The moat case is a system of record: 98% renewal, 80%+ subscription gross margin, a context engine drawing on 95 billion annual workflows and 7 trillion transactions over 22 years — the argument that AI agents need this governed context, so the data layer amplifies, not bypasses. It remains a claim, not a disclosed revenue moat. Analysts pressed on organic versus inorganic AI uplift from Moveworks, Veza, Armis, and core negotiation. Management says not getting negotiated down on the core but gave no split. Stock fell ~12% after beats. There you have it.