Burndown

The stock jumped 35% for guidance that cut growth in half. Inside: the accounting that made a dying product line raise the growth rate, the thirty-two days between the FY26 guide and the end-of-life announcement that reshaped it, the scoreboard swap to Subscription ARR and its first cross-examination, the seat question asked four calls running, and a 10-K that filed quietly and quantified nothing. Refreshed August 30 with the tape's new 52-week high, set on someone else's catalyst. Produced from the public record only; both voices are synthetic. Not investment advice.

• 0:00 — Cold open
• 0:43 — The machine inside the growth number
• 2:34 — The scoreboard swap, and a corrected 10-K record
• 4:38 — Seats, agents, and a borrowed rally
• 6:23 — Votes, equity, and the 20-point spread
• 7:32 — Speed round and sign-off