The financial model is anchored on four key elements: organic growth, margin, cash flow, and capital allocation. Organic growth is primarily driven by subscription contracts, with approximately 90% of the research business derived from annual agreements—half of which are multi-year, typically two to three years in duration. This results in a steady growth rate of 10 to 12% per year, consisting of a 4% annual growth from the existing book of business, a net retention rate near 100%, a 3 to 4% price increase, and 6 to 7% derived from acquiring new customers. Additionally, the business benefits from inherent operating leverage in its margin, as content creation is a one-time effort that allows for incremental margin expansion as the customer base grows.

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