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Seti Pendegree

Managing Director and Senior Equity Analyst at Mizuho Securities USA LLC

Seti Pendegree is a Managing Director and Senior Equity Analyst at Mizuho, specializing in the coverage of companies within the energy sector, including leading firms such as ExxonMobil, Chevron, and ConocoPhillips. Renowned for his in-depth fundamental and valuation analysis, Pendegree maintains a robust performance record with a high success rate on his stock recommendations, consistently ranking among top analysts on industry platforms for accuracy and returns. His career began in the early 2000s at UBS, where he served as an equity research associate before progressing to BNP Paribas and subsequently joining Mizuho in 2016. Pendegree holds multiple FINRA securities licenses, including Series 7, 63, 86, and 87, underscoring his professional credentials and expertise in equity analysis.

Seti Pendegree's questions to Braze (BRZE) leadership

Question · Q2 2026

Seti Pendegree asked for more details on the strong start of the OfferFit integration, including customer feedback and the anticipated ACV uplift from existing customers. Pendegree also questioned how Braze plans to scale the OfferFit business to further drive margin expansion, considering its service-heavy nature.

Answer

Co-founder and CEO Bill Magnuson highlighted successful post-acquisition OfferFit wins across all major geographic regions, noting strong pipeline generation and integration pace. He mentioned the full OfferFit offering is priced around $300,000 annually, with plans for a spectrum of reinforcement learning offerings. CFO Isabelle Winkles stated that OfferFit's gross margin currently aligns with Braze's average but has potential to exceed it over time through delivery optimization. She added that aggressive synergy identification is underway to manage OfferFit's impact on operating income.

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