Clearwater Analytics (CWAN) 1 May 242024 Q1 Earnings call transcript

Thank you, and welcome everyone to Clearwater Analytics' First Quarter 2024 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.Expressions of future goals, intentions, and expectations, including in relation to the business outlook, future financial and product performance, and similar items, including, without limitation, expressions using the terminology may, will, can, expect, and believe and expressions which reflect something other than historical facts are intended to identify forward-looking statements.Forward-looking statements involve a number of risks and uncertainties, including those discussed in the risk factors section of our filings with SEC. Actual results may differ materially from any forward-looking statement.Company undertakes no obligation to revise or update any forward-looking statements in order to reflect events that may arise after this conference call, except as required by law.

For more information, please refer to the cautionary statement included in our earnings press release.Lastly, all metrics discussed on this call are presented on a non-GAAP or adjusted basis, unless otherwise noted. The reconciliation to GAAP results can be found in the earnings press release that we have posted to our Investor Relations website.With that, I'll turn the call over to our Chief Executive Officer, Sandeep Sahai.

thank for and us. Joon, you, you joining all Thank while that margin, always Building endeavor. business consistently been improving stated has a durable flow grows gross cash EBITDA, our and those QX delivered that report to pleased on I'm all goals. XXXX Revenue grew in and our million, EBITDA more our organic, revenue.Let's $XX.X $XXX.X discuss XX.X% to which XX.X% detail. the in was year-over-year purely quarter, grew or year-over-year XX% to million of revenue growth, some starts NPS. with It it as we We reporting believe have are are numbers and NPS plus our taken XX even scores industry-leading the because to higher.

Asia over an revenue The clients and incredibly testimony revenue a As aggregate to written introduced the quarter XX% when products an quarter.Finally, multi-product momentum, grew consequence, and XX.X%. across to ARR grew we growth. a America gather XX% and outstanding was platform growth XX% the direct low year-on-year had journey added faster had solid churn very quarters XXX% delivered already rates win stands our is The the to JUMP a be quarter. North to significant re-accelerated X our the of and and new to to gross XX% geographies. retention the deliver the power an continues growth widespread and XX%.Next, disruptive incredible grew of NRR from proposal contributing Clearwater X to in strong last continues platform. wins, for Europe

asset substantiate are to on-site ability wins pillars; an classes transition provide RFP multiple in ability welcomed to to on to founded NRR after onboard sealed geographies demonstrated to a company process strategic increasing community service some #X, instance single and multi-tenant and to traded the subsidiaries technology is An #X, industries our frustration logos on take acquisition of and deal. and calls healthcare growth provider. sustained previous XXX%.Let's us platform.Several with that decision QX publicly came X this the efficiently Their quarter. our for comprehensively followed billion making. growing plan AUM the multiple actual to demo by breadth of with reference Clearwater continued their we Our to new We $XX across address legacy at progress in a growing exceptional an attested

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they assets the of instance single they rapidly, would for To of growing effectively. LPs A a LPx times had discussed added An of into had classes of to to Clearwater adopt legacy the get have multi-tenant clients asset using.We to before. platform. how a Prism Clearwater decided they their warehouse. a been core our Clearwater has complexity our operations for Clearwater platform on the Clarity, demonstration platform manage all portfolio picture their streamline already many ability data LPx portfolio, its so vital this in demonstrates quarter. to and the about very signed the acquisition new Europe, brand Asset market have asset This product to comprehensive been ability and buy-side a community number relied market.Talking Prism's size leading in its portfolio, and build could detailed of X One Eastern addition outpaced the in where broad challenging a had a Germany, already investment in This platform to They processes processing. become operations one showcased and good value. significant win deliver that billion managing APAC, Erste the asset really managers Central U.K., client for for European a join of sectors. real we plans. including announced are we flows attracting They and that Management, in fast-growing We clients. of and Erste of international markets, managers leadership in their pension is geographies feel the comprehensive quarter all AG, Clearwater the and new new view clients' base, adding a signed contracts part We Group of uniqueness for France, EUR same winner asset us XX that across Bank last

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client Following this have another win, on we up significant on now that platform.

private of logins we also regarded Offices, will all and income, that manages local address accounting as Prior addressed, state equity, France specific Clearwater's new debt. participants depended front, wealth participant portal of and in integrates JUMP office automation, client back as JUMP manual pools, partnering companies, largest on our participant quarter. their Treasurer's Clearwater enlisted end-to-end We critical government corporate needs preparation one gaps best-in-class of for navigation seamlessly with processes.Our web-based platform.One enhancing wins and a coverage a platform to simplifies regulatory and for cash operations It solution Clearwater accounting rapidly seamless oversee that was our lacked management, vast the counterparties, they user-friendly asset treasuries a introduced have to majority income, full it data one operations. investment and portal newest market office specializing provides optimizing management by account pooled through reporting within in fund including connect back to with processes. processes JUMP a company in primarily middle, statement and to providing for platform. coverage middle, the client separately Clearwater's Clearwater the with managed manual and is added already the Clearwater and trading portal pooled embraced platform investment new with closes these a equips all providing based Again, this across and of leveraging expertise seamlessly and compliance.Another assets client, fixed and Luxembourg already This purpose-built us, its and the state but investment funds functional reducing accuracy, need use extensive data expanding equity and pharmaceutical the program. fixed platform world's its front,

their not to allow acquisition address on us investment company the of we illustrate fund they would.We are started examples streamlined consolidated these money the just to and As me for market X Clearwater the include asset depend view the progress able addition deliver industries that front, beyond.Switching journey in and of this the more won towards investment the and sustained managers, custodians, Clearwater well we in can doing it multi-product multiple on gears, technology quarter our a and are the now is our operations logos have JUMP geographies, JUMP will clients very offer XXX% capabilities of NRR new thought discuss platform the now portal the both resonating lifecycle trust of continued partnerships, let of number making to platform meaningful We grown portfolio.We and a middle, investment and becoming that spend and for operations that with the across and accounting. across of on with ever-increasing secondly, and management progress office. and back a solutions acquisition clients the precisely an way of

quarter, to now scale solution Abacus, years clients.We significantly and and the integrated Advisors. decades product enhancing use the be us will to performance platform, that for that Wilshire establish our capabilities extensive capture in to analytics Atlas, Axiom, put, or of analytics Risk develop manifold. credibility performance risk and and years capabilities takes new us the we risk to Wilshire taken capabilities performance allows our we of and have immediately and can are Clearwater announce risk This in-house. Wilshire create and a our these iQComposite need to additional this offer completed space it would that.Simply by Wilshire business. and often the even were compelling with our to thrilled TAM now achieve integrating platforms acquisition models Wilshire powerful performance acquisition We enhanced clients into

are investment around into robust platform, Our benefit the stress a that Wilshire from data time-tested clients and quantitative for core analytics, closer risk one platform.Our their the modular create is and from suite And models vision bringing comprehensive tools platform we world. management analysis, same portfolio testing, to underlying of preeminent attribution, for our by vision. with using performance firms the partnering all step construction, the will to portfolio Clearwater

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investors June latest about continued feel programs offerings servicing towards and more responses. A And expect grow it to and sharing deliver of financial XX. AI Jim customer over in business.With our hundreds solutions Clearwater generative about in long-term to have our deflect learn on event more confident XX% new positively about margin, gather technologies to support. We forward me impact we gross our perhaps and let look goal client and we stated to march institutional to innovations Connect achieving where comprehensive that faster very more inquiries meaningfully turn you great that, enable London your for results Our started faster.Thank review of to at our to our the their teams help will can our ability product detail.

joining metric. for report all we Thanks, you quarter, is guidance In I'm in QX Sandeep, adjusted a XXXX for EBITDA across various million us. the with $X.X $X.X start exceptional thank great results delighted to decisively million. that by by beat off and first and revenue to key

clients of improvement existing and organic resulting of rate retention AUM. our revenue products, retention in XX%.In XXXX. cross-sell Clearwater retention Revenue rate expanded with was helped investment also growth that position. to XX.X% clients' reaccelerated through on churn, low our and quarter of growth incredibly together, to it in results reported a in addition leading solid revenue by our QX we net relationships gross gross the ever growth.The our in books competitive Our impressive our over reflective XXX% share of market churn, clients' put you increasing of When our best net and both is of revenue retention rate revenue in limited

increased first EBITDA Our the versus results stunning multi-tenant unit economics development through in adjusted and is single year. points EBITDA adjusted platform the compare both gross spend And multi-tenant growth and XX% over instance strong XXXX.The flowed a revenue The margin quarter this the to tech achieved of of is expansion of an product from instance increase We last during are XXX of to the simply year research which over was EBITDA. basis adjusted of that legacy you the incumbents. marginal a phenomenal. gross XX.X%, revenue, single in EBITDA the growth than margin ever stronger and we When margin XX%. XX% by quarter time, first

in quarters, investing developing our with like satisfying XXX%, remind for XXXX.I XX%. that was increasing necessarily NRR net products than more but generated want XXX% on to of a see that, not to XXX% retention as directionally high progress So upwards in to rate our EBITDA to tangible also we progress of path new of long-term XX, profitability in $X.XX every of revenue.With our expect more linear March revenue investors future our path in fashion. EBITDA incremental dollar NRR have to It we targets investors characteristics confidence and are can

reaccelerated million, to core ever strength in ARR JUMP March year-over-year addition, platforms that the quickly increase Wilshire initiatives.In and and the quarter first to a by continue to progress our we acquisitions the from of booking R&D year, our allow our representing organic. on these as clients.As ARR.Now new to and to show grew profitability of in This are growth continued to growth beginning adjacent those upselling XX% should believe with XXXX, prior products as than by quarterly capacity, sequential increase be more tuck-in increased Sandeep upselling. developed that more signs us $XXX.X JUMP for acquisition. half of focusing key good proven turn And first in second year-over-year we in functionalities is momentum our to of harness The we this XX, let's market progressed to mentioned. nicely proof strategic million, good JUMP And modules roll continue ever positive the out sequentially to has and $XXX.X growth XX.X% explore can ARR QX, the a results. point purely $XX.X years, we of in Furthermore, wins highest as functionalities bring million.

of On margin our heels throughout leverage profit the the towards quarter results expansion our long-term XXXX, unit further adjusted the EBITDA economics margin blockbuster of profitable shows the QX, on XX%.In we of margin first achieved path XX% goal guidance and displays our expansion and of EBITDA progressing progress business results over margin, we pathway the clear gross tangible quite in in power of in of in XXX EBITDA points, true by XX.X% beat XXXX. the of million into basis prior margin adjusted EBITDA made margin excess This target reinvest flowed basis quarter, over $XX.X gross line increase margin quarters, QX which and are XX%.In we growth of XX.Additionally, and margin long-term disruption to our in the reported of towards of EBITDA in goal our the the on EBITDA first expectation handily points This gross we've in XXXX. guidance million we year including demonstrates adjusted recently we nicely our closed quarter, initiatives Wilshire $XX.X lean addition, straight in of to results, that an of and improve we been are margin an already the into we will market addressable second continue the right North outperformance and with expansion investments achieved EBITDA.Having revenue back that our prudently international R&D, first heavily that of in full acquisition XXXX see to April year's moderate in platform, able the to achieve same go-to-market to XX% prior through in of the They the producing which the is integration for activities. EBITDA quarter expect profitability America. XXX the some our our

a our was to dollar XXXX. As equity-based XX.X%, million, million moderate compensation the $XX.X expense last of was to from than over have we up QX R&D QX, revenue, percentage lower since XXX have percent basis points earnings time, public XX%, of QX, the it quarter's but in decreased decrease of to XXXX. spend completed as continue $X already will which of In call, as a prior migration was indicated R&D QX, a we revenue year.In cloud

September noted we Investor a of As of revenue our percentage is the watermark Day behind in us. compensation equity-based in XXXX, presentation high as

was on quarter the contributed tax Going compensation a forward cash net conversion future the income to in of quarter reflects total issuance in flow first seasonality free This expense, rate million settlement share taking XX.X%. again completed investments. Even equity guidance. basis, years, resulting positive the financing should acquisition paid flow approximately at $XX.X lower Due turn previously this flow. was XX, reduce sheet as cash XX%, thereby to improvement trend we cash million free cash of from lower should state EBITDA should to in We free when equity acquisition.Now than cash, this including for closed million the was agreement equivalents this income debt dry Operating to and as to million, the to cash amount bank. account $X.X plenty and QX the and in flow. in annual receivable of cash another tuck-in cash well a expense awards.Total is net let's being have $XX of XX.X% tax generally approximately QX, year $XX we XXXX, holdings first quarters.However, equity-based in net into in $XX.X cash our quarterly seasonality which and a flow down.Lower choose is with ended million dilution flow, Wilshire to the continue which taxes was of of turn be payment, rate payment and in million GAAP balance steady million. April count We in Risk with percentage looking Product cash from other the Free year-over-year. the quarter.Let's flow, and to was increase on of $XXX.X awards, QX, execute the for cash year-over- mentioned, as $XXX we an powder conversion of the Performance

was the quarter Wilshire acquisition.When $X in year the forecasted This has For to of the and meaningfully represents revenue XX%. to guidance to higher the guidance end have at both incorporated increase $XXX representing million, full from million. $XXX and of of end at the $X we approximately revenue rate asset million. the year-over-year of the year full raised million we indicated an $X we outperformance uplift revenue first the our XX% acquisition, lower in an growth This rate million approximately announced the improved XXXX, run

year, be of quarter a XXXX, of live our an assume we XX% million, $X.X also been raised a to XXX to of our $XXX the full QX EBITDA in the to from resulting high EBITDA of $XXX approximately $XXX April XX%. at to we basis of an amount, into million expect XXXX which XXXX, end, incorporated in adjusted guidance have the XX% have million tough range the XXXX. comparable, million as last annual can XX% year.For is the or you large uplift provides representing of end year a to of went second low growth rate approximately revenue So $X very in $XXX million at points last year-over-year million guidance.For that XXXX growth margin X/X by client and

margin XXXX, the our including throughout see improvement of we have of Gen efficiency second we million, be We improvements to AI adjusted margin. quarter XX% approximately EBITDA confidence significant business, XXXX, continuing continue XX% in for of to activities.In are remainder the the EBITDA $XX to our expect because adjusted to the or

we build our basis margin year, EBITDA our to in summary, our first thoughts. continue we're I'll XXXX.With points on to forward excited provide revenue Sandeep XXXX.In to remain the margin NRR XXX margin, very deliver growth, expansion to on over this start in and remain to and XXX% EBITDA some full percent committed XXXX about our greater the For XX-plus over than utilizing we can to it and that, committed quarter look improvement for path excellent of closing on turn rest clean

you, Thank Jim.

on delight reflect we products. allowed customers innovation express to to new commitment has As my partner our want our deep build at to Their tireless efforts dedicated I Clearwater. to us and team QX them and results, with our gratitude to

grow ability client highlight also and our to not our achievements success, to dedication only Our evolve. but

strategic than to of path company's more push momentum. innovation, ever excited into I'm and and focused ability market on customer-driven the confident the maintain We operational quarter beyond, future expansion.As remain its about we excellence a our ahead in are second and

into positioned client innovative acquisitions, the the of with expansion growing together have Our the JUMP retention portfolio rates Wilshire offerings. company our for and uniquely laid and believe is market. industry-leading and in We growth new groundwork markets, strategic continued

clients to shareholders, focus meaningful be continues on value Our and creating employees. for our

Jaluria [Operator first of is Instructions] line Rishi question Our today from of the RBC.

the Nice see again quarter. X. Maybe this uptick ARR to

I and of integrate was dig the And developing kind that us made acquisition there. understand given what's felt to maybe something a bit in-house, acquisition follow-up. you superior the it to you First, got Wilshire the a Sandeep, the table little you quick developing brings JUMP. have a there, especially assets Strategically, could successful I've guess, into can then in-house? what that you if buying relatively the And to you're after path learnings help with

Yes.

about acquisition. Wilshire So platform the

thing accounting. investment of strategically, the first just management the to technology investment So more is want versus we address

So that to of changing And back our needs about Day, X we bp. Investor of timely to if risk when and and if you about already. reconcile, -- do large performance. the of instead pocket you One you think talked our is bps go address it we risk what performance, ability spend data. that and And clients accurate, X

risk have People the to Now, they is, could to But it these have to the time. Rishi, then take that but it, for the market built decades and you that if important respect, It in is right could we building take amount could period mature.And quite of be use and you market. in and a point expensive models out of performance get most will, cumbersome. the extensively, have you years.

So all we that, had it frankly partner a and with was opportunity felt the and We buy no-brainer. Wilshire this. to given of go

were of performance. risk to was items One the build we planning and

it now already into can that, the do. we work we take So integrate

and risk do just clients. to for it our takes This level. already we completely So performance different a

more super oh, being felt cannot this and able to deal strategic, delighted be month, me, we really pardon it with close this earlier So are month. last

Sandeep. one I right. and guess, All then maybe And both Jim for,

especially quarter ARR last through comments talking an comp we maybe saw you're deceleration the and guide, us from the kick That We of Jim, guide, Were in the accelerate thinking I year, organic saw X-year still understand the at Just QX, guide? puts I in you but this one-time meaningful can factors? QX. takes saw a of help up. to about really factually understand QX you CAGR. what Or mean, any implies your look I And having healthy for a tougher level. on NRR QX right, when there

Okay.

can my perspective, you and to that. you Jim, give I'll maybe add look, So

about our annual feel we firstly, guide. really confident So,

in lower. churn was QX, Now, meaningfully

and lower low, seen this never a You've churn X% than the historic it's number.

was to like they kind one not expect live went just go of to churn.Third churn but don't we February it's thing instead. live in in that larger our expected up, So clients were and we QX, of model this go

QX.Now, good said the that, that's new is is news, it and revenue of So all some having obviously, contributing NRR driven into but by QX a pulls products. Rishi, from factor, that mostly,

went guide I a I we're litany bit We too predict had we annual but examples, exactly a is So we think, how quarter-by-quarter, was through is, bit this feel, with good happen. are came yes, correctly, said, -- good, whole if number. point to about just great. new feel In really still of the difficult in products we I little it'll little aggregate, concerned QX but and a that we revenue when it'll happen and the a feel remember high.Now, XXX.X%, really projecting

annual do about we quarterly an would level. Jim, really level, you, How confident feeling so while on you at feel, a add? conservative And we be should

That's great.

of of Our Dylan line next question is today Blair. from William Becker the

of It's Faith back and the this them should progress with ramp sales to And start think the the of beyond? engineering the we on more high-level year both could cadence I for and question, as initiatives? a and platform these maybe of throughout we prioritization success to move different base innovation, talent how but about and benchmark Dylan. how If

Yes.

see say don't quickly, new We is don't in market. any chasing something difference up logos. just So why the think which want But don't any do I to Jim, that let you take there's question? in I

bit see logos. we new the Jim those should to investing it to more demand of quite to to a them the size open we provide And and current use and new the and products we're high We can could can take about in just clients logos continue also a be and detail building little is, also new question products, be. for be what which robust.

Yes.

LPx, client we one the the into adding back X developing we're just have key that products of So XXX% products good traction these like we're with And about Sandeep the the is getting base. traction that before. NRR be to we're our at talked the big these think high because now. names PRISM, market elements win in about we we driving heard of you've And good in these, are of level, many won't incremental by really feel getting talked surprised them.You about had Sandeep there. we're was in Risk, already that's And which well. to. very a delivering continue see an JUMP, on metric as Europe. we those the to XXXX. actually that initiatives tracking have only Wilshire also the will there.But acquisition in are to we grow, we see those from and R&D a ultimately And to that. aligned doing market but Those PRISM very acquisition, NRR solution. those that we're the aren't XXX%, continue we logos, that driving There's new more on where couple great are focused see

has is insurance listen management that and areas only another Sandeep of we we're together able areas. companies see the examples Clearwater to. functionality proven be that's and you'll from governments these to as government element talk -- market, opens asset of also add X you'll And the what of up in it level, that is it better opens might we've not TAM to in us logos forward NRR governments. X spoke complexes that get those instance, that seeing I In value market-leading, funds, the to about in you platform right?The broader second -- where And fund asset highest able $XXX one within markets. we X million and move see about managers in think value excited market. and and is new flexible stable markets? XXX%.At it and what's there.There's it. be best about we'll We interacting to so up pooled those we And through the say, in in And that a pooled things are the One what traction stable facilitates those drive.So local is are you'll a fund markets. second, hey, incremental those as and the now corporates continue state the new platform, wait see in those about to very traction And those funds. talked size to area,

for as add those, related makes QX, that so many to are a add close data were us XX% being to like, customers.One achieve of to able we that to you bookings value, total so it are just reference it functionality sense to in these but about them point smaller, but that markets, our point. stable of those about QX example, think are is incremental And initiatives. but for $XXX others million of In go those

share all the time, we for But What get all understand think else add? because to you we these to So into trajectory that's I seeing don't initiatives. useful want from would disaggregating that we're information. pleasant the of won't development that you

good. It's

quick question, the and systems push any innovation been pipeline No, curious, the with T+X stress just that a change? this to anything to customers? of anxiety with Is seeing some might through Or helpful. super causing end And incentives and at capabilities up transformation any the was a And a from then about -- be bit of to shift legacy the May, quicker? causing perspective settlement maybe you've all workflows? little it any I've with coming follow-up if how heard this

just a importantly, is our regulatory and clients is and example, that's X that out. changes for of to yes, every one, Faith, But prospects ability this environmental our more Yes, for. it. and helping are about And changes clients we is there that pain I feel better great Obviously, Clearwater on reporting folks.And the more Solutions, are X million that that prospects changes so would our also it's different the it's to more huge of pain feeling long-term important changes, right? another that solve say for call does. day.Another NAIC build T+X example not trend feel our it helpful, we're

next from of Morgan the is James line Our question Faucette today of Stanley.

quarterly 'XX out this variability, mentioned strong you this really of XXX%, sort result quarter hear your stage? about for James. Do but that would in for think conservative thinking Infante XXX%, roughly last Michael you great you're I levels, were know XXXX be quarter. in NRR to objectives XXX% It's NRR with for how that level obviously called it is range, you had at in XXX% Jim, that previously line

Yes.

the for just we said, I NRR we as we can about our thought I result obviously, like very optimistic XXX%, were And in it we I that would fair QX, trending. a that saw we help are happy exactly right, but and the year.Having point. you're anywhere, feel it say that. conservative said like think was guide, think right, whole it's definitely straight And XXX% annual we is draw thought that, about fault. we clarify, the my looking hey, at if be don't line I year, feel about with this to Michael,

side. Aegon set level win nice terms in one Sandeep, core and on really customer how could that's Clearwater use PRISM just of the us platform? functionality you, with the for on of side the to today, you with Maybe the case hoping was I sort the incremental profile, PRISM

better were service a improving helps inflow. functionality managers asset AUM the to Essentially they clients, provide and their Yes.

that it for use reporting is really, functionality build helping So PRISM client their is in clients. case,

can it people to you come do and reporting the as in that, do, will, give about what several data for with And very of and comprehensive our does takes if internal and view and when comes from systems systems, you up within and one the from up Clearwater makes assets, client's PRISM risk company. report.So there's RFP. of and you that systems, from tend really, intermingles so if more all data parties in entire the accounting you that, comprehensive you data other client provide makes what go data components when easy. does you there's can -- think one And other imagine, is report, And

and So improve which something therefore, more client helps again, attract service, it's clients assets.

Our next for Michael Turrin is from Michael question today Turrin of the of Unger David tonight. Wells Fargo.It's line

from Just guys. one you

of impact. AI So mentioned you're in to of having Gen prepared the remarks, just a you versus us revenue AI spend expense about Gen you that's think going investments we should efficiencies? seeing the positive remind Can percentage how

Investor we we point in we inquiries? AI.So which the improvement even XX%, does XX for Day on that would us points. and a deflect Gen is, it what obviously question really can not a can be from see some can the efficient. continued think That The like is X of response, rep. thought to they had every question, is pointed company. it rep within so when AI there therefore, streams. the and Look, is One question? fully the have right Gen client about makes year. on said and tool to notice is us We the you more response much about really feels X -- get we we different us that. client Gen basis talked it's they And improvement ask a do propose really efficient? Yes. a client and it One And said, we that more And answered, that, So And it, service the is efficient.And to they would strategic already they gross margin when progress we I this get, client question, definitely what thought has it's go second make that had And AI we've more what a you AI service if is are Gen a sort that XXXX. and initiative out, that comprehensive one a us? can click can ask of reviews coming our it one,

revenue to that you haven't drive that whole the to itself.The faster margin case have the is in us on sense this going started frankly quick the that various That one see clear, are across so little a though, for with see being lot helping built gross we industries various P&L a you them. in suite we from bit very started So can products they than thought. personas applicability of second is improve

So it.So revenue. being of say right to stage, several client able out is are value design have bring quarters now, partners would say got I they product client and very means us helping this design that who in still from are in the we much which meaningful improvement

it Quick is We that think is I about also, big view expect didn't don't. expect X investment Jim Absolutely. and revenue quarters? that area X just at traction spoke mention today. So that. revenue you QX? for a products, in because a if we of X of But do point of that it's growth getting It from not we QX Do and remember,

just that gives So makes you a wholesome that response if sense.

the question Schwartz Oppenheimer. today line of from next Brian is Our of

fitting more you're they more a Are profile bit you could tell about they Are Friedman Advisors? of different? wondering from a the there platform similar on like Ari getting transaction, Brian Wilshire Is already I Schwartz. them in is clients to have? talk Wilshire the that little the like Clearwater This that products? the of little you there the guys kind bit customer was a with for to opportunity good

is Jim. this Ari,

of those the Clearwater is benefit interesting elements and that So, most XX% less tested one are interesting time But the very models of to over there. stress clients time really are than us obviously attributes tested their clients. also

those and once then cross-sell So Wilshire point, are we initiatives clients our done. how cross-sell solutions their obviously to do those have do we we clients to how integrations into to your Clearwater

asset models interesting used and risk -- think also they're owners. part you when here I models, performance by Yes, think about is the

also exactly regulatory So it use but use that may them asset may owners performance for they attribution, and for reporting.

So swath same feel of wide pretty entire with universe a taken Risk extensively this obviously across to the Clearwater could be we clients, thing used of risk. like is clients.

to both. do comprehensive we to a performance But expect, Clearwater X is like have and and the applicability there's already there both that with sell But out reporting expect base. platform risk X it of we potential could analytics.So to attribution. Wilshire to merged these not strong do these what and current is, the feel businesses coming think we we around we clients also client So take models Clearwater the of think we

So feel here. strong our we clients proposition we have real a like for

Our next is JPMorgan. from line today question of of Alexei the Gogolev

on in. Eleanor is Smith This Alexei's team calling

there Jim, to I call wondering know NRR but you've I out times XXX%? said first, fluctuate So will if quarter-to-quarter, that was many for anything that before was

I'm I'm excited choked it, Sorry, Eleanor. all about up. so

Sorry.

best really always XX%, gross but retention we So the tremendous #X, there. an always and revenue terrific obviously, have percent to tremendous XX%, -- we got we have additional ever additional one, at

up-tick So saw that of discussing. solutions that the on were of helped the cross-sell those a margin.Secondly, we nice we

I it bookings quarter. I mentioned our the of XX% earlier, in about was think

have another of have have and that Now, important grown. was NRR as piece. is get clients And then third is, that to not done, onboard reflected the those historically because we element always we've we the assets our in all as but grown flowing,

I were last we with with the we so helpful certainly say And hurt, thing expansion market well. is, the as hurt that, few as asset able not was at which the we And years, base. to well.And changes additional last we but help were would weren't helped over by client weren't the dramatically our

And Sandeep, maybe for you.

forward when mentioned that So new earlier, cash for organically on additional versus framework hand about tokens. have buy thinking your technology? you had moving you Jim you enough build about decision are How

for Yes, that. thank you

X more really you did this on systematic do senior as systematically, we know, announce to done this way. but in we So a and executives programmatically company haven't we've the brought

Would we changed bit coverage? more it think it X service we look we would the service bps the do just in But programmatic geography these I when remember, that to have. Yes. really want think Would model Yes. how always things, to bar bps? mess TAM? high here, of clean is service in but about go do X of we because the so anything at you Yes.So improving business to And really the first, it. in up expect it we improving have of improving don't we about we don't become do we

year that the it of it client is, base. but And X is we you to service the is should or a want. what satisfied clients number that think do, expect us really whatever tuck-ins basis So do of a I in our have in

NPS. You're really high

would do So more. like they to us

find go got it to solve find And so out the what go But you will problem M&A to you've first find something. can't team, tell sort things is job And occurs, is is causes build most we we them sometimes take can our And have things we we recognize to our that fit the then the long. instinct, it. always too nicely. to unfortunately, that.Now, to, pain develop feel also go which when of often that and I building

to we don't wanted deals deals. but we So such deals, programmatically do to do expect we do want because to do just talking

Gabriela from question Goldman line next Sachs. of of is the Borges Our today

and back the course that feedback a the you get your as particularly several functions. announced you've in profile initiatives handful these we leaders and talk weeds are hear coming to as particular, high phase should the doing some of the of got the growth? be you've they customers. are months, I'd really go-to-market jumpstart where last Sandeep in to of ABC our next to there saying, team couple leaders, the And Jim, over and they in of love of giving leadership a

a with Gabriela. up you Sorry, broke little

I the Sandeep, think new the What's early early, leaders, what feedback? new So, said What's leaders. observations? profile high are the she sales

Yes.

North I business America. think of is order the there is no the question first that in continue growth to

quarter, basis XX%. this were at we a to year excited you're North quite So look, grew America say, on

So we about good feel that.

can points applicability Now have proof of sort announced. we progress? immediate and the produced because question the what we Europe interesting our of the So where do of sort is, already really really, platform and is of see else do

Europe So priority we will. you if feel one, is

also strong a with Asia leader really is in quarter. last priority, high especially a really brought we

X areas what priorities assets. now, drive of time.So to us terms products what concerned in period of the going about, for those X a those like feel or most we really customers alternative for are growth are So are are

talked for risk that. of performance Prism. clients, for and we about Lots attribution. about So lots we reporting and LPx Comprehensive discussions talked about

America, and Asia, should risk about about top we just wheelchair functionality.So think Europe, we think think JUMP PMS, we about North that. job. OMS, think so Prism, then performance, Obviously the So and mind, and LPx, with the of finally about help

the were ask what think there. you you about me of those are sort can drive I do biggest or growth from to X, the if we ones worry are So what about, to

of been as mentioned said give booking to Could of understand Jim, historically that success some a that waste, the I you're take know are give the measure opportunity that? so you has ask you follow-up, how you're I'll statistic total so not And or it's products to what just since us grounding clarify can what you're and issues. a you to cross-line in about in us XX% it related for of calculating to we the And us kind history going it reporting?

Gabriela, Yeah, no, out, very and good fair. call that's

Portfolio if why identified. those you same would LPx, crow because just So cetera, And JUMP, it's LPx, XX% the we about Management, about what are et he XX%? back. Office, look been It's It's that solutions? Prism, those, it's cetera. Middle et

yes. Sorry,

we It's little little, thought. it earlier than is bit a Gabriela, a

chopping. show drawing happy yes, As booking you shows about straight just that to But worried but, about up where are, away. we're the also making right innovation, progress. we always ARR Jim line. But yes, that in we're obviously term we people said, a it's We're something use because that's sort we sell with doesn't of of are, it's mean how just it sort

be feel So to just it's investors right there's it's no we way know make It's to not, cautious. sure that. the reason

on the congratulations quarter. Excellent,

Loop Kim Our next today question Capital. of of line is Yun the from

that is And you that, the believe trend on also that mentioned a came AUM that new continuing from Do I the First, this by execution. of trend adoption? year? congrats last XX% year? was of year influx the this And is assets. that the driving see multi-product strong was, that alternative assets. you marked from Sandeep, alternative driving also

Yes. question. much Thank you for that so

alternative have sales about don't but is the in process, do the know managing things you, percent in that assets. a the So almost I I client difficulty first for talk

lot do with comprehensive I a view. about merge discussions a public of the reporting asset how give and securities some are, sales our alternative of So

gives partnerships. So of which look that products public, a is effectively? important we one of you business. And all it comprehensive talk I Prism, I, do more process And them that together look, does really it brings believe and really still it, for our LPx, if you about one at think it's limited always the one.And important you is it really, then is to first private, we are view. what So continue how

among don't assets much of And quarter. grew percent last see really the get a have just impact alternative big to it how the our that. we of continue we can growth I from you So a clients. in

great. think last just the Because around, I Okay, but mentioned much I that were that's this time as ask. why assets word alternative year, not

can companies, talk asset mixed that motion about feeling your mix If all? between And you is also managers go-to-market that and is the at or other? insurance the one towards changing

to sort is it's this again. it. X% add changing I of but is. Yes, think Sandeep at up this moving all, I'll way? it is very Yes, don't meaningfully let it Jim

The remains as very perspective, these to right? thing for nicely it very governments. nice a X it momentum that percentage consistent, local That that a is of think trend we a all, a of versus moved about possible.Yes, that's off given portals, From are say And the at and but at in numbers. where revenue, much points going hasn't would think number, think another that, but sector I same So talked notable quarterly little be the we sector investment one very bit seen it remains growing I portal these was market the small government agency. consistent. I it's we've X% Absolutely state quarter? up

to for Sandeep this hand remarks. would the in queue, this any no the us will At questions closing to I further Q&A. like back end With bring of time, to

interest in fully to appreciate which have investment position to significant Clearwater And the we they company support with all We of invested your in to invested in like a of and Yes, we of and for Clearwater. Welsh, Welsh, thank which continue to XXXX.Thank our Carson, in also Clearwater. note that tremendous continued really support we've Carson, XXXX. XII, in would We in March acknowledge the all. like XXXX, partnership exited XIII, the you had would you

concludes you for joining. today's conference all This call. Thank

now lines. your may You disconnect