{
  "report_rows": [
    {
      "kpi": "Adjusted EPS (Q4 FY26)",
      "prediction": "BEAT",
      "answer": "pred ~$3.85 vs. cons $3.75",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Total Revenue (Q4 FY26)",
      "prediction": "BEAT",
      "answer": "pred ~$2.20B vs. cons $2.17B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Closed Sales (Q4 FY26, $M)",
      "prediction": "MISS",
      "answer": "pred ~$100M vs. cons (implied by FY guide) ~$120M",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2027 Recurring Revenue Growth (CC)",
      "prediction": "UNCHANGED",
      "answer": "guide ~6-8% vs. cons ~7% (FY2027)",
      "confidence": "LOW"
    },
    {
      "kpi": "FY2027 Adjusted EPS Growth algorithm",
      "prediction": "LOWER",
      "answer": "guide ~8-10% vs. cons ~11% (FY2027)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2027 Closed Sales target ($M)",
      "prediction": "LOWER",
      "answer": "guide ~$270M vs. cons ~$310M (FY2027)",
      "confidence": "LOW"
    },
    {
      "kpi": "Annual Dividend Increase (announced with Q4)",
      "prediction": "LOWER",
      "answer": "guide ~7-8% increase vs. cons ~10% (FY2027, would be 20th consecutive annual increase)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": -4.0,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -6.5,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "Stock rallied ~16% off its June lows (vs. S&P +5%) into the print, pricing in hope that Q4's seasonally strong bookings quarter and FY27 outlook would validate the 'demand is fine, just timing' narrative. Our base case is a modest EPS/revenue beat but another closed-sales shortfall (sales-cycle elongation persisting into Q4) plus a cautious initial FY27 guide (EPS growth algorithm trimmed toward 8-10% from the prior double-digit framing, and a still-conservative bookings target) as management continues front-loading tokenization/AI/shareholder-engagement investment. That combination is the same setup that drove the Feb 2026 post-Q2 drawdown (~15% over two weeks) \u2014 bookings/guidance dominate the stock reaction far more than the trailing-quarter print. Expect an initial negative gap that a beat-driven headline doesn't fully offset, followed by sell-side model cuts to FY27 EPS/bookings over the following days as analysts true-up estimates to the softer out-year math, producing continued (not reversing) downside through day 5.",
  "day5_confidence": "MEDIUM"
}