{
  "report_rows": [
    {
      "kpi": "Revenue",
      "prediction": "BEAT",
      "answer": "pred ~$760M vs. cons $752M",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adj. EBITDA",
      "prediction": "BEAT",
      "answer": "pred ~$268M vs. cons $262M",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Non-GAAP EPS",
      "prediction": "IN-LINE",
      "answer": "pred ~$0.38 vs. cons ~$0.37",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Q3'26 revenue guide",
      "prediction": "LOWER",
      "answer": "guide ~$795M vs. cons ~$805M (Q3 2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q3'26 adj. EBITDA guide",
      "prediction": "UNCHANGED",
      "answer": "guide ~$298M vs. cons ~$300M (Q3 2026)",
      "confidence": "LOW"
    },
    {
      "kpi": "FY26 adj. EBITDA margin (reaffirm)",
      "prediction": "UNCHANGED",
      "answer": "guide ~40% vs. cons ~40% (FY2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": -4.0,
  "day1_confidence": "LOW",
  "day5_residual_pct": -7.0,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "A modest headline beat (rev ~$760M/EBITDA ~$268M) is unlikely to offset the core debate: Q3 guide of ~$795M implies growth decelerating toward ~7-8% (from Q1 +12%, Q2 ~+9%). The implicit out-period cut forces analysts to trim H2/FY27 revenue and question the 'at least 40%' margin bridge after a soft H1 (Q1 30% margin), so estimate revisions drift lower and extend the initial negative reaction. Lack of a permanent CFO and unresolved Amazon/agency-share overhangs add to the downward bias. Low-bar/bearish positioning caps but does not reverse the drift; TTD remains a high-volatility, idiosyncratic mover.",
  "day5_confidence": "LOW"
}