{
  "report_rows": [
    {
      "kpi": "Revenue",
      "prediction": "BEAT",
      "answer": "pred ~$4.24B vs. cons $4.169B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted EBITDA",
      "prediction": "BEAT",
      "answer": "pred ~$1.09B vs. cons $1.036B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$5.46 vs. cons $5.18",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 gross bookings growth",
      "prediction": "UNCHANGED",
      "answer": "guide ~7.0% vs. cons 7.1% (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 revenue",
      "prediction": "UNCHANGED",
      "answer": "guide ~$15.90B vs. cons $15.91B (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 adjusted EBITDA-margin expansion",
      "prediction": "BETTER",
      "answer": "guide ~125 bps vs. cons 112 bps (FY2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": -4.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -6.5,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "A Q2 revenue/EBITDA beat of roughly $4.24B/$1.09B versus $4.169B/$1.036B is likely offset by roughly unchanged FY revenue and bookings guidance of $15.90B/7.0% versus consensus $15.91B/7.1%; the lack of a top-line raise after the rally should drive modest out-period estimate cuts despite margin upside.",
  "day5_confidence": "MEDIUM"
}