{
  "report_rows": [
    {
      "kpi": "Total Revenue",
      "prediction": "BEAT",
      "answer": "pred ~$1.305B vs. cons $1.29B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$1.80 vs. cons $1.72",
      "confidence": "HIGH"
    },
    {
      "kpi": "Total Bookings Growth (parity test)",
      "prediction": "MISS",
      "answer": "pred ~4.5% YoY vs. implied 'parity' target of ~6% (matching revenue growth)",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Q3 2026 Revenue Guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~$1.30B-$1.32B vs. cons $1.31B (Q3 2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 Revenue Guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~$5.20B-$5.28B reaffirmed vs. cons $5.24B (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 Normalized EBITDA Margin",
      "prediction": "UNCHANGED",
      "answer": "guide ~33%+ reaffirmed vs. cons ~33.2% (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Bookings/Revenue Parity Commentary",
      "prediction": "LOWER",
      "answer": "guide ~parity 'by year-end' pushed out vs. prior promise of parity 'for remainder of year' (FY2026)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": -4.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -6.5,
  "day5_path": "FADE",
  "day5_rationale": "Stock rallied ~40% off its June low and ~9% in the two sessions before the print, pricing in a clean beat-and-raise; a Q2 revenue/EPS beat is likely already discounted while the critical 'bookings-to-revenue parity' promise probably only partially delivers given the .CO comp and hosting softness, keeping the securities-investigation overhang alive. Initial disappointment on bookings/backward-looking guidance framing likely triggers sell-side trimming of H2 estimates (implicit cut to back-half growth needed to hit the reaffirmed FY revenue/EBITDA range), producing continued downside pressure over the following days as analysts publish updated models rather than a snap-back.",
  "day5_confidence": "MEDIUM"
}