{
  "report_rows": [
    {
      "kpi": "Net new ARR (constant-currency, ex-divested)",
      "prediction": "BEAT",
      "answer": "pred ~$52M net new ARR (ARR ~$2.44B, +8.9% cc) vs. cons ~$48M (+8.5%)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Free cash flow (Q3'26)",
      "prediction": "BEAT",
      "answer": "pred ~$252M vs. cons ~$243M",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Non-GAAP EPS (Q3'26)",
      "prediction": "BEAT",
      "answer": "pred ~$1.68 vs. cons ~$1.60",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY26 constant-currency net new ARR",
      "prediction": "UNCHANGED",
      "answer": "guide ~$195M net new / 7.5-9.5% cc reaffirmed vs. cons ~$195M (FY26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY26 free cash flow",
      "prediction": "UNCHANGED",
      "answer": "guide ~$850M (~$950M clean baseline) vs. cons ~$850M (FY26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q4'26 net new ARR step-up / deferred-ARR confidence (implied)",
      "prediction": "BETTER",
      "answer": "guide implies ~$75M+ Q4 net new vs. cons ~$72M (Q4'26); mgmt reiterates de-risked, deferred-ARR-backed hockey stick",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": 4.0,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 3.0,
  "day5_path": "STABILIZE",
  "day5_rationale": "Washed-out sentiment (-25% YTD, June/July air-pockets) and a low bar set up an outsized relief pop if Q3 net new ARR grows YoY (de-risked) and FCF/EPS beat, mirroring the +8% Q2 reaction. But this is a credibility check, not the acceleration quarter: the FY26 ARR guide is likely reaffirmed rather than raised, so the out-period (Q4) still carries the big step-up and forward ARR/EPS estimates don't move materially higher. That caps follow-through \u2014 the initial gain holds/stabilizes rather than compounds, with aggressive ~$250M/qtr buybacks cushioning downside; a fade risk remains if any wobble in Q4 confidence or the 'flat ex-deferred' underlying reignites skepticism.",
  "day5_confidence": "LOW"
}