{
  "report_rows": [
    {
      "kpi": "cRPO constant-currency growth",
      "prediction": "BEAT",
      "answer": "pred ~20.1% vs. cons 19.5%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Subscription revenue",
      "prediction": "IN-LINE",
      "answer": "pred ~$3.842B vs. cons $3.820B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Non-GAAP operating margin",
      "prediction": "BEAT",
      "answer": "pred ~27.1% vs. cons 26.5%",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Subscription revenue",
      "prediction": "LOWER",
      "answer": "guide ~$3.985B vs. cons $4.005B (Q3 2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "cRPO constant-currency growth",
      "prediction": "BETTER",
      "answer": "guide ~18.9% vs. cons 18.7% (Q3 2026)",
      "confidence": "LOW"
    },
    {
      "kpi": "Subscription revenue",
      "prediction": "UNCHANGED",
      "answer": "guide ~$15.79B vs. cons $15.79B (FY 2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Non-GAAP operating margin",
      "prediction": "UNCHANGED",
      "answer": "guide ~31.5% vs. cons 31.5% (FY 2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "AI ACV target",
      "prediction": "UNCHANGED",
      "answer": "guide ~$1.50B vs. cons $1.50B (FY 2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 5.0,
  "day1_confidence": "LOW",
  "day5_residual_pct": 1.5,
  "day5_path": "FADE",
  "day5_rationale": "The cRPO and margin beats support a day-1 relief rally, but guide ~$3.985B vs. cons $4.005B for Q3 and FY guide ~$15.79B vs. cons $15.79B imply that the Q2 upside does not flow through to the out-period; estimate revisions should therefore remain flat to slightly negative, fading the residual from +5.0% on day 1 to +1.5% cumulatively by day 5.",
  "day5_confidence": "LOW"
}