Clearwater Analytics Holdings Inc (CWAN) 2022 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Clearwater Analytics Fourth Quarter and Full Year 2022 Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session.

女士們，先生們，感謝你們的支持，歡迎來到 Clearwater Analytics 第四季度和 2022 年全年財務業績電話會議。此時，所有參與者都處於只聽模式。演講者介紹結束後，將進行問答環節。

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

現在我要歡迎投資者關係主管 Joon Park 開始會議。

Thank you, and welcome, everyone, to Clearwater Analytics Fourth Quarter and Full Year 2022 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.

謝謝大家，歡迎大家參加 Clearwater Analytics 第四季度和 2022 年全年財務業績電話會議。今天和我一起參加電話會議的是首席執行官 Sandeep Sahai；和首席財務官 Jim Cox。在他們發言後，我們將開始電話問答環節。

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, including business outlook, expectations for future financial 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.

我想提醒所有與會者，在本次電話會議期間，任何前瞻性陳述都是根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的。未來目標的表達，包括業務前景、對未來財務業績的預期和類似項目，包括但不限於使用術語可能、將、可以、期望和相信的表達，以及反映歷史事實以外的事物的表達，旨在識別前瞻性陳述。

Forward-looking statements involve a number of risks and uncertainties, including those discussed in the risk factors section of our filings with the SEC. Actual results may differ materially from any forward-looking statements. The 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 non-GAAP unless otherwise noted. A reconciliation can be found in the earnings press release that we have posted to our Investor Relations website.

前瞻性陳述涉及許多風險和不確定性，包括我們向美國證券交易委員會提交的文件的風險因素部分中討論的風險和不確定性。實際結果可能與任何前瞻性陳述存在重大差異。公司不承擔修改或更新任何前瞻性陳述以反映本次電話會議後可能發生的事件的義務，法律要求的除外。有關更多信息，請參閱我們的收益新聞稿中包含的警示性聲明。最後，除非另有說明，否則本次電話會議討論的所有指標均為非 GAAP。可以在我們發佈到投資者關係網站上的收益新聞稿中找到對賬。

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

有了這個，我將把電話轉給我們的首席執行官 Sandeep Sahai。

Thank you, Joon, and welcome, everyone. Let's start with the numbers because we are delighted to share robust results for both Q4 and the full year 2022.

謝謝你，Joon，歡迎大家。讓我們從數字開始，因為我們很高興分享第四季度和 2022 年全年的強勁業績。

Revenue for the full year grew 20.4%. Gross revenue retention stayed at 98% for the 16th straight quarter. Net revenue retention climbed to 106%. Gross profit was 75.7% in Q4. EBITDA margin for Q4 was 29.4%.

全年收入增長 20.4%。總收入保留率連續第 16 個季度保持在 98%。淨收入保留率攀升至 106%。第四季度毛利為 75.7%。第四季度的 EBITDA 利潤率為 29.4%。

We generated free cash flow of $16.6 million in this quarter. And in the last 100 days of 2022, 2 more of the 20 largest insurers in North America chose to move to the Clearwater platform. That, I hope you'll agree, is very compelling execution.

本季度我們產生了 1660 萬美元的自由現金流。而在 2022 年的最後 100 天裡，北美最大的 20 家保險公司中又有 2 家選擇遷移到 Clearwater 平台。我希望你會同意，這是非常引人注目的執行。

Looking back at the year, I could not be more proud of our team. As all of you know, like other fintech firms, we faced headwinds throughout the year, and I believe the urgency and effectiveness with which we reacted and executed was very strong. And we didn't just address the challenges we faced. In fact, we made our business stronger and more resilient by working with our customers to craft a modified commercial model. Given what we accomplished in 2022, we have renewed confidence that our overall plan, our commitment to building disruptive technology, our product strategy and our customer-centric approach will stand the test of time.

回顧這一年，我為我們的團隊感到無比自豪。眾所周知，與其他金融科技公司一樣，我們全年都面臨逆風，我相信我們反應和執行的緊迫性和有效性非常強烈。我們不僅解決了我們面臨的挑戰。事實上，通過與客戶合作打造改進的商業模式，我們使我們的業務更強大、更有彈性。鑑於我們在 2022 年取得的成就，我們重新相信我們的總體計劃、我們對構建顛覆性技術的承諾、我們的產品戰略和我們以客戶為中心的方法將經得起時間的考驗。

Let's dig a little deeper into the fundamentals of the business. When we completed our IPO in September 2021, we laid out 5 pillars to guide us, and we continue to build upon them throughout 2022. Given the New Year, we want to provide an update on those pillars, which are largely unchanged.

讓我們更深入地了解一下業務的基本原理。當我們在 2021 年 9 月完成首次公開募股時，我們制定了 5 個支柱來指導我們，我們將在整個 2022 年繼續以它們為基礎。鑑於新的一年，我們想提供這些支柱的最新情況，這些支柱基本上沒有變化。

Pillar #1 is consistent, reliable and durable growth. This is the first pillar for a very good reason. We want an ever-increasing number of clients to choose our platform. And for those who already own our platform, we want them to grow. Consistency and predictability in our growth is important to our ability to invest in the medium and long term.

第一支柱是持續、可靠和持久的增長。這是第一個支柱，這是有充分理由的。我們希望越來越多的客戶選擇我們的平台。對於那些已經擁有我們平台的人，我們希望他們成長。我們增長的一致性和可預測性對我們的中長期投資能力很重要。

Our Q4 revenue was $82.7 million and full year revenue was $303.4 million, which represented year-over-year growth of 20.4%. This accomplishment in a turbulent and challenging time is testament to the resiliency of our business and the ability of the team to navigate challenges as they arise.

我們第四季度的收入為 8270 萬美元，全年收入為 3.034 億美元，同比增長 20.4%。在動盪和充滿挑戰的時期取得的這一成就證明了我們業務的彈性以及團隊在挑戰出現時應對挑戰的能力。

With strong booking in Q4, booking for the year 2022 exceeded the budget we had laid out in the beginning of the year. That allows us to look forward to 2023 with confidence in our plans, and we expect to deliver another year of 19% to 20% growth. We continue to watch the economy and the market conditions and will remain vigilant and agile in our response. More specifically, we will look to our booking to guide our continued investments.

由於第四季度的強勁預訂，2022 年的預訂超出了我們年初制定的預算。這使我們能夠對我們的計劃充滿信心地展望 2023 年，並且我們預計今年將實現 19% 至 20% 的增長。我們將繼續關注經濟和市場狀況，並將保持警惕和靈活應對。更具體地說，我們將關注我們的預訂來指導我們的持續投資。

Pillar #2 is our sizable total addressable market. We have always approach the sizing of the market opportunity with a lot of rigor because our GTM investments are determined by it. We have built a detailed view of our TAM by market, submarkets and geographies and have previously communicated a market opportunity of $10 billion plus.

支柱 #2 是我們相當大的總潛在市場。我們一直非常嚴格地確定市場機會的大小，因為我們的 GTM 投資是由它決定的。我們已經按市場、子市場和地區構建了我們的 TAM 的詳細視圖，並且之前已經傳達了超過 100 億美元的市場機會。

In addition to using our own team to validate this on a continuous basis, we work with leading consulting firms to further validate and refine this estimate. More importantly, they help us define areas for TAM expansion.

除了使用我們自己的團隊持續驗證這一點之外，我們還與領先的諮詢公司合作，進一步驗證和完善這一估計。更重要的是，它們幫助我們定義 TAM 擴展的區域。

It is easy to be content with the long runway we have in our current markets. But our ongoing investments in R&D is in service of finding adjacencies that can continue to enhance the TAM on an ongoing basis.

我們很容易滿足於我們在當前市場上擁有的長跑道。但我們在研發方面的持續投資是為了尋找可以持續增強 TAM 的鄰接關係。

An example of actions related with this effort is our acquisition of JUMP Technology. Not only does it double our European presence, it also enhances our TAM by $1 billion by allowing us to deliver front office systems, including order and portfolio management to current and new clients. 157 new logos went live on our platform in calendar year 2022 and is proof of our ability to capture them.

與此相關的行動示例是我們收購 JUMP Technology。它不僅使我們在歐洲的影響力翻了一番，還使我們能夠為現有和新客戶提供前台系統，包括訂單和投資組合管理，從而使我們的 TAM 增加了 10 億美元。 2022 年，我們的平台上有 157 個新徽標上線，這證明了我們有能力捕捉到它們。

In addition to the 2 large insurers we spoke about earlier, our new customer wins from Q4 include Adventist Health System, Bimini Advisors, Homestead Advisers Corp, Meeder Investment Management, Payden & Rygel, Robinson Capital Management and WestCap Management. Just to name a few.

除了我們之前提到的兩家大型保險公司外，我們從第四季度贏得的新客戶還包括 Adventist Health System、Bimini Advisors、Homestead Advisers Corp、Meeder Investment Management、Payden & Rygel、Robinson Capital Management 和 WestCap Management。僅舉幾個。

Geographically, we are encouraged with our early continued successes in Asia, and in Q4, we signed Avallis Investments in Singapore, MSIG Insurance in Thailand and PT Asuransi MSIG in Indonesia. These organizations joined our growing group of clients in Asia and Australia.

在地理上，我們對我們在亞洲早期的持續成功感到鼓舞，在第四季度，我們在新加坡簽署了 Avallis Investments，在泰國簽署了 MSIG Insurance，在印度尼西亞簽署了 PT Asuransi MSIG。這些組織加入了我們在亞洲和澳大利亞不斷壯大的客戶群。

In the majority of these cases, we continue to replace legacy solutions and trying to get a daily reconciled comprehensive view of the portfolio across asset classes and geographies. This is where our third pillar comes in, our competitive next-generation platform with deep competitive moats.

在大多數情況下，我們會繼續更換遺留解決方案，並嘗試獲得跨資產類別和地域的投資組合的日常協調綜合視圖。這就是我們的第三個支柱發揮作用的地方，即我們具有深厚競爭護城河的具有競爭力的下一代平台。

Across the industry, investment and operations teams face real challenges when they deliver to the businesses. That's just a fact. They have to deal with multiple systems that are narrowly focused on a given geography, a given asset class or a business function like risk. And they have to bring all that together for the business who want to see a comprehensive view of the assets.

在整個行業中，投資和運營團隊在向企業交付產品時面臨著真正的挑戰。那隻是一個事實。他們必須處理多個系統，這些系統只關注給定的地理位置、給定的資產類別或風險等業務功能。對於希望全面了解資產的企業，他們必須將所有這些整合在一起。

Then there is data quality. They have to ingest and reconcile and keep track of ever-changing regulations and regulatory reporting requirements. Operations team need to manage all of that and deliver on time.

然後是數據質量。他們必須吸收、協調和跟踪不斷變化的法規和監管報告要求。運營團隊需要管理所有這些並按時交付。

Our single-instance multi-tenant architecture is truly the next-generation technology that has been proven in industry after industry. The value of the single instance architecture results in a constantly updated software platform that keeps pace with changes in accounting and regulations obviating the need for costly and time-consuming upgrades.

我們的單實例多租戶架構是真正的下一代技術，已經在一個又一個行業中得到驗證。單實例體系結構的價值導致不斷更新的軟件平台與會計和法規的變化保持同步，從而避免了昂貴且耗時的升級需求。

Clients no longer need to watch the tens of thousands of regulatory alerts that come out every year. They simply rely on Clearwater. I was talking to client recently who left the competitor joined us and asked why. They said they have been following our regulation and compliance advice for years. So they came to the conclusion that they would benefit from it being baked into our software.

客戶不再需要關注每年發布的數以萬計的監管警報。他們只是依賴 Clearwater。我最近與離開競爭對手加入我們的客戶交談並詢問原因。他們表示，多年來他們一直在遵循我們的監管和合規建議。所以他們得出的結論是，他們將從將其融入我們的軟件中受益。

Multi-tenancy is changing the data quality landscape. Our platform fosters a network effect that allows for the highest data quality. Since of each client having to ingest and reconcile their own data, we do it once for everyone.

多租戶正在改變數據質量格局。我們的平台促進了網絡效應，可提供最高的數據質量。由於每個客戶都必須攝取和協調他們自己的數據，我們為每個人做一次。

But we are not content or complacent about our position. We continue to invest in our product to further deepen our competitive moat. In 2022, we invested 25% of revenue in R&D and plan to continue this level of investment in 2023 before moderating that in subsequent years.

但我們對我們的立場並不滿意或自滿。我們繼續投資於我們的產品，以進一步加深我們的競爭護城河。 2022 年，我們將 25% 的收入投入研發，併計劃在 2023 年繼續保持這一水平的投資，然後在隨後的幾年中進行調整。

Moving to our fourth pillar, expanded product offering. We believe that the continued and sustained investment in R&D allows us to bring additional products to market. When you first met us, Clearwater was predominantly a single product company, but that has and will continue to evolve as we build a best-in-class commercial model.

轉向我們的第四個支柱，擴大產品範圍。我們相信，持續不斷的研發投資使我們能夠將更多產品推向市場。當您第一次見到我們時，Clearwater 主要是一家單一產品公司，但隨著我們建立一流的商業模式，它已經並將繼續發展。

Today, we offer multiple adjacent products, which can be used independently of Clearwater core. Clearwater Prism continues to get greater market acceptance, Clearwater JUMP OMS, PMS, for order and portfolio management. Clearwater JUMP for the full investment management life cycle. And we offer add-on modules, which can be used alongside Clearwater core. Clearwater LPx, Clearwater LPx Clarity, Clearwater Performance Plus, Clearwater unit-linked funds.

今天，我們提供多種相鄰產品，可以獨立於 Clearwater 核心使用。 Clearwater Prism 繼續獲得更大的市場認可，Clearwater JUMP OMS、PMS，用於訂單和投資組合管理。用於完整投資管理生命週期的 Clearwater JUMP。我們還提供可與 Clearwater 核心一起使用的附加模塊。 Clearwater LPx、Clearwater LPx Clarity、Clearwater Performance Plus、Clearwater 單位掛鉤基金。

Let's take them one by one, starting with Prism. We are proud to announce that in Q4, 2 of our largest clients, Nationwide and JPMorgan Asset Management chose to use Clearwater Prism. The Clearwater platform combined with Clearwater Prism aggregates data and perform a series of calculations and data validations and generate reports that allow JP Morgan Asset Management to comply with the daily regulatory reporting obligation.

讓我們一一介紹，從 Prism 開始。我們很自豪地宣布，在第 4 季度，我們最大的兩個客戶 Nationwide 和 JPMorgan Asset Management 選擇使用 Clearwater Prism。 Clearwater 平台結合 Clearwater Prism 匯總數據並執行一系列計算和數據驗證並生成報告，使摩根大通資產管理能夠遵守日常監管報告義務。

We are also excited to share that we have signed our first significant 7-figure Prism deal in Europe, expanding our offering for one of our largest clients. This client will be able to use Prism to generate reporting for their end clients, representing over $290 billion in AUM.

我們也很高興地與大家分享，我們已經在歐洲簽署了第一個 7 位數的重要 Prism 交易，擴大了我們為最大客戶之一提供的服務。該客戶將能夠使用 Prism 為其最終客戶生成報告，代表超過 2900 億美元的 AUM。

Next is JUMP. As you will recall, we closed the JUMP acquisition in November of 2022. In December, we sold the JUMP platform to Luxembourg-based insurance provider, Cardif Lux Vie. This key new client win and demonstrates that the combination of Jump and Clearwater constitutes an attractive offering to the European asset management market. We look forward to supporting Cardif Lux Vie, with the investment performance, regulatory compliance and reporting needs. We also expect additional customers in our core markets to be attracted to our combined product offering.

接下來是跳躍。您會記得，我們於 2022 年 11 月完成了對 JUMP 的收購。12 月，我們將 JUMP 平台出售給了總部位於盧森堡的保險提供商 Cardif Lux Vie。這一重要的新客戶贏得併表明 Jump 和 Clearwater 的結合構成了對歐洲資產管理市場具有吸引力的產品。我們期待為 Cardif Lux Vie 提供投資業績、合規性和報告需求方面的支持。我們還預計我們核心市場的更多客戶將被我們的組合產品所吸引。

In addition to JUMP stand-alone offerings, we have integrated Clearwater and JUMP's development and product teams for defined products so that we can offer integrated solutions for unit-linked funds and an enhanced feature-rich performance module to existing Clearwater clients, which brings us back to adjacent products like Clearwater LPx.

除了 JUMP 獨立產品外，我們還整合了 Clearwater 和 JUMP 的開發和產品團隊來定義產品，這樣我們就可以為現有的 Clearwater 客戶提供單位掛鉤基金的集成解決方案和增強的功能豐富的性能模塊，這使我們回到相鄰的產品，如 Clearwater LPx。

Clearwater LPx, our products focused on limited partnerships is being well received and gaining traction with both existing clients and net new logos in the market. We added more than 40 clients to the Clearwater LPx offering in 2022. As you can tell by its rising popularity, the solution is being selected because it helps organizations dig deep into their private equity investments, providing them the visibility of the need to understand long-term returns.

Clearwater LPx，我們專注於有限合夥企業的產品受到了市場上現有客戶和淨新品牌的歡迎和青睞。我們在 2022 年為 Clearwater LPx 產品增加了 40 多家客戶。正如您可以從其日益流行的情況中看出的那樣，之所以選擇該解決方案是因為它可以幫助組織深入挖掘其私募股權投資，讓他們了解了解長期投資的必要性- 長期回報。

Clearwater LPx Clarity takes it one step further to convert unstructured data to structure data to provide our clients' front-office teams with underlying portfolio exposure and look-through, including investment and risk analytics. Prism was our first adjacent product, and it is now starting to deliver meaningful bookings and revenue. We similarly expect our other expanded product offerings to create increasingly higher impact in 2023 and beyond.

Clearwater LPx Clarity 更進一步，將非結構化數據轉換為結構化數據，為我們客戶的前台團隊提供基礎投資組合風險和透視，包括投資和風險分析。 Prism 是我們的第一個相鄰產品，現在它開始帶來有意義的預訂和收入。我們同樣希望我們的其他擴展產品在 2023 年及以後產生越來越大的影響。

The fifth and final pillar is Clearwater's client-centric approach. The ultimate value of any tech platform rests in the value delivered to clients, the impact it has on the business and overall client delight. In Q4, we won't again received an NPS score in excess of 60%. That is simply the best in the industry. We work hard to ensure that our tech and our global teams are working towards the singular goal of client delight.

第五個也是最後一個支柱是 Clearwater 以客戶為中心的方法。任何技術平台的最終價值都取決於交付給客戶的價值、它對業務的影響和整體客戶滿意度。在第四季度，我們不會再收到超過 60% 的 NPS 分數。這簡直是業內最好的。我們努力確保我們的技術和我們的全球團隊朝著讓客戶滿意的單一目標努力。

Truly, client satisfaction is at the heart of everything that we do. In Q4, as a testament to this fact, Clearwater won numerous awards, the Tech Provider of the Year Award for Excellence from InsuranceAsia News, the best Redtech Solution from Insurance POST and the Technology Firm of the year from Insurance Asset Management. These always acknowledge the profound impact Clearwater is having on our client's investment operations in the U.S., Europe and the Asia Pacific region.

確實，客戶滿意度是我們所做一切的核心。在第四季度，作為對這一事實的證明，Clearwater 贏得了無數獎項，包括 InsuranceAsia News 頒發的年度卓越技術供應商獎、Insurance POST 頒發的最佳 Redtech 解決方案獎和 Insurance Asset Management 頒發的年度技術公司獎。這些始終承認 Clearwater 對我們客戶在美國、歐洲和亞太地區的投資業務產生的深遠影響。

We are happy to report that Clearwater's CMO and CHRO, both won awards for the leadership in marketing and HR innovation, respectively.

我們很高興地報告，Clearwater 的 CMO 和 CHRO 分別因在營銷和人力資源創新方面的領導力而獲獎。

Now looking forward, many of you might ask how we expect macroeconomic conditions to impact our business. We are not reacting by laying people off. Rather, we are growing in line with our business. We are not cutting corners in R&D. Rather, we are consistently investing. We are not afraid to expand geographically or through acquisition.

現在展望未來，你們中的許多人可能會問我們預計宏觀經濟狀況將如何影響我們的業務。我們不會通過裁員來應對。相反，我們的增長與我們的業務一致。我們不會在研發中偷工減料。相反，我們一直在投資。我們不懼怕通過地域或收購進行擴張。

But rest assured, we are watchful of the economy and the markets. We will be led by bookings and not by economic forecasts about what might or might not happen in the coming quarters. We stand steadfast on our pillars, consistent, reliable, durable growth, focus on TAM, enhancing our SaaS platform, innovating our product offering and dedication to clients. Little has changed in our philosophy, approach or culture, except that after weathering 2022, we have proven our resiliency and therefore, have even higher conviction.

但請放心，我們正在關注經濟和市場。我們將以預訂量為主導，而不是關於未來幾個季度可能發生或不發生的經濟預測。我們堅定不移地立足於我們的支柱，始終如一、可靠、持久的增長，專注於 TAM，增強我們的 SaaS 平台，創新我們的產品供應並竭誠為客戶服務。我們的理念、方法或文化幾乎沒有改變，除了在 2022 年風化之後，我們已經證明了我們的彈性，因此更有信心。

Before returning with a few closing thoughts, I would now like to hand the call over to our Chief Financial Officer, Jim Cox, to provide more details on our fourth quarter and full year financial performance as well as updated guidance for our first quarter and full year 2023.

在結束一些想法之前，我現在想將電話轉交給我們的首席財務官吉姆考克斯，以提供有關我們第四季度和全年財務業績的更多詳細信息，以及我們第一季度和整個季度的最新指導2023 年。

Thanks, Sandeep, and thank all of you for joining us. It is rewarding to report our Q4 and full year 2022 results.

謝謝，Sandeep，感謝大家加入我們。報告我們的第四季度和 2022 年全年業績是值得的。

I plan to spend our time summarizing a few items from our Q4 results and then explain the financial impact of the JUMP acquisition, which closed on November 30, the tax receivable agreement or TRA expense, update you on the continued progress of our transition to the base plus model, and then conclude by providing color on our 2023 guidance.

我計劃花時間總結我們第四季度業績的幾個項目，然後解釋 JUMP 收購的財務影響，該收購於 11 月 30 日結束，應收稅款協議或 TRA 費用，向您介紹我們過渡到基礎加模型，然後通過為我們的 2023 年指南提供顏色來結束。

Please note that our results will be discussed on a non-GAAP or adjusted basis and include the results of JUMP since the acquisition unless otherwise noted.

請注意，除非另有說明，否則我們的業績將在非 GAAP 或調整的基礎上進行討論，並包括 JUMP 自收購以來的業績。

Turning to Q4 and 2022 results. Let me start with the top line and the metrics that drive revenue. In 2022, we are especially proud to have delivered 20.4% year-on-year revenue growth in an otherwise challenging market environment. Q4 revenue was $82.7 million and full year 2022 revenue was $303.4 million.

轉向第四季度和 2022 年的結果。讓我從頂線和推動收入的指標開始。 2022 年，我們特別自豪地在充滿挑戰的市場環境中實現了 20.4% 的同比收入增長。第四季度收入為 8270 萬美元，2022 年全年收入為 3.034 億美元。

Q4 revenue included $2.7 million of revenue from JUMP in December, which was roughly $1.5 million higher than we expected when we provided our Q4 guidance. JUMP'S revenue included a perpetual license agreement with Cardif Lux Vie, which closed in December.

第四季度收入包括 12 月份來自 JUMP 的 270 萬美元收入，這比我們提供第四季度指導時的預期高出約 150 萬美元。 JUMP 的收入包括與 Cardif Lux Vie 簽訂的永久許可協議，該協議於 12 月結束。

We were happy to see that the combination of Clearwater's scale and JUMP's functionality achieved such success with a large European client so quickly.

我們很高興看到 Clearwater 的規模與 JUMP 的功能相結合，如此迅速地在一個大型歐洲客戶中取得瞭如此成功。

Annualized recurring revenue, or ARR, at the end of December 2022 was $323.5 million and included $6.4 million of ARR related to the JUMP acquisition. The insurance vertical comprises 52% of ARR. The asset management vertical comprises 33% with corporates, government and other entities comprising 15% of ARR on December 31, 2022.

截至 2022 年 12 月底，年度經常性收入 (ARR) 為 3.235 億美元，其中包括與 JUMP 收購相關的 640 萬美元 ARR。垂直保險業佔 ARR 的 52%。截至 2022 年 12 月 31 日，垂直資產管理佔 ARR 的 33%，其中企業、政府和其他實體佔 ARR 的 15%。

As of December 31, 2022, the Clearwater platform, processes and reports on $6.4 trillion in assets daily, up from the $5.9 trillion at the end of 2021. This increase reflects business growth from new clients and existing clients that more than offset the market decline from lower equity and fixed income prices caused by the significant increases in interest rates throughout 2022.

截至 2022 年 12 月 31 日，Clearwater 平台每天處理和報告的資產達 6.4 萬億美元，高於 2021 年底的 5.9 萬億美元。這一增長反映了新客戶和現有客戶的業務增長，足以抵消市場下滑的影響整個 2022 年利率大幅上升導致較低的股票和固定收益價格。

The bedrock of our business continues to be our client-focused approach, which has led to best-in-class customer satisfaction and an industry-leading 98% gross revenue retention for the 16th straight quarter.

我們業務的基石仍然是我們以客戶為中心的方法，這導致了一流的客戶滿意度和連續第 16 個季度保持行業領先的 98% 的總收入保留率。

In the fourth quarter, net revenue retention increased to 106%, a nice uptick from the bottom we predicted in Q3 of 103%. The 106% net revenue retention shows the positive impact our commercial model transition has had on our business.

在第四季度，淨收入保留率增加到 106%，比我們在第三季度預測的 103% 的底部有一個很好的上升。 106% 的淨收入保留率表明我們的商業模式轉型對我們的業務產生了積極影響。

Let me highlight more in relation to our commercial model transition. As a reminder, we have historically charged our clients a fee, primarily based on the assets they manage on our platform, subject to contracted minimums.

讓我更多地強調與我們的商業模式轉型有關的內容。提醒一下，我們歷來向客戶收取費用，主要是根據他們在我們平台上管理的資產，以合同規定的最低金額為準。

A significant majority of the assets on the platform are high-grade fixed income assets, which had historically led to very low levels of volatility and predictable revenue streams with the significant market volatility in both equity and fixed income in the first half of 2022, we evaluated our commercial model.

平台上的絕大部分資產都是高等級固定收益資產，從歷史上看，這導致了非常低的波動性和可預測的收入流，而 2022 年上半年股票和固定收益的市場波動都很大，我們評估了我們的商業模式。

We transitioned our contracting structure to a framework we now described as base plus. A base plus contract framework includes a base fee for prospective clients existing book of business, plus an incremental fee for increases in assets on the platform.

我們將承包結構轉變為我們現在描述為 base plus 的框架。基本加合同框架包括針對潛在客戶現有業務簿的基本費用，以及平台上資產增加的增量費用。

The base plus model includes annual increases in the base fee and enables us to charge additional fees for supplemental services or additional products should the client subsequently select to utilize those services. This base plus structure has the effect of limiting the downside volatility in our asset-based fees.

基礎加模型包括基礎費用的年度增長，如果客戶隨後選擇使用這些服務，我們可以對補充服務或附加產品收取額外費用。這種基礎加結構具有限制我們基於資產的費用的下行波動的作用。

I am happy to share that since July, 100% of our new clients with contracts greater than $500,000 in expected annual revenue are using the base plus commercial model. We also made significant progress with the commercial terms across our existing client portfolio.

我很高興與大家分享，自 7 月以來，我們 100% 的合同預期年收入超過 500,000 美元的新客戶都在使用基礎加商業模式。我們還在現有客戶組合的商業條款方面取得了重大進展。

In 2022, clients representing 80.1% of ARR either agreed to modify contracts or price increases in their existing basis point contracts. This is precisely on target with our goals. We simply would not be able to make these changes if we did not have exceptional client servicing and a market-leading solution for these clients.

2022 年，佔 ARR 80.1% 的客戶要么同意修改合同，要么同意提高現有基點合同的價格。這恰恰符合我們的目標。如果我們沒有為這些客戶提供卓越的客戶服務和市場領先的解決方案，我們根本無法做出這些改變。

Going forward, we aim to have a vast majority of new customer contracts on the base plus model. Additionally, we will continue to engage with the remaining clients to transition them to the base plus model.

展望未來，我們的目標是在基本加模型上獲得絕大多數新客戶合同。此外，我們將繼續與其餘客戶合作，將他們過渡到基本加模型。

Within one small portion of our client base, we do plan to maintain an AUM-based pricing model. Our largest asset management clients have historically relied on Clearwater to be an enabler of their growth. For those clients, their NRR growth rates were consistently higher than our reported NRR. For those clients, we will continue to focus on growing with those clients as their assets grow.

在我們的一小部分客戶群中，我們確實計劃維持基於 AUM 的定價模型。我們最大的資產管理客戶歷來依賴 Clearwater 來推動他們的發展。對於這些客戶，他們的 NRR 增長率始終高於我們報告的 NRR。對於這些客戶，隨著他們資產的增長，我們將繼續專注於與這些客戶一起成長。

Now let's turn to profitability. We reported $81.1 million in EBITDA for the full year 2022 and $24.3 million in EBITDA for Q4, which both exceeded the midpoint of our guidance by $1.6 million. EBITDA margin was 26.7% for the year, our first full year as a public company. Q4 EBITDA margins were 29.4% as our better revenue performance, combined with a more cautious hiring approach resulted in a 60 basis point improvement over that margin from Q4 2021, which was our first full quarter as a public company.

現在讓我們轉向盈利能力。我們報告了 2022 年全年的 EBITDA 為 8110 萬美元，第四季度的 EBITDA 為 2430 萬美元，均超出我們指導的中點 160 萬美元。這一年的 EBITDA 利潤率為 26.7%，這是我們作為上市公司的第一個完整年度。第四季度 EBITDA 利潤率為 29.4%，因為我們更好的收入表現，加上更謹慎的招聘方式，使該利潤率比 2021 年第四季度提高了 60 個基點，這是我們作為上市公司的第一個完整季度。

Gross profit in the quarter was $62.6 million and gross margin came in at 75.7%. Gross margin continues to be resilient even as we continue to execute on building operations for new client growth, including our investment in international markets, where we are onboarding clients in Singapore, Thailand, Hong Kong, Australia, Japan, France, the U.K. and Netherlands to name a few.

本季度毛利潤為 6260 萬美元，毛利率為 75.7%。即使我們繼續為新客戶增長執行建設業務，包括我們在國際市場的投資，我們在新加坡、泰國、香港、澳大利亞、日本、法國、英國和荷蘭吸引客戶，毛利率仍然保持彈性僅舉幾例。

Research and development expenses in the quarter were $20.1 million or 24.3% of revenue, an increase of $0.2 million from Q3. Sales and marketing expenses in the quarter were $10.4 million or 12.5% of revenue, an increase of $0.2 million from Q3. General and administrative expenses in the quarter were $7.8 million or 9.4% of revenue, a decrease of $600,000 from Q3.

本季度研發費用為 2010 萬美元，佔收入的 24.3%，比第三季度增加 20 萬美元。本季度的銷售和營銷費用為 1040 萬美元，佔收入的 12.5%，比第三季度增加 20 萬美元。本季度的一般和行政費用為 780 萬美元，佔收入的 9.4%，比第三季度減少 600,000 美元。

These strong results reflect our continuing focus on execution and efficiency while also successfully integrating JUMP. Let's talk about JUMP.

這些強勁的業績反映了我們在成功整合 JUMP 的同時持續關注執行力和效率。讓我們談談JUMP。

After closing the JUMP acquisition on November 30, we began the process of integrating JUMP into Clearwater with the creation of joint teams to merge our development efforts and provide a single solution for our business functions, like performance or regulatory reporting, as Sandeep described.

在 11 月 30 日完成對 JUMP 的收購後，我們開始了將 JUMP 整合到 Clearwater 的過程，並創建了聯合團隊以合併我們的開發工作，並為我們的業務功能提供單一解決方案，如 Sandeep 所描述的性能或監管報告。

JUMP doubles our European presence with over 100 employees and ramps up our expansion efforts in Europe, extending our offering to our existing clients as well as providing full investment life cycle functionality to the investment management industry.

JUMP 將我們的歐洲業務擴大了一倍，擁有 100 多名員工，並加大了我們在歐洲的擴張力度，將我們的產品擴展到現有客戶，並為投資管理行業提供完整的投資生命週期功能。

We already have opportunities to enhance the performance reporting for current clients and add trade order management to their existing Clearwater solution. We're also tremendously excited about a number of European prospects where JUMP will be the solution for unit-linked funds and Clearwater will be the solution for the rest of their investment book because this validates our acquisition hypothesis and shows the esprit de corps celebrated by the combined team.

我們已經有機會為現有客戶增強績效報告，並將交易訂單管理添加到他們現有的 Clearwater 解決方案中。我們也對許多歐洲前景感到非常興奮，在這些前景中，JUMP 將成為單位掛鉤基金的解決方案，而 Clearwater 將成為他們其餘投資賬簿的解決方案，因為這驗證了我們的收購假設並展示了 esprit de corps合併後的團隊。

JUMP has historically been a perpetual license business and recorded their results under IFRS, not U.S. GAAP. Throughout 2023, in addition to merging the go-to-market teams and bringing their product to the cloud, we also plan to harmonize JUMP's offering into a recurring revenue model, consistent with Clearwater. At year-end, JUMP had $6.4 million in ARR.

JUMP 歷來是永久許可業務，並根據 IFRS 而非美國 GAAP 記錄其結果。在整個 2023 年，除了合併上市團隊並將他們的產品帶到雲端之外，我們還計劃將 JUMP 的產品協調成與 Clearwater 一致的經常性收入模式。截至年底，JUMP 的 ARR 為 640 萬美元。

Given the joint selling motion, the transition to U.S. GAAP and product integration, we will generally not report JUMP results separately. As we migrate the JUMP business to a recurring revenue model, we expect the transition will reduce our overall EBITDA margins in the first half of 2023 and then improve margins as new recurring revenues from JUMP layer into the financials.

鑑於聯合出售動議、向美國公認會計原則的過渡和產品整合，我們通常不會單獨報告 JUMP 結果。隨著我們將 JUMP 業務遷移到經常性收入模式，我們預計這種轉變將在 2023 年上半年降低我們的整體 EBITDA 利潤率，然後隨著新的經常性收入從 JUMP 層進入財務部門而提高利潤率。

Since JUMP is less than 10% of our overall cost structure, we continue to expect consolidated EBITDA margins to increase in 2023 compared to 2022.

由於 JUMP 不到我們整體成本結構的 10%，我們繼續預計 2023 年的綜合 EBITDA 利潤率將比 2022 年有所增長。

Moving to the tax receivable agreement expense, you'll see that we incurred $5.9 million in Tax Receivable Agreement expense in Q4 and $11.6 million for the year. These expenses are incurred in lieu of tax expense when we utilize tax deductions subject to our TRA.

轉到應收稅協議費用，您會看到我們在第四季度產生了 590 萬美元的應收稅協議費用，全年產生了 1160 萬美元。當我們根據我們的 TRA 使用稅收減免時，這些費用會代替稅收費用產生。

Although we reported a GAAP pretax loss, we would have had taxable income in 2022, primarily because of the capitalization of R&D expenses and lower stock-based compensation tax deductions. Absent the Up-C structure and Tax Receivable Agreement, we estimate that the income tax expense would have increased by $14 million.

儘管我們報告了 GAAP 稅前虧損，但我們在 2022 年會有應稅收入，這主要是因為研發費用的資本化和較低的基於股票的薪酬稅收減免。如果沒有 Up-C 結構和應收稅款協議，我們估計所得稅費用將增加 1400 萬美元。

The recording of the TRA expense did not impact operating cash flow in 2022. However, we expect to have to pay the liability related to the 2022 expense in Q4 2023.

記錄 TRA 費用不會影響 2022 年的經營現金流。但是，我們預計必須在 2023 年第四季度支付與 2022 年費用相關的負債。

Let's turn to the balance sheet and cash flow. We ended the quarter with $255.6 million in cash, cash equivalents and short-term investments and $50.5 million in total debt, resulting in net cash holdings of approximately $205 million.

讓我們轉向資產負債表和現金流量。本季度末，我們擁有 2.556 億美元的現金、現金等價物和短期投資，以及 5050 萬美元的總債務，因此淨現金持有量約為 2.05 億美元。

Even with the JUMP acquisition in Q4, the ending cash, cash equivalents and short-term investments at end 2022, was still $1 million higher than at the end of 2021. Free cash flow for the fourth quarter was $16.6 million, reflecting a conversion of EBITDA to free cash flow of 68% and included $1.9 million of capital expenditures.

即使在第四季度收購了 JUMP，到 2022 年底的期末現金、現金等價物和短期投資仍比 2021 年底高出 100 萬美元。第四季度的自由現金流為 1660 萬美元，反映了EBITDA 佔自由現金流的 68%，包括 190 萬美元的資本支出。

Now let's turn to guidance. For most of 2022, we hired in advance of our growth. For 2023, we plan to more tightly align our headcount growth to our new business growth. Therefore, we expect modest EBITDA margin expansion in 2023.

現在讓我們轉向指導。在 2022 年的大部分時間裡，我們在增長之前就進行了招聘。到 2023 年，我們計劃將員工人數增長與新業務增長更緊密地結合起來。因此，我們預計 2023 年 EBITDA 利潤率將適度擴張。

For the full year 2023, we expect revenue to be in the range of $361 million to $364 million, representing approximately 19% to 20% year-over-year growth. We expect our adjusted EBITDA to be in the range of $97 million to $98 million, which is 20 basis points better than the 2022 adjusted EBITDA margin.

對於 2023 年全年，我們預計收入將在 3.61 億美元至 3.64 億美元之間，同比增長約 19% 至 20%。我們預計調整後的 EBITDA 將在 9700 萬美元至 9800 萬美元之間，比 2022 年調整後的 EBITDA 利潤率高 20 個基點。

For 2023, equity-based compensation is expected to be approximately $80 million. After 2023, we expect equity-based compensation to decrease as a percentage of revenue. Equity-based compensation related to the JUMP acquisition is expected to be approximately $25 million.

到 2023 年，基於股權的薪酬預計約為 8000 萬美元。 2023 年之後，我們預計基於股權的薪酬佔收入的百分比將下降。與 JUMP 收購相關的股權補償預計約為 2500 萬美元。

Depreciation and amortization expense is expected to be approximately $9 million. And our full year non-GAAP effective tax rate is expected to be 25%. We project full year diluted non-GAAP share count to be approximately 255 million shares.

折舊和攤銷費用預計約為 900 萬美元。我們的全年非 GAAP 有效稅率預計為 25%。我們預計全年稀釋後的非 GAAP 股數約為 2.55 億股。

Focusing on guidance for the first quarter of 2023, we expect revenue to be $83 million and adjusted EBITDA to be $20 million. In Q1, we expect an adjusted EBITDA margin of 24%. This is impacted by the JUMP transition to recurring revenue. Additionally, annual merit increases impact the Q1 EBITDA margin. As in previous years, we expect to expand margins throughout the year in 2023 resulting in an expansion of EBITDA margin for the full year.

專注於 2023 年第一季度的指導，我們預計收入為 8300 萬美元，調整後的 EBITDA 為 2000 萬美元。第一季度，我們預計調整後的 EBITDA 利潤率為 24%。這受到 JUMP 向經常性收入過渡的影響。此外，年度業績增長會影響第一季度的 EBITDA 利潤率。與往年一樣，我們預計 2023 年全年利潤率將擴大，從而導致全年 EBITDA 利潤率擴大。

After a year of strong execution in 2022, in 2023, we look forward to more of the same: winning new logos, expanding with existing logos, integrating JUMP into our further growth plans.

在 2022 年一年的強勁執行之後，在 2023 年，我們期待更多相同的事情發生：贏得新徽標，擴展現有徽標，將 JUMP 整合到我們的進一步發展計劃中。

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

有了這個，我將把它交給 Sandeep 來提供一些結束語。

Thank you, Jim. We appreciate your interest in Clearwater Analytics. Despite some of the pressures that came with an uncertain market environment, 2022 was our strongest year on record, and we ended with great momentum, capturing impressive client wins across the globe and demonstrating just how resilient we are as a business.

謝謝你，吉姆。感謝您對 Clearwater Analytics 的關注。儘管不確定的市場環境帶來了一些壓力，但 2022 年是我們有記錄以來最強勁的一年，我們以強勁的勢頭結束，在全球範圍內贏得了令人印象深刻的客戶，並展示了我們作為一家企業的韌性。

We enter 2023 with renewed confidence in our ability to capture more TAM, displace legacy vendors, drive R&D and technology innovation and deliver greater value and growth opportunities to our clients. As always, we remain relentlessly focused on our clients' long-term success and supporting them as they benefit from our technology's powerful network effect.

進入 2023 年，我們對我們獲得更多 TAM、取代傳統供應商、推動研發和技術創新以及為我們的客戶提供更大價值和增長機會的能力充滿信心。一如既往，我們始終不懈地關注客戶的長期成功，並在他們受益於我們技術強大的網絡效應時為他們提供支持。

With that, let me turn it over to the operator for questions.

有了這個，讓我把它交給接線員提問。

(Operator Instructions) The first question is from the line of Rishi Jaluria with RBC.

（操作員說明）第一個問題來自 Rishi Jaluria 與 RBC 的合作。

Nice to see continued resilience in the business. I want to start by the outlook for next year, I mean, really impressive numbers. Maybe 2 points on that. Number one, can you really help us understand what is giving you the confidence and what is playing out as acceleration relative to the ARR growth that you just put up in Q4?

很高興看到業務的持續彈性。我想從明年的前景開始，我的意思是，非常令人印象深刻的數字。也許2點。第一，你真的能幫助我們了解是什麼給了你信心，以及相對於你剛剛在第四季度提出的 ARR 增長，什麼正在加速？

And alongside that, I know, Sandeep, you had mentioned you're going to invest depending on -- based on what you see in your bookings and not on macro assumptions. But as we think about the guidance that you gave us for 2023, are you kind of assuming that macro stays the same that it improves in the back half of the year? Any set would be helpful. And then I've got a quick follow-up.

除此之外，我知道，Sandeep，你提到過你將根據你在預訂中看到的內容而不是宏觀假設進行投資。但是當我們考慮您為 2023 年提供的指導時，您是否假設宏觀在下半年保持不變並有所改善？任何一套都會有所幫助。然後我有一個快速的跟進。

Yes. Rishi, thank you for the question. Before I begin, I did want to say that we sort of went on for quite a bit there like 37 minutes, but there was just so much to cover. We thought it would be helpful to get that all out there so that we can proactively answer some of that.

是的。 Rishi，謝謝你的提問。在開始之前，我確實想說我們在那裡進行了相當長的時間，比如 37 分鐘，但要講的內容實在是太多了。我們認為將所有內容都公開會很有幫助，這樣我們就可以主動回答其中的一些問題。

But Rishi, just to your question, I do think that when you look at our business, we have a really good sense of the ARR. And then you have net -- a gross revenue retention of 98%. So the ability to forecast that is actually quite high. And the second element is bookings we have done in the last 6 months. When you look at that, we have a really good understanding of what revenue will come about from that booking.

但是 Rishi，就你的問題而言，我確實認為當你審視我們的業務時，我們對 ARR 有很好的認識。然後你就有了淨收入 - 總收入保留率為 98%。所以預測的能力其實是相當高的。第二個要素是我們在過去 6 個月內完成的預訂。當您查看時，我們非常了解該預訂將帶來多少收入。

Obviously, that booking builds up through the year, but we know exactly what the project plans are and how that booking sort of translates to revenue. And that's why when you hear Jim and me talk, we always say, we're going to let booking guide our investment, not revenue because booking is really for us the forward indicator. So that's how we think about it.

顯然，這一預訂會在一年中累積，但我們確切地知道項目計劃是什麼，以及這種預訂如何轉化為收入。這就是為什麼當你聽到吉姆和我說話時，我們總是說，我們會讓預訂指導我們的投資，而不是收入，因為預訂對我們來說真的是一個前瞻性指標。這就是我們的想法。

I do also want to make one other point here is Rishi, last year was hard. But if you go back to February of last year and you look at our revenue guidance from last year, it was $302 million to $304 million last year. With all of the challenges we faced, we delivered $303.4 million. If you look at the EBITDA guidance we gave in the beginning of last year, it was $80 million to $82 million. Then go back in we delivered $81.1 million.

我還想在這裡提出另一點是 Rishi，去年很艱難。但如果你回到去年 2 月，看看我們去年的收入指引，去年是 3.02 億美元到 3.04 億美元。面對我們面臨的所有挑戰，我們交付了 3.034 億美元。如果你看一下我們去年年初給出的 EBITDA 指導，它是 8000 萬到 8200 萬美元。然後回去我們交付了 8110 萬美元。

So I do think this model works really well. And frankly, there's -- we thought we would do better than the numbers we guided to, but all of the headwinds we face, we still deliver to guidance. So we feel really strongly about what we can do. And our current plan sort of assumes that the macroeconomic condition is not going to improve very much, but it won't get a whole lot worse like it did last year.

所以我確實認為這個模型非常有效。坦率地說，我們認為我們會比指導的數字做得更好，但我們面臨的所有逆風，我們仍然按照指導進行。所以我們對我們能做什麼感到非常強烈。我們目前的計劃假設宏觀經濟狀況不會有太大改善，但不會像去年那樣變得更糟。

Like last year, we felt the interest rate increases are dramatic. We don't expect dramatic increases, but we do expect continued increases in interest rates. We also assume that inflation is not going to abate. And if those happen, those will be nice tailwinds to further our business. Jim, would you add to those?

與去年一樣，我們感到利率上升幅度很大。我們預計利率不會大幅上漲，但我們確實預計利率會持續上漲。我們還假設通貨膨脹不會減弱。如果發生這種情況，那將是推動我們業務發展的好動力。吉姆，你會添加這些嗎？

It's all right.

沒關係。

I know you said you had a follow-up, Rishi, did you want to ask?

我知道你說你有跟進，Rishi，你想問嗎？

Sorry. So my apologies. Yes, just a very quick follow-up. So when I look at the guidance, right, you're -- I appreciate that your guidance is a stock-based compensation. And stripping out JUMP, it looks like actually SBC in dollar terms is going to come down as well as a percent of revenue. And you're guiding to kind of a low level of dilution, which I think is great to see in this sort of environment. Can you just speak really quickly to what are kind of the drivers of that and maybe what you've done internally and philosophically to kind of bring that level down to a more normalized level?

對不起。所以我很抱歉。是的，只是一個非常快速的跟進。所以當我看指導時，對，你是——我很欣賞你的指導是基於股票的補償。去掉 JUMP，看起來實際上以美元計算的 SBC 以及收入的百分比都會下降。你正在引導一種低水平的稀釋，我認為在這種環境中看到這種情況很好。你能不能很快地談談這方面的驅動因素是什麼，也許你在內部和哲學上做了什麼來把這個水平降低到一個更正常的水平？

Yes, I think that the key metric to look at is when you look at the diluted share count year-over-year, it's flat, right? That non-GAAP 252 has stayed consistent. So there really hasn't been any dilution through that.

是的，我認為要看的關鍵指標是，當你看稀釋後的股票數量同比時，它是持平的，對吧？非 GAAP 252 一直保持一致。所以真的沒有任何稀釋。

As we think about stock-based compensation, we've obviously isolated the JUMP portion of that. That was all considered as part of kind of that business combination, but they need to earn that over time. And so that's why it's going through compensation.

當我們考慮基於股票的薪酬時，我們顯然已經將其中的 JUMP 部分隔離開來。這一切都被認為是這種業務合併的一部分，但他們需要隨著時間的推移來賺取它。這就是為什麼要進行補償。

For the stock-based compensation related to Clearwater and our guide for this year, it reflects kind of the additional awards in this year that are going to be granted across. And we feel like we're really well set across the organization to get everyone locked in and really committed to drive for the next extended period of time.

對於與 Clearwater 相關的基於股票的薪酬和我們今年的指南，它反映了今年將授予的額外獎勵。而且我們覺得我們在整個組織中的設置非常好，可以讓每個人都鎖定並真正致力於在下一個延長的時間段內開車。

And obviously, when you're growing 20%, 20% plus, you continue to grow through those numbers that we're trying to keep flat and static. And therefore, we would have kind of increasing leverage as a percentage of revenues of our stock-based comp expense.

顯然，當你增長 20%、20% 以上時，你會通過我們試圖保持平穩和靜態的那些數字繼續增長。因此，我們的股票補償費用佔收入的百分比會有所增加。

Again, we looked -- we sat down with our compensation consultants and look to see what are all our peers doing and where do we sit? And we're incredibly comfortable with where we're landing relative to our peers. And given how we performed last year, we feel very, very good about that trade-off for shareholders.

再一次，我們看了——我們與我們的薪酬顧問坐下來，看看我們所有的同行都在做什麼，我們坐在哪裡？我們對我們相對於同行的著陸點感到非常滿意。鑑於我們去年的表現，我們對股東的這種權衡感到非常非常滿意。

The next question is from the line of James Faucette with Morgan Stanley.

下一個問題來自摩根士丹利的 James Faucette。

It's Michael on for James. I appreciate the color you provided on the stand-alone modules and their relative adoption. I was hoping you could give us some incremental color on some of the Prism wins specifically. I know you mentioned JPM as well as another 7-figure deal. But is there any directional color you could provide us in terms of the ACV expansion you saw in both of those Prism deals?

邁克爾替詹姆斯上場。我很欣賞您在獨立模塊上提供的顏色及其相關採用。我希望你能給我們一些關於 Prism 勝利的具體顏色。我知道你提到了 JPM 以及另一筆 7 位數的交易。但是，就您在這兩項 Prism 交易中看到的 ACV 擴展而言，您是否可以向我們提供任何方向性顏色？

Michael, thank you for the question. Look, Prism was the first product we went out with. And so these wins at both JPMorgan and Nationwide are really, really significant. So the question is what was the primary use case, right? So in the first case, the situation was there was a client reporting need, which had to be done on a daily basis. And they had to bring together data from many spots and bring it all together, merge it and deliver that on a daily basis on time. And this is just hard to do when you're trying to do that manually or home written software.

邁克爾，謝謝你的提問。看，Prism 是我們推出的第一個產品。因此，摩根大通和 Nationwide 的這些勝利真的非常非常重要。所以問題是主要用例是什麼，對嗎？所以在第一種情況下，情況是有客戶報告需求，必須每天完成。他們必須匯集來自許多地方的數據並將它們全部匯集在一起，合併它並每天按時交付。當您嘗試手動或使用家庭編寫的軟件時，這很難做到。

What Prism does is brings data from various sources, pulls it together, ingests, does the calculations and provide that report to the regulatory body on a daily basis. So that is one way to use Prism. The other one was really about ARR combination. So you have accounting systems of various kinds, some on Clearwater some not. And the question is how do you get a comprehensive view of all of your assets and Prism is able to do that.

Prism 所做的是將來自不同來源的數據匯集在一起、提取、計算並每天向監管機構提供該報告。所以這是使用 Prism 的一種方式。另一個真的是關於 ARR 組合。所以你有各種各樣的會計系統，有些在 Clearwater 上，有些則沒有。問題是您如何全面了解您的所有資產，而 Prism 能夠做到這一點。

Now I think the interesting thing for us here is, Michael, that initially, we were seeing Prism deals of $300,000 and $200,000 ARR. And we have now seen deals of, in excess of $1 million ARR and this one in Europe, we just announced or we talked about today in the call. So we feel like you have Prism which has become more of a growing product with significant impact on both booking and ARR.

現在我認為對我們來說有趣的是，邁克爾，最初，我們看到 Prism 交易的 ARR 分別為 300,000 美元和 200,000 美元。我們現在已經看到了超過 100 萬美元的 ARR 交易，而在歐洲，我們剛剛宣布或今天在電話會議中談到了這一交易。因此，我們覺得您擁有 Prism，它已成為越來越多的產品，對預訂和 ARR 都有重大影響。

The rest of the products, which we have talked about, they are more in the infancy, if you will. And so those will still take time before they start to deliver in 2003 and in 2004 -- 2023 and 2024.

如果您願意的話，我們已經討論過的其他產品，它們更多地處於起步階段。因此，在 2003 年和 2004 年——2023 年和 2024 年開始交付之前，這些仍然需要時間。

Maybe on pricing, how should we think about the difference in the economics between the customers who are adopting the base plus model versus those who are now commanding -- or those who are now adopting a higher take rate? I'm just trying to sort of understand the longer-term impact of some of the potential resistance from your wave 3 customers to sort of transition to that new model fully?

也許在定價方面，我們應該如何考慮採用基本加模型的客戶與現在指揮的客戶或現在採用更高收費率的客戶之間的經濟差異？我只是想了解您的第 3 波客戶對完全過渡到新模型的一些潛在阻力的長期影響？

Yes. So the way we think about it and the way the numbers are playing out is that the base plus model doesn't necessarily impact our NRR number overall. It just takes the volatility out, that downside volatility out. And so as we kind of -- the adoption with all of our new clients, it's been fantastic when we reflected and saw that 100% of all of our large contracts in the second half of the year were on the base plus model. It made us feel terrific about just how this resonates and makes sense to all of our clients.

是的。因此，我們考慮它的方式和數字的顯示方式是基本加模型不一定會影響我們的整體 NRR 數字。它只是消除了波動性，消除了下行波動性。因此，當我們有點——我們所有新客戶的採用時，當我們反思並看到下半年我們所有大合同的 100% 都是基礎加模型時，這真是太棒了。這讓我們對這如何引起我們所有客戶的共鳴和意義感到非常好。

For those larger strategic asset managers who we are growing with, as I mentioned, they typically had higher NRR rates than kind of what we had typically reported. And so we also have a go-to-market model with those folks where we're actively helping them source and grow their businesses. And so from that perspective, it just made sense to continue to align with that.

正如我所提到的，對於那些與我們一起成長的大型戰略資產管理公司，他們的 NRR 率通常高於我們通常報告的水平。因此，我們還與那些積極幫助他們尋找和發展業務的人建立了一個進入市場的模式。因此，從這個角度來看，繼續與之保持一致是有意義的。

So I would say that to finally get around to answering your question, I'm not sure that the contracting model impacts that NRR or that take rate, and it's more about the use case to the customers and as we drive that. So as we think about how do we really aspirationally think about moving net revenue retention to 115%, right? Let's just throw that out as kind of an aspirational number. The base plus model doesn't necessarily get us there. The base plus model, we feel like this 106% that were reported in the fourth quarter is really reflective of our current business environment and kind of the current business.

所以我想說，為了最終回答你的問題，我不確定合同模式是否會影響 NRR 或採用率，而更多的是關於客戶的用例以及我們推動的用例。因此，當我們考慮如何真正有抱負地考慮將淨收入保留率提高到 115% 時，對嗎？讓我們把它作為一個令人嚮往的數字扔掉。基礎加模型並不一定能讓我們到達那裡。基礎加模型，我們覺得第四季度報告的 106% 確實反映了我們當前的業務環境和當前業務的類型。

Us to move to that 115% is really about getting more leverage out of adding on additional products and increasing that take rate. Sandeep just spoke about Prism, LPx and all of the JUMP modules are the path that will take time. That's a multiyear project, but that's clearly a really important goal for the company. And most importantly, it's what our clients are asking for and want. They want to do more with us. And so we're building the capabilities to be able to do that.

我們轉向 115% 實際上是為了通過增加額外的產品和提高采用率來獲得更多的槓桿作用。 Sandeep 剛剛談到了 Prism、LPx 和所有 JUMP 模塊都是需要時間的路徑。這是一個多年的項目，但這顯然是公司非常重要的目標。最重要的是，這是我們的客戶所要求和想要的。他們想和我們一起做更多。因此，我們正在構建能夠做到這一點的能力。

Michael, if I can just add to this. Look, I think what happened was some of the largest asset managers, the way they allocated Clearwater costs internally to the businesses was driven by AUM in those markets, and that's how they charge their fees, right? So there, we did have resistance. But over time, if you look at the last 2 years and 4 years and 6 years, that's been the highest NRR business for us, those large asset managers.

邁克爾，如果我可以補充一下。看，我認為發生的事情是一些最大的資產管理公司，他們在內部將 Clearwater 成本分配給企業的方式是由這些市場的 AUM 驅動的，這就是他們收取費用的方式，對嗎？所以在那裡，我們確實有阻力。但隨著時間的推移，如果你看看過去 2 年、4 年和 6 年，這對我們這些大型資產管理公司來說是最高的 NRR 業務。

So we sort of spoke with them, was there resistance with that sub-segment? Yes, there was. And so we've gone like say, okay, fine, but we will live with the current model because we feel the NRR would anyway be the highest there. I don't know, I wanted to provide the details that you understand why Jim said that we've done this with 80.1% of ARR clients representing that much, but we are not pushing to try to get to 100%.

所以我們與他們進行了交談，該細分市場是否存在阻力？是的，有。所以我們說，好吧，好吧，但我們會接受當前的模型，因為我們覺得 NRR 無論如何都會是那裡最高的。我不知道，我想提供你理解為什麼吉姆說我們已經做到這一點的細節，80.1% 的 ARR 客戶代表了這麼多，但我們並沒有努力達到 100%。

The next question is from the line of Ele Smith with JPMorgan.

下一個問題來自摩根大通的 Ele Smith。

I appreciate you breaking down the split between insurers, asset managers and corporations that seem to be pretty much in line for what it's been for the past year. Moving forward, do you see any particular growth from any of the verticals, either for 2023 or beyond that? Any place you may be getting share?

我很感激你打破了保險公司、資產管理公司和公司之間的分歧，這些分歧似乎與過去一年的情況基本一致。展望未來，您是否看到任何垂直領域在 2023 年或之後有任何特別的增長？你有什麼地方可以分享嗎？

I think we're -- thanks Ele, it's good to hear your point. I think we're gaining -- the good news is we're gaining share in all the verticals. And so as these percentages change, it's just about how relatively quickly, we are gaining share in each of those. Insurance has been and continues to be about half of our business and is a really large and important piece of our business.

我認為我們 - 謝謝 Ele，很高興聽到你的觀點。我認為我們正在獲得 - 好消息是我們正在所有垂直領域獲得份額。因此，隨著這些百分比的變化，這就是我們在每個百分比中獲得份額的相對速度。保險一直並將繼續占我們業務的一半左右，並且是我們業務中非常重要的一部分。

With our investments in both Prism and in JUMP, we see greater opportunity as well in asset management. And if you just look at our TAM at the highest level, the largest TAM is in that asset management segment. And so if you were to look out to the future multiple years into the future, I think you would assume that asset management would continue to kind of increase kind of on the margin as far as a percentage of overall ARR. Sandeep?

通過我們對 Prism 和 JUMP 的投資，我們在資產管理方面看到了更大的機會。如果你只看我們最高級別的 TAM，最大的 TAM 就在資產管理領域。因此，如果你要展望未來多年，我認為你會假設資產管理將繼續在某種程度上增加利潤率，達到總體 ARR 的百分比。桑迪普？

Yes. I think you may see some change in a quarter or 2 because you get a large deal like we announced 2 very large insurers actually to more of these insurers who are in the top 20. And so you may see that bubble up and down, but we don't -- not expect to win in every segment. We expect to win in every segment. We expect to win in the [REIT] market, we expect to win in traditionally, which we haven't won in. We expect to continue to literally grow every industry.

是的。我認為你可能會在一兩個季度內看到一些變化，因為你得到了一筆大交易，比如我們宣布了 2 家非常大的保險公司，實際上是對更多排名前 20 名的保險公司。所以你可能會看到泡沫上下波動，但是我們不 - 不期望在每個細分市場中獲勝。我們希望在每個細分市場中獲勝。我們希望在 [REIT] 市場中獲勝，我們希望在傳統上獲勝，而我們還沒有贏得過。我們希望繼續真正發展每個行業。

And then if you look at the TAM, there is runway in each one of them. So there really isn't a need to say: "Hey, we're not going to go pushing that segment, why not?" Right? And so we have teams which are dedicated to a specific industry and to a specific size. And so for example, when you say insurance, there's a team dedicated to large insurers, there's a team dedicated to small insurers and there's a team dedicated on very small insurers. So we have broken up the market into the segments and sub-segments, and each one has the dedicated team going after it.

然後，如果您查看 TAM，它們中的每一個都有跑道。所以真的沒有必要說：“嘿，我們不會去推動那個細分市場，為什麼不呢？”正確的？因此，我們擁有專門針對特定行業和特定規模的團隊。因此，例如，當您說保險時，有一個團隊專門負責大型保險公司，有一個團隊專門負責小型保險公司，還有一個團隊專門負責非常小的保險公司。因此，我們將市場細分為細分市場和子細分市場，每個細分市場都有專門的團隊負責。

And one other question from me. Digging a little deeper into your 20% revenue guidance for 2023, do you have any thoughts about how much of that would come from new logos versus higher pricing?

還有我的另一個問題。更深入地研究 2023 年 20% 的收入指導，您是否想過其中有多少來自新徽標與更高定價？

So the vast majority would come from adding new business. Those could be both new logos as well as additional products and services to existing clients relative to the price increase -- absolutely, so.

因此，絕大多數將來自增加新業務。相對於價格上漲，這些可能既是新標識，也可能是為現有客戶提供的額外產品和服務——絕對如此。

So yes, just to give you a sense, Ele, that I think more than 90% -- we don't have an exact number, but I can tell you more than 90% of the revenue would be from current clients whom we have either fully onboarded or we are onboarding. So these are deals which we have been won. I don't want to put a number on it, but I do know it will be in excess of 90%. Is it 92%, 93%? I don't know exactly. We're happy to sort of get back to you. But it is that overall magnitude.

所以是的，Ele，只是為了讓你感覺，我認為超過 90%——我們沒有確切的數字，但我可以告訴你，超過 90% 的收入將來自我們現有的客戶要么完全入職，要么我們正在入職。所以這些是我們已經贏得的交易。我不想給出一個數字，但我知道它會超過 90%。是92%、93%嗎？我不清楚。我們很樂意盡快回复您。但這是總體規模。

The next question is from the line of Gabriela Borges with Goldman Sachs.

下一個問題來自 Gabriela Borges 與 Goldman Sachs 的合作。

Congrats on the quarter. Sandeep, I love to follow up on your comments that you made in the past on perhaps the business enablement use cases that Clearwater really allows some of the asset manager customers. Give us a little color on what you're seeing in terms of willingness to invest? And specifically, the can be tied to our front office business use case, is that allowing you to maybe tap into more budget or happen to more green let projects than if you were solely viewed as an accounting tool?

祝賀這個季度。 Sandeep，我喜歡跟進您過去發表的關於 Clearwater 真正允許某些資產管理客戶的業務支持用例的評論。就您在投資意願方面所看到的情況給我們一些顏色？具體來說，這可以與我們的前台業務用例相關聯，與僅將您視為會計工具相比，是否可以讓您利用更多預算或碰巧參與更多綠色出租項目？

Yes. Thank you, Gabriela, for that question. I really think it's a really important question about why asset managers who are under some pressure you would agree on cost would sort of go out and sign up for Clearwater. And my -- what I'd like to tell you is that almost always, it is because it is seen as a growth enabler. Clearwater helps clients get deals because the reporting and the analytics that can provide is superior. I think there are many software products which do that reporting well for a given asset class, many. I think there are many of which provide for a given geography.

是的。加布里埃拉，謝謝你提出這個問題。我真的認為這是一個非常重要的問題，即為什麼在成本上同意的某些壓力下的資產經理會走出去並註冊 Clearwater。我的——我想告訴你的是，幾乎總是，因為它被視為增長的推動力。 Clearwater 幫助客戶獲得交易，因為它可以提供卓越的報告和分析。我認為有很多軟件產品可以很好地報告給定資產類別，很多。我認為其中有許多提供給定的地理位置。

And I think why clients sort of continue to grow with us is we actually -- Gabriel, we go into pitches with them. We will go do joint pitches with asset management clients when they bid on a book of business with a potential client. And so when you start to be seen as an enabler of growth, I think that changes who we are.

而且我認為為什麼客戶會繼續與我們一起成長是因為我們實際上 - 加布里埃爾，我們與他們一起進行了推銷。當資產管理客戶與潛在客戶競標業務時，我們將與他們進行聯合推介。因此，當您開始被視為增長的推動者時，我認為這會改變我們的身份。

There is a client obviously probably not appropriate to name, but who really lost a number of RFPs. And when they did the analysis of why they lost the RFPs, they found that other asset managers just had superior reporting online, they had superior analytics. They had one aggregated reporting and accounting function. And so I've always thought that if you go back at 2022 and look at why we won, it is because of that.

有一位客戶顯然可能不適合命名，但他確實失去了一些 RFP。當他們分析他們失去 RFP 的原因時，他們發現其他資產管理公司只是擁有出色的在線報告，他們擁有出色的分析能力。他們有一個綜合報告和會計職能。所以我一直認為，如果你回到 2022 年，看看我們獲勝的原因，就是因為這個。

Even the big Prism deal we announced in Europe, which was in excess in 7 figures, if you -- listen, the part from what I was talking about was they are reporting to their clients. That's why they bought us. So they have $200 billion of assets. They used to take days and days to get these reports ready and sent to the client, and they come to Clearwater, and we should be able to generate that in a matter of hours. It should be available online.

即使是我們在歐洲宣布的 Prism 大交易，超過 7 位數，如果你 - 聽著，我所說的部分是他們向客戶報告。這就是他們收購我們的原因。所以他們擁有2000億美元的資產。他們過去常常需要幾天才能準備好這些報告並將其發送給客戶，然後他們來到 Clearwater，我們應該能夠在幾個小時內生成報告。它應該在線提供。

So again, if you think of the proposition, like you said, not as an accounting software, but as an enabler of growth, that's why I think we get traction.

所以再一次，如果你像你說的那樣考慮這個提議，而不是作為一種會計軟件，而是作為增長的推動者，這就是我認為我們得到牽引力的原因。

And Jim, a clarification for you on the full year guidance. The implied revenue acceleration in the back half, that is a function of the bookings in the pipeline that you're seeing today, plus the JUMP transition? Just a little bit on the moving pieces that's like getting you to that?

吉姆，為您澄清全年指導。後半部分隱含的收入加速，這是您今天看到的管道中預訂的函數，加上 JUMP 過渡？只是一點點像讓你那樣做的移動部分？

Yes. I think it's the onboarding of the assets from our Q3 and Q4 bookings flowing into our revenue line item, right? So first, we win the business, then we onboard the business. And as those assets are being onboarded, they grow, and it takes obviously some time to onboard that. That's the major element of the growth throughout 2023.

是的。我認為這是我們第三季度和第四季度預訂的資產流入我們的收入項目，對吧？所以首先，我們贏得了業務，然後我們開始了業務。隨著這些資產的加入，它們會增長，顯然需要一些時間才能加入。這是整個 2023 年增長的主要因素。

There's some impact as well from the transition to term for JUMP. But relatively speaking, it's $6.4 million in ARR. So...

從過渡到 JUMP 任期也有一些影響。但相對而言，ARR 為 640 萬美元。所以...

And Gabriela, if I could add to that, the booking in the second half of 2023, will likely have very little impact on 2023 revenue. What really impacts 2022 revenue is booking in the second half of '22 and Q1 and Q2 of 2023. So it does matter, of course, it does matter, but a very vast majority would be based on the last 2 quarters of booking and the pipeline in this quarter. Those 3 will matter the most.

加布里埃拉，如果我可以補充一點，2023 年下半年的預訂可能對 2023 年的收入影響很小。真正影響 2022 年收入的是 22 年下半年以及 2023 年第一季度和第二季度的預訂。所以它確實很重要，當然，它確實很重要，但絕大多數將基於最後兩個季度的預訂和本季度的管道。這3個最重要。

The next question is from the line of David Unger with Wells Fargo.

下一個問題來自富國銀行的 David Unger。

I'll keep it to one just given the time here. So we obviously all understand that you just completed the acquisition JUMP, but you're in a good financial net cash position, as you've mentioned. Sandeep, I think you said at the beginning of the -- or at some point in your prepared remarks that you're not afraid to make more acquisitions. So this suggests you're on the offense. Can you elaborate on what you're seeing out there as it relates to private market valuations and your appetite to invest? I believe on the JUMP acquisition call, you mentioned that you screened over 300 companies in your due diligence process. So I would love to just hear more on the due diligence process you're going through right now?

鑑於這裡的時間，我會保留它。所以我們顯然都明白你剛剛完成了對 JUMP 的收購，但正如你所提到的，你的財務淨現金狀況良好。桑迪普，我想你在開始時說過——或者在你準備好的發言中的某個時候，你不害怕進行更多的收購。所以這表明你在進攻。您能否詳細說明您所看到的與私人市場估值和您的投資意願相關的內容？我相信在 JUMP 收購電話會議上，您提到您在盡職調查過程中篩選了 300 多家公司。所以我很想听聽更多關於你現在正在經歷的盡職調查過程？

Yes. Thank you, David. Thank you for that question. So look, it's got to be -- JUMP I thought was -- we're really excited about JUMP. I think what we can do, not just for Clearwater, but for the employees of JUMP themselves and being able to take their brand and what they've developed sort of taken around the world, I think it's so exciting, also for our current clients. Our current clients need those modules. So we're very excited about what JUMP can bring to us.

是的。謝謝你，大衛。謝謝你提出這個問題。所以看，它必須是——我認為是 JUMP——我們對 JUMP 真的很興奮。我認為我們能做的，不僅是為了 Clearwater，也是為了 JUMP 的員工自己，能夠將他們的品牌和他們開發的產品推廣到世界各地，我認為這非常令人興奮，對我們現有的客戶也是如此.我們當前的客戶需要這些模塊。所以我們對 JUMP 能給我們帶來什麼感到非常興奮。

But I wrote down what is -- what matters. I think Jim's always telling me, the bar is going to be really, really high because we have a good clean business, grows nicely, nicely profitable. So let's not do something to screw that up, right? So I feel like, hey, the bar is going to continue to be high. So then what are we really looking for?

但我寫下了什麼——重要的是什麼。我想吉姆總是告訴我，門檻會非常非常高，因為我們有一個很好的清潔業務，增長很好，盈利能力很好。所以我們不要做任何事情來搞砸，對吧？所以我覺得，嘿，門檻會繼續很高。那麼我們真正要尋找的是什麼？

One is, if it helps us expand geographically. For example, in the case of JUMP does that, right? But if you found something which should help us expand geographically or in the market, so this could be -- is it something that does with REITs or things like that. So that is one.

一是，如果它能幫助我們在地域上擴張。例如，在 JUMP 的情況下，對嗎？但是，如果你發現了一些可以幫助我們在地理上或市場上擴張的東西，那麼這可能是——它是否與 REITs 或類似的東西有關。所以這是一個。

The second one would be something that makes our platform more comprehensive. So if they were functionality which clients wanted, which we don't do well enough or deeply enough. Well enough is probably the wrong term, but deeply enough, then that would be another area where I feel like we would look at acquisitions.

第二個是使我們的平台更加全面的東西。因此，如果它們是客戶想要的功能，那麼我們做得不夠好或不夠深入。足夠好可能是錯誤的術語，但足夠深入，那將是我認為我們應該考慮收購的另一個領域。

And the third thing is, if the -- we're helpful in bringing more value to our current clients. So for example, some form of analytics would be really helpful. So really, it's more about adding value to current clients who are unhappy. So we do -- all of us will acknowledge that investment accounting isn't working for many, many, many clients around the world. So if we can hit in that process of them coming on to Clearwater, I think that would be really interesting.

第三件事是，如果 - 我們有助於為我們當前的客戶帶來更多價值。因此，例如，某種形式的分析將非常有用。所以實際上，它更多的是為不滿意的現有客戶增加價值。所以我們這樣做——我們所有人都會承認，投資會計不適用於世界上很多很多客戶。因此，如果我們能夠參與到他們進入 Clearwater 的過程中，我認為那將非常有趣。

So we obviously just did JUMP. It is going nicely. We'll have to see them start to deliver some results. And the early sign of this Cardif was great. It happened in December. And frankly, we build -- we got that done. But we do expect that we'll continue to look aggressively for acquisition. And that's what I would say. I don't think there's a goal to do one this year or something like that. But if we found the right one, we would do it, we would not wait.

所以我們顯然只是做了 JUMP。進展順利。我們必須看到他們開始取得一些成果。這個加的夫的早期跡像很棒。它發生在十二月。坦率地說，我們建立了——我們完成了。但我們確實希望我們會繼續積極尋求收購。這就是我要說的。我認為今年沒有目標或類似的目標。但如果我們找到合適的，我們就會去做，我們不會等待。

The next question is from the line of Kamil Mielczarek with William Blair.

下一個問題來自 Kamil Mielczarek 和 William Blair。

I want to follow up on some of the commentary made around the module side. I understand that it will take time to see the full impact from the portfolio of upsell modules. But looking at these products today, how should we think about the ASP difference for an average core plus customer who buys just the core Clearwater platform versus someone who buys the full suite? Is that a 20%, 30% upsell? And given the strong R&D investments, how can that upsell percentage grow over the next 1 to 2 years?

我想跟進圍繞模塊方面所做的一些評論。我知道需要時間才能看到追加銷售模塊組合的全部影響。但是看看今天的這些產品，我們應該如何考慮只購買核心 Clearwater 平台的普通核心客戶與購買全套產品的客戶之間的 ASP 差異？那是 20%、30% 的追加銷售嗎？鑑於強大的研發投資，追加銷售百分比在未來 1 到 2 年內如何增長？

Sure. And this is Jim, let me take that. So I think it's important to think about -- when you're on the core Clearwater platform, you're doing all of the accounting for all of these. And let's just take LPx as an example, okay? At the LPx, we're doing the accounting for those LPs, for you already. And that's being charged as part of your base fee and as all of that grows.

當然。這是吉姆，讓我接受。所以我認為重要的是要考慮——當你在核心 Clearwater 平台上時，你正在為所有這些做所有的核算。讓我們以 LPx 為例，好嗎？在 LPx，我們已經為您對這些 LP 進行了核算。隨著費用的增長，這是作為基本費用的一部分收取的。

Now let's say that you say, okay, I want to step through and do LPx and add more kind of visibility into that functionality, a little bit more broader and more robust than just the accounting and reporting functionality. And/or LPx clarity, I want to understand the underlyings in this. We would then charge an incremental amount per LP for those on that.

現在假設您說，好吧，我想逐步完成並執行 LPx，並為該功能添加更多可見性，比會計和報告功能更廣泛、更強大。和/或 LPx 清晰度，我想了解其中的基礎。然後，我們會為每個 LP 收取增量費用。

And obviously, it depends on the functionality. Sandeep spoke about how Prism in that instance was a 7-figure deal. LPx could be a few thousand dollars per LP as an example of the variability between those. So it just depends on the specific circumstances of the client.

顯然，這取決於功能。 Sandeep 談到了 Prism 在那個例子中是如何達成 7 位數交易的。 LPx 可能是每張 LP 幾千美元，作為這些之間可變性的一個例子。所以這只是取決於客戶的具體情況。

Kamil, this is Sandeep. The biggest value though is just in the LP processing. It really is always in the -- you can get a comprehensive view with the LPs and the mortgages and the derivatives and the equities and the fixed income products. And that's where the real value comes from. I don't think we do LP accounting any better. Yes, we are trying to improve the look through, so you can see a portfolio better. But the value of it really comes from that whole comprehensive ability.

卡米爾，這是桑迪普。最大的價值只是在 LP 處理中。它真的總是在——你可以全面了解有限合夥人、抵押貸款、衍生品、股票和固定收益產品。這就是真正價值的來源。我不認為我們做 LP 會計會更好。是的，我們正在努力改進外觀，以便您可以更好地查看投資組合。但它的價值真正來自於那一整套綜合能力。

The next question is from the line of Brian Schwartz with Oppenheimer.

下一個問題來自 Brian Schwartz 和 Oppenheimer。

Congratulations on the quarter. Sandeep, just wanted to ask if you could comment on the trends you are seeing with the top of the funnel and also the pace of conversions that you saw in Q4 versus prior quarters?

祝賀這個季度。 Sandeep，只是想問一下您是否可以評論一下您在漏斗頂部看到的趨勢以及您在第四季度看到的與前幾個季度相比的轉化速度？

Yes. Brian, thank you for that question. I think we were being a little -- we said always that we will follow bookings, but not economic forecasts because we just have got bitten by these forecasts. Every time we hear the forecast, we think the world is going to fall apart. But Q4 was great. We were surprised. As Jim said, we became a little cautious in hiring because we started to believe the forecast a little bit and we did really, really well.

是的。布賴恩，謝謝你提出這個問題。我認為我們有點——我們總是說我們將遵循預訂，而不是經濟預測，因為我們只是被這些預測所困擾。每次聽到預測，我們都認為世界將分崩離析。但是第四季度很棒。我們很驚訝。正如吉姆所說，我們在招聘時變得有點謹慎，因為我們開始有點相信預測，而且我們做得非常非常好。

So we have now decided internally to say: "No, we're just going to follow booking." Because booking is much better for us if it's a leading indicator. So do we see the funnel really continuing to grow? Absolutely. Do we continue to see very large clients wanting to come on to Clearwater? Absolutely. And do we continue to see smaller clients? So yes, we don't see -- we just don't see the softer as quite yet. And if we do in our bookings sort of even come down just a little bit, we will re-evaluate. But right now, we just don't see it.

所以我們現在內部決定說：“不，我們只是按照預訂。”因為如果它是一個領先指標，預訂對我們來說要好得多。那麼我們是否看到漏斗真的在繼續增長？絕對地。我們是否繼續看到非常大的客戶希望來到 Clearwater？絕對地。我們會繼續看到較小的客戶嗎？所以是的，我們沒有看到——我們只是還沒有看到更軟的。如果我們的預訂量稍微下降一點，我們將重新評估。但是現在，我們只是看不到它。

I mean, looking, though, Brian, believe me, with every report I see on [Washington Journal], I'm always looking for signs of it. But I think there is enough pain in the market there that people want to continue to look at something like Clearwater.

我的意思是，布萊恩，相信我，我在 [華盛頓日報] 上看到的每一篇報導都在尋找它的跡象。但我認為市場上有足夠的痛苦，人們希望繼續關注像 Clearwater 這樣的東西。

(Operator Instructions) The next question is from the line of Yun Kim with Loop Capital Markets.

（操作員說明）下一個問題來自 Loop Capital Markets 的 Yun Kim。

I'll make this quick. First, congrats on getting to that 80% target mix for the customers on base plus in just 2 quarters, which is amazing. Do you expect that mix to change much going forward? Just want to -- just curious on what your -- if you have any specific target for 2023?

我會盡快完成的。首先，祝賀您在短短 2 個季度內為 base plus 的客戶實現了 80% 的目標組合，這太棒了。您預計這種組合會在未來發生很大變化嗎？只是想 - 只是好奇你的 - 如果你有 2023 年的具體目標？

So our -- for all of our new clients, the other metric that was really terrific was 100% of those clients that signed up kind of for larger contracts were on the base plus model going forward. So as we continue to add customers, the base plus model is the de facto way that we add those customers. And so obviously, as we add customers over time, that will gradually tick up.

所以我們——對於我們所有的新客戶，另一個非常棒的指標是那些簽署了更大合同的客戶中 100% 是在基礎加模型上。因此，隨著我們繼續增加客戶，基礎加模型是我們增加這些客戶的實際方式。很明顯，隨著時間的推移，我們會增加客戶，這會逐漸增加。

Maybe I could just -- Go ahead.

也許我可以——繼續。

No, go ahead, please.

不，請繼續。

Maybe I could just squeeze in one more. Sandeep, you mentioned a lot about the momentum you're seeing in Asia. Can you just kind of give -- share us like what's going on there in terms of go-to-market and the momentum that you're getting in the Asian market?

也許我可以再擠一個。 Sandeep，你提到了很多你在亞洲看到的勢頭。你能不能給我們分享一下在進入市場和你在亞洲市場獲得的勢頭方面發生了什麼？

Yes, I must admit, I seem to speak to much about it. I think I speak about it because we get surprised by it, right? So we don't have -- we have a big office in Europe. We have made a lot of investments in Europe. So when Europe goes we are like, okay, this is what we expected. I think Asia, we still have very limited footprint. And we get surprised when we win there.

是的，我必須承認，我似乎談了很多。我想我談論它是因為我們對此感到驚訝，對吧？所以我們沒有——我們在歐洲有一個大辦公室。我們在歐洲做了很多投資。所以當歐洲離開時，我們就像，好吧，這就是我們所期望的。我認為在亞洲，我們的足跡仍然非常有限。當我們在那裡獲勝時，我們會感到驚訝。

But what we have today, just to be clear, is we now have an operating team there. We have a sales team. We have a presales team. We have -- so we now have a full organization there. But when you think about the problems in Asia, I think they are more acute. Every country has its own gap. Every country has its own regulatory reporting need. And that's not the case if you've got an American client. If North American client, guess what, it's all U.S. GAAP. It's quite simple. The regulatory needs are understood.

但我們今天所擁有的，只是為了清楚，我們現在在那裡有一個運營團隊。我們有一個銷售團隊。我們有一個售前團隊。我們有 - 所以我們現在在那裡有一個完整的組織。但是當你想到亞洲的問題時，我認為它們更加尖銳。每個國家都有自己的差距。每個國家/地區都有自己的監管報告需求。如果你有一個美國客戶，情況就不是這樣了。如果是北美客戶，你猜怎麼著，這都是美國公認會計原則。這很簡單。了解監管需求。

But when you go to Asia, Thailand is different from Vietnam, which is different from China, which is different from India, which is different for every country. So at an intuitive level, we believe that the need for a solution like ours should be much stronger in Asia. And that's why we are somewhat more excited than the size of our business suggests.

但是當你去亞洲時，泰國不同於越南，越南不同於中國，中國不同於印度，每個國家都不同。因此，從直覺上講，我們認為亞洲對像我們這樣的解決方案的需求應該更加強烈。這就是為什麼我們比我們的業務規模所暗示的更興奮。

Great. Congrats on a solid quarter.

偉大的。祝賀一個穩定的季度。

Thank you. Thank you.

謝謝。謝謝。

That concludes the Q&A session. I'd like to turn the call back over to the team for concluding remarks.

問答環節到此結束。我想把電話轉回給團隊作總結髮言。

Look, I just want to thank everybody for your interest in our company. We are trying to build something special here, and we always appreciate just your engagement. So thank you all. I'm sorry this run over just a little bit. Thank you.

看，我只是想感謝大家對我們公司的興趣。我們正在嘗試在這裡打造一些特別的東西，我們始終感謝您的參與。所以謝謝大家。對不起，這只是一點點。謝謝。

This concludes today's conference call. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開連接。