes fresh financing and employee tax collections. Formula: sum(upside_2028q4_card_funding, upside_2028q4_acquisition_cash, upside_2028q4_debt_principal, upside_2028q4_award_withholding).
Cash after card funding and capital claims upside_2028q4_cash_after_claims	2028Q4 / upside	-21.22 USD_millions	derived: Not a full liquidity balance; restricted-reserve transfers can add uses. Formula: subtract(upside_2028q4_cash_with_sales, upside_2028q4_additional_uses).
Consolidated revenue ($M) upside_fy2027_revenue	FY2027 / upside	964.02 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, upside_2027q3_revenue, upside_2027q4_revenue).
GAAP gross profit proxy ($M) upside_fy2027_gross_profit	FY2027 / upside	725.35 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, upside_2027q3_gross_profit, upside_2027q4_gross_profit).
GAAP operating income proxy ($M) upside_fy2027_operating_income	FY2027 / upside	-87.98 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income).
Non-GAAP operating income proxy ($M) upside_fy2027_adj_operating_income	FY2027 / upside	98.89 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adj_operating_income, upside_2027q3_adj_operating_income, upside_2027q4_adj_operating_income).
Operating cash flow proxy ($M) upside_fy2027_cfo	FY2027 / upside	35.99 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, upside_2027q3_cfo, upside_2027q4_cfo).
Gross cash PP&E and software ($M) upside_fy2027_capex	FY2027 / upside	25.79 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, upside_2027q3_capex, upside_2027q4_capex).
CFO less gross PP&E/software ($M) upside_fy2027_fcf	FY2027 / upside	10.20 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, upside_2027q3_fcf, upside_2027q4_fcf).
Asset-sale cash ($M) upside_fy2027_asset_sales	FY2027 / upside	2.65 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_asset_sales, upside_2027q3_asset_sales, upside_2027q4_asset_sales).
Corporate-card receivable investment ($M) upside_fy2027_card_funding	FY2027 / upside	37.97 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_card_funding, upside_2027q3_card_funding, upside_2027q4_card_funding).
Acquisition cash sensitivity ($M) upside_fy2027_acquisition_cash	FY2027 / upside	30.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_acquisition_cash, upside_2027q3_acquisition_cash, upside_2027q4_acquisition_cash).
Scheduled small-note principal ($M) upside_fy2027_debt_principal	FY2027 / upside	1.31 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_debt_principal, upside_2027q3_debt_principal, upside_2027q4_debt_principal).
Cash after card funding and capital claims ($M) upside_fy2027_cash_after_claims	FY2027 / upside	-60.87 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_claims, upside_2027q3_cash_after_claims, upside_2027q4_cash_after_claims).
Consolidated revenue ($M) upside_fy2028_revenue	FY2028 / upside	1,398.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_revenue, upside_2028q2_revenue, upside_2028q3_revenue, upside_2028q4_revenue).
GAAP gross profit proxy ($M) upside_fy2028_gross_profit	FY2028 / upside	1,068.65 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_gross_profit, upside_2028q2_gross_profit, upside_2028q3_gross_profit, upside_2028q4_gross_profit).
GAAP operating income proxy ($M) upside_fy2028_operating_income	FY2028 / upside	-10.20 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_operating_income, upside_2028q2_operating_income, upside_2028q3_operating_income, upside_2028q4_operating_income).
Non-GAAP operating income proxy ($M) upside_fy2028_adj_operating_income	FY2028 / upside	230.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_adj_operating_income, upside_2028q2_adj_operating_income, upside_2028q3_adj_operating_income, upside_2028q4_adj_operating_income).
Operating cash flow proxy ($M) upside_fy2028_cfo	FY2028 / upside	120.20 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_cfo, upside_2028q2_cfo, upside_2028q3_cfo, upside_2028q4_cfo).
Gross cash PP&E and software ($M) upside_fy2028_capex	FY2028 / upside	37.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_capex, upside_2028q2_capex, upside_2028q3_capex, upside_2028q4_capex).
CFO less gross PP&E/software ($M) upside_fy2028_fcf	FY2028 / upside	82.40 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_fcf, upside_2028q2_fcf, upside_2028q3_fcf, upside_2028q4_fcf).
Asset-sale cash ($M) upside_fy2028_asset_sales	FY2028 / upside	0.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_asset_sales, upside_2028q2_asset_sales, upside_2028q3_asset_sales, upside_2028q4_asset_sales).
Corporate-card receivable investment ($M) upside_fy2028_card_funding	FY2028 / upside	109.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_card_funding, upside_2028q2_card_funding, upside_2028q3_card_funding, upside_2028q4_card_funding).
Acquisition cash sensitivity ($M) upside_fy2028_acquisition_cash	FY2028 / upside	0.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_acquisition_cash, upside_2028q2_acquisition_cash, upside_2028q3_acquisition_cash, upside_2028q4_acquisition_cash).
Scheduled small-note principal ($M) upside_fy2028_debt_principal	FY2028 / upside	0.08 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_debt_principal, upside_2028q2_debt_principal, upside_2028q3_debt_principal, upside_2028q4_debt_principal).
Cash after card funding and capital claims ($M) upside_fy2028_cash_after_claims	FY2028 / upside	-34.68 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_cash_after_claims, upside_2028q2_cash_after_claims, upside_2028q3_cash_after_claims, upside_2028q4_cash_after_claims).

Model boundaries

Fiscal year ends January 31: July 2026 is FY2027 Q2. Historical fiscal labels are explicitly reviewed; dates/financial amounts are preserved.
GBV includes traveler taxes/fees and is measured at booking; payment volume is card spend. They overlap economically and are not company revenue or amounts to add together as sales.
The 80/20 index is a desk sensitivity because revenue is not split between travel and card economics. Monetization factors absorb product mix and recognition timing; they are not contractual take rates.
BoomPop closed in September for up to $95M cash and shares, subject to adjustments. Cash split and purchase accounting were undisclosed in the reviewed filing. $30M/$60M/$95M cash cases are sensitivities, not reported consideration. Company expects no material guidance impact; no separate acquired sales uplift is added.
Company H1 FCF nets $2.647M asset-sale proceeds. Model FCF uses gross PP&E/software cash; disposal proceeds are shown separately below it. Corporate-card receivables are investing cash and are additional funding uses.
Restricted cash, customer deposits and supplier payables are not interchangeable with freely deployable parent cash. Future warehouse borrowing is excluded from cash after claims.
Warehouse and ABL maturities in February/March 2028 fall just after the FY2028 forecast end. Earlier covenant/borrowing-base repayment can still occur. No EPS, fully diluted ownership or complete cash roll-forward.

From booking growth to cash after card funding

Research reviewed 2026-09-19

Can Navan scale travel and payments while funding receivables and the newly acquired events platform?

FY2027 H1 revenue was $453.0M, split $413.5M usage and $39.5M subscriptions. Q2 GBV $3.0B and card payment volume $1.3B are rounded activity metrics, not additive revenue. H1 adjusted operating profit $40.9M contrasts with GAAP loss $43.7M. CFO $18.4M less gross PP&E/software $11.1M gives $7.3M; company FCF $9.9M additionally nets $2.6M asset-sale proceeds. Corporate-card receivables used another $5.0M investing cash. July cash/securities were $820.0M before BoomPop; restricted balances and customer/supplier claims remain separate. Warehouse debt $118.2M funds cards and matures February 18, 2028; $6M ABL matures March 2028. BoomPop closed in September for up to $95M cash and shares, with allocation still pending; no material guidance impact is expected. FY2027 midpoint revenue/adjusted operating profit are $930M/$84M. The base card/acquisition cash case is explicitly hypothetical.

The competing explanation

More bookings may arrive with lower monetization or higher customer-service cost. Card growth requires liquidity before customer repayment, while acquisitions and up-front commissions can consume cash despite adjusted profitability.

Risks to track

Business travel activity is seasonal and sensitive to corporate budgets.
Usage revenue mixes travel and payment economics that are not separately disclosed.
Card receivables, credit losses and restricted reserves create funding exposure.
BoomPop consideration, purchase accounting and integration costs remain uncertain.
Supplier settlements and customer deposits affect cash availability.
Warehouse/ABL refinancing follows shortly after the forecast horizon.

Next checkpoints

Q3 bookings and recognized sales · Quarter ending October 31, 2026 (estimated). Reconcile GBV, payment volume, usage revenue and $253M-$255M sales guidance.
BoomPop purchase accounting · Next quarterly filing (estimated). Replace the cash sensitivity with disclosed cash, stock and contingent consideration.
Cash funding and maturities · Quarterly through early 2028 (estimated). Review card receivables, restricted cash, borrowing-base availability and refinancing.

Data coverage and open work

Fiscal year ends January 31: July 2026 is FY2027 Q2. Historical fiscal labels are explicitly reviewed; dates/financial amounts are preserved.
GBV includes traveler taxes/fees and is measured at booking; payment volume is card spend. They overlap economically and are not company revenue or amounts to add together as sales.
The 80/20 index is a desk sensitivity because revenue is not split between travel and card economics. Monetization factors absorb product mix and recognition timing; they are not contractual take rates.
BoomPop closed in September for up to $95M cash and shares, subject to adjustments. Cash split and purchase accounting were undisclosed in the reviewed filing. $30M/$60M/$95M cash cases are sensitivities, not reported consideration. Company expects no material guidance impact; no separate acquired sales uplift is added.
Company H1 FCF nets $2.647M asset-sale proceeds. Model FCF uses gross PP&E/software cash; disposal proceeds are shown separately below it. Corporate-card receivables are investing cash and are additional funding uses.
Restricted cash, customer deposits and supplier payables are not interchangeable with freely deployable parent cash. Future warehouse borrowing is excluded from cash after claims.
Warehouse and ABL maturities in February/March 2028 fall just after the FY2028 forecast end. Earlier covenant/borrowing-base repayment can still occur. No EPS, fully diluted ownership or complete cash roll-forward.

This review: Completed travel/payment scenarios with September BoomPop and a gross-investment FCF bridge.

What the memory says

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

Notes on this name

No published notes on this name yet.

Scorecard: 0 notes scored

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

Provenance

[1] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001639723-25-000017, 10-Q filed 2025-12-15; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json
[2] derived: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001628280-26-023250, 10-K filed 2026-04-02; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json
[3] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001628280-26-042552, 10-Q filed 2026-06-11; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json
[4] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001628280-26-061416, 10-Q filed 2026-09-10; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json
[5] reported: GrossProfit, accession 0001639723-25-000017, 10-Q filed 2025-12-15; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json
[6] derived: GrossProfit, accession 0001628280-26-023250, 10-K filed 2026-04-02; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json
[7] reported: GrossProfit, accession 0001628280-26-042552, 10-Q filed 2026-06-11; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json
[8] reported: GrossProfit, accession 0001628280-26-061416, 10-Q filed 2026-09-10; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json
[9] reported: OperatingIncomeLoss, accession 0001639723-25-000017, 10-Q filed 2025-12-15; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json
[10] derived: OperatingIncomeLoss, accession 0001628280-26-023250, 10-K filed 2026-04-02; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json
[11] reported: OperatingIncomeLoss, accession 0001628280-26-042552, 10-Q filed 2026-06-11; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json
[12] reported: OperatingIncomeLoss, accession 0001628280-26-061416, 10-Q filed 2026-09-10; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json
[13] reported: NetIncomeLoss, accession 0001639723-25-000017, 10-Q filed 2025-12-15; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json
[14] derived: NetIncomeLoss, accession 0001628280-26-023250, 10-K filed 2026-04-02; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json
[15] reported: NetIncomeLoss, accession 0001628280-26-061416, 10-Q filed 2026-09-10; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json
[16] reported: EarningsPerShareDiluted, accession 0001639723-25-000017, 10-Q filed 2025-12-15; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json
[17] reported: EarningsPerShareDiluted, accession 0001628280-26-042552, 10-Q filed 2026-06-11; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json
[18] reported: EarningsPerShareDiluted, accession 0001628280-26-061416, 10-Q filed 2026-09-10; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json
[19] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001639723-25-000017, 10-Q filed 2025-12-15; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json
[20] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001628280-26-042552, 10-Q filed 2026-06-11; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json
[21] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001628280-26-061416, 10-Q filed 2026-09-10; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json
[22] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001628280-26-023250, 10-K filed 2026-04-02; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json
[23] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001639723-25-000017, 10-Q filed 2025-12-15; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json
[24] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001628280-26-061416, 10-Q filed 2026-09-10; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json
[25] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001628280-26-042552, 10-Q filed 2026-06-11; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json
[26] reported: LongTermDebt, accession 0001639723-25-000017, 10-Q filed 2025-12-15; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json
[27] reported: LongTermDebt, accession 0001628280-26-023250, 10-K filed 2026-04-02; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json
[28] reported: LongTermDebt, accession 0001628280-26-042552, 10-Q filed 2026-06-11; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json
[29] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001628280-26-023250, 10-K filed 2026-04-02; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json
[30] reported: NetCashProvidedByUsedInOperatingActivities, accession 0001628280-26-042552, 10-Q filed 2026-06-11; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json
[31] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001628280-26-061416, 10-Q filed 2026-09-10; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json
[32] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001639723-25-000017, 10-Q filed 2025-12-15; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json
[33] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001628280-26-023250, 10-K filed 2026-04-02; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json
[34] reported: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001628280-26-042552, 10-Q filed 2026-06-11; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json
[35] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001628280-26-061416, 10-Q filed 2026-09-10; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json
[36] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001639723-25-000017, 10-Q filed 2025-12-15; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json
[37] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001628280-26-023250, 10-K filed 2026-04-02; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json
[38] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001628280-26-042552, 10-Q filed 2026-06-11; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json
[39] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001628280-26-061416, 10-Q filed 2026-09-10; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json
[40] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001639723-25-000017, 10-Q filed 2025-12-15; retrieved 2026-09-19T23:01:52+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001639723.json

What the author read

September 10 filing, fiscal calendar, card funding and BoomPop consideration · retrieved 2026-09-19
September 9 results and updated annual guidance · retrieved 2026-09-19
Completed BoomPop acquisition; no material guidance impact · retrieved 2026-09-19
September 8 Engine technology partnership · retrieved 2026-09-19

Compiled 2026-09-19T23:01:52.708986+00:00 · authored 806f8cb0b964 · generated b4f6080120e4 · JSON

Daily notes · Scorecard