ALPHAFORGE RESEARCH · COMPANY FILE · SOFTWARE & INTERNET

$SAIL

SailPoint, Inc. · Nasdaq · SIC 7372 · CIK 2030781 · revision 5 as of 2026-09-19

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Business

SailPoint provides identity security for human, machine and AI-agent access to enterprise systems. SaaS contracts create ratable revenue, while term licenses and maintenance have different recognition patterns. Expanding products and cloud migration can raise recurring contract value, but sales commissions, acquired technology amortization and equity compensation shape profit and cash economics.

Three drivers

SaaS contract growth and migration from term licenses
Identity-product adoption and gross-margin conversion
Commission cash, capitalized software and acquisition spending

Thesis

Our view

Identity controls become more valuable as enterprises deploy more software and autonomous agents. SailPoint can grow recurring contract value through cloud migration and broader product adoption. The hurdle is turning that growth into cash after sales investment and software development while recognizing the large acquired-asset and equity-compensation costs borne by owners.

What changes it

Track SaaS ARR, net retention and recognized revenue separately. Raise confidence when cash after commissions and software scales without relying on upfront licenses; reduce it if migration, implementation cost or customer expansion disappoints.

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 ($M)	235.3¹	240.1†²	230.5³	264.4⁴	281.9¹	294.6†²	280.1³	308.8⁴
Gross profit ($M)	157.3⁵	159.8†⁶	127.7⁷	177.8⁸	187.0⁵	198.3†⁶	181.1⁷	205.4⁸
Operating income ($M)	-24.5⁹	-30.2†¹⁰	-185.0¹¹	-40.8¹²	-41.6⁹	-40.1†¹⁰	-79.8¹¹	-59.0¹²
Net income ($M)	-59.4¹³	-80.1†¹⁴	-187.3¹⁵	-10.6¹⁶	-36.0¹³	-36.2†¹⁴	-74.7¹⁵	-50.4¹⁶
EPS, diluted ($)	-2.67¹⁷	—	-0.42¹⁸	-0.02¹⁹	-0.06¹⁷	—	-0.13¹⁸	-0.09¹⁹
Diluted shares (M)	82.9²⁰	—	500.0²¹	555.8²²	557.5²⁰	—	564.5²¹	568.1²²
Cash ($M)	68.2²³	121.3²⁴	228.1²⁵	271.1²⁶	298.1²³	358.1²⁶	390.8²⁵	309.9²⁶
Long-term debt ($M)	—	1,024.5²⁷	0.0²⁸	0.0²⁹	0.0³⁰	0.0²⁷	—	—
Cash from operations ($M)	-12.0†³¹	13.8†³²	-96.8³³	49.9†³⁴	53.6†³¹	63.9†³²	38.2³³	45.0†³⁴
Capex ($M)	2.3†³⁵	1.5†³⁶	2.2³⁷	1.0†³⁸	1.0†³⁵	1.8†³⁶	1.0³⁷	1.9†³⁸
Free cash flow ($M)	-14.3†³⁹	12.3†⁴⁰	-99.0†⁴¹	49.0†⁴²	52.5†³⁹	62.1†⁴⁰	37.3†⁴¹	43.0†⁴²

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

Estimates · base scenario

Period	Revenue ($M)	EPS ($)	As of	Basis
2027Q3	328.0	—	2026-09-19	Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q4	353.0	—	2026-09-19	Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2028Q1	357.2	—	2026-09-19	Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2028Q2	380.8	—	2026-09-19	Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.

SaaS migration, up-front licenses and commission cash are different clocks

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

Keep SaaS, term/maintenance/other subscriptions and services separate. Build SaaS revenue from average opening/closing SaaS ARR and an explicit recognition factor; this is a desk proxy, not a company ARR-to-revenue formula. Q3 and FY2027 total revenue and adjusted operating profit align to guidance midpoints; term revenue supplies the disclosed-perimeter residual. Extend fiscal 2028 using explicit SaaS ARR and legacy-business paths. Reconcile acquired amortization and acquired-commission benefits before cash commissions, software and acquisition outlays.

Reported anchors and guidance

Measure	Period	Value	Basis
FY2027 revenue guide midpoint	FY2027	1,270.00	derived. Calculated midpoint of the company range; not an additional company forecast.
Q3 revenue guide midpoint	2027Q3	328.00	derived. Calculated midpoint of the company range; not an additional company forecast.
FY2027 adjusted operating income midpoint	FY2027	241.50	derived. Calculated midpoint of the company range; not an additional company forecast.
Q3 adjusted operating income midpoint	2027Q3	58.00	derived. Calculated midpoint of the company range; not an additional company forecast.
Q3 closing total ARR midpoint	2027Q3	1,290.00	derived. Calculated midpoint of the company range; not an additional company forecast.
FY2027 closing total ARR midpoint	FY2027	1,380.00	derived. Calculated midpoint of the company range; not an additional company forecast.
arr	July 2026	1,230.70	reported. Reported rounded value; AI ARR exceeded $70M and is a subset of total ARR. Revolver is capacity, not cash. Source · 2026-09-10
saas arr	July 2026	846.90	reported. Reported rounded value; AI ARR exceeded $70M and is a subset of total ARR. Revolver is capacity, not cash. Source · 2026-09-10
Dollar-based net retention	2027Q2	113.0%	reported. Trailing four-quarter weighted measure, down from 114%; not direct total growth. Source · 2026-09-10
ai arr	July 2026	70.00	reported. Reported rounded value; AI ARR exceeded $70M and is a subset of total ARR. Revolver is capacity, not cash. Source · 2026-09-09
H1 company FCF	H1 FY2027	69.93	derived. Company definition includes capitalized software.
H1 commission cash	H1 FY2027	66.14	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-09-10
H1 cash after acquisition	H1 FY2027	-48.30	derived. Net acquisition cash already in the first half, not repeated in Q3.
cash	July 2026	309.85	reported. Reported rounded value; AI ARR exceeded $70M and is a subset of total ARR. Revolver is capacity, not cash. Source · 2026-09-10
restricted	July 2026	3.24	reported. Reported rounded value; AI ARR exceeded $70M and is a subset of total ARR. Revolver is capacity, not cash. Source · 2026-09-10
entro consideration	July 2026	122.60	reported. Reported rounded value; AI ARR exceeded $70M and is a subset of total ARR. Revolver is capacity, not cash. Source · 2026-09-10
entro retention	July 2026	7.30	reported. Reported rounded value; AI ARR exceeded $70M and is a subset of total ARR. Revolver is capacity, not cash. Source · 2026-09-10
Entro full-quarter amortization	Forecast	1.22	derived. Full quarter after June closing; H1 already includes the reported partial period.

Downside scenario

Period	Operating cash flow ($M)	CFO less PP&E ($M)	SaaS revenue ($M)	PP&E cash purchases ($M)	Term, maintenance and other subscription ($M)	Revenue ($M)	Capitalized software cash ($M)	Adjusted operating income ($M)	CFO less PP&E and software ($M)	GAAP gross profit proxy ($M)	GAAP operating income proxy ($M)	Cash after acquisition ($M)
2027Q3	29.90	27.90	210.60	2.00	87.00	311.60	6.00	46.40	21.90	199.42	-78.62	21.90
2027Q4	52.32	50.12	224.92	2.20	66.73	305.94	6.50	46.17	43.62	196.42	-80.85	43.62
2028Q1	54.27	51.87	241.94	2.40	86.00	342.54	7.00	58.23	44.87	220.59	-69.78	44.87
2028Q2	51.93	49.33	253.57	2.60	91.00	359.47	7.50	62.19	41.83	232.22	-67.83	41.83
FY2027	165.42	158.32	807.87	7.10	342.40	1,206.50	22.87	193.20	135.45	782.34	-298.25	17.22
FY2028	227.82	217.02	1,045.54	10.80	371.00	1,476.74	31.00	257.97	186.02	955.63	-266.10	186.02

Base scenario

Period	Operating cash flow ($M)	CFO less PP&E ($M)	SaaS revenue ($M)	PP&E cash purchases ($M)	Term, maintenance and other subscription ($M)	Revenue ($M)	Capitalized software cash ($M)	Adjusted operating income ($M)	CFO less PP&E and software ($M)	GAAP gross profit proxy ($M)	GAAP operating income proxy ($M)	Cash after acquisition ($M)
2027Q3	60.34	58.34	212.42	2.00	101.58	328.00	6.00	58.00	52.34	221.40	-64.02	52.34
2027Q4	122.35	120.15	230.98	2.20	107.76	353.04	6.50	82.87	113.65	239.01	-41.15	113.65
2028Q1	81.69	79.29	253.57	2.40	89.00	357.18	7.00	73.22	72.29	242.52	-51.80	72.29
2028Q2	85.34	82.74	271.95	2.60	94.00	380.85	7.50	79.22	75.24	259.36	-47.80	75.24
FY2027	265.89	258.79	815.75	7.10	398.02	1,270.00	22.87	241.50	235.92	846.91	-243.95	117.69
FY2028	380.62	369.82	1,133.74	10.80	389.00	1,582.94	31.00	332.03	338.82	1,079.83	-180.04	338.82

Upside scenario

Period	Operating cash flow ($M)	CFO less PP&E ($M)	SaaS revenue ($M)	PP&E cash purchases ($M)	Term, maintenance and other subscription ($M)	Revenue ($M)	Capitalized software cash ($M)	Adjusted operating income ($M)	CFO less PP&E and software ($M)	GAAP gross profit proxy ($M)	GAAP operating income proxy ($M)	Cash after acquisition ($M)
2027Q3	80.23	78.23	214.84	2.00	110.64	339.48	6.00	66.70	72.23	235.94	-57.32	72.23
2027Q4	170.64	168.44	237.65	2.20	134.06	386.01	6.50	110.39	161.94	269.05	-15.62	161.94
2028Q1	104.04	101.64	265.21	2.40	92.00	371.81	7.00	85.52	94.64	259.90	-41.50	94.64
2028Q2	109.50	106.90	290.32	2.60	99.00	404.22	7.50	94.18	99.40	283.36	-34.83	99.40
FY2027	334.08	326.97	824.84	7.10	433.38	1,314.45	22.87	277.72	304.10	891.49	-211.72	185.88
FY2028	496.72	485.92	1,225.61	10.80	412.00	1,697.81	31.00	398.68	454.92	1,192.23	-121.38	454.92

All inputs and formulas — reproduce this model

Input / calculation	Period / case	Value / unit	Evidence or assumption
H1 revenue h1_revenue	H1 FY2027 / shared	588.96 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10
H1 saas h1_saas	H1 FY2027 / shared	372.35 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10
H1 term h1_term	H1 FY2027 / shared	100.11 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10
H1 maintenance h1_maintenance	H1 FY2027 / shared	70.03 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10
H1 other sub h1_other_sub	H1 FY2027 / shared	18.53 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10
H1 services h1_services	H1 FY2027 / shared	27.93 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10
H1 gross profit h1_gross_profit	H1 FY2027 / shared	386.50 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10
H1 adjusted op h1_adjusted_op	H1 FY2027 / shared	100.63 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-09
H1 operating income h1_operating_income	H1 FY2027 / shared	-138.78 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10
H1 cfo h1_cfo	H1 FY2027 / shared	83.20 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10
H1 capex h1_capex	H1 FY2027 / shared	2.90 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10
H1 software h1_software	H1 FY2027 / shared	10.37 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10
H1 acquisition cash h1_acquisition_cash	H1 FY2027 / shared	118.22 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10
H1 sbc h1_sbc	H1 FY2027 / shared	137.43 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10
H1 adjusted recon sbc h1_adjusted_recon_sbc	H1 FY2027 / shared	137.44 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-09
H1 da h1_da	H1 FY2027 / shared	106.74 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10
H1 commission amort h1_commission_amort	H1 FY2027 / shared	28.60 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10
H1 commission cash h1_commission_cash	H1 FY2027 / shared	66.14 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-10
H1 acquired commission benefit h1_acquired_commission_benefit	H1 FY2027 / shared	7.38 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-09-09
H1 non-SaaS subscription h1_legacy	H1 FY2027 / shared	188.68 USD_millions	derived: Excludes SaaS and services; includes maintenance and other subscriptions. Formula: sum(h1_term, h1_maintenance, h1_other_sub).
H1 cash after PP&E h1_fcf	H1 FY2027 / shared	80.30 USD_millions	derived: Historical PP&E-only measure. Formula: subtract(h1_cfo, h1_capex).
H1 company FCF h1_company_fcf	H1 FY2027 / shared	69.93 USD_millions	derived: Company definition includes capitalized software. Formula: subtract(h1_fcf, h1_software).
H1 cash after acquisition h1_cash_after_acquisition	H1 FY2027 / shared	-48.30 USD_millions	derived: Net acquisition cash already in the first half, not repeated in Q3. Formula: subtract(h1_company_fcf, h1_acquisition_cash).
arr arr	July 2026 / shared	1,230.70 USD_millions	reported: Reported rounded value; AI ARR exceeded $70M and is a subset of total ARR. Revolver is capacity, not cash. Primary source · 2026-09-10
saas arr saas_arr	July 2026 / shared	846.90 USD_millions	reported: Reported rounded value; AI ARR exceeded $70M and is a subset of total ARR. Revolver is capacity, not cash. Primary source · 2026-09-10
cash cash	July 2026 / shared	309.85 USD_millions	reported: Reported rounded value; AI ARR exceeded $70M and is a subset of total ARR. Revolver is capacity, not cash. Primary source · 2026-09-10
restricted restricted	July 2026 / shared	3.24 USD_millions	reported: Reported rounded value; AI ARR exceeded $70M and is a subset of total ARR. Revolver is capacity, not cash. Primary source · 2026-09-10
entro consideration entro_consideration	July 2026 / shared	122.60 USD_millions	reported: Reported rounded value; AI ARR exceeded $70M and is a subset of total ARR. Revolver is capacity, not cash. Primary source · 2026-09-10
entro goodwill entro_goodwill	July 2026 / shared	98.70 USD_millions	reported: Reported rounded value; AI ARR exceeded $70M and is a subset of total ARR. Revolver is capacity, not cash. Primary source · 2026-09-10
entro retention entro_retention	July 2026 / shared	7.30 USD_millions	reported: Reported rounded value; AI ARR exceeded $70M and is a subset of total ARR. Revolver is capacity, not cash. Primary source · 2026-09-10
revolver revolver	July 2026 / shared	250.00 USD_millions	reported: Reported rounded value; AI ARR exceeded $70M and is a subset of total ARR. Revolver is capacity, not cash. Primary source · 2026-09-10
ai arr ai_arr	July 2026 / shared	70.00 USD_millions	reported: Reported rounded value; AI ARR exceeded $70M and is a subset of total ARR. Revolver is capacity, not cash. Primary source · 2026-09-09
Dollar-based net retention retention	2027Q2 / shared	113.0% ratio	reported: Trailing four-quarter weighted measure, down from 114%; not direct total growth. Primary source · 2026-09-10
Quarter of annual amortization quarter_fraction	Model / shared	25.0% ratio	assumption: Arithmetic allocation.
Entro technology intangible entro_technology	June 29, 2026 / shared	15.80 USD_millions	reported: Preliminary acquisition allocation; subject to closing/valuation adjustments. Primary source · 2026-09-10
Entro technology useful life entro_technology_life	Years / shared	400.0% ratio	reported: Disclosed useful life; modeled straight-line amortization. Primary source · 2026-09-10
Entro technology annual amortization entro_technology_annual_amort	Annual / shared	3.95 USD_millions	derived: Straight-line desk schedule from preliminary disclosed amount and life. Formula: divide(entro_technology, entro_technology_life).
Entro customer intangible entro_customer	June 29, 2026 / shared	5.00 USD_millions	reported: Preliminary acquisition allocation; subject to closing/valuation adjustments. Primary source · 2026-09-10
Entro customer useful life entro_customer_life	Years / shared	700.0% ratio	reported: Disclosed useful life; modeled straight-line amortization. Primary source · 2026-09-10
Entro customer annual amortization entro_customer_annual_amort	Annual / shared	0.71 USD_millions	derived: Straight-line desk schedule from preliminary disclosed amount and life. Formula: divide(entro_customer, entro_customer_life).
Entro trademark intangible entro_trademark	June 29, 2026 / shared	0.40 USD_millions	reported: Preliminary acquisition allocation; subject to closing/valuation adjustments. Primary source · 2026-09-10
Entro trademark useful life entro_trademark_life	Years / shared	200.0% ratio	reported: Disclosed useful life; modeled straight-line amortization. Primary source · 2026-09-10
Entro trademark annual amortization entro_trademark_annual_amort	Annual / shared	0.20 USD_millions	derived: Straight-line desk schedule from preliminary disclosed amount and life. Formula: divide(entro_trademark, entro_trademark_life).
Entro annual amortization entro_annual_amort	Annual / shared	4.86 USD_millions	derived: Three preliminary acquired intangible classes. Formula: sum(entro_technology_annual_amort, entro_customer_annual_amort, entro_trademark_annual_amort).
Entro full-quarter amortization entro_quarter_amort	Forecast / shared	1.22 USD_millions	derived: Full quarter after June closing; H1 already includes the reported partial period. Formula: multiply(entro_annual_amort, quarter_fraction).
FY2027 revenue guide low annual_guide_low	FY2027 / shared	1,265.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-09
FY2027 revenue guide high annual_guide_high	FY2027 / shared	1,275.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-09
Midpoint divisor two	Model / shared	200.0% ratio	assumption: Arithmetic constant.
FY2027 revenue guide endpoint sum annual_guide_sum	FY2027 / shared	2,540.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(annual_guide_low, annual_guide_high).
FY2027 revenue guide midpoint annual_guide	FY2027 / shared	1,270.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(annual_guide_sum, two).
Q3 revenue guide low q3_guide_low	2027Q3 / shared	326.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-09
Q3 revenue guide high q3_guide_high	2027Q3 / shared	330.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-09
Q3 revenue guide endpoint sum q3_guide_sum	2027Q3 / shared	656.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(q3_guide_low, q3_guide_high).
Q3 revenue guide midpoint q3_guide	2027Q3 / shared	328.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q3_guide_sum, two).
FY2027 adjusted operating income low annual_op_guide_low	FY2027 / shared	239.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-09
FY2027 adjusted operating income high annual_op_guide_high	FY2027 / shared	244.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-09
FY2027 adjusted operating income endpoint sum annual_op_guide_sum	FY2027 / shared	483.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(annual_op_guide_low, annual_op_guide_high).
FY2027 adjusted operating income midpoint annual_op_guide	FY2027 / shared	241.50 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(annual_op_guide_sum, two).
Q3 adjusted operating income low q3_op_guide_low	2027Q3 / shared	57.50 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-09
Q3 adjusted operating income high q3_op_guide_high	2027Q3 / shared	58.50 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-09
Q3 adjusted operating income endpoint sum q3_op_guide_sum	2027Q3 / shared	116.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(q3_op_guide_low, q3_op_guide_high).
Q3 adjusted operating income midpoint q3_op_guide	2027Q3 / shared	58.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q3_op_guide_sum, two).
Q3 closing total ARR low q3_arr_guide_low	2027Q3 / shared	1,288.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-09
Q3 closing total ARR high q3_arr_guide_high	2027Q3 / shared	1,292.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-09
Q3 closing total ARR endpoint sum q3_arr_guide_sum	2027Q3 / shared	2,580.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(q3_arr_guide_low, q3_arr_guide_high).
Q3 closing total ARR midpoint q3_arr_guide	2027Q3 / shared	1,290.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q3_arr_guide_sum, two).
FY2027 closing total ARR low year_arr_guide_low	FY2027 / shared	1,375.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-09
FY2027 closing total ARR high year_arr_guide_high	FY2027 / shared	1,385.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-09-09
FY2027 closing total ARR endpoint sum year_arr_guide_sum	FY2027 / shared	2,760.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(year_arr_guide_low, year_arr_guide_high).
FY2027 closing total ARR midpoint year_arr_guide	FY2027 / shared	1,380.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(year_arr_guide_sum, two).
Revenue delivery / midpoint downside_delivery	FY2027 / downside	95.0% ratio	assumption: Desk total revenue sensitivity.
Adjusted profit / midpoint downside_profit_factor	FY2027 / downside	80.0% ratio	assumption: Desk operating leverage sensitivity.
FY2027 revenue scenario downside_annual_revenue_target	FY2027 / downside	1,206.50 USD_millions	derived: Company midpoint times scenario. Formula: multiply(annual_guide, downside_delivery).
FY2027 adjusted operating scenario downside_annual_op_target	FY2027 / downside	193.20 USD_millions	derived: Company midpoint times scenario. Formula: multiply(annual_op_guide, downside_profit_factor).
Closing SaaS ARR downside_2027q3_saas_arr_end	2027Q3 / downside	890.00 USD_millions	assumption: Quarter-end annualized contract stock. Never summed across quarters as revenue.
Closing non-SaaS ARR downside_2027q3_legacy_arr_end	2027Q3 / downside	382.00 USD_millions	assumption: Desk assumption, not management guidance.
Closing total ARR downside_2027q3_total_arr_end	2027Q3 / downside	1,272.00 USD_millions	derived: AI ARR is included inside the total, not a separate addition. Formula: sum(downside_2027q3_saas_arr_end, downside_2027q3_legacy_arr_end).
SaaS ARR endpoints downside_2027q3_arr_endpoints	2027Q3 / downside	1,736.90 USD_millions	derived: Opening and closing contract stock. Formula: sum(saas_arr, downside_2027q3_saas_arr_end).
Average opening and closing SaaS ARR downside_2027q3_average_saas_arr	2027Q3 / downside	868.45 USD_millions	derived: Simple average timing proxy; no claim of company-defined revenue conversion. Formula: divide(downside_2027q3_arr_endpoints, two).
Revenue recognition / average ARR proxy downside_2027q3_saas_realization	2027Q3 / downside	97.0% ratio	assumption: Desk assumption, not management guidance.
SaaS revenue downside_2027q3_saas	2027Q3 / downside	210.60 USD_millions	derived: Desk timing/ASC606 sensitivity; ARR is not GAAP revenue. Formula: multiply(downside_2027q3_average_saas_arr, quarter_fraction, downside_2027q3_saas_realization).
Maintenance revenue downside_2027q3_maintenance	2027Q3 / downside	35.00 USD_millions	assumption: Desk assumption, not management guidance.
Other subscription revenue downside_2027q3_other_subscription	2027Q3 / downside	10.00 USD_millions	assumption: Desk assumption, not management guidance.
Services revenue downside_2027q3_services	2027Q3 / downside	14.00 USD_millions	assumption: Desk assumption, not management guidance.
Revenue downside_2027q3_revenue	2027Q3 / downside	311.60 USD_millions	derived: Q3 management midpoint sensitivity. Formula: multiply(q3_guide, downside_delivery).
SaaS, maintenance, other subscription and services downside_2027q3_other_revenue	2027Q3 / downside	269.60 USD_millions	derived: Nonoverlapping revenue components. Formula: sum(downside_2027q3_saas, downside_2027q3_maintenance, downside_2027q3_other_subscription, downside_2027q3_services).
Up-front term subscription revenue downside_2027q3_term	2027Q3 / downside	42.00 USD_millions	derived: Desk term-recognition residual inside total guidance; no invented company license guide. Formula: subtract(downside_2027q3_revenue, downside_2027q3_other_revenue).
Non-SaaS subscription revenue downside_2027q3_legacy	2027Q3 / downside	87.00 USD_millions	derived: Term, maintenance and other subscriptions only. Formula: sum(downside_2027q3_term, downside_2027q3_maintenance, downside_2027q3_other_subscription).
GAAP gross margin downside_2027q3_gross_margin	2027Q3 / downside	64.0% ratio	assumption: Desk assumption, not management guidance.
GAAP gross profit proxy downside_2027q3_gross_profit	2027Q3 / downside	199.42 USD_millions	derived: Includes hosting, delivery and acquired technology amortization. Formula: multiply(downside_2027q3_revenue, downside_2027q3_gross_margin).
Adjusted operating income downside_2027q3_adjusted_op	2027Q3 / downside	46.40 USD_millions	derived: Q3 adjusted operating guide sensitivity. Formula: multiply(q3_op_guide, downside_profit_factor).
Ordinary equity compensation downside_2027q3_sbc	2027Q3 / downside	73.00 USD_millions	assumption: Includes employee retention awards, including Entro; not extra purchase consideration.
Existing acquired intangible amortization downside_2027q3_existing_acquired_amort	2027Q3 / downside	50.20 USD_millions	assumption: Desk assumption, not management guidance.
Acquired intangible amortization downside_2027q3_acquired_amort	2027Q3 / downside	51.42 USD_millions	derived: Full-quarter Entro plus explicitly assumed existing-asset amortization. Formula: sum(entro_quarter_amort, downside_2027q3_existing_acquired_amort).
Acquired contract-cost amortization benefit downside_2027q3_acquired_commission_benefit	2027Q3 / downside	3.20 USD_millions	assumption: Noncash GAAP benefit removed by company adjusted-income definition.
Cash payroll taxes on RSUs downside_2027q3_payroll_tax	2027Q3 / downside	1.80 USD_millions	assumption: Desk assumption, not management guidance.
Cash acquisition/restructuring operating expense downside_2027q3_special_cash	2027Q3 / downside	2.00 USD_millions	assumption: Desk assumption, not management guidance.
Excluded expense before acquired-commission benefit downside_2027q3_gaap_exclusions	2027Q3 / downside	128.22 USD_millions	derived: Cash taxes and integration expense stay in CFO; no addback as ordinary SBC. Formula: sum(downside_2027q3_sbc, downside_2027q3_acquired_amort, downside_2027q3_payroll_tax, downside_2027q3_special_cash).
Operating income before acquired-commission benefit downside_2027q3_op_before_benefit	2027Q3 / downside	-81.82 USD_millions	derived: Deduct all modeled GAAP costs. Formula: subtract(downside_2027q3_adjusted_op, downside_2027q3_gaap_exclusions).
GAAP operating income proxy downside_2027q3_operating_income	2027Q3 / downside	-78.62 USD_millions	derived: Add the GAAP acquired contract-cost amortization benefit exactly once. Formula: sum(downside_2027q3_op_before_benefit, downside_2027q3_acquired_commission_benefit).
Ordinary commission amortization before acquired benefit downside_2027q3_gross_commission_amort	2027Q3 / downside	20.00 USD_millions	assumption: Desk assumption, not management guidance.
Net contract-cost amortization downside_2027q3_net_commission_amort	2027Q3 / downside	16.80 USD_millions	derived: Net noncash commission expense reverses the benefit consistently with operating income. Formula: subtract(downside_2027q3_gross_commission_amort, downside_2027q3_acquired_commission_benefit).
Other depreciation and amortization downside_2027q3_other_da	2027Q3 / downside	3.00 USD_millions	assumption: Desk assumption, not management guidance.
Net interest cash downside_2027q3_net_interest_cash	2027Q3 / downside	3.00 USD_millions	assumption: Desk assumption, not management guidance.
Net deferred revenue funding downside_2027q3_deferred_funding	2027Q3 / downside	10.00 USD_millions	assumption: Desk assumption, not management guidance.
Cash before commissions, tax and collections timing downside_2027q3_cash_before_uses	2027Q3 / downside	78.60 USD_millions	derived: Ordinary noncash costs reverse once; no acquisition-price cash in CFO. Formula: sum(downside_2027q3_operating_income, downside_2027q3_sbc, downside_2027q3_acquired_amort, downside_2027q3_other_da, downside_2027q3_net_commission_amort, downside_2027q3_net_interest_cash, downside_2027q3_deferred_funding).
Quarter commission cash / ending total ARR downside_2027q3_commission_cash_rate	2027Q3 / downside	3.8% ratio	assumption: Desk assumption, not management guidance.
Contract acquisition cash downside_2027q3_commission_cash	2027Q3 / downside	47.70 USD_millions	derived: Desk cash sales-investment rate; not annual ARR recognized as revenue. Formula: multiply(downside_2027q3_total_arr_end, downside_2027q3_commission_cash_rate).
Receivables and other working-capital use downside_2027q3_receivable_use	2027Q3 / downside	-5.00 USD_millions	assumption: Desk assumption, not management guidance.
Cash income tax downside_2027q3_tax_cash	2027Q3 / downside	6.00 USD_millions	assumption: Desk assumption, not management guidance.
Commissions and other operating uses downside_2027q3_cash_uses	2027Q3 / downside	48.70 USD_millions	derived: No assumption that the noncash tax benefit provides equivalent cash. Formula: sum(downside_2027q3_commission_cash, downside_2027q3_receivable_use, downside_2027q3_tax_cash).
Operating cash flow downside_2027q3_cfo	2027Q3 / downside	29.90 USD_millions	derived: After commission investment and operating cash costs. Formula: subtract(downside_2027q3_cash_before_uses, downside_2027q3_cash_uses).
PP&E cash purchases downside_2027q3_capex	2027Q3 / downside	2.00 USD_millions	assumption: Desk assumption, not management guidance.
Capitalized software cash downside_2027q3_software	2027Q3 / downside	6.00 USD_millions	assumption: Desk assumption, not management guidance.
CFO less PP&E downside_2027q3_fcf	2027Q3 / downside	27.90 USD_millions	derived: PP&E-only historical scope. Formula: subtract(downside_2027q3_cfo, downside_2027q3_capex).
Company free cash flow downside_2027q3_company_fcf	2027Q3 / downside	21.90 USD_millions	derived: Company definition deducts capitalized software. Formula: subtract(downside_2027q3_fcf, downside_2027q3_software).
Additional acquisition cash downside_2027q3_acquisition_cash	2027Q3 / downside	0.00 USD_millions	assumption: No new deal assumed. Entro net cash $118.225M is already included in reported H1.
Cash after acquisitions downside_2027q3_cash_after_acquisition	2027Q3 / downside	21.90 USD_millions	derived: Not a projection of ending liquidity or common-owner distributions. Formula: subtract(downside_2027q3_company_fcf, downside_2027q3_acquisition_cash).
Closing SaaS ARR downside_2027q4_saas_arr_end	2027Q4 / downside	965.00 USD_millions	assumption: Quarter-end annualized contract stock. Never summed across quarters as revenue.
Closing non-SaaS ARR downside_2027q4_legacy_arr_end	2027Q4 / downside	375.00 USD_millions	assumption: Desk assumption, not management guidance.
Closing total ARR downside_2027q4_total_arr_end	2027Q4 / downside	1,340.00 USD_millions	derived: AI ARR is included inside the total, not a separate addition. Formula: sum(downside_2027q4_saas_arr_end, downside_2027q4_legacy_arr_end).
SaaS ARR endpoints downside_2027q4_arr_endpoints	2027Q4 / downside	1,855.00 USD_millions	derived: Opening and closing contract stock. Formula: sum(downside_2027q3_saas_arr_end, downside_2027q4_saas_arr_end).
Average opening and closing SaaS ARR downside_2027q4_average_saas_arr	2027Q4 / downside	927.50 USD_millions	derived: Simple average timing proxy; no claim of company-defined revenue conversion. Formula: divide(downside_2027q4_arr_endpoints, two).
Revenue recognition / average ARR proxy downside_2027q4_saas_realization	2027Q4 / downside	97.0% ratio	assumption: Desk assumption, not management guidance.
SaaS revenue downside_2027q4_saas	2027Q4 / downside	224.92 USD_millions	derived: Desk timing/ASC606 sensitivity; ARR is not GAAP revenue. Formula: multiply(downside_2027q4_average_saas_arr, quarter_fraction, downside_2027q4_saas_realization).
Maintenance revenue downside_2027q4_maintenance	2027Q4 / downside	34.00 USD_millions	assumption: Desk assumption, not management guidance.
Other subscription revenue downside_2027q4_other_subscription	2027Q4 / downside	10.00 USD_millions	assumption: Desk assumption, not management guidance.
Services revenue downside_2027q4_services	2027Q4 / downside	14.30 USD_millions	assumption: Desk assumption, not management guidance.
H1 plus Q3 revenue downside_2027q4_prior_revenue	2027Q4 / downside	900.56 USD_millions	derived: Actual H1 plus modeled Q3. Formula: sum(h1_revenue, downside_2027q3_revenue).
Revenue downside_2027q4_revenue	2027Q4 / downside	305.94 USD_millions	derived: Remaining sales required for annual scenario. Formula: subtract(downside_annual_revenue_target, downside_2027q4_prior_revenue).
SaaS, maintenance, other subscription and services downside_2027q4_other_revenue	2027Q4 / downside	283.22 USD_millions	derived: Nonoverlapping revenue components. Formula: sum(downside_2027q4_saas, downside_2027q4_maintenance, downside_2027q4_other_subscription, downside_2027q4_services).
Up-front term subscription revenue downside_2027q4_term	2027Q4 / downside	22.73 USD_millions	derived: Desk term-recognition residual inside total guidance; no invented company license guide. Formula: subtract(downside_2027q4_revenue, downside_2027q4_other_revenue).
Non-SaaS subscription revenue downside_2027q4_legacy	2027Q4 / downside	66.73 USD_millions	derived: Term, maintenance and other subscriptions only. Formula: sum(downside_2027q4_term, downside_2027q4_maintenance, downside_2027q4_other_subscription).
GAAP gross margin downside_2027q4_gross_margin	2027Q4 / downside	64.2% ratio	assumption: Desk assumption, not management guidance.
GAAP gross profit proxy downside_2027q4_gross_profit	2027Q4 / downside	196.42 USD_millions	derived: Includes hosting, delivery and acquired technology amortization. Formula: multiply(downside_2027q4_revenue, downside_2027q4_gross_margin).
H1 plus Q3 adjusted income downside_2027q4_prior_adj	2027Q4 / downside	147.03 USD_millions	derived: Actual first half plus Q3 scenario. Formula: sum(h1_adjusted_op, downside_2027q3_adjusted_op).
Adjusted operating income downside_2027q4_adjusted_op	2027Q4 / downside	46.17 USD_millions	derived: Residual to annual adjusted profit guide. Formula: subtract(downside_annual_op_target, downside_2027q4_prior_adj).
Ordinary equity compensation downside_2027q4_sbc	2027Q4 / downside	75.00 USD_millions	assumption: Includes employee retention awards, including Entro; not extra purchase consideration.
Existing acquired intangible amortization downside_2027q4_existing_acquired_amort	2027Q4 / downside	49.90 USD_millions	assumption: Desk assumption, not management guidance.
Acquired intangible amortization downside_2027q4_acquired_amort	2027Q4 / downside	51.12 USD_millions	derived: Full-quarter Entro plus explicitly assumed existing-asset amortization. Formula: sum(entro_quarter_amort, downside_2027q4_existing_acquired_amort).
Acquired contract-cost amortization benefit downside_2027q4_acquired_commission_benefit	2027Q4 / downside	2.90 USD_millions	assumption: Noncash GAAP benefit removed by company adjusted-income definition.
Cash payroll taxes on RSUs downside_2027q4_payroll_tax	2027Q4 / downside	1.80 USD_millions	assumption: Desk assumption, not management guidance.
Cash acquisition/restructuring operating expense downside_2027q4_special_cash	2027Q4 / downside	2.00 USD_millions	assumption: Desk assumption, not management guidance.
Excluded expense before acquired-commission benefit downside_2027q4_gaap_exclusions	2027Q4 / downside	129.92 USD_millions	derived: Cash taxes and integration expense stay in CFO; no addback as ordinary SBC. Formula: sum(downside_2027q4_sbc, downside_2027q4_acquired_amort, downside_2027q4_payroll_tax, downside_2027q4_special_cash).
Operating income before acquired-commission benefit downside_2027q4_op_before_benefit	2027Q4 / downside	-83.75 USD_millions	derived: Deduct all modeled GAAP costs. Formula: subtract(downside_2027q4_adjusted_op, downside_2027q4_gaap_exclusions).
GAAP operating income proxy downside_2027q4_operating_income	2027Q4 / downside	-80.85 USD_millions	derived: Add the GAAP acquired contract-cost amortization benefit exactly once. Formula: sum(downside_2027q4_op_before_benefit, downside_2027q4_acquired_commission_benefit).
Ordinary commission amortization before acquired benefit downside_2027q4_gross_commission_amort	2027Q4 / downside	21.00 USD_millions	assumption: Desk assumption, not management guidance.
Net contract-cost amortization downside_2027q4_net_commission_amort	2027Q4 / downside	18.10 USD_millions	derived: Net noncash commission expense reverses the benefit consistently with operating income. Formula: subtract(downside_2027q4_gross_commission_amort, downside_2027q4_acquired_commission_benefit).
Other depreciation and amortization downside_2027q4_other_da	2027Q4 / downside	3.20 USD_millions	assumption: Desk assumption, not management guidance.
Net interest cash downside_2027q4_net_interest_cash	2027Q4 / downside	3.00 USD_millions	assumption: Desk assumption, not management guidance.
Net deferred revenue funding downside_2027q4_deferred_funding	2027Q4 / downside	70.00 USD_millions	assumption: Desk assumption, not management guidance.
Cash before commissions, tax and collections timing downside_2027q4_cash_before_uses	2027Q4 / downside	139.57 USD_millions	derived: Ordinary noncash costs reverse once; no acquisition-price cash in CFO. Formula: sum(downside_2027q4_operating_income, downside_2027q4_sbc, downside_2027q4_acquired_amort, downside_2027q4_other_da, downside_2027q4_net_commission_amort, downside_2027q4_net_interest_cash, downside_2027q4_deferred_funding).
Quarter commission cash / ending total ARR downside_2027q4_commission_cash_rate	2027Q4 / downside	3.8% ratio	assumption: Desk assumption, not management guidance.
Contract acquisition cash downside_2027q4_commission_cash	2027Q4 / downside	50.25 USD_millions	derived: Desk cash sales-investment rate; not annual ARR recognized as revenue. Formula: multiply(downside_2027q4_total_arr_end, downside_2027q4_commission_cash_rate).
Receivables and other working-capital use downside_2027q4_receivable_use	2027Q4 / downside	30.00 USD_millions	assumption: Desk assumption, not management guidance.
Cash income tax downside_2027q4_tax_cash	2027Q4 / downside	7.00 USD_millions	assumption: Desk assumption, not management guidance.
Commissions and other operating uses downside_2027q4_cash_uses	2027Q4 / downside	87.25 USD_millions	derived: No assumption that the noncash tax benefit provides equivalent cash. Formula: sum(downside_2027q4_commission_cash, downside_2027q4_receivable_use, downside_2027q4_tax_cash).
Operating cash flow downside_2027q4_cfo	2027Q4 / downside	52.32 USD_millions	derived: After commission investment and operating cash costs. Formula: subtract(downside_2027q4_cash_before_uses, downside_2027q4_cash_uses).
PP&E cash purchases downside_2027q4_capex	2027Q4 / downside	2.20 USD_millions	assumption: Desk assumption, not management guidance.
Capitalized software cash downside_2027q4_software	2027Q4 / downside	6.50 USD_millions	assumption: Desk assumption, not management guidance.
CFO less PP&E downside_2027q4_fcf	2027Q4 / downside	50.12 USD_millions	derived: PP&E-only historical scope. Formula: subtract(downside_2027q4_cfo, downside_2027q4_capex).
Company free cash flow downside_2027q4_company_fcf	2027Q4 / downside	43.62 USD_millions	derived: Company definition deducts capitalized software. Formula: subtract(downside_2027q4_fcf, downside_2027q4_software).
Additional acquisition cash downside_2027q4_acquisition_cash	2027Q4 / downside	0.00 USD_millions	assumption: No new deal assumed. Entro net cash $118.225M is already included in reported H1.
Cash after acquisitions downside_2027q4_cash_after_acquisition	2027Q4 / downside	43.62 USD_millions	derived: Not a projection of ending liquidity or common-owner distributions. Formula: subtract(downside_2027q4_company_fcf, downside_2027q4_acquisition_cash).
Closing SaaS ARR downside_2028q1_saas_arr_end	2028Q1 / downside	1,010.00 USD_millions	assumption: Quarter-end annualized contract stock. Never summed across quarters as revenue.
Closing non-SaaS ARR downside_2028q1_legacy_arr_end	2028Q1 / downside	365.00 USD_millions	assumption: Desk assumption, not management guidance.
Closing total ARR downside_2028q1_total_arr_end	2028Q1 / downside	1,375.00 USD_millions	derived: AI ARR is included inside the total, not a separate addition. Formula: sum(downside_2028q1_saas_arr_end, downside_2028q1_legacy_arr_end).
SaaS ARR endpoints downside_2028q1_arr_endpoints	2028Q1 / downside	1,975.00 USD_millions	derived: Opening and closing contract stock. Formula: sum(downside_2027q4_saas_arr_end, downside_2028q1_saas_arr_end).
Average opening and closing SaaS ARR downside_2028q1_average_saas_arr	2028Q1 / downside	987.50 USD_millions	derived: Simple average timing proxy; no claim of company-defined revenue conversion. Formula: divide(downside_2028q1_arr_endpoints, two).
Revenue recognition / average ARR proxy downside_2028q1_saas_realization	2028Q1 / downside	98.0% ratio	assumption: Desk assumption, not management guidance.
SaaS revenue downside_2028q1_saas	2028Q1 / downside	241.94 USD_millions	derived: Desk timing/ASC606 sensitivity; ARR is not GAAP revenue. Formula: multiply(downside_2028q1_average_saas_arr, quarter_fraction, downside_2028q1_saas_realization).
Maintenance revenue downside_2028q1_maintenance	2028Q1 / downside	33.00 USD_millions	assumption: Desk assumption, not management guidance.
Other subscription revenue downside_2028q1_other_subscription	2028Q1 / downside	11.00 USD_millions	assumption: Desk assumption, not management guidance.
Services revenue downside_2028q1_services	2028Q1 / downside	14.60 USD_millions	assumption: Desk assumption, not management guidance.
Term subscription revenue downside_2028q1_term	2028Q1 / downside	42.00 USD_millions	assumption: Desk assumption, not management guidance.
Revenue downside_2028q1_revenue	2028Q1 / downside	342.54 USD_millions	derived: SaaS mix grows while term license recognition remains seasonal. Formula: sum(downside_2028q1_saas, downside_2028q1_maintenance, downside_2028q1_other_subscription, downside_2028q1_services, downside_2028q1_term).
Non-SaaS subscription revenue downside_2028q1_legacy	2028Q1 / downside	86.00 USD_millions	derived: Term, maintenance and other subscriptions only. Formula: sum(downside_2028q1_term, downside_2028q1_maintenance, downside_2028q1_other_subscription).
GAAP gross margin downside_2028q1_gross_margin	2028Q1 / downside	64.4% ratio	assumption: Desk assumption, not management guidance.
GAAP gross profit proxy downside_2028q1_gross_profit	2028Q1 / downside	220.59 USD_millions	derived: Includes hosting, delivery and acquired technology amortization. Formula: multiply(downside_2028q1_revenue, downside_2028q1_gross_margin).
Adjusted operating margin downside_2028q1_adjusted_margin	2028Q1 / downside	17.0% ratio	assumption: Desk assumption, not management guidance.
Adjusted operating income downside_2028q1_adjusted_op	2028Q1 / downside	58.23 USD_millions	derived: Desk scale and product-mix scenario, not the FY2029 target pulled forward. Formula: multiply(downside_2028q1_revenue, downside_2028q1_adjusted_margin).
Ordinary equity compensation downside_2028q1_sbc	2028Q1 / downside	77.00 USD_millions	assumption: Includes employee retention awards, including Entro; not extra purchase consideration.
Existing acquired intangible amortization downside_2028q1_existing_acquired_amort	2028Q1 / downside	49.60 USD_millions	assumption: Desk assumption, not management guidance.
Acquired intangible amortization downside_2028q1_acquired_amort	2028Q1 / downside	50.82 USD_millions	derived: Full-quarter Entro plus explicitly assumed existing-asset amortization. Formula: sum(entro_quarter_amort, downside_2028q1_existing_acquired_amort).
Acquired contract-cost amortization benefit downside_2028q1_acquired_commission_benefit	2028Q1 / downside	2.60 USD_millions	assumption: Noncash GAAP benefit removed by company adjusted-income definition.
Cash payroll taxes on RSUs downside_2028q1_payroll_tax	2028Q1 / downside	1.80 USD_millions	assumption: Desk assumption, not management guidance.
Cash acquisition/restructuring operating expense downside_2028q1_special_cash	2028Q1 / downside	1.00 USD_millions	assumption: Desk assumption, not management guidance.
Excluded expense before acquired-commission benefit downside_2028q1_gaap_exclusions	2028Q1 / downside	130.62 USD_millions	derived: Cash taxes and integration expense stay in CFO; no addback as ordinary SBC. Formula: sum(downside_2028q1_sbc, downside_2028q1_acquired_amort, downside_2028q1_payroll_tax, downside_2028q1_special_cash).
Operating income before acquired-commission benefit downside_2028q1_op_before_benefit	2028Q1 / downside	-72.38 USD_millions	derived: Deduct all modeled GAAP costs. Formula: subtract(downside_2028q1_adjusted_op, downside_2028q1_gaap_exclusions).
GAAP operating income proxy downside_2028q1_operating_income	2028Q1 / downside	-69.78 USD_millions	derived: Add the GAAP acquired contract-cost amortization benefit exactly once. Formula: sum(downside_2028q1_op_before_benefit, downside_2028q1_acquired_commission_benefit).
Ordinary commission amortization before acquired benefit downside_2028q1_gross_commission_amort	2028Q1 / downside	22.00 USD_millions	assumption: Desk assumption, not management guidance.
Net contract-cost amortization downside_2028q1_net_commission_amort	2028Q1 / downside	19.40 USD_millions	derived: Net noncash commission expense reverses the benefit consistently with operating income. Formula: subtract(downside_2028q1_gross_commission_amort, downside_2028q1_acquired_commission_benefit).
Other depreciation and amortization downside_2028q1_other_da	2028Q1 / downside	3.40 USD_millions	assumption: Desk assumption, not management guidance.
Net interest cash downside_2028q1_net_interest_cash	2028Q1 / downside	3.00 USD_millions	assumption: Desk assumption, not management guidance.
Net deferred revenue funding downside_2028q1_deferred_funding	2028Q1 / downside	-40.00 USD_millions	assumption: Desk assumption, not management guidance.
Cash before commissions, tax and collections timing downside_2028q1_cash_before_uses	2028Q1 / downside	43.83 USD_millions	derived: Ordinary noncash costs reverse once; no acquisition-price cash in CFO. Formula: sum(downside_2028q1_operating_income, downside_2028q1_sbc, downside_2028q1_acquired_amort, downside_2028q1_other_da, downside_2028q1_net_commission_amort, downside_2028q1_net_interest_cash, downside_2028q1_deferred_funding).
Quarter commission cash / ending total ARR downside_2028q1_commission_cash_rate	2028Q1 / downside	3.8% ratio	assumption: Desk assumption, not management guidance.
Contract acquisition cash downside_2028q1_commission_cash	2028Q1 / downside	51.56 USD_millions	derived: Desk cash sales-investment rate; not annual ARR recognized as revenue. Formula: multiply(downside_2028q1_total_arr_end, downside_2028q1_commission_cash_rate).
Receivables and other working-capital use downside_2028q1_receivable_use	2028Q1 / downside	-70.00 USD_millions	assumption: Desk assumption, not management guidance.
Cash income tax downside_2028q1_tax_cash	2028Q1 / downside	8.00 USD_millions	assumption: Desk assumption, not management guidance.
Commissions and other operating uses downside_2028q1_cash_uses	2028Q1 / downside	-10.44 USD_millions	derived: No assumption that the noncash tax benefit provides equivalent cash. Formula: sum(downside_2028q1_commission_cash, downside_2028q1_receivable_use, downside_2028q1_tax_cash).
Operating cash flow downside_2028q1_cfo	2028Q1 / downside	54.27 USD_millions	derived: After commission investment and operating cash costs. Formula: subtract(downside_2028q1_cash_before_uses, downside_2028q1_cash_uses).
PP&E cash purchases downside_2028q1_capex	2028Q1 / downside	2.40 USD_millions	assumption: Desk assumption, not management guidance.
Capitalized software cash downside_2028q1_software	2028Q1 / downside	7.00 USD_millions	assumption: Desk assumption, not management guidance.
CFO less PP&E downside_2028q1_fcf	2028Q1 / downside	51.87 USD_millions	derived: PP&E-only historical scope. Formula: subtract(downside_2028q1_cfo, downside_2028q1_capex).
Company free cash flow downside_2028q1_company_fcf	2028Q1 / downside	44.87 USD_millions	derived: Company definition deducts capitalized software. Formula: subtract(downside_2028q1_fcf, downside_2028q1_software).
Additional acquisition cash downside_2028q1_acquisition_cash	2028Q1 / downside	0.00 USD_millions	assumption: No new deal assumed. Entro net cash $118.225M is already included in reported H1.
Cash after acquisitions downside_2028q1_cash_after_acquisition	2028Q1 / downside	44.87 USD_millions	derived: Not a projection of ending liquidity or common-owner distributions. Formula: subtract(downside_2028q1_company_fcf, downside_2028q1_acquisition_cash).
Closing SaaS ARR downside_2028q2_saas_arr_end	2028Q2 / downside	1,060.00 USD_millions	assumption: Quarter-end annualized contract stock. Never summed across quarters as revenue.
Closing non-SaaS ARR downside_2028q2_legacy_arr_end	2028Q2 / downside	355.00 USD_millions	assumption: Desk assumption, not management guidance.
Closing total ARR downside_2028q2_total_arr_end	2028Q2 / downside	1,415.00 USD_millions	derived: AI ARR is included inside the total, not a separate addition. Formula: sum(downside_2028q2_saas_arr_end, downside_2028q2_legacy_arr_end).
SaaS ARR endpoints downside_2028q2_arr_endpoints	2028Q2 / downside	2,070.00 USD_millions	derived: Opening and closing contract stock. Formula: sum(downside_2028q1_saas_arr_end, downside_2028q2_saas_arr_end).
Average opening and closing SaaS ARR downside_2028q2_average_saas_arr	2028Q2 / downside	1,035.00 USD_millions	derived: Simple average timing proxy; no claim of company-defined revenue conversion. Formula: divide(downside_2028q2_arr_endpoints, two).
Revenue recognition / average ARR proxy downside_2028q2_saas_realization	2028Q2 / downside	98.0% ratio	assumption: Desk assumption, not management guidance.
SaaS revenue downside_2028q2_saas	2028Q2 / downside	253.57 USD_millions	derived: Desk timing/ASC606 sensitivity; ARR is not GAAP revenue. Formula: multiply(downside_2028q2_average_saas_arr, quarter_fraction, downside_2028q2_saas_realization).
Maintenance revenue downside_2028q2_maintenance	2028Q2 / downside	32.00 USD_millions	assumption: Desk assumption, not management guidance.
Other subscription revenue downside_2028q2_other_subscription	2028Q2 / downside	12.00 USD_millions	assumption: Desk assumption, not management guidance.
Services revenue downside_2028q2_services	2028Q2 / downside	14.90 USD_millions	assumption: Desk assumption, not management guidance.
Term subscription revenue downside_2028q2_term	2028Q2 / downside	47.00 USD_millions	assumption: Desk assumption, not management guidance.
Revenue downside_2028q2_revenue	2028Q2 / downside	359.47 USD_millions	derived: SaaS mix grows while term license recognition remains seasonal. Formula: sum(downside_2028q2_saas, downside_2028q2_maintenance, downside_2028q2_other_subscription, downside_2028q2_services, downside_2028q2_term).
Non-SaaS subscription revenue downside_2028q2_legacy	2028Q2 / downside	91.00 USD_millions	derived: Term, maintenance and other subscriptions only. Formula: sum(downside_2028q2_term, downside_2028q2_maintenance, downside_2028q2_other_subscription).
GAAP gross margin downside_2028q2_gross_margin	2028Q2 / downside	64.6% ratio	assumption: Desk assumption, not management guidance.
GAAP gross profit proxy downside_2028q2_gross_profit	2028Q2 / downside	232.22 USD_millions	derived: Includes hosting, delivery and acquired technology amortization. Formula: multiply(downside_2028q2_revenue, downside_2028q2_gross_margin).
Adjusted operating margin downside_2028q2_adjusted_margin	2028Q2 / downside	17.3% ratio	assumption: Desk assumption, not management guidance.
Adjusted operating income downside_2028q2_adjusted_op	2028Q2 / downside	62.19 USD_millions	derived: Desk scale and product-mix scenario, not the FY2029 target pulled forward. Formula: multiply(downside_2028q2_revenue, downside_2028q2_adjusted_margin).
Ordinary equity compensation downside_2028q2_sbc	2028Q2 / downside	79.00 USD_millions	assumption: Includes employee retention awards, including Entro; not extra purchase consideration.
Existing acquired intangible amortization downside_2028q2_existing_acquired_amort	2028Q2 / downside	49.30 USD_millions	assumption: Desk assumption, not management guidance.
Acquired intangible amortization downside_2028q2_acquired_amort	2028Q2 / downside	50.52 USD_millions	derived: Full-quarter Entro plus explicitly assumed existing-asset amortization. Formula: sum(entro_quarter_amort, downside_2028q2_existing_acquired_amort).
Acquired contract-cost amortization benefit downside_2028q2_acquired_commission_benefit	2028Q2 / downside	2.30 USD_millions	assumption: Noncash GAAP benefit removed by company adjusted-income definition.
Cash payroll taxes on RSUs downside_2028q2_payroll_tax	2028Q2 / downside	1.80 USD_millions	assumption: Desk assumption, not management guidance.
Cash acquisition/restructuring operating expense downside_2028q2_special_cash	2028Q2 / downside	1.00 USD_millions	assumption: Desk assumption, not management guidance.
Excluded expense before acquired-commission benefit downside_2028q2_gaap_exclusions	2028Q2 / downside	132.32 USD_millions	derived: Cash taxes and integration expense stay in CFO; no addback as ordinary SBC. Formula: sum(downside_2028q2_sbc, downside_2028q2_acquired_amort, downside_2028q2_payroll_tax, downside_2028q2_special_cash).
Operating income before acquired-commission benefit downside_2028q2_op_before_benefit	2028Q2 / downside	-70.13 USD_millions	derived: Deduct all modeled GAAP costs. Formula: subtract(downside_2028q2_adjusted_op, downside_2028q2_gaap_exclusions).
GAAP operating income proxy downside_2028q2_operating_income	2028Q2 / downside	-67.83 USD_millions	derived: Add the GAAP acquired contract-cost amortization benefit exactly once. Formula: sum(downside_2028q2_op_before_benefit, downside_2028q2_acquired_commission_benefit).
Ordinary commission amortization before acquired benefit downside_2028q2_gross_commission_amort	2028Q2 / downside	23.00 USD_millions	assumption: Desk assumption, not management guidance.
Net contract-cost amortization downside_2028q2_net_commission_amort	2028Q2 / downside	20.70 USD_millions	derived: Net noncash commission expense reverses the benefit consistently with operating income. Formula: subtract(downside_2028q2_gross_commission_amort, downside_2028q2_acquired_commission_benefit).
Other depreciation and amortization downside_2028q2_other_da	2028Q2 / downside	3.60 USD_millions	assumption: Desk assumption, not management guidance.
Net interest cash downside_2028q2_net_interest_cash	2028Q2 / downside	3.00 USD_millions	assumption: Desk assumption, not management guidance.
Net deferred revenue funding downside_2028q2_deferred_funding	2028Q2 / downside	35.00 USD_millions	assumption: Desk assumption, not management guidance.
Cash before commissions, tax and collections timing downside_2028q2_cash_before_uses	2028Q2 / downside	123.99 USD_millions	derived: Ordinary noncash costs reverse once; no acquisition-price cash in CFO. Formula: sum(downside_2028q2_operating_income, downside_2028q2_sbc, downside_2028q2_acquired_amort, downside_2028q2_other_da, downside_2028q2_net_commission_amort, downside_2028q2_net_interest_cash, downside_2028q2_deferred_funding).
Quarter commission cash / ending total ARR downside_2028q2_commission_cash_rate	2028Q2 / downside	3.8% ratio	assumption: Desk assumption, not management guidance.
Contract acquisition cash downside_2028q2_commission_cash	2028Q2 / downside	53.06 USD_millions	derived: Desk cash sales-investment rate; not annual ARR recognized as revenue. Formula: multiply(downside_2028q2_total_arr_end, downside_2028q2_commission_cash_rate).
Receivables and other working-capital use downside_2028q2_receivable_use	2028Q2 / downside	10.00 USD_millions	assumption: Desk assumption, not management guidance.
Cash income tax downside_2028q2_tax_cash	2028Q2 / downside	9.00 USD_millions	assumption: Desk assumption, not management guidance.
Commissions and other operating uses downside_2028q2_cash_uses	2028Q2 / downside	72.06 USD_millions	derived: No assumption that the noncash tax benefit provides equivalent cash. Formula: sum(downside_2028q2_commission_cash, downside_2028q2_receivable_use, downside_2028q2_tax_cash).
Operating cash flow downside_2028q2_cfo	2028Q2 / downside	51.93 USD_millions	derived: After commission investment and operating cash costs. Formula: subtract(downside_2028q2_cash_before_uses, downside_2028q2_cash_uses).
PP&E cash purchases downside_2028q2_capex	2028Q2 / downside	2.60 USD_millions	assumption: Desk assumption, not management guidance.
Capitalized software cash downside_2028q2_software	2028Q2 / downside	7.50 USD_millions	assumption: Desk assumption, not management guidance.
CFO less PP&E downside_2028q2_fcf	2028Q2 / downside	49.33 USD_millions	derived: PP&E-only historical scope. Formula: subtract(downside_2028q2_cfo, downside_2028q2_capex).
Company free cash flow downside_2028q2_company_fcf	2028Q2 / downside	41.83 USD_millions	derived: Company definition deducts capitalized software. Formula: subtract(downside_2028q2_fcf, downside_2028q2_software).
Additional acquisition cash downside_2028q2_acquisition_cash	2028Q2 / downside	0.00 USD_millions	assumption: No new deal assumed. Entro net cash $118.225M is already included in reported H1.
Cash after acquisitions downside_2028q2_cash_after_acquisition	2028Q2 / downside	41.83 USD_millions	derived: Not a projection of ending liquidity or common-owner distributions. Formula: subtract(downside_2028q2_company_fcf, downside_2028q2_acquisition_cash).
Closing SaaS ARR downside_2028q3_saas_arr_end	2028Q3 / downside	1,120.00 USD_millions	assumption: Quarter-end annualized contract stock. Never summed across quarters as revenue.
Closing non-SaaS ARR downside_2028q3_legacy_arr_end	2028Q3 / downside	345.00 USD_millions	assumption: Desk assumption, not management guidance.
Closing total ARR downside_2028q3_total_arr_end	2028Q3 / downside	1,465.00 USD_millions	derived: AI ARR is included inside the total, not a separate addition. Formula: sum(downside_2028q3_saas_arr_end, downside_2028q3_legacy_arr_end).
SaaS ARR endpoints downside_2028q3_arr_endpoints	2028Q3 / downside	2,180.00 USD_millions	derived: Opening and closing contract stock. Formula: sum(downside_2028q2_saas_arr_end, downside_2028q3_saas_arr_end).
Average opening and closing SaaS ARR downside_2028q3_average_saas_arr	2028Q3 / downside	1,090.00 USD_millions	derived: Simple average timing proxy; no claim of company-defined revenue conversion. Formula: divide(downside_2028q3_arr_endpoints, two).
Revenue recognition / average ARR proxy downside_2028q3_saas_realization	2028Q3 / downside	98.0% ratio	assumption: Desk assumption, not management guidance.
SaaS revenue downside_2028q3_saas	2028Q3 / downside	267.05 USD_millions	derived: Desk timing/ASC606 sensitivity; ARR is not GAAP revenue. Formula: multiply(downside_2028q3_average_saas_arr, quarter_fraction, downside_2028q3_saas_realization).
Maintenance revenue downside_2028q3_maintenance	2028Q3 / downside	31.00 USD_millions	assumption: Desk assumption, not management guidance.
Other subscription revenue downside_2028q3_other_subscription	2028Q3 / downside	13.00 USD_millions	assumption: Desk assumption, not management guidance.
Services revenue downside_2028q3_services	2028Q3 / downside	15.20 USD_millions	assumption: Desk assumption, not management guidance.
Term subscription revenue downside_2028q3_term	2028Q3 / downside	50.00 USD_millions	assumption: Desk assumption, not management guidance.
Revenue downside_2028q3_revenue	2028Q3 / downside	376.25 USD_millions	derived: SaaS mix grows while term license recognition remains seasonal. Formula: sum(downside_2028q3_saas, downside_2028q3_maintenance, downside_2028q3_other_subscription, downside_2028q3_services, downside_2028q3_term).
Non-SaaS subscription revenue downside_2028q3_legacy	2028Q3 / downside	94.00 USD_millions	derived: Term, maintenance and other subscriptions only. Formula: sum(downside_2028q3_term, downside_2028q3_maintenance, downside_2028q3_other_subscription).
GAAP gross margin downside_2028q3_gross_margin	2028Q3 / downside	64.8% ratio	assumption: Desk assumption, not management guidance.
GAAP gross profit proxy downside_2028q3_gross_profit	2028Q3 / downside	243.81 USD_millions	derived: Includes hosting, delivery and acquired technology amortization. Formula: multiply(downside_2028q3_revenue, downside_2028q3_gross_margin).
Adjusted operating margin downside_2028q3_adjusted_margin	2028Q3 / downside	17.6% ratio	assumption: Desk assumption, not management guidance.
Adjusted operating income downside_2028q3_adjusted_op	2028Q3 / downside	66.22 USD_millions	derived: Desk scale and product-mix scenario, not the FY2029 target pulled forward. Formula: multiply(downside_2028q3_revenue, downside_2028q3_adjusted_margin).
Ordinary equity compensation downside_2028q3_sbc	2028Q3 / downside	81.00 USD_millions	assumption: Includes employee retention awards, including Entro; not extra purchase consideration.
Existing acquired intangible amortization downside_2028q3_existing_acquired_amort	2028Q3 / downside	49.00 USD_millions	assumption: Desk assumption, not management guidance.
Acquired intangible amortization downside_2028q3_acquired_amort	2028Q3 / downside	50.22 USD_millions	derived: Full-quarter Entro plus explicitly assumed existing-asset amortization. Formula: sum(entro_quarter_amort, downside_2028q3_existing_acquired_amort).
Acquired contract-cost amortization benefit downside_2028q3_acquired_commission_benefit	2028Q3 / downside	2.00 USD_millions	assumption: Noncash GAAP benefit removed by company adjusted-income definition.
Cash payroll taxes on RSUs downside_2028q3_payroll_tax	2028Q3 / downside	1.80 USD_millions	assumption: Desk assumption, not management guidance.
Cash acquisition/restructuring operating expense downside_2028q3_special_cash	2028Q3 / downside	1.00 USD_millions	assumption: Desk assumption, not management guidance.
Excluded expense before acquired-commission benefit downside_2028q3_gaap_exclusions	2028Q3 / downside	134.02 USD_millions	derived: Cash taxes and integration expense stay in CFO; no addback as ordinary SBC. Formula: sum(downside_2028q3_sbc, downside_2028q3_acquired_amort, downside_2028q3_payroll_tax, downside_2028q3_special_cash).
Operating income before acquired-commission benefit downside_2028q3_op_before_benefit	2028Q3 / downside	-67.80 USD_millions	derived: Deduct all modeled GAAP costs. Formula: subtract(downside_2028q3_adjusted_op, downside_2028q3_gaap_exclusions).
GAAP operating income proxy downside_2028q3_operating_income	2028Q3 / downside	-65.80 USD_millions	derived: Add the GAAP acquired contract-cost amortization benefit exactly once. Formula: sum(downside_2028q3_op_before_benefit, downside_2028q3_acquired_commission_benefit).
Ordinary commission amortization before acquired benefit downside_2028q3_gross_commission_amort	2028Q3 / downside	24.00 USD_millions	assumption: Desk assumption, not management guidance.
Net contract-cost amortization downside_2028q3_net_commission_amort	2028Q3 / downside	22.00 USD_millions	derived: Net noncash commission expense reverses the benefit consistently with operating income. Formula: subtract(downside_2028q3_gross_commission_amort, downside_2028q3_acquired_commission_benefit).
Other depreciation and amortization downside_2028q3_other_da	2028Q3 / downside	3.80 USD_millions	assumption: Desk assumption, not management guidance.
Net interest cash downside_2028q3_net_interest_cash	2028Q3 / downside	3.00 USD_millions	assumption: Desk assumption, not management guidance.
Net deferred revenue funding downside_2028q3_deferred_funding	2028Q3 / downside	15.00 USD_millions	assumption: Desk assumption, not management guidance.
Cash before commissions, tax and collections timing downside_2028q3_cash_before_uses	2028Q3 / downside	109.22 USD_millions	derived: Ordinary noncash costs reverse once; no acquisition-price cash in CFO. Formula: sum(downside_2028q3_operating_income, downside_2028q3_sbc, downside_2028q3_acquired_amort, downside_2028q3_other_da, downside_2028q3_net_commission_amort, downside_2028q3_net_interest_cash, downside_2028q3_deferred_funding).
Quarter commission cash / ending total ARR downside_2028q3_commission_cash_rate	2028Q3 / downside	3.8% ratio	assumption: Desk assumption, not management guidance.
Contract acquisition cash downside_2028q3_commission_cash	2028Q3 / downside	54.94 USD_millions	derived: Desk cash sales-investment rate; not annual ARR recognized as revenue. Formula: multiply(downside_2028q3_total_arr_end, downside_2028q3_commission_cash_rate).
Receivables and other working-capital use downside_2028q3_receivable_use	2028Q3 / downside	0.00 USD_millions	assumption: Desk assumption, not management guidance.
Cash income tax downside_2028q3_tax_cash	2028Q3 / downside	10.00 USD_millions	assumption: Desk assumption, not management guidance.
Commissions and other operating uses downside_2028q3_cash_uses	2028Q3 / downside	64.94 USD_millions	derived: No assumption that the noncash tax benefit provides equivalent cash. Formula: sum(downside_2028q3_commission_cash, downside_2028q3_receivable_use, downside_2028q3_tax_cash).
Operating cash flow downside_2028q3_cfo	2028Q3 / downside	44.28 USD_millions	derived: After commission investment and operating cash costs. Formula: subtract(downside_2028q3_cash_before_uses, downside_2028q3_cash_uses).
PP&E cash purchases downside_2028q3_capex	2028Q3 / downside	2.80 USD_millions	assumption: Desk assumption, not management guidance.
Capitalized software cash downside_2028q3_software	2028Q3 / downside	8.00 USD_millions	assumption: Desk assumption, not management guidance.
CFO less PP&E downside_2028q3_fcf	2028Q3 / downside	41.48 USD_millions	derived: PP&E-only historical scope. Formula: subtract(downside_2028q3_cfo, downside_2028q3_capex).
Company free cash flow downside_2028q3_company_fcf	2028Q3 / downside	33.48 USD_millions	derived: Company definition deducts capitalized software. Formula: subtract(downside_2028q3_fcf, downside_2028q3_software).
Additional acquisition cash downside_2028q3_acquisition_cash	2028Q3 / downside	0.00 USD_millions	assumption: No new deal assumed. Entro net cash $118.225M is already included in reported H1.
Cash after acquisitions downside_2028q3_cash_after_acquisition	2028Q3 / downside	33.48 USD_millions	derived: Not a projection of ending liquidity or common-owner distributions. Formula: subtract(downside_2028q3_company_fcf, downside_2028q3_acquisition_cash).
Closing SaaS ARR downside_2028q4_saas_arr_end	2028Q4 / downside	1,190.00 USD_millions	assumption: Quarter-end annualized contract stock. Never summed across quarters as revenue.
Closing non-SaaS ARR downside_2028q4_legacy_arr_end	2028Q4 / downside	335.00 USD_millions	assumption: Desk assumption, not management guidance.
Closing total ARR downside_2028q4_total_arr_end	2028Q4 / downside	1,525.00 USD_millions	derived: AI ARR is included inside the total, not a separate addition. Formula: sum(downside_2028q4_saas_arr_end, downside_2028q4_legacy_arr_end).
SaaS ARR endpoints downside_2028q4_arr_endpoints	2028Q4 / downside	2,310.00 USD_millions	derived: Opening and closing contract stock. Formula: sum(downside_2028q3_saas_arr_end, downside_2028q4_saas_arr_end).
Average opening and closing SaaS ARR downside_2028q4_average_saas_arr	2028Q4 / downside	1,155.00 USD_millions	derived: Simple average timing proxy; no claim of company-defined revenue conversion. Formula: divide(downside_2028q4_arr_endpoints, two).
Revenue recognition / average ARR proxy downside_2028q4_saas_realization	2028Q4 / downside	98.0% ratio	assumption: Desk assumption, not management guidance.
SaaS revenue downside_2028q4_saas	2028Q4 / downside	282.98 USD_millions	derived: Desk timing/ASC606 sensitivity; ARR is not GAAP revenue. Formula: multiply(downside_2028q4_average_saas_arr, quarter_fraction, downside_2028q4_saas_realization).
Maintenance revenue downside_2028q4_maintenance	2028Q4 / downside	30.00 USD_millions	assumption: Desk assumption, not management guidance.
Other subscription revenue downside_2028q4_other_subscription	2028Q4 / downside	14.00 USD_millions	assumption: Desk assumption, not management guidance.
Services revenue downside_2028q4_services	2028Q4 / downside	15.50 USD_millions	assumption: Desk assumption, not management guidance.
Term subscription revenue downside_2028q4_term	2028Q4 / downside	56.00 USD_millions	assumption: Desk assumption, not management guidance.
Revenue downside_2028q4_revenue	2028Q4 / downside	398.48 USD_millions	derived: SaaS mix grows while term license recognition remains seasonal. Formula: sum(downside_2028q4_saas, downside_2028q4_maintenance, downside_2028q4_other_subscription, downside_2028q4_services, downside_2028q4_term).
Non-SaaS subscription revenue downside_2028q4_legacy	2028Q4 / downside	100.00 USD_millions	derived: Term, maintenance and other subscriptions only. Formula: sum(downside_2028q4_term, downside_2028q4_maintenance, downside_2028q4_other_subscription).
GAAP gross margin downside_2028q4_gross_margin	2028Q4 / downside	65.0% ratio	assumption: Desk assumption, not management guidance.
GAAP gross profit proxy downside_2028q4_gross_profit	2028Q4 / downside	259.01 USD_millions	derived: Includes hosting, delivery and acquired technology amortization. Formula: multiply(downside_2028q4_revenue, downside_2028q4_gross_margin).
Adjusted operating margin downside_2028q4_adjusted_margin	2028Q4 / downside	17.9% ratio	assumption: Desk assumption, not management guidance.
Adjusted operating income downside_2028q4_adjusted_op	2028Q4 / downside	71.33 USD_millions	derived: Desk scale and product-mix scenario, not the FY2029 target pulled forward. Formula: multiply(downside_2028q4_revenue, downside_2028q4_adjusted_margin).
Ordinary equity compensation downside_2028q4_sbc	2028Q4 / downside	83.00 USD_millions	assumption: Includes employee retention awards, including Entro; not extra purchase consideration.
Existing acquired intangible amortization downside_2028q4_existing_acquired_amort	2028Q4 / downside	48.70 USD_millions	assumption: Desk assumption, not management guidance.
Acquired intangible amortization downside_2028q4_acquired_amort	2028Q4 / downside	49.92 USD_millions	derived: Full-quarter Entro plus explicitly assumed existing-asset amortization. Formula: sum(entro_quarter_amort, downside_2028q4_existing_acquired_amort).
Acquired contract-cost amortization benefit downside_2028q4_acquired_commission_benefit	2028Q4 / downside	1.70 USD_millions	assumption: Noncash GAAP benefit removed by company adjusted-income definition.
Cash payroll taxes on RSUs downside_2028q4_payroll_tax	2028Q4 / downside	1.80 USD_millions	assumption: Desk assumption, not management guidance.
Cash acquisition/restructuring operating expense downside_2028q4_special_cash	2028Q4 / downside	1.00 USD_millions	assumption: Desk assumption, not management guidance.
Excluded expense before acquired-commission benefit downside_2028q4_gaap_exclusions	2028Q4 / downside	135.72 USD_millions	derived: Cash taxes and integration expense stay in CFO; no addback as ordinary SBC. Formula: sum(downside_2028q4_sbc, downside_2028q4_acquired_amort, downside_2028q4_payroll_tax, downside_2028q4_special_cash).
Operating income before acquired-commission benefit downside_2028q4_op_before_benefit	2028Q4 / downside	-64.39 USD_millions	derived: Deduct all modeled GAAP costs. Formula: subtract(downside_2028q4_adjusted_op, downside_2028q4_gaap_exclusions).
GAAP operating income proxy downside_2028q4_operating_income	2028Q4 / downside	-62.69 USD_millions	derived: Add the GAAP acquired contract-cost amortization benefit exactly once. Formula: sum(downside_2028q4_op_before_benefit, downside_2028q4_acquired_commission_benefit).
Ordinary commission amortization before acquired benefit downside_2028q4_gross_commission_amort	2028Q4 / downside	25.00 USD_millions	assumption: Desk assumption, not management guidance.
Net contract-cost amortization downside_2028q4_net_commission_amort	2028Q4 / downside	23.30 USD_millions	derived: Net noncash commission expense reverses the benefit consistently with operating income. Formula: subtract(downside_2028q4_gross_commission_amort, downside_2028q4_acquired_commission_benefit).
Other depreciation and amortization downside_2028q4_other_da	2028Q4 / downside	4.00 USD_millions	assumption: Desk assumption, not management guidance.
Net interest cash downside_2028q4_net_interest_cash	2028Q4 / downside	3.00 USD_millions	assumption: Desk assumption, not management guidance.
Net deferred revenue funding downside_2028q4_deferred_funding	2028Q4 / downside	80.00 USD_millions	assumption: Desk assumption, not management guidance.
Cash before commissions, tax and collections timing downside_2028q4_cash_before_uses	2028Q4 / downside	180.53 USD_millions	derived: Ordinary noncash costs reverse once; no acquisition-price cash in CFO. Formula: sum(downside_2028q4_operating_income, downside_2028q4_sbc, downside_2028q4_acquired_amort, downside_2028q4_other_da, downside_2028q4_net_commission_amort, downside_2028q4_net_interest_cash, downside_2028q4_deferred_funding).
Quarter commission cash / ending total ARR downside_2028q4_commission_cash_rate	2028Q4 / downside	3.8% ratio	assumption: Desk assumption, not management guidance.
Contract acquisition cash downside_2028q4_commission_cash	2028Q4 / downside	57.19 USD_millions	derived: Desk cash sales-investment rate; not annual ARR recognized as revenue. Formula: multiply(downside_2028q4_total_arr_end, downside_2028q4_commission_cash_rate).
Receivables and other working-capital use downside_2028q4_receivable_use	2028Q4 / downside	35.00 USD_millions	assumption: Desk assumption, not management guidance.
Cash income tax downside_2028q4_tax_cash	2028Q4 / downside	11.00 USD_millions	assumption: Desk assumption, not management guidance.
Commissions and other operating uses downside_2028q4_cash_uses	2028Q4 / downside	103.19 USD_millions	derived: No assumption that the noncash tax benefit provides equivalent cash. Formula: sum(downside_2028q4_commission_cash, downside_2028q4_receivable_use, downside_2028q4_tax_cash).
Operating cash flow downside_2028q4_cfo	2028Q4 / downside	77.34 USD_millions	derived: After commission investment and operating cash costs. Formula: subtract(downside_2028q4_cash_before_uses, downside_2028q4_cash_uses).
PP&E cash purchases downside_2028q4_capex	2028Q4 / downside	3.00 USD_millions	assumption: Desk assumption, not management guidance.
Capitalized software cash downside_2028q4_software	2028Q4 / downside	8.50 USD_millions	assumption: Desk assumption, not management guidance.
CFO less PP&E downside_2028q4_fcf	2028Q4 / downside	74.34 USD_millions	derived: PP&E-only historical scope. Formula: subtract(downside_2028q4_cfo, downside_2028q4_capex).
Company free cash flow downside_2028q4_company_fcf	2028Q4 / downside	65.84 USD_millions	derived: Company definition deducts capitalized software. Formula: subtract(downside_2028q4_fcf, downside_2028q4_software).
Additional acquisition cash downside_2028q4_acquisition_cash	2028Q4 / downside	0.00 USD_millions	assumption: No new deal assumed. Entro net cash $118.225M is already included in reported H1.
Cash after acquisitions downside_2028q4_cash_after_acquisition	2028Q4 / downside	65.84 USD_millions	derived: Not a projection of ending liquidity or common-owner distributions. Formula: subtract(downside_2028q4_company_fcf, downside_2028q4_acquisition_cash).
Revenue ($M) downside_fy2027_revenue	FY2027 / downside	1,206.50 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).
SaaS revenue ($M) downside_fy2027_saas	FY2027 / downside	807.87 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_saas, downside_2027q3_saas, downside_2027q4_saas).
Term, maintenance and other subscription ($M) downside_fy2027_legacy	FY2027 / downside	342.40 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_legacy, downside_2027q3_legacy, downside_2027q4_legacy).
GAAP gross profit proxy ($M) downside_fy2027_gross_profit	FY2027 / downside	782.34 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, downside_2027q3_gross_profit, downside_2027q4_gross_profit).
Adjusted operating income ($M) downside_fy2027_adjusted_op	FY2027 / downside	193.20 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adjusted_op, downside_2027q3_adjusted_op, downside_2027q4_adjusted_op).
GAAP operating income proxy ($M) downside_fy2027_operating_income	FY2027 / downside	-298.25 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income).
Operating cash flow ($M) downside_fy2027_cfo	FY2027 / downside	165.42 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 cash purchases ($M) downside_fy2027_capex	FY2027 / downside	7.10 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, downside_2027q3_capex, downside_2027q4_capex).
Capitalized software cash ($M) downside_fy2027_software	FY2027 / downside	22.87 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 ($M) downside_fy2027_fcf	FY2027 / downside	158.32 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, downside_2027q3_fcf, downside_2027q4_fcf).
CFO less PP&E and software ($M) downside_fy2027_company_fcf	FY2027 / downside	135.45 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).
Cash after acquisition ($M) downside_fy2027_cash_after_acquisition	FY2027 / downside	17.22 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_acquisition, downside_2027q3_cash_after_acquisition, downside_2027q4_cash_after_acquisition).
Revenue ($M) downside_fy2028_revenue	FY2028 / downside	1,476.74 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).
SaaS revenue ($M) downside_fy2028_saas	FY2028 / downside	1,045.54 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_saas, downside_2028q2_saas, downside_2028q3_saas, downside_2028q4_saas).
Term, maintenance and other subscription ($M) downside_fy2028_legacy	FY2028 / downside	371.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_legacy, downside_2028q2_legacy, downside_2028q3_legacy, downside_2028q4_legacy).
GAAP gross profit proxy ($M) downside_fy2028_gross_profit	FY2028 / downside	955.63 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_gross_profit, downside_2028q2_gross_profit, downside_2028q3_gross_profit, downside_2028q4_gross_profit).
Adjusted operating income ($M) downside_fy2028_adjusted_op	FY2028 / downside	257.97 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_adjusted_op, downside_2028q2_adjusted_op, downside_2028q3_adjusted_op, downside_2028q4_adjusted_op).
GAAP operating income proxy ($M) downside_fy2028_operating_income	FY2028 / downside	-266.10 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_operating_income, downside_2028q2_operating_income, downside_2028q3_operating_income, downside_2028q4_operating_income).
Operating cash flow ($M) downside_fy2028_cfo	FY2028 / downside	227.82 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 cash purchases ($M) downside_fy2028_capex	FY2028 / downside	10.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_capex, downside_2028q2_capex, downside_2028q3_capex, downside_2028q4_capex).
Capitalized software cash ($M) downside_fy2028_software	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_software, downside_2028q2_software, downside_2028q3_software, downside_2028q4_software).
CFO less PP&E ($M) downside_fy2028_fcf	FY2028 / downside	217.02 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_fcf, downside_2028q2_fcf, downside_2028q3_fcf, downside_2028q4_fcf).
CFO less PP&E and software ($M) downside_fy2028_company_fcf	FY2028 / downside	186.02 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).
Cash after acquisition ($M) downside_fy2028_cash_after_acquisition	FY2028 / downside	186.02 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_cash_after_acquisition, downside_2028q2_cash_after_acquisition, downside_2028q3_cash_after_acquisition, downside_2028q4_cash_after_acquisition).
Revenue delivery / midpoint base_delivery	FY2027 / base	100.0% ratio	assumption: Desk total revenue sensitivity.
Adjusted profit / midpoint base_profit_factor	FY2027 / base	100.0% ratio	assumption: Desk operating leverage sensitivity.
FY2027 revenue scenario base_annual_revenue_target	FY2027 / base	1,270.00 USD_millions	derived: Company midpoint times scenario. Formula: multiply(annual_guide, base_delivery).
FY2027 adjusted operating scenario base_annual_op_target	FY2027 / base	241.50 USD_millions	derived: Company midpoint times scenario. Formula: multiply(annual_op_guide, base_profit_factor).
Closing SaaS ARR base_2027q3_saas_arr_end	2027Q3 / base	905.00 USD_millions	assumption: Quarter-end annualized contract stock. Never summed across quarters as revenue.
Closing non-SaaS ARR base_2027q3_legacy_arr_end	2027Q3 / base	385.00 USD_millions	assumption: Desk assumption, not management guidance.
Closing total ARR base_2027q3_total_arr_end	2027Q3 / base	1,290.00 USD_millions	derived: AI ARR is included inside the total, not a separate addition. Formula: sum(base_2027q3_saas_arr_end, base_2027q3_legacy_arr_end).
SaaS ARR endpoints base_2027q3_arr_endpoints	2027Q3 / base	1,751.90 USD_millions	derived: Opening and closing contract stock. Formula: sum(saas_arr, base_2027q3_saas_arr_end).
Average opening and closing SaaS ARR base_2027q3_average_saas_arr	2027Q3 / base	875.95 USD_millions	derived: Simple average timing proxy; no claim of company-defined revenue conversion. Formula: divide(base_2027q3_arr_endpoints, two).
Revenue recognition / average ARR proxy base_2027q3_saas_realization	2027Q3 / base	97.0% ratio	assumption: Desk assumption, not management guidance.
SaaS revenue base_2027q3_saas	2027Q3 / base	212.42 USD_millions	derived: Desk timing/ASC606 sensitivity; ARR is not GAAP revenue. Formula: multiply(base_2027q3_average_saas_arr, quarter_fraction, base_2027q3_saas_realization).
Maintenance revenue base_2027q3_maintenance	2027Q3 / base	35.00 USD_millions	assumption: Desk assumption, not management guidance.
Other subscription revenue base_2027q3_other_subscription	2027Q3 / base	10.00 USD_millions	assumption: Desk assumption, not management guidance.
Services revenue base_2027q3_services	2027Q3 / base	14.00 USD_millions	assumption: Desk assumption, not management guidance.
Revenue base_2027q3_revenue	2027Q3 / base	328.00 USD_millions	derived: Q3 management midpoint sensitivity. Formula: multiply(q3_guide, base_delivery).
SaaS, maintenance, other subscription and services base_2027q3_other_revenue	2027Q3 / base	271.42 USD_millions	derived: Nonoverlapping revenue components. Formula: sum(base_2027q3_saas, base_2027q3_maintenance, base_2027q3_other_subscription, base_2027q3_services).
Up-front term subscription revenue base_2027q3_term	2027Q3 / base	56.58 USD_millions	derived: Desk term-recognition residual inside total guidance; no invented company license guide. Formula: subtract(base_2027q3_revenue, base_2027q3_other_revenue).
Non-SaaS subscription revenue base_2027q3_legacy	2027Q3 / base	101.58 USD_millions	derived: Term, maintenance and other subscriptions only. Formula: sum(base_2027q3_term, base_2027q3_maintenance, base_2027q3_other_subscription).
GAAP gross margin base_2027q3_gross_margin	2027Q3 / base	67.5% ratio	assumption: Desk assumption, not management guidance.
GAAP gross profit proxy base_2027q3_gross_profit	2027Q3 / base	221.40 USD_millions	derived: Includes hosting, delivery and acquired technology amortization. Formula: multiply(base_2027q3_revenue, base_2027q3_gross_margin).
Adjusted operating income base_2027q3_adjusted_op	2027Q3 / base	58.00 USD_millions	derived: Q3 adjusted operating guide sensitivity. Formula: multiply(q3_op_guide, base_profit_factor).
Ordinary equity compensation base_2027q3_sbc	2027Q3 / base	70.00 USD_millions	assumption: Includes employee retention awards, including Entro; not extra purchase consideration.
Existing acquired intangible amortization base_2027q3_existing_acquired_amort	2027Q3 / base	50.20 USD_millions	assumption: Desk assumption, not management guidance.
Acquired intangible amortization base_2027q3_acquired_amort	2027Q3 / base	51.42 USD_millions	derived: Full-quarter Entro plus explicitly assumed existing-asset amortization. Formula: sum(entro_quarter_amort, base_2027q3_existing_acquired_amort).
Acquired contract-cost amortization benefit base_2027q3_acquired_commission_benefit	2027Q3 / base	3.20 USD_millions	assumption: Noncash GAAP benefit removed by company adjusted-income definition.
Cash payroll taxes on RSUs base_2027q3_payroll_tax	2027Q3 / base	1.80 USD_millions	assumption: Desk assumption, not management guidance.
Cash acquisition/restructuring operating expense base_2027q3_special_cash	2027Q3 / base	2.00 USD_millions	assumption: Desk assumption, not management guidance.
Excluded expense before acquired-commission benefit base_2027q3_gaap_exclusions	2027Q3 / base	125.22 USD_millions	derived: Cash taxes and integration expense stay in CFO; no addback as ordinary SBC. Formula: sum(base_2027q3_sbc, base_2027q3_acquired_amort, base_2027q3_payroll_tax, base_2027q3_special_cash).
Operating income before acquired-commission benefit base_2027q3_op_before_benefit	2027Q3 / base	-67.22 USD_millions	derived: Deduct all modeled GAAP costs. Formula: subtract(base_2027q3_adjusted_op, base_2027q3_gaap_exclusions).
GAAP operating income proxy base_2027q3_operating_income	2027Q3 / base	-64.02 USD_millions	derived: Add the GAAP acquired contract-cost amortization benefit exactly once. Formula: sum(base_2027q3_op_before_benefit, base_2027q3_acquired_commission_benefit).
Ordinary commission amortization before acquired benefit base_2027q3_gross_commission_amort	2027Q3 / base	20.00 USD_millions	assumption: Desk assumption, not management guidance.
Net contract-cost amortization base_2027q3_net_commission_amort	2027Q3 / base	16.80 USD_millions	derived: Net noncash commission expense reverses the benefit consistently with operating income. Formula: subtract(base_2027q3_gross_commission_amort, base_2027q3_acquired_commission_benefit).
Other depreciation and amortization base_2027q3_other_da	2027Q3 / base	3.00 USD_millions	assumption: Desk assumption, not management guidance.
Net interest cash base_2027q3_net_interest_cash	2027Q3 / base	3.00 USD_millions	assumption: Desk assumption, not management guidance.
Net deferred revenue funding base_2027q3_deferred_funding	2027Q3 / base	25.00 USD_millions	assumption: Desk assumption, not management guidance.
Cash before commissions, tax and collections timing base_2027q3_cash_before_uses	2027Q3 / base	105.20 USD_millions	derived: Ordinary noncash costs reverse once; no acquisition-price cash in CFO. Formula: sum(base_2027q3_operating_income, base_2027q3_sbc, base_2027q3_acquired_amort, base_2027q3_other_da, base_2027q3_net_commission_amort, base_2027q3_net_interest_cash, base_2027q3_deferred_funding).
Quarter commission cash / ending total ARR base_2027q3_commission_cash_rate	2027Q3 / base	3.4% ratio	assumption: Desk assumption, not management guidance.
Contract acquisition cash base_2027q3_commission_cash	2027Q3 / base	43.86 USD_millions	derived: Desk cash sales-investment rate; not annual ARR recognized as revenue. Formula: multiply(base_2027q3_total_arr_end, base_2027q3_commission_cash_rate).
Receivables and other working-capital use base_2027q3_receivable_use	2027Q3 / base	-5.00 USD_millions	assumption: Desk assumption, not management guidance.
Cash income tax base_2027q3_tax_cash	2027Q3 / base	6.00 USD_millions	assumption: Desk assumption, not management guidance.
Commissions and other operating uses base_2027q3_cash_uses	2027Q3 / base	44.86 USD_millions	derived: No assumption that the noncash tax benefit provides equivalent cash. Formula: sum(base_2027q3_commission_cash, base_2027q3_receivable_use, base_2027q3_tax_cash).
Operating cash flow base_2027q3_cfo	2027Q3 / base	60.34 USD_millions	derived: After commission investment and operating cash costs. Formula: subtract(base_2027q3_cash_before_uses, base_2027q3_cash_uses).
PP&E cash purchases base_2027q3_capex	2027Q3 / base	2.00 USD_millions	assumption: Desk assumption, not management guidance.
Capitalized software cash base_2027q3_software	2027Q3 / base	6.00 USD_millions	assumption: Desk assumption, not management guidance.
CFO less PP&E base_2027q3_fcf	2027Q3 / base	58.34 USD_millions	derived: PP&E-only historical scope. Formula: subtract(base_2027q3_cfo, base_2027q3_capex).
Company free cash flow base_2027q3_company_fcf	2027Q3 / base	52.34 USD_millions	derived: Company definition deducts capitalized software. Formula: subtract(base_2027q3_fcf, base_2027q3_software).
Additional acquisition cash base_2027q3_acquisition_cash	2027Q3 / base	0.00 USD_millions	assumption: No new deal assumed. Entro net cash $118.225M is already included in reported H1.
Cash after acquisitions base_2027q3_cash_after_acquisition	2027Q3 / base	52.34 USD_millions	derived: Not a projection of ending liquidity or common-owner distributions. Formula: subtract(base_2027q3_company_fcf, base_2027q3_acquisition_cash).
Closing SaaS ARR base_2027q4_saas_arr_end	2027Q4 / base	1,000.00 USD_millions	assumption: Quarter-end annualized contract stock. Never summed across quarters as revenue.
Closing non-SaaS ARR base_2027q4_legacy_arr_end	2027Q4 / base	380.00 USD_millions	assumption: Desk assumption, not management guidance.
Closing total ARR base_2027q4_total_arr_end	2027Q4 / base	1,380.00 USD_millions	derived: AI ARR is included inside the total, not a separate addition. Formula: sum(base_2027q4_saas_arr_end, base_2027q4_legacy_arr_end).
SaaS ARR endpoints base_2027q4_arr_endpoints	2027Q4 / base	1,905.00 USD_millions	derived: Opening and closing contract stock. Formula: sum(base_2027q3_saas_arr_end, base_2027q4_saas_arr_end).
Average opening and closing SaaS ARR base_2027q4_average_saas_arr	2027Q4 / base	952.50 USD_millions	derived: Simple average timing proxy; no claim of company-defined revenue conversion. Formula: divide(base_2027q4_arr_endpoints, two).
Revenue recognition / average ARR proxy base_2027q4_saas_realization	2027Q4 / base	97.0% ratio	assumption: Desk assumption, not management guidance.
SaaS revenue base_2027q4_saas	2027Q4 / base	230.98 USD_millions	derived: Desk timing/ASC606 sensitivity; ARR is not GAAP revenue. Formula: multiply(base_2027q4_average_saas_arr, quarter_fraction, base_2027q4_saas_realization).
Maintenance revenue base_2027q4_maintenance	2027Q4 / base	34.00 USD_millions	assumption: Desk assumption, not management guidance.
Other subscription revenue base_2027q4_other_subscription	2027Q4 / base	10.00 USD_millions	assumption: Desk assumption, not management guidance.
Services revenue base_2027q4_services	2027Q4 / base	14.30 USD_millions	assumption: Desk assumption, not management guidance.
H1 plus Q3 revenue base_2027q4_prior_revenue	2027Q4 / base	916.96 USD_millions	derived: Actual H1 plus modeled Q3. Formula: sum(h1_revenue, base_2027q3_revenue).
Revenue base_2027q4_revenue	2027Q4 / base	353.04 USD_millions	derived: Remaining sales required for annual scenario. Formula: subtract(base_annual_revenue_target, base_2027q4_prior_revenue).
SaaS, maintenance, other subscription and services base_2027q4_other_revenue	2027Q4 / base	289.28 USD_millions	derived: Nonoverlapping revenue components. Formula: sum(base_2027q4_saas, base_2027q4_maintenance, base_2027q4_other_subscription, base_2027q4_services).
Up-front term subscription revenue base_2027q4_term	2027Q4 / base	63.76 USD_millions	derived: Desk term-recognition residual inside total guidance; no invented company license guide. Formula: subtract(base_2027q4_revenue, base_2027q4_other_revenue).
Non-SaaS subscription revenue base_2027q4_legacy	2027Q4 / base	107.76 USD_millions	derived: Term, maintenance and other subscriptions only. Formula: sum(base_2027q4_term, base_2027q4_maintenance, base_2027q4_other_subscription).
GAAP gross margin base_2027q4_gross_margin	2027Q4 / base	67.7% ratio	assumption: Desk assumption, not management guidance.
GAAP gross profit proxy base_2027q4_gross_profit	2027Q4 / base	239.01 USD_millions	derived: Includes hosting, delivery and acquired technology amortization. Formula: multiply(base_2027q4_revenue, base_2027q4_gross_margin).
H1 plus Q3 adjusted income base_2027q4_prior_adj	2027Q4 / base	158.63 USD_millions	derived: Actual first half plus Q3 scenario. Formula: sum(h1_adjusted_op, base_2027q3_adjusted_op).
Adjusted operating income base_2027q4_adjusted_op	2027Q4 / base	82.87 USD_millions	derived: Residual to annual adjusted profit guide. Formula: subtract(base_annual_op_target, base_2027q4_prior_adj).
Ordinary equity compensation base_2027q4_sbc	2027Q4 / base	72.00 USD_millions	assumption: Includes employee retention awards, including Entro; not extra purchase consideration.
Existing acquired intangible amortization base_2027q4_existing_acquired_amort	2027Q4 / base	49.90 USD_millions	assumption: Desk assumption, not management guidance.
Acquired intangible amortization base_2027q4_acquired_amort	2027Q4 / base	51.12 USD_millions	derived: Full-quarter Entro plus explicitly assumed existing-asset amortization. Formula: sum(entro_quarter_amort, base_2027q4_existing_acquired_amort).
Acquired contract-cost amortization benefit base_2027q4_acquired_commission_benefit	2027Q4 / base	2.90 USD_millions	assumption: Noncash GAAP benefit removed by company adjusted-income definition.
Cash payroll taxes on RSUs base_2027q4_payroll_tax	2027Q4 / base	1.80 USD_millions	assumption: Desk assumption, not management guidance.
Cash acquisition/restructuring operating expense base_2027q4_special_cash	2027Q4 / base	2.00 USD_millions	assumption: Desk assumption, not management guidance.
Excluded expense before acquired-commission benefit base_2027q4_gaap_exclusions	2027Q4 / base	126.92 USD_millions	derived: Cash taxes and integration expense stay in CFO; no addback as ordinary SBC. Formula: sum(base_2027q4_sbc, base_2027q4_acquired_amort, base_2027q4_payroll_tax, base_2027q4_special_cash).
Operating income before acquired-commission benefit base_2027q4_op_before_benefit	2027Q4 / base	-44.05 USD_millions	derived: Deduct all modeled GAAP costs. Formula: subtract(base_2027q4_adjusted_op, base_2027q4_gaap_exclusions).
GAAP operating income proxy base_2027q4_operating_income	2027Q4 / base	-41.15 USD_millions	derived: Add the GAAP acquired contract-cost amortization benefit exactly once. Formula: sum(base_2027q4_op_before_benefit, base_2027q4_acquired_commission_benefit).
Ordinary commission amortization before acquired benefit base_2027q4_gross_commission_amort	2027Q4 / base	21.00 USD_millions	assumption: Desk assumption, not management guidance.
Net contract-cost amortization base_2027q4_net_commission_amort	2027Q4 / base	18.10 USD_millions	derived: Net noncash commission expense reverses the benefit consistently with operating income. Formula: subtract(base_2027q4_gross_commission_amort, base_2027q4_acquired_commission_benefit).
Other depreciation and amortization base_2027q4_other_da	2027Q4 / base	3.20 USD_millions	assumption: Desk assumption, not management guidance.
Net interest cash base_2027q4_net_interest_cash	2027Q4 / base	3.00 USD_millions	assumption: Desk assumption, not management guidance.
Net deferred revenue funding base_2027q4_deferred_funding	2027Q4 / base	100.00 USD_millions	assumption: Desk assumption, not management guidance.
Cash before commissions, tax and collections timing base_2027q4_cash_before_uses	2027Q4 / base	206.27 USD_millions	derived: Ordinary noncash costs reverse once; no acquisition-price cash in CFO. Formula: sum(base_2027q4_operating_income, base_2027q4_sbc, base_2027q4_acquired_amort, base_2027q4_other_da, base_2027q4_net_commission_amort, base_2027q4_net_interest_cash, base_2027q4_deferred_funding).
Quarter commission cash / ending total ARR base_2027q4_commission_cash_rate	2027Q4 / base	3.4% ratio	assumption: Desk assumption, not management guidance.
Contract acquisition cash base_2027q4_commission_cash	2027Q4 / base	46.92 USD_millions	derived: Desk cash sales-investment rate; not annual ARR recognized as revenue. Formula: multiply(base_2027q4_total_arr_end, base_2027q4_commission_cash_rate).
Receivables and other working-capital use base_2027q4_receivable_use	2027Q4 / base	30.00 USD_millions	assumption: Desk assumption, not management guidance.
Cash income tax base_2027q4_tax_cash	2027Q4 / base	7.00 USD_millions	assumption: Desk assumption, not management guidance.
Commissions and other operating uses base_2027q4_cash_uses	2027Q4 / base	83.92 USD_millions	derived: No assumption that the noncash tax benefit provides equivalent cash. Formula: sum(base_2027q4_commission_cash, base_2027q4_receivable_use, base_2027q4_tax_cash).
Operating cash flow base_2027q4_cfo	2027Q4 / base	122.35 USD_millions	derived: After commission investment and operating cash costs. Formula: subtract(base_2027q4_cash_before_uses, base_2027q4_cash_uses).
PP&E cash purchases base_2027q4_capex	2027Q4 / base	2.20 USD_millions	assumption: Desk assumption, not management guidance.
Capitalized software cash base_2027q4_software	2027Q4 / base	6.50 USD_millions	assumption: Desk assumption, not management guidance.
CFO less PP&E base_2027q4_fcf	2027Q4 / base	120.15 USD_millions	derived: PP&E-only historical scope. Formula: subtract(base_2027q4_cfo, base_2027q4_capex).
Company free cash flow base_2027q4_company_fcf	2027Q4 / base	113.65 USD_millions	derived: Company definition deducts capitalized software. Formula: subtract(base_2027q4_fcf, base_2027q4_software).
Additional acquisition cash base_2027q4_acquisition_cash	2027Q4 / base	0.00 USD_millions	assumption: No new deal assumed. Entro net cash $118.225M is already included in reported H1.
Cash after acquisitions base_2027q4_cash_after_acquisition	2027Q4 / base	113.65 USD_millions	derived: Not a projection of ending liquidity or common-owner distributions. Formula: subtract(base_2027q4_company_fcf, base_2027q4_acquisition_cash).
Closing SaaS ARR base_2028q1_saas_arr_end	2028Q1 / base	1,070.00 USD_millions	assumption: Quarter-end annualized contract stock. Never summed across quarters as revenue.
Closing non-SaaS ARR base_2028q1_legacy_arr_end	2028Q1 / base	375.00 USD_millions	assumption: Desk assumption, not management guidance.
Closing total ARR base_2028q1_total_arr_end	2028Q1 / base	1,445.00 USD_millions	derived: AI ARR is included inside the total, not a separate addition. Formula: sum(base_2028q1_saas_arr_end, base_2028q1_legacy_arr_end).
SaaS ARR endpoints base_2028q1_arr_endpoints	2028Q1 / base	2,070.00 USD_millions	derived: Opening and closing contract stock. Formula: sum(base_2027q4_saas_arr_end, base_2028q1_saas_arr_end).
Average opening and closing SaaS ARR base_2028q1_average_saas_arr	2028Q1 / base	1,035.00 USD_millions	derived: Simple average timing proxy; no claim of company-defined revenue conversion. Formula: divide(base_2028q1_arr_endpoints, two).
Revenue recognition / average ARR proxy base_2028q1_saas_realization	2028Q1 / base	98.0% ratio	assumption: Desk assumption, not management guidance.
SaaS revenue base_2028q1_saas	2028Q1 / base	253.57 USD_millions	derived: Desk timing/ASC606 sensitivity; ARR is not GAAP revenue. Formula: multiply(base_2028q1_average_saas_arr, quarter_fraction, base_2028q1_saas_realization).
Maintenance revenue base_2028q1_maintenance	2028Q1 / base	33.00 USD_millions	assumption: Desk assumption, not management guidance.
Other subscription revenue base_2028q1_other_subscription	2028Q1 / base	11.00 USD_millions	assumption: Desk assumption, not management guidance.
Services revenue base_2028q1_services	2028Q1 / base	14.60 USD_millions	assumption: Desk assumption, not management guidance.
Term subscription revenue base_2028q1_term	2028Q1 / base	45.00 USD_millions	assumption: Desk assumption, not management guidance.
Revenue base_2028q1_revenue	2028Q1 / base	357.18 USD_millions	derived: SaaS mix grows while term license recognition remains seasonal. Formula: sum(base_2028q1_saas, base_2028q1_maintenance, base_2028q1_other_subscription, base_2028q1_services, base_2028q1_term).
Non-SaaS subscription revenue base_2028q1_legacy	2028Q1 / base	89.00 USD_millions	derived: Term, maintenance and other subscriptions only. Formula: sum(base_2028q1_term, base_2028q1_maintenance, base_2028q1_other_subscription).
GAAP gross margin base_2028q1_gross_margin	2028Q1 / base	67.9% ratio	assumption: Desk assumption, not management guidance.
GAAP gross profit proxy base_2028q1_gross_profit	2028Q1 / base	242.52 USD_millions	derived: Includes hosting, delivery and acquired technology amortization. Formula: multiply(base_2028q1_revenue, base_2028q1_gross_margin).
Adjusted operating margin base_2028q1_adjusted_margin	2028Q1 / base	20.5% ratio	assumption: Desk assumption, not management guidance.
Adjusted operating income base_2028q1_adjusted_op	2028Q1 / base	73.22 USD_millions	derived: Desk scale and product-mix scenario, not the FY2029 target pulled forward. Formula: multiply(base_2028q1_revenue, base_2028q1_adjusted_margin).
Ordinary equity compensation base_2028q1_sbc	2028Q1 / base	74.00 USD_millions	assumption: Includes employee retention awards, including Entro; not extra purchase consideration.
Existing acquired intangible amortization base_2028q1_existing_acquired_amort	2028Q1 / base	49.60 USD_millions	assumption: Desk assumption, not management guidance.
Acquired intangible amortization base_2028q1_acquired_amort	2028Q1 / base	50.82 USD_millions	derived: Full-quarter Entro plus explicitly assumed existing-asset amortization. Formula: sum(entro_quarter_amort, base_2028q1_existing_acquired_amort).
Acquired contract-cost amortization benefit base_2028q1_acquired_commission_benefit	2028Q1 / base	2.60 USD_millions	assumption: Noncash GAAP benefit removed by company adjusted-income definition.
Cash payroll taxes on RSUs base_2028q1_payroll_tax	2028Q1 / base	1.80 USD_millions	assumption: Desk assumption, not management guidance.
Cash acquisition/restructuring operating expense base_2028q1_special_cash	2028Q1 / base	1.00 USD_millions	assumption: Desk assumption, not management guidance.
Excluded expense before acquired-commission benefit base_2028q1_gaap_exclusions	2028Q1 / base	127.62 USD_millions	derived: Cash taxes and integration expense stay in CFO; no addback as ordinary SBC. Formula: sum(base_2028q1_sbc, base_2028q1_acquired_amort, base_2028q1_payroll_tax, base_2028q1_special_cash).
Operating income before acquired-commission benefit base_2028q1_op_before_benefit	2028Q1 / base	-54.40 USD_millions	derived: Deduct all modeled GAAP costs. Formula: subtract(base_2028q1_adjusted_op, base_2028q1_gaap_exclusions).
GAAP operating income proxy base_2028q1_operating_income	2028Q1 / base	-51.80 USD_millions	derived: Add the GAAP acquired contract-cost amortization benefit exactly once. Formula: sum(base_2028q1_op_before_benefit, base_2028q1_acquired_commission_benefit).
Ordinary commission amortization before acquired benefit base_2028q1_gross_commission_amort	2028Q1 / base	22.00 USD_millions	assumption: Desk assumption, not management guidance.
Net contract-cost amortization base_2028q1_net_commission_amort	2028Q1 / base	19.40 USD_millions	derived: Net noncash commission expense reverses the benefit consistently with operating income. Formula: subtract(base_2028q1_gross_commission_amort, base_2028q1_acquired_commission_benefit).
Other depreciation and amortization base_2028q1_other_da	2028Q1 / base	3.40 USD_millions	assumption: Desk assumption, not management guidance.
Net interest cash base_2028q1_net_interest_cash	2028Q1 / base	3.00 USD_millions	assumption: Desk assumption, not management guidance.
Net deferred revenue funding base_2028q1_deferred_funding	2028Q1 / base	-30.00 USD_millions	assumption: Desk assumption, not management guidance.
Cash before commissions, tax and collections timing base_2028q1_cash_before_uses	2028Q1 / base	68.82 USD_millions	derived: Ordinary noncash costs reverse once; no acquisition-price cash in CFO. Formula: sum(base_2028q1_operating_income, base_2028q1_sbc, base_2028q1_acquired_amort, base_2028q1_other_da, base_2028q1_net_commission_amort, base_2028q1_net_interest_cash, base_2028q1_deferred_funding).
Quarter commission cash / ending total ARR base_2028q1_commission_cash_rate	2028Q1 / base	3.4% ratio	assumption: Desk assumption, not management guidance.
Contract acquisition cash base_2028q1_commission_cash	2028Q1 / base	49.13 USD_millions	derived: Desk cash sales-investment rate; not annual ARR recognized as revenue. Formula: multiply(base_2028q1_total_arr_end, base_2028q1_commission_cash_rate).
Receivables and other working-capital use base_2028q1_receivable_use	2028Q1 / base	-70.00 USD_millions	assumption: Desk assumption, not management guidance.
Cash income tax base_2028q1_tax_cash	2028Q1 / base	8.00 USD_millions	assumption: Desk assumption, not management guidance.
Commissions and other operating uses base_2028q1_cash_uses	2028Q1 / base	-12.87 USD_millions	derived: No assumption that the noncash tax benefit provides equivalent cash. Formula: sum(base_2028q1_commission_cash, base_2028q1_receivable_use, base_2028q1_tax_cash).
Operating cash flow base_2028q1_cfo	2028Q1 / base	81.69 USD_millions	derived: After commission investment and operating cash costs. Formula: subtract(base_2028q1_cash_before_uses, base_2028q1_cash_uses).
PP&E cash purchases base_2028q1_capex	2028Q1 / base	2.40 USD_millions	assumption: Desk assumption, not management guidance.
Capitalized software cash base_2028q1_software	2028Q1 / base	7.00 USD_millions	assumption: Desk assumption, not management guidance.
CFO less PP&E base_2028q1_fcf	2028Q1 / base	79.29 USD_millions	derived: PP&E-only historical scope. Formula: subtract(base_2028q1_cfo, base_2028q1_capex).
Company free cash flow base_2028q1_company_fcf	2028Q1 / base	72.29 USD_millions	derived: Company definition deducts capitalized software. Formula: subtract(base_2028q1_fcf, base_2028q1_software).
Additional acquisition cash base_2028q1_acquisition_cash	2028Q1 / base	0.00 USD_millions	assumption: No new deal assumed. Entro net cash $118.225M is already included in reported H1.
Cash after acquisitions base_2028q1_cash_after_acquisition	2028Q1 / base	72.29 USD_millions	derived: Not a projection of ending liquidity or common-owner distributions. Formula: subtract(base_2028q1_company_fcf, base_2028q1_acquisition_cash).
Closing SaaS ARR base_2028q2_saas_arr_end	2028Q2 / base	1,150.00 USD_millions	assumption: Quarter-end annualized contract stock. Never summed across quarters as revenue.
Closing non-SaaS ARR base_2028q2_legacy_arr_end	2028Q2 / base	370.00 USD_millions	assumption: Desk assumption, not management guidance.
Closing total ARR base_2028q2_total_arr_end	2028Q2 / base	1,520.00 USD_millions	derived: AI ARR is included inside the total, not a separate addition. Formula: sum(base_2028q2_saas_arr_end, base_2028q2_legacy_arr_end).
SaaS ARR endpoints base_2028q2_arr_endpoints	2028Q2 / base	2,220.00 USD_millions	derived: Opening and closing contract stock. Formula: sum(base_2028q1_saas_arr_end, base_2028q2_saas_arr_end).
Average opening and closing SaaS ARR base_2028q2_average_saas_arr	2028Q2 / base	1,110.00 USD_millions	derived: Simple average timing proxy; no claim of company-defined revenue conversion. Formula: divide(base_2028q2_arr_endpoints, two).
Revenue recognition / average ARR proxy base_2028q2_saas_realization	2028Q2 / base	98.0% ratio	assumption: Desk assumption, not management guidance.
SaaS revenue base_2028q2_saas	2028Q2 / base	271.95 USD_millions	derived: Desk timing/ASC606 sensitivity; ARR is not GAAP revenue. Formula: multiply(base_2028q2_average_saas_arr, quarter_fraction, base_2028q2_saas_realization).
Maintenance revenue base_2028q2_maintenance	2028Q2 / base	32.00 USD_millions	assumption: Desk assumption, not management guidance.
Other subscription revenue base_2028q2_other_subscription	2028Q2 / base	12.00 USD_millions	assumption: Desk assumption, not management guidance.
Services revenue base_2028q2_services	2028Q2 / base	14.90 USD_millions	assumption: Desk assumption, not management guidance.
Term subscription revenue base_2028q2_term	2028Q2 / base	50.00 USD_millions	assumption: Desk assumption, not management guidance.
Revenue base_2028q2_revenue	2028Q2 / base	380.85 USD_millions	derived: SaaS mix grows while term license recognition remains seasonal. Formula: sum(base_2028q2_saas, base_2028q2_maintenance, base_2028q2_other_subscription, base_2028q2_services, base_2028q2_term).
Non-SaaS subscription revenue base_2028q2_legacy	2028Q2 / base	94.00 USD_millions	derived: Term, maintenance and other subscriptions only. Formula: sum(base_2028q2_term, base_2028q2_maintenance, base_2028q2_other_subscription).
GAAP gross margin base_2028q2_gross_margin	2028Q2 / base	68.1% ratio	assumption: Desk assumption, not management guidance.
GAAP gross profit proxy base_2028q2_gross_profit	2028Q2 / base	259.36 USD_millions	derived: Includes hosting, delivery and acquired technology amortization. Formula: multiply(base_2028q2_revenue, base_2028q2_gross_margin).
Adjusted operating margin base_2028q2_adjusted_margin	2028Q2 / base	20.8% ratio	assumption: Desk assumption, not management guidance.
Adjusted operating income base_2028q2_adjusted_op	2028Q2 / base	79.22 USD_millions	derived: Desk scale and product-mix scenario, not the FY2029 target pulled forward. Formula: multiply(base_2028q2_revenue, base_2028q2_adjusted_margin).
Ordinary equity compensation base_2028q2_sbc	2028Q2 / base	76.00 USD_millions	assumption: Includes employee retention awards, including Entro; not extra purchase consideration.
Existing acquired intangible amortization base_2028q2_existing_acquired_amort	2028Q2 / base	49.30 USD_millions	assumption: Desk assumption, not management guidance.
Acquired intangible amortization base_2028q2_acquired_amort	2028Q2 / base	50.52 USD_millions	derived: Full-quarter Entro plus explicitly assumed existing-asset amortization. Formula: sum(entro_quarter_amort, base_2028q2_existing_acquired_amort).
Acquired contract-cost amortization benefit base_2028q2_acquired_commission_benefit	2028Q2 / base	2.30 USD_millions	assumption: Noncash GAAP benefit removed by company adjusted-income definition.
Cash payroll taxes on RSUs base_2028q2_payroll_tax	2028Q2 / base	1.80 USD_millions	assumption: Desk assumption, not management guidance.
Cash acquisition/restructuring operating expense base_2028q2_special_cash	2028Q2 / base	1.00 USD_millions	assumption: Desk assumption, not management guidance.
Excluded expense before acquired-commission benefit base_2028q2_gaap_exclusions	2028Q2 / base	129.32 USD_millions	derived: Cash taxes and integration expense stay in CFO; no addback as ordinary SBC. Formula: sum(base_2028q2_sbc, base_2028q2_acquired_amort, base_2028q2_payroll_tax, base_2028q2_special_cash).
Operating income before acquired-commission benefit base_2028q2_op_before_benefit	2028Q2 / base	-50.10 USD_millions	derived: Deduct all modeled GAAP costs. Formula: subtract(base_2028q2_adjusted_op, base_2028q2_gaap_exclusions).
GAAP operating income proxy base_2028q2_operating_income	2028Q2 / base	-47.80 USD_millions	derived: Add the GAAP acquired contract-cost amortization benefit exactly once. Formula: sum(base_2028q2_op_before_benefit, base_2028q2_acquired_commission_benefit).
Ordinary commission amortization before acquired benefit base_2028q2_gross_commission_amort	2028Q2 / base	23.00 USD_millions	assumption: Desk assumption, not management guidance.
Net contract-cost amortization base_2028q2_net_commission_amort	2028Q2 / base	20.70 USD_millions	derived: Net noncash commission expense reverses the benefit consistently with operating income. Formula: subtract(base_2028q2_gross_commission_amort, base_2028q2_acquired_commission_benefit).
Other depreciation and amortization base_2028q2_other_da	2028Q2 / base	3.60 USD_millions	assumption: Desk assumption, not management guidance.
Net interest cash base_2028q2_net_interest_cash	2028Q2 / base	3.00 USD_millions	assumption: Desk assumption, not management guidance.
Net deferred revenue funding base_2028q2_deferred_funding	2028Q2 / base	50.00 USD_millions	assumption: Desk assumption, not management guidance.
Cash before commissions, tax and collections timing base_2028q2_cash_before_uses	2028Q2 / base	156.02 USD_millions	derived: Ordinary noncash costs reverse once; no acquisition-price cash in CFO. Formula: sum(base_2028q2_operating_income, base_2028q2_sbc, base_2028q2_acquired_amort, base_2028q2_other_da, base_2028q2_net_commission_amort, base_2028q2_net_interest_cash, base_2028q2_deferred_funding).
Quarter commission cash / ending total ARR base_2028q2_commission_cash_rate	2028Q2 / base	3.4% ratio	assumption: Desk assumption, not management guidance.
Contract acquisition cash base_2028q2_commission_cash	2028Q2 / base	51.68 USD_millions	derived: Desk cash sales-investment rate; not annual ARR recognized as revenue. Formula: multiply(base_2028q2_total_arr_end, base_2028q2_commission_cash_rate).
Receivables and other working-capital use base_2028q2_receivable_use	2028Q2 / base	10.00 USD_millions	assumption: Desk assumption, not management guidance.
Cash income tax base_2028q2_tax_cash	2028Q2 / base	9.00 USD_millions	assumption: Desk assumption, not management guidance.
Commissions and other operating uses base_2028q2_cash_uses	2028Q2 / base	70.68 USD_millions	derived: No assumption that the noncash tax benefit provides equivalent cash. Formula: sum(base_2028q2_commission_cash, base_2028q2_receivable_use, base_2028q2_tax_cash).
Operating cash flow base_2028q2_cfo	2028Q2 / base	85.34 USD_millions	derived: After commission investment and operating cash costs. Formula: subtract(base_2028q2_cash_before_uses, base_2028q2_cash_uses).
PP&E cash purchases base_2028q2_capex	2028Q2 / base	2.60 USD_millions	assumption: Desk assumption, not management guidance.
Capitalized software cash base_2028q2_software	2028Q2 / base	7.50 USD_millions	assumption: Desk assumption, not management guidance.
CFO less PP&E base_2028q2_fcf	2028Q2 / base	82.74 USD_millions	derived: PP&E-only historical scope. Formula: subtract(base_2028q2_cfo, base_2028q2_capex).
Company free cash flow base_2028q2_company_fcf	2028Q2 / base	75.24 USD_millions	derived: Company definition deducts capitalized software. Formula: subtract(base_2028q2_fcf, base_2028q2_software).
Additional acquisition cash base_2028q2_acquisition_cash	2028Q2 / base	0.00 USD_millions	assumption: No new deal assumed. Entro net cash $118.225M is already included in reported H1.
Cash after acquisitions base_2028q2_cash_after_acquisition	2028Q2 / base	75.24 USD_millions	derived: Not a projection of ending liquidity or common-owner distributions. Formula: subtract(base_2028q2_company_fcf, base_2028q2_acquisition_cash).
Closing SaaS ARR base_2028q3_saas_arr_end	2028Q3 / base	1,240.00 USD_millions	assumption: Quarter-end annualized contract stock. Never summed across quarters as revenue.
Closing non-SaaS ARR base_2028q3_legacy_arr_end	2028Q3 / base	365.00 USD_millions	assumption: Desk assumption, not management guidance.
Closing total ARR base_2028q3_total_arr_end	2028Q3 / base	1,605.00 USD_millions	derived: AI ARR is included inside the total, not a separate addition. Formula: sum(base_2028q3_saas_arr_end, base_2028q3_legacy_arr_end).
SaaS ARR endpoints base_2028q3_arr_endpoints	2028Q3 / base	2,390.00 USD_millions	derived: Opening and closing contract stock. Formula: sum(base_2028q2_saas_arr_end, base_2028q3_saas_arr_end).
Average opening and closing SaaS ARR base_2028q3_average_saas_arr	2028Q3 / base	1,195.00 USD_millions	derived: Simple average timing proxy; no claim of company-defined revenue conversion. Formula: divide(base_2028q3_arr_endpoints, two).
Revenue recognition / average ARR proxy base_2028q3_saas_realization	2028Q3 / base	98.0% ratio	assumption: Desk assumption, not management guidance.
SaaS revenue base_2028q3_saas	2028Q3 / base	292.77 USD_millions	derived: Desk timing/ASC606 sensitivity; ARR is not GAAP revenue. Formula: multiply(base_2028q3_average_saas_arr, quarter_fraction, base_2028q3_saas_realization).
Maintenance revenue base_2028q3_maintenance	2028Q3 / base	31.00 USD_millions	assumption: Desk assumption, not management guidance.
Other subscription revenue base_2028q3_other_subscription	2028Q3 / base	13.00 USD_millions	assumption: Desk assumption, not management guidance.
Services revenue base_2028q3_services	2028Q3 / base	15.20 USD_millions	assumption: Desk assumption, not management guidance.
Term subscription revenue base_2028q3_term	2028Q3 / base	56.00 USD_millions	assumption: Desk assumption, not management guidance.
Revenue base_2028q3_revenue	2028Q3 / base	407.97 USD_millions	derived: SaaS mix grows while term license recognition remains seasonal. Formula: sum(base_2028q3_saas, base_2028q3_maintenance, base_2028q3_other_subscription, base_2028q3_services, base_2028q3_term).
Non-SaaS subscription revenue base_2028q3_legacy	2028Q3 / base	100.00 USD_millions	derived: Term, maintenance and other subscriptions only. Formula: sum(base_2028q3_term, base_2028q3_maintenance, base_2028q3_other_subscription).
GAAP gross margin base_2028q3_gross_margin	2028Q3 / base	68.3% ratio	assumption: Desk assumption, not management guidance.
GAAP gross profit proxy base_2028q3_gross_profit	2028Q3 / base	278.65 USD_millions	derived: Includes hosting, delivery and acquired technology amortization. Formula: multiply(base_2028q3_revenue, base_2028q3_gross_margin).
Adjusted operating margin base_2028q3_adjusted_margin	2028Q3 / base	21.1% ratio	assumption: Desk assumption, not management guidance.
Adjusted operating income base_2028q3_adjusted_op	2028Q3 / base	86.08 USD_millions	derived: Desk scale and product-mix scenario, not the FY2029 target pulled forward. Formula: multiply(base_2028q3_revenue, base_2028q3_adjusted_margin).
Ordinary equity compensation base_2028q3_sbc	2028Q3 / base	78.00 USD_millions	assumption: Includes employee retention awards, including Entro; not extra purchase consideration.
Existing acquired intangible amortization base_2028q3_existing_acquired_amort	2028Q3 / base	49.00 USD_millions	assumption: Desk assumption, not management guidance.
Acquired intangible amortization base_2028q3_acquired_amort	2028Q3 / base	50.22 USD_millions	derived: Full-quarter Entro plus explicitly assumed existing-asset amortization. Formula: sum(entro_quarter_amort, base_2028q3_existing_acquired_amort).
Acquired contract-cost amortization benefit base_2028q3_acquired_commission_benefit	2028Q3 / base	2.00 USD_millions	assumption: Noncash GAAP benefit removed by company adjusted-income definition.
Cash payroll taxes on RSUs base_2028q3_payroll_tax	2028Q3 / base	1.80 USD_millions	assumption: Desk assumption, not management guidance.
Cash acquisition/restructuring operating expense base_2028q3_special_cash	2028Q3 / base	1.00 USD_millions	assumption: Desk assumption, not management guidance.
Excluded expense before acquired-commission benefit base_2028q3_gaap_exclusions	2028Q3 / base	131.02 USD_millions	derived: Cash taxes and integration expense stay in CFO; no addback as ordinary SBC. Formula: sum(base_2028q3_sbc, base_2028q3_acquired_amort, base_2028q3_payroll_tax, base_2028q3_special_cash).
Operating income before acquired-commission benefit base_2028q3_op_before_benefit	2028Q3 / base	-44.93 USD_millions	derived: Deduct all modeled GAAP costs. Formula: subtract(base_2028q3_adjusted_op, base_2028q3_gaap_exclusions).
GAAP operating income proxy base_2028q3_operating_income	2028Q3 / base	-42.93 USD_millions	derived: Add the GAAP acquired contract-cost amortization benefit exactly once. Formula: sum(base_2028q3_op_before_benefit, base_2028q3_acquired_commission_benefit).
Ordinary commission amortization before acquired benefit base_2028q3_gross_commission_amort	2028Q3 / base	24.00 USD_millions	assumption: Desk assumption, not management guidance.
Net contract-cost amortization base_2028q3_net_commission_amort	2028Q3 / base	22.00 USD_millions	derived: Net noncash commission expense reverses the benefit consistently with operating income. Formula: subtract(base_2028q3_gross_commission_amort, base_2028q3_acquired_commission_benefit).
Other depreciation and amortization base_2028q3_other_da	2028Q3 / base	3.80 USD_millions	assumption: Desk assumption, not management guidance.
Net interest cash base_2028q3_net_interest_cash	2028Q3 / base	3.00 USD_millions	assumption: Desk assumption, not management guidance.
Net deferred revenue funding base_2028q3_deferred_funding	2028Q3 / base	30.00 USD_millions	assumption: Desk assumption, not management guidance.
Cash before commissions, tax and collections timing base_2028q3_cash_before_uses	2028Q3 / base	144.08 USD_millions	derived: Ordinary noncash costs reverse once; no acquisition-price cash in CFO. Formula: sum(base_2028q3_operating_income, base_2028q3_sbc, base_2028q3_acquired_amort, base_2028q3_other_da, base_2028q3_net_commission_amort, base_2028q3_net_interest_cash, base_2028q3_deferred_funding).
Quarter commission cash / ending total ARR base_2028q3_commission_cash_rate	2028Q3 / base	3.4% ratio	assumption: Desk assumption, not management guidance.
Contract acquisition cash base_2028q3_commission_cash	2028Q3 / base	54.57 USD_millions	derived: Desk cash sales-investment rate; not annual ARR recognized as revenue. Formula: multiply(base_2028q3_total_arr_end, base_2028q3_commission_cash_rate).
Receivables and other working-capital use base_2028q3_receivable_use	2028Q3 / base	0.00 USD_millions	assumption: Desk assumption, not management guidance.
Cash income tax base_2028q3_tax_cash	2028Q3 / base	10.00 USD_millions	assumption: Desk assumption, not management guidance.
Commissions and other operating uses base_2028q3_cash_uses	2028Q3 / base	64.57 USD_millions	derived: No assumption that the noncash tax benefit provides equivalent cash. Formula: sum(base_2028q3_commission_cash, base_2028q3_receivable_use, base_2028q3_tax_cash).
Operating cash flow base_2028q3_cfo	2028Q3 / base	79.51 USD_millions	derived: After commission investment and operating cash costs. Formula: subtract(base_2028q3_cash_before_uses, base_2028q3_cash_uses).
PP&E cash purchases base_2028q3_capex	2028Q3 / base	2.80 USD_millions	assumption: Desk assumption, not management guidance.
Capitalized software cash base_2028q3_software	2028Q3 / base	8.00 USD_millions	assumption: Desk assumption, not management guidance.
CFO less PP&E base_2028q3_fcf	2028Q3 / base	76.71 USD_millions	derived: PP&E-only historical scope. Formula: subtract(base_2028q3_cfo, base_2028q3_capex).
Company free cash flow base_2028q3_company_fcf	2028Q3 / base	68.71 USD_millions	derived: Company definition deducts capitalized software. Formula: subtract(base_2028q3_fcf, base_2028q3_software).
Additional acquisition cash base_2028q3_acquisition_cash	2028Q3 / base	0.00 USD_millions	assumption: No new deal assumed. Entro net cash $118.225M is already included in reported H1.
Cash after acquisitions base_2028q3_cash_after_acquisition	2028Q3 / base	68.71 USD_millions	derived: Not a projection of ending liquidity or common-owner distributions. Formula: subtract(base_2028q3_company_fcf, base_2028q3_acquisition_cash).
Closing SaaS ARR base_2028q4_saas_arr_end	2028Q4 / base	1,335.00 USD_millions	assumption: Quarter-end annualized contract stock. Never summed across quarters as revenue.
Closing non-SaaS ARR base_2028q4_legacy_arr_end	2028Q4 / base	360.00 USD_millions	assumption: Desk assumption, not management guidance.
Closing total ARR base_2028q4_total_arr_end	2028Q4 / base	1,695.00 USD_millions	derived: AI ARR is included inside the total, not a separate addition. Formula: sum(base_2028q4_saas_arr_end, base_2028q4_legacy_arr_end).
SaaS ARR endpoints base_2028q4_arr_endpoints	2028Q4 / base	2,575.00 USD_millions	derived: Opening and closing contract stock. Formula: sum(base_2028q3_saas_arr_end, base_2028q4_saas_arr_end).
Average opening and closing SaaS ARR base_2028q4_average_saas_arr	2028Q4 / base	1,287.50 USD_millions	derived: Simple average timing proxy; no claim of company-defined revenue conversion. Formula: divide(base_2028q4_arr_endpoints, two).
Revenue recognition / average ARR proxy base_2028q4_saas_realization	2028Q4 / base	98.0% ratio	assumption: Desk assumption, not management guidance.
SaaS revenue base_2028q4_saas	2028Q4 / base	315.44 USD_millions	derived: Desk timing/ASC606 sensitivity; ARR is not GAAP revenue. Formula: multiply(base_2028q4_average_saas_arr, quarter_fraction, base_2028q4_saas_realization).
Maintenance revenue base_2028q4_maintenance	2028Q4 / base	30.00 USD_millions	assumption: Desk assumption, not management guidance.
Other subscription revenue base_2028q4_other_subscription	2028Q4 / base	14.00 USD_millions	assumption: Desk assumption, not management guidance.
Services revenue base_2028q4_services	2028Q4 / base	15.50 USD_millions	assumption: Desk assumption, not management guidance.
Term subscription revenue base_2028q4_term	2028Q4 / base	62.00 USD_millions	assumption: Desk assumption, not management guidance.
Revenue base_2028q4_revenue	2028Q4 / base	436.94 USD_millions	derived: SaaS mix grows while term license recognition remains seasonal. Formula: sum(base_2028q4_saas, base_2028q4_maintenance, base_2028q4_other_subscription, base_2028q4_services, base_2028q4_term).
Non-SaaS subscription revenue base_2028q4_legacy	2028Q4 / base	106.00 USD_millions	derived: Term, maintenance and other subscriptions only. Formula: sum(base_2028q4_term, base_2028q4_maintenance, base_2028q4_other_subscription).
GAAP gross margin base_2028q4_gross_margin	2028Q4 / base	68.5% ratio	assumption: Desk assumption, not management guidance.
GAAP gross profit proxy base_2028q4_gross_profit	2028Q4 / base	299.30 USD_millions	derived: Includes hosting, delivery and acquired technology amortization. Formula: multiply(base_2028q4_revenue, base_2028q4_gross_margin).
Adjusted operating margin base_2028q4_adjusted_margin	2028Q4 / base	21.4% ratio	assumption: Desk assumption, not management guidance.
Adjusted operating income base_2028q4_adjusted_op	2028Q4 / base	93.50 USD_millions	derived: Desk scale and product-mix scenario, not the FY2029 target pulled forward. Formula: multiply(base_2028q4_revenue, base_2028q4_adjusted_margin).
Ordinary equity compensation base_2028q4_sbc	2028Q4 / base	80.00 USD_millions	assumption: Includes employee retention awards, including Entro; not extra purchase consideration.
Existing acquired intangible amortization base_2028q4_existing_acquired_amort	2028Q4 / base	48.70 USD_millions	assumption: Desk assumption, not management guidance.
Acquired intangible amortization base_2028q4_acquired_amort	2028Q4 / base	49.92 USD_millions	derived: Full-quarter Entro plus explicitly assumed existing-asset amortization. Formula: sum(entro_quarter_amort, base_2028q4_existing_acquired_amort).
Acquired contract-cost amortization benefit base_2028q4_acquired_commission_benefit	2028Q4 / base	1.70 USD_millions	assumption: Noncash GAAP benefit removed by company adjusted-income definition.
Cash payroll taxes on RSUs base_2028q4_payroll_tax	2028Q4 / base	1.80 USD_millions	assumption: Desk assumption, not management guidance.
Cash acquisition/restructuring operating expense base_2028q4_special_cash	2028Q4 / base	1.00 USD_millions	assumption: Desk assumption, not management guidance.
Excluded expense before acquired-commission benefit base_2028q4_gaap_exclusions	2028Q4 / base	132.72 USD_millions	derived: Cash taxes and integration expense stay in CFO; no addback as ordinary SBC. Formula: sum(base_2028q4_sbc, base_2028q4_acquired_amort, base_2028q4_payroll_tax, base_2028q4_special_cash).
Operating income before acquired-commission benefit base_2028q4_op_before_benefit	2028Q4 / base	-39.21 USD_millions	derived: Deduct all modeled GAAP costs. Formula: subtract(base_2028q4_adjusted_op, base_2028q4_gaap_exclusions).
GAAP operating income proxy base_2028q4_operating_income	2028Q4 / base	-37.51 USD_millions	derived: Add the GAAP acquired contract-cost amortization benefit exactly once. Formula: sum(base_2028q4_op_before_benefit, base_2028q4_acquired_commission_benefit).
Ordinary commission amortization before acquired benefit base_2028q4_gross_commission_amort	2028Q4 / base	25.00 USD_millions	assumption: Desk assumption, not management guidance.
Net contract-cost amortization base_2028q4_net_commission_amort	2028Q4 / base	23.30 USD_millions	derived: Net noncash commission expense reverses the benefit consistently with operating income. Formula: subtract(base_2028q4_gross_commission_amort, base_2028q4_acquired_commission_benefit).
Other depreciation and amortization base_2028q4_other_da	2028Q4 / base	4.00 USD_millions	assumption: Desk assumption, not management guidance.
Net interest cash base_2028q4_net_interest_cash	2028Q4 / base	3.00 USD_millions	assumption: Desk assumption, not management guidance.
Net deferred revenue funding base_2028q4_deferred_funding	2028Q4 / base	115.00 USD_millions	assumption: Desk assumption, not management guidance.
Cash before commissions, tax and collections timing base_2028q4_cash_before_uses	2028Q4 / base	237.70 USD_millions	derived: Ordinary noncash costs reverse once; no acquisition-price cash in CFO. Formula: sum(base_2028q4_operating_income, base_2028q4_sbc, base_2028q4_acquired_amort, base_2028q4_other_da, base_2028q4_net_commission_amort, base_2028q4_net_interest_cash, base_2028q4_deferred_funding).
Quarter commission cash / ending total ARR base_2028q4_commission_cash_rate	2028Q4 / base	3.4% ratio	assumption: Desk assumption, not management guidance.
Contract acquisition cash base_2028q4_commission_cash	2028Q4 / base	57.63 USD_millions	derived: Desk cash sales-investment rate; not annual ARR recognized as revenue. Formula: multiply(base_2028q4_total_arr_end, base_2028q4_commission_cash_rate).
Receivables and other working-capital use base_2028q4_receivable_use	2028Q4 / base	35.00 USD_millions	assumption: Desk assumption, not management guidance.
Cash income tax base_2028q4_tax_cash	2028Q4 / base	11.00 USD_millions	assumption: Desk assumption, not management guidance.
Commissions and other operating uses base_2028q4_cash_uses	2028Q4 / base	103.63 USD_millions	derived: No assumption that the noncash tax benefit provides equivalent cash. Formula: sum(base_2028q4_commission_cash, base_2028q4_receivable_use, base_2028q4_tax_cash).
Operating cash flow base_2028q4_cfo	2028Q4 / base	134.07 USD_millions	derived: After commission investment and operating cash costs. Formula: subtract(base_2028q4_cash_before_uses, base_2028q4_cash_uses).
PP&E cash purchases base_2028q4_capex	2028Q4 / base	3.00 USD_millions	assumption: Desk assumption, not management guidance.
Capitalized software cash base_2028q4_software	2028Q4 / base	8.50 USD_millions	assumption: Desk assumption, not management guidance.
CFO less PP&E base_2028q4_fcf	2028Q4 / base	131.07 USD_millions	derived: PP&E-only historical scope. Formula: subtract(base_2028q4_cfo, base_2028q4_capex).
Company free cash flow base_2028q4_company_fcf	2028Q4 / base	122.57 USD_millions	derived: Company definition deducts capitalized software. Formula: subtract(base_2028q4_fcf, base_2028q4_software).
Additional acquisition cash base_2028q4_acquisition_cash	2028Q4 / base	0.00 USD_millions	assumption: No new deal assumed. Entro net cash $118.225M is already included in reported H1.
Cash after acquisitions base_2028q4_cash_after_acquisition	2028Q4 / base	122.57 USD_millions	derived: Not a projection of ending liquidity or common-owner distributions. Formula: subtract(base_2028q4_company_fcf, base_2028q4_acquisition_cash).
Revenue ($M) base_fy2027_revenue	FY2027 / base	1,270.00 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).
SaaS revenue ($M) base_fy2027_saas	FY2027 / base	815.75 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_saas, base_2027q3_saas, base_2027q4_saas).
Term, maintenance and other subscription ($M) base_fy2027_legacy	FY2027 / base	398.02 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_legacy, base_2027q3_legacy, base_2027q4_legacy).
GAAP gross profit proxy ($M) base_fy2027_gross_profit	FY2027 / base	846.91 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, base_2027q3_gross_profit, base_2027q4_gross_profit).
Adjusted operating income ($M) base_fy2027_adjusted_op	FY2027 / base	241.50 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adjusted_op, base_2027q3_adjusted_op, base_2027q4_adjusted_op).
GAAP operating income proxy ($M) base_fy2027_operating_income	FY2027 / base	-243.95 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, base_2027q3_operating_income, base_2027q4_operating_income).
Operating cash flow ($M) base_fy2027_cfo	FY2027 / base	265.89 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 cash purchases ($M) base_fy2027_capex	FY2027 / base	7.10 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, base_2027q3_capex, base_2027q4_capex).
Capitalized software cash ($M) base_fy2027_software	FY2027 / base	22.87 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 ($M) base_fy2027_fcf	FY2027 / base	258.79 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, base_2027q3_fcf, base_2027q4_fcf).
CFO less PP&E and software ($M) base_fy2027_company_fcf	FY2027 / base	235.92 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).
Cash after acquisition ($M) base_fy2027_cash_after_acquisition	FY2027 / base	117.69 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_acquisition, base_2027q3_cash_after_acquisition, base_2027q4_cash_after_acquisition).
Revenue ($M) base_fy2028_revenue	FY2028 / base	1,582.94 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).
SaaS revenue ($M) base_fy2028_saas	FY2028 / base	1,133.74 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_saas, base_2028q2_saas, base_2028q3_saas, base_2028q4_saas).
Term, maintenance and other subscription ($M) base_fy2028_legacy	FY2028 / base	389.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_legacy, base_2028q2_legacy, base_2028q3_legacy, base_2028q4_legacy).
GAAP gross profit proxy ($M) base_fy2028_gross_profit	FY2028 / base	1,079.83 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_gross_profit, base_2028q2_gross_profit, base_2028q3_gross_profit, base_2028q4_gross_profit).
Adjusted operating income ($M) base_fy2028_adjusted_op	FY2028 / base	332.03 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_adjusted_op, base_2028q2_adjusted_op, base_2028q3_adjusted_op, base_2028q4_adjusted_op).
GAAP operating income proxy ($M) base_fy2028_operating_income	FY2028 / base	-180.04 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_operating_income, base_2028q2_operating_income, base_2028q3_operating_income, base_2028q4_operating_income).
Operating cash flow ($M) base_fy2028_cfo	FY2028 / base	380.62 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 cash purchases ($M) base_fy2028_capex	FY2028 / base	10.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_capex, base_2028q2_capex, base_2028q3_capex, base_2028q4_capex).
Capitalized software cash ($M) base_fy2028_software	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_software, base_2028q2_software, base_2028q3_software, base_2028q4_software).
CFO less PP&E ($M) base_fy2028_fcf	FY2028 / base	369.82 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_fcf, base_2028q2_fcf, base_2028q3_fcf, base_2028q4_fcf).
CFO less PP&E and software ($M) base_fy2028_company_fcf	FY2028 / base	338.82 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).
Cash after acquisition ($M) base_fy2028_cash_after_acquisition	FY2028 / base	338.82 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_cash_after_acquisition, base_2028q2_cash_after_acquisition, base_2028q3_cash_after_acquisition, base_2028q4_cash_after_acquisition).
Revenue delivery / midpoint upside_delivery	FY2027 / upside	103.5% ratio	assumption: Desk total revenue sensitivity.
Adjusted profit / midpoint upside_profit_factor	FY2027 / upside	115.0% ratio	assumption: Desk operating leverage sensitivity.
FY2027 revenue scenario upside_annual_revenue_target	FY2027 / upside	1,314.45 USD_millions	derived: Company midpoint times scenario. Formula: multiply(annual_guide, upside_delivery).
FY2027 adjusted operating scenario upside_annual_op_target	FY2027 / upside	277.72 USD_millions	derived: Company midpoint times scenario. Formula: multiply(annual_op_guide, upside_profit_factor).
Closing SaaS ARR upside_2027q3_saas_arr_end	2027Q3 / upside	925.00 USD_millions	assumption: Quarter-end annualized contract stock. Never summed across quarters as revenue.
Closing non-SaaS ARR upside_2027q3_legacy_arr_end	2027Q3 / upside	388.00 USD_millions	assumption: Desk assumption, not management guidance.
Closing total ARR upside_2027q3_total_arr_end	2027Q3 / upside	1,313.00 USD_millions	derived: AI ARR is included inside the total, not a separate addition. Formula: sum(upside_2027q3_saas_arr_end, upside_2027q3_legacy_arr_end).
SaaS ARR endpoints upside_2027q3_arr_endpoints	2027Q3 / upside	1,771.90 USD_millions	derived: Opening and closing contract stock. Formula: sum(saas_arr, upside_2027q3_saas_arr_end).
Average opening and closing SaaS ARR upside_2027q3_average_saas_arr	2027Q3 / upside	885.95 USD_millions	derived: Simple average timing proxy; no claim of company-defined revenue conversion. Formula: divide(upside_2027q3_arr_endpoints, two).
Revenue recognition / average ARR proxy upside_2027q3_saas_realization	2027Q3 / upside	97.0% ratio	assumption: Desk assumption, not management guidance.
SaaS revenue upside_2027q3_saas	2027Q3 / upside	214.84 USD_millions	derived: Desk timing/ASC606 sensitivity; ARR is not GAAP revenue. Formula: multiply(upside_2027q3_average_saas_arr, quarter_fraction, upside_2027q3_saas_realization).
Maintenance revenue upside_2027q3_maintenance	2027Q3 / upside	35.00 USD_millions	assumption: Desk assumption, not management guidance.
Other subscription revenue upside_2027q3_other_subscription	2027Q3 / upside	10.00 USD_millions	assumption: Desk assumption, not management guidance.
Services revenue upside_2027q3_services	2027Q3 / upside	14.00 USD_millions	assumption: Desk assumption, not management guidance.
Revenue upside_2027q3_revenue	2027Q3 / upside	339.48 USD_millions	derived: Q3 management midpoint sensitivity. Formula: multiply(q3_guide, upside_delivery).
SaaS, maintenance, other subscription and services upside_2027q3_other_revenue	2027Q3 / upside	273.84 USD_millions	derived: Nonoverlapping revenue components. Formula: sum(upside_2027q3_saas, upside_2027q3_maintenance, upside_2027q3_other_subscription, upside_2027q3_services).
Up-front term subscription revenue upside_2027q3_term	2027Q3 / upside	65.64 USD_millions	derived: Desk term-recognition residual inside total guidance; no invented company license guide. Formula: subtract(upside_2027q3_revenue, upside_2027q3_other_revenue).
Non-SaaS subscription revenue upside_2027q3_legacy	2027Q3 / upside	110.64 USD_millions	derived: Term, maintenance and other subscriptions only. Formula: sum(upside_2027q3_term, upside_2027q3_maintenance, upside_2027q3_other_subscription).
GAAP gross margin upside_2027q3_gross_margin	2027Q3 / upside	69.5% ratio	assumption: Desk assumption, not management guidance.
GAAP gross profit proxy upside_2027q3_gross_profit	2027Q3 / upside	235.94 USD_millions	derived: Includes hosting, delivery and acquired technology amortization. Formula: multiply(upside_2027q3_revenue, upside_2027q3_gross_margin).
Adjusted operating income upside_2027q3_adjusted_op	2027Q3 / upside	66.70 USD_millions	derived: Q3 adjusted operating guide sensitivity. Formula: multiply(q3_op_guide, upside_profit_factor).
Ordinary equity compensation upside_2027q3_sbc	2027Q3 / upside	72.00 USD_millions	assumption: Includes employee retention awards, including Entro; not extra purchase consideration.
Existing acquired intangible amortization upside_2027q3_existing_acquired_amort	2027Q3 / upside	50.20 USD_millions	assumption: Desk assumption, not management guidance.
Acquired intangible amortization upside_2027q3_acquired_amort	2027Q3 / upside	51.42 USD_millions	derived: Full-quarter Entro plus explicitly assumed existing-asset amortization. Formula: sum(entro_quarter_amort, upside_2027q3_existing_acquired_amort).
Acquired contract-cost amortization benefit upside_2027q3_acquired_commission_benefit	2027Q3 / upside	3.20 USD_millions	assumption: Noncash GAAP benefit removed by company adjusted-income definition.
Cash payroll taxes on RSUs upside_2027q3_payroll_tax	2027Q3 / upside	1.80 USD_millions	assumption: Desk assumption, not management guidance.
Cash acquisition/restructuring operating expense upside_2027q3_special_cash	2027Q3 / upside	2.00 USD_millions	assumption: Desk assumption, not management guidance.
Excluded expense before acquired-commission benefit upside_2027q3_gaap_exclusions	2027Q3 / upside	127.22 USD_millions	derived: Cash taxes and integration expense stay in CFO; no addback as ordinary SBC. Formula: sum(upside_2027q3_sbc, upside_2027q3_acquired_amort, upside_2027q3_payroll_tax, upside_2027q3_special_cash).
Operating income before acquired-commission benefit upside_2027q3_op_before_benefit	2027Q3 / upside	-60.52 USD_millions	derived: Deduct all modeled GAAP costs. Formula: subtract(upside_2027q3_adjusted_op, upside_2027q3_gaap_exclusions).
GAAP operating income proxy upside_2027q3_operating_income	2027Q3 / upside	-57.32 USD_millions	derived: Add the GAAP acquired contract-cost amortization benefit exactly once. Formula: sum(upside_2027q3_op_before_benefit, upside_2027q3_acquired_commission_benefit).
Ordinary commission amortization before acquired benefit upside_2027q3_gross_commission_amort	2027Q3 / upside	20.00 USD_millions	assumption: Desk assumption, not management guidance.
Net contract-cost amortization upside_2027q3_net_commission_amort	2027Q3 / upside	16.80 USD_millions	derived: Net noncash commission expense reverses the benefit consistently with operating income. Formula: subtract(upside_2027q3_gross_commission_amort, upside_2027q3_acquired_commission_benefit).
Other depreciation and amortization upside_2027q3_other_da	2027Q3 / upside	3.00 USD_millions	assumption: Desk assumption, not management guidance.
Net interest cash upside_2027q3_net_interest_cash	2027Q3 / upside	3.00 USD_millions	assumption: Desk assumption, not management guidance.
Net deferred revenue funding upside_2027q3_deferred_funding	2027Q3 / upside	35.00 USD_millions	assumption: Desk assumption, not management guidance.
Cash before commissions, tax and collections timing upside_2027q3_cash_before_uses	2027Q3 / upside	123.90 USD_millions	derived: Ordinary noncash costs reverse once; no acquisition-price cash in CFO. Formula: sum(upside_2027q3_operating_income, upside_2027q3_sbc, upside_2027q3_acquired_amort, upside_2027q3_other_da, upside_2027q3_net_commission_amort, upside_2027q3_net_interest_cash, upside_2027q3_deferred_funding).
Quarter commission cash / ending total ARR upside_2027q3_commission_cash_rate	2027Q3 / upside	3.2% ratio	assumption: Desk assumption, not management guidance.
Contract acquisition cash upside_2027q3_commission_cash	2027Q3 / upside	42.67 USD_millions	derived: Desk cash sales-investment rate; not annual ARR recognized as revenue. Formula: multiply(upside_2027q3_total_arr_end, upside_2027q3_commission_cash_rate).
Receivables and other working-capital use upside_2027q3_receivable_use	2027Q3 / upside	-5.00 USD_millions	assumption: Desk assumption, not management guidance.
Cash income tax upside_2027q3_tax_cash	2027Q3 / upside	6.00 USD_millions	assumption: Desk assumption, not management guidance.
Commissions and other operating uses upside_2027q3_cash_uses	2027Q3 / upside	43.67 USD_millions	derived: No assumption that the noncash tax benefit provides equivalent cash. Formula: sum(upside_2027q3_commission_cash, upside_2027q3_receivable_use, upside_2027q3_tax_cash).
Operating cash flow upside_2027q3_cfo	2027Q3 / upside	80.23 USD_millions	derived: After commission investment and operating cash costs. Formula: subtract(upside_2027q3_cash_before_uses, upside_2027q3_cash_uses).
PP&E cash purchases upside_2027q3_capex	2027Q3 / upside	2.00 USD_millions	assumption: Desk assumption, not management guidance.
Capitalized software cash upside_2027q3_software	2027Q3 / upside	6.00 USD_millions	assumption: Desk assumption, not management guidance.
CFO less PP&E upside_2027q3_fcf	2027Q3 / upside	78.23 USD_millions	derived: PP&E-only historical scope. Formula: subtract(upside_2027q3_cfo, upside_2027q3_capex).
Company free cash flow upside_2027q3_company_fcf	2027Q3 / upside	72.23 USD_millions	derived: Company definition deducts capitalized software. Formula: subtract(upside_2027q3_fcf, upside_2027q3_software).
Additional acquisition cash upside_2027q3_acquisition_cash	2027Q3 / upside	0.00 USD_millions	assumption: No new deal assumed. Entro net cash $118.225M is already included in reported H1.
Cash after acquisitions upside_2027q3_cash_after_acquisition	2027Q3 / upside	72.23 USD_millions	derived: Not a projection of ending liquidity or common-owner distributions. Formula: subtract(upside_2027q3_company_fcf, upside_2027q3_acquisition_cash).
Closing SaaS ARR upside_2027q4_saas_arr_end	2027Q4 / upside	1,035.00 USD_millions	assumption: Quarter-end annualized contract stock. Never summed across quarters as revenue.
Closing non-SaaS ARR upside_2027q4_legacy_arr_end	2027Q4 / upside	385.00 USD_millions	assumption: Desk assumption, not management guidance.
Closing total ARR upside_2027q4_total_arr_end	2027Q4 / upside	1,420.00 USD_millions	derived: AI ARR is included inside the total, not a separate addition. Formula: sum(upside_2027q4_saas_arr_end, upside_2027q4_legacy_arr_end).
SaaS ARR endpoints upside_2027q4_arr_endpoints	2027Q4 / upside	1,960.00 USD_millions	derived: Opening and closing contract stock. Formula: sum(upside_2027q3_saas_arr_end, upside_2027q4_saas_arr_end).
Average opening and closing SaaS ARR upside_2027q4_average_saas_arr	2027Q4 / upside	980.00 USD_millions	derived: Simple average timing proxy; no claim of company-defined revenue conversion. Formula: divide(upside_2027q4_arr_endpoints, two).
Revenue recognition / average ARR proxy upside_2027q4_saas_realization	2027Q4 / upside	97.0% ratio	assumption: Desk assumption, not management guidance.
SaaS revenue upside_2027q4_saas	2027Q4 / upside	237.65 USD_millions	derived: Desk timing/ASC606 sensitivity; ARR is not GAAP revenue. Formula: multiply(upside_2027q4_average_saas_arr, quarter_fraction, upside_2027q4_saas_realization).
Maintenance revenue upside_2027q4_maintenance	2027Q4 / upside	34.00 USD_millions	assumption: Desk assumption, not management guidance.
Other subscription revenue upside_2027q4_other_subscription	2027Q4 / upside	10.00 USD_millions	assumption: Desk assumption, not management guidance.
Services revenue upside_2027q4_services	2027Q4 / upside	14.30 USD_millions	assumption: Desk assumption, not management guidance.
H1 plus Q3 revenue upside_2027q4_prior_revenue	2027Q4 / upside	928.43 USD_millions	derived: Actual H1 plus modeled Q3. Formula: sum(h1_revenue, upside_2027q3_revenue).
Revenue upside_2027q4_revenue	2027Q4 / upside	386.01 USD_millions	derived: Remaining sales required for annual scenario. Formula: subtract(upside_annual_revenue_target, upside_2027q4_prior_revenue).
SaaS, maintenance, other subscription and services upside_2027q4_other_revenue	2027Q4 / upside	295.95 USD_millions	derived: Nonoverlapping revenue components. Formula: sum(upside_2027q4_saas, upside_2027q4_maintenance, upside_2027q4_other_subscription, upside_2027q4_services).
Up-front term subscription revenue upside_2027q4_term	2027Q4 / upside	90.06 USD_millions	derived: Desk term-recognition residual inside total guidance; no invented company license guide. Formula: subtract(upside_2027q4_revenue, upside_2027q4_other_revenue).
Non-SaaS subscription revenue upside_2027q4_legacy	2027Q4 / upside	134.06 USD_millions	derived: Term, maintenance and other subscriptions only. Formula: sum(upside_2027q4_term, upside_2027q4_maintenance, upside_2027q4_other_subscription).
GAAP gross margin upside_2027q4_gross_margin	2027Q4 / upside	69.7% ratio	assumption: Desk assumption, not management guidance.
GAAP gross profit proxy upside_2027q4_gross_profit	2027Q4 / upside	269.05 USD_millions	derived: Includes hosting, delivery and acquired technology amortization. Formula: multiply(upside_2027q4_revenue, upside_2027q4_gross_margin).
H1 plus Q3 adjusted income upside_2027q4_prior_adj	2027Q4 / upside	167.33 USD_millions	derived: Actual first half plus Q3 scenario. Formula: sum(h1_adjusted_op, upside_2027q3_adjusted_op).
Adjusted operating income upside_2027q4_adjusted_op	2027Q4 / upside	110.39 USD_millions	derived: Residual to annual adjusted profit guide. Formula: subtract(upside_annual_op_target, upside_2027q4_prior_adj).
Ordinary equity compensation upside_2027q4_sbc	2027Q4 / upside	74.00 USD_millions	assumption: Includes employee retention awards, including Entro; not extra purchase consideration.
Existing acquired intangible amortization upside_2027q4_existing_acquired_amort	2027Q4 / upside	49.90 USD_millions	assumption: Desk assumption, not management guidance.
Acquired intangible amortization upside_2027q4_acquired_amort	2027Q4 / upside	51.12 USD_millions	derived: Full-quarter Entro plus explicitly assumed existing-asset amortization. Formula: sum(entro_quarter_amort, upside_2027q4_existing_acquired_amort).
Acquired contract-cost amortization benefit upside_2027q4_acquired_commission_benefit	2027Q4 / upside	2.90 USD_millions	assumption: Noncash GAAP benefit removed by company adjusted-income definition.
Cash payroll taxes on RSUs upside_2027q4_payroll_tax	2027Q4 / upside	1.80 USD_millions	assumption: Desk assumption, not management guidance.
Cash acquisition/restructuring operating expense upside_2027q4_special_cash	2027Q4 / upside	2.00 USD_millions	assumption: Desk assumption, not management guidance.
Excluded expense before acquired-commission benefit upside_2027q4_gaap_exclusions	2027Q4 / upside	128.92 USD_millions	derived: Cash taxes and integration expense stay in CFO; no addback as ordinary SBC. Formula: sum(upside_2027q4_sbc, upside_2027q4_acquired_amort, upside_2027q4_payroll_tax, upside_2027q4_special_cash).
Operating income before acquired-commission benefit upside_2027q4_op_before_benefit	2027Q4 / upside	-18.52 USD_millions	derived: Deduct all modeled GAAP costs. Formula: subtract(upside_2027q4_adjusted_op, upside_2027q4_gaap_exclusions).
GAAP operating income proxy upside_2027q4_operating_income	2027Q4 / upside	-15.62 USD_millions	derived: Add the GAAP acquired contract-cost amortization benefit exactly once. Formula: sum(upside_2027q4_op_before_benefit, upside_2027q4_acquired_commission_benefit).
Ordinary commission amortization before acquired benefit upside_2027q4_gross_commission_amort	2027Q4 / upside	21.00 USD_millions	assumption: Desk assumption, not management guidance.
Net contract-cost amortization upside_2027q4_net_commission_amort	2027Q4 / upside	18.10 USD_millions	derived: Net noncash commission expense reverses the benefit consistently with operating income. Formula: subtract(upside_2027q4_gross_commission_amort, upside_2027q4_acquired_commission_benefit).
Other depreciation and amortization upside_2027q4_other_da	2027Q4 / upside	3.20 USD_millions	assumption: Desk assumption, not management guidance.
Net interest cash upside_2027q4_net_interest_cash	2027Q4 / upside	3.00 USD_millions	assumption: Desk assumption, not management guidance.
Net deferred revenue funding upside_2027q4_deferred_funding	2027Q4 / upside	120.00 USD_millions	assumption: Desk assumption, not management guidance.
Cash before commissions, tax and collections timing upside_2027q4_cash_before_uses	2027Q4 / upside	253.79 USD_millions	derived: Ordinary noncash costs reverse once; no acquisition-price cash in CFO. Formula: sum(upside_2027q4_operating_income, upside_2027q4_sbc, upside_2027q4_acquired_amort, upside_2027q4_other_da, upside_2027q4_net_commission_amort, upside_2027q4_net_interest_cash, upside_2027q4_deferred_funding).
Quarter commission cash / ending total ARR upside_2027q4_commission_cash_rate	2027Q4 / upside	3.2% ratio	assumption: Desk assumption, not management guidance.
Contract acquisition cash upside_2027q4_commission_cash	2027Q4 / upside	46.15 USD_millions	derived: Desk cash sales-investment rate; not annual ARR recognized as revenue. Formula: multiply(upside_2027q4_total_arr_end, upside_2027q4_commission_cash_rate).
Receivables and other working-capital use upside_2027q4_receivable_use	2027Q4 / upside	30.00 USD_millions	assumption: Desk assumption, not management guidance.
Cash income tax upside_2027q4_tax_cash	2027Q4 / upside	7.00 USD_millions	assumption: Desk assumption, not management guidance.
Commissions and other operating uses upside_2027q4_cash_uses	2027Q4 / upside	83.15 USD_millions	derived: No assumption that the noncash tax benefit provides equivalent cash. Formula: sum(upside_2027q4_commission_cash, upside_2027q4_receivable_use, upside_2027q4_tax_cash).
Operating cash flow upside_2027q4_cfo	2027Q4 / upside	170.64 USD_millions	derived: After commission investment and operating cash costs. Formula: subtract(upside_2027q4_cash_before_uses, upside_2027q4_cash_uses).
PP&E cash purchases upside_2027q4_capex	2027Q4 / upside	2.20 USD_millions	assumption: Desk assumption, not management guidance.
Capitalized software cash upside_2027q4_software	2027Q4 / upside	6.50 USD_millions	assumption: Desk assumption, not management guidance.
CFO less PP&E upside_2027q4_fcf	2027Q4 / upside	168.44 USD_millions	derived: PP&E-only historical scope. Formula: subtract(upside_2027q4_cfo, upside_2027q4_capex).
Company free cash flow upside_2027q4_company_fcf	2027Q4 / upside	161.94 USD_millions	derived: Company definition deducts capitalized software. Formula: subtract(upside_2027q4_fcf, upside_2027q4_software).
Additional acquisition cash upside_2027q4_acquisition_cash	2027Q4 / upside	0.00 USD_millions	assumption: No new deal assumed. Entro net cash $118.225M is already included in reported H1.
Cash after acquisitions upside_2027q4_cash_after_acquisition	2027Q4 / upside	161.94 USD_millions	derived: Not a projection of ending liquidity or common-owner distributions. Formula: subtract(upside_2027q4_company_fcf, upside_2027q4_acquisition_cash).
Closing SaaS ARR upside_2028q1_saas_arr_end	2028Q1 / upside	1,130.00 USD_millions	assumption: Quarter-end annualized contract stock. Never summed across quarters as revenue.
Closing non-SaaS ARR upside_2028q1_legacy_arr_end	2028Q1 / upside	380.00 USD_millions	assumption: Desk assumption, not management guidance.
Closing total ARR upside_2028q1_total_arr_end	2028Q1 / upside	1,510.00 USD_millions	derived: AI ARR is included inside the total, not a separate addition. Formula: sum(upside_2028q1_saas_arr_end, upside_2028q1_legacy_arr_end).
SaaS ARR endpoints upside_2028q1_arr_endpoints	2028Q1 / upside	2,165.00 USD_millions	derived: Opening and closing contract stock. Formula: sum(upside_2027q4_saas_arr_end, upside_2028q1_saas_arr_end).
Average opening and closing SaaS ARR upside_2028q1_average_saas_arr	2028Q1 / upside	1,082.50 USD_millions	derived: Simple average timing proxy; no claim of company-defined revenue conversion. Formula: divide(upside_2028q1_arr_endpoints, two).
Revenue recognition / average ARR proxy upside_2028q1_saas_realization	2028Q1 / upside	98.0% ratio	assumption: Desk assumption, not management guidance.
SaaS revenue upside_2028q1_saas	2028Q1 / upside	265.21 USD_millions	derived: Desk timing/ASC606 sensitivity; ARR is not GAAP revenue. Formula: multiply(upside_2028q1_average_saas_arr, quarter_fraction, upside_2028q1_saas_realization).
Maintenance revenue upside_2028q1_maintenance	2028Q1 / upside	33.00 USD_millions	assumption: Desk assumption, not management guidance.
Other subscription revenue upside_2028q1_other_subscription	2028Q1 / upside	11.00 USD_millions	assumption: Desk assumption, not management guidance.
Services revenue upside_2028q1_services	2028Q1 / upside	14.60 USD_millions	assumption: Desk assumption, not management guidance.
Term subscription revenue upside_2028q1_term	2028Q1 / upside	48.00 USD_millions	assumption: Desk assumption, not management guidance.
Revenue upside_2028q1_revenue	2028Q1 / upside	371.81 USD_millions	derived: SaaS mix grows while term license recognition remains seasonal. Formula: sum(upside_2028q1_saas, upside_2028q1_maintenance, upside_2028q1_other_subscription, upside_2028q1_services, upside_2028q1_term).
Non-SaaS subscription revenue upside_2028q1_legacy	2028Q1 / upside	92.00 USD_millions	derived: Term, maintenance and other subscriptions only. Formula: sum(upside_2028q1_term, upside_2028q1_maintenance, upside_2028q1_other_subscription).
GAAP gross margin upside_2028q1_gross_margin	2028Q1 / upside	69.9% ratio	assumption: Desk assumption, not management guidance.
GAAP gross profit proxy upside_2028q1_gross_profit	2028Q1 / upside	259.90 USD_millions	derived: Includes hosting, delivery and acquired technology amortization. Formula: multiply(upside_2028q1_revenue, upside_2028q1_gross_margin).
Adjusted operating margin upside_2028q1_adjusted_margin	2028Q1 / upside	23.0% ratio	assumption: Desk assumption, not management guidance.
Adjusted operating income upside_2028q1_adjusted_op	2028Q1 / upside	85.52 USD_millions	derived: Desk scale and product-mix scenario, not the FY2029 target pulled forward. Formula: multiply(upside_2028q1_revenue, upside_2028q1_adjusted_margin).
Ordinary equity compensation upside_2028q1_sbc	2028Q1 / upside	76.00 USD_millions	assumption: Includes employee retention awards, including Entro; not extra purchase consideration.
Existing acquired intangible amortization upside_2028q1_existing_acquired_amort	2028Q1 / upside	49.60 USD_millions	assumption: Desk assumption, not management guidance.
Acquired intangible amortization upside_2028q1_acquired_amort	2028Q1 / upside	50.82 USD_millions	derived: Full-quarter Entro plus explicitly assumed existing-asset amortization. Formula: sum(entro_quarter_amort, upside_2028q1_existing_acquired_amort).
Acquired contract-cost amortization benefit upside_2028q1_acquired_commission_benefit	2028Q1 / upside	2.60 USD_millions	assumption: Noncash GAAP benefit removed by company adjusted-income definition.
Cash payroll taxes on RSUs upside_2028q1_payroll_tax	2028Q1 / upside	1.80 USD_millions	assumption: Desk assumption, not management guidance.
Cash acquisition/restructuring operating expense upside_2028q1_special_cash	2028Q1 / upside	1.00 USD_millions	assumption: Desk assumption, not management guidance.
Excluded expense before acquired-commission benefit upside_2028q1_gaap_exclusions	2028Q1 / upside	129.62 USD_millions	derived: Cash taxes and integration expense stay in CFO; no addback as ordinary SBC. Formula: sum(upside_2028q1_sbc, upside_2028q1_acquired_amort, upside_2028q1_payroll_tax, upside_2028q1_special_cash).
Operating income before acquired-commission benefit upside_2028q1_op_before_benefit	2028Q1 / upside	-44.10 USD_millions	derived: Deduct all modeled GAAP costs. Formula: subtract(upside_2028q1_adjusted_op, upside_2028q1_gaap_exclusions).
GAAP operating income proxy upside_2028q1_operating_income	2028Q1 / upside	-41.50 USD_millions	derived: Add the GAAP acquired contract-cost amortization benefit exactly once. Formula: sum(upside_2028q1_op_before_benefit, upside_2028q1_acquired_commission_benefit).
Ordinary commission amortization before acquired benefit upside_2028q1_gross_commission_amort	2028Q1 / upside	22.00 USD_millions	assumption: Desk assumption, not management guidance.
Net contract-cost amortization upside_2028q1_net_commission_amort	2028Q1 / upside	19.40 USD_millions	derived: Net noncash commission expense reverses the benefit consistently with operating income. Formula: subtract(upside_2028q1_gross_commission_amort, upside_2028q1_acquired_commission_benefit).
Other depreciation and amortization upside_2028q1_other_da	2028Q1 / upside	3.40 USD_millions	assumption: Desk assumption, not management guidance.
Net interest cash upside_2028q1_net_interest_cash	2028Q1 / upside	3.00 USD_millions	assumption: Desk assumption, not management guidance.
Net deferred revenue funding upside_2028q1_deferred_funding	2028Q1 / upside	-20.00 USD_millions	assumption: Desk assumption, not management guidance.
Cash before commissions, tax and collections timing upside_2028q1_cash_before_uses	2028Q1 / upside	91.12 USD_millions	derived: Ordinary noncash costs reverse once; no acquisition-price cash in CFO. Formula: sum(upside_2028q1_operating_income, upside_2028q1_sbc, upside_2028q1_acquired_amort, upside_2028q1_other_da, upside_2028q1_net_commission_amort, upside_2028q1_net_interest_cash, upside_2028q1_deferred_funding).
Quarter commission cash / ending total ARR upside_2028q1_commission_cash_rate	2028Q1 / upside	3.2% ratio	assumption: Desk assumption, not management guidance.
Contract acquisition cash upside_2028q1_commission_cash	2028Q1 / upside	49.08 USD_millions	derived: Desk cash sales-investment rate; not annual ARR recognized as revenue. Formula: multiply(upside_2028q1_total_arr_end, upside_2028q1_commission_cash_rate).
Receivables and other working-capital use upside_2028q1_receivable_use	2028Q1 / upside	-70.00 USD_millions	assumption: Desk assumption, not management guidance.
Cash income tax upside_2028q1_tax_cash	2028Q1 / upside	8.00 USD_millions	assumption: Desk assumption, not management guidance.
Commissions and other operating uses upside_2028q1_cash_uses	2028Q1 / upside	-12.92 USD_millions	derived: No assumption that the noncash tax benefit provides equivalent cash. Formula: sum(upside_2028q1_commission_cash, upside_2028q1_receivable_use, upside_2028q1_tax_cash).
Operating cash flow upside_2028q1_cfo	2028Q1 / upside	104.04 USD_millions	derived: After commission investment and operating cash costs. Formula: subtract(upside_2028q1_cash_before_uses, upside_2028q1_cash_uses).
PP&E cash purchases upside_2028q1_capex	2028Q1 / upside	2.40 USD_millions	assumption: Desk assumption, not management guidance.
Capitalized software cash upside_2028q1_software	2028Q1 / upside	7.00 USD_millions	assumption: Desk assumption, not management guidance.
CFO less PP&E upside_2028q1_fcf	2028Q1 / upside	101.64 USD_millions	derived: PP&E-only historical scope. Formula: subtract(upside_2028q1_cfo, upside_2028q1_capex).
Company free cash flow upside_2028q1_company_fcf	2028Q1 / upside	94.64 USD_millions	derived: Company definition deducts capitalized software. Formula: subtract(upside_2028q1_fcf, upside_2028q1_software).
Additional acquisition cash upside_2028q1_acquisition_cash	2028Q1 / upside	0.00 USD_millions	assumption: No new deal assumed. Entro net cash $118.225M is already included in reported H1.
Cash after acquisitions upside_2028q1_cash_after_acquisition	2028Q1 / upside	94.64 USD_millions	derived: Not a projection of ending liquidity or common-owner distributions. Formula: subtract(upside_2028q1_company_fcf, upside_2028q1_acquisition_cash).
Closing SaaS ARR upside_2028q2_saas_arr_end	2028Q2 / upside	1,240.00 USD_millions	assumption: Quarter-end annualized contract stock. Never summed across quarters as revenue.
Closing non-SaaS ARR upside_2028q2_legacy_arr_end	2028Q2 / upside	375.00 USD_millions	assumption: Desk assumption, not management guidance.
Closing total ARR upside_2028q2_total_arr_end	2028Q2 / upside	1,615.00 USD_millions	derived: AI ARR is included inside the total, not a separate addition. Formula: sum(upside_2028q2_saas_arr_end, upside_2028q2_legacy_arr_end).
SaaS ARR endpoints upside_2028q2_arr_endpoints	2028Q2 / upside	2,370.00 USD_millions	derived: Opening and closing contract stock. Formula: sum(upside_2028q1_saas_arr_end, upside_2028q2_saas_arr_end).
Average opening and closing SaaS ARR upside_2028q2_average_saas_arr	2028Q2 / upside	1,185.00 USD_millions	derived: Simple average timing proxy; no claim of company-defined revenue conversion. Formula: divide(upside_2028q2_arr_endpoints, two).
Revenue recognition / average ARR proxy upside_2028q2_saas_realization	2028Q2 / upside	98.0% ratio	assumption: Desk assumption, not management guidance.
SaaS revenue upside_2028q2_saas	2028Q2 / upside	290.32 USD_millions	derived: Desk timing/ASC606 sensitivity; ARR is not GAAP revenue. Formula: multiply(upside_2028q2_average_saas_arr, quarter_fraction, upside_2028q2_saas_realization).
Maintenance revenue upside_2028q2_maintenance	2028Q2 / upside	32.00 USD_millions	assumption: Desk assumption, not management guidance.
Other subscription revenue upside_2028q2_other_subscription	2028Q2 / upside	12.00 USD_millions	assumption: Desk assumption, not management guidance.
Services revenue upside_2028q2_services	2028Q2 / upside	14.90 USD_millions	assumption: Desk assumption, not management guidance.
Term subscription revenue upside_2028q2_term	2028Q2 / upside	55.00 USD_millions	assumption: Desk assumption, not management guidance.
Revenue upside_2028q2_revenue	2028Q2 / upside	404.22 USD_millions	derived: SaaS mix grows while term license recognition remains seasonal. Formula: sum(upside_2028q2_saas, upside_2028q2_maintenance, upside_2028q2_other_subscription, upside_2028q2_services, upside_2028q2_term).
Non-SaaS subscription revenue upside_2028q2_legacy	2028Q2 / upside	99.00 USD_millions	derived: Term, maintenance and other subscriptions only. Formula: sum(upside_2028q2_term, upside_2028q2_maintenance, upside_2028q2_other_subscription).
GAAP gross margin upside_2028q2_gross_margin	2028Q2 / upside	70.1% ratio	assumption: Desk assumption, not management guidance.
GAAP gross profit proxy upside_2028q2_gross_profit	2028Q2 / upside	283.36 USD_millions	derived: Includes hosting, delivery and acquired technology amortization. Formula: multiply(upside_2028q2_revenue, upside_2028q2_gross_margin).
Adjusted operating margin upside_2028q2_adjusted_margin	2028Q2 / upside	23.3% ratio	assumption: Desk assumption, not management guidance.
Adjusted operating income upside_2028q2_adjusted_op	2028Q2 / upside	94.18 USD_millions	derived: Desk scale and product-mix scenario, not the FY2029 target pulled forward. Formula: multiply(upside_2028q2_revenue, upside_2028q2_adjusted_margin).
Ordinary equity compensation upside_2028q2_sbc	2028Q2 / upside	78.00 USD_millions	assumption: Includes employee retention awards, including Entro; not extra purchase consideration.
Existing acquired intangible amortization upside_2028q2_existing_acquired_amort	2028Q2 / upside	49.30 USD_millions	assumption: Desk assumption, not management guidance.
Acquired intangible amortization upside_2028q2_acquired_amort	2028Q2 / upside	50.52 USD_millions	derived: Full-quarter Entro plus explicitly assumed existing-asset amortization. Formula: sum(entro_quarter_amort, upside_2028q2_existing_acquired_amort).
Acquired contract-cost amortization benefit upside_2028q2_acquired_commission_benefit	2028Q2 / upside	2.30 USD_millions	assumption: Noncash GAAP benefit removed by company adjusted-income definition.
Cash payroll taxes on RSUs upside_2028q2_payroll_tax	2028Q2 / upside	1.80 USD_millions	assumption: Desk assumption, not management guidance.
Cash acquisition/restructuring operating expense upside_2028q2_special_cash	2028Q2 / upside	1.00 USD_millions	assumption: Desk assumption, not management guidance.
Excluded expense before acquired-commission benefit upside_2028q2_gaap_exclusions	2028Q2 / upside	131.32 USD_millions	derived: Cash taxes and integration expense stay in CFO; no addback as ordinary SBC. Formula: sum(upside_2028q2_sbc, upside_2028q2_acquired_amort, upside_2028q2_payroll_tax, upside_2028q2_special_cash).
Operating income before acquired-commission benefit upside_2028q2_op_before_benefit	2028Q2 / upside	-37.13 USD_millions	derived: Deduct all modeled GAAP costs. Formula: subtract(upside_2028q2_adjusted_op, upside_2028q2_gaap_exclusions).
GAAP operating income proxy upside_2028q2_operating_income	2028Q2 / upside	-34.83 USD_millions	derived: Add the GAAP acquired contract-cost amortization benefit exactly once. Formula: sum(upside_2028q2_op_before_benefit, upside_2028q2_acquired_commission_benefit).
Ordinary commission amortization before acquired benefit upside_2028q2_gross_commission_amort	2028Q2 / upside	23.00 USD_millions	assumption: Desk assumption, not management guidance.
Net contract-cost amortization upside_2028q2_net_commission_amort	2028Q2 / upside	20.70 USD_millions	derived: Net noncash commission expense reverses the benefit consistently with operating income. Formula: subtract(upside_2028q2_gross_commission_amort, upside_2028q2_acquired_commission_benefit).
Other depreciation and amortization upside_2028q2_other_da	2028Q2 / upside	3.60 USD_millions	assumption: Desk assumption, not management guidance.
Net interest cash upside_2028q2_net_interest_cash	2028Q2 / upside	3.00 USD_millions	assumption: Desk assumption, not management guidance.
Net deferred revenue funding upside_2028q2_deferred_funding	2028Q2 / upside	60.00 USD_millions	assumption: Desk assumption, not management guidance.
Cash before commissions, tax and collections timing upside_2028q2_cash_before_uses	2028Q2 / upside	180.98 USD_millions	derived: Ordinary noncash costs reverse once; no acquisition-price cash in CFO. Formula: sum(upside_2028q2_operating_income, upside_2028q2_sbc, upside_2028q2_acquired_amort, upside_2028q2_other_da, upside_2028q2_net_commission_amort, upside_2028q2_net_interest_cash, upside_2028q2_deferred_funding).
Quarter commission cash / ending total ARR upside_2028q2_commission_cash_rate	2028Q2 / upside	3.2% ratio	assumption: Desk assumption, not management guidance.
Contract acquisition cash upside_2028q2_commission_cash	2028Q2 / upside	52.49 USD_millions	derived: Desk cash sales-investment rate; not annual ARR recognized as revenue. Formula: multiply(upside_2028q2_total_arr_end, upside_2028q2_commission_cash_rate).
Receivables and other working-capital use upside_2028q2_receivable_use	2028Q2 / upside	10.00 USD_millions	assumption: Desk assumption, not management guidance.
Cash income tax upside_2028q2_tax_cash	2028Q2 / upside	9.00 USD_millions	assumption: Desk assumption, not management guidance.
Commissions and other operating uses upside_2028q2_cash_uses	2028Q2 / upside	71.49 USD_millions	derived: No assumption that the noncash tax benefit provides equivalent cash. Formula: sum(upside_2028q2_commission_cash, upside_2028q2_receivable_use, upside_2028q2_tax_cash).
Operating cash flow upside_2028q2_cfo	2028Q2 / upside	109.50 USD_millions	derived: After commission investment and operating cash costs. Formula: subtract(upside_2028q2_cash_before_uses, upside_2028q2_cash_uses).
PP&E cash purchases upside_2028q2_capex	2028Q2 / upside	2.60 USD_millions	assumption: Desk assumption, not management guidance.
Capitalized software cash upside_2028q2_software	2028Q2 / upside	7.50 USD_millions	assumption: Desk assumption, not management guidance.
CFO less PP&E upside_2028q2_fcf	2028Q2 / upside	106.90 USD_millions	derived: PP&E-only historical scope. Formula: subtract(upside_2028q2_cfo, upside_2028q2_capex).
Company free cash flow upside_2028q2_company_fcf	2028Q2 / upside	99.40 USD_millions	derived: Company definition deducts capitalized software. Formula: subtract(upside_2028q2_fcf, upside_2028q2_software).
Additional acquisition cash upside_2028q2_acquisition_cash	2028Q2 / upside	0.00 USD_millions	assumption: No new deal assumed. Entro net cash $118.225M is already included in reported H1.
Cash after acquisitions upside_2028q2_cash_after_acquisition	2028Q2 / upside	99.40 USD_millions	derived: Not a projection of ending liquidity or common-owner distributions. Formula: subtract(upside_2028q2_company_fcf, upside_2028q2_acquisition_cash).
Closing SaaS ARR upside_2028q3_saas_arr_end	2028Q3 / upside	1,365.00 USD_millions	assumption: Quarter-end annualized contract stock. Never summed across quarters as revenue.
Closing non-SaaS ARR upside_2028q3_legacy_arr_end	2028Q3 / upside	370.00 USD_millions	assumption: Desk assumption, not management guidance.
Closing total ARR upside_2028q3_total_arr_end	2028Q3 / upside	1,735.00 USD_millions	derived: AI ARR is included inside the total, not a separate addition. Formula: sum(upside_2028q3_saas_arr_end, upside_2028q3_legacy_arr_end).
SaaS ARR endpoints upside_2028q3_arr_endpoints	2028Q3 / upside	2,605.00 USD_millions	derived: Opening and closing contract stock. Formula: sum(upside_2028q2_saas_arr_end, upside_2028q3_saas_arr_end).
Average opening and closing SaaS ARR upside_2028q3_average_saas_arr	2028Q3 / upside	1,302.50 USD_millions	derived: Simple average timing proxy; no claim of company-defined revenue conversion. Formula: divide(upside_2028q3_arr_endpoints, two).
Revenue recognition / average ARR proxy upside_2028q3_saas_realization	2028Q3 / upside	98.0% ratio	assumption: Desk assumption, not management guidance.
SaaS revenue upside_2028q3_saas	2028Q3 / upside	319.11 USD_millions	derived: Desk timing/ASC606 sensitivity; ARR is not GAAP revenue. Formula: multiply(upside_2028q3_average_saas_arr, quarter_fraction, upside_2028q3_saas_realization).
Maintenance revenue upside_2028q3_maintenance	2028Q3 / upside	31.00 USD_millions	assumption: Desk assumption, not management guidance.
Other subscription revenue upside_2028q3_other_subscription	2028Q3 / upside	13.00 USD_millions	assumption: Desk assumption, not management guidance.
Services revenue upside_2028q3_services	2028Q3 / upside	15.20 USD_millions	assumption: Desk assumption, not management guidance.
Term subscription revenue upside_2028q3_term	2028Q3 / upside	63.00 USD_millions	assumption: Desk assumption, not management guidance.
Revenue upside_2028q3_revenue	2028Q3 / upside	441.31 USD_millions	derived: SaaS mix grows while term license recognition remains seasonal. Formula: sum(upside_2028q3_saas, upside_2028q3_maintenance, upside_2028q3_other_subscription, upside_2028q3_services, upside_2028q3_term).
Non-SaaS subscription revenue upside_2028q3_legacy	2028Q3 / upside	107.00 USD_millions	derived: Term, maintenance and other subscriptions only. Formula: sum(upside_2028q3_term, upside_2028q3_maintenance, upside_2028q3_other_subscription).
GAAP gross margin upside_2028q3_gross_margin	2028Q3 / upside	70.3% ratio	assumption: Desk assumption, not management guidance.
GAAP gross profit proxy upside_2028q3_gross_profit	2028Q3 / upside	310.24 USD_millions	derived: Includes hosting, delivery and acquired technology amortization. Formula: multiply(upside_2028q3_revenue, upside_2028q3_gross_margin).
Adjusted operating margin upside_2028q3_adjusted_margin	2028Q3 / upside	23.6% ratio	assumption: Desk assumption, not management guidance.
Adjusted operating income upside_2028q3_adjusted_op	2028Q3 / upside	104.15 USD_millions	derived: Desk scale and product-mix scenario, not the FY2029 target pulled forward. Formula: multiply(upside_2028q3_revenue, upside_2028q3_adjusted_margin).
Ordinary equity compensation upside_2028q3_sbc	2028Q3 / upside	80.00 USD_millions	assumption: Includes employee retention awards, including Entro; not extra purchase consideration.
Existing acquired intangible amortization upside_2028q3_existing_acquired_amort	2028Q3 / upside	49.00 USD_millions	assumption: Desk assumption, not management guidance.
Acquired intangible amortization upside_2028q3_acquired_amort	2028Q3 / upside	50.22 USD_millions	derived: Full-quarter Entro plus explicitly assumed existing-asset amortization. Formula: sum(entro_quarter_amort, upside_2028q3_existing_acquired_amort).
Acquired contract-cost amortization benefit upside_2028q3_acquired_commission_benefit	2028Q3 / upside	2.00 USD_millions	assumption: Noncash GAAP benefit removed by company adjusted-income definition.
Cash payroll taxes on RSUs upside_2028q3_payroll_tax	2028Q3 / upside	1.80 USD_millions	assumption: Desk assumption, not management guidance.
Cash acquisition/restructuring operating expense upside_2028q3_special_cash	2028Q3 / upside	1.00 USD_millions	assumption: Desk assumption, not management guidance.
Excluded expense before acquired-commission benefit upside_2028q3_gaap_exclusions	2028Q3 / upside	133.02 USD_millions	derived: Cash taxes and integration expense stay in CFO; no addback as ordinary SBC. Formula: sum(upside_2028q3_sbc, upside_2028q3_acquired_amort, upside_2028q3_payroll_tax, upside_2028q3_special_cash).
Operating income before acquired-commission benefit upside_2028q3_op_before_benefit	2028Q3 / upside	-28.87 USD_millions	derived: Deduct all modeled GAAP costs. Formula: subtract(upside_2028q3_adjusted_op, upside_2028q3_gaap_exclusions).
GAAP operating income proxy upside_2028q3_operating_income	2028Q3 / upside	-26.87 USD_millions	derived: Add the GAAP acquired contract-cost amortization benefit exactly once. Formula: sum(upside_2028q3_op_before_benefit, upside_2028q3_acquired_commission_benefit).
Ordinary commission amortization before acquired benefit upside_2028q3_gross_commission_amort	2028Q3 / upside	24.00 USD_millions	assumption: Desk assumption, not management guidance.
Net contract-cost amortization upside_2028q3_net_commission_amort	2028Q3 / upside	22.00 USD_millions	derived: Net noncash commission expense reverses the benefit consistently with operating income. Formula: subtract(upside_2028q3_gross_commission_amort, upside_2028q3_acquired_commission_benefit).
Other depreciation and amortization upside_2028q3_other_da	2028Q3 / upside	3.80 USD_millions	assumption: Desk assumption, not management guidance.
Net interest cash upside_2028q3_net_interest_cash	2028Q3 / upside	3.00 USD_millions	assumption: Desk assumption, not management guidance.
Net deferred revenue funding upside_2028q3_deferred_funding	2028Q3 / upside	45.00 USD_millions	assumption: Desk assumption, not management guidance.
Cash before commissions, tax and collections timing upside_2028q3_cash_before_uses	2028Q3 / upside	177.15 USD_millions	derived: Ordinary noncash costs reverse once; no acquisition-price cash in CFO. Formula: sum(upside_2028q3_operating_income, upside_2028q3_sbc, upside_2028q3_acquired_amort, upside_2028q3_other_da, upside_2028q3_net_commission_amort, upside_2028q3_net_interest_cash, upside_2028q3_deferred_funding).
Quarter commission cash / ending total ARR upside_2028q3_commission_cash_rate	2028Q3 / upside	3.2% ratio	assumption: Desk assumption, not management guidance.
Contract acquisition cash upside_2028q3_commission_cash	2028Q3 / upside	56.39 USD_millions	derived: Desk cash sales-investment rate; not annual ARR recognized as revenue. Formula: multiply(upside_2028q3_total_arr_end, upside_2028q3_commission_cash_rate).
Receivables and other working-capital use upside_2028q3_receivable_use	2028Q3 / upside	0.00 USD_millions	assumption: Desk assumption, not management guidance.
Cash income tax upside_2028q3_tax_cash	2028Q3 / upside	10.00 USD_millions	assumption: Desk assumption, not management guidance.
Commissions and other operating uses upside_2028q3_cash_uses	2028Q3 / upside	66.39 USD_millions	derived: No assumption that the noncash tax benefit provides equivalent cash. Formula: sum(upside_2028q3_commission_cash, upside_2028q3_receivable_use, upside_2028q3_tax_cash).
Operating cash flow upside_2028q3_cfo	2028Q3 / upside	110.76 USD_millions	derived: After commission investment and operating cash costs. Formula: subtract(upside_2028q3_cash_before_uses, upside_2028q3_cash_uses).
PP&E cash purchases upside_2028q3_capex	2028Q3 / upside	2.80 USD_millions	assumption: Desk assumption, not management guidance.
Capitalized software cash upside_2028q3_software	2028Q3 / upside	8.00 USD_millions	assumption: Desk assumption, not management guidance.
CFO less PP&E upside_2028q3_fcf	2028Q3 / upside	107.96 USD_millions	derived: PP&E-only historical scope. Formula: subtract(upside_2028q3_cfo, upside_2028q3_capex).
Company free cash flow upside_2028q3_company_fcf	2028Q3 / upside	99.96 USD_millions	derived: Company definition deducts capitalized software. Formula: subtract(upside_2028q3_fcf, upside_2028q3_software).
Additional acquisition cash upside_2028q3_acquisition_cash	2028Q3 / upside	0.00 USD_millions	assumption: No new deal assumed. Entro net cash $118.225M is already included in reported H1.
Cash after acquisitions upside_2028q3_cash_after_acquisition	2028Q3 / upside	99.96 USD_millions	derived: Not a projection of ending liquidity or common-owner distributions. Formula: subtract(upside_2028q3_company_fcf, upside_2028q3_acquisition_cash).
Closing SaaS ARR upside_2028q4_saas_arr_end	2028Q4 / upside	1,500.00 USD_millions	assumption: Quarter-end annualized contract stock. Never summed across quarters as revenue.
Closing non-SaaS ARR upside_2028q4_legacy_arr_end	2028Q4 / upside	365.00 USD_millions	assumption: Desk assumption, not management guidance.
Closing total ARR upside_2028q4_total_arr_end	2028Q4 / upside	1,865.00 USD_millions	derived: AI ARR is included inside the total, not a separate addition. Formula: sum(upside_2028q4_saas_arr_end, upside_2028q4_legacy_arr_end).
SaaS ARR endpoints upside_2028q4_arr_endpoints	2028Q4 / upside	2,865.00 USD_millions	derived: Opening and closing contract stock. Formula: sum(upside_2028q3_saas_arr_end, upside_2028q4_saas_arr_end).
Average opening and closing SaaS ARR upside_2028q4_average_saas_arr	2028Q4 / upside	1,432.50 USD_millions	derived: Simple average timing proxy; no claim of company-defined revenue conversion. Formula: divide(upside_2028q4_arr_endpoints, two).
Revenue recognition / average ARR proxy upside_2028q4_saas_realization	2028Q4 / upside	98.0% ratio	assumption: Desk assumption, not management guidance.
SaaS revenue upside_2028q4_saas	2028Q4 / upside	350.96 USD_millions	derived: Desk timing/ASC606 sensitivity; ARR is not GAAP revenue. Formula: multiply(upside_2028q4_average_saas_arr, quarter_fraction, upside_2028q4_saas_realization).
Maintenance revenue upside_2028q4_maintenance	2028Q4 / upside	30.00 USD_millions	assumption: Desk assumption, not management guidance.
Other subscription revenue upside_2028q4_other_subscription	2028Q4 / upside	14.00 USD_millions	assumption: Desk assumption, not management guidance.
Services revenue upside_2028q4_services	2028Q4 / upside	15.50 USD_millions	assumption: Desk assumption, not management guidance.
Term subscription revenue upside_2028q4_term	2028Q4 / upside	70.00 USD_millions	assumption: Desk assumption, not management guidance.
Revenue upside_2028q4_revenue	2028Q4 / upside	480.46 USD_millions	derived: SaaS mix grows while term license recognition remains seasonal. Formula: sum(upside_2028q4_saas, upside_2028q4_maintenance, upside_2028q4_other_subscription, upside_2028q4_services, upside_2028q4_term).
Non-SaaS subscription revenue upside_2028q4_legacy	2028Q4 / upside	114.00 USD_millions	derived: Term, maintenance and other subscriptions only. Formula: sum(upside_2028q4_term, upside_2028q4_maintenance, upside_2028q4_other_subscription).
GAAP gross margin upside_2028q4_gross_margin	2028Q4 / upside	70.5% ratio	assumption: Desk assumption, not management guidance.
GAAP gross profit proxy upside_2028q4_gross_profit	2028Q4 / upside	338.73 USD_millions	derived: Includes hosting, delivery and acquired technology amortization. Formula: multiply(upside_2028q4_revenue, upside_2028q4_gross_margin).
Adjusted operating margin upside_2028q4_adjusted_margin	2028Q4 / upside	23.9% ratio	assumption: Desk assumption, not management guidance.
Adjusted operating income upside_2028q4_adjusted_op	2028Q4 / upside	114.83 USD_millions	derived: Desk scale and product-mix scenario, not the FY2029 target pulled forward. Formula: multiply(upside_2028q4_revenue, upside_2028q4_adjusted_margin).
Ordinary equity compensation upside_2028q4_sbc	2028Q4 / upside	82.00 USD_millions	assumption: Includes employee retention awards, including Entro; not extra purchase consideration.
Existing acquired intangible amortization upside_2028q4_existing_acquired_amort	2028Q4 / upside	48.70 USD_millions	assumption: Desk assumption, not management guidance.
Acquired intangible amortization upside_2028q4_acquired_amort	2028Q4 / upside	49.92 USD_millions	derived: Full-quarter Entro plus explicitly assumed existing-asset amortization. Formula: sum(entro_quarter_amort, upside_2028q4_existing_acquired_amort).
Acquired contract-cost amortization benefit upside_2028q4_acquired_commission_benefit	2028Q4 / upside	1.70 USD_millions	assumption: Noncash GAAP benefit removed by company adjusted-income definition.
Cash payroll taxes on RSUs upside_2028q4_payroll_tax	2028Q4 / upside	1.80 USD_millions	assumption: Desk assumption, not management guidance.
Cash acquisition/restructuring operating expense upside_2028q4_special_cash	2028Q4 / upside	1.00 USD_millions	assumption: Desk assumption, not management guidance.
Excluded expense before acquired-commission benefit upside_2028q4_gaap_exclusions	2028Q4 / upside	134.72 USD_millions	derived: Cash taxes and integration expense stay in CFO; no addback as ordinary SBC. Formula: sum(upside_2028q4_sbc, upside_2028q4_acquired_amort, upside_2028q4_payroll_tax, upside_2028q4_special_cash).
Operating income before acquired-commission benefit upside_2028q4_op_before_benefit	2028Q4 / upside	-19.89 USD_millions	derived: Deduct all modeled GAAP costs. Formula: subtract(upside_2028q4_adjusted_op, upside_2028q4_gaap_exclusions).
GAAP operating income proxy upside_2028q4_operating_income	2028Q4 / upside	-18.19 USD_millions	derived: Add the GAAP acquired contract-cost amortization benefit exactly once. Formula: sum(upside_2028q4_op_before_benefit, upside_2028q4_acquired_commission_benefit).
Ordinary commission amortization before acquired benefit upside_2028q4_gross_commission_amort	2028Q4 / upside	25.00 USD_millions	assumption: Desk assumption, not management guidance.
Net contract-cost amortization upside_2028q4_net_commission_amort	2028Q4 / upside	23.30 USD_millions	derived: Net noncash commission expense reverses the benefit consistently with operating income. Formula: subtract(upside_2028q4_gross_commission_amort, upside_2028q4_acquired_commission_benefit).
Other depreciation and amortization upside_2028q4_other_da	2028Q4 / upside	4.00 USD_millions	assumption: Desk assumption, not management guidance.
Net interest cash upside_2028q4_net_interest_cash	2028Q4 / upside	3.00 USD_millions	assumption: Desk assumption, not management guidance.
Net deferred revenue funding upside_2028q4_deferred_funding	2028Q4 / upside	135.00 USD_millions	assumption: Desk assumption, not management guidance.
Cash before commissions, tax and collections timing upside_2028q4_cash_before_uses	2028Q4 / upside	279.03 USD_millions	derived: Ordinary noncash costs reverse once; no acquisition-price cash in CFO. Formula: sum(upside_2028q4_operating_income, upside_2028q4_sbc, upside_2028q4_acquired_amort, upside_2028q4_other_da, upside_2028q4_net_commission_amort, upside_2028q4_net_interest_cash, upside_2028q4_deferred_funding).
Quarter commission cash / ending total ARR upside_2028q4_commission_cash_rate	2028Q4 / upside	3.2% ratio	assumption: Desk assumption, not management guidance.
Contract acquisition cash upside_2028q4_commission_cash	2028Q4 / upside	60.61 USD_millions	derived: Desk cash sales-investment rate; not annual ARR recognized as revenue. Formula: multiply(upside_2028q4_total_arr_end, upside_2028q4_commission_cash_rate).
Receivables and other working-capital use upside_2028q4_receivable_use	2028Q4 / upside	35.00 USD_millions	assumption: Desk assumption, not management guidance.
Cash income tax upside_2028q4_tax_cash	2028Q4 / upside	11.00 USD_millions	assumption: Desk assumption, not management guidance.
Commissions and other operating uses upside_2028q4_cash_uses	2028Q4 / upside	106.61 USD_millions	derived: No assumption that the noncash tax benefit provides equivalent cash. Formula: sum(upside_2028q4_commission_cash, upside_2028q4_receivable_use, upside_2028q4_tax_cash).
Operating cash flow upside_2028q4_cfo	2028Q4 / upside	172.42 USD_millions	derived: After commission investment and operating cash costs. Formula: subtract(upside_2028q4_cash_before_uses, upside_2028q4_cash_uses).
PP&E cash purchases upside_2028q4_capex	2028Q4 / upside	3.00 USD_millions	assumption: Desk assumption, not management guidance.
Capitalized software cash upside_2028q4_software	2028Q4 / upside	8.50 USD_millions	assumption: Desk assumption, not management guidance.
CFO less PP&E upside_2028q4_fcf	2028Q4 / upside	169.42 USD_millions	derived: PP&E-only historical scope. Formula: subtract(upside_2028q4_cfo, upside_2028q4_capex).
Company free cash flow upside_2028q4_company_fcf	2028Q4 / upside	160.92 USD_millions	derived: Company definition deducts capitalized software. Formula: subtract(upside_2028q4_fcf, upside_2028q4_software).
Additional acquisition cash upside_2028q4_acquisition_cash	2028Q4 / upside	0.00 USD_millions	assumption: No new deal assumed. Entro net cash $118.225M is already included in reported H1.
Cash after acquisitions upside_2028q4_cash_after_acquisition	2028Q4 / upside	160.92 USD_millions	derived: Not a projection of ending liquidity or common-owner distributions. Formula: subtract(upside_2028q4_company_fcf, upside_2028q4_acquisition_cash).
Revenue ($M) upside_fy2027_revenue	FY2027 / upside	1,314.45 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).
SaaS revenue ($M) upside_fy2027_saas	FY2027 / upside	824.84 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_saas, upside_2027q3_saas, upside_2027q4_saas).
Term, maintenance and other subscription ($M) upside_fy2027_legacy	FY2027 / upside	433.38 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_legacy, upside_2027q3_legacy, upside_2027q4_legacy).
GAAP gross profit proxy ($M) upside_fy2027_gross_profit	FY2027 / upside	891.49 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, upside_2027q3_gross_profit, upside_2027q4_gross_profit).
Adjusted operating income ($M) upside_fy2027_adjusted_op	FY2027 / upside	277.72 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adjusted_op, upside_2027q3_adjusted_op, upside_2027q4_adjusted_op).
GAAP operating income proxy ($M) upside_fy2027_operating_income	FY2027 / upside	-211.72 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income).
Operating cash flow ($M) upside_fy2027_cfo	FY2027 / upside	334.08 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 cash purchases ($M) upside_fy2027_capex	FY2027 / upside	7.10 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, upside_2027q3_capex, upside_2027q4_capex).
Capitalized software cash ($M) upside_fy2027_software	FY2027 / upside	22.87 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 ($M) upside_fy2027_fcf	FY2027 / upside	326.97 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, upside_2027q3_fcf, upside_2027q4_fcf).
CFO less PP&E and software ($M) upside_fy2027_company_fcf	FY2027 / upside	304.10 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).
Cash after acquisition ($M) upside_fy2027_cash_after_acquisition	FY2027 / upside	185.88 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_acquisition, upside_2027q3_cash_after_acquisition, upside_2027q4_cash_after_acquisition).
Revenue ($M) upside_fy2028_revenue	FY2028 / upside	1,697.81 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).
SaaS revenue ($M) upside_fy2028_saas	FY2028 / upside	1,225.61 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_saas, upside_2028q2_saas, upside_2028q3_saas, upside_2028q4_saas).
Term, maintenance and other subscription ($M) upside_fy2028_legacy	FY2028 / upside	412.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_legacy, upside_2028q2_legacy, upside_2028q3_legacy, upside_2028q4_legacy).
GAAP gross profit proxy ($M) upside_fy2028_gross_profit	FY2028 / upside	1,192.23 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_gross_profit, upside_2028q2_gross_profit, upside_2028q3_gross_profit, upside_2028q4_gross_profit).
Adjusted operating income ($M) upside_fy2028_adjusted_op	FY2028 / upside	398.68 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_adjusted_op, upside_2028q2_adjusted_op, upside_2028q3_adjusted_op, upside_2028q4_adjusted_op).
GAAP operating income proxy ($M) upside_fy2028_operating_income	FY2028 / upside	-121.38 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_operating_income, upside_2028q2_operating_income, upside_2028q3_operating_income, upside_2028q4_operating_income).
Operating cash flow ($M) upside_fy2028_cfo	FY2028 / upside	496.72 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 cash purchases ($M) upside_fy2028_capex	FY2028 / upside	10.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_capex, upside_2028q2_capex, upside_2028q3_capex, upside_2028q4_capex).
Capitalized software cash ($M) upside_fy2028_software	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_software, upside_2028q2_software, upside_2028q3_software, upside_2028q4_software).
CFO less PP&E ($M) upside_fy2028_fcf	FY2028 / upside	485.92 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_fcf, upside_2028q2_fcf, upside_2028q3_fcf, upside_2028q4_fcf).
CFO less PP&E and software ($M) upside_fy2028_company_fcf	FY2028 / upside	454.92 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).
Cash after acquisition ($M) upside_fy2028_cash_after_acquisition	FY2028 / upside	454.92 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_cash_after_acquisition, upside_2028q2_cash_after_acquisition, upside_2028q3_cash_after_acquisition, upside_2028q4_cash_after_acquisition).

Model boundaries

ARR is a point-in-time contract metric, not a sum of quarter revenue. Quarter-end ARR assumptions remain inputs/highlights and are never summed into annual revenue outputs.
SaaS revenue is generally ratable; term licenses include upfront recognition. A SaaS mix shift can improve recurring contracts while depressing near-term reported license revenue.
The average-ARR recognition factor and split of current-year guidance are desk assumptions. AI-driven ARR is a subset of total ARR, not an extra revenue stream added to it.
Entro closed June 29. H1 acquisition cash is already paid; the $7.3M employee retention award arrangement is post-combination compensation, not purchase consideration.
GAAP operating income includes a benefit from acquired contract-cost amortization that adjusted profit removes. The cash bridge uses net commission amortization, so the benefit is not added twice.
Pre-IPO unit economics and the February 2025 corporate conversion limit historical per-share comparability. Current common shares, old redeemable units and future awards are not interchangeable; no forward EPS is forecast.

Identity growth through the SaaS migration and commission cycle

Research reviewed 2026-09-19

Does recurring identity demand turn into cash after the full cost of selling, software and acquisitions?

July ARR was $1,230.7M, including $846.9M SaaS ARR; net retention was 113%. AI-driven ARR exceeded $70M and is already inside the total. H1 revenue $588.955M included SaaS $372.351M, term subscriptions $100.112M, maintenance $70.031M, other subscriptions $18.532M and services $27.929M. Adjusted operating income $100.631M contrasts with a $138.784M GAAP loss; acquired intangible amortization and equity compensation are material. H1 CFO $83.204M included $66.144M commission cash. PP&E $2.903M and software $10.372M left $69.929M company FCF; $118.225M net acquisition cash reduced it to negative $48.296M. Entro closed June 29 for about $122.6M gross cash consideration; $7.3M retention equity is separate post-combination compensation. Q3/FY2027 midpoint revenue is $328M/$1.270B and adjusted operating income $58M/$241.5M. June-to-July acquired accounting and future SaaS recognition remain distinct from ARR.

The competing explanation

SaaS ARR can compound while reported revenue and cash lag because term recognition declines and commissions are paid upfront. AI adoption metrics are not additive revenue. Large equity compensation, legacy acquisition amortization and concentrated ownership complicate the path from adjusted profit to common-owner returns.

Risks to track

Cloud migrations can defer recognized term-license revenue.
Customer expansion and retention may slow despite new AI products.
Identity incidents or implementation failures can hurt renewals.
Upfront commissions and software investment can absorb cash.
Entro integration and retention compensation add execution costs.
Acquired accounting, controlled ownership and equity awards complicate valuation.

Next checkpoints

Q3 recurring contracts · Quarter ending October 31 (estimated). Compare closing ARR $1.288B-$1.292B with revenue $326M-$330M without conflating the two.
Recognition and commissions · Each quarterly cash statement (estimated). Separate SaaS, term, maintenance and actual commission investment.
Integration and long-term goals · Annual planning and product updates (estimated). Test Entro adoption and progress toward FY2029 targets without treating the targets as current guidance.

Data coverage and open work

ARR is not forecast revenue and is not added to annual flows.
The acquired commission benefit is a noncash accounting adjustment.
No forward EPS or controlled-holder ownership valuation.

This review: First SaaS/term/commission cash model with the closed Entro transaction and explicit acquired-amortization accounting.

What the memory says

No comparison for SAIL: Sector classification is unavailable in the market-state fields. The returned comparisons do not establish a sector match.; Available descriptive industry label: "Services". Its classification system and historical validity are unverified.; The analog set has no measurable follow-through for this st

Notes on this name

No published notes on this name yet.

Scorecard: 0 notes scored

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

Provenance

[1] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0002030781-25-000051, 10-Q filed 2025-12-10; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[2] derived: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0002030781-26-000003, 10-K filed 2026-03-19; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[3] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0002030781-26-000011, 10-Q filed 2026-06-10; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[4] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0002030781-26-000021, 10-Q filed 2026-09-10; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[5] reported: GrossProfit, accession 0002030781-25-000051, 10-Q filed 2025-12-10; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[6] derived: GrossProfit, accession 0002030781-26-000003, 10-K filed 2026-03-19; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[7] reported: GrossProfit, accession 0002030781-26-000011, 10-Q filed 2026-06-10; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[8] reported: GrossProfit, accession 0002030781-26-000021, 10-Q filed 2026-09-10; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[9] reported: OperatingIncomeLoss, accession 0002030781-25-000051, 10-Q filed 2025-12-10; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[10] derived: OperatingIncomeLoss, accession 0002030781-26-000003, 10-K filed 2026-03-19; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[11] reported: OperatingIncomeLoss, accession 0002030781-26-000011, 10-Q filed 2026-06-10; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[12] reported: OperatingIncomeLoss, accession 0002030781-26-000021, 10-Q filed 2026-09-10; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[13] reported: NetIncomeLoss, accession 0002030781-25-000051, 10-Q filed 2025-12-10; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[14] derived: NetIncomeLoss, accession 0002030781-26-000003, 10-K filed 2026-03-19; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[15] reported: NetIncomeLoss, accession 0002030781-26-000011, 10-Q filed 2026-06-10; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[16] reported: NetIncomeLoss, accession 0002030781-26-000021, 10-Q filed 2026-09-10; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[17] reported: EarningsPerShareDiluted, accession 0002030781-25-000051, 10-Q filed 2025-12-10; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[18] reported: EarningsPerShareDiluted, accession 0002030781-26-000011, 10-Q filed 2026-06-10; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[19] reported: EarningsPerShareDiluted, accession 0002030781-26-000021, 10-Q filed 2026-09-10; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[20] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0002030781-25-000051, 10-Q filed 2025-12-10; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[21] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0002030781-26-000011, 10-Q filed 2026-06-10; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[22] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0002030781-26-000021, 10-Q filed 2026-09-10; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[23] reported: CashAndCashEquivalentsAtCarryingValue, accession 0002030781-25-000051, 10-Q filed 2025-12-10; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[24] reported: CashAndCashEquivalentsAtCarryingValue, accession 0002030781-26-000003, 10-K filed 2026-03-19; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[25] reported: CashAndCashEquivalentsAtCarryingValue, accession 0002030781-26-000011, 10-Q filed 2026-06-10; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[26] reported: CashAndCashEquivalentsAtCarryingValue, accession 0002030781-26-000021, 10-Q filed 2026-09-10; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[27] reported: LongTermDebt, accession 0002030781-26-000003, 10-K filed 2026-03-19; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[28] reported: LongTermDebt, accession 0002030781-25-000024, 10-Q filed 2025-06-12; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[29] reported: LongTermDebt, accession 0002030781-25-000035, 10-Q filed 2025-09-10; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[30] reported: LongTermDebt, accession 0002030781-25-000051, 10-Q filed 2025-12-10; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[31] derived: NetCashProvidedByUsedInOperatingActivities, accession 0002030781-25-000051, 10-Q filed 2025-12-10; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[32] derived: NetCashProvidedByUsedInOperatingActivities, accession 0002030781-26-000003, 10-K filed 2026-03-19; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[33] reported: NetCashProvidedByUsedInOperatingActivities, accession 0002030781-26-000011, 10-Q filed 2026-06-10; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[34] derived: NetCashProvidedByUsedInOperatingActivities, accession 0002030781-26-000021, 10-Q filed 2026-09-10; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[35] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0002030781-25-000051, 10-Q filed 2025-12-10; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[36] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0002030781-26-000003, 10-K filed 2026-03-19; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[37] reported: PaymentsToAcquirePropertyPlantAndEquipment, accession 0002030781-26-000011, 10-Q filed 2026-06-10; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[38] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0002030781-26-000021, 10-Q filed 2026-09-10; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[39] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0002030781-25-000051, 10-Q filed 2025-12-10; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[40] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0002030781-26-000003, 10-K filed 2026-03-19; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[41] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0002030781-26-000011, 10-Q filed 2026-06-10; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json
[42] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0002030781-26-000021, 10-Q filed 2026-09-10; retrieved 2026-09-19T21:11:26+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0002030781.json

What the author read

September 10 filing: recognition, acquisitions and ARR definitions · retrieved 2026-09-19
September 9 results, guidance and non-GAAP reconciliations · retrieved 2026-09-19

Compiled 2026-09-19T21:11:26.705902+00:00 · authored 69a818193911 · generated a96b08d2ef51 · JSON

Daily notes · Scorecard