The moat case is a system of record: a 98% renewal rate, subscription gross margin above 80%, and a ‘context engine’ that draws on more than 95 billion annual workflows and over 7 trillion transactions across 22 years – the argument being AI agents need this governed workflow context, so the data layer is amplified rather than bypassed. It remains a claim, not yet a disclosed revenue moat. Management says we are ‘not getting negotiated down on the core.’ The stock fell about 12% after the print despite beats. There you have it.