The business model lies within the pricing power that they have - Management are focused on not only growing the number of customers, but also the number of products each customer has. Once a customer is deep in the ecosystem, it's hard for them to change analytics providers - from there, prices will increase and margins will grow.
In saying that, this report is bad. Financials look terrible, and I agree with your point around cash burn - it might be "Growth" CAPEX, but there's no way this business remains a leader without spending to grow and improve.
Ann: FY22 Results Presentation, page-8
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