CWAN - Earnings call transcript Q4 2024 | Clearwater Analytics Holdings, Inc.

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Clearwater Analytics Fourth Quarter and Full Year 2024 Financial Results Conference Call. [Operator Instructions]

And now I would like to welcome Joon Park, Head of Investor Relations, to begin the conference.

Joon Park

Welcome to Clearwater Analytics' Fourth Quarter and Full Year 2024 Financial Results Conference Call.

call Cox, Sandeep Chief the Officer; Chief on Jim and Financial me today Sahai, are Executive Joining Officer. After the their call open to a remarks, question-and-answer session. we will

call, of the limitation, and acquisition expectations participants terminology product I and something the timing the to historical expectations, are similar believe; goals, to without performance, of expected other its provisions Securities including may, and relation during facts would XXXX. and reflect intended expressions remind Enfusion Private benefits; harbor expressions statements expect for business all including and the financial Reform the which to like this and made than in to statements. safe conference will, outlook, identify items, intentions Litigation any can, using forward-looking of pursuant Expressions forward-looking are future that future Act of

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

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

press noted. earnings Lastly, reconciliation the to call on non-GAAP can our that are otherwise found Investor this basis posted all to in unless A website. discussed or GAAP metrics presented we on adjusted Relations a be have results release

Chief call turn Officer, I'll our Sandeep the that, With Executive to Sahai. over

Sandeep Sahai

outstanding quarter report that to XXXX for I'm an Joon. was you, pleased Thank our company. QX

revenue, increases to I'm agree and ARR and $XX.X growth, a to And is Coupled with XX% the highest XX% of look one since us for $XXX.X grew quarter a you our year-on-year. IPO. million, EBITDA will finally, up Revenue adjusted was revenue very XXXX strong retention, million, growth, the gross which confidence. allows with year-on-year XX% sure of beyond ahead this spectacular. year-on-year was to our $XXX.X XX% million, high

deliver continue indeed higher success in growth all very increasingly outstanding our with and It possible was business. was while quarter. of economics to higher growth of made We This across various and strong profitability investing innovation. heavily an strategic levels organic initiatives unit dimensions by

occasions one, on growth. to and innovation of a NRR robust product dedicated Number foundations we grew growth NRR commercial past, as our on laid in and strong a one several NRR on client have development, in focused involves investment out of the has XXX%, model focus strategy growth. and delight, satisfaction the been It driving teams

excited NRR XXX% are to deliver and provides for believe very strong the that of foundation growth for We it growth. sustained an quarter a

widespread segments geographies. two, our market diverse and expansion increasingly Number across

incredibly focused to and platform, a multi-tenant adapts chart economics it single-instance, strategy a continue and ease to on see have market We with growth Growth multi-year why longer term, visibility. segments allows a in unit that's the focus adjacent and without geographies us the on you sustainable never is excellent which to it. us with

I'm pleased well. has gross that margin exceptionally to our grown report

time, years improvement margin. to development the strong grew use XX us believe margin would network impact foresee we XX we for bps opportunities had additional gen the target significantly are of X this have that higher generative provide and bps, bps For can that quarter, expand But not XX%. of long-term full for we an business. year benefits year. on this back. and the of at execution, than our effect with our XXX The of AI in by did expansion set and target believe bps the the north AI per our gross economics gross margin ample now year-on-year Day cases Investor These on unit our XXX is combination the We year we that drive

AI to the Generative benefit queries has providing agents. and responses the faster dual self-serve via of efficiency customers with driving operational

heavily leading this We clients. continued the across are platform we fact invest believe technology our security innovation single and by to of our the at edge that enabled a that users in have all industry our in very master

economics fruits come gratifying labor profitability. of on very by is It we expanding to benefits see performance various Again, company. see functions across overall within life unit our to and driven scalability strong our the

goal in XXX in bottom grew bps during Day economics we almost year, The by line EBITDA through the Investor for bps flew the entirely. overperformance ambitious unit XXXX. outlined XXX already the exceeding to

expect we to EBITDA growth XXXX. in in deliver Finally, another bps XXX

platform disruptive one our the that a getting of better is in industry, innovation. management constantly delivering are We to investment sustained investment because

in Our approach for fire delivering remains the our appropriate irons in growth largely for the unchanged. having plan many believe growth and approach for organic growth business. We that is durable driving

that drive growth. pace unit expansion, improvements in have comfortable we sustained with durable profitability continue to are of both investments we outlined and make We the to economics while previously

growth one, where NPS and largest CSAT the our logos highest The leveraging TAM number new have are, the and driving levers to high right we of America, ratings. in win, North

rates. win All of in these results sustained strong

Europe the platform Asia. management for continued the and expansion investment Number two, international industry in of to choice become

X drive markets. investments Conversely, unfunding in traction. focusing core with support to that show bps manage our our actively resonate clients. for rigorous investments in three, We on to expansion about we increase and products limited new that back-to-base our investments are X Number investments

include corporates sovereign traditional foundations, and REITs, endowments. expanding insurance pensions, four, and to asset governments, owners Number funds our reach local beyond now state and to companies

with building from year providers, to to This this years channel through We us, an results and integrators five, advisers. has other substantial generate many later of system hope and effective for software in see revenue Number partnership an area been channel. under-invested this companies come. growth the and

aligns strategic our acquisition any ensuring that potential long-term continued selective with goals. six, Number M&A initiatives,

of billion, our segments the the derived from ahead long approximately have XXXX, believe in where us. have stands a end of we figure achieved million a seven, rate. we With we win long-term number XX% of And growth ARR core a $X.X at TAM runway at $XXX.X

Let's initiatives discuss greater our some of detail. in

initiatives, expanding on XXXX. new have clients. These are a role focuses in our into and which with initiatives markets in adjacent played Our in significant developed partnership product engagement growth driving

initiatives grow that Our reporting, performance enhance regulatory have modules risk platform our all efficiency. on focus and LPs, mortgages, customer helped funds, business.

also United expanded Insurance, National Partners, State Ohio, Retirement Association several WCF Clearwater others. School clients and Union, OpenAI, but added as System such Nucor Capital Federal Realtors, of Credit Capital Imperial existing Employees Management, with Invictus Corporation, footprint marquee Fund its clients Nations of Louisiana, of

our to sector, would mega processes insurance deliver systems. accounting like the expansion their scalable us investment highlight commercial insurance exposing insurers automated ability In legacy a large our and apart, the of among continues. property to set provider where limitations I global

serving property asset welcomed their and that operations our compensation insurer businesses class diversification, modern and the workers' our only client, casualty across also long-term According needs solution a U.S. We national scalable to for streamlined meets the platform was growth.

management in technology asset growing their a us of chosen X a as the selecting their with their their replace AUM. goal legacy expansion, dramatically of platforms, their $XX assets system, of to In has billion cornerstone to simplifying OCIO will infrastructure. the long-term Clearwater industry, replace leading

on data County expand the scope shadow in owners for Employees' the organizations plan like beyond will alternative reporting Alameda book rely Association Asset continue and insurance accounting, scale. segments, record investment portfolio, Clearwater of Retirement traditional to including and and Leading validation, across total corporate entire assets.

pool built, Louisiana local to outdated be with treasury State investment to portal of for navigate sector, the able their pool general and of manage will LGIPs Nevada participant State of portfolio. LGIP the public and and Clearwater. participants selected risk Their we log-ins welcome with the entire faced one preparation, central and the system, In an to complete person platform. State state secure significant statement seamlessly Nevada all internally fund the team key and When Clearwater government

powerful can our accounting a everything reputation for accounting solution classes. the dedicated School pension Clearwater anything and to teams partner Retirement as by asset These a System this wins trusted selected solutions, do of Additionally, investment Employees supported that on and build management for all across with market. investment Ohio

One Asia that insurance excited involves assets adopted couldn't a has ambitious be multiple under company asset clients. this their unify platform. Europe, across single plans countries. a more in to to in manager's management success Clearwater Asia asset Asian and leading Africa Pacific expansion brought We new Our support notable comprehensive expansion

we Our proud platform enables. to scale growth is that effortlessly, designed it the of and are

mortgage to our alternative of I'm that one investment empower management highlight cross-sell has to pleased estate specializing loan selected and in a welcome team. real firm successes, Clearwater To investments its U.S.

from gain professionals and securities, derivatives the their a solution single pane expanded drive Our and origination analytics, to is entire the instrument. and and With cycle, management of experience platform our deep reporting. the repurchase throughout platform agreements make agency to mortgage-backed Clearwater, decisions deliver. investment glass provides into non-agency to deal low comprehensive exemplifies This well-informed visibility designed growth and life win accounting

ability of needs. client expanding new diverse portfolio meet just our These are Clearwater's a showcasing of glimpse to examples wins, unmatched client

ambitious business and in are achieve simplifying growth the We of systems targets. empowering transformation, clients to legacy bold, complex

solutions management precision-engineered is keeping that ahead a investment inflexible in our deliver legacy clients platform purpose-built replace to Our outdated, landscape. systems, fast-moving

with as dollar We and a in grow they of R&D as will and fully our terms have consistent continue initiatives, investment earlier on the plans continue discussed calls. we in build support these fall to revenue, percent to even

let Enfusion. acquisition to turn Now me of the

perform believe message order has of the the key core is delivered emphasized to continues to any durable our growth ensure years. a I and past Clearwater efficient few our it that I further, and to platform deliver the Before That teams. that first is go I've business over

subsequently, to to with to in that We've the our build team, platform share a front-to-back commitment We the person. also I'm with enthusiasm entire market-leading and leadership, had report townhall all the meet of setting. to with jointly excited industry. Enfusion opportunity transform can had us the opportunity and have the in several that a engage teams

multiyear powered Enfusion end-to-end Both have catered to each that. in offer growth very single-instance, needs focuses share track the of platforms investment by an on platform next-generation successful designed record an market doing of multi-tenant us Both strong been for the complex Clearwater increasingly and segments landscape. companies and a

a sizes enable complementary. from Clearwater's market of meet solution, to all solutions when the of including provides us across best-in-class platform and back-office our are diverse office and will owners, while strengths This core asset middle entirely strategic capabilities. management excels Enfusion managers integrated industries, deliver investment needs However, and viewed industry. alignment kinds that segments, in asset the

that thereby meeting number a our the our goal accelerate priorities building cycle entire We the details and systems leaders of This the platform upgraded. That, back one, multiple of having of a from to we include, which should reconciling dramatically both is for shared together, our also investment itself, need to strength. game our need for problem changer. been middle life the a organizations and and multi-day Working for be data align the between held uprate have defined on for they a constantly front-to-back long-standing by reduce office, front, industry. need

compliance, data reporting the that very enabling using same efficiency changer, for game Another alter risk, these of and functions regulatory meaningful. will

Number expect geographies. two, and for sizes have. the the to to TAM joint unified and in largest the and a a strategies, engineering management platform a win comprehensive right under technology, transformative dealership, improve asset Enfusion all teams we and we IP, By of meaningfully JUMP Clearwater, combining build product industry across

system management management our to bp effectively portfolio offer execution investment furthering journey. to of and clients, order Number record, Enfusion's three, X and EnIBOR, system X book Clearwater or

and product, Number to leadership growth. the grow position will on a is and refocus enhance that and make priority. result engineering, big faster another in this four, focus difference, operations teams resources Enfusion's Dedicated key and GTM believe we market and dedicate fund hedge realignment

our Enfusion's use these will market XX% position and and Asia international our of geographies of drive TAM five, to presence faster having greater additional represents us Number approximately help Europe The adoption across in resources platform. better.

improving compelling that cost business create a our synergies will financially model. gross six, achieving margin and Number

Ultimately, about though, leadership. acquisition and is industry this growth

improvement sustained in expect also economics. to realize unit strong and We synergies

the investment expect cycle, in that quarter running meeting, each life hit to in exist for a our are plans believe and the entire initial Coming ground we leadership the opportunity platform not have industry. these the close we We priorities for X. collaboratively out about of to when we enthusiastic best-in-class build simply one of does

is That ahead? what that comprehensive lies So our sizes. industries platform front-to-back serves A all promise. of

We the are and and our clear we a vision, journey delivering exceptional with committed are remain on, scaling excited shareholders. value to clients, about to employees

dive to results. that, Jim to into With hand our financial call I'll deeper the

James Cox

an our XXX% quarter, report back in of of with NRR many the impressive X satisfying most the exceptional quarters Among results, the Day was this were QX XXXX. Overall, the to we results, stellar to earlier QX Sandeep. from full than across continued in Thanks, proud full in outstanding I'm it key our goal which year and XXXX. year prior XXXX momentum Investor stated a multiple highs. our metrics September record board report

to thank clients consistent and made record I'd our take who possible. quick of also this moment like track to a excellence employees

While expect the to goals throughout and a hard of to results. investors quite the dedication in individuals accomplishment, and it come to relentless the performance have organization teams of reality, routine alignment this achieve as our it's work stellar takes occurrence, and these an

of full we revenue year year-over-year achieved $XXX.X of growth with million, Again, XX.X%.

on of year back February $XX.X million. the beat comfortably additional the announced by original XXXX, XXXX, revenue For guidance we full XX, also for perspective, midpoint

of which QX guidance million Clearwater year revenue more yet the an In addition, XXXX, $XXX.X to growth year-over-year In million. by in translates This growth revenue $X.X XX%. we impressive in another delivered revenue. XX.X% and by beat XX.X% grew year-over-year than marked

had of designation in with rules. unprepared do and and changes QX more get help in clients The delighted able accounting Several of the our new year. in those we early resources end we to We us work in Customers of the significant XXXX. compliance some before insurance had ensuring to the to those were decade, deliver effective most XXXX, a somewhat XXXX both services utilize work the planned. to our are planned and NAIC than made were to sought the and assist QX completed but these set third-party quickly of in over were

$X revenue in in we the about QX our guidance. was provided million when There relative quarter our incremental to expectations

ARR to also expenses services NRR. expected associated included additional were third-party they QX. the work Because was or that in are The amounts reoccur, for these with in not booked not reported

ARR, or million of XXXX in $XXX.X of increase representing December prior record Annualized a recurring million, $XXX.X revenue, was from year-over-year at the a robust the end XX.X% year.

addition, $X.X in In the reports of on over $X.X of year. assets an platform daily, which Clearwater XXXX, increase XX, the trillion and represents December trillion as processes prior

million with clients Additionally, we in in grew in over achieving with over the from the clients to $X ARR. year's million prior number impressive of XX, Clearwater ARR digits an XXX triple $X

wind more to as future these both the additional to expect clients logo to We additional to layer initiatives and increase our call the clients in program with further cross-sell record-breaking X numbers win bps. X cross-sell new as we on also clients' wallet obtain existing and of share, continue we assets well as products

margin a year of XXXX. by growth we full the the record-high $XX.X Now comfortably full in EBITDA for profitability. full an with for let's of EBITDA beat million $XXX.X our XXXX margin expansion guidance year million. and $X.X million guidance delivering our the In XX.X% our by EBITDA of XX%. to continued year-over-year path an impressive strong of quarter achieved in EBITDA XXXX, rate We've XX.X%, the for beating with QX turn margin an year That

clients. the a strong Our of margin strong our path gross the of margin profitable year gross efficacy QX for underscores XX.X% and growth provide XX.X%. value-add unit our was in expansion expansion and achievement gross initiatives This margin we record-high the consistent economics, reflected in also continued to full that XXXX margin XXXX with margin

noticeably tax which million While unaffiliated free December negative a cash flow plus terminate receivable company's million, in in continues from decreasing QX AR to the was improve, Absent of that approximately QX approved $XX.X payment onetime XX our days our was last year. XXXX, the with days agreement, $XX.X expenses. working million shareholders quarter to the $X.X XX in capital in to our outstanding change, in third-party

investments. result, $XXX.X is of ended million and in cash total and $XX.X QX cash, a we with that in As equivalents $XXX approximately debt results million. cash Current million, net holdings

revenue XX the we of XXXX. consistent a XX% date really world-class was retention mentioned, scheduled year's occurred gratifying previously results the revenue original again our represents of with of to our months which especially end gross from QX. ahead and net given significant starts our of achievement, these This in target Achievement XXX% XXX%. increased I As prior rate retention, it

to core growth the at across retention at of from new gross revenue the the X% strong of of provided very X% AUM was of XXX% retention. growth. product This was clients platform we while across Upsell X% yielded the net remainder nearly nearly increases cross-sell portfolio, while year, the XX% price expansion

At achieve Clearwater, to and set important it out goals. is ambitious incredibly

the proud time. very are have for achieved first this to we so And goal

achieve achieve know and we deliver the However, to the durability XXX% our aspects all in NRR more results was these is And to to to not business. with goal work do investors reliably our consistently expect but consistently. once, it there of

we GAAP In a and at income pretty revenue of addition the in We reported terrific net That loss GAAP a to net to results, QX. in income compares million XXXX. achieved impressive and million $X.X for that. $XXX.X of non-GAAP one GAAP QX net

as over much tax large have result, tax We QX. our asset as it deferred approximately net our created was the in the be years. $XXX release GAAP very And a of by payments next an sheet. million cash tax balance we will on As deferred the valuation few now allowance appreciate income, limited very a

Now let's turn to guidance.

to between we We approximately year-over-year at XXXX, an year reflect we'll revenue million in $XXX.X to our quarter update and the close to XXXX, XX%. full to second growth the guidance million representing of the XX% a that to basis, rate on company the initial full time. Enfusion acquisition of be expect $XXX combined expect For year stand-alone currently all

margin million, be to year full year. XX% for we the to $XXX an adjusted EBITDA $XXX million representing the EBITDA XXXX, of For expect

XXXX, of of $XXX recognized year-over-year growth note approximately is a expect quarter start XXXX which that of QX $X the approximately for a NAIC growth. year year-over-year rate to in revenue to XXXX. expected and revenues we be associated project first was QX the the related million, Please be to strong XX%, in expense of For representing to recognized of million

million, In XX.X% XXX XXXX, adjusted to margin be the higher than the approximately EBITDA guidance, year adjusted prior points terms of first quarter an QX. expect $XX.X of basis EBITDA EBITDA or we of for representing

million, With payroll $XX $XXX now we taxes compensation and Enfusion a XXXX. year, we in million compensation of less be related before growth, considering year continued revenue our basically for amortization, currently row. expect and the equity-based Depreciation For in be XXXX. third the expect flat XX% to for than of acquisition, represent equity-based the impact will will the revenues

pay Although a rate we for non-GAAP we will XXXX. XX% limited utilize to continue in only amount of a will cash taxes, tax

Lastly, year, again, we share on the of impact be for to count basis. shares fully XXX the expect absent a diluted our million acquisitions,

With to turn provide questions. I'll it before to that, closing over Sandeep some thoughts

Sandeep Sahai

Thank you, Jim.

reflects initiatives that in performance record the our a execution stellar clients trust growth, and by us. of remarkable quarter's revenue bolstered our and place This XXX% strategic the NRR,

are also but needs, actively investing of shaping with scalable market future the We platform. to only not responding powerful, a

our growth value alike. and excellence, for clients, proud shareholders us which sustained team's to and revenue I'm for creation commitment of operational our shared our and dedication positions employees

are X transformative very management With bringing Enfusion, platform build the for the industry. acquisition investment truly and strong companies, of plan we to together a we

Thank this momentum the and plans our years to to in you. forward on and on building come. look delivering We quarters

Operator

is first line of question the [Operator Instructions] Jaluria with Rishi from The RBC.

Rishi Jaluria

I've a see two. to continued Nice got solid execution.

in then the your as to solutions landing, what you wanted around you're impressive front-office what you been with these and follow-up. from those customers quick I to the potential X there share the some of and and Sandeep But I a Jim, integrate including just that to of upcoming bring been have, and retool early has deal. you been existing them new potential I've understand, logos you've do. obviously, feedback got color talking Enfusion can to be limited would together, the you've Any First, helpful. of customers kind them? And could the start

Sandeep Sahai

Rishi. you, Yes. Thank

we have thing done. that are first the excited is very people generally about So what

have to a think, clients. to what long the is, exciting as leader are such about Enfusion about? for X And into they bps talked play So ability our a for I time. excited We X bring market very

integration X of we vendor super to obviously from a But easy, here work that So just view, point our exciting. is do. not from that it to interesting post-trade X though. point very, both does pre-trade customer the bp same It's very feel accelerate and journey. and to We is get the have

Rishi Jaluria

Got wanted about And really I That's think helpful. here. to margins then it. just maybe

I leveraging to about expansion. Maybe margin know you've efficiency You're in margin to showing nice the AI pieces talked two continued drive expansion. this. greater past and

the the for about can one, we out of think as just and given what you it may of about that, Sandeep, that they're the not maybe about do one in think set been AI towards how incorporate the as of how made you think those But just especially gen an the technology get headwinds to remarks projects now. give you a Number you resource-intensive we And and over maybe technology margins, comment that, maybe more discussion glide time long-term prepared as has you productize that made you Can example of about path the your historically right you and decision? of potential projects in Enfusion find you demonstrating that sometimes how you of related because ROI. deemphasize solutions, is? how from kind

Sandeep Sahai

was our that margin very QX XX%. right? Look, XX.X%, you. Thank close obviously So is to Yes.

long-term XX%. Our was target

we feel of very you challenging be tell XX%. that going so And to it it's find north we to don't

comment the to very very, be feel it gen higher? But the back is Now tell. it do I will time pays think quickly, often much I that we about within AI, is think going that something year.

don't expansion, the all AI think there's lowering terms at any sort to of comes of margin it in when So headwind company. profile the we margin gen of

about think it. So that's we how

steps that of these was did Rishi, everything worked which not because did R&D was Now improvement investments? adjacent, Everything removed well. well. where two these sort of we initiatives do And and get

that's XXXX. we level, And so broad a at sort of allocated resources how in

is make we investments for product continues one to clients But want road current those approximately point year, map we just had focused the grow. dollar new clients we last I investments won. R&D or terms XX% on to of and final make in

lots innovation. So of to room in have invest I do feel we

that long are we driving to than growth, them. is to happy, more as As make happy, continue

So I do doesn't are well that work, to feel traction, cut about this timed. that. we're runs unfunding to it. customer some investments very, stringent But our program If going for comment X things also about don't very We're and it. get X that's months

And also path a now from will, a so we we a of have and of a shareholder and feel but if returns that good view. point point right balance, investments client good from between view, you

Operator

is next Brian Schwartz Oppenheimer. The question with from

Brian Schwartz

to to strong to NAIC if the of for about going be replacement effectiveness XXXX? is activity just the XXXX. in boost out the Sandeep, in regs, real that play ask mostly aspects business a year. of I that still or a wondering kind mandate tailwind did on Congratulations insurance in wanted the that demand market. finish you other core I'm Or

Sandeep Sahai

you, been reporting assets in a as has because always acquisitions. Thank as bit of has regulatory for additional tailwind Brian. being of brought has us, compliance, Yes. a

reporting that we a investments big make think we continue tailwind, space. So do of as in regulatory to and

a change massive was Jim pretty year. was referring doing doing this NAIC what I made think country is is something. broad-based. usually, Every Every this is something. region to

$X why come of was came Jim that thought think there revenue, a million that in actually it onetime-ish. And I called out little so felt would And which QX, bit in QX. that's we

Heck, different doesn't mean changes do It through regulatory 'XX continue And to in will regulations see there the so done felt to country, was are enough we literally that every we call expect time. we changes out. all it But Absolutely. all 'XX? to more and wanted but yes. be it

know, if have I anything? you don't

James Cox

only And with Brian, I faced here's were you we this were and The this it significant faced -- you tailwind, is you a it client Clearwater persists, think why change, add, I'd were right? solved thing persists. if for you. NAIC When it

bunch to gymnastics, you what you of was a If but do, weren't client, sure doing it and reasonably I'm may probably you not I'm they had exactly Clearwater to a it. had do certain still be --

so single-instance, meaningful. solution you of your clients, being And ecosystem on you platform, the are where make entire about modern think multi-tenant changes across the benefits think a these I when that a can of

people may problem. always next problem. in switch as I to But mentioned, think course, the Sandeep order that solve Of there's

And so you and a to the pain that pain understanding Clearwater the of don't be will that a that then tailwind think foreseeable future. as to feel we into realizing client, continue have

Sandeep Sahai

you you NAIC just I would think talk And Brian, the Clearwater client you with add I just It Yes. nonevent. Clearwater and if a change midsized that tell got insurers, done. talk other clients also with was would the

would tell of today, so to be done. While the I NAIC much you tell other who lord, there's many, many still work at completed are all. not Clearwater clients will And not them definitely you the that, have my oh work

over So the platform handling things. continue if I better to and those you is see Clearwater to do it around just feel a time client for you that say, were weighs changes to regulatory world,

Brian Schwartz

question. follow-up my to gears Switching

up on The rationale? as can the Just something reason maybe going achieve to ask the get fast speed the achievement closes? X businesses about familiarity the the I think deal you working you on of competitors Sandeep. Enfusion, when deal do similarities could is or synergies one there's the that of How your synergies

Sandeep Sahai

But do platform multi-tenant I hopefully use the want spreadsheets. to don't are platforms. that have integration acquisitions always easy. look both quality and Excel the in this, you I is the single-instance, tell detailed we impressive. is think very, had off, The of I'll technologies say very, I good Brian, I really is And starting nice very because the know leadership. similar. the very do should we knowledge, easier really It's we Yes, but Enfusion that say whether meetings with cloud-native,

say feel completely have relatively confident just we everything we that get can quickly. growth expectations around And are margin to guidance seen we allows done until So think that expansion. around things now very do those we us believe that doable. and I have our absolutely provided we

whether don't anything Jim, add that? to you I know, would

James Cox

No more.

Operator

is with question next from Kevin The UBS. McVeigh

Kevin McVeigh

congratulations as talked the million. I'll add you $X NAIC my was kind about well. I about think Jim, of

exceeded revenue $X $X million. that incremental the Is Street drove $X to think you I out call beat? by there million, that million incremental the anything

James Cox

Yes.

I fourth Also, quarter converting faster that growth. long with very see I focused try that quarter. bookings helpful on NRR our in to pleased And think nice think been we started XXX% that we've how had better. period to are and is revenue. obviously, the of we've a for get into and bookings obviously We a time and the And faster.

points just you of recall, quarter, that. it's If better than a last couple

so wouldn't pleasantly were surprised into but quarter, we to going improve, necessarily as expect by And and well. the that that we hopeful

I beat was very solid circumstance. a it under any think

Sandeep Sahai

I XXX%, that, think very it, the went would And was about booking and add we Board to gives think to conversion the we very And from Jim for and that Kevin, strong. reported and results obviously I obviously, QX. if Yes. money. X% real got were XXX%, about you that's you

very was onboarding strong. the think I

was. of business literally, element what expectation So outperformed every the our

QX. quite with able were we what thrilled So to in deliver

Kevin McVeigh

talked about then Jim fantastic know or It's Sandeep, year the And XXX% a a early. you outcome. I

terms that in drove of expectations any If you think upside, what relative about thoughts? your the to

James Cox

Yes.

we do I across in the Clearwater results, the X%. pleasant was have acquisitions divisions piece, a base higher your the driver hard we and frankly, grow, do. to grow the But for that other obviously, would upon clients and clients helping helpful that work, I -- win little very in our is think than to that. business, be what That and main probably they that's what Like, you're that upsell are algorithm prosecuting this. the was obviously, a that those platform it but those activities that also and to mentioned of our was would against really teams reliant put

back and Go initiatives, The that of right? I'm about different kind other cross-sell, piece our the right, base. seeing we of, that's and X% So we're is initiatives proud the these that of into all talked of

selling within think also as our to we're remember thing them new is about well. these new products I logos the

for number the through. in is XX%, When these flowing think something driver me, of additional think year for growing which front meaningful of XX% And that. I about so like but in or of have a you bookings that's that underestimate products, these I don't the additional it the products was meaningful. growth was don't power

pieces the well. that were those So worked

very also executes price proud increases. the team that say that I'm I'd of

price have We entire portfolio. increases across the normalized

more for we're it asking asked haven't our We for from we're from clients, doing automated consistently. clients in regular way. but And and an all it of

feels sustainable me. that so And very to

Operator

Stanley. Michael is The Morgan next Infante question from with

Michael Infante

at nice tapping on Jim, Nice color results. you I obviously a started just price. across cross-sell clearly cross-sell have on the It level, some wanted and had we quarter how gave price are base? and seems just fourth terms noticeable in But a high was and impact first third really to it the quarter to flow-through ask -- the early the where of in the like you on P&L, some levering quarter.

follow-up. just So any thoughts And have a I quick there then high-level helpful. be would

James Cox

Yes.

sustainability of cross-sell is But we'd seeing and Then to the around when upsell to it. and at point. X% the that see have than do value think be think I to love We'd of benefits energized like be of cross-sell the everything that it NRR I think of XXX%, obviously I X%. become I for that higher the X%. it. be easy They understand teams think

our forward. going plans we're optimistic ability about those So execute pretty to against I think

Sandeep Sahai

new to out, what operate laid from assets, them job, and As And And some does AUM Jim NRR, it is can right? retention. additional there. products, It think, all on our potential. out depend make full laid on? depends then starts of sure It at Jim look, price good I the growth,

work Now would and happy all work, And to assets get. see durable most additional way. that's to and try number. a them high a X% And and get XXX% of hope at We we products be new deliver And really at we them quarter. to a number. if But want to that on similar consistent don't every to we're X%, great. what here of all we point expect the is

But really that's thought what I towards And used would of it to just NRR. go clients sort thought pretty seen would add expected. new products we would to them new have new mostly clients. and more new new strong had had buying. really their uptick in of logos. is did just first drive a found go what point. was then not clients we a want sort And to one We of we business current products were they from incorporate from what We lot have

Michael Infante

Very helpful, Sandeep.

evolve pricing have, if last I'm broadly, Just post thoughts years. the fund any seats think about there to and not another the or to the meaningful on early on you've differential some hedge how pricing would general, incremental about sort in in close. seats, think head to and in If may about whether model count explore your that we've the good ACV done little curious affords I preliminary the some versus priced space, It it the industry the over of quick of of incumbents be expansion in assets follow-up industry opportunity on couple you're Enfusion and work for how without churn? seen begin on Enfusion. the they you get of that thinking But you of the uptick in

Sandeep Sahai

That's Yes. good Thank you. a question. really

being I think Number I client X, team is that It think, absolutely does close an very industry. the operations delivers over servicing last Enfusion two for that. have industry-leading I'll hedge improved, saying the really start is and fund the and absolutely world-class. by platform quarters to just X the

happen just true. those to things be So two I think

I the way could at a do in XXXX. do a think in commercial of I very you executed look think swiftly we on I and that Clearwater, that responsible help. lot use think model very if

of a But in think leadership, to the in responsible we we model. want commercial so it all have evolve the think might I Enfusion with we do in discussions discussed evolve. to our about it needs And Obviously, a how way, And base objective thoughtful really I have. within of we a to is But the do model that that client see Enfusion the important way, the think just has NRR of drive current driving sort clients such NRR. room value it.

And have is testimony exactly it it frankly, And of might commercial partnership in the we but leadership. so have with But worked NRR today, lots our will Enfusion way. that works we I obviously couldn't on. model, XXX% it be tell a at we in ideas what works, sustainable of the done and do you do

to expect coming in it it execute the quarters. and we So on discuss

Operator

The next JPMorgan. question Gogolev from from with Alexei is

Alexei Gogolev

congratulations both results. headwinds in constant great growth My XXXX us revenue for currency terms a guidance. any you outlook FX are into in What thoughts And be EBITDA? your that with Jim, and you I if was on basis wondering your would incorporating of have

James Cox

Thanks, Alexei.

pounds. think XX%, revenues the dollar are the revenues and although as the in we those. of Alexei, align to it, XX% vast at looking our some costs about So of are U.S. are well currencies international, euros is currency. some those How we There majority in as in that

revenues currencies. a we kind that create so And of currency those clients hedge in of within natural between and the the expenses

So monthly. it's Then de so bill to think not impacted as it it we by revenue minimis okay? the in about as we are basis EBITDA, I FX think addition, we relates much because on

But year. views to on as I mean think a that throughout more it we slight that headwind will but we revert change. hope our obviously, a the And therefore, would here would so rates today, sit is

over And so would that the year. ameliorate

Sandeep Sahai

expect because Jim in Europe of India, will to which in does even has And locations. in Enfusion given has, be wanted have as obviously a employees about, have India. add if just now And that tailwind. to and presence India other and just the base I presence format, a it we think you we workforce know, India. significant strengthen the in number a mild for significant that significant that format works But do might I the as matching matching in don't I spoke help it currency the revenue and cost

Alexei Gogolev

you. a Okay. follow-up Sandeep, And for

number give us OpenAI in them? of You in I you specifically cases Maybe the few a was you included. those you can new quarter. you do exactly you do for on what for of what the listed that elaborate more Can a clients clients. interested use

Sandeep Sahai

Yes.

So the don't the We reporting. do same we is reconciliation. We We thing Alexei, the for do for of do about the anything do these the it, clients. them. data same any do We ingestion accounting. different data

corporate give what could I about is them. for of We or some nuggets for clients. do same the I wish OpenAI So different any you exactly these thing

they and differs. how use for it use it they what Now

them, multiple work at OpenAI, the industry compliance. client use all. insurance when just and reporting, for do different But for really it it managers. it asset for People use So and like may and not example, Clearwater what from very is may it heavily they managers, the for look does at right? it, use does platform, corporates very reporting third-party they in reporting the Corporates much may for consolidating reporting regulatory

here. And again, are there little so nuggets

visualization Alexei, other time, over for Now do clients. we build

they So for the example, see little government differently. if we bit a go things sector, to

reports that. about them reports, So they about we may they think build they for visualization like do returns want how to and how on how like to

platform is In normally like of But already might those NAIC see what industries the differently. want see. calculations. that. some see But different. ingest go in how may they We it. to nothing clients to to data, the for are all that U.S., there, is other reconcile account in even The So it, want may question things we changed Europe, has to you doing do change and they

the listed So from we're yes, clients for of nothing corporate any what with other different doing OpenAI.

Operator

Turrin with next The question Wells is Michael Fargo. from

Michael Turrin

can question to higher want working ask on you keep and moving you in so the to a and you and are this? can that to things I you've the to how just articulate continue done What level sure also walk while that than listen throughout you're the historically time. at execute place acquisition business chew a continue larger Enfusion gum core in direction good a Sandeep, of we're same you kind the ensure from maybe to seeing, integrate making momentum

Sandeep Sahai

than say we done. ever to wanted just meaningfully I Look, anything bigger Yes. this is have that obviously

that, And only did so Number expect think well. business think is one proposition. our we and too risky be would it what think? we far we is And do a this I we because working do without what core

and and And the the makes working the is working to yes, what is answer a So quickly, think sales well, engine well. technology enabling yes. platform the yes, difference well, working those the functions I is very yes operations working is is is, well, our

that foundation me. So is for the

got have think was about that the tell you to is sort I really want built, they a the you absolutely mean right think you solution, compelling when I've this And Enfusion I a what that it assets. not clients and does do simply just have to private of more proposition. then and strategically about exist And public decision. about learned and front-to-back

public I lots pardon or the of exist to bring office, some private the for the is together, on and the the ability office, such or publics. for me, either solutions think, for a our back for those strategically big privates side again, are -- But front side, Now there the the deal industry.

I really So intent feel good the about here. strategic

is meetings are going streams. we thing we've had after about the joint Now to differently. is teams going work good third really do what One

We have a very strong PMO function.

next G&A, have operating we sides the expect and accelerating after have over vX revenue growth, We them each we that. cross-selling, weeks have these items the improving with about, workstream you all a several over for leaders, of plants, of function of weeks and vX vX margin leaders each to and creating talked both the from margin,

this it I important do think approaching right as we a and the giving very attention. are So

Finally, really run our us important well. for to to continue own business

just several Enfusion leaders are and jointly have of them out take in and taking sales the that entirely done people in of technology add focused several with I quarters, teams focus we next the months the on the very platform working from that teams, would in rest the for are And current have we so impressive. while is the all out Clearwater on them sort the operations, business Enfusion. leadership what So

good so really to drive And growth. their about ability feel we

we what question a working can that's excitement of do, comes together, frankly, the So can And we it's where, from. build. what

Michael Turrin

in XQ. help initial the of what Great if may. frame assuming just a well. color. terms one, you're Jim, stepped You're Growth you executing quick in guide? just up Could I

You're guiding case Maybe the drivers frame XX% expansion you're to or XX% executing year. of the just in you're relative terms on base assuming and to for guidance. of what to some start that

James Cox

Yes.

of as we think targeted the of end XXX% NRR the I year.

to you And so and in Clearwater throughout build we as historically, element understand the is our would guide we're Star us. that for we right, something think North make confident about sure a say, that highly if like that I year.

the the exist that where evolution products as think and giving so markets well we while there, growth And have AUM. new the we're of the I we metrics vis-a-vis anticipated ourselves driving as room

into built XXXX. no We have AUM this guidance assumed for tailwind

Operator

The is Andrew with from Schmidt next question Citigroup.

Andrew Schmidt

Congrats Apologies, on little the bit results. late. on I a hopped

obviously, Connect, little potential that sort been asked. plays product that for Maybe that bit this been has back the into big trending about in Clearwater has to hear of a just But if for 'XX. the demand but Sorry curious the cross-sell the to focus CWIC. going since how on product. launch I'm it's a and how curious opportunity early, I'm

Sandeep Sahai

gross which the year. question. of second last the of improvement see, you, biggest is year, Look, you half the sort the last throughout Thank in result, this and of frankly, for whole can the margin Yes. year Andrew,

I think was margin QX XX.X%. gross

we we able get of from like, mileage a feel to that lot So wow, investment. were

think about, what paying much you're for revenue customer is The I which that. is the talking side, how

XXXX? to do. than of early. contributor have contributor build Insights to we of we Do but CWIC. We contributor don't major I 'XX? It who and all drive. not still want from that that the 'XX are a that business don't. major Do a in revenue it's But from not. growth. it would impression be the a you more we give to we revenue say XX and be So selling Absolutely, we it the using major clients It in just is to it, and I to marketplaces expect growth is want is expect

other the it. So is revenue by I CWIC But think what an of think business infrastructural using I CWIC drive operational parts and see onboarding. enabler and our is of of growth efficiency of is of more And will businesses you itself piece.

Andrew Schmidt

ask Enfusion, more, it. a apologies nitty one Got gritty. questions of this could I maybe and is know on been if I lot there's but

engine of one of data data What's can sort when think decisioning. talk multiple data together, about running? to If real-time is about The the of source end-state just we comes one obviously, has strategy this there Or when the source be risk sort of for you systems just Enfusion a have truth architecture. will important. I know, all truth? of sort

Sandeep Sahai

most single question. Look, reconciliation data the obviously single would that's industry it. Yes. time touch complete the right? a directly you the X, though, plane, a a you way X. sense, single Should the for a think is back-office Phase Phase Look, security in changer Eventually, you in then master, think this really, flow because asking to having and that having a course, achieve mechanism data would a try really I sense. data good X, makes ingestion mechanism systems about If Thank think reasonable it in some game of middle and about frame, most our can and without the pre-trade systems. makes into you data the Phase create

to So that's where you want go.

want is goal. clients don't to get current What do do, to What we about into think what that our need. though, locked is we want do just

go And so and front-office what let's need. those are asset cross-sell want that owners applications, to does who them

master to Phase the side. feels that might Phase And security X And and integration X then data like on be side me. the so

and concept data wipe then flowing a longer truths, repopulate and is have free like but This layer really should a that golden set back have data I We that So promise. sense. question is the promise the is single no with rinse The because and project. we can absolutely of of makes one forth.

And so where we in go. to phases, want do we that's think but we'll it absolutely

Operator

Sachs. Borges is Goldman The next with from question Gabriela

Gabriela Borges

to time renewal cycles around cycles replacement up legacy come and contracts is timing in the be best Sandeep, when position the the those I those limited of for want the extent what IPO competitive Clearwater the to revisit position of conversation by renewal. to yourself you from how and

love of years that in that the hear things of control, those X.X, versus would are that what I let to And ago? are now things things some of So What some going your control how the cycles? control? out are are control, X in are you

Sandeep Sahai

you Yes, for the question. thank Gabriela,

the And think operational what you said, drives it we've when about of is is risk And to for evolution discuss you it's to think add efficiency. no, interesting always our you thought around then need really this. reporting compliance no, said, compliance. then that business, what no, we then I for add it And we said, regulatory and and we it. no, should the the need needs that. And drives

what move to tried clients trying over have to That's is continuing time reasons Clearwater. we've what So we to for to build. build

platforms X into went to sort X this we like we applications pre-trade clients bp with platforms, mid-office world, really of As can we is said and what back-office which integrate and have. seamlessly want

our back the address we So life was X.X we to changed, entire about investment change. a And big said want and cycle. years ambition that

say, have companies switch. for some the I "Look, one and it, you they they do clients would want many, office, the don't Enfusion-Clearwater true front is can't do that not don't X more it's don't platform. worth the reporting, some you squeeze." the platform." for hard." say, so thing had move you the them "Well, too will do position our be, have use buy Enfusion to And who the clients if Now reason and "If you to same to all to It's many the reasons they is of And And now would accounting, more regulatory now Clearwater-Enfusion

we the trying so only built on what architecture, end-to-end which master. And build the can is do are that show a single-instance, a platform multi-tenant security single to continue market we to has

other for We every class? asset have that we do Now don't. private

alternative insight private very Yes, we to those a of are what each try credit areas, these continue classes. we modular into at debt, alternative so private building assets. And will to assets, that's deep asset with very and look provide but and of all

the that game risk and we on classes unified do changes step And those to assets, platform to for which the us. think, the our front-end is taken, and really ambition think is private way for I pre-trade that. first to think for we be we those have I I public Enfusion, assets achieve does public which and being are does And So personas. big able think for one private asset and work

it we needs which the any on asset needs that. of to we look, don't and when So things, very do addresses to assets, platform, needs public should market those private think about are about asset about achieve you want Clearwater, we what see. are is an just think because can and market and risk, exposure understands shock CIO which that the think across way you end-to-end the what the or manager and all And owner excited our

Operator

question Blair. Brunner The from next is with William Faith

Faith Brunner

about on the tailwind again But off, first the supporting pull that expansion and quarter. Maybe of durability talk at the changes factors ongoing levels? fueling I demand? driving talked growth a level, I high in serving the you about is different some know as demand are Congrats can onetime quarter. guess else you and with is what regulation forward the these

Sandeep Sahai

multiple fire. why we you a many number answer answer really growth. we answer. of way, build a When in fire So retention. good the irons real year, a you, XX% quarter And are that what the or a the XX% work starts, is those? so irons what I start? will what drive driver It or what growth. The then given I'll you start have I in with I a a do is to look, real given but the have retention, is one, By in for and We wish tell don't know don't you had

And is just dedicated have in a assets, then assets? little commercial say AUM of talked desk Do quarter, investing year we growth, model, really And are which be desk going quarter. irons show can drive you is, good? about, I of then really captured but that we to additional the an additional what bit a you some to every get Do new given if and fire. by new assets. also do products meet which is And durability. leads are you is the agenda we them model? quarter, the And get up It's have And a which a in we But our and teams what every model new to many pricing have have and needs to driving have to from do additional commercial that's the in logos? areas the which it's different. to Jim can

hard if got irons you may in want X, durable You a that's the fire. or growth, quarter to But have have spike a you've predict. in those to multiple

please. ahead, go Jim, Sorry,

James Cox

add thing geographically, that is international. world, against well. we're locations thing. I say would also to also right, The executing I the Across to the going each was of geographic same only as those

Faith Brunner

Helpful. And then just follow-up. Okay. a quick one, a

about of saw of some and highlighted of talk that a products quarter. we newer been driving of in giant. So how the Prior kind commentary they've some somewhat Insights sleeping expansion the is

any last of So the you quarters and of the this that's way see as you how kind forward? color on capabilities? any there conversations this contribution driving different with couple has product contribution the customers Or expand had going

Sandeep Sahai

something really, 'XX. Yes. is said for in very Look, also which company. to that I revenue is think think significant is that going I've this said I've 'XX I a before, But I not think really Insights growth the clearly and marketplaces and initiative deliver

our Now contributor Yes. revenue? what don't interested to are paying clients is be 'XX you it it? think to what we major in going But very frame. And find for they in are is I building. a time the

significant continues quickly. just think, business nicely be other see business a would what the I it is our and we very do very part to we'll do look think But X to is about think I more term, 'XX. you if say. longer start I very also X, part in years, could But our I out when grow of think core

to a be be high. needs number that significant to So driver, really

pretty high. value And creates so that the is

Operator

with Ramnani Arvind question is The from Sandler. next Piper

Arvind Ramnani

I the questions past to there's clearly, It you're like speed the just more. have I providing you particular idiosyncratic looks the all a on so that what about was kind of acquisition, ask decision-making there now of to in move wanted entity. combined markets value able move is be kind partners. growth Or talked one they combined end an meaningfully way how subject client terms proposition not mean, and you work kind industry think kind the be Do think decision-making? you'll of makes or decide the the rates this rates to will they of with their you of enough entity as in how of at your But a do still further? kind

Sandeep Sahai

Yes.

this client way and to the is a one going the platform. Clearwater do because of And was reason clients are but it time, AUM to Enfusion to people very will Like to a good reason what a think I providing well, office if the with reason level. have considering this it big at want more a are because reporting prospects compliance regulatory have the think at to move platform, I really and reverse, front different about said, still and reason or to move that now basic didn't And just they we about expansion, to very or is it. do them for platform. providing with who we're Enfusion one to a to Clearwater significant the move very

of So that enhances growth really organizations, of the the we think and it both transaction. promise do is the rates

in the a and to of Then want joint master to front-to-back shared may with solution. a infrastructure, who platform quarters And be there things security shared some data clients and a come, provide years we expect that that only ilk.

do though, company of do X, think what all is the able I So to additive are these themselves. to

Arvind Ramnani

it And a I've in ones' it cloud, you decades. the solution where instance, industry well. of there's competitor cascading X we've change you? to value once solution, the forces a to like a this That's be for right? much Yes. as the to a move starts, others of where couple known forces once forced big sometimes helpful. a move kind folks to will it company provide effect particular basically Sandeep, the becomes mean industry where, seen I to Is going in Like, to that others. move moves for

Sandeep Sahai

transaction the promise amount between a of all it How of for and away really across a is it, the data system, the Yes. thousands various reconciling take of they that's much so which of industry for really same a and of the promise spent obviate that's exactly have use that. is the security what has very kind all Arvind, data platforms? the doing could And risk. And you can post-trade the legions of do. sure we would you mass, Enormous. reconciles They people, pre-trade is this what make money work, all well. a all doing can same all you Once it. vast plane, data need reconciliation you that we which have have of People know this same the applications, work. people of

data lots you for to and regulatory for systems of and outside compliance don't reporting have systems systems build lots So to being provided risk systems. for and

do I think a it can So game changer. complete be

security infrastructure. see takes time don't time. architecture, It you've a very it's platforms aggressively a vision. are if someone to You single these very believe transform it hard that today chance, has both single-instance because infrastructure, us legacy pitching to realize because got which But takes master us that cloud-native, to is from

the I deeper assets, over picture that it. the feel And think to industry build enormously and need. alternative risk the scale it. are We we right feel what some can assets time will completes So in we if build I to of have get more license the and we well in private positioned

Operator

Capital. The with Loop Yun question from next Kim is

Yun Suk Kim

Okay. margin right you're onboarding Great. the I'll revenue and your into drivers expect, Sandeep, also visibility better time? is also make continue seeing on quick. to the also, that you flow? behind this improvement shorter providing pretty gross And seeing that now ramp are a

Sandeep Sahai

Yes.

So very it short yes, answer, is.

we become. very, onboarding pleasantly the process has surprised mature So with how very are

I has think evolved. model also our commercial

Absolutely. all time And improves of between the period also revenue shorter but So margin not of just growth, live? to improves of a shorter that, a ARR? period Do profile. see time see and Absolutely. booking do can go we you as we obviously, imagine,

continues very, to do I I Jim execution, about think, and that well. execute spoke team feel we we and think -- So excellent both very

Yun Suk Kim

one quick just then And Great. follow-up. Okay.

with think to year, timing new ramp acquisition the QX? if the we of Enfusion you're in the this close about sales should planning set year sales how add With capacity and especially the reps, your to

Sandeep Sahai

quite room a of make be XX-plus business To is to investments. lot there Yes. organically, percent grows transparent, the when

money efforts, So also is that fact, ability economics to just more and marketing are to even efforts, I say sales very high; would in the R&D our add because better.

growth that, invest. you to and lot So have yes, think a and you then money once you you unit have say, should about of and improving economics, XX%

so funded, the North Asia, the to fully Europe, extent America, are in And not teams in U.K. GTM in Continental just appropriate. and in but

GTM So do the into continue feel add we we muscle function. to

Operator

questions. the Sandeep further hand I'd no like remarks. for are There to call to back over concluding

Sandeep Sahai

analysts cover just us last very tremendous have over all us. what to us the very the proud We're but in you years. who of several to done, I to of of the we want and investors the take moment you shown in proud thank we're quarters have confidence who say and a faith also show

Thank you. very you So much. thank

Operator

That participation. call. for concludes your today's conference you Thank

may disconnect You your now lines.

Clearwater Analytics (CWAN) 19 Feb 252024 Q4 Earnings call transcript