{
  "report_rows": [
    {
      "kpi": "Q2 room nights",
      "prediction": "IN-LINE",
      "answer": "pred ~320M vs. cons 318M",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2 revenue",
      "prediction": "IN-LINE",
      "answer": "pred ~$7.20B vs. cons $7.17B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2 adjusted EBITDA",
      "prediction": "BEAT",
      "answer": "pred ~$2.59B vs. cons $2.55B",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Q3 room-night growth",
      "prediction": "LOWER",
      "answer": "guide ~4% vs. cons 6% (2026Q3)",
      "confidence": "HIGH"
    },
    {
      "kpi": "Q3 revenue growth",
      "prediction": "LOWER",
      "answer": "guide ~8% vs. cons 10% (2026Q3)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted EPS growth",
      "prediction": "LOWER",
      "answer": "guide ~12% vs. cons 14.6% (FY2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": -4.2,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -6.0,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "A modest reported-quarter beat is outweighed by out-period estimate cuts: Q3 room-night growth guide ~4% vs. 6% consensus and FY2026 adjusted EPS growth guide ~12% vs. 14.6% consensus should pull forward estimates lower after day 1.",
  "day5_confidence": "MEDIUM"
}