{
  "report_rows": [
    {
      "kpi": "Adjusted diluted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$0.72 vs. cons $0.68",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted operating margin",
      "prediction": "BEAT",
      "answer": "pred ~38.7% vs. cons 37.5%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Net long-term flows",
      "prediction": "BEAT",
      "answer": "pred ~$28.0bn vs. cons $21.0bn",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 adjusted operating-expense outlook",
      "prediction": "LOWER",
      "answer": "guide ~$3.32bn vs. cons $3.35bn (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Hybrid-platform cost savings",
      "prediction": "UNCHANGED",
      "answer": "guide ~$60m vs. cons $60m (FY2027)",
      "confidence": "HIGH"
    },
    {
      "kpi": "Canada partnership operating-income drag",
      "prediction": "UNCHANGED",
      "answer": "guide ~$7.5m vs. cons $7.5m (2H2026 per quarter)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 3.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 5.0,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "The ~$0.04 EPS beat versus $0.68 consensus is supported by higher average AUM, better flow breadth, and a margin outcome above 37.5%; a FY2026 expense guide near $3.32bn versus $3.35bn consensus should lift out-period operating-income estimates rather than leave the beat as a one-quarter event.",
  "day5_confidence": "MEDIUM"
}