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$SYM

Symbotic Inc. · Nasdaq · SIC 3569 · CIK 1837240 · revision 4 as of 2026-09-19

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Business

Symbotic sells robotic warehouse Systems plus software maintenance and operation services. Revenue depends on deployment work and the installed base, while customer advances and contract-cost spending make cash seasonal. Walmart and the Exol warehouse venture dominate contracted demand. Exol is a 35%-owned unconsolidated investment as well as a customer, so capital calls and system sales must be evaluated separately. July-acquired ARMS adds warehouse software capabilities.

Three drivers

Systems deployment execution and recurring service mix
Customer advances versus inventory and contract-cost investment
Concentrated demand, Exol capital calls and ownership claims

Thesis

Our view

Q3 delivered positive operating income, but cash conversion remains uneven: quarter FCF was negative $164.630M, while nine-month FCF was positive $242.831M with $368.777M of deferred-revenue funding. Backlog is substantial but concentrated and long dated. The operating model separates service economics from customer financing and Exol capital, without converting consolidated profit into an unsupported Class A EPS forecast.

What changes it

Track systems completion, recurring-service margins, customer billing and contract costs together. Reconcile Exol contributions and investment gains separately, and monitor component-program spending and financial-control remediation.

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	2024Q4 2024-09-28	2025Q1 2024-12-28	2025Q2 2025-03-29	2025Q3 2025-06-28	2025Q4 2025-09-27	2026Q1 2025-12-27	2026Q2 2026-03-28	2026Q3 2026-06-27
Revenue ($M)	564.6¹	486.7²	549.7³	592.1⁴	618.5†⁵	630.0²	676.5³	720.8⁴
Gross profit ($M)	96.4⁶	81.0⁷	110.8⁸	111.8⁹	119.0†¹⁰	133.4⁷	150.0⁸	160.9⁹
Operating income ($M)	10.9¹¹	-23.0¹²	-20.5¹³	-25.8¹⁴	-45.8†¹⁵	6.5¹²	6.1¹³	32.9¹⁴
Net income ($M)	2.8¹⁶	-3.2¹⁷	-1.8¹⁸	-3.9¹⁹	-8.0†²⁰	2.6¹⁷	2.0¹⁸	11.7¹⁹
EPS, diluted ($)	0.03²¹	-0.03²²	-0.02²³	-0.04²⁴	—	0.02²²	0.01²³	0.09²⁴
Diluted shares (M)	—	106.1²⁵	107.7²⁶	109.2²⁷	—	127.9²⁵	134.4²⁶	133.3²⁷
Cash ($M)	727.3²⁸	903.0²⁹	954.9³⁰	777.6³¹	1,245.0³¹	1,819.1²⁹	2,009.4³⁰	1,746.4³¹
Long-term debt ($M)	—	—	—	—	—	—	—	—
Cash from operations ($M)	-99.4†³²	205.0³³	269.6†³⁴	-196.5†³⁵	588.8†³²	191.5³³	261.3†³⁴	-147.3†³⁵
Capex ($M)	20.7†³⁶	7.4³⁷	20.6³⁸	14.9³⁹	36.2†⁴⁰	2.1†⁴¹	43.4³⁹	17.3³⁹
Free cash flow ($M)	-120.1†⁴²	197.7†⁴³	249.0†⁴⁴	-211.4†⁴⁵	552.6†⁴⁶	189.5†⁴⁷	218.0†⁴⁸	-164.6†⁴⁵

† 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
2026Q4	770.0	—	2026-09-19	Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q1	793.8	—	2026-09-19	Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q2	865.9	—	2026-09-19	Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q3	938.1	—	2026-09-19	Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.

Deployment revenue, recurring service mix and customer-funded cash

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

Separate Systems, Software Maintenance/Support and Operation Services. Preserve nine-month actuals, anchor Q4 to August guidance and extend the three streams independently into FY2027. Use GAAP stream gross margins and an explicit noncash cost allocation to bridge to adjusted EBITDA, then ordinary compensation/depreciation to an operating-income proxy. Separate deferred-revenue funding from other working capital, combined PP&E/software cash and strategic-investment/JV capital.

Reported anchors and guidance

Measure	Period	Value	Basis
FY2026 Q4 revenue outlook midpoint	2026Q4	770.00	derived. Calculated midpoint of the company range; not an additional company forecast.
FY2026 Q4 adjusted EBITDA outlook midpoint	2026Q4	102.50	derived. Calculated midpoint of the company range; not an additional company forecast.
Nine-month company FCF	9M FY2026	242.83	derived. Combined PP&E and capitalized software, not PP&E alone.
Nine-month FCF excluding deferred funding	9M FY2026	-125.95	derived. Analytical timing measure, not company adjusted FCF.
Q3 company FCF	2026Q3	-164.63	derived. Negative despite positive quarter earnings.
Nine-month deferred funding	9M FY2026	368.78	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-05
backlog	2026Q3	22,500.00	reported. Consolidated amount except common-holder income; program charge was recorded in Q2, not a new Q3 expense. Source · 2026-08-05
RPO conversion reference for next 12 months	June 2026	3,375.00	derived. Subset of total RPO; does not guarantee billed cash or calendar-year sales.
Largest customer Q3 revenue share	2026Q3	90.5%	reported. Customer A including affiliates/subsidiaries/consolidated entities; filing reports concentration without naming that row. Source · 2026-08-05
cash	2026Q3	1,746.45	reported. Consolidated amount except common-holder income; program charge was recorded in Q2, not a new Q3 expense. Source · 2026-08-05
restricted cash	2026Q3	27.13	reported. Consolidated amount except common-holder income; program charge was recorded in Q2, not a new Q3 expense. Source · 2026-08-05
exol future commitment	2026Q3	1,487.90	reported. Consolidated amount except common-holder income; program charge was recorded in Q2, not a new Q3 expense. Source · 2026-08-05
Nine-month exol cash	9M FY2026	73.20	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-05
tra expected payments	2026Q3	487.00	reported. Consolidated amount except common-holder income; program charge was recorded in Q2, not a new Q3 expense. Source · 2026-08-05
component program charge	2026Q3	34.30	reported. Consolidated amount except common-holder income; program charge was recorded in Q2, not a new Q3 expense. Source · 2026-08-05
q3 consolidated net income	2026Q3	55.00	reported. Consolidated amount except common-holder income; program charge was recorded in Q2, not a new Q3 expense. Source · 2026-08-05
q3 common income	2026Q3	11.67	reported. Consolidated amount except common-holder income; program charge was recorded in Q2, not a new Q3 expense. Source · 2026-08-05

Downside scenario

Period	Operating cash flow ($M)	CFO less PP&E and software ($M)	Combined PP&E and software cash ($M)	Revenue ($M)	Systems revenue ($M)	Operation Services revenue ($M)	Software maintenance/support revenue ($M)	GAAP gross profit ($M)	Adjusted EBITDA ($M)	FCF excluding net deferred-revenue funding ($M)	GAAP operating income proxy ($M)	Cash after strategic investments and distributions ($M)
2026Q4	-69.05	-94.05	25.00	723.80	671.30	39.00	13.50	153.54	79.95	5.95	11.95	-150.05
2027Q1	90.68	58.68	32.00	682.21	632.52	35.37	14.32	145.68	55.68	-41.32	-17.32	-3.32
2027Q2	-76.07	-110.07	34.00	744.23	690.02	38.59	15.62	158.93	67.93	-30.07	-10.07	-177.07
2027Q3	83.17	47.17	36.00	806.25	747.52	41.80	16.93	172.17	80.17	-2.83	-2.83	-24.83
FY2026	236.53	148.78	87.75	2,751.10	2,567.04	133.99	50.07	597.83	319.83	-120.00	57.46	-51.83
FY2027	113.20	-26.80	140.00	3,100.97	2,875.08	160.79	65.10	662.20	296.20	-66.80	-25.80	-304.80

Base scenario

Period	Operating cash flow ($M)	CFO less PP&E and software ($M)	Combined PP&E and software cash ($M)	Revenue ($M)	Systems revenue ($M)	Operation Services revenue ($M)	Software maintenance/support revenue ($M)	GAAP gross profit ($M)	Adjusted EBITDA ($M)	FCF excluding net deferred-revenue funding ($M)	GAAP operating income proxy ($M)	Cash after strategic investments and distributions ($M)
2026Q4	168.50	143.50	25.00	770.00	714.00	42.00	14.00	194.60	102.50	43.50	34.50	92.50
2027Q1	191.82	159.82	32.00	793.78	734.90	42.19	16.69	201.82	113.82	39.82	40.82	102.82
2027Q2	-5.84	-39.84	34.00	865.95	801.71	46.03	18.21	220.16	131.16	60.16	53.16	-101.84
2027Q3	256.51	220.51	36.00	938.11	868.52	49.86	19.72	238.51	148.51	70.51	65.51	153.51
FY2026	474.08	386.33	87.75	2,797.30	2,609.74	136.99	50.57	638.89	342.38	-82.45	80.01	190.72
FY2027	621.35	481.35	140.00	3,608.11	3,340.47	191.78	75.86	917.35	559.35	261.35	237.35	223.35

Upside scenario

Period	Operating cash flow ($M)	CFO less PP&E and software ($M)	Combined PP&E and software cash ($M)	Revenue ($M)	Systems revenue ($M)	Operation Services revenue ($M)	Software maintenance/support revenue ($M)	GAAP gross profit ($M)	Adjusted EBITDA ($M)	FCF excluding net deferred-revenue funding ($M)	GAAP operating income proxy ($M)	Cash after strategic investments and distributions ($M)
2026Q4	269.75	244.75	25.00	789.25	730.75	44.00	14.50	216.24	112.75	64.75	44.75	193.75
2027Q1	296.92	264.92	32.00	863.34	797.40	47.40	18.54	237.92	146.92	84.92	73.92	207.92
2027Q2	87.55	53.55	34.00	941.82	869.89	51.70	20.23	259.55	167.55	103.55	89.55	-8.45
2027Q3	336.18	300.18	36.00	1,020.31	942.38	56.01	21.91	281.18	188.18	120.18	105.18	233.18
FY2026	575.33	487.58	87.75	2,816.55	2,626.49	138.99	51.07	660.53	352.63	-61.20	90.26	291.97
FY2027	982.45	842.45	140.00	3,924.26	3,624.56	215.43	84.27	1,081.45	711.45	452.45	389.45	584.45

All inputs and formulas — reproduce this model

Input / calculation	Period / case	Value / unit	Evidence or assumption
Nine-month revenue ytd_revenue	9M FY2026 / shared	2,027.30 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-05
Nine-month systems ytd_systems	9M FY2026 / shared	1,895.74 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-05
Nine-month maintenance ytd_maintenance	9M FY2026 / shared	36.57 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-05
Nine-month operations ytd_operations	9M FY2026 / shared	94.99 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-05
Nine-month gross profit ytd_gross_profit	9M FY2026 / shared	444.29 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-05
Nine-month adjusted ebitda ytd_adjusted_ebitda	9M FY2026 / shared	239.88 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-05
Nine-month operating income ytd_operating_income	9M FY2026 / shared	45.51 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-05
Nine-month cfo ytd_cfo	9M FY2026 / shared	305.58 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-05
Nine-month capex ytd_capex	9M FY2026 / shared	62.75 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-05
Nine-month deferred funding ytd_deferred_funding	9M FY2026 / shared	368.78 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-05
Nine-month strategic investments ytd_strategic_investments	9M FY2026 / shared	123.25 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-05
Nine-month acquisition cash ytd_acquisition_cash	9M FY2026 / shared	20.16 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-05
Nine-month partner distributions ytd_partner_distributions	9M FY2026 / shared	1.21 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-05
Nine-month adjusted sbc ytd_adjusted_sbc	9M FY2026 / shared	151.82 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-05
Nine-month cashflow sbc ytd_cashflow_sbc	9M FY2026 / shared	142.92 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-05
Nine-month equity proceeds ytd_equity_proceeds	9M FY2026 / shared	424.31 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-05
Nine-month exol cash ytd_exol_cash	9M FY2026 / shared	73.20 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-05
Nine-month investment gain ytd_investment_gain	9M FY2026 / shared	21.04 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-05
Nine-month company FCF ytd_fcf	9M FY2026 / shared	242.83 USD_millions	derived: Combined PP&E and capitalized software, not PP&E alone. Formula: subtract(ytd_cfo, ytd_capex).
Nine-month FCF excluding deferred funding ytd_cash_ex_deferred	9M FY2026 / shared	-125.95 USD_millions	derived: Analytical timing measure, not company adjusted FCF. Formula: subtract(ytd_fcf, ytd_deferred_funding).
Nine-month strategic, M&A and partner cash ytd_capital_uses	9M FY2026 / shared	144.61 USD_millions	derived: Exol contributions are already within strategic investments. Formula: sum(ytd_strategic_investments, ytd_acquisition_cash, ytd_partner_distributions).
Nine-month cash after strategic allocations ytd_cash_after_investments	9M FY2026 / shared	98.22 USD_millions	derived: Before equity issuance, FX and restricted-cash movements. Formula: subtract(ytd_fcf, ytd_capital_uses).
q3 cfo q3_cfo	2026Q3 / shared	-147.30 USD_millions	reported: Consolidated amount except common-holder income; program charge was recorded in Q2, not a new Q3 expense. Primary source · 2026-08-05
q3 capex q3_capex	2026Q3 / shared	17.33 USD_millions	reported: Consolidated amount except common-holder income; program charge was recorded in Q2, not a new Q3 expense. Primary source · 2026-08-05
q3 deferred funding q3_deferred_funding	2026Q3 / shared	-123.83 USD_millions	reported: Consolidated amount except common-holder income; program charge was recorded in Q2, not a new Q3 expense. Primary source · 2026-08-05
cash cash	2026Q3 / shared	1,746.45 USD_millions	reported: Consolidated amount except common-holder income; program charge was recorded in Q2, not a new Q3 expense. Primary source · 2026-08-05
restricted cash restricted_cash	2026Q3 / shared	27.13 USD_millions	reported: Consolidated amount except common-holder income; program charge was recorded in Q2, not a new Q3 expense. Primary source · 2026-08-05
backlog backlog	2026Q3 / shared	22,500.00 USD_millions	reported: Consolidated amount except common-holder income; program charge was recorded in Q2, not a new Q3 expense. Primary source · 2026-08-05
deferred revenue deferred_revenue	2026Q3 / shared	1,736.56 USD_millions	reported: Consolidated amount except common-holder income; program charge was recorded in Q2, not a new Q3 expense. Primary source · 2026-08-05
unbilled receivables unbilled_receivables	2026Q3 / shared	459.84 USD_millions	reported: Consolidated amount except common-holder income; program charge was recorded in Q2, not a new Q3 expense. Primary source · 2026-08-05
exol investment exol_investment	2026Q3 / shared	140.47 USD_millions	reported: Consolidated amount except common-holder income; program charge was recorded in Q2, not a new Q3 expense. Primary source · 2026-08-05
exol future commitment exol_future_commitment	2026Q3 / shared	1,487.90 USD_millions	reported: Consolidated amount except common-holder income; program charge was recorded in Q2, not a new Q3 expense. Primary source · 2026-08-05
exol maximum exposure exol_maximum_exposure	2026Q3 / shared	1,491.34 USD_millions	reported: Consolidated amount except common-holder income; program charge was recorded in Q2, not a new Q3 expense. Primary source · 2026-08-05
tra expected payments tra_expected_payments	2026Q3 / shared	487.00 USD_millions	reported: Consolidated amount except common-holder income; program charge was recorded in Q2, not a new Q3 expense. Primary source · 2026-08-05
component program charge component_program_charge	2026Q3 / shared	34.30 USD_millions	reported: Consolidated amount except common-holder income; program charge was recorded in Q2, not a new Q3 expense. Primary source · 2026-08-05
q3 consolidated net income q3_consolidated_net_income	2026Q3 / shared	55.00 USD_millions	reported: Consolidated amount except common-holder income; program charge was recorded in Q2, not a new Q3 expense. Primary source · 2026-08-05
q3 common income q3_common_income	2026Q3 / shared	11.67 USD_millions	reported: Consolidated amount except common-holder income; program charge was recorded in Q2, not a new Q3 expense. Primary source · 2026-08-05
Q3 company FCF q3_fcf	2026Q3 / shared	-164.63 USD_millions	derived: Negative despite positive quarter earnings. Formula: subtract(q3_cfo, q3_capex).
RPO expected in next 12 months backlog_near_share	June 2026 / shared	15.0% ratio	management guidance: Company expectation from June 27; not an additional order. Primary source · 2026-08-05
RPO conversion reference for next 12 months backlog_next12	June 2026 / shared	3,375.00 USD_millions	derived: Subset of total RPO; does not guarantee billed cash or calendar-year sales. Formula: multiply(backlog, backlog_near_share).
Largest customer Q3 revenue share largest_customer_share	2026Q3 / shared	90.5% ratio	reported: Customer A including affiliates/subsidiaries/consolidated entities; filing reports concentration without naming that row. Primary source · 2026-08-05
FY2026 Q4 revenue outlook low q4_revenue_guide_low	2026Q4 / shared	760.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-05
FY2026 Q4 revenue outlook high q4_revenue_guide_high	2026Q4 / shared	780.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-05
Midpoint divisor two	Model / shared	200.0% ratio	assumption: Arithmetic constant.
FY2026 Q4 revenue outlook endpoint sum q4_revenue_guide_sum	2026Q4 / shared	1,540.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(q4_revenue_guide_low, q4_revenue_guide_high).
FY2026 Q4 revenue outlook midpoint q4_revenue_guide	2026Q4 / shared	770.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q4_revenue_guide_sum, two).
FY2026 Q4 adjusted EBITDA outlook low q4_ebitda_guide_low	2026Q4 / shared	100.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-05
FY2026 Q4 adjusted EBITDA outlook high q4_ebitda_guide_high	2026Q4 / shared	105.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-05
FY2026 Q4 adjusted EBITDA outlook endpoint sum q4_ebitda_guide_sum	2026Q4 / shared	205.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(q4_ebitda_guide_low, q4_ebitda_guide_high).
FY2026 Q4 adjusted EBITDA outlook midpoint q4_ebitda_guide	2026Q4 / shared	102.50 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q4_ebitda_guide_sum, two).
Q4 delivery / company midpoint downside_delivery	2026Q4 / downside	94.0% ratio	assumption: Desk sensitivity.
Q4 adjusted EBITDA / midpoint downside_profit	2026Q4 / downside	78.0% ratio	assumption: Desk sensitivity.
Q4 revenue downside_q4_target	2026Q4 / downside	723.80 USD_millions	derived: Company midpoint times delivery sensitivity. Formula: multiply(q4_revenue_guide, downside_delivery).
Q4 software maintenance sales downside_q4_maintenance	2026Q4 / downside	13.50 USD_millions	assumption: Desk recurring service allocation.
Q4 operations service sales downside_q4_operations	2026Q4 / downside	39.00 USD_millions	assumption: Desk service allocation.
Q4 recurring service sales downside_q4_services	2026Q4 / downside	52.50 USD_millions	derived: Mutually exclusive service streams. Formula: sum(downside_q4_maintenance, downside_q4_operations).
Q4 Systems revenue downside_q4_systems	2026Q4 / downside	671.30 USD_millions	derived: Systems inside consolidated guidance. Formula: subtract(downside_q4_target, downside_q4_services).
FY2026 systems revenue downside_fy26_systems	FY2026 / downside	2,567.04 USD_millions	derived: Actual nine months plus Q4. Formula: sum(ytd_systems, downside_q4_systems).
FY2027 systems growth multiplier downside_systems_growth	FY2027 / downside	112.0% ratio	assumption: Desk installed-base/deployment sensitivity, not a disclosed systems completion schedule.
FY2027 systems revenue downside_fy27_systems	FY2027 / downside	2,875.08 USD_millions	derived: No extra backlog or contingent Walmart systems added. Formula: multiply(downside_fy26_systems, downside_systems_growth).
FY2026 maintenance revenue downside_fy26_maintenance	FY2026 / downside	50.07 USD_millions	derived: Actual nine months plus Q4. Formula: sum(ytd_maintenance, downside_q4_maintenance).
FY2027 maintenance growth multiplier downside_maintenance_growth	FY2027 / downside	130.0% ratio	assumption: Desk installed-base/deployment sensitivity, not a disclosed systems completion schedule.
FY2027 maintenance revenue downside_fy27_maintenance	FY2027 / downside	65.10 USD_millions	derived: No extra backlog or contingent Walmart systems added. Formula: multiply(downside_fy26_maintenance, downside_maintenance_growth).
FY2026 operations revenue downside_fy26_operations	FY2026 / downside	133.99 USD_millions	derived: Actual nine months plus Q4. Formula: sum(ytd_operations, downside_q4_operations).
FY2027 operations growth multiplier downside_operations_growth	FY2027 / downside	120.0% ratio	assumption: Desk installed-base/deployment sensitivity, not a disclosed systems completion schedule.
FY2027 operations revenue downside_fy27_operations	FY2027 / downside	160.79 USD_millions	derived: No extra backlog or contingent Walmart systems added. Formula: multiply(downside_fy26_operations, downside_operations_growth).
Annual revenue quarter share downside_2026q4_weight	2026Q4 / downside	100.0% ratio	assumption: Desk assumption, not company guidance.
systems revenue downside_2026q4_systems	2026Q4 / downside	671.30 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(downside_q4_systems, downside_2026q4_weight).
maintenance revenue downside_2026q4_maintenance	2026Q4 / downside	13.50 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(downside_q4_maintenance, downside_2026q4_weight).
operations revenue downside_2026q4_operations	2026Q4 / downside	39.00 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(downside_q4_operations, downside_2026q4_weight).
Revenue downside_2026q4_revenue	2026Q4 / downside	723.80 USD_millions	derived: Hardware/system sales and recurring service revenue counted once. Formula: sum(downside_2026q4_systems, downside_2026q4_maintenance, downside_2026q4_operations).
systems GAAP gross margin downside_2026q4_systems_gross_margin	2026Q4 / downside	21.0% ratio	assumption: Desk assumption, not company guidance.
systems gross profit downside_2026q4_systems_gross	2026Q4 / downside	140.97 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(downside_2026q4_systems, downside_2026q4_systems_gross_margin).
maintenance GAAP gross margin downside_2026q4_maintenance_gross_margin	2026Q4 / downside	70.0% ratio	assumption: Desk assumption, not company guidance.
maintenance gross profit downside_2026q4_maintenance_gross	2026Q4 / downside	9.45 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(downside_2026q4_maintenance, downside_2026q4_maintenance_gross_margin).
operations GAAP gross margin downside_2026q4_operations_gross_margin	2026Q4 / downside	8.0% ratio	assumption: Desk assumption, not company guidance.
operations gross profit downside_2026q4_operations_gross	2026Q4 / downside	3.12 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(downside_2026q4_operations, downside_2026q4_operations_gross_margin).
GAAP gross profit downside_2026q4_gross_profit	2026Q4 / downside	153.54 USD_millions	derived: Streams have different delivery and service economics. Formula: sum(downside_2026q4_systems_gross, downside_2026q4_maintenance_gross, downside_2026q4_operations_gross).
SBC/DA included in cost of revenue downside_2026q4_cogs_noncash	2026Q4 / downside	20.00 USD_millions	assumption: Desk noncash allocation inside total SBC/DA; not an additional expense added twice.
Adjusted EBITDA downside_2026q4_adjusted_ebitda	2026Q4 / downside	79.95 USD_millions	derived: Company Q4 guide midpoint times sensitivity. Formula: multiply(q4_ebitda_guide, downside_profit).
Total noncash equity compensation allowance downside_2026q4_sbc	2026Q4 / downside	55.00 USD_millions	assumption: Desk assumption, not company guidance.
Depreciation and amortization downside_2026q4_da	2026Q4 / downside	11.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash remediation/integration costs downside_2026q4_cash_exclusions	2026Q4 / downside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Costs excluded from adjusted EBITDA downside_2026q4_gaap_exclusions	2026Q4 / downside	68.00 USD_millions	derived: Includes cost-of-revenue noncash allocation within totals once. Formula: sum(downside_2026q4_sbc, downside_2026q4_da, downside_2026q4_cash_exclusions).
GAAP operating income proxy downside_2026q4_operating_income	2026Q4 / downside	11.95 USD_millions	derived: Does not project fair-value gains, equity-method losses or common-holder earnings. Formula: subtract(downside_2026q4_adjusted_ebitda, downside_2026q4_gaap_exclusions).
Cash investment income downside_2026q4_cash_interest	2026Q4 / downside	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings before customer funding downside_2026q4_cash_before_wc	2026Q4 / downside	87.95 USD_millions	derived: Uses consistent forecast noncash costs; no sale of investments or equity issue proceeds. Formula: sum(downside_2026q4_operating_income, downside_2026q4_sbc, downside_2026q4_da, downside_2026q4_cash_interest).
Net deferred-revenue cash funding downside_2026q4_deferred_funding	2026Q4 / downside	-100.00 USD_millions	assumption: Desk customer billing/collection timing relative to services. Negative means revenue recognition consumes prior advances; not additional revenue.
Cash earnings plus net advance funding downside_2026q4_cash_with_advances	2026Q4 / downside	-12.05 USD_millions	derived: Other receivable, inventory and contract-cost movements modeled below. Formula: sum(downside_2026q4_cash_before_wc, downside_2026q4_deferred_funding).
Other net working-capital cash use downside_2026q4_other_working_capital	2026Q4 / downside	45.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash tax allowance downside_2026q4_cash_tax	2026Q4 / downside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Existing component-program cash payments downside_2026q4_program_cash	2026Q4 / downside	10.00 USD_millions	assumption: Provisional cash timing for costs already recognized; not a claim of the remaining June reserve or another new expense.
Other operating timing, tax and replacement cash downside_2026q4_cash_uses	2026Q4 / downside	57.00 USD_millions	derived: Existing reserve cash is not charged to operating income again. Formula: sum(downside_2026q4_other_working_capital, downside_2026q4_cash_tax, downside_2026q4_program_cash).
Operating cash flow downside_2026q4_cfo	2026Q4 / downside	-69.05 USD_millions	derived: Deferred-revenue funding is in CFO; Exol capital is not. Formula: subtract(downside_2026q4_cash_with_advances, downside_2026q4_cash_uses).
Combined PP&E and software cash downside_2026q4_capex	2026Q4 / downside	25.00 USD_millions	assumption: Company combines PP&E and internal-use software in the cash statement. No invented split.
Company-scope FCF downside_2026q4_fcf	2026Q4 / downside	-94.05 USD_millions	derived: Includes software cash once. Formula: subtract(downside_2026q4_cfo, downside_2026q4_capex).
FCF excluding net deferred funding downside_2026q4_cash_ex_deferred	2026Q4 / downside	5.95 USD_millions	derived: Analytical timing sensitivity, not cash available to distribute or a reported company metric. Formula: subtract(downside_2026q4_fcf, downside_2026q4_deferred_funding).
Exol capital contribution downside_2026q4_exol_contribution	2026Q4 / downside	45.00 USD_millions	assumption: Desk capital-call timing within multi-year commitments; not revenue or GAAP operating expense.
Other strategic investment cash downside_2026q4_other_investment	2026Q4 / downside	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Partner tax distributions downside_2026q4_partner_distributions	2026Q4 / downside	1.00 USD_millions	assumption: Desk assumption, not company guidance.
Strategic investment and partner cash downside_2026q4_capital_uses	2026Q4 / downside	56.00 USD_millions	derived: No undisclosed ARMS purchase price invented. Further M&A can consume additional cash. Formula: sum(downside_2026q4_exol_contribution, downside_2026q4_other_investment, downside_2026q4_partner_distributions).
Cash after strategic allocations downside_2026q4_cash_after_investments	2026Q4 / downside	-150.05 USD_millions	derived: Excludes unquantified acquisition consideration, equity financing, TRA settlements and restricted cash changes. Formula: subtract(downside_2026q4_fcf, downside_2026q4_capital_uses).
Annual revenue quarter share downside_2027q1_weight	2027Q1 / downside	22.0% ratio	assumption: Desk assumption, not company guidance.
systems revenue downside_2027q1_systems	2027Q1 / downside	632.52 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(downside_fy27_systems, downside_2027q1_weight).
maintenance revenue downside_2027q1_maintenance	2027Q1 / downside	14.32 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(downside_fy27_maintenance, downside_2027q1_weight).
operations revenue downside_2027q1_operations	2027Q1 / downside	35.37 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(downside_fy27_operations, downside_2027q1_weight).
Revenue downside_2027q1_revenue	2027Q1 / downside	682.21 USD_millions	derived: Hardware/system sales and recurring service revenue counted once. Formula: sum(downside_2027q1_systems, downside_2027q1_maintenance, downside_2027q1_operations).
systems GAAP gross margin downside_2027q1_systems_gross_margin	2027Q1 / downside	21.0% ratio	assumption: Desk assumption, not company guidance.
systems gross profit downside_2027q1_systems_gross	2027Q1 / downside	132.83 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(downside_2027q1_systems, downside_2027q1_systems_gross_margin).
maintenance GAAP gross margin downside_2027q1_maintenance_gross_margin	2027Q1 / downside	70.0% ratio	assumption: Desk assumption, not company guidance.
maintenance gross profit downside_2027q1_maintenance_gross	2027Q1 / downside	10.02 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(downside_2027q1_maintenance, downside_2027q1_maintenance_gross_margin).
operations GAAP gross margin downside_2027q1_operations_gross_margin	2027Q1 / downside	8.0% ratio	assumption: Desk assumption, not company guidance.
operations gross profit downside_2027q1_operations_gross	2027Q1 / downside	2.83 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(downside_2027q1_operations, downside_2027q1_operations_gross_margin).
GAAP gross profit downside_2027q1_gross_profit	2027Q1 / downside	145.68 USD_millions	derived: Streams have different delivery and service economics. Formula: sum(downside_2027q1_systems_gross, downside_2027q1_maintenance_gross, downside_2027q1_operations_gross).
SBC/DA included in cost of revenue downside_2027q1_cogs_noncash	2027Q1 / downside	22.00 USD_millions	assumption: Desk noncash allocation inside total SBC/DA; not an additional expense added twice.
Gross profit before cost-of-sales noncash charges downside_2027q1_cash_gross	2027Q1 / downside	167.68 USD_millions	derived: Consistent adjusted cost basis. Formula: sum(downside_2027q1_gross_profit, downside_2027q1_cogs_noncash).
Adjusted operating cash expenses downside_2027q1_adjusted_opex	2027Q1 / downside	112.00 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted EBITDA downside_2027q1_adjusted_ebitda	2027Q1 / downside	55.68 USD_millions	derived: Desk recurring operating cost structure, not management FY2027 guidance. Formula: subtract(downside_2027q1_cash_gross, downside_2027q1_adjusted_opex).
Total noncash equity compensation allowance downside_2027q1_sbc	2027Q1 / downside	59.00 USD_millions	assumption: Desk assumption, not company guidance.
Depreciation and amortization downside_2027q1_da	2027Q1 / downside	12.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash remediation/integration costs downside_2027q1_cash_exclusions	2027Q1 / downside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Costs excluded from adjusted EBITDA downside_2027q1_gaap_exclusions	2027Q1 / downside	73.00 USD_millions	derived: Includes cost-of-revenue noncash allocation within totals once. Formula: sum(downside_2027q1_sbc, downside_2027q1_da, downside_2027q1_cash_exclusions).
GAAP operating income proxy downside_2027q1_operating_income	2027Q1 / downside	-17.32 USD_millions	derived: Does not project fair-value gains, equity-method losses or common-holder earnings. Formula: subtract(downside_2027q1_adjusted_ebitda, downside_2027q1_gaap_exclusions).
Cash investment income downside_2027q1_cash_interest	2027Q1 / downside	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings before customer funding downside_2027q1_cash_before_wc	2027Q1 / downside	63.68 USD_millions	derived: Uses consistent forecast noncash costs; no sale of investments or equity issue proceeds. Formula: sum(downside_2027q1_operating_income, downside_2027q1_sbc, downside_2027q1_da, downside_2027q1_cash_interest).
Net deferred-revenue cash funding downside_2027q1_deferred_funding	2027Q1 / downside	100.00 USD_millions	assumption: Desk customer billing/collection timing relative to services. Negative means revenue recognition consumes prior advances; not additional revenue.
Cash earnings plus net advance funding downside_2027q1_cash_with_advances	2027Q1 / downside	163.68 USD_millions	derived: Other receivable, inventory and contract-cost movements modeled below. Formula: sum(downside_2027q1_cash_before_wc, downside_2027q1_deferred_funding).
Other net working-capital cash use downside_2027q1_other_working_capital	2027Q1 / downside	60.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash tax allowance downside_2027q1_cash_tax	2027Q1 / downside	5.00 USD_millions	assumption: Desk assumption, not company guidance.
Existing component-program cash payments downside_2027q1_program_cash	2027Q1 / downside	8.00 USD_millions	assumption: Provisional cash timing for costs already recognized; not a claim of the remaining June reserve or another new expense.
Other operating timing, tax and replacement cash downside_2027q1_cash_uses	2027Q1 / downside	73.00 USD_millions	derived: Existing reserve cash is not charged to operating income again. Formula: sum(downside_2027q1_other_working_capital, downside_2027q1_cash_tax, downside_2027q1_program_cash).
Operating cash flow downside_2027q1_cfo	2027Q1 / downside	90.68 USD_millions	derived: Deferred-revenue funding is in CFO; Exol capital is not. Formula: subtract(downside_2027q1_cash_with_advances, downside_2027q1_cash_uses).
Combined PP&E and software cash downside_2027q1_capex	2027Q1 / downside	32.00 USD_millions	assumption: Company combines PP&E and internal-use software in the cash statement. No invented split.
Company-scope FCF downside_2027q1_fcf	2027Q1 / downside	58.68 USD_millions	derived: Includes software cash once. Formula: subtract(downside_2027q1_cfo, downside_2027q1_capex).
FCF excluding net deferred funding downside_2027q1_cash_ex_deferred	2027Q1 / downside	-41.32 USD_millions	derived: Analytical timing sensitivity, not cash available to distribute or a reported company metric. Formula: subtract(downside_2027q1_fcf, downside_2027q1_deferred_funding).
Exol capital contribution downside_2027q1_exol_contribution	2027Q1 / downside	50.00 USD_millions	assumption: Desk capital-call timing within multi-year commitments; not revenue or GAAP operating expense.
Other strategic investment cash downside_2027q1_other_investment	2027Q1 / downside	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Partner tax distributions downside_2027q1_partner_distributions	2027Q1 / downside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Strategic investment and partner cash downside_2027q1_capital_uses	2027Q1 / downside	62.00 USD_millions	derived: No undisclosed ARMS purchase price invented. Further M&A can consume additional cash. Formula: sum(downside_2027q1_exol_contribution, downside_2027q1_other_investment, downside_2027q1_partner_distributions).
Cash after strategic allocations downside_2027q1_cash_after_investments	2027Q1 / downside	-3.32 USD_millions	derived: Excludes unquantified acquisition consideration, equity financing, TRA settlements and restricted cash changes. Formula: subtract(downside_2027q1_fcf, downside_2027q1_capital_uses).
Annual revenue quarter share downside_2027q2_weight	2027Q2 / downside	24.0% ratio	assumption: Desk assumption, not company guidance.
systems revenue downside_2027q2_systems	2027Q2 / downside	690.02 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(downside_fy27_systems, downside_2027q2_weight).
maintenance revenue downside_2027q2_maintenance	2027Q2 / downside	15.62 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(downside_fy27_maintenance, downside_2027q2_weight).
operations revenue downside_2027q2_operations	2027Q2 / downside	38.59 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(downside_fy27_operations, downside_2027q2_weight).
Revenue downside_2027q2_revenue	2027Q2 / downside	744.23 USD_millions	derived: Hardware/system sales and recurring service revenue counted once. Formula: sum(downside_2027q2_systems, downside_2027q2_maintenance, downside_2027q2_operations).
systems GAAP gross margin downside_2027q2_systems_gross_margin	2027Q2 / downside	21.0% ratio	assumption: Desk assumption, not company guidance.
systems gross profit downside_2027q2_systems_gross	2027Q2 / downside	144.90 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(downside_2027q2_systems, downside_2027q2_systems_gross_margin).
maintenance GAAP gross margin downside_2027q2_maintenance_gross_margin	2027Q2 / downside	70.0% ratio	assumption: Desk assumption, not company guidance.
maintenance gross profit downside_2027q2_maintenance_gross	2027Q2 / downside	10.94 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(downside_2027q2_maintenance, downside_2027q2_maintenance_gross_margin).
operations GAAP gross margin downside_2027q2_operations_gross_margin	2027Q2 / downside	8.0% ratio	assumption: Desk assumption, not company guidance.
operations gross profit downside_2027q2_operations_gross	2027Q2 / downside	3.09 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(downside_2027q2_operations, downside_2027q2_operations_gross_margin).
GAAP gross profit downside_2027q2_gross_profit	2027Q2 / downside	158.93 USD_millions	derived: Streams have different delivery and service economics. Formula: sum(downside_2027q2_systems_gross, downside_2027q2_maintenance_gross, downside_2027q2_operations_gross).
SBC/DA included in cost of revenue downside_2027q2_cogs_noncash	2027Q2 / downside	24.00 USD_millions	assumption: Desk noncash allocation inside total SBC/DA; not an additional expense added twice.
Gross profit before cost-of-sales noncash charges downside_2027q2_cash_gross	2027Q2 / downside	182.93 USD_millions	derived: Consistent adjusted cost basis. Formula: sum(downside_2027q2_gross_profit, downside_2027q2_cogs_noncash).
Adjusted operating cash expenses downside_2027q2_adjusted_opex	2027Q2 / downside	115.00 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted EBITDA downside_2027q2_adjusted_ebitda	2027Q2 / downside	67.93 USD_millions	derived: Desk recurring operating cost structure, not management FY2027 guidance. Formula: subtract(downside_2027q2_cash_gross, downside_2027q2_adjusted_opex).
Total noncash equity compensation allowance downside_2027q2_sbc	2027Q2 / downside	63.00 USD_millions	assumption: Desk assumption, not company guidance.
Depreciation and amortization downside_2027q2_da	2027Q2 / downside	13.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash remediation/integration costs downside_2027q2_cash_exclusions	2027Q2 / downside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Costs excluded from adjusted EBITDA downside_2027q2_gaap_exclusions	2027Q2 / downside	78.00 USD_millions	derived: Includes cost-of-revenue noncash allocation within totals once. Formula: sum(downside_2027q2_sbc, downside_2027q2_da, downside_2027q2_cash_exclusions).
GAAP operating income proxy downside_2027q2_operating_income	2027Q2 / downside	-10.07 USD_millions	derived: Does not project fair-value gains, equity-method losses or common-holder earnings. Formula: subtract(downside_2027q2_adjusted_ebitda, downside_2027q2_gaap_exclusions).
Cash investment income downside_2027q2_cash_interest	2027Q2 / downside	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings before customer funding downside_2027q2_cash_before_wc	2027Q2 / downside	75.93 USD_millions	derived: Uses consistent forecast noncash costs; no sale of investments or equity issue proceeds. Formula: sum(downside_2027q2_operating_income, downside_2027q2_sbc, downside_2027q2_da, downside_2027q2_cash_interest).
Net deferred-revenue cash funding downside_2027q2_deferred_funding	2027Q2 / downside	-80.00 USD_millions	assumption: Desk customer billing/collection timing relative to services. Negative means revenue recognition consumes prior advances; not additional revenue.
Cash earnings plus net advance funding downside_2027q2_cash_with_advances	2027Q2 / downside	-4.07 USD_millions	derived: Other receivable, inventory and contract-cost movements modeled below. Formula: sum(downside_2027q2_cash_before_wc, downside_2027q2_deferred_funding).
Other net working-capital cash use downside_2027q2_other_working_capital	2027Q2 / downside	60.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash tax allowance downside_2027q2_cash_tax	2027Q2 / downside	5.00 USD_millions	assumption: Desk assumption, not company guidance.
Existing component-program cash payments downside_2027q2_program_cash	2027Q2 / downside	7.00 USD_millions	assumption: Provisional cash timing for costs already recognized; not a claim of the remaining June reserve or another new expense.
Other operating timing, tax and replacement cash downside_2027q2_cash_uses	2027Q2 / downside	72.00 USD_millions	derived: Existing reserve cash is not charged to operating income again. Formula: sum(downside_2027q2_other_working_capital, downside_2027q2_cash_tax, downside_2027q2_program_cash).
Operating cash flow downside_2027q2_cfo	2027Q2 / downside	-76.07 USD_millions	derived: Deferred-revenue funding is in CFO; Exol capital is not. Formula: subtract(downside_2027q2_cash_with_advances, downside_2027q2_cash_uses).
Combined PP&E and software cash downside_2027q2_capex	2027Q2 / downside	34.00 USD_millions	assumption: Company combines PP&E and internal-use software in the cash statement. No invented split.
Company-scope FCF downside_2027q2_fcf	2027Q2 / downside	-110.07 USD_millions	derived: Includes software cash once. Formula: subtract(downside_2027q2_cfo, downside_2027q2_capex).
FCF excluding net deferred funding downside_2027q2_cash_ex_deferred	2027Q2 / downside	-30.07 USD_millions	derived: Analytical timing sensitivity, not cash available to distribute or a reported company metric. Formula: subtract(downside_2027q2_fcf, downside_2027q2_deferred_funding).
Exol capital contribution downside_2027q2_exol_contribution	2027Q2 / downside	55.00 USD_millions	assumption: Desk capital-call timing within multi-year commitments; not revenue or GAAP operating expense.
Other strategic investment cash downside_2027q2_other_investment	2027Q2 / downside	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Partner tax distributions downside_2027q2_partner_distributions	2027Q2 / downside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Strategic investment and partner cash downside_2027q2_capital_uses	2027Q2 / downside	67.00 USD_millions	derived: No undisclosed ARMS purchase price invented. Further M&A can consume additional cash. Formula: sum(downside_2027q2_exol_contribution, downside_2027q2_other_investment, downside_2027q2_partner_distributions).
Cash after strategic allocations downside_2027q2_cash_after_investments	2027Q2 / downside	-177.07 USD_millions	derived: Excludes unquantified acquisition consideration, equity financing, TRA settlements and restricted cash changes. Formula: subtract(downside_2027q2_fcf, downside_2027q2_capital_uses).
Annual revenue quarter share downside_2027q3_weight	2027Q3 / downside	26.0% ratio	assumption: Desk assumption, not company guidance.
systems revenue downside_2027q3_systems	2027Q3 / downside	747.52 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(downside_fy27_systems, downside_2027q3_weight).
maintenance revenue downside_2027q3_maintenance	2027Q3 / downside	16.93 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(downside_fy27_maintenance, downside_2027q3_weight).
operations revenue downside_2027q3_operations	2027Q3 / downside	41.80 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(downside_fy27_operations, downside_2027q3_weight).
Revenue downside_2027q3_revenue	2027Q3 / downside	806.25 USD_millions	derived: Hardware/system sales and recurring service revenue counted once. Formula: sum(downside_2027q3_systems, downside_2027q3_maintenance, downside_2027q3_operations).
systems GAAP gross margin downside_2027q3_systems_gross_margin	2027Q3 / downside	21.0% ratio	assumption: Desk assumption, not company guidance.
systems gross profit downside_2027q3_systems_gross	2027Q3 / downside	156.98 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(downside_2027q3_systems, downside_2027q3_systems_gross_margin).
maintenance GAAP gross margin downside_2027q3_maintenance_gross_margin	2027Q3 / downside	70.0% ratio	assumption: Desk assumption, not company guidance.
maintenance gross profit downside_2027q3_maintenance_gross	2027Q3 / downside	11.85 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(downside_2027q3_maintenance, downside_2027q3_maintenance_gross_margin).
operations GAAP gross margin downside_2027q3_operations_gross_margin	2027Q3 / downside	8.0% ratio	assumption: Desk assumption, not company guidance.
operations gross profit downside_2027q3_operations_gross	2027Q3 / downside	3.34 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(downside_2027q3_operations, downside_2027q3_operations_gross_margin).
GAAP gross profit downside_2027q3_gross_profit	2027Q3 / downside	172.17 USD_millions	derived: Streams have different delivery and service economics. Formula: sum(downside_2027q3_systems_gross, downside_2027q3_maintenance_gross, downside_2027q3_operations_gross).
SBC/DA included in cost of revenue downside_2027q3_cogs_noncash	2027Q3 / downside	26.00 USD_millions	assumption: Desk noncash allocation inside total SBC/DA; not an additional expense added twice.
Gross profit before cost-of-sales noncash charges downside_2027q3_cash_gross	2027Q3 / downside	198.17 USD_millions	derived: Consistent adjusted cost basis. Formula: sum(downside_2027q3_gross_profit, downside_2027q3_cogs_noncash).
Adjusted operating cash expenses downside_2027q3_adjusted_opex	2027Q3 / downside	118.00 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted EBITDA downside_2027q3_adjusted_ebitda	2027Q3 / downside	80.17 USD_millions	derived: Desk recurring operating cost structure, not management FY2027 guidance. Formula: subtract(downside_2027q3_cash_gross, downside_2027q3_adjusted_opex).
Total noncash equity compensation allowance downside_2027q3_sbc	2027Q3 / downside	67.00 USD_millions	assumption: Desk assumption, not company guidance.
Depreciation and amortization downside_2027q3_da	2027Q3 / downside	14.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash remediation/integration costs downside_2027q3_cash_exclusions	2027Q3 / downside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Costs excluded from adjusted EBITDA downside_2027q3_gaap_exclusions	2027Q3 / downside	83.00 USD_millions	derived: Includes cost-of-revenue noncash allocation within totals once. Formula: sum(downside_2027q3_sbc, downside_2027q3_da, downside_2027q3_cash_exclusions).
GAAP operating income proxy downside_2027q3_operating_income	2027Q3 / downside	-2.83 USD_millions	derived: Does not project fair-value gains, equity-method losses or common-holder earnings. Formula: subtract(downside_2027q3_adjusted_ebitda, downside_2027q3_gaap_exclusions).
Cash investment income downside_2027q3_cash_interest	2027Q3 / downside	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings before customer funding downside_2027q3_cash_before_wc	2027Q3 / downside	88.17 USD_millions	derived: Uses consistent forecast noncash costs; no sale of investments or equity issue proceeds. Formula: sum(downside_2027q3_operating_income, downside_2027q3_sbc, downside_2027q3_da, downside_2027q3_cash_interest).
Net deferred-revenue cash funding downside_2027q3_deferred_funding	2027Q3 / downside	50.00 USD_millions	assumption: Desk customer billing/collection timing relative to services. Negative means revenue recognition consumes prior advances; not additional revenue.
Cash earnings plus net advance funding downside_2027q3_cash_with_advances	2027Q3 / downside	138.17 USD_millions	derived: Other receivable, inventory and contract-cost movements modeled below. Formula: sum(downside_2027q3_cash_before_wc, downside_2027q3_deferred_funding).
Other net working-capital cash use downside_2027q3_other_working_capital	2027Q3 / downside	50.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash tax allowance downside_2027q3_cash_tax	2027Q3 / downside	5.00 USD_millions	assumption: Desk assumption, not company guidance.
Existing component-program cash payments downside_2027q3_program_cash	2027Q3 / downside	0.00 USD_millions	assumption: Provisional cash timing for costs already recognized; not a claim of the remaining June reserve or another new expense.
Other operating timing, tax and replacement cash downside_2027q3_cash_uses	2027Q3 / downside	55.00 USD_millions	derived: Existing reserve cash is not charged to operating income again. Formula: sum(downside_2027q3_other_working_capital, downside_2027q3_cash_tax, downside_2027q3_program_cash).
Operating cash flow downside_2027q3_cfo	2027Q3 / downside	83.17 USD_millions	derived: Deferred-revenue funding is in CFO; Exol capital is not. Formula: subtract(downside_2027q3_cash_with_advances, downside_2027q3_cash_uses).
Combined PP&E and software cash downside_2027q3_capex	2027Q3 / downside	36.00 USD_millions	assumption: Company combines PP&E and internal-use software in the cash statement. No invented split.
Company-scope FCF downside_2027q3_fcf	2027Q3 / downside	47.17 USD_millions	derived: Includes software cash once. Formula: subtract(downside_2027q3_cfo, downside_2027q3_capex).
FCF excluding net deferred funding downside_2027q3_cash_ex_deferred	2027Q3 / downside	-2.83 USD_millions	derived: Analytical timing sensitivity, not cash available to distribute or a reported company metric. Formula: subtract(downside_2027q3_fcf, downside_2027q3_deferred_funding).
Exol capital contribution downside_2027q3_exol_contribution	2027Q3 / downside	60.00 USD_millions	assumption: Desk capital-call timing within multi-year commitments; not revenue or GAAP operating expense.
Other strategic investment cash downside_2027q3_other_investment	2027Q3 / downside	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Partner tax distributions downside_2027q3_partner_distributions	2027Q3 / downside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Strategic investment and partner cash downside_2027q3_capital_uses	2027Q3 / downside	72.00 USD_millions	derived: No undisclosed ARMS purchase price invented. Further M&A can consume additional cash. Formula: sum(downside_2027q3_exol_contribution, downside_2027q3_other_investment, downside_2027q3_partner_distributions).
Cash after strategic allocations downside_2027q3_cash_after_investments	2027Q3 / downside	-24.83 USD_millions	derived: Excludes unquantified acquisition consideration, equity financing, TRA settlements and restricted cash changes. Formula: subtract(downside_2027q3_fcf, downside_2027q3_capital_uses).
Annual revenue quarter share downside_2027q4_weight	2027Q4 / downside	28.0% ratio	assumption: Desk assumption, not company guidance.
systems revenue downside_2027q4_systems	2027Q4 / downside	805.02 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(downside_fy27_systems, downside_2027q4_weight).
maintenance revenue downside_2027q4_maintenance	2027Q4 / downside	18.23 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(downside_fy27_maintenance, downside_2027q4_weight).
operations revenue downside_2027q4_operations	2027Q4 / downside	45.02 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(downside_fy27_operations, downside_2027q4_weight).
Revenue downside_2027q4_revenue	2027Q4 / downside	868.27 USD_millions	derived: Hardware/system sales and recurring service revenue counted once. Formula: sum(downside_2027q4_systems, downside_2027q4_maintenance, downside_2027q4_operations).
systems GAAP gross margin downside_2027q4_systems_gross_margin	2027Q4 / downside	21.0% ratio	assumption: Desk assumption, not company guidance.
systems gross profit downside_2027q4_systems_gross	2027Q4 / downside	169.05 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(downside_2027q4_systems, downside_2027q4_systems_gross_margin).
maintenance GAAP gross margin downside_2027q4_maintenance_gross_margin	2027Q4 / downside	70.0% ratio	assumption: Desk assumption, not company guidance.
maintenance gross profit downside_2027q4_maintenance_gross	2027Q4 / downside	12.76 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(downside_2027q4_maintenance, downside_2027q4_maintenance_gross_margin).
operations GAAP gross margin downside_2027q4_operations_gross_margin	2027Q4 / downside	8.0% ratio	assumption: Desk assumption, not company guidance.
operations gross profit downside_2027q4_operations_gross	2027Q4 / downside	3.60 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(downside_2027q4_operations, downside_2027q4_operations_gross_margin).
GAAP gross profit downside_2027q4_gross_profit	2027Q4 / downside	185.42 USD_millions	derived: Streams have different delivery and service economics. Formula: sum(downside_2027q4_systems_gross, downside_2027q4_maintenance_gross, downside_2027q4_operations_gross).
SBC/DA included in cost of revenue downside_2027q4_cogs_noncash	2027Q4 / downside	28.00 USD_millions	assumption: Desk noncash allocation inside total SBC/DA; not an additional expense added twice.
Gross profit before cost-of-sales noncash charges downside_2027q4_cash_gross	2027Q4 / downside	213.42 USD_millions	derived: Consistent adjusted cost basis. Formula: sum(downside_2027q4_gross_profit, downside_2027q4_cogs_noncash).
Adjusted operating cash expenses downside_2027q4_adjusted_opex	2027Q4 / downside	121.00 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted EBITDA downside_2027q4_adjusted_ebitda	2027Q4 / downside	92.42 USD_millions	derived: Desk recurring operating cost structure, not management FY2027 guidance. Formula: subtract(downside_2027q4_cash_gross, downside_2027q4_adjusted_opex).
Total noncash equity compensation allowance downside_2027q4_sbc	2027Q4 / downside	71.00 USD_millions	assumption: Desk assumption, not company guidance.
Depreciation and amortization downside_2027q4_da	2027Q4 / downside	15.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash remediation/integration costs downside_2027q4_cash_exclusions	2027Q4 / downside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Costs excluded from adjusted EBITDA downside_2027q4_gaap_exclusions	2027Q4 / downside	88.00 USD_millions	derived: Includes cost-of-revenue noncash allocation within totals once. Formula: sum(downside_2027q4_sbc, downside_2027q4_da, downside_2027q4_cash_exclusions).
GAAP operating income proxy downside_2027q4_operating_income	2027Q4 / downside	4.42 USD_millions	derived: Does not project fair-value gains, equity-method losses or common-holder earnings. Formula: subtract(downside_2027q4_adjusted_ebitda, downside_2027q4_gaap_exclusions).
Cash investment income downside_2027q4_cash_interest	2027Q4 / downside	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings before customer funding downside_2027q4_cash_before_wc	2027Q4 / downside	100.42 USD_millions	derived: Uses consistent forecast noncash costs; no sale of investments or equity issue proceeds. Formula: sum(downside_2027q4_operating_income, downside_2027q4_sbc, downside_2027q4_da, downside_2027q4_cash_interest).
Net deferred-revenue cash funding downside_2027q4_deferred_funding	2027Q4 / downside	-30.00 USD_millions	assumption: Desk customer billing/collection timing relative to services. Negative means revenue recognition consumes prior advances; not additional revenue.
Cash earnings plus net advance funding downside_2027q4_cash_with_advances	2027Q4 / downside	70.42 USD_millions	derived: Other receivable, inventory and contract-cost movements modeled below. Formula: sum(downside_2027q4_cash_before_wc, downside_2027q4_deferred_funding).
Other net working-capital cash use downside_2027q4_other_working_capital	2027Q4 / downside	50.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash tax allowance downside_2027q4_cash_tax	2027Q4 / downside	5.00 USD_millions	assumption: Desk assumption, not company guidance.
Existing component-program cash payments downside_2027q4_program_cash	2027Q4 / downside	0.00 USD_millions	assumption: Provisional cash timing for costs already recognized; not a claim of the remaining June reserve or another new expense.
Other operating timing, tax and replacement cash downside_2027q4_cash_uses	2027Q4 / downside	55.00 USD_millions	derived: Existing reserve cash is not charged to operating income again. Formula: sum(downside_2027q4_other_working_capital, downside_2027q4_cash_tax, downside_2027q4_program_cash).
Operating cash flow downside_2027q4_cfo	2027Q4 / downside	15.42 USD_millions	derived: Deferred-revenue funding is in CFO; Exol capital is not. Formula: subtract(downside_2027q4_cash_with_advances, downside_2027q4_cash_uses).
Combined PP&E and software cash downside_2027q4_capex	2027Q4 / downside	38.00 USD_millions	assumption: Company combines PP&E and internal-use software in the cash statement. No invented split.
Company-scope FCF downside_2027q4_fcf	2027Q4 / downside	-22.58 USD_millions	derived: Includes software cash once. Formula: subtract(downside_2027q4_cfo, downside_2027q4_capex).
FCF excluding net deferred funding downside_2027q4_cash_ex_deferred	2027Q4 / downside	7.42 USD_millions	derived: Analytical timing sensitivity, not cash available to distribute or a reported company metric. Formula: subtract(downside_2027q4_fcf, downside_2027q4_deferred_funding).
Exol capital contribution downside_2027q4_exol_contribution	2027Q4 / downside	65.00 USD_millions	assumption: Desk capital-call timing within multi-year commitments; not revenue or GAAP operating expense.
Other strategic investment cash downside_2027q4_other_investment	2027Q4 / downside	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Partner tax distributions downside_2027q4_partner_distributions	2027Q4 / downside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Strategic investment and partner cash downside_2027q4_capital_uses	2027Q4 / downside	77.00 USD_millions	derived: No undisclosed ARMS purchase price invented. Further M&A can consume additional cash. Formula: sum(downside_2027q4_exol_contribution, downside_2027q4_other_investment, downside_2027q4_partner_distributions).
Cash after strategic allocations downside_2027q4_cash_after_investments	2027Q4 / downside	-99.58 USD_millions	derived: Excludes unquantified acquisition consideration, equity financing, TRA settlements and restricted cash changes. Formula: subtract(downside_2027q4_fcf, downside_2027q4_capital_uses).
Revenue ($M) downside_fy2026_revenue	FY2026 / downside	2,751.10 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(ytd_revenue, downside_2026q4_revenue).
Systems revenue ($M) downside_fy2026_systems	FY2026 / downside	2,567.04 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(ytd_systems, downside_2026q4_systems).
Software maintenance/support revenue ($M) downside_fy2026_maintenance	FY2026 / downside	50.07 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(ytd_maintenance, downside_2026q4_maintenance).
Operation Services revenue ($M) downside_fy2026_operations	FY2026 / downside	133.99 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(ytd_operations, downside_2026q4_operations).
GAAP gross profit ($M) downside_fy2026_gross_profit	FY2026 / downside	597.83 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(ytd_gross_profit, downside_2026q4_gross_profit).
Adjusted EBITDA ($M) downside_fy2026_adjusted_ebitda	FY2026 / downside	319.83 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(ytd_adjusted_ebitda, downside_2026q4_adjusted_ebitda).
GAAP operating income proxy ($M) downside_fy2026_operating_income	FY2026 / downside	57.46 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(ytd_operating_income, downside_2026q4_operating_income).
Operating cash flow ($M) downside_fy2026_cfo	FY2026 / downside	236.53 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(ytd_cfo, downside_2026q4_cfo).
Combined PP&E and software cash ($M) downside_fy2026_capex	FY2026 / downside	87.75 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(ytd_capex, downside_2026q4_capex).
CFO less PP&E and software ($M) downside_fy2026_fcf	FY2026 / downside	148.78 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(ytd_fcf, downside_2026q4_fcf).
FCF excluding net deferred-revenue funding ($M) downside_fy2026_cash_ex_deferred	FY2026 / downside	-120.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(ytd_cash_ex_deferred, downside_2026q4_cash_ex_deferred).
Cash after strategic investments and distributions ($M) downside_fy2026_cash_after_investments	FY2026 / downside	-51.83 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(ytd_cash_after_investments, downside_2026q4_cash_after_investments).
Revenue ($M) downside_fy2027_revenue	FY2027 / downside	3,100.97 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_revenue, downside_2027q2_revenue, downside_2027q3_revenue, downside_2027q4_revenue).
Systems revenue ($M) downside_fy2027_systems	FY2027 / downside	2,875.08 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_systems, downside_2027q2_systems, downside_2027q3_systems, downside_2027q4_systems).
Software maintenance/support revenue ($M) downside_fy2027_maintenance	FY2027 / downside	65.10 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_maintenance, downside_2027q2_maintenance, downside_2027q3_maintenance, downside_2027q4_maintenance).
Operation Services revenue ($M) downside_fy2027_operations	FY2027 / downside	160.79 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_operations, downside_2027q2_operations, downside_2027q3_operations, downside_2027q4_operations).
GAAP gross profit ($M) downside_fy2027_gross_profit	FY2027 / downside	662.20 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_gross_profit, downside_2027q2_gross_profit, downside_2027q3_gross_profit, downside_2027q4_gross_profit).
Adjusted EBITDA ($M) downside_fy2027_adjusted_ebitda	FY2027 / downside	296.20 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_adjusted_ebitda, downside_2027q2_adjusted_ebitda, downside_2027q3_adjusted_ebitda, downside_2027q4_adjusted_ebitda).
GAAP operating income proxy ($M) downside_fy2027_operating_income	FY2027 / downside	-25.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_operating_income, downside_2027q2_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income).
Operating cash flow ($M) downside_fy2027_cfo	FY2027 / downside	113.20 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).
Combined PP&E and software cash ($M) downside_fy2027_capex	FY2027 / downside	140.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_capex, downside_2027q2_capex, downside_2027q3_capex, downside_2027q4_capex).
CFO less PP&E and software ($M) downside_fy2027_fcf	FY2027 / downside	-26.80 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).
FCF excluding net deferred-revenue funding ($M) downside_fy2027_cash_ex_deferred	FY2027 / downside	-66.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cash_ex_deferred, downside_2027q2_cash_ex_deferred, downside_2027q3_cash_ex_deferred, downside_2027q4_cash_ex_deferred).
Cash after strategic investments and distributions ($M) downside_fy2027_cash_after_investments	FY2027 / downside	-304.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cash_after_investments, downside_2027q2_cash_after_investments, downside_2027q3_cash_after_investments, downside_2027q4_cash_after_investments).
Q4 delivery / company midpoint base_delivery	2026Q4 / base	100.0% ratio	assumption: Desk sensitivity.
Q4 adjusted EBITDA / midpoint base_profit	2026Q4 / base	100.0% ratio	assumption: Desk sensitivity.
Q4 revenue base_q4_target	2026Q4 / base	770.00 USD_millions	derived: Company midpoint times delivery sensitivity. Formula: multiply(q4_revenue_guide, base_delivery).
Q4 software maintenance sales base_q4_maintenance	2026Q4 / base	14.00 USD_millions	assumption: Desk recurring service allocation.
Q4 operations service sales base_q4_operations	2026Q4 / base	42.00 USD_millions	assumption: Desk service allocation.
Q4 recurring service sales base_q4_services	2026Q4 / base	56.00 USD_millions	derived: Mutually exclusive service streams. Formula: sum(base_q4_maintenance, base_q4_operations).
Q4 Systems revenue base_q4_systems	2026Q4 / base	714.00 USD_millions	derived: Systems inside consolidated guidance. Formula: subtract(base_q4_target, base_q4_services).
FY2026 systems revenue base_fy26_systems	FY2026 / base	2,609.74 USD_millions	derived: Actual nine months plus Q4. Formula: sum(ytd_systems, base_q4_systems).
FY2027 systems growth multiplier base_systems_growth	FY2027 / base	128.0% ratio	assumption: Desk installed-base/deployment sensitivity, not a disclosed systems completion schedule.
FY2027 systems revenue base_fy27_systems	FY2027 / base	3,340.47 USD_millions	derived: No extra backlog or contingent Walmart systems added. Formula: multiply(base_fy26_systems, base_systems_growth).
FY2026 maintenance revenue base_fy26_maintenance	FY2026 / base	50.57 USD_millions	derived: Actual nine months plus Q4. Formula: sum(ytd_maintenance, base_q4_maintenance).
FY2027 maintenance growth multiplier base_maintenance_growth	FY2027 / base	150.0% ratio	assumption: Desk installed-base/deployment sensitivity, not a disclosed systems completion schedule.
FY2027 maintenance revenue base_fy27_maintenance	FY2027 / base	75.86 USD_millions	derived: No extra backlog or contingent Walmart systems added. Formula: multiply(base_fy26_maintenance, base_maintenance_growth).
FY2026 operations revenue base_fy26_operations	FY2026 / base	136.99 USD_millions	derived: Actual nine months plus Q4. Formula: sum(ytd_operations, base_q4_operations).
FY2027 operations growth multiplier base_operations_growth	FY2027 / base	140.0% ratio	assumption: Desk installed-base/deployment sensitivity, not a disclosed systems completion schedule.
FY2027 operations revenue base_fy27_operations	FY2027 / base	191.78 USD_millions	derived: No extra backlog or contingent Walmart systems added. Formula: multiply(base_fy26_operations, base_operations_growth).
Annual revenue quarter share base_2026q4_weight	2026Q4 / base	100.0% ratio	assumption: Desk assumption, not company guidance.
systems revenue base_2026q4_systems	2026Q4 / base	714.00 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(base_q4_systems, base_2026q4_weight).
maintenance revenue base_2026q4_maintenance	2026Q4 / base	14.00 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(base_q4_maintenance, base_2026q4_weight).
operations revenue base_2026q4_operations	2026Q4 / base	42.00 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(base_q4_operations, base_2026q4_weight).
Revenue base_2026q4_revenue	2026Q4 / base	770.00 USD_millions	derived: Hardware/system sales and recurring service revenue counted once. Formula: sum(base_2026q4_systems, base_2026q4_maintenance, base_2026q4_operations).
systems GAAP gross margin base_2026q4_systems_gross_margin	2026Q4 / base	25.0% ratio	assumption: Desk assumption, not company guidance.
systems gross profit base_2026q4_systems_gross	2026Q4 / base	178.50 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(base_2026q4_systems, base_2026q4_systems_gross_margin).
maintenance GAAP gross margin base_2026q4_maintenance_gross_margin	2026Q4 / base	73.0% ratio	assumption: Desk assumption, not company guidance.
maintenance gross profit base_2026q4_maintenance_gross	2026Q4 / base	10.22 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(base_2026q4_maintenance, base_2026q4_maintenance_gross_margin).
operations GAAP gross margin base_2026q4_operations_gross_margin	2026Q4 / base	14.0% ratio	assumption: Desk assumption, not company guidance.
operations gross profit base_2026q4_operations_gross	2026Q4 / base	5.88 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(base_2026q4_operations, base_2026q4_operations_gross_margin).
GAAP gross profit base_2026q4_gross_profit	2026Q4 / base	194.60 USD_millions	derived: Streams have different delivery and service economics. Formula: sum(base_2026q4_systems_gross, base_2026q4_maintenance_gross, base_2026q4_operations_gross).
SBC/DA included in cost of revenue base_2026q4_cogs_noncash	2026Q4 / base	20.00 USD_millions	assumption: Desk noncash allocation inside total SBC/DA; not an additional expense added twice.
Adjusted EBITDA base_2026q4_adjusted_ebitda	2026Q4 / base	102.50 USD_millions	derived: Company Q4 guide midpoint times sensitivity. Formula: multiply(q4_ebitda_guide, base_profit).
Total noncash equity compensation allowance base_2026q4_sbc	2026Q4 / base	55.00 USD_millions	assumption: Desk assumption, not company guidance.
Depreciation and amortization base_2026q4_da	2026Q4 / base	11.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash remediation/integration costs base_2026q4_cash_exclusions	2026Q4 / base	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Costs excluded from adjusted EBITDA base_2026q4_gaap_exclusions	2026Q4 / base	68.00 USD_millions	derived: Includes cost-of-revenue noncash allocation within totals once. Formula: sum(base_2026q4_sbc, base_2026q4_da, base_2026q4_cash_exclusions).
GAAP operating income proxy base_2026q4_operating_income	2026Q4 / base	34.50 USD_millions	derived: Does not project fair-value gains, equity-method losses or common-holder earnings. Formula: subtract(base_2026q4_adjusted_ebitda, base_2026q4_gaap_exclusions).
Cash investment income base_2026q4_cash_interest	2026Q4 / base	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings before customer funding base_2026q4_cash_before_wc	2026Q4 / base	110.50 USD_millions	derived: Uses consistent forecast noncash costs; no sale of investments or equity issue proceeds. Formula: sum(base_2026q4_operating_income, base_2026q4_sbc, base_2026q4_da, base_2026q4_cash_interest).
Net deferred-revenue cash funding base_2026q4_deferred_funding	2026Q4 / base	100.00 USD_millions	assumption: Desk customer billing/collection timing relative to services. Negative means revenue recognition consumes prior advances; not additional revenue.
Cash earnings plus net advance funding base_2026q4_cash_with_advances	2026Q4 / base	210.50 USD_millions	derived: Other receivable, inventory and contract-cost movements modeled below. Formula: sum(base_2026q4_cash_before_wc, base_2026q4_deferred_funding).
Other net working-capital cash use base_2026q4_other_working_capital	2026Q4 / base	35.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash tax allowance base_2026q4_cash_tax	2026Q4 / base	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Existing component-program cash payments base_2026q4_program_cash	2026Q4 / base	5.00 USD_millions	assumption: Provisional cash timing for costs already recognized; not a claim of the remaining June reserve or another new expense.
Other operating timing, tax and replacement cash base_2026q4_cash_uses	2026Q4 / base	42.00 USD_millions	derived: Existing reserve cash is not charged to operating income again. Formula: sum(base_2026q4_other_working_capital, base_2026q4_cash_tax, base_2026q4_program_cash).
Operating cash flow base_2026q4_cfo	2026Q4 / base	168.50 USD_millions	derived: Deferred-revenue funding is in CFO; Exol capital is not. Formula: subtract(base_2026q4_cash_with_advances, base_2026q4_cash_uses).
Combined PP&E and software cash base_2026q4_capex	2026Q4 / base	25.00 USD_millions	assumption: Company combines PP&E and internal-use software in the cash statement. No invented split.
Company-scope FCF base_2026q4_fcf	2026Q4 / base	143.50 USD_millions	derived: Includes software cash once. Formula: subtract(base_2026q4_cfo, base_2026q4_capex).
FCF excluding net deferred funding base_2026q4_cash_ex_deferred	2026Q4 / base	43.50 USD_millions	derived: Analytical timing sensitivity, not cash available to distribute or a reported company metric. Formula: subtract(base_2026q4_fcf, base_2026q4_deferred_funding).
Exol capital contribution base_2026q4_exol_contribution	2026Q4 / base	40.00 USD_millions	assumption: Desk capital-call timing within multi-year commitments; not revenue or GAAP operating expense.
Other strategic investment cash base_2026q4_other_investment	2026Q4 / base	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Partner tax distributions base_2026q4_partner_distributions	2026Q4 / base	1.00 USD_millions	assumption: Desk assumption, not company guidance.
Strategic investment and partner cash base_2026q4_capital_uses	2026Q4 / base	51.00 USD_millions	derived: No undisclosed ARMS purchase price invented. Further M&A can consume additional cash. Formula: sum(base_2026q4_exol_contribution, base_2026q4_other_investment, base_2026q4_partner_distributions).
Cash after strategic allocations base_2026q4_cash_after_investments	2026Q4 / base	92.50 USD_millions	derived: Excludes unquantified acquisition consideration, equity financing, TRA settlements and restricted cash changes. Formula: subtract(base_2026q4_fcf, base_2026q4_capital_uses).
Annual revenue quarter share base_2027q1_weight	2027Q1 / base	22.0% ratio	assumption: Desk assumption, not company guidance.
systems revenue base_2027q1_systems	2027Q1 / base	734.90 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(base_fy27_systems, base_2027q1_weight).
maintenance revenue base_2027q1_maintenance	2027Q1 / base	16.69 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(base_fy27_maintenance, base_2027q1_weight).
operations revenue base_2027q1_operations	2027Q1 / base	42.19 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(base_fy27_operations, base_2027q1_weight).
Revenue base_2027q1_revenue	2027Q1 / base	793.78 USD_millions	derived: Hardware/system sales and recurring service revenue counted once. Formula: sum(base_2027q1_systems, base_2027q1_maintenance, base_2027q1_operations).
systems GAAP gross margin base_2027q1_systems_gross_margin	2027Q1 / base	25.0% ratio	assumption: Desk assumption, not company guidance.
systems gross profit base_2027q1_systems_gross	2027Q1 / base	183.73 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(base_2027q1_systems, base_2027q1_systems_gross_margin).
maintenance GAAP gross margin base_2027q1_maintenance_gross_margin	2027Q1 / base	73.0% ratio	assumption: Desk assumption, not company guidance.
maintenance gross profit base_2027q1_maintenance_gross	2027Q1 / base	12.18 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(base_2027q1_maintenance, base_2027q1_maintenance_gross_margin).
operations GAAP gross margin base_2027q1_operations_gross_margin	2027Q1 / base	14.0% ratio	assumption: Desk assumption, not company guidance.
operations gross profit base_2027q1_operations_gross	2027Q1 / base	5.91 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(base_2027q1_operations, base_2027q1_operations_gross_margin).
GAAP gross profit base_2027q1_gross_profit	2027Q1 / base	201.82 USD_millions	derived: Streams have different delivery and service economics. Formula: sum(base_2027q1_systems_gross, base_2027q1_maintenance_gross, base_2027q1_operations_gross).
SBC/DA included in cost of revenue base_2027q1_cogs_noncash	2027Q1 / base	22.00 USD_millions	assumption: Desk noncash allocation inside total SBC/DA; not an additional expense added twice.
Gross profit before cost-of-sales noncash charges base_2027q1_cash_gross	2027Q1 / base	223.82 USD_millions	derived: Consistent adjusted cost basis. Formula: sum(base_2027q1_gross_profit, base_2027q1_cogs_noncash).
Adjusted operating cash expenses base_2027q1_adjusted_opex	2027Q1 / base	110.00 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted EBITDA base_2027q1_adjusted_ebitda	2027Q1 / base	113.82 USD_millions	derived: Desk recurring operating cost structure, not management FY2027 guidance. Formula: subtract(base_2027q1_cash_gross, base_2027q1_adjusted_opex).
Total noncash equity compensation allowance base_2027q1_sbc	2027Q1 / base	59.00 USD_millions	assumption: Desk assumption, not company guidance.
Depreciation and amortization base_2027q1_da	2027Q1 / base	12.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash remediation/integration costs base_2027q1_cash_exclusions	2027Q1 / base	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Costs excluded from adjusted EBITDA base_2027q1_gaap_exclusions	2027Q1 / base	73.00 USD_millions	derived: Includes cost-of-revenue noncash allocation within totals once. Formula: sum(base_2027q1_sbc, base_2027q1_da, base_2027q1_cash_exclusions).
GAAP operating income proxy base_2027q1_operating_income	2027Q1 / base	40.82 USD_millions	derived: Does not project fair-value gains, equity-method losses or common-holder earnings. Formula: subtract(base_2027q1_adjusted_ebitda, base_2027q1_gaap_exclusions).
Cash investment income base_2027q1_cash_interest	2027Q1 / base	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings before customer funding base_2027q1_cash_before_wc	2027Q1 / base	121.82 USD_millions	derived: Uses consistent forecast noncash costs; no sale of investments or equity issue proceeds. Formula: sum(base_2027q1_operating_income, base_2027q1_sbc, base_2027q1_da, base_2027q1_cash_interest).
Net deferred-revenue cash funding base_2027q1_deferred_funding	2027Q1 / base	120.00 USD_millions	assumption: Desk customer billing/collection timing relative to services. Negative means revenue recognition consumes prior advances; not additional revenue.
Cash earnings plus net advance funding base_2027q1_cash_with_advances	2027Q1 / base	241.82 USD_millions	derived: Other receivable, inventory and contract-cost movements modeled below. Formula: sum(base_2027q1_cash_before_wc, base_2027q1_deferred_funding).
Other net working-capital cash use base_2027q1_other_working_capital	2027Q1 / base	40.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash tax allowance base_2027q1_cash_tax	2027Q1 / base	5.00 USD_millions	assumption: Desk assumption, not company guidance.
Existing component-program cash payments base_2027q1_program_cash	2027Q1 / base	5.00 USD_millions	assumption: Provisional cash timing for costs already recognized; not a claim of the remaining June reserve or another new expense.
Other operating timing, tax and replacement cash base_2027q1_cash_uses	2027Q1 / base	50.00 USD_millions	derived: Existing reserve cash is not charged to operating income again. Formula: sum(base_2027q1_other_working_capital, base_2027q1_cash_tax, base_2027q1_program_cash).
Operating cash flow base_2027q1_cfo	2027Q1 / base	191.82 USD_millions	derived: Deferred-revenue funding is in CFO; Exol capital is not. Formula: subtract(base_2027q1_cash_with_advances, base_2027q1_cash_uses).
Combined PP&E and software cash base_2027q1_capex	2027Q1 / base	32.00 USD_millions	assumption: Company combines PP&E and internal-use software in the cash statement. No invented split.
Company-scope FCF base_2027q1_fcf	2027Q1 / base	159.82 USD_millions	derived: Includes software cash once. Formula: subtract(base_2027q1_cfo, base_2027q1_capex).
FCF excluding net deferred funding base_2027q1_cash_ex_deferred	2027Q1 / base	39.82 USD_millions	derived: Analytical timing sensitivity, not cash available to distribute or a reported company metric. Formula: subtract(base_2027q1_fcf, base_2027q1_deferred_funding).
Exol capital contribution base_2027q1_exol_contribution	2027Q1 / base	45.00 USD_millions	assumption: Desk capital-call timing within multi-year commitments; not revenue or GAAP operating expense.
Other strategic investment cash base_2027q1_other_investment	2027Q1 / base	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Partner tax distributions base_2027q1_partner_distributions	2027Q1 / base	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Strategic investment and partner cash base_2027q1_capital_uses	2027Q1 / base	57.00 USD_millions	derived: No undisclosed ARMS purchase price invented. Further M&A can consume additional cash. Formula: sum(base_2027q1_exol_contribution, base_2027q1_other_investment, base_2027q1_partner_distributions).
Cash after strategic allocations base_2027q1_cash_after_investments	2027Q1 / base	102.82 USD_millions	derived: Excludes unquantified acquisition consideration, equity financing, TRA settlements and restricted cash changes. Formula: subtract(base_2027q1_fcf, base_2027q1_capital_uses).
Annual revenue quarter share base_2027q2_weight	2027Q2 / base	24.0% ratio	assumption: Desk assumption, not company guidance.
systems revenue base_2027q2_systems	2027Q2 / base	801.71 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(base_fy27_systems, base_2027q2_weight).
maintenance revenue base_2027q2_maintenance	2027Q2 / base	18.21 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(base_fy27_maintenance, base_2027q2_weight).
operations revenue base_2027q2_operations	2027Q2 / base	46.03 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(base_fy27_operations, base_2027q2_weight).
Revenue base_2027q2_revenue	2027Q2 / base	865.95 USD_millions	derived: Hardware/system sales and recurring service revenue counted once. Formula: sum(base_2027q2_systems, base_2027q2_maintenance, base_2027q2_operations).
systems GAAP gross margin base_2027q2_systems_gross_margin	2027Q2 / base	25.0% ratio	assumption: Desk assumption, not company guidance.
systems gross profit base_2027q2_systems_gross	2027Q2 / base	200.43 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(base_2027q2_systems, base_2027q2_systems_gross_margin).
maintenance GAAP gross margin base_2027q2_maintenance_gross_margin	2027Q2 / base	73.0% ratio	assumption: Desk assumption, not company guidance.
maintenance gross profit base_2027q2_maintenance_gross	2027Q2 / base	13.29 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(base_2027q2_maintenance, base_2027q2_maintenance_gross_margin).
operations GAAP gross margin base_2027q2_operations_gross_margin	2027Q2 / base	14.0% ratio	assumption: Desk assumption, not company guidance.
operations gross profit base_2027q2_operations_gross	2027Q2 / base	6.44 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(base_2027q2_operations, base_2027q2_operations_gross_margin).
GAAP gross profit base_2027q2_gross_profit	2027Q2 / base	220.16 USD_millions	derived: Streams have different delivery and service economics. Formula: sum(base_2027q2_systems_gross, base_2027q2_maintenance_gross, base_2027q2_operations_gross).
SBC/DA included in cost of revenue base_2027q2_cogs_noncash	2027Q2 / base	24.00 USD_millions	assumption: Desk noncash allocation inside total SBC/DA; not an additional expense added twice.
Gross profit before cost-of-sales noncash charges base_2027q2_cash_gross	2027Q2 / base	244.16 USD_millions	derived: Consistent adjusted cost basis. Formula: sum(base_2027q2_gross_profit, base_2027q2_cogs_noncash).
Adjusted operating cash expenses base_2027q2_adjusted_opex	2027Q2 / base	113.00 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted EBITDA base_2027q2_adjusted_ebitda	2027Q2 / base	131.16 USD_millions	derived: Desk recurring operating cost structure, not management FY2027 guidance. Formula: subtract(base_2027q2_cash_gross, base_2027q2_adjusted_opex).
Total noncash equity compensation allowance base_2027q2_sbc	2027Q2 / base	63.00 USD_millions	assumption: Desk assumption, not company guidance.
Depreciation and amortization base_2027q2_da	2027Q2 / base	13.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash remediation/integration costs base_2027q2_cash_exclusions	2027Q2 / base	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Costs excluded from adjusted EBITDA base_2027q2_gaap_exclusions	2027Q2 / base	78.00 USD_millions	derived: Includes cost-of-revenue noncash allocation within totals once. Formula: sum(base_2027q2_sbc, base_2027q2_da, base_2027q2_cash_exclusions).
GAAP operating income proxy base_2027q2_operating_income	2027Q2 / base	53.16 USD_millions	derived: Does not project fair-value gains, equity-method losses or common-holder earnings. Formula: subtract(base_2027q2_adjusted_ebitda, base_2027q2_gaap_exclusions).
Cash investment income base_2027q2_cash_interest	2027Q2 / base	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings before customer funding base_2027q2_cash_before_wc	2027Q2 / base	139.16 USD_millions	derived: Uses consistent forecast noncash costs; no sale of investments or equity issue proceeds. Formula: sum(base_2027q2_operating_income, base_2027q2_sbc, base_2027q2_da, base_2027q2_cash_interest).
Net deferred-revenue cash funding base_2027q2_deferred_funding	2027Q2 / base	-100.00 USD_millions	assumption: Desk customer billing/collection timing relative to services. Negative means revenue recognition consumes prior advances; not additional revenue.
Cash earnings plus net advance funding base_2027q2_cash_with_advances	2027Q2 / base	39.16 USD_millions	derived: Other receivable, inventory and contract-cost movements modeled below. Formula: sum(base_2027q2_cash_before_wc, base_2027q2_deferred_funding).
Other net working-capital cash use base_2027q2_other_working_capital	2027Q2 / base	35.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash tax allowance base_2027q2_cash_tax	2027Q2 / base	5.00 USD_millions	assumption: Desk assumption, not company guidance.
Existing component-program cash payments base_2027q2_program_cash	2027Q2 / base	5.00 USD_millions	assumption: Provisional cash timing for costs already recognized; not a claim of the remaining June reserve or another new expense.
Other operating timing, tax and replacement cash base_2027q2_cash_uses	2027Q2 / base	45.00 USD_millions	derived: Existing reserve cash is not charged to operating income again. Formula: sum(base_2027q2_other_working_capital, base_2027q2_cash_tax, base_2027q2_program_cash).
Operating cash flow base_2027q2_cfo	2027Q2 / base	-5.84 USD_millions	derived: Deferred-revenue funding is in CFO; Exol capital is not. Formula: subtract(base_2027q2_cash_with_advances, base_2027q2_cash_uses).
Combined PP&E and software cash base_2027q2_capex	2027Q2 / base	34.00 USD_millions	assumption: Company combines PP&E and internal-use software in the cash statement. No invented split.
Company-scope FCF base_2027q2_fcf	2027Q2 / base	-39.84 USD_millions	derived: Includes software cash once. Formula: subtract(base_2027q2_cfo, base_2027q2_capex).
FCF excluding net deferred funding base_2027q2_cash_ex_deferred	2027Q2 / base	60.16 USD_millions	derived: Analytical timing sensitivity, not cash available to distribute or a reported company metric. Formula: subtract(base_2027q2_fcf, base_2027q2_deferred_funding).
Exol capital contribution base_2027q2_exol_contribution	2027Q2 / base	50.00 USD_millions	assumption: Desk capital-call timing within multi-year commitments; not revenue or GAAP operating expense.
Other strategic investment cash base_2027q2_other_investment	2027Q2 / base	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Partner tax distributions base_2027q2_partner_distributions	2027Q2 / base	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Strategic investment and partner cash base_2027q2_capital_uses	2027Q2 / base	62.00 USD_millions	derived: No undisclosed ARMS purchase price invented. Further M&A can consume additional cash. Formula: sum(base_2027q2_exol_contribution, base_2027q2_other_investment, base_2027q2_partner_distributions).
Cash after strategic allocations base_2027q2_cash_after_investments	2027Q2 / base	-101.84 USD_millions	derived: Excludes unquantified acquisition consideration, equity financing, TRA settlements and restricted cash changes. Formula: subtract(base_2027q2_fcf, base_2027q2_capital_uses).
Annual revenue quarter share base_2027q3_weight	2027Q3 / base	26.0% ratio	assumption: Desk assumption, not company guidance.
systems revenue base_2027q3_systems	2027Q3 / base	868.52 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(base_fy27_systems, base_2027q3_weight).
maintenance revenue base_2027q3_maintenance	2027Q3 / base	19.72 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(base_fy27_maintenance, base_2027q3_weight).
operations revenue base_2027q3_operations	2027Q3 / base	49.86 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(base_fy27_operations, base_2027q3_weight).
Revenue base_2027q3_revenue	2027Q3 / base	938.11 USD_millions	derived: Hardware/system sales and recurring service revenue counted once. Formula: sum(base_2027q3_systems, base_2027q3_maintenance, base_2027q3_operations).
systems GAAP gross margin base_2027q3_systems_gross_margin	2027Q3 / base	25.0% ratio	assumption: Desk assumption, not company guidance.
systems gross profit base_2027q3_systems_gross	2027Q3 / base	217.13 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(base_2027q3_systems, base_2027q3_systems_gross_margin).
maintenance GAAP gross margin base_2027q3_maintenance_gross_margin	2027Q3 / base	73.0% ratio	assumption: Desk assumption, not company guidance.
maintenance gross profit base_2027q3_maintenance_gross	2027Q3 / base	14.40 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(base_2027q3_maintenance, base_2027q3_maintenance_gross_margin).
operations GAAP gross margin base_2027q3_operations_gross_margin	2027Q3 / base	14.0% ratio	assumption: Desk assumption, not company guidance.
operations gross profit base_2027q3_operations_gross	2027Q3 / base	6.98 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(base_2027q3_operations, base_2027q3_operations_gross_margin).
GAAP gross profit base_2027q3_gross_profit	2027Q3 / base	238.51 USD_millions	derived: Streams have different delivery and service economics. Formula: sum(base_2027q3_systems_gross, base_2027q3_maintenance_gross, base_2027q3_operations_gross).
SBC/DA included in cost of revenue base_2027q3_cogs_noncash	2027Q3 / base	26.00 USD_millions	assumption: Desk noncash allocation inside total SBC/DA; not an additional expense added twice.
Gross profit before cost-of-sales noncash charges base_2027q3_cash_gross	2027Q3 / base	264.51 USD_millions	derived: Consistent adjusted cost basis. Formula: sum(base_2027q3_gross_profit, base_2027q3_cogs_noncash).
Adjusted operating cash expenses base_2027q3_adjusted_opex	2027Q3 / base	116.00 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted EBITDA base_2027q3_adjusted_ebitda	2027Q3 / base	148.51 USD_millions	derived: Desk recurring operating cost structure, not management FY2027 guidance. Formula: subtract(base_2027q3_cash_gross, base_2027q3_adjusted_opex).
Total noncash equity compensation allowance base_2027q3_sbc	2027Q3 / base	67.00 USD_millions	assumption: Desk assumption, not company guidance.
Depreciation and amortization base_2027q3_da	2027Q3 / base	14.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash remediation/integration costs base_2027q3_cash_exclusions	2027Q3 / base	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Costs excluded from adjusted EBITDA base_2027q3_gaap_exclusions	2027Q3 / base	83.00 USD_millions	derived: Includes cost-of-revenue noncash allocation within totals once. Formula: sum(base_2027q3_sbc, base_2027q3_da, base_2027q3_cash_exclusions).
GAAP operating income proxy base_2027q3_operating_income	2027Q3 / base	65.51 USD_millions	derived: Does not project fair-value gains, equity-method losses or common-holder earnings. Formula: subtract(base_2027q3_adjusted_ebitda, base_2027q3_gaap_exclusions).
Cash investment income base_2027q3_cash_interest	2027Q3 / base	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings before customer funding base_2027q3_cash_before_wc	2027Q3 / base	156.51 USD_millions	derived: Uses consistent forecast noncash costs; no sale of investments or equity issue proceeds. Formula: sum(base_2027q3_operating_income, base_2027q3_sbc, base_2027q3_da, base_2027q3_cash_interest).
Net deferred-revenue cash funding base_2027q3_deferred_funding	2027Q3 / base	150.00 USD_millions	assumption: Desk customer billing/collection timing relative to services. Negative means revenue recognition consumes prior advances; not additional revenue.
Cash earnings plus net advance funding base_2027q3_cash_with_advances	2027Q3 / base	306.51 USD_millions	derived: Other receivable, inventory and contract-cost movements modeled below. Formula: sum(base_2027q3_cash_before_wc, base_2027q3_deferred_funding).
Other net working-capital cash use base_2027q3_other_working_capital	2027Q3 / base	45.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash tax allowance base_2027q3_cash_tax	2027Q3 / base	5.00 USD_millions	assumption: Desk assumption, not company guidance.
Existing component-program cash payments base_2027q3_program_cash	2027Q3 / base	0.00 USD_millions	assumption: Provisional cash timing for costs already recognized; not a claim of the remaining June reserve or another new expense.
Other operating timing, tax and replacement cash base_2027q3_cash_uses	2027Q3 / base	50.00 USD_millions	derived: Existing reserve cash is not charged to operating income again. Formula: sum(base_2027q3_other_working_capital, base_2027q3_cash_tax, base_2027q3_program_cash).
Operating cash flow base_2027q3_cfo	2027Q3 / base	256.51 USD_millions	derived: Deferred-revenue funding is in CFO; Exol capital is not. Formula: subtract(base_2027q3_cash_with_advances, base_2027q3_cash_uses).
Combined PP&E and software cash base_2027q3_capex	2027Q3 / base	36.00 USD_millions	assumption: Company combines PP&E and internal-use software in the cash statement. No invented split.
Company-scope FCF base_2027q3_fcf	2027Q3 / base	220.51 USD_millions	derived: Includes software cash once. Formula: subtract(base_2027q3_cfo, base_2027q3_capex).
FCF excluding net deferred funding base_2027q3_cash_ex_deferred	2027Q3 / base	70.51 USD_millions	derived: Analytical timing sensitivity, not cash available to distribute or a reported company metric. Formula: subtract(base_2027q3_fcf, base_2027q3_deferred_funding).
Exol capital contribution base_2027q3_exol_contribution	2027Q3 / base	55.00 USD_millions	assumption: Desk capital-call timing within multi-year commitments; not revenue or GAAP operating expense.
Other strategic investment cash base_2027q3_other_investment	2027Q3 / base	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Partner tax distributions base_2027q3_partner_distributions	2027Q3 / base	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Strategic investment and partner cash base_2027q3_capital_uses	2027Q3 / base	67.00 USD_millions	derived: No undisclosed ARMS purchase price invented. Further M&A can consume additional cash. Formula: sum(base_2027q3_exol_contribution, base_2027q3_other_investment, base_2027q3_partner_distributions).
Cash after strategic allocations base_2027q3_cash_after_investments	2027Q3 / base	153.51 USD_millions	derived: Excludes unquantified acquisition consideration, equity financing, TRA settlements and restricted cash changes. Formula: subtract(base_2027q3_fcf, base_2027q3_capital_uses).
Annual revenue quarter share base_2027q4_weight	2027Q4 / base	28.0% ratio	assumption: Desk assumption, not company guidance.
systems revenue base_2027q4_systems	2027Q4 / base	935.33 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(base_fy27_systems, base_2027q4_weight).
maintenance revenue base_2027q4_maintenance	2027Q4 / base	21.24 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(base_fy27_maintenance, base_2027q4_weight).
operations revenue base_2027q4_operations	2027Q4 / base	53.70 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(base_fy27_operations, base_2027q4_weight).
Revenue base_2027q4_revenue	2027Q4 / base	1,010.27 USD_millions	derived: Hardware/system sales and recurring service revenue counted once. Formula: sum(base_2027q4_systems, base_2027q4_maintenance, base_2027q4_operations).
systems GAAP gross margin base_2027q4_systems_gross_margin	2027Q4 / base	25.0% ratio	assumption: Desk assumption, not company guidance.
systems gross profit base_2027q4_systems_gross	2027Q4 / base	233.83 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(base_2027q4_systems, base_2027q4_systems_gross_margin).
maintenance GAAP gross margin base_2027q4_maintenance_gross_margin	2027Q4 / base	73.0% ratio	assumption: Desk assumption, not company guidance.
maintenance gross profit base_2027q4_maintenance_gross	2027Q4 / base	15.51 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(base_2027q4_maintenance, base_2027q4_maintenance_gross_margin).
operations GAAP gross margin base_2027q4_operations_gross_margin	2027Q4 / base	14.0% ratio	assumption: Desk assumption, not company guidance.
operations gross profit base_2027q4_operations_gross	2027Q4 / base	7.52 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(base_2027q4_operations, base_2027q4_operations_gross_margin).
GAAP gross profit base_2027q4_gross_profit	2027Q4 / base	256.86 USD_millions	derived: Streams have different delivery and service economics. Formula: sum(base_2027q4_systems_gross, base_2027q4_maintenance_gross, base_2027q4_operations_gross).
SBC/DA included in cost of revenue base_2027q4_cogs_noncash	2027Q4 / base	28.00 USD_millions	assumption: Desk noncash allocation inside total SBC/DA; not an additional expense added twice.
Gross profit before cost-of-sales noncash charges base_2027q4_cash_gross	2027Q4 / base	284.86 USD_millions	derived: Consistent adjusted cost basis. Formula: sum(base_2027q4_gross_profit, base_2027q4_cogs_noncash).
Adjusted operating cash expenses base_2027q4_adjusted_opex	2027Q4 / base	119.00 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted EBITDA base_2027q4_adjusted_ebitda	2027Q4 / base	165.86 USD_millions	derived: Desk recurring operating cost structure, not management FY2027 guidance. Formula: subtract(base_2027q4_cash_gross, base_2027q4_adjusted_opex).
Total noncash equity compensation allowance base_2027q4_sbc	2027Q4 / base	71.00 USD_millions	assumption: Desk assumption, not company guidance.
Depreciation and amortization base_2027q4_da	2027Q4 / base	15.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash remediation/integration costs base_2027q4_cash_exclusions	2027Q4 / base	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Costs excluded from adjusted EBITDA base_2027q4_gaap_exclusions	2027Q4 / base	88.00 USD_millions	derived: Includes cost-of-revenue noncash allocation within totals once. Formula: sum(base_2027q4_sbc, base_2027q4_da, base_2027q4_cash_exclusions).
GAAP operating income proxy base_2027q4_operating_income	2027Q4 / base	77.86 USD_millions	derived: Does not project fair-value gains, equity-method losses or common-holder earnings. Formula: subtract(base_2027q4_adjusted_ebitda, base_2027q4_gaap_exclusions).
Cash investment income base_2027q4_cash_interest	2027Q4 / base	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings before customer funding base_2027q4_cash_before_wc	2027Q4 / base	173.86 USD_millions	derived: Uses consistent forecast noncash costs; no sale of investments or equity issue proceeds. Formula: sum(base_2027q4_operating_income, base_2027q4_sbc, base_2027q4_da, base_2027q4_cash_interest).
Net deferred-revenue cash funding base_2027q4_deferred_funding	2027Q4 / base	50.00 USD_millions	assumption: Desk customer billing/collection timing relative to services. Negative means revenue recognition consumes prior advances; not additional revenue.
Cash earnings plus net advance funding base_2027q4_cash_with_advances	2027Q4 / base	223.86 USD_millions	derived: Other receivable, inventory and contract-cost movements modeled below. Formula: sum(base_2027q4_cash_before_wc, base_2027q4_deferred_funding).
Other net working-capital cash use base_2027q4_other_working_capital	2027Q4 / base	40.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash tax allowance base_2027q4_cash_tax	2027Q4 / base	5.00 USD_millions	assumption: Desk assumption, not company guidance.
Existing component-program cash payments base_2027q4_program_cash	2027Q4 / base	0.00 USD_millions	assumption: Provisional cash timing for costs already recognized; not a claim of the remaining June reserve or another new expense.
Other operating timing, tax and replacement cash base_2027q4_cash_uses	2027Q4 / base	45.00 USD_millions	derived: Existing reserve cash is not charged to operating income again. Formula: sum(base_2027q4_other_working_capital, base_2027q4_cash_tax, base_2027q4_program_cash).
Operating cash flow base_2027q4_cfo	2027Q4 / base	178.86 USD_millions	derived: Deferred-revenue funding is in CFO; Exol capital is not. Formula: subtract(base_2027q4_cash_with_advances, base_2027q4_cash_uses).
Combined PP&E and software cash base_2027q4_capex	2027Q4 / base	38.00 USD_millions	assumption: Company combines PP&E and internal-use software in the cash statement. No invented split.
Company-scope FCF base_2027q4_fcf	2027Q4 / base	140.86 USD_millions	derived: Includes software cash once. Formula: subtract(base_2027q4_cfo, base_2027q4_capex).
FCF excluding net deferred funding base_2027q4_cash_ex_deferred	2027Q4 / base	90.86 USD_millions	derived: Analytical timing sensitivity, not cash available to distribute or a reported company metric. Formula: subtract(base_2027q4_fcf, base_2027q4_deferred_funding).
Exol capital contribution base_2027q4_exol_contribution	2027Q4 / base	60.00 USD_millions	assumption: Desk capital-call timing within multi-year commitments; not revenue or GAAP operating expense.
Other strategic investment cash base_2027q4_other_investment	2027Q4 / base	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Partner tax distributions base_2027q4_partner_distributions	2027Q4 / base	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Strategic investment and partner cash base_2027q4_capital_uses	2027Q4 / base	72.00 USD_millions	derived: No undisclosed ARMS purchase price invented. Further M&A can consume additional cash. Formula: sum(base_2027q4_exol_contribution, base_2027q4_other_investment, base_2027q4_partner_distributions).
Cash after strategic allocations base_2027q4_cash_after_investments	2027Q4 / base	68.86 USD_millions	derived: Excludes unquantified acquisition consideration, equity financing, TRA settlements and restricted cash changes. Formula: subtract(base_2027q4_fcf, base_2027q4_capital_uses).
Revenue ($M) base_fy2026_revenue	FY2026 / base	2,797.30 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(ytd_revenue, base_2026q4_revenue).
Systems revenue ($M) base_fy2026_systems	FY2026 / base	2,609.74 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(ytd_systems, base_2026q4_systems).
Software maintenance/support revenue ($M) base_fy2026_maintenance	FY2026 / base	50.57 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(ytd_maintenance, base_2026q4_maintenance).
Operation Services revenue ($M) base_fy2026_operations	FY2026 / base	136.99 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(ytd_operations, base_2026q4_operations).
GAAP gross profit ($M) base_fy2026_gross_profit	FY2026 / base	638.89 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(ytd_gross_profit, base_2026q4_gross_profit).
Adjusted EBITDA ($M) base_fy2026_adjusted_ebitda	FY2026 / base	342.38 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(ytd_adjusted_ebitda, base_2026q4_adjusted_ebitda).
GAAP operating income proxy ($M) base_fy2026_operating_income	FY2026 / base	80.01 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(ytd_operating_income, base_2026q4_operating_income).
Operating cash flow ($M) base_fy2026_cfo	FY2026 / base	474.08 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(ytd_cfo, base_2026q4_cfo).
Combined PP&E and software cash ($M) base_fy2026_capex	FY2026 / base	87.75 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(ytd_capex, base_2026q4_capex).
CFO less PP&E and software ($M) base_fy2026_fcf	FY2026 / base	386.33 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(ytd_fcf, base_2026q4_fcf).
FCF excluding net deferred-revenue funding ($M) base_fy2026_cash_ex_deferred	FY2026 / base	-82.45 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(ytd_cash_ex_deferred, base_2026q4_cash_ex_deferred).
Cash after strategic investments and distributions ($M) base_fy2026_cash_after_investments	FY2026 / base	190.72 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(ytd_cash_after_investments, base_2026q4_cash_after_investments).
Revenue ($M) base_fy2027_revenue	FY2027 / base	3,608.11 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_revenue, base_2027q2_revenue, base_2027q3_revenue, base_2027q4_revenue).
Systems revenue ($M) base_fy2027_systems	FY2027 / base	3,340.47 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_systems, base_2027q2_systems, base_2027q3_systems, base_2027q4_systems).
Software maintenance/support revenue ($M) base_fy2027_maintenance	FY2027 / base	75.86 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_maintenance, base_2027q2_maintenance, base_2027q3_maintenance, base_2027q4_maintenance).
Operation Services revenue ($M) base_fy2027_operations	FY2027 / base	191.78 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_operations, base_2027q2_operations, base_2027q3_operations, base_2027q4_operations).
GAAP gross profit ($M) base_fy2027_gross_profit	FY2027 / base	917.35 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_gross_profit, base_2027q2_gross_profit, base_2027q3_gross_profit, base_2027q4_gross_profit).
Adjusted EBITDA ($M) base_fy2027_adjusted_ebitda	FY2027 / base	559.35 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_adjusted_ebitda, base_2027q2_adjusted_ebitda, base_2027q3_adjusted_ebitda, base_2027q4_adjusted_ebitda).
GAAP operating income proxy ($M) base_fy2027_operating_income	FY2027 / base	237.35 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_operating_income, base_2027q2_operating_income, base_2027q3_operating_income, base_2027q4_operating_income).
Operating cash flow ($M) base_fy2027_cfo	FY2027 / base	621.35 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).
Combined PP&E and software cash ($M) base_fy2027_capex	FY2027 / base	140.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_capex, base_2027q2_capex, base_2027q3_capex, base_2027q4_capex).
CFO less PP&E and software ($M) base_fy2027_fcf	FY2027 / base	481.35 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).
FCF excluding net deferred-revenue funding ($M) base_fy2027_cash_ex_deferred	FY2027 / base	261.35 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cash_ex_deferred, base_2027q2_cash_ex_deferred, base_2027q3_cash_ex_deferred, base_2027q4_cash_ex_deferred).
Cash after strategic investments and distributions ($M) base_fy2027_cash_after_investments	FY2027 / base	223.35 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cash_after_investments, base_2027q2_cash_after_investments, base_2027q3_cash_after_investments, base_2027q4_cash_after_investments).
Q4 delivery / company midpoint upside_delivery	2026Q4 / upside	102.5% ratio	assumption: Desk sensitivity.
Q4 adjusted EBITDA / midpoint upside_profit	2026Q4 / upside	110.0% ratio	assumption: Desk sensitivity.
Q4 revenue upside_q4_target	2026Q4 / upside	789.25 USD_millions	derived: Company midpoint times delivery sensitivity. Formula: multiply(q4_revenue_guide, upside_delivery).
Q4 software maintenance sales upside_q4_maintenance	2026Q4 / upside	14.50 USD_millions	assumption: Desk recurring service allocation.
Q4 operations service sales upside_q4_operations	2026Q4 / upside	44.00 USD_millions	assumption: Desk service allocation.
Q4 recurring service sales upside_q4_services	2026Q4 / upside	58.50 USD_millions	derived: Mutually exclusive service streams. Formula: sum(upside_q4_maintenance, upside_q4_operations).
Q4 Systems revenue upside_q4_systems	2026Q4 / upside	730.75 USD_millions	derived: Systems inside consolidated guidance. Formula: subtract(upside_q4_target, upside_q4_services).
FY2026 systems revenue upside_fy26_systems	FY2026 / upside	2,626.49 USD_millions	derived: Actual nine months plus Q4. Formula: sum(ytd_systems, upside_q4_systems).
FY2027 systems growth multiplier upside_systems_growth	FY2027 / upside	138.0% ratio	assumption: Desk installed-base/deployment sensitivity, not a disclosed systems completion schedule.
FY2027 systems revenue upside_fy27_systems	FY2027 / upside	3,624.56 USD_millions	derived: No extra backlog or contingent Walmart systems added. Formula: multiply(upside_fy26_systems, upside_systems_growth).
FY2026 maintenance revenue upside_fy26_maintenance	FY2026 / upside	51.07 USD_millions	derived: Actual nine months plus Q4. Formula: sum(ytd_maintenance, upside_q4_maintenance).
FY2027 maintenance growth multiplier upside_maintenance_growth	FY2027 / upside	165.0% ratio	assumption: Desk installed-base/deployment sensitivity, not a disclosed systems completion schedule.
FY2027 maintenance revenue upside_fy27_maintenance	FY2027 / upside	84.27 USD_millions	derived: No extra backlog or contingent Walmart systems added. Formula: multiply(upside_fy26_maintenance, upside_maintenance_growth).
FY2026 operations revenue upside_fy26_operations	FY2026 / upside	138.99 USD_millions	derived: Actual nine months plus Q4. Formula: sum(ytd_operations, upside_q4_operations).
FY2027 operations growth multiplier upside_operations_growth	FY2027 / upside	155.0% ratio	assumption: Desk installed-base/deployment sensitivity, not a disclosed systems completion schedule.
FY2027 operations revenue upside_fy27_operations	FY2027 / upside	215.43 USD_millions	derived: No extra backlog or contingent Walmart systems added. Formula: multiply(upside_fy26_operations, upside_operations_growth).
Annual revenue quarter share upside_2026q4_weight	2026Q4 / upside	100.0% ratio	assumption: Desk assumption, not company guidance.
systems revenue upside_2026q4_systems	2026Q4 / upside	730.75 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(upside_q4_systems, upside_2026q4_weight).
maintenance revenue upside_2026q4_maintenance	2026Q4 / upside	14.50 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(upside_q4_maintenance, upside_2026q4_weight).
operations revenue upside_2026q4_operations	2026Q4 / upside	44.00 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(upside_q4_operations, upside_2026q4_weight).
Revenue upside_2026q4_revenue	2026Q4 / upside	789.25 USD_millions	derived: Hardware/system sales and recurring service revenue counted once. Formula: sum(upside_2026q4_systems, upside_2026q4_maintenance, upside_2026q4_operations).
systems GAAP gross margin upside_2026q4_systems_gross_margin	2026Q4 / upside	27.0% ratio	assumption: Desk assumption, not company guidance.
systems gross profit upside_2026q4_systems_gross	2026Q4 / upside	197.30 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(upside_2026q4_systems, upside_2026q4_systems_gross_margin).
maintenance GAAP gross margin upside_2026q4_maintenance_gross_margin	2026Q4 / upside	76.0% ratio	assumption: Desk assumption, not company guidance.
maintenance gross profit upside_2026q4_maintenance_gross	2026Q4 / upside	11.02 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(upside_2026q4_maintenance, upside_2026q4_maintenance_gross_margin).
operations GAAP gross margin upside_2026q4_operations_gross_margin	2026Q4 / upside	18.0% ratio	assumption: Desk assumption, not company guidance.
operations gross profit upside_2026q4_operations_gross	2026Q4 / upside	7.92 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(upside_2026q4_operations, upside_2026q4_operations_gross_margin).
GAAP gross profit upside_2026q4_gross_profit	2026Q4 / upside	216.24 USD_millions	derived: Streams have different delivery and service economics. Formula: sum(upside_2026q4_systems_gross, upside_2026q4_maintenance_gross, upside_2026q4_operations_gross).
SBC/DA included in cost of revenue upside_2026q4_cogs_noncash	2026Q4 / upside	20.00 USD_millions	assumption: Desk noncash allocation inside total SBC/DA; not an additional expense added twice.
Adjusted EBITDA upside_2026q4_adjusted_ebitda	2026Q4 / upside	112.75 USD_millions	derived: Company Q4 guide midpoint times sensitivity. Formula: multiply(q4_ebitda_guide, upside_profit).
Total noncash equity compensation allowance upside_2026q4_sbc	2026Q4 / upside	55.00 USD_millions	assumption: Desk assumption, not company guidance.
Depreciation and amortization upside_2026q4_da	2026Q4 / upside	11.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash remediation/integration costs upside_2026q4_cash_exclusions	2026Q4 / upside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Costs excluded from adjusted EBITDA upside_2026q4_gaap_exclusions	2026Q4 / upside	68.00 USD_millions	derived: Includes cost-of-revenue noncash allocation within totals once. Formula: sum(upside_2026q4_sbc, upside_2026q4_da, upside_2026q4_cash_exclusions).
GAAP operating income proxy upside_2026q4_operating_income	2026Q4 / upside	44.75 USD_millions	derived: Does not project fair-value gains, equity-method losses or common-holder earnings. Formula: subtract(upside_2026q4_adjusted_ebitda, upside_2026q4_gaap_exclusions).
Cash investment income upside_2026q4_cash_interest	2026Q4 / upside	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings before customer funding upside_2026q4_cash_before_wc	2026Q4 / upside	120.75 USD_millions	derived: Uses consistent forecast noncash costs; no sale of investments or equity issue proceeds. Formula: sum(upside_2026q4_operating_income, upside_2026q4_sbc, upside_2026q4_da, upside_2026q4_cash_interest).
Net deferred-revenue cash funding upside_2026q4_deferred_funding	2026Q4 / upside	180.00 USD_millions	assumption: Desk customer billing/collection timing relative to services. Negative means revenue recognition consumes prior advances; not additional revenue.
Cash earnings plus net advance funding upside_2026q4_cash_with_advances	2026Q4 / upside	300.75 USD_millions	derived: Other receivable, inventory and contract-cost movements modeled below. Formula: sum(upside_2026q4_cash_before_wc, upside_2026q4_deferred_funding).
Other net working-capital cash use upside_2026q4_other_working_capital	2026Q4 / upside	25.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash tax allowance upside_2026q4_cash_tax	2026Q4 / upside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Existing component-program cash payments upside_2026q4_program_cash	2026Q4 / upside	4.00 USD_millions	assumption: Provisional cash timing for costs already recognized; not a claim of the remaining June reserve or another new expense.
Other operating timing, tax and replacement cash upside_2026q4_cash_uses	2026Q4 / upside	31.00 USD_millions	derived: Existing reserve cash is not charged to operating income again. Formula: sum(upside_2026q4_other_working_capital, upside_2026q4_cash_tax, upside_2026q4_program_cash).
Operating cash flow upside_2026q4_cfo	2026Q4 / upside	269.75 USD_millions	derived: Deferred-revenue funding is in CFO; Exol capital is not. Formula: subtract(upside_2026q4_cash_with_advances, upside_2026q4_cash_uses).
Combined PP&E and software cash upside_2026q4_capex	2026Q4 / upside	25.00 USD_millions	assumption: Company combines PP&E and internal-use software in the cash statement. No invented split.
Company-scope FCF upside_2026q4_fcf	2026Q4 / upside	244.75 USD_millions	derived: Includes software cash once. Formula: subtract(upside_2026q4_cfo, upside_2026q4_capex).
FCF excluding net deferred funding upside_2026q4_cash_ex_deferred	2026Q4 / upside	64.75 USD_millions	derived: Analytical timing sensitivity, not cash available to distribute or a reported company metric. Formula: subtract(upside_2026q4_fcf, upside_2026q4_deferred_funding).
Exol capital contribution upside_2026q4_exol_contribution	2026Q4 / upside	40.00 USD_millions	assumption: Desk capital-call timing within multi-year commitments; not revenue or GAAP operating expense.
Other strategic investment cash upside_2026q4_other_investment	2026Q4 / upside	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Partner tax distributions upside_2026q4_partner_distributions	2026Q4 / upside	1.00 USD_millions	assumption: Desk assumption, not company guidance.
Strategic investment and partner cash upside_2026q4_capital_uses	2026Q4 / upside	51.00 USD_millions	derived: No undisclosed ARMS purchase price invented. Further M&A can consume additional cash. Formula: sum(upside_2026q4_exol_contribution, upside_2026q4_other_investment, upside_2026q4_partner_distributions).
Cash after strategic allocations upside_2026q4_cash_after_investments	2026Q4 / upside	193.75 USD_millions	derived: Excludes unquantified acquisition consideration, equity financing, TRA settlements and restricted cash changes. Formula: subtract(upside_2026q4_fcf, upside_2026q4_capital_uses).
Annual revenue quarter share upside_2027q1_weight	2027Q1 / upside	22.0% ratio	assumption: Desk assumption, not company guidance.
systems revenue upside_2027q1_systems	2027Q1 / upside	797.40 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(upside_fy27_systems, upside_2027q1_weight).
maintenance revenue upside_2027q1_maintenance	2027Q1 / upside	18.54 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(upside_fy27_maintenance, upside_2027q1_weight).
operations revenue upside_2027q1_operations	2027Q1 / upside	47.40 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(upside_fy27_operations, upside_2027q1_weight).
Revenue upside_2027q1_revenue	2027Q1 / upside	863.34 USD_millions	derived: Hardware/system sales and recurring service revenue counted once. Formula: sum(upside_2027q1_systems, upside_2027q1_maintenance, upside_2027q1_operations).
systems GAAP gross margin upside_2027q1_systems_gross_margin	2027Q1 / upside	27.0% ratio	assumption: Desk assumption, not company guidance.
systems gross profit upside_2027q1_systems_gross	2027Q1 / upside	215.30 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(upside_2027q1_systems, upside_2027q1_systems_gross_margin).
maintenance GAAP gross margin upside_2027q1_maintenance_gross_margin	2027Q1 / upside	76.0% ratio	assumption: Desk assumption, not company guidance.
maintenance gross profit upside_2027q1_maintenance_gross	2027Q1 / upside	14.09 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(upside_2027q1_maintenance, upside_2027q1_maintenance_gross_margin).
operations GAAP gross margin upside_2027q1_operations_gross_margin	2027Q1 / upside	18.0% ratio	assumption: Desk assumption, not company guidance.
operations gross profit upside_2027q1_operations_gross	2027Q1 / upside	8.53 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(upside_2027q1_operations, upside_2027q1_operations_gross_margin).
GAAP gross profit upside_2027q1_gross_profit	2027Q1 / upside	237.92 USD_millions	derived: Streams have different delivery and service economics. Formula: sum(upside_2027q1_systems_gross, upside_2027q1_maintenance_gross, upside_2027q1_operations_gross).
SBC/DA included in cost of revenue upside_2027q1_cogs_noncash	2027Q1 / upside	22.00 USD_millions	assumption: Desk noncash allocation inside total SBC/DA; not an additional expense added twice.
Gross profit before cost-of-sales noncash charges upside_2027q1_cash_gross	2027Q1 / upside	259.92 USD_millions	derived: Consistent adjusted cost basis. Formula: sum(upside_2027q1_gross_profit, upside_2027q1_cogs_noncash).
Adjusted operating cash expenses upside_2027q1_adjusted_opex	2027Q1 / upside	113.00 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted EBITDA upside_2027q1_adjusted_ebitda	2027Q1 / upside	146.92 USD_millions	derived: Desk recurring operating cost structure, not management FY2027 guidance. Formula: subtract(upside_2027q1_cash_gross, upside_2027q1_adjusted_opex).
Total noncash equity compensation allowance upside_2027q1_sbc	2027Q1 / upside	59.00 USD_millions	assumption: Desk assumption, not company guidance.
Depreciation and amortization upside_2027q1_da	2027Q1 / upside	12.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash remediation/integration costs upside_2027q1_cash_exclusions	2027Q1 / upside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Costs excluded from adjusted EBITDA upside_2027q1_gaap_exclusions	2027Q1 / upside	73.00 USD_millions	derived: Includes cost-of-revenue noncash allocation within totals once. Formula: sum(upside_2027q1_sbc, upside_2027q1_da, upside_2027q1_cash_exclusions).
GAAP operating income proxy upside_2027q1_operating_income	2027Q1 / upside	73.92 USD_millions	derived: Does not project fair-value gains, equity-method losses or common-holder earnings. Formula: subtract(upside_2027q1_adjusted_ebitda, upside_2027q1_gaap_exclusions).
Cash investment income upside_2027q1_cash_interest	2027Q1 / upside	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings before customer funding upside_2027q1_cash_before_wc	2027Q1 / upside	154.92 USD_millions	derived: Uses consistent forecast noncash costs; no sale of investments or equity issue proceeds. Formula: sum(upside_2027q1_operating_income, upside_2027q1_sbc, upside_2027q1_da, upside_2027q1_cash_interest).
Net deferred-revenue cash funding upside_2027q1_deferred_funding	2027Q1 / upside	180.00 USD_millions	assumption: Desk customer billing/collection timing relative to services. Negative means revenue recognition consumes prior advances; not additional revenue.
Cash earnings plus net advance funding upside_2027q1_cash_with_advances	2027Q1 / upside	334.92 USD_millions	derived: Other receivable, inventory and contract-cost movements modeled below. Formula: sum(upside_2027q1_cash_before_wc, upside_2027q1_deferred_funding).
Other net working-capital cash use upside_2027q1_other_working_capital	2027Q1 / upside	30.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash tax allowance upside_2027q1_cash_tax	2027Q1 / upside	5.00 USD_millions	assumption: Desk assumption, not company guidance.
Existing component-program cash payments upside_2027q1_program_cash	2027Q1 / upside	3.00 USD_millions	assumption: Provisional cash timing for costs already recognized; not a claim of the remaining June reserve or another new expense.
Other operating timing, tax and replacement cash upside_2027q1_cash_uses	2027Q1 / upside	38.00 USD_millions	derived: Existing reserve cash is not charged to operating income again. Formula: sum(upside_2027q1_other_working_capital, upside_2027q1_cash_tax, upside_2027q1_program_cash).
Operating cash flow upside_2027q1_cfo	2027Q1 / upside	296.92 USD_millions	derived: Deferred-revenue funding is in CFO; Exol capital is not. Formula: subtract(upside_2027q1_cash_with_advances, upside_2027q1_cash_uses).
Combined PP&E and software cash upside_2027q1_capex	2027Q1 / upside	32.00 USD_millions	assumption: Company combines PP&E and internal-use software in the cash statement. No invented split.
Company-scope FCF upside_2027q1_fcf	2027Q1 / upside	264.92 USD_millions	derived: Includes software cash once. Formula: subtract(upside_2027q1_cfo, upside_2027q1_capex).
FCF excluding net deferred funding upside_2027q1_cash_ex_deferred	2027Q1 / upside	84.92 USD_millions	derived: Analytical timing sensitivity, not cash available to distribute or a reported company metric. Formula: subtract(upside_2027q1_fcf, upside_2027q1_deferred_funding).
Exol capital contribution upside_2027q1_exol_contribution	2027Q1 / upside	45.00 USD_millions	assumption: Desk capital-call timing within multi-year commitments; not revenue or GAAP operating expense.
Other strategic investment cash upside_2027q1_other_investment	2027Q1 / upside	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Partner tax distributions upside_2027q1_partner_distributions	2027Q1 / upside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Strategic investment and partner cash upside_2027q1_capital_uses	2027Q1 / upside	57.00 USD_millions	derived: No undisclosed ARMS purchase price invented. Further M&A can consume additional cash. Formula: sum(upside_2027q1_exol_contribution, upside_2027q1_other_investment, upside_2027q1_partner_distributions).
Cash after strategic allocations upside_2027q1_cash_after_investments	2027Q1 / upside	207.92 USD_millions	derived: Excludes unquantified acquisition consideration, equity financing, TRA settlements and restricted cash changes. Formula: subtract(upside_2027q1_fcf, upside_2027q1_capital_uses).
Annual revenue quarter share upside_2027q2_weight	2027Q2 / upside	24.0% ratio	assumption: Desk assumption, not company guidance.
systems revenue upside_2027q2_systems	2027Q2 / upside	869.89 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(upside_fy27_systems, upside_2027q2_weight).
maintenance revenue upside_2027q2_maintenance	2027Q2 / upside	20.23 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(upside_fy27_maintenance, upside_2027q2_weight).
operations revenue upside_2027q2_operations	2027Q2 / upside	51.70 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(upside_fy27_operations, upside_2027q2_weight).
Revenue upside_2027q2_revenue	2027Q2 / upside	941.82 USD_millions	derived: Hardware/system sales and recurring service revenue counted once. Formula: sum(upside_2027q2_systems, upside_2027q2_maintenance, upside_2027q2_operations).
systems GAAP gross margin upside_2027q2_systems_gross_margin	2027Q2 / upside	27.0% ratio	assumption: Desk assumption, not company guidance.
systems gross profit upside_2027q2_systems_gross	2027Q2 / upside	234.87 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(upside_2027q2_systems, upside_2027q2_systems_gross_margin).
maintenance GAAP gross margin upside_2027q2_maintenance_gross_margin	2027Q2 / upside	76.0% ratio	assumption: Desk assumption, not company guidance.
maintenance gross profit upside_2027q2_maintenance_gross	2027Q2 / upside	15.37 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(upside_2027q2_maintenance, upside_2027q2_maintenance_gross_margin).
operations GAAP gross margin upside_2027q2_operations_gross_margin	2027Q2 / upside	18.0% ratio	assumption: Desk assumption, not company guidance.
operations gross profit upside_2027q2_operations_gross	2027Q2 / upside	9.31 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(upside_2027q2_operations, upside_2027q2_operations_gross_margin).
GAAP gross profit upside_2027q2_gross_profit	2027Q2 / upside	259.55 USD_millions	derived: Streams have different delivery and service economics. Formula: sum(upside_2027q2_systems_gross, upside_2027q2_maintenance_gross, upside_2027q2_operations_gross).
SBC/DA included in cost of revenue upside_2027q2_cogs_noncash	2027Q2 / upside	24.00 USD_millions	assumption: Desk noncash allocation inside total SBC/DA; not an additional expense added twice.
Gross profit before cost-of-sales noncash charges upside_2027q2_cash_gross	2027Q2 / upside	283.55 USD_millions	derived: Consistent adjusted cost basis. Formula: sum(upside_2027q2_gross_profit, upside_2027q2_cogs_noncash).
Adjusted operating cash expenses upside_2027q2_adjusted_opex	2027Q2 / upside	116.00 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted EBITDA upside_2027q2_adjusted_ebitda	2027Q2 / upside	167.55 USD_millions	derived: Desk recurring operating cost structure, not management FY2027 guidance. Formula: subtract(upside_2027q2_cash_gross, upside_2027q2_adjusted_opex).
Total noncash equity compensation allowance upside_2027q2_sbc	2027Q2 / upside	63.00 USD_millions	assumption: Desk assumption, not company guidance.
Depreciation and amortization upside_2027q2_da	2027Q2 / upside	13.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash remediation/integration costs upside_2027q2_cash_exclusions	2027Q2 / upside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Costs excluded from adjusted EBITDA upside_2027q2_gaap_exclusions	2027Q2 / upside	78.00 USD_millions	derived: Includes cost-of-revenue noncash allocation within totals once. Formula: sum(upside_2027q2_sbc, upside_2027q2_da, upside_2027q2_cash_exclusions).
GAAP operating income proxy upside_2027q2_operating_income	2027Q2 / upside	89.55 USD_millions	derived: Does not project fair-value gains, equity-method losses or common-holder earnings. Formula: subtract(upside_2027q2_adjusted_ebitda, upside_2027q2_gaap_exclusions).
Cash investment income upside_2027q2_cash_interest	2027Q2 / upside	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings before customer funding upside_2027q2_cash_before_wc	2027Q2 / upside	175.55 USD_millions	derived: Uses consistent forecast noncash costs; no sale of investments or equity issue proceeds. Formula: sum(upside_2027q2_operating_income, upside_2027q2_sbc, upside_2027q2_da, upside_2027q2_cash_interest).
Net deferred-revenue cash funding upside_2027q2_deferred_funding	2027Q2 / upside	-50.00 USD_millions	assumption: Desk customer billing/collection timing relative to services. Negative means revenue recognition consumes prior advances; not additional revenue.
Cash earnings plus net advance funding upside_2027q2_cash_with_advances	2027Q2 / upside	125.55 USD_millions	derived: Other receivable, inventory and contract-cost movements modeled below. Formula: sum(upside_2027q2_cash_before_wc, upside_2027q2_deferred_funding).
Other net working-capital cash use upside_2027q2_other_working_capital	2027Q2 / upside	30.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash tax allowance upside_2027q2_cash_tax	2027Q2 / upside	5.00 USD_millions	assumption: Desk assumption, not company guidance.
Existing component-program cash payments upside_2027q2_program_cash	2027Q2 / upside	3.00 USD_millions	assumption: Provisional cash timing for costs already recognized; not a claim of the remaining June reserve or another new expense.
Other operating timing, tax and replacement cash upside_2027q2_cash_uses	2027Q2 / upside	38.00 USD_millions	derived: Existing reserve cash is not charged to operating income again. Formula: sum(upside_2027q2_other_working_capital, upside_2027q2_cash_tax, upside_2027q2_program_cash).
Operating cash flow upside_2027q2_cfo	2027Q2 / upside	87.55 USD_millions	derived: Deferred-revenue funding is in CFO; Exol capital is not. Formula: subtract(upside_2027q2_cash_with_advances, upside_2027q2_cash_uses).
Combined PP&E and software cash upside_2027q2_capex	2027Q2 / upside	34.00 USD_millions	assumption: Company combines PP&E and internal-use software in the cash statement. No invented split.
Company-scope FCF upside_2027q2_fcf	2027Q2 / upside	53.55 USD_millions	derived: Includes software cash once. Formula: subtract(upside_2027q2_cfo, upside_2027q2_capex).
FCF excluding net deferred funding upside_2027q2_cash_ex_deferred	2027Q2 / upside	103.55 USD_millions	derived: Analytical timing sensitivity, not cash available to distribute or a reported company metric. Formula: subtract(upside_2027q2_fcf, upside_2027q2_deferred_funding).
Exol capital contribution upside_2027q2_exol_contribution	2027Q2 / upside	50.00 USD_millions	assumption: Desk capital-call timing within multi-year commitments; not revenue or GAAP operating expense.
Other strategic investment cash upside_2027q2_other_investment	2027Q2 / upside	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Partner tax distributions upside_2027q2_partner_distributions	2027Q2 / upside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Strategic investment and partner cash upside_2027q2_capital_uses	2027Q2 / upside	62.00 USD_millions	derived: No undisclosed ARMS purchase price invented. Further M&A can consume additional cash. Formula: sum(upside_2027q2_exol_contribution, upside_2027q2_other_investment, upside_2027q2_partner_distributions).
Cash after strategic allocations upside_2027q2_cash_after_investments	2027Q2 / upside	-8.45 USD_millions	derived: Excludes unquantified acquisition consideration, equity financing, TRA settlements and restricted cash changes. Formula: subtract(upside_2027q2_fcf, upside_2027q2_capital_uses).
Annual revenue quarter share upside_2027q3_weight	2027Q3 / upside	26.0% ratio	assumption: Desk assumption, not company guidance.
systems revenue upside_2027q3_systems	2027Q3 / upside	942.38 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(upside_fy27_systems, upside_2027q3_weight).
maintenance revenue upside_2027q3_maintenance	2027Q3 / upside	21.91 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(upside_fy27_maintenance, upside_2027q3_weight).
operations revenue upside_2027q3_operations	2027Q3 / upside	56.01 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(upside_fy27_operations, upside_2027q3_weight).
Revenue upside_2027q3_revenue	2027Q3 / upside	1,020.31 USD_millions	derived: Hardware/system sales and recurring service revenue counted once. Formula: sum(upside_2027q3_systems, upside_2027q3_maintenance, upside_2027q3_operations).
systems GAAP gross margin upside_2027q3_systems_gross_margin	2027Q3 / upside	27.0% ratio	assumption: Desk assumption, not company guidance.
systems gross profit upside_2027q3_systems_gross	2027Q3 / upside	254.44 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(upside_2027q3_systems, upside_2027q3_systems_gross_margin).
maintenance GAAP gross margin upside_2027q3_maintenance_gross_margin	2027Q3 / upside	76.0% ratio	assumption: Desk assumption, not company guidance.
maintenance gross profit upside_2027q3_maintenance_gross	2027Q3 / upside	16.65 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(upside_2027q3_maintenance, upside_2027q3_maintenance_gross_margin).
operations GAAP gross margin upside_2027q3_operations_gross_margin	2027Q3 / upside	18.0% ratio	assumption: Desk assumption, not company guidance.
operations gross profit upside_2027q3_operations_gross	2027Q3 / upside	10.08 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(upside_2027q3_operations, upside_2027q3_operations_gross_margin).
GAAP gross profit upside_2027q3_gross_profit	2027Q3 / upside	281.18 USD_millions	derived: Streams have different delivery and service economics. Formula: sum(upside_2027q3_systems_gross, upside_2027q3_maintenance_gross, upside_2027q3_operations_gross).
SBC/DA included in cost of revenue upside_2027q3_cogs_noncash	2027Q3 / upside	26.00 USD_millions	assumption: Desk noncash allocation inside total SBC/DA; not an additional expense added twice.
Gross profit before cost-of-sales noncash charges upside_2027q3_cash_gross	2027Q3 / upside	307.18 USD_millions	derived: Consistent adjusted cost basis. Formula: sum(upside_2027q3_gross_profit, upside_2027q3_cogs_noncash).
Adjusted operating cash expenses upside_2027q3_adjusted_opex	2027Q3 / upside	119.00 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted EBITDA upside_2027q3_adjusted_ebitda	2027Q3 / upside	188.18 USD_millions	derived: Desk recurring operating cost structure, not management FY2027 guidance. Formula: subtract(upside_2027q3_cash_gross, upside_2027q3_adjusted_opex).
Total noncash equity compensation allowance upside_2027q3_sbc	2027Q3 / upside	67.00 USD_millions	assumption: Desk assumption, not company guidance.
Depreciation and amortization upside_2027q3_da	2027Q3 / upside	14.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash remediation/integration costs upside_2027q3_cash_exclusions	2027Q3 / upside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Costs excluded from adjusted EBITDA upside_2027q3_gaap_exclusions	2027Q3 / upside	83.00 USD_millions	derived: Includes cost-of-revenue noncash allocation within totals once. Formula: sum(upside_2027q3_sbc, upside_2027q3_da, upside_2027q3_cash_exclusions).
GAAP operating income proxy upside_2027q3_operating_income	2027Q3 / upside	105.18 USD_millions	derived: Does not project fair-value gains, equity-method losses or common-holder earnings. Formula: subtract(upside_2027q3_adjusted_ebitda, upside_2027q3_gaap_exclusions).
Cash investment income upside_2027q3_cash_interest	2027Q3 / upside	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings before customer funding upside_2027q3_cash_before_wc	2027Q3 / upside	196.18 USD_millions	derived: Uses consistent forecast noncash costs; no sale of investments or equity issue proceeds. Formula: sum(upside_2027q3_operating_income, upside_2027q3_sbc, upside_2027q3_da, upside_2027q3_cash_interest).
Net deferred-revenue cash funding upside_2027q3_deferred_funding	2027Q3 / upside	180.00 USD_millions	assumption: Desk customer billing/collection timing relative to services. Negative means revenue recognition consumes prior advances; not additional revenue.
Cash earnings plus net advance funding upside_2027q3_cash_with_advances	2027Q3 / upside	376.18 USD_millions	derived: Other receivable, inventory and contract-cost movements modeled below. Formula: sum(upside_2027q3_cash_before_wc, upside_2027q3_deferred_funding).
Other net working-capital cash use upside_2027q3_other_working_capital	2027Q3 / upside	35.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash tax allowance upside_2027q3_cash_tax	2027Q3 / upside	5.00 USD_millions	assumption: Desk assumption, not company guidance.
Existing component-program cash payments upside_2027q3_program_cash	2027Q3 / upside	0.00 USD_millions	assumption: Provisional cash timing for costs already recognized; not a claim of the remaining June reserve or another new expense.
Other operating timing, tax and replacement cash upside_2027q3_cash_uses	2027Q3 / upside	40.00 USD_millions	derived: Existing reserve cash is not charged to operating income again. Formula: sum(upside_2027q3_other_working_capital, upside_2027q3_cash_tax, upside_2027q3_program_cash).
Operating cash flow upside_2027q3_cfo	2027Q3 / upside	336.18 USD_millions	derived: Deferred-revenue funding is in CFO; Exol capital is not. Formula: subtract(upside_2027q3_cash_with_advances, upside_2027q3_cash_uses).
Combined PP&E and software cash upside_2027q3_capex	2027Q3 / upside	36.00 USD_millions	assumption: Company combines PP&E and internal-use software in the cash statement. No invented split.
Company-scope FCF upside_2027q3_fcf	2027Q3 / upside	300.18 USD_millions	derived: Includes software cash once. Formula: subtract(upside_2027q3_cfo, upside_2027q3_capex).
FCF excluding net deferred funding upside_2027q3_cash_ex_deferred	2027Q3 / upside	120.18 USD_millions	derived: Analytical timing sensitivity, not cash available to distribute or a reported company metric. Formula: subtract(upside_2027q3_fcf, upside_2027q3_deferred_funding).
Exol capital contribution upside_2027q3_exol_contribution	2027Q3 / upside	55.00 USD_millions	assumption: Desk capital-call timing within multi-year commitments; not revenue or GAAP operating expense.
Other strategic investment cash upside_2027q3_other_investment	2027Q3 / upside	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Partner tax distributions upside_2027q3_partner_distributions	2027Q3 / upside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Strategic investment and partner cash upside_2027q3_capital_uses	2027Q3 / upside	67.00 USD_millions	derived: No undisclosed ARMS purchase price invented. Further M&A can consume additional cash. Formula: sum(upside_2027q3_exol_contribution, upside_2027q3_other_investment, upside_2027q3_partner_distributions).
Cash after strategic allocations upside_2027q3_cash_after_investments	2027Q3 / upside	233.18 USD_millions	derived: Excludes unquantified acquisition consideration, equity financing, TRA settlements and restricted cash changes. Formula: subtract(upside_2027q3_fcf, upside_2027q3_capital_uses).
Annual revenue quarter share upside_2027q4_weight	2027Q4 / upside	28.0% ratio	assumption: Desk assumption, not company guidance.
systems revenue upside_2027q4_systems	2027Q4 / upside	1,014.88 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(upside_fy27_systems, upside_2027q4_weight).
maintenance revenue upside_2027q4_maintenance	2027Q4 / upside	23.60 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(upside_fy27_maintenance, upside_2027q4_weight).
operations revenue upside_2027q4_operations	2027Q4 / upside	60.32 USD_millions	derived: Q4 allocation or annual growth with explicit delivery phasing. Formula: multiply(upside_fy27_operations, upside_2027q4_weight).
Revenue upside_2027q4_revenue	2027Q4 / upside	1,098.79 USD_millions	derived: Hardware/system sales and recurring service revenue counted once. Formula: sum(upside_2027q4_systems, upside_2027q4_maintenance, upside_2027q4_operations).
systems GAAP gross margin upside_2027q4_systems_gross_margin	2027Q4 / upside	27.0% ratio	assumption: Desk assumption, not company guidance.
systems gross profit upside_2027q4_systems_gross	2027Q4 / upside	274.02 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(upside_2027q4_systems, upside_2027q4_systems_gross_margin).
maintenance GAAP gross margin upside_2027q4_maintenance_gross_margin	2027Q4 / upside	76.0% ratio	assumption: Desk assumption, not company guidance.
maintenance gross profit upside_2027q4_maintenance_gross	2027Q4 / upside	17.93 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(upside_2027q4_maintenance, upside_2027q4_maintenance_gross_margin).
operations GAAP gross margin upside_2027q4_operations_gross_margin	2027Q4 / upside	18.0% ratio	assumption: Desk assumption, not company guidance.
operations gross profit upside_2027q4_operations_gross	2027Q4 / upside	10.86 USD_millions	derived: Includes ordinary warranty, SBC and depreciation in cost of revenue. Formula: multiply(upside_2027q4_operations, upside_2027q4_operations_gross_margin).
GAAP gross profit upside_2027q4_gross_profit	2027Q4 / upside	302.81 USD_millions	derived: Streams have different delivery and service economics. Formula: sum(upside_2027q4_systems_gross, upside_2027q4_maintenance_gross, upside_2027q4_operations_gross).
SBC/DA included in cost of revenue upside_2027q4_cogs_noncash	2027Q4 / upside	28.00 USD_millions	assumption: Desk noncash allocation inside total SBC/DA; not an additional expense added twice.
Gross profit before cost-of-sales noncash charges upside_2027q4_cash_gross	2027Q4 / upside	330.81 USD_millions	derived: Consistent adjusted cost basis. Formula: sum(upside_2027q4_gross_profit, upside_2027q4_cogs_noncash).
Adjusted operating cash expenses upside_2027q4_adjusted_opex	2027Q4 / upside	122.00 USD_millions	assumption: Desk assumption, not company guidance.
Adjusted EBITDA upside_2027q4_adjusted_ebitda	2027Q4 / upside	208.81 USD_millions	derived: Desk recurring operating cost structure, not management FY2027 guidance. Formula: subtract(upside_2027q4_cash_gross, upside_2027q4_adjusted_opex).
Total noncash equity compensation allowance upside_2027q4_sbc	2027Q4 / upside	71.00 USD_millions	assumption: Desk assumption, not company guidance.
Depreciation and amortization upside_2027q4_da	2027Q4 / upside	15.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash remediation/integration costs upside_2027q4_cash_exclusions	2027Q4 / upside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Costs excluded from adjusted EBITDA upside_2027q4_gaap_exclusions	2027Q4 / upside	88.00 USD_millions	derived: Includes cost-of-revenue noncash allocation within totals once. Formula: sum(upside_2027q4_sbc, upside_2027q4_da, upside_2027q4_cash_exclusions).
GAAP operating income proxy upside_2027q4_operating_income	2027Q4 / upside	120.81 USD_millions	derived: Does not project fair-value gains, equity-method losses or common-holder earnings. Formula: subtract(upside_2027q4_adjusted_ebitda, upside_2027q4_gaap_exclusions).
Cash investment income upside_2027q4_cash_interest	2027Q4 / upside	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash earnings before customer funding upside_2027q4_cash_before_wc	2027Q4 / upside	216.81 USD_millions	derived: Uses consistent forecast noncash costs; no sale of investments or equity issue proceeds. Formula: sum(upside_2027q4_operating_income, upside_2027q4_sbc, upside_2027q4_da, upside_2027q4_cash_interest).
Net deferred-revenue cash funding upside_2027q4_deferred_funding	2027Q4 / upside	80.00 USD_millions	assumption: Desk customer billing/collection timing relative to services. Negative means revenue recognition consumes prior advances; not additional revenue.
Cash earnings plus net advance funding upside_2027q4_cash_with_advances	2027Q4 / upside	296.81 USD_millions	derived: Other receivable, inventory and contract-cost movements modeled below. Formula: sum(upside_2027q4_cash_before_wc, upside_2027q4_deferred_funding).
Other net working-capital cash use upside_2027q4_other_working_capital	2027Q4 / upside	30.00 USD_millions	assumption: Desk assumption, not company guidance.
Cash tax allowance upside_2027q4_cash_tax	2027Q4 / upside	5.00 USD_millions	assumption: Desk assumption, not company guidance.
Existing component-program cash payments upside_2027q4_program_cash	2027Q4 / upside	0.00 USD_millions	assumption: Provisional cash timing for costs already recognized; not a claim of the remaining June reserve or another new expense.
Other operating timing, tax and replacement cash upside_2027q4_cash_uses	2027Q4 / upside	35.00 USD_millions	derived: Existing reserve cash is not charged to operating income again. Formula: sum(upside_2027q4_other_working_capital, upside_2027q4_cash_tax, upside_2027q4_program_cash).
Operating cash flow upside_2027q4_cfo	2027Q4 / upside	261.81 USD_millions	derived: Deferred-revenue funding is in CFO; Exol capital is not. Formula: subtract(upside_2027q4_cash_with_advances, upside_2027q4_cash_uses).
Combined PP&E and software cash upside_2027q4_capex	2027Q4 / upside	38.00 USD_millions	assumption: Company combines PP&E and internal-use software in the cash statement. No invented split.
Company-scope FCF upside_2027q4_fcf	2027Q4 / upside	223.81 USD_millions	derived: Includes software cash once. Formula: subtract(upside_2027q4_cfo, upside_2027q4_capex).
FCF excluding net deferred funding upside_2027q4_cash_ex_deferred	2027Q4 / upside	143.81 USD_millions	derived: Analytical timing sensitivity, not cash available to distribute or a reported company metric. Formula: subtract(upside_2027q4_fcf, upside_2027q4_deferred_funding).
Exol capital contribution upside_2027q4_exol_contribution	2027Q4 / upside	60.00 USD_millions	assumption: Desk capital-call timing within multi-year commitments; not revenue or GAAP operating expense.
Other strategic investment cash upside_2027q4_other_investment	2027Q4 / upside	10.00 USD_millions	assumption: Desk assumption, not company guidance.
Partner tax distributions upside_2027q4_partner_distributions	2027Q4 / upside	2.00 USD_millions	assumption: Desk assumption, not company guidance.
Strategic investment and partner cash upside_2027q4_capital_uses	2027Q4 / upside	72.00 USD_millions	derived: No undisclosed ARMS purchase price invented. Further M&A can consume additional cash. Formula: sum(upside_2027q4_exol_contribution, upside_2027q4_other_investment, upside_2027q4_partner_distributions).
Cash after strategic allocations upside_2027q4_cash_after_investments	2027Q4 / upside	151.81 USD_millions	derived: Excludes unquantified acquisition consideration, equity financing, TRA settlements and restricted cash changes. Formula: subtract(upside_2027q4_fcf, upside_2027q4_capital_uses).
Revenue ($M) upside_fy2026_revenue	FY2026 / upside	2,816.55 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(ytd_revenue, upside_2026q4_revenue).
Systems revenue ($M) upside_fy2026_systems	FY2026 / upside	2,626.49 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(ytd_systems, upside_2026q4_systems).
Software maintenance/support revenue ($M) upside_fy2026_maintenance	FY2026 / upside	51.07 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(ytd_maintenance, upside_2026q4_maintenance).
Operation Services revenue ($M) upside_fy2026_operations	FY2026 / upside	138.99 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(ytd_operations, upside_2026q4_operations).
GAAP gross profit ($M) upside_fy2026_gross_profit	FY2026 / upside	660.53 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(ytd_gross_profit, upside_2026q4_gross_profit).
Adjusted EBITDA ($M) upside_fy2026_adjusted_ebitda	FY2026 / upside	352.63 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(ytd_adjusted_ebitda, upside_2026q4_adjusted_ebitda).
GAAP operating income proxy ($M) upside_fy2026_operating_income	FY2026 / upside	90.26 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(ytd_operating_income, upside_2026q4_operating_income).
Operating cash flow ($M) upside_fy2026_cfo	FY2026 / upside	575.33 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(ytd_cfo, upside_2026q4_cfo).
Combined PP&E and software cash ($M) upside_fy2026_capex	FY2026 / upside	87.75 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(ytd_capex, upside_2026q4_capex).
CFO less PP&E and software ($M) upside_fy2026_fcf	FY2026 / upside	487.58 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(ytd_fcf, upside_2026q4_fcf).
FCF excluding net deferred-revenue funding ($M) upside_fy2026_cash_ex_deferred	FY2026 / upside	-61.20 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(ytd_cash_ex_deferred, upside_2026q4_cash_ex_deferred).
Cash after strategic investments and distributions ($M) upside_fy2026_cash_after_investments	FY2026 / upside	291.97 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(ytd_cash_after_investments, upside_2026q4_cash_after_investments).
Revenue ($M) upside_fy2027_revenue	FY2027 / upside	3,924.26 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_revenue, upside_2027q2_revenue, upside_2027q3_revenue, upside_2027q4_revenue).
Systems revenue ($M) upside_fy2027_systems	FY2027 / upside	3,624.56 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_systems, upside_2027q2_systems, upside_2027q3_systems, upside_2027q4_systems).
Software maintenance/support revenue ($M) upside_fy2027_maintenance	FY2027 / upside	84.27 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_maintenance, upside_2027q2_maintenance, upside_2027q3_maintenance, upside_2027q4_maintenance).
Operation Services revenue ($M) upside_fy2027_operations	FY2027 / upside	215.43 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_operations, upside_2027q2_operations, upside_2027q3_operations, upside_2027q4_operations).
GAAP gross profit ($M) upside_fy2027_gross_profit	FY2027 / upside	1,081.45 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_gross_profit, upside_2027q2_gross_profit, upside_2027q3_gross_profit, upside_2027q4_gross_profit).
Adjusted EBITDA ($M) upside_fy2027_adjusted_ebitda	FY2027 / upside	711.45 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_adjusted_ebitda, upside_2027q2_adjusted_ebitda, upside_2027q3_adjusted_ebitda, upside_2027q4_adjusted_ebitda).
GAAP operating income proxy ($M) upside_fy2027_operating_income	FY2027 / upside	389.45 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_operating_income, upside_2027q2_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income).
Operating cash flow ($M) upside_fy2027_cfo	FY2027 / upside	982.45 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).
Combined PP&E and software cash ($M) upside_fy2027_capex	FY2027 / upside	140.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_capex, upside_2027q2_capex, upside_2027q3_capex, upside_2027q4_capex).
CFO less PP&E and software ($M) upside_fy2027_fcf	FY2027 / upside	842.45 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).
FCF excluding net deferred-revenue funding ($M) upside_fy2027_cash_ex_deferred	FY2027 / upside	452.45 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cash_ex_deferred, upside_2027q2_cash_ex_deferred, upside_2027q3_cash_ex_deferred, upside_2027q4_cash_ex_deferred).
Cash after strategic investments and distributions ($M) upside_fy2027_cash_after_investments	FY2027 / upside	584.45 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cash_after_investments, upside_2027q2_cash_after_investments, upside_2027q3_cash_after_investments, upside_2027q4_cash_after_investments).

Model boundaries

Backlog is largely Walmart and Exol work and includes the company share of unconsolidated Exol contracts. The contingent 400-store Walmart promise could add over $5B only if conditions are met; it is not added to current $22.5B RPO.
Exol is an unconsolidated 35%-owned equity-method investment and a customer. Capital contributions are investing cash, not another consolidated revenue stream. The $1.4879B future funding commitment is not all due immediately.
Company FCF subtracts combined PP&E and internal-use software. The historical supplement fills missing combined cash-investment observations from the reviewed statement, with scope labeled explicitly; it does not manufacture undisclosed PP&E/software splits.
The SBC attribution policy changed retrospectively and some prior acquisition-related cash was reclassified to CFO. Historical comparisons use reviewed updated figures where available. Adjusted-reconciliation SBC and cash-statement SBC differ in scope; the forecast is a simplified operating/cash bridge, not an exact reproduction of every adjustment.
Payments for the component replacement program are provisional cash timing against costs already recognized; actual remaining program liability and spend can differ. Ordinary warranty economics remain in gross margin.
July ARMS acquisition contribution is not separately quantified. It is not assigned speculative standalone revenue or purchase consideration beyond the consolidated scenario; unreported acquisition payments are excluded from the capital-cash subtotal.
Substantial earnings belong to noncontrolling interests. No consolidated-net-income/Class-A-share shortcut, EPS, valuation, full deferred-revenue rollforward or complete liquidity forecast is provided.

Warehouse growth with customer advances and venture commitments

Research reviewed 2026-09-19

How much cash comes from deployment economics after separating customer funding and Exol capital?

Nine-month sales were $2,027.303M: Systems $1,895.740M, maintenance $36.574M and operation services $94.989M. GAAP operating income was $45.512M versus $239.885M adjusted EBITDA. CFO of $305.584M less combined PP&E/software of $62.753M produced $242.831M FCF; removing $368.777M net advance funding leaves negative $125.946M as a timing diagnostic. Q3 alone used $147.297M CFO and $17.333M capital cash. Strategic investments consumed $123.247M, including $73.2M Exol funding. June cash was $1,746.446M, with $27.132M restricted separately. RPO was approximately $22.5B, with 15% expected over 12 months; the contingent 400-store Walmart promise is additional only if conditions are met. The largest customer represented 90.5% of Q3 sales. Exol future funding commitments were $1,487.9M, not immediate cash due. A $34.3M component-program charge was recorded in Q2. Q3 consolidated net income of $55M included only $11.673M attributable to common holders.

The competing explanation

A large order book can coexist with dependence on a few customers, long installation schedules and heavy venture funding. Advances create cash before delivery but can reverse abruptly. Positive consolidated earnings and adjusted EBITDA do not establish the cash or earnings attributable to public Class A shareholders.

Risks to track

Customer concentration and installation timing can shift revenue and collections.
Exol depends on capital from its owners and remains unconsolidated.
Advance funding can reverse while inventory and contract costs rise.
Component replacement costs and execution can exceed estimates.
Accounting-policy changes, cash reclassifications and control weaknesses complicate comparisons.
Common owners face NCI allocation, equity dilution, TRA and venture capital claims.

Next checkpoints

Q4 execution · FY2026 Q4 ends September 26 (estimated). Compare $760M-$780M revenue and $100M-$105M adjusted EBITDA with actual cash.
Customer funding · Each cash-flow statement (estimated). Track deferred revenue, unbilled work, inventory and combined PP&E/software cash.
Exol and component program · Each filing; program expected within a year of Q2 recognition (estimated). Reconcile capital calls, remaining commitments and actual replacement spending.

Data coverage and open work

Backlog is largely Walmart and Exol work and includes the company share of unconsolidated Exol contracts. The contingent 400-store Walmart promise could add over $5B only if conditions are met; it is not added to current $22.5B RPO.
Exol is an unconsolidated 35%-owned equity-method investment and a customer. Capital contributions are investing cash, not another consolidated revenue stream. The $1.4879B future funding commitment is not all due immediately.
Company FCF subtracts combined PP&E and internal-use software. The historical supplement fills missing combined cash-investment observations from the reviewed statement, with scope labeled explicitly; it does not manufacture undisclosed PP&E/software splits.
The SBC attribution policy changed retrospectively and some prior acquisition-related cash was reclassified to CFO. Historical comparisons use reviewed updated figures where available. Adjusted-reconciliation SBC and cash-statement SBC differ in scope; the forecast is a simplified operating/cash bridge, not an exact reproduction of every adjustment.
Payments for the component replacement program are provisional cash timing against costs already recognized; actual remaining program liability and spend can differ. Ordinary warranty economics remain in gross margin.
July ARMS acquisition contribution is not separately quantified. It is not assigned speculative standalone revenue or purchase consideration beyond the consolidated scenario; unreported acquisition payments are excluded from the capital-cash subtotal.
Substantial earnings belong to noncontrolling interests. No consolidated-net-income/Class-A-share shortcut, EPS, valuation, full deferred-revenue rollforward or complete liquidity forecast is provided.

This review: First deployment/service/cash model with Exol funding, ownership limits, updated historical combined investment cash and component-program timing.

What the memory says

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

300 similar days

Vs the market, in points	Low	Middle	High	Share up
1 session	-3.0	+0.1	+3.0	52%
5 sessions	-6.1	+0.0	+6.7	50%
10 sessions	-6.7	+0.1	+12.0	51%

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

Notes on this name

No published notes on this name yet.

Scorecard: 0 notes scored

Next report: 2026-11-03 (source: estimated from 10-Q filed 2026-08-05 plus 90 days)

Provenance

[1] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001837240-24-000232, 10-K filed 2024-12-04; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[2] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001837240-26-000009, 10-Q filed 2026-02-04; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[3] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001837240-26-000024, 10-Q filed 2026-05-06; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[4] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001837240-26-000043, 10-Q filed 2026-08-05; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[5] derived: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001837240-25-000278, 10-K filed 2025-11-24; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[6] reported: GrossProfit, accession 0001837240-24-000232, 10-K filed 2024-12-04; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[7] reported: GrossProfit, accession 0001837240-26-000009, 10-Q filed 2026-02-04; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[8] reported: GrossProfit, accession 0001837240-26-000024, 10-Q filed 2026-05-06; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[9] reported: GrossProfit, accession 0001837240-26-000043, 10-Q filed 2026-08-05; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[10] derived: GrossProfit, accession 0001837240-25-000278, 10-K filed 2025-11-24; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[11] reported: OperatingIncomeLoss, accession 0001837240-24-000232, 10-K filed 2024-12-04; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[12] reported: OperatingIncomeLoss, accession 0001837240-26-000009, 10-Q filed 2026-02-04; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[13] reported: OperatingIncomeLoss, accession 0001837240-26-000024, 10-Q filed 2026-05-06; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[14] reported: OperatingIncomeLoss, accession 0001837240-26-000043, 10-Q filed 2026-08-05; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[15] derived: OperatingIncomeLoss, accession 0001837240-25-000278, 10-K filed 2025-11-24; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[16] reported: NetIncomeLoss, accession 0001837240-24-000232, 10-K filed 2024-12-04; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[17] reported: NetIncomeLoss, accession 0001837240-26-000009, 10-Q filed 2026-02-04; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[18] reported: NetIncomeLoss, accession 0001837240-26-000024, 10-Q filed 2026-05-06; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[19] reported: NetIncomeLoss, accession 0001837240-26-000043, 10-Q filed 2026-08-05; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[20] derived: NetIncomeLoss, accession 0001837240-25-000278, 10-K filed 2025-11-24; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[21] reported: EarningsPerShareDiluted, accession 0001837240-24-000232, 10-K filed 2024-12-04; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[22] reported: EarningsPerShareDiluted, accession 0001837240-26-000009, 10-Q filed 2026-02-04; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[23] reported: EarningsPerShareDiluted, accession 0001837240-26-000024, 10-Q filed 2026-05-06; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[24] reported: EarningsPerShareDiluted, accession 0001837240-26-000043, 10-Q filed 2026-08-05; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[25] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001837240-26-000009, 10-Q filed 2026-02-04; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[26] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001837240-26-000024, 10-Q filed 2026-05-06; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[27] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001837240-26-000043, 10-Q filed 2026-08-05; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[28] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001837240-25-000278, 10-K filed 2025-11-24; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[29] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001837240-26-000009, 10-Q filed 2026-02-04; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[30] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001837240-26-000024, 10-Q filed 2026-05-06; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[31] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001837240-26-000043, 10-Q filed 2026-08-05; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[32] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001837240-25-000278, 10-K filed 2025-11-24; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[33] reported: NetCashProvidedByUsedInOperatingActivities, accession 0001837240-26-000009, 10-Q filed 2026-02-04; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[34] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001837240-26-000024, 10-Q filed 2026-05-06; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[35] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001837240-26-000043, 10-Q filed 2026-08-05; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[36] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001837240-24-000232, 10-K filed 2024-12-04; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[37] reported: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001837240-25-000044, 10-Q filed 2025-02-05; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[38] reported: Reported comparative Q2 combined PP&E and software cash; retrieved 2026-09-19T18:30:00+00:00 from https://www.sec.gov/Archives/edgar/data/1837240/000183724026000023/q2268-k_ex991.htm
[39] reported: Reported combined PP&E and internal-use software cash purchases; retrieved 2026-09-19T18:30:00+00:00 from https://www.sec.gov/Archives/edgar/data/1837240/000183724026000042/q3268-k_ex991.htm
[40] derived: Derived FY2025 Q4 combined PP&E/software: November 24 2025 annual 79.030M less reviewed August 5 2026 comparative nine-month 42.784M; retrieved 2026-09-19T18:30:00+00:00 from https://www.sec.gov/Archives/edgar/data/1837240/000183724026000042/q3268-k_ex991.htm
[41] derived: Combined PP&E and internal-use software cash; Q1 FY26 = nine-month 62.753M minus Q2 43.368M minus Q3 17.333M; retrieved 2026-09-19T18:30:00+00:00 from https://www.sec.gov/Archives/edgar/data/1837240/000183724026000042/q3268-k_ex991.htm
[42] derived: CFO - capex; NetCashProvidedByUsedInOperatingActivities [https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json; filed 2025-11-24] ; PaymentsToAcquirePropertyPlantAndEquipment [https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json; filed 2024-12-04], accession 0001837240-25-000278, 10-K filed 2025-11-24; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[43] derived: CFO - capex; NetCashProvidedByUsedInOperatingActivities [https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json; filed 2026-02-04] ; PaymentsToAcquirePropertyPlantAndEquipment [https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json; filed 2025-02-05], accession 0001837240-26-000009, 10-Q filed 2026-02-04; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[44] derived: CFO - capex; NetCashProvidedByUsedInOperatingActivities [https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json; filed 2026-05-06] ; Reported comparative Q2 combined PP&E and software cash [https://www.sec.gov/Archives/edgar/data/1837240/000183724026000023/q2268-k_ex991.htm; filed 2026-05-06], accession 0001837240-26-000024, 10-Q filed 2026-05-06; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[45] derived: CFO - capex; NetCashProvidedByUsedInOperatingActivities [https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json; filed 2026-08-05] ; Reported combined PP&E and internal-use software cash purchases [https://www.sec.gov/Archives/edgar/data/1837240/000183724026000042/q3268-k_ex991.htm; filed 2026-08-05], accession 0001837240-26-000043, 10-Q filed 2026-08-05; retrieved 2026-09-19T20:45:35+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json
[46] derived: CFO - capex; NetCashProvidedByUsedInOperatingActivities [https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json; filed 2025-11-24] ; Derived FY2025 Q4 combined PP&E/software: November 24 2025 annual 79.030M less reviewed August 5 2026 comparative nine-month 42.784M [https://www.sec.gov/Archives/edgar/data/1837240/000183724026000042/q3268-k_ex991.htm; filed 2026-08-05]; retrieved 2026-09-19T18:30:00+00:00 from https://www.sec.gov/Archives/edgar/data/1837240/000183724026000042/q3268-k_ex991.htm
[47] derived: CFO - capex; NetCashProvidedByUsedInOperatingActivities [https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json; filed 2026-02-04] ; Combined PP&E and internal-use software cash; Q1 FY26 = nine-month 62.753M minus Q2 43.368M minus Q3 17.333M [https://www.sec.gov/Archives/edgar/data/1837240/000183724026000042/q3268-k_ex991.htm; filed 2026-08-05]; retrieved 2026-09-19T18:30:00+00:00 from https://www.sec.gov/Archives/edgar/data/1837240/000183724026000042/q3268-k_ex991.htm
[48] derived: CFO - capex; NetCashProvidedByUsedInOperatingActivities [https://data.sec.gov/api/xbrl/companyfacts/CIK0001837240.json; filed 2026-05-06] ; Reported combined PP&E and internal-use software cash purchases [https://www.sec.gov/Archives/edgar/data/1837240/000183724026000042/q3268-k_ex991.htm; filed 2026-08-05]; retrieved 2026-09-19T18:30:00+00:00 from https://www.sec.gov/Archives/edgar/data/1837240/000183724026000042/q3268-k_ex991.htm

What the author read

August 5 Q3 results, Q4 guide and company FCF reconciliation · retrieved 2026-09-19
August 5 Form 10-Q: RPO, Exol, ownership, controls and accounting changes · retrieved 2026-09-19
July 2 official ARMS acquisition announcement · retrieved 2026-09-19
May 6 comparative combined cash-investment history · retrieved 2026-09-19
November 24 2025 annual combined cash-investment baseline · retrieved 2026-09-19

Compiled 2026-09-19T20:45:35.400011+00:00 · authored 17f992ce7d81 · generated b1eb89d75544 · JSON

Daily notes · Scorecard