{
  "report_rows": [
    {
      "kpi": "cRPO growth (cc, YoY)",
      "prediction": "BEAT",
      "answer": "pred ~20% cc vs. cons ~19.5% cc (guide +19.5% cc incl. ~125bps Armis)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Subscription revenue",
      "prediction": "BEAT",
      "answer": "pred ~$3,850M vs. cons ~$3,823M (guide $3,815-3,820M)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Non-GAAP operating margin",
      "prediction": "BEAT",
      "answer": "pred ~28.3% vs. cons ~26.8% (guide 26.5%)",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY26 subscription revenue guide (crux: organic vs. inorganic raise)",
      "prediction": "BETTER",
      "answer": "guide raise to ~$15,830M vs. cons ~$15,815M (FY26); but raise likely still Armis/FX-led, organic flat",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q3 FY26 subscription revenue guide",
      "prediction": "UNCHANGED",
      "answer": "guide ~$3,975M vs. cons ~$3,970M (Q3 FY26)",
      "confidence": "LOW"
    },
    {
      "kpi": "Q3 FY26 cRPO growth guide (deceleration optics)",
      "prediction": "LOWER",
      "answer": "guide ~18.5% cc vs. cons ~19% cc (Q3 FY26); organic decel continues",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY26 non-GAAP operating margin guide",
      "prediction": "UNCHANGED",
      "answer": "guide ~31.5% vs. cons ~31.5% (FY26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Now Assist / AI ACV target (2026)",
      "prediction": "UNKNOWN",
      "answer": "guide reaffirm/raise ~$1.5B vs. prior ~$1.5B (FY26); possible upside bump but hard to isolate under AI-native bundling",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": -2.5,
  "day1_confidence": "LOW",
  "day5_residual_pct": -5.0,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "Base case is another mechanical beat-and-raise where the FY lift is Armis/FX-driven while organic cRPO decelerates (~20% reported masks ~18% organic). After Q1's ~18% drop on exactly this pattern and fragile software sentiment post-IBM warning, the initial reaction skews negative; out-period math (implicit organic cuts, decel Q3 cRPO guide) pulls forward numbers down even after the headline beat, so weakness follows through rather than reverses. Wide distribution given beaten-down base (~$102 vs. $147 YTD high) \u2014 a clear organic acceleration/AI ACV raise could flip this to a relief rally, hence low confidence.",
  "day5_confidence": "LOW"
}