{
  "report_rows": [
    {
      "kpi": "Marketplace GOV",
      "prediction": "BEAT",
      "answer": "pred ~$33.5B vs. cons ~$32.9B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Revenue",
      "prediction": "BEAT",
      "answer": "pred ~$4.42B vs. cons ~$4.33B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted EBITDA",
      "prediction": "IN-LINE",
      "answer": "pred ~$840M vs. cons ~$835M",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Q3'26 Marketplace GOV guide",
      "prediction": "BETTER",
      "answer": "guide ~$34.6B vs. cons ~$34.1B (Q3'26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q3'26 Adjusted EBITDA guide",
      "prediction": "LOWER",
      "answer": "guide ~$890M (mid) vs. cons ~$915M (Q3'26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY26 Adj. EBITDA margin framework (% of GOV)",
      "prediction": "UNCHANGED",
      "answer": "guide ~2.6% vs. cons ~2.6% (FY26); reaffirm ex-Deliveroo slightly above 2025 + ~$200M Deliveroo",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": -4.0,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -6.0,
  "day5_path": "FADE",
  "day5_rationale": "Stock ran ~+19% in two weeks and ~+38% off March lows into the print, so a likely GOV/revenue beat is already priced. The move-lower catalyst is margin: a heavy-spend year (gas relief >$50M/qtr, parallel tech replatforming, new-vertical build, drones/AV) means Adj. EBITDA lands only in-line and the Q3 EBITDA guide sits below consensus. Out-period math dominates \u2014 even after a top-line beat, analysts trim EBITDA/EPS estimates for the visible margin drag and GAAP profit erosion, so the initial sell-the-news dip follows through rather than recovers.",
  "day5_confidence": "LOW"
}