ALPHAFORGE RESEARCH · COMPANY FILE · SOFTWARE & INTERNET

$SNAP

Snap Inc · NYSE · SIC 7370 · CIK 1564408 · revision 5 as of 2026-09-19

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Business

Snap earns advertising revenue on Snapchat and other revenue from paid products and services. Specs Inc. remains a wholly owned subsidiary developing augmented reality glasses and related computing services. Advertising yield, subscription adoption and infrastructure spending determine operating economics; equity compensation and repurchases determine how much cash remains for shareholders.

Three drivers

Advertising demand and other-product monetization
Infrastructure, partner costs and consolidated Specs investment
Equity compensation, buybacks and debt service

Thesis

Our view

Other-product growth improves diversification, but a stronger EBITDA figure does not by itself establish GAAP profitability or cash retained after dilution management. The model tests revenue against hosting and operating budgets before subtracting compensation, cash costs and optional repurchases.

What changes it

Compare advertising growth, other revenue and infrastructure cost with the outlook; require actual shipped-product economics before giving SPECS a distinct revenue forecast.

Scenario ranges

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

Model · 8 fiscal quarters (last eight)

Fiscal quarter	2024Q3 2024-09-30	2024Q4 2024-12-31	2025Q1 2025-03-31	2025Q2 2025-06-30	2025Q3 2025-09-30	2025Q4 2025-12-31	2026Q1 2026-03-31	2026Q2 2026-06-30
Revenue ($M)	1,372.6¹	1,557.3†²	1,363.2³	1,344.9⁴	1,506.8¹	1,716.5†²	1,528.8³	1,599.0⁴
Gross profit ($M)	—	—	—	—	—	—	—	—
Operating income ($M)	-173.2⁵	-26.9†⁶	-193.8⁷	-259.7⁸	-128.4⁵	49.7†⁶	-74.4⁷	-170.7⁸
Net income ($M)	-153.2⁹	9.1†¹⁰	-139.6¹¹	-262.6¹²	-103.5⁹	45.2†¹⁰	-89.0¹¹	-164.0¹²
EPS, diluted ($)	-0.09¹³	—	-0.08¹⁴	-0.16¹⁵	-0.06¹³	—	-0.05¹⁴	-0.10¹⁵
Diluted shares (M)	1,663.0¹⁶	—	1,696.4¹⁷	1,674.9¹⁸	1,696.5¹⁶	—	1,687.7¹⁷	1,663.4¹⁸
Cash ($M)	965.0¹⁹	1,046.5²⁰	911.2²¹	926.0²²	953.3¹⁹	1,030.4²²	1,061.9²¹	958.8²²
Long-term debt ($M)	3,641.3²³	3,607.7²⁴	3,576.7²⁵	3,576.0²⁶	3,490.9²⁷	3,489.9²⁸	3,488.7²⁹	3,381.4²⁸
Cash from operations ($M)	115.9³⁰	230.6†³¹	151.6³²	88.5³³	146.5³⁰	269.6†³¹	326.8³²	176.2³³
Capex ($M)	44.0³⁴	48.3†³⁵	37.2³⁶	64.7³⁷	53.0³⁴	64.0†³⁵	40.8³⁶	55.7³⁷
Free cash flow ($M)	71.8†³⁸	182.4†³⁹	114.4†⁴⁰	23.8†⁴¹	93.4†³⁸	205.6†³⁹	286.0†⁴⁰	120.5†⁴¹

† 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
2026Q3	1,720.0	—	2026-09-19	Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2026Q4	2,050.0	—	2026-09-19	Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q1	1,760.0	—	2026-09-19	Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q2	1,960.0	—	2026-09-19	Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.

Advertising and paid-product growth versus infrastructure and dilution

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

Build advertising and other revenue separately; other includes subscriptions and additional products, not a pure subscriber metric. Q3 base $1.720B revenue and $325M adjusted EBITDA match guidance midpoints. FY2026 base infrastructure cost $1.675B and adjusted operating expense $2.750B reconcile to reviewed management outlook after H1 actuals; other adjusted cost of revenue uses 16.5% of sales. SPECS investment stays within the existing operating budget, with no second launch-cost deduction. Derive GAAP earnings with full SBC, payroll tax, D&A and restructuring excluding SBC/D&A already counted. Bridge EBITDA to CFO and show repurchases/principal below FCF.

Reported anchors and guidance

Measure	Period	Value	Basis
q2 ads	June 2026	1,282.52	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-04
q2 other	June 2026	316.47	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-04
Q3 revenue midpoint	2026Q3	1,720.00	derived. Calculated midpoint of the company range; not an additional company forecast.
Q3 EBITDA midpoint	2026Q3	325.00	derived. Calculated midpoint of the company range; not an additional company forecast.
FY2026 infrastructure midpoint	FY2026	1,675.00	derived. Calculated midpoint of the company range; not an additional company forecast.
FY2026 adjusted operating expense outlook	FY2026	2,750.00	management guidance. Approximate full-year cost outlook; already includes Specs investment. Source · 2026-08-03
FY2026 SBC outlook	FY2026	1,050.00	management guidance. Approximate company outlook; treated as total SBC including actual H1 restructuring SBC. Source · 2026-08-03
H1 adj ebitda	H1 2026	482.95	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-04
H1 reconstructed operating income	H1 2026	-245.17	derived. Reconciles to reported GAAP operating loss.
H1 cfo	H1 2026	502.99	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-04
H1 CFO less PP&E	H1 2026	406.55	derived. Before repurchases and acquisitions.
H1 buybacks	H1 2026	600.96	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-04
H1 cash after repurchases/principal	H1 2026	-194.42	derived. Before acquisitions and strategic investments.
Cash plus marketable securities	June 2026	2,659.76	derived. Excludes restricted cash and undrawn facilities.
debt face	June 2026	3,467.52	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-04
notes 2026	June 2026	47.01	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-04
notes 2027	June 2026	106.32	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-04

Downside scenario

Period	Operating cash flow proxy ($M)	CFO less cash PP&E ($M)	Cash PP&E ($M)	Consolidated revenue ($M)	Share repurchases and related tax ($M)	Advertising revenue ($M)	Adjusted EBITDA proxy ($M)	GAAP gross profit proxy ($M)	Other product revenue ($M)	Scheduled note principal ($M)	GAAP operating income proxy ($M)	Cash after repurchases and principal ($M)
2026Q3	131.15	76.15	55.00	1,660.00	100.00	1,330.00	235.15	916.15	330.00	47.01	-92.24	-70.86
2026Q4	345.50	286.50	59.00	1,905.00	50.00	1,540.00	368.50	1,118.80	365.00	0.00	39.11	236.50
2027Q1	-27.30	-90.30	63.00	1,590.00	0.00	1,210.00	139.70	854.30	380.00	0.00	-203.30	-90.30
2027Q2	148.80	81.80	67.00	1,760.00	0.00	1,370.00	250.80	984.70	390.00	106.32	-99.20	-24.52
FY2026	979.64	769.19	210.45	6,692.78	750.96	5,395.98	1,086.60	3,829.61	1,296.80	47.01	-298.29	-28.78
FY2027	670.35	394.35	276.00	7,245.00	0.00	5,640.00	1,100.35	4,079.55	1,605.00	106.32	-325.65	288.03

Base scenario

Period	Operating cash flow proxy ($M)	CFO less cash PP&E ($M)	Cash PP&E ($M)	Consolidated revenue ($M)	Share repurchases and related tax ($M)	Advertising revenue ($M)	Adjusted EBITDA proxy ($M)	GAAP gross profit proxy ($M)	Other product revenue ($M)	Scheduled note principal ($M)	GAAP operating income proxy ($M)	Cash after repurchases and principal ($M)
2026Q3	246.00	191.00	55.00	1,720.00	200.00	1,380.00	325.00	987.05	340.00	47.01	-2.39	-56.01
2026Q4	561.32	502.32	59.00	2,050.00	200.00	1,650.00	529.32	1,261.90	400.00	0.00	199.94	302.32
2027Q1	150.60	87.60	63.00	1,760.00	180.00	1,340.00	297.60	1,004.20	420.00	0.00	-45.40	-92.40
2027Q2	347.60	280.60	67.00	1,960.00	180.00	1,510.00	424.60	1,153.50	450.00	106.32	74.60	-5.72
FY2026	1,310.32	1,099.87	210.45	6,897.78	1,000.96	5,555.98	1,337.27	4,043.61	1,341.80	47.01	-47.62	51.89
FY2027	1,563.65	1,287.65	276.00	8,190.00	720.00	6,300.00	1,868.65	4,856.85	1,890.00	106.32	442.65	461.33

Upside scenario

Period	Operating cash flow proxy ($M)	CFO less cash PP&E ($M)	Cash PP&E ($M)	Consolidated revenue ($M)	Share repurchases and related tax ($M)	Advertising revenue ($M)	Adjusted EBITDA proxy ($M)	GAAP gross profit proxy ($M)	Other product revenue ($M)	Scheduled note principal ($M)	GAAP operating income proxy ($M)	Cash after repurchases and principal ($M)
2026Q3	271.20	216.20	55.00	1,755.00	250.00	1,405.00	355.20	1,021.20	350.00	47.01	27.81	-80.81
2026Q4	618.40	559.40	59.00	2,135.00	250.00	1,710.00	596.40	1,336.70	425.00	0.00	267.01	309.40
2027Q1	216.40	153.40	63.00	1,885.00	240.00	1,420.00	373.40	1,098.00	465.00	0.00	30.40	-86.60
2027Q2	454.40	387.40	67.00	2,160.00	260.00	1,640.00	541.40	1,300.30	520.00	106.32	191.40	21.08
FY2026	1,392.59	1,182.15	210.45	7,017.78	1,100.96	5,640.98	1,434.55	4,152.56	1,376.80	47.01	49.66	34.17
FY2027	2,064.80	1,788.80	276.00	9,170.00	1,080.00	6,930.00	2,414.80	5,569.00	2,240.00	106.32	988.80	602.48

All inputs and formulas — reproduce this model

Input / calculation	Period / case	Value / unit	Evidence or assumption
H1 revenue h1_revenue	H1 2026 / shared	3,127.78 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 ad revenue h1_ad_revenue	H1 2026 / shared	2,525.98 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 other revenue h1_other_revenue	H1 2026 / shared	601.80 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 operating income h1_operating_income	H1 2026 / shared	-245.17 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 adj ebitda h1_adj_ebitda	H1 2026 / shared	482.95 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 cfo h1_cfo	H1 2026 / shared	502.99 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 capex h1_capex	H1 2026 / shared	96.45 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 buybacks h1_buybacks	H1 2026 / shared	600.96 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 debt principal h1_debt_principal	H1 2026 / shared	0.00 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 gaap cogs h1_gaap_cogs	H1 2026 / shared	1,333.13 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 infrastructure h1_infrastructure	H1 2026 / shared	804.70 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 adj opex h1_adj_opex	H1 2026 / shared	1,326.67 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 sbc total h1_sbc_total	H1 2026 / shared	513.23 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 payroll tax h1_payroll_tax	H1 2026 / shared	22.60 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 da total h1_da_total	H1 2026 / shared	91.64 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 restructuring h1_restructuring	H1 2026 / shared	128.50 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 restruct sbc h1_restruct_sbc	H1 2026 / shared	26.51 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 restruct da h1_restruct_da	H1 2026 / shared	1.35 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
H1 GAAP gross profit h1_gross_profit	H1 2026 / shared	1,794.66 USD_millions	derived: Consolidated revenue less GAAP cost of revenue. Formula: subtract(h1_revenue, h1_gaap_cogs).
H1 CFO less PP&E h1_fcf	H1 2026 / shared	406.55 USD_millions	derived: Before repurchases and acquisitions. Formula: subtract(h1_cfo, h1_capex).
SBC and D&A inside restructuring h1_restruct_noncash	H1 2026 / shared	27.86 USD_millions	derived: These also enter total SBC and total D&A. Formula: sum(h1_restruct_sbc, h1_restruct_da).
H1 restructuring excluding counted SBC and D&A h1_incremental_restructuring	H1 2026 / shared	100.65 USD_millions	derived: Includes severance and lease charges; this is an expense bridge, not a new cash-payment estimate. Formula: subtract(h1_restructuring, h1_restruct_noncash).
H1 total GAAP adjustments h1_gaap_deductions	H1 2026 / shared	728.12 USD_millions	derived: Full equity expense, payroll tax, D&A and non-duplicated restructuring. Formula: sum(h1_sbc_total, h1_payroll_tax, h1_da_total, h1_incremental_restructuring).
H1 reconstructed operating income h1_gaap_bridge	H1 2026 / shared	-245.17 USD_millions	derived: Reconciles to reported GAAP operating loss. Formula: subtract(h1_adj_ebitda, h1_gaap_deductions).
H1 buybacks and principal h1_claims	H1 2026 / shared	600.96 USD_millions	derived: No H1 note repayment. Formula: sum(h1_buybacks, h1_debt_principal).
H1 cash after repurchases/principal h1_cash_after_claims	H1 2026 / shared	-194.42 USD_millions	derived: Before acquisitions and strategic investments. Formula: subtract(h1_fcf, h1_claims).
cash cash	June 2026 / shared	958.85 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
marketable securities marketable_securities	June 2026 / shared	1,700.91 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
debt face debt_face	June 2026 / shared	3,467.52 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
notes 2026 notes_2026	June 2026 / shared	47.01 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
notes 2027 notes_2027	June 2026 / shared	106.32 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
q2 ads q2_ads	June 2026 / shared	1,282.52 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
q2 other q2_other	June 2026 / shared	316.47 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
h1 acquisitions h1_acquisitions	June 2026 / shared	65.05 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-04
Cash plus marketable securities liquidity	June 2026 / shared	2,659.76 USD_millions	derived: Excludes restricted cash and undrawn facilities. Formula: sum(cash, marketable_securities).
Q3 revenue low q3_revenue_low	2026Q3 / shared	1,700.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-03
Q3 revenue high q3_revenue_high	2026Q3 / shared	1,740.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-03
Midpoint divisor two	Model / shared	200.0% ratio	assumption: Arithmetic constant.
Q3 revenue endpoint sum q3_revenue_sum	2026Q3 / shared	3,440.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(q3_revenue_low, q3_revenue_high).
Q3 revenue midpoint q3_revenue	2026Q3 / shared	1,720.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q3_revenue_sum, two).
Q3 EBITDA low q3_ebitda_low	2026Q3 / shared	300.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-03
Q3 EBITDA high q3_ebitda_high	2026Q3 / shared	350.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-03
Q3 EBITDA endpoint sum q3_ebitda_sum	2026Q3 / shared	650.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(q3_ebitda_low, q3_ebitda_high).
Q3 EBITDA midpoint q3_ebitda	2026Q3 / shared	325.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q3_ebitda_sum, two).
FY2026 infrastructure low fy26_infra_low	FY2026 / shared	1,650.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-03
FY2026 infrastructure high fy26_infra_high	FY2026 / shared	1,700.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-03
FY2026 infrastructure endpoint sum fy26_infra_sum	FY2026 / shared	3,350.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(fy26_infra_low, fy26_infra_high).
FY2026 infrastructure midpoint fy26_infra	FY2026 / shared	1,675.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy26_infra_sum, two).
FY2026 adjusted operating expense outlook fy26_opex	FY2026 / shared	2,750.00 USD_millions	management guidance: Approximate full-year cost outlook; already includes Specs investment. Primary source · 2026-08-03
FY2026 SBC outlook fy26_sbc	FY2026 / shared	1,050.00 USD_millions	management guidance: Approximate company outlook; treated as total SBC including actual H1 restructuring SBC. Primary source · 2026-08-03
Advertising revenue downside_2026q3_ad_revenue	2026Q3 / downside	1,330.00 USD_millions	assumption: Desk assumption; not company guidance.
Other product revenue downside_2026q3_other_revenue	2026Q3 / downside	330.00 USD_millions	assumption: Subscriptions and other products in one perimeter; no separately added SPECS preorder/deposit revenue.
Consolidated revenue downside_2026q3_revenue	2026Q3 / downside	1,660.00 USD_millions	derived: Advertising plus other product revenue. Formula: sum(downside_2026q3_ad_revenue, downside_2026q3_other_revenue).
Infrastructure service costs downside_2026q3_infrastructure	2026Q3 / downside	447.65 USD_millions	assumption: Hosting and related operating expense, not company-owned capex. Base H2 reconciles to FY2026 midpoint after H1.
Other cost of revenue / revenue downside_2026q3_other_cogs_ratio	2026Q3 / downside	17.0% ratio	assumption: Desk assumption; not company guidance.
Other cost of revenue downside_2026q3_other_cogs	2026Q3 / downside	282.20 USD_millions	derived: Content and partner costs; scenario broadly follows management 16%-17% FY2026 range. Formula: multiply(downside_2026q3_revenue, downside_2026q3_other_cogs_ratio).
Adjusted cost of revenue downside_2026q3_adj_cogs	2026Q3 / downside	729.85 USD_millions	derived: No second hardware cost assumption added outside this consolidated cost scenario. Formula: sum(downside_2026q3_infrastructure, downside_2026q3_other_cogs).
Adjusted gross profit downside_2026q3_adj_gross_profit	2026Q3 / downside	930.15 USD_millions	derived: Before allocated equity compensation and depreciation. Formula: subtract(downside_2026q3_revenue, downside_2026q3_adj_cogs).
COGS SBC and related payroll downside_2026q3_cogs_sbc	2026Q3 / downside	11.00 USD_millions	assumption: Desk assumption; not company guidance.
COGS D&A downside_2026q3_cogs_da	2026Q3 / downside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
COGS noncash and payroll adjustments downside_2026q3_cogs_adjustments	2026Q3 / downside	14.00 USD_millions	derived: These are allocations of total expense included in the operating-income bridge. Formula: sum(downside_2026q3_cogs_sbc, downside_2026q3_cogs_da).
GAAP gross profit proxy downside_2026q3_gross_profit	2026Q3 / downside	916.15 USD_millions	derived: No new COGS restructuring charge assumed. Formula: subtract(downside_2026q3_adj_gross_profit, downside_2026q3_cogs_adjustments).
Adjusted operating expense including Specs downside_2026q3_cash_opex	2026Q3 / downside	695.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy downside_2026q3_adj_ebitda	2026Q3 / downside	235.15 USD_millions	derived: Specs is consolidated and already in the expense budget. Formula: subtract(downside_2026q3_adj_gross_profit, downside_2026q3_cash_opex).
Total equity compensation expense downside_2026q3_sbc	2026Q3 / downside	268.39 USD_millions	assumption: H2 base preserves approximately $1.05B full-year SBC after actual H1 $513.229M; all 2027 is desk.
Cash payroll taxes on equity awards downside_2026q3_sbc_payroll	2026Q3 / downside	11.00 USD_millions	assumption: Desk assumption; not company guidance.
Total D&A downside_2026q3_da	2026Q3 / downside	48.00 USD_millions	assumption: Desk assumption; not company guidance.
Restructuring excluding SBC/D&A counted above downside_2026q3_incremental_restructuring	2026Q3 / downside	0.00 USD_millions	assumption: Remaining April-plan charges/liabilities were immaterial at June 30; no repeat of full H1 charge.
SBC payroll D&A and restructuring downside_2026q3_gaap_adjustments	2026Q3 / downside	327.39 USD_millions	derived: No double deduction of restructuring SBC or asset depreciation. Formula: sum(downside_2026q3_sbc, downside_2026q3_sbc_payroll, downside_2026q3_da, downside_2026q3_incremental_restructuring).
GAAP operating income proxy downside_2026q3_operating_income	2026Q3 / downside	-92.24 USD_millions	derived: No new impairment or unannounced restructuring. Formula: subtract(downside_2026q3_adj_ebitda, downside_2026q3_gaap_adjustments).
Cash debt interest less investment income downside_2026q3_net_cash_interest	2026Q3 / downside	18.00 USD_millions	assumption: Desk net interest includes debt coupons and investment yield; not noncash issuance-cost amortization.
Cash income tax downside_2026q3_cash_tax	2026Q3 / downside	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Working capital and other cash use downside_2026q3_wc_use	2026Q3 / downside	60.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash operating adjustments downside_2026q3_cash_uses	2026Q3 / downside	104.00 USD_millions	derived: Equity-award payroll tax consumes cash although excluded from adjusted EBITDA. Formula: sum(downside_2026q3_sbc_payroll, downside_2026q3_net_cash_interest, downside_2026q3_cash_tax, downside_2026q3_wc_use).
Operating cash flow proxy downside_2026q3_cfo	2026Q3 / downside	131.15 USD_millions	derived: Working-capital timing is separate from accounting earnings. Formula: subtract(downside_2026q3_adj_ebitda, downside_2026q3_cash_uses).
Cash PP&E downside_2026q3_capex	2026Q3 / downside	55.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E downside_2026q3_fcf	2026Q3 / downside	76.15 USD_millions	derived: Before discretionary repurchases. Formula: subtract(downside_2026q3_cfo, downside_2026q3_capex).
Share repurchases including tax downside_2026q3_buybacks	2026Q3 / downside	100.00 USD_millions	assumption: Desk capital-allocation assumption; no guarantee shares outstanding decline and no commitment to a 2027 program.
2026 principal timing downside_2026q3_notes26_weight	2026Q3 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
August 2026 note principal downside_2026q3_repay_2026	2026Q3 / downside	47.01 USD_millions	derived: August 1 repayment follows June balance sheet and is described in the subsequent event/remarks. Formula: multiply(notes_2026, downside_2026q3_notes26_weight).
2027 principal timing downside_2026q3_notes27_weight	2026Q3 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
May 2027 note principal downside_2026q3_repay_2027	2026Q3 / downside	0.00 USD_millions	derived: May 1, 2027 maturity; assumes cash settlement. Formula: multiply(notes_2027, downside_2026q3_notes27_weight).
Scheduled note principal downside_2026q3_debt_principal	2026Q3 / downside	47.01 USD_millions	derived: Other debt maturities fall beyond FY2027. Formula: sum(downside_2026q3_repay_2026, downside_2026q3_repay_2027).
Repurchases and principal downside_2026q3_capital_uses	2026Q3 / downside	147.01 USD_millions	derived: Financing uses, not operating expenses. Formula: sum(downside_2026q3_buybacks, downside_2026q3_debt_principal).
Cash after repurchases and note principal downside_2026q3_cash_after_claims	2026Q3 / downside	-70.86 USD_millions	derived: Before acquisitions and strategic investments. Formula: subtract(downside_2026q3_fcf, downside_2026q3_capital_uses).
Advertising revenue downside_2026q4_ad_revenue	2026Q4 / downside	1,540.00 USD_millions	assumption: Desk assumption; not company guidance.
Other product revenue downside_2026q4_other_revenue	2026Q4 / downside	365.00 USD_millions	assumption: Subscriptions and other products in one perimeter; no separately added SPECS preorder/deposit revenue.
Consolidated revenue downside_2026q4_revenue	2026Q4 / downside	1,905.00 USD_millions	derived: Advertising plus other product revenue. Formula: sum(downside_2026q4_ad_revenue, downside_2026q4_other_revenue).
Infrastructure service costs downside_2026q4_infrastructure	2026Q4 / downside	447.65 USD_millions	assumption: Hosting and related operating expense, not company-owned capex. Base H2 reconciles to FY2026 midpoint after H1.
Other cost of revenue / revenue downside_2026q4_other_cogs_ratio	2026Q4 / downside	17.0% ratio	assumption: Desk assumption; not company guidance.
Other cost of revenue downside_2026q4_other_cogs	2026Q4 / downside	323.85 USD_millions	derived: Content and partner costs; scenario broadly follows management 16%-17% FY2026 range. Formula: multiply(downside_2026q4_revenue, downside_2026q4_other_cogs_ratio).
Adjusted cost of revenue downside_2026q4_adj_cogs	2026Q4 / downside	771.50 USD_millions	derived: No second hardware cost assumption added outside this consolidated cost scenario. Formula: sum(downside_2026q4_infrastructure, downside_2026q4_other_cogs).
Adjusted gross profit downside_2026q4_adj_gross_profit	2026Q4 / downside	1,133.50 USD_millions	derived: Before allocated equity compensation and depreciation. Formula: subtract(downside_2026q4_revenue, downside_2026q4_adj_cogs).
COGS SBC and related payroll downside_2026q4_cogs_sbc	2026Q4 / downside	11.50 USD_millions	assumption: Desk assumption; not company guidance.
COGS D&A downside_2026q4_cogs_da	2026Q4 / downside	3.20 USD_millions	assumption: Desk assumption; not company guidance.
COGS noncash and payroll adjustments downside_2026q4_cogs_adjustments	2026Q4 / downside	14.70 USD_millions	derived: These are allocations of total expense included in the operating-income bridge. Formula: sum(downside_2026q4_cogs_sbc, downside_2026q4_cogs_da).
GAAP gross profit proxy downside_2026q4_gross_profit	2026Q4 / downside	1,118.80 USD_millions	derived: No new COGS restructuring charge assumed. Formula: subtract(downside_2026q4_adj_gross_profit, downside_2026q4_cogs_adjustments).
Adjusted operating expense including Specs downside_2026q4_cash_opex	2026Q4 / downside	765.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy downside_2026q4_adj_ebitda	2026Q4 / downside	368.50 USD_millions	derived: Specs is consolidated and already in the expense budget. Formula: subtract(downside_2026q4_adj_gross_profit, downside_2026q4_cash_opex).
Total equity compensation expense downside_2026q4_sbc	2026Q4 / downside	268.39 USD_millions	assumption: H2 base preserves approximately $1.05B full-year SBC after actual H1 $513.229M; all 2027 is desk.
Cash payroll taxes on equity awards downside_2026q4_sbc_payroll	2026Q4 / downside	11.00 USD_millions	assumption: Desk assumption; not company guidance.
Total D&A downside_2026q4_da	2026Q4 / downside	50.00 USD_millions	assumption: Desk assumption; not company guidance.
Restructuring excluding SBC/D&A counted above downside_2026q4_incremental_restructuring	2026Q4 / downside	0.00 USD_millions	assumption: Remaining April-plan charges/liabilities were immaterial at June 30; no repeat of full H1 charge.
SBC payroll D&A and restructuring downside_2026q4_gaap_adjustments	2026Q4 / downside	329.39 USD_millions	derived: No double deduction of restructuring SBC or asset depreciation. Formula: sum(downside_2026q4_sbc, downside_2026q4_sbc_payroll, downside_2026q4_da, downside_2026q4_incremental_restructuring).
GAAP operating income proxy downside_2026q4_operating_income	2026Q4 / downside	39.11 USD_millions	derived: No new impairment or unannounced restructuring. Formula: subtract(downside_2026q4_adj_ebitda, downside_2026q4_gaap_adjustments).
Cash debt interest less investment income downside_2026q4_net_cash_interest	2026Q4 / downside	20.00 USD_millions	assumption: Desk net interest includes debt coupons and investment yield; not noncash issuance-cost amortization.
Cash income tax downside_2026q4_cash_tax	2026Q4 / downside	17.00 USD_millions	assumption: Desk assumption; not company guidance.
Working capital and other cash use downside_2026q4_wc_use	2026Q4 / downside	-25.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash operating adjustments downside_2026q4_cash_uses	2026Q4 / downside	23.00 USD_millions	derived: Equity-award payroll tax consumes cash although excluded from adjusted EBITDA. Formula: sum(downside_2026q4_sbc_payroll, downside_2026q4_net_cash_interest, downside_2026q4_cash_tax, downside_2026q4_wc_use).
Operating cash flow proxy downside_2026q4_cfo	2026Q4 / downside	345.50 USD_millions	derived: Working-capital timing is separate from accounting earnings. Formula: subtract(downside_2026q4_adj_ebitda, downside_2026q4_cash_uses).
Cash PP&E downside_2026q4_capex	2026Q4 / downside	59.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E downside_2026q4_fcf	2026Q4 / downside	286.50 USD_millions	derived: Before discretionary repurchases. Formula: subtract(downside_2026q4_cfo, downside_2026q4_capex).
Share repurchases including tax downside_2026q4_buybacks	2026Q4 / downside	50.00 USD_millions	assumption: Desk capital-allocation assumption; no guarantee shares outstanding decline and no commitment to a 2027 program.
2026 principal timing downside_2026q4_notes26_weight	2026Q4 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
August 2026 note principal downside_2026q4_repay_2026	2026Q4 / downside	0.00 USD_millions	derived: August 1 repayment follows June balance sheet and is described in the subsequent event/remarks. Formula: multiply(notes_2026, downside_2026q4_notes26_weight).
2027 principal timing downside_2026q4_notes27_weight	2026Q4 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
May 2027 note principal downside_2026q4_repay_2027	2026Q4 / downside	0.00 USD_millions	derived: May 1, 2027 maturity; assumes cash settlement. Formula: multiply(notes_2027, downside_2026q4_notes27_weight).
Scheduled note principal downside_2026q4_debt_principal	2026Q4 / downside	0.00 USD_millions	derived: Other debt maturities fall beyond FY2027. Formula: sum(downside_2026q4_repay_2026, downside_2026q4_repay_2027).
Repurchases and principal downside_2026q4_capital_uses	2026Q4 / downside	50.00 USD_millions	derived: Financing uses, not operating expenses. Formula: sum(downside_2026q4_buybacks, downside_2026q4_debt_principal).
Cash after repurchases and note principal downside_2026q4_cash_after_claims	2026Q4 / downside	236.50 USD_millions	derived: Before acquisitions and strategic investments. Formula: subtract(downside_2026q4_fcf, downside_2026q4_capital_uses).
Advertising revenue downside_2027q1_ad_revenue	2027Q1 / downside	1,210.00 USD_millions	assumption: Desk assumption; not company guidance.
Other product revenue downside_2027q1_other_revenue	2027Q1 / downside	380.00 USD_millions	assumption: Subscriptions and other products in one perimeter; no separately added SPECS preorder/deposit revenue.
Consolidated revenue downside_2027q1_revenue	2027Q1 / downside	1,590.00 USD_millions	derived: Advertising plus other product revenue. Formula: sum(downside_2027q1_ad_revenue, downside_2027q1_other_revenue).
Infrastructure service costs downside_2027q1_infrastructure	2027Q1 / downside	450.00 USD_millions	assumption: Hosting and related operating expense, not company-owned capex. Base H2 reconciles to FY2026 midpoint after H1.
Other cost of revenue / revenue downside_2027q1_other_cogs_ratio	2027Q1 / downside	17.0% ratio	assumption: Desk assumption; not company guidance.
Other cost of revenue downside_2027q1_other_cogs	2027Q1 / downside	270.30 USD_millions	derived: Content and partner costs; scenario broadly follows management 16%-17% FY2026 range. Formula: multiply(downside_2027q1_revenue, downside_2027q1_other_cogs_ratio).
Adjusted cost of revenue downside_2027q1_adj_cogs	2027Q1 / downside	720.30 USD_millions	derived: No second hardware cost assumption added outside this consolidated cost scenario. Formula: sum(downside_2027q1_infrastructure, downside_2027q1_other_cogs).
Adjusted gross profit downside_2027q1_adj_gross_profit	2027Q1 / downside	869.70 USD_millions	derived: Before allocated equity compensation and depreciation. Formula: subtract(downside_2027q1_revenue, downside_2027q1_adj_cogs).
COGS SBC and related payroll downside_2027q1_cogs_sbc	2027Q1 / downside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
COGS D&A downside_2027q1_cogs_da	2027Q1 / downside	3.40 USD_millions	assumption: Desk assumption; not company guidance.
COGS noncash and payroll adjustments downside_2027q1_cogs_adjustments	2027Q1 / downside	15.40 USD_millions	derived: These are allocations of total expense included in the operating-income bridge. Formula: sum(downside_2027q1_cogs_sbc, downside_2027q1_cogs_da).
GAAP gross profit proxy downside_2027q1_gross_profit	2027Q1 / downside	854.30 USD_millions	derived: No new COGS restructuring charge assumed. Formula: subtract(downside_2027q1_adj_gross_profit, downside_2027q1_cogs_adjustments).
Adjusted operating expense including Specs downside_2027q1_cash_opex	2027Q1 / downside	730.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy downside_2027q1_adj_ebitda	2027Q1 / downside	139.70 USD_millions	derived: Specs is consolidated and already in the expense budget. Formula: subtract(downside_2027q1_adj_gross_profit, downside_2027q1_cash_opex).
Total equity compensation expense downside_2027q1_sbc	2027Q1 / downside	275.00 USD_millions	assumption: H2 base preserves approximately $1.05B full-year SBC after actual H1 $513.229M; all 2027 is desk.
Cash payroll taxes on equity awards downside_2027q1_sbc_payroll	2027Q1 / downside	16.00 USD_millions	assumption: Desk assumption; not company guidance.
Total D&A downside_2027q1_da	2027Q1 / downside	52.00 USD_millions	assumption: Desk assumption; not company guidance.
Restructuring excluding SBC/D&A counted above downside_2027q1_incremental_restructuring	2027Q1 / downside	0.00 USD_millions	assumption: Remaining April-plan charges/liabilities were immaterial at June 30; no repeat of full H1 charge.
SBC payroll D&A and restructuring downside_2027q1_gaap_adjustments	2027Q1 / downside	343.00 USD_millions	derived: No double deduction of restructuring SBC or asset depreciation. Formula: sum(downside_2027q1_sbc, downside_2027q1_sbc_payroll, downside_2027q1_da, downside_2027q1_incremental_restructuring).
GAAP operating income proxy downside_2027q1_operating_income	2027Q1 / downside	-203.30 USD_millions	derived: No new impairment or unannounced restructuring. Formula: subtract(downside_2027q1_adj_ebitda, downside_2027q1_gaap_adjustments).
Cash debt interest less investment income downside_2027q1_net_cash_interest	2027Q1 / downside	22.00 USD_millions	assumption: Desk net interest includes debt coupons and investment yield; not noncash issuance-cost amortization.
Cash income tax downside_2027q1_cash_tax	2027Q1 / downside	19.00 USD_millions	assumption: Desk assumption; not company guidance.
Working capital and other cash use downside_2027q1_wc_use	2027Q1 / downside	110.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash operating adjustments downside_2027q1_cash_uses	2027Q1 / downside	167.00 USD_millions	derived: Equity-award payroll tax consumes cash although excluded from adjusted EBITDA. Formula: sum(downside_2027q1_sbc_payroll, downside_2027q1_net_cash_interest, downside_2027q1_cash_tax, downside_2027q1_wc_use).
Operating cash flow proxy downside_2027q1_cfo	2027Q1 / downside	-27.30 USD_millions	derived: Working-capital timing is separate from accounting earnings. Formula: subtract(downside_2027q1_adj_ebitda, downside_2027q1_cash_uses).
Cash PP&E downside_2027q1_capex	2027Q1 / downside	63.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E downside_2027q1_fcf	2027Q1 / downside	-90.30 USD_millions	derived: Before discretionary repurchases. Formula: subtract(downside_2027q1_cfo, downside_2027q1_capex).
Share repurchases including tax downside_2027q1_buybacks	2027Q1 / downside	0.00 USD_millions	assumption: Desk capital-allocation assumption; no guarantee shares outstanding decline and no commitment to a 2027 program.
2026 principal timing downside_2027q1_notes26_weight	2027Q1 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
August 2026 note principal downside_2027q1_repay_2026	2027Q1 / downside	0.00 USD_millions	derived: August 1 repayment follows June balance sheet and is described in the subsequent event/remarks. Formula: multiply(notes_2026, downside_2027q1_notes26_weight).
2027 principal timing downside_2027q1_notes27_weight	2027Q1 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
May 2027 note principal downside_2027q1_repay_2027	2027Q1 / downside	0.00 USD_millions	derived: May 1, 2027 maturity; assumes cash settlement. Formula: multiply(notes_2027, downside_2027q1_notes27_weight).
Scheduled note principal downside_2027q1_debt_principal	2027Q1 / downside	0.00 USD_millions	derived: Other debt maturities fall beyond FY2027. Formula: sum(downside_2027q1_repay_2026, downside_2027q1_repay_2027).
Repurchases and principal downside_2027q1_capital_uses	2027Q1 / downside	0.00 USD_millions	derived: Financing uses, not operating expenses. Formula: sum(downside_2027q1_buybacks, downside_2027q1_debt_principal).
Cash after repurchases and note principal downside_2027q1_cash_after_claims	2027Q1 / downside	-90.30 USD_millions	derived: Before acquisitions and strategic investments. Formula: subtract(downside_2027q1_fcf, downside_2027q1_capital_uses).
Advertising revenue downside_2027q2_ad_revenue	2027Q2 / downside	1,370.00 USD_millions	assumption: Desk assumption; not company guidance.
Other product revenue downside_2027q2_other_revenue	2027Q2 / downside	390.00 USD_millions	assumption: Subscriptions and other products in one perimeter; no separately added SPECS preorder/deposit revenue.
Consolidated revenue downside_2027q2_revenue	2027Q2 / downside	1,760.00 USD_millions	derived: Advertising plus other product revenue. Formula: sum(downside_2027q2_ad_revenue, downside_2027q2_other_revenue).
Infrastructure service costs downside_2027q2_infrastructure	2027Q2 / downside	460.00 USD_millions	assumption: Hosting and related operating expense, not company-owned capex. Base H2 reconciles to FY2026 midpoint after H1.
Other cost of revenue / revenue downside_2027q2_other_cogs_ratio	2027Q2 / downside	17.0% ratio	assumption: Desk assumption; not company guidance.
Other cost of revenue downside_2027q2_other_cogs	2027Q2 / downside	299.20 USD_millions	derived: Content and partner costs; scenario broadly follows management 16%-17% FY2026 range. Formula: multiply(downside_2027q2_revenue, downside_2027q2_other_cogs_ratio).
Adjusted cost of revenue downside_2027q2_adj_cogs	2027Q2 / downside	759.20 USD_millions	derived: No second hardware cost assumption added outside this consolidated cost scenario. Formula: sum(downside_2027q2_infrastructure, downside_2027q2_other_cogs).
Adjusted gross profit downside_2027q2_adj_gross_profit	2027Q2 / downside	1,000.80 USD_millions	derived: Before allocated equity compensation and depreciation. Formula: subtract(downside_2027q2_revenue, downside_2027q2_adj_cogs).
COGS SBC and related payroll downside_2027q2_cogs_sbc	2027Q2 / downside	12.50 USD_millions	assumption: Desk assumption; not company guidance.
COGS D&A downside_2027q2_cogs_da	2027Q2 / downside	3.60 USD_millions	assumption: Desk assumption; not company guidance.
COGS noncash and payroll adjustments downside_2027q2_cogs_adjustments	2027Q2 / downside	16.10 USD_millions	derived: These are allocations of total expense included in the operating-income bridge. Formula: sum(downside_2027q2_cogs_sbc, downside_2027q2_cogs_da).
GAAP gross profit proxy downside_2027q2_gross_profit	2027Q2 / downside	984.70 USD_millions	derived: No new COGS restructuring charge assumed. Formula: subtract(downside_2027q2_adj_gross_profit, downside_2027q2_cogs_adjustments).
Adjusted operating expense including Specs downside_2027q2_cash_opex	2027Q2 / downside	750.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy downside_2027q2_adj_ebitda	2027Q2 / downside	250.80 USD_millions	derived: Specs is consolidated and already in the expense budget. Formula: subtract(downside_2027q2_adj_gross_profit, downside_2027q2_cash_opex).
Total equity compensation expense downside_2027q2_sbc	2027Q2 / downside	284.00 USD_millions	assumption: H2 base preserves approximately $1.05B full-year SBC after actual H1 $513.229M; all 2027 is desk.
Cash payroll taxes on equity awards downside_2027q2_sbc_payroll	2027Q2 / downside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Total D&A downside_2027q2_da	2027Q2 / downside	54.00 USD_millions	assumption: Desk assumption; not company guidance.
Restructuring excluding SBC/D&A counted above downside_2027q2_incremental_restructuring	2027Q2 / downside	0.00 USD_millions	assumption: Remaining April-plan charges/liabilities were immaterial at June 30; no repeat of full H1 charge.
SBC payroll D&A and restructuring downside_2027q2_gaap_adjustments	2027Q2 / downside	350.00 USD_millions	derived: No double deduction of restructuring SBC or asset depreciation. Formula: sum(downside_2027q2_sbc, downside_2027q2_sbc_payroll, downside_2027q2_da, downside_2027q2_incremental_restructuring).
GAAP operating income proxy downside_2027q2_operating_income	2027Q2 / downside	-99.20 USD_millions	derived: No new impairment or unannounced restructuring. Formula: subtract(downside_2027q2_adj_ebitda, downside_2027q2_gaap_adjustments).
Cash debt interest less investment income downside_2027q2_net_cash_interest	2027Q2 / downside	24.00 USD_millions	assumption: Desk net interest includes debt coupons and investment yield; not noncash issuance-cost amortization.
Cash income tax downside_2027q2_cash_tax	2027Q2 / downside	21.00 USD_millions	assumption: Desk assumption; not company guidance.
Working capital and other cash use downside_2027q2_wc_use	2027Q2 / downside	45.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash operating adjustments downside_2027q2_cash_uses	2027Q2 / downside	102.00 USD_millions	derived: Equity-award payroll tax consumes cash although excluded from adjusted EBITDA. Formula: sum(downside_2027q2_sbc_payroll, downside_2027q2_net_cash_interest, downside_2027q2_cash_tax, downside_2027q2_wc_use).
Operating cash flow proxy downside_2027q2_cfo	2027Q2 / downside	148.80 USD_millions	derived: Working-capital timing is separate from accounting earnings. Formula: subtract(downside_2027q2_adj_ebitda, downside_2027q2_cash_uses).
Cash PP&E downside_2027q2_capex	2027Q2 / downside	67.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E downside_2027q2_fcf	2027Q2 / downside	81.80 USD_millions	derived: Before discretionary repurchases. Formula: subtract(downside_2027q2_cfo, downside_2027q2_capex).
Share repurchases including tax downside_2027q2_buybacks	2027Q2 / downside	0.00 USD_millions	assumption: Desk capital-allocation assumption; no guarantee shares outstanding decline and no commitment to a 2027 program.
2026 principal timing downside_2027q2_notes26_weight	2027Q2 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
August 2026 note principal downside_2027q2_repay_2026	2027Q2 / downside	0.00 USD_millions	derived: August 1 repayment follows June balance sheet and is described in the subsequent event/remarks. Formula: multiply(notes_2026, downside_2027q2_notes26_weight).
2027 principal timing downside_2027q2_notes27_weight	2027Q2 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
May 2027 note principal downside_2027q2_repay_2027	2027Q2 / downside	106.32 USD_millions	derived: May 1, 2027 maturity; assumes cash settlement. Formula: multiply(notes_2027, downside_2027q2_notes27_weight).
Scheduled note principal downside_2027q2_debt_principal	2027Q2 / downside	106.32 USD_millions	derived: Other debt maturities fall beyond FY2027. Formula: sum(downside_2027q2_repay_2026, downside_2027q2_repay_2027).
Repurchases and principal downside_2027q2_capital_uses	2027Q2 / downside	106.32 USD_millions	derived: Financing uses, not operating expenses. Formula: sum(downside_2027q2_buybacks, downside_2027q2_debt_principal).
Cash after repurchases and note principal downside_2027q2_cash_after_claims	2027Q2 / downside	-24.52 USD_millions	derived: Before acquisitions and strategic investments. Formula: subtract(downside_2027q2_fcf, downside_2027q2_capital_uses).
Advertising revenue downside_2027q3_ad_revenue	2027Q3 / downside	1,430.00 USD_millions	assumption: Desk assumption; not company guidance.
Other product revenue downside_2027q3_other_revenue	2027Q3 / downside	405.00 USD_millions	assumption: Subscriptions and other products in one perimeter; no separately added SPECS preorder/deposit revenue.
Consolidated revenue downside_2027q3_revenue	2027Q3 / downside	1,835.00 USD_millions	derived: Advertising plus other product revenue. Formula: sum(downside_2027q3_ad_revenue, downside_2027q3_other_revenue).
Infrastructure service costs downside_2027q3_infrastructure	2027Q3 / downside	472.00 USD_millions	assumption: Hosting and related operating expense, not company-owned capex. Base H2 reconciles to FY2026 midpoint after H1.
Other cost of revenue / revenue downside_2027q3_other_cogs_ratio	2027Q3 / downside	17.0% ratio	assumption: Desk assumption; not company guidance.
Other cost of revenue downside_2027q3_other_cogs	2027Q3 / downside	311.95 USD_millions	derived: Content and partner costs; scenario broadly follows management 16%-17% FY2026 range. Formula: multiply(downside_2027q3_revenue, downside_2027q3_other_cogs_ratio).
Adjusted cost of revenue downside_2027q3_adj_cogs	2027Q3 / downside	783.95 USD_millions	derived: No second hardware cost assumption added outside this consolidated cost scenario. Formula: sum(downside_2027q3_infrastructure, downside_2027q3_other_cogs).
Adjusted gross profit downside_2027q3_adj_gross_profit	2027Q3 / downside	1,051.05 USD_millions	derived: Before allocated equity compensation and depreciation. Formula: subtract(downside_2027q3_revenue, downside_2027q3_adj_cogs).
COGS SBC and related payroll downside_2027q3_cogs_sbc	2027Q3 / downside	13.00 USD_millions	assumption: Desk assumption; not company guidance.
COGS D&A downside_2027q3_cogs_da	2027Q3 / downside	3.80 USD_millions	assumption: Desk assumption; not company guidance.
COGS noncash and payroll adjustments downside_2027q3_cogs_adjustments	2027Q3 / downside	16.80 USD_millions	derived: These are allocations of total expense included in the operating-income bridge. Formula: sum(downside_2027q3_cogs_sbc, downside_2027q3_cogs_da).
GAAP gross profit proxy downside_2027q3_gross_profit	2027Q3 / downside	1,034.25 USD_millions	derived: No new COGS restructuring charge assumed. Formula: subtract(downside_2027q3_adj_gross_profit, downside_2027q3_cogs_adjustments).
Adjusted operating expense including Specs downside_2027q3_cash_opex	2027Q3 / downside	765.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy downside_2027q3_adj_ebitda	2027Q3 / downside	286.05 USD_millions	derived: Specs is consolidated and already in the expense budget. Formula: subtract(downside_2027q3_adj_gross_profit, downside_2027q3_cash_opex).
Total equity compensation expense downside_2027q3_sbc	2027Q3 / downside	293.00 USD_millions	assumption: H2 base preserves approximately $1.05B full-year SBC after actual H1 $513.229M; all 2027 is desk.
Cash payroll taxes on equity awards downside_2027q3_sbc_payroll	2027Q3 / downside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Total D&A downside_2027q3_da	2027Q3 / downside	56.00 USD_millions	assumption: Desk assumption; not company guidance.
Restructuring excluding SBC/D&A counted above downside_2027q3_incremental_restructuring	2027Q3 / downside	0.00 USD_millions	assumption: Remaining April-plan charges/liabilities were immaterial at June 30; no repeat of full H1 charge.
SBC payroll D&A and restructuring downside_2027q3_gaap_adjustments	2027Q3 / downside	361.00 USD_millions	derived: No double deduction of restructuring SBC or asset depreciation. Formula: sum(downside_2027q3_sbc, downside_2027q3_sbc_payroll, downside_2027q3_da, downside_2027q3_incremental_restructuring).
GAAP operating income proxy downside_2027q3_operating_income	2027Q3 / downside	-74.95 USD_millions	derived: No new impairment or unannounced restructuring. Formula: subtract(downside_2027q3_adj_ebitda, downside_2027q3_gaap_adjustments).
Cash debt interest less investment income downside_2027q3_net_cash_interest	2027Q3 / downside	26.00 USD_millions	assumption: Desk net interest includes debt coupons and investment yield; not noncash issuance-cost amortization.
Cash income tax downside_2027q3_cash_tax	2027Q3 / downside	23.00 USD_millions	assumption: Desk assumption; not company guidance.
Working capital and other cash use downside_2027q3_wc_use	2027Q3 / downside	60.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash operating adjustments downside_2027q3_cash_uses	2027Q3 / downside	121.00 USD_millions	derived: Equity-award payroll tax consumes cash although excluded from adjusted EBITDA. Formula: sum(downside_2027q3_sbc_payroll, downside_2027q3_net_cash_interest, downside_2027q3_cash_tax, downside_2027q3_wc_use).
Operating cash flow proxy downside_2027q3_cfo	2027Q3 / downside	165.05 USD_millions	derived: Working-capital timing is separate from accounting earnings. Formula: subtract(downside_2027q3_adj_ebitda, downside_2027q3_cash_uses).
Cash PP&E downside_2027q3_capex	2027Q3 / downside	71.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E downside_2027q3_fcf	2027Q3 / downside	94.05 USD_millions	derived: Before discretionary repurchases. Formula: subtract(downside_2027q3_cfo, downside_2027q3_capex).
Share repurchases including tax downside_2027q3_buybacks	2027Q3 / downside	0.00 USD_millions	assumption: Desk capital-allocation assumption; no guarantee shares outstanding decline and no commitment to a 2027 program.
2026 principal timing downside_2027q3_notes26_weight	2027Q3 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
August 2026 note principal downside_2027q3_repay_2026	2027Q3 / downside	0.00 USD_millions	derived: August 1 repayment follows June balance sheet and is described in the subsequent event/remarks. Formula: multiply(notes_2026, downside_2027q3_notes26_weight).
2027 principal timing downside_2027q3_notes27_weight	2027Q3 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
May 2027 note principal downside_2027q3_repay_2027	2027Q3 / downside	0.00 USD_millions	derived: May 1, 2027 maturity; assumes cash settlement. Formula: multiply(notes_2027, downside_2027q3_notes27_weight).
Scheduled note principal downside_2027q3_debt_principal	2027Q3 / downside	0.00 USD_millions	derived: Other debt maturities fall beyond FY2027. Formula: sum(downside_2027q3_repay_2026, downside_2027q3_repay_2027).
Repurchases and principal downside_2027q3_capital_uses	2027Q3 / downside	0.00 USD_millions	derived: Financing uses, not operating expenses. Formula: sum(downside_2027q3_buybacks, downside_2027q3_debt_principal).
Cash after repurchases and note principal downside_2027q3_cash_after_claims	2027Q3 / downside	94.05 USD_millions	derived: Before acquisitions and strategic investments. Formula: subtract(downside_2027q3_fcf, downside_2027q3_capital_uses).
Advertising revenue downside_2027q4_ad_revenue	2027Q4 / downside	1,630.00 USD_millions	assumption: Desk assumption; not company guidance.
Other product revenue downside_2027q4_other_revenue	2027Q4 / downside	430.00 USD_millions	assumption: Subscriptions and other products in one perimeter; no separately added SPECS preorder/deposit revenue.
Consolidated revenue downside_2027q4_revenue	2027Q4 / downside	2,060.00 USD_millions	derived: Advertising plus other product revenue. Formula: sum(downside_2027q4_ad_revenue, downside_2027q4_other_revenue).
Infrastructure service costs downside_2027q4_infrastructure	2027Q4 / downside	486.00 USD_millions	assumption: Hosting and related operating expense, not company-owned capex. Base H2 reconciles to FY2026 midpoint after H1.
Other cost of revenue / revenue downside_2027q4_other_cogs_ratio	2027Q4 / downside	17.0% ratio	assumption: Desk assumption; not company guidance.
Other cost of revenue downside_2027q4_other_cogs	2027Q4 / downside	350.20 USD_millions	derived: Content and partner costs; scenario broadly follows management 16%-17% FY2026 range. Formula: multiply(downside_2027q4_revenue, downside_2027q4_other_cogs_ratio).
Adjusted cost of revenue downside_2027q4_adj_cogs	2027Q4 / downside	836.20 USD_millions	derived: No second hardware cost assumption added outside this consolidated cost scenario. Formula: sum(downside_2027q4_infrastructure, downside_2027q4_other_cogs).
Adjusted gross profit downside_2027q4_adj_gross_profit	2027Q4 / downside	1,223.80 USD_millions	derived: Before allocated equity compensation and depreciation. Formula: subtract(downside_2027q4_revenue, downside_2027q4_adj_cogs).
COGS SBC and related payroll downside_2027q4_cogs_sbc	2027Q4 / downside	13.50 USD_millions	assumption: Desk assumption; not company guidance.
COGS D&A downside_2027q4_cogs_da	2027Q4 / downside	4.00 USD_millions	assumption: Desk assumption; not company guidance.
COGS noncash and payroll adjustments downside_2027q4_cogs_adjustments	2027Q4 / downside	17.50 USD_millions	derived: These are allocations of total expense included in the operating-income bridge. Formula: sum(downside_2027q4_cogs_sbc, downside_2027q4_cogs_da).
GAAP gross profit proxy downside_2027q4_gross_profit	2027Q4 / downside	1,206.30 USD_millions	derived: No new COGS restructuring charge assumed. Formula: subtract(downside_2027q4_adj_gross_profit, downside_2027q4_cogs_adjustments).
Adjusted operating expense including Specs downside_2027q4_cash_opex	2027Q4 / downside	800.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy downside_2027q4_adj_ebitda	2027Q4 / downside	423.80 USD_millions	derived: Specs is consolidated and already in the expense budget. Formula: subtract(downside_2027q4_adj_gross_profit, downside_2027q4_cash_opex).
Total equity compensation expense downside_2027q4_sbc	2027Q4 / downside	302.00 USD_millions	assumption: H2 base preserves approximately $1.05B full-year SBC after actual H1 $513.229M; all 2027 is desk.
Cash payroll taxes on equity awards downside_2027q4_sbc_payroll	2027Q4 / downside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Total D&A downside_2027q4_da	2027Q4 / downside	58.00 USD_millions	assumption: Desk assumption; not company guidance.
Restructuring excluding SBC/D&A counted above downside_2027q4_incremental_restructuring	2027Q4 / downside	0.00 USD_millions	assumption: Remaining April-plan charges/liabilities were immaterial at June 30; no repeat of full H1 charge.
SBC payroll D&A and restructuring downside_2027q4_gaap_adjustments	2027Q4 / downside	372.00 USD_millions	derived: No double deduction of restructuring SBC or asset depreciation. Formula: sum(downside_2027q4_sbc, downside_2027q4_sbc_payroll, downside_2027q4_da, downside_2027q4_incremental_restructuring).
GAAP operating income proxy downside_2027q4_operating_income	2027Q4 / downside	51.80 USD_millions	derived: No new impairment or unannounced restructuring. Formula: subtract(downside_2027q4_adj_ebitda, downside_2027q4_gaap_adjustments).
Cash debt interest less investment income downside_2027q4_net_cash_interest	2027Q4 / downside	28.00 USD_millions	assumption: Desk net interest includes debt coupons and investment yield; not noncash issuance-cost amortization.
Cash income tax downside_2027q4_cash_tax	2027Q4 / downside	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Working capital and other cash use downside_2027q4_wc_use	2027Q4 / downside	-25.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash operating adjustments downside_2027q4_cash_uses	2027Q4 / downside	40.00 USD_millions	derived: Equity-award payroll tax consumes cash although excluded from adjusted EBITDA. Formula: sum(downside_2027q4_sbc_payroll, downside_2027q4_net_cash_interest, downside_2027q4_cash_tax, downside_2027q4_wc_use).
Operating cash flow proxy downside_2027q4_cfo	2027Q4 / downside	383.80 USD_millions	derived: Working-capital timing is separate from accounting earnings. Formula: subtract(downside_2027q4_adj_ebitda, downside_2027q4_cash_uses).
Cash PP&E downside_2027q4_capex	2027Q4 / downside	75.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E downside_2027q4_fcf	2027Q4 / downside	308.80 USD_millions	derived: Before discretionary repurchases. Formula: subtract(downside_2027q4_cfo, downside_2027q4_capex).
Share repurchases including tax downside_2027q4_buybacks	2027Q4 / downside	0.00 USD_millions	assumption: Desk capital-allocation assumption; no guarantee shares outstanding decline and no commitment to a 2027 program.
2026 principal timing downside_2027q4_notes26_weight	2027Q4 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
August 2026 note principal downside_2027q4_repay_2026	2027Q4 / downside	0.00 USD_millions	derived: August 1 repayment follows June balance sheet and is described in the subsequent event/remarks. Formula: multiply(notes_2026, downside_2027q4_notes26_weight).
2027 principal timing downside_2027q4_notes27_weight	2027Q4 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
May 2027 note principal downside_2027q4_repay_2027	2027Q4 / downside	0.00 USD_millions	derived: May 1, 2027 maturity; assumes cash settlement. Formula: multiply(notes_2027, downside_2027q4_notes27_weight).
Scheduled note principal downside_2027q4_debt_principal	2027Q4 / downside	0.00 USD_millions	derived: Other debt maturities fall beyond FY2027. Formula: sum(downside_2027q4_repay_2026, downside_2027q4_repay_2027).
Repurchases and principal downside_2027q4_capital_uses	2027Q4 / downside	0.00 USD_millions	derived: Financing uses, not operating expenses. Formula: sum(downside_2027q4_buybacks, downside_2027q4_debt_principal).
Cash after repurchases and note principal downside_2027q4_cash_after_claims	2027Q4 / downside	308.80 USD_millions	derived: Before acquisitions and strategic investments. Formula: subtract(downside_2027q4_fcf, downside_2027q4_capital_uses).
Consolidated revenue ($M) downside_fy2026_revenue	FY2026 / downside	6,692.78 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, downside_2026q3_revenue, downside_2026q4_revenue).
Advertising revenue ($M) downside_fy2026_ad_revenue	FY2026 / downside	5,395.98 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_ad_revenue, downside_2026q3_ad_revenue, downside_2026q4_ad_revenue).
Other product revenue ($M) downside_fy2026_other_revenue	FY2026 / downside	1,296.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_other_revenue, downside_2026q3_other_revenue, downside_2026q4_other_revenue).
GAAP gross profit proxy ($M) downside_fy2026_gross_profit	FY2026 / downside	3,829.61 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, downside_2026q3_gross_profit, downside_2026q4_gross_profit).
GAAP operating income proxy ($M) downside_fy2026_operating_income	FY2026 / downside	-298.29 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, downside_2026q3_operating_income, downside_2026q4_operating_income).
Adjusted EBITDA proxy ($M) downside_fy2026_adj_ebitda	FY2026 / downside	1,086.60 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adj_ebitda, downside_2026q3_adj_ebitda, downside_2026q4_adj_ebitda).
Operating cash flow proxy ($M) downside_fy2026_cfo	FY2026 / downside	979.64 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, downside_2026q3_cfo, downside_2026q4_cfo).
Cash PP&E ($M) downside_fy2026_capex	FY2026 / downside	210.45 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, downside_2026q3_capex, downside_2026q4_capex).
CFO less cash PP&E ($M) downside_fy2026_fcf	FY2026 / downside	769.19 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, downside_2026q3_fcf, downside_2026q4_fcf).
Share repurchases and related tax ($M) downside_fy2026_buybacks	FY2026 / downside	750.96 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_buybacks, downside_2026q3_buybacks, downside_2026q4_buybacks).
Scheduled note principal ($M) downside_fy2026_debt_principal	FY2026 / downside	47.01 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_debt_principal, downside_2026q3_debt_principal, downside_2026q4_debt_principal).
Cash after repurchases and principal ($M) downside_fy2026_cash_after_claims	FY2026 / downside	-28.78 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_claims, downside_2026q3_cash_after_claims, downside_2026q4_cash_after_claims).
Consolidated revenue ($M) downside_fy2027_revenue	FY2027 / downside	7,245.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_revenue, downside_2027q2_revenue, downside_2027q3_revenue, downside_2027q4_revenue).
Advertising revenue ($M) downside_fy2027_ad_revenue	FY2027 / downside	5,640.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_ad_revenue, downside_2027q2_ad_revenue, downside_2027q3_ad_revenue, downside_2027q4_ad_revenue).
Other product revenue ($M) downside_fy2027_other_revenue	FY2027 / downside	1,605.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_other_revenue, downside_2027q2_other_revenue, downside_2027q3_other_revenue, downside_2027q4_other_revenue).
GAAP gross profit proxy ($M) downside_fy2027_gross_profit	FY2027 / downside	4,079.55 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_gross_profit, downside_2027q2_gross_profit, downside_2027q3_gross_profit, downside_2027q4_gross_profit).
GAAP operating income proxy ($M) downside_fy2027_operating_income	FY2027 / downside	-325.65 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_operating_income, downside_2027q2_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income).
Adjusted EBITDA proxy ($M) downside_fy2027_adj_ebitda	FY2027 / downside	1,100.35 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_adj_ebitda, downside_2027q2_adj_ebitda, downside_2027q3_adj_ebitda, downside_2027q4_adj_ebitda).
Operating cash flow proxy ($M) downside_fy2027_cfo	FY2027 / downside	670.35 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cfo, downside_2027q2_cfo, downside_2027q3_cfo, downside_2027q4_cfo).
Cash PP&E ($M) downside_fy2027_capex	FY2027 / downside	276.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_capex, downside_2027q2_capex, downside_2027q3_capex, downside_2027q4_capex).
CFO less cash PP&E ($M) downside_fy2027_fcf	FY2027 / downside	394.35 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_fcf, downside_2027q2_fcf, downside_2027q3_fcf, downside_2027q4_fcf).
Share repurchases and related tax ($M) downside_fy2027_buybacks	FY2027 / downside	0.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_buybacks, downside_2027q2_buybacks, downside_2027q3_buybacks, downside_2027q4_buybacks).
Scheduled note principal ($M) downside_fy2027_debt_principal	FY2027 / downside	106.32 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_debt_principal, downside_2027q2_debt_principal, downside_2027q3_debt_principal, downside_2027q4_debt_principal).
Cash after repurchases and principal ($M) downside_fy2027_cash_after_claims	FY2027 / downside	288.03 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cash_after_claims, downside_2027q2_cash_after_claims, downside_2027q3_cash_after_claims, downside_2027q4_cash_after_claims).
Advertising revenue base_2026q3_ad_revenue	2026Q3 / base	1,380.00 USD_millions	assumption: Desk assumption; not company guidance.
Other product revenue base_2026q3_other_revenue	2026Q3 / base	340.00 USD_millions	assumption: Subscriptions and other products in one perimeter; no separately added SPECS preorder/deposit revenue.
Consolidated revenue base_2026q3_revenue	2026Q3 / base	1,720.00 USD_millions	derived: Advertising plus other product revenue. Formula: sum(base_2026q3_ad_revenue, base_2026q3_other_revenue).
Infrastructure service costs base_2026q3_infrastructure	2026Q3 / base	435.15 USD_millions	assumption: Hosting and related operating expense, not company-owned capex. Base H2 reconciles to FY2026 midpoint after H1.
Other cost of revenue / revenue base_2026q3_other_cogs_ratio	2026Q3 / base	16.5% ratio	assumption: Desk assumption; not company guidance.
Other cost of revenue base_2026q3_other_cogs	2026Q3 / base	283.80 USD_millions	derived: Content and partner costs; scenario broadly follows management 16%-17% FY2026 range. Formula: multiply(base_2026q3_revenue, base_2026q3_other_cogs_ratio).
Adjusted cost of revenue base_2026q3_adj_cogs	2026Q3 / base	718.95 USD_millions	derived: No second hardware cost assumption added outside this consolidated cost scenario. Formula: sum(base_2026q3_infrastructure, base_2026q3_other_cogs).
Adjusted gross profit base_2026q3_adj_gross_profit	2026Q3 / base	1,001.05 USD_millions	derived: Before allocated equity compensation and depreciation. Formula: subtract(base_2026q3_revenue, base_2026q3_adj_cogs).
COGS SBC and related payroll base_2026q3_cogs_sbc	2026Q3 / base	11.00 USD_millions	assumption: Desk assumption; not company guidance.
COGS D&A base_2026q3_cogs_da	2026Q3 / base	3.00 USD_millions	assumption: Desk assumption; not company guidance.
COGS noncash and payroll adjustments base_2026q3_cogs_adjustments	2026Q3 / base	14.00 USD_millions	derived: These are allocations of total expense included in the operating-income bridge. Formula: sum(base_2026q3_cogs_sbc, base_2026q3_cogs_da).
GAAP gross profit proxy base_2026q3_gross_profit	2026Q3 / base	987.05 USD_millions	derived: No new COGS restructuring charge assumed. Formula: subtract(base_2026q3_adj_gross_profit, base_2026q3_cogs_adjustments).
Adjusted operating expense including Specs base_2026q3_cash_opex	2026Q3 / base	676.05 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy base_2026q3_adj_ebitda	2026Q3 / base	325.00 USD_millions	derived: Specs is consolidated and already in the expense budget. Formula: subtract(base_2026q3_adj_gross_profit, base_2026q3_cash_opex).
Total equity compensation expense base_2026q3_sbc	2026Q3 / base	268.39 USD_millions	assumption: H2 base preserves approximately $1.05B full-year SBC after actual H1 $513.229M; all 2027 is desk.
Cash payroll taxes on equity awards base_2026q3_sbc_payroll	2026Q3 / base	11.00 USD_millions	assumption: Desk assumption; not company guidance.
Total D&A base_2026q3_da	2026Q3 / base	48.00 USD_millions	assumption: Desk assumption; not company guidance.
Restructuring excluding SBC/D&A counted above base_2026q3_incremental_restructuring	2026Q3 / base	0.00 USD_millions	assumption: Remaining April-plan charges/liabilities were immaterial at June 30; no repeat of full H1 charge.
SBC payroll D&A and restructuring base_2026q3_gaap_adjustments	2026Q3 / base	327.39 USD_millions	derived: No double deduction of restructuring SBC or asset depreciation. Formula: sum(base_2026q3_sbc, base_2026q3_sbc_payroll, base_2026q3_da, base_2026q3_incremental_restructuring).
GAAP operating income proxy base_2026q3_operating_income	2026Q3 / base	-2.39 USD_millions	derived: No new impairment or unannounced restructuring. Formula: subtract(base_2026q3_adj_ebitda, base_2026q3_gaap_adjustments).
Cash debt interest less investment income base_2026q3_net_cash_interest	2026Q3 / base	18.00 USD_millions	assumption: Desk net interest includes debt coupons and investment yield; not noncash issuance-cost amortization.
Cash income tax base_2026q3_cash_tax	2026Q3 / base	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Working capital and other cash use base_2026q3_wc_use	2026Q3 / base	35.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash operating adjustments base_2026q3_cash_uses	2026Q3 / base	79.00 USD_millions	derived: Equity-award payroll tax consumes cash although excluded from adjusted EBITDA. Formula: sum(base_2026q3_sbc_payroll, base_2026q3_net_cash_interest, base_2026q3_cash_tax, base_2026q3_wc_use).
Operating cash flow proxy base_2026q3_cfo	2026Q3 / base	246.00 USD_millions	derived: Working-capital timing is separate from accounting earnings. Formula: subtract(base_2026q3_adj_ebitda, base_2026q3_cash_uses).
Cash PP&E base_2026q3_capex	2026Q3 / base	55.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E base_2026q3_fcf	2026Q3 / base	191.00 USD_millions	derived: Before discretionary repurchases. Formula: subtract(base_2026q3_cfo, base_2026q3_capex).
Share repurchases including tax base_2026q3_buybacks	2026Q3 / base	200.00 USD_millions	assumption: Desk capital-allocation assumption; no guarantee shares outstanding decline and no commitment to a 2027 program.
2026 principal timing base_2026q3_notes26_weight	2026Q3 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
August 2026 note principal base_2026q3_repay_2026	2026Q3 / base	47.01 USD_millions	derived: August 1 repayment follows June balance sheet and is described in the subsequent event/remarks. Formula: multiply(notes_2026, base_2026q3_notes26_weight).
2027 principal timing base_2026q3_notes27_weight	2026Q3 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
May 2027 note principal base_2026q3_repay_2027	2026Q3 / base	0.00 USD_millions	derived: May 1, 2027 maturity; assumes cash settlement. Formula: multiply(notes_2027, base_2026q3_notes27_weight).
Scheduled note principal base_2026q3_debt_principal	2026Q3 / base	47.01 USD_millions	derived: Other debt maturities fall beyond FY2027. Formula: sum(base_2026q3_repay_2026, base_2026q3_repay_2027).
Repurchases and principal base_2026q3_capital_uses	2026Q3 / base	247.01 USD_millions	derived: Financing uses, not operating expenses. Formula: sum(base_2026q3_buybacks, base_2026q3_debt_principal).
Cash after repurchases and note principal base_2026q3_cash_after_claims	2026Q3 / base	-56.01 USD_millions	derived: Before acquisitions and strategic investments. Formula: subtract(base_2026q3_fcf, base_2026q3_capital_uses).
Advertising revenue base_2026q4_ad_revenue	2026Q4 / base	1,650.00 USD_millions	assumption: Desk assumption; not company guidance.
Other product revenue base_2026q4_other_revenue	2026Q4 / base	400.00 USD_millions	assumption: Subscriptions and other products in one perimeter; no separately added SPECS preorder/deposit revenue.
Consolidated revenue base_2026q4_revenue	2026Q4 / base	2,050.00 USD_millions	derived: Advertising plus other product revenue. Formula: sum(base_2026q4_ad_revenue, base_2026q4_other_revenue).
Infrastructure service costs base_2026q4_infrastructure	2026Q4 / base	435.15 USD_millions	assumption: Hosting and related operating expense, not company-owned capex. Base H2 reconciles to FY2026 midpoint after H1.
Other cost of revenue / revenue base_2026q4_other_cogs_ratio	2026Q4 / base	16.5% ratio	assumption: Desk assumption; not company guidance.
Other cost of revenue base_2026q4_other_cogs	2026Q4 / base	338.25 USD_millions	derived: Content and partner costs; scenario broadly follows management 16%-17% FY2026 range. Formula: multiply(base_2026q4_revenue, base_2026q4_other_cogs_ratio).
Adjusted cost of revenue base_2026q4_adj_cogs	2026Q4 / base	773.40 USD_millions	derived: No second hardware cost assumption added outside this consolidated cost scenario. Formula: sum(base_2026q4_infrastructure, base_2026q4_other_cogs).
Adjusted gross profit base_2026q4_adj_gross_profit	2026Q4 / base	1,276.60 USD_millions	derived: Before allocated equity compensation and depreciation. Formula: subtract(base_2026q4_revenue, base_2026q4_adj_cogs).
COGS SBC and related payroll base_2026q4_cogs_sbc	2026Q4 / base	11.50 USD_millions	assumption: Desk assumption; not company guidance.
COGS D&A base_2026q4_cogs_da	2026Q4 / base	3.20 USD_millions	assumption: Desk assumption; not company guidance.
COGS noncash and payroll adjustments base_2026q4_cogs_adjustments	2026Q4 / base	14.70 USD_millions	derived: These are allocations of total expense included in the operating-income bridge. Formula: sum(base_2026q4_cogs_sbc, base_2026q4_cogs_da).
GAAP gross profit proxy base_2026q4_gross_profit	2026Q4 / base	1,261.90 USD_millions	derived: No new COGS restructuring charge assumed. Formula: subtract(base_2026q4_adj_gross_profit, base_2026q4_cogs_adjustments).
Adjusted operating expense including Specs base_2026q4_cash_opex	2026Q4 / base	747.28 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy base_2026q4_adj_ebitda	2026Q4 / base	529.32 USD_millions	derived: Specs is consolidated and already in the expense budget. Formula: subtract(base_2026q4_adj_gross_profit, base_2026q4_cash_opex).
Total equity compensation expense base_2026q4_sbc	2026Q4 / base	268.39 USD_millions	assumption: H2 base preserves approximately $1.05B full-year SBC after actual H1 $513.229M; all 2027 is desk.
Cash payroll taxes on equity awards base_2026q4_sbc_payroll	2026Q4 / base	11.00 USD_millions	assumption: Desk assumption; not company guidance.
Total D&A base_2026q4_da	2026Q4 / base	50.00 USD_millions	assumption: Desk assumption; not company guidance.
Restructuring excluding SBC/D&A counted above base_2026q4_incremental_restructuring	2026Q4 / base	0.00 USD_millions	assumption: Remaining April-plan charges/liabilities were immaterial at June 30; no repeat of full H1 charge.
SBC payroll D&A and restructuring base_2026q4_gaap_adjustments	2026Q4 / base	329.39 USD_millions	derived: No double deduction of restructuring SBC or asset depreciation. Formula: sum(base_2026q4_sbc, base_2026q4_sbc_payroll, base_2026q4_da, base_2026q4_incremental_restructuring).
GAAP operating income proxy base_2026q4_operating_income	2026Q4 / base	199.94 USD_millions	derived: No new impairment or unannounced restructuring. Formula: subtract(base_2026q4_adj_ebitda, base_2026q4_gaap_adjustments).
Cash debt interest less investment income base_2026q4_net_cash_interest	2026Q4 / base	20.00 USD_millions	assumption: Desk net interest includes debt coupons and investment yield; not noncash issuance-cost amortization.
Cash income tax base_2026q4_cash_tax	2026Q4 / base	17.00 USD_millions	assumption: Desk assumption; not company guidance.
Working capital and other cash use base_2026q4_wc_use	2026Q4 / base	-80.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash operating adjustments base_2026q4_cash_uses	2026Q4 / base	-32.00 USD_millions	derived: Equity-award payroll tax consumes cash although excluded from adjusted EBITDA. Formula: sum(base_2026q4_sbc_payroll, base_2026q4_net_cash_interest, base_2026q4_cash_tax, base_2026q4_wc_use).
Operating cash flow proxy base_2026q4_cfo	2026Q4 / base	561.32 USD_millions	derived: Working-capital timing is separate from accounting earnings. Formula: subtract(base_2026q4_adj_ebitda, base_2026q4_cash_uses).
Cash PP&E base_2026q4_capex	2026Q4 / base	59.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E base_2026q4_fcf	2026Q4 / base	502.32 USD_millions	derived: Before discretionary repurchases. Formula: subtract(base_2026q4_cfo, base_2026q4_capex).
Share repurchases including tax base_2026q4_buybacks	2026Q4 / base	200.00 USD_millions	assumption: Desk capital-allocation assumption; no guarantee shares outstanding decline and no commitment to a 2027 program.
2026 principal timing base_2026q4_notes26_weight	2026Q4 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
August 2026 note principal base_2026q4_repay_2026	2026Q4 / base	0.00 USD_millions	derived: August 1 repayment follows June balance sheet and is described in the subsequent event/remarks. Formula: multiply(notes_2026, base_2026q4_notes26_weight).
2027 principal timing base_2026q4_notes27_weight	2026Q4 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
May 2027 note principal base_2026q4_repay_2027	2026Q4 / base	0.00 USD_millions	derived: May 1, 2027 maturity; assumes cash settlement. Formula: multiply(notes_2027, base_2026q4_notes27_weight).
Scheduled note principal base_2026q4_debt_principal	2026Q4 / base	0.00 USD_millions	derived: Other debt maturities fall beyond FY2027. Formula: sum(base_2026q4_repay_2026, base_2026q4_repay_2027).
Repurchases and principal base_2026q4_capital_uses	2026Q4 / base	200.00 USD_millions	derived: Financing uses, not operating expenses. Formula: sum(base_2026q4_buybacks, base_2026q4_debt_principal).
Cash after repurchases and note principal base_2026q4_cash_after_claims	2026Q4 / base	302.32 USD_millions	derived: Before acquisitions and strategic investments. Formula: subtract(base_2026q4_fcf, base_2026q4_capital_uses).
Advertising revenue base_2027q1_ad_revenue	2027Q1 / base	1,340.00 USD_millions	assumption: Desk assumption; not company guidance.
Other product revenue base_2027q1_other_revenue	2027Q1 / base	420.00 USD_millions	assumption: Subscriptions and other products in one perimeter; no separately added SPECS preorder/deposit revenue.
Consolidated revenue base_2027q1_revenue	2027Q1 / base	1,760.00 USD_millions	derived: Advertising plus other product revenue. Formula: sum(base_2027q1_ad_revenue, base_2027q1_other_revenue).
Infrastructure service costs base_2027q1_infrastructure	2027Q1 / base	450.00 USD_millions	assumption: Hosting and related operating expense, not company-owned capex. Base H2 reconciles to FY2026 midpoint after H1.
Other cost of revenue / revenue base_2027q1_other_cogs_ratio	2027Q1 / base	16.5% ratio	assumption: Desk assumption; not company guidance.
Other cost of revenue base_2027q1_other_cogs	2027Q1 / base	290.40 USD_millions	derived: Content and partner costs; scenario broadly follows management 16%-17% FY2026 range. Formula: multiply(base_2027q1_revenue, base_2027q1_other_cogs_ratio).
Adjusted cost of revenue base_2027q1_adj_cogs	2027Q1 / base	740.40 USD_millions	derived: No second hardware cost assumption added outside this consolidated cost scenario. Formula: sum(base_2027q1_infrastructure, base_2027q1_other_cogs).
Adjusted gross profit base_2027q1_adj_gross_profit	2027Q1 / base	1,019.60 USD_millions	derived: Before allocated equity compensation and depreciation. Formula: subtract(base_2027q1_revenue, base_2027q1_adj_cogs).
COGS SBC and related payroll base_2027q1_cogs_sbc	2027Q1 / base	12.00 USD_millions	assumption: Desk assumption; not company guidance.
COGS D&A base_2027q1_cogs_da	2027Q1 / base	3.40 USD_millions	assumption: Desk assumption; not company guidance.
COGS noncash and payroll adjustments base_2027q1_cogs_adjustments	2027Q1 / base	15.40 USD_millions	derived: These are allocations of total expense included in the operating-income bridge. Formula: sum(base_2027q1_cogs_sbc, base_2027q1_cogs_da).
GAAP gross profit proxy base_2027q1_gross_profit	2027Q1 / base	1,004.20 USD_millions	derived: No new COGS restructuring charge assumed. Formula: subtract(base_2027q1_adj_gross_profit, base_2027q1_cogs_adjustments).
Adjusted operating expense including Specs base_2027q1_cash_opex	2027Q1 / base	722.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy base_2027q1_adj_ebitda	2027Q1 / base	297.60 USD_millions	derived: Specs is consolidated and already in the expense budget. Formula: subtract(base_2027q1_adj_gross_profit, base_2027q1_cash_opex).
Total equity compensation expense base_2027q1_sbc	2027Q1 / base	275.00 USD_millions	assumption: H2 base preserves approximately $1.05B full-year SBC after actual H1 $513.229M; all 2027 is desk.
Cash payroll taxes on equity awards base_2027q1_sbc_payroll	2027Q1 / base	16.00 USD_millions	assumption: Desk assumption; not company guidance.
Total D&A base_2027q1_da	2027Q1 / base	52.00 USD_millions	assumption: Desk assumption; not company guidance.
Restructuring excluding SBC/D&A counted above base_2027q1_incremental_restructuring	2027Q1 / base	0.00 USD_millions	assumption: Remaining April-plan charges/liabilities were immaterial at June 30; no repeat of full H1 charge.
SBC payroll D&A and restructuring base_2027q1_gaap_adjustments	2027Q1 / base	343.00 USD_millions	derived: No double deduction of restructuring SBC or asset depreciation. Formula: sum(base_2027q1_sbc, base_2027q1_sbc_payroll, base_2027q1_da, base_2027q1_incremental_restructuring).
GAAP operating income proxy base_2027q1_operating_income	2027Q1 / base	-45.40 USD_millions	derived: No new impairment or unannounced restructuring. Formula: subtract(base_2027q1_adj_ebitda, base_2027q1_gaap_adjustments).
Cash debt interest less investment income base_2027q1_net_cash_interest	2027Q1 / base	22.00 USD_millions	assumption: Desk net interest includes debt coupons and investment yield; not noncash issuance-cost amortization.
Cash income tax base_2027q1_cash_tax	2027Q1 / base	19.00 USD_millions	assumption: Desk assumption; not company guidance.
Working capital and other cash use base_2027q1_wc_use	2027Q1 / base	90.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash operating adjustments base_2027q1_cash_uses	2027Q1 / base	147.00 USD_millions	derived: Equity-award payroll tax consumes cash although excluded from adjusted EBITDA. Formula: sum(base_2027q1_sbc_payroll, base_2027q1_net_cash_interest, base_2027q1_cash_tax, base_2027q1_wc_use).
Operating cash flow proxy base_2027q1_cfo	2027Q1 / base	150.60 USD_millions	derived: Working-capital timing is separate from accounting earnings. Formula: subtract(base_2027q1_adj_ebitda, base_2027q1_cash_uses).
Cash PP&E base_2027q1_capex	2027Q1 / base	63.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E base_2027q1_fcf	2027Q1 / base	87.60 USD_millions	derived: Before discretionary repurchases. Formula: subtract(base_2027q1_cfo, base_2027q1_capex).
Share repurchases including tax base_2027q1_buybacks	2027Q1 / base	180.00 USD_millions	assumption: Desk capital-allocation assumption; no guarantee shares outstanding decline and no commitment to a 2027 program.
2026 principal timing base_2027q1_notes26_weight	2027Q1 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
August 2026 note principal base_2027q1_repay_2026	2027Q1 / base	0.00 USD_millions	derived: August 1 repayment follows June balance sheet and is described in the subsequent event/remarks. Formula: multiply(notes_2026, base_2027q1_notes26_weight).
2027 principal timing base_2027q1_notes27_weight	2027Q1 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
May 2027 note principal base_2027q1_repay_2027	2027Q1 / base	0.00 USD_millions	derived: May 1, 2027 maturity; assumes cash settlement. Formula: multiply(notes_2027, base_2027q1_notes27_weight).
Scheduled note principal base_2027q1_debt_principal	2027Q1 / base	0.00 USD_millions	derived: Other debt maturities fall beyond FY2027. Formula: sum(base_2027q1_repay_2026, base_2027q1_repay_2027).
Repurchases and principal base_2027q1_capital_uses	2027Q1 / base	180.00 USD_millions	derived: Financing uses, not operating expenses. Formula: sum(base_2027q1_buybacks, base_2027q1_debt_principal).
Cash after repurchases and note principal base_2027q1_cash_after_claims	2027Q1 / base	-92.40 USD_millions	derived: Before acquisitions and strategic investments. Formula: subtract(base_2027q1_fcf, base_2027q1_capital_uses).
Advertising revenue base_2027q2_ad_revenue	2027Q2 / base	1,510.00 USD_millions	assumption: Desk assumption; not company guidance.
Other product revenue base_2027q2_other_revenue	2027Q2 / base	450.00 USD_millions	assumption: Subscriptions and other products in one perimeter; no separately added SPECS preorder/deposit revenue.
Consolidated revenue base_2027q2_revenue	2027Q2 / base	1,960.00 USD_millions	derived: Advertising plus other product revenue. Formula: sum(base_2027q2_ad_revenue, base_2027q2_other_revenue).
Infrastructure service costs base_2027q2_infrastructure	2027Q2 / base	467.00 USD_millions	assumption: Hosting and related operating expense, not company-owned capex. Base H2 reconciles to FY2026 midpoint after H1.
Other cost of revenue / revenue base_2027q2_other_cogs_ratio	2027Q2 / base	16.5% ratio	assumption: Desk assumption; not company guidance.
Other cost of revenue base_2027q2_other_cogs	2027Q2 / base	323.40 USD_millions	derived: Content and partner costs; scenario broadly follows management 16%-17% FY2026 range. Formula: multiply(base_2027q2_revenue, base_2027q2_other_cogs_ratio).
Adjusted cost of revenue base_2027q2_adj_cogs	2027Q2 / base	790.40 USD_millions	derived: No second hardware cost assumption added outside this consolidated cost scenario. Formula: sum(base_2027q2_infrastructure, base_2027q2_other_cogs).
Adjusted gross profit base_2027q2_adj_gross_profit	2027Q2 / base	1,169.60 USD_millions	derived: Before allocated equity compensation and depreciation. Formula: subtract(base_2027q2_revenue, base_2027q2_adj_cogs).
COGS SBC and related payroll base_2027q2_cogs_sbc	2027Q2 / base	12.50 USD_millions	assumption: Desk assumption; not company guidance.
COGS D&A base_2027q2_cogs_da	2027Q2 / base	3.60 USD_millions	assumption: Desk assumption; not company guidance.
COGS noncash and payroll adjustments base_2027q2_cogs_adjustments	2027Q2 / base	16.10 USD_millions	derived: These are allocations of total expense included in the operating-income bridge. Formula: sum(base_2027q2_cogs_sbc, base_2027q2_cogs_da).
GAAP gross profit proxy base_2027q2_gross_profit	2027Q2 / base	1,153.50 USD_millions	derived: No new COGS restructuring charge assumed. Formula: subtract(base_2027q2_adj_gross_profit, base_2027q2_cogs_adjustments).
Adjusted operating expense including Specs base_2027q2_cash_opex	2027Q2 / base	745.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy base_2027q2_adj_ebitda	2027Q2 / base	424.60 USD_millions	derived: Specs is consolidated and already in the expense budget. Formula: subtract(base_2027q2_adj_gross_profit, base_2027q2_cash_opex).
Total equity compensation expense base_2027q2_sbc	2027Q2 / base	284.00 USD_millions	assumption: H2 base preserves approximately $1.05B full-year SBC after actual H1 $513.229M; all 2027 is desk.
Cash payroll taxes on equity awards base_2027q2_sbc_payroll	2027Q2 / base	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Total D&A base_2027q2_da	2027Q2 / base	54.00 USD_millions	assumption: Desk assumption; not company guidance.
Restructuring excluding SBC/D&A counted above base_2027q2_incremental_restructuring	2027Q2 / base	0.00 USD_millions	assumption: Remaining April-plan charges/liabilities were immaterial at June 30; no repeat of full H1 charge.
SBC payroll D&A and restructuring base_2027q2_gaap_adjustments	2027Q2 / base	350.00 USD_millions	derived: No double deduction of restructuring SBC or asset depreciation. Formula: sum(base_2027q2_sbc, base_2027q2_sbc_payroll, base_2027q2_da, base_2027q2_incremental_restructuring).
GAAP operating income proxy base_2027q2_operating_income	2027Q2 / base	74.60 USD_millions	derived: No new impairment or unannounced restructuring. Formula: subtract(base_2027q2_adj_ebitda, base_2027q2_gaap_adjustments).
Cash debt interest less investment income base_2027q2_net_cash_interest	2027Q2 / base	24.00 USD_millions	assumption: Desk net interest includes debt coupons and investment yield; not noncash issuance-cost amortization.
Cash income tax base_2027q2_cash_tax	2027Q2 / base	21.00 USD_millions	assumption: Desk assumption; not company guidance.
Working capital and other cash use base_2027q2_wc_use	2027Q2 / base	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash operating adjustments base_2027q2_cash_uses	2027Q2 / base	77.00 USD_millions	derived: Equity-award payroll tax consumes cash although excluded from adjusted EBITDA. Formula: sum(base_2027q2_sbc_payroll, base_2027q2_net_cash_interest, base_2027q2_cash_tax, base_2027q2_wc_use).
Operating cash flow proxy base_2027q2_cfo	2027Q2 / base	347.60 USD_millions	derived: Working-capital timing is separate from accounting earnings. Formula: subtract(base_2027q2_adj_ebitda, base_2027q2_cash_uses).
Cash PP&E base_2027q2_capex	2027Q2 / base	67.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E base_2027q2_fcf	2027Q2 / base	280.60 USD_millions	derived: Before discretionary repurchases. Formula: subtract(base_2027q2_cfo, base_2027q2_capex).
Share repurchases including tax base_2027q2_buybacks	2027Q2 / base	180.00 USD_millions	assumption: Desk capital-allocation assumption; no guarantee shares outstanding decline and no commitment to a 2027 program.
2026 principal timing base_2027q2_notes26_weight	2027Q2 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
August 2026 note principal base_2027q2_repay_2026	2027Q2 / base	0.00 USD_millions	derived: August 1 repayment follows June balance sheet and is described in the subsequent event/remarks. Formula: multiply(notes_2026, base_2027q2_notes26_weight).
2027 principal timing base_2027q2_notes27_weight	2027Q2 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
May 2027 note principal base_2027q2_repay_2027	2027Q2 / base	106.32 USD_millions	derived: May 1, 2027 maturity; assumes cash settlement. Formula: multiply(notes_2027, base_2027q2_notes27_weight).
Scheduled note principal base_2027q2_debt_principal	2027Q2 / base	106.32 USD_millions	derived: Other debt maturities fall beyond FY2027. Formula: sum(base_2027q2_repay_2026, base_2027q2_repay_2027).
Repurchases and principal base_2027q2_capital_uses	2027Q2 / base	286.32 USD_millions	derived: Financing uses, not operating expenses. Formula: sum(base_2027q2_buybacks, base_2027q2_debt_principal).
Cash after repurchases and note principal base_2027q2_cash_after_claims	2027Q2 / base	-5.72 USD_millions	derived: Before acquisitions and strategic investments. Formula: subtract(base_2027q2_fcf, base_2027q2_capital_uses).
Advertising revenue base_2027q3_ad_revenue	2027Q3 / base	1,590.00 USD_millions	assumption: Desk assumption; not company guidance.
Other product revenue base_2027q3_other_revenue	2027Q3 / base	485.00 USD_millions	assumption: Subscriptions and other products in one perimeter; no separately added SPECS preorder/deposit revenue.
Consolidated revenue base_2027q3_revenue	2027Q3 / base	2,075.00 USD_millions	derived: Advertising plus other product revenue. Formula: sum(base_2027q3_ad_revenue, base_2027q3_other_revenue).
Infrastructure service costs base_2027q3_infrastructure	2027Q3 / base	487.00 USD_millions	assumption: Hosting and related operating expense, not company-owned capex. Base H2 reconciles to FY2026 midpoint after H1.
Other cost of revenue / revenue base_2027q3_other_cogs_ratio	2027Q3 / base	16.5% ratio	assumption: Desk assumption; not company guidance.
Other cost of revenue base_2027q3_other_cogs	2027Q3 / base	342.38 USD_millions	derived: Content and partner costs; scenario broadly follows management 16%-17% FY2026 range. Formula: multiply(base_2027q3_revenue, base_2027q3_other_cogs_ratio).
Adjusted cost of revenue base_2027q3_adj_cogs	2027Q3 / base	829.38 USD_millions	derived: No second hardware cost assumption added outside this consolidated cost scenario. Formula: sum(base_2027q3_infrastructure, base_2027q3_other_cogs).
Adjusted gross profit base_2027q3_adj_gross_profit	2027Q3 / base	1,245.62 USD_millions	derived: Before allocated equity compensation and depreciation. Formula: subtract(base_2027q3_revenue, base_2027q3_adj_cogs).
COGS SBC and related payroll base_2027q3_cogs_sbc	2027Q3 / base	13.00 USD_millions	assumption: Desk assumption; not company guidance.
COGS D&A base_2027q3_cogs_da	2027Q3 / base	3.80 USD_millions	assumption: Desk assumption; not company guidance.
COGS noncash and payroll adjustments base_2027q3_cogs_adjustments	2027Q3 / base	16.80 USD_millions	derived: These are allocations of total expense included in the operating-income bridge. Formula: sum(base_2027q3_cogs_sbc, base_2027q3_cogs_da).
GAAP gross profit proxy base_2027q3_gross_profit	2027Q3 / base	1,228.83 USD_millions	derived: No new COGS restructuring charge assumed. Formula: subtract(base_2027q3_adj_gross_profit, base_2027q3_cogs_adjustments).
Adjusted operating expense including Specs base_2027q3_cash_opex	2027Q3 / base	770.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy base_2027q3_adj_ebitda	2027Q3 / base	475.62 USD_millions	derived: Specs is consolidated and already in the expense budget. Formula: subtract(base_2027q3_adj_gross_profit, base_2027q3_cash_opex).
Total equity compensation expense base_2027q3_sbc	2027Q3 / base	293.00 USD_millions	assumption: H2 base preserves approximately $1.05B full-year SBC after actual H1 $513.229M; all 2027 is desk.
Cash payroll taxes on equity awards base_2027q3_sbc_payroll	2027Q3 / base	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Total D&A base_2027q3_da	2027Q3 / base	56.00 USD_millions	assumption: Desk assumption; not company guidance.
Restructuring excluding SBC/D&A counted above base_2027q3_incremental_restructuring	2027Q3 / base	0.00 USD_millions	assumption: Remaining April-plan charges/liabilities were immaterial at June 30; no repeat of full H1 charge.
SBC payroll D&A and restructuring base_2027q3_gaap_adjustments	2027Q3 / base	361.00 USD_millions	derived: No double deduction of restructuring SBC or asset depreciation. Formula: sum(base_2027q3_sbc, base_2027q3_sbc_payroll, base_2027q3_da, base_2027q3_incremental_restructuring).
GAAP operating income proxy base_2027q3_operating_income	2027Q3 / base	114.62 USD_millions	derived: No new impairment or unannounced restructuring. Formula: subtract(base_2027q3_adj_ebitda, base_2027q3_gaap_adjustments).
Cash debt interest less investment income base_2027q3_net_cash_interest	2027Q3 / base	26.00 USD_millions	assumption: Desk net interest includes debt coupons and investment yield; not noncash issuance-cost amortization.
Cash income tax base_2027q3_cash_tax	2027Q3 / base	23.00 USD_millions	assumption: Desk assumption; not company guidance.
Working capital and other cash use base_2027q3_wc_use	2027Q3 / base	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash operating adjustments base_2027q3_cash_uses	2027Q3 / base	91.00 USD_millions	derived: Equity-award payroll tax consumes cash although excluded from adjusted EBITDA. Formula: sum(base_2027q3_sbc_payroll, base_2027q3_net_cash_interest, base_2027q3_cash_tax, base_2027q3_wc_use).
Operating cash flow proxy base_2027q3_cfo	2027Q3 / base	384.62 USD_millions	derived: Working-capital timing is separate from accounting earnings. Formula: subtract(base_2027q3_adj_ebitda, base_2027q3_cash_uses).
Cash PP&E base_2027q3_capex	2027Q3 / base	71.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E base_2027q3_fcf	2027Q3 / base	313.62 USD_millions	derived: Before discretionary repurchases. Formula: subtract(base_2027q3_cfo, base_2027q3_capex).
Share repurchases including tax base_2027q3_buybacks	2027Q3 / base	180.00 USD_millions	assumption: Desk capital-allocation assumption; no guarantee shares outstanding decline and no commitment to a 2027 program.
2026 principal timing base_2027q3_notes26_weight	2027Q3 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
August 2026 note principal base_2027q3_repay_2026	2027Q3 / base	0.00 USD_millions	derived: August 1 repayment follows June balance sheet and is described in the subsequent event/remarks. Formula: multiply(notes_2026, base_2027q3_notes26_weight).
2027 principal timing base_2027q3_notes27_weight	2027Q3 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
May 2027 note principal base_2027q3_repay_2027	2027Q3 / base	0.00 USD_millions	derived: May 1, 2027 maturity; assumes cash settlement. Formula: multiply(notes_2027, base_2027q3_notes27_weight).
Scheduled note principal base_2027q3_debt_principal	2027Q3 / base	0.00 USD_millions	derived: Other debt maturities fall beyond FY2027. Formula: sum(base_2027q3_repay_2026, base_2027q3_repay_2027).
Repurchases and principal base_2027q3_capital_uses	2027Q3 / base	180.00 USD_millions	derived: Financing uses, not operating expenses. Formula: sum(base_2027q3_buybacks, base_2027q3_debt_principal).
Cash after repurchases and note principal base_2027q3_cash_after_claims	2027Q3 / base	133.62 USD_millions	derived: Before acquisitions and strategic investments. Formula: subtract(base_2027q3_fcf, base_2027q3_capital_uses).
Advertising revenue base_2027q4_ad_revenue	2027Q4 / base	1,860.00 USD_millions	assumption: Desk assumption; not company guidance.
Other product revenue base_2027q4_other_revenue	2027Q4 / base	535.00 USD_millions	assumption: Subscriptions and other products in one perimeter; no separately added SPECS preorder/deposit revenue.
Consolidated revenue base_2027q4_revenue	2027Q4 / base	2,395.00 USD_millions	derived: Advertising plus other product revenue. Formula: sum(base_2027q4_ad_revenue, base_2027q4_other_revenue).
Infrastructure service costs base_2027q4_infrastructure	2027Q4 / base	512.00 USD_millions	assumption: Hosting and related operating expense, not company-owned capex. Base H2 reconciles to FY2026 midpoint after H1.
Other cost of revenue / revenue base_2027q4_other_cogs_ratio	2027Q4 / base	16.5% ratio	assumption: Desk assumption; not company guidance.
Other cost of revenue base_2027q4_other_cogs	2027Q4 / base	395.18 USD_millions	derived: Content and partner costs; scenario broadly follows management 16%-17% FY2026 range. Formula: multiply(base_2027q4_revenue, base_2027q4_other_cogs_ratio).
Adjusted cost of revenue base_2027q4_adj_cogs	2027Q4 / base	907.17 USD_millions	derived: No second hardware cost assumption added outside this consolidated cost scenario. Formula: sum(base_2027q4_infrastructure, base_2027q4_other_cogs).
Adjusted gross profit base_2027q4_adj_gross_profit	2027Q4 / base	1,487.83 USD_millions	derived: Before allocated equity compensation and depreciation. Formula: subtract(base_2027q4_revenue, base_2027q4_adj_cogs).
COGS SBC and related payroll base_2027q4_cogs_sbc	2027Q4 / base	13.50 USD_millions	assumption: Desk assumption; not company guidance.
COGS D&A base_2027q4_cogs_da	2027Q4 / base	4.00 USD_millions	assumption: Desk assumption; not company guidance.
COGS noncash and payroll adjustments base_2027q4_cogs_adjustments	2027Q4 / base	17.50 USD_millions	derived: These are allocations of total expense included in the operating-income bridge. Formula: sum(base_2027q4_cogs_sbc, base_2027q4_cogs_da).
GAAP gross profit proxy base_2027q4_gross_profit	2027Q4 / base	1,470.33 USD_millions	derived: No new COGS restructuring charge assumed. Formula: subtract(base_2027q4_adj_gross_profit, base_2027q4_cogs_adjustments).
Adjusted operating expense including Specs base_2027q4_cash_opex	2027Q4 / base	817.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy base_2027q4_adj_ebitda	2027Q4 / base	670.83 USD_millions	derived: Specs is consolidated and already in the expense budget. Formula: subtract(base_2027q4_adj_gross_profit, base_2027q4_cash_opex).
Total equity compensation expense base_2027q4_sbc	2027Q4 / base	302.00 USD_millions	assumption: H2 base preserves approximately $1.05B full-year SBC after actual H1 $513.229M; all 2027 is desk.
Cash payroll taxes on equity awards base_2027q4_sbc_payroll	2027Q4 / base	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Total D&A base_2027q4_da	2027Q4 / base	58.00 USD_millions	assumption: Desk assumption; not company guidance.
Restructuring excluding SBC/D&A counted above base_2027q4_incremental_restructuring	2027Q4 / base	0.00 USD_millions	assumption: Remaining April-plan charges/liabilities were immaterial at June 30; no repeat of full H1 charge.
SBC payroll D&A and restructuring base_2027q4_gaap_adjustments	2027Q4 / base	372.00 USD_millions	derived: No double deduction of restructuring SBC or asset depreciation. Formula: sum(base_2027q4_sbc, base_2027q4_sbc_payroll, base_2027q4_da, base_2027q4_incremental_restructuring).
GAAP operating income proxy base_2027q4_operating_income	2027Q4 / base	298.83 USD_millions	derived: No new impairment or unannounced restructuring. Formula: subtract(base_2027q4_adj_ebitda, base_2027q4_gaap_adjustments).
Cash debt interest less investment income base_2027q4_net_cash_interest	2027Q4 / base	28.00 USD_millions	assumption: Desk net interest includes debt coupons and investment yield; not noncash issuance-cost amortization.
Cash income tax base_2027q4_cash_tax	2027Q4 / base	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Working capital and other cash use base_2027q4_wc_use	2027Q4 / base	-75.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash operating adjustments base_2027q4_cash_uses	2027Q4 / base	-10.00 USD_millions	derived: Equity-award payroll tax consumes cash although excluded from adjusted EBITDA. Formula: sum(base_2027q4_sbc_payroll, base_2027q4_net_cash_interest, base_2027q4_cash_tax, base_2027q4_wc_use).
Operating cash flow proxy base_2027q4_cfo	2027Q4 / base	680.83 USD_millions	derived: Working-capital timing is separate from accounting earnings. Formula: subtract(base_2027q4_adj_ebitda, base_2027q4_cash_uses).
Cash PP&E base_2027q4_capex	2027Q4 / base	75.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E base_2027q4_fcf	2027Q4 / base	605.83 USD_millions	derived: Before discretionary repurchases. Formula: subtract(base_2027q4_cfo, base_2027q4_capex).
Share repurchases including tax base_2027q4_buybacks	2027Q4 / base	180.00 USD_millions	assumption: Desk capital-allocation assumption; no guarantee shares outstanding decline and no commitment to a 2027 program.
2026 principal timing base_2027q4_notes26_weight	2027Q4 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
August 2026 note principal base_2027q4_repay_2026	2027Q4 / base	0.00 USD_millions	derived: August 1 repayment follows June balance sheet and is described in the subsequent event/remarks. Formula: multiply(notes_2026, base_2027q4_notes26_weight).
2027 principal timing base_2027q4_notes27_weight	2027Q4 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
May 2027 note principal base_2027q4_repay_2027	2027Q4 / base	0.00 USD_millions	derived: May 1, 2027 maturity; assumes cash settlement. Formula: multiply(notes_2027, base_2027q4_notes27_weight).
Scheduled note principal base_2027q4_debt_principal	2027Q4 / base	0.00 USD_millions	derived: Other debt maturities fall beyond FY2027. Formula: sum(base_2027q4_repay_2026, base_2027q4_repay_2027).
Repurchases and principal base_2027q4_capital_uses	2027Q4 / base	180.00 USD_millions	derived: Financing uses, not operating expenses. Formula: sum(base_2027q4_buybacks, base_2027q4_debt_principal).
Cash after repurchases and note principal base_2027q4_cash_after_claims	2027Q4 / base	425.83 USD_millions	derived: Before acquisitions and strategic investments. Formula: subtract(base_2027q4_fcf, base_2027q4_capital_uses).
Consolidated revenue ($M) base_fy2026_revenue	FY2026 / base	6,897.78 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, base_2026q3_revenue, base_2026q4_revenue).
Advertising revenue ($M) base_fy2026_ad_revenue	FY2026 / base	5,555.98 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_ad_revenue, base_2026q3_ad_revenue, base_2026q4_ad_revenue).
Other product revenue ($M) base_fy2026_other_revenue	FY2026 / base	1,341.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_other_revenue, base_2026q3_other_revenue, base_2026q4_other_revenue).
GAAP gross profit proxy ($M) base_fy2026_gross_profit	FY2026 / base	4,043.61 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, base_2026q3_gross_profit, base_2026q4_gross_profit).
GAAP operating income proxy ($M) base_fy2026_operating_income	FY2026 / base	-47.62 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, base_2026q3_operating_income, base_2026q4_operating_income).
Adjusted EBITDA proxy ($M) base_fy2026_adj_ebitda	FY2026 / base	1,337.27 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adj_ebitda, base_2026q3_adj_ebitda, base_2026q4_adj_ebitda).
Operating cash flow proxy ($M) base_fy2026_cfo	FY2026 / base	1,310.32 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, base_2026q3_cfo, base_2026q4_cfo).
Cash PP&E ($M) base_fy2026_capex	FY2026 / base	210.45 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, base_2026q3_capex, base_2026q4_capex).
CFO less cash PP&E ($M) base_fy2026_fcf	FY2026 / base	1,099.87 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, base_2026q3_fcf, base_2026q4_fcf).
Share repurchases and related tax ($M) base_fy2026_buybacks	FY2026 / base	1,000.96 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_buybacks, base_2026q3_buybacks, base_2026q4_buybacks).
Scheduled note principal ($M) base_fy2026_debt_principal	FY2026 / base	47.01 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_debt_principal, base_2026q3_debt_principal, base_2026q4_debt_principal).
Cash after repurchases and principal ($M) base_fy2026_cash_after_claims	FY2026 / base	51.89 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_claims, base_2026q3_cash_after_claims, base_2026q4_cash_after_claims).
Consolidated revenue ($M) base_fy2027_revenue	FY2027 / base	8,190.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_revenue, base_2027q2_revenue, base_2027q3_revenue, base_2027q4_revenue).
Advertising revenue ($M) base_fy2027_ad_revenue	FY2027 / base	6,300.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_ad_revenue, base_2027q2_ad_revenue, base_2027q3_ad_revenue, base_2027q4_ad_revenue).
Other product revenue ($M) base_fy2027_other_revenue	FY2027 / base	1,890.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_other_revenue, base_2027q2_other_revenue, base_2027q3_other_revenue, base_2027q4_other_revenue).
GAAP gross profit proxy ($M) base_fy2027_gross_profit	FY2027 / base	4,856.85 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_gross_profit, base_2027q2_gross_profit, base_2027q3_gross_profit, base_2027q4_gross_profit).
GAAP operating income proxy ($M) base_fy2027_operating_income	FY2027 / base	442.65 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_operating_income, base_2027q2_operating_income, base_2027q3_operating_income, base_2027q4_operating_income).
Adjusted EBITDA proxy ($M) base_fy2027_adj_ebitda	FY2027 / base	1,868.65 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_adj_ebitda, base_2027q2_adj_ebitda, base_2027q3_adj_ebitda, base_2027q4_adj_ebitda).
Operating cash flow proxy ($M) base_fy2027_cfo	FY2027 / base	1,563.65 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cfo, base_2027q2_cfo, base_2027q3_cfo, base_2027q4_cfo).
Cash PP&E ($M) base_fy2027_capex	FY2027 / base	276.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_capex, base_2027q2_capex, base_2027q3_capex, base_2027q4_capex).
CFO less cash PP&E ($M) base_fy2027_fcf	FY2027 / base	1,287.65 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_fcf, base_2027q2_fcf, base_2027q3_fcf, base_2027q4_fcf).
Share repurchases and related tax ($M) base_fy2027_buybacks	FY2027 / base	720.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_buybacks, base_2027q2_buybacks, base_2027q3_buybacks, base_2027q4_buybacks).
Scheduled note principal ($M) base_fy2027_debt_principal	FY2027 / base	106.32 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_debt_principal, base_2027q2_debt_principal, base_2027q3_debt_principal, base_2027q4_debt_principal).
Cash after repurchases and principal ($M) base_fy2027_cash_after_claims	FY2027 / base	461.33 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cash_after_claims, base_2027q2_cash_after_claims, base_2027q3_cash_after_claims, base_2027q4_cash_after_claims).
Advertising revenue upside_2026q3_ad_revenue	2026Q3 / upside	1,405.00 USD_millions	assumption: Desk assumption; not company guidance.
Other product revenue upside_2026q3_other_revenue	2026Q3 / upside	350.00 USD_millions	assumption: Subscriptions and other products in one perimeter; no separately added SPECS preorder/deposit revenue.
Consolidated revenue upside_2026q3_revenue	2026Q3 / upside	1,755.00 USD_millions	derived: Advertising plus other product revenue. Formula: sum(upside_2026q3_ad_revenue, upside_2026q3_other_revenue).
Infrastructure service costs upside_2026q3_infrastructure	2026Q3 / upside	439.00 USD_millions	assumption: Hosting and related operating expense, not company-owned capex. Base H2 reconciles to FY2026 midpoint after H1.
Other cost of revenue / revenue upside_2026q3_other_cogs_ratio	2026Q3 / upside	16.0% ratio	assumption: Desk assumption; not company guidance.
Other cost of revenue upside_2026q3_other_cogs	2026Q3 / upside	280.80 USD_millions	derived: Content and partner costs; scenario broadly follows management 16%-17% FY2026 range. Formula: multiply(upside_2026q3_revenue, upside_2026q3_other_cogs_ratio).
Adjusted cost of revenue upside_2026q3_adj_cogs	2026Q3 / upside	719.80 USD_millions	derived: No second hardware cost assumption added outside this consolidated cost scenario. Formula: sum(upside_2026q3_infrastructure, upside_2026q3_other_cogs).
Adjusted gross profit upside_2026q3_adj_gross_profit	2026Q3 / upside	1,035.20 USD_millions	derived: Before allocated equity compensation and depreciation. Formula: subtract(upside_2026q3_revenue, upside_2026q3_adj_cogs).
COGS SBC and related payroll upside_2026q3_cogs_sbc	2026Q3 / upside	11.00 USD_millions	assumption: Desk assumption; not company guidance.
COGS D&A upside_2026q3_cogs_da	2026Q3 / upside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
COGS noncash and payroll adjustments upside_2026q3_cogs_adjustments	2026Q3 / upside	14.00 USD_millions	derived: These are allocations of total expense included in the operating-income bridge. Formula: sum(upside_2026q3_cogs_sbc, upside_2026q3_cogs_da).
GAAP gross profit proxy upside_2026q3_gross_profit	2026Q3 / upside	1,021.20 USD_millions	derived: No new COGS restructuring charge assumed. Formula: subtract(upside_2026q3_adj_gross_profit, upside_2026q3_cogs_adjustments).
Adjusted operating expense including Specs upside_2026q3_cash_opex	2026Q3 / upside	680.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy upside_2026q3_adj_ebitda	2026Q3 / upside	355.20 USD_millions	derived: Specs is consolidated and already in the expense budget. Formula: subtract(upside_2026q3_adj_gross_profit, upside_2026q3_cash_opex).
Total equity compensation expense upside_2026q3_sbc	2026Q3 / upside	268.39 USD_millions	assumption: H2 base preserves approximately $1.05B full-year SBC after actual H1 $513.229M; all 2027 is desk.
Cash payroll taxes on equity awards upside_2026q3_sbc_payroll	2026Q3 / upside	11.00 USD_millions	assumption: Desk assumption; not company guidance.
Total D&A upside_2026q3_da	2026Q3 / upside	48.00 USD_millions	assumption: Desk assumption; not company guidance.
Restructuring excluding SBC/D&A counted above upside_2026q3_incremental_restructuring	2026Q3 / upside	0.00 USD_millions	assumption: Remaining April-plan charges/liabilities were immaterial at June 30; no repeat of full H1 charge.
SBC payroll D&A and restructuring upside_2026q3_gaap_adjustments	2026Q3 / upside	327.39 USD_millions	derived: No double deduction of restructuring SBC or asset depreciation. Formula: sum(upside_2026q3_sbc, upside_2026q3_sbc_payroll, upside_2026q3_da, upside_2026q3_incremental_restructuring).
GAAP operating income proxy upside_2026q3_operating_income	2026Q3 / upside	27.81 USD_millions	derived: No new impairment or unannounced restructuring. Formula: subtract(upside_2026q3_adj_ebitda, upside_2026q3_gaap_adjustments).
Cash debt interest less investment income upside_2026q3_net_cash_interest	2026Q3 / upside	18.00 USD_millions	assumption: Desk net interest includes debt coupons and investment yield; not noncash issuance-cost amortization.
Cash income tax upside_2026q3_cash_tax	2026Q3 / upside	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Working capital and other cash use upside_2026q3_wc_use	2026Q3 / upside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash operating adjustments upside_2026q3_cash_uses	2026Q3 / upside	84.00 USD_millions	derived: Equity-award payroll tax consumes cash although excluded from adjusted EBITDA. Formula: sum(upside_2026q3_sbc_payroll, upside_2026q3_net_cash_interest, upside_2026q3_cash_tax, upside_2026q3_wc_use).
Operating cash flow proxy upside_2026q3_cfo	2026Q3 / upside	271.20 USD_millions	derived: Working-capital timing is separate from accounting earnings. Formula: subtract(upside_2026q3_adj_ebitda, upside_2026q3_cash_uses).
Cash PP&E upside_2026q3_capex	2026Q3 / upside	55.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E upside_2026q3_fcf	2026Q3 / upside	216.20 USD_millions	derived: Before discretionary repurchases. Formula: subtract(upside_2026q3_cfo, upside_2026q3_capex).
Share repurchases including tax upside_2026q3_buybacks	2026Q3 / upside	250.00 USD_millions	assumption: Desk capital-allocation assumption; no guarantee shares outstanding decline and no commitment to a 2027 program.
2026 principal timing upside_2026q3_notes26_weight	2026Q3 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
August 2026 note principal upside_2026q3_repay_2026	2026Q3 / upside	47.01 USD_millions	derived: August 1 repayment follows June balance sheet and is described in the subsequent event/remarks. Formula: multiply(notes_2026, upside_2026q3_notes26_weight).
2027 principal timing upside_2026q3_notes27_weight	2026Q3 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
May 2027 note principal upside_2026q3_repay_2027	2026Q3 / upside	0.00 USD_millions	derived: May 1, 2027 maturity; assumes cash settlement. Formula: multiply(notes_2027, upside_2026q3_notes27_weight).
Scheduled note principal upside_2026q3_debt_principal	2026Q3 / upside	47.01 USD_millions	derived: Other debt maturities fall beyond FY2027. Formula: sum(upside_2026q3_repay_2026, upside_2026q3_repay_2027).
Repurchases and principal upside_2026q3_capital_uses	2026Q3 / upside	297.01 USD_millions	derived: Financing uses, not operating expenses. Formula: sum(upside_2026q3_buybacks, upside_2026q3_debt_principal).
Cash after repurchases and note principal upside_2026q3_cash_after_claims	2026Q3 / upside	-80.81 USD_millions	derived: Before acquisitions and strategic investments. Formula: subtract(upside_2026q3_fcf, upside_2026q3_capital_uses).
Advertising revenue upside_2026q4_ad_revenue	2026Q4 / upside	1,710.00 USD_millions	assumption: Desk assumption; not company guidance.
Other product revenue upside_2026q4_other_revenue	2026Q4 / upside	425.00 USD_millions	assumption: Subscriptions and other products in one perimeter; no separately added SPECS preorder/deposit revenue.
Consolidated revenue upside_2026q4_revenue	2026Q4 / upside	2,135.00 USD_millions	derived: Advertising plus other product revenue. Formula: sum(upside_2026q4_ad_revenue, upside_2026q4_other_revenue).
Infrastructure service costs upside_2026q4_infrastructure	2026Q4 / upside	442.00 USD_millions	assumption: Hosting and related operating expense, not company-owned capex. Base H2 reconciles to FY2026 midpoint after H1.
Other cost of revenue / revenue upside_2026q4_other_cogs_ratio	2026Q4 / upside	16.0% ratio	assumption: Desk assumption; not company guidance.
Other cost of revenue upside_2026q4_other_cogs	2026Q4 / upside	341.60 USD_millions	derived: Content and partner costs; scenario broadly follows management 16%-17% FY2026 range. Formula: multiply(upside_2026q4_revenue, upside_2026q4_other_cogs_ratio).
Adjusted cost of revenue upside_2026q4_adj_cogs	2026Q4 / upside	783.60 USD_millions	derived: No second hardware cost assumption added outside this consolidated cost scenario. Formula: sum(upside_2026q4_infrastructure, upside_2026q4_other_cogs).
Adjusted gross profit upside_2026q4_adj_gross_profit	2026Q4 / upside	1,351.40 USD_millions	derived: Before allocated equity compensation and depreciation. Formula: subtract(upside_2026q4_revenue, upside_2026q4_adj_cogs).
COGS SBC and related payroll upside_2026q4_cogs_sbc	2026Q4 / upside	11.50 USD_millions	assumption: Desk assumption; not company guidance.
COGS D&A upside_2026q4_cogs_da	2026Q4 / upside	3.20 USD_millions	assumption: Desk assumption; not company guidance.
COGS noncash and payroll adjustments upside_2026q4_cogs_adjustments	2026Q4 / upside	14.70 USD_millions	derived: These are allocations of total expense included in the operating-income bridge. Formula: sum(upside_2026q4_cogs_sbc, upside_2026q4_cogs_da).
GAAP gross profit proxy upside_2026q4_gross_profit	2026Q4 / upside	1,336.70 USD_millions	derived: No new COGS restructuring charge assumed. Formula: subtract(upside_2026q4_adj_gross_profit, upside_2026q4_cogs_adjustments).
Adjusted operating expense including Specs upside_2026q4_cash_opex	2026Q4 / upside	755.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy upside_2026q4_adj_ebitda	2026Q4 / upside	596.40 USD_millions	derived: Specs is consolidated and already in the expense budget. Formula: subtract(upside_2026q4_adj_gross_profit, upside_2026q4_cash_opex).
Total equity compensation expense upside_2026q4_sbc	2026Q4 / upside	268.39 USD_millions	assumption: H2 base preserves approximately $1.05B full-year SBC after actual H1 $513.229M; all 2027 is desk.
Cash payroll taxes on equity awards upside_2026q4_sbc_payroll	2026Q4 / upside	11.00 USD_millions	assumption: Desk assumption; not company guidance.
Total D&A upside_2026q4_da	2026Q4 / upside	50.00 USD_millions	assumption: Desk assumption; not company guidance.
Restructuring excluding SBC/D&A counted above upside_2026q4_incremental_restructuring	2026Q4 / upside	0.00 USD_millions	assumption: Remaining April-plan charges/liabilities were immaterial at June 30; no repeat of full H1 charge.
SBC payroll D&A and restructuring upside_2026q4_gaap_adjustments	2026Q4 / upside	329.39 USD_millions	derived: No double deduction of restructuring SBC or asset depreciation. Formula: sum(upside_2026q4_sbc, upside_2026q4_sbc_payroll, upside_2026q4_da, upside_2026q4_incremental_restructuring).
GAAP operating income proxy upside_2026q4_operating_income	2026Q4 / upside	267.01 USD_millions	derived: No new impairment or unannounced restructuring. Formula: subtract(upside_2026q4_adj_ebitda, upside_2026q4_gaap_adjustments).
Cash debt interest less investment income upside_2026q4_net_cash_interest	2026Q4 / upside	20.00 USD_millions	assumption: Desk net interest includes debt coupons and investment yield; not noncash issuance-cost amortization.
Cash income tax upside_2026q4_cash_tax	2026Q4 / upside	17.00 USD_millions	assumption: Desk assumption; not company guidance.
Working capital and other cash use upside_2026q4_wc_use	2026Q4 / upside	-70.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash operating adjustments upside_2026q4_cash_uses	2026Q4 / upside	-22.00 USD_millions	derived: Equity-award payroll tax consumes cash although excluded from adjusted EBITDA. Formula: sum(upside_2026q4_sbc_payroll, upside_2026q4_net_cash_interest, upside_2026q4_cash_tax, upside_2026q4_wc_use).
Operating cash flow proxy upside_2026q4_cfo	2026Q4 / upside	618.40 USD_millions	derived: Working-capital timing is separate from accounting earnings. Formula: subtract(upside_2026q4_adj_ebitda, upside_2026q4_cash_uses).
Cash PP&E upside_2026q4_capex	2026Q4 / upside	59.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E upside_2026q4_fcf	2026Q4 / upside	559.40 USD_millions	derived: Before discretionary repurchases. Formula: subtract(upside_2026q4_cfo, upside_2026q4_capex).
Share repurchases including tax upside_2026q4_buybacks	2026Q4 / upside	250.00 USD_millions	assumption: Desk capital-allocation assumption; no guarantee shares outstanding decline and no commitment to a 2027 program.
2026 principal timing upside_2026q4_notes26_weight	2026Q4 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
August 2026 note principal upside_2026q4_repay_2026	2026Q4 / upside	0.00 USD_millions	derived: August 1 repayment follows June balance sheet and is described in the subsequent event/remarks. Formula: multiply(notes_2026, upside_2026q4_notes26_weight).
2027 principal timing upside_2026q4_notes27_weight	2026Q4 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
May 2027 note principal upside_2026q4_repay_2027	2026Q4 / upside	0.00 USD_millions	derived: May 1, 2027 maturity; assumes cash settlement. Formula: multiply(notes_2027, upside_2026q4_notes27_weight).
Scheduled note principal upside_2026q4_debt_principal	2026Q4 / upside	0.00 USD_millions	derived: Other debt maturities fall beyond FY2027. Formula: sum(upside_2026q4_repay_2026, upside_2026q4_repay_2027).
Repurchases and principal upside_2026q4_capital_uses	2026Q4 / upside	250.00 USD_millions	derived: Financing uses, not operating expenses. Formula: sum(upside_2026q4_buybacks, upside_2026q4_debt_principal).
Cash after repurchases and note principal upside_2026q4_cash_after_claims	2026Q4 / upside	309.40 USD_millions	derived: Before acquisitions and strategic investments. Formula: subtract(upside_2026q4_fcf, upside_2026q4_capital_uses).
Advertising revenue upside_2027q1_ad_revenue	2027Q1 / upside	1,420.00 USD_millions	assumption: Desk assumption; not company guidance.
Other product revenue upside_2027q1_other_revenue	2027Q1 / upside	465.00 USD_millions	assumption: Subscriptions and other products in one perimeter; no separately added SPECS preorder/deposit revenue.
Consolidated revenue upside_2027q1_revenue	2027Q1 / upside	1,885.00 USD_millions	derived: Advertising plus other product revenue. Formula: sum(upside_2027q1_ad_revenue, upside_2027q1_other_revenue).
Infrastructure service costs upside_2027q1_infrastructure	2027Q1 / upside	470.00 USD_millions	assumption: Hosting and related operating expense, not company-owned capex. Base H2 reconciles to FY2026 midpoint after H1.
Other cost of revenue / revenue upside_2027q1_other_cogs_ratio	2027Q1 / upside	16.0% ratio	assumption: Desk assumption; not company guidance.
Other cost of revenue upside_2027q1_other_cogs	2027Q1 / upside	301.60 USD_millions	derived: Content and partner costs; scenario broadly follows management 16%-17% FY2026 range. Formula: multiply(upside_2027q1_revenue, upside_2027q1_other_cogs_ratio).
Adjusted cost of revenue upside_2027q1_adj_cogs	2027Q1 / upside	771.60 USD_millions	derived: No second hardware cost assumption added outside this consolidated cost scenario. Formula: sum(upside_2027q1_infrastructure, upside_2027q1_other_cogs).
Adjusted gross profit upside_2027q1_adj_gross_profit	2027Q1 / upside	1,113.40 USD_millions	derived: Before allocated equity compensation and depreciation. Formula: subtract(upside_2027q1_revenue, upside_2027q1_adj_cogs).
COGS SBC and related payroll upside_2027q1_cogs_sbc	2027Q1 / upside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
COGS D&A upside_2027q1_cogs_da	2027Q1 / upside	3.40 USD_millions	assumption: Desk assumption; not company guidance.
COGS noncash and payroll adjustments upside_2027q1_cogs_adjustments	2027Q1 / upside	15.40 USD_millions	derived: These are allocations of total expense included in the operating-income bridge. Formula: sum(upside_2027q1_cogs_sbc, upside_2027q1_cogs_da).
GAAP gross profit proxy upside_2027q1_gross_profit	2027Q1 / upside	1,098.00 USD_millions	derived: No new COGS restructuring charge assumed. Formula: subtract(upside_2027q1_adj_gross_profit, upside_2027q1_cogs_adjustments).
Adjusted operating expense including Specs upside_2027q1_cash_opex	2027Q1 / upside	740.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy upside_2027q1_adj_ebitda	2027Q1 / upside	373.40 USD_millions	derived: Specs is consolidated and already in the expense budget. Formula: subtract(upside_2027q1_adj_gross_profit, upside_2027q1_cash_opex).
Total equity compensation expense upside_2027q1_sbc	2027Q1 / upside	275.00 USD_millions	assumption: H2 base preserves approximately $1.05B full-year SBC after actual H1 $513.229M; all 2027 is desk.
Cash payroll taxes on equity awards upside_2027q1_sbc_payroll	2027Q1 / upside	16.00 USD_millions	assumption: Desk assumption; not company guidance.
Total D&A upside_2027q1_da	2027Q1 / upside	52.00 USD_millions	assumption: Desk assumption; not company guidance.
Restructuring excluding SBC/D&A counted above upside_2027q1_incremental_restructuring	2027Q1 / upside	0.00 USD_millions	assumption: Remaining April-plan charges/liabilities were immaterial at June 30; no repeat of full H1 charge.
SBC payroll D&A and restructuring upside_2027q1_gaap_adjustments	2027Q1 / upside	343.00 USD_millions	derived: No double deduction of restructuring SBC or asset depreciation. Formula: sum(upside_2027q1_sbc, upside_2027q1_sbc_payroll, upside_2027q1_da, upside_2027q1_incremental_restructuring).
GAAP operating income proxy upside_2027q1_operating_income	2027Q1 / upside	30.40 USD_millions	derived: No new impairment or unannounced restructuring. Formula: subtract(upside_2027q1_adj_ebitda, upside_2027q1_gaap_adjustments).
Cash debt interest less investment income upside_2027q1_net_cash_interest	2027Q1 / upside	22.00 USD_millions	assumption: Desk net interest includes debt coupons and investment yield; not noncash issuance-cost amortization.
Cash income tax upside_2027q1_cash_tax	2027Q1 / upside	19.00 USD_millions	assumption: Desk assumption; not company guidance.
Working capital and other cash use upside_2027q1_wc_use	2027Q1 / upside	100.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash operating adjustments upside_2027q1_cash_uses	2027Q1 / upside	157.00 USD_millions	derived: Equity-award payroll tax consumes cash although excluded from adjusted EBITDA. Formula: sum(upside_2027q1_sbc_payroll, upside_2027q1_net_cash_interest, upside_2027q1_cash_tax, upside_2027q1_wc_use).
Operating cash flow proxy upside_2027q1_cfo	2027Q1 / upside	216.40 USD_millions	derived: Working-capital timing is separate from accounting earnings. Formula: subtract(upside_2027q1_adj_ebitda, upside_2027q1_cash_uses).
Cash PP&E upside_2027q1_capex	2027Q1 / upside	63.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E upside_2027q1_fcf	2027Q1 / upside	153.40 USD_millions	derived: Before discretionary repurchases. Formula: subtract(upside_2027q1_cfo, upside_2027q1_capex).
Share repurchases including tax upside_2027q1_buybacks	2027Q1 / upside	240.00 USD_millions	assumption: Desk capital-allocation assumption; no guarantee shares outstanding decline and no commitment to a 2027 program.
2026 principal timing upside_2027q1_notes26_weight	2027Q1 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
August 2026 note principal upside_2027q1_repay_2026	2027Q1 / upside	0.00 USD_millions	derived: August 1 repayment follows June balance sheet and is described in the subsequent event/remarks. Formula: multiply(notes_2026, upside_2027q1_notes26_weight).
2027 principal timing upside_2027q1_notes27_weight	2027Q1 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
May 2027 note principal upside_2027q1_repay_2027	2027Q1 / upside	0.00 USD_millions	derived: May 1, 2027 maturity; assumes cash settlement. Formula: multiply(notes_2027, upside_2027q1_notes27_weight).
Scheduled note principal upside_2027q1_debt_principal	2027Q1 / upside	0.00 USD_millions	derived: Other debt maturities fall beyond FY2027. Formula: sum(upside_2027q1_repay_2026, upside_2027q1_repay_2027).
Repurchases and principal upside_2027q1_capital_uses	2027Q1 / upside	240.00 USD_millions	derived: Financing uses, not operating expenses. Formula: sum(upside_2027q1_buybacks, upside_2027q1_debt_principal).
Cash after repurchases and note principal upside_2027q1_cash_after_claims	2027Q1 / upside	-86.60 USD_millions	derived: Before acquisitions and strategic investments. Formula: subtract(upside_2027q1_fcf, upside_2027q1_capital_uses).
Advertising revenue upside_2027q2_ad_revenue	2027Q2 / upside	1,640.00 USD_millions	assumption: Desk assumption; not company guidance.
Other product revenue upside_2027q2_other_revenue	2027Q2 / upside	520.00 USD_millions	assumption: Subscriptions and other products in one perimeter; no separately added SPECS preorder/deposit revenue.
Consolidated revenue upside_2027q2_revenue	2027Q2 / upside	2,160.00 USD_millions	derived: Advertising plus other product revenue. Formula: sum(upside_2027q2_ad_revenue, upside_2027q2_other_revenue).
Infrastructure service costs upside_2027q2_infrastructure	2027Q2 / upside	498.00 USD_millions	assumption: Hosting and related operating expense, not company-owned capex. Base H2 reconciles to FY2026 midpoint after H1.
Other cost of revenue / revenue upside_2027q2_other_cogs_ratio	2027Q2 / upside	16.0% ratio	assumption: Desk assumption; not company guidance.
Other cost of revenue upside_2027q2_other_cogs	2027Q2 / upside	345.60 USD_millions	derived: Content and partner costs; scenario broadly follows management 16%-17% FY2026 range. Formula: multiply(upside_2027q2_revenue, upside_2027q2_other_cogs_ratio).
Adjusted cost of revenue upside_2027q2_adj_cogs	2027Q2 / upside	843.60 USD_millions	derived: No second hardware cost assumption added outside this consolidated cost scenario. Formula: sum(upside_2027q2_infrastructure, upside_2027q2_other_cogs).
Adjusted gross profit upside_2027q2_adj_gross_profit	2027Q2 / upside	1,316.40 USD_millions	derived: Before allocated equity compensation and depreciation. Formula: subtract(upside_2027q2_revenue, upside_2027q2_adj_cogs).
COGS SBC and related payroll upside_2027q2_cogs_sbc	2027Q2 / upside	12.50 USD_millions	assumption: Desk assumption; not company guidance.
COGS D&A upside_2027q2_cogs_da	2027Q2 / upside	3.60 USD_millions	assumption: Desk assumption; not company guidance.
COGS noncash and payroll adjustments upside_2027q2_cogs_adjustments	2027Q2 / upside	16.10 USD_millions	derived: These are allocations of total expense included in the operating-income bridge. Formula: sum(upside_2027q2_cogs_sbc, upside_2027q2_cogs_da).
GAAP gross profit proxy upside_2027q2_gross_profit	2027Q2 / upside	1,300.30 USD_millions	derived: No new COGS restructuring charge assumed. Formula: subtract(upside_2027q2_adj_gross_profit, upside_2027q2_cogs_adjustments).
Adjusted operating expense including Specs upside_2027q2_cash_opex	2027Q2 / upside	775.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy upside_2027q2_adj_ebitda	2027Q2 / upside	541.40 USD_millions	derived: Specs is consolidated and already in the expense budget. Formula: subtract(upside_2027q2_adj_gross_profit, upside_2027q2_cash_opex).
Total equity compensation expense upside_2027q2_sbc	2027Q2 / upside	284.00 USD_millions	assumption: H2 base preserves approximately $1.05B full-year SBC after actual H1 $513.229M; all 2027 is desk.
Cash payroll taxes on equity awards upside_2027q2_sbc_payroll	2027Q2 / upside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Total D&A upside_2027q2_da	2027Q2 / upside	54.00 USD_millions	assumption: Desk assumption; not company guidance.
Restructuring excluding SBC/D&A counted above upside_2027q2_incremental_restructuring	2027Q2 / upside	0.00 USD_millions	assumption: Remaining April-plan charges/liabilities were immaterial at June 30; no repeat of full H1 charge.
SBC payroll D&A and restructuring upside_2027q2_gaap_adjustments	2027Q2 / upside	350.00 USD_millions	derived: No double deduction of restructuring SBC or asset depreciation. Formula: sum(upside_2027q2_sbc, upside_2027q2_sbc_payroll, upside_2027q2_da, upside_2027q2_incremental_restructuring).
GAAP operating income proxy upside_2027q2_operating_income	2027Q2 / upside	191.40 USD_millions	derived: No new impairment or unannounced restructuring. Formula: subtract(upside_2027q2_adj_ebitda, upside_2027q2_gaap_adjustments).
Cash debt interest less investment income upside_2027q2_net_cash_interest	2027Q2 / upside	24.00 USD_millions	assumption: Desk net interest includes debt coupons and investment yield; not noncash issuance-cost amortization.
Cash income tax upside_2027q2_cash_tax	2027Q2 / upside	21.00 USD_millions	assumption: Desk assumption; not company guidance.
Working capital and other cash use upside_2027q2_wc_use	2027Q2 / upside	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash operating adjustments upside_2027q2_cash_uses	2027Q2 / upside	87.00 USD_millions	derived: Equity-award payroll tax consumes cash although excluded from adjusted EBITDA. Formula: sum(upside_2027q2_sbc_payroll, upside_2027q2_net_cash_interest, upside_2027q2_cash_tax, upside_2027q2_wc_use).
Operating cash flow proxy upside_2027q2_cfo	2027Q2 / upside	454.40 USD_millions	derived: Working-capital timing is separate from accounting earnings. Formula: subtract(upside_2027q2_adj_ebitda, upside_2027q2_cash_uses).
Cash PP&E upside_2027q2_capex	2027Q2 / upside	67.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E upside_2027q2_fcf	2027Q2 / upside	387.40 USD_millions	derived: Before discretionary repurchases. Formula: subtract(upside_2027q2_cfo, upside_2027q2_capex).
Share repurchases including tax upside_2027q2_buybacks	2027Q2 / upside	260.00 USD_millions	assumption: Desk capital-allocation assumption; no guarantee shares outstanding decline and no commitment to a 2027 program.
2026 principal timing upside_2027q2_notes26_weight	2027Q2 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
August 2026 note principal upside_2027q2_repay_2026	2027Q2 / upside	0.00 USD_millions	derived: August 1 repayment follows June balance sheet and is described in the subsequent event/remarks. Formula: multiply(notes_2026, upside_2027q2_notes26_weight).
2027 principal timing upside_2027q2_notes27_weight	2027Q2 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
May 2027 note principal upside_2027q2_repay_2027	2027Q2 / upside	106.32 USD_millions	derived: May 1, 2027 maturity; assumes cash settlement. Formula: multiply(notes_2027, upside_2027q2_notes27_weight).
Scheduled note principal upside_2027q2_debt_principal	2027Q2 / upside	106.32 USD_millions	derived: Other debt maturities fall beyond FY2027. Formula: sum(upside_2027q2_repay_2026, upside_2027q2_repay_2027).
Repurchases and principal upside_2027q2_capital_uses	2027Q2 / upside	366.32 USD_millions	derived: Financing uses, not operating expenses. Formula: sum(upside_2027q2_buybacks, upside_2027q2_debt_principal).
Cash after repurchases and note principal upside_2027q2_cash_after_claims	2027Q2 / upside	21.08 USD_millions	derived: Before acquisitions and strategic investments. Formula: subtract(upside_2027q2_fcf, upside_2027q2_capital_uses).
Advertising revenue upside_2027q3_ad_revenue	2027Q3 / upside	1,770.00 USD_millions	assumption: Desk assumption; not company guidance.
Other product revenue upside_2027q3_other_revenue	2027Q3 / upside	585.00 USD_millions	assumption: Subscriptions and other products in one perimeter; no separately added SPECS preorder/deposit revenue.
Consolidated revenue upside_2027q3_revenue	2027Q3 / upside	2,355.00 USD_millions	derived: Advertising plus other product revenue. Formula: sum(upside_2027q3_ad_revenue, upside_2027q3_other_revenue).
Infrastructure service costs upside_2027q3_infrastructure	2027Q3 / upside	530.00 USD_millions	assumption: Hosting and related operating expense, not company-owned capex. Base H2 reconciles to FY2026 midpoint after H1.
Other cost of revenue / revenue upside_2027q3_other_cogs_ratio	2027Q3 / upside	16.0% ratio	assumption: Desk assumption; not company guidance.
Other cost of revenue upside_2027q3_other_cogs	2027Q3 / upside	376.80 USD_millions	derived: Content and partner costs; scenario broadly follows management 16%-17% FY2026 range. Formula: multiply(upside_2027q3_revenue, upside_2027q3_other_cogs_ratio).
Adjusted cost of revenue upside_2027q3_adj_cogs	2027Q3 / upside	906.80 USD_millions	derived: No second hardware cost assumption added outside this consolidated cost scenario. Formula: sum(upside_2027q3_infrastructure, upside_2027q3_other_cogs).
Adjusted gross profit upside_2027q3_adj_gross_profit	2027Q3 / upside	1,448.20 USD_millions	derived: Before allocated equity compensation and depreciation. Formula: subtract(upside_2027q3_revenue, upside_2027q3_adj_cogs).
COGS SBC and related payroll upside_2027q3_cogs_sbc	2027Q3 / upside	13.00 USD_millions	assumption: Desk assumption; not company guidance.
COGS D&A upside_2027q3_cogs_da	2027Q3 / upside	3.80 USD_millions	assumption: Desk assumption; not company guidance.
COGS noncash and payroll adjustments upside_2027q3_cogs_adjustments	2027Q3 / upside	16.80 USD_millions	derived: These are allocations of total expense included in the operating-income bridge. Formula: sum(upside_2027q3_cogs_sbc, upside_2027q3_cogs_da).
GAAP gross profit proxy upside_2027q3_gross_profit	2027Q3 / upside	1,431.40 USD_millions	derived: No new COGS restructuring charge assumed. Formula: subtract(upside_2027q3_adj_gross_profit, upside_2027q3_cogs_adjustments).
Adjusted operating expense including Specs upside_2027q3_cash_opex	2027Q3 / upside	820.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy upside_2027q3_adj_ebitda	2027Q3 / upside	628.20 USD_millions	derived: Specs is consolidated and already in the expense budget. Formula: subtract(upside_2027q3_adj_gross_profit, upside_2027q3_cash_opex).
Total equity compensation expense upside_2027q3_sbc	2027Q3 / upside	293.00 USD_millions	assumption: H2 base preserves approximately $1.05B full-year SBC after actual H1 $513.229M; all 2027 is desk.
Cash payroll taxes on equity awards upside_2027q3_sbc_payroll	2027Q3 / upside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Total D&A upside_2027q3_da	2027Q3 / upside	56.00 USD_millions	assumption: Desk assumption; not company guidance.
Restructuring excluding SBC/D&A counted above upside_2027q3_incremental_restructuring	2027Q3 / upside	0.00 USD_millions	assumption: Remaining April-plan charges/liabilities were immaterial at June 30; no repeat of full H1 charge.
SBC payroll D&A and restructuring upside_2027q3_gaap_adjustments	2027Q3 / upside	361.00 USD_millions	derived: No double deduction of restructuring SBC or asset depreciation. Formula: sum(upside_2027q3_sbc, upside_2027q3_sbc_payroll, upside_2027q3_da, upside_2027q3_incremental_restructuring).
GAAP operating income proxy upside_2027q3_operating_income	2027Q3 / upside	267.20 USD_millions	derived: No new impairment or unannounced restructuring. Formula: subtract(upside_2027q3_adj_ebitda, upside_2027q3_gaap_adjustments).
Cash debt interest less investment income upside_2027q3_net_cash_interest	2027Q3 / upside	26.00 USD_millions	assumption: Desk net interest includes debt coupons and investment yield; not noncash issuance-cost amortization.
Cash income tax upside_2027q3_cash_tax	2027Q3 / upside	23.00 USD_millions	assumption: Desk assumption; not company guidance.
Working capital and other cash use upside_2027q3_wc_use	2027Q3 / upside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash operating adjustments upside_2027q3_cash_uses	2027Q3 / upside	101.00 USD_millions	derived: Equity-award payroll tax consumes cash although excluded from adjusted EBITDA. Formula: sum(upside_2027q3_sbc_payroll, upside_2027q3_net_cash_interest, upside_2027q3_cash_tax, upside_2027q3_wc_use).
Operating cash flow proxy upside_2027q3_cfo	2027Q3 / upside	527.20 USD_millions	derived: Working-capital timing is separate from accounting earnings. Formula: subtract(upside_2027q3_adj_ebitda, upside_2027q3_cash_uses).
Cash PP&E upside_2027q3_capex	2027Q3 / upside	71.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E upside_2027q3_fcf	2027Q3 / upside	456.20 USD_millions	derived: Before discretionary repurchases. Formula: subtract(upside_2027q3_cfo, upside_2027q3_capex).
Share repurchases including tax upside_2027q3_buybacks	2027Q3 / upside	280.00 USD_millions	assumption: Desk capital-allocation assumption; no guarantee shares outstanding decline and no commitment to a 2027 program.
2026 principal timing upside_2027q3_notes26_weight	2027Q3 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
August 2026 note principal upside_2027q3_repay_2026	2027Q3 / upside	0.00 USD_millions	derived: August 1 repayment follows June balance sheet and is described in the subsequent event/remarks. Formula: multiply(notes_2026, upside_2027q3_notes26_weight).
2027 principal timing upside_2027q3_notes27_weight	2027Q3 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
May 2027 note principal upside_2027q3_repay_2027	2027Q3 / upside	0.00 USD_millions	derived: May 1, 2027 maturity; assumes cash settlement. Formula: multiply(notes_2027, upside_2027q3_notes27_weight).
Scheduled note principal upside_2027q3_debt_principal	2027Q3 / upside	0.00 USD_millions	derived: Other debt maturities fall beyond FY2027. Formula: sum(upside_2027q3_repay_2026, upside_2027q3_repay_2027).
Repurchases and principal upside_2027q3_capital_uses	2027Q3 / upside	280.00 USD_millions	derived: Financing uses, not operating expenses. Formula: sum(upside_2027q3_buybacks, upside_2027q3_debt_principal).
Cash after repurchases and note principal upside_2027q3_cash_after_claims	2027Q3 / upside	176.20 USD_millions	derived: Before acquisitions and strategic investments. Formula: subtract(upside_2027q3_fcf, upside_2027q3_capital_uses).
Advertising revenue upside_2027q4_ad_revenue	2027Q4 / upside	2,100.00 USD_millions	assumption: Desk assumption; not company guidance.
Other product revenue upside_2027q4_other_revenue	2027Q4 / upside	670.00 USD_millions	assumption: Subscriptions and other products in one perimeter; no separately added SPECS preorder/deposit revenue.
Consolidated revenue upside_2027q4_revenue	2027Q4 / upside	2,770.00 USD_millions	derived: Advertising plus other product revenue. Formula: sum(upside_2027q4_ad_revenue, upside_2027q4_other_revenue).
Infrastructure service costs upside_2027q4_infrastructure	2027Q4 / upside	570.00 USD_millions	assumption: Hosting and related operating expense, not company-owned capex. Base H2 reconciles to FY2026 midpoint after H1.
Other cost of revenue / revenue upside_2027q4_other_cogs_ratio	2027Q4 / upside	16.0% ratio	assumption: Desk assumption; not company guidance.
Other cost of revenue upside_2027q4_other_cogs	2027Q4 / upside	443.20 USD_millions	derived: Content and partner costs; scenario broadly follows management 16%-17% FY2026 range. Formula: multiply(upside_2027q4_revenue, upside_2027q4_other_cogs_ratio).
Adjusted cost of revenue upside_2027q4_adj_cogs	2027Q4 / upside	1,013.20 USD_millions	derived: No second hardware cost assumption added outside this consolidated cost scenario. Formula: sum(upside_2027q4_infrastructure, upside_2027q4_other_cogs).
Adjusted gross profit upside_2027q4_adj_gross_profit	2027Q4 / upside	1,756.80 USD_millions	derived: Before allocated equity compensation and depreciation. Formula: subtract(upside_2027q4_revenue, upside_2027q4_adj_cogs).
COGS SBC and related payroll upside_2027q4_cogs_sbc	2027Q4 / upside	13.50 USD_millions	assumption: Desk assumption; not company guidance.
COGS D&A upside_2027q4_cogs_da	2027Q4 / upside	4.00 USD_millions	assumption: Desk assumption; not company guidance.
COGS noncash and payroll adjustments upside_2027q4_cogs_adjustments	2027Q4 / upside	17.50 USD_millions	derived: These are allocations of total expense included in the operating-income bridge. Formula: sum(upside_2027q4_cogs_sbc, upside_2027q4_cogs_da).
GAAP gross profit proxy upside_2027q4_gross_profit	2027Q4 / upside	1,739.30 USD_millions	derived: No new COGS restructuring charge assumed. Formula: subtract(upside_2027q4_adj_gross_profit, upside_2027q4_cogs_adjustments).
Adjusted operating expense including Specs upside_2027q4_cash_opex	2027Q4 / upside	885.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy upside_2027q4_adj_ebitda	2027Q4 / upside	871.80 USD_millions	derived: Specs is consolidated and already in the expense budget. Formula: subtract(upside_2027q4_adj_gross_profit, upside_2027q4_cash_opex).
Total equity compensation expense upside_2027q4_sbc	2027Q4 / upside	302.00 USD_millions	assumption: H2 base preserves approximately $1.05B full-year SBC after actual H1 $513.229M; all 2027 is desk.
Cash payroll taxes on equity awards upside_2027q4_sbc_payroll	2027Q4 / upside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Total D&A upside_2027q4_da	2027Q4 / upside	58.00 USD_millions	assumption: Desk assumption; not company guidance.
Restructuring excluding SBC/D&A counted above upside_2027q4_incremental_restructuring	2027Q4 / upside	0.00 USD_millions	assumption: Remaining April-plan charges/liabilities were immaterial at June 30; no repeat of full H1 charge.
SBC payroll D&A and restructuring upside_2027q4_gaap_adjustments	2027Q4 / upside	372.00 USD_millions	derived: No double deduction of restructuring SBC or asset depreciation. Formula: sum(upside_2027q4_sbc, upside_2027q4_sbc_payroll, upside_2027q4_da, upside_2027q4_incremental_restructuring).
GAAP operating income proxy upside_2027q4_operating_income	2027Q4 / upside	499.80 USD_millions	derived: No new impairment or unannounced restructuring. Formula: subtract(upside_2027q4_adj_ebitda, upside_2027q4_gaap_adjustments).
Cash debt interest less investment income upside_2027q4_net_cash_interest	2027Q4 / upside	28.00 USD_millions	assumption: Desk net interest includes debt coupons and investment yield; not noncash issuance-cost amortization.
Cash income tax upside_2027q4_cash_tax	2027Q4 / upside	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Working capital and other cash use upside_2027q4_wc_use	2027Q4 / upside	-60.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash operating adjustments upside_2027q4_cash_uses	2027Q4 / upside	5.00 USD_millions	derived: Equity-award payroll tax consumes cash although excluded from adjusted EBITDA. Formula: sum(upside_2027q4_sbc_payroll, upside_2027q4_net_cash_interest, upside_2027q4_cash_tax, upside_2027q4_wc_use).
Operating cash flow proxy upside_2027q4_cfo	2027Q4 / upside	866.80 USD_millions	derived: Working-capital timing is separate from accounting earnings. Formula: subtract(upside_2027q4_adj_ebitda, upside_2027q4_cash_uses).
Cash PP&E upside_2027q4_capex	2027Q4 / upside	75.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E upside_2027q4_fcf	2027Q4 / upside	791.80 USD_millions	derived: Before discretionary repurchases. Formula: subtract(upside_2027q4_cfo, upside_2027q4_capex).
Share repurchases including tax upside_2027q4_buybacks	2027Q4 / upside	300.00 USD_millions	assumption: Desk capital-allocation assumption; no guarantee shares outstanding decline and no commitment to a 2027 program.
2026 principal timing upside_2027q4_notes26_weight	2027Q4 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
August 2026 note principal upside_2027q4_repay_2026	2027Q4 / upside	0.00 USD_millions	derived: August 1 repayment follows June balance sheet and is described in the subsequent event/remarks. Formula: multiply(notes_2026, upside_2027q4_notes26_weight).
2027 principal timing upside_2027q4_notes27_weight	2027Q4 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
May 2027 note principal upside_2027q4_repay_2027	2027Q4 / upside	0.00 USD_millions	derived: May 1, 2027 maturity; assumes cash settlement. Formula: multiply(notes_2027, upside_2027q4_notes27_weight).
Scheduled note principal upside_2027q4_debt_principal	2027Q4 / upside	0.00 USD_millions	derived: Other debt maturities fall beyond FY2027. Formula: sum(upside_2027q4_repay_2026, upside_2027q4_repay_2027).
Repurchases and principal upside_2027q4_capital_uses	2027Q4 / upside	300.00 USD_millions	derived: Financing uses, not operating expenses. Formula: sum(upside_2027q4_buybacks, upside_2027q4_debt_principal).
Cash after repurchases and note principal upside_2027q4_cash_after_claims	2027Q4 / upside	491.80 USD_millions	derived: Before acquisitions and strategic investments. Formula: subtract(upside_2027q4_fcf, upside_2027q4_capital_uses).
Consolidated revenue ($M) upside_fy2026_revenue	FY2026 / upside	7,017.78 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, upside_2026q3_revenue, upside_2026q4_revenue).
Advertising revenue ($M) upside_fy2026_ad_revenue	FY2026 / upside	5,640.98 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_ad_revenue, upside_2026q3_ad_revenue, upside_2026q4_ad_revenue).
Other product revenue ($M) upside_fy2026_other_revenue	FY2026 / upside	1,376.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_other_revenue, upside_2026q3_other_revenue, upside_2026q4_other_revenue).
GAAP gross profit proxy ($M) upside_fy2026_gross_profit	FY2026 / upside	4,152.56 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, upside_2026q3_gross_profit, upside_2026q4_gross_profit).
GAAP operating income proxy ($M) upside_fy2026_operating_income	FY2026 / upside	49.66 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, upside_2026q3_operating_income, upside_2026q4_operating_income).
Adjusted EBITDA proxy ($M) upside_fy2026_adj_ebitda	FY2026 / upside	1,434.55 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adj_ebitda, upside_2026q3_adj_ebitda, upside_2026q4_adj_ebitda).
Operating cash flow proxy ($M) upside_fy2026_cfo	FY2026 / upside	1,392.59 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, upside_2026q3_cfo, upside_2026q4_cfo).
Cash PP&E ($M) upside_fy2026_capex	FY2026 / upside	210.45 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, upside_2026q3_capex, upside_2026q4_capex).
CFO less cash PP&E ($M) upside_fy2026_fcf	FY2026 / upside	1,182.15 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, upside_2026q3_fcf, upside_2026q4_fcf).
Share repurchases and related tax ($M) upside_fy2026_buybacks	FY2026 / upside	1,100.96 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_buybacks, upside_2026q3_buybacks, upside_2026q4_buybacks).
Scheduled note principal ($M) upside_fy2026_debt_principal	FY2026 / upside	47.01 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_debt_principal, upside_2026q3_debt_principal, upside_2026q4_debt_principal).
Cash after repurchases and principal ($M) upside_fy2026_cash_after_claims	FY2026 / upside	34.17 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_claims, upside_2026q3_cash_after_claims, upside_2026q4_cash_after_claims).
Consolidated revenue ($M) upside_fy2027_revenue	FY2027 / upside	9,170.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_revenue, upside_2027q2_revenue, upside_2027q3_revenue, upside_2027q4_revenue).
Advertising revenue ($M) upside_fy2027_ad_revenue	FY2027 / upside	6,930.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_ad_revenue, upside_2027q2_ad_revenue, upside_2027q3_ad_revenue, upside_2027q4_ad_revenue).
Other product revenue ($M) upside_fy2027_other_revenue	FY2027 / upside	2,240.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_other_revenue, upside_2027q2_other_revenue, upside_2027q3_other_revenue, upside_2027q4_other_revenue).
GAAP gross profit proxy ($M) upside_fy2027_gross_profit	FY2027 / upside	5,569.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_gross_profit, upside_2027q2_gross_profit, upside_2027q3_gross_profit, upside_2027q4_gross_profit).
GAAP operating income proxy ($M) upside_fy2027_operating_income	FY2027 / upside	988.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_operating_income, upside_2027q2_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income).
Adjusted EBITDA proxy ($M) upside_fy2027_adj_ebitda	FY2027 / upside	2,414.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_adj_ebitda, upside_2027q2_adj_ebitda, upside_2027q3_adj_ebitda, upside_2027q4_adj_ebitda).
Operating cash flow proxy ($M) upside_fy2027_cfo	FY2027 / upside	2,064.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cfo, upside_2027q2_cfo, upside_2027q3_cfo, upside_2027q4_cfo).
Cash PP&E ($M) upside_fy2027_capex	FY2027 / upside	276.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_capex, upside_2027q2_capex, upside_2027q3_capex, upside_2027q4_capex).
CFO less cash PP&E ($M) upside_fy2027_fcf	FY2027 / upside	1,788.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_fcf, upside_2027q2_fcf, upside_2027q3_fcf, upside_2027q4_fcf).
Share repurchases and related tax ($M) upside_fy2027_buybacks	FY2027 / upside	1,080.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_buybacks, upside_2027q2_buybacks, upside_2027q3_buybacks, upside_2027q4_buybacks).
Scheduled note principal ($M) upside_fy2027_debt_principal	FY2027 / upside	106.32 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_debt_principal, upside_2027q2_debt_principal, upside_2027q3_debt_principal, upside_2027q4_debt_principal).
Cash after repurchases and principal ($M) upside_fy2027_cash_after_claims	FY2027 / upside	602.48 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cash_after_claims, upside_2027q2_cash_after_claims, upside_2027q3_cash_after_claims, upside_2027q4_cash_after_claims).

Model boundaries

Q3 revenue/EBITDA and FY2026 cost outlook are management guidance. Q4 revenue, quarterly timing and all FY2027 amounts are desk scenarios, not external consensus.
Other revenue is not all subscription revenue. No DAU times total-company ARPU plus subscriptions double count. No forecast paid subscriber count is implied.
SPECS launch article is dated September 16; the newsroom index shows September 17. Reviewed September 19. $2,195 preorder price and $200 refundable deposit are not recognized sales; shipping is expected later in fall. No separately invented hardware revenue is added to the other-revenue scenario.
Specs Inc. remains wholly owned and consolidated. Its investment was included in management operating expense outlook. A standalone unit is not a financial deconsolidation.
FY2026 SBC outlook of approximately $1.05B is treated as full-year total expense for this bridge; payroll taxes are additional. H1 restructuring SBC and D&A are removed from the incremental restructuring deduction.
Future repurchases are optional desk assumptions, not guaranteed authorization use. FCF does not measure cash retained after offsetting equity dilution. No EPS, valuation or share-count roll-forward.
Cash after repurchases/principal excludes acquisitions, strategic investments and other financing uses. Holiday quote freshness and news review are required separately before any promotional post.

Growth beyond ads, with the cost of dilution visible

Research reviewed 2026-09-19

Can faster other-product revenue and advertising recovery fund infrastructure, Specs and shareholder cash claims?

H1 revenue was $3.128B, including $2.526B advertising and $601.8M other revenue. Adjusted EBITDA $482.9M contrasts with GAAP operating loss $245.2M. CFO $503.0M less PP&E $96.4M produced $406.5M FCF, below $601.0M repurchase cash including tax, before acquisitions. June cash and securities totaled $2.660B against $3.468B debt face. H1 SBC $513.2M includes $26.5M restructuring SBC, and D&A includes $1.3M restructuring depreciation; the GAAP bridge prevents duplication. Q3 outlook is $1.70B-$1.74B revenue and $300M-$350M adjusted EBITDA. FY2026 infrastructure cost is $1.65B-$1.70B, adjusted operating expense about $2.75B and SBC about $1.05B. Specs investment is already inside operating guidance. The September product announcement offers $2,195 preorders with $200 refundable deposits and expects fall shipping; these terms do not establish recognized sales. August $47.0M note repayment and May 2027 $106.3M maturity sit below CFO.

The competing explanation

Paid-product momentum may mask weaker ad monetization or low-margin product mix. Hardware adoption may require sustained spending, while buybacks can consume the cash reported as FCF without materially reducing share count.

Risks to track

Advertising budgets and platform competition affect monetization.
Infrastructure and content/partner cost can outgrow sales.
SPECS shipment timing, demand and product margins remain uncertain.
Equity grants and payroll taxes remain economic costs.
Repurchase timing can exceed internally generated cash.
The chief business officer plans to leave December 31, adding execution transition risk.

Next checkpoints

Q3 earnings and FY2026 budgets · Next quarterly release; date unconfirmed (estimated). Check revenue, EBITDA, hosting costs and any change to the consolidated Specs budget.
SPECS product conversion · October 1 demos; shipping expected later in fall (estimated). Check actual shipments, recognized revenue, returns and margin rather than refundable deposits.
Capital allocation and leadership · Each quarter; CBO departure December 31 (estimated). Track repurchase cash, share count and transition responsibilities.

Data coverage and open work

Q3 revenue/EBITDA and FY2026 cost outlook are management guidance. Q4 revenue, quarterly timing and all FY2027 amounts are desk scenarios, not external consensus.
Other revenue is not all subscription revenue. No DAU times total-company ARPU plus subscriptions double count. No forecast paid subscriber count is implied.
SPECS launch article is dated September 16; the newsroom index shows September 17. Reviewed September 19. $2,195 preorder price and $200 refundable deposit are not recognized sales; shipping is expected later in fall. No separately invented hardware revenue is added to the other-revenue scenario.
Specs Inc. remains wholly owned and consolidated. Its investment was included in management operating expense outlook. A standalone unit is not a financial deconsolidation.
FY2026 SBC outlook of approximately $1.05B is treated as full-year total expense for this bridge; payroll taxes are additional. H1 restructuring SBC and D&A are removed from the incremental restructuring deduction.
Future repurchases are optional desk assumptions, not guaranteed authorization use. FCF does not measure cash retained after offsetting equity dilution. No EPS, valuation or share-count roll-forward.
Cash after repurchases/principal excludes acquisitions, strategic investments and other financing uses. Holiday quote freshness and news review are required separately before any promotional post.

This review: Completed revenue/cost/cash scenarios with September SPECS terms, non-duplicated restructuring and separate repurchase/principal cash.

What the memory says

State as of the 2026-09-18 close: in a 120-day uptrend, below its 200-day, off the 52-week high, with overhead supply, quiet volume, closed weak, and some peers moving

300 similar days

Vs the market, in points	Low	Middle	High	Share up
1 session	-3.3	+0.2	+3.5	54%
5 sessions	-8.2	+0.5	+10.3	55%
10 sessions	-11.7	+0.4	+15.7	52%

Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side.

Notes on this name

$SNAP: $2,195 glasses. The regular session still closed down · 2026-09-17

Scorecard: 1 note scored

Next report date: not dated. Undated in the latest note (https://chartlibrary.io/research/views/snap-specs-2195-launch-20260917): SPECS First Look October 1; next earnings listed around November 4

Provenance

[1] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001564408-25-000065, 10-Q filed 2025-11-06; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[2] derived: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001564408-26-000013, 10-K filed 2026-02-05; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[3] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001564408-26-000027, 10-Q filed 2026-05-07; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[4] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001564408-26-000052, 10-Q filed 2026-08-04; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[5] reported: OperatingIncomeLoss, accession 0001564408-25-000065, 10-Q filed 2025-11-06; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[6] derived: OperatingIncomeLoss, accession 0001564408-26-000013, 10-K filed 2026-02-05; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[7] reported: OperatingIncomeLoss, accession 0001564408-26-000027, 10-Q filed 2026-05-07; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[8] reported: OperatingIncomeLoss, accession 0001564408-26-000052, 10-Q filed 2026-08-04; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[9] reported: NetIncomeLoss, accession 0001564408-25-000065, 10-Q filed 2025-11-06; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[10] derived: NetIncomeLoss, accession 0001564408-26-000013, 10-K filed 2026-02-05; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[11] reported: NetIncomeLoss, accession 0001564408-26-000027, 10-Q filed 2026-05-07; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[12] reported: NetIncomeLoss, accession 0001564408-26-000052, 10-Q filed 2026-08-04; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[13] reported: EarningsPerShareDiluted, accession 0001564408-25-000065, 10-Q filed 2025-11-06; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[14] reported: EarningsPerShareDiluted, accession 0001564408-26-000027, 10-Q filed 2026-05-07; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[15] reported: EarningsPerShareDiluted, accession 0001564408-26-000052, 10-Q filed 2026-08-04; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[16] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001564408-25-000065, 10-Q filed 2025-11-06; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[17] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001564408-26-000027, 10-Q filed 2026-05-07; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[18] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001564408-26-000052, 10-Q filed 2026-08-04; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[19] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001564408-25-000065, 10-Q filed 2025-11-06; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[20] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001564408-26-000013, 10-K filed 2026-02-05; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[21] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001564408-26-000027, 10-Q filed 2026-05-07; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[22] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001564408-26-000052, 10-Q filed 2026-08-04; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[23] reported: LongTermDebt, accession 0001564408-24-000062, 10-Q filed 2024-10-30; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[24] reported: LongTermDebtNoncurrent, accession 0001564408-26-000013, 10-K filed 2026-02-05; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[25] reported: LongTermDebtNoncurrent, accession 0001564408-25-000030, 10-Q filed 2025-04-30; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[26] reported: LongTermDebtNoncurrent, accession 0001564408-25-000052, 10-Q filed 2025-08-06; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[27] reported: LongTermDebtNoncurrent, accession 0001564408-25-000065, 10-Q filed 2025-11-06; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[28] reported: LongTermDebtNoncurrent, accession 0001564408-26-000052, 10-Q filed 2026-08-04; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[29] reported: LongTermDebtNoncurrent, accession 0001564408-26-000027, 10-Q filed 2026-05-07; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[30] reported: NetCashProvidedByUsedInOperatingActivities, accession 0001564408-25-000065, 10-Q filed 2025-11-06; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[31] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001564408-26-000013, 10-K filed 2026-02-05; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[32] reported: NetCashProvidedByUsedInOperatingActivities, accession 0001564408-26-000027, 10-Q filed 2026-05-07; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[33] reported: NetCashProvidedByUsedInOperatingActivities, accession 0001564408-26-000052, 10-Q filed 2026-08-04; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[34] reported: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001564408-25-000065, 10-Q filed 2025-11-06; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[35] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001564408-26-000013, 10-K filed 2026-02-05; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[36] reported: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001564408-26-000027, 10-Q filed 2026-05-07; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[37] reported: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001564408-26-000052, 10-Q filed 2026-08-04; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[38] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001564408-25-000065, 10-Q filed 2025-11-06; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[39] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001564408-26-000013, 10-K filed 2026-02-05; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[40] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001564408-26-000027, 10-Q filed 2026-05-07; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json
[41] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001564408-26-000052, 10-Q filed 2026-08-04; retrieved 2026-09-19T22:44:31+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001564408.json

What the author read

August 4 10-Q and restructuring/debt details · retrieved 2026-09-19
Q2 results and non-GAAP reconciliation · retrieved 2026-09-19
Q3 guidance and full-year cost budgets · retrieved 2026-09-19
September SPECS preorder, demo and expected shipping terms · retrieved 2026-09-19
September filing on planned chief business officer departure · retrieved 2026-09-19

Compiled 2026-09-19T22:44:31.553742+00:00 · authored 3674c6ba29a7 · generated 79f5a2488c18 · JSON

Daily notes · Scorecard