Great write-up! Do you think a potential near-term catalyst could be CY'23 budget resets/cuts in social media/marketing spend? Not sure if IT specifically carves out budget for this type of software or is it more lumped in with marketing budgets? SMB-focused names have shown strength last few q's where enterprise has been more proactive in cutting back early, so wondering if you think that SMB strength is really just the segment lagging enterprise? Also, any thoughts on why they are trading commanding a significant premium to peers? Seems like mostly LOs that own the name - surprised not retail driven.
Great write-up! Do you think a potential near-term catalyst could be CY'23 budget resets/cuts in social media/marketing spend? Not sure if IT specifically carves out budget for this type of software or is it more lumped in with marketing budgets? SMB-focused names have shown strength last few q's where enterprise has been more proactive in cutting back early, so wondering if you think that SMB strength is really just the segment lagging enterprise? Also, any thoughts on why they are trading commanding a significant premium to peers? Seems like mostly LOs that own the name - surprised not retail driven.