{
  "report_rows": [
    {
      "kpi": "Q2 2026 Revenue",
      "prediction": "BEAT",
      "answer": "pred ~$760M vs. cons $752M",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2 2026 Adjusted EBITDA",
      "prediction": "BEAT",
      "answer": "pred ~$268M vs. cons $262M",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2 2026 Non-GAAP EPS",
      "prediction": "BEAT",
      "answer": "pred ~$0.43 vs. cons $0.41",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Q3 2026 Revenue Guide",
      "prediction": "LOWER",
      "answer": "guide ~$785M vs. cons $796M (Q3 2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q3 2026 Adjusted EBITDA Guide",
      "prediction": "LOWER",
      "answer": "guide ~$300M vs. cons $320M (Q3 2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 Adjusted EBITDA Margin Target",
      "prediction": "UNCHANGED",
      "answer": "guide ~40% vs. cons ~40% (FY2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": -3.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -6.5,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "TTD has sold off in the days/weeks following each of the last 4 prints (Aug'25, Nov'25, Feb'26, May'26) as guides continually landed only marginally above the prior quarter's floor while consensus had already crept above that floor into the print, so even a modest Q2 beat vs. cons ($760M/$268M) likely comes with a Q3 guide (~$785M/~$300M) that sits below the ~$796M/~$320M Street was modeling for the back half \u2014 an implicit cut to out-period estimates. That combination (in-line-to-slight-beat current quarter, below-consensus forward quarter) has historically triggered analyst model cuts that build over the following days rather than reverse, especially with the Publicis/agency overhang, Nasdaq committee non-compliance cure deadline (9/21/26), and a still-green C-suite (CFO Olmstead's first full quarter) leaving limited credibility buffer for the guide to be taken at face value.",
  "day5_confidence": "MEDIUM"
}