$RBRK
Business
Rubrik sells subscriptions for cyber recovery, data protection and related security products. It serves customers through channel partners and increasingly hosted services, with newer identity and AI-agent security offerings. ARR measures annualized active contracts; recognized revenue follows contract and delivery terms. Advance billing, capitalized sales commissions, software development and equity compensation all affect the cash produced by growth.
Three drivers
- Subscription ARR growth and conversion into recognized sales
- Hosting costs, sales efficiency and material-right runoff
- Advance collections, capitalized software and share withholding
Thesis
Our view
Subscription ARR reached $1,660.903M and revenue rose 38%, supporting a higher annual outlook. The model still distinguishes ARR from earned revenue and from cash. The reported 14% ARR contribution margin combines an ending ARR stock with trailing-year adjusted costs; it is not a quarterly profit margin. H1 company FCF was $139.285M, but cash after financing-classified award withholding was $86.007M before acquisitions.
What changes it
Track ARR additions, conversion timing, material-right revenue, deferred-revenue funding and the cash cost of capitalized software. Require clear monetization evidence before assigning incremental revenue to newly announced AI products.
Scenario ranges
Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.
Model · 8 fiscal quarters (last eight)
| Fiscal quarter | 2025Q3 2024-10-31 | 2025Q4 2025-01-31 | 2026Q1 2025-04-30 | 2026Q2 2025-07-31 | 2026Q3 2025-10-31 | 2026Q4 2026-01-31 | 2027Q1 2026-04-30 | 2027Q2 2026-07-31 |
|---|---|---|---|---|---|---|---|---|
| Revenue ($M) | 236.21 | 258.1†2 | 278.53 | 309.94 | 350.21 | 377.7†2 | 387.13 | 427.34 |
| Gross profit ($M) | 180.05 | 199.6†6 | 218.07 | 246.38 | 282.05 | 308.0†6 | 311.87 | 335.18 |
| Operating income ($M) | -124.89 | -116.1†10 | -93.111 | -94.512 | -75.59 | -82.4†10 | -52.611 | -71.912 |
| Net income ($M) | -130.913 | -114.9†14 | -102.115 | -95.916 | -63.813 | -87.0†14 | -41.915 | -61.816 |
| EPS, diluted ($) | -0.7117 | — | -0.5318 | -0.4919 | -0.3217 | — | -0.2118 | -0.3019 |
| Diluted shares (M) | 183.620 | — | 191.621 | 194.922 | 198.420 | — | 203.721 | 206.122 |
| Cash ($M) | 103.923 | 186.324 | 284.025 | 322.726 | 307.127 | 380.228 | 429.429 | 416.228 |
| Long-term debt ($M) | 317.030 | 322.331 | 322.831 | — | — | — | — | — |
| Cash from operations ($M) | 23.1†32 | 83.6†33 | 39.734 | 64.7†35 | 85.5†32 | 93.0†33 | 81.734 | 76.8†35 |
| Capex ($M) | 5.1†36 | 5.6†37 | 2.938 | 3.5†39 | 4.7†36 | 18.5†37 | 4.338 | 5.6†39 |
| Free cash flow ($M) | 18.0†40 | 78.0†41 | 36.8†42 | 61.2†43 | 80.7†40 | 74.5†41 | 77.4†42 | 71.2†43 |
Estimates · base scenario
| Period | Revenue ($M) | EPS ($) | As of | Basis |
|---|---|---|---|---|
| 2027Q3 | 430.0 | — | 2026-09-19 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2027Q4 | 444.7 | — | 2026-09-19 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2028Q1 | 477.0 | — | 2026-09-19 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2028Q2 | 506.5 | — | 2026-09-19 | Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
Subscription ARR conversion, software investment and compensation cash
Roll subscription ARR forward from July using explicit net additions. Calibrate fixed Q3/Q4 recognition factors from the company revenue and year-end ARR midpoints, then vary ARR delivery independently. Add separately assumed other revenue and material-right recognition, not backlog or ARR itself. Forecast GAAP gross profit and spending, then bridge operating loss through SBC, noncash charges, commissions and deferred-revenue collections to CFO. Deduct PP&E, then capitalized software, then financing-classified share withholding as distinct cash measures.
Reported anchors and guidance
| Measure | Period | Value | Basis |
|---|---|---|---|
| July subscription ARR | 2027Q2 | 1,660.90 | reported. Annualized active subscriptions; assumes renewal of contracts expiring in the next twelve months. Source · 2026-09-01 |
| Year-end subscription ARR outlook midpoint | FY2027 | 1,882.50 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| Q3 revenue outlook midpoint | 2027Q3 | 430.00 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| FY2027 revenue outlook midpoint | FY2027 | 1,689.00 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| FY2027 company FCF outlook midpoint | FY2027 | 328.00 | derived. Calculated midpoint of the company range; not an additional company forecast. |
| Reported ARR contribution margin | TTM July 2026 | 14.0% | reported. Uses point-in-time ARR less trailing-year adjusted costs; do not multiply this by quarterly recognized revenue. Source · 2026-08-27 |
| Q2 material-right revenue | 2027Q2 | 4.70 | reported. Company rounded amount; prior-year Q2 was $14.2M. Source · 2026-08-27 |
| H1 company FCF | H1 FY2027 | 139.28 | derived. Includes capitalized internal-use software cash spending. |
| H1 cash after share withholding | H1 FY2027 | 86.01 | derived. Financing-classified cash taxes on settled awards; not the same as SBC expense. |
| H1 software | H1 FY2027 | 9.37 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-09-01 |
| July cash and short-term investments | 2027Q2 | 1,747.65 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-09-01 |
| Convertible note principal due June 2030 | 2030 | 1,150.00 | reported. Principal obligation, not net carrying amount or current cash spending. Source · 2026-09-01 |
| FY2027 ending ARR | FY2027 | 1,882.50 | derived. Ending stock, not a sum of quarterly ARR levels. |
| FY2028 ending ARR | FY2028 | 2,447.25 | derived. Next-year ending ARR stock. |
Downside scenario
| Period | Operating cash flow ($M) | CFO less PP&E ($M) | PP&E purchases ($M) | Revenue ($M) | Capitalized software cash ($M) | CFO less PP&E and software ($M) | GAAP gross profit ($M) | GAAP operating income ($M) | Company FCF less share withholding ($M) |
|---|---|---|---|---|---|---|---|---|---|
| 2027Q3 | 45.49 | 39.49 | 6.00 | 425.35 | 7.00 | 32.49 | 327.52 | -80.48 | 2.49 |
| 2027Q4 | 51.20 | 44.70 | 6.50 | 433.62 | 7.50 | 37.20 | 333.89 | -91.11 | 2.20 |
| 2028Q1 | 48.20 | 41.20 | 7.00 | 456.81 | 8.00 | 33.20 | 351.75 | -88.25 | -6.80 |
| 2028Q2 | 44.14 | 36.64 | 7.50 | 475.57 | 8.50 | 28.14 | 366.19 | -91.81 | -6.86 |
| FY2027 | 255.23 | 232.85 | 22.38 | 1,673.30 | 23.87 | 208.98 | 1,308.32 | -296.13 | 90.70 |
| FY2028 | 214.68 | 183.68 | 31.00 | 1,945.92 | 35.00 | 148.68 | 1,498.36 | -372.64 | -11.32 |
Base scenario
| Period | Operating cash flow ($M) | CFO less PP&E ($M) | PP&E purchases ($M) | Revenue ($M) | Capitalized software cash ($M) | CFO less PP&E and software ($M) | GAAP gross profit ($M) | GAAP operating income ($M) | Company FCF less share withholding ($M) |
|---|---|---|---|---|---|---|---|---|---|
| 2027Q3 | 93.60 | 87.60 | 6.00 | 430.00 | 7.00 | 80.60 | 344.00 | -62.00 | 55.60 |
| 2027Q4 | 122.16 | 115.66 | 6.50 | 444.67 | 7.50 | 108.16 | 355.74 | -59.26 | 78.16 |
| 2028Q1 | 102.43 | 95.43 | 7.00 | 476.99 | 8.00 | 87.43 | 381.59 | -48.41 | 52.43 |
| 2028Q2 | 105.69 | 98.19 | 7.50 | 506.51 | 8.50 | 89.69 | 405.21 | -44.79 | 59.69 |
| FY2027 | 374.30 | 351.92 | 22.38 | 1,689.00 | 23.87 | 328.05 | 1,346.64 | -245.80 | 219.77 |
| FY2028 | 530.72 | 499.72 | 31.00 | 2,094.06 | 35.00 | 464.72 | 1,675.25 | -149.75 | 324.72 |
Upside scenario
| Period | Operating cash flow ($M) | CFO less PP&E ($M) | PP&E purchases ($M) | Revenue ($M) | Capitalized software cash ($M) | CFO less PP&E and software ($M) | GAAP gross profit ($M) | GAAP operating income ($M) | Company FCF less share withholding ($M) |
|---|---|---|---|---|---|---|---|---|---|
| 2027Q3 | 114.52 | 108.52 | 6.00 | 433.59 | 7.00 | 101.52 | 351.21 | -58.79 | 73.52 |
| 2027Q4 | 148.03 | 141.53 | 6.50 | 452.10 | 7.50 | 134.03 | 366.20 | -56.80 | 100.03 |
| 2028Q1 | 129.17 | 122.17 | 7.00 | 492.01 | 8.00 | 114.17 | 398.53 | -46.47 | 74.17 |
| 2028Q2 | 137.67 | 130.17 | 7.50 | 532.43 | 8.50 | 121.67 | 431.26 | -33.74 | 85.67 |
| FY2027 | 421.09 | 398.71 | 22.38 | 1,700.02 | 23.87 | 374.84 | 1,364.32 | -240.13 | 259.56 |
| FY2028 | 686.31 | 655.31 | 31.00 | 2,222.34 | 35.00 | 620.31 | 1,800.10 | -99.90 | 454.31 |
All inputs and formulas — reproduce this model
| Input / calculation | Period / case | Value / unit | Evidence or assumption |
|---|---|---|---|
| H1 revenue h1_revenue | H1 FY2027 / shared | 814.33 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-01 |
| H1 gross profit h1_gross_profit | H1 FY2027 / shared | 646.91 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-01 |
| H1 operating income h1_operating_income | H1 FY2027 / shared | -124.54 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-01 |
| H1 cfo h1_cfo | H1 FY2027 / shared | 158.53 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-01 |
| H1 capex h1_capex | H1 FY2027 / shared | 9.88 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-01 |
| H1 software h1_software | H1 FY2027 / shared | 9.37 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-01 |
| H1 sbc h1_sbc | H1 FY2027 / shared | 174.39 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-01 |
| H1 commission amort h1_commission_amort | H1 FY2027 / shared | 59.47 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-01 |
| H1 commission cash h1_commission_cash | H1 FY2027 / shared | 69.10 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-01 |
| H1 deferred funding h1_deferred_funding | H1 FY2027 / shared | 84.47 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-01 |
| H1 withholding h1_withholding | H1 FY2027 / shared | 53.28 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-01 |
| H1 acquisition cash h1_acquisition_cash | H1 FY2027 / shared | 24.19 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-01 |
| H1 CFO less PP&E h1_fcf | H1 FY2027 / shared | 148.66 USD_millions | derived: Generic cash after PP&E; software investment is shown separately. Formula: subtract(h1_cfo, h1_capex). |
| H1 company FCF h1_company_fcf | H1 FY2027 / shared | 139.28 USD_millions | derived: Includes capitalized internal-use software cash spending. Formula: subtract(h1_fcf, h1_software). |
| H1 cash after share withholding h1_cash_after_withholding | H1 FY2027 / shared | 86.01 USD_millions | derived: Financing-classified cash taxes on settled awards; not the same as SBC expense. Formula: subtract(h1_company_fcf, h1_withholding). |
| July subscription ARR july_arr | 2027Q2 / shared | 1,660.90 USD_millions | reported: Annualized active subscriptions; assumes renewal of contracts expiring in the next twelve months. Primary source · 2026-09-01 |
| July cash and short-term investments liquidity | 2027Q2 / shared | 1,747.65 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-01 |
| Convertible note principal due June 2030 note_principal | 2030 / shared | 1,150.00 USD_millions | reported: Principal obligation, not net carrying amount or current cash spending. Primary source · 2026-09-01 |
| Q2 material-right revenue q2_rights | 2027Q2 / shared | 4.70 USD_millions | reported: Company rounded amount; prior-year Q2 was $14.2M. Primary source · 2026-08-27 |
| Reported ARR contribution margin arr_contribution_margin | TTM July 2026 / shared | 14.0% ratio | reported: Uses point-in-time ARR less trailing-year adjusted costs; do not multiply this by quarterly recognized revenue. Primary source · 2026-08-27 |
| Year-end subscription ARR outlook low fy27_arr_guide_low | FY2027 / shared | 1,880.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-27 |
| Year-end subscription ARR outlook high fy27_arr_guide_high | FY2027 / shared | 1,885.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-27 |
| Midpoint divisor two | Model / shared | 200.0% ratio | assumption: Arithmetic constant. |
| Year-end subscription ARR outlook endpoint sum fy27_arr_guide_sum | FY2027 / shared | 3,765.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(fy27_arr_guide_low, fy27_arr_guide_high). |
| Year-end subscription ARR outlook midpoint fy27_arr_guide | FY2027 / shared | 1,882.50 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy27_arr_guide_sum, two). |
| FY2027 revenue outlook low fy27_revenue_guide_low | FY2027 / shared | 1,685.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-27 |
| FY2027 revenue outlook high fy27_revenue_guide_high | FY2027 / shared | 1,693.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-27 |
| FY2027 revenue outlook endpoint sum fy27_revenue_guide_sum | FY2027 / shared | 3,378.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(fy27_revenue_guide_low, fy27_revenue_guide_high). |
| FY2027 revenue outlook midpoint fy27_revenue_guide | FY2027 / shared | 1,689.00 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy27_revenue_guide_sum, two). |
| Q3 revenue outlook low q3_revenue_guide_low | 2027Q3 / shared | 429.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-27 |
| Q3 revenue outlook high q3_revenue_guide_high | 2027Q3 / shared | 431.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-27 |
| Q3 revenue outlook endpoint sum q3_revenue_guide_sum | 2027Q3 / shared | 860.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(q3_revenue_guide_low, q3_revenue_guide_high). |
| Q3 revenue outlook midpoint q3_revenue_guide | 2027Q3 / shared | 430.00 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q3_revenue_guide_sum, two). |
| FY2027 company FCF outlook low fy27_fcf_guide_low | FY2027 / shared | 323.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-27 |
| FY2027 company FCF outlook high fy27_fcf_guide_high | FY2027 / shared | 333.00 USD_millions | management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-27 |
| FY2027 company FCF outlook endpoint sum fy27_fcf_guide_sum | FY2027 / shared | 656.00 USD_millions | derived: Arithmetic intermediate. Formula: sum(fy27_fcf_guide_low, fy27_fcf_guide_high). |
| FY2027 company FCF outlook midpoint fy27_fcf_guide | FY2027 / shared | 328.00 USD_millions | derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy27_fcf_guide_sum, two). |
| Annual to quarterly divisor quarter | Model / shared | 400.0% ratio | assumption: Arithmetic conversion. |
| Share of H2 net ARR addition in Q3 q3_add_share | 2027Q3 / shared | 40.0% ratio | assumption: Desk calibration phasing, not a management quarterly ARR target. |
| H2 ARR addition at outlook midpoint h2_arr_reference | H2 FY2027 / shared | 221.60 USD_millions | derived: Year-end stock less July stock. Formula: subtract(fy27_arr_guide, july_arr). |
| Q3 calibrated ARR addition q3_arr_add_reference | 2027Q3 / shared | 88.64 USD_millions | derived: Desk phasing of the guided year-end increase. Formula: multiply(h2_arr_reference, q3_add_share). |
| Q3 calibrated ending ARR q3_arr_end_reference | 2027Q3 / shared | 1,749.54 USD_millions | derived: Reference used only to calibrate conversion factors. Formula: sum(july_arr, q3_arr_add_reference). |
| H2 revenue at guide midpoint h2_revenue_reference | H2 FY2027 / shared | 874.67 USD_millions | derived: Full year less known H1. Formula: subtract(fy27_revenue_guide, h1_revenue). |
| Q4 implied revenue q4_revenue_reference | 2027Q4 / shared | 444.67 USD_millions | derived: Implied by annual and Q3 guidance midpoints, not separate company guidance. Formula: subtract(h2_revenue_reference, q3_revenue_guide). |
| Beginning plus ending reference ARR q3_calibration_arr_sum | Model / shared | 3,410.44 USD_millions | derived: Arithmetic average numerator. Formula: sum(july_arr, q3_arr_end_reference). |
| Average reference ARR q3_calibration_arr_average | Model / shared | 1,705.22 USD_millions | derived: Two-point average. Formula: divide(q3_calibration_arr_sum, two). |
| Quarter-equivalent average ARR q3_calibration_quarter_arr | Model / shared | 426.31 USD_millions | derived: Average annualized stock divided by four. Formula: divide(q3_calibration_arr_average, quarter). |
| Other sales excluding material rights q3_calibration_other | Model / shared | 18.00 USD_millions | assumption: Desk calibration amount, not a reported category total. |
| Material-right revenue q3_calibration_rights | Model / shared | 4.00 USD_millions | assumption: Desk runoff assumption, not recurring cash bookings. |
| Other and material-right revenue q3_calibration_noncore | Model / shared | 22.00 USD_millions | derived: Separate from average-ARR core conversion. Formula: sum(q3_calibration_other, q3_calibration_rights). |
| Core revenue reference q3_calibration_core | Model / shared | 408.00 USD_millions | derived: Total guidance-implied revenue less explicit noncore assumptions. Formula: subtract(q3_revenue_guide, q3_calibration_noncore). |
| Fixed ARR-to-revenue conversion factor q3_calibration_yield | Model / shared | 95.7% ratio | derived: Dimensionless calibration fixed when scenario ARR changes. Formula: divide(q3_calibration_core, q3_calibration_quarter_arr). |
| Beginning plus ending reference ARR q4_calibration_arr_sum | Model / shared | 3,632.04 USD_millions | derived: Arithmetic average numerator. Formula: sum(q3_arr_end_reference, fy27_arr_guide). |
| Average reference ARR q4_calibration_arr_average | Model / shared | 1,816.02 USD_millions | derived: Two-point average. Formula: divide(q4_calibration_arr_sum, two). |
| Quarter-equivalent average ARR q4_calibration_quarter_arr | Model / shared | 454.01 USD_millions | derived: Average annualized stock divided by four. Formula: divide(q4_calibration_arr_average, quarter). |
| Other sales excluding material rights q4_calibration_other | Model / shared | 18.00 USD_millions | assumption: Desk calibration amount, not a reported category total. |
| Material-right revenue q4_calibration_rights | Model / shared | 3.00 USD_millions | assumption: Desk runoff assumption, not recurring cash bookings. |
| Other and material-right revenue q4_calibration_noncore | Model / shared | 21.00 USD_millions | derived: Separate from average-ARR core conversion. Formula: sum(q4_calibration_other, q4_calibration_rights). |
| Core revenue reference q4_calibration_core | Model / shared | 423.67 USD_millions | derived: Total guidance-implied revenue less explicit noncore assumptions. Formula: subtract(q4_revenue_reference, q4_calibration_noncore). |
| Fixed ARR-to-revenue conversion factor q4_calibration_yield | Model / shared | 93.3% ratio | derived: Dimensionless calibration fixed when scenario ARR changes. Formula: divide(q4_calibration_core, q4_calibration_quarter_arr). |
| H2 net ARR addition versus reference downside_arr_delivery | H2 FY2027 / downside | 75.0% ratio | assumption: Desk customer acquisition and expansion sensitivity. |
| H2 net ARR addition downside_h2_arr_add | H2 FY2027 / downside | 166.20 USD_millions | derived: Net additions after churn; not a second revenue stream. Formula: multiply(h2_arr_reference, downside_arr_delivery). |
| FY2027 ending ARR downside_fy27_arr_end | FY2027 / downside | 1,827.10 USD_millions | derived: Ending stock, not a sum of quarterly ARR levels. Formula: sum(july_arr, downside_h2_arr_add). |
| FY2028 ending ARR growth multiplier downside_arr_growth | FY2028 / downside | 120.0% ratio | assumption: Desk assumption beyond management guidance. |
| FY2028 ending ARR downside_fy28_arr_end | FY2028 / downside | 2,192.52 USD_millions | derived: Next-year ending ARR stock. Formula: multiply(downside_fy27_arr_end, downside_arr_growth). |
| FY2028 net ARR addition downside_fy28_arr_add | FY2028 / downside | 365.42 USD_millions | derived: Net stock increase allocated over four quarters. Formula: subtract(downside_fy28_arr_end, downside_fy27_arr_end). |
| Share of period net ARR addition downside_2027q3_arr_add_weight | 2027Q3 / downside | 40.0% ratio | assumption: Desk assumption, not company guidance. |
| Net subscription ARR addition downside_2027q3_arr_add | 2027Q3 / downside | 66.48 USD_millions | derived: New and expansion ARR net of churn; phasing shares sum to one. Formula: multiply(downside_h2_arr_add, downside_2027q3_arr_add_weight). |
| Quarter ending ARR downside_2027q3_arr_end | 2027Q3 / downside | 1,727.38 USD_millions | derived: ARR stock rollforward. Formula: sum(july_arr, downside_2027q3_arr_add). |
| Beginning plus ending ARR downside_2027q3_arr_sum | 2027Q3 / downside | 3,388.29 USD_millions | derived: Average numerator. Formula: sum(july_arr, downside_2027q3_arr_end). |
| Average ARR downside_2027q3_arr_average | 2027Q3 / downside | 1,694.14 USD_millions | derived: Two-point average as recognition proxy. Formula: divide(downside_2027q3_arr_sum, two). |
| Quarter-equivalent ARR downside_2027q3_quarter_arr | 2027Q3 / downside | 423.54 USD_millions | derived: Annualized ARR divided by four. Formula: divide(downside_2027q3_arr_average, quarter). |
| Core revenue recognized from ARR proxy downside_2027q3_core_revenue | 2027Q3 / downside | 405.35 USD_millions | derived: ARR timing and conversion independently determine recognized sales. Formula: multiply(downside_2027q3_quarter_arr, q3_calibration_yield). |
| Other revenue excluding material rights downside_2027q3_other | 2027Q3 / downside | 16.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Material-right revenue downside_2027q3_rights | 2027Q3 / downside | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Total revenue downside_2027q3_revenue | 2027Q3 / downside | 425.35 USD_millions | derived: No second inclusion of ARR, billings or backlog. Formula: sum(downside_2027q3_core_revenue, downside_2027q3_other, downside_2027q3_rights). |
| GAAP gross margin downside_2027q3_gross_margin | 2027Q3 / downside | 77.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit downside_2027q3_gross_profit | 2027Q3 / downside | 327.52 USD_millions | derived: Includes hosting, support, SBC and intangible amortization in cost of revenue. Formula: multiply(downside_2027q3_revenue, downside_2027q3_gross_margin). |
| GAAP operating expenses downside_2027q3_opex | 2027Q3 / downside | 408.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating income downside_2027q3_operating_income | 2027Q3 / downside | -80.48 USD_millions | derived: Expenses include SBC; no duplicate deduction. Formula: subtract(downside_2027q3_gross_profit, downside_2027q3_opex). |
| Total expensed stock compensation downside_2027q3_sbc | 2027Q3 / downside | 95.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization downside_2027q3_da | 2027Q3 / downside | 14.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Interest income less cash taxes downside_2027q3_net_interest_cash_tax | 2027Q3 / downside | 9.00 USD_millions | assumption: Desk $15M interest income less $6M cash taxes; excludes noncash convertible discount amortization. |
| Deferred commission amortization downside_2027q3_commission_amort | 2027Q3 / downside | 32.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Operating earnings and cash/noncash bridge downside_2027q3_cash_before_commissions | 2027Q3 / downside | 69.52 USD_millions | derived: No automatic cash tax benefit from GAAP losses. Formula: sum(downside_2027q3_operating_income, downside_2027q3_sbc, downside_2027q3_da, downside_2027q3_net_interest_cash_tax, downside_2027q3_commission_amort). |
| Capitalized commissions / revenue downside_2027q3_commission_rate | 2027Q3 / downside | 8.0% ratio | assumption: Desk assumption, not company guidance. |
| New deferred commission cash spending downside_2027q3_commission_cash | 2027Q3 / downside | 34.03 USD_millions | derived: Separate from noncash amortization. Formula: multiply(downside_2027q3_revenue, downside_2027q3_commission_rate). |
| Cash after commission investment downside_2027q3_cash_after_commissions | 2027Q3 / downside | 35.49 USD_millions | derived: Cash commission investment deducted once. Formula: subtract(downside_2027q3_cash_before_commissions, downside_2027q3_commission_cash). |
| Net billing and other working-capital funding downside_2027q3_net_billing_funding | 2027Q3 / downside | 10.00 USD_millions | assumption: Positive source/negative use; deferred-revenue collections net of receivables and other operating timing. |
| Operating cash flow downside_2027q3_cfo | 2027Q3 / downside | 45.49 USD_millions | derived: CFO can benefit from advance billing before revenue recognition. Formula: sum(downside_2027q3_cash_after_commissions, downside_2027q3_net_billing_funding). |
| PP&E cash purchases downside_2027q3_capex | 2027Q3 / downside | 6.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Capitalized internal-use software cash downside_2027q3_software | 2027Q3 / downside | 7.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E downside_2027q3_fcf | 2027Q3 / downside | 39.49 USD_millions | derived: Matches the generic historical PP&E-only cash measure. Formula: subtract(downside_2027q3_cfo, downside_2027q3_capex). |
| Company-definition FCF downside_2027q3_company_fcf | 2027Q3 / downside | 32.49 USD_millions | derived: Software capitalization is an investing cash cost even though absent from current operating expense. Formula: subtract(downside_2027q3_fcf, downside_2027q3_software). |
| Cash taxes on net-settled equity awards downside_2027q3_withholding | 2027Q3 / downside | 30.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after share withholding downside_2027q3_cash_after_withholding | 2027Q3 / downside | 2.49 USD_millions | derived: Cash financing outflow; not the same amount as SBC expense. Formula: subtract(downside_2027q3_company_fcf, downside_2027q3_withholding). |
| Share of period net ARR addition downside_2027q4_arr_add_weight | 2027Q4 / downside | 60.0% ratio | assumption: Desk assumption, not company guidance. |
| Net subscription ARR addition downside_2027q4_arr_add | 2027Q4 / downside | 99.72 USD_millions | derived: New and expansion ARR net of churn; phasing shares sum to one. Formula: multiply(downside_h2_arr_add, downside_2027q4_arr_add_weight). |
| Quarter ending ARR downside_2027q4_arr_end | 2027Q4 / downside | 1,827.10 USD_millions | derived: ARR stock rollforward. Formula: sum(downside_2027q3_arr_end, downside_2027q4_arr_add). |
| Beginning plus ending ARR downside_2027q4_arr_sum | 2027Q4 / downside | 3,554.48 USD_millions | derived: Average numerator. Formula: sum(downside_2027q3_arr_end, downside_2027q4_arr_end). |
| Average ARR downside_2027q4_arr_average | 2027Q4 / downside | 1,777.24 USD_millions | derived: Two-point average as recognition proxy. Formula: divide(downside_2027q4_arr_sum, two). |
| Quarter-equivalent ARR downside_2027q4_quarter_arr | 2027Q4 / downside | 444.31 USD_millions | derived: Annualized ARR divided by four. Formula: divide(downside_2027q4_arr_average, quarter). |
| Core revenue recognized from ARR proxy downside_2027q4_core_revenue | 2027Q4 / downside | 414.62 USD_millions | derived: ARR timing and conversion independently determine recognized sales. Formula: multiply(downside_2027q4_quarter_arr, q4_calibration_yield). |
| Other revenue excluding material rights downside_2027q4_other | 2027Q4 / downside | 16.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Material-right revenue downside_2027q4_rights | 2027Q4 / downside | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Total revenue downside_2027q4_revenue | 2027Q4 / downside | 433.62 USD_millions | derived: No second inclusion of ARR, billings or backlog. Formula: sum(downside_2027q4_core_revenue, downside_2027q4_other, downside_2027q4_rights). |
| GAAP gross margin downside_2027q4_gross_margin | 2027Q4 / downside | 77.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit downside_2027q4_gross_profit | 2027Q4 / downside | 333.89 USD_millions | derived: Includes hosting, support, SBC and intangible amortization in cost of revenue. Formula: multiply(downside_2027q4_revenue, downside_2027q4_gross_margin). |
| GAAP operating expenses downside_2027q4_opex | 2027Q4 / downside | 425.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating income downside_2027q4_operating_income | 2027Q4 / downside | -91.11 USD_millions | derived: Expenses include SBC; no duplicate deduction. Formula: subtract(downside_2027q4_gross_profit, downside_2027q4_opex). |
| Total expensed stock compensation downside_2027q4_sbc | 2027Q4 / downside | 100.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization downside_2027q4_da | 2027Q4 / downside | 15.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Interest income less cash taxes downside_2027q4_net_interest_cash_tax | 2027Q4 / downside | 9.00 USD_millions | assumption: Desk $15M interest income less $6M cash taxes; excludes noncash convertible discount amortization. |
| Deferred commission amortization downside_2027q4_commission_amort | 2027Q4 / downside | 33.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Operating earnings and cash/noncash bridge downside_2027q4_cash_before_commissions | 2027Q4 / downside | 65.89 USD_millions | derived: No automatic cash tax benefit from GAAP losses. Formula: sum(downside_2027q4_operating_income, downside_2027q4_sbc, downside_2027q4_da, downside_2027q4_net_interest_cash_tax, downside_2027q4_commission_amort). |
| Capitalized commissions / revenue downside_2027q4_commission_rate | 2027Q4 / downside | 8.0% ratio | assumption: Desk assumption, not company guidance. |
| New deferred commission cash spending downside_2027q4_commission_cash | 2027Q4 / downside | 34.69 USD_millions | derived: Separate from noncash amortization. Formula: multiply(downside_2027q4_revenue, downside_2027q4_commission_rate). |
| Cash after commission investment downside_2027q4_cash_after_commissions | 2027Q4 / downside | 31.20 USD_millions | derived: Cash commission investment deducted once. Formula: subtract(downside_2027q4_cash_before_commissions, downside_2027q4_commission_cash). |
| Net billing and other working-capital funding downside_2027q4_net_billing_funding | 2027Q4 / downside | 20.00 USD_millions | assumption: Positive source/negative use; deferred-revenue collections net of receivables and other operating timing. |
| Operating cash flow downside_2027q4_cfo | 2027Q4 / downside | 51.20 USD_millions | derived: CFO can benefit from advance billing before revenue recognition. Formula: sum(downside_2027q4_cash_after_commissions, downside_2027q4_net_billing_funding). |
| PP&E cash purchases downside_2027q4_capex | 2027Q4 / downside | 6.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Capitalized internal-use software cash downside_2027q4_software | 2027Q4 / downside | 7.50 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E downside_2027q4_fcf | 2027Q4 / downside | 44.70 USD_millions | derived: Matches the generic historical PP&E-only cash measure. Formula: subtract(downside_2027q4_cfo, downside_2027q4_capex). |
| Company-definition FCF downside_2027q4_company_fcf | 2027Q4 / downside | 37.20 USD_millions | derived: Software capitalization is an investing cash cost even though absent from current operating expense. Formula: subtract(downside_2027q4_fcf, downside_2027q4_software). |
| Cash taxes on net-settled equity awards downside_2027q4_withholding | 2027Q4 / downside | 35.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after share withholding downside_2027q4_cash_after_withholding | 2027Q4 / downside | 2.20 USD_millions | derived: Cash financing outflow; not the same amount as SBC expense. Formula: subtract(downside_2027q4_company_fcf, downside_2027q4_withholding). |
| Share of period net ARR addition downside_2028q1_arr_add_weight | 2028Q1 / downside | 22.0% ratio | assumption: Desk assumption, not company guidance. |
| Net subscription ARR addition downside_2028q1_arr_add | 2028Q1 / downside | 80.39 USD_millions | derived: New and expansion ARR net of churn; phasing shares sum to one. Formula: multiply(downside_fy28_arr_add, downside_2028q1_arr_add_weight). |
| Quarter ending ARR downside_2028q1_arr_end | 2028Q1 / downside | 1,907.49 USD_millions | derived: ARR stock rollforward. Formula: sum(downside_2027q4_arr_end, downside_2028q1_arr_add). |
| Beginning plus ending ARR downside_2028q1_arr_sum | 2028Q1 / downside | 3,734.59 USD_millions | derived: Average numerator. Formula: sum(downside_2027q4_arr_end, downside_2028q1_arr_end). |
| Average ARR downside_2028q1_arr_average | 2028Q1 / downside | 1,867.30 USD_millions | derived: Two-point average as recognition proxy. Formula: divide(downside_2028q1_arr_sum, two). |
| Quarter-equivalent ARR downside_2028q1_quarter_arr | 2028Q1 / downside | 466.82 USD_millions | derived: Annualized ARR divided by four. Formula: divide(downside_2028q1_arr_average, quarter). |
| ARR-to-core revenue conversion downside_2028q1_recognition | 2028Q1 / downside | 94.0% ratio | assumption: Desk mix/timing factor; not an automatic ARR equals revenue assumption. |
| Core revenue recognized from ARR proxy downside_2028q1_core_revenue | 2028Q1 / downside | 438.81 USD_millions | derived: ARR timing and conversion independently determine recognized sales. Formula: multiply(downside_2028q1_quarter_arr, downside_2028q1_recognition). |
| Other revenue excluding material rights downside_2028q1_other | 2028Q1 / downside | 16.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Material-right revenue downside_2028q1_rights | 2028Q1 / downside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Total revenue downside_2028q1_revenue | 2028Q1 / downside | 456.81 USD_millions | derived: No second inclusion of ARR, billings or backlog. Formula: sum(downside_2028q1_core_revenue, downside_2028q1_other, downside_2028q1_rights). |
| GAAP gross margin downside_2028q1_gross_margin | 2028Q1 / downside | 77.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit downside_2028q1_gross_profit | 2028Q1 / downside | 351.75 USD_millions | derived: Includes hosting, support, SBC and intangible amortization in cost of revenue. Formula: multiply(downside_2028q1_revenue, downside_2028q1_gross_margin). |
| GAAP operating expenses downside_2028q1_opex | 2028Q1 / downside | 440.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating income downside_2028q1_operating_income | 2028Q1 / downside | -88.25 USD_millions | derived: Expenses include SBC; no duplicate deduction. Formula: subtract(downside_2028q1_gross_profit, downside_2028q1_opex). |
| Total expensed stock compensation downside_2028q1_sbc | 2028Q1 / downside | 104.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization downside_2028q1_da | 2028Q1 / downside | 16.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Interest income less cash taxes downside_2028q1_net_interest_cash_tax | 2028Q1 / downside | 9.00 USD_millions | assumption: Desk $15M interest income less $6M cash taxes; excludes noncash convertible discount amortization. |
| Deferred commission amortization downside_2028q1_commission_amort | 2028Q1 / downside | 34.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Operating earnings and cash/noncash bridge downside_2028q1_cash_before_commissions | 2028Q1 / downside | 74.75 USD_millions | derived: No automatic cash tax benefit from GAAP losses. Formula: sum(downside_2028q1_operating_income, downside_2028q1_sbc, downside_2028q1_da, downside_2028q1_net_interest_cash_tax, downside_2028q1_commission_amort). |
| Capitalized commissions / revenue downside_2028q1_commission_rate | 2028Q1 / downside | 8.0% ratio | assumption: Desk assumption, not company guidance. |
| New deferred commission cash spending downside_2028q1_commission_cash | 2028Q1 / downside | 36.55 USD_millions | derived: Separate from noncash amortization. Formula: multiply(downside_2028q1_revenue, downside_2028q1_commission_rate). |
| Cash after commission investment downside_2028q1_cash_after_commissions | 2028Q1 / downside | 38.20 USD_millions | derived: Cash commission investment deducted once. Formula: subtract(downside_2028q1_cash_before_commissions, downside_2028q1_commission_cash). |
| Net billing and other working-capital funding downside_2028q1_net_billing_funding | 2028Q1 / downside | 10.00 USD_millions | assumption: Positive source/negative use; deferred-revenue collections net of receivables and other operating timing. |
| Operating cash flow downside_2028q1_cfo | 2028Q1 / downside | 48.20 USD_millions | derived: CFO can benefit from advance billing before revenue recognition. Formula: sum(downside_2028q1_cash_after_commissions, downside_2028q1_net_billing_funding). |
| PP&E cash purchases downside_2028q1_capex | 2028Q1 / downside | 7.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Capitalized internal-use software cash downside_2028q1_software | 2028Q1 / downside | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E downside_2028q1_fcf | 2028Q1 / downside | 41.20 USD_millions | derived: Matches the generic historical PP&E-only cash measure. Formula: subtract(downside_2028q1_cfo, downside_2028q1_capex). |
| Company-definition FCF downside_2028q1_company_fcf | 2028Q1 / downside | 33.20 USD_millions | derived: Software capitalization is an investing cash cost even though absent from current operating expense. Formula: subtract(downside_2028q1_fcf, downside_2028q1_software). |
| Cash taxes on net-settled equity awards downside_2028q1_withholding | 2028Q1 / downside | 40.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after share withholding downside_2028q1_cash_after_withholding | 2028Q1 / downside | -6.80 USD_millions | derived: Cash financing outflow; not the same amount as SBC expense. Formula: subtract(downside_2028q1_company_fcf, downside_2028q1_withholding). |
| Share of period net ARR addition downside_2028q2_arr_add_weight | 2028Q2 / downside | 24.0% ratio | assumption: Desk assumption, not company guidance. |
| Net subscription ARR addition downside_2028q2_arr_add | 2028Q2 / downside | 87.70 USD_millions | derived: New and expansion ARR net of churn; phasing shares sum to one. Formula: multiply(downside_fy28_arr_add, downside_2028q2_arr_add_weight). |
| Quarter ending ARR downside_2028q2_arr_end | 2028Q2 / downside | 1,995.19 USD_millions | derived: ARR stock rollforward. Formula: sum(downside_2028q1_arr_end, downside_2028q2_arr_add). |
| Beginning plus ending ARR downside_2028q2_arr_sum | 2028Q2 / downside | 3,902.69 USD_millions | derived: Average numerator. Formula: sum(downside_2028q1_arr_end, downside_2028q2_arr_end). |
| Average ARR downside_2028q2_arr_average | 2028Q2 / downside | 1,951.34 USD_millions | derived: Two-point average as recognition proxy. Formula: divide(downside_2028q2_arr_sum, two). |
| Quarter-equivalent ARR downside_2028q2_quarter_arr | 2028Q2 / downside | 487.84 USD_millions | derived: Annualized ARR divided by four. Formula: divide(downside_2028q2_arr_average, quarter). |
| ARR-to-core revenue conversion downside_2028q2_recognition | 2028Q2 / downside | 94.0% ratio | assumption: Desk mix/timing factor; not an automatic ARR equals revenue assumption. |
| Core revenue recognized from ARR proxy downside_2028q2_core_revenue | 2028Q2 / downside | 458.57 USD_millions | derived: ARR timing and conversion independently determine recognized sales. Formula: multiply(downside_2028q2_quarter_arr, downside_2028q2_recognition). |
| Other revenue excluding material rights downside_2028q2_other | 2028Q2 / downside | 16.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Material-right revenue downside_2028q2_rights | 2028Q2 / downside | 1.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Total revenue downside_2028q2_revenue | 2028Q2 / downside | 475.57 USD_millions | derived: No second inclusion of ARR, billings or backlog. Formula: sum(downside_2028q2_core_revenue, downside_2028q2_other, downside_2028q2_rights). |
| GAAP gross margin downside_2028q2_gross_margin | 2028Q2 / downside | 77.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit downside_2028q2_gross_profit | 2028Q2 / downside | 366.19 USD_millions | derived: Includes hosting, support, SBC and intangible amortization in cost of revenue. Formula: multiply(downside_2028q2_revenue, downside_2028q2_gross_margin). |
| GAAP operating expenses downside_2028q2_opex | 2028Q2 / downside | 458.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating income downside_2028q2_operating_income | 2028Q2 / downside | -91.81 USD_millions | derived: Expenses include SBC; no duplicate deduction. Formula: subtract(downside_2028q2_gross_profit, downside_2028q2_opex). |
| Total expensed stock compensation downside_2028q2_sbc | 2028Q2 / downside | 108.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization downside_2028q2_da | 2028Q2 / downside | 17.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Interest income less cash taxes downside_2028q2_net_interest_cash_tax | 2028Q2 / downside | 9.00 USD_millions | assumption: Desk $15M interest income less $6M cash taxes; excludes noncash convertible discount amortization. |
| Deferred commission amortization downside_2028q2_commission_amort | 2028Q2 / downside | 35.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Operating earnings and cash/noncash bridge downside_2028q2_cash_before_commissions | 2028Q2 / downside | 77.19 USD_millions | derived: No automatic cash tax benefit from GAAP losses. Formula: sum(downside_2028q2_operating_income, downside_2028q2_sbc, downside_2028q2_da, downside_2028q2_net_interest_cash_tax, downside_2028q2_commission_amort). |
| Capitalized commissions / revenue downside_2028q2_commission_rate | 2028Q2 / downside | 8.0% ratio | assumption: Desk assumption, not company guidance. |
| New deferred commission cash spending downside_2028q2_commission_cash | 2028Q2 / downside | 38.05 USD_millions | derived: Separate from noncash amortization. Formula: multiply(downside_2028q2_revenue, downside_2028q2_commission_rate). |
| Cash after commission investment downside_2028q2_cash_after_commissions | 2028Q2 / downside | 39.14 USD_millions | derived: Cash commission investment deducted once. Formula: subtract(downside_2028q2_cash_before_commissions, downside_2028q2_commission_cash). |
| Net billing and other working-capital funding downside_2028q2_net_billing_funding | 2028Q2 / downside | 5.00 USD_millions | assumption: Positive source/negative use; deferred-revenue collections net of receivables and other operating timing. |
| Operating cash flow downside_2028q2_cfo | 2028Q2 / downside | 44.14 USD_millions | derived: CFO can benefit from advance billing before revenue recognition. Formula: sum(downside_2028q2_cash_after_commissions, downside_2028q2_net_billing_funding). |
| PP&E cash purchases downside_2028q2_capex | 2028Q2 / downside | 7.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Capitalized internal-use software cash downside_2028q2_software | 2028Q2 / downside | 8.50 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E downside_2028q2_fcf | 2028Q2 / downside | 36.64 USD_millions | derived: Matches the generic historical PP&E-only cash measure. Formula: subtract(downside_2028q2_cfo, downside_2028q2_capex). |
| Company-definition FCF downside_2028q2_company_fcf | 2028Q2 / downside | 28.14 USD_millions | derived: Software capitalization is an investing cash cost even though absent from current operating expense. Formula: subtract(downside_2028q2_fcf, downside_2028q2_software). |
| Cash taxes on net-settled equity awards downside_2028q2_withholding | 2028Q2 / downside | 35.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after share withholding downside_2028q2_cash_after_withholding | 2028Q2 / downside | -6.86 USD_millions | derived: Cash financing outflow; not the same amount as SBC expense. Formula: subtract(downside_2028q2_company_fcf, downside_2028q2_withholding). |
| Share of period net ARR addition downside_2028q3_arr_add_weight | 2028Q3 / downside | 24.0% ratio | assumption: Desk assumption, not company guidance. |
| Net subscription ARR addition downside_2028q3_arr_add | 2028Q3 / downside | 87.70 USD_millions | derived: New and expansion ARR net of churn; phasing shares sum to one. Formula: multiply(downside_fy28_arr_add, downside_2028q3_arr_add_weight). |
| Quarter ending ARR downside_2028q3_arr_end | 2028Q3 / downside | 2,082.89 USD_millions | derived: ARR stock rollforward. Formula: sum(downside_2028q2_arr_end, downside_2028q3_arr_add). |
| Beginning plus ending ARR downside_2028q3_arr_sum | 2028Q3 / downside | 4,078.09 USD_millions | derived: Average numerator. Formula: sum(downside_2028q2_arr_end, downside_2028q3_arr_end). |
| Average ARR downside_2028q3_arr_average | 2028Q3 / downside | 2,039.04 USD_millions | derived: Two-point average as recognition proxy. Formula: divide(downside_2028q3_arr_sum, two). |
| Quarter-equivalent ARR downside_2028q3_quarter_arr | 2028Q3 / downside | 509.76 USD_millions | derived: Annualized ARR divided by four. Formula: divide(downside_2028q3_arr_average, quarter). |
| ARR-to-core revenue conversion downside_2028q3_recognition | 2028Q3 / downside | 94.0% ratio | assumption: Desk mix/timing factor; not an automatic ARR equals revenue assumption. |
| Core revenue recognized from ARR proxy downside_2028q3_core_revenue | 2028Q3 / downside | 479.18 USD_millions | derived: ARR timing and conversion independently determine recognized sales. Formula: multiply(downside_2028q3_quarter_arr, downside_2028q3_recognition). |
| Other revenue excluding material rights downside_2028q3_other | 2028Q3 / downside | 16.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Material-right revenue downside_2028q3_rights | 2028Q3 / downside | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Total revenue downside_2028q3_revenue | 2028Q3 / downside | 495.18 USD_millions | derived: No second inclusion of ARR, billings or backlog. Formula: sum(downside_2028q3_core_revenue, downside_2028q3_other, downside_2028q3_rights). |
| GAAP gross margin downside_2028q3_gross_margin | 2028Q3 / downside | 77.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit downside_2028q3_gross_profit | 2028Q3 / downside | 381.29 USD_millions | derived: Includes hosting, support, SBC and intangible amortization in cost of revenue. Formula: multiply(downside_2028q3_revenue, downside_2028q3_gross_margin). |
| GAAP operating expenses downside_2028q3_opex | 2028Q3 / downside | 478.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating income downside_2028q3_operating_income | 2028Q3 / downside | -96.71 USD_millions | derived: Expenses include SBC; no duplicate deduction. Formula: subtract(downside_2028q3_gross_profit, downside_2028q3_opex). |
| Total expensed stock compensation downside_2028q3_sbc | 2028Q3 / downside | 112.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization downside_2028q3_da | 2028Q3 / downside | 18.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Interest income less cash taxes downside_2028q3_net_interest_cash_tax | 2028Q3 / downside | 9.00 USD_millions | assumption: Desk $15M interest income less $6M cash taxes; excludes noncash convertible discount amortization. |
| Deferred commission amortization downside_2028q3_commission_amort | 2028Q3 / downside | 36.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Operating earnings and cash/noncash bridge downside_2028q3_cash_before_commissions | 2028Q3 / downside | 78.29 USD_millions | derived: No automatic cash tax benefit from GAAP losses. Formula: sum(downside_2028q3_operating_income, downside_2028q3_sbc, downside_2028q3_da, downside_2028q3_net_interest_cash_tax, downside_2028q3_commission_amort). |
| Capitalized commissions / revenue downside_2028q3_commission_rate | 2028Q3 / downside | 8.0% ratio | assumption: Desk assumption, not company guidance. |
| New deferred commission cash spending downside_2028q3_commission_cash | 2028Q3 / downside | 39.61 USD_millions | derived: Separate from noncash amortization. Formula: multiply(downside_2028q3_revenue, downside_2028q3_commission_rate). |
| Cash after commission investment downside_2028q3_cash_after_commissions | 2028Q3 / downside | 38.67 USD_millions | derived: Cash commission investment deducted once. Formula: subtract(downside_2028q3_cash_before_commissions, downside_2028q3_commission_cash). |
| Net billing and other working-capital funding downside_2028q3_net_billing_funding | 2028Q3 / downside | 15.00 USD_millions | assumption: Positive source/negative use; deferred-revenue collections net of receivables and other operating timing. |
| Operating cash flow downside_2028q3_cfo | 2028Q3 / downside | 53.67 USD_millions | derived: CFO can benefit from advance billing before revenue recognition. Formula: sum(downside_2028q3_cash_after_commissions, downside_2028q3_net_billing_funding). |
| PP&E cash purchases downside_2028q3_capex | 2028Q3 / downside | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Capitalized internal-use software cash downside_2028q3_software | 2028Q3 / downside | 9.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E downside_2028q3_fcf | 2028Q3 / downside | 45.67 USD_millions | derived: Matches the generic historical PP&E-only cash measure. Formula: subtract(downside_2028q3_cfo, downside_2028q3_capex). |
| Company-definition FCF downside_2028q3_company_fcf | 2028Q3 / downside | 36.67 USD_millions | derived: Software capitalization is an investing cash cost even though absent from current operating expense. Formula: subtract(downside_2028q3_fcf, downside_2028q3_software). |
| Cash taxes on net-settled equity awards downside_2028q3_withholding | 2028Q3 / downside | 40.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after share withholding downside_2028q3_cash_after_withholding | 2028Q3 / downside | -3.33 USD_millions | derived: Cash financing outflow; not the same amount as SBC expense. Formula: subtract(downside_2028q3_company_fcf, downside_2028q3_withholding). |
| Share of period net ARR addition downside_2028q4_arr_add_weight | 2028Q4 / downside | 30.0% ratio | assumption: Desk assumption, not company guidance. |
| Net subscription ARR addition downside_2028q4_arr_add | 2028Q4 / downside | 109.63 USD_millions | derived: New and expansion ARR net of churn; phasing shares sum to one. Formula: multiply(downside_fy28_arr_add, downside_2028q4_arr_add_weight). |
| Quarter ending ARR downside_2028q4_arr_end | 2028Q4 / downside | 2,192.52 USD_millions | derived: ARR stock rollforward. Formula: sum(downside_2028q3_arr_end, downside_2028q4_arr_add). |
| Beginning plus ending ARR downside_2028q4_arr_sum | 2028Q4 / downside | 4,275.42 USD_millions | derived: Average numerator. Formula: sum(downside_2028q3_arr_end, downside_2028q4_arr_end). |
| Average ARR downside_2028q4_arr_average | 2028Q4 / downside | 2,137.71 USD_millions | derived: Two-point average as recognition proxy. Formula: divide(downside_2028q4_arr_sum, two). |
| Quarter-equivalent ARR downside_2028q4_quarter_arr | 2028Q4 / downside | 534.43 USD_millions | derived: Annualized ARR divided by four. Formula: divide(downside_2028q4_arr_average, quarter). |
| ARR-to-core revenue conversion downside_2028q4_recognition | 2028Q4 / downside | 94.0% ratio | assumption: Desk mix/timing factor; not an automatic ARR equals revenue assumption. |
| Core revenue recognized from ARR proxy downside_2028q4_core_revenue | 2028Q4 / downside | 502.36 USD_millions | derived: ARR timing and conversion independently determine recognized sales. Formula: multiply(downside_2028q4_quarter_arr, downside_2028q4_recognition). |
| Other revenue excluding material rights downside_2028q4_other | 2028Q4 / downside | 16.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Material-right revenue downside_2028q4_rights | 2028Q4 / downside | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Total revenue downside_2028q4_revenue | 2028Q4 / downside | 518.36 USD_millions | derived: No second inclusion of ARR, billings or backlog. Formula: sum(downside_2028q4_core_revenue, downside_2028q4_other, downside_2028q4_rights). |
| GAAP gross margin downside_2028q4_gross_margin | 2028Q4 / downside | 77.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit downside_2028q4_gross_profit | 2028Q4 / downside | 399.14 USD_millions | derived: Includes hosting, support, SBC and intangible amortization in cost of revenue. Formula: multiply(downside_2028q4_revenue, downside_2028q4_gross_margin). |
| GAAP operating expenses downside_2028q4_opex | 2028Q4 / downside | 495.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating income downside_2028q4_operating_income | 2028Q4 / downside | -95.86 USD_millions | derived: Expenses include SBC; no duplicate deduction. Formula: subtract(downside_2028q4_gross_profit, downside_2028q4_opex). |
| Total expensed stock compensation downside_2028q4_sbc | 2028Q4 / downside | 116.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization downside_2028q4_da | 2028Q4 / downside | 19.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Interest income less cash taxes downside_2028q4_net_interest_cash_tax | 2028Q4 / downside | 9.00 USD_millions | assumption: Desk $15M interest income less $6M cash taxes; excludes noncash convertible discount amortization. |
| Deferred commission amortization downside_2028q4_commission_amort | 2028Q4 / downside | 37.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Operating earnings and cash/noncash bridge downside_2028q4_cash_before_commissions | 2028Q4 / downside | 85.14 USD_millions | derived: No automatic cash tax benefit from GAAP losses. Formula: sum(downside_2028q4_operating_income, downside_2028q4_sbc, downside_2028q4_da, downside_2028q4_net_interest_cash_tax, downside_2028q4_commission_amort). |
| Capitalized commissions / revenue downside_2028q4_commission_rate | 2028Q4 / downside | 8.0% ratio | assumption: Desk assumption, not company guidance. |
| New deferred commission cash spending downside_2028q4_commission_cash | 2028Q4 / downside | 41.47 USD_millions | derived: Separate from noncash amortization. Formula: multiply(downside_2028q4_revenue, downside_2028q4_commission_rate). |
| Cash after commission investment downside_2028q4_cash_after_commissions | 2028Q4 / downside | 43.67 USD_millions | derived: Cash commission investment deducted once. Formula: subtract(downside_2028q4_cash_before_commissions, downside_2028q4_commission_cash). |
| Net billing and other working-capital funding downside_2028q4_net_billing_funding | 2028Q4 / downside | 25.00 USD_millions | assumption: Positive source/negative use; deferred-revenue collections net of receivables and other operating timing. |
| Operating cash flow downside_2028q4_cfo | 2028Q4 / downside | 68.67 USD_millions | derived: CFO can benefit from advance billing before revenue recognition. Formula: sum(downside_2028q4_cash_after_commissions, downside_2028q4_net_billing_funding). |
| PP&E cash purchases downside_2028q4_capex | 2028Q4 / downside | 8.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Capitalized internal-use software cash downside_2028q4_software | 2028Q4 / downside | 9.50 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E downside_2028q4_fcf | 2028Q4 / downside | 60.17 USD_millions | derived: Matches the generic historical PP&E-only cash measure. Formula: subtract(downside_2028q4_cfo, downside_2028q4_capex). |
| Company-definition FCF downside_2028q4_company_fcf | 2028Q4 / downside | 50.67 USD_millions | derived: Software capitalization is an investing cash cost even though absent from current operating expense. Formula: subtract(downside_2028q4_fcf, downside_2028q4_software). |
| Cash taxes on net-settled equity awards downside_2028q4_withholding | 2028Q4 / downside | 45.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after share withholding downside_2028q4_cash_after_withholding | 2028Q4 / downside | 5.67 USD_millions | derived: Cash financing outflow; not the same amount as SBC expense. Formula: subtract(downside_2028q4_company_fcf, downside_2028q4_withholding). |
| Revenue ($M) downside_fy2027_revenue | FY2027 / downside | 1,673.30 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, downside_2027q3_revenue, downside_2027q4_revenue). |
| GAAP gross profit ($M) downside_fy2027_gross_profit | FY2027 / downside | 1,308.32 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, downside_2027q3_gross_profit, downside_2027q4_gross_profit). |
| GAAP operating income ($M) downside_fy2027_operating_income | FY2027 / downside | -296.13 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income). |
| Operating cash flow ($M) downside_fy2027_cfo | FY2027 / downside | 255.23 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, downside_2027q3_cfo, downside_2027q4_cfo). |
| PP&E purchases ($M) downside_fy2027_capex | FY2027 / downside | 22.38 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). |
| Capitalized software cash ($M) downside_fy2027_software | FY2027 / downside | 23.87 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_software, downside_2027q3_software, downside_2027q4_software). |
| CFO less PP&E ($M) downside_fy2027_fcf | FY2027 / downside | 232.85 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). |
| CFO less PP&E and software ($M) downside_fy2027_company_fcf | FY2027 / downside | 208.98 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_company_fcf, downside_2027q3_company_fcf, downside_2027q4_company_fcf). |
| Company FCF less share withholding ($M) downside_fy2027_cash_after_withholding | FY2027 / downside | 90.70 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_withholding, downside_2027q3_cash_after_withholding, downside_2027q4_cash_after_withholding). |
| Revenue ($M) downside_fy2028_revenue | FY2028 / downside | 1,945.92 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_revenue, downside_2028q2_revenue, downside_2028q3_revenue, downside_2028q4_revenue). |
| GAAP gross profit ($M) downside_fy2028_gross_profit | FY2028 / downside | 1,498.36 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 ($M) downside_fy2028_operating_income | FY2028 / downside | -372.64 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_operating_income, downside_2028q2_operating_income, downside_2028q3_operating_income, downside_2028q4_operating_income). |
| Operating cash flow ($M) downside_fy2028_cfo | FY2028 / downside | 214.68 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). |
| PP&E purchases ($M) downside_fy2028_capex | FY2028 / downside | 31.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_capex, downside_2028q2_capex, downside_2028q3_capex, downside_2028q4_capex). |
| Capitalized software cash ($M) downside_fy2028_software | FY2028 / downside | 35.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_software, downside_2028q2_software, downside_2028q3_software, downside_2028q4_software). |
| CFO less PP&E ($M) downside_fy2028_fcf | FY2028 / downside | 183.68 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_fcf, downside_2028q2_fcf, downside_2028q3_fcf, downside_2028q4_fcf). |
| CFO less PP&E and software ($M) downside_fy2028_company_fcf | FY2028 / downside | 148.68 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_company_fcf, downside_2028q2_company_fcf, downside_2028q3_company_fcf, downside_2028q4_company_fcf). |
| Company FCF less share withholding ($M) downside_fy2028_cash_after_withholding | FY2028 / downside | -11.32 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_cash_after_withholding, downside_2028q2_cash_after_withholding, downside_2028q3_cash_after_withholding, downside_2028q4_cash_after_withholding). |
| H2 net ARR addition versus reference base_arr_delivery | H2 FY2027 / base | 100.0% ratio | assumption: Desk customer acquisition and expansion sensitivity. |
| H2 net ARR addition base_h2_arr_add | H2 FY2027 / base | 221.60 USD_millions | derived: Net additions after churn; not a second revenue stream. Formula: multiply(h2_arr_reference, base_arr_delivery). |
| FY2027 ending ARR base_fy27_arr_end | FY2027 / base | 1,882.50 USD_millions | derived: Ending stock, not a sum of quarterly ARR levels. Formula: sum(july_arr, base_h2_arr_add). |
| FY2028 ending ARR growth multiplier base_arr_growth | FY2028 / base | 130.0% ratio | assumption: Desk assumption beyond management guidance. |
| FY2028 ending ARR base_fy28_arr_end | FY2028 / base | 2,447.25 USD_millions | derived: Next-year ending ARR stock. Formula: multiply(base_fy27_arr_end, base_arr_growth). |
| FY2028 net ARR addition base_fy28_arr_add | FY2028 / base | 564.75 USD_millions | derived: Net stock increase allocated over four quarters. Formula: subtract(base_fy28_arr_end, base_fy27_arr_end). |
| Share of period net ARR addition base_2027q3_arr_add_weight | 2027Q3 / base | 40.0% ratio | assumption: Desk assumption, not company guidance. |
| Net subscription ARR addition base_2027q3_arr_add | 2027Q3 / base | 88.64 USD_millions | derived: New and expansion ARR net of churn; phasing shares sum to one. Formula: multiply(base_h2_arr_add, base_2027q3_arr_add_weight). |
| Quarter ending ARR base_2027q3_arr_end | 2027Q3 / base | 1,749.54 USD_millions | derived: ARR stock rollforward. Formula: sum(july_arr, base_2027q3_arr_add). |
| Beginning plus ending ARR base_2027q3_arr_sum | 2027Q3 / base | 3,410.44 USD_millions | derived: Average numerator. Formula: sum(july_arr, base_2027q3_arr_end). |
| Average ARR base_2027q3_arr_average | 2027Q3 / base | 1,705.22 USD_millions | derived: Two-point average as recognition proxy. Formula: divide(base_2027q3_arr_sum, two). |
| Quarter-equivalent ARR base_2027q3_quarter_arr | 2027Q3 / base | 426.31 USD_millions | derived: Annualized ARR divided by four. Formula: divide(base_2027q3_arr_average, quarter). |
| Core revenue recognized from ARR proxy base_2027q3_core_revenue | 2027Q3 / base | 408.00 USD_millions | derived: ARR timing and conversion independently determine recognized sales. Formula: multiply(base_2027q3_quarter_arr, q3_calibration_yield). |
| Other revenue excluding material rights base_2027q3_other | 2027Q3 / base | 18.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Material-right revenue base_2027q3_rights | 2027Q3 / base | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Total revenue base_2027q3_revenue | 2027Q3 / base | 430.00 USD_millions | derived: No second inclusion of ARR, billings or backlog. Formula: sum(base_2027q3_core_revenue, base_2027q3_other, base_2027q3_rights). |
| GAAP gross margin base_2027q3_gross_margin | 2027Q3 / base | 80.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit base_2027q3_gross_profit | 2027Q3 / base | 344.00 USD_millions | derived: Includes hosting, support, SBC and intangible amortization in cost of revenue. Formula: multiply(base_2027q3_revenue, base_2027q3_gross_margin). |
| GAAP operating expenses base_2027q3_opex | 2027Q3 / base | 406.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating income base_2027q3_operating_income | 2027Q3 / base | -62.00 USD_millions | derived: Expenses include SBC; no duplicate deduction. Formula: subtract(base_2027q3_gross_profit, base_2027q3_opex). |
| Total expensed stock compensation base_2027q3_sbc | 2027Q3 / base | 95.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization base_2027q3_da | 2027Q3 / base | 14.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Interest income less cash taxes base_2027q3_net_interest_cash_tax | 2027Q3 / base | 9.00 USD_millions | assumption: Desk $15M interest income less $6M cash taxes; excludes noncash convertible discount amortization. |
| Deferred commission amortization base_2027q3_commission_amort | 2027Q3 / base | 32.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Operating earnings and cash/noncash bridge base_2027q3_cash_before_commissions | 2027Q3 / base | 88.00 USD_millions | derived: No automatic cash tax benefit from GAAP losses. Formula: sum(base_2027q3_operating_income, base_2027q3_sbc, base_2027q3_da, base_2027q3_net_interest_cash_tax, base_2027q3_commission_amort). |
| Capitalized commissions / revenue base_2027q3_commission_rate | 2027Q3 / base | 8.0% ratio | assumption: Desk assumption, not company guidance. |
| New deferred commission cash spending base_2027q3_commission_cash | 2027Q3 / base | 34.40 USD_millions | derived: Separate from noncash amortization. Formula: multiply(base_2027q3_revenue, base_2027q3_commission_rate). |
| Cash after commission investment base_2027q3_cash_after_commissions | 2027Q3 / base | 53.60 USD_millions | derived: Cash commission investment deducted once. Formula: subtract(base_2027q3_cash_before_commissions, base_2027q3_commission_cash). |
| Net billing and other working-capital funding base_2027q3_net_billing_funding | 2027Q3 / base | 40.00 USD_millions | assumption: Positive source/negative use; deferred-revenue collections net of receivables and other operating timing. |
| Operating cash flow base_2027q3_cfo | 2027Q3 / base | 93.60 USD_millions | derived: CFO can benefit from advance billing before revenue recognition. Formula: sum(base_2027q3_cash_after_commissions, base_2027q3_net_billing_funding). |
| PP&E cash purchases base_2027q3_capex | 2027Q3 / base | 6.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Capitalized internal-use software cash base_2027q3_software | 2027Q3 / base | 7.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E base_2027q3_fcf | 2027Q3 / base | 87.60 USD_millions | derived: Matches the generic historical PP&E-only cash measure. Formula: subtract(base_2027q3_cfo, base_2027q3_capex). |
| Company-definition FCF base_2027q3_company_fcf | 2027Q3 / base | 80.60 USD_millions | derived: Software capitalization is an investing cash cost even though absent from current operating expense. Formula: subtract(base_2027q3_fcf, base_2027q3_software). |
| Cash taxes on net-settled equity awards base_2027q3_withholding | 2027Q3 / base | 25.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after share withholding base_2027q3_cash_after_withholding | 2027Q3 / base | 55.60 USD_millions | derived: Cash financing outflow; not the same amount as SBC expense. Formula: subtract(base_2027q3_company_fcf, base_2027q3_withholding). |
| Share of period net ARR addition base_2027q4_arr_add_weight | 2027Q4 / base | 60.0% ratio | assumption: Desk assumption, not company guidance. |
| Net subscription ARR addition base_2027q4_arr_add | 2027Q4 / base | 132.96 USD_millions | derived: New and expansion ARR net of churn; phasing shares sum to one. Formula: multiply(base_h2_arr_add, base_2027q4_arr_add_weight). |
| Quarter ending ARR base_2027q4_arr_end | 2027Q4 / base | 1,882.50 USD_millions | derived: ARR stock rollforward. Formula: sum(base_2027q3_arr_end, base_2027q4_arr_add). |
| Beginning plus ending ARR base_2027q4_arr_sum | 2027Q4 / base | 3,632.04 USD_millions | derived: Average numerator. Formula: sum(base_2027q3_arr_end, base_2027q4_arr_end). |
| Average ARR base_2027q4_arr_average | 2027Q4 / base | 1,816.02 USD_millions | derived: Two-point average as recognition proxy. Formula: divide(base_2027q4_arr_sum, two). |
| Quarter-equivalent ARR base_2027q4_quarter_arr | 2027Q4 / base | 454.01 USD_millions | derived: Annualized ARR divided by four. Formula: divide(base_2027q4_arr_average, quarter). |
| Core revenue recognized from ARR proxy base_2027q4_core_revenue | 2027Q4 / base | 423.67 USD_millions | derived: ARR timing and conversion independently determine recognized sales. Formula: multiply(base_2027q4_quarter_arr, q4_calibration_yield). |
| Other revenue excluding material rights base_2027q4_other | 2027Q4 / base | 18.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Material-right revenue base_2027q4_rights | 2027Q4 / base | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Total revenue base_2027q4_revenue | 2027Q4 / base | 444.67 USD_millions | derived: No second inclusion of ARR, billings or backlog. Formula: sum(base_2027q4_core_revenue, base_2027q4_other, base_2027q4_rights). |
| GAAP gross margin base_2027q4_gross_margin | 2027Q4 / base | 80.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit base_2027q4_gross_profit | 2027Q4 / base | 355.74 USD_millions | derived: Includes hosting, support, SBC and intangible amortization in cost of revenue. Formula: multiply(base_2027q4_revenue, base_2027q4_gross_margin). |
| GAAP operating expenses base_2027q4_opex | 2027Q4 / base | 415.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating income base_2027q4_operating_income | 2027Q4 / base | -59.26 USD_millions | derived: Expenses include SBC; no duplicate deduction. Formula: subtract(base_2027q4_gross_profit, base_2027q4_opex). |
| Total expensed stock compensation base_2027q4_sbc | 2027Q4 / base | 100.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization base_2027q4_da | 2027Q4 / base | 15.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Interest income less cash taxes base_2027q4_net_interest_cash_tax | 2027Q4 / base | 9.00 USD_millions | assumption: Desk $15M interest income less $6M cash taxes; excludes noncash convertible discount amortization. |
| Deferred commission amortization base_2027q4_commission_amort | 2027Q4 / base | 33.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Operating earnings and cash/noncash bridge base_2027q4_cash_before_commissions | 2027Q4 / base | 97.74 USD_millions | derived: No automatic cash tax benefit from GAAP losses. Formula: sum(base_2027q4_operating_income, base_2027q4_sbc, base_2027q4_da, base_2027q4_net_interest_cash_tax, base_2027q4_commission_amort). |
| Capitalized commissions / revenue base_2027q4_commission_rate | 2027Q4 / base | 8.0% ratio | assumption: Desk assumption, not company guidance. |
| New deferred commission cash spending base_2027q4_commission_cash | 2027Q4 / base | 35.57 USD_millions | derived: Separate from noncash amortization. Formula: multiply(base_2027q4_revenue, base_2027q4_commission_rate). |
| Cash after commission investment base_2027q4_cash_after_commissions | 2027Q4 / base | 62.16 USD_millions | derived: Cash commission investment deducted once. Formula: subtract(base_2027q4_cash_before_commissions, base_2027q4_commission_cash). |
| Net billing and other working-capital funding base_2027q4_net_billing_funding | 2027Q4 / base | 60.00 USD_millions | assumption: Positive source/negative use; deferred-revenue collections net of receivables and other operating timing. |
| Operating cash flow base_2027q4_cfo | 2027Q4 / base | 122.16 USD_millions | derived: CFO can benefit from advance billing before revenue recognition. Formula: sum(base_2027q4_cash_after_commissions, base_2027q4_net_billing_funding). |
| PP&E cash purchases base_2027q4_capex | 2027Q4 / base | 6.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Capitalized internal-use software cash base_2027q4_software | 2027Q4 / base | 7.50 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E base_2027q4_fcf | 2027Q4 / base | 115.66 USD_millions | derived: Matches the generic historical PP&E-only cash measure. Formula: subtract(base_2027q4_cfo, base_2027q4_capex). |
| Company-definition FCF base_2027q4_company_fcf | 2027Q4 / base | 108.16 USD_millions | derived: Software capitalization is an investing cash cost even though absent from current operating expense. Formula: subtract(base_2027q4_fcf, base_2027q4_software). |
| Cash taxes on net-settled equity awards base_2027q4_withholding | 2027Q4 / base | 30.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after share withholding base_2027q4_cash_after_withholding | 2027Q4 / base | 78.16 USD_millions | derived: Cash financing outflow; not the same amount as SBC expense. Formula: subtract(base_2027q4_company_fcf, base_2027q4_withholding). |
| Share of period net ARR addition base_2028q1_arr_add_weight | 2028Q1 / base | 22.0% ratio | assumption: Desk assumption, not company guidance. |
| Net subscription ARR addition base_2028q1_arr_add | 2028Q1 / base | 124.25 USD_millions | derived: New and expansion ARR net of churn; phasing shares sum to one. Formula: multiply(base_fy28_arr_add, base_2028q1_arr_add_weight). |
| Quarter ending ARR base_2028q1_arr_end | 2028Q1 / base | 2,006.74 USD_millions | derived: ARR stock rollforward. Formula: sum(base_2027q4_arr_end, base_2028q1_arr_add). |
| Beginning plus ending ARR base_2028q1_arr_sum | 2028Q1 / base | 3,889.24 USD_millions | derived: Average numerator. Formula: sum(base_2027q4_arr_end, base_2028q1_arr_end). |
| Average ARR base_2028q1_arr_average | 2028Q1 / base | 1,944.62 USD_millions | derived: Two-point average as recognition proxy. Formula: divide(base_2028q1_arr_sum, two). |
| Quarter-equivalent ARR base_2028q1_quarter_arr | 2028Q1 / base | 486.16 USD_millions | derived: Annualized ARR divided by four. Formula: divide(base_2028q1_arr_average, quarter). |
| ARR-to-core revenue conversion base_2028q1_recognition | 2028Q1 / base | 94.0% ratio | assumption: Desk mix/timing factor; not an automatic ARR equals revenue assumption. |
| Core revenue recognized from ARR proxy base_2028q1_core_revenue | 2028Q1 / base | 456.99 USD_millions | derived: ARR timing and conversion independently determine recognized sales. Formula: multiply(base_2028q1_quarter_arr, base_2028q1_recognition). |
| Other revenue excluding material rights base_2028q1_other | 2028Q1 / base | 18.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Material-right revenue base_2028q1_rights | 2028Q1 / base | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Total revenue base_2028q1_revenue | 2028Q1 / base | 476.99 USD_millions | derived: No second inclusion of ARR, billings or backlog. Formula: sum(base_2028q1_core_revenue, base_2028q1_other, base_2028q1_rights). |
| GAAP gross margin base_2028q1_gross_margin | 2028Q1 / base | 80.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit base_2028q1_gross_profit | 2028Q1 / base | 381.59 USD_millions | derived: Includes hosting, support, SBC and intangible amortization in cost of revenue. Formula: multiply(base_2028q1_revenue, base_2028q1_gross_margin). |
| GAAP operating expenses base_2028q1_opex | 2028Q1 / base | 430.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating income base_2028q1_operating_income | 2028Q1 / base | -48.41 USD_millions | derived: Expenses include SBC; no duplicate deduction. Formula: subtract(base_2028q1_gross_profit, base_2028q1_opex). |
| Total expensed stock compensation base_2028q1_sbc | 2028Q1 / base | 105.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization base_2028q1_da | 2028Q1 / base | 16.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Interest income less cash taxes base_2028q1_net_interest_cash_tax | 2028Q1 / base | 9.00 USD_millions | assumption: Desk $15M interest income less $6M cash taxes; excludes noncash convertible discount amortization. |
| Deferred commission amortization base_2028q1_commission_amort | 2028Q1 / base | 34.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Operating earnings and cash/noncash bridge base_2028q1_cash_before_commissions | 2028Q1 / base | 115.59 USD_millions | derived: No automatic cash tax benefit from GAAP losses. Formula: sum(base_2028q1_operating_income, base_2028q1_sbc, base_2028q1_da, base_2028q1_net_interest_cash_tax, base_2028q1_commission_amort). |
| Capitalized commissions / revenue base_2028q1_commission_rate | 2028Q1 / base | 8.0% ratio | assumption: Desk assumption, not company guidance. |
| New deferred commission cash spending base_2028q1_commission_cash | 2028Q1 / base | 38.16 USD_millions | derived: Separate from noncash amortization. Formula: multiply(base_2028q1_revenue, base_2028q1_commission_rate). |
| Cash after commission investment base_2028q1_cash_after_commissions | 2028Q1 / base | 77.43 USD_millions | derived: Cash commission investment deducted once. Formula: subtract(base_2028q1_cash_before_commissions, base_2028q1_commission_cash). |
| Net billing and other working-capital funding base_2028q1_net_billing_funding | 2028Q1 / base | 25.00 USD_millions | assumption: Positive source/negative use; deferred-revenue collections net of receivables and other operating timing. |
| Operating cash flow base_2028q1_cfo | 2028Q1 / base | 102.43 USD_millions | derived: CFO can benefit from advance billing before revenue recognition. Formula: sum(base_2028q1_cash_after_commissions, base_2028q1_net_billing_funding). |
| PP&E cash purchases base_2028q1_capex | 2028Q1 / base | 7.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Capitalized internal-use software cash base_2028q1_software | 2028Q1 / base | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E base_2028q1_fcf | 2028Q1 / base | 95.43 USD_millions | derived: Matches the generic historical PP&E-only cash measure. Formula: subtract(base_2028q1_cfo, base_2028q1_capex). |
| Company-definition FCF base_2028q1_company_fcf | 2028Q1 / base | 87.43 USD_millions | derived: Software capitalization is an investing cash cost even though absent from current operating expense. Formula: subtract(base_2028q1_fcf, base_2028q1_software). |
| Cash taxes on net-settled equity awards base_2028q1_withholding | 2028Q1 / base | 35.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after share withholding base_2028q1_cash_after_withholding | 2028Q1 / base | 52.43 USD_millions | derived: Cash financing outflow; not the same amount as SBC expense. Formula: subtract(base_2028q1_company_fcf, base_2028q1_withholding). |
| Share of period net ARR addition base_2028q2_arr_add_weight | 2028Q2 / base | 24.0% ratio | assumption: Desk assumption, not company guidance. |
| Net subscription ARR addition base_2028q2_arr_add | 2028Q2 / base | 135.54 USD_millions | derived: New and expansion ARR net of churn; phasing shares sum to one. Formula: multiply(base_fy28_arr_add, base_2028q2_arr_add_weight). |
| Quarter ending ARR base_2028q2_arr_end | 2028Q2 / base | 2,142.28 USD_millions | derived: ARR stock rollforward. Formula: sum(base_2028q1_arr_end, base_2028q2_arr_add). |
| Beginning plus ending ARR base_2028q2_arr_sum | 2028Q2 / base | 4,149.03 USD_millions | derived: Average numerator. Formula: sum(base_2028q1_arr_end, base_2028q2_arr_end). |
| Average ARR base_2028q2_arr_average | 2028Q2 / base | 2,074.51 USD_millions | derived: Two-point average as recognition proxy. Formula: divide(base_2028q2_arr_sum, two). |
| Quarter-equivalent ARR base_2028q2_quarter_arr | 2028Q2 / base | 518.63 USD_millions | derived: Annualized ARR divided by four. Formula: divide(base_2028q2_arr_average, quarter). |
| ARR-to-core revenue conversion base_2028q2_recognition | 2028Q2 / base | 94.0% ratio | assumption: Desk mix/timing factor; not an automatic ARR equals revenue assumption. |
| Core revenue recognized from ARR proxy base_2028q2_core_revenue | 2028Q2 / base | 487.51 USD_millions | derived: ARR timing and conversion independently determine recognized sales. Formula: multiply(base_2028q2_quarter_arr, base_2028q2_recognition). |
| Other revenue excluding material rights base_2028q2_other | 2028Q2 / base | 18.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Material-right revenue base_2028q2_rights | 2028Q2 / base | 1.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Total revenue base_2028q2_revenue | 2028Q2 / base | 506.51 USD_millions | derived: No second inclusion of ARR, billings or backlog. Formula: sum(base_2028q2_core_revenue, base_2028q2_other, base_2028q2_rights). |
| GAAP gross margin base_2028q2_gross_margin | 2028Q2 / base | 80.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit base_2028q2_gross_profit | 2028Q2 / base | 405.21 USD_millions | derived: Includes hosting, support, SBC and intangible amortization in cost of revenue. Formula: multiply(base_2028q2_revenue, base_2028q2_gross_margin). |
| GAAP operating expenses base_2028q2_opex | 2028Q2 / base | 450.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating income base_2028q2_operating_income | 2028Q2 / base | -44.79 USD_millions | derived: Expenses include SBC; no duplicate deduction. Formula: subtract(base_2028q2_gross_profit, base_2028q2_opex). |
| Total expensed stock compensation base_2028q2_sbc | 2028Q2 / base | 110.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization base_2028q2_da | 2028Q2 / base | 17.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Interest income less cash taxes base_2028q2_net_interest_cash_tax | 2028Q2 / base | 9.00 USD_millions | assumption: Desk $15M interest income less $6M cash taxes; excludes noncash convertible discount amortization. |
| Deferred commission amortization base_2028q2_commission_amort | 2028Q2 / base | 35.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Operating earnings and cash/noncash bridge base_2028q2_cash_before_commissions | 2028Q2 / base | 126.21 USD_millions | derived: No automatic cash tax benefit from GAAP losses. Formula: sum(base_2028q2_operating_income, base_2028q2_sbc, base_2028q2_da, base_2028q2_net_interest_cash_tax, base_2028q2_commission_amort). |
| Capitalized commissions / revenue base_2028q2_commission_rate | 2028Q2 / base | 8.0% ratio | assumption: Desk assumption, not company guidance. |
| New deferred commission cash spending base_2028q2_commission_cash | 2028Q2 / base | 40.52 USD_millions | derived: Separate from noncash amortization. Formula: multiply(base_2028q2_revenue, base_2028q2_commission_rate). |
| Cash after commission investment base_2028q2_cash_after_commissions | 2028Q2 / base | 85.69 USD_millions | derived: Cash commission investment deducted once. Formula: subtract(base_2028q2_cash_before_commissions, base_2028q2_commission_cash). |
| Net billing and other working-capital funding base_2028q2_net_billing_funding | 2028Q2 / base | 20.00 USD_millions | assumption: Positive source/negative use; deferred-revenue collections net of receivables and other operating timing. |
| Operating cash flow base_2028q2_cfo | 2028Q2 / base | 105.69 USD_millions | derived: CFO can benefit from advance billing before revenue recognition. Formula: sum(base_2028q2_cash_after_commissions, base_2028q2_net_billing_funding). |
| PP&E cash purchases base_2028q2_capex | 2028Q2 / base | 7.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Capitalized internal-use software cash base_2028q2_software | 2028Q2 / base | 8.50 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E base_2028q2_fcf | 2028Q2 / base | 98.19 USD_millions | derived: Matches the generic historical PP&E-only cash measure. Formula: subtract(base_2028q2_cfo, base_2028q2_capex). |
| Company-definition FCF base_2028q2_company_fcf | 2028Q2 / base | 89.69 USD_millions | derived: Software capitalization is an investing cash cost even though absent from current operating expense. Formula: subtract(base_2028q2_fcf, base_2028q2_software). |
| Cash taxes on net-settled equity awards base_2028q2_withholding | 2028Q2 / base | 30.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after share withholding base_2028q2_cash_after_withholding | 2028Q2 / base | 59.69 USD_millions | derived: Cash financing outflow; not the same amount as SBC expense. Formula: subtract(base_2028q2_company_fcf, base_2028q2_withholding). |
| Share of period net ARR addition base_2028q3_arr_add_weight | 2028Q3 / base | 24.0% ratio | assumption: Desk assumption, not company guidance. |
| Net subscription ARR addition base_2028q3_arr_add | 2028Q3 / base | 135.54 USD_millions | derived: New and expansion ARR net of churn; phasing shares sum to one. Formula: multiply(base_fy28_arr_add, base_2028q3_arr_add_weight). |
| Quarter ending ARR base_2028q3_arr_end | 2028Q3 / base | 2,277.82 USD_millions | derived: ARR stock rollforward. Formula: sum(base_2028q2_arr_end, base_2028q3_arr_add). |
| Beginning plus ending ARR base_2028q3_arr_sum | 2028Q3 / base | 4,420.11 USD_millions | derived: Average numerator. Formula: sum(base_2028q2_arr_end, base_2028q3_arr_end). |
| Average ARR base_2028q3_arr_average | 2028Q3 / base | 2,210.05 USD_millions | derived: Two-point average as recognition proxy. Formula: divide(base_2028q3_arr_sum, two). |
| Quarter-equivalent ARR base_2028q3_quarter_arr | 2028Q3 / base | 552.51 USD_millions | derived: Annualized ARR divided by four. Formula: divide(base_2028q3_arr_average, quarter). |
| ARR-to-core revenue conversion base_2028q3_recognition | 2028Q3 / base | 94.0% ratio | assumption: Desk mix/timing factor; not an automatic ARR equals revenue assumption. |
| Core revenue recognized from ARR proxy base_2028q3_core_revenue | 2028Q3 / base | 519.36 USD_millions | derived: ARR timing and conversion independently determine recognized sales. Formula: multiply(base_2028q3_quarter_arr, base_2028q3_recognition). |
| Other revenue excluding material rights base_2028q3_other | 2028Q3 / base | 18.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Material-right revenue base_2028q3_rights | 2028Q3 / base | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Total revenue base_2028q3_revenue | 2028Q3 / base | 537.36 USD_millions | derived: No second inclusion of ARR, billings or backlog. Formula: sum(base_2028q3_core_revenue, base_2028q3_other, base_2028q3_rights). |
| GAAP gross margin base_2028q3_gross_margin | 2028Q3 / base | 80.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit base_2028q3_gross_profit | 2028Q3 / base | 429.89 USD_millions | derived: Includes hosting, support, SBC and intangible amortization in cost of revenue. Formula: multiply(base_2028q3_revenue, base_2028q3_gross_margin). |
| GAAP operating expenses base_2028q3_opex | 2028Q3 / base | 465.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating income base_2028q3_operating_income | 2028Q3 / base | -35.11 USD_millions | derived: Expenses include SBC; no duplicate deduction. Formula: subtract(base_2028q3_gross_profit, base_2028q3_opex). |
| Total expensed stock compensation base_2028q3_sbc | 2028Q3 / base | 115.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization base_2028q3_da | 2028Q3 / base | 18.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Interest income less cash taxes base_2028q3_net_interest_cash_tax | 2028Q3 / base | 9.00 USD_millions | assumption: Desk $15M interest income less $6M cash taxes; excludes noncash convertible discount amortization. |
| Deferred commission amortization base_2028q3_commission_amort | 2028Q3 / base | 36.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Operating earnings and cash/noncash bridge base_2028q3_cash_before_commissions | 2028Q3 / base | 142.89 USD_millions | derived: No automatic cash tax benefit from GAAP losses. Formula: sum(base_2028q3_operating_income, base_2028q3_sbc, base_2028q3_da, base_2028q3_net_interest_cash_tax, base_2028q3_commission_amort). |
| Capitalized commissions / revenue base_2028q3_commission_rate | 2028Q3 / base | 8.0% ratio | assumption: Desk assumption, not company guidance. |
| New deferred commission cash spending base_2028q3_commission_cash | 2028Q3 / base | 42.99 USD_millions | derived: Separate from noncash amortization. Formula: multiply(base_2028q3_revenue, base_2028q3_commission_rate). |
| Cash after commission investment base_2028q3_cash_after_commissions | 2028Q3 / base | 99.90 USD_millions | derived: Cash commission investment deducted once. Formula: subtract(base_2028q3_cash_before_commissions, base_2028q3_commission_cash). |
| Net billing and other working-capital funding base_2028q3_net_billing_funding | 2028Q3 / base | 40.00 USD_millions | assumption: Positive source/negative use; deferred-revenue collections net of receivables and other operating timing. |
| Operating cash flow base_2028q3_cfo | 2028Q3 / base | 139.90 USD_millions | derived: CFO can benefit from advance billing before revenue recognition. Formula: sum(base_2028q3_cash_after_commissions, base_2028q3_net_billing_funding). |
| PP&E cash purchases base_2028q3_capex | 2028Q3 / base | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Capitalized internal-use software cash base_2028q3_software | 2028Q3 / base | 9.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E base_2028q3_fcf | 2028Q3 / base | 131.90 USD_millions | derived: Matches the generic historical PP&E-only cash measure. Formula: subtract(base_2028q3_cfo, base_2028q3_capex). |
| Company-definition FCF base_2028q3_company_fcf | 2028Q3 / base | 122.90 USD_millions | derived: Software capitalization is an investing cash cost even though absent from current operating expense. Formula: subtract(base_2028q3_fcf, base_2028q3_software). |
| Cash taxes on net-settled equity awards base_2028q3_withholding | 2028Q3 / base | 35.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after share withholding base_2028q3_cash_after_withholding | 2028Q3 / base | 87.90 USD_millions | derived: Cash financing outflow; not the same amount as SBC expense. Formula: subtract(base_2028q3_company_fcf, base_2028q3_withholding). |
| Share of period net ARR addition base_2028q4_arr_add_weight | 2028Q4 / base | 30.0% ratio | assumption: Desk assumption, not company guidance. |
| Net subscription ARR addition base_2028q4_arr_add | 2028Q4 / base | 169.42 USD_millions | derived: New and expansion ARR net of churn; phasing shares sum to one. Formula: multiply(base_fy28_arr_add, base_2028q4_arr_add_weight). |
| Quarter ending ARR base_2028q4_arr_end | 2028Q4 / base | 2,447.25 USD_millions | derived: ARR stock rollforward. Formula: sum(base_2028q3_arr_end, base_2028q4_arr_add). |
| Beginning plus ending ARR base_2028q4_arr_sum | 2028Q4 / base | 4,725.07 USD_millions | derived: Average numerator. Formula: sum(base_2028q3_arr_end, base_2028q4_arr_end). |
| Average ARR base_2028q4_arr_average | 2028Q4 / base | 2,362.54 USD_millions | derived: Two-point average as recognition proxy. Formula: divide(base_2028q4_arr_sum, two). |
| Quarter-equivalent ARR base_2028q4_quarter_arr | 2028Q4 / base | 590.63 USD_millions | derived: Annualized ARR divided by four. Formula: divide(base_2028q4_arr_average, quarter). |
| ARR-to-core revenue conversion base_2028q4_recognition | 2028Q4 / base | 94.0% ratio | assumption: Desk mix/timing factor; not an automatic ARR equals revenue assumption. |
| Core revenue recognized from ARR proxy base_2028q4_core_revenue | 2028Q4 / base | 555.20 USD_millions | derived: ARR timing and conversion independently determine recognized sales. Formula: multiply(base_2028q4_quarter_arr, base_2028q4_recognition). |
| Other revenue excluding material rights base_2028q4_other | 2028Q4 / base | 18.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Material-right revenue base_2028q4_rights | 2028Q4 / base | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Total revenue base_2028q4_revenue | 2028Q4 / base | 573.20 USD_millions | derived: No second inclusion of ARR, billings or backlog. Formula: sum(base_2028q4_core_revenue, base_2028q4_other, base_2028q4_rights). |
| GAAP gross margin base_2028q4_gross_margin | 2028Q4 / base | 80.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit base_2028q4_gross_profit | 2028Q4 / base | 458.56 USD_millions | derived: Includes hosting, support, SBC and intangible amortization in cost of revenue. Formula: multiply(base_2028q4_revenue, base_2028q4_gross_margin). |
| GAAP operating expenses base_2028q4_opex | 2028Q4 / base | 480.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating income base_2028q4_operating_income | 2028Q4 / base | -21.44 USD_millions | derived: Expenses include SBC; no duplicate deduction. Formula: subtract(base_2028q4_gross_profit, base_2028q4_opex). |
| Total expensed stock compensation base_2028q4_sbc | 2028Q4 / base | 120.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization base_2028q4_da | 2028Q4 / base | 19.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Interest income less cash taxes base_2028q4_net_interest_cash_tax | 2028Q4 / base | 9.00 USD_millions | assumption: Desk $15M interest income less $6M cash taxes; excludes noncash convertible discount amortization. |
| Deferred commission amortization base_2028q4_commission_amort | 2028Q4 / base | 37.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Operating earnings and cash/noncash bridge base_2028q4_cash_before_commissions | 2028Q4 / base | 163.56 USD_millions | derived: No automatic cash tax benefit from GAAP losses. Formula: sum(base_2028q4_operating_income, base_2028q4_sbc, base_2028q4_da, base_2028q4_net_interest_cash_tax, base_2028q4_commission_amort). |
| Capitalized commissions / revenue base_2028q4_commission_rate | 2028Q4 / base | 8.0% ratio | assumption: Desk assumption, not company guidance. |
| New deferred commission cash spending base_2028q4_commission_cash | 2028Q4 / base | 45.86 USD_millions | derived: Separate from noncash amortization. Formula: multiply(base_2028q4_revenue, base_2028q4_commission_rate). |
| Cash after commission investment base_2028q4_cash_after_commissions | 2028Q4 / base | 117.70 USD_millions | derived: Cash commission investment deducted once. Formula: subtract(base_2028q4_cash_before_commissions, base_2028q4_commission_cash). |
| Net billing and other working-capital funding base_2028q4_net_billing_funding | 2028Q4 / base | 65.00 USD_millions | assumption: Positive source/negative use; deferred-revenue collections net of receivables and other operating timing. |
| Operating cash flow base_2028q4_cfo | 2028Q4 / base | 182.70 USD_millions | derived: CFO can benefit from advance billing before revenue recognition. Formula: sum(base_2028q4_cash_after_commissions, base_2028q4_net_billing_funding). |
| PP&E cash purchases base_2028q4_capex | 2028Q4 / base | 8.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Capitalized internal-use software cash base_2028q4_software | 2028Q4 / base | 9.50 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E base_2028q4_fcf | 2028Q4 / base | 174.20 USD_millions | derived: Matches the generic historical PP&E-only cash measure. Formula: subtract(base_2028q4_cfo, base_2028q4_capex). |
| Company-definition FCF base_2028q4_company_fcf | 2028Q4 / base | 164.70 USD_millions | derived: Software capitalization is an investing cash cost even though absent from current operating expense. Formula: subtract(base_2028q4_fcf, base_2028q4_software). |
| Cash taxes on net-settled equity awards base_2028q4_withholding | 2028Q4 / base | 40.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after share withholding base_2028q4_cash_after_withholding | 2028Q4 / base | 124.70 USD_millions | derived: Cash financing outflow; not the same amount as SBC expense. Formula: subtract(base_2028q4_company_fcf, base_2028q4_withholding). |
| Revenue ($M) base_fy2027_revenue | FY2027 / base | 1,689.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, base_2027q3_revenue, base_2027q4_revenue). |
| GAAP gross profit ($M) base_fy2027_gross_profit | FY2027 / base | 1,346.64 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, base_2027q3_gross_profit, base_2027q4_gross_profit). |
| GAAP operating income ($M) base_fy2027_operating_income | FY2027 / base | -245.80 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, base_2027q3_operating_income, base_2027q4_operating_income). |
| Operating cash flow ($M) base_fy2027_cfo | FY2027 / base | 374.30 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, base_2027q3_cfo, base_2027q4_cfo). |
| PP&E purchases ($M) base_fy2027_capex | FY2027 / base | 22.38 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). |
| Capitalized software cash ($M) base_fy2027_software | FY2027 / base | 23.87 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_software, base_2027q3_software, base_2027q4_software). |
| CFO less PP&E ($M) base_fy2027_fcf | FY2027 / base | 351.92 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). |
| CFO less PP&E and software ($M) base_fy2027_company_fcf | FY2027 / base | 328.05 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_company_fcf, base_2027q3_company_fcf, base_2027q4_company_fcf). |
| Company FCF less share withholding ($M) base_fy2027_cash_after_withholding | FY2027 / base | 219.77 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_withholding, base_2027q3_cash_after_withholding, base_2027q4_cash_after_withholding). |
| Revenue ($M) base_fy2028_revenue | FY2028 / base | 2,094.06 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_revenue, base_2028q2_revenue, base_2028q3_revenue, base_2028q4_revenue). |
| GAAP gross profit ($M) base_fy2028_gross_profit | FY2028 / base | 1,675.25 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 ($M) base_fy2028_operating_income | FY2028 / base | -149.75 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_operating_income, base_2028q2_operating_income, base_2028q3_operating_income, base_2028q4_operating_income). |
| Operating cash flow ($M) base_fy2028_cfo | FY2028 / base | 530.72 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). |
| PP&E purchases ($M) base_fy2028_capex | FY2028 / base | 31.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_capex, base_2028q2_capex, base_2028q3_capex, base_2028q4_capex). |
| Capitalized software cash ($M) base_fy2028_software | FY2028 / base | 35.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_software, base_2028q2_software, base_2028q3_software, base_2028q4_software). |
| CFO less PP&E ($M) base_fy2028_fcf | FY2028 / base | 499.72 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_fcf, base_2028q2_fcf, base_2028q3_fcf, base_2028q4_fcf). |
| CFO less PP&E and software ($M) base_fy2028_company_fcf | FY2028 / base | 464.72 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_company_fcf, base_2028q2_company_fcf, base_2028q3_company_fcf, base_2028q4_company_fcf). |
| Company FCF less share withholding ($M) base_fy2028_cash_after_withholding | FY2028 / base | 324.72 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_cash_after_withholding, base_2028q2_cash_after_withholding, base_2028q3_cash_after_withholding, base_2028q4_cash_after_withholding). |
| H2 net ARR addition versus reference upside_arr_delivery | H2 FY2027 / upside | 115.0% ratio | assumption: Desk customer acquisition and expansion sensitivity. |
| H2 net ARR addition upside_h2_arr_add | H2 FY2027 / upside | 254.84 USD_millions | derived: Net additions after churn; not a second revenue stream. Formula: multiply(h2_arr_reference, upside_arr_delivery). |
| FY2027 ending ARR upside_fy27_arr_end | FY2027 / upside | 1,915.74 USD_millions | derived: Ending stock, not a sum of quarterly ARR levels. Formula: sum(july_arr, upside_h2_arr_add). |
| FY2028 ending ARR growth multiplier upside_arr_growth | FY2028 / upside | 140.0% ratio | assumption: Desk assumption beyond management guidance. |
| FY2028 ending ARR upside_fy28_arr_end | FY2028 / upside | 2,682.04 USD_millions | derived: Next-year ending ARR stock. Formula: multiply(upside_fy27_arr_end, upside_arr_growth). |
| FY2028 net ARR addition upside_fy28_arr_add | FY2028 / upside | 766.30 USD_millions | derived: Net stock increase allocated over four quarters. Formula: subtract(upside_fy28_arr_end, upside_fy27_arr_end). |
| Share of period net ARR addition upside_2027q3_arr_add_weight | 2027Q3 / upside | 40.0% ratio | assumption: Desk assumption, not company guidance. |
| Net subscription ARR addition upside_2027q3_arr_add | 2027Q3 / upside | 101.93 USD_millions | derived: New and expansion ARR net of churn; phasing shares sum to one. Formula: multiply(upside_h2_arr_add, upside_2027q3_arr_add_weight). |
| Quarter ending ARR upside_2027q3_arr_end | 2027Q3 / upside | 1,762.84 USD_millions | derived: ARR stock rollforward. Formula: sum(july_arr, upside_2027q3_arr_add). |
| Beginning plus ending ARR upside_2027q3_arr_sum | 2027Q3 / upside | 3,423.74 USD_millions | derived: Average numerator. Formula: sum(july_arr, upside_2027q3_arr_end). |
| Average ARR upside_2027q3_arr_average | 2027Q3 / upside | 1,711.87 USD_millions | derived: Two-point average as recognition proxy. Formula: divide(upside_2027q3_arr_sum, two). |
| Quarter-equivalent ARR upside_2027q3_quarter_arr | 2027Q3 / upside | 427.97 USD_millions | derived: Annualized ARR divided by four. Formula: divide(upside_2027q3_arr_average, quarter). |
| Core revenue recognized from ARR proxy upside_2027q3_core_revenue | 2027Q3 / upside | 409.59 USD_millions | derived: ARR timing and conversion independently determine recognized sales. Formula: multiply(upside_2027q3_quarter_arr, q3_calibration_yield). |
| Other revenue excluding material rights upside_2027q3_other | 2027Q3 / upside | 20.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Material-right revenue upside_2027q3_rights | 2027Q3 / upside | 4.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Total revenue upside_2027q3_revenue | 2027Q3 / upside | 433.59 USD_millions | derived: No second inclusion of ARR, billings or backlog. Formula: sum(upside_2027q3_core_revenue, upside_2027q3_other, upside_2027q3_rights). |
| GAAP gross margin upside_2027q3_gross_margin | 2027Q3 / upside | 81.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit upside_2027q3_gross_profit | 2027Q3 / upside | 351.21 USD_millions | derived: Includes hosting, support, SBC and intangible amortization in cost of revenue. Formula: multiply(upside_2027q3_revenue, upside_2027q3_gross_margin). |
| GAAP operating expenses upside_2027q3_opex | 2027Q3 / upside | 410.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating income upside_2027q3_operating_income | 2027Q3 / upside | -58.79 USD_millions | derived: Expenses include SBC; no duplicate deduction. Formula: subtract(upside_2027q3_gross_profit, upside_2027q3_opex). |
| Total expensed stock compensation upside_2027q3_sbc | 2027Q3 / upside | 98.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization upside_2027q3_da | 2027Q3 / upside | 14.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Interest income less cash taxes upside_2027q3_net_interest_cash_tax | 2027Q3 / upside | 9.00 USD_millions | assumption: Desk $15M interest income less $6M cash taxes; excludes noncash convertible discount amortization. |
| Deferred commission amortization upside_2027q3_commission_amort | 2027Q3 / upside | 32.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Operating earnings and cash/noncash bridge upside_2027q3_cash_before_commissions | 2027Q3 / upside | 94.21 USD_millions | derived: No automatic cash tax benefit from GAAP losses. Formula: sum(upside_2027q3_operating_income, upside_2027q3_sbc, upside_2027q3_da, upside_2027q3_net_interest_cash_tax, upside_2027q3_commission_amort). |
| Capitalized commissions / revenue upside_2027q3_commission_rate | 2027Q3 / upside | 8.0% ratio | assumption: Desk assumption, not company guidance. |
| New deferred commission cash spending upside_2027q3_commission_cash | 2027Q3 / upside | 34.69 USD_millions | derived: Separate from noncash amortization. Formula: multiply(upside_2027q3_revenue, upside_2027q3_commission_rate). |
| Cash after commission investment upside_2027q3_cash_after_commissions | 2027Q3 / upside | 59.52 USD_millions | derived: Cash commission investment deducted once. Formula: subtract(upside_2027q3_cash_before_commissions, upside_2027q3_commission_cash). |
| Net billing and other working-capital funding upside_2027q3_net_billing_funding | 2027Q3 / upside | 55.00 USD_millions | assumption: Positive source/negative use; deferred-revenue collections net of receivables and other operating timing. |
| Operating cash flow upside_2027q3_cfo | 2027Q3 / upside | 114.52 USD_millions | derived: CFO can benefit from advance billing before revenue recognition. Formula: sum(upside_2027q3_cash_after_commissions, upside_2027q3_net_billing_funding). |
| PP&E cash purchases upside_2027q3_capex | 2027Q3 / upside | 6.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Capitalized internal-use software cash upside_2027q3_software | 2027Q3 / upside | 7.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E upside_2027q3_fcf | 2027Q3 / upside | 108.52 USD_millions | derived: Matches the generic historical PP&E-only cash measure. Formula: subtract(upside_2027q3_cfo, upside_2027q3_capex). |
| Company-definition FCF upside_2027q3_company_fcf | 2027Q3 / upside | 101.52 USD_millions | derived: Software capitalization is an investing cash cost even though absent from current operating expense. Formula: subtract(upside_2027q3_fcf, upside_2027q3_software). |
| Cash taxes on net-settled equity awards upside_2027q3_withholding | 2027Q3 / upside | 28.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after share withholding upside_2027q3_cash_after_withholding | 2027Q3 / upside | 73.52 USD_millions | derived: Cash financing outflow; not the same amount as SBC expense. Formula: subtract(upside_2027q3_company_fcf, upside_2027q3_withholding). |
| Share of period net ARR addition upside_2027q4_arr_add_weight | 2027Q4 / upside | 60.0% ratio | assumption: Desk assumption, not company guidance. |
| Net subscription ARR addition upside_2027q4_arr_add | 2027Q4 / upside | 152.90 USD_millions | derived: New and expansion ARR net of churn; phasing shares sum to one. Formula: multiply(upside_h2_arr_add, upside_2027q4_arr_add_weight). |
| Quarter ending ARR upside_2027q4_arr_end | 2027Q4 / upside | 1,915.74 USD_millions | derived: ARR stock rollforward. Formula: sum(upside_2027q3_arr_end, upside_2027q4_arr_add). |
| Beginning plus ending ARR upside_2027q4_arr_sum | 2027Q4 / upside | 3,678.58 USD_millions | derived: Average numerator. Formula: sum(upside_2027q3_arr_end, upside_2027q4_arr_end). |
| Average ARR upside_2027q4_arr_average | 2027Q4 / upside | 1,839.29 USD_millions | derived: Two-point average as recognition proxy. Formula: divide(upside_2027q4_arr_sum, two). |
| Quarter-equivalent ARR upside_2027q4_quarter_arr | 2027Q4 / upside | 459.82 USD_millions | derived: Annualized ARR divided by four. Formula: divide(upside_2027q4_arr_average, quarter). |
| Core revenue recognized from ARR proxy upside_2027q4_core_revenue | 2027Q4 / upside | 429.10 USD_millions | derived: ARR timing and conversion independently determine recognized sales. Formula: multiply(upside_2027q4_quarter_arr, q4_calibration_yield). |
| Other revenue excluding material rights upside_2027q4_other | 2027Q4 / upside | 20.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Material-right revenue upside_2027q4_rights | 2027Q4 / upside | 3.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Total revenue upside_2027q4_revenue | 2027Q4 / upside | 452.10 USD_millions | derived: No second inclusion of ARR, billings or backlog. Formula: sum(upside_2027q4_core_revenue, upside_2027q4_other, upside_2027q4_rights). |
| GAAP gross margin upside_2027q4_gross_margin | 2027Q4 / upside | 81.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit upside_2027q4_gross_profit | 2027Q4 / upside | 366.20 USD_millions | derived: Includes hosting, support, SBC and intangible amortization in cost of revenue. Formula: multiply(upside_2027q4_revenue, upside_2027q4_gross_margin). |
| GAAP operating expenses upside_2027q4_opex | 2027Q4 / upside | 423.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating income upside_2027q4_operating_income | 2027Q4 / upside | -56.80 USD_millions | derived: Expenses include SBC; no duplicate deduction. Formula: subtract(upside_2027q4_gross_profit, upside_2027q4_opex). |
| Total expensed stock compensation upside_2027q4_sbc | 2027Q4 / upside | 104.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization upside_2027q4_da | 2027Q4 / upside | 15.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Interest income less cash taxes upside_2027q4_net_interest_cash_tax | 2027Q4 / upside | 9.00 USD_millions | assumption: Desk $15M interest income less $6M cash taxes; excludes noncash convertible discount amortization. |
| Deferred commission amortization upside_2027q4_commission_amort | 2027Q4 / upside | 33.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Operating earnings and cash/noncash bridge upside_2027q4_cash_before_commissions | 2027Q4 / upside | 104.20 USD_millions | derived: No automatic cash tax benefit from GAAP losses. Formula: sum(upside_2027q4_operating_income, upside_2027q4_sbc, upside_2027q4_da, upside_2027q4_net_interest_cash_tax, upside_2027q4_commission_amort). |
| Capitalized commissions / revenue upside_2027q4_commission_rate | 2027Q4 / upside | 8.0% ratio | assumption: Desk assumption, not company guidance. |
| New deferred commission cash spending upside_2027q4_commission_cash | 2027Q4 / upside | 36.17 USD_millions | derived: Separate from noncash amortization. Formula: multiply(upside_2027q4_revenue, upside_2027q4_commission_rate). |
| Cash after commission investment upside_2027q4_cash_after_commissions | 2027Q4 / upside | 68.03 USD_millions | derived: Cash commission investment deducted once. Formula: subtract(upside_2027q4_cash_before_commissions, upside_2027q4_commission_cash). |
| Net billing and other working-capital funding upside_2027q4_net_billing_funding | 2027Q4 / upside | 80.00 USD_millions | assumption: Positive source/negative use; deferred-revenue collections net of receivables and other operating timing. |
| Operating cash flow upside_2027q4_cfo | 2027Q4 / upside | 148.03 USD_millions | derived: CFO can benefit from advance billing before revenue recognition. Formula: sum(upside_2027q4_cash_after_commissions, upside_2027q4_net_billing_funding). |
| PP&E cash purchases upside_2027q4_capex | 2027Q4 / upside | 6.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Capitalized internal-use software cash upside_2027q4_software | 2027Q4 / upside | 7.50 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E upside_2027q4_fcf | 2027Q4 / upside | 141.53 USD_millions | derived: Matches the generic historical PP&E-only cash measure. Formula: subtract(upside_2027q4_cfo, upside_2027q4_capex). |
| Company-definition FCF upside_2027q4_company_fcf | 2027Q4 / upside | 134.03 USD_millions | derived: Software capitalization is an investing cash cost even though absent from current operating expense. Formula: subtract(upside_2027q4_fcf, upside_2027q4_software). |
| Cash taxes on net-settled equity awards upside_2027q4_withholding | 2027Q4 / upside | 34.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after share withholding upside_2027q4_cash_after_withholding | 2027Q4 / upside | 100.03 USD_millions | derived: Cash financing outflow; not the same amount as SBC expense. Formula: subtract(upside_2027q4_company_fcf, upside_2027q4_withholding). |
| Share of period net ARR addition upside_2028q1_arr_add_weight | 2028Q1 / upside | 22.0% ratio | assumption: Desk assumption, not company guidance. |
| Net subscription ARR addition upside_2028q1_arr_add | 2028Q1 / upside | 168.59 USD_millions | derived: New and expansion ARR net of churn; phasing shares sum to one. Formula: multiply(upside_fy28_arr_add, upside_2028q1_arr_add_weight). |
| Quarter ending ARR upside_2028q1_arr_end | 2028Q1 / upside | 2,084.32 USD_millions | derived: ARR stock rollforward. Formula: sum(upside_2027q4_arr_end, upside_2028q1_arr_add). |
| Beginning plus ending ARR upside_2028q1_arr_sum | 2028Q1 / upside | 4,000.06 USD_millions | derived: Average numerator. Formula: sum(upside_2027q4_arr_end, upside_2028q1_arr_end). |
| Average ARR upside_2028q1_arr_average | 2028Q1 / upside | 2,000.03 USD_millions | derived: Two-point average as recognition proxy. Formula: divide(upside_2028q1_arr_sum, two). |
| Quarter-equivalent ARR upside_2028q1_quarter_arr | 2028Q1 / upside | 500.01 USD_millions | derived: Annualized ARR divided by four. Formula: divide(upside_2028q1_arr_average, quarter). |
| ARR-to-core revenue conversion upside_2028q1_recognition | 2028Q1 / upside | 94.0% ratio | assumption: Desk mix/timing factor; not an automatic ARR equals revenue assumption. |
| Core revenue recognized from ARR proxy upside_2028q1_core_revenue | 2028Q1 / upside | 470.01 USD_millions | derived: ARR timing and conversion independently determine recognized sales. Formula: multiply(upside_2028q1_quarter_arr, upside_2028q1_recognition). |
| Other revenue excluding material rights upside_2028q1_other | 2028Q1 / upside | 20.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Material-right revenue upside_2028q1_rights | 2028Q1 / upside | 2.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Total revenue upside_2028q1_revenue | 2028Q1 / upside | 492.01 USD_millions | derived: No second inclusion of ARR, billings or backlog. Formula: sum(upside_2028q1_core_revenue, upside_2028q1_other, upside_2028q1_rights). |
| GAAP gross margin upside_2028q1_gross_margin | 2028Q1 / upside | 81.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit upside_2028q1_gross_profit | 2028Q1 / upside | 398.53 USD_millions | derived: Includes hosting, support, SBC and intangible amortization in cost of revenue. Formula: multiply(upside_2028q1_revenue, upside_2028q1_gross_margin). |
| GAAP operating expenses upside_2028q1_opex | 2028Q1 / upside | 445.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating income upside_2028q1_operating_income | 2028Q1 / upside | -46.47 USD_millions | derived: Expenses include SBC; no duplicate deduction. Formula: subtract(upside_2028q1_gross_profit, upside_2028q1_opex). |
| Total expensed stock compensation upside_2028q1_sbc | 2028Q1 / upside | 111.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization upside_2028q1_da | 2028Q1 / upside | 16.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Interest income less cash taxes upside_2028q1_net_interest_cash_tax | 2028Q1 / upside | 9.00 USD_millions | assumption: Desk $15M interest income less $6M cash taxes; excludes noncash convertible discount amortization. |
| Deferred commission amortization upside_2028q1_commission_amort | 2028Q1 / upside | 34.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Operating earnings and cash/noncash bridge upside_2028q1_cash_before_commissions | 2028Q1 / upside | 123.53 USD_millions | derived: No automatic cash tax benefit from GAAP losses. Formula: sum(upside_2028q1_operating_income, upside_2028q1_sbc, upside_2028q1_da, upside_2028q1_net_interest_cash_tax, upside_2028q1_commission_amort). |
| Capitalized commissions / revenue upside_2028q1_commission_rate | 2028Q1 / upside | 8.0% ratio | assumption: Desk assumption, not company guidance. |
| New deferred commission cash spending upside_2028q1_commission_cash | 2028Q1 / upside | 39.36 USD_millions | derived: Separate from noncash amortization. Formula: multiply(upside_2028q1_revenue, upside_2028q1_commission_rate). |
| Cash after commission investment upside_2028q1_cash_after_commissions | 2028Q1 / upside | 84.17 USD_millions | derived: Cash commission investment deducted once. Formula: subtract(upside_2028q1_cash_before_commissions, upside_2028q1_commission_cash). |
| Net billing and other working-capital funding upside_2028q1_net_billing_funding | 2028Q1 / upside | 45.00 USD_millions | assumption: Positive source/negative use; deferred-revenue collections net of receivables and other operating timing. |
| Operating cash flow upside_2028q1_cfo | 2028Q1 / upside | 129.17 USD_millions | derived: CFO can benefit from advance billing before revenue recognition. Formula: sum(upside_2028q1_cash_after_commissions, upside_2028q1_net_billing_funding). |
| PP&E cash purchases upside_2028q1_capex | 2028Q1 / upside | 7.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Capitalized internal-use software cash upside_2028q1_software | 2028Q1 / upside | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E upside_2028q1_fcf | 2028Q1 / upside | 122.17 USD_millions | derived: Matches the generic historical PP&E-only cash measure. Formula: subtract(upside_2028q1_cfo, upside_2028q1_capex). |
| Company-definition FCF upside_2028q1_company_fcf | 2028Q1 / upside | 114.17 USD_millions | derived: Software capitalization is an investing cash cost even though absent from current operating expense. Formula: subtract(upside_2028q1_fcf, upside_2028q1_software). |
| Cash taxes on net-settled equity awards upside_2028q1_withholding | 2028Q1 / upside | 40.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after share withholding upside_2028q1_cash_after_withholding | 2028Q1 / upside | 74.17 USD_millions | derived: Cash financing outflow; not the same amount as SBC expense. Formula: subtract(upside_2028q1_company_fcf, upside_2028q1_withholding). |
| Share of period net ARR addition upside_2028q2_arr_add_weight | 2028Q2 / upside | 24.0% ratio | assumption: Desk assumption, not company guidance. |
| Net subscription ARR addition upside_2028q2_arr_add | 2028Q2 / upside | 183.91 USD_millions | derived: New and expansion ARR net of churn; phasing shares sum to one. Formula: multiply(upside_fy28_arr_add, upside_2028q2_arr_add_weight). |
| Quarter ending ARR upside_2028q2_arr_end | 2028Q2 / upside | 2,268.24 USD_millions | derived: ARR stock rollforward. Formula: sum(upside_2028q1_arr_end, upside_2028q2_arr_add). |
| Beginning plus ending ARR upside_2028q2_arr_sum | 2028Q2 / upside | 4,352.56 USD_millions | derived: Average numerator. Formula: sum(upside_2028q1_arr_end, upside_2028q2_arr_end). |
| Average ARR upside_2028q2_arr_average | 2028Q2 / upside | 2,176.28 USD_millions | derived: Two-point average as recognition proxy. Formula: divide(upside_2028q2_arr_sum, two). |
| Quarter-equivalent ARR upside_2028q2_quarter_arr | 2028Q2 / upside | 544.07 USD_millions | derived: Annualized ARR divided by four. Formula: divide(upside_2028q2_arr_average, quarter). |
| ARR-to-core revenue conversion upside_2028q2_recognition | 2028Q2 / upside | 94.0% ratio | assumption: Desk mix/timing factor; not an automatic ARR equals revenue assumption. |
| Core revenue recognized from ARR proxy upside_2028q2_core_revenue | 2028Q2 / upside | 511.43 USD_millions | derived: ARR timing and conversion independently determine recognized sales. Formula: multiply(upside_2028q2_quarter_arr, upside_2028q2_recognition). |
| Other revenue excluding material rights upside_2028q2_other | 2028Q2 / upside | 20.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Material-right revenue upside_2028q2_rights | 2028Q2 / upside | 1.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Total revenue upside_2028q2_revenue | 2028Q2 / upside | 532.43 USD_millions | derived: No second inclusion of ARR, billings or backlog. Formula: sum(upside_2028q2_core_revenue, upside_2028q2_other, upside_2028q2_rights). |
| GAAP gross margin upside_2028q2_gross_margin | 2028Q2 / upside | 81.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit upside_2028q2_gross_profit | 2028Q2 / upside | 431.26 USD_millions | derived: Includes hosting, support, SBC and intangible amortization in cost of revenue. Formula: multiply(upside_2028q2_revenue, upside_2028q2_gross_margin). |
| GAAP operating expenses upside_2028q2_opex | 2028Q2 / upside | 465.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating income upside_2028q2_operating_income | 2028Q2 / upside | -33.74 USD_millions | derived: Expenses include SBC; no duplicate deduction. Formula: subtract(upside_2028q2_gross_profit, upside_2028q2_opex). |
| Total expensed stock compensation upside_2028q2_sbc | 2028Q2 / upside | 118.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization upside_2028q2_da | 2028Q2 / upside | 17.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Interest income less cash taxes upside_2028q2_net_interest_cash_tax | 2028Q2 / upside | 9.00 USD_millions | assumption: Desk $15M interest income less $6M cash taxes; excludes noncash convertible discount amortization. |
| Deferred commission amortization upside_2028q2_commission_amort | 2028Q2 / upside | 35.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Operating earnings and cash/noncash bridge upside_2028q2_cash_before_commissions | 2028Q2 / upside | 145.26 USD_millions | derived: No automatic cash tax benefit from GAAP losses. Formula: sum(upside_2028q2_operating_income, upside_2028q2_sbc, upside_2028q2_da, upside_2028q2_net_interest_cash_tax, upside_2028q2_commission_amort). |
| Capitalized commissions / revenue upside_2028q2_commission_rate | 2028Q2 / upside | 8.0% ratio | assumption: Desk assumption, not company guidance. |
| New deferred commission cash spending upside_2028q2_commission_cash | 2028Q2 / upside | 42.59 USD_millions | derived: Separate from noncash amortization. Formula: multiply(upside_2028q2_revenue, upside_2028q2_commission_rate). |
| Cash after commission investment upside_2028q2_cash_after_commissions | 2028Q2 / upside | 102.67 USD_millions | derived: Cash commission investment deducted once. Formula: subtract(upside_2028q2_cash_before_commissions, upside_2028q2_commission_cash). |
| Net billing and other working-capital funding upside_2028q2_net_billing_funding | 2028Q2 / upside | 35.00 USD_millions | assumption: Positive source/negative use; deferred-revenue collections net of receivables and other operating timing. |
| Operating cash flow upside_2028q2_cfo | 2028Q2 / upside | 137.67 USD_millions | derived: CFO can benefit from advance billing before revenue recognition. Formula: sum(upside_2028q2_cash_after_commissions, upside_2028q2_net_billing_funding). |
| PP&E cash purchases upside_2028q2_capex | 2028Q2 / upside | 7.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Capitalized internal-use software cash upside_2028q2_software | 2028Q2 / upside | 8.50 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E upside_2028q2_fcf | 2028Q2 / upside | 130.17 USD_millions | derived: Matches the generic historical PP&E-only cash measure. Formula: subtract(upside_2028q2_cfo, upside_2028q2_capex). |
| Company-definition FCF upside_2028q2_company_fcf | 2028Q2 / upside | 121.67 USD_millions | derived: Software capitalization is an investing cash cost even though absent from current operating expense. Formula: subtract(upside_2028q2_fcf, upside_2028q2_software). |
| Cash taxes on net-settled equity awards upside_2028q2_withholding | 2028Q2 / upside | 36.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after share withholding upside_2028q2_cash_after_withholding | 2028Q2 / upside | 85.67 USD_millions | derived: Cash financing outflow; not the same amount as SBC expense. Formula: subtract(upside_2028q2_company_fcf, upside_2028q2_withholding). |
| Share of period net ARR addition upside_2028q3_arr_add_weight | 2028Q3 / upside | 24.0% ratio | assumption: Desk assumption, not company guidance. |
| Net subscription ARR addition upside_2028q3_arr_add | 2028Q3 / upside | 183.91 USD_millions | derived: New and expansion ARR net of churn; phasing shares sum to one. Formula: multiply(upside_fy28_arr_add, upside_2028q3_arr_add_weight). |
| Quarter ending ARR upside_2028q3_arr_end | 2028Q3 / upside | 2,452.15 USD_millions | derived: ARR stock rollforward. Formula: sum(upside_2028q2_arr_end, upside_2028q3_arr_add). |
| Beginning plus ending ARR upside_2028q3_arr_sum | 2028Q3 / upside | 4,720.38 USD_millions | derived: Average numerator. Formula: sum(upside_2028q2_arr_end, upside_2028q3_arr_end). |
| Average ARR upside_2028q3_arr_average | 2028Q3 / upside | 2,360.19 USD_millions | derived: Two-point average as recognition proxy. Formula: divide(upside_2028q3_arr_sum, two). |
| Quarter-equivalent ARR upside_2028q3_quarter_arr | 2028Q3 / upside | 590.05 USD_millions | derived: Annualized ARR divided by four. Formula: divide(upside_2028q3_arr_average, quarter). |
| ARR-to-core revenue conversion upside_2028q3_recognition | 2028Q3 / upside | 94.0% ratio | assumption: Desk mix/timing factor; not an automatic ARR equals revenue assumption. |
| Core revenue recognized from ARR proxy upside_2028q3_core_revenue | 2028Q3 / upside | 554.64 USD_millions | derived: ARR timing and conversion independently determine recognized sales. Formula: multiply(upside_2028q3_quarter_arr, upside_2028q3_recognition). |
| Other revenue excluding material rights upside_2028q3_other | 2028Q3 / upside | 20.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Material-right revenue upside_2028q3_rights | 2028Q3 / upside | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Total revenue upside_2028q3_revenue | 2028Q3 / upside | 574.64 USD_millions | derived: No second inclusion of ARR, billings or backlog. Formula: sum(upside_2028q3_core_revenue, upside_2028q3_other, upside_2028q3_rights). |
| GAAP gross margin upside_2028q3_gross_margin | 2028Q3 / upside | 81.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit upside_2028q3_gross_profit | 2028Q3 / upside | 465.46 USD_millions | derived: Includes hosting, support, SBC and intangible amortization in cost of revenue. Formula: multiply(upside_2028q3_revenue, upside_2028q3_gross_margin). |
| GAAP operating expenses upside_2028q3_opex | 2028Q3 / upside | 485.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating income upside_2028q3_operating_income | 2028Q3 / upside | -19.54 USD_millions | derived: Expenses include SBC; no duplicate deduction. Formula: subtract(upside_2028q3_gross_profit, upside_2028q3_opex). |
| Total expensed stock compensation upside_2028q3_sbc | 2028Q3 / upside | 125.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization upside_2028q3_da | 2028Q3 / upside | 18.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Interest income less cash taxes upside_2028q3_net_interest_cash_tax | 2028Q3 / upside | 9.00 USD_millions | assumption: Desk $15M interest income less $6M cash taxes; excludes noncash convertible discount amortization. |
| Deferred commission amortization upside_2028q3_commission_amort | 2028Q3 / upside | 36.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Operating earnings and cash/noncash bridge upside_2028q3_cash_before_commissions | 2028Q3 / upside | 168.46 USD_millions | derived: No automatic cash tax benefit from GAAP losses. Formula: sum(upside_2028q3_operating_income, upside_2028q3_sbc, upside_2028q3_da, upside_2028q3_net_interest_cash_tax, upside_2028q3_commission_amort). |
| Capitalized commissions / revenue upside_2028q3_commission_rate | 2028Q3 / upside | 8.0% ratio | assumption: Desk assumption, not company guidance. |
| New deferred commission cash spending upside_2028q3_commission_cash | 2028Q3 / upside | 45.97 USD_millions | derived: Separate from noncash amortization. Formula: multiply(upside_2028q3_revenue, upside_2028q3_commission_rate). |
| Cash after commission investment upside_2028q3_cash_after_commissions | 2028Q3 / upside | 122.49 USD_millions | derived: Cash commission investment deducted once. Formula: subtract(upside_2028q3_cash_before_commissions, upside_2028q3_commission_cash). |
| Net billing and other working-capital funding upside_2028q3_net_billing_funding | 2028Q3 / upside | 60.00 USD_millions | assumption: Positive source/negative use; deferred-revenue collections net of receivables and other operating timing. |
| Operating cash flow upside_2028q3_cfo | 2028Q3 / upside | 182.49 USD_millions | derived: CFO can benefit from advance billing before revenue recognition. Formula: sum(upside_2028q3_cash_after_commissions, upside_2028q3_net_billing_funding). |
| PP&E cash purchases upside_2028q3_capex | 2028Q3 / upside | 8.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Capitalized internal-use software cash upside_2028q3_software | 2028Q3 / upside | 9.00 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E upside_2028q3_fcf | 2028Q3 / upside | 174.49 USD_millions | derived: Matches the generic historical PP&E-only cash measure. Formula: subtract(upside_2028q3_cfo, upside_2028q3_capex). |
| Company-definition FCF upside_2028q3_company_fcf | 2028Q3 / upside | 165.49 USD_millions | derived: Software capitalization is an investing cash cost even though absent from current operating expense. Formula: subtract(upside_2028q3_fcf, upside_2028q3_software). |
| Cash taxes on net-settled equity awards upside_2028q3_withholding | 2028Q3 / upside | 42.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after share withholding upside_2028q3_cash_after_withholding | 2028Q3 / upside | 123.49 USD_millions | derived: Cash financing outflow; not the same amount as SBC expense. Formula: subtract(upside_2028q3_company_fcf, upside_2028q3_withholding). |
| Share of period net ARR addition upside_2028q4_arr_add_weight | 2028Q4 / upside | 30.0% ratio | assumption: Desk assumption, not company guidance. |
| Net subscription ARR addition upside_2028q4_arr_add | 2028Q4 / upside | 229.89 USD_millions | derived: New and expansion ARR net of churn; phasing shares sum to one. Formula: multiply(upside_fy28_arr_add, upside_2028q4_arr_add_weight). |
| Quarter ending ARR upside_2028q4_arr_end | 2028Q4 / upside | 2,682.04 USD_millions | derived: ARR stock rollforward. Formula: sum(upside_2028q3_arr_end, upside_2028q4_arr_add). |
| Beginning plus ending ARR upside_2028q4_arr_sum | 2028Q4 / upside | 5,134.18 USD_millions | derived: Average numerator. Formula: sum(upside_2028q3_arr_end, upside_2028q4_arr_end). |
| Average ARR upside_2028q4_arr_average | 2028Q4 / upside | 2,567.09 USD_millions | derived: Two-point average as recognition proxy. Formula: divide(upside_2028q4_arr_sum, two). |
| Quarter-equivalent ARR upside_2028q4_quarter_arr | 2028Q4 / upside | 641.77 USD_millions | derived: Annualized ARR divided by four. Formula: divide(upside_2028q4_arr_average, quarter). |
| ARR-to-core revenue conversion upside_2028q4_recognition | 2028Q4 / upside | 94.0% ratio | assumption: Desk mix/timing factor; not an automatic ARR equals revenue assumption. |
| Core revenue recognized from ARR proxy upside_2028q4_core_revenue | 2028Q4 / upside | 603.27 USD_millions | derived: ARR timing and conversion independently determine recognized sales. Formula: multiply(upside_2028q4_quarter_arr, upside_2028q4_recognition). |
| Other revenue excluding material rights upside_2028q4_other | 2028Q4 / upside | 20.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Material-right revenue upside_2028q4_rights | 2028Q4 / upside | 0.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Total revenue upside_2028q4_revenue | 2028Q4 / upside | 623.27 USD_millions | derived: No second inclusion of ARR, billings or backlog. Formula: sum(upside_2028q4_core_revenue, upside_2028q4_other, upside_2028q4_rights). |
| GAAP gross margin upside_2028q4_gross_margin | 2028Q4 / upside | 81.0% ratio | assumption: Desk assumption, not company guidance. |
| GAAP gross profit upside_2028q4_gross_profit | 2028Q4 / upside | 504.85 USD_millions | derived: Includes hosting, support, SBC and intangible amortization in cost of revenue. Formula: multiply(upside_2028q4_revenue, upside_2028q4_gross_margin). |
| GAAP operating expenses upside_2028q4_opex | 2028Q4 / upside | 505.00 USD_millions | assumption: Desk assumption, not company guidance. |
| GAAP operating income upside_2028q4_operating_income | 2028Q4 / upside | -0.15 USD_millions | derived: Expenses include SBC; no duplicate deduction. Formula: subtract(upside_2028q4_gross_profit, upside_2028q4_opex). |
| Total expensed stock compensation upside_2028q4_sbc | 2028Q4 / upside | 132.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Depreciation and amortization upside_2028q4_da | 2028Q4 / upside | 19.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Interest income less cash taxes upside_2028q4_net_interest_cash_tax | 2028Q4 / upside | 9.00 USD_millions | assumption: Desk $15M interest income less $6M cash taxes; excludes noncash convertible discount amortization. |
| Deferred commission amortization upside_2028q4_commission_amort | 2028Q4 / upside | 37.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Operating earnings and cash/noncash bridge upside_2028q4_cash_before_commissions | 2028Q4 / upside | 196.85 USD_millions | derived: No automatic cash tax benefit from GAAP losses. Formula: sum(upside_2028q4_operating_income, upside_2028q4_sbc, upside_2028q4_da, upside_2028q4_net_interest_cash_tax, upside_2028q4_commission_amort). |
| Capitalized commissions / revenue upside_2028q4_commission_rate | 2028Q4 / upside | 8.0% ratio | assumption: Desk assumption, not company guidance. |
| New deferred commission cash spending upside_2028q4_commission_cash | 2028Q4 / upside | 49.86 USD_millions | derived: Separate from noncash amortization. Formula: multiply(upside_2028q4_revenue, upside_2028q4_commission_rate). |
| Cash after commission investment upside_2028q4_cash_after_commissions | 2028Q4 / upside | 146.98 USD_millions | derived: Cash commission investment deducted once. Formula: subtract(upside_2028q4_cash_before_commissions, upside_2028q4_commission_cash). |
| Net billing and other working-capital funding upside_2028q4_net_billing_funding | 2028Q4 / upside | 90.00 USD_millions | assumption: Positive source/negative use; deferred-revenue collections net of receivables and other operating timing. |
| Operating cash flow upside_2028q4_cfo | 2028Q4 / upside | 236.98 USD_millions | derived: CFO can benefit from advance billing before revenue recognition. Formula: sum(upside_2028q4_cash_after_commissions, upside_2028q4_net_billing_funding). |
| PP&E cash purchases upside_2028q4_capex | 2028Q4 / upside | 8.50 USD_millions | assumption: Desk assumption, not company guidance. |
| Capitalized internal-use software cash upside_2028q4_software | 2028Q4 / upside | 9.50 USD_millions | assumption: Desk assumption, not company guidance. |
| CFO less PP&E upside_2028q4_fcf | 2028Q4 / upside | 228.48 USD_millions | derived: Matches the generic historical PP&E-only cash measure. Formula: subtract(upside_2028q4_cfo, upside_2028q4_capex). |
| Company-definition FCF upside_2028q4_company_fcf | 2028Q4 / upside | 218.98 USD_millions | derived: Software capitalization is an investing cash cost even though absent from current operating expense. Formula: subtract(upside_2028q4_fcf, upside_2028q4_software). |
| Cash taxes on net-settled equity awards upside_2028q4_withholding | 2028Q4 / upside | 48.00 USD_millions | assumption: Desk assumption, not company guidance. |
| Cash after share withholding upside_2028q4_cash_after_withholding | 2028Q4 / upside | 170.98 USD_millions | derived: Cash financing outflow; not the same amount as SBC expense. Formula: subtract(upside_2028q4_company_fcf, upside_2028q4_withholding). |
| Revenue ($M) upside_fy2027_revenue | FY2027 / upside | 1,700.02 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 ($M) upside_fy2027_gross_profit | FY2027 / upside | 1,364.32 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, upside_2027q3_gross_profit, upside_2027q4_gross_profit). |
| GAAP operating income ($M) upside_fy2027_operating_income | FY2027 / upside | -240.13 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income). |
| Operating cash flow ($M) upside_fy2027_cfo | FY2027 / upside | 421.09 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, upside_2027q3_cfo, upside_2027q4_cfo). |
| PP&E purchases ($M) upside_fy2027_capex | FY2027 / upside | 22.38 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). |
| Capitalized software cash ($M) upside_fy2027_software | FY2027 / upside | 23.87 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_software, upside_2027q3_software, upside_2027q4_software). |
| CFO less PP&E ($M) upside_fy2027_fcf | FY2027 / upside | 398.71 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). |
| CFO less PP&E and software ($M) upside_fy2027_company_fcf | FY2027 / upside | 374.84 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_company_fcf, upside_2027q3_company_fcf, upside_2027q4_company_fcf). |
| Company FCF less share withholding ($M) upside_fy2027_cash_after_withholding | FY2027 / upside | 259.56 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_withholding, upside_2027q3_cash_after_withholding, upside_2027q4_cash_after_withholding). |
| Revenue ($M) upside_fy2028_revenue | FY2028 / upside | 2,222.34 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_revenue, upside_2028q2_revenue, upside_2028q3_revenue, upside_2028q4_revenue). |
| GAAP gross profit ($M) upside_fy2028_gross_profit | FY2028 / upside | 1,800.10 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 ($M) upside_fy2028_operating_income | FY2028 / upside | -99.90 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_operating_income, upside_2028q2_operating_income, upside_2028q3_operating_income, upside_2028q4_operating_income). |
| Operating cash flow ($M) upside_fy2028_cfo | FY2028 / upside | 686.31 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). |
| PP&E purchases ($M) upside_fy2028_capex | FY2028 / upside | 31.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_capex, upside_2028q2_capex, upside_2028q3_capex, upside_2028q4_capex). |
| Capitalized software cash ($M) upside_fy2028_software | FY2028 / upside | 35.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_software, upside_2028q2_software, upside_2028q3_software, upside_2028q4_software). |
| CFO less PP&E ($M) upside_fy2028_fcf | FY2028 / upside | 655.31 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_fcf, upside_2028q2_fcf, upside_2028q3_fcf, upside_2028q4_fcf). |
| CFO less PP&E and software ($M) upside_fy2028_company_fcf | FY2028 / upside | 620.31 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_company_fcf, upside_2028q2_company_fcf, upside_2028q3_company_fcf, upside_2028q4_company_fcf). |
| Company FCF less share withholding ($M) upside_fy2028_cash_after_withholding | FY2028 / upside | 454.31 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_cash_after_withholding, upside_2028q2_cash_after_withholding, upside_2028q3_cash_after_withholding, upside_2028q4_cash_after_withholding). |
Model boundaries
- ARR is an annualized stock of active subscriptions assuming renewals on existing terms, not quarterly revenue or guaranteed cash. The average-ARR recognition factor is an analytical proxy for mix and timing, not disclosed cohort economics.
- ARR contribution margin uses period-end ARR less trailing-twelve-month non-GAAP subscription costs and operating expenses. It is not a quarterly revenue margin, EBITDA or free-cash-flow margin.
- Material-right revenue depends on customer option exercise or forfeiture. Forecast rights and other revenue are desk amounts; no undisclosed product-level or rights allocation is asserted.
- CFO and billing changes are simplified. Acquisition spending and the announced UK investment are not modeled as an immediate one-time capital expenditure; future spending phasing remains uncertain.
- Historical generic FCF is CFO less PP&E. The separate company-FCF measure additionally deducts capitalized internal-use software. Cash after share withholding additionally subtracts financing-classified taxes on settled awards.
- No forward EPS, convertible-note/capped-call dilution model, valuation or full balance sheet. Positive cash flow does not erase stock compensation or the $1.15B note principal due in 2030.
Recurring growth with ARR, accounting and cash kept distinct
How much of subscription growth becomes cash after acquisition costs, software investment and equity settlement?
H1 revenue was $814.328M, GAAP operating loss $124.536M and CFO $158.535M. CFO included $174.386M noncash SBC and $84.475M deferred-revenue funding, while new deferred commissions consumed $69.100M against $59.473M amortization. PP&E of $9.876M and capitalized software of $9.374M produce company FCF of $139.285M; another $53.278M of share withholding reduces cash retained to $86.007M. Q2 material-right revenue was $4.7M versus $14.2M a year earlier, affecting reported growth without matching new demand. July cash and investments totaled $1,747.649M, alongside $1,150M convertible principal due June 2030. The model independently varies ending ARR, revenue conversion, GAAP spending and billing cash; it never treats ARR contribution margin as EBITDA.
The competing explanation
Advance billing can support cash while GAAP losses persist, and the benefit may reverse as contract terms or growth change. Competition and hosting costs can absorb expansion, while capitalized software and stock awards create costs that adjusted operating metrics do not fully show.
Risks to track
- ARR assumes renewal on existing terms and is not guaranteed future revenue.
- Channel concentration differs from end-customer concentration.
- Material-right exercise or forfeiture changes revenue timing.
- Hosted services and new products can increase delivery costs.
- Upfront collections and deferred commissions make cash seasonal.
- Equity compensation, award withholding and convertible notes affect ownership and capital needs.
Next checkpoints
- Q3 delivery · Quarter ends October 31, 2026; release date unconfirmed (estimated). Compare $429M-$431M revenue guidance with ARR additions and material-right runoff.
- Year-end outlook · FY2027 ends January 31, 2027 (estimated). Test $1,880M-$1,885M ARR and $323M-$333M company FCF with consistent definitions.
- Cash and investment · Each filing (estimated). Deduct both software capitalization and financing-classified withholding before assessing cash retained.
Data coverage and open work
- ARR is an annualized stock of active subscriptions assuming renewals on existing terms, not quarterly revenue or guaranteed cash. The average-ARR recognition factor is an analytical proxy for mix and timing, not disclosed cohort economics.
- ARR contribution margin uses period-end ARR less trailing-twelve-month non-GAAP subscription costs and operating expenses. It is not a quarterly revenue margin, EBITDA or free-cash-flow margin.
- Material-right revenue depends on customer option exercise or forfeiture. Forecast rights and other revenue are desk amounts; no undisclosed product-level or rights allocation is asserted.
- CFO and billing changes are simplified. Acquisition spending and the announced UK investment are not modeled as an immediate one-time capital expenditure; future spending phasing remains uncertain.
- Historical generic FCF is CFO less PP&E. The separate company-FCF measure additionally deducts capitalized internal-use software. Cash after share withholding additionally subtracts financing-classified taxes on settled awards.
- No forward EPS, convertible-note/capped-call dilution model, valuation or full balance sheet. Positive cash flow does not erase stock compensation or the $1.15B note principal due in 2030.
What the memory says
State as of the 2026-09-18 close: in a 120-day uptrend, above its 200-day, near the 52-week high, with a clear path above, ordinary volume, closed mid-range, and some peers moving
| Vs the market, in points | Low | Middle | High | Share up |
|---|---|---|---|---|
| 1 session | -2.2 | +0.2 | +1.9 | 57% |
| 5 sessions | -4.7 | -0.2 | +5.0 | 48% |
| 10 sessions | -8.0 | -0.9 | +6.4 | 42% |
Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side.