{
  "report_rows": [
    {
      "kpi": "Gross bookings",
      "prediction": "BEAT",
      "answer": "pred ~$33.3B vs. cons $32.8B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Revenue",
      "prediction": "IN-LINE",
      "answer": "pred ~$4.21B vs. cons $4.17B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted EBITDA",
      "prediction": "BEAT",
      "answer": "pred ~$1.08B vs. cons $1.04B",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY26 gross bookings",
      "prediction": "BETTER",
      "answer": "guide ~$130.0B vs. cons $129.0B (FY26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY26 revenue",
      "prediction": "BETTER",
      "answer": "guide ~$16.15B vs. cons $15.95B (FY26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted EBITDA margin expansion",
      "prediction": "BETTER",
      "answer": "guide ~163 bps vs. cons 140 bps (FY26)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 3.8,
  "day1_confidence": "LOW",
  "day5_residual_pct": 1.5,
  "day5_path": "FADE",
  "day5_rationale": "Day-1 residual of +3.8% fades to +1.5% by day 5: the quarter and FY26 raise clear consensus, but the elevated pre-earnings setup, second-half marketing comparisons, and higher AI investment limit out-period EBITDA revisions.",
  "day5_confidence": "LOW"
}