{
  "report_rows": [
    {
      "kpi": "Non-GAAP EPS",
      "prediction": "BEAT",
      "answer": "pred ~$1.72 vs. cons $1.60",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Revenue",
      "prediction": "BEAT",
      "answer": "pred ~$628M vs. cons $616M",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Net New ARR",
      "prediction": "MISS",
      "answer": "pred ~$43M vs. cons $48M",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY26 cc-ARR growth guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~8.5% (midpoint of 7.5%-9.5% reiterated) vs. cons ~8.5% (FY26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY26 Non-GAAP EPS guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~$7.75 (midpoint of $6.65-$8.90 reiterated) vs. cons ~$7.60 (FY26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q4 net new ARR / deferred-ARR unlock commentary",
      "prediction": "UNKNOWN",
      "answer": "guide ~$0 explicit figure given (qualitative only) vs. cons ~$85M implied Q4 net new ARR (Q4 FY26)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": -2.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -4.5,
  "day5_path": "FADE",
  "day5_rationale": "Even with a likely EPS/revenue beat driven by favorable renewal duration and buybacks, the core debate\u2014that 2H net-new ARR acceleration leans on previously-banked deferred ARR rather than fresh bookings (management conceded underlying new business is 'approximately' flat y/y)\u2014means sell-side will dissect ARR quality post-print. With FY26 guidance likely reiterated rather than raised, FY27 AI monetization explicitly flagged as 'not overly material,' and a lingering Windchill/FlexPLM security overhang plus a fragile AI/software tape, initial buy-the-beat enthusiasm should fade over the week as analysts trim out-period (Q4/FY27) net-new ARR and margin assumptions, pulling the stock back toward/below pre-print levels.",
  "day5_confidence": "MEDIUM"
}