ALPHAFORGE RESEARCH · COMPANY FILE · SOFTWARE & INTERNET

$U

Unity Software Inc. · NYSE · SIC 7372 · CIK 1810806 · revision 4 as of 2026-09-19

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Business

Unity sells development software through Create and advertising/monetization services through Grow. Strategic advertising execution and creator subscriptions now drive the forward business after the April ironSource Ads sunset and August Supersonic sale. Publisher payments, equity compensation and convertible maturities affect the cash retained from that growth.

Three drivers

Strategic Grow advertising performance and publisher economics
Create subscription adoption after the portfolio reset
Cash conversion, stock compensation and note settlement

Thesis

Our view

The current operating question is whether strategic growth can offset the removed businesses while expanding cash earnings. Q3 strategic revenue guidance is $540M-$550M, versus $486.4M in Q2. Strong EBITDA is relevant, but GAAP costs, publisher-payable timing and two note maturities must remain visible.

What changes it

Track strategic revenue separately from discontinued streams; compare reported cash conversion with publisher-payable movements, compensation expense and debt settlement choices.

Scenario ranges

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

Model · 8 fiscal quarters (last eight)

Fiscal quarter	2024Q3 2024-09-30	2024Q4 2024-12-31	2025Q1 2025-03-31	2025Q2 2025-06-30	2025Q3 2025-09-30	2025Q4 2025-12-31	2026Q1 2026-03-31	2026Q2 2026-06-30
Revenue ($M)	446.5¹	457.1†²	435.0³	440.9⁴	470.6¹	503.1†²	508.2³	546.5⁴
Gross profit ($M)	334.5⁵	341.6†⁶	321.0⁷	326.7⁸	350.3⁵	373.9†⁶	156.6⁷	434.8⁸
Operating income ($M)	-127.1⁹	-123.7†¹⁰	-127.9¹¹	-118.8¹²	-125.9⁹	-106.5†¹⁰	-351.4¹¹	-32.2¹²
Net income ($M)	-124.7¹³	-122.7†¹⁴	-77.6¹⁵	-108.8¹⁶	-126.4¹³	-90.0†¹⁴	-347.6¹⁵	-23.6¹⁶
EPS, diluted ($)	-0.31¹⁷	—	-0.19¹⁸	-0.26¹⁹	-0.30¹⁷	—	-0.80¹⁸	-0.05¹⁹
Diluted shares (M)	398.8²⁰	—	411.9²¹	417.6²²	424.3²⁰	—	434.3²¹	437.9²²
Cash ($M)	1,405.3²³	1,517.7²⁴	1,541.2²⁵	1,691.0²⁶	1,898.6²⁷	2,055.8²⁸	2,140.9²⁹	2,352.0²⁸
Long-term debt ($M)	—	—	—	—	—	—	—	—
Cash from operations ($M)	122.4†³⁰	112.2†³¹	13.0³²	133.1†³³	155.4†³⁰	121.4†³¹	71.3³²	205.6†³³
Capex ($M)	7.2†³⁴	6.4†³⁵	5.7³⁶	6.4†³⁷	4.1†³⁴	2.8†³⁵	4.8³⁶	3.7†³⁷
Free cash flow ($M)	115.2†³⁸	105.8†³⁹	7.3†⁴⁰	126.7†⁴¹	151.3†³⁸	118.7†³⁹	66.5†⁴⁰	202.0†⁴¹

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

Estimates · base scenario

Period	Revenue ($M)	EPS ($)	As of	Basis
2026Q3	565.0	—	2026-09-19	Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2026Q4	589.0	—	2026-09-19	Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q1	569.0	—	2026-09-19	Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q2	609.0	—	2026-09-19	Desk base scenario. Revenue basis: Consolidated revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.

Strategic advertising growth after the portfolio reset

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

Separate strategic Grow, strategic Create and divested/sunset non-strategic revenue. Q3 base combines $382.5M Grow and $162.5M Create, both within the component ranges, to match the $545M strategic midpoint; independent range midpoints do not add exactly. $20M non-strategic revenue is added once. Adjusted gross profit less cash operating expense gives EBITDA, followed by explicit ordinary equity compensation, amortization, depreciation and restructuring bridges to GAAP operating earnings. Cash conversion includes net cash interest, taxes, restructuring and working capital; disposal proceeds and note principal sit below free cash flow.

Reported anchors and guidance

Measure	Period	Value	Basis
q2 grow	June 2026	328.95	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-06
q2 create	June 2026	157.46	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-06
q2 non strategic	June 2026	60.06	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-06
Q3 strategic revenue midpoint	2026Q3	545.00	derived. Calculated midpoint of the company range; not an additional company forecast.
Q3 adjusted EBITDA midpoint	2026Q3	187.50	derived. Calculated midpoint of the company range; not an additional company forecast.
H1 operating income	H1 2026	-383.63	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-06
H1 cfo	H1 2026	276.91	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-06
H1 CFO less PP&E	H1 2026	268.42	derived. Gross PP&E cash purchases.
q2 publisher inflow	June 2026	63.11	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-06
cash	June 2026	2,351.99	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-06
publisher payables	June 2026	440.67	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-06
china redeemable interest	June 2026	266.73	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-06
notes 2026	June 2026	557.72	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-06
notes 2027	June 2026	1,000.00	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-06
notes 2030	June 2026	690.00	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-06
Supersonic disposal consideration	August 4, 2026	40.00	reported. Cash purchase price subject to customary post-closing adjustments, not sales. Source · 2026-08-06

Downside scenario

Period	Operating cash flow proxy ($M)	CFO less cash PP&E ($M)	Cash PP&E ($M)	Consolidated revenue ($M)	Adjusted EBITDA proxy ($M)	GAAP gross profit proxy ($M)	Business disposal proceeds ($M)	Convertible cash settlement ($M)	GAAP operating income proxy ($M)	Cash after disposal and note settlement ($M)
2026Q3	98.83	92.83	6.00	543.00	154.83	424.83	40.00	0.00	-21.17	132.83
2026Q4	142.35	136.35	6.00	535.00	138.35	418.05	0.00	557.72	-35.65	-421.37
2027Q1	43.00	35.00	8.00	500.00	107.00	390.90	0.00	0.00	-60.00	35.00
2027Q2	77.34	69.34	8.00	514.00	111.34	401.94	0.00	0.00	-58.66	69.34
FY2026	518.09	497.60	20.49	2,132.71	591.65	1,434.24	40.00	557.72	-440.45	-20.13
FY2027	344.01	312.01	32.00	2,121.00	485.01	1,659.81	0.00	1,000.00	-200.99	-687.99

Base scenario

Period	Operating cash flow proxy ($M)	CFO less cash PP&E ($M)	Cash PP&E ($M)	Consolidated revenue ($M)	Adjusted EBITDA proxy ($M)	GAAP gross profit proxy ($M)	Business disposal proceeds ($M)	Convertible cash settlement ($M)	GAAP operating income proxy ($M)	Cash after disposal and note settlement ($M)
2026Q3	152.50	146.50	6.00	565.00	187.50	459.60	40.00	0.00	11.50	186.50
2026Q4	202.76	196.76	6.00	589.00	192.76	479.46	0.00	557.72	18.76	-360.96
2027Q1	119.96	111.96	8.00	569.00	167.96	463.86	0.00	0.00	0.96	111.96
2027Q2	166.56	158.56	8.00	609.00	189.56	497.16	0.00	0.00	19.56	158.56
FY2026	632.17	611.68	20.49	2,208.71	678.73	1,530.42	40.00	557.72	-353.37	93.95
FY2027	728.80	696.80	32.00	2,545.00	820.80	2,079.60	0.00	1,000.00	134.80	-303.20

Upside scenario

Period	Operating cash flow proxy ($M)	CFO less cash PP&E ($M)	Cash PP&E ($M)	Consolidated revenue ($M)	Adjusted EBITDA proxy ($M)	GAAP gross profit proxy ($M)	Business disposal proceeds ($M)	Convertible cash settlement ($M)	GAAP operating income proxy ($M)	Cash after disposal and note settlement ($M)
2026Q3	164.80	158.80	6.00	580.00	204.80	483.80	40.00	0.00	28.80	198.80
2026Q4	227.22	221.22	6.00	627.00	222.22	523.92	0.00	557.72	48.22	-336.50
2027Q1	154.50	146.50	8.00	625.00	207.50	523.40	0.00	0.00	40.50	146.50
2027Q2	215.40	207.40	8.00	690.00	243.40	579.00	0.00	0.00	73.40	207.40
FY2026	668.93	648.44	20.49	2,261.71	725.49	1,599.08	40.00	557.72	-306.61	130.71
FY2027	963.70	931.70	32.00	2,945.00	1,075.70	2,474.50	0.00	1,000.00	389.70	-68.30

All inputs and formulas — reproduce this model

Input / calculation	Period / case	Value / unit	Evidence or assumption
H1 revenue h1_revenue	H1 2026 / shared	1,054.71 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-06
H1 gross profit h1_gross_profit	H1 2026 / shared	591.36 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-06
H1 operating income h1_operating_income	H1 2026 / shared	-383.63 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-06
H1 adj ebitda h1_adj_ebitda	H1 2026 / shared	298.47 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-06
H1 cfo h1_cfo	H1 2026 / shared	276.91 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-06
H1 capex h1_capex	H1 2026 / shared	8.49 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-06
H1 disposal cash h1_disposal_cash	H1 2026 / shared	0.00 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-06
H1 debt principal h1_debt_principal	H1 2026 / shared	0.00 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-06
H1 sbc total h1_sbc_total	H1 2026 / shared	157.11 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-06
H1 sbc ordinary h1_sbc_ordinary	H1 2026 / shared	152.44 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-06
H1 da h1_da	H1 2026 / shared	212.73 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-06
H1 publisher cash inflow h1_publisher_cash_inflow	H1 2026 / shared	24.63 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-06
H1 CFO less PP&E h1_fcf	H1 2026 / shared	268.42 USD_millions	derived: Gross PP&E cash purchases. Formula: subtract(h1_cfo, h1_capex).
H1 cash after disposal h1_after_disposal	H1 2026 / shared	268.42 USD_millions	derived: No H1 Supersonic disposal cash. Formula: sum(h1_fcf, h1_disposal_cash).
H1 cash after note principal h1_cash_after_claims	H1 2026 / shared	268.42 USD_millions	derived: No H1 principal repayment. Formula: subtract(h1_after_disposal, h1_debt_principal).
q2 grow q2_grow	June 2026 / shared	328.95 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-06
q2 create q2_create	June 2026 / shared	157.46 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-06
q2 non strategic q2_non_strategic	June 2026 / shared	60.06 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-06
q2 adj ebitda q2_adj_ebitda	June 2026 / shared	160.19 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-06
q2 cfo q2_cfo	June 2026 / shared	205.62 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-06
q2 publisher inflow q2_publisher_inflow	June 2026 / shared	63.11 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-06
cash cash	June 2026 / shared	2,351.99 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-06
restricted cash restricted_cash	June 2026 / shared	5.13 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-06
publisher payables publisher_payables	June 2026 / shared	440.67 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-06
china redeemable interest china_redeemable_interest	June 2026 / shared	266.73 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-06
notes 2026 notes_2026	June 2026 / shared	557.72 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-06
notes 2027 notes_2027	June 2026 / shared	1,000.00 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-06
notes 2030 notes_2030	June 2026 / shared	690.00 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-06
Supersonic disposal consideration supersonic_proceeds	August 4, 2026 / shared	40.00 USD_millions	reported: Cash purchase price subject to customary post-closing adjustments, not sales. Primary source · 2026-08-06
Q3 strategic revenue low q3_strategic_low	2026Q3 / shared	540.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-06
Q3 strategic revenue high q3_strategic_high	2026Q3 / shared	550.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-06
Midpoint divisor two	Model / shared	200.0% ratio	assumption: Arithmetic constant.
Q3 strategic revenue endpoint sum q3_strategic_sum	2026Q3 / shared	1,090.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(q3_strategic_low, q3_strategic_high).
Q3 strategic revenue midpoint q3_strategic	2026Q3 / shared	545.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q3_strategic_sum, two).
Q3 adjusted EBITDA low q3_ebitda_low	2026Q3 / shared	185.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-06
Q3 adjusted EBITDA high q3_ebitda_high	2026Q3 / shared	190.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-06
Q3 adjusted EBITDA endpoint sum q3_ebitda_sum	2026Q3 / shared	375.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(q3_ebitda_low, q3_ebitda_high).
Q3 adjusted EBITDA midpoint q3_ebitda	2026Q3 / shared	187.50 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(q3_ebitda_sum, two).
Strategic Grow revenue downside_2026q3_grow	2026Q3 / downside	365.00 USD_millions	assumption: Desk assumption; not company guidance.
Strategic Create revenue downside_2026q3_create	2026Q3 / downside	158.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-strategic revenue downside_2026q3_non_strategic	2026Q3 / downside	20.00 USD_millions	assumption: Q3 company outlook includes about one month of Supersonic; zero from Q4 after disposal/sunset.
Consolidated revenue downside_2026q3_revenue	2026Q3 / downside	543.00 USD_millions	derived: Strategic plus remaining non-strategic revenue, with no disposal gain counted as sales. Formula: sum(downside_2026q3_grow, downside_2026q3_create, downside_2026q3_non_strategic).
Adjusted gross margin downside_2026q3_adj_gross_margin	2026Q3 / downside	81.0% ratio	assumption: Desk assumption; not company guidance.
Adjusted gross profit downside_2026q3_adj_gross_profit	2026Q3 / downside	439.83 USD_millions	derived: Desk margin after infrastructure and publisher costs, before cost-of-revenue noncash/restructuring adjustments. Formula: multiply(downside_2026q3_revenue, downside_2026q3_adj_gross_margin).
Cost-of-revenue ordinary SBC downside_2026q3_cogs_sbc	2026Q3 / downside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue amortization downside_2026q3_cogs_amort	2026Q3 / downside	6.50 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue depreciation downside_2026q3_cogs_depr	2026Q3 / downside	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue GAAP adjustments downside_2026q3_cogs_adjustments	2026Q3 / downside	15.00 USD_millions	derived: These allocations are included in total SBC/amortization/depreciation below, not additional operating deductions. Formula: sum(downside_2026q3_cogs_sbc, downside_2026q3_cogs_amort, downside_2026q3_cogs_depr).
GAAP gross profit proxy downside_2026q3_gross_profit	2026Q3 / downside	424.83 USD_millions	derived: Assumes no new gross-margin impairment or restructuring adjustment. Formula: subtract(downside_2026q3_adj_gross_profit, downside_2026q3_cogs_adjustments).
Operating costs excluding D&A SBC and restructuring downside_2026q3_cash_opex	2026Q3 / downside	285.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy downside_2026q3_adj_ebitda	2026Q3 / downside	154.83 USD_millions	derived: Base Q3 reconciles to $187.5M guidance midpoint. Formula: subtract(downside_2026q3_adj_gross_profit, downside_2026q3_cash_opex).
Cash restructuring operating cost downside_2026q3_cash_restructuring	2026Q3 / downside	8.00 USD_millions	assumption: Incremental desk charge paid in period; does not repeat prior noncash impairments or SBC.
Ordinary SBC including CEO award allowance downside_2026q3_ordinary_sbc	2026Q3 / downside	88.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquired intangible amortization downside_2026q3_amortization	2026Q3 / downside	72.00 USD_millions	assumption: Desk assumption; not company guidance.
Depreciation downside_2026q3_depreciation	2026Q3 / downside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Ordinary SBC amortization depreciation and restructuring downside_2026q3_gaap_adjustments	2026Q3 / downside	176.00 USD_millions	derived: Total functional expense; COGS allocations already included here. Formula: sum(downside_2026q3_ordinary_sbc, downside_2026q3_amortization, downside_2026q3_depreciation, downside_2026q3_cash_restructuring).
GAAP operating income proxy downside_2026q3_operating_income	2026Q3 / downside	-21.17 USD_millions	derived: No new impairment, asset gain or unmodeled restructuring charge. Formula: subtract(downside_2026q3_adj_ebitda, downside_2026q3_gaap_adjustments).
Cash interest less investment income downside_2026q3_net_cash_interest	2026Q3 / downside	-15.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes downside_2026q3_cash_tax	2026Q3 / downside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Working capital cash use downside_2026q3_wc_use	2026Q3 / downside	55.00 USD_millions	assumption: Receivables, deferred revenue and publisher payables; negative is release. No automatic repeat of Q2 payable inflow.
Net cash operating adjustments downside_2026q3_cash_uses	2026Q3 / downside	56.00 USD_millions	derived: Noncash SBC D&A and impairment do not create a second cash benefit. Formula: sum(downside_2026q3_net_cash_interest, downside_2026q3_cash_tax, downside_2026q3_wc_use, downside_2026q3_cash_restructuring).
Operating cash flow proxy downside_2026q3_cfo	2026Q3 / downside	98.83 USD_millions	derived: Consolidated CFO before PP&E and note repayment. Formula: subtract(downside_2026q3_adj_ebitda, downside_2026q3_cash_uses).
Cash PP&E downside_2026q3_capex	2026Q3 / downside	6.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E downside_2026q3_fcf	2026Q3 / downside	92.83 USD_millions	derived: Excludes disposal proceeds and financing. Formula: subtract(downside_2026q3_cfo, downside_2026q3_capex).
Disposal cash allocation downside_2026q3_sale_weight	2026Q3 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
Supersonic sale cash downside_2026q3_disposal_cash	2026Q3 / downside	40.00 USD_millions	derived: One-time August sale cash, assumed no price adjustment. Formula: multiply(supersonic_proceeds, downside_2026q3_sale_weight).
2026 settlement quarter downside_2026q3_repay_2026_weight	2026Q3 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
2026 notes settlement downside_2026q3_repay_2026	2026Q3 / downside	0.00 USD_millions	derived: November 15, 2026 maturity. Formula: multiply(notes_2026, downside_2026q3_repay_2026_weight).
2027 settlement quarter downside_2026q3_repay_2027_weight	2026Q3 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
2027 notes settlement downside_2026q3_repay_2027	2026Q3 / downside	0.00 USD_millions	derived: November 15, 2027 maturity; assumes full cash settlement, not conversion. Formula: multiply(notes_2027, downside_2026q3_repay_2027_weight).
Convertible cash settlement downside_2026q3_debt_principal	2026Q3 / downside	0.00 USD_millions	derived: Repayment does not reduce CFO or operating profit. Formula: sum(downside_2026q3_repay_2026, downside_2026q3_repay_2027).
FCF plus business sale cash downside_2026q3_cash_with_disposal	2026Q3 / downside	132.83 USD_millions	derived: Disposal is investing cash. Formula: sum(downside_2026q3_fcf, downside_2026q3_disposal_cash).
Cash after disposal and note settlement downside_2026q3_cash_after_claims	2026Q3 / downside	132.83 USD_millions	derived: Before acquisitions, award withholding and any China redemption. Formula: subtract(downside_2026q3_cash_with_disposal, downside_2026q3_debt_principal).
Strategic Grow revenue downside_2026q4_grow	2026Q4 / downside	375.00 USD_millions	assumption: Desk assumption; not company guidance.
Strategic Create revenue downside_2026q4_create	2026Q4 / downside	160.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-strategic revenue downside_2026q4_non_strategic	2026Q4 / downside	0.00 USD_millions	assumption: Q3 company outlook includes about one month of Supersonic; zero from Q4 after disposal/sunset.
Consolidated revenue downside_2026q4_revenue	2026Q4 / downside	535.00 USD_millions	derived: Strategic plus remaining non-strategic revenue, with no disposal gain counted as sales. Formula: sum(downside_2026q4_grow, downside_2026q4_create, downside_2026q4_non_strategic).
Adjusted gross margin downside_2026q4_adj_gross_margin	2026Q4 / downside	81.0% ratio	assumption: Desk assumption; not company guidance.
Adjusted gross profit downside_2026q4_adj_gross_profit	2026Q4 / downside	433.35 USD_millions	derived: Desk margin after infrastructure and publisher costs, before cost-of-revenue noncash/restructuring adjustments. Formula: multiply(downside_2026q4_revenue, downside_2026q4_adj_gross_margin).
Cost-of-revenue ordinary SBC downside_2026q4_cogs_sbc	2026Q4 / downside	7.30 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue amortization downside_2026q4_cogs_amort	2026Q4 / downside	6.50 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue depreciation downside_2026q4_cogs_depr	2026Q4 / downside	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue GAAP adjustments downside_2026q4_cogs_adjustments	2026Q4 / downside	15.30 USD_millions	derived: These allocations are included in total SBC/amortization/depreciation below, not additional operating deductions. Formula: sum(downside_2026q4_cogs_sbc, downside_2026q4_cogs_amort, downside_2026q4_cogs_depr).
GAAP gross profit proxy downside_2026q4_gross_profit	2026Q4 / downside	418.05 USD_millions	derived: Assumes no new gross-margin impairment or restructuring adjustment. Formula: subtract(downside_2026q4_adj_gross_profit, downside_2026q4_cogs_adjustments).
Operating costs excluding D&A SBC and restructuring downside_2026q4_cash_opex	2026Q4 / downside	295.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy downside_2026q4_adj_ebitda	2026Q4 / downside	138.35 USD_millions	derived: Base Q3 reconciles to $187.5M guidance midpoint. Formula: subtract(downside_2026q4_adj_gross_profit, downside_2026q4_cash_opex).
Cash restructuring operating cost downside_2026q4_cash_restructuring	2026Q4 / downside	3.00 USD_millions	assumption: Incremental desk charge paid in period; does not repeat prior noncash impairments or SBC.
Ordinary SBC including CEO award allowance downside_2026q4_ordinary_sbc	2026Q4 / downside	91.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquired intangible amortization downside_2026q4_amortization	2026Q4 / downside	72.00 USD_millions	assumption: Desk assumption; not company guidance.
Depreciation downside_2026q4_depreciation	2026Q4 / downside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Ordinary SBC amortization depreciation and restructuring downside_2026q4_gaap_adjustments	2026Q4 / downside	174.00 USD_millions	derived: Total functional expense; COGS allocations already included here. Formula: sum(downside_2026q4_ordinary_sbc, downside_2026q4_amortization, downside_2026q4_depreciation, downside_2026q4_cash_restructuring).
GAAP operating income proxy downside_2026q4_operating_income	2026Q4 / downside	-35.65 USD_millions	derived: No new impairment, asset gain or unmodeled restructuring charge. Formula: subtract(downside_2026q4_adj_ebitda, downside_2026q4_gaap_adjustments).
Cash interest less investment income downside_2026q4_net_cash_interest	2026Q4 / downside	-15.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes downside_2026q4_cash_tax	2026Q4 / downside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Working capital cash use downside_2026q4_wc_use	2026Q4 / downside	0.00 USD_millions	assumption: Receivables, deferred revenue and publisher payables; negative is release. No automatic repeat of Q2 payable inflow.
Net cash operating adjustments downside_2026q4_cash_uses	2026Q4 / downside	-4.00 USD_millions	derived: Noncash SBC D&A and impairment do not create a second cash benefit. Formula: sum(downside_2026q4_net_cash_interest, downside_2026q4_cash_tax, downside_2026q4_wc_use, downside_2026q4_cash_restructuring).
Operating cash flow proxy downside_2026q4_cfo	2026Q4 / downside	142.35 USD_millions	derived: Consolidated CFO before PP&E and note repayment. Formula: subtract(downside_2026q4_adj_ebitda, downside_2026q4_cash_uses).
Cash PP&E downside_2026q4_capex	2026Q4 / downside	6.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E downside_2026q4_fcf	2026Q4 / downside	136.35 USD_millions	derived: Excludes disposal proceeds and financing. Formula: subtract(downside_2026q4_cfo, downside_2026q4_capex).
Disposal cash allocation downside_2026q4_sale_weight	2026Q4 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
Supersonic sale cash downside_2026q4_disposal_cash	2026Q4 / downside	0.00 USD_millions	derived: One-time August sale cash, assumed no price adjustment. Formula: multiply(supersonic_proceeds, downside_2026q4_sale_weight).
2026 settlement quarter downside_2026q4_repay_2026_weight	2026Q4 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
2026 notes settlement downside_2026q4_repay_2026	2026Q4 / downside	557.72 USD_millions	derived: November 15, 2026 maturity. Formula: multiply(notes_2026, downside_2026q4_repay_2026_weight).
2027 settlement quarter downside_2026q4_repay_2027_weight	2026Q4 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
2027 notes settlement downside_2026q4_repay_2027	2026Q4 / downside	0.00 USD_millions	derived: November 15, 2027 maturity; assumes full cash settlement, not conversion. Formula: multiply(notes_2027, downside_2026q4_repay_2027_weight).
Convertible cash settlement downside_2026q4_debt_principal	2026Q4 / downside	557.72 USD_millions	derived: Repayment does not reduce CFO or operating profit. Formula: sum(downside_2026q4_repay_2026, downside_2026q4_repay_2027).
FCF plus business sale cash downside_2026q4_cash_with_disposal	2026Q4 / downside	136.35 USD_millions	derived: Disposal is investing cash. Formula: sum(downside_2026q4_fcf, downside_2026q4_disposal_cash).
Cash after disposal and note settlement downside_2026q4_cash_after_claims	2026Q4 / downside	-421.37 USD_millions	derived: Before acquisitions, award withholding and any China redemption. Formula: subtract(downside_2026q4_cash_with_disposal, downside_2026q4_debt_principal).
Strategic Grow revenue downside_2027q1_grow	2027Q1 / downside	340.00 USD_millions	assumption: Desk assumption; not company guidance.
Strategic Create revenue downside_2027q1_create	2027Q1 / downside	160.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-strategic revenue downside_2027q1_non_strategic	2027Q1 / downside	0.00 USD_millions	assumption: Q3 company outlook includes about one month of Supersonic; zero from Q4 after disposal/sunset.
Consolidated revenue downside_2027q1_revenue	2027Q1 / downside	500.00 USD_millions	derived: Strategic plus remaining non-strategic revenue, with no disposal gain counted as sales. Formula: sum(downside_2027q1_grow, downside_2027q1_create, downside_2027q1_non_strategic).
Adjusted gross margin downside_2027q1_adj_gross_margin	2027Q1 / downside	81.0% ratio	assumption: Desk assumption; not company guidance.
Adjusted gross profit downside_2027q1_adj_gross_profit	2027Q1 / downside	405.00 USD_millions	derived: Desk margin after infrastructure and publisher costs, before cost-of-revenue noncash/restructuring adjustments. Formula: multiply(downside_2027q1_revenue, downside_2027q1_adj_gross_margin).
Cost-of-revenue ordinary SBC downside_2027q1_cogs_sbc	2027Q1 / downside	7.60 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue amortization downside_2027q1_cogs_amort	2027Q1 / downside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue depreciation downside_2027q1_cogs_depr	2027Q1 / downside	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue GAAP adjustments downside_2027q1_cogs_adjustments	2027Q1 / downside	14.10 USD_millions	derived: These allocations are included in total SBC/amortization/depreciation below, not additional operating deductions. Formula: sum(downside_2027q1_cogs_sbc, downside_2027q1_cogs_amort, downside_2027q1_cogs_depr).
GAAP gross profit proxy downside_2027q1_gross_profit	2027Q1 / downside	390.90 USD_millions	derived: Assumes no new gross-margin impairment or restructuring adjustment. Formula: subtract(downside_2027q1_adj_gross_profit, downside_2027q1_cogs_adjustments).
Operating costs excluding D&A SBC and restructuring downside_2027q1_cash_opex	2027Q1 / downside	298.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy downside_2027q1_adj_ebitda	2027Q1 / downside	107.00 USD_millions	derived: Base Q3 reconciles to $187.5M guidance midpoint. Formula: subtract(downside_2027q1_adj_gross_profit, downside_2027q1_cash_opex).
Cash restructuring operating cost downside_2027q1_cash_restructuring	2027Q1 / downside	0.00 USD_millions	assumption: Incremental desk charge paid in period; does not repeat prior noncash impairments or SBC.
Ordinary SBC including CEO award allowance downside_2027q1_ordinary_sbc	2027Q1 / downside	94.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquired intangible amortization downside_2027q1_amortization	2027Q1 / downside	65.00 USD_millions	assumption: Desk assumption; not company guidance.
Depreciation downside_2027q1_depreciation	2027Q1 / downside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Ordinary SBC amortization depreciation and restructuring downside_2027q1_gaap_adjustments	2027Q1 / downside	167.00 USD_millions	derived: Total functional expense; COGS allocations already included here. Formula: sum(downside_2027q1_ordinary_sbc, downside_2027q1_amortization, downside_2027q1_depreciation, downside_2027q1_cash_restructuring).
GAAP operating income proxy downside_2027q1_operating_income	2027Q1 / downside	-60.00 USD_millions	derived: No new impairment, asset gain or unmodeled restructuring charge. Formula: subtract(downside_2027q1_adj_ebitda, downside_2027q1_gaap_adjustments).
Cash interest less investment income downside_2027q1_net_cash_interest	2027Q1 / downside	-9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes downside_2027q1_cash_tax	2027Q1 / downside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Working capital cash use downside_2027q1_wc_use	2027Q1 / downside	65.00 USD_millions	assumption: Receivables, deferred revenue and publisher payables; negative is release. No automatic repeat of Q2 payable inflow.
Net cash operating adjustments downside_2027q1_cash_uses	2027Q1 / downside	64.00 USD_millions	derived: Noncash SBC D&A and impairment do not create a second cash benefit. Formula: sum(downside_2027q1_net_cash_interest, downside_2027q1_cash_tax, downside_2027q1_wc_use, downside_2027q1_cash_restructuring).
Operating cash flow proxy downside_2027q1_cfo	2027Q1 / downside	43.00 USD_millions	derived: Consolidated CFO before PP&E and note repayment. Formula: subtract(downside_2027q1_adj_ebitda, downside_2027q1_cash_uses).
Cash PP&E downside_2027q1_capex	2027Q1 / downside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E downside_2027q1_fcf	2027Q1 / downside	35.00 USD_millions	derived: Excludes disposal proceeds and financing. Formula: subtract(downside_2027q1_cfo, downside_2027q1_capex).
Disposal cash allocation downside_2027q1_sale_weight	2027Q1 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
Supersonic sale cash downside_2027q1_disposal_cash	2027Q1 / downside	0.00 USD_millions	derived: One-time August sale cash, assumed no price adjustment. Formula: multiply(supersonic_proceeds, downside_2027q1_sale_weight).
2026 settlement quarter downside_2027q1_repay_2026_weight	2027Q1 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
2026 notes settlement downside_2027q1_repay_2026	2027Q1 / downside	0.00 USD_millions	derived: November 15, 2026 maturity. Formula: multiply(notes_2026, downside_2027q1_repay_2026_weight).
2027 settlement quarter downside_2027q1_repay_2027_weight	2027Q1 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
2027 notes settlement downside_2027q1_repay_2027	2027Q1 / downside	0.00 USD_millions	derived: November 15, 2027 maturity; assumes full cash settlement, not conversion. Formula: multiply(notes_2027, downside_2027q1_repay_2027_weight).
Convertible cash settlement downside_2027q1_debt_principal	2027Q1 / downside	0.00 USD_millions	derived: Repayment does not reduce CFO or operating profit. Formula: sum(downside_2027q1_repay_2026, downside_2027q1_repay_2027).
FCF plus business sale cash downside_2027q1_cash_with_disposal	2027Q1 / downside	35.00 USD_millions	derived: Disposal is investing cash. Formula: sum(downside_2027q1_fcf, downside_2027q1_disposal_cash).
Cash after disposal and note settlement downside_2027q1_cash_after_claims	2027Q1 / downside	35.00 USD_millions	derived: Before acquisitions, award withholding and any China redemption. Formula: subtract(downside_2027q1_cash_with_disposal, downside_2027q1_debt_principal).
Strategic Grow revenue downside_2027q2_grow	2027Q2 / downside	350.00 USD_millions	assumption: Desk assumption; not company guidance.
Strategic Create revenue downside_2027q2_create	2027Q2 / downside	164.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-strategic revenue downside_2027q2_non_strategic	2027Q2 / downside	0.00 USD_millions	assumption: Q3 company outlook includes about one month of Supersonic; zero from Q4 after disposal/sunset.
Consolidated revenue downside_2027q2_revenue	2027Q2 / downside	514.00 USD_millions	derived: Strategic plus remaining non-strategic revenue, with no disposal gain counted as sales. Formula: sum(downside_2027q2_grow, downside_2027q2_create, downside_2027q2_non_strategic).
Adjusted gross margin downside_2027q2_adj_gross_margin	2027Q2 / downside	81.0% ratio	assumption: Desk assumption; not company guidance.
Adjusted gross profit downside_2027q2_adj_gross_profit	2027Q2 / downside	416.34 USD_millions	derived: Desk margin after infrastructure and publisher costs, before cost-of-revenue noncash/restructuring adjustments. Formula: multiply(downside_2027q2_revenue, downside_2027q2_adj_gross_margin).
Cost-of-revenue ordinary SBC downside_2027q2_cogs_sbc	2027Q2 / downside	7.90 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue amortization downside_2027q2_cogs_amort	2027Q2 / downside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue depreciation downside_2027q2_cogs_depr	2027Q2 / downside	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue GAAP adjustments downside_2027q2_cogs_adjustments	2027Q2 / downside	14.40 USD_millions	derived: These allocations are included in total SBC/amortization/depreciation below, not additional operating deductions. Formula: sum(downside_2027q2_cogs_sbc, downside_2027q2_cogs_amort, downside_2027q2_cogs_depr).
GAAP gross profit proxy downside_2027q2_gross_profit	2027Q2 / downside	401.94 USD_millions	derived: Assumes no new gross-margin impairment or restructuring adjustment. Formula: subtract(downside_2027q2_adj_gross_profit, downside_2027q2_cogs_adjustments).
Operating costs excluding D&A SBC and restructuring downside_2027q2_cash_opex	2027Q2 / downside	305.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy downside_2027q2_adj_ebitda	2027Q2 / downside	111.34 USD_millions	derived: Base Q3 reconciles to $187.5M guidance midpoint. Formula: subtract(downside_2027q2_adj_gross_profit, downside_2027q2_cash_opex).
Cash restructuring operating cost downside_2027q2_cash_restructuring	2027Q2 / downside	0.00 USD_millions	assumption: Incremental desk charge paid in period; does not repeat prior noncash impairments or SBC.
Ordinary SBC including CEO award allowance downside_2027q2_ordinary_sbc	2027Q2 / downside	97.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquired intangible amortization downside_2027q2_amortization	2027Q2 / downside	65.00 USD_millions	assumption: Desk assumption; not company guidance.
Depreciation downside_2027q2_depreciation	2027Q2 / downside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Ordinary SBC amortization depreciation and restructuring downside_2027q2_gaap_adjustments	2027Q2 / downside	170.00 USD_millions	derived: Total functional expense; COGS allocations already included here. Formula: sum(downside_2027q2_ordinary_sbc, downside_2027q2_amortization, downside_2027q2_depreciation, downside_2027q2_cash_restructuring).
GAAP operating income proxy downside_2027q2_operating_income	2027Q2 / downside	-58.66 USD_millions	derived: No new impairment, asset gain or unmodeled restructuring charge. Formula: subtract(downside_2027q2_adj_ebitda, downside_2027q2_gaap_adjustments).
Cash interest less investment income downside_2027q2_net_cash_interest	2027Q2 / downside	-9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes downside_2027q2_cash_tax	2027Q2 / downside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Working capital cash use downside_2027q2_wc_use	2027Q2 / downside	35.00 USD_millions	assumption: Receivables, deferred revenue and publisher payables; negative is release. No automatic repeat of Q2 payable inflow.
Net cash operating adjustments downside_2027q2_cash_uses	2027Q2 / downside	34.00 USD_millions	derived: Noncash SBC D&A and impairment do not create a second cash benefit. Formula: sum(downside_2027q2_net_cash_interest, downside_2027q2_cash_tax, downside_2027q2_wc_use, downside_2027q2_cash_restructuring).
Operating cash flow proxy downside_2027q2_cfo	2027Q2 / downside	77.34 USD_millions	derived: Consolidated CFO before PP&E and note repayment. Formula: subtract(downside_2027q2_adj_ebitda, downside_2027q2_cash_uses).
Cash PP&E downside_2027q2_capex	2027Q2 / downside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E downside_2027q2_fcf	2027Q2 / downside	69.34 USD_millions	derived: Excludes disposal proceeds and financing. Formula: subtract(downside_2027q2_cfo, downside_2027q2_capex).
Disposal cash allocation downside_2027q2_sale_weight	2027Q2 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
Supersonic sale cash downside_2027q2_disposal_cash	2027Q2 / downside	0.00 USD_millions	derived: One-time August sale cash, assumed no price adjustment. Formula: multiply(supersonic_proceeds, downside_2027q2_sale_weight).
2026 settlement quarter downside_2027q2_repay_2026_weight	2027Q2 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
2026 notes settlement downside_2027q2_repay_2026	2027Q2 / downside	0.00 USD_millions	derived: November 15, 2026 maturity. Formula: multiply(notes_2026, downside_2027q2_repay_2026_weight).
2027 settlement quarter downside_2027q2_repay_2027_weight	2027Q2 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
2027 notes settlement downside_2027q2_repay_2027	2027Q2 / downside	0.00 USD_millions	derived: November 15, 2027 maturity; assumes full cash settlement, not conversion. Formula: multiply(notes_2027, downside_2027q2_repay_2027_weight).
Convertible cash settlement downside_2027q2_debt_principal	2027Q2 / downside	0.00 USD_millions	derived: Repayment does not reduce CFO or operating profit. Formula: sum(downside_2027q2_repay_2026, downside_2027q2_repay_2027).
FCF plus business sale cash downside_2027q2_cash_with_disposal	2027Q2 / downside	69.34 USD_millions	derived: Disposal is investing cash. Formula: sum(downside_2027q2_fcf, downside_2027q2_disposal_cash).
Cash after disposal and note settlement downside_2027q2_cash_after_claims	2027Q2 / downside	69.34 USD_millions	derived: Before acquisitions, award withholding and any China redemption. Formula: subtract(downside_2027q2_cash_with_disposal, downside_2027q2_debt_principal).
Strategic Grow revenue downside_2027q3_grow	2027Q3 / downside	370.00 USD_millions	assumption: Desk assumption; not company guidance.
Strategic Create revenue downside_2027q3_create	2027Q3 / downside	168.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-strategic revenue downside_2027q3_non_strategic	2027Q3 / downside	0.00 USD_millions	assumption: Q3 company outlook includes about one month of Supersonic; zero from Q4 after disposal/sunset.
Consolidated revenue downside_2027q3_revenue	2027Q3 / downside	538.00 USD_millions	derived: Strategic plus remaining non-strategic revenue, with no disposal gain counted as sales. Formula: sum(downside_2027q3_grow, downside_2027q3_create, downside_2027q3_non_strategic).
Adjusted gross margin downside_2027q3_adj_gross_margin	2027Q3 / downside	81.0% ratio	assumption: Desk assumption; not company guidance.
Adjusted gross profit downside_2027q3_adj_gross_profit	2027Q3 / downside	435.78 USD_millions	derived: Desk margin after infrastructure and publisher costs, before cost-of-revenue noncash/restructuring adjustments. Formula: multiply(downside_2027q3_revenue, downside_2027q3_adj_gross_margin).
Cost-of-revenue ordinary SBC downside_2027q3_cogs_sbc	2027Q3 / downside	8.20 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue amortization downside_2027q3_cogs_amort	2027Q3 / downside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue depreciation downside_2027q3_cogs_depr	2027Q3 / downside	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue GAAP adjustments downside_2027q3_cogs_adjustments	2027Q3 / downside	14.70 USD_millions	derived: These allocations are included in total SBC/amortization/depreciation below, not additional operating deductions. Formula: sum(downside_2027q3_cogs_sbc, downside_2027q3_cogs_amort, downside_2027q3_cogs_depr).
GAAP gross profit proxy downside_2027q3_gross_profit	2027Q3 / downside	421.08 USD_millions	derived: Assumes no new gross-margin impairment or restructuring adjustment. Formula: subtract(downside_2027q3_adj_gross_profit, downside_2027q3_cogs_adjustments).
Operating costs excluding D&A SBC and restructuring downside_2027q3_cash_opex	2027Q3 / downside	310.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy downside_2027q3_adj_ebitda	2027Q3 / downside	125.78 USD_millions	derived: Base Q3 reconciles to $187.5M guidance midpoint. Formula: subtract(downside_2027q3_adj_gross_profit, downside_2027q3_cash_opex).
Cash restructuring operating cost downside_2027q3_cash_restructuring	2027Q3 / downside	0.00 USD_millions	assumption: Incremental desk charge paid in period; does not repeat prior noncash impairments or SBC.
Ordinary SBC including CEO award allowance downside_2027q3_ordinary_sbc	2027Q3 / downside	100.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquired intangible amortization downside_2027q3_amortization	2027Q3 / downside	65.00 USD_millions	assumption: Desk assumption; not company guidance.
Depreciation downside_2027q3_depreciation	2027Q3 / downside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Ordinary SBC amortization depreciation and restructuring downside_2027q3_gaap_adjustments	2027Q3 / downside	173.00 USD_millions	derived: Total functional expense; COGS allocations already included here. Formula: sum(downside_2027q3_ordinary_sbc, downside_2027q3_amortization, downside_2027q3_depreciation, downside_2027q3_cash_restructuring).
GAAP operating income proxy downside_2027q3_operating_income	2027Q3 / downside	-47.22 USD_millions	derived: No new impairment, asset gain or unmodeled restructuring charge. Formula: subtract(downside_2027q3_adj_ebitda, downside_2027q3_gaap_adjustments).
Cash interest less investment income downside_2027q3_net_cash_interest	2027Q3 / downside	-9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes downside_2027q3_cash_tax	2027Q3 / downside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Working capital cash use downside_2027q3_wc_use	2027Q3 / downside	30.00 USD_millions	assumption: Receivables, deferred revenue and publisher payables; negative is release. No automatic repeat of Q2 payable inflow.
Net cash operating adjustments downside_2027q3_cash_uses	2027Q3 / downside	29.00 USD_millions	derived: Noncash SBC D&A and impairment do not create a second cash benefit. Formula: sum(downside_2027q3_net_cash_interest, downside_2027q3_cash_tax, downside_2027q3_wc_use, downside_2027q3_cash_restructuring).
Operating cash flow proxy downside_2027q3_cfo	2027Q3 / downside	96.78 USD_millions	derived: Consolidated CFO before PP&E and note repayment. Formula: subtract(downside_2027q3_adj_ebitda, downside_2027q3_cash_uses).
Cash PP&E downside_2027q3_capex	2027Q3 / downside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E downside_2027q3_fcf	2027Q3 / downside	88.78 USD_millions	derived: Excludes disposal proceeds and financing. Formula: subtract(downside_2027q3_cfo, downside_2027q3_capex).
Disposal cash allocation downside_2027q3_sale_weight	2027Q3 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
Supersonic sale cash downside_2027q3_disposal_cash	2027Q3 / downside	0.00 USD_millions	derived: One-time August sale cash, assumed no price adjustment. Formula: multiply(supersonic_proceeds, downside_2027q3_sale_weight).
2026 settlement quarter downside_2027q3_repay_2026_weight	2027Q3 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
2026 notes settlement downside_2027q3_repay_2026	2027Q3 / downside	0.00 USD_millions	derived: November 15, 2026 maturity. Formula: multiply(notes_2026, downside_2027q3_repay_2026_weight).
2027 settlement quarter downside_2027q3_repay_2027_weight	2027Q3 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
2027 notes settlement downside_2027q3_repay_2027	2027Q3 / downside	0.00 USD_millions	derived: November 15, 2027 maturity; assumes full cash settlement, not conversion. Formula: multiply(notes_2027, downside_2027q3_repay_2027_weight).
Convertible cash settlement downside_2027q3_debt_principal	2027Q3 / downside	0.00 USD_millions	derived: Repayment does not reduce CFO or operating profit. Formula: sum(downside_2027q3_repay_2026, downside_2027q3_repay_2027).
FCF plus business sale cash downside_2027q3_cash_with_disposal	2027Q3 / downside	88.78 USD_millions	derived: Disposal is investing cash. Formula: sum(downside_2027q3_fcf, downside_2027q3_disposal_cash).
Cash after disposal and note settlement downside_2027q3_cash_after_claims	2027Q3 / downside	88.78 USD_millions	derived: Before acquisitions, award withholding and any China redemption. Formula: subtract(downside_2027q3_cash_with_disposal, downside_2027q3_debt_principal).
Strategic Grow revenue downside_2027q4_grow	2027Q4 / downside	395.00 USD_millions	assumption: Desk assumption; not company guidance.
Strategic Create revenue downside_2027q4_create	2027Q4 / downside	174.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-strategic revenue downside_2027q4_non_strategic	2027Q4 / downside	0.00 USD_millions	assumption: Q3 company outlook includes about one month of Supersonic; zero from Q4 after disposal/sunset.
Consolidated revenue downside_2027q4_revenue	2027Q4 / downside	569.00 USD_millions	derived: Strategic plus remaining non-strategic revenue, with no disposal gain counted as sales. Formula: sum(downside_2027q4_grow, downside_2027q4_create, downside_2027q4_non_strategic).
Adjusted gross margin downside_2027q4_adj_gross_margin	2027Q4 / downside	81.0% ratio	assumption: Desk assumption; not company guidance.
Adjusted gross profit downside_2027q4_adj_gross_profit	2027Q4 / downside	460.89 USD_millions	derived: Desk margin after infrastructure and publisher costs, before cost-of-revenue noncash/restructuring adjustments. Formula: multiply(downside_2027q4_revenue, downside_2027q4_adj_gross_margin).
Cost-of-revenue ordinary SBC downside_2027q4_cogs_sbc	2027Q4 / downside	8.50 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue amortization downside_2027q4_cogs_amort	2027Q4 / downside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue depreciation downside_2027q4_cogs_depr	2027Q4 / downside	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue GAAP adjustments downside_2027q4_cogs_adjustments	2027Q4 / downside	15.00 USD_millions	derived: These allocations are included in total SBC/amortization/depreciation below, not additional operating deductions. Formula: sum(downside_2027q4_cogs_sbc, downside_2027q4_cogs_amort, downside_2027q4_cogs_depr).
GAAP gross profit proxy downside_2027q4_gross_profit	2027Q4 / downside	445.89 USD_millions	derived: Assumes no new gross-margin impairment or restructuring adjustment. Formula: subtract(downside_2027q4_adj_gross_profit, downside_2027q4_cogs_adjustments).
Operating costs excluding D&A SBC and restructuring downside_2027q4_cash_opex	2027Q4 / downside	320.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy downside_2027q4_adj_ebitda	2027Q4 / downside	140.89 USD_millions	derived: Base Q3 reconciles to $187.5M guidance midpoint. Formula: subtract(downside_2027q4_adj_gross_profit, downside_2027q4_cash_opex).
Cash restructuring operating cost downside_2027q4_cash_restructuring	2027Q4 / downside	0.00 USD_millions	assumption: Incremental desk charge paid in period; does not repeat prior noncash impairments or SBC.
Ordinary SBC including CEO award allowance downside_2027q4_ordinary_sbc	2027Q4 / downside	103.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquired intangible amortization downside_2027q4_amortization	2027Q4 / downside	65.00 USD_millions	assumption: Desk assumption; not company guidance.
Depreciation downside_2027q4_depreciation	2027Q4 / downside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Ordinary SBC amortization depreciation and restructuring downside_2027q4_gaap_adjustments	2027Q4 / downside	176.00 USD_millions	derived: Total functional expense; COGS allocations already included here. Formula: sum(downside_2027q4_ordinary_sbc, downside_2027q4_amortization, downside_2027q4_depreciation, downside_2027q4_cash_restructuring).
GAAP operating income proxy downside_2027q4_operating_income	2027Q4 / downside	-35.11 USD_millions	derived: No new impairment, asset gain or unmodeled restructuring charge. Formula: subtract(downside_2027q4_adj_ebitda, downside_2027q4_gaap_adjustments).
Cash interest less investment income downside_2027q4_net_cash_interest	2027Q4 / downside	-9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes downside_2027q4_cash_tax	2027Q4 / downside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Working capital cash use downside_2027q4_wc_use	2027Q4 / downside	15.00 USD_millions	assumption: Receivables, deferred revenue and publisher payables; negative is release. No automatic repeat of Q2 payable inflow.
Net cash operating adjustments downside_2027q4_cash_uses	2027Q4 / downside	14.00 USD_millions	derived: Noncash SBC D&A and impairment do not create a second cash benefit. Formula: sum(downside_2027q4_net_cash_interest, downside_2027q4_cash_tax, downside_2027q4_wc_use, downside_2027q4_cash_restructuring).
Operating cash flow proxy downside_2027q4_cfo	2027Q4 / downside	126.89 USD_millions	derived: Consolidated CFO before PP&E and note repayment. Formula: subtract(downside_2027q4_adj_ebitda, downside_2027q4_cash_uses).
Cash PP&E downside_2027q4_capex	2027Q4 / downside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E downside_2027q4_fcf	2027Q4 / downside	118.89 USD_millions	derived: Excludes disposal proceeds and financing. Formula: subtract(downside_2027q4_cfo, downside_2027q4_capex).
Disposal cash allocation downside_2027q4_sale_weight	2027Q4 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
Supersonic sale cash downside_2027q4_disposal_cash	2027Q4 / downside	0.00 USD_millions	derived: One-time August sale cash, assumed no price adjustment. Formula: multiply(supersonic_proceeds, downside_2027q4_sale_weight).
2026 settlement quarter downside_2027q4_repay_2026_weight	2027Q4 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
2026 notes settlement downside_2027q4_repay_2026	2027Q4 / downside	0.00 USD_millions	derived: November 15, 2026 maturity. Formula: multiply(notes_2026, downside_2027q4_repay_2026_weight).
2027 settlement quarter downside_2027q4_repay_2027_weight	2027Q4 / downside	100.0% ratio	assumption: Desk assumption; not company guidance.
2027 notes settlement downside_2027q4_repay_2027	2027Q4 / downside	1,000.00 USD_millions	derived: November 15, 2027 maturity; assumes full cash settlement, not conversion. Formula: multiply(notes_2027, downside_2027q4_repay_2027_weight).
Convertible cash settlement downside_2027q4_debt_principal	2027Q4 / downside	1,000.00 USD_millions	derived: Repayment does not reduce CFO or operating profit. Formula: sum(downside_2027q4_repay_2026, downside_2027q4_repay_2027).
FCF plus business sale cash downside_2027q4_cash_with_disposal	2027Q4 / downside	118.89 USD_millions	derived: Disposal is investing cash. Formula: sum(downside_2027q4_fcf, downside_2027q4_disposal_cash).
Cash after disposal and note settlement downside_2027q4_cash_after_claims	2027Q4 / downside	-881.11 USD_millions	derived: Before acquisitions, award withholding and any China redemption. Formula: subtract(downside_2027q4_cash_with_disposal, downside_2027q4_debt_principal).
Consolidated revenue ($M) downside_fy2026_revenue	FY2026 / downside	2,132.71 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, downside_2026q3_revenue, downside_2026q4_revenue).
GAAP gross profit proxy ($M) downside_fy2026_gross_profit	FY2026 / downside	1,434.24 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, downside_2026q3_gross_profit, downside_2026q4_gross_profit).
GAAP operating income proxy ($M) downside_fy2026_operating_income	FY2026 / downside	-440.45 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, downside_2026q3_operating_income, downside_2026q4_operating_income).
Adjusted EBITDA proxy ($M) downside_fy2026_adj_ebitda	FY2026 / downside	591.65 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adj_ebitda, downside_2026q3_adj_ebitda, downside_2026q4_adj_ebitda).
Operating cash flow proxy ($M) downside_fy2026_cfo	FY2026 / downside	518.09 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, downside_2026q3_cfo, downside_2026q4_cfo).
Cash PP&E ($M) downside_fy2026_capex	FY2026 / downside	20.49 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, downside_2026q3_capex, downside_2026q4_capex).
CFO less cash PP&E ($M) downside_fy2026_fcf	FY2026 / downside	497.60 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, downside_2026q3_fcf, downside_2026q4_fcf).
Business disposal proceeds ($M) downside_fy2026_disposal_cash	FY2026 / downside	40.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_disposal_cash, downside_2026q3_disposal_cash, downside_2026q4_disposal_cash).
Convertible cash settlement ($M) downside_fy2026_debt_principal	FY2026 / downside	557.72 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_debt_principal, downside_2026q3_debt_principal, downside_2026q4_debt_principal).
Cash after disposal and note settlement ($M) downside_fy2026_cash_after_claims	FY2026 / downside	-20.13 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_claims, downside_2026q3_cash_after_claims, downside_2026q4_cash_after_claims).
Consolidated revenue ($M) downside_fy2027_revenue	FY2027 / downside	2,121.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_revenue, downside_2027q2_revenue, downside_2027q3_revenue, downside_2027q4_revenue).
GAAP gross profit proxy ($M) downside_fy2027_gross_profit	FY2027 / downside	1,659.81 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_gross_profit, downside_2027q2_gross_profit, downside_2027q3_gross_profit, downside_2027q4_gross_profit).
GAAP operating income proxy ($M) downside_fy2027_operating_income	FY2027 / downside	-200.99 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_operating_income, downside_2027q2_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income).
Adjusted EBITDA proxy ($M) downside_fy2027_adj_ebitda	FY2027 / downside	485.01 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_adj_ebitda, downside_2027q2_adj_ebitda, downside_2027q3_adj_ebitda, downside_2027q4_adj_ebitda).
Operating cash flow proxy ($M) downside_fy2027_cfo	FY2027 / downside	344.01 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cfo, downside_2027q2_cfo, downside_2027q3_cfo, downside_2027q4_cfo).
Cash PP&E ($M) downside_fy2027_capex	FY2027 / downside	32.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_capex, downside_2027q2_capex, downside_2027q3_capex, downside_2027q4_capex).
CFO less cash PP&E ($M) downside_fy2027_fcf	FY2027 / downside	312.01 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).
Business disposal proceeds ($M) downside_fy2027_disposal_cash	FY2027 / downside	0.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_disposal_cash, downside_2027q2_disposal_cash, downside_2027q3_disposal_cash, downside_2027q4_disposal_cash).
Convertible cash settlement ($M) downside_fy2027_debt_principal	FY2027 / downside	1,000.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_debt_principal, downside_2027q2_debt_principal, downside_2027q3_debt_principal, downside_2027q4_debt_principal).
Cash after disposal and note settlement ($M) downside_fy2027_cash_after_claims	FY2027 / downside	-687.99 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cash_after_claims, downside_2027q2_cash_after_claims, downside_2027q3_cash_after_claims, downside_2027q4_cash_after_claims).
Strategic Grow revenue base_2026q3_grow	2026Q3 / base	382.50 USD_millions	assumption: Desk assumption; not company guidance.
Strategic Create revenue base_2026q3_create	2026Q3 / base	162.50 USD_millions	assumption: Desk assumption; not company guidance.
Non-strategic revenue base_2026q3_non_strategic	2026Q3 / base	20.00 USD_millions	assumption: Q3 company outlook includes about one month of Supersonic; zero from Q4 after disposal/sunset.
Consolidated revenue base_2026q3_revenue	2026Q3 / base	565.00 USD_millions	derived: Strategic plus remaining non-strategic revenue, with no disposal gain counted as sales. Formula: sum(base_2026q3_grow, base_2026q3_create, base_2026q3_non_strategic).
Adjusted gross margin base_2026q3_adj_gross_margin	2026Q3 / base	84.0% ratio	assumption: Desk assumption; not company guidance.
Adjusted gross profit base_2026q3_adj_gross_profit	2026Q3 / base	474.60 USD_millions	derived: Desk margin after infrastructure and publisher costs, before cost-of-revenue noncash/restructuring adjustments. Formula: multiply(base_2026q3_revenue, base_2026q3_adj_gross_margin).
Cost-of-revenue ordinary SBC base_2026q3_cogs_sbc	2026Q3 / base	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue amortization base_2026q3_cogs_amort	2026Q3 / base	6.50 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue depreciation base_2026q3_cogs_depr	2026Q3 / base	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue GAAP adjustments base_2026q3_cogs_adjustments	2026Q3 / base	15.00 USD_millions	derived: These allocations are included in total SBC/amortization/depreciation below, not additional operating deductions. Formula: sum(base_2026q3_cogs_sbc, base_2026q3_cogs_amort, base_2026q3_cogs_depr).
GAAP gross profit proxy base_2026q3_gross_profit	2026Q3 / base	459.60 USD_millions	derived: Assumes no new gross-margin impairment or restructuring adjustment. Formula: subtract(base_2026q3_adj_gross_profit, base_2026q3_cogs_adjustments).
Operating costs excluding D&A SBC and restructuring base_2026q3_cash_opex	2026Q3 / base	287.10 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy base_2026q3_adj_ebitda	2026Q3 / base	187.50 USD_millions	derived: Base Q3 reconciles to $187.5M guidance midpoint. Formula: subtract(base_2026q3_adj_gross_profit, base_2026q3_cash_opex).
Cash restructuring operating cost base_2026q3_cash_restructuring	2026Q3 / base	8.00 USD_millions	assumption: Incremental desk charge paid in period; does not repeat prior noncash impairments or SBC.
Ordinary SBC including CEO award allowance base_2026q3_ordinary_sbc	2026Q3 / base	88.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquired intangible amortization base_2026q3_amortization	2026Q3 / base	72.00 USD_millions	assumption: Desk assumption; not company guidance.
Depreciation base_2026q3_depreciation	2026Q3 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Ordinary SBC amortization depreciation and restructuring base_2026q3_gaap_adjustments	2026Q3 / base	176.00 USD_millions	derived: Total functional expense; COGS allocations already included here. Formula: sum(base_2026q3_ordinary_sbc, base_2026q3_amortization, base_2026q3_depreciation, base_2026q3_cash_restructuring).
GAAP operating income proxy base_2026q3_operating_income	2026Q3 / base	11.50 USD_millions	derived: No new impairment, asset gain or unmodeled restructuring charge. Formula: subtract(base_2026q3_adj_ebitda, base_2026q3_gaap_adjustments).
Cash interest less investment income base_2026q3_net_cash_interest	2026Q3 / base	-15.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes base_2026q3_cash_tax	2026Q3 / base	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Working capital cash use base_2026q3_wc_use	2026Q3 / base	30.00 USD_millions	assumption: Receivables, deferred revenue and publisher payables; negative is release. No automatic repeat of Q2 payable inflow.
Net cash operating adjustments base_2026q3_cash_uses	2026Q3 / base	35.00 USD_millions	derived: Noncash SBC D&A and impairment do not create a second cash benefit. Formula: sum(base_2026q3_net_cash_interest, base_2026q3_cash_tax, base_2026q3_wc_use, base_2026q3_cash_restructuring).
Operating cash flow proxy base_2026q3_cfo	2026Q3 / base	152.50 USD_millions	derived: Consolidated CFO before PP&E and note repayment. Formula: subtract(base_2026q3_adj_ebitda, base_2026q3_cash_uses).
Cash PP&E base_2026q3_capex	2026Q3 / base	6.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E base_2026q3_fcf	2026Q3 / base	146.50 USD_millions	derived: Excludes disposal proceeds and financing. Formula: subtract(base_2026q3_cfo, base_2026q3_capex).
Disposal cash allocation base_2026q3_sale_weight	2026Q3 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
Supersonic sale cash base_2026q3_disposal_cash	2026Q3 / base	40.00 USD_millions	derived: One-time August sale cash, assumed no price adjustment. Formula: multiply(supersonic_proceeds, base_2026q3_sale_weight).
2026 settlement quarter base_2026q3_repay_2026_weight	2026Q3 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
2026 notes settlement base_2026q3_repay_2026	2026Q3 / base	0.00 USD_millions	derived: November 15, 2026 maturity. Formula: multiply(notes_2026, base_2026q3_repay_2026_weight).
2027 settlement quarter base_2026q3_repay_2027_weight	2026Q3 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
2027 notes settlement base_2026q3_repay_2027	2026Q3 / base	0.00 USD_millions	derived: November 15, 2027 maturity; assumes full cash settlement, not conversion. Formula: multiply(notes_2027, base_2026q3_repay_2027_weight).
Convertible cash settlement base_2026q3_debt_principal	2026Q3 / base	0.00 USD_millions	derived: Repayment does not reduce CFO or operating profit. Formula: sum(base_2026q3_repay_2026, base_2026q3_repay_2027).
FCF plus business sale cash base_2026q3_cash_with_disposal	2026Q3 / base	186.50 USD_millions	derived: Disposal is investing cash. Formula: sum(base_2026q3_fcf, base_2026q3_disposal_cash).
Cash after disposal and note settlement base_2026q3_cash_after_claims	2026Q3 / base	186.50 USD_millions	derived: Before acquisitions, award withholding and any China redemption. Formula: subtract(base_2026q3_cash_with_disposal, base_2026q3_debt_principal).
Strategic Grow revenue base_2026q4_grow	2026Q4 / base	420.00 USD_millions	assumption: Desk assumption; not company guidance.
Strategic Create revenue base_2026q4_create	2026Q4 / base	169.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-strategic revenue base_2026q4_non_strategic	2026Q4 / base	0.00 USD_millions	assumption: Q3 company outlook includes about one month of Supersonic; zero from Q4 after disposal/sunset.
Consolidated revenue base_2026q4_revenue	2026Q4 / base	589.00 USD_millions	derived: Strategic plus remaining non-strategic revenue, with no disposal gain counted as sales. Formula: sum(base_2026q4_grow, base_2026q4_create, base_2026q4_non_strategic).
Adjusted gross margin base_2026q4_adj_gross_margin	2026Q4 / base	84.0% ratio	assumption: Desk assumption; not company guidance.
Adjusted gross profit base_2026q4_adj_gross_profit	2026Q4 / base	494.76 USD_millions	derived: Desk margin after infrastructure and publisher costs, before cost-of-revenue noncash/restructuring adjustments. Formula: multiply(base_2026q4_revenue, base_2026q4_adj_gross_margin).
Cost-of-revenue ordinary SBC base_2026q4_cogs_sbc	2026Q4 / base	7.30 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue amortization base_2026q4_cogs_amort	2026Q4 / base	6.50 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue depreciation base_2026q4_cogs_depr	2026Q4 / base	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue GAAP adjustments base_2026q4_cogs_adjustments	2026Q4 / base	15.30 USD_millions	derived: These allocations are included in total SBC/amortization/depreciation below, not additional operating deductions. Formula: sum(base_2026q4_cogs_sbc, base_2026q4_cogs_amort, base_2026q4_cogs_depr).
GAAP gross profit proxy base_2026q4_gross_profit	2026Q4 / base	479.46 USD_millions	derived: Assumes no new gross-margin impairment or restructuring adjustment. Formula: subtract(base_2026q4_adj_gross_profit, base_2026q4_cogs_adjustments).
Operating costs excluding D&A SBC and restructuring base_2026q4_cash_opex	2026Q4 / base	302.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy base_2026q4_adj_ebitda	2026Q4 / base	192.76 USD_millions	derived: Base Q3 reconciles to $187.5M guidance midpoint. Formula: subtract(base_2026q4_adj_gross_profit, base_2026q4_cash_opex).
Cash restructuring operating cost base_2026q4_cash_restructuring	2026Q4 / base	3.00 USD_millions	assumption: Incremental desk charge paid in period; does not repeat prior noncash impairments or SBC.
Ordinary SBC including CEO award allowance base_2026q4_ordinary_sbc	2026Q4 / base	91.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquired intangible amortization base_2026q4_amortization	2026Q4 / base	72.00 USD_millions	assumption: Desk assumption; not company guidance.
Depreciation base_2026q4_depreciation	2026Q4 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Ordinary SBC amortization depreciation and restructuring base_2026q4_gaap_adjustments	2026Q4 / base	174.00 USD_millions	derived: Total functional expense; COGS allocations already included here. Formula: sum(base_2026q4_ordinary_sbc, base_2026q4_amortization, base_2026q4_depreciation, base_2026q4_cash_restructuring).
GAAP operating income proxy base_2026q4_operating_income	2026Q4 / base	18.76 USD_millions	derived: No new impairment, asset gain or unmodeled restructuring charge. Formula: subtract(base_2026q4_adj_ebitda, base_2026q4_gaap_adjustments).
Cash interest less investment income base_2026q4_net_cash_interest	2026Q4 / base	-15.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes base_2026q4_cash_tax	2026Q4 / base	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Working capital cash use base_2026q4_wc_use	2026Q4 / base	-10.00 USD_millions	assumption: Receivables, deferred revenue and publisher payables; negative is release. No automatic repeat of Q2 payable inflow.
Net cash operating adjustments base_2026q4_cash_uses	2026Q4 / base	-10.00 USD_millions	derived: Noncash SBC D&A and impairment do not create a second cash benefit. Formula: sum(base_2026q4_net_cash_interest, base_2026q4_cash_tax, base_2026q4_wc_use, base_2026q4_cash_restructuring).
Operating cash flow proxy base_2026q4_cfo	2026Q4 / base	202.76 USD_millions	derived: Consolidated CFO before PP&E and note repayment. Formula: subtract(base_2026q4_adj_ebitda, base_2026q4_cash_uses).
Cash PP&E base_2026q4_capex	2026Q4 / base	6.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E base_2026q4_fcf	2026Q4 / base	196.76 USD_millions	derived: Excludes disposal proceeds and financing. Formula: subtract(base_2026q4_cfo, base_2026q4_capex).
Disposal cash allocation base_2026q4_sale_weight	2026Q4 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
Supersonic sale cash base_2026q4_disposal_cash	2026Q4 / base	0.00 USD_millions	derived: One-time August sale cash, assumed no price adjustment. Formula: multiply(supersonic_proceeds, base_2026q4_sale_weight).
2026 settlement quarter base_2026q4_repay_2026_weight	2026Q4 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
2026 notes settlement base_2026q4_repay_2026	2026Q4 / base	557.72 USD_millions	derived: November 15, 2026 maturity. Formula: multiply(notes_2026, base_2026q4_repay_2026_weight).
2027 settlement quarter base_2026q4_repay_2027_weight	2026Q4 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
2027 notes settlement base_2026q4_repay_2027	2026Q4 / base	0.00 USD_millions	derived: November 15, 2027 maturity; assumes full cash settlement, not conversion. Formula: multiply(notes_2027, base_2026q4_repay_2027_weight).
Convertible cash settlement base_2026q4_debt_principal	2026Q4 / base	557.72 USD_millions	derived: Repayment does not reduce CFO or operating profit. Formula: sum(base_2026q4_repay_2026, base_2026q4_repay_2027).
FCF plus business sale cash base_2026q4_cash_with_disposal	2026Q4 / base	196.76 USD_millions	derived: Disposal is investing cash. Formula: sum(base_2026q4_fcf, base_2026q4_disposal_cash).
Cash after disposal and note settlement base_2026q4_cash_after_claims	2026Q4 / base	-360.96 USD_millions	derived: Before acquisitions, award withholding and any China redemption. Formula: subtract(base_2026q4_cash_with_disposal, base_2026q4_debt_principal).
Strategic Grow revenue base_2027q1_grow	2027Q1 / base	400.00 USD_millions	assumption: Desk assumption; not company guidance.
Strategic Create revenue base_2027q1_create	2027Q1 / base	169.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-strategic revenue base_2027q1_non_strategic	2027Q1 / base	0.00 USD_millions	assumption: Q3 company outlook includes about one month of Supersonic; zero from Q4 after disposal/sunset.
Consolidated revenue base_2027q1_revenue	2027Q1 / base	569.00 USD_millions	derived: Strategic plus remaining non-strategic revenue, with no disposal gain counted as sales. Formula: sum(base_2027q1_grow, base_2027q1_create, base_2027q1_non_strategic).
Adjusted gross margin base_2027q1_adj_gross_margin	2027Q1 / base	84.0% ratio	assumption: Desk assumption; not company guidance.
Adjusted gross profit base_2027q1_adj_gross_profit	2027Q1 / base	477.96 USD_millions	derived: Desk margin after infrastructure and publisher costs, before cost-of-revenue noncash/restructuring adjustments. Formula: multiply(base_2027q1_revenue, base_2027q1_adj_gross_margin).
Cost-of-revenue ordinary SBC base_2027q1_cogs_sbc	2027Q1 / base	7.60 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue amortization base_2027q1_cogs_amort	2027Q1 / base	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue depreciation base_2027q1_cogs_depr	2027Q1 / base	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue GAAP adjustments base_2027q1_cogs_adjustments	2027Q1 / base	14.10 USD_millions	derived: These allocations are included in total SBC/amortization/depreciation below, not additional operating deductions. Formula: sum(base_2027q1_cogs_sbc, base_2027q1_cogs_amort, base_2027q1_cogs_depr).
GAAP gross profit proxy base_2027q1_gross_profit	2027Q1 / base	463.86 USD_millions	derived: Assumes no new gross-margin impairment or restructuring adjustment. Formula: subtract(base_2027q1_adj_gross_profit, base_2027q1_cogs_adjustments).
Operating costs excluding D&A SBC and restructuring base_2027q1_cash_opex	2027Q1 / base	310.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy base_2027q1_adj_ebitda	2027Q1 / base	167.96 USD_millions	derived: Base Q3 reconciles to $187.5M guidance midpoint. Formula: subtract(base_2027q1_adj_gross_profit, base_2027q1_cash_opex).
Cash restructuring operating cost base_2027q1_cash_restructuring	2027Q1 / base	0.00 USD_millions	assumption: Incremental desk charge paid in period; does not repeat prior noncash impairments or SBC.
Ordinary SBC including CEO award allowance base_2027q1_ordinary_sbc	2027Q1 / base	94.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquired intangible amortization base_2027q1_amortization	2027Q1 / base	65.00 USD_millions	assumption: Desk assumption; not company guidance.
Depreciation base_2027q1_depreciation	2027Q1 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Ordinary SBC amortization depreciation and restructuring base_2027q1_gaap_adjustments	2027Q1 / base	167.00 USD_millions	derived: Total functional expense; COGS allocations already included here. Formula: sum(base_2027q1_ordinary_sbc, base_2027q1_amortization, base_2027q1_depreciation, base_2027q1_cash_restructuring).
GAAP operating income proxy base_2027q1_operating_income	2027Q1 / base	0.96 USD_millions	derived: No new impairment, asset gain or unmodeled restructuring charge. Formula: subtract(base_2027q1_adj_ebitda, base_2027q1_gaap_adjustments).
Cash interest less investment income base_2027q1_net_cash_interest	2027Q1 / base	-9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes base_2027q1_cash_tax	2027Q1 / base	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Working capital cash use base_2027q1_wc_use	2027Q1 / base	45.00 USD_millions	assumption: Receivables, deferred revenue and publisher payables; negative is release. No automatic repeat of Q2 payable inflow.
Net cash operating adjustments base_2027q1_cash_uses	2027Q1 / base	48.00 USD_millions	derived: Noncash SBC D&A and impairment do not create a second cash benefit. Formula: sum(base_2027q1_net_cash_interest, base_2027q1_cash_tax, base_2027q1_wc_use, base_2027q1_cash_restructuring).
Operating cash flow proxy base_2027q1_cfo	2027Q1 / base	119.96 USD_millions	derived: Consolidated CFO before PP&E and note repayment. Formula: subtract(base_2027q1_adj_ebitda, base_2027q1_cash_uses).
Cash PP&E base_2027q1_capex	2027Q1 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E base_2027q1_fcf	2027Q1 / base	111.96 USD_millions	derived: Excludes disposal proceeds and financing. Formula: subtract(base_2027q1_cfo, base_2027q1_capex).
Disposal cash allocation base_2027q1_sale_weight	2027Q1 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
Supersonic sale cash base_2027q1_disposal_cash	2027Q1 / base	0.00 USD_millions	derived: One-time August sale cash, assumed no price adjustment. Formula: multiply(supersonic_proceeds, base_2027q1_sale_weight).
2026 settlement quarter base_2027q1_repay_2026_weight	2027Q1 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
2026 notes settlement base_2027q1_repay_2026	2027Q1 / base	0.00 USD_millions	derived: November 15, 2026 maturity. Formula: multiply(notes_2026, base_2027q1_repay_2026_weight).
2027 settlement quarter base_2027q1_repay_2027_weight	2027Q1 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
2027 notes settlement base_2027q1_repay_2027	2027Q1 / base	0.00 USD_millions	derived: November 15, 2027 maturity; assumes full cash settlement, not conversion. Formula: multiply(notes_2027, base_2027q1_repay_2027_weight).
Convertible cash settlement base_2027q1_debt_principal	2027Q1 / base	0.00 USD_millions	derived: Repayment does not reduce CFO or operating profit. Formula: sum(base_2027q1_repay_2026, base_2027q1_repay_2027).
FCF plus business sale cash base_2027q1_cash_with_disposal	2027Q1 / base	111.96 USD_millions	derived: Disposal is investing cash. Formula: sum(base_2027q1_fcf, base_2027q1_disposal_cash).
Cash after disposal and note settlement base_2027q1_cash_after_claims	2027Q1 / base	111.96 USD_millions	derived: Before acquisitions, award withholding and any China redemption. Formula: subtract(base_2027q1_cash_with_disposal, base_2027q1_debt_principal).
Strategic Grow revenue base_2027q2_grow	2027Q2 / base	430.00 USD_millions	assumption: Desk assumption; not company guidance.
Strategic Create revenue base_2027q2_create	2027Q2 / base	179.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-strategic revenue base_2027q2_non_strategic	2027Q2 / base	0.00 USD_millions	assumption: Q3 company outlook includes about one month of Supersonic; zero from Q4 after disposal/sunset.
Consolidated revenue base_2027q2_revenue	2027Q2 / base	609.00 USD_millions	derived: Strategic plus remaining non-strategic revenue, with no disposal gain counted as sales. Formula: sum(base_2027q2_grow, base_2027q2_create, base_2027q2_non_strategic).
Adjusted gross margin base_2027q2_adj_gross_margin	2027Q2 / base	84.0% ratio	assumption: Desk assumption; not company guidance.
Adjusted gross profit base_2027q2_adj_gross_profit	2027Q2 / base	511.56 USD_millions	derived: Desk margin after infrastructure and publisher costs, before cost-of-revenue noncash/restructuring adjustments. Formula: multiply(base_2027q2_revenue, base_2027q2_adj_gross_margin).
Cost-of-revenue ordinary SBC base_2027q2_cogs_sbc	2027Q2 / base	7.90 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue amortization base_2027q2_cogs_amort	2027Q2 / base	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue depreciation base_2027q2_cogs_depr	2027Q2 / base	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue GAAP adjustments base_2027q2_cogs_adjustments	2027Q2 / base	14.40 USD_millions	derived: These allocations are included in total SBC/amortization/depreciation below, not additional operating deductions. Formula: sum(base_2027q2_cogs_sbc, base_2027q2_cogs_amort, base_2027q2_cogs_depr).
GAAP gross profit proxy base_2027q2_gross_profit	2027Q2 / base	497.16 USD_millions	derived: Assumes no new gross-margin impairment or restructuring adjustment. Formula: subtract(base_2027q2_adj_gross_profit, base_2027q2_cogs_adjustments).
Operating costs excluding D&A SBC and restructuring base_2027q2_cash_opex	2027Q2 / base	322.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy base_2027q2_adj_ebitda	2027Q2 / base	189.56 USD_millions	derived: Base Q3 reconciles to $187.5M guidance midpoint. Formula: subtract(base_2027q2_adj_gross_profit, base_2027q2_cash_opex).
Cash restructuring operating cost base_2027q2_cash_restructuring	2027Q2 / base	0.00 USD_millions	assumption: Incremental desk charge paid in period; does not repeat prior noncash impairments or SBC.
Ordinary SBC including CEO award allowance base_2027q2_ordinary_sbc	2027Q2 / base	97.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquired intangible amortization base_2027q2_amortization	2027Q2 / base	65.00 USD_millions	assumption: Desk assumption; not company guidance.
Depreciation base_2027q2_depreciation	2027Q2 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Ordinary SBC amortization depreciation and restructuring base_2027q2_gaap_adjustments	2027Q2 / base	170.00 USD_millions	derived: Total functional expense; COGS allocations already included here. Formula: sum(base_2027q2_ordinary_sbc, base_2027q2_amortization, base_2027q2_depreciation, base_2027q2_cash_restructuring).
GAAP operating income proxy base_2027q2_operating_income	2027Q2 / base	19.56 USD_millions	derived: No new impairment, asset gain or unmodeled restructuring charge. Formula: subtract(base_2027q2_adj_ebitda, base_2027q2_gaap_adjustments).
Cash interest less investment income base_2027q2_net_cash_interest	2027Q2 / base	-9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes base_2027q2_cash_tax	2027Q2 / base	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Working capital cash use base_2027q2_wc_use	2027Q2 / base	20.00 USD_millions	assumption: Receivables, deferred revenue and publisher payables; negative is release. No automatic repeat of Q2 payable inflow.
Net cash operating adjustments base_2027q2_cash_uses	2027Q2 / base	23.00 USD_millions	derived: Noncash SBC D&A and impairment do not create a second cash benefit. Formula: sum(base_2027q2_net_cash_interest, base_2027q2_cash_tax, base_2027q2_wc_use, base_2027q2_cash_restructuring).
Operating cash flow proxy base_2027q2_cfo	2027Q2 / base	166.56 USD_millions	derived: Consolidated CFO before PP&E and note repayment. Formula: subtract(base_2027q2_adj_ebitda, base_2027q2_cash_uses).
Cash PP&E base_2027q2_capex	2027Q2 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E base_2027q2_fcf	2027Q2 / base	158.56 USD_millions	derived: Excludes disposal proceeds and financing. Formula: subtract(base_2027q2_cfo, base_2027q2_capex).
Disposal cash allocation base_2027q2_sale_weight	2027Q2 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
Supersonic sale cash base_2027q2_disposal_cash	2027Q2 / base	0.00 USD_millions	derived: One-time August sale cash, assumed no price adjustment. Formula: multiply(supersonic_proceeds, base_2027q2_sale_weight).
2026 settlement quarter base_2027q2_repay_2026_weight	2027Q2 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
2026 notes settlement base_2027q2_repay_2026	2027Q2 / base	0.00 USD_millions	derived: November 15, 2026 maturity. Formula: multiply(notes_2026, base_2027q2_repay_2026_weight).
2027 settlement quarter base_2027q2_repay_2027_weight	2027Q2 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
2027 notes settlement base_2027q2_repay_2027	2027Q2 / base	0.00 USD_millions	derived: November 15, 2027 maturity; assumes full cash settlement, not conversion. Formula: multiply(notes_2027, base_2027q2_repay_2027_weight).
Convertible cash settlement base_2027q2_debt_principal	2027Q2 / base	0.00 USD_millions	derived: Repayment does not reduce CFO or operating profit. Formula: sum(base_2027q2_repay_2026, base_2027q2_repay_2027).
FCF plus business sale cash base_2027q2_cash_with_disposal	2027Q2 / base	158.56 USD_millions	derived: Disposal is investing cash. Formula: sum(base_2027q2_fcf, base_2027q2_disposal_cash).
Cash after disposal and note settlement base_2027q2_cash_after_claims	2027Q2 / base	158.56 USD_millions	derived: Before acquisitions, award withholding and any China redemption. Formula: subtract(base_2027q2_cash_with_disposal, base_2027q2_debt_principal).
Strategic Grow revenue base_2027q3_grow	2027Q3 / base	465.00 USD_millions	assumption: Desk assumption; not company guidance.
Strategic Create revenue base_2027q3_create	2027Q3 / base	190.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-strategic revenue base_2027q3_non_strategic	2027Q3 / base	0.00 USD_millions	assumption: Q3 company outlook includes about one month of Supersonic; zero from Q4 after disposal/sunset.
Consolidated revenue base_2027q3_revenue	2027Q3 / base	655.00 USD_millions	derived: Strategic plus remaining non-strategic revenue, with no disposal gain counted as sales. Formula: sum(base_2027q3_grow, base_2027q3_create, base_2027q3_non_strategic).
Adjusted gross margin base_2027q3_adj_gross_margin	2027Q3 / base	84.0% ratio	assumption: Desk assumption; not company guidance.
Adjusted gross profit base_2027q3_adj_gross_profit	2027Q3 / base	550.20 USD_millions	derived: Desk margin after infrastructure and publisher costs, before cost-of-revenue noncash/restructuring adjustments. Formula: multiply(base_2027q3_revenue, base_2027q3_adj_gross_margin).
Cost-of-revenue ordinary SBC base_2027q3_cogs_sbc	2027Q3 / base	8.20 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue amortization base_2027q3_cogs_amort	2027Q3 / base	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue depreciation base_2027q3_cogs_depr	2027Q3 / base	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue GAAP adjustments base_2027q3_cogs_adjustments	2027Q3 / base	14.70 USD_millions	derived: These allocations are included in total SBC/amortization/depreciation below, not additional operating deductions. Formula: sum(base_2027q3_cogs_sbc, base_2027q3_cogs_amort, base_2027q3_cogs_depr).
GAAP gross profit proxy base_2027q3_gross_profit	2027Q3 / base	535.50 USD_millions	derived: Assumes no new gross-margin impairment or restructuring adjustment. Formula: subtract(base_2027q3_adj_gross_profit, base_2027q3_cogs_adjustments).
Operating costs excluding D&A SBC and restructuring base_2027q3_cash_opex	2027Q3 / base	335.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy base_2027q3_adj_ebitda	2027Q3 / base	215.20 USD_millions	derived: Base Q3 reconciles to $187.5M guidance midpoint. Formula: subtract(base_2027q3_adj_gross_profit, base_2027q3_cash_opex).
Cash restructuring operating cost base_2027q3_cash_restructuring	2027Q3 / base	0.00 USD_millions	assumption: Incremental desk charge paid in period; does not repeat prior noncash impairments or SBC.
Ordinary SBC including CEO award allowance base_2027q3_ordinary_sbc	2027Q3 / base	100.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquired intangible amortization base_2027q3_amortization	2027Q3 / base	65.00 USD_millions	assumption: Desk assumption; not company guidance.
Depreciation base_2027q3_depreciation	2027Q3 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Ordinary SBC amortization depreciation and restructuring base_2027q3_gaap_adjustments	2027Q3 / base	173.00 USD_millions	derived: Total functional expense; COGS allocations already included here. Formula: sum(base_2027q3_ordinary_sbc, base_2027q3_amortization, base_2027q3_depreciation, base_2027q3_cash_restructuring).
GAAP operating income proxy base_2027q3_operating_income	2027Q3 / base	42.20 USD_millions	derived: No new impairment, asset gain or unmodeled restructuring charge. Formula: subtract(base_2027q3_adj_ebitda, base_2027q3_gaap_adjustments).
Cash interest less investment income base_2027q3_net_cash_interest	2027Q3 / base	-9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes base_2027q3_cash_tax	2027Q3 / base	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Working capital cash use base_2027q3_wc_use	2027Q3 / base	15.00 USD_millions	assumption: Receivables, deferred revenue and publisher payables; negative is release. No automatic repeat of Q2 payable inflow.
Net cash operating adjustments base_2027q3_cash_uses	2027Q3 / base	18.00 USD_millions	derived: Noncash SBC D&A and impairment do not create a second cash benefit. Formula: sum(base_2027q3_net_cash_interest, base_2027q3_cash_tax, base_2027q3_wc_use, base_2027q3_cash_restructuring).
Operating cash flow proxy base_2027q3_cfo	2027Q3 / base	197.20 USD_millions	derived: Consolidated CFO before PP&E and note repayment. Formula: subtract(base_2027q3_adj_ebitda, base_2027q3_cash_uses).
Cash PP&E base_2027q3_capex	2027Q3 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E base_2027q3_fcf	2027Q3 / base	189.20 USD_millions	derived: Excludes disposal proceeds and financing. Formula: subtract(base_2027q3_cfo, base_2027q3_capex).
Disposal cash allocation base_2027q3_sale_weight	2027Q3 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
Supersonic sale cash base_2027q3_disposal_cash	2027Q3 / base	0.00 USD_millions	derived: One-time August sale cash, assumed no price adjustment. Formula: multiply(supersonic_proceeds, base_2027q3_sale_weight).
2026 settlement quarter base_2027q3_repay_2026_weight	2027Q3 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
2026 notes settlement base_2027q3_repay_2026	2027Q3 / base	0.00 USD_millions	derived: November 15, 2026 maturity. Formula: multiply(notes_2026, base_2027q3_repay_2026_weight).
2027 settlement quarter base_2027q3_repay_2027_weight	2027Q3 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
2027 notes settlement base_2027q3_repay_2027	2027Q3 / base	0.00 USD_millions	derived: November 15, 2027 maturity; assumes full cash settlement, not conversion. Formula: multiply(notes_2027, base_2027q3_repay_2027_weight).
Convertible cash settlement base_2027q3_debt_principal	2027Q3 / base	0.00 USD_millions	derived: Repayment does not reduce CFO or operating profit. Formula: sum(base_2027q3_repay_2026, base_2027q3_repay_2027).
FCF plus business sale cash base_2027q3_cash_with_disposal	2027Q3 / base	189.20 USD_millions	derived: Disposal is investing cash. Formula: sum(base_2027q3_fcf, base_2027q3_disposal_cash).
Cash after disposal and note settlement base_2027q3_cash_after_claims	2027Q3 / base	189.20 USD_millions	derived: Before acquisitions, award withholding and any China redemption. Formula: subtract(base_2027q3_cash_with_disposal, base_2027q3_debt_principal).
Strategic Grow revenue base_2027q4_grow	2027Q4 / base	510.00 USD_millions	assumption: Desk assumption; not company guidance.
Strategic Create revenue base_2027q4_create	2027Q4 / base	202.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-strategic revenue base_2027q4_non_strategic	2027Q4 / base	0.00 USD_millions	assumption: Q3 company outlook includes about one month of Supersonic; zero from Q4 after disposal/sunset.
Consolidated revenue base_2027q4_revenue	2027Q4 / base	712.00 USD_millions	derived: Strategic plus remaining non-strategic revenue, with no disposal gain counted as sales. Formula: sum(base_2027q4_grow, base_2027q4_create, base_2027q4_non_strategic).
Adjusted gross margin base_2027q4_adj_gross_margin	2027Q4 / base	84.0% ratio	assumption: Desk assumption; not company guidance.
Adjusted gross profit base_2027q4_adj_gross_profit	2027Q4 / base	598.08 USD_millions	derived: Desk margin after infrastructure and publisher costs, before cost-of-revenue noncash/restructuring adjustments. Formula: multiply(base_2027q4_revenue, base_2027q4_adj_gross_margin).
Cost-of-revenue ordinary SBC base_2027q4_cogs_sbc	2027Q4 / base	8.50 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue amortization base_2027q4_cogs_amort	2027Q4 / base	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue depreciation base_2027q4_cogs_depr	2027Q4 / base	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue GAAP adjustments base_2027q4_cogs_adjustments	2027Q4 / base	15.00 USD_millions	derived: These allocations are included in total SBC/amortization/depreciation below, not additional operating deductions. Formula: sum(base_2027q4_cogs_sbc, base_2027q4_cogs_amort, base_2027q4_cogs_depr).
GAAP gross profit proxy base_2027q4_gross_profit	2027Q4 / base	583.08 USD_millions	derived: Assumes no new gross-margin impairment or restructuring adjustment. Formula: subtract(base_2027q4_adj_gross_profit, base_2027q4_cogs_adjustments).
Operating costs excluding D&A SBC and restructuring base_2027q4_cash_opex	2027Q4 / base	350.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy base_2027q4_adj_ebitda	2027Q4 / base	248.08 USD_millions	derived: Base Q3 reconciles to $187.5M guidance midpoint. Formula: subtract(base_2027q4_adj_gross_profit, base_2027q4_cash_opex).
Cash restructuring operating cost base_2027q4_cash_restructuring	2027Q4 / base	0.00 USD_millions	assumption: Incremental desk charge paid in period; does not repeat prior noncash impairments or SBC.
Ordinary SBC including CEO award allowance base_2027q4_ordinary_sbc	2027Q4 / base	103.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquired intangible amortization base_2027q4_amortization	2027Q4 / base	65.00 USD_millions	assumption: Desk assumption; not company guidance.
Depreciation base_2027q4_depreciation	2027Q4 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Ordinary SBC amortization depreciation and restructuring base_2027q4_gaap_adjustments	2027Q4 / base	176.00 USD_millions	derived: Total functional expense; COGS allocations already included here. Formula: sum(base_2027q4_ordinary_sbc, base_2027q4_amortization, base_2027q4_depreciation, base_2027q4_cash_restructuring).
GAAP operating income proxy base_2027q4_operating_income	2027Q4 / base	72.08 USD_millions	derived: No new impairment, asset gain or unmodeled restructuring charge. Formula: subtract(base_2027q4_adj_ebitda, base_2027q4_gaap_adjustments).
Cash interest less investment income base_2027q4_net_cash_interest	2027Q4 / base	-9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes base_2027q4_cash_tax	2027Q4 / base	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Working capital cash use base_2027q4_wc_use	2027Q4 / base	0.00 USD_millions	assumption: Receivables, deferred revenue and publisher payables; negative is release. No automatic repeat of Q2 payable inflow.
Net cash operating adjustments base_2027q4_cash_uses	2027Q4 / base	3.00 USD_millions	derived: Noncash SBC D&A and impairment do not create a second cash benefit. Formula: sum(base_2027q4_net_cash_interest, base_2027q4_cash_tax, base_2027q4_wc_use, base_2027q4_cash_restructuring).
Operating cash flow proxy base_2027q4_cfo	2027Q4 / base	245.08 USD_millions	derived: Consolidated CFO before PP&E and note repayment. Formula: subtract(base_2027q4_adj_ebitda, base_2027q4_cash_uses).
Cash PP&E base_2027q4_capex	2027Q4 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E base_2027q4_fcf	2027Q4 / base	237.08 USD_millions	derived: Excludes disposal proceeds and financing. Formula: subtract(base_2027q4_cfo, base_2027q4_capex).
Disposal cash allocation base_2027q4_sale_weight	2027Q4 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
Supersonic sale cash base_2027q4_disposal_cash	2027Q4 / base	0.00 USD_millions	derived: One-time August sale cash, assumed no price adjustment. Formula: multiply(supersonic_proceeds, base_2027q4_sale_weight).
2026 settlement quarter base_2027q4_repay_2026_weight	2027Q4 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
2026 notes settlement base_2027q4_repay_2026	2027Q4 / base	0.00 USD_millions	derived: November 15, 2026 maturity. Formula: multiply(notes_2026, base_2027q4_repay_2026_weight).
2027 settlement quarter base_2027q4_repay_2027_weight	2027Q4 / base	100.0% ratio	assumption: Desk assumption; not company guidance.
2027 notes settlement base_2027q4_repay_2027	2027Q4 / base	1,000.00 USD_millions	derived: November 15, 2027 maturity; assumes full cash settlement, not conversion. Formula: multiply(notes_2027, base_2027q4_repay_2027_weight).
Convertible cash settlement base_2027q4_debt_principal	2027Q4 / base	1,000.00 USD_millions	derived: Repayment does not reduce CFO or operating profit. Formula: sum(base_2027q4_repay_2026, base_2027q4_repay_2027).
FCF plus business sale cash base_2027q4_cash_with_disposal	2027Q4 / base	237.08 USD_millions	derived: Disposal is investing cash. Formula: sum(base_2027q4_fcf, base_2027q4_disposal_cash).
Cash after disposal and note settlement base_2027q4_cash_after_claims	2027Q4 / base	-762.92 USD_millions	derived: Before acquisitions, award withholding and any China redemption. Formula: subtract(base_2027q4_cash_with_disposal, base_2027q4_debt_principal).
Consolidated revenue ($M) base_fy2026_revenue	FY2026 / base	2,208.71 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, base_2026q3_revenue, base_2026q4_revenue).
GAAP gross profit proxy ($M) base_fy2026_gross_profit	FY2026 / base	1,530.42 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, base_2026q3_gross_profit, base_2026q4_gross_profit).
GAAP operating income proxy ($M) base_fy2026_operating_income	FY2026 / base	-353.37 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, base_2026q3_operating_income, base_2026q4_operating_income).
Adjusted EBITDA proxy ($M) base_fy2026_adj_ebitda	FY2026 / base	678.73 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adj_ebitda, base_2026q3_adj_ebitda, base_2026q4_adj_ebitda).
Operating cash flow proxy ($M) base_fy2026_cfo	FY2026 / base	632.17 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, base_2026q3_cfo, base_2026q4_cfo).
Cash PP&E ($M) base_fy2026_capex	FY2026 / base	20.49 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, base_2026q3_capex, base_2026q4_capex).
CFO less cash PP&E ($M) base_fy2026_fcf	FY2026 / base	611.68 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, base_2026q3_fcf, base_2026q4_fcf).
Business disposal proceeds ($M) base_fy2026_disposal_cash	FY2026 / base	40.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_disposal_cash, base_2026q3_disposal_cash, base_2026q4_disposal_cash).
Convertible cash settlement ($M) base_fy2026_debt_principal	FY2026 / base	557.72 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_debt_principal, base_2026q3_debt_principal, base_2026q4_debt_principal).
Cash after disposal and note settlement ($M) base_fy2026_cash_after_claims	FY2026 / base	93.95 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_claims, base_2026q3_cash_after_claims, base_2026q4_cash_after_claims).
Consolidated revenue ($M) base_fy2027_revenue	FY2027 / base	2,545.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_revenue, base_2027q2_revenue, base_2027q3_revenue, base_2027q4_revenue).
GAAP gross profit proxy ($M) base_fy2027_gross_profit	FY2027 / base	2,079.60 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_gross_profit, base_2027q2_gross_profit, base_2027q3_gross_profit, base_2027q4_gross_profit).
GAAP operating income proxy ($M) base_fy2027_operating_income	FY2027 / base	134.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_operating_income, base_2027q2_operating_income, base_2027q3_operating_income, base_2027q4_operating_income).
Adjusted EBITDA proxy ($M) base_fy2027_adj_ebitda	FY2027 / base	820.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_adj_ebitda, base_2027q2_adj_ebitda, base_2027q3_adj_ebitda, base_2027q4_adj_ebitda).
Operating cash flow proxy ($M) base_fy2027_cfo	FY2027 / base	728.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cfo, base_2027q2_cfo, base_2027q3_cfo, base_2027q4_cfo).
Cash PP&E ($M) base_fy2027_capex	FY2027 / base	32.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_capex, base_2027q2_capex, base_2027q3_capex, base_2027q4_capex).
CFO less cash PP&E ($M) base_fy2027_fcf	FY2027 / base	696.80 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).
Business disposal proceeds ($M) base_fy2027_disposal_cash	FY2027 / base	0.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_disposal_cash, base_2027q2_disposal_cash, base_2027q3_disposal_cash, base_2027q4_disposal_cash).
Convertible cash settlement ($M) base_fy2027_debt_principal	FY2027 / base	1,000.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_debt_principal, base_2027q2_debt_principal, base_2027q3_debt_principal, base_2027q4_debt_principal).
Cash after disposal and note settlement ($M) base_fy2027_cash_after_claims	FY2027 / base	-303.20 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cash_after_claims, base_2027q2_cash_after_claims, base_2027q3_cash_after_claims, base_2027q4_cash_after_claims).
Strategic Grow revenue upside_2026q3_grow	2026Q3 / upside	395.00 USD_millions	assumption: Desk assumption; not company guidance.
Strategic Create revenue upside_2026q3_create	2026Q3 / upside	165.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-strategic revenue upside_2026q3_non_strategic	2026Q3 / upside	20.00 USD_millions	assumption: Q3 company outlook includes about one month of Supersonic; zero from Q4 after disposal/sunset.
Consolidated revenue upside_2026q3_revenue	2026Q3 / upside	580.00 USD_millions	derived: Strategic plus remaining non-strategic revenue, with no disposal gain counted as sales. Formula: sum(upside_2026q3_grow, upside_2026q3_create, upside_2026q3_non_strategic).
Adjusted gross margin upside_2026q3_adj_gross_margin	2026Q3 / upside	86.0% ratio	assumption: Desk assumption; not company guidance.
Adjusted gross profit upside_2026q3_adj_gross_profit	2026Q3 / upside	498.80 USD_millions	derived: Desk margin after infrastructure and publisher costs, before cost-of-revenue noncash/restructuring adjustments. Formula: multiply(upside_2026q3_revenue, upside_2026q3_adj_gross_margin).
Cost-of-revenue ordinary SBC upside_2026q3_cogs_sbc	2026Q3 / upside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue amortization upside_2026q3_cogs_amort	2026Q3 / upside	6.50 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue depreciation upside_2026q3_cogs_depr	2026Q3 / upside	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue GAAP adjustments upside_2026q3_cogs_adjustments	2026Q3 / upside	15.00 USD_millions	derived: These allocations are included in total SBC/amortization/depreciation below, not additional operating deductions. Formula: sum(upside_2026q3_cogs_sbc, upside_2026q3_cogs_amort, upside_2026q3_cogs_depr).
GAAP gross profit proxy upside_2026q3_gross_profit	2026Q3 / upside	483.80 USD_millions	derived: Assumes no new gross-margin impairment or restructuring adjustment. Formula: subtract(upside_2026q3_adj_gross_profit, upside_2026q3_cogs_adjustments).
Operating costs excluding D&A SBC and restructuring upside_2026q3_cash_opex	2026Q3 / upside	294.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy upside_2026q3_adj_ebitda	2026Q3 / upside	204.80 USD_millions	derived: Base Q3 reconciles to $187.5M guidance midpoint. Formula: subtract(upside_2026q3_adj_gross_profit, upside_2026q3_cash_opex).
Cash restructuring operating cost upside_2026q3_cash_restructuring	2026Q3 / upside	8.00 USD_millions	assumption: Incremental desk charge paid in period; does not repeat prior noncash impairments or SBC.
Ordinary SBC including CEO award allowance upside_2026q3_ordinary_sbc	2026Q3 / upside	88.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquired intangible amortization upside_2026q3_amortization	2026Q3 / upside	72.00 USD_millions	assumption: Desk assumption; not company guidance.
Depreciation upside_2026q3_depreciation	2026Q3 / upside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Ordinary SBC amortization depreciation and restructuring upside_2026q3_gaap_adjustments	2026Q3 / upside	176.00 USD_millions	derived: Total functional expense; COGS allocations already included here. Formula: sum(upside_2026q3_ordinary_sbc, upside_2026q3_amortization, upside_2026q3_depreciation, upside_2026q3_cash_restructuring).
GAAP operating income proxy upside_2026q3_operating_income	2026Q3 / upside	28.80 USD_millions	derived: No new impairment, asset gain or unmodeled restructuring charge. Formula: subtract(upside_2026q3_adj_ebitda, upside_2026q3_gaap_adjustments).
Cash interest less investment income upside_2026q3_net_cash_interest	2026Q3 / upside	-15.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes upside_2026q3_cash_tax	2026Q3 / upside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Working capital cash use upside_2026q3_wc_use	2026Q3 / upside	35.00 USD_millions	assumption: Receivables, deferred revenue and publisher payables; negative is release. No automatic repeat of Q2 payable inflow.
Net cash operating adjustments upside_2026q3_cash_uses	2026Q3 / upside	40.00 USD_millions	derived: Noncash SBC D&A and impairment do not create a second cash benefit. Formula: sum(upside_2026q3_net_cash_interest, upside_2026q3_cash_tax, upside_2026q3_wc_use, upside_2026q3_cash_restructuring).
Operating cash flow proxy upside_2026q3_cfo	2026Q3 / upside	164.80 USD_millions	derived: Consolidated CFO before PP&E and note repayment. Formula: subtract(upside_2026q3_adj_ebitda, upside_2026q3_cash_uses).
Cash PP&E upside_2026q3_capex	2026Q3 / upside	6.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E upside_2026q3_fcf	2026Q3 / upside	158.80 USD_millions	derived: Excludes disposal proceeds and financing. Formula: subtract(upside_2026q3_cfo, upside_2026q3_capex).
Disposal cash allocation upside_2026q3_sale_weight	2026Q3 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
Supersonic sale cash upside_2026q3_disposal_cash	2026Q3 / upside	40.00 USD_millions	derived: One-time August sale cash, assumed no price adjustment. Formula: multiply(supersonic_proceeds, upside_2026q3_sale_weight).
2026 settlement quarter upside_2026q3_repay_2026_weight	2026Q3 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
2026 notes settlement upside_2026q3_repay_2026	2026Q3 / upside	0.00 USD_millions	derived: November 15, 2026 maturity. Formula: multiply(notes_2026, upside_2026q3_repay_2026_weight).
2027 settlement quarter upside_2026q3_repay_2027_weight	2026Q3 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
2027 notes settlement upside_2026q3_repay_2027	2026Q3 / upside	0.00 USD_millions	derived: November 15, 2027 maturity; assumes full cash settlement, not conversion. Formula: multiply(notes_2027, upside_2026q3_repay_2027_weight).
Convertible cash settlement upside_2026q3_debt_principal	2026Q3 / upside	0.00 USD_millions	derived: Repayment does not reduce CFO or operating profit. Formula: sum(upside_2026q3_repay_2026, upside_2026q3_repay_2027).
FCF plus business sale cash upside_2026q3_cash_with_disposal	2026Q3 / upside	198.80 USD_millions	derived: Disposal is investing cash. Formula: sum(upside_2026q3_fcf, upside_2026q3_disposal_cash).
Cash after disposal and note settlement upside_2026q3_cash_after_claims	2026Q3 / upside	198.80 USD_millions	derived: Before acquisitions, award withholding and any China redemption. Formula: subtract(upside_2026q3_cash_with_disposal, upside_2026q3_debt_principal).
Strategic Grow revenue upside_2026q4_grow	2026Q4 / upside	450.00 USD_millions	assumption: Desk assumption; not company guidance.
Strategic Create revenue upside_2026q4_create	2026Q4 / upside	177.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-strategic revenue upside_2026q4_non_strategic	2026Q4 / upside	0.00 USD_millions	assumption: Q3 company outlook includes about one month of Supersonic; zero from Q4 after disposal/sunset.
Consolidated revenue upside_2026q4_revenue	2026Q4 / upside	627.00 USD_millions	derived: Strategic plus remaining non-strategic revenue, with no disposal gain counted as sales. Formula: sum(upside_2026q4_grow, upside_2026q4_create, upside_2026q4_non_strategic).
Adjusted gross margin upside_2026q4_adj_gross_margin	2026Q4 / upside	86.0% ratio	assumption: Desk assumption; not company guidance.
Adjusted gross profit upside_2026q4_adj_gross_profit	2026Q4 / upside	539.22 USD_millions	derived: Desk margin after infrastructure and publisher costs, before cost-of-revenue noncash/restructuring adjustments. Formula: multiply(upside_2026q4_revenue, upside_2026q4_adj_gross_margin).
Cost-of-revenue ordinary SBC upside_2026q4_cogs_sbc	2026Q4 / upside	7.30 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue amortization upside_2026q4_cogs_amort	2026Q4 / upside	6.50 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue depreciation upside_2026q4_cogs_depr	2026Q4 / upside	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue GAAP adjustments upside_2026q4_cogs_adjustments	2026Q4 / upside	15.30 USD_millions	derived: These allocations are included in total SBC/amortization/depreciation below, not additional operating deductions. Formula: sum(upside_2026q4_cogs_sbc, upside_2026q4_cogs_amort, upside_2026q4_cogs_depr).
GAAP gross profit proxy upside_2026q4_gross_profit	2026Q4 / upside	523.92 USD_millions	derived: Assumes no new gross-margin impairment or restructuring adjustment. Formula: subtract(upside_2026q4_adj_gross_profit, upside_2026q4_cogs_adjustments).
Operating costs excluding D&A SBC and restructuring upside_2026q4_cash_opex	2026Q4 / upside	317.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy upside_2026q4_adj_ebitda	2026Q4 / upside	222.22 USD_millions	derived: Base Q3 reconciles to $187.5M guidance midpoint. Formula: subtract(upside_2026q4_adj_gross_profit, upside_2026q4_cash_opex).
Cash restructuring operating cost upside_2026q4_cash_restructuring	2026Q4 / upside	3.00 USD_millions	assumption: Incremental desk charge paid in period; does not repeat prior noncash impairments or SBC.
Ordinary SBC including CEO award allowance upside_2026q4_ordinary_sbc	2026Q4 / upside	91.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquired intangible amortization upside_2026q4_amortization	2026Q4 / upside	72.00 USD_millions	assumption: Desk assumption; not company guidance.
Depreciation upside_2026q4_depreciation	2026Q4 / upside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Ordinary SBC amortization depreciation and restructuring upside_2026q4_gaap_adjustments	2026Q4 / upside	174.00 USD_millions	derived: Total functional expense; COGS allocations already included here. Formula: sum(upside_2026q4_ordinary_sbc, upside_2026q4_amortization, upside_2026q4_depreciation, upside_2026q4_cash_restructuring).
GAAP operating income proxy upside_2026q4_operating_income	2026Q4 / upside	48.22 USD_millions	derived: No new impairment, asset gain or unmodeled restructuring charge. Formula: subtract(upside_2026q4_adj_ebitda, upside_2026q4_gaap_adjustments).
Cash interest less investment income upside_2026q4_net_cash_interest	2026Q4 / upside	-15.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes upside_2026q4_cash_tax	2026Q4 / upside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Working capital cash use upside_2026q4_wc_use	2026Q4 / upside	-5.00 USD_millions	assumption: Receivables, deferred revenue and publisher payables; negative is release. No automatic repeat of Q2 payable inflow.
Net cash operating adjustments upside_2026q4_cash_uses	2026Q4 / upside	-5.00 USD_millions	derived: Noncash SBC D&A and impairment do not create a second cash benefit. Formula: sum(upside_2026q4_net_cash_interest, upside_2026q4_cash_tax, upside_2026q4_wc_use, upside_2026q4_cash_restructuring).
Operating cash flow proxy upside_2026q4_cfo	2026Q4 / upside	227.22 USD_millions	derived: Consolidated CFO before PP&E and note repayment. Formula: subtract(upside_2026q4_adj_ebitda, upside_2026q4_cash_uses).
Cash PP&E upside_2026q4_capex	2026Q4 / upside	6.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E upside_2026q4_fcf	2026Q4 / upside	221.22 USD_millions	derived: Excludes disposal proceeds and financing. Formula: subtract(upside_2026q4_cfo, upside_2026q4_capex).
Disposal cash allocation upside_2026q4_sale_weight	2026Q4 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Supersonic sale cash upside_2026q4_disposal_cash	2026Q4 / upside	0.00 USD_millions	derived: One-time August sale cash, assumed no price adjustment. Formula: multiply(supersonic_proceeds, upside_2026q4_sale_weight).
2026 settlement quarter upside_2026q4_repay_2026_weight	2026Q4 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
2026 notes settlement upside_2026q4_repay_2026	2026Q4 / upside	557.72 USD_millions	derived: November 15, 2026 maturity. Formula: multiply(notes_2026, upside_2026q4_repay_2026_weight).
2027 settlement quarter upside_2026q4_repay_2027_weight	2026Q4 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
2027 notes settlement upside_2026q4_repay_2027	2026Q4 / upside	0.00 USD_millions	derived: November 15, 2027 maturity; assumes full cash settlement, not conversion. Formula: multiply(notes_2027, upside_2026q4_repay_2027_weight).
Convertible cash settlement upside_2026q4_debt_principal	2026Q4 / upside	557.72 USD_millions	derived: Repayment does not reduce CFO or operating profit. Formula: sum(upside_2026q4_repay_2026, upside_2026q4_repay_2027).
FCF plus business sale cash upside_2026q4_cash_with_disposal	2026Q4 / upside	221.22 USD_millions	derived: Disposal is investing cash. Formula: sum(upside_2026q4_fcf, upside_2026q4_disposal_cash).
Cash after disposal and note settlement upside_2026q4_cash_after_claims	2026Q4 / upside	-336.50 USD_millions	derived: Before acquisitions, award withholding and any China redemption. Formula: subtract(upside_2026q4_cash_with_disposal, upside_2026q4_debt_principal).
Strategic Grow revenue upside_2027q1_grow	2027Q1 / upside	445.00 USD_millions	assumption: Desk assumption; not company guidance.
Strategic Create revenue upside_2027q1_create	2027Q1 / upside	180.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-strategic revenue upside_2027q1_non_strategic	2027Q1 / upside	0.00 USD_millions	assumption: Q3 company outlook includes about one month of Supersonic; zero from Q4 after disposal/sunset.
Consolidated revenue upside_2027q1_revenue	2027Q1 / upside	625.00 USD_millions	derived: Strategic plus remaining non-strategic revenue, with no disposal gain counted as sales. Formula: sum(upside_2027q1_grow, upside_2027q1_create, upside_2027q1_non_strategic).
Adjusted gross margin upside_2027q1_adj_gross_margin	2027Q1 / upside	86.0% ratio	assumption: Desk assumption; not company guidance.
Adjusted gross profit upside_2027q1_adj_gross_profit	2027Q1 / upside	537.50 USD_millions	derived: Desk margin after infrastructure and publisher costs, before cost-of-revenue noncash/restructuring adjustments. Formula: multiply(upside_2027q1_revenue, upside_2027q1_adj_gross_margin).
Cost-of-revenue ordinary SBC upside_2027q1_cogs_sbc	2027Q1 / upside	7.60 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue amortization upside_2027q1_cogs_amort	2027Q1 / upside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue depreciation upside_2027q1_cogs_depr	2027Q1 / upside	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue GAAP adjustments upside_2027q1_cogs_adjustments	2027Q1 / upside	14.10 USD_millions	derived: These allocations are included in total SBC/amortization/depreciation below, not additional operating deductions. Formula: sum(upside_2027q1_cogs_sbc, upside_2027q1_cogs_amort, upside_2027q1_cogs_depr).
GAAP gross profit proxy upside_2027q1_gross_profit	2027Q1 / upside	523.40 USD_millions	derived: Assumes no new gross-margin impairment or restructuring adjustment. Formula: subtract(upside_2027q1_adj_gross_profit, upside_2027q1_cogs_adjustments).
Operating costs excluding D&A SBC and restructuring upside_2027q1_cash_opex	2027Q1 / upside	330.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy upside_2027q1_adj_ebitda	2027Q1 / upside	207.50 USD_millions	derived: Base Q3 reconciles to $187.5M guidance midpoint. Formula: subtract(upside_2027q1_adj_gross_profit, upside_2027q1_cash_opex).
Cash restructuring operating cost upside_2027q1_cash_restructuring	2027Q1 / upside	0.00 USD_millions	assumption: Incremental desk charge paid in period; does not repeat prior noncash impairments or SBC.
Ordinary SBC including CEO award allowance upside_2027q1_ordinary_sbc	2027Q1 / upside	94.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquired intangible amortization upside_2027q1_amortization	2027Q1 / upside	65.00 USD_millions	assumption: Desk assumption; not company guidance.
Depreciation upside_2027q1_depreciation	2027Q1 / upside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Ordinary SBC amortization depreciation and restructuring upside_2027q1_gaap_adjustments	2027Q1 / upside	167.00 USD_millions	derived: Total functional expense; COGS allocations already included here. Formula: sum(upside_2027q1_ordinary_sbc, upside_2027q1_amortization, upside_2027q1_depreciation, upside_2027q1_cash_restructuring).
GAAP operating income proxy upside_2027q1_operating_income	2027Q1 / upside	40.50 USD_millions	derived: No new impairment, asset gain or unmodeled restructuring charge. Formula: subtract(upside_2027q1_adj_ebitda, upside_2027q1_gaap_adjustments).
Cash interest less investment income upside_2027q1_net_cash_interest	2027Q1 / upside	-9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes upside_2027q1_cash_tax	2027Q1 / upside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Working capital cash use upside_2027q1_wc_use	2027Q1 / upside	50.00 USD_millions	assumption: Receivables, deferred revenue and publisher payables; negative is release. No automatic repeat of Q2 payable inflow.
Net cash operating adjustments upside_2027q1_cash_uses	2027Q1 / upside	53.00 USD_millions	derived: Noncash SBC D&A and impairment do not create a second cash benefit. Formula: sum(upside_2027q1_net_cash_interest, upside_2027q1_cash_tax, upside_2027q1_wc_use, upside_2027q1_cash_restructuring).
Operating cash flow proxy upside_2027q1_cfo	2027Q1 / upside	154.50 USD_millions	derived: Consolidated CFO before PP&E and note repayment. Formula: subtract(upside_2027q1_adj_ebitda, upside_2027q1_cash_uses).
Cash PP&E upside_2027q1_capex	2027Q1 / upside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E upside_2027q1_fcf	2027Q1 / upside	146.50 USD_millions	derived: Excludes disposal proceeds and financing. Formula: subtract(upside_2027q1_cfo, upside_2027q1_capex).
Disposal cash allocation upside_2027q1_sale_weight	2027Q1 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Supersonic sale cash upside_2027q1_disposal_cash	2027Q1 / upside	0.00 USD_millions	derived: One-time August sale cash, assumed no price adjustment. Formula: multiply(supersonic_proceeds, upside_2027q1_sale_weight).
2026 settlement quarter upside_2027q1_repay_2026_weight	2027Q1 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
2026 notes settlement upside_2027q1_repay_2026	2027Q1 / upside	0.00 USD_millions	derived: November 15, 2026 maturity. Formula: multiply(notes_2026, upside_2027q1_repay_2026_weight).
2027 settlement quarter upside_2027q1_repay_2027_weight	2027Q1 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
2027 notes settlement upside_2027q1_repay_2027	2027Q1 / upside	0.00 USD_millions	derived: November 15, 2027 maturity; assumes full cash settlement, not conversion. Formula: multiply(notes_2027, upside_2027q1_repay_2027_weight).
Convertible cash settlement upside_2027q1_debt_principal	2027Q1 / upside	0.00 USD_millions	derived: Repayment does not reduce CFO or operating profit. Formula: sum(upside_2027q1_repay_2026, upside_2027q1_repay_2027).
FCF plus business sale cash upside_2027q1_cash_with_disposal	2027Q1 / upside	146.50 USD_millions	derived: Disposal is investing cash. Formula: sum(upside_2027q1_fcf, upside_2027q1_disposal_cash).
Cash after disposal and note settlement upside_2027q1_cash_after_claims	2027Q1 / upside	146.50 USD_millions	derived: Before acquisitions, award withholding and any China redemption. Formula: subtract(upside_2027q1_cash_with_disposal, upside_2027q1_debt_principal).
Strategic Grow revenue upside_2027q2_grow	2027Q2 / upside	495.00 USD_millions	assumption: Desk assumption; not company guidance.
Strategic Create revenue upside_2027q2_create	2027Q2 / upside	195.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-strategic revenue upside_2027q2_non_strategic	2027Q2 / upside	0.00 USD_millions	assumption: Q3 company outlook includes about one month of Supersonic; zero from Q4 after disposal/sunset.
Consolidated revenue upside_2027q2_revenue	2027Q2 / upside	690.00 USD_millions	derived: Strategic plus remaining non-strategic revenue, with no disposal gain counted as sales. Formula: sum(upside_2027q2_grow, upside_2027q2_create, upside_2027q2_non_strategic).
Adjusted gross margin upside_2027q2_adj_gross_margin	2027Q2 / upside	86.0% ratio	assumption: Desk assumption; not company guidance.
Adjusted gross profit upside_2027q2_adj_gross_profit	2027Q2 / upside	593.40 USD_millions	derived: Desk margin after infrastructure and publisher costs, before cost-of-revenue noncash/restructuring adjustments. Formula: multiply(upside_2027q2_revenue, upside_2027q2_adj_gross_margin).
Cost-of-revenue ordinary SBC upside_2027q2_cogs_sbc	2027Q2 / upside	7.90 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue amortization upside_2027q2_cogs_amort	2027Q2 / upside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue depreciation upside_2027q2_cogs_depr	2027Q2 / upside	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue GAAP adjustments upside_2027q2_cogs_adjustments	2027Q2 / upside	14.40 USD_millions	derived: These allocations are included in total SBC/amortization/depreciation below, not additional operating deductions. Formula: sum(upside_2027q2_cogs_sbc, upside_2027q2_cogs_amort, upside_2027q2_cogs_depr).
GAAP gross profit proxy upside_2027q2_gross_profit	2027Q2 / upside	579.00 USD_millions	derived: Assumes no new gross-margin impairment or restructuring adjustment. Formula: subtract(upside_2027q2_adj_gross_profit, upside_2027q2_cogs_adjustments).
Operating costs excluding D&A SBC and restructuring upside_2027q2_cash_opex	2027Q2 / upside	350.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy upside_2027q2_adj_ebitda	2027Q2 / upside	243.40 USD_millions	derived: Base Q3 reconciles to $187.5M guidance midpoint. Formula: subtract(upside_2027q2_adj_gross_profit, upside_2027q2_cash_opex).
Cash restructuring operating cost upside_2027q2_cash_restructuring	2027Q2 / upside	0.00 USD_millions	assumption: Incremental desk charge paid in period; does not repeat prior noncash impairments or SBC.
Ordinary SBC including CEO award allowance upside_2027q2_ordinary_sbc	2027Q2 / upside	97.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquired intangible amortization upside_2027q2_amortization	2027Q2 / upside	65.00 USD_millions	assumption: Desk assumption; not company guidance.
Depreciation upside_2027q2_depreciation	2027Q2 / upside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Ordinary SBC amortization depreciation and restructuring upside_2027q2_gaap_adjustments	2027Q2 / upside	170.00 USD_millions	derived: Total functional expense; COGS allocations already included here. Formula: sum(upside_2027q2_ordinary_sbc, upside_2027q2_amortization, upside_2027q2_depreciation, upside_2027q2_cash_restructuring).
GAAP operating income proxy upside_2027q2_operating_income	2027Q2 / upside	73.40 USD_millions	derived: No new impairment, asset gain or unmodeled restructuring charge. Formula: subtract(upside_2027q2_adj_ebitda, upside_2027q2_gaap_adjustments).
Cash interest less investment income upside_2027q2_net_cash_interest	2027Q2 / upside	-9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes upside_2027q2_cash_tax	2027Q2 / upside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Working capital cash use upside_2027q2_wc_use	2027Q2 / upside	25.00 USD_millions	assumption: Receivables, deferred revenue and publisher payables; negative is release. No automatic repeat of Q2 payable inflow.
Net cash operating adjustments upside_2027q2_cash_uses	2027Q2 / upside	28.00 USD_millions	derived: Noncash SBC D&A and impairment do not create a second cash benefit. Formula: sum(upside_2027q2_net_cash_interest, upside_2027q2_cash_tax, upside_2027q2_wc_use, upside_2027q2_cash_restructuring).
Operating cash flow proxy upside_2027q2_cfo	2027Q2 / upside	215.40 USD_millions	derived: Consolidated CFO before PP&E and note repayment. Formula: subtract(upside_2027q2_adj_ebitda, upside_2027q2_cash_uses).
Cash PP&E upside_2027q2_capex	2027Q2 / upside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E upside_2027q2_fcf	2027Q2 / upside	207.40 USD_millions	derived: Excludes disposal proceeds and financing. Formula: subtract(upside_2027q2_cfo, upside_2027q2_capex).
Disposal cash allocation upside_2027q2_sale_weight	2027Q2 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Supersonic sale cash upside_2027q2_disposal_cash	2027Q2 / upside	0.00 USD_millions	derived: One-time August sale cash, assumed no price adjustment. Formula: multiply(supersonic_proceeds, upside_2027q2_sale_weight).
2026 settlement quarter upside_2027q2_repay_2026_weight	2027Q2 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
2026 notes settlement upside_2027q2_repay_2026	2027Q2 / upside	0.00 USD_millions	derived: November 15, 2026 maturity. Formula: multiply(notes_2026, upside_2027q2_repay_2026_weight).
2027 settlement quarter upside_2027q2_repay_2027_weight	2027Q2 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
2027 notes settlement upside_2027q2_repay_2027	2027Q2 / upside	0.00 USD_millions	derived: November 15, 2027 maturity; assumes full cash settlement, not conversion. Formula: multiply(notes_2027, upside_2027q2_repay_2027_weight).
Convertible cash settlement upside_2027q2_debt_principal	2027Q2 / upside	0.00 USD_millions	derived: Repayment does not reduce CFO or operating profit. Formula: sum(upside_2027q2_repay_2026, upside_2027q2_repay_2027).
FCF plus business sale cash upside_2027q2_cash_with_disposal	2027Q2 / upside	207.40 USD_millions	derived: Disposal is investing cash. Formula: sum(upside_2027q2_fcf, upside_2027q2_disposal_cash).
Cash after disposal and note settlement upside_2027q2_cash_after_claims	2027Q2 / upside	207.40 USD_millions	derived: Before acquisitions, award withholding and any China redemption. Formula: subtract(upside_2027q2_cash_with_disposal, upside_2027q2_debt_principal).
Strategic Grow revenue upside_2027q3_grow	2027Q3 / upside	555.00 USD_millions	assumption: Desk assumption; not company guidance.
Strategic Create revenue upside_2027q3_create	2027Q3 / upside	214.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-strategic revenue upside_2027q3_non_strategic	2027Q3 / upside	0.00 USD_millions	assumption: Q3 company outlook includes about one month of Supersonic; zero from Q4 after disposal/sunset.
Consolidated revenue upside_2027q3_revenue	2027Q3 / upside	769.00 USD_millions	derived: Strategic plus remaining non-strategic revenue, with no disposal gain counted as sales. Formula: sum(upside_2027q3_grow, upside_2027q3_create, upside_2027q3_non_strategic).
Adjusted gross margin upside_2027q3_adj_gross_margin	2027Q3 / upside	86.0% ratio	assumption: Desk assumption; not company guidance.
Adjusted gross profit upside_2027q3_adj_gross_profit	2027Q3 / upside	661.34 USD_millions	derived: Desk margin after infrastructure and publisher costs, before cost-of-revenue noncash/restructuring adjustments. Formula: multiply(upside_2027q3_revenue, upside_2027q3_adj_gross_margin).
Cost-of-revenue ordinary SBC upside_2027q3_cogs_sbc	2027Q3 / upside	8.20 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue amortization upside_2027q3_cogs_amort	2027Q3 / upside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue depreciation upside_2027q3_cogs_depr	2027Q3 / upside	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue GAAP adjustments upside_2027q3_cogs_adjustments	2027Q3 / upside	14.70 USD_millions	derived: These allocations are included in total SBC/amortization/depreciation below, not additional operating deductions. Formula: sum(upside_2027q3_cogs_sbc, upside_2027q3_cogs_amort, upside_2027q3_cogs_depr).
GAAP gross profit proxy upside_2027q3_gross_profit	2027Q3 / upside	646.64 USD_millions	derived: Assumes no new gross-margin impairment or restructuring adjustment. Formula: subtract(upside_2027q3_adj_gross_profit, upside_2027q3_cogs_adjustments).
Operating costs excluding D&A SBC and restructuring upside_2027q3_cash_opex	2027Q3 / upside	375.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy upside_2027q3_adj_ebitda	2027Q3 / upside	286.34 USD_millions	derived: Base Q3 reconciles to $187.5M guidance midpoint. Formula: subtract(upside_2027q3_adj_gross_profit, upside_2027q3_cash_opex).
Cash restructuring operating cost upside_2027q3_cash_restructuring	2027Q3 / upside	0.00 USD_millions	assumption: Incremental desk charge paid in period; does not repeat prior noncash impairments or SBC.
Ordinary SBC including CEO award allowance upside_2027q3_ordinary_sbc	2027Q3 / upside	100.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquired intangible amortization upside_2027q3_amortization	2027Q3 / upside	65.00 USD_millions	assumption: Desk assumption; not company guidance.
Depreciation upside_2027q3_depreciation	2027Q3 / upside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Ordinary SBC amortization depreciation and restructuring upside_2027q3_gaap_adjustments	2027Q3 / upside	173.00 USD_millions	derived: Total functional expense; COGS allocations already included here. Formula: sum(upside_2027q3_ordinary_sbc, upside_2027q3_amortization, upside_2027q3_depreciation, upside_2027q3_cash_restructuring).
GAAP operating income proxy upside_2027q3_operating_income	2027Q3 / upside	113.34 USD_millions	derived: No new impairment, asset gain or unmodeled restructuring charge. Formula: subtract(upside_2027q3_adj_ebitda, upside_2027q3_gaap_adjustments).
Cash interest less investment income upside_2027q3_net_cash_interest	2027Q3 / upside	-9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes upside_2027q3_cash_tax	2027Q3 / upside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Working capital cash use upside_2027q3_wc_use	2027Q3 / upside	20.00 USD_millions	assumption: Receivables, deferred revenue and publisher payables; negative is release. No automatic repeat of Q2 payable inflow.
Net cash operating adjustments upside_2027q3_cash_uses	2027Q3 / upside	23.00 USD_millions	derived: Noncash SBC D&A and impairment do not create a second cash benefit. Formula: sum(upside_2027q3_net_cash_interest, upside_2027q3_cash_tax, upside_2027q3_wc_use, upside_2027q3_cash_restructuring).
Operating cash flow proxy upside_2027q3_cfo	2027Q3 / upside	263.34 USD_millions	derived: Consolidated CFO before PP&E and note repayment. Formula: subtract(upside_2027q3_adj_ebitda, upside_2027q3_cash_uses).
Cash PP&E upside_2027q3_capex	2027Q3 / upside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E upside_2027q3_fcf	2027Q3 / upside	255.34 USD_millions	derived: Excludes disposal proceeds and financing. Formula: subtract(upside_2027q3_cfo, upside_2027q3_capex).
Disposal cash allocation upside_2027q3_sale_weight	2027Q3 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Supersonic sale cash upside_2027q3_disposal_cash	2027Q3 / upside	0.00 USD_millions	derived: One-time August sale cash, assumed no price adjustment. Formula: multiply(supersonic_proceeds, upside_2027q3_sale_weight).
2026 settlement quarter upside_2027q3_repay_2026_weight	2027Q3 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
2026 notes settlement upside_2027q3_repay_2026	2027Q3 / upside	0.00 USD_millions	derived: November 15, 2026 maturity. Formula: multiply(notes_2026, upside_2027q3_repay_2026_weight).
2027 settlement quarter upside_2027q3_repay_2027_weight	2027Q3 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
2027 notes settlement upside_2027q3_repay_2027	2027Q3 / upside	0.00 USD_millions	derived: November 15, 2027 maturity; assumes full cash settlement, not conversion. Formula: multiply(notes_2027, upside_2027q3_repay_2027_weight).
Convertible cash settlement upside_2027q3_debt_principal	2027Q3 / upside	0.00 USD_millions	derived: Repayment does not reduce CFO or operating profit. Formula: sum(upside_2027q3_repay_2026, upside_2027q3_repay_2027).
FCF plus business sale cash upside_2027q3_cash_with_disposal	2027Q3 / upside	255.34 USD_millions	derived: Disposal is investing cash. Formula: sum(upside_2027q3_fcf, upside_2027q3_disposal_cash).
Cash after disposal and note settlement upside_2027q3_cash_after_claims	2027Q3 / upside	255.34 USD_millions	derived: Before acquisitions, award withholding and any China redemption. Formula: subtract(upside_2027q3_cash_with_disposal, upside_2027q3_debt_principal).
Strategic Grow revenue upside_2027q4_grow	2027Q4 / upside	625.00 USD_millions	assumption: Desk assumption; not company guidance.
Strategic Create revenue upside_2027q4_create	2027Q4 / upside	236.00 USD_millions	assumption: Desk assumption; not company guidance.
Non-strategic revenue upside_2027q4_non_strategic	2027Q4 / upside	0.00 USD_millions	assumption: Q3 company outlook includes about one month of Supersonic; zero from Q4 after disposal/sunset.
Consolidated revenue upside_2027q4_revenue	2027Q4 / upside	861.00 USD_millions	derived: Strategic plus remaining non-strategic revenue, with no disposal gain counted as sales. Formula: sum(upside_2027q4_grow, upside_2027q4_create, upside_2027q4_non_strategic).
Adjusted gross margin upside_2027q4_adj_gross_margin	2027Q4 / upside	86.0% ratio	assumption: Desk assumption; not company guidance.
Adjusted gross profit upside_2027q4_adj_gross_profit	2027Q4 / upside	740.46 USD_millions	derived: Desk margin after infrastructure and publisher costs, before cost-of-revenue noncash/restructuring adjustments. Formula: multiply(upside_2027q4_revenue, upside_2027q4_adj_gross_margin).
Cost-of-revenue ordinary SBC upside_2027q4_cogs_sbc	2027Q4 / upside	8.50 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue amortization upside_2027q4_cogs_amort	2027Q4 / upside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue depreciation upside_2027q4_cogs_depr	2027Q4 / upside	1.50 USD_millions	assumption: Desk assumption; not company guidance.
Cost-of-revenue GAAP adjustments upside_2027q4_cogs_adjustments	2027Q4 / upside	15.00 USD_millions	derived: These allocations are included in total SBC/amortization/depreciation below, not additional operating deductions. Formula: sum(upside_2027q4_cogs_sbc, upside_2027q4_cogs_amort, upside_2027q4_cogs_depr).
GAAP gross profit proxy upside_2027q4_gross_profit	2027Q4 / upside	725.46 USD_millions	derived: Assumes no new gross-margin impairment or restructuring adjustment. Formula: subtract(upside_2027q4_adj_gross_profit, upside_2027q4_cogs_adjustments).
Operating costs excluding D&A SBC and restructuring upside_2027q4_cash_opex	2027Q4 / upside	402.00 USD_millions	assumption: Desk assumption; not company guidance.
Adjusted EBITDA proxy upside_2027q4_adj_ebitda	2027Q4 / upside	338.46 USD_millions	derived: Base Q3 reconciles to $187.5M guidance midpoint. Formula: subtract(upside_2027q4_adj_gross_profit, upside_2027q4_cash_opex).
Cash restructuring operating cost upside_2027q4_cash_restructuring	2027Q4 / upside	0.00 USD_millions	assumption: Incremental desk charge paid in period; does not repeat prior noncash impairments or SBC.
Ordinary SBC including CEO award allowance upside_2027q4_ordinary_sbc	2027Q4 / upside	103.00 USD_millions	assumption: Desk assumption; not company guidance.
Acquired intangible amortization upside_2027q4_amortization	2027Q4 / upside	65.00 USD_millions	assumption: Desk assumption; not company guidance.
Depreciation upside_2027q4_depreciation	2027Q4 / upside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Ordinary SBC amortization depreciation and restructuring upside_2027q4_gaap_adjustments	2027Q4 / upside	176.00 USD_millions	derived: Total functional expense; COGS allocations already included here. Formula: sum(upside_2027q4_ordinary_sbc, upside_2027q4_amortization, upside_2027q4_depreciation, upside_2027q4_cash_restructuring).
GAAP operating income proxy upside_2027q4_operating_income	2027Q4 / upside	162.46 USD_millions	derived: No new impairment, asset gain or unmodeled restructuring charge. Formula: subtract(upside_2027q4_adj_ebitda, upside_2027q4_gaap_adjustments).
Cash interest less investment income upside_2027q4_net_cash_interest	2027Q4 / upside	-9.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash taxes upside_2027q4_cash_tax	2027Q4 / upside	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Working capital cash use upside_2027q4_wc_use	2027Q4 / upside	5.00 USD_millions	assumption: Receivables, deferred revenue and publisher payables; negative is release. No automatic repeat of Q2 payable inflow.
Net cash operating adjustments upside_2027q4_cash_uses	2027Q4 / upside	8.00 USD_millions	derived: Noncash SBC D&A and impairment do not create a second cash benefit. Formula: sum(upside_2027q4_net_cash_interest, upside_2027q4_cash_tax, upside_2027q4_wc_use, upside_2027q4_cash_restructuring).
Operating cash flow proxy upside_2027q4_cfo	2027Q4 / upside	330.46 USD_millions	derived: Consolidated CFO before PP&E and note repayment. Formula: subtract(upside_2027q4_adj_ebitda, upside_2027q4_cash_uses).
Cash PP&E upside_2027q4_capex	2027Q4 / upside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
CFO less PP&E upside_2027q4_fcf	2027Q4 / upside	322.46 USD_millions	derived: Excludes disposal proceeds and financing. Formula: subtract(upside_2027q4_cfo, upside_2027q4_capex).
Disposal cash allocation upside_2027q4_sale_weight	2027Q4 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Supersonic sale cash upside_2027q4_disposal_cash	2027Q4 / upside	0.00 USD_millions	derived: One-time August sale cash, assumed no price adjustment. Formula: multiply(supersonic_proceeds, upside_2027q4_sale_weight).
2026 settlement quarter upside_2027q4_repay_2026_weight	2027Q4 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
2026 notes settlement upside_2027q4_repay_2026	2027Q4 / upside	0.00 USD_millions	derived: November 15, 2026 maturity. Formula: multiply(notes_2026, upside_2027q4_repay_2026_weight).
2027 settlement quarter upside_2027q4_repay_2027_weight	2027Q4 / upside	100.0% ratio	assumption: Desk assumption; not company guidance.
2027 notes settlement upside_2027q4_repay_2027	2027Q4 / upside	1,000.00 USD_millions	derived: November 15, 2027 maturity; assumes full cash settlement, not conversion. Formula: multiply(notes_2027, upside_2027q4_repay_2027_weight).
Convertible cash settlement upside_2027q4_debt_principal	2027Q4 / upside	1,000.00 USD_millions	derived: Repayment does not reduce CFO or operating profit. Formula: sum(upside_2027q4_repay_2026, upside_2027q4_repay_2027).
FCF plus business sale cash upside_2027q4_cash_with_disposal	2027Q4 / upside	322.46 USD_millions	derived: Disposal is investing cash. Formula: sum(upside_2027q4_fcf, upside_2027q4_disposal_cash).
Cash after disposal and note settlement upside_2027q4_cash_after_claims	2027Q4 / upside	-677.54 USD_millions	derived: Before acquisitions, award withholding and any China redemption. Formula: subtract(upside_2027q4_cash_with_disposal, upside_2027q4_debt_principal).
Consolidated revenue ($M) upside_fy2026_revenue	FY2026 / upside	2,261.71 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, upside_2026q3_revenue, upside_2026q4_revenue).
GAAP gross profit proxy ($M) upside_fy2026_gross_profit	FY2026 / upside	1,599.08 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_gross_profit, upside_2026q3_gross_profit, upside_2026q4_gross_profit).
GAAP operating income proxy ($M) upside_fy2026_operating_income	FY2026 / upside	-306.61 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, upside_2026q3_operating_income, upside_2026q4_operating_income).
Adjusted EBITDA proxy ($M) upside_fy2026_adj_ebitda	FY2026 / upside	725.49 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_adj_ebitda, upside_2026q3_adj_ebitda, upside_2026q4_adj_ebitda).
Operating cash flow proxy ($M) upside_fy2026_cfo	FY2026 / upside	668.93 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, upside_2026q3_cfo, upside_2026q4_cfo).
Cash PP&E ($M) upside_fy2026_capex	FY2026 / upside	20.49 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, upside_2026q3_capex, upside_2026q4_capex).
CFO less cash PP&E ($M) upside_fy2026_fcf	FY2026 / upside	648.44 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, upside_2026q3_fcf, upside_2026q4_fcf).
Business disposal proceeds ($M) upside_fy2026_disposal_cash	FY2026 / upside	40.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_disposal_cash, upside_2026q3_disposal_cash, upside_2026q4_disposal_cash).
Convertible cash settlement ($M) upside_fy2026_debt_principal	FY2026 / upside	557.72 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_debt_principal, upside_2026q3_debt_principal, upside_2026q4_debt_principal).
Cash after disposal and note settlement ($M) upside_fy2026_cash_after_claims	FY2026 / upside	130.71 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_after_claims, upside_2026q3_cash_after_claims, upside_2026q4_cash_after_claims).
Consolidated revenue ($M) upside_fy2027_revenue	FY2027 / upside	2,945.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_revenue, upside_2027q2_revenue, upside_2027q3_revenue, upside_2027q4_revenue).
GAAP gross profit proxy ($M) upside_fy2027_gross_profit	FY2027 / upside	2,474.50 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_gross_profit, upside_2027q2_gross_profit, upside_2027q3_gross_profit, upside_2027q4_gross_profit).
GAAP operating income proxy ($M) upside_fy2027_operating_income	FY2027 / upside	389.70 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_operating_income, upside_2027q2_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income).
Adjusted EBITDA proxy ($M) upside_fy2027_adj_ebitda	FY2027 / upside	1,075.70 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_adj_ebitda, upside_2027q2_adj_ebitda, upside_2027q3_adj_ebitda, upside_2027q4_adj_ebitda).
Operating cash flow proxy ($M) upside_fy2027_cfo	FY2027 / upside	963.70 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cfo, upside_2027q2_cfo, upside_2027q3_cfo, upside_2027q4_cfo).
Cash PP&E ($M) upside_fy2027_capex	FY2027 / upside	32.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_capex, upside_2027q2_capex, upside_2027q3_capex, upside_2027q4_capex).
CFO less cash PP&E ($M) upside_fy2027_fcf	FY2027 / upside	931.70 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).
Business disposal proceeds ($M) upside_fy2027_disposal_cash	FY2027 / upside	0.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_disposal_cash, upside_2027q2_disposal_cash, upside_2027q3_disposal_cash, upside_2027q4_disposal_cash).
Convertible cash settlement ($M) upside_fy2027_debt_principal	FY2027 / upside	1,000.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_debt_principal, upside_2027q2_debt_principal, upside_2027q3_debt_principal, upside_2027q4_debt_principal).
Cash after disposal and note settlement ($M) upside_fy2027_cash_after_claims	FY2027 / upside	-68.30 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cash_after_claims, upside_2027q2_cash_after_claims, upside_2027q3_cash_after_claims, upside_2027q4_cash_after_claims).

Model boundaries

Desk quarterly scenarios, not consensus or a full balance sheet. Only Q3 ranges are management guidance; Q4/FY2027 are assumptions.
Supersonic was sold August 4 for $40M cash subject to adjustments; proceeds are investing cash, not revenue or CFO. The ironSource Ads network closed April 30. These actions do not close Unity Ads.
Q2 publisher-payable cash inflow is not repeated mechanically. Cash balances coexist with $440.7M publisher payables and redeemable Unity China interests.
Reported H1 cash-flow SBC includes restructuring SBC. Forecast ordinary SBC and cash restructuring are separate so the same compensation is not deducted twice. New CEO awards can increase expense/dilution beyond the allowance.
Cash-settlement scenario repays November 2026 and November 2027 note principal. Actual conversion/refinancing can change cash and ownership. No EPS, share-count forecast or price target is supplied.
Cash after disposal/principal excludes acquisitions, employee award tax withholding, optional repurchases and any China minority-interest redemption. It is not a full cash balance roll-forward.

Strategic growth after divestiture, with debt service visible

Research reviewed 2026-09-19

Can Unity turn strategic Grow and Create growth into cash after compensation and the 2026/2027 notes?

H1 revenue was $1.055B, adjusted EBITDA $298.5M and GAAP operating loss $383.6M after portfolio impairments and restructuring. CFO $276.9M less $8.5M PP&E gave $268.4M, but Q2 alone included $63.1M publisher-payable inflow. June cash was $2.352B alongside $440.7M publisher payables and $266.7M redeemable China interests. Supersonic sold August 4 for $40M cash subject to adjustments; its proceeds are not product revenue. Strategic Q3 component ranges overlap without additive midpoints, so the base reconciles the total explicitly. The model assumes cash repayment of $557.724M notes in November 2026 and $1B in November 2027; $690M notes mature in 2030. The 2027 coupon is 2%; the other two notes have zero regular coupon. CEO performance awards announced August 19 can add expense and dilution even when operating cash improves.

The competing explanation

Strategic advertising growth may slow or require more publisher economics and infrastructure spending. A clean adjusted earnings series can coexist with equity dilution, working-capital reversals and large debt settlement requirements.

Risks to track

Ad platform competition, measurement rules and publisher retention affect Grow.
Create subscription growth may not offset removed revenue on schedule.
Publisher payable inflows can reverse.
New equity awards and restructuring change the GAAP cost base.
Conversion, refinancing or cash redemption change shareholder outcomes.
China minority redemption can create additional cash claims.

Next checkpoints

Q3 strategic delivery · Next quarterly results; date not confirmed (estimated). Reconcile Grow, Create, non-strategic revenue and the $185M-$190M EBITDA range.
2026 note settlement · November 15, 2026 contractual maturity (estimated). Confirm actual cash repayment or conversion and unrestricted cash afterward.
Create and Grow cash conversion · Each quarter (estimated). Track publisher payables, SBC and capex; do not annualize disposal proceeds.

Data coverage and open work

Desk quarterly scenarios, not consensus or a full balance sheet. Only Q3 ranges are management guidance; Q4/FY2027 are assumptions.
Supersonic was sold August 4 for $40M cash subject to adjustments; proceeds are investing cash, not revenue or CFO. The ironSource Ads network closed April 30. These actions do not close Unity Ads.
Q2 publisher-payable cash inflow is not repeated mechanically. Cash balances coexist with $440.7M publisher payables and redeemable Unity China interests.
Reported H1 cash-flow SBC includes restructuring SBC. Forecast ordinary SBC and cash restructuring are separate so the same compensation is not deducted twice. New CEO awards can increase expense/dilution beyond the allowance.
Cash-settlement scenario repays November 2026 and November 2027 note principal. Actual conversion/refinancing can change cash and ownership. No EPS, share-count forecast or price target is supplied.
Cash after disposal/principal excludes acquisitions, employee award tax withholding, optional repurchases and any China minority-interest redemption. It is not a full cash balance roll-forward.

This review: Completed a post-Supersonic model with strategic revenue, ordinary SBC, working-capital sensitivities and cash-settlement scenarios.

What the memory says

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

300 similar days

Vs the market, in points	Low	Middle	High	Share up
1 session	-4.2	-0.1	+3.8	48%
5 sessions	-9.9	-0.5	+8.9	44%
10 sessions	-13.6	-1.3	+9.6	42%

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: 2026-11-04 (source: estimated from 10-Q filed 2026-08-06 plus 90 days)

Provenance

[1] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001810806-25-000169, 10-Q filed 2025-11-05; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[2] derived: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001810806-26-000011, 10-K filed 2026-02-11; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[3] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001810806-26-000032, 10-Q filed 2026-05-07; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[4] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001810806-26-000043, 10-Q filed 2026-08-06; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[5] reported: GrossProfit, accession 0001810806-25-000169, 10-Q filed 2025-11-05; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[6] derived: GrossProfit, accession 0001810806-26-000011, 10-K filed 2026-02-11; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[7] reported: GrossProfit, accession 0001810806-26-000032, 10-Q filed 2026-05-07; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[8] reported: GrossProfit, accession 0001810806-26-000043, 10-Q filed 2026-08-06; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[9] reported: OperatingIncomeLoss, accession 0001810806-25-000169, 10-Q filed 2025-11-05; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[10] derived: OperatingIncomeLoss, accession 0001810806-26-000011, 10-K filed 2026-02-11; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[11] reported: OperatingIncomeLoss, accession 0001810806-26-000032, 10-Q filed 2026-05-07; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[12] reported: OperatingIncomeLoss, accession 0001810806-26-000043, 10-Q filed 2026-08-06; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[13] reported: NetIncomeLoss, accession 0001810806-25-000169, 10-Q filed 2025-11-05; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[14] derived: NetIncomeLoss, accession 0001810806-26-000011, 10-K filed 2026-02-11; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[15] reported: NetIncomeLoss, accession 0001810806-26-000032, 10-Q filed 2026-05-07; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[16] reported: NetIncomeLoss, accession 0001810806-26-000043, 10-Q filed 2026-08-06; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[17] reported: EarningsPerShareDiluted, accession 0001810806-25-000169, 10-Q filed 2025-11-05; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[18] reported: EarningsPerShareDiluted, accession 0001810806-26-000032, 10-Q filed 2026-05-07; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[19] reported: EarningsPerShareDiluted, accession 0001810806-26-000043, 10-Q filed 2026-08-06; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[20] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001810806-25-000169, 10-Q filed 2025-11-05; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[21] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001810806-26-000032, 10-Q filed 2026-05-07; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[22] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001810806-26-000043, 10-Q filed 2026-08-06; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[23] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001810806-24-000227, 10-Q filed 2024-11-07; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[24] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001810806-26-000011, 10-K filed 2026-02-11; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[25] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001810806-25-000095, 10-Q filed 2025-05-07; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[26] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001810806-25-000151, 10-Q filed 2025-08-06; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[27] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001810806-25-000169, 10-Q filed 2025-11-05; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[28] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001810806-26-000043, 10-Q filed 2026-08-06; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[29] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001810806-26-000032, 10-Q filed 2026-05-07; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[30] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001810806-25-000169, 10-Q filed 2025-11-05; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[31] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001810806-26-000011, 10-K filed 2026-02-11; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[32] reported: NetCashProvidedByUsedInOperatingActivities, accession 0001810806-26-000032, 10-Q filed 2026-05-07; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[33] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001810806-26-000043, 10-Q filed 2026-08-06; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[34] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001810806-25-000169, 10-Q filed 2025-11-05; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[35] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001810806-26-000011, 10-K filed 2026-02-11; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[36] reported: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001810806-26-000032, 10-Q filed 2026-05-07; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[37] derived: PaymentsToAcquirePropertyPlantAndEquipment, accession 0001810806-26-000043, 10-Q filed 2026-08-06; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[38] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001810806-25-000169, 10-Q filed 2025-11-05; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[39] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001810806-26-000011, 10-K filed 2026-02-11; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[40] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001810806-26-000032, 10-Q filed 2026-05-07; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json
[41] derived: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment, accession 0001810806-26-000043, 10-Q filed 2026-08-06; retrieved 2026-09-19T22:44:30+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001810806.json

What the author read

August 6 quarterly filing and cash/claims · retrieved 2026-09-19
Q2 results, Q3 ranges and completed Supersonic sale · retrieved 2026-09-19
Original 2026/2027 note maturity terms · retrieved 2026-09-19
August CEO performance equity award · retrieved 2026-09-19

Compiled 2026-09-19T22:44:31.104531+00:00 · authored 9d1bdd934769 · generated da66152f8214 · JSON

Daily notes · Scorecard