Clearwater Analytics (CWAN) 4 May 232023 Q1 Earnings call transcript

Ladies and gentlemen, thank you for standing by, and welcome to the Clearwater Analytics First Quarter 2023 Financial Results Conference Call. [Operator Instructions] And now I would like to welcome Joon Park, Head of Investor Relations, to begin the conference.

Thank you, and welcome, everyone, to Clearwater Analytics First Quarter 2023 Financial Results Conference Call.

Joining me on the call today are Sandeep Sahai, Chief Executive Officer; and Jim Cox, Chief Financial Officer. After their remarks, we will open the call to a question-and-answer session. I would like to remind all participants that during this conference call, any forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. and including items, expectations using historical including, may, can, goals, performance future the facts future which will, similar expressions identify and without expect are of intended business other forward-looking for outlook, financial terminology reflect to Expressions something and statements. than believe limitation, expressions

statements. the SEC. involve of forward-looking except our section events as a required and company Actual this Forward-looking from after Factors may The of statements materially uncertainties, conference law. including to may that obligation or with the no Risk risks number those results differ call, arise statements reflect discussed to in any update undertakes filings in any revise order by forward-looking

our For more information, please refer to press in earnings the included cautionary release. statement

the call unless posted discussed the presented GAAP earnings turn over reconciliation noted. adjusted of metrics to found non-GAAP or Executive the this that to XXXX, and that, since JUMP our our Officer, Technology all the XX, a otherwise Relations to on we basis November on I'll include call Chief results website. With results release press A Sahai. on Investor Sandeep are acquisition can be in Lastly, have

QX earnings QX. Joon, welcome to We all Thanks, delivered a and solid call. our

Let revenue. me start by discussing our

and As platform successfully SaaS-based driving a solution, on ARR onboarding growth. making our revenue live them clients is and key to

with in last billions delivering live Clients in capability delight in Officer, our this million. Simply over we dollars platform years, the Client put, with have setting onboard to though, She of Athora, UBS others hundreds Peak, in some because leadership multiple we often for the under others QX Francisco DARAG, consistently of them. successful We that an Corvid in less new X went Chief network many clients closely gains continue and clients and make the The Sethi. instance solutions provider. less know, large. effect few the revenue And few world, our are and concurrently. of were clients to effort majority and Centers is new Noida Subi to the in vast on X successfully continue bringing hundred across we architecture has better onboarding San a critical and onboarding Boise, like As and Edinburgh a of live and now York, months. a months. leaders programs you in the scalable us quarter, offices invested in organization XX than we board up bring other work repeatedly consistently a new business are time lives. In required built bring Boston, New program on delivers than and and London, general to clients, expanding small customers' to allows single on with

help received Clearwater that and on worked over teams state provide direct these SVB After technology left a their to broke, them the new and company clients allowed As which, of to deeply We investments. We of them parent I'm our understand the shines the and volatility acutely example customers or their we platform but they platform only Clearwater When continues, Citizens landscape Silicon believe our investment that this times and need SVB allows also their the and Management. the is were to confidence. get reporting clients we news success in than Bank, fact sure servicing and platform When close The positions flux. to the about brighter client the aware, to even ability SVB assets perfect very our Valley more. you're in to entity. more us One the in landed with Asset indirect. focus the the this is new that door, our exposure to come to of are data their commitment these the to turn, back whether access clients, understand Clearwater the weekend Bank, turned care direct X,XXX risk. portfolios, it's the like with and through supported not First access seamlessly clients of

of are the continue America to clients, company. on sign Bank the and Speaking Merrill Bank clients Private new excited new we announce of Lynch to and logos very of our

timely managers reporting Clearwater countries. operations. while they business platform dramatically also classes to their and comprehensive customers to their to grow migrate offering And doing across of the Asset the that, continue by the asset improve efficiency and

Indemnity logos, Robinhood, to other excited Arrowood are and including announce Pacific California. Management, Becker Elastic, Capital We Company, new several of Biosciences

to We market and geographies. across acceptance segments continue see

of our the deal where we product our will success of Prism On the significant in platform. X-figure Europe Prism during are quarter, another maturity the of continuing about Building we assets. $XX a last Prism over billion on excited the report announced clients' the closed on side, comprehensive deal we provide

high-quality us become the This this for and inclusive will and reporting Prism they of to platform because proof allowing again, platform reports. is client another statements exciting that Here, use point the is is client choice.

in strategy, has we about As assets are excited alternative and progress the we a in continue very initiative XXXX. multiproduct made to our R&D invest

been from XX% that months, has solution, a Our we in AUM the added to approximately net alternative we on we the but Based alternative platform satisfied. on deals. are the of focus in our the delivering that feedback and clients, is already asset on best-in-class not our has believe assets. winning are instrumental Testament logos fact been XX last space new

LPs, disruptive classes. we and other We seek asset continue bring solutions this loans program will to invest bank as for mortgages, derivatives, in to

we XX into our additional support global We are developing which already bases, largest will markets the X our for portion. gap platform, global integrated have and

as capabilities self-service, in XXXX been Finally, we on XXXX. investments vast successful, very to we like we focused the This ensuring the our of to been continues investing and asset classes expect will front client investments out majority platform and are has reduce scale in also bear segments, close likely fruit that beyond. which on and across that geographies. and A needed insight have

face I global this, and like Next, for spent capable to and would and as disruptive was of America proven and talk our by this now opportunities in has issues Asia and Chief been function standards embarked appointed I I Scott the and global are lead as the He and Asia be Europe in North same personally the of time on in markets, our and QX, as has of it customers in with regulations, If a ensuring solution to about in Europe teams, In support these clients to Asia and providing usually commonality prospects. struck of our the exactly our problems America. we diversity Erickson opportunity. the for accounting our more In Officer, Revenue has make his adds the The organization, markets. us Europe the sales demand anything, even led compelling. North messaging. across process sales globally. Scott approach, consistency portfolio. already unifying platform to

are as JUMP globe. Our globally. technology. Technology This so value operations is very other informally functions well. move across Subi The us and Clearwater and leads Sethi structure deliver integration the it faster to one of already operating allows proceeding does lead

working technology, Emmanuel, actively have beginning asset provide and partner all excellent together and are JUMP solution been since for comprehensive year. to of and a sales complexity. the working of product an sizes the have Technology teams managers the Integrated We Founder President and

talk team. me let Lastly, the about

by We only enthusiasm different to and with office continue being growth business. the that offices, visits In policy. every inspired return in I we from hire the QX, office comes and within day. together office line in I'm to the every to of team the our across my expanded that see collaboration In our

team, an person. engaged day. With turn this shine I'm continually the that every more team very proud in the and detail to each to numbers. focus pleased to through As focus to I interact on it with our over that, office talk about me let the building single Jim and passion team in I'm bring customer outstanding our of

of report XXXX Thanks, us. to good happy joining you I'm thank all Sandeep, QX for results. and

year-over-year with revenues approximately we our metrics growth QX. in delivered the XX% which start happened environment from QX despite impact of and banks, me the top Let XXXX, comprise revenue. regional the certainly a drive market felt challenges that the that line X% macro revenue to In with

of we our guidance increase of beat client $XXX.X First $XX.X $X.X recurring and quarter faster-than-anticipated higher we when annualized the million expected quarter. We and We than on or onboarding end or new of guidance. our an first were revenue of quarter provided assets the million year-over-year. the revenue reported based during was first million, XX.X% at this ARR, the deliver revenue, successful to able

we won't than growth heartened in and the million, satisfied we reacceleration quarter returning $XX.X until of QX XXXX, XXXX plus. While growth of sequential which by to and were growth both XX% better of the first ARR was ARR be the

quarters. it was clients XXXX, XX, reporting. are XX.X%. be with This quarter, assured our the rounded to gross due clients retention close acquisitions revenue by XXX%. the to are acquiring dipped retention not, this as But expectations. In be XX%. As XX of insurance general, revenue have the more when revenue same Actually, specific, of strive related the better in do the course, at aligned rate good churn XXXX. In our first when was remained but number our asset they to retention management March the gross first confluence that XX% better. the QX were it will of clients a in to to acquirer, stay and need among this sales prior time to corporate we our because quarter we And teams below company was to ready of net our We likely

It's retention new our we've of this these we plus model, signed also noting, quarter, last base indicated essentially new build standard contract. we quarter, multiproduct contract. And offerings. in near commercial all As our our our revenue of levels de remain as at facto we to worth made net out clients expect

contract supplemental enables clients platform. on additional annual the the for fees. base fee reminder, includes the fees and an plus a base client incremental plus As service. assets prospective existing base in subsequently increases framework the products effect base fee a for plus volatility includes charge of a This to book additional select our structure the plus in in us downside should fee or asset-based those services of utilize to limiting has model the The business, increases for base

new you Over roll our company, our days, initiative becoming to at the updating out multiproduct journey This step call. next XX an we is next forward we offering bundles. earnings and that important look a next on in to market-specific will our

of single Now reported on our were revenue continues the even in results. beat expenses of and which $XX.X to adjusted development in and to be X and the XX.X% Research better solid profitability expense the expenses guidance and quota and basis, and the from million, a in equates achievement up $X.X QX. annual Sales and revenue. EBITDA first $X.X administrative General to the equity-based G&A We million the from based QX the margin increase is million compensation result an in let's marketing and or QX quarter, ramp was the increase primarily secondary our timing an part our turn as were JUMP more transaction a negotiated well JUMP there typically to expenses of quarter marketing in to QX earned, the of based spend The compensation from fees the with $X.X was of EBITDA is month than robust Gross continue increase The of include a the management QX. offering. increase QX XX.X% million, $XX.X fees. On we the as million and invest million significant of $X.X the Technology. in and professional expenses $XX.X to QX. of as quarter increase GAAP margin global as of is and XX.X% R&D the JUMP $X.X margin profit scale. revenue, million million quarter year-over-year, Gross primary in in equity-based compared million equity-based quarter associated that compensation or increase in acquisition improvement there with in expense in XX.X%, $XX.X from throughout was revenue, a bonuses QX. Sales a expenses and an first on million first increase build the of quarter driver prudent acquisition associated are JUMP XXXX. months XX.X% of management. a to as in in services year at of expenses million marketing in XX.X% were gross came to $X $X.X of XX.X% the

with Speaking first of as merge progress. by process our and end-to-end development management the acquisition, excited in pipeline. We our are teams client investment mentioned efforts business in the to we the JUMP quarter, the we demand to prospects and and America see JUMP Sandeep happy of with and solution. joint desire are We've integration previously, base continue North an existing from the functions, we created

announce we're Clearwater their our to fact, management excited first that solution selected intra-day client also Clearwater In portfolio augment supported by in to JUMP. QX, Technology JUMP early with

the ended investments $XXX.X turn and in $XX.X Let's resulting to cash and debt, and cash million million sheet We balance equivalents the cash with quarter $XXX in holdings of approximately flow. million. cash, in net total

quarter, $X.X our year-over-year user the excess free included million of another yet without conversion lower of the for is in each portfolio. representing XX%. investment is yield. million, typically cash the in goes system excess cash the it pay also income began flow for we team During saying, investing growth cash cash Free our year Perhaps course, we capital happy but bonuses Clearwater flow of securities for fixed first of year-end was and flow first commissions. to quarter as of Free expenditures. EBITDA quarter $X.X our

the We options elected equity-based $X.X to to million statement pay the flow, from taxes net settlement the settle and cash activities shares. Within of you the will dilution to to we of net certain that of shareholders notice compensation. used related RSUs to limit financing

to Now guidance. turn let's

the to approximately revenue for we In $XX.X margin on second adjusted we an XXXX, Focusing expect expect and $XX.X guidance of million million. to of EBITDA quarter QX, adjusted XX%. be be EBITDA

the range building XX% look range guidance the year-over-year $XXX for closing The million $XXX unchanged. million, to for remain the to the of be our from we have thoughts. positioning increased solution. With year low million $XXX our revenue it another For leading some strong in to measures multiproduct forward end the on approximately $XXX After turn reaccelerate the in we and JUMP of we now to million to and revenue with provided revenue Sandeep quarter expect further XXXX, execution XX% year to continuing full I'll that, to growth. QX, which of other by previously guidance to all of over represents competitive execution growth full provide integration of

your interest appreciate Clearwater We Jim. you, Thank in Analytics.

execution We continue optimistic and to conditions. on remain the cautiously be focused despite macroeconomic

effect. With from to the questions. always, we long-term the remain clients' me technology's powerful focused that, it As our let and relentlessly as our success turn for benefit on supporting over network them operator

[Operator McVeigh of comes from Kevin first Suisse. of Instructions] the question The Credit line

that really, The regional really on of we're revenue. X% said terrific I in Congratulations just results you there about really highlighted? environment Is banks impact the good. in. looks those from in full year you any guidance think guidance

would the a still Or clients sense given Just it that of So higher? about kind seen. much get we've there? of that been some those are trying volatility to just have

you, Thank for Kevin, that question.

about So provide talking just we to just regional wanted banks, some perspective.

ARR. X about [ about SVB, X, is who One is was ended X% wanted regional and including about an is they earlier Citizens the to that of also have banks much specific of to said a we Bank, exposure X.X but exposure they and don't our We reality there, about it So customer, which we cases. ], are talk SVB customer. is is a with up those also First really

largely, JPMorgan the acquired again, one, Republic our really those operations. again, much First our are here see business having impact And assets were and they were don't high. And obviously, JPMorgan. the of And most by that So is by isn't Bank. on them customers, acquired second impact we the both on of

regional actually, really revenue banks think about think we has the that exposure guidance and impact just impact the we in of revenue really, quite the our that So given is about think when to size on the base fact muted our and that you is year, remittent.

little then gross And were help help a Terrific. bit? margins or just us Maybe JUMP those hurt And really, exceptional. the margins? understand did that

JUMP small is Really, Sure. whole of the pretty Kevin. a puzzle, piece

expected of margin gross than help faster clients. So should really those we what those

we about you to as getting putting, to live a going provide we're amount disproportional were would period. obviously, of and think into extent onboarding also we're going. do that during discounts, it, clients, that So onboarding it the effort And as we them

call so we clients. a the mix shift of JUMP onboarding state lift steady from we gross respect with more And that the particular. the nice than see our margin in And onto to of what helped that,

to I the this. on think finish is the you it, about we're last thing there. we're it we've of the that I'll since we're think margin the be at starting kind think we're expanding I starting think been and if servicing Edinburgh, claim all still long footprint, not I gross But see fruits But ever went say our making too of XX% grow We're going been think not we if manage think about I to of we're it's public, recall, I And you India here. I to see client and making really the to But success effort a just line -- global those line starting in expanding seeing expectations. -- to your model. in maturity moving promising straight concerted to see investments in think And we've over to a it's expanding levers. our term. to early

of comes Rishi The Jaluria RBC. from next question

customers them get Prism the help to to wanted us It's the resilience there. to over really that does great nice that look sort then of with Prism, start are potential follow-up. potentially who is and motion become Is with What what's quick of the what it kind full-blown stay customers to kind with path and asking these to glide big end expand understand on you bit. in think deals some And business. pretty see customers? Is some there? see you like a some got Maybe Sandeep, of do bigger Wonderful. success about platform called continued I that these Prism? continued game little to even by Clearwater I've they and of continue time. there a out

Yes. really world, the multiproduct And NRR to high numbers. important us. important I get for to Thank to it's Rishi, frankly, that is for question. move This you, an think, way

to I'm discuss So happy it.

in product court that was first remember, outside invested Rishi, also Prism. we You the the

maturity not see it's X-figure Prism deals, gained surprise are that So X-figure to some starting has deals. a and

So we're could excited about go. really where this

Prism, to it our functions client client when for for see. you vision wants a be So think is to reporting that all about portal

they we that level about are ideas see size have a be see $XX reporting. the of over kinds ask, of results Rishi, comprehensive things, to our want to want this about teams, we company, want get have $XXX all of including what And next delivering excited could the where excited this, care about of million we to for is is to analytics. see to think see want clients X So of think sort various as you They X which that might size. about. Then They to get thinking, that years. to million be? us billion Things ESG. They $X to to

Obviously, alternatives, we how on frankly, like Prism. for have that's impact year. that think when starting bank think good a loans source really another big we to really, next one us a about it's success we really have mortgages, So already. the things of we every And is the that's about investments are we about along the you think making. one We that. And know and seeing is about think bookings quite about think think LPs bit, we we and and it's furthest meaningful

a much helping growth net I of the months gives us. that out sense of the how alternatives. from last was are think just It alternatives XX% pointed earlier, XX I you Rishi, AUM in

us Our deals. alternatives win capability new are in helping

about move So look, to quite I excited we're feel multiproducts. this

of As that of deals, signs are source long be others but you starting terms revenue anything pretty remember this all and real showing maturity. they of us the real is still is smaller helping for a Prism. in as Prism early getting revenue, outside to

to company Sorry we important on for as is which but billion for in out the long-winded is that $X one think really this revenue. answer think here, path a I

that's maybe feels And talking just that a to seen. and it's a more crisis the No. better solutions as leverage all kind about on? better go we've the Maybe sort there's that prospects of to given is your my into have something helpful. Or real-time kind as of you've really from this the your way want everything seat, into these view need companies of I that's super detail. going like, there both the it to of Is Absolutely, understanding seen customers banking solutions can illustrating if and appreciate need is then their I anything, pricing need awareness more just a that been point investments to to risk. back for of demand? increased as you that for drive that from vantage you've event thinking

management, it's asset all in So people right are now. buying

know, asset challenged. you cost structure As little is bit the a management

driven go their as hard announced when So growth and announced, comes reporting that client own online. by We Private it's America sell things. we came Bank. with it what did Bank is we We very of UBS announced to ]. new But [ to

announced Merrill also Lynch. We

managers. clients more do cash think think transparency, conversation, and So exactly by their we're I forecasting. right. and more and driven not forecasting, actually go-lives more seeing you're demanding asset it's wins risk but flow and more And just I with more more

Prism is being able right really, of that, And really feel clients have in think help winner. a here. So or technology we terms of to we our that the we sort just

question comes Morgan Stanley. next The of Faucette from James

so, It's better you that place be under characteristics previous a with in may the model? guardrails the Is of client Maybe, to as for can all pricing help you the almost James. Michael think sort Jim, the And heard pricing if incremental the I fit that that of on model. say a on right? wins new were of I

Yes.

it think XX%. I number -- was think I the was specific

then talking the the paper engaging we with showed and a think time. we're conversation and client annual it. with function existing where and well, your price I'd deal. would we about -- we're to first one it that those your -- things those it what's we're And And about to base when just clients everyone, clients? I So first started how the cadence is the option with going time, I we're about for an and about sorts accepting base, this model increases continue is the around have talking it's them for around, the And that probably again, are happening we're with importance But within we and of then, more client forward. with follow-up plus. And forward existing clients, of past come clients. love talking that of we go to talking folks as moving as market say

That's I likely what ACV specifically. Maybe the can't deal you helpful. just understand of particular customer's Bank Understood. Private America disclose is. on Bank a

maybe for over So you your been time? larger trending speak of sort generally, more just wins could generally have some to client how ACVs of

move insurers in to are year. And throughout mega of But more those and those the as the obviously, we of think we one we year, pipeline not And think see last we're let's that. about the surprising -- I about for X fourth for there's insurers are and year. deals. in lots third wins, think we one obviously, X- X-figure those But maybe quarter excited people to those really the understand it's of last X-figure to talk and XXXX. talked think And I that continue about in about mega talk So that I don't deals. quarter

we're Michael, that say when driven now business. their more about And comprehensive, they more -- fair data can Yes, reports it's analytics. how the managers, they client asset that dice I otherwise, you think that the is grow and and of the think right and can entirely think The quickly. more almost by almost sort slice I reporting always to we superior provide digitally produce do

think difference. what I makes that's the

and be books. start they may sometimes more So and add then deals those somewhat tend to and smaller bigger more

the seeing deals speaking, And expect that size the in right? of are So we've to generally But seen market the that. happen. continuing are we we grow, would

of The Wells next from Turrin comes question Michael Fargo.

in filling just potential thought It's reducing for that be have comments areas just in your the to AI. David Unger the near in exiting talking optimized And heard for Any investments about related I best term, I remarks one year. me. OpEx maybe the anything Turrin. prepared to Michael

Yes.

So One largely That's [Technical difficulty] topic. things. Europe you into now David, is, you, that to really Thank have my David, being X we from X growing to North obviously and in favorite for focused grow are things. gone in into Asia. question. America

it, do able the in So I large But have global. XXXX, be prepared of that think, think. the on that towards keep expect, right? have So you have end we spent it should investment to we right? take that you remarks making down really meaningfully, once it, So what that's we share of scalable, it of building business built making R&D you a then dollars don't to

also by of able end of be Probably you through. But of should Now will to benefit none in XXXX, that start to much XXXX? up flow the that it. see

about what thing. the that's R&D we think So

the as not really excited on the things, each do, interesting our side. in second and it making operations And been it. those the we somewhat would models helpful and we what you is think many, help be the teams to about is The to of financial what so I been, many and providers. do with very again, one aggregation. It something to is do We've one exciting, therefore, it's is very in many has large it language predict know, and helpful solution be. just we cases on side, really push on the impact But services LLM many, And be client is want sophisticated. on is, accounting. reconciliation in this specifically what trying result can really wow, early technology which possible? do too understanding can are the what a answering phone. It's can It would the super can we LLM really And

MoffettNathanson. comes of The Ader question Jackson from SVB next

it's how We challenging the talking The and being a first structure cost environment, impacts. macro asset on challenged. you one Sandeep kind mentioned is about of keep management macro

is out asset just it levels bookings. asset can is the like challenge? So And or what actually the not but impacting you values, how spell impacting

NRR -- talk if I it Sandeep the do about XXX, there. then is, directions maybe this X kind of why it. multiple below back don't think troughed right, about but But if we our way maybe go just I So But right? I'm that. last ARR starting XXX, impacting to how at And all, hey, and reaccelerate XX%. about to these not it's we're there's and don't bookings, at been quarters, thinking think historically I about XX.X%, even -- can you of were why XXXX, we averaging simplest to And we've how at still talk right,

you see clear. points through further aspirationally And the kind We commercial disruption. the that's with mitigate be that multiproduct that through, we different strategy. And of still flowing just so those we've kind quantitative different. about model But done that. let's in is a some about It's can are we market kind that's to And see impact risks X the think So of a lot and the of NRR. right? to path that way XXX observing of

some the of of easiest through. kind that's I flowing way think see that to

cost to As to in of I bookings, think it speak there's I'll and let kind growth that. definitely relates to you that,

it. about we noticed, are So right? we unchanged. it. we it watchful is it, our macroeconomic, you the of about everybody big you guidance of But are parts keep we we I'll concerned, all largely because macroeconomic saying because so and keep moment, watchful it, talking do Sure. keeps questions, try answer why what of very saying about revenue is, saying a mostly Jackson, One are Yes. keep the and as couple just Well,

we our continue not unchanged. Our overly on just see simply to the just therefore, cautious while about has side to or continue we sort are And of sure largely something to being the plan, earnings guidance going change that are to somewhat making we execute something. being we execute optimistic until booking. Until demand see that, on we

not It's has is, a just nothing would the Specifically first on there's you in changed. to about if like talk the just demand, thing say. One though, environment. like demand, competitive change competitively, I really

good Point is mega that last that's that year. very to good have confidence X large we'll really and mega We insurers. and better So cap one. insurers that number in do we X see we closed this year, momentum cap continue point number

good. Then you quarter. we asset Private that that Bank, quite think Merrill really about also we Bank excited this we And are Lynch managers. won won So feels of America and

that so point doing reasonably good is really feels Europe view, asset well. an of And from management

cross-sell a this last quarter. said As -- of this JUMP announced about, won X [ we they've quarter, I ] talked we deals. year number deals

that's you encouraging And always when acquisition. do an so

define we And be expected. it how so yes, better demand to Is you year that's is, And feel to No, now. it our what is it thought? Is got like the seem not. we've about right think we how plan we we plan. way than it close the

got you've long that. Sorry, a really answer to

just that's I'll one more sneak quick one. helpful. No,

about I we're it should like mean the of it sounds then first the for now your than quarter, we most year upping but part the about of think unchanged. good feeling really kind the a rest the for year as worried coverage kind of rather of maybe year? for So guidance rest with the the

in got nowhere. them quarter, X to then One and come like right? So but obviously, came So the -- there's so strong, were does planning to year. there's It how online out it completed in in QX it. the is flow we wasn't the elements some help through were that that onboardings Jackson, of QX, for to

gave just is, people from And doesn't can say coverage how second ambitious. would wish. look first to perspective, that about, And it the honest, you looks be quite me interpret year quarter. maybe after the I of a ambitious you as the hey, stick now we thing delivered other little half The a

next The comes from question Goldman Gabriela Borges Sachs. of

I'll renewal good larger on Meaning, in Sandeep, up us your bit comments the insurance, which sales cap to when mega progressing are incentives a your how momentum on you And a give sales XX follow that when color imagine little sense us the for months? contracts more little you're I next up and annual wins the cycle pretty timing how Maybe give that has much on how in cap prioritizing of on team mega market look insurers. go you over do the XX, And see at there. team at maybe a matter? customers? of the your color the

Gabriela, you, Yes, question. the sure. Thank for

exactly you're think I right.

their mega that know our exactly concerned We happened really coming I know when X think, we what like are about. think I contracts what that look, they're announced helped has up. is you points. the all XX year, out, pain last deals. We And go-to-market. Literally we know just played

alternatives. Some are concerned about

Some the on to report are about concerned risk. ability

to concerned about do ability correctly. their are audits Some

but did fully there also a you their when mega Nationwide active coming of first so are happy you, list X we renewal. And inbounds. campaigns in got contracts saying, what for on insurers, And on pick have we happened?" time to going we're why up the will, we last have say to have inbounds. points, marketing So for is pain I've we of speak. been And the had the as of very "Hey, aware if People years, whole all

before them are year. to convert not this going some Now next of X some years, some year, maybe

we So the position our about mega our for more good than expect and and share. really to we proposition value our win many insurers, feel

seeing a to the we came I back in carved fruits Gabriela, team, now GTM, your the XXXX. of Yes, labors XXXX, XXXX. work in to up including think And working. And they and great on those out salespeople some that in fruition got we're to point,

been of those We're these see investments and investments cap. fruition have in to that put of So lot in making that it's mega place, great the a same globally.

These hunters. are elephant

hunt can go a and is also sell As you you not other million $X somewhere companies, deal seen must elephant. this in have

those. this on cap one focuses So organization, the do mega insurers only which

look at deals. don't really $X deals which several looking dollar to X.X at million insurers. make pipeline, So mega their top they it million They're large to and is XX the

That sense. makes

comes Dylan of William Becker The next from Blair. question

here. of kind that Nice commentary. similar of with Maybe some job sticking

of that these playing talked a you standpoint of the made perspective into I specialization out from of accelerated back half the benefiting maybe referenceability onboarding cross-sell also moving a efficiency maybe of rolling capability some note kind of around from that of sales you kind about? see expertise, and some domain think market-specific kind efforts you forward, bundles and kind Jim, year. and But do streamlining how a of

Thanks, Sure. thanks, well. Dylan, and welcome as

commercial we the thing single and and first you the platform though benefits model have. model our still that still of we global remember the our single is have bundles think are that there, So to even security the have know I single we --

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maybe to of optimization of kind of capabilities. kind AI Got some outside of super And it. topic the helpful. That's maybe the of internal going back

mentioned Insights and I 'XX, the some those about term perspective almost longer there that guys that R&D value the well. initiatives, think the as not productizing You thinking $X.X on gives across you have and kind maybe in customers. are expansion offering, that but even capabilities you of maybe on to deliver to how right? for But the side emphasizing you support platform trillion a Sandeep, very of opportunity as much unique

Sure. Yes.

we investments And is being by and the to is I in one obviously make actually for continue Insights. XXXX believe directly and look, the 'XX. of one And So XXXX some most Jim. do that run exciting

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of Got helpful. opportunity. an definitely long-term it. Very kind exciting Yes,

line of of question Schwartz Brian next from Oppenheimer. comes The the

about Friedman This prior if little a talk the in today about to comparison I Schwartz. could quarters. Brian in Ari was guess, sitting bit is for wondering like internationally, demand you you're I seeing

Yes.

this year. the versus me, facts, pardon revenue the QX think, right? I So just international quarter, XX% was look, firstly, last So year, this of

do in space be are tend quickly the seen to to So ones really continues insurance I largest seems the And Europe. by think grow us. deals in nicely international that we've far for large. and pipeline. largest the Those

are not couple these one, hundred the which other doing is well So Europe. dollar. million a is in Management

with because a to yet that further have We to behind bit do in you to compared little Asia Asia, else, just add would Jim, much is Europe. Anything that?

and our think together. the few see demand I American client well say, one for that North JUMP as that's joint we thus clearly international, opportunities have we had that think far, fruition, base we've still And days still I'd I offering. a coming but to thing within internationally success comes cross-selling there, as combined early

of Yun Markets. from next question Kim Loop Capital comes The

solid a in upside prepared your faster driven the onboarding. of that by was quarter. on Congrats revenue some In the mentioned quarter remarks, the you

specific Just was a that is situation? curious can whether customer that on some sustained forward? be Or process improvement more going that

little I'd both. to bit like is just think it a of

X. on flawlessly executed we think I quarter

And I clients. host we why deliver do multiple my of with good job whole to remarks, able So said, able a team a in that's to be prepared concurrently, programs. to just the was seem

about excited really we're that. think we So

also how right? time, in takes compress that your first that the bearing make we onboard, have shorten sure XX-month we of investigates time terms is accuracy So time, what also what how technology an fruits can program, and We do is and of separate which that a use the higher to time is round. you program, level

-- of my And frankly, bit capability. that excited do I think onboarding why it's remarks, And both. prepared to quickly sort in talk about of customers onboard other it's prospects. that So lot they And clients them a we're I a about confidence can I think that's little just helps us other of grow. that and it with and you the very gives started when because

banking Okay. And then current has at just Great. curious motion the on changed go-to-market some the introduced or in -- or interest situation? second. velocity -- then funnel just results? industry, kind of uncertainty you even the one of lot your more the And steps improving to given of the your Are take inbound a [Foreign the advantage seeing Language] deals of top

things. X So

we're higher. with services is much have, clients on them intensity the which we engaging with current the Just client

stay want to with one. That's we So them. very close very,

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who talking For SVB. platform. example, using not clients have X,XXX were But they just the it's SVB Clearwater and we about were the

think those we focusing book. really So is that -- that on clients a getting

Private the America UBS me, and And the also the having wins we're we we're management but in QX large has announce side meaningful went Just live in on to obviously, with demand do conversations increased. servicing asset the asset I managers space, definitely pardon reporting portal, did on and the Lynch, announce environment, X that also Bank client think client QX. excited Merrill and in Bank of

asset have really growth you So in exciting business. the management

There registered time. are additional at this no currently questions

So I to management pass like over back the closing for remarks. any to would team the conference

is for and very all We're interest special much in build to your appreciated. here I thank you want to with just us your trying Yes, something all. involvement Clearwater. of you Thank

that, And you call. conclude will Thank we for today's participating. with

You may now lines. your disconnect