Which data pipeline phase is the last opportunity for defining event boundaries?

Referencehttps://docs.splunk.com/Documentation/Splunk/8.2.3/Admin/Configurationparametersandthedatapipeline

 The parsing phase is the process of extracting fields and values from raw data. The parsing phase respects LINE_BREAKER, SHOULD_LINEMERGE, BREAK_ONLY_BEFORE_DATE, and all other line merging settings in props.conf. These settings determine how Splunk breaks the data into events based on certain criteria, such as timestamps or regular expressions. The event boundaries are defined by the props.conf file, which can be modified by the administrator. Therefore, the parsing phase is the last opportunity for defining event boundaries.