{
  "report_rows": [
    {
      "kpi": "Gross Bookings (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~$1,455M vs. cons $1,428M",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Normalized EBITDA (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~$432M / ~33.4% margin vs. cons $426.9M / ~33.0%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "ARR (Q2 2026)",
      "prediction": "IN-LINE",
      "answer": "pred ~$4,440M vs. cons $4,426M",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Total Revenue FY 2026",
      "prediction": "BETTER",
      "answer": "guide midpoint ~$5.26B vs. cons $5.245B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "EBITDA Margin FY 2026",
      "prediction": "UNCHANGED",
      "answer": "reaffirm >33% vs. cons ~33.4%",
      "confidence": "HIGH"
    },
    {
      "kpi": "FCF FY 2026",
      "prediction": "UNCHANGED",
      "answer": "reaffirm ~$1.8B vs. cons $1.812B",
      "confidence": "HIGH"
    }
  ],
  "day1_residual_pct": -0.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -2.0,
  "day5_path": "FADE",
  "day5_rationale": "FADE \u2014 VRSN pre-trade unwinds, implied H2 math shows pass-through raise; sell-side models modest H2 estimate drift lower",
  "day5_confidence": "MEDIUM"
}