{
  "report_rows": [
    {
      "kpi": "Revenue",
      "prediction": "BEAT",
      "answer": "pred ~$4.22B vs. cons $4.169B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adj. EBITDA",
      "prediction": "BEAT",
      "answer": "pred ~$1.06B vs. cons $1.036B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adj. EPS",
      "prediction": "BEAT",
      "answer": "pred ~$5.45 vs. cons $5.18",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 revenue growth guide (raise)",
      "prediction": "BETTER",
      "answer": "guide ~+8-9% vs. cons ~+7% (prior +6-9%, FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 Adj. EBITDA margin expansion",
      "prediction": "BETTER",
      "answer": "guide ~+125bps (high end) vs. cons ~+110bps (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2 gross bookings growth",
      "prediction": "BETTER",
      "answer": "pred ~+9% (~$33.2B) vs. cons ~+8% ($33.0B) (Q2'26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q3'26 revenue growth guide",
      "prediction": "UNKNOWN",
      "answer": "guide ~+7-9% vs. cons ~+8% (Q3'26)",
      "confidence": "LOW"
    },
    {
      "kpi": "2H margin cadence commentary",
      "prediction": "LOWER",
      "answer": "guide moderating expansion ~+50bps vs. cons ~+80bps (2H'26, lapping cost cuts + AI costs)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": -4.0,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -6.0,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "Stock ran ~+20% in two weeks and ~+37% over two months into the print with consensus already at the top of the Q2 guide, so a beat + modest FY raise is largely priced \u2014 classic sell-the-news (mirrors the post-Q1 drop despite a beat). Out-period math weighs: management flagged moderating 2H margin expansion (lapping 2H'25 cost cuts, rising AI/token costs) plus B2B mix pressure and lingering Middle East/oil uncertainty, so even with a Q2 beat, forward EBITDA/margin revisions are capped, driving continued profit-taking and follow-through weakness over the week.",
  "day5_confidence": "LOW"
}