I see 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 is that 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, and the stock fell about 12% after the print despite beats. There you have it.