$NTSK
Business
Netskope sells cloud subscriptions for enterprise security, networking and data protection. Subscription contracts account for about 99% of revenue. Customer expansion and new adoption build annualized recurring contracts, while recognition timing, network infrastructure and sales commissions shape reported revenue and cash. Convertible notes create claims beyond the regular coupon.
Three drivers
- Retained-customer expansion and new subscription adoption
- Recognized revenue, network margins and commission cash
- Deferred collections, equity taxes and convertible economics
Thesis
Our view
ARR and revenue growth remain strong, but the cash test is demanding: the full-year FCF outlook requires a sharp H2 recovery after negative H1. The model exposes that collection requirement and the difference between regular note coupons, principal and minimum-return terms.
What changes it
Compare ARR growth with recognized sales and deferred collections, then require the H2 cash recovery to appear after commission payments, network investment and award withholding.
Scenario ranges
Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.
Model · 8 fiscal quarters (last eight)
| Fiscal quarter | 2025Q3 2024-10-31 | 2025Q4 2025-01-31 | 2026Q1 2025-04-30 | 2026Q2 2025-07-31 | 2026Q3 2025-10-31 | 2026Q4 2026-01-31 | 2027Q1 2026-04-30 | 2027Q2 2026-07-31 |
|---|---|---|---|---|---|---|---|---|
| Revenue ($M) | 138.51 | 148.5†2 | 157.73 | 170.84 | 184.21 | 196.3†2 | 201.63 | 220.54 |
| Gross profit ($M) | 91.85 | 99.3†6 | 109.57 | 123.28 | 106.65 | 143.3†6 | 148.37 | 163.08 |
| Operating income ($M) | -53.89 | -41.2†10 | -45.411 | -46.012 | -447.09 | -114.3†10 | -108.711 | -89.812 |
| Net income ($M) | -70.713 | -77.0†14 | -79.215 | -90.315 | -453.113 | -56.8†14 | -116.515 | -110.815 |
| EPS, diluted ($) | -0.7216 | — | -0.7617 | -0.8418 | -1.8516 | — | -0.2917 | -0.2718 |
| Diluted shares (M) | 98.319 | — | 104.720 | 108.121 | 244.719 | — | 400.520 | 405.021 |
| Cash ($M) | — | 166.022 | — | — | 984.723 | 432.624 | 205.825 | 220.924 |
| Long-term debt ($M) | — | — | — | — | — | — | — | — |
| Cash from operations ($M) | — | 6.1†26 | 25.627 | -16.9†28 | 11.2†29 | 18.1†26 | -53.927 | -16.5†28 |
| Capex ($M) | — | 1.3†30 | 7.431 | 1.6†32 | 0.5†33 | 13.4†30 | 2.231 | 13.0†32 |
| Free cash flow ($M) | — | 4.9†34 | 18.2†35 | -18.5†36 | 10.7†37 | 4.8†34 | -56.1†35 | -29.5†36 |
Estimates · base scenario
| Period | Revenue ($M) | EPS ($) | As of | Basis |
|---|---|---|---|---|
| 2027Q3 | 228.0 | — | 2026-09-19 | Desk base scenario. Revenue basis: Recognized revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2027Q4 | 239.9 | — | 2026-09-19 | Desk base scenario. Revenue basis: Recognized revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2028Q1 | 264.8 | — | 2026-09-19 | Desk base scenario. Revenue basis: Recognized revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2028Q2 | 287.5 | — | 2026-09-19 | Desk base scenario. Revenue basis: Recognized revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
Security subscription adoption, deferred collections and convertible claims
Roll a scenario ARR balance from July using separate retained-cohort and new-ARR assumptions, then translate average ARR into recognized revenue through an explicit timing factor. ARR is never added to revenue. Base Q3/FY2027 recognized revenue and non-GAAP profit margins reconcile to company outlook; average-ARR timing and quarterly cost budgets are desk calibrations. Deduct full SBC, acquired amortization and payroll taxes to estimate GAAP operations. CFO reverses ordinary noncash costs, pays new commissions and cash coupons, and separately models net billings/collections. Base H2 collections are calibrated to the 2% annual FCF-margin outlook after actual negative H1 FCF.
Reported anchors and guidance
| Measure | Period | Value | Basis |
|---|---|---|---|
| arr | July 31, 2026 | 899.00 | reported. USD millions. ARR is reported rounded annualized subscriptions; note principal excludes the fair-value premium. Source · 2026-09-02 |
| FY2027 Q3 revenue midpoint | 2027Q3 | 228.00 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| FY2027 revenue midpoint | FY2027 | 890.00 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| FY2027 FCF margin | FY2027 | 2.0% | management guidance. Approximate company guidance, not a GAAP margin forecast. Source · 2026-09-02 |
| H1 reconstructed GAAP operating income | H1 FY2027 | -198.54 | derived. Reconciles to reported operating loss; note marks are below operations. |
| FY2027 H1 cfo | H1 FY2027 | -70.45 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-09-02 |
| H1 company FCF | H1 FY2027 | -86.96 | derived. Purchased intangibles are additional investment cash. |
| FY2027 H1 award withholding | H1 FY2027 | 28.40 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-09-02 |
| H1 cash after award and intangible purchases | H1 FY2027 | -117.67 | derived. Before option/ESPP proceeds. |
| Cash and marketable securities | July 2026 | 1,067.36 | derived. Excludes restricted cash and undrawn capital. |
| deferred revenue | July 31, 2026 | 670.67 | reported. USD millions. ARR is reported rounded annualized subscriptions; note principal excludes the fair-value premium. Source · 2026-09-02 |
| Convertible principal face | July 2026 | 476.00 | derived. Not a contractual redemption payoff. |
| note fair value | July 31, 2026 | 698.12 | reported. USD millions. ARR is reported rounded annualized subscriptions; note principal excludes the fair-value premium. Source · 2026-09-02 |
| Total annual regular coupons | Annual | 17.29 | derived. Does not equal minimum contractual return or fair-value change. |
| FY2027 H1 note mark loss | H1 FY2027 | 38.75 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-09-02 |
| restructuring payable | July 31, 2026 | 1.14 | reported. USD millions. ARR is reported rounded annualized subscriptions; note principal excludes the fair-value premium. Source · 2026-09-02 |
Downside scenario
| Period | Operating cash flow proxy ($M) | Company-style free cash flow ($M) | Cash PP&E and internal software ($M) | Recognized revenue ($M) | GAAP gross profit proxy ($M) | GAAP operating income proxy ($M) | Equity-award withholding cash ($M) | Cash after intangibles and award withholding ($M) | Non-GAAP operating income proxy ($M) |
|---|---|---|---|---|---|---|---|---|---|
| 2027Q3 | -6.61 | -26.61 | 20.00 | 222.74 | 160.75 | -99.15 | 16.00 | -43.61 | -30.95 |
| 2027Q4 | 3.41 | -18.59 | 22.00 | 228.04 | 164.53 | -106.27 | 18.00 | -37.59 | -35.97 |
| 2028Q1 | -29.19 | -53.19 | 24.00 | 238.04 | 171.83 | -104.87 | 25.00 | -79.19 | -32.47 |
| 2028Q2 | -33.72 | -59.72 | 26.00 | 248.14 | 179.21 | -110.39 | 18.00 | -78.72 | -35.89 |
| FY2027 | -73.66 | -132.17 | 58.51 | 872.91 | 636.56 | -403.95 | 62.40 | -198.87 | -115.44 |
| FY2028 | -105.72 | -213.72 | 108.00 | 1,017.93 | 740.76 | -454.44 | 81.00 | -298.72 | -152.24 |
Base scenario
| Period | Operating cash flow proxy ($M) | Company-style free cash flow ($M) | Cash PP&E and internal software ($M) | Recognized revenue ($M) | GAAP gross profit proxy ($M) | GAAP operating income proxy ($M) | Equity-award withholding cash ($M) | Cash after intangibles and award withholding ($M) | Non-GAAP operating income proxy ($M) |
|---|---|---|---|---|---|---|---|---|---|
| 2027Q3 | 61.91 | 41.91 | 20.00 | 228.00 | 169.26 | -86.44 | 12.00 | 28.91 | -18.24 |
| 2027Q4 | 84.86 | 62.86 | 22.00 | 239.87 | 179.48 | -83.64 | 15.00 | 46.86 | -13.34 |
| 2028Q1 | 34.80 | 10.80 | 24.00 | 264.77 | 199.82 | -70.88 | 22.00 | -12.20 | 1.52 |
| 2028Q2 | 49.41 | 23.41 | 26.00 | 287.47 | 217.33 | -67.27 | 15.00 | 7.41 | 7.23 |
| FY2027 | 76.31 | 17.80 | 58.51 | 890.00 | 660.01 | -368.61 | 55.40 | -41.90 | -80.10 |
| FY2028 | 263.32 | 155.32 | 108.00 | 1,204.21 | 917.81 | -260.39 | 70.00 | 81.32 | 41.81 |
Upside scenario
| Period | Operating cash flow proxy ($M) | Company-style free cash flow ($M) | Cash PP&E and internal software ($M) | Recognized revenue ($M) | GAAP gross profit proxy ($M) | GAAP operating income proxy ($M) | Equity-award withholding cash ($M) | Cash after intangibles and award withholding ($M) | Non-GAAP operating income proxy ($M) |
|---|---|---|---|---|---|---|---|---|---|
| 2027Q3 | 55.47 | 35.47 | 20.00 | 235.62 | 179.84 | -77.06 | 16.00 | 18.47 | -8.86 |
| 2027Q4 | 92.00 | 70.00 | 22.00 | 258.28 | 200.12 | -72.68 | 20.00 | 49.00 | -2.38 |
| 2028Q1 | 42.65 | 18.65 | 24.00 | 289.22 | 224.68 | -63.02 | 30.00 | -12.35 | 9.38 |
| 2028Q2 | 61.97 | 35.97 | 26.00 | 324.43 | 255.89 | -54.71 | 24.00 | 10.97 | 19.79 |
| FY2027 | 77.02 | 18.51 | 58.51 | 916.02 | 691.23 | -348.28 | 64.40 | -50.20 | -59.76 |
| FY2028 | 358.93 | 250.93 | 108.00 | 1,394.06 | 1,102.42 | -194.78 | 110.00 | 136.93 | 107.42 |
All inputs and formulas — reproduce this model
| Input / calculation | Period / case | Value / unit | Evidence or assumption |
|---|---|---|---|
| FY2027 H1 revenue h1_revenue | H1 FY2027 / shared | 422.13 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02 |
| FY2027 H1 gross profit h1_gross_profit | H1 FY2027 / shared | 311.27 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02 |
| FY2027 H1 operating income h1_operating_income | H1 FY2027 / shared | -198.54 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02 |
| FY2027 H1 adj operating income h1_adj_operating_income | H1 FY2027 / shared | -48.52 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02 |
| FY2027 H1 cfo h1_cfo | H1 FY2027 / shared | -70.45 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02 |
| FY2027 H1 ppe h1_ppe | H1 FY2027 / shared | 15.16 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02 |
| FY2027 H1 software h1_software | H1 FY2027 / shared | 1.35 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02 |
| FY2027 H1 award withholding h1_award_withholding | H1 FY2027 / shared | 28.40 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02 |
| FY2027 H1 intangibles h1_intangibles | H1 FY2027 / shared | 2.30 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02 |
| FY2027 H1 sbc h1_sbc | H1 FY2027 / shared | 139.00 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02 |
| FY2027 H1 sbc related h1_sbc_related | H1 FY2027 / shared | 141.38 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02 |
| FY2027 H1 acquired amort h1_acquired_amort | H1 FY2027 / shared | 5.14 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02 |
| FY2027 H1 restructuring h1_restructuring | H1 FY2027 / shared | 3.50 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02 |
| FY2027 H1 commission cash h1_commission_cash | H1 FY2027 / shared | 41.52 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02 |
| FY2027 H1 commission amort h1_commission_amort | H1 FY2027 / shared | 31.94 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02 |
| FY2027 H1 note mark loss h1_note_mark_loss | H1 FY2027 / shared | 38.75 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02 |
| FY2027 H1 deferred use h1_deferred_use | H1 FY2027 / shared | 5.18 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-02 |
| H1 PP&E and internal software h1_capex | H1 FY2027 / shared | 16.51 USD_millions | derived: Company FCF scope. Formula: sum(h1_ppe, h1_software). |
| H1 company FCF h1_fcf | H1 FY2027 / shared | -86.96 USD_millions | derived: Purchased intangibles are additional investment cash. Formula: subtract(h1_cfo, h1_capex). |
| H1 additional cash claims h1_extra_uses | H1 FY2027 / shared | 30.70 USD_millions | derived: Excludes acquisition holdback cash and other financing movements. Formula: sum(h1_award_withholding, h1_intangibles). |
| H1 cash after award and intangible purchases h1_cash_after_claims | H1 FY2027 / shared | -117.67 USD_millions | derived: Before option/ESPP proceeds. Formula: subtract(h1_fcf, h1_extra_uses). |
| H1 GAAP adjustments h1_gaap_adjustments | H1 FY2027 / shared | 150.01 USD_millions | derived: SBC-related total includes cash employer payroll taxes. Formula: sum(h1_sbc_related, h1_acquired_amort, h1_restructuring). |
| H1 reconstructed GAAP operating income h1_gaap_bridge | H1 FY2027 / shared | -198.54 USD_millions | derived: Reconciles to reported operating loss; note marks are below operations. Formula: subtract(h1_adj_operating_income, h1_gaap_adjustments). |
| arr arr | July 31, 2026 / shared | 899.00 USD_millions | reported: USD millions. ARR is reported rounded annualized subscriptions; note principal excludes the fair-value premium. Primary source · 2026-09-02 |
| cash cash | July 31, 2026 / shared | 220.85 USD_millions | reported: USD millions. ARR is reported rounded annualized subscriptions; note principal excludes the fair-value premium. Primary source · 2026-09-02 |
| securities securities | July 31, 2026 / shared | 846.51 USD_millions | reported: USD millions. ARR is reported rounded annualized subscriptions; note principal excludes the fair-value premium. Primary source · 2026-09-02 |
| deferred revenue deferred_revenue | July 31, 2026 / shared | 670.67 USD_millions | reported: USD millions. ARR is reported rounded annualized subscriptions; note principal excludes the fair-value premium. Primary source · 2026-09-02 |
| note 2028 face note_2028_face | July 31, 2026 / shared | 401.00 USD_millions | reported: USD millions. ARR is reported rounded annualized subscriptions; note principal excludes the fair-value premium. Primary source · 2026-09-02 |
| note 2029 face note_2029_face | July 31, 2026 / shared | 75.00 USD_millions | reported: USD millions. ARR is reported rounded annualized subscriptions; note principal excludes the fair-value premium. Primary source · 2026-09-02 |
| note fair value note_fair_value | July 31, 2026 / shared | 698.12 USD_millions | reported: USD millions. ARR is reported rounded annualized subscriptions; note principal excludes the fair-value premium. Primary source · 2026-09-02 |
| restructuring payable restructuring_payable | July 31, 2026 / shared | 1.14 USD_millions | reported: USD millions. ARR is reported rounded annualized subscriptions; note principal excludes the fair-value premium. Primary source · 2026-09-02 |
| Cash and marketable securities liquidity | July 2026 / shared | 1,067.36 USD_millions | derived: Excludes restricted cash and undrawn capital. Formula: sum(cash, securities). |
| Convertible principal face note_principal | July 2026 / shared | 476.00 USD_millions | derived: Not a contractual redemption payoff. Formula: sum(note_2028_face, note_2029_face). |
| note_2028 regular annual coupon note_2028_coupon | Annual / shared | 3.8% ratio | reported: Regular cash-or-PIK coupon; separate repurchase minimum returns apply. Primary source · 2026-09-02 |
| note_2028 annual regular coupon note_2028_annual_coupon | Annual / shared | 15.04 USD_millions | derived: Simple regular coupon on reported unpaid principal. Formula: multiply(note_2028_face, note_2028_coupon). |
| note_2029 regular annual coupon note_2029_coupon | Annual / shared | 3.0% ratio | reported: Regular cash-or-PIK coupon; separate repurchase minimum returns apply. Primary source · 2026-09-02 |
| note_2029 annual regular coupon note_2029_annual_coupon | Annual / shared | 2.25 USD_millions | derived: Simple regular coupon on reported unpaid principal. Formula: multiply(note_2029_face, note_2029_coupon). |
| Total annual regular coupons annual_coupon | Annual / shared | 17.29 USD_millions | derived: Does not equal minimum contractual return or fair-value change. Formula: sum(note_2028_annual_coupon, note_2029_annual_coupon). |
| Quarter allocation quarter | Model / shared | 25.0% ratio | assumption: Quarter of a year. |
| Quarter regular cash-coupon scenario quarter_coupon | Forecast / shared | 4.32 USD_millions | derived: Assumes cash election and constant principal; PIK would instead increase debt. Formula: multiply(annual_coupon, quarter). |
| FY2027 Q3 revenue low q3_revenue_low | 2027Q3 / shared | 227.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-02 |
| FY2027 Q3 revenue high q3_revenue_high | 2027Q3 / shared | 229.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-02 |
| Midpoint divisor two | Model / shared | 200.0% ratio | assumption: Arithmetic constant. |
| FY2027 Q3 revenue endpoint sum q3_revenue_sum | 2027Q3 / shared | 456.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(q3_revenue_low, q3_revenue_high). |
| FY2027 Q3 revenue midpoint q3_revenue | 2027Q3 / shared | 228.00 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 | 888.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-02 |
| FY2027 revenue high fy27_revenue_high | FY2027 / shared | 892.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-02 |
| FY2027 revenue endpoint sum fy27_revenue_sum | FY2027 / shared | 1,780.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(fy27_revenue_low, fy27_revenue_high). |
| FY2027 revenue midpoint fy27_revenue | FY2027 / shared | 890.00 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy27_revenue_sum, two). |
| FY2027 non-GAAP gross margin fy27_adj_gm | FY2027 / shared | 77.0% ratio | management guidance: Approximate company guidance, not a GAAP margin forecast. Primary source · 2026-09-02 |
| FY2027 non-GAAP operating margin fy27_adj_om | FY2027 / shared | -9.0% ratio | management guidance: Approximate company guidance, not a GAAP margin forecast. Primary source · 2026-09-02 |
| FY2027 FCF margin fy27_fcf_margin | FY2027 / shared | 2.0% ratio | management guidance: Approximate company guidance, not a GAAP margin forecast. Primary source · 2026-09-02 |
| FY2027 Q3 non-GAAP operating margin q3_adj_om | FY2027 / shared | -8.0% ratio | management guidance: Approximate company guidance, not a GAAP margin forecast. Primary source · 2026-09-02 |
| Quarter retained-cohort expansion factor downside_2027q3_cohort_factor | 2027Q3 / downside | 101.0% ratio | assumption: Desk quarterly expansion/contraction, not reported trailing NRR applied to one quarter. |
| Existing-cohort scenario ARR downside_2027q3_retained_arr | 2027Q3 / downside | 907.99 USD_millions | derived: Starting scenario annualized subscription balance times retained-cohort factor. Formula: multiply(arr, downside_2027q3_cohort_factor). |
| New-customer annualized subscriptions downside_2027q3_new_arr | 2027Q3 / downside | 30.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Ending annualized subscription scenario downside_2027q3_ending_arr | 2027Q3 / downside | 937.99 USD_millions | derived: ARR stock; never summed in annual output or added to GAAP revenue. Formula: sum(downside_2027q3_retained_arr, downside_2027q3_new_arr). |
| ARR endpoint sum downside_2027q3_arr_endpoint_sum | 2027Q3 / downside | 1,836.99 USD_millions | derived: Arithmetic intermediate. Formula: sum(arr, downside_2027q3_ending_arr). |
| Average quarterly ARR downside_2027q3_average_arr | 2027Q3 / downside | 918.50 USD_millions | derived: Simple mean of beginning/end ARR; within-quarter booking timing remains uncertain. Formula: divide(downside_2027q3_arr_endpoint_sum, two). |
| Revenue recognition / average-ARR-quarter downside_2027q3_recognition_factor | 2027Q3 / downside | 97.0% ratio | assumption: Captures timing, scope and minor non-recurring revenue; base Q3/Q4 calibrate to guidance, not a claimed accounting identity. |
| Recognized quarterly revenue downside_2027q3_revenue | 2027Q3 / downside | 222.74 USD_millions | derived: Converts annualized contract metric into a desk recognition scenario once. Formula: multiply(downside_2027q3_average_arr, quarter, downside_2027q3_recognition_factor). |
| Non-GAAP gross margin downside_2027q3_adj_gross_margin | 2027Q3 / downside | 75.0% ratio | assumption: Desk assumption; not company guidance. |
| Non-GAAP gross profit downside_2027q3_adj_gross_profit | 2027Q3 / downside | 167.05 USD_millions | derived: Base annual margin reconciles to 77% after reported H1. Formula: multiply(downside_2027q3_revenue, downside_2027q3_adj_gross_margin). |
| COGS SBC payroll and acquired amortization downside_2027q3_cogs_adjustments | 2027Q3 / downside | 6.30 USD_millions | assumption: Allocation within total GAAP adjustments below, not an extra company cost. |
| GAAP gross profit proxy downside_2027q3_gross_profit | 2027Q3 / downside | 160.75 USD_millions | derived: Ordinary network depreciation remains inside non-GAAP margin. Formula: subtract(downside_2027q3_adj_gross_profit, downside_2027q3_cogs_adjustments). |
| Adjusted operating expense downside_2027q3_adjusted_opex | 2027Q3 / downside | 198.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Non-GAAP operating income proxy downside_2027q3_adj_operating_income | 2027Q3 / downside | -30.95 USD_millions | derived: Base annual margin reconciles to negative 9% after actual H1. Formula: subtract(downside_2027q3_adj_gross_profit, downside_2027q3_adjusted_opex). |
| Cash employer payroll tax on awards downside_2027q3_payroll | 2027Q3 / downside | 1.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Ordinary total SBC downside_2027q3_sbc | 2027Q3 / downside | 64.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquired intangible amortization downside_2027q3_acquired_amort | 2027Q3 / downside | 2.70 USD_millions | assumption: Desk assumption; not company guidance. |
| SBC payroll and acquired amortization downside_2027q3_gaap_adjustments | 2027Q3 / downside | 68.20 USD_millions | derived: No further material restructuring charges assumed after substantially completed June plan. Formula: sum(downside_2027q3_sbc, downside_2027q3_payroll, downside_2027q3_acquired_amort). |
| GAAP operating income proxy downside_2027q3_operating_income | 2027Q3 / downside | -99.15 USD_millions | derived: Note fair-value marks stay below operating earnings. Formula: subtract(downside_2027q3_adj_operating_income, downside_2027q3_gaap_adjustments). |
| Ordinary D&A excluding acquired amortization downside_2027q3_ordinary_da | 2027Q3 / downside | 8.30 USD_millions | assumption: Desk assumption; not company guidance. |
| Commission amortization downside_2027q3_commission_amort | 2027Q3 / downside | 17.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash investment income downside_2027q3_interest_income_cash | 2027Q3 / downside | 9.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Net billing receivable and other cash inflow downside_2027q3_billing_inflow | 2027Q3 / downside | 25.00 USD_millions | assumption: Base H2 residual needed for 2% annual FCF-margin guidance. Explicit recovery sensitivity, not an independently forecast collection schedule. |
| Adjusted operating result plus noncash and collections bridge downside_2027q3_cash_before_uses | 2027Q3 / downside | 28.35 USD_millions | derived: No second addback of SBC/acquired amortization already excluded from adjusted operating income. Formula: sum(downside_2027q3_adj_operating_income, downside_2027q3_ordinary_da, downside_2027q3_commission_amort, downside_2027q3_interest_income_cash, downside_2027q3_billing_inflow). |
| New deferred commission cash downside_2027q3_commission_cash | 2027Q3 / downside | 24.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash tax downside_2027q3_cash_tax | 2027Q3 / downside | 4.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Prior-plan cash settlement timing downside_2027q3_restructure_timing | 2027Q3 / downside | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Payment of prior restructuring liability downside_2027q3_prior_restructure_payment | 2027Q3 / downside | 1.14 USD_millions | derived: Pays July liability without creating a new operating expense. Formula: multiply(restructuring_payable, downside_2027q3_restructure_timing). |
| Commissions coupons tax payroll and old restructuring liability downside_2027q3_cash_uses | 2027Q3 / downside | 34.96 USD_millions | derived: Regular coupons assumed cash-paid; fair-value note marks are not paid here. Formula: sum(downside_2027q3_commission_cash, quarter_coupon, downside_2027q3_cash_tax, downside_2027q3_payroll, downside_2027q3_prior_restructure_payment). |
| Operating cash flow proxy downside_2027q3_cfo | 2027Q3 / downside | -6.61 USD_millions | derived: Collections and deferred commissions are distinct from ARR. Formula: subtract(downside_2027q3_cash_before_uses, downside_2027q3_cash_uses). |
| Cash network equipment and other PP&E downside_2027q3_ppe | 2027Q3 / downside | 18.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash internal-use software downside_2027q3_software | 2027Q3 / downside | 2.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash PP&E and internal software downside_2027q3_capex | 2027Q3 / downside | 20.00 USD_millions | derived: Noncash capitalized SBC excluded. Formula: sum(downside_2027q3_ppe, downside_2027q3_software). |
| Company-style free cash flow downside_2027q3_fcf | 2027Q3 / downside | -26.61 USD_millions | derived: Base full year reaches the 2% outlook through an explicit H2 collections recovery assumption. Formula: subtract(downside_2027q3_cfo, downside_2027q3_capex). |
| Cash taxes on net-settled awards downside_2027q3_award_withholding | 2027Q3 / downside | 16.00 USD_millions | assumption: Financing cash withheld for employees, not employer payroll taxes already in CFO. |
| Purchased intangibles downside_2027q3_intangibles | 2027Q3 / downside | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Additional investment and financing cash downside_2027q3_extra_uses | 2027Q3 / downside | 17.00 USD_millions | derived: Before acquisitions, principal repurchases and employee stock-purchase receipts. Formula: sum(downside_2027q3_award_withholding, downside_2027q3_intangibles). |
| Cash after intangibles and award withholding downside_2027q3_cash_after_claims | 2027Q3 / downside | -43.61 USD_millions | derived: Positive reported FCF need not equal positive cash retained after awards. Formula: subtract(downside_2027q3_fcf, downside_2027q3_extra_uses). |
| Quarter retained-cohort expansion factor downside_2027q4_cohort_factor | 2027Q4 / downside | 101.0% ratio | assumption: Desk quarterly expansion/contraction, not reported trailing NRR applied to one quarter. |
| Existing-cohort scenario ARR downside_2027q4_retained_arr | 2027Q4 / downside | 947.37 USD_millions | derived: Starting scenario annualized subscription balance times retained-cohort factor. Formula: multiply(downside_2027q3_ending_arr, downside_2027q4_cohort_factor). |
| New-customer annualized subscriptions downside_2027q4_new_arr | 2027Q4 / downside | 35.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Ending annualized subscription scenario downside_2027q4_ending_arr | 2027Q4 / downside | 982.37 USD_millions | derived: ARR stock; never summed in annual output or added to GAAP revenue. Formula: sum(downside_2027q4_retained_arr, downside_2027q4_new_arr). |
| ARR endpoint sum downside_2027q4_arr_endpoint_sum | 2027Q4 / downside | 1,920.36 USD_millions | derived: Arithmetic intermediate. Formula: sum(downside_2027q3_ending_arr, downside_2027q4_ending_arr). |
| Average quarterly ARR downside_2027q4_average_arr | 2027Q4 / downside | 960.18 USD_millions | derived: Simple mean of beginning/end ARR; within-quarter booking timing remains uncertain. Formula: divide(downside_2027q4_arr_endpoint_sum, two). |
| Revenue recognition / average-ARR-quarter downside_2027q4_recognition_factor | 2027Q4 / downside | 95.0% ratio | assumption: Captures timing, scope and minor non-recurring revenue; base Q3/Q4 calibrate to guidance, not a claimed accounting identity. |
| Recognized quarterly revenue downside_2027q4_revenue | 2027Q4 / downside | 228.04 USD_millions | derived: Converts annualized contract metric into a desk recognition scenario once. Formula: multiply(downside_2027q4_average_arr, quarter, downside_2027q4_recognition_factor). |
| Non-GAAP gross margin downside_2027q4_adj_gross_margin | 2027Q4 / downside | 75.0% ratio | assumption: Desk assumption; not company guidance. |
| Non-GAAP gross profit downside_2027q4_adj_gross_profit | 2027Q4 / downside | 171.03 USD_millions | derived: Base annual margin reconciles to 77% after reported H1. Formula: multiply(downside_2027q4_revenue, downside_2027q4_adj_gross_margin). |
| COGS SBC payroll and acquired amortization downside_2027q4_cogs_adjustments | 2027Q4 / downside | 6.50 USD_millions | assumption: Allocation within total GAAP adjustments below, not an extra company cost. |
| GAAP gross profit proxy downside_2027q4_gross_profit | 2027Q4 / downside | 164.53 USD_millions | derived: Ordinary network depreciation remains inside non-GAAP margin. Formula: subtract(downside_2027q4_adj_gross_profit, downside_2027q4_cogs_adjustments). |
| Adjusted operating expense downside_2027q4_adjusted_opex | 2027Q4 / downside | 207.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Non-GAAP operating income proxy downside_2027q4_adj_operating_income | 2027Q4 / downside | -35.97 USD_millions | derived: Base annual margin reconciles to negative 9% after actual H1. Formula: subtract(downside_2027q4_adj_gross_profit, downside_2027q4_adjusted_opex). |
| Cash employer payroll tax on awards downside_2027q4_payroll | 2027Q4 / downside | 1.60 USD_millions | assumption: Desk assumption; not company guidance. |
| Ordinary total SBC downside_2027q4_sbc | 2027Q4 / downside | 66.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquired intangible amortization downside_2027q4_acquired_amort | 2027Q4 / downside | 2.70 USD_millions | assumption: Desk assumption; not company guidance. |
| SBC payroll and acquired amortization downside_2027q4_gaap_adjustments | 2027Q4 / downside | 70.30 USD_millions | derived: No further material restructuring charges assumed after substantially completed June plan. Formula: sum(downside_2027q4_sbc, downside_2027q4_payroll, downside_2027q4_acquired_amort). |
| GAAP operating income proxy downside_2027q4_operating_income | 2027Q4 / downside | -106.27 USD_millions | derived: Note fair-value marks stay below operating earnings. Formula: subtract(downside_2027q4_adj_operating_income, downside_2027q4_gaap_adjustments). |
| Ordinary D&A excluding acquired amortization downside_2027q4_ordinary_da | 2027Q4 / downside | 8.80 USD_millions | assumption: Desk assumption; not company guidance. |
| Commission amortization downside_2027q4_commission_amort | 2027Q4 / downside | 18.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash investment income downside_2027q4_interest_income_cash | 2027Q4 / downside | 8.70 USD_millions | assumption: Desk assumption; not company guidance. |
| Net billing receivable and other cash inflow downside_2027q4_billing_inflow | 2027Q4 / downside | 40.00 USD_millions | assumption: Base H2 residual needed for 2% annual FCF-margin guidance. Explicit recovery sensitivity, not an independently forecast collection schedule. |
| Adjusted operating result plus noncash and collections bridge downside_2027q4_cash_before_uses | 2027Q4 / downside | 39.53 USD_millions | derived: No second addback of SBC/acquired amortization already excluded from adjusted operating income. Formula: sum(downside_2027q4_adj_operating_income, downside_2027q4_ordinary_da, downside_2027q4_commission_amort, downside_2027q4_interest_income_cash, downside_2027q4_billing_inflow). |
| New deferred commission cash downside_2027q4_commission_cash | 2027Q4 / downside | 26.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash tax downside_2027q4_cash_tax | 2027Q4 / downside | 4.20 USD_millions | assumption: Desk assumption; not company guidance. |
| Prior-plan cash settlement timing downside_2027q4_restructure_timing | 2027Q4 / downside | 0.0% ratio | assumption: Desk assumption; not company guidance. |
| Payment of prior restructuring liability downside_2027q4_prior_restructure_payment | 2027Q4 / downside | 0.00 USD_millions | derived: Pays July liability without creating a new operating expense. Formula: multiply(restructuring_payable, downside_2027q4_restructure_timing). |
| Commissions coupons tax payroll and old restructuring liability downside_2027q4_cash_uses | 2027Q4 / downside | 36.12 USD_millions | derived: Regular coupons assumed cash-paid; fair-value note marks are not paid here. Formula: sum(downside_2027q4_commission_cash, quarter_coupon, downside_2027q4_cash_tax, downside_2027q4_payroll, downside_2027q4_prior_restructure_payment). |
| Operating cash flow proxy downside_2027q4_cfo | 2027Q4 / downside | 3.41 USD_millions | derived: Collections and deferred commissions are distinct from ARR. Formula: subtract(downside_2027q4_cash_before_uses, downside_2027q4_cash_uses). |
| Cash network equipment and other PP&E downside_2027q4_ppe | 2027Q4 / downside | 20.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash internal-use software downside_2027q4_software | 2027Q4 / downside | 2.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash PP&E and internal software downside_2027q4_capex | 2027Q4 / downside | 22.00 USD_millions | derived: Noncash capitalized SBC excluded. Formula: sum(downside_2027q4_ppe, downside_2027q4_software). |
| Company-style free cash flow downside_2027q4_fcf | 2027Q4 / downside | -18.59 USD_millions | derived: Base full year reaches the 2% outlook through an explicit H2 collections recovery assumption. Formula: subtract(downside_2027q4_cfo, downside_2027q4_capex). |
| Cash taxes on net-settled awards downside_2027q4_award_withholding | 2027Q4 / downside | 18.00 USD_millions | assumption: Financing cash withheld for employees, not employer payroll taxes already in CFO. |
| Purchased intangibles downside_2027q4_intangibles | 2027Q4 / downside | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Additional investment and financing cash downside_2027q4_extra_uses | 2027Q4 / downside | 19.00 USD_millions | derived: Before acquisitions, principal repurchases and employee stock-purchase receipts. Formula: sum(downside_2027q4_award_withholding, downside_2027q4_intangibles). |
| Cash after intangibles and award withholding downside_2027q4_cash_after_claims | 2027Q4 / downside | -37.59 USD_millions | derived: Positive reported FCF need not equal positive cash retained after awards. Formula: subtract(downside_2027q4_fcf, downside_2027q4_extra_uses). |
| Quarter retained-cohort expansion factor downside_2028q1_cohort_factor | 2028Q1 / downside | 101.0% ratio | assumption: Desk quarterly expansion/contraction, not reported trailing NRR applied to one quarter. |
| Existing-cohort scenario ARR downside_2028q1_retained_arr | 2028Q1 / downside | 992.19 USD_millions | derived: Starting scenario annualized subscription balance times retained-cohort factor. Formula: multiply(downside_2027q4_ending_arr, downside_2028q1_cohort_factor). |
| New-customer annualized subscriptions downside_2028q1_new_arr | 2028Q1 / downside | 30.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Ending annualized subscription scenario downside_2028q1_ending_arr | 2028Q1 / downside | 1,022.19 USD_millions | derived: ARR stock; never summed in annual output or added to GAAP revenue. Formula: sum(downside_2028q1_retained_arr, downside_2028q1_new_arr). |
| ARR endpoint sum downside_2028q1_arr_endpoint_sum | 2028Q1 / downside | 2,004.56 USD_millions | derived: Arithmetic intermediate. Formula: sum(downside_2027q4_ending_arr, downside_2028q1_ending_arr). |
| Average quarterly ARR downside_2028q1_average_arr | 2028Q1 / downside | 1,002.28 USD_millions | derived: Simple mean of beginning/end ARR; within-quarter booking timing remains uncertain. Formula: divide(downside_2028q1_arr_endpoint_sum, two). |
| Revenue recognition / average-ARR-quarter downside_2028q1_recognition_factor | 2028Q1 / downside | 95.0% ratio | assumption: Captures timing, scope and minor non-recurring revenue; base Q3/Q4 calibrate to guidance, not a claimed accounting identity. |
| Recognized quarterly revenue downside_2028q1_revenue | 2028Q1 / downside | 238.04 USD_millions | derived: Converts annualized contract metric into a desk recognition scenario once. Formula: multiply(downside_2028q1_average_arr, quarter, downside_2028q1_recognition_factor). |
| Non-GAAP gross margin downside_2028q1_adj_gross_margin | 2028Q1 / downside | 75.0% ratio | assumption: Desk assumption; not company guidance. |
| Non-GAAP gross profit downside_2028q1_adj_gross_profit | 2028Q1 / downside | 178.53 USD_millions | derived: Base annual margin reconciles to 77% after reported H1. Formula: multiply(downside_2028q1_revenue, downside_2028q1_adj_gross_margin). |
| COGS SBC payroll and acquired amortization downside_2028q1_cogs_adjustments | 2028Q1 / downside | 6.70 USD_millions | assumption: Allocation within total GAAP adjustments below, not an extra company cost. |
| GAAP gross profit proxy downside_2028q1_gross_profit | 2028Q1 / downside | 171.83 USD_millions | derived: Ordinary network depreciation remains inside non-GAAP margin. Formula: subtract(downside_2028q1_adj_gross_profit, downside_2028q1_cogs_adjustments). |
| Adjusted operating expense downside_2028q1_adjusted_opex | 2028Q1 / downside | 211.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Non-GAAP operating income proxy downside_2028q1_adj_operating_income | 2028Q1 / downside | -32.47 USD_millions | derived: Base annual margin reconciles to negative 9% after actual H1. Formula: subtract(downside_2028q1_adj_gross_profit, downside_2028q1_adjusted_opex). |
| Cash employer payroll tax on awards downside_2028q1_payroll | 2028Q1 / downside | 1.70 USD_millions | assumption: Desk assumption; not company guidance. |
| Ordinary total SBC downside_2028q1_sbc | 2028Q1 / downside | 68.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquired intangible amortization downside_2028q1_acquired_amort | 2028Q1 / downside | 2.70 USD_millions | assumption: Desk assumption; not company guidance. |
| SBC payroll and acquired amortization downside_2028q1_gaap_adjustments | 2028Q1 / downside | 72.40 USD_millions | derived: No further material restructuring charges assumed after substantially completed June plan. Formula: sum(downside_2028q1_sbc, downside_2028q1_payroll, downside_2028q1_acquired_amort). |
| GAAP operating income proxy downside_2028q1_operating_income | 2028Q1 / downside | -104.87 USD_millions | derived: Note fair-value marks stay below operating earnings. Formula: subtract(downside_2028q1_adj_operating_income, downside_2028q1_gaap_adjustments). |
| Ordinary D&A excluding acquired amortization downside_2028q1_ordinary_da | 2028Q1 / downside | 9.30 USD_millions | assumption: Desk assumption; not company guidance. |
| Commission amortization downside_2028q1_commission_amort | 2028Q1 / downside | 19.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash investment income downside_2028q1_interest_income_cash | 2028Q1 / downside | 8.40 USD_millions | assumption: Desk assumption; not company guidance. |
| Net billing receivable and other cash inflow downside_2028q1_billing_inflow | 2028Q1 / downside | 5.00 USD_millions | assumption: Base H2 residual needed for 2% annual FCF-margin guidance. Explicit recovery sensitivity, not an independently forecast collection schedule. |
| Adjusted operating result plus noncash and collections bridge downside_2028q1_cash_before_uses | 2028Q1 / downside | 9.23 USD_millions | derived: No second addback of SBC/acquired amortization already excluded from adjusted operating income. Formula: sum(downside_2028q1_adj_operating_income, downside_2028q1_ordinary_da, downside_2028q1_commission_amort, downside_2028q1_interest_income_cash, downside_2028q1_billing_inflow). |
| New deferred commission cash downside_2028q1_commission_cash | 2028Q1 / downside | 28.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash tax downside_2028q1_cash_tax | 2028Q1 / downside | 4.40 USD_millions | assumption: Desk assumption; not company guidance. |
| Prior-plan cash settlement timing downside_2028q1_restructure_timing | 2028Q1 / downside | 0.0% ratio | assumption: Desk assumption; not company guidance. |
| Payment of prior restructuring liability downside_2028q1_prior_restructure_payment | 2028Q1 / downside | 0.00 USD_millions | derived: Pays July liability without creating a new operating expense. Formula: multiply(restructuring_payable, downside_2028q1_restructure_timing). |
| Commissions coupons tax payroll and old restructuring liability downside_2028q1_cash_uses | 2028Q1 / downside | 38.42 USD_millions | derived: Regular coupons assumed cash-paid; fair-value note marks are not paid here. Formula: sum(downside_2028q1_commission_cash, quarter_coupon, downside_2028q1_cash_tax, downside_2028q1_payroll, downside_2028q1_prior_restructure_payment). |
| Operating cash flow proxy downside_2028q1_cfo | 2028Q1 / downside | -29.19 USD_millions | derived: Collections and deferred commissions are distinct from ARR. Formula: subtract(downside_2028q1_cash_before_uses, downside_2028q1_cash_uses). |
| Cash network equipment and other PP&E downside_2028q1_ppe | 2028Q1 / downside | 22.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash internal-use software downside_2028q1_software | 2028Q1 / downside | 2.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash PP&E and internal software downside_2028q1_capex | 2028Q1 / downside | 24.00 USD_millions | derived: Noncash capitalized SBC excluded. Formula: sum(downside_2028q1_ppe, downside_2028q1_software). |
| Company-style free cash flow downside_2028q1_fcf | 2028Q1 / downside | -53.19 USD_millions | derived: Base full year reaches the 2% outlook through an explicit H2 collections recovery assumption. Formula: subtract(downside_2028q1_cfo, downside_2028q1_capex). |
| Cash taxes on net-settled awards downside_2028q1_award_withholding | 2028Q1 / downside | 25.00 USD_millions | assumption: Financing cash withheld for employees, not employer payroll taxes already in CFO. |
| Purchased intangibles downside_2028q1_intangibles | 2028Q1 / downside | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Additional investment and financing cash downside_2028q1_extra_uses | 2028Q1 / downside | 26.00 USD_millions | derived: Before acquisitions, principal repurchases and employee stock-purchase receipts. Formula: sum(downside_2028q1_award_withholding, downside_2028q1_intangibles). |
| Cash after intangibles and award withholding downside_2028q1_cash_after_claims | 2028Q1 / downside | -79.19 USD_millions | derived: Positive reported FCF need not equal positive cash retained after awards. Formula: subtract(downside_2028q1_fcf, downside_2028q1_extra_uses). |
| Quarter retained-cohort expansion factor downside_2028q2_cohort_factor | 2028Q2 / downside | 101.0% ratio | assumption: Desk quarterly expansion/contraction, not reported trailing NRR applied to one quarter. |
| Existing-cohort scenario ARR downside_2028q2_retained_arr | 2028Q2 / downside | 1,032.42 USD_millions | derived: Starting scenario annualized subscription balance times retained-cohort factor. Formula: multiply(downside_2028q1_ending_arr, downside_2028q2_cohort_factor). |
| New-customer annualized subscriptions downside_2028q2_new_arr | 2028Q2 / downside | 35.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Ending annualized subscription scenario downside_2028q2_ending_arr | 2028Q2 / downside | 1,067.42 USD_millions | derived: ARR stock; never summed in annual output or added to GAAP revenue. Formula: sum(downside_2028q2_retained_arr, downside_2028q2_new_arr). |
| ARR endpoint sum downside_2028q2_arr_endpoint_sum | 2028Q2 / downside | 2,089.61 USD_millions | derived: Arithmetic intermediate. Formula: sum(downside_2028q1_ending_arr, downside_2028q2_ending_arr). |
| Average quarterly ARR downside_2028q2_average_arr | 2028Q2 / downside | 1,044.80 USD_millions | derived: Simple mean of beginning/end ARR; within-quarter booking timing remains uncertain. Formula: divide(downside_2028q2_arr_endpoint_sum, two). |
| Revenue recognition / average-ARR-quarter downside_2028q2_recognition_factor | 2028Q2 / downside | 95.0% ratio | assumption: Captures timing, scope and minor non-recurring revenue; base Q3/Q4 calibrate to guidance, not a claimed accounting identity. |
| Recognized quarterly revenue downside_2028q2_revenue | 2028Q2 / downside | 248.14 USD_millions | derived: Converts annualized contract metric into a desk recognition scenario once. Formula: multiply(downside_2028q2_average_arr, quarter, downside_2028q2_recognition_factor). |
| Non-GAAP gross margin downside_2028q2_adj_gross_margin | 2028Q2 / downside | 75.0% ratio | assumption: Desk assumption; not company guidance. |
| Non-GAAP gross profit downside_2028q2_adj_gross_profit | 2028Q2 / downside | 186.11 USD_millions | derived: Base annual margin reconciles to 77% after reported H1. Formula: multiply(downside_2028q2_revenue, downside_2028q2_adj_gross_margin). |
| COGS SBC payroll and acquired amortization downside_2028q2_cogs_adjustments | 2028Q2 / downside | 6.90 USD_millions | assumption: Allocation within total GAAP adjustments below, not an extra company cost. |
| GAAP gross profit proxy downside_2028q2_gross_profit | 2028Q2 / downside | 179.21 USD_millions | derived: Ordinary network depreciation remains inside non-GAAP margin. Formula: subtract(downside_2028q2_adj_gross_profit, downside_2028q2_cogs_adjustments). |
| Adjusted operating expense downside_2028q2_adjusted_opex | 2028Q2 / downside | 222.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Non-GAAP operating income proxy downside_2028q2_adj_operating_income | 2028Q2 / downside | -35.89 USD_millions | derived: Base annual margin reconciles to negative 9% after actual H1. Formula: subtract(downside_2028q2_adj_gross_profit, downside_2028q2_adjusted_opex). |
| Cash employer payroll tax on awards downside_2028q2_payroll | 2028Q2 / downside | 1.80 USD_millions | assumption: Desk assumption; not company guidance. |
| Ordinary total SBC downside_2028q2_sbc | 2028Q2 / downside | 70.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquired intangible amortization downside_2028q2_acquired_amort | 2028Q2 / downside | 2.70 USD_millions | assumption: Desk assumption; not company guidance. |
| SBC payroll and acquired amortization downside_2028q2_gaap_adjustments | 2028Q2 / downside | 74.50 USD_millions | derived: No further material restructuring charges assumed after substantially completed June plan. Formula: sum(downside_2028q2_sbc, downside_2028q2_payroll, downside_2028q2_acquired_amort). |
| GAAP operating income proxy downside_2028q2_operating_income | 2028Q2 / downside | -110.39 USD_millions | derived: Note fair-value marks stay below operating earnings. Formula: subtract(downside_2028q2_adj_operating_income, downside_2028q2_gaap_adjustments). |
| Ordinary D&A excluding acquired amortization downside_2028q2_ordinary_da | 2028Q2 / downside | 9.80 USD_millions | assumption: Desk assumption; not company guidance. |
| Commission amortization downside_2028q2_commission_amort | 2028Q2 / downside | 20.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash investment income downside_2028q2_interest_income_cash | 2028Q2 / downside | 8.10 USD_millions | assumption: Desk assumption; not company guidance. |
| Net billing receivable and other cash inflow downside_2028q2_billing_inflow | 2028Q2 / downside | 5.00 USD_millions | assumption: Base H2 residual needed for 2% annual FCF-margin guidance. Explicit recovery sensitivity, not an independently forecast collection schedule. |
| Adjusted operating result plus noncash and collections bridge downside_2028q2_cash_before_uses | 2028Q2 / downside | 7.01 USD_millions | derived: No second addback of SBC/acquired amortization already excluded from adjusted operating income. Formula: sum(downside_2028q2_adj_operating_income, downside_2028q2_ordinary_da, downside_2028q2_commission_amort, downside_2028q2_interest_income_cash, downside_2028q2_billing_inflow). |
| New deferred commission cash downside_2028q2_commission_cash | 2028Q2 / downside | 30.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash tax downside_2028q2_cash_tax | 2028Q2 / downside | 4.60 USD_millions | assumption: Desk assumption; not company guidance. |
| Prior-plan cash settlement timing downside_2028q2_restructure_timing | 2028Q2 / downside | 0.0% ratio | assumption: Desk assumption; not company guidance. |
| Payment of prior restructuring liability downside_2028q2_prior_restructure_payment | 2028Q2 / downside | 0.00 USD_millions | derived: Pays July liability without creating a new operating expense. Formula: multiply(restructuring_payable, downside_2028q2_restructure_timing). |
| Commissions coupons tax payroll and old restructuring liability downside_2028q2_cash_uses | 2028Q2 / downside | 40.72 USD_millions | derived: Regular coupons assumed cash-paid; fair-value note marks are not paid here. Formula: sum(downside_2028q2_commission_cash, quarter_coupon, downside_2028q2_cash_tax, downside_2028q2_payroll, downside_2028q2_prior_restructure_payment). |
| Operating cash flow proxy downside_2028q2_cfo | 2028Q2 / downside | -33.72 USD_millions | derived: Collections and deferred commissions are distinct from ARR. Formula: subtract(downside_2028q2_cash_before_uses, downside_2028q2_cash_uses). |
| Cash network equipment and other PP&E downside_2028q2_ppe | 2028Q2 / downside | 24.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash internal-use software downside_2028q2_software | 2028Q2 / downside | 2.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash PP&E and internal software downside_2028q2_capex | 2028Q2 / downside | 26.00 USD_millions | derived: Noncash capitalized SBC excluded. Formula: sum(downside_2028q2_ppe, downside_2028q2_software). |
| Company-style free cash flow downside_2028q2_fcf | 2028Q2 / downside | -59.72 USD_millions | derived: Base full year reaches the 2% outlook through an explicit H2 collections recovery assumption. Formula: subtract(downside_2028q2_cfo, downside_2028q2_capex). |
| Cash taxes on net-settled awards downside_2028q2_award_withholding | 2028Q2 / downside | 18.00 USD_millions | assumption: Financing cash withheld for employees, not employer payroll taxes already in CFO. |
| Purchased intangibles downside_2028q2_intangibles | 2028Q2 / downside | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Additional investment and financing cash downside_2028q2_extra_uses | 2028Q2 / downside | 19.00 USD_millions | derived: Before acquisitions, principal repurchases and employee stock-purchase receipts. Formula: sum(downside_2028q2_award_withholding, downside_2028q2_intangibles). |
| Cash after intangibles and award withholding downside_2028q2_cash_after_claims | 2028Q2 / downside | -78.72 USD_millions | derived: Positive reported FCF need not equal positive cash retained after awards. Formula: subtract(downside_2028q2_fcf, downside_2028q2_extra_uses). |
| Quarter retained-cohort expansion factor downside_2028q3_cohort_factor | 2028Q3 / downside | 101.0% ratio | assumption: Desk quarterly expansion/contraction, not reported trailing NRR applied to one quarter. |
| Existing-cohort scenario ARR downside_2028q3_retained_arr | 2028Q3 / downside | 1,078.09 USD_millions | derived: Starting scenario annualized subscription balance times retained-cohort factor. Formula: multiply(downside_2028q2_ending_arr, downside_2028q3_cohort_factor). |
| New-customer annualized subscriptions downside_2028q3_new_arr | 2028Q3 / downside | 40.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Ending annualized subscription scenario downside_2028q3_ending_arr | 2028Q3 / downside | 1,118.09 USD_millions | derived: ARR stock; never summed in annual output or added to GAAP revenue. Formula: sum(downside_2028q3_retained_arr, downside_2028q3_new_arr). |
| ARR endpoint sum downside_2028q3_arr_endpoint_sum | 2028Q3 / downside | 2,185.51 USD_millions | derived: Arithmetic intermediate. Formula: sum(downside_2028q2_ending_arr, downside_2028q3_ending_arr). |
| Average quarterly ARR downside_2028q3_average_arr | 2028Q3 / downside | 1,092.75 USD_millions | derived: Simple mean of beginning/end ARR; within-quarter booking timing remains uncertain. Formula: divide(downside_2028q3_arr_endpoint_sum, two). |
| Revenue recognition / average-ARR-quarter downside_2028q3_recognition_factor | 2028Q3 / downside | 95.0% ratio | assumption: Captures timing, scope and minor non-recurring revenue; base Q3/Q4 calibrate to guidance, not a claimed accounting identity. |
| Recognized quarterly revenue downside_2028q3_revenue | 2028Q3 / downside | 259.53 USD_millions | derived: Converts annualized contract metric into a desk recognition scenario once. Formula: multiply(downside_2028q3_average_arr, quarter, downside_2028q3_recognition_factor). |
| Non-GAAP gross margin downside_2028q3_adj_gross_margin | 2028Q3 / downside | 76.0% ratio | assumption: Desk assumption; not company guidance. |
| Non-GAAP gross profit downside_2028q3_adj_gross_profit | 2028Q3 / downside | 197.24 USD_millions | derived: Base annual margin reconciles to 77% after reported H1. Formula: multiply(downside_2028q3_revenue, downside_2028q3_adj_gross_margin). |
| COGS SBC payroll and acquired amortization downside_2028q3_cogs_adjustments | 2028Q3 / downside | 7.10 USD_millions | assumption: Allocation within total GAAP adjustments below, not an extra company cost. |
| GAAP gross profit proxy downside_2028q3_gross_profit | 2028Q3 / downside | 190.14 USD_millions | derived: Ordinary network depreciation remains inside non-GAAP margin. Formula: subtract(downside_2028q3_adj_gross_profit, downside_2028q3_cogs_adjustments). |
| Adjusted operating expense downside_2028q3_adjusted_opex | 2028Q3 / downside | 237.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Non-GAAP operating income proxy downside_2028q3_adj_operating_income | 2028Q3 / downside | -39.76 USD_millions | derived: Base annual margin reconciles to negative 9% after actual H1. Formula: subtract(downside_2028q3_adj_gross_profit, downside_2028q3_adjusted_opex). |
| Cash employer payroll tax on awards downside_2028q3_payroll | 2028Q3 / downside | 1.90 USD_millions | assumption: Desk assumption; not company guidance. |
| Ordinary total SBC downside_2028q3_sbc | 2028Q3 / downside | 72.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquired intangible amortization downside_2028q3_acquired_amort | 2028Q3 / downside | 2.70 USD_millions | assumption: Desk assumption; not company guidance. |
| SBC payroll and acquired amortization downside_2028q3_gaap_adjustments | 2028Q3 / downside | 76.60 USD_millions | derived: No further material restructuring charges assumed after substantially completed June plan. Formula: sum(downside_2028q3_sbc, downside_2028q3_payroll, downside_2028q3_acquired_amort). |
| GAAP operating income proxy downside_2028q3_operating_income | 2028Q3 / downside | -116.36 USD_millions | derived: Note fair-value marks stay below operating earnings. Formula: subtract(downside_2028q3_adj_operating_income, downside_2028q3_gaap_adjustments). |
| Ordinary D&A excluding acquired amortization downside_2028q3_ordinary_da | 2028Q3 / downside | 10.30 USD_millions | assumption: Desk assumption; not company guidance. |
| Commission amortization downside_2028q3_commission_amort | 2028Q3 / downside | 21.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash investment income downside_2028q3_interest_income_cash | 2028Q3 / downside | 7.80 USD_millions | assumption: Desk assumption; not company guidance. |
| Net billing receivable and other cash inflow downside_2028q3_billing_inflow | 2028Q3 / downside | 15.00 USD_millions | assumption: Base H2 residual needed for 2% annual FCF-margin guidance. Explicit recovery sensitivity, not an independently forecast collection schedule. |
| Adjusted operating result plus noncash and collections bridge downside_2028q3_cash_before_uses | 2028Q3 / downside | 14.34 USD_millions | derived: No second addback of SBC/acquired amortization already excluded from adjusted operating income. Formula: sum(downside_2028q3_adj_operating_income, downside_2028q3_ordinary_da, downside_2028q3_commission_amort, downside_2028q3_interest_income_cash, downside_2028q3_billing_inflow). |
| New deferred commission cash downside_2028q3_commission_cash | 2028Q3 / downside | 32.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash tax downside_2028q3_cash_tax | 2028Q3 / downside | 4.80 USD_millions | assumption: Desk assumption; not company guidance. |
| Prior-plan cash settlement timing downside_2028q3_restructure_timing | 2028Q3 / downside | 0.0% ratio | assumption: Desk assumption; not company guidance. |
| Payment of prior restructuring liability downside_2028q3_prior_restructure_payment | 2028Q3 / downside | 0.00 USD_millions | derived: Pays July liability without creating a new operating expense. Formula: multiply(restructuring_payable, downside_2028q3_restructure_timing). |
| Commissions coupons tax payroll and old restructuring liability downside_2028q3_cash_uses | 2028Q3 / downside | 43.02 USD_millions | derived: Regular coupons assumed cash-paid; fair-value note marks are not paid here. Formula: sum(downside_2028q3_commission_cash, quarter_coupon, downside_2028q3_cash_tax, downside_2028q3_payroll, downside_2028q3_prior_restructure_payment). |
| Operating cash flow proxy downside_2028q3_cfo | 2028Q3 / downside | -28.68 USD_millions | derived: Collections and deferred commissions are distinct from ARR. Formula: subtract(downside_2028q3_cash_before_uses, downside_2028q3_cash_uses). |
| Cash network equipment and other PP&E downside_2028q3_ppe | 2028Q3 / downside | 26.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash internal-use software downside_2028q3_software | 2028Q3 / downside | 2.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash PP&E and internal software downside_2028q3_capex | 2028Q3 / downside | 28.00 USD_millions | derived: Noncash capitalized SBC excluded. Formula: sum(downside_2028q3_ppe, downside_2028q3_software). |
| Company-style free cash flow downside_2028q3_fcf | 2028Q3 / downside | -56.68 USD_millions | derived: Base full year reaches the 2% outlook through an explicit H2 collections recovery assumption. Formula: subtract(downside_2028q3_cfo, downside_2028q3_capex). |
| Cash taxes on net-settled awards downside_2028q3_award_withholding | 2028Q3 / downside | 18.00 USD_millions | assumption: Financing cash withheld for employees, not employer payroll taxes already in CFO. |
| Purchased intangibles downside_2028q3_intangibles | 2028Q3 / downside | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Additional investment and financing cash downside_2028q3_extra_uses | 2028Q3 / downside | 19.00 USD_millions | derived: Before acquisitions, principal repurchases and employee stock-purchase receipts. Formula: sum(downside_2028q3_award_withholding, downside_2028q3_intangibles). |
| Cash after intangibles and award withholding downside_2028q3_cash_after_claims | 2028Q3 / downside | -75.68 USD_millions | derived: Positive reported FCF need not equal positive cash retained after awards. Formula: subtract(downside_2028q3_fcf, downside_2028q3_extra_uses). |
| Quarter retained-cohort expansion factor downside_2028q4_cohort_factor | 2028Q4 / downside | 101.0% ratio | assumption: Desk quarterly expansion/contraction, not reported trailing NRR applied to one quarter. |
| Existing-cohort scenario ARR downside_2028q4_retained_arr | 2028Q4 / downside | 1,129.27 USD_millions | derived: Starting scenario annualized subscription balance times retained-cohort factor. Formula: multiply(downside_2028q3_ending_arr, downside_2028q4_cohort_factor). |
| New-customer annualized subscriptions downside_2028q4_new_arr | 2028Q4 / downside | 45.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Ending annualized subscription scenario downside_2028q4_ending_arr | 2028Q4 / downside | 1,174.27 USD_millions | derived: ARR stock; never summed in annual output or added to GAAP revenue. Formula: sum(downside_2028q4_retained_arr, downside_2028q4_new_arr). |
| ARR endpoint sum downside_2028q4_arr_endpoint_sum | 2028Q4 / downside | 2,292.36 USD_millions | derived: Arithmetic intermediate. Formula: sum(downside_2028q3_ending_arr, downside_2028q4_ending_arr). |
| Average quarterly ARR downside_2028q4_average_arr | 2028Q4 / downside | 1,146.18 USD_millions | derived: Simple mean of beginning/end ARR; within-quarter booking timing remains uncertain. Formula: divide(downside_2028q4_arr_endpoint_sum, two). |
| Revenue recognition / average-ARR-quarter downside_2028q4_recognition_factor | 2028Q4 / downside | 95.0% ratio | assumption: Captures timing, scope and minor non-recurring revenue; base Q3/Q4 calibrate to guidance, not a claimed accounting identity. |
| Recognized quarterly revenue downside_2028q4_revenue | 2028Q4 / downside | 272.22 USD_millions | derived: Converts annualized contract metric into a desk recognition scenario once. Formula: multiply(downside_2028q4_average_arr, quarter, downside_2028q4_recognition_factor). |
| Non-GAAP gross margin downside_2028q4_adj_gross_margin | 2028Q4 / downside | 76.0% ratio | assumption: Desk assumption; not company guidance. |
| Non-GAAP gross profit downside_2028q4_adj_gross_profit | 2028Q4 / downside | 206.89 USD_millions | derived: Base annual margin reconciles to 77% after reported H1. Formula: multiply(downside_2028q4_revenue, downside_2028q4_adj_gross_margin). |
| COGS SBC payroll and acquired amortization downside_2028q4_cogs_adjustments | 2028Q4 / downside | 7.30 USD_millions | assumption: Allocation within total GAAP adjustments below, not an extra company cost. |
| GAAP gross profit proxy downside_2028q4_gross_profit | 2028Q4 / downside | 199.59 USD_millions | derived: Ordinary network depreciation remains inside non-GAAP margin. Formula: subtract(downside_2028q4_adj_gross_profit, downside_2028q4_cogs_adjustments). |
| Adjusted operating expense downside_2028q4_adjusted_opex | 2028Q4 / downside | 251.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Non-GAAP operating income proxy downside_2028q4_adj_operating_income | 2028Q4 / downside | -44.11 USD_millions | derived: Base annual margin reconciles to negative 9% after actual H1. Formula: subtract(downside_2028q4_adj_gross_profit, downside_2028q4_adjusted_opex). |
| Cash employer payroll tax on awards downside_2028q4_payroll | 2028Q4 / downside | 2.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Ordinary total SBC downside_2028q4_sbc | 2028Q4 / downside | 74.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquired intangible amortization downside_2028q4_acquired_amort | 2028Q4 / downside | 2.70 USD_millions | assumption: Desk assumption; not company guidance. |
| SBC payroll and acquired amortization downside_2028q4_gaap_adjustments | 2028Q4 / downside | 78.70 USD_millions | derived: No further material restructuring charges assumed after substantially completed June plan. Formula: sum(downside_2028q4_sbc, downside_2028q4_payroll, downside_2028q4_acquired_amort). |
| GAAP operating income proxy downside_2028q4_operating_income | 2028Q4 / downside | -122.81 USD_millions | derived: Note fair-value marks stay below operating earnings. Formula: subtract(downside_2028q4_adj_operating_income, downside_2028q4_gaap_adjustments). |
| Ordinary D&A excluding acquired amortization downside_2028q4_ordinary_da | 2028Q4 / downside | 10.80 USD_millions | assumption: Desk assumption; not company guidance. |
| Commission amortization downside_2028q4_commission_amort | 2028Q4 / downside | 22.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash investment income downside_2028q4_interest_income_cash | 2028Q4 / downside | 7.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Net billing receivable and other cash inflow downside_2028q4_billing_inflow | 2028Q4 / downside | 35.00 USD_millions | assumption: Base H2 residual needed for 2% annual FCF-margin guidance. Explicit recovery sensitivity, not an independently forecast collection schedule. |
| Adjusted operating result plus noncash and collections bridge downside_2028q4_cash_before_uses | 2028Q4 / downside | 31.19 USD_millions | derived: No second addback of SBC/acquired amortization already excluded from adjusted operating income. Formula: sum(downside_2028q4_adj_operating_income, downside_2028q4_ordinary_da, downside_2028q4_commission_amort, downside_2028q4_interest_income_cash, downside_2028q4_billing_inflow). |
| New deferred commission cash downside_2028q4_commission_cash | 2028Q4 / downside | 34.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash tax downside_2028q4_cash_tax | 2028Q4 / downside | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Prior-plan cash settlement timing downside_2028q4_restructure_timing | 2028Q4 / downside | 0.0% ratio | assumption: Desk assumption; not company guidance. |
| Payment of prior restructuring liability downside_2028q4_prior_restructure_payment | 2028Q4 / downside | 0.00 USD_millions | derived: Pays July liability without creating a new operating expense. Formula: multiply(restructuring_payable, downside_2028q4_restructure_timing). |
| Commissions coupons tax payroll and old restructuring liability downside_2028q4_cash_uses | 2028Q4 / downside | 45.32 USD_millions | derived: Regular coupons assumed cash-paid; fair-value note marks are not paid here. Formula: sum(downside_2028q4_commission_cash, quarter_coupon, downside_2028q4_cash_tax, downside_2028q4_payroll, downside_2028q4_prior_restructure_payment). |
| Operating cash flow proxy downside_2028q4_cfo | 2028Q4 / downside | -14.14 USD_millions | derived: Collections and deferred commissions are distinct from ARR. Formula: subtract(downside_2028q4_cash_before_uses, downside_2028q4_cash_uses). |
| Cash network equipment and other PP&E downside_2028q4_ppe | 2028Q4 / downside | 28.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash internal-use software downside_2028q4_software | 2028Q4 / downside | 2.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash PP&E and internal software downside_2028q4_capex | 2028Q4 / downside | 30.00 USD_millions | derived: Noncash capitalized SBC excluded. Formula: sum(downside_2028q4_ppe, downside_2028q4_software). |
| Company-style free cash flow downside_2028q4_fcf | 2028Q4 / downside | -44.14 USD_millions | derived: Base full year reaches the 2% outlook through an explicit H2 collections recovery assumption. Formula: subtract(downside_2028q4_cfo, downside_2028q4_capex). |
| Cash taxes on net-settled awards downside_2028q4_award_withholding | 2028Q4 / downside | 20.00 USD_millions | assumption: Financing cash withheld for employees, not employer payroll taxes already in CFO. |
| Purchased intangibles downside_2028q4_intangibles | 2028Q4 / downside | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Additional investment and financing cash downside_2028q4_extra_uses | 2028Q4 / downside | 21.00 USD_millions | derived: Before acquisitions, principal repurchases and employee stock-purchase receipts. Formula: sum(downside_2028q4_award_withholding, downside_2028q4_intangibles). |
| Cash after intangibles and award withholding downside_2028q4_cash_after_claims | 2028Q4 / downside | -65.14 USD_millions | derived: Positive reported FCF need not equal positive cash retained after awards. Formula: subtract(downside_2028q4_fcf, downside_2028q4_extra_uses). |
| Recognized revenue ($M) downside_fy2027_revenue | FY2027 / downside | 872.91 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, downside_2027q3_revenue, downside_2027q4_revenue). |
| GAAP gross profit proxy ($M) downside_fy2027_gross_profit | FY2027 / downside | 636.56 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 ($M) downside_fy2027_operating_income | FY2027 / downside | -403.95 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income). |
| Non-GAAP operating income proxy ($M) downside_fy2027_adj_operating_income | FY2027 / downside | -115.44 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 ($M) downside_fy2027_cfo | FY2027 / downside | -73.66 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, downside_2027q3_cfo, downside_2027q4_cfo). |
| Cash PP&E and internal software ($M) downside_fy2027_capex | FY2027 / downside | 58.51 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). |
| Company-style free cash flow ($M) downside_fy2027_fcf | FY2027 / downside | -132.17 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, downside_2027q3_fcf, downside_2027q4_fcf). |
| Equity-award withholding cash ($M) downside_fy2027_award_withholding | FY2027 / downside | 62.40 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_award_withholding, downside_2027q3_award_withholding, downside_2027q4_award_withholding). |
| Cash after intangibles and award withholding ($M) downside_fy2027_cash_after_claims | FY2027 / downside | -198.87 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_claims, downside_2027q3_cash_after_claims, downside_2027q4_cash_after_claims). |
| Recognized revenue ($M) downside_fy2028_revenue | FY2028 / downside | 1,017.93 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 ($M) downside_fy2028_gross_profit | FY2028 / downside | 740.76 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_gross_profit, downside_2028q2_gross_profit, downside_2028q3_gross_profit, downside_2028q4_gross_profit). |
| GAAP operating income proxy ($M) downside_fy2028_operating_income | FY2028 / downside | -454.44 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 ($M) downside_fy2028_adj_operating_income | FY2028 / downside | -152.24 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_adj_operating_income, downside_2028q2_adj_operating_income, downside_2028q3_adj_operating_income, downside_2028q4_adj_operating_income). |
| Operating cash flow proxy ($M) downside_fy2028_cfo | FY2028 / downside | -105.72 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_cfo, downside_2028q2_cfo, downside_2028q3_cfo, downside_2028q4_cfo). |
| Cash PP&E and internal software ($M) downside_fy2028_capex | FY2028 / downside | 108.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_capex, downside_2028q2_capex, downside_2028q3_capex, downside_2028q4_capex). |
| Company-style free cash flow ($M) downside_fy2028_fcf | FY2028 / downside | -213.72 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). |
| Equity-award withholding cash ($M) downside_fy2028_award_withholding | FY2028 / downside | 81.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_award_withholding, downside_2028q2_award_withholding, downside_2028q3_award_withholding, downside_2028q4_award_withholding). |
| Cash after intangibles and award withholding ($M) downside_fy2028_cash_after_claims | FY2028 / downside | -298.72 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). |
| Quarter retained-cohort expansion factor base_2027q3_cohort_factor | 2027Q3 / base | 103.0% ratio | assumption: Desk quarterly expansion/contraction, not reported trailing NRR applied to one quarter. |
| Existing-cohort scenario ARR base_2027q3_retained_arr | 2027Q3 / base | 925.97 USD_millions | derived: Starting scenario annualized subscription balance times retained-cohort factor. Formula: multiply(arr, base_2027q3_cohort_factor). |
| New-customer annualized subscriptions base_2027q3_new_arr | 2027Q3 / base | 53.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Ending annualized subscription scenario base_2027q3_ending_arr | 2027Q3 / base | 978.97 USD_millions | derived: ARR stock; never summed in annual output or added to GAAP revenue. Formula: sum(base_2027q3_retained_arr, base_2027q3_new_arr). |
| ARR endpoint sum base_2027q3_arr_endpoint_sum | 2027Q3 / base | 1,877.97 USD_millions | derived: Arithmetic intermediate. Formula: sum(arr, base_2027q3_ending_arr). |
| Average quarterly ARR base_2027q3_average_arr | 2027Q3 / base | 938.99 USD_millions | derived: Simple mean of beginning/end ARR; within-quarter booking timing remains uncertain. Formula: divide(base_2027q3_arr_endpoint_sum, two). |
| Revenue recognition / average-ARR-quarter base_2027q3_recognition_factor | 2027Q3 / base | 97.1% ratio | assumption: Captures timing, scope and minor non-recurring revenue; base Q3/Q4 calibrate to guidance, not a claimed accounting identity. |
| Recognized quarterly revenue base_2027q3_revenue | 2027Q3 / base | 228.00 USD_millions | derived: Converts annualized contract metric into a desk recognition scenario once. Formula: multiply(base_2027q3_average_arr, quarter, base_2027q3_recognition_factor). |
| Non-GAAP gross margin base_2027q3_adj_gross_margin | 2027Q3 / base | 77.0% ratio | assumption: Desk assumption; not company guidance. |
| Non-GAAP gross profit base_2027q3_adj_gross_profit | 2027Q3 / base | 175.56 USD_millions | derived: Base annual margin reconciles to 77% after reported H1. Formula: multiply(base_2027q3_revenue, base_2027q3_adj_gross_margin). |
| COGS SBC payroll and acquired amortization base_2027q3_cogs_adjustments | 2027Q3 / base | 6.30 USD_millions | assumption: Allocation within total GAAP adjustments below, not an extra company cost. |
| GAAP gross profit proxy base_2027q3_gross_profit | 2027Q3 / base | 169.26 USD_millions | derived: Ordinary network depreciation remains inside non-GAAP margin. Formula: subtract(base_2027q3_adj_gross_profit, base_2027q3_cogs_adjustments). |
| Adjusted operating expense base_2027q3_adjusted_opex | 2027Q3 / base | 193.80 USD_millions | assumption: Desk assumption; not company guidance. |
| Non-GAAP operating income proxy base_2027q3_adj_operating_income | 2027Q3 / base | -18.24 USD_millions | derived: Base annual margin reconciles to negative 9% after actual H1. Formula: subtract(base_2027q3_adj_gross_profit, base_2027q3_adjusted_opex). |
| Cash employer payroll tax on awards base_2027q3_payroll | 2027Q3 / base | 1.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Ordinary total SBC base_2027q3_sbc | 2027Q3 / base | 64.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquired intangible amortization base_2027q3_acquired_amort | 2027Q3 / base | 2.70 USD_millions | assumption: Desk assumption; not company guidance. |
| SBC payroll and acquired amortization base_2027q3_gaap_adjustments | 2027Q3 / base | 68.20 USD_millions | derived: No further material restructuring charges assumed after substantially completed June plan. Formula: sum(base_2027q3_sbc, base_2027q3_payroll, base_2027q3_acquired_amort). |
| GAAP operating income proxy base_2027q3_operating_income | 2027Q3 / base | -86.44 USD_millions | derived: Note fair-value marks stay below operating earnings. Formula: subtract(base_2027q3_adj_operating_income, base_2027q3_gaap_adjustments). |
| Ordinary D&A excluding acquired amortization base_2027q3_ordinary_da | 2027Q3 / base | 8.30 USD_millions | assumption: Desk assumption; not company guidance. |
| Commission amortization base_2027q3_commission_amort | 2027Q3 / base | 17.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash investment income base_2027q3_interest_income_cash | 2027Q3 / base | 9.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Net billing receivable and other cash inflow base_2027q3_billing_inflow | 2027Q3 / base | 80.81 USD_millions | assumption: Base H2 residual needed for 2% annual FCF-margin guidance. Explicit recovery sensitivity, not an independently forecast collection schedule. |
| Adjusted operating result plus noncash and collections bridge base_2027q3_cash_before_uses | 2027Q3 / base | 96.87 USD_millions | derived: No second addback of SBC/acquired amortization already excluded from adjusted operating income. Formula: sum(base_2027q3_adj_operating_income, base_2027q3_ordinary_da, base_2027q3_commission_amort, base_2027q3_interest_income_cash, base_2027q3_billing_inflow). |
| New deferred commission cash base_2027q3_commission_cash | 2027Q3 / base | 24.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash tax base_2027q3_cash_tax | 2027Q3 / base | 4.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Prior-plan cash settlement timing base_2027q3_restructure_timing | 2027Q3 / base | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Payment of prior restructuring liability base_2027q3_prior_restructure_payment | 2027Q3 / base | 1.14 USD_millions | derived: Pays July liability without creating a new operating expense. Formula: multiply(restructuring_payable, base_2027q3_restructure_timing). |
| Commissions coupons tax payroll and old restructuring liability base_2027q3_cash_uses | 2027Q3 / base | 34.96 USD_millions | derived: Regular coupons assumed cash-paid; fair-value note marks are not paid here. Formula: sum(base_2027q3_commission_cash, quarter_coupon, base_2027q3_cash_tax, base_2027q3_payroll, base_2027q3_prior_restructure_payment). |
| Operating cash flow proxy base_2027q3_cfo | 2027Q3 / base | 61.91 USD_millions | derived: Collections and deferred commissions are distinct from ARR. Formula: subtract(base_2027q3_cash_before_uses, base_2027q3_cash_uses). |
| Cash network equipment and other PP&E base_2027q3_ppe | 2027Q3 / base | 18.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash internal-use software base_2027q3_software | 2027Q3 / base | 2.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash PP&E and internal software base_2027q3_capex | 2027Q3 / base | 20.00 USD_millions | derived: Noncash capitalized SBC excluded. Formula: sum(base_2027q3_ppe, base_2027q3_software). |
| Company-style free cash flow base_2027q3_fcf | 2027Q3 / base | 41.91 USD_millions | derived: Base full year reaches the 2% outlook through an explicit H2 collections recovery assumption. Formula: subtract(base_2027q3_cfo, base_2027q3_capex). |
| Cash taxes on net-settled awards base_2027q3_award_withholding | 2027Q3 / base | 12.00 USD_millions | assumption: Financing cash withheld for employees, not employer payroll taxes already in CFO. |
| Purchased intangibles base_2027q3_intangibles | 2027Q3 / base | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Additional investment and financing cash base_2027q3_extra_uses | 2027Q3 / base | 13.00 USD_millions | derived: Before acquisitions, principal repurchases and employee stock-purchase receipts. Formula: sum(base_2027q3_award_withholding, base_2027q3_intangibles). |
| Cash after intangibles and award withholding base_2027q3_cash_after_claims | 2027Q3 / base | 28.91 USD_millions | derived: Positive reported FCF need not equal positive cash retained after awards. Formula: subtract(base_2027q3_fcf, base_2027q3_extra_uses). |
| Quarter retained-cohort expansion factor base_2027q4_cohort_factor | 2027Q4 / base | 103.0% ratio | assumption: Desk quarterly expansion/contraction, not reported trailing NRR applied to one quarter. |
| Existing-cohort scenario ARR base_2027q4_retained_arr | 2027Q4 / base | 1,008.34 USD_millions | derived: Starting scenario annualized subscription balance times retained-cohort factor. Formula: multiply(base_2027q3_ending_arr, base_2027q4_cohort_factor). |
| New-customer annualized subscriptions base_2027q4_new_arr | 2027Q4 / base | 50.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Ending annualized subscription scenario base_2027q4_ending_arr | 2027Q4 / base | 1,058.34 USD_millions | derived: ARR stock; never summed in annual output or added to GAAP revenue. Formula: sum(base_2027q4_retained_arr, base_2027q4_new_arr). |
| ARR endpoint sum base_2027q4_arr_endpoint_sum | 2027Q4 / base | 2,037.31 USD_millions | derived: Arithmetic intermediate. Formula: sum(base_2027q3_ending_arr, base_2027q4_ending_arr). |
| Average quarterly ARR base_2027q4_average_arr | 2027Q4 / base | 1,018.65 USD_millions | derived: Simple mean of beginning/end ARR; within-quarter booking timing remains uncertain. Formula: divide(base_2027q4_arr_endpoint_sum, two). |
| Revenue recognition / average-ARR-quarter base_2027q4_recognition_factor | 2027Q4 / base | 94.2% ratio | assumption: Captures timing, scope and minor non-recurring revenue; base Q3/Q4 calibrate to guidance, not a claimed accounting identity. |
| Recognized quarterly revenue base_2027q4_revenue | 2027Q4 / base | 239.87 USD_millions | derived: Converts annualized contract metric into a desk recognition scenario once. Formula: multiply(base_2027q4_average_arr, quarter, base_2027q4_recognition_factor). |
| Non-GAAP gross margin base_2027q4_adj_gross_margin | 2027Q4 / base | 77.5% ratio | assumption: Desk assumption; not company guidance. |
| Non-GAAP gross profit base_2027q4_adj_gross_profit | 2027Q4 / base | 185.98 USD_millions | derived: Base annual margin reconciles to 77% after reported H1. Formula: multiply(base_2027q4_revenue, base_2027q4_adj_gross_margin). |
| COGS SBC payroll and acquired amortization base_2027q4_cogs_adjustments | 2027Q4 / base | 6.50 USD_millions | assumption: Allocation within total GAAP adjustments below, not an extra company cost. |
| GAAP gross profit proxy base_2027q4_gross_profit | 2027Q4 / base | 179.48 USD_millions | derived: Ordinary network depreciation remains inside non-GAAP margin. Formula: subtract(base_2027q4_adj_gross_profit, base_2027q4_cogs_adjustments). |
| Adjusted operating expense base_2027q4_adjusted_opex | 2027Q4 / base | 199.31 USD_millions | assumption: Desk assumption; not company guidance. |
| Non-GAAP operating income proxy base_2027q4_adj_operating_income | 2027Q4 / base | -13.34 USD_millions | derived: Base annual margin reconciles to negative 9% after actual H1. Formula: subtract(base_2027q4_adj_gross_profit, base_2027q4_adjusted_opex). |
| Cash employer payroll tax on awards base_2027q4_payroll | 2027Q4 / base | 1.60 USD_millions | assumption: Desk assumption; not company guidance. |
| Ordinary total SBC base_2027q4_sbc | 2027Q4 / base | 66.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquired intangible amortization base_2027q4_acquired_amort | 2027Q4 / base | 2.70 USD_millions | assumption: Desk assumption; not company guidance. |
| SBC payroll and acquired amortization base_2027q4_gaap_adjustments | 2027Q4 / base | 70.30 USD_millions | derived: No further material restructuring charges assumed after substantially completed June plan. Formula: sum(base_2027q4_sbc, base_2027q4_payroll, base_2027q4_acquired_amort). |
| GAAP operating income proxy base_2027q4_operating_income | 2027Q4 / base | -83.64 USD_millions | derived: Note fair-value marks stay below operating earnings. Formula: subtract(base_2027q4_adj_operating_income, base_2027q4_gaap_adjustments). |
| Ordinary D&A excluding acquired amortization base_2027q4_ordinary_da | 2027Q4 / base | 8.80 USD_millions | assumption: Desk assumption; not company guidance. |
| Commission amortization base_2027q4_commission_amort | 2027Q4 / base | 18.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash investment income base_2027q4_interest_income_cash | 2027Q4 / base | 8.70 USD_millions | assumption: Desk assumption; not company guidance. |
| Net billing receivable and other cash inflow base_2027q4_billing_inflow | 2027Q4 / base | 98.82 USD_millions | assumption: Base H2 residual needed for 2% annual FCF-margin guidance. Explicit recovery sensitivity, not an independently forecast collection schedule. |
| Adjusted operating result plus noncash and collections bridge base_2027q4_cash_before_uses | 2027Q4 / base | 120.98 USD_millions | derived: No second addback of SBC/acquired amortization already excluded from adjusted operating income. Formula: sum(base_2027q4_adj_operating_income, base_2027q4_ordinary_da, base_2027q4_commission_amort, base_2027q4_interest_income_cash, base_2027q4_billing_inflow). |
| New deferred commission cash base_2027q4_commission_cash | 2027Q4 / base | 26.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash tax base_2027q4_cash_tax | 2027Q4 / base | 4.20 USD_millions | assumption: Desk assumption; not company guidance. |
| Prior-plan cash settlement timing base_2027q4_restructure_timing | 2027Q4 / base | 0.0% ratio | assumption: Desk assumption; not company guidance. |
| Payment of prior restructuring liability base_2027q4_prior_restructure_payment | 2027Q4 / base | 0.00 USD_millions | derived: Pays July liability without creating a new operating expense. Formula: multiply(restructuring_payable, base_2027q4_restructure_timing). |
| Commissions coupons tax payroll and old restructuring liability base_2027q4_cash_uses | 2027Q4 / base | 36.12 USD_millions | derived: Regular coupons assumed cash-paid; fair-value note marks are not paid here. Formula: sum(base_2027q4_commission_cash, quarter_coupon, base_2027q4_cash_tax, base_2027q4_payroll, base_2027q4_prior_restructure_payment). |
| Operating cash flow proxy base_2027q4_cfo | 2027Q4 / base | 84.86 USD_millions | derived: Collections and deferred commissions are distinct from ARR. Formula: subtract(base_2027q4_cash_before_uses, base_2027q4_cash_uses). |
| Cash network equipment and other PP&E base_2027q4_ppe | 2027Q4 / base | 20.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash internal-use software base_2027q4_software | 2027Q4 / base | 2.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash PP&E and internal software base_2027q4_capex | 2027Q4 / base | 22.00 USD_millions | derived: Noncash capitalized SBC excluded. Formula: sum(base_2027q4_ppe, base_2027q4_software). |
| Company-style free cash flow base_2027q4_fcf | 2027Q4 / base | 62.86 USD_millions | derived: Base full year reaches the 2% outlook through an explicit H2 collections recovery assumption. Formula: subtract(base_2027q4_cfo, base_2027q4_capex). |
| Cash taxes on net-settled awards base_2027q4_award_withholding | 2027Q4 / base | 15.00 USD_millions | assumption: Financing cash withheld for employees, not employer payroll taxes already in CFO. |
| Purchased intangibles base_2027q4_intangibles | 2027Q4 / base | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Additional investment and financing cash base_2027q4_extra_uses | 2027Q4 / base | 16.00 USD_millions | derived: Before acquisitions, principal repurchases and employee stock-purchase receipts. Formula: sum(base_2027q4_award_withholding, base_2027q4_intangibles). |
| Cash after intangibles and award withholding base_2027q4_cash_after_claims | 2027Q4 / base | 46.86 USD_millions | derived: Positive reported FCF need not equal positive cash retained after awards. Formula: subtract(base_2027q4_fcf, base_2027q4_extra_uses). |
| Quarter retained-cohort expansion factor base_2028q1_cohort_factor | 2028Q1 / base | 103.0% ratio | assumption: Desk quarterly expansion/contraction, not reported trailing NRR applied to one quarter. |
| Existing-cohort scenario ARR base_2028q1_retained_arr | 2028Q1 / base | 1,090.09 USD_millions | derived: Starting scenario annualized subscription balance times retained-cohort factor. Formula: multiply(base_2027q4_ending_arr, base_2028q1_cohort_factor). |
| New-customer annualized subscriptions base_2028q1_new_arr | 2028Q1 / base | 58.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Ending annualized subscription scenario base_2028q1_ending_arr | 2028Q1 / base | 1,148.09 USD_millions | derived: ARR stock; never summed in annual output or added to GAAP revenue. Formula: sum(base_2028q1_retained_arr, base_2028q1_new_arr). |
| ARR endpoint sum base_2028q1_arr_endpoint_sum | 2028Q1 / base | 2,206.43 USD_millions | derived: Arithmetic intermediate. Formula: sum(base_2027q4_ending_arr, base_2028q1_ending_arr). |
| Average quarterly ARR base_2028q1_average_arr | 2028Q1 / base | 1,103.21 USD_millions | derived: Simple mean of beginning/end ARR; within-quarter booking timing remains uncertain. Formula: divide(base_2028q1_arr_endpoint_sum, two). |
| Revenue recognition / average-ARR-quarter base_2028q1_recognition_factor | 2028Q1 / base | 96.0% ratio | assumption: Captures timing, scope and minor non-recurring revenue; base Q3/Q4 calibrate to guidance, not a claimed accounting identity. |
| Recognized quarterly revenue base_2028q1_revenue | 2028Q1 / base | 264.77 USD_millions | derived: Converts annualized contract metric into a desk recognition scenario once. Formula: multiply(base_2028q1_average_arr, quarter, base_2028q1_recognition_factor). |
| Non-GAAP gross margin base_2028q1_adj_gross_margin | 2028Q1 / base | 78.0% ratio | assumption: Desk assumption; not company guidance. |
| Non-GAAP gross profit base_2028q1_adj_gross_profit | 2028Q1 / base | 206.52 USD_millions | derived: Base annual margin reconciles to 77% after reported H1. Formula: multiply(base_2028q1_revenue, base_2028q1_adj_gross_margin). |
| COGS SBC payroll and acquired amortization base_2028q1_cogs_adjustments | 2028Q1 / base | 6.70 USD_millions | assumption: Allocation within total GAAP adjustments below, not an extra company cost. |
| GAAP gross profit proxy base_2028q1_gross_profit | 2028Q1 / base | 199.82 USD_millions | derived: Ordinary network depreciation remains inside non-GAAP margin. Formula: subtract(base_2028q1_adj_gross_profit, base_2028q1_cogs_adjustments). |
| Adjusted operating expense base_2028q1_adjusted_opex | 2028Q1 / base | 205.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Non-GAAP operating income proxy base_2028q1_adj_operating_income | 2028Q1 / base | 1.52 USD_millions | derived: Base annual margin reconciles to negative 9% after actual H1. Formula: subtract(base_2028q1_adj_gross_profit, base_2028q1_adjusted_opex). |
| Cash employer payroll tax on awards base_2028q1_payroll | 2028Q1 / base | 1.70 USD_millions | assumption: Desk assumption; not company guidance. |
| Ordinary total SBC base_2028q1_sbc | 2028Q1 / base | 68.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquired intangible amortization base_2028q1_acquired_amort | 2028Q1 / base | 2.70 USD_millions | assumption: Desk assumption; not company guidance. |
| SBC payroll and acquired amortization base_2028q1_gaap_adjustments | 2028Q1 / base | 72.40 USD_millions | derived: No further material restructuring charges assumed after substantially completed June plan. Formula: sum(base_2028q1_sbc, base_2028q1_payroll, base_2028q1_acquired_amort). |
| GAAP operating income proxy base_2028q1_operating_income | 2028Q1 / base | -70.88 USD_millions | derived: Note fair-value marks stay below operating earnings. Formula: subtract(base_2028q1_adj_operating_income, base_2028q1_gaap_adjustments). |
| Ordinary D&A excluding acquired amortization base_2028q1_ordinary_da | 2028Q1 / base | 9.30 USD_millions | assumption: Desk assumption; not company guidance. |
| Commission amortization base_2028q1_commission_amort | 2028Q1 / base | 19.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash investment income base_2028q1_interest_income_cash | 2028Q1 / base | 8.40 USD_millions | assumption: Desk assumption; not company guidance. |
| Net billing receivable and other cash inflow base_2028q1_billing_inflow | 2028Q1 / base | 35.00 USD_millions | assumption: Base H2 residual needed for 2% annual FCF-margin guidance. Explicit recovery sensitivity, not an independently forecast collection schedule. |
| Adjusted operating result plus noncash and collections bridge base_2028q1_cash_before_uses | 2028Q1 / base | 73.22 USD_millions | derived: No second addback of SBC/acquired amortization already excluded from adjusted operating income. Formula: sum(base_2028q1_adj_operating_income, base_2028q1_ordinary_da, base_2028q1_commission_amort, base_2028q1_interest_income_cash, base_2028q1_billing_inflow). |
| New deferred commission cash base_2028q1_commission_cash | 2028Q1 / base | 28.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash tax base_2028q1_cash_tax | 2028Q1 / base | 4.40 USD_millions | assumption: Desk assumption; not company guidance. |
| Prior-plan cash settlement timing base_2028q1_restructure_timing | 2028Q1 / base | 0.0% ratio | assumption: Desk assumption; not company guidance. |
| Payment of prior restructuring liability base_2028q1_prior_restructure_payment | 2028Q1 / base | 0.00 USD_millions | derived: Pays July liability without creating a new operating expense. Formula: multiply(restructuring_payable, base_2028q1_restructure_timing). |
| Commissions coupons tax payroll and old restructuring liability base_2028q1_cash_uses | 2028Q1 / base | 38.42 USD_millions | derived: Regular coupons assumed cash-paid; fair-value note marks are not paid here. Formula: sum(base_2028q1_commission_cash, quarter_coupon, base_2028q1_cash_tax, base_2028q1_payroll, base_2028q1_prior_restructure_payment). |
| Operating cash flow proxy base_2028q1_cfo | 2028Q1 / base | 34.80 USD_millions | derived: Collections and deferred commissions are distinct from ARR. Formula: subtract(base_2028q1_cash_before_uses, base_2028q1_cash_uses). |
| Cash network equipment and other PP&E base_2028q1_ppe | 2028Q1 / base | 22.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash internal-use software base_2028q1_software | 2028Q1 / base | 2.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash PP&E and internal software base_2028q1_capex | 2028Q1 / base | 24.00 USD_millions | derived: Noncash capitalized SBC excluded. Formula: sum(base_2028q1_ppe, base_2028q1_software). |
| Company-style free cash flow base_2028q1_fcf | 2028Q1 / base | 10.80 USD_millions | derived: Base full year reaches the 2% outlook through an explicit H2 collections recovery assumption. Formula: subtract(base_2028q1_cfo, base_2028q1_capex). |
| Cash taxes on net-settled awards base_2028q1_award_withholding | 2028Q1 / base | 22.00 USD_millions | assumption: Financing cash withheld for employees, not employer payroll taxes already in CFO. |
| Purchased intangibles base_2028q1_intangibles | 2028Q1 / base | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Additional investment and financing cash base_2028q1_extra_uses | 2028Q1 / base | 23.00 USD_millions | derived: Before acquisitions, principal repurchases and employee stock-purchase receipts. Formula: sum(base_2028q1_award_withholding, base_2028q1_intangibles). |
| Cash after intangibles and award withholding base_2028q1_cash_after_claims | 2028Q1 / base | -12.20 USD_millions | derived: Positive reported FCF need not equal positive cash retained after awards. Formula: subtract(base_2028q1_fcf, base_2028q1_extra_uses). |
| Quarter retained-cohort expansion factor base_2028q2_cohort_factor | 2028Q2 / base | 103.0% ratio | assumption: Desk quarterly expansion/contraction, not reported trailing NRR applied to one quarter. |
| Existing-cohort scenario ARR base_2028q2_retained_arr | 2028Q2 / base | 1,182.53 USD_millions | derived: Starting scenario annualized subscription balance times retained-cohort factor. Formula: multiply(base_2028q1_ending_arr, base_2028q2_cohort_factor). |
| New-customer annualized subscriptions base_2028q2_new_arr | 2028Q2 / base | 65.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Ending annualized subscription scenario base_2028q2_ending_arr | 2028Q2 / base | 1,247.53 USD_millions | derived: ARR stock; never summed in annual output or added to GAAP revenue. Formula: sum(base_2028q2_retained_arr, base_2028q2_new_arr). |
| ARR endpoint sum base_2028q2_arr_endpoint_sum | 2028Q2 / base | 2,395.62 USD_millions | derived: Arithmetic intermediate. Formula: sum(base_2028q1_ending_arr, base_2028q2_ending_arr). |
| Average quarterly ARR base_2028q2_average_arr | 2028Q2 / base | 1,197.81 USD_millions | derived: Simple mean of beginning/end ARR; within-quarter booking timing remains uncertain. Formula: divide(base_2028q2_arr_endpoint_sum, two). |
| Revenue recognition / average-ARR-quarter base_2028q2_recognition_factor | 2028Q2 / base | 96.0% ratio | assumption: Captures timing, scope and minor non-recurring revenue; base Q3/Q4 calibrate to guidance, not a claimed accounting identity. |
| Recognized quarterly revenue base_2028q2_revenue | 2028Q2 / base | 287.47 USD_millions | derived: Converts annualized contract metric into a desk recognition scenario once. Formula: multiply(base_2028q2_average_arr, quarter, base_2028q2_recognition_factor). |
| Non-GAAP gross margin base_2028q2_adj_gross_margin | 2028Q2 / base | 78.0% ratio | assumption: Desk assumption; not company guidance. |
| Non-GAAP gross profit base_2028q2_adj_gross_profit | 2028Q2 / base | 224.23 USD_millions | derived: Base annual margin reconciles to 77% after reported H1. Formula: multiply(base_2028q2_revenue, base_2028q2_adj_gross_margin). |
| COGS SBC payroll and acquired amortization base_2028q2_cogs_adjustments | 2028Q2 / base | 6.90 USD_millions | assumption: Allocation within total GAAP adjustments below, not an extra company cost. |
| GAAP gross profit proxy base_2028q2_gross_profit | 2028Q2 / base | 217.33 USD_millions | derived: Ordinary network depreciation remains inside non-GAAP margin. Formula: subtract(base_2028q2_adj_gross_profit, base_2028q2_cogs_adjustments). |
| Adjusted operating expense base_2028q2_adjusted_opex | 2028Q2 / base | 217.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Non-GAAP operating income proxy base_2028q2_adj_operating_income | 2028Q2 / base | 7.23 USD_millions | derived: Base annual margin reconciles to negative 9% after actual H1. Formula: subtract(base_2028q2_adj_gross_profit, base_2028q2_adjusted_opex). |
| Cash employer payroll tax on awards base_2028q2_payroll | 2028Q2 / base | 1.80 USD_millions | assumption: Desk assumption; not company guidance. |
| Ordinary total SBC base_2028q2_sbc | 2028Q2 / base | 70.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquired intangible amortization base_2028q2_acquired_amort | 2028Q2 / base | 2.70 USD_millions | assumption: Desk assumption; not company guidance. |
| SBC payroll and acquired amortization base_2028q2_gaap_adjustments | 2028Q2 / base | 74.50 USD_millions | derived: No further material restructuring charges assumed after substantially completed June plan. Formula: sum(base_2028q2_sbc, base_2028q2_payroll, base_2028q2_acquired_amort). |
| GAAP operating income proxy base_2028q2_operating_income | 2028Q2 / base | -67.27 USD_millions | derived: Note fair-value marks stay below operating earnings. Formula: subtract(base_2028q2_adj_operating_income, base_2028q2_gaap_adjustments). |
| Ordinary D&A excluding acquired amortization base_2028q2_ordinary_da | 2028Q2 / base | 9.80 USD_millions | assumption: Desk assumption; not company guidance. |
| Commission amortization base_2028q2_commission_amort | 2028Q2 / base | 20.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash investment income base_2028q2_interest_income_cash | 2028Q2 / base | 8.10 USD_millions | assumption: Desk assumption; not company guidance. |
| Net billing receivable and other cash inflow base_2028q2_billing_inflow | 2028Q2 / base | 45.00 USD_millions | assumption: Base H2 residual needed for 2% annual FCF-margin guidance. Explicit recovery sensitivity, not an independently forecast collection schedule. |
| Adjusted operating result plus noncash and collections bridge base_2028q2_cash_before_uses | 2028Q2 / base | 90.13 USD_millions | derived: No second addback of SBC/acquired amortization already excluded from adjusted operating income. Formula: sum(base_2028q2_adj_operating_income, base_2028q2_ordinary_da, base_2028q2_commission_amort, base_2028q2_interest_income_cash, base_2028q2_billing_inflow). |
| New deferred commission cash base_2028q2_commission_cash | 2028Q2 / base | 30.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash tax base_2028q2_cash_tax | 2028Q2 / base | 4.60 USD_millions | assumption: Desk assumption; not company guidance. |
| Prior-plan cash settlement timing base_2028q2_restructure_timing | 2028Q2 / base | 0.0% ratio | assumption: Desk assumption; not company guidance. |
| Payment of prior restructuring liability base_2028q2_prior_restructure_payment | 2028Q2 / base | 0.00 USD_millions | derived: Pays July liability without creating a new operating expense. Formula: multiply(restructuring_payable, base_2028q2_restructure_timing). |
| Commissions coupons tax payroll and old restructuring liability base_2028q2_cash_uses | 2028Q2 / base | 40.72 USD_millions | derived: Regular coupons assumed cash-paid; fair-value note marks are not paid here. Formula: sum(base_2028q2_commission_cash, quarter_coupon, base_2028q2_cash_tax, base_2028q2_payroll, base_2028q2_prior_restructure_payment). |
| Operating cash flow proxy base_2028q2_cfo | 2028Q2 / base | 49.41 USD_millions | derived: Collections and deferred commissions are distinct from ARR. Formula: subtract(base_2028q2_cash_before_uses, base_2028q2_cash_uses). |
| Cash network equipment and other PP&E base_2028q2_ppe | 2028Q2 / base | 24.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash internal-use software base_2028q2_software | 2028Q2 / base | 2.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash PP&E and internal software base_2028q2_capex | 2028Q2 / base | 26.00 USD_millions | derived: Noncash capitalized SBC excluded. Formula: sum(base_2028q2_ppe, base_2028q2_software). |
| Company-style free cash flow base_2028q2_fcf | 2028Q2 / base | 23.41 USD_millions | derived: Base full year reaches the 2% outlook through an explicit H2 collections recovery assumption. Formula: subtract(base_2028q2_cfo, base_2028q2_capex). |
| Cash taxes on net-settled awards base_2028q2_award_withholding | 2028Q2 / base | 15.00 USD_millions | assumption: Financing cash withheld for employees, not employer payroll taxes already in CFO. |
| Purchased intangibles base_2028q2_intangibles | 2028Q2 / base | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Additional investment and financing cash base_2028q2_extra_uses | 2028Q2 / base | 16.00 USD_millions | derived: Before acquisitions, principal repurchases and employee stock-purchase receipts. Formula: sum(base_2028q2_award_withholding, base_2028q2_intangibles). |
| Cash after intangibles and award withholding base_2028q2_cash_after_claims | 2028Q2 / base | 7.41 USD_millions | derived: Positive reported FCF need not equal positive cash retained after awards. Formula: subtract(base_2028q2_fcf, base_2028q2_extra_uses). |
| Quarter retained-cohort expansion factor base_2028q3_cohort_factor | 2028Q3 / base | 103.0% ratio | assumption: Desk quarterly expansion/contraction, not reported trailing NRR applied to one quarter. |
| Existing-cohort scenario ARR base_2028q3_retained_arr | 2028Q3 / base | 1,284.96 USD_millions | derived: Starting scenario annualized subscription balance times retained-cohort factor. Formula: multiply(base_2028q2_ending_arr, base_2028q3_cohort_factor). |
| New-customer annualized subscriptions base_2028q3_new_arr | 2028Q3 / base | 70.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Ending annualized subscription scenario base_2028q3_ending_arr | 2028Q3 / base | 1,354.96 USD_millions | derived: ARR stock; never summed in annual output or added to GAAP revenue. Formula: sum(base_2028q3_retained_arr, base_2028q3_new_arr). |
| ARR endpoint sum base_2028q3_arr_endpoint_sum | 2028Q3 / base | 2,602.49 USD_millions | derived: Arithmetic intermediate. Formula: sum(base_2028q2_ending_arr, base_2028q3_ending_arr). |
| Average quarterly ARR base_2028q3_average_arr | 2028Q3 / base | 1,301.24 USD_millions | derived: Simple mean of beginning/end ARR; within-quarter booking timing remains uncertain. Formula: divide(base_2028q3_arr_endpoint_sum, two). |
| Revenue recognition / average-ARR-quarter base_2028q3_recognition_factor | 2028Q3 / base | 96.0% ratio | assumption: Captures timing, scope and minor non-recurring revenue; base Q3/Q4 calibrate to guidance, not a claimed accounting identity. |
| Recognized quarterly revenue base_2028q3_revenue | 2028Q3 / base | 312.30 USD_millions | derived: Converts annualized contract metric into a desk recognition scenario once. Formula: multiply(base_2028q3_average_arr, quarter, base_2028q3_recognition_factor). |
| Non-GAAP gross margin base_2028q3_adj_gross_margin | 2028Q3 / base | 79.0% ratio | assumption: Desk assumption; not company guidance. |
| Non-GAAP gross profit base_2028q3_adj_gross_profit | 2028Q3 / base | 246.72 USD_millions | derived: Base annual margin reconciles to 77% after reported H1. Formula: multiply(base_2028q3_revenue, base_2028q3_adj_gross_margin). |
| COGS SBC payroll and acquired amortization base_2028q3_cogs_adjustments | 2028Q3 / base | 7.10 USD_millions | assumption: Allocation within total GAAP adjustments below, not an extra company cost. |
| GAAP gross profit proxy base_2028q3_gross_profit | 2028Q3 / base | 239.62 USD_millions | derived: Ordinary network depreciation remains inside non-GAAP margin. Formula: subtract(base_2028q3_adj_gross_profit, base_2028q3_cogs_adjustments). |
| Adjusted operating expense base_2028q3_adjusted_opex | 2028Q3 / base | 232.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Non-GAAP operating income proxy base_2028q3_adj_operating_income | 2028Q3 / base | 14.72 USD_millions | derived: Base annual margin reconciles to negative 9% after actual H1. Formula: subtract(base_2028q3_adj_gross_profit, base_2028q3_adjusted_opex). |
| Cash employer payroll tax on awards base_2028q3_payroll | 2028Q3 / base | 1.90 USD_millions | assumption: Desk assumption; not company guidance. |
| Ordinary total SBC base_2028q3_sbc | 2028Q3 / base | 72.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquired intangible amortization base_2028q3_acquired_amort | 2028Q3 / base | 2.70 USD_millions | assumption: Desk assumption; not company guidance. |
| SBC payroll and acquired amortization base_2028q3_gaap_adjustments | 2028Q3 / base | 76.60 USD_millions | derived: No further material restructuring charges assumed after substantially completed June plan. Formula: sum(base_2028q3_sbc, base_2028q3_payroll, base_2028q3_acquired_amort). |
| GAAP operating income proxy base_2028q3_operating_income | 2028Q3 / base | -61.88 USD_millions | derived: Note fair-value marks stay below operating earnings. Formula: subtract(base_2028q3_adj_operating_income, base_2028q3_gaap_adjustments). |
| Ordinary D&A excluding acquired amortization base_2028q3_ordinary_da | 2028Q3 / base | 10.30 USD_millions | assumption: Desk assumption; not company guidance. |
| Commission amortization base_2028q3_commission_amort | 2028Q3 / base | 21.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash investment income base_2028q3_interest_income_cash | 2028Q3 / base | 7.80 USD_millions | assumption: Desk assumption; not company guidance. |
| Net billing receivable and other cash inflow base_2028q3_billing_inflow | 2028Q3 / base | 65.00 USD_millions | assumption: Base H2 residual needed for 2% annual FCF-margin guidance. Explicit recovery sensitivity, not an independently forecast collection schedule. |
| Adjusted operating result plus noncash and collections bridge base_2028q3_cash_before_uses | 2028Q3 / base | 118.82 USD_millions | derived: No second addback of SBC/acquired amortization already excluded from adjusted operating income. Formula: sum(base_2028q3_adj_operating_income, base_2028q3_ordinary_da, base_2028q3_commission_amort, base_2028q3_interest_income_cash, base_2028q3_billing_inflow). |
| New deferred commission cash base_2028q3_commission_cash | 2028Q3 / base | 32.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash tax base_2028q3_cash_tax | 2028Q3 / base | 4.80 USD_millions | assumption: Desk assumption; not company guidance. |
| Prior-plan cash settlement timing base_2028q3_restructure_timing | 2028Q3 / base | 0.0% ratio | assumption: Desk assumption; not company guidance. |
| Payment of prior restructuring liability base_2028q3_prior_restructure_payment | 2028Q3 / base | 0.00 USD_millions | derived: Pays July liability without creating a new operating expense. Formula: multiply(restructuring_payable, base_2028q3_restructure_timing). |
| Commissions coupons tax payroll and old restructuring liability base_2028q3_cash_uses | 2028Q3 / base | 43.02 USD_millions | derived: Regular coupons assumed cash-paid; fair-value note marks are not paid here. Formula: sum(base_2028q3_commission_cash, quarter_coupon, base_2028q3_cash_tax, base_2028q3_payroll, base_2028q3_prior_restructure_payment). |
| Operating cash flow proxy base_2028q3_cfo | 2028Q3 / base | 75.79 USD_millions | derived: Collections and deferred commissions are distinct from ARR. Formula: subtract(base_2028q3_cash_before_uses, base_2028q3_cash_uses). |
| Cash network equipment and other PP&E base_2028q3_ppe | 2028Q3 / base | 26.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash internal-use software base_2028q3_software | 2028Q3 / base | 2.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash PP&E and internal software base_2028q3_capex | 2028Q3 / base | 28.00 USD_millions | derived: Noncash capitalized SBC excluded. Formula: sum(base_2028q3_ppe, base_2028q3_software). |
| Company-style free cash flow base_2028q3_fcf | 2028Q3 / base | 47.79 USD_millions | derived: Base full year reaches the 2% outlook through an explicit H2 collections recovery assumption. Formula: subtract(base_2028q3_cfo, base_2028q3_capex). |
| Cash taxes on net-settled awards base_2028q3_award_withholding | 2028Q3 / base | 15.00 USD_millions | assumption: Financing cash withheld for employees, not employer payroll taxes already in CFO. |
| Purchased intangibles base_2028q3_intangibles | 2028Q3 / base | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Additional investment and financing cash base_2028q3_extra_uses | 2028Q3 / base | 16.00 USD_millions | derived: Before acquisitions, principal repurchases and employee stock-purchase receipts. Formula: sum(base_2028q3_award_withholding, base_2028q3_intangibles). |
| Cash after intangibles and award withholding base_2028q3_cash_after_claims | 2028Q3 / base | 31.79 USD_millions | derived: Positive reported FCF need not equal positive cash retained after awards. Formula: subtract(base_2028q3_fcf, base_2028q3_extra_uses). |
| Quarter retained-cohort expansion factor base_2028q4_cohort_factor | 2028Q4 / base | 103.0% ratio | assumption: Desk quarterly expansion/contraction, not reported trailing NRR applied to one quarter. |
| Existing-cohort scenario ARR base_2028q4_retained_arr | 2028Q4 / base | 1,395.61 USD_millions | derived: Starting scenario annualized subscription balance times retained-cohort factor. Formula: multiply(base_2028q3_ending_arr, base_2028q4_cohort_factor). |
| New-customer annualized subscriptions base_2028q4_new_arr | 2028Q4 / base | 80.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Ending annualized subscription scenario base_2028q4_ending_arr | 2028Q4 / base | 1,475.61 USD_millions | derived: ARR stock; never summed in annual output or added to GAAP revenue. Formula: sum(base_2028q4_retained_arr, base_2028q4_new_arr). |
| ARR endpoint sum base_2028q4_arr_endpoint_sum | 2028Q4 / base | 2,830.56 USD_millions | derived: Arithmetic intermediate. Formula: sum(base_2028q3_ending_arr, base_2028q4_ending_arr). |
| Average quarterly ARR base_2028q4_average_arr | 2028Q4 / base | 1,415.28 USD_millions | derived: Simple mean of beginning/end ARR; within-quarter booking timing remains uncertain. Formula: divide(base_2028q4_arr_endpoint_sum, two). |
| Revenue recognition / average-ARR-quarter base_2028q4_recognition_factor | 2028Q4 / base | 96.0% ratio | assumption: Captures timing, scope and minor non-recurring revenue; base Q3/Q4 calibrate to guidance, not a claimed accounting identity. |
| Recognized quarterly revenue base_2028q4_revenue | 2028Q4 / base | 339.67 USD_millions | derived: Converts annualized contract metric into a desk recognition scenario once. Formula: multiply(base_2028q4_average_arr, quarter, base_2028q4_recognition_factor). |
| Non-GAAP gross margin base_2028q4_adj_gross_margin | 2028Q4 / base | 79.0% ratio | assumption: Desk assumption; not company guidance. |
| Non-GAAP gross profit base_2028q4_adj_gross_profit | 2028Q4 / base | 268.34 USD_millions | derived: Base annual margin reconciles to 77% after reported H1. Formula: multiply(base_2028q4_revenue, base_2028q4_adj_gross_margin). |
| COGS SBC payroll and acquired amortization base_2028q4_cogs_adjustments | 2028Q4 / base | 7.30 USD_millions | assumption: Allocation within total GAAP adjustments below, not an extra company cost. |
| GAAP gross profit proxy base_2028q4_gross_profit | 2028Q4 / base | 261.04 USD_millions | derived: Ordinary network depreciation remains inside non-GAAP margin. Formula: subtract(base_2028q4_adj_gross_profit, base_2028q4_cogs_adjustments). |
| Adjusted operating expense base_2028q4_adjusted_opex | 2028Q4 / base | 250.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Non-GAAP operating income proxy base_2028q4_adj_operating_income | 2028Q4 / base | 18.34 USD_millions | derived: Base annual margin reconciles to negative 9% after actual H1. Formula: subtract(base_2028q4_adj_gross_profit, base_2028q4_adjusted_opex). |
| Cash employer payroll tax on awards base_2028q4_payroll | 2028Q4 / base | 2.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Ordinary total SBC base_2028q4_sbc | 2028Q4 / base | 74.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquired intangible amortization base_2028q4_acquired_amort | 2028Q4 / base | 2.70 USD_millions | assumption: Desk assumption; not company guidance. |
| SBC payroll and acquired amortization base_2028q4_gaap_adjustments | 2028Q4 / base | 78.70 USD_millions | derived: No further material restructuring charges assumed after substantially completed June plan. Formula: sum(base_2028q4_sbc, base_2028q4_payroll, base_2028q4_acquired_amort). |
| GAAP operating income proxy base_2028q4_operating_income | 2028Q4 / base | -60.36 USD_millions | derived: Note fair-value marks stay below operating earnings. Formula: subtract(base_2028q4_adj_operating_income, base_2028q4_gaap_adjustments). |
| Ordinary D&A excluding acquired amortization base_2028q4_ordinary_da | 2028Q4 / base | 10.80 USD_millions | assumption: Desk assumption; not company guidance. |
| Commission amortization base_2028q4_commission_amort | 2028Q4 / base | 22.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash investment income base_2028q4_interest_income_cash | 2028Q4 / base | 7.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Net billing receivable and other cash inflow base_2028q4_billing_inflow | 2028Q4 / base | 90.00 USD_millions | assumption: Base H2 residual needed for 2% annual FCF-margin guidance. Explicit recovery sensitivity, not an independently forecast collection schedule. |
| Adjusted operating result plus noncash and collections bridge base_2028q4_cash_before_uses | 2028Q4 / base | 148.64 USD_millions | derived: No second addback of SBC/acquired amortization already excluded from adjusted operating income. Formula: sum(base_2028q4_adj_operating_income, base_2028q4_ordinary_da, base_2028q4_commission_amort, base_2028q4_interest_income_cash, base_2028q4_billing_inflow). |
| New deferred commission cash base_2028q4_commission_cash | 2028Q4 / base | 34.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash tax base_2028q4_cash_tax | 2028Q4 / base | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Prior-plan cash settlement timing base_2028q4_restructure_timing | 2028Q4 / base | 0.0% ratio | assumption: Desk assumption; not company guidance. |
| Payment of prior restructuring liability base_2028q4_prior_restructure_payment | 2028Q4 / base | 0.00 USD_millions | derived: Pays July liability without creating a new operating expense. Formula: multiply(restructuring_payable, base_2028q4_restructure_timing). |
| Commissions coupons tax payroll and old restructuring liability base_2028q4_cash_uses | 2028Q4 / base | 45.32 USD_millions | derived: Regular coupons assumed cash-paid; fair-value note marks are not paid here. Formula: sum(base_2028q4_commission_cash, quarter_coupon, base_2028q4_cash_tax, base_2028q4_payroll, base_2028q4_prior_restructure_payment). |
| Operating cash flow proxy base_2028q4_cfo | 2028Q4 / base | 103.32 USD_millions | derived: Collections and deferred commissions are distinct from ARR. Formula: subtract(base_2028q4_cash_before_uses, base_2028q4_cash_uses). |
| Cash network equipment and other PP&E base_2028q4_ppe | 2028Q4 / base | 28.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash internal-use software base_2028q4_software | 2028Q4 / base | 2.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash PP&E and internal software base_2028q4_capex | 2028Q4 / base | 30.00 USD_millions | derived: Noncash capitalized SBC excluded. Formula: sum(base_2028q4_ppe, base_2028q4_software). |
| Company-style free cash flow base_2028q4_fcf | 2028Q4 / base | 73.32 USD_millions | derived: Base full year reaches the 2% outlook through an explicit H2 collections recovery assumption. Formula: subtract(base_2028q4_cfo, base_2028q4_capex). |
| Cash taxes on net-settled awards base_2028q4_award_withholding | 2028Q4 / base | 18.00 USD_millions | assumption: Financing cash withheld for employees, not employer payroll taxes already in CFO. |
| Purchased intangibles base_2028q4_intangibles | 2028Q4 / base | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Additional investment and financing cash base_2028q4_extra_uses | 2028Q4 / base | 19.00 USD_millions | derived: Before acquisitions, principal repurchases and employee stock-purchase receipts. Formula: sum(base_2028q4_award_withholding, base_2028q4_intangibles). |
| Cash after intangibles and award withholding base_2028q4_cash_after_claims | 2028Q4 / base | 54.32 USD_millions | derived: Positive reported FCF need not equal positive cash retained after awards. Formula: subtract(base_2028q4_fcf, base_2028q4_extra_uses). |
| Recognized revenue ($M) base_fy2027_revenue | FY2027 / base | 890.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, base_2027q3_revenue, base_2027q4_revenue). |
| GAAP gross profit proxy ($M) base_fy2027_gross_profit | FY2027 / base | 660.01 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 ($M) base_fy2027_operating_income | FY2027 / base | -368.61 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, base_2027q3_operating_income, base_2027q4_operating_income). |
| Non-GAAP operating income proxy ($M) base_fy2027_adj_operating_income | FY2027 / base | -80.10 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 ($M) base_fy2027_cfo | FY2027 / base | 76.31 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, base_2027q3_cfo, base_2027q4_cfo). |
| Cash PP&E and internal software ($M) base_fy2027_capex | FY2027 / base | 58.51 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). |
| Company-style free cash flow ($M) base_fy2027_fcf | FY2027 / base | 17.80 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, base_2027q3_fcf, base_2027q4_fcf). |
| Equity-award withholding cash ($M) base_fy2027_award_withholding | FY2027 / base | 55.40 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_award_withholding, base_2027q3_award_withholding, base_2027q4_award_withholding). |
| Cash after intangibles and award withholding ($M) base_fy2027_cash_after_claims | FY2027 / base | -41.90 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_claims, base_2027q3_cash_after_claims, base_2027q4_cash_after_claims). |
| Recognized revenue ($M) base_fy2028_revenue | FY2028 / base | 1,204.21 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 ($M) base_fy2028_gross_profit | FY2028 / base | 917.81 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_gross_profit, base_2028q2_gross_profit, base_2028q3_gross_profit, base_2028q4_gross_profit). |
| GAAP operating income proxy ($M) base_fy2028_operating_income | FY2028 / base | -260.39 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 ($M) base_fy2028_adj_operating_income | FY2028 / base | 41.81 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_adj_operating_income, base_2028q2_adj_operating_income, base_2028q3_adj_operating_income, base_2028q4_adj_operating_income). |
| Operating cash flow proxy ($M) base_fy2028_cfo | FY2028 / base | 263.32 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_cfo, base_2028q2_cfo, base_2028q3_cfo, base_2028q4_cfo). |
| Cash PP&E and internal software ($M) base_fy2028_capex | FY2028 / base | 108.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_capex, base_2028q2_capex, base_2028q3_capex, base_2028q4_capex). |
| Company-style free cash flow ($M) base_fy2028_fcf | FY2028 / base | 155.32 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). |
| Equity-award withholding cash ($M) base_fy2028_award_withholding | FY2028 / base | 70.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_award_withholding, base_2028q2_award_withholding, base_2028q3_award_withholding, base_2028q4_award_withholding). |
| Cash after intangibles and award withholding ($M) base_fy2028_cash_after_claims | FY2028 / base | 81.32 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). |
| Quarter retained-cohort expansion factor upside_2027q3_cohort_factor | 2027Q3 / upside | 104.0% ratio | assumption: Desk quarterly expansion/contraction, not reported trailing NRR applied to one quarter. |
| Existing-cohort scenario ARR upside_2027q3_retained_arr | 2027Q3 / upside | 934.96 USD_millions | derived: Starting scenario annualized subscription balance times retained-cohort factor. Formula: multiply(arr, upside_2027q3_cohort_factor). |
| New-customer annualized subscriptions upside_2027q3_new_arr | 2027Q3 / upside | 70.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Ending annualized subscription scenario upside_2027q3_ending_arr | 2027Q3 / upside | 1,004.96 USD_millions | derived: ARR stock; never summed in annual output or added to GAAP revenue. Formula: sum(upside_2027q3_retained_arr, upside_2027q3_new_arr). |
| ARR endpoint sum upside_2027q3_arr_endpoint_sum | 2027Q3 / upside | 1,903.96 USD_millions | derived: Arithmetic intermediate. Formula: sum(arr, upside_2027q3_ending_arr). |
| Average quarterly ARR upside_2027q3_average_arr | 2027Q3 / upside | 951.98 USD_millions | derived: Simple mean of beginning/end ARR; within-quarter booking timing remains uncertain. Formula: divide(upside_2027q3_arr_endpoint_sum, two). |
| Revenue recognition / average-ARR-quarter upside_2027q3_recognition_factor | 2027Q3 / upside | 99.0% ratio | assumption: Captures timing, scope and minor non-recurring revenue; base Q3/Q4 calibrate to guidance, not a claimed accounting identity. |
| Recognized quarterly revenue upside_2027q3_revenue | 2027Q3 / upside | 235.62 USD_millions | derived: Converts annualized contract metric into a desk recognition scenario once. Formula: multiply(upside_2027q3_average_arr, quarter, upside_2027q3_recognition_factor). |
| Non-GAAP gross margin upside_2027q3_adj_gross_margin | 2027Q3 / upside | 79.0% ratio | assumption: Desk assumption; not company guidance. |
| Non-GAAP gross profit upside_2027q3_adj_gross_profit | 2027Q3 / upside | 186.14 USD_millions | derived: Base annual margin reconciles to 77% after reported H1. Formula: multiply(upside_2027q3_revenue, upside_2027q3_adj_gross_margin). |
| COGS SBC payroll and acquired amortization upside_2027q3_cogs_adjustments | 2027Q3 / upside | 6.30 USD_millions | assumption: Allocation within total GAAP adjustments below, not an extra company cost. |
| GAAP gross profit proxy upside_2027q3_gross_profit | 2027Q3 / upside | 179.84 USD_millions | derived: Ordinary network depreciation remains inside non-GAAP margin. Formula: subtract(upside_2027q3_adj_gross_profit, upside_2027q3_cogs_adjustments). |
| Adjusted operating expense upside_2027q3_adjusted_opex | 2027Q3 / upside | 195.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Non-GAAP operating income proxy upside_2027q3_adj_operating_income | 2027Q3 / upside | -8.86 USD_millions | derived: Base annual margin reconciles to negative 9% after actual H1. Formula: subtract(upside_2027q3_adj_gross_profit, upside_2027q3_adjusted_opex). |
| Cash employer payroll tax on awards upside_2027q3_payroll | 2027Q3 / upside | 1.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Ordinary total SBC upside_2027q3_sbc | 2027Q3 / upside | 64.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquired intangible amortization upside_2027q3_acquired_amort | 2027Q3 / upside | 2.70 USD_millions | assumption: Desk assumption; not company guidance. |
| SBC payroll and acquired amortization upside_2027q3_gaap_adjustments | 2027Q3 / upside | 68.20 USD_millions | derived: No further material restructuring charges assumed after substantially completed June plan. Formula: sum(upside_2027q3_sbc, upside_2027q3_payroll, upside_2027q3_acquired_amort). |
| GAAP operating income proxy upside_2027q3_operating_income | 2027Q3 / upside | -77.06 USD_millions | derived: Note fair-value marks stay below operating earnings. Formula: subtract(upside_2027q3_adj_operating_income, upside_2027q3_gaap_adjustments). |
| Ordinary D&A excluding acquired amortization upside_2027q3_ordinary_da | 2027Q3 / upside | 8.30 USD_millions | assumption: Desk assumption; not company guidance. |
| Commission amortization upside_2027q3_commission_amort | 2027Q3 / upside | 17.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash investment income upside_2027q3_interest_income_cash | 2027Q3 / upside | 9.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Net billing receivable and other cash inflow upside_2027q3_billing_inflow | 2027Q3 / upside | 65.00 USD_millions | assumption: Base H2 residual needed for 2% annual FCF-margin guidance. Explicit recovery sensitivity, not an independently forecast collection schedule. |
| Adjusted operating result plus noncash and collections bridge upside_2027q3_cash_before_uses | 2027Q3 / upside | 90.44 USD_millions | derived: No second addback of SBC/acquired amortization already excluded from adjusted operating income. Formula: sum(upside_2027q3_adj_operating_income, upside_2027q3_ordinary_da, upside_2027q3_commission_amort, upside_2027q3_interest_income_cash, upside_2027q3_billing_inflow). |
| New deferred commission cash upside_2027q3_commission_cash | 2027Q3 / upside | 24.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash tax upside_2027q3_cash_tax | 2027Q3 / upside | 4.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Prior-plan cash settlement timing upside_2027q3_restructure_timing | 2027Q3 / upside | 100.0% ratio | assumption: Desk assumption; not company guidance. |
| Payment of prior restructuring liability upside_2027q3_prior_restructure_payment | 2027Q3 / upside | 1.14 USD_millions | derived: Pays July liability without creating a new operating expense. Formula: multiply(restructuring_payable, upside_2027q3_restructure_timing). |
| Commissions coupons tax payroll and old restructuring liability upside_2027q3_cash_uses | 2027Q3 / upside | 34.96 USD_millions | derived: Regular coupons assumed cash-paid; fair-value note marks are not paid here. Formula: sum(upside_2027q3_commission_cash, quarter_coupon, upside_2027q3_cash_tax, upside_2027q3_payroll, upside_2027q3_prior_restructure_payment). |
| Operating cash flow proxy upside_2027q3_cfo | 2027Q3 / upside | 55.47 USD_millions | derived: Collections and deferred commissions are distinct from ARR. Formula: subtract(upside_2027q3_cash_before_uses, upside_2027q3_cash_uses). |
| Cash network equipment and other PP&E upside_2027q3_ppe | 2027Q3 / upside | 18.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash internal-use software upside_2027q3_software | 2027Q3 / upside | 2.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash PP&E and internal software upside_2027q3_capex | 2027Q3 / upside | 20.00 USD_millions | derived: Noncash capitalized SBC excluded. Formula: sum(upside_2027q3_ppe, upside_2027q3_software). |
| Company-style free cash flow upside_2027q3_fcf | 2027Q3 / upside | 35.47 USD_millions | derived: Base full year reaches the 2% outlook through an explicit H2 collections recovery assumption. Formula: subtract(upside_2027q3_cfo, upside_2027q3_capex). |
| Cash taxes on net-settled awards upside_2027q3_award_withholding | 2027Q3 / upside | 16.00 USD_millions | assumption: Financing cash withheld for employees, not employer payroll taxes already in CFO. |
| Purchased intangibles upside_2027q3_intangibles | 2027Q3 / upside | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Additional investment and financing cash upside_2027q3_extra_uses | 2027Q3 / upside | 17.00 USD_millions | derived: Before acquisitions, principal repurchases and employee stock-purchase receipts. Formula: sum(upside_2027q3_award_withholding, upside_2027q3_intangibles). |
| Cash after intangibles and award withholding upside_2027q3_cash_after_claims | 2027Q3 / upside | 18.47 USD_millions | derived: Positive reported FCF need not equal positive cash retained after awards. Formula: subtract(upside_2027q3_fcf, upside_2027q3_extra_uses). |
| Quarter retained-cohort expansion factor upside_2027q4_cohort_factor | 2027Q4 / upside | 104.0% ratio | assumption: Desk quarterly expansion/contraction, not reported trailing NRR applied to one quarter. |
| Existing-cohort scenario ARR upside_2027q4_retained_arr | 2027Q4 / upside | 1,045.16 USD_millions | derived: Starting scenario annualized subscription balance times retained-cohort factor. Formula: multiply(upside_2027q3_ending_arr, upside_2027q4_cohort_factor). |
| New-customer annualized subscriptions upside_2027q4_new_arr | 2027Q4 / upside | 80.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Ending annualized subscription scenario upside_2027q4_ending_arr | 2027Q4 / upside | 1,125.16 USD_millions | derived: ARR stock; never summed in annual output or added to GAAP revenue. Formula: sum(upside_2027q4_retained_arr, upside_2027q4_new_arr). |
| ARR endpoint sum upside_2027q4_arr_endpoint_sum | 2027Q4 / upside | 2,130.12 USD_millions | derived: Arithmetic intermediate. Formula: sum(upside_2027q3_ending_arr, upside_2027q4_ending_arr). |
| Average quarterly ARR upside_2027q4_average_arr | 2027Q4 / upside | 1,065.06 USD_millions | derived: Simple mean of beginning/end ARR; within-quarter booking timing remains uncertain. Formula: divide(upside_2027q4_arr_endpoint_sum, two). |
| Revenue recognition / average-ARR-quarter upside_2027q4_recognition_factor | 2027Q4 / upside | 97.0% ratio | assumption: Captures timing, scope and minor non-recurring revenue; base Q3/Q4 calibrate to guidance, not a claimed accounting identity. |
| Recognized quarterly revenue upside_2027q4_revenue | 2027Q4 / upside | 258.28 USD_millions | derived: Converts annualized contract metric into a desk recognition scenario once. Formula: multiply(upside_2027q4_average_arr, quarter, upside_2027q4_recognition_factor). |
| Non-GAAP gross margin upside_2027q4_adj_gross_margin | 2027Q4 / upside | 80.0% ratio | assumption: Desk assumption; not company guidance. |
| Non-GAAP gross profit upside_2027q4_adj_gross_profit | 2027Q4 / upside | 206.62 USD_millions | derived: Base annual margin reconciles to 77% after reported H1. Formula: multiply(upside_2027q4_revenue, upside_2027q4_adj_gross_margin). |
| COGS SBC payroll and acquired amortization upside_2027q4_cogs_adjustments | 2027Q4 / upside | 6.50 USD_millions | assumption: Allocation within total GAAP adjustments below, not an extra company cost. |
| GAAP gross profit proxy upside_2027q4_gross_profit | 2027Q4 / upside | 200.12 USD_millions | derived: Ordinary network depreciation remains inside non-GAAP margin. Formula: subtract(upside_2027q4_adj_gross_profit, upside_2027q4_cogs_adjustments). |
| Adjusted operating expense upside_2027q4_adjusted_opex | 2027Q4 / upside | 209.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Non-GAAP operating income proxy upside_2027q4_adj_operating_income | 2027Q4 / upside | -2.38 USD_millions | derived: Base annual margin reconciles to negative 9% after actual H1. Formula: subtract(upside_2027q4_adj_gross_profit, upside_2027q4_adjusted_opex). |
| Cash employer payroll tax on awards upside_2027q4_payroll | 2027Q4 / upside | 1.60 USD_millions | assumption: Desk assumption; not company guidance. |
| Ordinary total SBC upside_2027q4_sbc | 2027Q4 / upside | 66.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquired intangible amortization upside_2027q4_acquired_amort | 2027Q4 / upside | 2.70 USD_millions | assumption: Desk assumption; not company guidance. |
| SBC payroll and acquired amortization upside_2027q4_gaap_adjustments | 2027Q4 / upside | 70.30 USD_millions | derived: No further material restructuring charges assumed after substantially completed June plan. Formula: sum(upside_2027q4_sbc, upside_2027q4_payroll, upside_2027q4_acquired_amort). |
| GAAP operating income proxy upside_2027q4_operating_income | 2027Q4 / upside | -72.68 USD_millions | derived: Note fair-value marks stay below operating earnings. Formula: subtract(upside_2027q4_adj_operating_income, upside_2027q4_gaap_adjustments). |
| Ordinary D&A excluding acquired amortization upside_2027q4_ordinary_da | 2027Q4 / upside | 8.80 USD_millions | assumption: Desk assumption; not company guidance. |
| Commission amortization upside_2027q4_commission_amort | 2027Q4 / upside | 18.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash investment income upside_2027q4_interest_income_cash | 2027Q4 / upside | 8.70 USD_millions | assumption: Desk assumption; not company guidance. |
| Net billing receivable and other cash inflow upside_2027q4_billing_inflow | 2027Q4 / upside | 95.00 USD_millions | assumption: Base H2 residual needed for 2% annual FCF-margin guidance. Explicit recovery sensitivity, not an independently forecast collection schedule. |
| Adjusted operating result plus noncash and collections bridge upside_2027q4_cash_before_uses | 2027Q4 / upside | 128.12 USD_millions | derived: No second addback of SBC/acquired amortization already excluded from adjusted operating income. Formula: sum(upside_2027q4_adj_operating_income, upside_2027q4_ordinary_da, upside_2027q4_commission_amort, upside_2027q4_interest_income_cash, upside_2027q4_billing_inflow). |
| New deferred commission cash upside_2027q4_commission_cash | 2027Q4 / upside | 26.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash tax upside_2027q4_cash_tax | 2027Q4 / upside | 4.20 USD_millions | assumption: Desk assumption; not company guidance. |
| Prior-plan cash settlement timing upside_2027q4_restructure_timing | 2027Q4 / upside | 0.0% ratio | assumption: Desk assumption; not company guidance. |
| Payment of prior restructuring liability upside_2027q4_prior_restructure_payment | 2027Q4 / upside | 0.00 USD_millions | derived: Pays July liability without creating a new operating expense. Formula: multiply(restructuring_payable, upside_2027q4_restructure_timing). |
| Commissions coupons tax payroll and old restructuring liability upside_2027q4_cash_uses | 2027Q4 / upside | 36.12 USD_millions | derived: Regular coupons assumed cash-paid; fair-value note marks are not paid here. Formula: sum(upside_2027q4_commission_cash, quarter_coupon, upside_2027q4_cash_tax, upside_2027q4_payroll, upside_2027q4_prior_restructure_payment). |
| Operating cash flow proxy upside_2027q4_cfo | 2027Q4 / upside | 92.00 USD_millions | derived: Collections and deferred commissions are distinct from ARR. Formula: subtract(upside_2027q4_cash_before_uses, upside_2027q4_cash_uses). |
| Cash network equipment and other PP&E upside_2027q4_ppe | 2027Q4 / upside | 20.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash internal-use software upside_2027q4_software | 2027Q4 / upside | 2.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash PP&E and internal software upside_2027q4_capex | 2027Q4 / upside | 22.00 USD_millions | derived: Noncash capitalized SBC excluded. Formula: sum(upside_2027q4_ppe, upside_2027q4_software). |
| Company-style free cash flow upside_2027q4_fcf | 2027Q4 / upside | 70.00 USD_millions | derived: Base full year reaches the 2% outlook through an explicit H2 collections recovery assumption. Formula: subtract(upside_2027q4_cfo, upside_2027q4_capex). |
| Cash taxes on net-settled awards upside_2027q4_award_withholding | 2027Q4 / upside | 20.00 USD_millions | assumption: Financing cash withheld for employees, not employer payroll taxes already in CFO. |
| Purchased intangibles upside_2027q4_intangibles | 2027Q4 / upside | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Additional investment and financing cash upside_2027q4_extra_uses | 2027Q4 / upside | 21.00 USD_millions | derived: Before acquisitions, principal repurchases and employee stock-purchase receipts. Formula: sum(upside_2027q4_award_withholding, upside_2027q4_intangibles). |
| Cash after intangibles and award withholding upside_2027q4_cash_after_claims | 2027Q4 / upside | 49.00 USD_millions | derived: Positive reported FCF need not equal positive cash retained after awards. Formula: subtract(upside_2027q4_fcf, upside_2027q4_extra_uses). |
| Quarter retained-cohort expansion factor upside_2028q1_cohort_factor | 2028Q1 / upside | 104.0% ratio | assumption: Desk quarterly expansion/contraction, not reported trailing NRR applied to one quarter. |
| Existing-cohort scenario ARR upside_2028q1_retained_arr | 2028Q1 / upside | 1,170.16 USD_millions | derived: Starting scenario annualized subscription balance times retained-cohort factor. Formula: multiply(upside_2027q4_ending_arr, upside_2028q1_cohort_factor). |
| New-customer annualized subscriptions upside_2028q1_new_arr | 2028Q1 / upside | 90.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Ending annualized subscription scenario upside_2028q1_ending_arr | 2028Q1 / upside | 1,260.16 USD_millions | derived: ARR stock; never summed in annual output or added to GAAP revenue. Formula: sum(upside_2028q1_retained_arr, upside_2028q1_new_arr). |
| ARR endpoint sum upside_2028q1_arr_endpoint_sum | 2028Q1 / upside | 2,385.32 USD_millions | derived: Arithmetic intermediate. Formula: sum(upside_2027q4_ending_arr, upside_2028q1_ending_arr). |
| Average quarterly ARR upside_2028q1_average_arr | 2028Q1 / upside | 1,192.66 USD_millions | derived: Simple mean of beginning/end ARR; within-quarter booking timing remains uncertain. Formula: divide(upside_2028q1_arr_endpoint_sum, two). |
| Revenue recognition / average-ARR-quarter upside_2028q1_recognition_factor | 2028Q1 / upside | 97.0% ratio | assumption: Captures timing, scope and minor non-recurring revenue; base Q3/Q4 calibrate to guidance, not a claimed accounting identity. |
| Recognized quarterly revenue upside_2028q1_revenue | 2028Q1 / upside | 289.22 USD_millions | derived: Converts annualized contract metric into a desk recognition scenario once. Formula: multiply(upside_2028q1_average_arr, quarter, upside_2028q1_recognition_factor). |
| Non-GAAP gross margin upside_2028q1_adj_gross_margin | 2028Q1 / upside | 80.0% ratio | assumption: Desk assumption; not company guidance. |
| Non-GAAP gross profit upside_2028q1_adj_gross_profit | 2028Q1 / upside | 231.38 USD_millions | derived: Base annual margin reconciles to 77% after reported H1. Formula: multiply(upside_2028q1_revenue, upside_2028q1_adj_gross_margin). |
| COGS SBC payroll and acquired amortization upside_2028q1_cogs_adjustments | 2028Q1 / upside | 6.70 USD_millions | assumption: Allocation within total GAAP adjustments below, not an extra company cost. |
| GAAP gross profit proxy upside_2028q1_gross_profit | 2028Q1 / upside | 224.68 USD_millions | derived: Ordinary network depreciation remains inside non-GAAP margin. Formula: subtract(upside_2028q1_adj_gross_profit, upside_2028q1_cogs_adjustments). |
| Adjusted operating expense upside_2028q1_adjusted_opex | 2028Q1 / upside | 222.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Non-GAAP operating income proxy upside_2028q1_adj_operating_income | 2028Q1 / upside | 9.38 USD_millions | derived: Base annual margin reconciles to negative 9% after actual H1. Formula: subtract(upside_2028q1_adj_gross_profit, upside_2028q1_adjusted_opex). |
| Cash employer payroll tax on awards upside_2028q1_payroll | 2028Q1 / upside | 1.70 USD_millions | assumption: Desk assumption; not company guidance. |
| Ordinary total SBC upside_2028q1_sbc | 2028Q1 / upside | 68.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquired intangible amortization upside_2028q1_acquired_amort | 2028Q1 / upside | 2.70 USD_millions | assumption: Desk assumption; not company guidance. |
| SBC payroll and acquired amortization upside_2028q1_gaap_adjustments | 2028Q1 / upside | 72.40 USD_millions | derived: No further material restructuring charges assumed after substantially completed June plan. Formula: sum(upside_2028q1_sbc, upside_2028q1_payroll, upside_2028q1_acquired_amort). |
| GAAP operating income proxy upside_2028q1_operating_income | 2028Q1 / upside | -63.02 USD_millions | derived: Note fair-value marks stay below operating earnings. Formula: subtract(upside_2028q1_adj_operating_income, upside_2028q1_gaap_adjustments). |
| Ordinary D&A excluding acquired amortization upside_2028q1_ordinary_da | 2028Q1 / upside | 9.30 USD_millions | assumption: Desk assumption; not company guidance. |
| Commission amortization upside_2028q1_commission_amort | 2028Q1 / upside | 19.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash investment income upside_2028q1_interest_income_cash | 2028Q1 / upside | 8.40 USD_millions | assumption: Desk assumption; not company guidance. |
| Net billing receivable and other cash inflow upside_2028q1_billing_inflow | 2028Q1 / upside | 35.00 USD_millions | assumption: Base H2 residual needed for 2% annual FCF-margin guidance. Explicit recovery sensitivity, not an independently forecast collection schedule. |
| Adjusted operating result plus noncash and collections bridge upside_2028q1_cash_before_uses | 2028Q1 / upside | 81.08 USD_millions | derived: No second addback of SBC/acquired amortization already excluded from adjusted operating income. Formula: sum(upside_2028q1_adj_operating_income, upside_2028q1_ordinary_da, upside_2028q1_commission_amort, upside_2028q1_interest_income_cash, upside_2028q1_billing_inflow). |
| New deferred commission cash upside_2028q1_commission_cash | 2028Q1 / upside | 28.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash tax upside_2028q1_cash_tax | 2028Q1 / upside | 4.40 USD_millions | assumption: Desk assumption; not company guidance. |
| Prior-plan cash settlement timing upside_2028q1_restructure_timing | 2028Q1 / upside | 0.0% ratio | assumption: Desk assumption; not company guidance. |
| Payment of prior restructuring liability upside_2028q1_prior_restructure_payment | 2028Q1 / upside | 0.00 USD_millions | derived: Pays July liability without creating a new operating expense. Formula: multiply(restructuring_payable, upside_2028q1_restructure_timing). |
| Commissions coupons tax payroll and old restructuring liability upside_2028q1_cash_uses | 2028Q1 / upside | 38.42 USD_millions | derived: Regular coupons assumed cash-paid; fair-value note marks are not paid here. Formula: sum(upside_2028q1_commission_cash, quarter_coupon, upside_2028q1_cash_tax, upside_2028q1_payroll, upside_2028q1_prior_restructure_payment). |
| Operating cash flow proxy upside_2028q1_cfo | 2028Q1 / upside | 42.65 USD_millions | derived: Collections and deferred commissions are distinct from ARR. Formula: subtract(upside_2028q1_cash_before_uses, upside_2028q1_cash_uses). |
| Cash network equipment and other PP&E upside_2028q1_ppe | 2028Q1 / upside | 22.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash internal-use software upside_2028q1_software | 2028Q1 / upside | 2.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash PP&E and internal software upside_2028q1_capex | 2028Q1 / upside | 24.00 USD_millions | derived: Noncash capitalized SBC excluded. Formula: sum(upside_2028q1_ppe, upside_2028q1_software). |
| Company-style free cash flow upside_2028q1_fcf | 2028Q1 / upside | 18.65 USD_millions | derived: Base full year reaches the 2% outlook through an explicit H2 collections recovery assumption. Formula: subtract(upside_2028q1_cfo, upside_2028q1_capex). |
| Cash taxes on net-settled awards upside_2028q1_award_withholding | 2028Q1 / upside | 30.00 USD_millions | assumption: Financing cash withheld for employees, not employer payroll taxes already in CFO. |
| Purchased intangibles upside_2028q1_intangibles | 2028Q1 / upside | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Additional investment and financing cash upside_2028q1_extra_uses | 2028Q1 / upside | 31.00 USD_millions | derived: Before acquisitions, principal repurchases and employee stock-purchase receipts. Formula: sum(upside_2028q1_award_withholding, upside_2028q1_intangibles). |
| Cash after intangibles and award withholding upside_2028q1_cash_after_claims | 2028Q1 / upside | -12.35 USD_millions | derived: Positive reported FCF need not equal positive cash retained after awards. Formula: subtract(upside_2028q1_fcf, upside_2028q1_extra_uses). |
| Quarter retained-cohort expansion factor upside_2028q2_cohort_factor | 2028Q2 / upside | 104.0% ratio | assumption: Desk quarterly expansion/contraction, not reported trailing NRR applied to one quarter. |
| Existing-cohort scenario ARR upside_2028q2_retained_arr | 2028Q2 / upside | 1,310.57 USD_millions | derived: Starting scenario annualized subscription balance times retained-cohort factor. Formula: multiply(upside_2028q1_ending_arr, upside_2028q2_cohort_factor). |
| New-customer annualized subscriptions upside_2028q2_new_arr | 2028Q2 / upside | 105.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Ending annualized subscription scenario upside_2028q2_ending_arr | 2028Q2 / upside | 1,415.57 USD_millions | derived: ARR stock; never summed in annual output or added to GAAP revenue. Formula: sum(upside_2028q2_retained_arr, upside_2028q2_new_arr). |
| ARR endpoint sum upside_2028q2_arr_endpoint_sum | 2028Q2 / upside | 2,675.74 USD_millions | derived: Arithmetic intermediate. Formula: sum(upside_2028q1_ending_arr, upside_2028q2_ending_arr). |
| Average quarterly ARR upside_2028q2_average_arr | 2028Q2 / upside | 1,337.87 USD_millions | derived: Simple mean of beginning/end ARR; within-quarter booking timing remains uncertain. Formula: divide(upside_2028q2_arr_endpoint_sum, two). |
| Revenue recognition / average-ARR-quarter upside_2028q2_recognition_factor | 2028Q2 / upside | 97.0% ratio | assumption: Captures timing, scope and minor non-recurring revenue; base Q3/Q4 calibrate to guidance, not a claimed accounting identity. |
| Recognized quarterly revenue upside_2028q2_revenue | 2028Q2 / upside | 324.43 USD_millions | derived: Converts annualized contract metric into a desk recognition scenario once. Formula: multiply(upside_2028q2_average_arr, quarter, upside_2028q2_recognition_factor). |
| Non-GAAP gross margin upside_2028q2_adj_gross_margin | 2028Q2 / upside | 81.0% ratio | assumption: Desk assumption; not company guidance. |
| Non-GAAP gross profit upside_2028q2_adj_gross_profit | 2028Q2 / upside | 262.79 USD_millions | derived: Base annual margin reconciles to 77% after reported H1. Formula: multiply(upside_2028q2_revenue, upside_2028q2_adj_gross_margin). |
| COGS SBC payroll and acquired amortization upside_2028q2_cogs_adjustments | 2028Q2 / upside | 6.90 USD_millions | assumption: Allocation within total GAAP adjustments below, not an extra company cost. |
| GAAP gross profit proxy upside_2028q2_gross_profit | 2028Q2 / upside | 255.89 USD_millions | derived: Ordinary network depreciation remains inside non-GAAP margin. Formula: subtract(upside_2028q2_adj_gross_profit, upside_2028q2_cogs_adjustments). |
| Adjusted operating expense upside_2028q2_adjusted_opex | 2028Q2 / upside | 243.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Non-GAAP operating income proxy upside_2028q2_adj_operating_income | 2028Q2 / upside | 19.79 USD_millions | derived: Base annual margin reconciles to negative 9% after actual H1. Formula: subtract(upside_2028q2_adj_gross_profit, upside_2028q2_adjusted_opex). |
| Cash employer payroll tax on awards upside_2028q2_payroll | 2028Q2 / upside | 1.80 USD_millions | assumption: Desk assumption; not company guidance. |
| Ordinary total SBC upside_2028q2_sbc | 2028Q2 / upside | 70.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquired intangible amortization upside_2028q2_acquired_amort | 2028Q2 / upside | 2.70 USD_millions | assumption: Desk assumption; not company guidance. |
| SBC payroll and acquired amortization upside_2028q2_gaap_adjustments | 2028Q2 / upside | 74.50 USD_millions | derived: No further material restructuring charges assumed after substantially completed June plan. Formula: sum(upside_2028q2_sbc, upside_2028q2_payroll, upside_2028q2_acquired_amort). |
| GAAP operating income proxy upside_2028q2_operating_income | 2028Q2 / upside | -54.71 USD_millions | derived: Note fair-value marks stay below operating earnings. Formula: subtract(upside_2028q2_adj_operating_income, upside_2028q2_gaap_adjustments). |
| Ordinary D&A excluding acquired amortization upside_2028q2_ordinary_da | 2028Q2 / upside | 9.80 USD_millions | assumption: Desk assumption; not company guidance. |
| Commission amortization upside_2028q2_commission_amort | 2028Q2 / upside | 20.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash investment income upside_2028q2_interest_income_cash | 2028Q2 / upside | 8.10 USD_millions | assumption: Desk assumption; not company guidance. |
| Net billing receivable and other cash inflow upside_2028q2_billing_inflow | 2028Q2 / upside | 45.00 USD_millions | assumption: Base H2 residual needed for 2% annual FCF-margin guidance. Explicit recovery sensitivity, not an independently forecast collection schedule. |
| Adjusted operating result plus noncash and collections bridge upside_2028q2_cash_before_uses | 2028Q2 / upside | 102.69 USD_millions | derived: No second addback of SBC/acquired amortization already excluded from adjusted operating income. Formula: sum(upside_2028q2_adj_operating_income, upside_2028q2_ordinary_da, upside_2028q2_commission_amort, upside_2028q2_interest_income_cash, upside_2028q2_billing_inflow). |
| New deferred commission cash upside_2028q2_commission_cash | 2028Q2 / upside | 30.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash tax upside_2028q2_cash_tax | 2028Q2 / upside | 4.60 USD_millions | assumption: Desk assumption; not company guidance. |
| Prior-plan cash settlement timing upside_2028q2_restructure_timing | 2028Q2 / upside | 0.0% ratio | assumption: Desk assumption; not company guidance. |
| Payment of prior restructuring liability upside_2028q2_prior_restructure_payment | 2028Q2 / upside | 0.00 USD_millions | derived: Pays July liability without creating a new operating expense. Formula: multiply(restructuring_payable, upside_2028q2_restructure_timing). |
| Commissions coupons tax payroll and old restructuring liability upside_2028q2_cash_uses | 2028Q2 / upside | 40.72 USD_millions | derived: Regular coupons assumed cash-paid; fair-value note marks are not paid here. Formula: sum(upside_2028q2_commission_cash, quarter_coupon, upside_2028q2_cash_tax, upside_2028q2_payroll, upside_2028q2_prior_restructure_payment). |
| Operating cash flow proxy upside_2028q2_cfo | 2028Q2 / upside | 61.97 USD_millions | derived: Collections and deferred commissions are distinct from ARR. Formula: subtract(upside_2028q2_cash_before_uses, upside_2028q2_cash_uses). |
| Cash network equipment and other PP&E upside_2028q2_ppe | 2028Q2 / upside | 24.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash internal-use software upside_2028q2_software | 2028Q2 / upside | 2.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash PP&E and internal software upside_2028q2_capex | 2028Q2 / upside | 26.00 USD_millions | derived: Noncash capitalized SBC excluded. Formula: sum(upside_2028q2_ppe, upside_2028q2_software). |
| Company-style free cash flow upside_2028q2_fcf | 2028Q2 / upside | 35.97 USD_millions | derived: Base full year reaches the 2% outlook through an explicit H2 collections recovery assumption. Formula: subtract(upside_2028q2_cfo, upside_2028q2_capex). |
| Cash taxes on net-settled awards upside_2028q2_award_withholding | 2028Q2 / upside | 24.00 USD_millions | assumption: Financing cash withheld for employees, not employer payroll taxes already in CFO. |
| Purchased intangibles upside_2028q2_intangibles | 2028Q2 / upside | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Additional investment and financing cash upside_2028q2_extra_uses | 2028Q2 / upside | 25.00 USD_millions | derived: Before acquisitions, principal repurchases and employee stock-purchase receipts. Formula: sum(upside_2028q2_award_withholding, upside_2028q2_intangibles). |
| Cash after intangibles and award withholding upside_2028q2_cash_after_claims | 2028Q2 / upside | 10.97 USD_millions | derived: Positive reported FCF need not equal positive cash retained after awards. Formula: subtract(upside_2028q2_fcf, upside_2028q2_extra_uses). |
| Quarter retained-cohort expansion factor upside_2028q3_cohort_factor | 2028Q3 / upside | 104.0% ratio | assumption: Desk quarterly expansion/contraction, not reported trailing NRR applied to one quarter. |
| Existing-cohort scenario ARR upside_2028q3_retained_arr | 2028Q3 / upside | 1,472.19 USD_millions | derived: Starting scenario annualized subscription balance times retained-cohort factor. Formula: multiply(upside_2028q2_ending_arr, upside_2028q3_cohort_factor). |
| New-customer annualized subscriptions upside_2028q3_new_arr | 2028Q3 / upside | 115.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Ending annualized subscription scenario upside_2028q3_ending_arr | 2028Q3 / upside | 1,587.19 USD_millions | derived: ARR stock; never summed in annual output or added to GAAP revenue. Formula: sum(upside_2028q3_retained_arr, upside_2028q3_new_arr). |
| ARR endpoint sum upside_2028q3_arr_endpoint_sum | 2028Q3 / upside | 3,002.77 USD_millions | derived: Arithmetic intermediate. Formula: sum(upside_2028q2_ending_arr, upside_2028q3_ending_arr). |
| Average quarterly ARR upside_2028q3_average_arr | 2028Q3 / upside | 1,501.38 USD_millions | derived: Simple mean of beginning/end ARR; within-quarter booking timing remains uncertain. Formula: divide(upside_2028q3_arr_endpoint_sum, two). |
| Revenue recognition / average-ARR-quarter upside_2028q3_recognition_factor | 2028Q3 / upside | 98.0% ratio | assumption: Captures timing, scope and minor non-recurring revenue; base Q3/Q4 calibrate to guidance, not a claimed accounting identity. |
| Recognized quarterly revenue upside_2028q3_revenue | 2028Q3 / upside | 367.84 USD_millions | derived: Converts annualized contract metric into a desk recognition scenario once. Formula: multiply(upside_2028q3_average_arr, quarter, upside_2028q3_recognition_factor). |
| Non-GAAP gross margin upside_2028q3_adj_gross_margin | 2028Q3 / upside | 81.0% ratio | assumption: Desk assumption; not company guidance. |
| Non-GAAP gross profit upside_2028q3_adj_gross_profit | 2028Q3 / upside | 297.95 USD_millions | derived: Base annual margin reconciles to 77% after reported H1. Formula: multiply(upside_2028q3_revenue, upside_2028q3_adj_gross_margin). |
| COGS SBC payroll and acquired amortization upside_2028q3_cogs_adjustments | 2028Q3 / upside | 7.10 USD_millions | assumption: Allocation within total GAAP adjustments below, not an extra company cost. |
| GAAP gross profit proxy upside_2028q3_gross_profit | 2028Q3 / upside | 290.85 USD_millions | derived: Ordinary network depreciation remains inside non-GAAP margin. Formula: subtract(upside_2028q3_adj_gross_profit, upside_2028q3_cogs_adjustments). |
| Adjusted operating expense upside_2028q3_adjusted_opex | 2028Q3 / upside | 264.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Non-GAAP operating income proxy upside_2028q3_adj_operating_income | 2028Q3 / upside | 33.95 USD_millions | derived: Base annual margin reconciles to negative 9% after actual H1. Formula: subtract(upside_2028q3_adj_gross_profit, upside_2028q3_adjusted_opex). |
| Cash employer payroll tax on awards upside_2028q3_payroll | 2028Q3 / upside | 1.90 USD_millions | assumption: Desk assumption; not company guidance. |
| Ordinary total SBC upside_2028q3_sbc | 2028Q3 / upside | 72.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquired intangible amortization upside_2028q3_acquired_amort | 2028Q3 / upside | 2.70 USD_millions | assumption: Desk assumption; not company guidance. |
| SBC payroll and acquired amortization upside_2028q3_gaap_adjustments | 2028Q3 / upside | 76.60 USD_millions | derived: No further material restructuring charges assumed after substantially completed June plan. Formula: sum(upside_2028q3_sbc, upside_2028q3_payroll, upside_2028q3_acquired_amort). |
| GAAP operating income proxy upside_2028q3_operating_income | 2028Q3 / upside | -42.65 USD_millions | derived: Note fair-value marks stay below operating earnings. Formula: subtract(upside_2028q3_adj_operating_income, upside_2028q3_gaap_adjustments). |
| Ordinary D&A excluding acquired amortization upside_2028q3_ordinary_da | 2028Q3 / upside | 10.30 USD_millions | assumption: Desk assumption; not company guidance. |
| Commission amortization upside_2028q3_commission_amort | 2028Q3 / upside | 21.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash investment income upside_2028q3_interest_income_cash | 2028Q3 / upside | 7.80 USD_millions | assumption: Desk assumption; not company guidance. |
| Net billing receivable and other cash inflow upside_2028q3_billing_inflow | 2028Q3 / upside | 70.00 USD_millions | assumption: Base H2 residual needed for 2% annual FCF-margin guidance. Explicit recovery sensitivity, not an independently forecast collection schedule. |
| Adjusted operating result plus noncash and collections bridge upside_2028q3_cash_before_uses | 2028Q3 / upside | 143.05 USD_millions | derived: No second addback of SBC/acquired amortization already excluded from adjusted operating income. Formula: sum(upside_2028q3_adj_operating_income, upside_2028q3_ordinary_da, upside_2028q3_commission_amort, upside_2028q3_interest_income_cash, upside_2028q3_billing_inflow). |
| New deferred commission cash upside_2028q3_commission_cash | 2028Q3 / upside | 32.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash tax upside_2028q3_cash_tax | 2028Q3 / upside | 4.80 USD_millions | assumption: Desk assumption; not company guidance. |
| Prior-plan cash settlement timing upside_2028q3_restructure_timing | 2028Q3 / upside | 0.0% ratio | assumption: Desk assumption; not company guidance. |
| Payment of prior restructuring liability upside_2028q3_prior_restructure_payment | 2028Q3 / upside | 0.00 USD_millions | derived: Pays July liability without creating a new operating expense. Formula: multiply(restructuring_payable, upside_2028q3_restructure_timing). |
| Commissions coupons tax payroll and old restructuring liability upside_2028q3_cash_uses | 2028Q3 / upside | 43.02 USD_millions | derived: Regular coupons assumed cash-paid; fair-value note marks are not paid here. Formula: sum(upside_2028q3_commission_cash, quarter_coupon, upside_2028q3_cash_tax, upside_2028q3_payroll, upside_2028q3_prior_restructure_payment). |
| Operating cash flow proxy upside_2028q3_cfo | 2028Q3 / upside | 100.03 USD_millions | derived: Collections and deferred commissions are distinct from ARR. Formula: subtract(upside_2028q3_cash_before_uses, upside_2028q3_cash_uses). |
| Cash network equipment and other PP&E upside_2028q3_ppe | 2028Q3 / upside | 26.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash internal-use software upside_2028q3_software | 2028Q3 / upside | 2.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash PP&E and internal software upside_2028q3_capex | 2028Q3 / upside | 28.00 USD_millions | derived: Noncash capitalized SBC excluded. Formula: sum(upside_2028q3_ppe, upside_2028q3_software). |
| Company-style free cash flow upside_2028q3_fcf | 2028Q3 / upside | 72.03 USD_millions | derived: Base full year reaches the 2% outlook through an explicit H2 collections recovery assumption. Formula: subtract(upside_2028q3_cfo, upside_2028q3_capex). |
| Cash taxes on net-settled awards upside_2028q3_award_withholding | 2028Q3 / upside | 26.00 USD_millions | assumption: Financing cash withheld for employees, not employer payroll taxes already in CFO. |
| Purchased intangibles upside_2028q3_intangibles | 2028Q3 / upside | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Additional investment and financing cash upside_2028q3_extra_uses | 2028Q3 / upside | 27.00 USD_millions | derived: Before acquisitions, principal repurchases and employee stock-purchase receipts. Formula: sum(upside_2028q3_award_withholding, upside_2028q3_intangibles). |
| Cash after intangibles and award withholding upside_2028q3_cash_after_claims | 2028Q3 / upside | 45.03 USD_millions | derived: Positive reported FCF need not equal positive cash retained after awards. Formula: subtract(upside_2028q3_fcf, upside_2028q3_extra_uses). |
| Quarter retained-cohort expansion factor upside_2028q4_cohort_factor | 2028Q4 / upside | 104.0% ratio | assumption: Desk quarterly expansion/contraction, not reported trailing NRR applied to one quarter. |
| Existing-cohort scenario ARR upside_2028q4_retained_arr | 2028Q4 / upside | 1,650.68 USD_millions | derived: Starting scenario annualized subscription balance times retained-cohort factor. Formula: multiply(upside_2028q3_ending_arr, upside_2028q4_cohort_factor). |
| New-customer annualized subscriptions upside_2028q4_new_arr | 2028Q4 / upside | 130.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Ending annualized subscription scenario upside_2028q4_ending_arr | 2028Q4 / upside | 1,780.68 USD_millions | derived: ARR stock; never summed in annual output or added to GAAP revenue. Formula: sum(upside_2028q4_retained_arr, upside_2028q4_new_arr). |
| ARR endpoint sum upside_2028q4_arr_endpoint_sum | 2028Q4 / upside | 3,367.88 USD_millions | derived: Arithmetic intermediate. Formula: sum(upside_2028q3_ending_arr, upside_2028q4_ending_arr). |
| Average quarterly ARR upside_2028q4_average_arr | 2028Q4 / upside | 1,683.94 USD_millions | derived: Simple mean of beginning/end ARR; within-quarter booking timing remains uncertain. Formula: divide(upside_2028q4_arr_endpoint_sum, two). |
| Revenue recognition / average-ARR-quarter upside_2028q4_recognition_factor | 2028Q4 / upside | 98.0% ratio | assumption: Captures timing, scope and minor non-recurring revenue; base Q3/Q4 calibrate to guidance, not a claimed accounting identity. |
| Recognized quarterly revenue upside_2028q4_revenue | 2028Q4 / upside | 412.56 USD_millions | derived: Converts annualized contract metric into a desk recognition scenario once. Formula: multiply(upside_2028q4_average_arr, quarter, upside_2028q4_recognition_factor). |
| Non-GAAP gross margin upside_2028q4_adj_gross_margin | 2028Q4 / upside | 82.0% ratio | assumption: Desk assumption; not company guidance. |
| Non-GAAP gross profit upside_2028q4_adj_gross_profit | 2028Q4 / upside | 338.30 USD_millions | derived: Base annual margin reconciles to 77% after reported H1. Formula: multiply(upside_2028q4_revenue, upside_2028q4_adj_gross_margin). |
| COGS SBC payroll and acquired amortization upside_2028q4_cogs_adjustments | 2028Q4 / upside | 7.30 USD_millions | assumption: Allocation within total GAAP adjustments below, not an extra company cost. |
| GAAP gross profit proxy upside_2028q4_gross_profit | 2028Q4 / upside | 331.00 USD_millions | derived: Ordinary network depreciation remains inside non-GAAP margin. Formula: subtract(upside_2028q4_adj_gross_profit, upside_2028q4_cogs_adjustments). |
| Adjusted operating expense upside_2028q4_adjusted_opex | 2028Q4 / upside | 294.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Non-GAAP operating income proxy upside_2028q4_adj_operating_income | 2028Q4 / upside | 44.30 USD_millions | derived: Base annual margin reconciles to negative 9% after actual H1. Formula: subtract(upside_2028q4_adj_gross_profit, upside_2028q4_adjusted_opex). |
| Cash employer payroll tax on awards upside_2028q4_payroll | 2028Q4 / upside | 2.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Ordinary total SBC upside_2028q4_sbc | 2028Q4 / upside | 74.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Acquired intangible amortization upside_2028q4_acquired_amort | 2028Q4 / upside | 2.70 USD_millions | assumption: Desk assumption; not company guidance. |
| SBC payroll and acquired amortization upside_2028q4_gaap_adjustments | 2028Q4 / upside | 78.70 USD_millions | derived: No further material restructuring charges assumed after substantially completed June plan. Formula: sum(upside_2028q4_sbc, upside_2028q4_payroll, upside_2028q4_acquired_amort). |
| GAAP operating income proxy upside_2028q4_operating_income | 2028Q4 / upside | -34.40 USD_millions | derived: Note fair-value marks stay below operating earnings. Formula: subtract(upside_2028q4_adj_operating_income, upside_2028q4_gaap_adjustments). |
| Ordinary D&A excluding acquired amortization upside_2028q4_ordinary_da | 2028Q4 / upside | 10.80 USD_millions | assumption: Desk assumption; not company guidance. |
| Commission amortization upside_2028q4_commission_amort | 2028Q4 / upside | 22.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash investment income upside_2028q4_interest_income_cash | 2028Q4 / upside | 7.50 USD_millions | assumption: Desk assumption; not company guidance. |
| Net billing receivable and other cash inflow upside_2028q4_billing_inflow | 2028Q4 / upside | 115.00 USD_millions | assumption: Base H2 residual needed for 2% annual FCF-margin guidance. Explicit recovery sensitivity, not an independently forecast collection schedule. |
| Adjusted operating result plus noncash and collections bridge upside_2028q4_cash_before_uses | 2028Q4 / upside | 199.60 USD_millions | derived: No second addback of SBC/acquired amortization already excluded from adjusted operating income. Formula: sum(upside_2028q4_adj_operating_income, upside_2028q4_ordinary_da, upside_2028q4_commission_amort, upside_2028q4_interest_income_cash, upside_2028q4_billing_inflow). |
| New deferred commission cash upside_2028q4_commission_cash | 2028Q4 / upside | 34.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash tax upside_2028q4_cash_tax | 2028Q4 / upside | 5.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Prior-plan cash settlement timing upside_2028q4_restructure_timing | 2028Q4 / upside | 0.0% ratio | assumption: Desk assumption; not company guidance. |
| Payment of prior restructuring liability upside_2028q4_prior_restructure_payment | 2028Q4 / upside | 0.00 USD_millions | derived: Pays July liability without creating a new operating expense. Formula: multiply(restructuring_payable, upside_2028q4_restructure_timing). |
| Commissions coupons tax payroll and old restructuring liability upside_2028q4_cash_uses | 2028Q4 / upside | 45.32 USD_millions | derived: Regular coupons assumed cash-paid; fair-value note marks are not paid here. Formula: sum(upside_2028q4_commission_cash, quarter_coupon, upside_2028q4_cash_tax, upside_2028q4_payroll, upside_2028q4_prior_restructure_payment). |
| Operating cash flow proxy upside_2028q4_cfo | 2028Q4 / upside | 154.28 USD_millions | derived: Collections and deferred commissions are distinct from ARR. Formula: subtract(upside_2028q4_cash_before_uses, upside_2028q4_cash_uses). |
| Cash network equipment and other PP&E upside_2028q4_ppe | 2028Q4 / upside | 28.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash internal-use software upside_2028q4_software | 2028Q4 / upside | 2.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Cash PP&E and internal software upside_2028q4_capex | 2028Q4 / upside | 30.00 USD_millions | derived: Noncash capitalized SBC excluded. Formula: sum(upside_2028q4_ppe, upside_2028q4_software). |
| Company-style free cash flow upside_2028q4_fcf | 2028Q4 / upside | 124.28 USD_millions | derived: Base full year reaches the 2% outlook through an explicit H2 collections recovery assumption. Formula: subtract(upside_2028q4_cfo, upside_2028q4_capex). |
| Cash taxes on net-settled awards upside_2028q4_award_withholding | 2028Q4 / upside | 30.00 USD_millions | assumption: Financing cash withheld for employees, not employer payroll taxes already in CFO. |
| Purchased intangibles upside_2028q4_intangibles | 2028Q4 / upside | 1.00 USD_millions | assumption: Desk assumption; not company guidance. |
| Additional investment and financing cash upside_2028q4_extra_uses | 2028Q4 / upside | 31.00 USD_millions | derived: Before acquisitions, principal repurchases and employee stock-purchase receipts. Formula: sum(upside_2028q4_award_withholding, upside_2028q4_intangibles). |
| Cash after intangibles and award withholding upside_2028q4_cash_after_claims | 2028Q4 / upside | 93.28 USD_millions | derived: Positive reported FCF need not equal positive cash retained after awards. Formula: subtract(upside_2028q4_fcf, upside_2028q4_extra_uses). |
| Recognized revenue ($M) upside_fy2027_revenue | FY2027 / upside | 916.02 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, upside_2027q3_revenue, upside_2027q4_revenue). |
| GAAP gross profit proxy ($M) upside_fy2027_gross_profit | FY2027 / upside | 691.23 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 ($M) upside_fy2027_operating_income | FY2027 / upside | -348.28 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income). |
| Non-GAAP operating income proxy ($M) upside_fy2027_adj_operating_income | FY2027 / upside | -59.76 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 ($M) upside_fy2027_cfo | FY2027 / upside | 77.02 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, upside_2027q3_cfo, upside_2027q4_cfo). |
| Cash PP&E and internal software ($M) upside_fy2027_capex | FY2027 / upside | 58.51 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). |
| Company-style free cash flow ($M) upside_fy2027_fcf | FY2027 / upside | 18.51 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, upside_2027q3_fcf, upside_2027q4_fcf). |
| Equity-award withholding cash ($M) upside_fy2027_award_withholding | FY2027 / upside | 64.40 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_award_withholding, upside_2027q3_award_withholding, upside_2027q4_award_withholding). |
| Cash after intangibles and award withholding ($M) upside_fy2027_cash_after_claims | FY2027 / upside | -50.20 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_claims, upside_2027q3_cash_after_claims, upside_2027q4_cash_after_claims). |
| Recognized revenue ($M) upside_fy2028_revenue | FY2028 / upside | 1,394.06 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 ($M) upside_fy2028_gross_profit | FY2028 / upside | 1,102.42 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_gross_profit, upside_2028q2_gross_profit, upside_2028q3_gross_profit, upside_2028q4_gross_profit). |
| GAAP operating income proxy ($M) upside_fy2028_operating_income | FY2028 / upside | -194.78 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 ($M) upside_fy2028_adj_operating_income | FY2028 / upside | 107.42 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_adj_operating_income, upside_2028q2_adj_operating_income, upside_2028q3_adj_operating_income, upside_2028q4_adj_operating_income). |
| Operating cash flow proxy ($M) upside_fy2028_cfo | FY2028 / upside | 358.93 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_cfo, upside_2028q2_cfo, upside_2028q3_cfo, upside_2028q4_cfo). |
| Cash PP&E and internal software ($M) upside_fy2028_capex | FY2028 / upside | 108.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_capex, upside_2028q2_capex, upside_2028q3_capex, upside_2028q4_capex). |
| Company-style free cash flow ($M) upside_fy2028_fcf | FY2028 / upside | 250.93 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). |
| Equity-award withholding cash ($M) upside_fy2028_award_withholding | FY2028 / upside | 110.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_award_withholding, upside_2028q2_award_withholding, upside_2028q3_award_withholding, upside_2028q4_award_withholding). |
| Cash after intangibles and award withholding ($M) upside_fy2028_cash_after_claims | FY2028 / upside | 136.93 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. Eight fiscal labels are corrected from filing dates/calendar without replacing historical amounts.
- ARR $899M is annualized active subscriptions, not revenue, cash, firm contracted backlog or a balance to sum across quarters. Quarterly retained-cohort factors are desk assumptions; trailing NRR 114% is not a quarterly rate.
- Base H2 cash collection assumptions are the residual needed to reach full-year FCF guidance. They expose a substantial recovery requirement after H1; guidance does not guarantee collections or neutralize receivable/deferred-revenue risk.
- Company non-GAAP operating income retains ordinary depreciation and commission amortization. CFO adds those once while deducting new commission cash; acquired amortization and SBC already excluded from adjusted earnings are not added again.
- Convertible face $476M, fair-value carrying balance $698.116M and contractual repurchase economics are distinct. Regular coupons of 3.75%/3% do not capture 14%/13.5% compounded minimum-return repurchase terms. Fair-value/credit marks are not operating cash.
- Forecast assumes coupons paid in cash, no optional note redemption and no new principal before January 2028. PIK election, conversion, fundamental change or later repurchase can change cash/ownership. No EPS or price target.
- Cash after claims includes equity-award withholding and purchased intangibles, but excludes acquisitions, share repurchases, note refinancing and option/ESPP proceeds. It is not a complete liquidity roll-forward.
Subscription growth with the cash recovery made explicit
Can Netskope convert subscription growth into the cash recovery implied by its full-year outlook?
July ARR was approximately $899M and trailing NRR 114%; these are not quarterly revenue. FY2027 H1 revenue was $422.1M, non-GAAP operating loss $48.5M and GAAP operating loss $198.5M. CFO was negative $70.5M and company FCF negative $87.0M after PP&E/software. Award withholding $28.4M and purchased intangibles $2.3M are additional uses. Annual revenue midpoint $890M and FCF-margin outlook about 2% imply $17.8M annual FCF, requiring $104.8M in H2. The base makes that collection recovery an editable assumption. Cash/securities of $1.067B compare with note face $476M and fair-value carrying debt $698.1M. The 2028/2029 notes pay regular coupons of 3.75%/3% in cash or PIK, with separate minimum-return optional repurchase terms of 14%/13.5% compounded quarterly. A $38.8M H1 fair-value loss is not operating cash. June restructuring was substantially completed; the remaining $1.143M liability is a cash payment without a second expense.
The competing explanation
Strong annualized subscriptions may coexist with weak billings, rising receivables and heavy commission/network investment. A regular coupon understates the potential economic claim from minimum-return repurchase provisions, and positive company FCF can still precede equity-award cash uses.
Risks to track
- Competition and enterprise security budgets affect retention and new contracts.
- ARR assumes renewals and differs from recognized revenue.
- The full-year cash target depends on substantial H2 collection recovery.
- Network equipment and upfront commissions consume cash.
- Convertible repurchase/conversion terms differ from face and fair value.
- CFO succession remains a transition item after the June retirement announcement.
Next checkpoints
- Q3 subscriptions and recognition · Quarter ending October 31, 2026 (estimated). Compare ARR growth, recognized revenue $227M-$229M and deferred collections.
- H2 cash recovery · FY2027 year-end January 31, 2027 (estimated). Reconcile actual CFO/capex with the approximately 2% FCF-margin outlook.
- Convertible claims and leadership · Each filing and CFO transition update (estimated). Track cash versus PIK coupons, minimum-return provisions and the appointed successor.
Data coverage and open work
- Fiscal year ends January 31; July 2026 is FY2027 Q2. Eight fiscal labels are corrected from filing dates/calendar without replacing historical amounts.
- ARR $899M is annualized active subscriptions, not revenue, cash, firm contracted backlog or a balance to sum across quarters. Quarterly retained-cohort factors are desk assumptions; trailing NRR 114% is not a quarterly rate.
- Base H2 cash collection assumptions are the residual needed to reach full-year FCF guidance. They expose a substantial recovery requirement after H1; guidance does not guarantee collections or neutralize receivable/deferred-revenue risk.
- Company non-GAAP operating income retains ordinary depreciation and commission amortization. CFO adds those once while deducting new commission cash; acquired amortization and SBC already excluded from adjusted earnings are not added again.
- Convertible face $476M, fair-value carrying balance $698.116M and contractual repurchase economics are distinct. Regular coupons of 3.75%/3% do not capture 14%/13.5% compounded minimum-return repurchase terms. Fair-value/credit marks are not operating cash.
- Forecast assumes coupons paid in cash, no optional note redemption and no new principal before January 2028. PIK election, conversion, fundamental change or later repurchase can change cash/ownership. No EPS or price target.
- Cash after claims includes equity-award withholding and purchased intangibles, but excludes acquisitions, share repurchases, note refinancing and option/ESPP proceeds. It is not a complete liquidity roll-forward.
What the memory says
State as of the 2026-09-18 close: in a 120-day uptrend, above its 200-day, off the 52-week high, with a clear path above, heavy volume, closed mid-range, and some peers moving
| Vs the market, in points | Low | Middle | High | Share up |
|---|---|---|---|---|
| 1 session | -6.0 | -0.4 | +9.1 | 47% |
| 5 sessions | -12.3 | +0.0 | +12.5 | 50% |
| 10 sessions | -17.3 | -0.4 | +23.7 | 47% |
Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side.