Published October 4, 2026

October Upside Ranks

Qualitative relative target-touch selections · Not calibrated probabilities

Dated prices · targets are price touches, not forecasts · exact ranks are editorial judgments.

Grade legend, dates & research limits

Completed editorial grades · assessed October 6. Business = demonstrated commercial traction. Catalyst = clarity and timing of the next important test, not success odds. Target path = how demanding this list’s target is. These grades use the same rubric for all selected names; they are not native financial-model grades or statistical probabilities.

A strong / direct · B supported but conditional · C speculative or major gaps · D exceptional leap / weak bridge. A strong catalyst can fail. A fivefold target can have a D path even in a top-ranked moonshot.

Exact grading benchmarks & evidence dates

Business

How far the business inflection is demonstrated today, not source completeness.

A — Broad, realized commercial growth or earnings; not just a plan.
B — Real but early, concentrated or mixed operating traction.
C — Primarily clinical/development or capacity optionality; limited realized economics.
D — Retained facts undermine the proposed business inflection.

Catalyst

Specificity, observability and timing of a thesis-changing test inside the original window, not its chance of success.

A — A scheduled or explicitly windowed material readout, launch or commercial ramp; repeated hard operating tests may qualify.
B — Concrete delivery, orders or earnings tests, but diffuse timing or less discrete thesis change.
C — A real milestone with important acceptance/economics/timing gaps.
D — No supported material in-window test.

Target path

Burden of reaching THIS tier target from the dated baseline; not an absolute odds estimate.

A — Comparatively direct earnings/recognition bridge in retained evidence; still conditional.
B — Recognizable bridge, but meaningful premium, execution or share-claim sensitivity.
C — Speculative extension or binary rerating beyond established economics; small-base elasticity is not a forecast.
D — Exceptional leap far beyond retained cases, with major scale/valuation/financing obstacles.

No bell curve, numeric weights, A+ grades, probability conversion or grade-based reranking. Same rubric for incumbents and additions; target-path grades vary by tier. A catalyst can fail. No synchronized chart grading because technical coverage is not comparable across all 19.

Assessment October 6 of retained evidence, not an October 6 source refresh. Baseline October 1; existing remaining touch window October 4, 2026 to exclusive October 1, 2027. Original source cutoff October 3; additions retrieved October 4; Bloom narrative retrieved October 5 UTC. Original publication dates remain attached to sources.

Original conservative research grades remain in each full story. Partial financial underwriting remains partial: completed qualitative grades do not certify current cash, target dilution, clinical efficacy or funded forecasts. No chart grade is invented from unmatched technical snapshots.

Targets use October 1, 2026 baseline quotes, which are not live prices. The price-touch window is October 4, 2026 to exclusive October 1, 2027, not the price at expiry. Exact ordinal differences are low-confidence editorial judgments; absolute likelihood may be low.

Original financial source cutoff: October 3, 2026, 07:14:12.687379 UTC. Biotech sources retrieved October 4 with original publication dates retained. Bloom’s power and policy narrative reviewed October 4 ET (sources retrieved October 5 UTC). Publication does not clear research or model limitations. No calibrated odds.

TER · Teradyne, Inc.

+35% Upside · #7

Oct1 baseline: USD 415.79. Original frozen quote retained.

The investment story

Thesis

Delivered GPU testing orders could grow into repeat business, lifting profits as AI chip production expands.

What could move the stock

Delivered GPU testing orders could grow into repeat business, lifting profits as AI chip production expands.

Next catalyst

Additional paid test orders and the expected first-half 2027 capacity expansion.

Major risk

Capacity plans are not orders; delays, spending and dilution could reduce returns.

Editorial grades · October 6 assessment

Same rubric for every selected company. Business is demonstrated traction; Catalyst is the timing and clarity of a test, not its chance of success. Target path changes with the target burden.

+35% Upside

BusinessBCatalystBTarget pathB

Business · B

A delivered merchant-GPU order and a second customer milestone support an emerging, not yet broad, test inflection.

Catalyst · B

Repeat paid orders and first-half 2027 capacity are observable; capacity expectations are not production awards.

Target path · B

Delivered orders and operating leverage offer a credible direction; repeat orders and premium retention are still required.

Strongest countercase

Customer timing, expensive valuation and equity claims can overwhelm incremental orders.

Confidence & coverage

Low for target touch and adjacent ordering; moderate for the descriptive assessment of retained facts. Retained native financial and source detail preserved; existing holds and sensitivities still apply.

Grade evidence & preserved research grades

Editorial reader v2 is separate from native financial certification. The original conservative evidence/path grades below have not been upgraded or overwritten.

+35% Upside original research grades

Evidence: B; operating pathway: B; feasibility: stretch.

sourceFacts.taxContext.bull
Published: 2026-07-31 · Retrieved: 2026-10-02T04:58:12.020748+00:00
sourceFacts.catalystEvidence
Published: 2026-07-29 · Retrieved: 2026-10-02T04:55:37.158797+00:00
sourceFacts.TER.boardCapitalDiscretion
Published: 2026-02-19 · Retrieved: 2026-10-02T06:04:34.025877+00:00
TER narrow Form4 0000904454-26-000502
Published: 2026-10-02T20:44:44.000Z · Retrieved: 2026-10-03T06:38:49.895Z

Detailed research, valuation assumptions & sources

Thesis

First merchant-GPU order delivered in Q2; second hyperscaler correlation is a distinct realized milestone. H1 2027 capacity surge is management expectation, not a production award.

Independent economic outcome

Retain conditional +35% hypothesis; not WATCH solely from documented legacy exceptions. 2x/5x reviewed routes rejected.

Expectations gap

No independently matched current consensus-baseline mispricing is asserted. Delivered test demand and conditional four-quarter operating leverage support a high relative rank. Retained 50x versus separately normalized-current 59.724x keeps the premium burden visible; qualification does not count as signed production revenue.

Confidence and limitations

Source-backedrelativebusinesscomparison; exactadjacentorderandfutureprice realization uncertain. Lowabsolutechanceisnotanadmissionban. Moderate confidence in comparative commercial facts; low confidence in exact adjacent rank and future realization. Stock-wide label uses most cautious genuine parent tier judgment; per-membership judgments preserved.

Qualitative editorial likelihood ordering only; no numeric probabilities, no mechanically calibrated source grade, no issuer future assurance. Adjacent order is low-confidence within the disclosed close-comparison bands.
No calibrated absolute hit probabilities or independently matched current consensus baseline; relative ordering uses qualified evidence, not a measured expectations gap.
Native schema/interface historical holds remain archived. Unresolved economic cash/current-capital/accounting facts lower confidence; absent adapter EPS/cashDate alone does not label issuer uninvestable.
SBC, buyback funding, current claims and $330.952M nominal conditional bull cash floor (not worst-stress/current-bank safety); the separately reviewed bounded worst downside is approximately $7.588M remain. Affiliate cash and minority ownership are not free owner liquidity. H1 capacity expectations can slip.

Catalysts & disconfirmation

First merchant-GPU order delivered in Q2; second hyperscaler correlation is a distinct realized milestone. H1 2027 capacity surge is management expectation, not a production award.

2026-10-02 to 2027-06-30; source-supported-operating-window; exact future announcement dates unverified · Retainedprimaryreportedcommercialfacts supportmechanism; forwardpaidrecognition/funding notguaranteed. BnotA; no automaticnative-score conversion. · Upgrade: Confirm paid recognized delivery and common-owner economics within the retained operating window, not merely capacity/backlog/pilot publicity. If a preserved case misses, crossing requires better paid recognition/common economics or a different retained valuation sensitivity, as described; no new numeric margin/EPS/financial case is supplied. A case already crossing still needs realization of its existing assumptions. · Cut: Failure of the retained paid-recognition or recurring-owner-economics path, multiple compression, delayed catalyst or additional cash/claim burden would invalidate this route. SBC, buyback funding, current claims and $330.952M nominal conditional bull cash floor (not worst-stress/current-bank safety); the separately reviewed bounded worst downside is approximately $7.588M remain. Affiliate cash and minority ownership are not free owner liquidity. H1 capacity expectations can slip.

Bear case

Failure of the retained paid-recognition or recurring-owner-economics path, multiple compression, delayed catalyst or additional cash/claim burden would invalidate this route. SBC, buyback funding, current claims and $330.952M nominal conditional bull cash floor (not worst-stress/current-bank safety); the separately reviewed bounded worst downside is approximately $7.588M remain. Affiliate cash and minority ownership are not free owner liquidity. H1 capacity expectations can slip.

Retained financial routes — not target odds

Original financial hypotheses remain unchanged. Native disposition, independent WATCH and current editorial selection are distinct.

TER · Native accepted / Independent ACCEPTED_ONLY_EIGHT_REPAIRED_CHAINS_OPERATIVE_PRIMITIVES_AND_STATED_ECONOMIC_ROUTE

Economic outcome

Retain conditional +35% hypothesis; not WATCH solely from documented legacy exceptions. 2x/5x reviewed routes rejected.

Accounting and period

GAAP; actual/analyst-normalized classifications and source scope preserved individually · Exact original source measurement and forward cash windows; analysis/review dates separate · native/formula retained monetary units, no rescaling; per-field exact receipt unit used where provided

native.financials.convertibleConversionPrice

Not provided/true unknown in exact original input; no zero or issuer certification substituted

Current reviewed share/cash/debt/ownership proxy and conditional drift bounds

currentOrdinaryShares — current reviewed proxy, not new measurement

156340750 ordinary-shares · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

postMeasurementShareChange — current reviewed proxy, not new measurement

0 ordinary-shares · assumption · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

optionsIncrementalShares — current reviewed proxy, not new measurement

1223000 ordinary-shares · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

currentValuationShares — current reviewed proxy, not new measurement

157563750 ordinary-shares · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

shareReconciledThrough — current reviewed proxy, not new measurement

2026-10-03 text · assumption · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

shareReconciliation — current reviewed proxy, not new measurement

TER latest reported ordinary common plus defined award overlay; zero nominal postmeasurement change is a bounded spot-proxy assumption, not proof of no intervening grants, vesting or buybacks. Full10% additional-claims stress remains. text · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

postBalanceCashChange — current reviewed proxy, not new measurement

0 USD · assumption · Qualification Q7 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

postBalanceOtherCashChange — current reviewed proxy, not new measurement

0 USD · assumption · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

postBalanceDebtChange — current reviewed proxy, not new measurement

0 USD · assumption · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

postBalanceTransactions — current reviewed proxy, not new measurement

TER current narrow SECindex/Form4 read: Oct1secondary insider167sale changes ownership only, not issuer shares/cash/debt. No additional issuercapital delta inferred. Undrawn1Bfacility not cash; source cash and operating/award/accessibility drift remains conditional and bounded. No unrelated CRDO/FTNT transactions imported. text · assumption · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

convertibleTreatment — current reviewed proxy, not new measurement

none text · assumption · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

convertibleDebtRemoved — current reviewed proxy, not new measurement

0 USD · assumption · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

convertibleCashSettlement — current reviewed proxy, not new measurement

0 USD · assumption · Qualification Q13 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

convertibleIncrementalShares — current reviewed proxy, not new measurement

0 ordinary-shares · assumption · Qualification Q14 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

convertibleConversionPrice — current reviewed proxy, not new measurement

Unknown (null) USD/ordinary-share · not-applicable · Qualification Q15 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

balanceReconciledThrough — current reviewed proxy, not new measurement

2026-10-03 text · assumption · Qualification Q16 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

ownershipLiability — current reviewed proxy, not new measurement

0 USD · assumption · Qualification Q17 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cashOwnershipFraction — current reviewed proxy, not new measurement

1 fraction · assumption · Qualification Q18 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cashNciDeduction — current reviewed proxy, not new measurement

36151000 USD · assumption · Qualification Q19 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cashJvContribution — current reviewed proxy, not new measurement

0 USD · assumption · Qualification Q20 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cashOwnershipReconciliation — current reviewed proxy, not new measurement

TER originalconsolidated liquidcash proxy minus bookNCI36.151M reserve; equitymethod514.957M remains nonliquid, no extra JVcash credit. New indexdoesnotprovidecurrentbank/parentdistributability: accessibility, lease/deposit/contingent and stubflow hypotheses remain qualified. No unrelated-company ownership fact. text · assumption · Qualification Q21 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

currentValuationShares lower — conditional reviewed bound

153946809.70149255 ordinary shares · assumption · Qualification Q22 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

currentValuationShares upper — conditional reviewed bound

162066212.68656716 ordinary shares · assumption · Qualification Q22 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

commonCash lower — conditional reviewed bound

261587510.41666666 USD · assumption · Qualification Q23 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

commonCash upper — conditional reviewed bound

867837510.4166667 USD · assumption · Qualification Q23 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

debt lower — conditional reviewed bound

0 USD · assumption · Qualification Q24 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

debt upper — conditional reviewed bound

500000000 USD · assumption · Qualification Q24 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

ownershipLiability lower — conditional reviewed bound

0 USD · assumption · Qualification Q25 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

ownershipLiability upper — conditional reviewed bound

36151000 USD · assumption · Qualification Q25 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

Core measured historical financials — dates and attribution retained

Recognized revenue — original measurement period

4464031000 USD · assumption · Qualification Q26 below. Historical source context only; exact immutable field-origin/proof mapping retained. · FY+YTDcurrent-YTDprior

Dated measured ordinary shares — NOT current fully diluted

156340750 ordinary shares (explicit dated/weighted/analyst basis) · actual · Qualification Q26 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

shares At

2026-07-27 text · not-applicable · Qualification Q26 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Original issuer table/fiscal-window metadata; defined ordinary-diluted valuation convention

operating Margin

0.3022642539892756 fraction · assumption · Qualification Q26 below. Historical source context only; exact immutable field-origin/proof mapping retained. · (FY EBIT + current YTD EBIT - prior YTD EBIT)/TTM revenue

Dated reported cash / marketable liquidity (scope below)

517103000 USD · assumption · Qualification Q26 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Sum exact cash and identified current/liquid investments; TER includes identified noncurrentmarketables, not equitymethodasset

debt

0 USD · assumption · Qualification Q26 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Complete reported borrowing balance; operating leases excluded; FTNT2031 face principal not discounted carrying amount

current Ordinary Shares

156340750 ordinary-shares · assumption · Qualification Q27 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Dated common+nominal0 stub change

options Incremental Shares

1223000 ordinary-shares · assumption · Qualification Q26 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Defined combined options/unvested award overlay; not current GAAPweighted EPS shares

current Valuation Shares

157563750 ordinary-shares · assumption · Qualification Q27 below. Historical source context only; exact immutable field-origin/proof mapping retained. · dated ordinary+defined award overlay

post Balance Cash Change

0 USD · assumption · Qualification Q27 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Retained full debt/equity notes: no outstanding convertible; no principal conversion, incremental conversion shares or cash settlement; historical principal repayment not replayed

post Balance Other Cash Change

0 USD · assumption · Qualification Q26 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Retained full debt/equity notes: no outstanding convertible; no principal conversion, incremental conversion shares or cash settlement; historical principal repayment not replayed

post Balance Debt Change

convertible Debt Removed

convertible Cash Settlement

convertible Incremental Shares

0 ordinary-shares · assumption · Qualification Q26 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Retained full debt/equity notes: no outstanding convertible; no principal conversion, incremental conversion shares or cash settlement; historical principal repayment not replayed

ownership Liability

0 USD · assumption · Qualification Q26 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Common cash=(cash+postbalancechange)*ownershipFraction-NCIreserve+verifiedJVcash; no equity-method asset credited

cash Ownership Fraction

1 fraction · assumption · Qualification Q26 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Common cash=(cash+postbalancechange)*ownershipFraction-NCIreserve+verifiedJVcash; no equity-method asset credited

cash Nci Deduction

36151000 USD · assumption · Qualification Q26 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Common cash=(cash+postbalancechange)*ownershipFraction-NCIreserve+verifiedJVcash; no equity-method asset credited

cash Jv Contribution

cash Ownership Reconciliation

TER originalconsolidated liquidcash proxy minus bookNCI36.151M reserve; equitymethod514.957M remains nonliquid, no extra JVcash credit. New indexdoesnotprovidecurrentbank/parentdistributability: accessibility, lease/deposit/contingent and stubflow hypotheses remain qualified. No unrelated-company ownership fact. text · assumption · Qualification Q27 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Common cash=(cash+postbalancechange)*ownershipFraction-NCIreserve+verifiedJVcash; no equity-method asset credited

Material Provided valuation

reported Amount

1150220000 USD · assumption · Qualification Q28 below. Historical source context only; exact immutable field-origin/proof mapping retained. · FY+YTDcurrent-YTDprior

exclusions

-53280060 USD · assumption · Qualification Q28 below. Historical source context only; exact immutable field-origin/proof mapping retained. · (TTM EBIT+recurringnetother)*(1-issuer-specifictax)-aftertaxoutsideowner; exclusions=normalized-reported

normalized Amount

1096939940 USD · assumption · Qualification Q28 below. Historical source context only; exact immutable field-origin/proof mapping retained. · (TTM EBIT+recurringnetother)*(1-issuer-specifictax)-aftertaxoutsideowner; exclusions=normalized-reported

ownership Fraction

1 fraction · assumption · Qualification Q28 below. Historical source context only; exact immutable field-origin/proof mapping retained. · (TTM EBIT+recurringnetother)*(1-issuer-specifictax)-aftertaxoutsideowner; exclusions=normalized-reported

nci Deduction

0 USD · assumption · Qualification Q28 below. Historical source context only; exact immutable field-origin/proof mapping retained. · (TTM EBIT+recurringnetother)*(1-issuer-specifictax)-aftertaxoutsideowner; exclusions=normalized-reported

jv Contribution

attributable Amount

annual Period

2025-06-30/2026-06-28 text · not-applicable · Qualification Q28 below. Historical source context only; exact immutable field-origin/proof mapping retained. · (TTM EBIT+recurringnetother)*(1-issuer-specifictax)-aftertaxoutsideowner; exclusions=normalized-reported

reconciliation

TER TTM reportedcommon NI distinct from analytical recurring baseline: (GAAPTTM EBIT+reviewed recurring netother)*(1-normalizedtax)-TER20maftertax affiliate loss-10mNCI. SBC retained in GAAP EBIT; no additional profit addback; no PE netcash add-on. text · not-applicable · Qualification Q28 below. Historical source context only; exact immutable field-origin/proof mapping retained. · (TTM EBIT+recurringnetother)*(1-issuer-specifictax)-aftertaxoutsideowner; exclusions=normalized-reported

sector

Semiconductor production test equipment text · not-applicable · Qualification Q28 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Reviewed issuer-specific normalized/common earnings valuation identity

metric

P/normalizedEPS text · not-applicable · Qualification Q28 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Reviewed issuer-specific normalized/common earnings valuation identity

reference Multiple

50 x · assumption · Qualification Q28 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Reviewed issuer-specific normalized/common earnings valuation identity

multiple Low

30 x · assumption · Qualification Q28 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Reviewed issuer-specific normalized/common earnings valuation identity

multiple High

57 x · assumption · Qualification Q28 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Reviewed issuer-specific normalized/common earnings valuation identity

model Fit

supported text · not-applicable · Qualification Q28 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Reviewed issuer-specific normalized/common earnings valuation identity

justification

TER analyst retention reference 50x; reported-TTM implied TER +35%: CONDITIONAL PLAUSIBLE, CYCLICAL PREMIUM RETENTION. 2x: ECONOMIC REJECT. 5x: ECONOMIC REJECT. ; independently normalized-current reference 59.7238103654699x. Both bases disclosed, no mixed forward/reporting peer claim. Premium persistence conditional on paid recognized growth, margin/SBC and funding. Multiples are not certified fairvalue. text · not-applicable · Qualification Q28 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Reviewed issuer-specific normalized/common earnings valuation identity

equity Pricing Scope

owners-metric-all-assets-no-cash-delta text · not-applicable · Qualification Q28 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Reviewed issuer-specific normalized/common earnings valuation identity

equity Pricing Rationale

TER Equity P/E includes recurring netcash interest already; funding cash is survival only and is NOT added to PE price. text · not-applicable · Qualification Q28 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Reviewed issuer-specific normalized/common earnings valuation identity

Material Provided reportedEPSAnchor

reported Numerator

554047000 USD/share · actual · Qualification Q29 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

weighted Denominator

159719000 USD/share · actual · Qualification Q29 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

Reported historical EPS — unsupported remains unknown

3.47 USD/share · actual · Qualification Q29 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

annual Period

2025-01-01/2025-12-31 text · not-applicable · Qualification Q29 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Original annual EPS table period; historical context only

precision

2 count · assumption · Qualification Q29 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Two displayed decimal places in reported diluted EPS

0 USD (original native monetary scale) · assumption · Qualification Q30 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

Bounded source/proof detail — exact archive, NOT financial assumptions

full Archive

[internal evidence reference] artifact path · not-applicable · Qualification Q31 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

full Archive SHA

1900d87c2fa2ab79b937fa9292636486e5e4f5dc6563f1428e5fb468080e4b73 SHA256 · not-applicable · Qualification Q32 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

Shared financial qualifications — exact scopes/formulas, not numeric assumptions

Qualification Q1 — exact field scope

TER actual21-field knownchange/source-bound review: currentOrdinaryShares=156340750. Original measuredsource 2026-07-27, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q2 — exact field scope

TER actual21-field knownchange/source-bound review: postMeasurementShareChange=0. Original measuredsource 2026-07-27, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q3 — exact field scope

TER actual21-field knownchange/source-bound review: optionsIncrementalShares=1223000. Original measuredsource 2026-07-27, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q4 — exact field scope

TER actual21-field knownchange/source-bound review: currentValuationShares=157563750. Original measuredsource 2026-07-27, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q5 — exact field scope

TER actual21-field knownchange/source-bound review: shareReconciledThrough=2026-10-03. Original measuredsource 2026-07-27, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q6 — exact field scope

TER actual21-field knownchange/source-bound review: shareReconciliation=TER latest reported ordinary common plus defined award overlay; zero nominal postmeasurement change is a bounded spot-proxy assumption, not proof of no intervening grants, vesting or buybacks. Full10% additional-claims stress remains.. Original measuredsource 2026-07-27, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q7 — exact field scope

TER actual21-field knownchange/source-bound review: postBalanceCashChange=0. Original measuredsource 2026-06-28, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q8 — exact field scope

TER actual21-field knownchange/source-bound review: postBalanceOtherCashChange=0. Original measuredsource 2026-06-28, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q9 — exact field scope

TER actual21-field knownchange/source-bound review: postBalanceDebtChange=0. Original measuredsource 2026-06-28, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q10 — exact field scope

TER actual21-field knownchange/source-bound review: postBalanceTransactions=TER current narrow SECindex/Form4 read: Oct1secondary insider167sale changes ownership only, not issuer shares/cash/debt. No additional issuercapital delta inferred. Undrawn1Bfacility not cash; source cash and operating/award/accessibility drift remains conditional and bounded. No unrelated CRDO/FTNT transactions imported.. Original measuredsource 2026-06-28, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q11 — exact field scope

TER actual21-field knownchange/source-bound review: convertibleTreatment=none. Original measuredsource 2026-06-28, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q12 — exact field scope

TER actual21-field knownchange/source-bound review: convertibleDebtRemoved=0. Original measuredsource 2026-06-28, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q13 — exact field scope

TER actual21-field knownchange/source-bound review: convertibleCashSettlement=0. Original measuredsource 2026-06-28, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q14 — exact field scope

TER actual21-field knownchange/source-bound review: convertibleIncrementalShares=0. Original measuredsource 2026-07-27, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q15 — exact field scope

TER actual21-field knownchange/source-bound review: convertibleConversionPrice=None. Original measuredsource 2026-06-28, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q16 — exact field scope

TER actual21-field knownchange/source-bound review: balanceReconciledThrough=2026-10-03. Original measuredsource 2026-06-28, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q17 — exact field scope

TER actual21-field knownchange/source-bound review: ownershipLiability=0. Original measuredsource 2026-06-28, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q18 — exact field scope

TER actual21-field knownchange/source-bound review: cashOwnershipFraction=1. Original measuredsource 2026-06-28, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q19 — exact field scope

TER actual21-field knownchange/source-bound review: cashNciDeduction=36151000. Original measuredsource 2026-06-28, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q20 — exact field scope

TER actual21-field knownchange/source-bound review: cashJvContribution=0. Original measuredsource 2026-06-28, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q21 — exact field scope

TER actual21-field knownchange/source-bound review: cashOwnershipReconciliation=TER originalconsolidated liquidcash proxy minus bookNCI36.151M reserve; equitymethod514.957M remains nonliquid, no extra JVcash credit. New indexdoesnotprovidecurrentbank/parentdistributability: accessibility, lease/deposit/contingent and stubflow hypotheses remain qualified. No unrelated-company ownership fact.. Original measuredsource 2026-06-28, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q22 — exact field scope

TER actual current review of currentValuationShares: underlying dated stock 2026-07-27, old analyst proxy 157563750; original lower/upper 154000000/162000000. Additional disclosed-stock age 67->68 days. Cash/share drift lower/upper distances prorated by 68/67, NVDA50M rounding fixed; other debt maturity and defined outside-owner scope intervals stay original conditional ranges. Result 153946809.70149255/162066212.68656716. No newbank/FD measurement, no assumption-free funding guarantee or exact future award condition. SECindex inspected; new MUcommon58 separately known, deferred38 not common; TERsecondarysale not issuerretirement. Operating/accessibility or undisclosed changes beyond range invalidate interpretation, not silently assert absence. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q23 — exact field scope

TER actual current review of commonCash: underlying dated stock 2026-06-28, old analyst proxy 480952000; original lower/upper 263849000/863849000. Additional disclosed-stock age 96->97 days. Cash/share drift lower/upper distances prorated by 97/96, NVDA50M rounding fixed; other debt maturity and defined outside-owner scope intervals stay original conditional ranges. Result 261587510.41666666/867837510.4166667. No newbank/FD measurement, no assumption-free funding guarantee or exact future award condition. SECindex inspected; new MUcommon58 separately known, deferred38 not common; TERsecondarysale not issuerretirement. Operating/accessibility or undisclosed changes beyond range invalidate interpretation, not silently assert absence. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q24 — exact field scope

TER actual current review of debt: underlying dated stock 2026-06-28, old analyst proxy 0; original lower/upper 0/500000000. Additional disclosed-stock age 96->97 days. Cash/share drift lower/upper distances prorated by 97/96, NVDA50M rounding fixed; other debt maturity and defined outside-owner scope intervals stay original conditional ranges. Result 0/500000000. No newbank/FD measurement, no assumption-free funding guarantee or exact future award condition. SECindex inspected; new MUcommon58 separately known, deferred38 not common; TERsecondarysale not issuerretirement. Operating/accessibility or undisclosed changes beyond range invalidate interpretation, not silently assert absence. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q25 — exact field scope

TER actual current review of ownershipLiability: underlying dated stock 2026-06-28, old analyst proxy 0; original lower/upper 0/36151000. Additional disclosed-stock age 96->97 days. Cash/share drift lower/upper distances prorated by 97/96, NVDA50M rounding fixed; other debt maturity and defined outside-owner scope intervals stay original conditional ranges. Result 0/36151000. No newbank/FD measurement, no assumption-free funding guarantee or exact future award condition. SECindex inspected; new MUcommon58 separately known, deferred38 not common; TERsecondarysale not issuerretirement. Operating/accessibility or undisclosed changes beyond range invalidate interpretation, not silently assert absence. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q26 — exact field scope

Exact retained native financials inputs. Review/source time, monetary/share basis and uncertainty are original. Typed native bookkeeping is NOT source truth or all-model-resolution certification. Original measurement {'start': '2025-06-30', 'end': '2026-06-28', 'basis': 'original retained financial measurement; native stock/share dates separately stated'}; dated balance/share values NOT quote-day cap-table guarantees. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q27 — exact field scope

Actual current soleanalyst reconciliation, not issuer currentmeasurement. Original source dates {'sharesAt': '2026-07-27', 'balanceSheetAt': '2026-06-28'} unchanged. New MUimmediatecommon58 distinct deferred38, TERsecondarysale notissuerflow; conditional source-specific age-drift bound. Exact reviewed receipt in current candidate. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q28 — exact field scope

Exact retained native valuation inputs. Review/source time, monetary/share basis and uncertainty are original. Typed native bookkeeping is NOT source truth or all-model-resolution certification. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q29 — exact field scope

Exact retained native reportedEPSAnchor inputs. Review/source time, monetary/share basis and uncertainty are original. Typed native bookkeeping is NOT source truth or all-model-resolution certification. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q30 — exact field scope

CURRENT conditional public-stock overlay. Dated source periods/capture untouched; ranges recomputed, not exact currentbank or FD. Source/proxy receipts in current candidate. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q31 — exact field scope

Exact original route pointer /modelViews/40 scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q32 — exact field scope

Hash equality is not semantic source proof scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q33 — exact field scope

Exact provided downside12month assumptions/known source cutoffs, not four-times guidance or completed future recognition scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Formula qualification Q34

Formula for native.scenarios.downside.cashTaxes: TER downside ACTUAL native equation: CFO=EBIT-cashTaxes+noncash+signedWC-cashInterest+otherOperatingCash. This source-model forecasts paid tax/interest, so native amounts are POSITIVE, not negative refunds/credits. Fixed dollar tax and coupon are independent cash inputs; owner-margin slope never reapplies ownerNI/tax to CFO. Explicit adverse funding variant credits NO future employee exercise/ESPP cash, while original historical/source forecasts remain comparison; zero is chosen conservative stress, not absence/default. Original employee-financing forecast 25000000.0 removed from native otherOperatingCash; shares and withholding remain unchanged; no invented equity-financing credit. Source tax/noncash/WC/interest amounts and original conservative TERaffiliate convention are retained; no NI added twice. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q35

Formula for native.scenarios.downside.cashInterest: TER downside ACTUAL native equation: CFO=EBIT-cashTaxes+noncash+signedWC-cashInterest+otherOperatingCash. This source-model forecasts paid tax/interest, so native amounts are POSITIVE, not negative refunds/credits. Fixed dollar tax and coupon are independent cash inputs; owner-margin slope never reapplies ownerNI/tax to CFO. Explicit adverse funding variant credits NO future employee exercise/ESPP cash, while original historical/source forecasts remain comparison; zero is chosen conservative stress, not absence/default. Original employee-financing forecast 25000000.0 removed from native otherOperatingCash; shares and withholding remain unchanged; no invented equity-financing credit. Source tax/noncash/WC/interest amounts and original conservative TERaffiliate convention are retained; no NI added twice. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q36

Formula for native.scenarios.downside.otherOperatingCash: TER downside ACTUAL native equation: CFO=EBIT-cashTaxes+noncash+signedWC-cashInterest+otherOperatingCash. This source-model forecasts paid tax/interest, so native amounts are POSITIVE, not negative refunds/credits. Fixed dollar tax and coupon are independent cash inputs; owner-margin slope never reapplies ownerNI/tax to CFO. Explicit adverse funding variant credits NO future employee exercise/ESPP cash, while original historical/source forecasts remain comparison; zero is chosen conservative stress, not absence/default. Original employee-financing forecast 25000000.0 removed from native otherOperatingCash; shares and withholding remain unchanged; no invented equity-financing credit. Source tax/noncash/WC/interest amounts and original conservative TERaffiliate convention are retained; no NI added twice. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q37

Formula for native.scenarios.downside.ownerMetricMarginDependency.basis: TER downside actualsource-model GAAPmargin 0.20977011494252878; specific normalizedtax 0.2; attributable aftertax EBIT slope 0.8. Baseline*slope exactly reconciles existing coefficient 0.16781609195402303. Nonoperating aftertax constant -17000000.0 USD remains fixed; TER affiliate/NCI constants not proportional to EBIT. SBC stays expensed. Forecast CASH taxes/noncash/WC/interest/otherCFO remain fixed under owner-income perturbation; NI never added to CFO. Technical analytical assumption review, not issuer-published forecast or public approval. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q38

Formula for native.scenarios.downside.ownerMetricMarginDependency.baselineOperatingMargin: TER downside actualsource-model GAAPmargin 0.20977011494252878; specific normalizedtax 0.2; attributable aftertax EBIT slope 0.8. Baseline*slope exactly reconciles existing coefficient 0.16781609195402303. Nonoperating aftertax constant -17000000.0 USD remains fixed; TER affiliate/NCI constants not proportional to EBIT. SBC stays expensed. Forecast CASH taxes/noncash/WC/interest/otherCFO remain fixed under owner-income perturbation; NI never added to CFO. Technical analytical assumption review, not issuer-published forecast or public approval. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q39

Formula for native.scenarios.downside.ownerMetricMarginDependency.afterTaxOwnerProfitSlope: TER downside actualsource-model GAAPmargin 0.20977011494252878; specific normalizedtax 0.2; attributable aftertax EBIT slope 0.8. Baseline*slope exactly reconciles existing coefficient 0.16781609195402303. Nonoperating aftertax constant -17000000.0 USD remains fixed; TER affiliate/NCI constants not proportional to EBIT. SBC stays expensed. Forecast CASH taxes/noncash/WC/interest/otherCFO remain fixed under owner-income perturbation; NI never added to CFO. Technical analytical assumption review, not issuer-published forecast or public approval. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q40

Formula for native.scenarios.downside.ownerMetricMarginDependency.rationale: TER downside actualsource-model GAAPmargin 0.20977011494252878; specific normalizedtax 0.2; attributable aftertax EBIT slope 0.8. Baseline*slope exactly reconciles existing coefficient 0.16781609195402303. Nonoperating aftertax constant -17000000.0 USD remains fixed; TER affiliate/NCI constants not proportional to EBIT. SBC stays expensed. Forecast CASH taxes/noncash/WC/interest/otherCFO remain fixed under owner-income perturbation; NI never added to CFO. Technical analytical assumption review, not issuer-published forecast or public approval. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Qualification Q41 — exact field scope

Exact provided base12month assumptions/known source cutoffs, not four-times guidance or completed future recognition scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Formula qualification Q42

Formula for native.scenarios.base.cashTaxes: TER base ACTUAL native equation: CFO=EBIT-cashTaxes+noncash+signedWC-cashInterest+otherOperatingCash. This source-model forecasts paid tax/interest, so native amounts are POSITIVE, not negative refunds/credits. Fixed dollar tax and coupon are independent cash inputs; owner-margin slope never reapplies ownerNI/tax to CFO. Explicit adverse funding variant credits NO future employee exercise/ESPP cash, while original historical/source forecasts remain comparison; zero is chosen conservative stress, not absence/default. Original employee-financing forecast 30000000.0 removed from native otherOperatingCash; shares and withholding remain unchanged; no invented equity-financing credit. Source tax/noncash/WC/interest amounts and original conservative TERaffiliate convention are retained; no NI added twice. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q43

Formula for native.scenarios.base.cashInterest: TER base ACTUAL native equation: CFO=EBIT-cashTaxes+noncash+signedWC-cashInterest+otherOperatingCash. This source-model forecasts paid tax/interest, so native amounts are POSITIVE, not negative refunds/credits. Fixed dollar tax and coupon are independent cash inputs; owner-margin slope never reapplies ownerNI/tax to CFO. Explicit adverse funding variant credits NO future employee exercise/ESPP cash, while original historical/source forecasts remain comparison; zero is chosen conservative stress, not absence/default. Original employee-financing forecast 30000000.0 removed from native otherOperatingCash; shares and withholding remain unchanged; no invented equity-financing credit. Source tax/noncash/WC/interest amounts and original conservative TERaffiliate convention are retained; no NI added twice. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q44

Formula for native.scenarios.base.otherOperatingCash: TER base ACTUAL native equation: CFO=EBIT-cashTaxes+noncash+signedWC-cashInterest+otherOperatingCash. This source-model forecasts paid tax/interest, so native amounts are POSITIVE, not negative refunds/credits. Fixed dollar tax and coupon are independent cash inputs; owner-margin slope never reapplies ownerNI/tax to CFO. Explicit adverse funding variant credits NO future employee exercise/ESPP cash, while original historical/source forecasts remain comparison; zero is chosen conservative stress, not absence/default. Original employee-financing forecast 30000000.0 removed from native otherOperatingCash; shares and withholding remain unchanged; no invented equity-financing credit. Source tax/noncash/WC/interest amounts and original conservative TERaffiliate convention are retained; no NI added twice. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q45

Formula for native.scenarios.base.minimumCash: TER base ACTUAL native equation: CFO=EBIT-cashTaxes+noncash+signedWC-cashInterest+otherOperatingCash. This source-model forecasts paid tax/interest, so native amounts are POSITIVE, not negative refunds/credits. Fixed dollar tax and coupon are independent cash inputs; owner-margin slope never reapplies ownerNI/tax to CFO. Explicit adverse funding variant credits NO future employee exercise/ESPP cash, while original historical/source forecasts remain comparison; zero is chosen conservative stress, not absence/default. Original employee-financing forecast 30000000.0 removed from native otherOperatingCash; shares and withholding remain unchanged; no invented equity-financing credit. Source tax/noncash/WC/interest amounts and original conservative TERaffiliate convention are retained; no NI added twice. Nominal fourbucket min minus reviewedtimebuffer; publiclowercash shift applied once. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q46

Formula for native.scenarios.base.ownerMetricMarginDependency.basis: TER base actualsource-model GAAPmargin 0.3122222222222222; specific normalizedtax 0.18; attributable aftertax EBIT slope 0.8200000000000001. Baseline*slope exactly reconciles existing coefficient 0.2560222222222222. Nonoperating aftertax constant -13600000.000000002 USD remains fixed; TER affiliate/NCI constants not proportional to EBIT. SBC stays expensed. Forecast CASH taxes/noncash/WC/interest/otherCFO remain fixed under owner-income perturbation; NI never added to CFO. Technical analytical assumption review, not issuer-published forecast or public approval. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q47

Formula for native.scenarios.base.ownerMetricMarginDependency.baselineOperatingMargin: TER base actualsource-model GAAPmargin 0.3122222222222222; specific normalizedtax 0.18; attributable aftertax EBIT slope 0.8200000000000001. Baseline*slope exactly reconciles existing coefficient 0.2560222222222222. Nonoperating aftertax constant -13600000.000000002 USD remains fixed; TER affiliate/NCI constants not proportional to EBIT. SBC stays expensed. Forecast CASH taxes/noncash/WC/interest/otherCFO remain fixed under owner-income perturbation; NI never added to CFO. Technical analytical assumption review, not issuer-published forecast or public approval. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q48

Formula for native.scenarios.base.ownerMetricMarginDependency.afterTaxOwnerProfitSlope: TER base actualsource-model GAAPmargin 0.3122222222222222; specific normalizedtax 0.18; attributable aftertax EBIT slope 0.8200000000000001. Baseline*slope exactly reconciles existing coefficient 0.2560222222222222. Nonoperating aftertax constant -13600000.000000002 USD remains fixed; TER affiliate/NCI constants not proportional to EBIT. SBC stays expensed. Forecast CASH taxes/noncash/WC/interest/otherCFO remain fixed under owner-income perturbation; NI never added to CFO. Technical analytical assumption review, not issuer-published forecast or public approval. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q49

Formula for native.scenarios.base.ownerMetricMarginDependency.rationale: TER base actualsource-model GAAPmargin 0.3122222222222222; specific normalizedtax 0.18; attributable aftertax EBIT slope 0.8200000000000001. Baseline*slope exactly reconciles existing coefficient 0.2560222222222222. Nonoperating aftertax constant -13600000.000000002 USD remains fixed; TER affiliate/NCI constants not proportional to EBIT. SBC stays expensed. Forecast CASH taxes/noncash/WC/interest/otherCFO remain fixed under owner-income perturbation; NI never added to CFO. Technical analytical assumption review, not issuer-published forecast or public approval. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Qualification Q50 — exact field scope

Exact provided bull12month assumptions/known source cutoffs, not four-times guidance or completed future recognition scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Formula qualification Q51

Formula for native.scenarios.bull.cashTaxes: TER bull ACTUAL native equation: CFO=EBIT-cashTaxes+noncash+signedWC-cashInterest+otherOperatingCash. This source-model forecasts paid tax/interest, so native amounts are POSITIVE, not negative refunds/credits. Fixed dollar tax and coupon are independent cash inputs; owner-margin slope never reapplies ownerNI/tax to CFO. Explicit adverse funding variant credits NO future employee exercise/ESPP cash, while original historical/source forecasts remain comparison; zero is chosen conservative stress, not absence/default. Original employee-financing forecast 30000000.0 removed from native otherOperatingCash; shares and withholding remain unchanged; no invented equity-financing credit. Source tax/noncash/WC/interest amounts and original conservative TERaffiliate convention are retained; no NI added twice. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q52

Formula for native.scenarios.bull.cashInterest: TER bull ACTUAL native equation: CFO=EBIT-cashTaxes+noncash+signedWC-cashInterest+otherOperatingCash. This source-model forecasts paid tax/interest, so native amounts are POSITIVE, not negative refunds/credits. Fixed dollar tax and coupon are independent cash inputs; owner-margin slope never reapplies ownerNI/tax to CFO. Explicit adverse funding variant credits NO future employee exercise/ESPP cash, while original historical/source forecasts remain comparison; zero is chosen conservative stress, not absence/default. Original employee-financing forecast 30000000.0 removed from native otherOperatingCash; shares and withholding remain unchanged; no invented equity-financing credit. Source tax/noncash/WC/interest amounts and original conservative TERaffiliate convention are retained; no NI added twice. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q53

Formula for native.scenarios.bull.otherOperatingCash: TER bull ACTUAL native equation: CFO=EBIT-cashTaxes+noncash+signedWC-cashInterest+otherOperatingCash. This source-model forecasts paid tax/interest, so native amounts are POSITIVE, not negative refunds/credits. Fixed dollar tax and coupon are independent cash inputs; owner-margin slope never reapplies ownerNI/tax to CFO. Explicit adverse funding variant credits NO future employee exercise/ESPP cash, while original historical/source forecasts remain comparison; zero is chosen conservative stress, not absence/default. Original employee-financing forecast 30000000.0 removed from native otherOperatingCash; shares and withholding remain unchanged; no invented equity-financing credit. Source tax/noncash/WC/interest amounts and original conservative TERaffiliate convention are retained; no NI added twice. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q54

Formula for native.scenarios.bull.minimumCash: TER bull ACTUAL native equation: CFO=EBIT-cashTaxes+noncash+signedWC-cashInterest+otherOperatingCash. This source-model forecasts paid tax/interest, so native amounts are POSITIVE, not negative refunds/credits. Fixed dollar tax and coupon are independent cash inputs; owner-margin slope never reapplies ownerNI/tax to CFO. Explicit adverse funding variant credits NO future employee exercise/ESPP cash, while original historical/source forecasts remain comparison; zero is chosen conservative stress, not absence/default. Original employee-financing forecast 30000000.0 removed from native otherOperatingCash; shares and withholding remain unchanged; no invented equity-financing credit. Source tax/noncash/WC/interest amounts and original conservative TERaffiliate convention are retained; no NI added twice. Nominal fourbucket min minus reviewedtimebuffer; publiclowercash shift applied once. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q55

Formula for native.scenarios.bull.ownerMetricMarginDependency.basis: TER bull actualsource-model GAAPmargin 0.3424242424242424; specific normalizedtax 0.18; attributable aftertax EBIT slope 0.8200000000000001. Baseline*slope exactly reconciles existing coefficient 0.2807878787878788. Nonoperating aftertax constant -9500000.0 USD remains fixed; TER affiliate/NCI constants not proportional to EBIT. SBC stays expensed. Forecast CASH taxes/noncash/WC/interest/otherCFO remain fixed under owner-income perturbation; NI never added to CFO. Technical analytical assumption review, not issuer-published forecast or public approval. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q56

Formula for native.scenarios.bull.ownerMetricMarginDependency.baselineOperatingMargin: TER bull actualsource-model GAAPmargin 0.3424242424242424; specific normalizedtax 0.18; attributable aftertax EBIT slope 0.8200000000000001. Baseline*slope exactly reconciles existing coefficient 0.2807878787878788. Nonoperating aftertax constant -9500000.0 USD remains fixed; TER affiliate/NCI constants not proportional to EBIT. SBC stays expensed. Forecast CASH taxes/noncash/WC/interest/otherCFO remain fixed under owner-income perturbation; NI never added to CFO. Technical analytical assumption review, not issuer-published forecast or public approval. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q57

Formula for native.scenarios.bull.ownerMetricMarginDependency.afterTaxOwnerProfitSlope: TER bull actualsource-model GAAPmargin 0.3424242424242424; specific normalizedtax 0.18; attributable aftertax EBIT slope 0.8200000000000001. Baseline*slope exactly reconciles existing coefficient 0.2807878787878788. Nonoperating aftertax constant -9500000.0 USD remains fixed; TER affiliate/NCI constants not proportional to EBIT. SBC stays expensed. Forecast CASH taxes/noncash/WC/interest/otherCFO remain fixed under owner-income perturbation; NI never added to CFO. Technical analytical assumption review, not issuer-published forecast or public approval. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q58

Formula for native.scenarios.bull.ownerMetricMarginDependency.rationale: TER bull actualsource-model GAAPmargin 0.3424242424242424; specific normalizedtax 0.18; attributable aftertax EBIT slope 0.8200000000000001. Baseline*slope exactly reconciles existing coefficient 0.2807878787878788. Nonoperating aftertax constant -9500000.0 USD remains fixed; TER affiliate/NCI constants not proportional to EBIT. SBC stays expensed. Forecast CASH taxes/noncash/WC/interest/otherCFO remain fixed under owner-income perturbation; NI never added to CFO. Technical analytical assumption review, not issuer-published forecast or public approval. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Dated source/proof detail — actual citation sets, not source certainty

Historical/source evidence set E1 — shared actual citations

Exact source IDs shared by material rows; forward/derived use stays analyst conditional, not an issuer guarantee. Full claim/reviewer/sourceDAG in original archive. source/proof context, not a financial quantity · not-applicable · Source support is scoped. Hash equality is not literal/accounting proof. ·

Historical/source evidence set E2 — shared actual citations

Historical/source evidence set E3 — shared actual citations

Historical/source evidence set E4 — shared actual citations

Historical/source evidence set E5 — shared actual citations

Historical/source evidence set E6 — shared actual citations

Historical/source evidence set E7 — shared actual citations

Historical/source evidence set E8 — shared actual citations

Historical/source evidence set E9 — shared actual citations

Historical/source evidence set E10 — shared actual citations

Historical/source evidence set E11 — shared actual citations

Historical/source evidence set E12 — shared actual citations

Historical/source evidence set E13 — shared actual citations

Historical/source evidence set E14 — shared actual citations

Historical/source evidence set E15 — shared actual citations

Historical/source evidence set E16 — shared actual citations

Historical/source evidence set E17 — shared actual citations

Historical/source evidence set E18 — shared actual citations

Historical/source evidence set E19 — shared actual citations

Historical/source evidence set E20 — shared actual citations

Historical/source evidence set E21 — shared actual citations

Historical/source evidence set E22 — shared actual citations

Exact immutable source/model proofs — shared references, not source certainty

Exact value/origin proof P8447

Full immutable financial/source/derivation context for rows marked P8447. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8533

Full immutable financial/source/derivation context for rows marked P8533. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8534

Full immutable financial/source/derivation context for rows marked P8534. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8535

Full immutable financial/source/derivation context for rows marked P8535. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8536

Full immutable financial/source/derivation context for rows marked P8536. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8537

Full immutable financial/source/derivation context for rows marked P8537. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8538

Full immutable financial/source/derivation context for rows marked P8538. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8539

Full immutable financial/source/derivation context for rows marked P8539. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8540

Full immutable financial/source/derivation context for rows marked P8540. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8541

Full immutable financial/source/derivation context for rows marked P8541. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8542

Full immutable financial/source/derivation context for rows marked P8542. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8543

Full immutable financial/source/derivation context for rows marked P8543. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8544

Full immutable financial/source/derivation context for rows marked P8544. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8545

Full immutable financial/source/derivation context for rows marked P8545. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8546

Full immutable financial/source/derivation context for rows marked P8546. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8547

Full immutable financial/source/derivation context for rows marked P8547. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8548

Full immutable financial/source/derivation context for rows marked P8548. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8549

Full immutable financial/source/derivation context for rows marked P8549. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8550

Full immutable financial/source/derivation context for rows marked P8550. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8551

Full immutable financial/source/derivation context for rows marked P8551. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8552

Full immutable financial/source/derivation context for rows marked P8552. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8553

Full immutable financial/source/derivation context for rows marked P8553. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8554

Full immutable financial/source/derivation context for rows marked P8554. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8555

Full immutable financial/source/derivation context for rows marked P8555. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

downside · conditional-provided-not-issuer-guaranteed

Scenario period

2026-10-01 → 2027-10-01 · cumulative-12mo

horizon Months

12 months · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER downside analyst horizonMonths assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

revenue Growth

-0.025544401461369826 fraction · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · recognizedQuarterSum/TTMRevenue-1

operating Margin

0.20977011494252878 fraction · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · GAAPOperatingProfit/recognizedAnnualRevenue; SBC remains expense

cash Taxes

184500000.00000003 USD · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q34 in route shared notes

noncash Adjustments

275000000 USD · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · SBCnoncashAddback+DandA+inventoryProvision+TERnoncashLeaseAndOther

working Capital Change

-557000000 USD · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · sum exact signed forecast AR,inventory,AP,deferredrevenue,otheroperatingcash; CRDOdeposit102.4m once; TERleasecash once

cash Interest

10000000 USD · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q35 in route shared notes

other Operating Cash

0 USD · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q36 in route shared notes

capex

350000000 USD · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · gross prospective cashPPandE/FTNTcapitalizedsoftware; no additional depreciationcash charge

financing

0 USD · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER downside analyst financing assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

financing Price

311.8425064086914 USD/ordinary-share · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER downside analyst financingPrice assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

debt Raised

0 USD · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER downside analyst debtRaised assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

debt Repaid

0 USD · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER downside analyst debtRepaid assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

dilution

0.01000864729355567 fraction · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · newdilution=1576999.9999999823/definedcurrent157563750=.01000864729355567; nominalterminal159140750, highcurrent162m+sameabsolutenet163577000

runway Months

12 months · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER downside analyst runwayMonths assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

capacity Revenue Ceiling

7500000000 USD · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · conditional issuer-specific recognized-demand envelope informed by actualramp/guide, NOT physicalcapacitycertificate

max Operating Margin

0.38 fraction · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · conditional GAAPmargin envelope from actualmargin/guidedgrossmargin and prospectiveSBC/opex, NOT bull-equal ceiling

execution

supported text · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER downside analyst execution assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

terminal Multiple

30 x · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit issuer-specific retention/compression hypothesis, NO certified peer fairvalue

drivers

TER downside source-grounded analyst recognition/margin hypothesis. TER first merchantGPU order deliveredQ2 and secondhyperscaler correlation are distinct realized events. H12027 customercapacity surge is management expectation; qualification is not productionaward. No issuer guarantee or claimed productionaward/capacitycertification. Annual sales are recognized sums, not quarterexit*4. text · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER downside analyst drivers assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

cash Period Start

2026-10-01 text · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER downside analyst cashPeriodStart assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

cash Period End

2027-10-01 text · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER downside analyst cashPeriodEnd assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

cash Period Basis

cumulative-12mo text · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER downside analyst cashPeriodBasis assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

cash Bridge Rationale

TER signed EBIT+taxcash+noncash+WC+interest+othercash. Employeeproceeds inside othercash; CRDOlicense20m deducted there. Original annual window Oct1-Sep30 is preserved; API exclusive endpoint nextOct1 describes same365days. TER retains original conservative affiliate20m omission, not extra cash. Capex/acquisition/awardcash/buyback/dividends charged once. text · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER downside analyst cashBridgeRationale assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

minimum Cash

226952000.00000024 USD · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · min([480952000]+cumulativefourquarter(nativeCFO436000000-original350mcapex-150macquisition-40mwithholding-newbuyback0-newdividends0+equity0+debt0))-150000000=226952000.00000024 nominal; unchangedlower263849000-480952000 shift=-217103000 appliedONCE=>9849000.00000024

funding Execution

supported text · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · TER nominal timingfunding flag recalculated only from original disjoint fourbucket flow and nominal openingstock. This does not certify bounded survival; TERdownside lowopening fails and is explicitly preserved.

ownership Liability

0 USD · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER downside analyst ownershipLiability assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

cash Ownership Fraction

1 fraction · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER downside analyst cashOwnershipFraction assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

cash Nci Deduction

0 USD · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER downside analyst cashNciDeduction assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

cash Jv Contribution

0 USD · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER downside analyst cashJvContribution assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

cash Attribution Rationale

TER cash is conservative consolidated-liquidity proxy with TER36.151m bookNCI held outside opening owner liquidity; no equitymethod asset monetization. Geography/currentcash availability uncertainty remains in bounds. text · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER downside analyst cashAttributionRationale assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

shareholder Distributions

0 USD · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · new prospectiveundeclareddividends=0 onlypreemptivesuspension; original85000000forecast retained; dividendcash separatefrombuybacks

cash Distribution Rationale

EXPLICIT ALTERNATIVE liquidity policy: if downside cash path materializes, suspend100M prospective buybacks and85M dividends for this12month case, subject to board discretion. Filing permits reduction/elimination; this is NOT announced policy, guaranteed action or observation of zero future distributions. Preserve original failed unmanaged path, its175.151M lowercash deficit, and all baseline/base/bull source assumptions. No cash facility draw or employee proceeds credited. Retain150M acquisition budget,350M capex,40M withholding,150M timing reserve and all lowercash/highclaim bounds. Forgone370370.37037 buybackshares increase downside net economic claims; no cost-free share benefit. Revenue/GAAPmargin/ownerNI/CFO unchanged. Full185M avoidedcapital uses are allocated by original quarterly recognition weights; lowercash min9.849M remains thin and stress fragility visible. PREEMPTIVE conditional analyst policy: suspend ONLY prospective undeclared/discretionary185m dividends/buybacks BEFORE payout commitments become unavoidable; not waitforfundingdeficit or erase alreadydeclared/noncancellable liabilities. Exactboarddiscretion source is capability, NOT announced/scheduled action. Preserve350mcapex/150macquisitions/40mwithholding/150mtimingallowance andzeroemployee/equity/debtfunding; manage capex/supplier/acquisitionclosing/collection dates so actualworkingcalendar stays withinretained150mtimingallowance. Originalrecognitionweights are analystcalendar, NOT issuerpaydates or all-calendarfundingcertificate. Lower263.849mopening shift217.103m appliesONCE, gives9.849mresidual; unavoidable/undeferreduses>9.849m exhaustcushion. Full150macquisitionearly +25mcapexadvance +quarterCFOlate can breachrawcash, withsameannualbudgets; retainthatfailure and originalunmanagedlower-175.151m. Suspendbeforecommitment; ifrequirementscannotbedeferred/paidwithinallowance, thisbranchfails and mustbe rerun. Boardpolicy itself warns adverse sharepriceeffects; 50xpremiumretentionbull+35only36.203%thin, no guaranteedmultiple or publicqualification;2x/5xnonadmitted. No currentexactbank/count or physicalcapacity certificate. text · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Narrative payoutcondition binds original100mbuyback/85mdividendseparateuses, newzero prospective receipts, lost370370retirement, originalfailedpath and currentlimitedcalendar; no equitypricecashaddon

net Share Change

1576999.9999999823 ordinary-shares · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · newnet=originalgross1576999.9999999823-newretired0; delta=oldretirement370370.3703703704 foregone; no preservedbuybacksharebenefit

gross Share Issuance

1576999.9999999823 ordinary-shares · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · netShareChange+absoluteProspectiveBuybackShares

share Repurchase Shares

0 ordinary-shares · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · new sharesretired=newbuybackcash/oldassumed270=0; forgoneoriginal100000000/270=370370.3703703704

share Repurchase Cash

0 USD · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · new prospectivebuybackcash=0 ONLYpreemptiveundeclared-suspensionbranch; original100000000hypothesis preserved

acquisition Investing Cash

150000000 USD · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER downside analyst acquisitionInvestingCash assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

jv Investing Cash

0 USD · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER downside analyst jvInvestingCash assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

employee Equity Tax Withholding Cash

40000000 USD · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER downside analyst employeeEquityTaxWithholdingCash assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

capital Allocation Rationale

EXPLICIT ALTERNATIVE liquidity policy: if downside cash path materializes, suspend100M prospective buybacks and85M dividends for this12month case, subject to board discretion. Filing permits reduction/elimination; this is NOT announced policy, guaranteed action or observation of zero future distributions. Preserve original failed unmanaged path, its175.151M lowercash deficit, and all baseline/base/bull source assumptions. No cash facility draw or employee proceeds credited. Retain150M acquisition budget,350M capex,40M withholding,150M timing reserve and all lowercash/highclaim bounds. Forgone370370.37037 buybackshares increase downside net economic claims; no cost-free share benefit. Revenue/GAAPmargin/ownerNI/CFO unchanged. Full185M avoidedcapital uses are allocated by original quarterly recognition weights; lowercash min9.849M remains thin and stress fragility visible. PREEMPTIVE conditional analyst policy: suspend ONLY prospective undeclared/discretionary185m dividends/buybacks BEFORE payout commitments become unavoidable; not waitforfundingdeficit or erase alreadydeclared/noncancellable liabilities. Exactboarddiscretion source is capability, NOT announced/scheduled action. Preserve350mcapex/150macquisitions/40mwithholding/150mtimingallowance andzeroemployee/equity/debtfunding; manage capex/supplier/acquisitionclosing/collection dates so actualworkingcalendar stays withinretained150mtimingallowance. Originalrecognitionweights are analystcalendar, NOT issuerpaydates or all-calendarfundingcertificate. Lower263.849mopening shift217.103m appliesONCE, gives9.849mresidual; unavoidable/undeferreduses>9.849m exhaustcushion. Full150macquisitionearly +25mcapexadvance +quarterCFOlate can breachrawcash, withsameannualbudgets; retainthatfailure and originalunmanagedlower-175.151m. Suspendbeforecommitment; ifrequirementscannotbedeferred/paidwithinallowance, thisbranchfails and mustbe rerun. Boardpolicy itself warns adverse sharepriceeffects; 50xpremiumretentionbull+35only36.203%thin, no guaranteedmultiple or publicqualification;2x/5xnonadmitted. No currentexactbank/count or physicalcapacity certificate. text · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Narrative reflects exactchangedcash/retirement/net/dilution/minimumgraph; preemptivepolicy+managedcalendar not publishedaction or everycalendarcertificate

metric Revenue Coefficient

0.16781609195402303 fraction · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · scenarioGAAPmargin*(1-scenarioTaxRate)

metric Constant

-17000000 USD · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · recurringNetOther*(1-scenarioTaxRate)-TERaftertaxAffiliateLoss-TERaftertaxNCI

metric Ceiling

2263000000 USD · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · reviewedRecognizedRevenueEnvelope*reviewedMarginEnvelope*(1-specificTax)+metricConstant

sector Bridge Rationale

TER GAAPmargin retains SBC; specifictax 0.2; recurringother 10000000.0; aftertaxowner/affiliate 25000000.0. Equation R*margin*(1-tax)+constant; ownerMargin dependency handles margin stress. text · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER downside analyst sectorBridgeRationale assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

sector Reported Amount

713000000.0000001 USD · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · recognizedAnnualRevenue*metricRevenueCoefficient+metricConstant

sector Exclusions

0 USD · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER downside analyst sectorExclusions assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

sector Ownership Fraction

1 fraction · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER downside analyst sectorOwnershipFraction assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

sector Nci Deduction

0 USD · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER downside analyst sectorNciDeduction assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

sector Jv Contribution

0 USD · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER downside analyst sectorJvContribution assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

basis

operating-margin-linked-normalized-common-income text · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q37 in route shared notes

baseline Operating Margin

0.20977011494252878 fraction · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q38 in route shared notes

after Tax Owner Profit Slope

0.8 fraction · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q39 in route shared notes

rationale

TER downside actualsource-model GAAPmargin 0.20977011494252878; specific normalizedtax 0.2; attributable aftertax EBIT slope 0.8. Baseline*slope exactly reconciles existing coefficient 0.16781609195402303. Nonoperating aftertax constant -17000000.0 USD remains fixed; TER affiliate/NCI constants not proportional to EBIT. SBC stays expensed. Forecast CASH taxes/noncash/WC/interest/otherCFO remain fixed under owner-income perturbation; NI never added to CFO. Technical analytical assumption review, not issuer-published forecast or public approval. text · forecast · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q40 in route shared notes

base · conditional-provided-not-issuer-guaranteed

Scenario period

2026-10-01 → 2027-10-01 · cumulative-12mo

horizon Months

12 months · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER base analyst horizonMonths assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

revenue Growth

0.24999131950472564 fraction · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · recognizedQuarterSum/TTMRevenue-1

operating Margin

0.3122222222222222 fraction · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · GAAPOperatingProfit/recognizedAnnualRevenue; SBC remains expense

cash Taxes

317195999.99999994 USD · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q42 in route shared notes

noncash Adjustments

292000000.00000006 USD · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · SBCnoncashAddback+DandA+inventoryProvision+TERnoncashLeaseAndOther

working Capital Change

-239000000 USD · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · sum exact signed forecast AR,inventory,AP,deferredrevenue,otheroperatingcash; CRDOdeposit102.4m once; TERleasecash once

cash Interest

10000000 USD · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q43 in route shared notes

other Operating Cash

10000000 USD · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q44 in route shared notes

capex

420000000 USD · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · gross prospective cashPPandE/FTNTcapitalizedsoftware; no additional depreciationcash charge

financing

0 USD · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER base analyst financing assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

financing Price

311.8425064086914 USD/ordinary-share · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER base analyst financingPrice assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

debt Raised

0 USD · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER base analyst debtRaised assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

debt Repaid

0 USD · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER base analyst debtRepaid assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

dilution

0.005747333562265641 fraction · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · (explicitEndEconomicShares-definedCurrentEconomicShares)/definedCurrentEconomicShares

runway Months

12 months · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER base analyst runwayMonths assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

capacity Revenue Ceiling

7500000000 USD · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · conditional issuer-specific recognized-demand envelope informed by actualramp/guide, NOT physicalcapacitycertificate

max Operating Margin

0.38 fraction · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · conditional GAAPmargin envelope from actualmargin/guidedgrossmargin and prospectiveSBC/opex, NOT bull-equal ceiling

execution

supported text · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER base analyst execution assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

terminal Multiple

35 x · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit issuer-specific retention/compression hypothesis, NO certified peer fairvalue

drivers

TER base source-grounded analyst recognition/margin hypothesis. TER first merchantGPU order deliveredQ2 and secondhyperscaler correlation are distinct realized events. H12027 customercapacity surge is management expectation; qualification is not productionaward. No issuer guarantee or claimed productionaward/capacitycertification. Annual sales are recognized sums, not quarterexit*4. text · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER base analyst drivers assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

cash Period Start

2026-10-01 text · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER base analyst cashPeriodStart assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

cash Period End

2027-10-01 text · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER base analyst cashPeriodEnd assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

cash Period Basis

cumulative-12mo text · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER base analyst cashPeriodBasis assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

cash Bridge Rationale

TER signed EBIT+taxcash+noncash+WC+interest+othercash. Employeeproceeds inside othercash; CRDOlicense20m deducted there. Original annual window Oct1-Sep30 is preserved; API exclusive endpoint nextOct1 describes same365days. TER retains original conservative affiliate20m omission, not extra cash. Capex/acquisition/awardcash/buyback/dividends charged once. text · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER base analyst cashBridgeRationale assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

minimum Cash

330952000 USD · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q45 in route shared notes

funding Execution

supported text · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · TER nominal timingfunding flag recalculated only from original disjoint fourbucket flow and nominal openingstock. This does not certify bounded survival; TERdownside lowopening fails and is explicitly preserved.

ownership Liability

0 USD · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER base analyst ownershipLiability assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

cash Ownership Fraction

1 fraction · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER base analyst cashOwnershipFraction assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

cash Nci Deduction

0 USD · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER base analyst cashNciDeduction assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

cash Jv Contribution

0 USD · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER base analyst cashJvContribution assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

cash Attribution Rationale

TER cash is conservative consolidated-liquidity proxy with TER36.151m bookNCI held outside opening owner liquidity; no equitymethod asset monetization. Geography/currentcash availability uncertainty remains in bounds. text · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER base analyst cashAttributionRationale assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

shareholder Distributions

85000000 USD · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER base analyst shareholderDistributions assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

cash Distribution Rationale

TER common cash dividends only; buybacks separate. Zero forward dividends for CRDO/FTNT is explicit analyst policy assumption supported by retained financing tables, not missing-source default. text · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER base analyst cashDistributionRationale assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

net Share Change

905571.4285714328 ordinary-shares · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicitEndEconomicShares-definedCurrentEconomicShares

gross Share Issuance

1477000.0000000042 ordinary-shares · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · netShareChange+absoluteProspectiveBuybackShares

share Repurchase Shares

571428.5714285715 ordinary-shares · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · absoluteProspectiveBuybackCash/explicitAssumedAverageBuybackPrice

share Repurchase Cash

200000000 USD · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER base analyst shareRepurchaseCash assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

acquisition Investing Cash

150000000 USD · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER base analyst acquisitionInvestingCash assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

jv Investing Cash

0 USD · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER base analyst jvInvestingCash assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

employee Equity Tax Withholding Cash

40000000 USD · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER base analyst employeeEquityTaxWithholdingCash assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

capital Allocation Rationale

TER net economic claims equals gross allowance minus prospective absolute buybackshares; existing unvested awards already in opening overlay, not added twice. No new JVcash assumed; TER observed10.030m H1 investment is historical, no future signed purchase obligation recovered. text · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER base analyst capitalAllocationRationale assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

metric Revenue Coefficient

0.2560222222222222 fraction · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · scenarioGAAPmargin*(1-scenarioTaxRate)

metric Constant

-13600000.000000002 USD · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · recurringNetOther*(1-scenarioTaxRate)-TERaftertaxAffiliateLoss-TERaftertaxNCI

metric Ceiling

2323400000 USD · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · reviewedRecognizedRevenueEnvelope*reviewedMarginEnvelope*(1-specificTax)+metricConstant

sector Bridge Rationale

TER GAAPmargin retains SBC; specifictax 0.18; recurringother 19999999.999999996; aftertaxowner/affiliate 30000000.0. Equation R*margin*(1-tax)+constant; ownerMargin dependency handles margin stress. text · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER base analyst sectorBridgeRationale assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

sector Reported Amount

1415004000 USD · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · recognizedAnnualRevenue*metricRevenueCoefficient+metricConstant

sector Exclusions

0 USD · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER base analyst sectorExclusions assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

sector Ownership Fraction

1 fraction · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER base analyst sectorOwnershipFraction assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

sector Nci Deduction

0 USD · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER base analyst sectorNciDeduction assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

sector Jv Contribution

0 USD · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER base analyst sectorJvContribution assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

basis

operating-margin-linked-normalized-common-income text · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q46 in route shared notes

baseline Operating Margin

0.3122222222222222 fraction · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q47 in route shared notes

after Tax Owner Profit Slope

0.8200000000000001 fraction · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q48 in route shared notes

rationale

TER base actualsource-model GAAPmargin 0.3122222222222222; specific normalizedtax 0.18; attributable aftertax EBIT slope 0.8200000000000001. Baseline*slope exactly reconciles existing coefficient 0.2560222222222222. Nonoperating aftertax constant -13600000.000000002 USD remains fixed; TER affiliate/NCI constants not proportional to EBIT. SBC stays expensed. Forecast CASH taxes/noncash/WC/interest/otherCFO remain fixed under owner-income perturbation; NI never added to CFO. Technical analytical assumption review, not issuer-published forecast or public approval. text · forecast · Qualification Q41 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q49 in route shared notes

bull · conditional-provided-not-issuer-guaranteed

Scenario period

2026-10-01 → 2027-10-01 · cumulative-12mo

horizon Months

12 months · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER bull analyst horizonMonths assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

revenue Growth

0.4784843564034389 fraction · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · recognizedQuarterSum/TTMRevenue-1

operating Margin

0.3424242424242424 fraction · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · GAAPOperatingProfit/recognizedAnnualRevenue; SBC remains expense

cash Taxes

411300000 USD · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q51 in route shared notes

noncash Adjustments

318000000.00000006 USD · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · SBCnoncashAddback+DandA+inventoryProvision+TERnoncashLeaseAndOther

working Capital Change

-350000000.00000006 USD · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · sum exact signed forecast AR,inventory,AP,deferredrevenue,otheroperatingcash; CRDOdeposit102.4m once; TERleasecash once

cash Interest

10000000 USD · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q52 in route shared notes

other Operating Cash

15000000 USD · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q53 in route shared notes

capex

500000000 USD · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · gross prospective cashPPandE/FTNTcapitalizedsoftware; no additional depreciationcash charge

financing

0 USD · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER bull analyst financing assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

financing Price

311.8425064086914 USD/ordinary-share · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER bull analyst financingPrice assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

debt Raised

0 USD · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER bull analyst debtRaised assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

debt Repaid

0 USD · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER bull analyst debtRepaid assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

dilution

0.004946096937876623 fraction · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · (explicitEndEconomicShares-definedCurrentEconomicShares)/definedCurrentEconomicShares

runway Months

12 months · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER bull analyst runwayMonths assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

capacity Revenue Ceiling

7500000000 USD · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · conditional issuer-specific recognized-demand envelope informed by actualramp/guide, NOT physicalcapacitycertificate

max Operating Margin

0.38 fraction · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · conditional GAAPmargin envelope from actualmargin/guidedgrossmargin and prospectiveSBC/opex, NOT bull-equal ceiling

execution

supported text · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER bull analyst execution assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

terminal Multiple

50 x · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicit issuer-specific retention/compression hypothesis, NO certified peer fairvalue

drivers

TER bull source-grounded analyst recognition/margin hypothesis. TER first merchantGPU order deliveredQ2 and secondhyperscaler correlation are distinct realized events. H12027 customercapacity surge is management expectation; qualification is not productionaward. No issuer guarantee or claimed productionaward/capacitycertification. Annual sales are recognized sums, not quarterexit*4. text · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER bull analyst drivers assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

cash Period Start

2026-10-01 text · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER bull analyst cashPeriodStart assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

cash Period End

2027-10-01 text · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER bull analyst cashPeriodEnd assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

cash Period Basis

cumulative-12mo text · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER bull analyst cashPeriodBasis assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

cash Bridge Rationale

TER signed EBIT+taxcash+noncash+WC+interest+othercash. Employeeproceeds inside othercash; CRDOlicense20m deducted there. Original annual window Oct1-Sep30 is preserved; API exclusive endpoint nextOct1 describes same365days. TER retains original conservative affiliate20m omission, not extra cash. Capex/acquisition/awardcash/buyback/dividends charged once. text · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER bull analyst cashBridgeRationale assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

minimum Cash

330952000 USD · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q54 in route shared notes

funding Execution

supported text · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · TER nominal timingfunding flag recalculated only from original disjoint fourbucket flow and nominal openingstock. This does not certify bounded survival; TERdownside lowopening fails and is explicitly preserved.

ownership Liability

0 USD · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER bull analyst ownershipLiability assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

cash Ownership Fraction

1 fraction · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER bull analyst cashOwnershipFraction assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

cash Nci Deduction

0 USD · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER bull analyst cashNciDeduction assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

cash Jv Contribution

0 USD · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER bull analyst cashJvContribution assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

cash Attribution Rationale

TER cash is conservative consolidated-liquidity proxy with TER36.151m bookNCI held outside opening owner liquidity; no equitymethod asset monetization. Geography/currentcash availability uncertainty remains in bounds. text · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER bull analyst cashAttributionRationale assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

shareholder Distributions

85000000 USD · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER bull analyst shareholderDistributions assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

cash Distribution Rationale

TER common cash dividends only; buybacks separate. Zero forward dividends for CRDO/FTNT is explicit analyst policy assumption supported by retained financing tables, not missing-source default. text · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER bull analyst cashDistributionRationale assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

net Share Change

779325.5813953578 ordinary-shares · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · explicitEndEconomicShares-definedCurrentEconomicShares

gross Share Issuance

1477000.0000000088 ordinary-shares · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · netShareChange+absoluteProspectiveBuybackShares

share Repurchase Shares

697674.4186046511 ordinary-shares · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · absoluteProspectiveBuybackCash/explicitAssumedAverageBuybackPrice

share Repurchase Cash

300000000 USD · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER bull analyst shareRepurchaseCash assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

acquisition Investing Cash

150000000 USD · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER bull analyst acquisitionInvestingCash assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

jv Investing Cash

0 USD · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER bull analyst jvInvestingCash assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

employee Equity Tax Withholding Cash

40000000 USD · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER bull analyst employeeEquityTaxWithholdingCash assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

capital Allocation Rationale

TER net economic claims equals gross allowance minus prospective absolute buybackshares; existing unvested awards already in opening overlay, not added twice. No new JVcash assumed; TER observed10.030m H1 investment is historical, no future signed purchase obligation recovered. text · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER bull analyst capitalAllocationRationale assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

metric Revenue Coefficient

0.2807878787878788 fraction · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · scenarioGAAPmargin*(1-scenarioTaxRate)

metric Constant

-9500000 USD · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · recurringNetOther*(1-scenarioTaxRate)-TERaftertaxAffiliateLoss-TERaftertaxNCI

metric Ceiling

2327500000 USD · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · reviewedRecognizedRevenueEnvelope*reviewedMarginEnvelope*(1-specificTax)+metricConstant

sector Bridge Rationale

TER GAAPmargin retains SBC; specifictax 0.18; recurringother 25000000.0; aftertaxowner/affiliate 30000000.0. Equation R*margin*(1-tax)+constant; ownerMargin dependency handles margin stress. text · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER bull analyst sectorBridgeRationale assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

sector Reported Amount

1843700000 USD · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · recognizedAnnualRevenue*metricRevenueCoefficient+metricConstant

sector Exclusions

0 USD · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER bull analyst sectorExclusions assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

sector Ownership Fraction

1 fraction · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER bull analyst sectorOwnershipFraction assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

sector Nci Deduction

0 USD · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER bull analyst sectorNciDeduction assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

sector Jv Contribution

0 USD · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Explicit TER bull analyst sectorJvContribution assumption/definition, not issuer guarantee; retained raw-model leaf or independently scoped recovery

basis

operating-margin-linked-normalized-common-income text · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q55 in route shared notes

baseline Operating Margin

0.3424242424242424 fraction · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q56 in route shared notes

after Tax Owner Profit Slope

0.8200000000000001 fraction · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q57 in route shared notes

rationale

TER bull actualsource-model GAAPmargin 0.3424242424242424; specific normalizedtax 0.18; attributable aftertax EBIT slope 0.8200000000000001. Baseline*slope exactly reconciles existing coefficient 0.2807878787878788. Nonoperating aftertax constant -9500000.0 USD remains fixed; TER affiliate/NCI constants not proportional to EBIT. SBC stays expensed. Forecast CASH taxes/noncash/WC/interest/otherCFO remain fixed under owner-income perturbation; NI never added to CFO. Technical analytical assumption review, not issuer-published forecast or public approval. text · forecast · Qualification Q50 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q58 in route shared notes

sourceFacts.cashHistory.base.employeeProceeds
Published: 2026-07-31 · Retrieved: 2026-10-02T04:58:12.020748+00:00
sourceFacts.borrowingEvidence
Published: 2026-07-31 · Retrieved: 2026-10-02T04:58:12.020748+00:00
sourceFacts.liquidCashComponent.0
Published: 2026-07-31 · Retrieved: 2026-10-02T04:58:12.020748+00:00
financials.measuredOrdinaryShares
Published: 2026-07-31 · Retrieved: 2026-10-02T04:58:12.020748+00:00
sourceFacts.netIncome.FY
Published: 2026-02-19 · Retrieved: 2026-10-02T06:04:34.025877+00:00
sourceFacts.ebit.0
Published: 2026-02-19 · Retrieved: 2026-10-02T06:04:34.025877+00:00
sourceFacts.revenue.FY
Published: 2026-02-19 · Retrieved: 2026-10-02T06:04:34.025877+00:00