BIPS of Info: UPDATE: FAQs for conference & NDR season…

研报英文原文证据摘录

BIPS of Info: UPDATE: FAQs for conference & NDR season…

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• TRI is enterprise based.

• FICO is not seat based but transaction based in scores for the most part and consumption,

usage based in software platform.

• TRU is mostly transactional & not seat based.

• SPGI is MI is mostly enterprise based pricing but there is a mix of enterprise, subscription, and

transaction-based across its businesses.

• FDS referenced < 20% seat based on its most recent quarterly call - F2Q26 on 3/31/26.

• MCO & MSCI are enterprise, but transaction, based in some areas.

• NIQ is enterprise based.

• VRSK is enterprise based.

• IT is ~75% seat based, but in consideration of enterprise level consumption through

consulting & conferences it could be said it is Seat-Based Foundation with Enterprise-Level

Dynamics.

We also note that for TRI, if seats decline, revenue doesn’t necessarily change. For example, if a

customer has a major change in seats, it could potentially come up in the next renewal as a

factor in pricing, but in Legal that’s typically every three years for most of the book of business.

And, if TRI Is providing the tools that allow that reduction in seats, TRI will get paid for it. Also,

average spend is difficult to generalize & depends a lot on the size of the firm, what they buy,

etc., but a typical law firm spends well under 1% of their revenue with TRI. So, it’s a small spend

relative to their operations, and for what TRI views as critical offerings that legal customers

can’t do their work without. This why TRI believes it can grow wallet share as it delivers

incremental capabilities.