{
  "report_rows": [
    {
      "kpi": "Q2 adjusted EBITDA",
      "prediction": "BEAT",
      "answer": "pred ~$641M vs. cons $632M",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2 adjusted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$0.40 vs. cons $0.39",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2 constant-currency net yield growth",
      "prediction": "BEAT",
      "answer": "pred ~-3.4% vs. cons -3.6%",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Q3 constant-currency net yield growth",
      "prediction": "LOWER",
      "answer": "guide ~-8.3% vs. cons -7.5% (Q3 2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted EBITDA",
      "prediction": "UNCHANGED",
      "answer": "guide ~$2.56B midpoint vs. cons $2.56B (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted EPS",
      "prediction": "UNCHANGED",
      "answer": "guide ~$1.62 midpoint vs. cons $1.62 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Constant-currency net yield growth",
      "prediction": "UNCHANGED",
      "answer": "guide ~-4.0% midpoint vs. cons -4.0% (FY2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": -5.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -8.0,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "Q2 likely beats, but Q3 yield guidance of ~-8.3% vs. -7.5% consensus pushes FY2026 estimates toward the lower half of maintained ranges; weak out-period booking math and cautious 2027 commentary should drive continued revisions after day 1.",
  "day5_confidence": "MEDIUM"
}