To follow up on something you mentioned, you said MoEngage is a threat to Braze. Previously, I've heard more about Iterable as a direct competitor. Could you explain why you think MoEngage is the biggest threat and how much they overlap?

Before I joined my current position, I spent a few months working with MoEngage as a partner. I chose MoEngage over Braze for several reasons. I was concerned that the Braze partner ecosystem had become oversaturated, so I was considering my own business interests. MoEngage was emerging as an up-and-comer with no partners, giving me an inside view. They were winning more deals than Braze, which surprised me. They were churning Braze. For example, Sling TV, a Braze customer, did not renew and moved to MoEngage. Price was a significant factor; being based in India, they could undercut prices and had many developers there. Braze has a more enterprise, bespoke sales process, which can be complicated.