Insight
Variance & insight
Plain-English commentary per material variance line, with citation drill-back to the underlying journal entries.
Operating income came in 21.4% below budget despite revenue beating budget by 2.7%. The gap is driven by sales and marketing spend tracking 6.8% above budget, primarily through Q3 commissions and accelerated EMEA pipeline investment ahead of the German banking covenant review. Cost of revenue ran 11.1% above budget, reflecting AWS commitments locked in during Q2 at higher reserved-instance rates than planned. The Magic Number of 0.98 against a 1.40 target is the operational signal Cedarpoint will focus on at the next quarterly board meeting.
Budget Op Inc → ±line variances → Actual Op Inc. Hover for signed deltas.
Inline citations open the source journal entry on the right.
Revenue beat the budget by 2.7% on stronger EMEA close and a Q4 enterprise pipeline burst ahead of the German covenant review.
Budget $62,500,000
Cost of revenue ran 11.1% above budget, reflecting the AWS reserved-instance commitment locked in Q2 at higher rates than planned, with a Q4 utilisation true-up adding the residual.
Budget $15,200,000
S&M tracked 6.8% above budget, primarily through Q3 commission true-ups and accelerated EMEA pipeline investment ahead of the German banking covenant review.
Budget $21,000,000
R&D came in 2.0% under budget, reflecting unfilled engineering roles in the second half (115 FTE actual vs 120 budgeted).
Budget $12,400,000
G&A 5.0% above budget driven by Stout audit/advisory work and a one-time data infrastructure spend at MEU.
Budget $6,800,000
Interest 6.5% above budget. Covenant-triggered repricing on the senior debt facility added 130k USD; remainder is German bank fees on a working capital line drawn in Q4.
Budget $2,100,000
Realised FX loss on EUR receivable settlements during Q4 — euro weakened ~120bps versus the assumed contract rate.
Budget $0