Clearwater Analytics Holdings Inc (CWAN) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Clearwater Analytics second quarter 2024 financial results conference call. (Operator Instructions)

女士們、先生們，感謝你們的耐心等待，並歡迎參加 Clearwater Analytics 2024 年第二季財務績效電話會議。（操作員說明）

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

現在我歡迎投資者關係主管 Joon Park 開始會議。

Thank you, and welcome everyone to Clearwater Analytics second quarter 2024 financial results conference call.

謝謝大家，歡迎大家參加 Clearwater Analytics 2024 年第二季財務績效電話會議。

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.

今天與我一起參加電話會議的是執行長桑迪普·薩海 (Sandeep Sahai)；吉姆‧考克斯，財務長。在他們發言後，我們將開始問答環節。

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, intentions, and expectations, including in relation to business outlook, future financial and product performance, and similar items, including without limitation, expressions using the terminology may, will, can, expect, and believe and expressions which reflect something other than historical facts are intended to identify forward-looking statements.

我想提醒所有與會者，在本次電話會議中，任何前瞻性陳述都是根據 1995 年《私人證券訴訟改革法案》的安全港條款做出的。未來目標、意圖和期望的表達，包括與業務前景、未來財務和產品績效以及類似項目相關的表達，包括但不限於使用術語“可能”、“將”、“能夠”、期望和相信的表達以及反映某些內容的表達除歷史事實外，前瞻性陳述旨在識別。

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.

前瞻性陳述涉及許多風險和不確定性，包括我們向 SEC 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有重大差異。除非法律要求，否則本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。欲了解更多信息，請參閱我們的收益新聞稿中包含的警示聲明。

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

最後，除非另有說明，本次電話會議討論的所有指標均按非公認會計原則或調整後的基礎提出。您可以在我們發佈到投資者關係網站的收益新聞稿中找到與 GAAP 業績的對帳。

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

接下來，我會將電話轉給我們的執行長桑迪普·薩海 (Sandeep Sahai)。

Thank you, Joon.

謝謝你，瓊。

I'm pleased to report that Q2 2024 was a very strong quarter for the company. Our ability to win in the market, to develop new products for our clients, and our ability to execute consistently on all fronts has never been more evident.

我很高興地報告，2024 年第二季對公司來說是一個非常強勁的季度。我們贏得市場、為客戶開發新產品的能力以及在各方面一致執行的能力從未如此明顯。

Revenue for the quarter was $106.8 million, a 19% year-on-year increase. The momentum of our business was evident in ARR growth, which grew 22% year on year. Growth was balanced between new logos and current clients between the North American and international markets. And finally, between new products and the core platform. New products were an incrementally higher contributor to bookings in the quarter and that gives us confidence to continue down the path of developing adjacent products in partnership with our clients.

該季度營收為 1.068 億美元，年增 19%。我們的業務動能在 ARR 成長中顯而易見，較去年同期成長 22%。北美和國際市場的新標誌和現有客戶之間的成長是平衡的。最後，在新產品和核心平台之間。新產品對本季預訂的貢獻逐漸增加，這讓我們有信心繼續與客戶合作開發相關產品。

All of that combined with an industry-leading 99% gross revenue retention for the second consecutive quarter and continued success with bringing clients live on our platform gives us confidence to meaningfully revise revenue guidance upward for the year. It is not just about revenue growth. Our disruptive platform and our outstanding customer focus allows us to grow earnings very meaningfully while we continue to grow.

所有這些，再加上連續第二個季度保持行業領先的99% 的總收入保留率，以及在我們的平台上為客戶提供服務的持續成功，使我們有信心有意義地向上修改今年的收入指引。這不僅僅是收入成長的問題。我們的顛覆性平台和卓越的客戶關注使我們在不斷發展的同時實現了非常有意義的收入成長。

Adjusted EBITDA margin for the quarter was 31.3%, which is 34.7% higher than last year and 370 basis points better than last year, meaningfully higher than the margin expansion goal of 200 basis points a year we had laid out at last year's Investor Day.

本季調整後 EBITDA 利潤率，明顯高於我們在去年投資者日制定的每年 200 個基點的利潤率擴張目標。

Finally, free cash flow from operations during the quarter was $42.4 million, which is 116.9% higher than last year. A truly exceptional and interesting observation that we substantially paid for the Wilshire acquisition in Q2, using the cash generated from operations in Q2 alone.

最後，本季營運自由現金流為 4,240 萬美元，比去年增長 116.9%。一個真正特殊且有趣的觀察是，我們僅使用第二季度營運產生的現金就在第二季為威爾希爾收購支付了大筆費用。

Let's discuss a few elements of our business and our plan for continued revenue and earnings growth. Starting with revenue growth. Number one, new logos. There is little to no change in the competitive landscape. Competitors have tried to create offerings by taking legacy platforms and making them accessible on the cloud or by stitching various products together but that does not change the core legacy offering. Clients come to Clearwater because we have a single-instance, multi-tenant platform, allowing us to ingest data from over 3,000 sources, reconcile it, and provide clients with a comprehensive view of the global portfolio. This has been a core offering of the company and continues to drive new logo booking.

讓我們討論一下我們業務的一些要素以及我們持續收入和獲利成長的計劃。從收入成長開始。第一，新標誌。競爭格局幾乎沒有變化。競爭對手試圖透過採用遺留平台並使其可在雲端上存取或將各種產品拼接在一起來創建產品，但這並沒有改變核心的遺留產品。客戶之所以選擇 Clearwater，是因為我們擁有單一實例、多租戶平台，使我們能夠從 3,000 多個來源獲取數據，對其進行協調，並為客戶提供全球投資組合的全面視圖。這是該公司的核心產品，並將繼續推動新徽標的預訂。

Number two, back to base growth. As we have said before, we are spending 60% of R&D capacity on building new products in partnership with our clients. In the last call, we had said that approximately 25% of our booking in the quarter was from these new offerings. It is with great enthusiasm that we note that booking was incrementally higher in Q2 from these products. We had expected these new products to be adopted by our current clients first, but we're pleasantly surprised to see that more than 50% of bookings for these new products came from new logos.

第二，回歸基本成長。正如我們之前所說，我們將 60% 的研發能力用於與客戶合作開發新產品。在上次電話會議中，我們曾表示本季大約 25% 的預訂來自這些新產品。我們懷著極大的熱情注意到第二季這些產品的預訂量逐漸增加。我們原本預計這些新產品會先被我們現有的客戶採用，但我們驚訝地發現，這些新產品超過 50% 的預訂來自新標誌。

Number three, alternatives remain one of the biggest drivers of growth because the efficient processing of these asset classes continues to be challenging for clients everywhere. The innovation and functionality we're bringing to the market has led to significant client adoption as evidenced by the roughly 30 deals we closed with new or existing clients in Q2 alone. Our substantial investments in this area have been pivotal in attracting new clients and deepening existing client relationships. I'm delighted to share details about the major addition to our platform.

第三，另類投資仍然是成長的最大推動力之一，因為這些資產類別的有效處理對世界各地的客戶來說仍然是一個挑戰。我們向市場推出的創新和功能已獲得大量客戶的採用，僅在第二季度我們就與新客戶或現有客戶達成的約 30 筆交易就證明了這一點。我們在這一領域的大量投資對於吸引新客戶和深化現有客戶關係至關重要。我很高興分享有關我們平台的主要新增功能的詳細資訊。

A US investment advisor recently selected our LPx solution because they have a broad footprint that encompasses private equity, real estate, credit, and secondaries markets. They were previously mined in manual processes, compiling data from GPs and living in Excel spreadsheets, the combination of Clearwater's LPx, user-friendly interface, seamless data ingestion and validation capabilities, and its robust reporting features dramatically increased the scale of the operation. With Clearwater, clouds receive a single platform that ties accounting and performance book of record all from a single source of data, thereby gaining a level of transparency that they did not have before with other legacy systems.

一位美國投資顧問最近選擇了我們的 LPx 解決方案，因為他們的業務範圍廣泛，涵蓋私募股權、房地產、信貸和二級市場。它們之前是透過手動流程進行開採的，從GP 編譯資料並保存在Excel 電子表格中，Clearwater 的LPx、使用者友好的介面、無縫資料攝取和驗證功能及其強大的報告功能的結合極大地增加了營運規模。借助 Clearwater，雲端獲得了一個單一平台，將所有來自單一資料來源的會計和績效記錄簿連結起來，從而獲得了以前其他遺留系統所沒有的透明度。

Number four. Clearwater PRISM continues to make inroads with a range of use cases emerging across a diverse client base. In Q2, we announced M&G Investments selected Clearwater to automate its investment management and regulatory reporting while supporting the complex need of the global insurance clients. With a white labeled version of Clearwater's platform, M&G's insurance clients will have access to an M&G web portal and rely on Clearwater PRISM for monthly report generation. This automated investment reporting system will provide clients with a complete view of the investments and enable them to meet complex multi-basis accounting requirements.

第四。Clearwater PRISM 不斷在不同客戶群中出現一系列用例，取得進展。在第二季度，我們宣布 M&G Investments 選擇 Clearwater 來自動化其投資管理和監管報告，同時支援全球保險客戶的複雜需求。借助 Clearwater 平台的白標版本，M&G 的保險客戶將可以訪問 M&G 入口網站，並依靠 Clearwater PRISM 產生月度報告。此自動化投資報告系統將為客戶提供完整的投資視圖，並使他們能夠滿足複雜的多基礎會計要求。

Number five, let me give you a status of both JUMP and the analytics platform of Wilshire. The Clearwater JUMP platform had an exceptional quarter. In North America, we secured five deals with managers who are diverse, multi-asset portfolios that not only replace the accounting but order management as well. In Europe, the Clearwater JUMP platform was chosen by numerous new clients, demonstrating the growing demand for a high-value solution that span the front, middle, and back-office operations.

第五，讓我向您介紹 JUMP 和 Wilshire 分析平台的現況。Clearwater JUMP 平台的季度業績表現出色。在北美，我們與多元化、多元資產投資組合的管理者達成了五筆交易，這些投資組合不僅取代了會計，也取代了訂單管理。在歐洲，眾多新客戶選擇了 Clearwater JUMP 平台，這表明對涵蓋前台、中台和後台營運的高價值解決方案的需求不斷增長。

Let me illustrate with a few examples here. In Q2, we announced that France-based Galilee Asset Management will implement Clearwater JUMP to consolidate fund and wealth management activities across its entire investment lifecycle. Their selection of Clearwater JUMP is a vote of confidence as Galilee Asset Management seeks to support its rapid growth and consolidate its activities after acquiring several investment management companies.

讓我在這裡舉幾個例子來說明。在第二季度，我們宣布法國的 Galilee Asset Management 將實施 Clearwater JUMP，以整合整個投資生命週期的基金和財富管理活動。他們選擇 Clearwater JUMP 是對其投下信任票，因為 Galilee Asset Management 在收購多家投資管理公司後尋求支持其快速成長並鞏固其業務。

A leading life insurer based in France, selected Clearwater JUMP to modernize their IT stack, while another French-based fund and wealth manager chose Clearwater JUMP to increase efficiencies across their entire end-to-end investment management operation. All these wins underscore the value we bring to leading firms. Cost efficiency, modernization, scalability, and unparalleled user experience are just a few reasons clients continue to choose Clearwater JUMP.

一家法國領先的人壽保險公司選擇 Clearwater JUMP 來實現其 IT 堆疊現代化，而另一家法國基金和財富管理公司則選擇 Clearwater JUMP 來提高整個端到端投資管理營運的效率。所有這些勝利都凸顯了我們為領先企業帶來的價值。成本效益、現代化、可擴展性和無與倫比的使用者體驗只是客戶繼續選擇 Clearwater JUMP 的幾個原因。

Number six, following our acquisition of the risk performance and analytics platforms of Wilshire Advisors, the integrated Clearwater Wilshire platform can offer an integrated solution for transactions and positions. Our clients can now leverage a unified reporting platform for portfolio construction, quantitative performance attribution, risk analysis, stress testing, and portfolio analytics, all using the same underlying data from the core Clearwater platform. This has already started to pay dividends as seen with the expanded relationship with a leading portfolio manager, who's now leveraging Clearwater Wilshire Analytics for daily performance attribution and factor-based ex-ante risk analysis.

第六，在我們收購 Wilshire Advisors 的風險績效和分析平台之後，整合的 Clearwater Wilshire 平台可以為交易和部位提供整合的解決方案。我們的客戶現在可以利用統一的報告平台進行投資組合建構、定量績效歸因、風險分析、壓力測試和投資組合分析，所有這些都使用來自 Clearwater 核心平台的相同基礎數據。這已經開始帶來紅利，從與領先的投資組合經理擴大關係中可以看出，該經理現在利用 Clearwater Wilshire Analytics 進行日常績效歸因和基於因素的事前風險分析。

The expansion highlights the success of Clearwater strategy to offer an integrated platform, encompassing accounting performance, attribution, and risk and strategically positions us to strengthen existing client relationships that help to drive future growth.

此次擴張凸顯了 Clearwater 策略的成功，即提供一個涵蓋會計績效、歸因和風險的綜合平台，並在策略上使我們能夠加強現有的客戶關係，從而有助於推動未來的成長。

Number seven. And finally, let's discuss our continuing expansion across Europe and APAC this quarter. As our platform continues to make a significant impact across the world, we're delivering best-in-class localized accounting and investment analytics that provide our clients with a comprehensive view of the assets and gives them confidence that they're making the most informed decisions about their investments.

第七號。最後，讓我們討論本季我們在歐洲和亞太地區的持續擴張。隨著我們的平台繼續在全球範圍內產生重大影響，我們正在提供一流的本地化會計和投資分析，為我們的客戶提供全面的資產視圖，並讓他們相信自己正在做出最明智的決策有關他們的投資的決定。

Let me highlight a few of the impressive deals we closed. In the UK, we announced an exciting new win with Pool Re, Britain's government-backed reinsurer. Pool Re will leverage Clearwater's single-instance multi-tenant platform to streamline and modernize their finance and investment processes and support highly-efficient monthly-closed processes. The scalability and flexibility of the Clearwater platform will also enable Pool Re to rapidly adapt to evolving market dynamics and the treasury reporting obligations. In APAC, we signed on a new asset manager in Singapore that is now able to redesign across company asset strategy and build the technology infrastructure for significant asset growth. Another client in that region can now significantly decrease operating risks and free up the investment team to play offense versus defense.

讓我重點介紹我們完成的一些令人印象深刻的交易。在英國，我們宣布與英國政府支持的再保險公司 Pool Re 取得令人興奮的新勝利。Pool Re 將利用 Clearwater 的單一實例多租戶平台來簡化和現代化其財務和投資流程，並支援高效的每月結算流程。Clearwater 平台的可擴展性和靈活性也將使 Pool Re 能夠快速適應不斷變化的市場動態和財務報告義務。在亞太地區，我們在新加坡簽署了一家新的資產管理公司，該管理公司現在能夠重新設計整個公司的資產策略，並為顯著的資產成長建立技術基礎設施。該地區的另一家客戶現在可以大幅降低營運風險，並釋放投資團隊以攻守結合。

Now I'd like to switch to unit economics and overall profitability. The foundation of our continued growth and profitability is industry-leading retention and NPS and our ability to onboard clients in a relatively short time. How do we do that? A platform allows us to reuse public data we are already ingesting, reuse, custody connections we have already built, and reuse the thousands of other connections we have already built.

現在我想轉向單位經濟效益和整體獲利能力。我們持續成長和獲利的基礎是業界領先的保留率和 NPS 以及我們在相對較短的時間內吸引客戶的能力。我們該怎麼做呢？平台允許我們重複使用我們已經攝取的公共數據，重複使用我們已經建立的託管連接，並重複使用我們已經建立的數千個其他連接。

Accounting is very nuanced. And over the years, we have created an incredible array of configuration options, which is needed as we onboard increasingly sophisticated clients and portfolios. The benefits of this approach are twofold. Number one, it is incrementally easier to onboard the next client because you already have many of the data sources and securities modeled on our platform. Number two, on a day-to-day basis, we reconcile data once and use it for every client on the platform who invest in that security, both of these practices incrementally improve gross margins. Add to that, the progress we are making with generative AI and you will understand why we have outperformed our margin goals and have strong confidence in continuing to improve unit economics.

會計是非常微妙的。多年來，我們創建了一系列令人難以置信的配置選項，這是我們吸引日益複雜的客戶和產品組合所需要的。這種方法的好處是雙重的。第一，加入下一個客戶變得越來越容易，因為您已經擁有許多在我們平台上建模的資料來源和證券。第二，我們每天都會對資料進行一次核對，並將其用於平台上投資該證券的每個客戶，這兩種做法都可以逐步提高毛利率。除此之外，我們在生成式人工智慧方面的進展，您將了解為什麼我們超越了利潤目標，並對繼續提高單位經濟效益充滿信心。

Our client onboarding experience continues to be incredibly positive, including notable go-lives with the leading global firms such as France Active in Europe. In less than five months, they are realizing significant business benefits, including timely book of record accounting, efficient period-end operational tasks, and increased productivity because the Clearwater platform helps automate data ingestion, reconciliation, and reporting.

我們的客戶入職體驗仍然非常積極，包括與歐洲 France Active 等全球領先公司的出色合作。在不到五個月的時間裡，他們就實現了顯著的業務效益，包括及時的記錄會計、高效的期末營運任務以及提高的生產力，因為Clearwater 平台有助於實現數據攝取、對帳和報告的自動化。

On a regulatory front, Clearwater experts continue to provide valuable guidance, ensuring our clients remain ahead of the curve with the most significant NAIC update since 1991. Global regulatory reporting is built into the Clearwater platform so the reports always stay current to meet the latest regulatory guidance. Our team of regulatory product experts monitor guidance closely and work with our engineering team to incorporate those changes into Clearwater's platform. Because Clearwater is a web-based SaaS solution, those updates deploy seamlessly to users.

在監管方面，Clearwater 專家繼續提供寶貴的指導，確保我們的客戶透過自 1991 年以來最重要的 NAIC 更新保持領先地位。全球監管報告內建於 Clearwater 平台中，因此報告始終保持最新狀態，以滿足最新的監管指南。我們的監管產品專家團隊密切監控指導，並與我們的工程團隊合作，將這些變化納入 Clearwater 的平台中。由於 Clearwater 是基於 Web 的 SaaS 解決方案，因此這些更新可以無縫部署給使用者。

Switching gears, I want to talk about our continuing investment in our core platform. We live in an ever-changing world where new securities are created every day, entire asset classes emerge, regulations change, and accounting standards evolve. It is critical for our technology to be a beacon of reliability, scalability, and operational rigor, attributes critical to a world where change is constant.

換個話題，我想談談我們對核心平台的持續投資。我們生活在一個不斷變化的世界，每天都會有新的證券誕生，整個資產類別不斷出現，法規不斷變化，會計標準不斷發展。我們的技術必須成為可靠性、可擴展性和操作嚴謹性的燈塔，這些屬性對於不斷變化的世界至關重要。

Last year, we completed our movement to the cloud, completely changing our ability to scale. That change has helped us continue to process data daily, meet deadlines, and lower costs even as data volume grew substantially over the year. At month end, our data intake increases by a factor of roughly 2.5 times, but we successfully handle the surge using the cloud where it is easier to add and then reduce compute power on demand.

去年，我們完成了向雲端的遷移，徹底改變了我們的擴展能力。這項變更幫助我們繼續每天處理資料、按時完成任務並降低成本，即使資料量在一年中大幅成長。到月底時，我們的資料攝取量增加了大約 2.5 倍，但我們使用雲端成功地應對了資料激增的問題，因為雲端可以更輕鬆地按需添加和減少運算能力。

Earlier, we would have had to provision for the peak load and that would have sat idle during much of the quarter. In another significant change, our investment in non-differentiated heavy lifting has gone down meaningfully, allowing us to deploy our engineering resources to grow.

早些時候，我們必須為尖峰負載做好準備，而該負載在本季的大部分時間都處於閒置狀態。另一個重大變化是，我們對非差異化重型運輸的投資大幅下降，使我們能夠部署工程資源來實現成長。

And finally, having a single instance platform, albeit the need to maintain and manage multiple versions of the software. A follow-the-sun model is not just a good to have operating mode. It is essential when you want to effectively address the needs of the clients around the world in a reliable fashion, even in the face of a global IT outage like the one on July 19 that caused technological havoc, Clearwater responded with urgency and agility.

最後，儘管需要維護和管理軟體的多個版本，但擁有單一實例平台。追隨太陽的模式不僅僅是一種良好的運作模式。當您希望以可靠的方式有效地滿足世界各地客戶的需求時，這一點至關重要，即使面對像7 月19 日那樣造成技術破壞的全球IT 中斷，Clearwater 也能做出緊急而敏捷的回應。

Because you have a single instance platform that all our clients use, we had one version of the software to focus on and rectify; not multiple versions, some on-prem and some on the cloud. As the events unfolded, our team in India, swiftly diagnosed and worked on rectifying the problem, ensuring that by the time, Europe and the US started the day, the disruption was already well understood and largely mitigated. Such instances reaffirm the stability and scalability of our operational capabilities and highlights the technological superiority of the single-instance, multi-tenant model that is now the de facto standard across industries.

由於您擁有我們所有客戶都使用的單一實例平台，因此我們需要重點關注並修正該軟體的一個版本；不是多個版本，有些在本地，有些在雲端。隨著事件的發展，我們在印度的團隊迅速診斷並致力於糾正問題，確保在歐洲和美國開始這一天時，幹擾已經得到充分理解並在很大程度上得到緩解。這些實例再次證明了我們營運能力的穩定性和可擴展性，也凸顯了單一實例多租用戶模式的技術優勢，該模式現已成為各行業的事實上的標準。

The success of generative AI is largely dependent upon access to data on an ongoing basis. This is where Clearwater's Single Security Master shines because all our data resides in one logical database. Using generative AI, we harness this technology's potential to a natural advantage and eventually to benefit all our clientele. We have already seen benefits from this technology and expect to deploy more applications across our platform.

生成式人工智慧的成功在很大程度上取決於持續獲取數據。這就是 Clearwater 的單一安全大師的閃光點，因為我們所有的資料都駐留在一個邏輯資料庫中。利用生成式人工智慧，我們將這項技術的潛力發揮為自然優勢，並最終使我們所有的客戶受益。我們已經看到了這項技術的好處，並期望在我們的平台上部署更多應用程式。

Last month, I had the pleasure of connecting with our European user base and prospective clients at Clearwater Connect in London. The interactions I had were enjoyable and insightful, and I'm really excited about the momentum we are seeing across the board. We have a strong team in London, Paris, and Germany; a local operating center in Edinburgh; and deep domain expertise across the market.

上個月，我有幸在倫敦的 Clearwater Connect 上與我們的歐洲用戶群和潛在客戶建立了聯繫。我的互動非常愉快且富有洞察力，我對我們在各方面看到的勢頭感到非常興奮。我們在倫敦、巴黎、德國擁有強大的團隊；愛丁堡當地營運中心；以及整個市場深厚的領域專業知識。

We continue to grow our presence in the UK market, and we are energized by the growing momentum in the French and German markets. We are even more excited about our next user conference, Clearwater Connect and Boise set for September 17 and 18, where we expect institutional investors will come together to learn about new technologies and solutions that can help them grow their business.

我們持續擴大在英國市場的影響力，法國和德國市場的成長動能也為我們帶來了活力。我們對定於 9 月 17 日至 18 日舉行的下一次用戶會議 Clearwater Connect 和博伊西感到更加興奮，我們預計機構投資者將齊聚一堂，了解有助於他們發展業務的新技術和解決方案。

And with that, let me hand the call over to Jim to review our financial results in more detail.

接下來，讓我將電話轉交給吉姆，以更詳細地審查我們的財務表現。

Thanks, Sandeep, and thank you all for joining us.

謝謝桑迪普，也謝謝大家加入我們。

I'm happy to report our second quarter results that continued to build upon the strong momentum from the first quarter. The second quarter was strong across all metrics, but I would like to highlight two metrics that I believe should be particularly compelling to investors. First, ARR increased by 22.2% year over year to $427.2 million, up from the prior year's $349.5 million. This is a very strong result and represents faster growth than our Q2 revenue. We have included the ARR of acquired Wilshire technology clients in our ARR and that helped our growth. But even after excluding that impact, the year-over-year growth in organic ARR was still in excess of 20%.

我很高興地報告我們第二季的業績，該業績繼續建立在第一季的強勁勢頭之上。第二季的所有指標都表現強勁，但我想強調兩個我認為對投資者特別有吸引力的指標。首先，ARR 年增 22.2%，達到 4.272 億美元，高於上年的 3.495 億美元。這是一個非常強勁的結果，比我們第二季的營收成長更快。我們已將收購的 Wilshire 技術客戶的 ARR 納入我們的 ARR 中，這有助於我們的成長。但即使排除此影響，有機 ARR 的年成長率仍超過 20%。

Second, the team delivered remarkable cash flows in Q2 with operating cash flows of $43.9 million, that represents a 108% increase year over year, record high free cash flow of $42.4 million, again, representing an impressive year-over-year improvement of 117%. Put this all together and it results in record-high free cash flow to EBITDA conversion of 127% in Q2.

其次，該團隊在第二季度實現了顯著的現金流，營運現金流為 4,390 萬美元，年增 108%，自由現金流再次創下歷史新高，達到 4,240 萬美元，比去年同期大幅增長 117 %。綜上所述，第二季自由現金流與 EBITDA 的轉換率達到創紀錄的 127%。

This success in cash flows in Q2 resulted from stronger GAAP income and positive working capital changes, including improved collections. Strong cash flow generation is the bedrock upon which strategic optionality is built. For example, we can combine our development efforts with purchase solutions as we did in the second quarter with the Wilshire solutions acquisition and whether we choose to evaluate other inorganic opportunities or return capital to shareholders at some point in time. The company, our clients, and our investors all benefit from the optionality provided by such a healthy financial profile.

第二季現金流的成功得益於公認會計原則收入的增加和營運資本的正面變化，包括收款的改善。強大的現金流產生是策略選擇的基石。例如，我們可以將我們的開發工作與購買解決方案結合起來，就像我們在第二季度收購威爾希爾解決方案時所做的那樣，以及我們是否選擇評估其他無機機會或在某個時間點將資本返還給股東。公司、我們的客戶和投資者都受益於如此健康的財務狀況所提供的選擇權。

In Q2, we also beat both our revenue and EBITDA guidance for the quarter, while the outperformance in both revenue and EBITDA may sound routine for Clearwater, it is not an easy accomplishment for most companies, and we are very proud of the team for delivering again as they continue to since we became public. Our growth dynamic continues to be boosted by two underlying vectors: growth from both existing clients and new logo clients in Q2.

在第二季度，我們也超越了本季的營收和EBITDA 指導，雖然營收和EBITDA 的出色表現對於Clearwater 來說可能聽起來很平常，但對於大多數公司來說，這並不是一件容易的成就，我們為團隊提供的交付感到非常自豪自從我們公開以來，他們一直在這樣做。我們的成長動力持續受到兩個基本向量的推動：現有客戶和第二季新商標客戶的成長。

We continued the stellar momentum in upselling to existing clients in Q2, which was reflected in our net revenue retention rate of 110%. In addition, we continue to win new logo clients at a healthy pace. We understand the importance of adding new customers and we are proud to note that we now have 93 clients with over 1 million in ARR, a 21% increase year over year.

第二季度，我們持續向現有客戶追加銷售的強勁勢頭，這反映在我們 110% 的淨收入保留率上。此外，我們繼續以健康的步伐贏得新徽標客戶。我們了解增加新客戶的重要性，我們很自豪地註意到，我們現在有 93 個客戶，ARR 超過 100 萬，比去年同期成長 21%。

Now let's turn to profitability results. We have a clear guide path towards our long-term goals of both 80% gross margins and adjusted EBITDA margin of 40%. In Q2, we achieved a gross profit of $82.7 million, which translates to 77.5% gross margin, an increase of 170 basis points over Q2 of 2023. In addition, we reported $33.4 million in adjusted EBITDA and 31.3% adjusted EBITDA margin in the second quarter, which beat our EBITDA margin guidance of 29% to 30% and improved over the prior year's EBITDA margin by 370 basis points.

現在讓我們轉向獲利結果。我們對實現 80% 毛利率和 40% 調整後 EBITDA 利潤率的長期目標有明確的指導方針。第二季度，我們實現毛利 8,270 萬美元，毛利率為 77.5%，比 2023 年第二季成長 170 個基點。此外，我們報告第二季調整後EBITDA 為3,340 萬美元，調整後EBITDA 利潤率為31.3%，超出了我們29% 至30% 的EBITDA 利潤率指引，比上一年的EBITDA 利潤率提高了370 個基點。

What is most impressive is that we are achieving these EBITDA margin improvements while investing significantly in new product innovation and international go-to market headcount. Non-GAAP R&D expense is up more than $2 million over Q2 of last year. And non-GAAP sales and marketing investment is up over $1 million in Q2. Equity-based compensation was $25.2 million, a decrease of $3.5 million from Q2 of 2023. This shows good progress on our path to reduce equity-based compensation as a percentage of revenues.

最令人印象深刻的是，我們在實現這些 EBITDA 利潤率的提高的同時，也大力投資新產品創新和國際市場進入人員隊伍。非 GAAP 研發費用比去年第二季增加超過 200 萬美元。第二季非 GAAP 銷售和行銷投資增加超過 100 萬美元。股權薪酬為 2,520 萬美元，較 2023 年第二季減少 350 萬美元。這表明我們在降低股權薪酬佔收入比例方面取得了良好進展。

With respect to the tax receivable agreement expense, this amount was $6.2 million in the first half of 2024. And absent significant changes, we expect this amount to be a total of approximately $17 million for the full year 2024, an increase from the $14.4 million reported for the full year 2023.

至於應收稅款協議費用，2024 年上半年這筆金額為 620 萬美元。如果沒有重大變化，我們預計 2024 年全年這筆金額總計約為 1,700 萬美元，比 2023 年全年報告的 1,440 萬美元有所增加。

Let's turn to the balance sheet. We ended Q2 with $297.6 million in cash, cash equivalents, and investments even after we paid for the Wilshire analytics acquisition in April 2024. Total debt was $47.9 million, thereby resulting in net cash holdings of approximately $250 million. Thus, we continue to have dry powder and the ability to generate cash from operations to enable another acquisition in the future should we choose to do that.

讓我們轉向資產負債表。即使在 2024 年 4 月支付了 Wilshire Analytics 收購費用後，我們在第二季末仍擁有 2.976 億美元的現金、現金等價物和投資。債務總額為 4,790 萬美元，因此持有的淨現金約為 2.5 億美元。因此，如果我們選擇這樣做，我們將繼續擁有乾粉和從營運中產生現金的能力，以便在未來進行另一次收購。

Now let's turn to guidance. For the full year 2024, we have again raised our revenue guidance to a range of $442 million to $444 million. This represents an improved year-over-year growth rate of approximately 20% to 21%. The low end of our current guidance for the year now equals the high end of our guidance provided last quarter. This full year guidance has incorporated both the outperformance in revenue in the second quarter and our continuing incrementally positive view on the second half of 2024.

現在讓我們轉向指導。對於 2024 年全年，我們再次將營收指引提高至 4.42 億至 4.44 億美元之間。這意味著同比增長率提高了約 20% 至 21%。我們目前今年指導的下限現在等於我們上​​季度提供的指導的上限。這項全年指引既包含了第二季的優異收入表現，也包含了我們對 2024 年下半年持續逐步樂觀的看法。

For the third quarter of 2024, we expect revenue to be in the range of $113 million to $114 million, representing a year-over-year growth rate of approximately 19% to 20%. For the full year, we have increased our guidance for depreciation and amortization expense to $12 million, reflecting the incremental amortization from the acquisition of the analytic software business from Wilshire.

2024年第三季度，我們預計營收將在1.13億美元至1.14億美元之間，年成長率約為19%至20%。對於全年，我們將折舊和攤提費用指引提高至 1,200 萬美元，反映了從 Wilshire 收購分析軟體業務後的增量攤提。

For the full year 2024, we have also raised the adjusted EBITDA guidance to an even $140 million, an increase of $3 million on the low end and $1 million on the high end of our prior guidance. This provides an adjusted EBITDA margin of approximately 31.6% for the full year 2024 and is higher than the previously stated full year 2024 target of 31%, outperforming our stated plan to improve EBITDA by 200 basis points over the full year 2023.

對於 2024 年全年，我們還將調整後的 EBITDA 指引提高至 1.4 億美元，比先前指導的低端增加了 300 萬美元，高端增加了 100 萬美元。這使得 2024 年全年調整後 EBITDA 利潤率約為 31.6%，高於先前規定的 2024 年全年 31% 的目標，超出了我們既定的 2023 年全年 EBITDA 提高 200 個基點的計劃。

This EBITDA guidance implies only slightly better EBITDA margins in the second half of 2024 when compared to Q2 2023. Although we have the capability to expand EBITDA margins more quickly, we are thoughtfully investing where we are seeing returns, and we will embrace that flexibility to strategically invest now to fortify continued growth for, say, 2027 and beyond. For the third quarter 2024, we expect adjusted EBITDA to be $36 million, which represents an adjusted EBITDA margin of 31.7%.

該 EBITDA 指引意味著 2024 年下半年的 EBITDA 利潤率僅略高於 2023 年第二季。儘管我們有能力更快地擴大 EBITDA 利潤率，但我們正在深思熟慮地投資於我們看到回報的領域，並且我們將擁抱這種靈活性，立即進行戰略投資，以鞏固 2027 年及以後的持續增長。對於 2024 年第三季度，我們預計調整後 EBITDA 為 3,600 萬美元，調整後 EBITDA 利潤率為 31.7%。

In summary, we're excited about the strong second quarter and look forward to continuing to deliver revenue growth and margin expansion for the second half of 2024 and well, well, well, into the future.

總而言之，我們對第二季的強勁表現感到興奮，並期待在 2024 年下半年以及未來繼續實現營收成長和利潤率擴張。

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

至此，我將把它交給 Sandeep 來提供一些結束語。

Thank you, Jim.

謝謝你，吉姆。

We are very pleased with the Q2 results, but are even more delighted with the increasing momentum of the business to be able to grow revenue meaningfully, improve unit economics, and grow EBITDA and cash flow all at the same time is incredibly exciting. We are increasingly confident about our capability to execute and we'll make a sustained push to stake out a leadership position in the investment management industry, not just in investment accounting and analytics.

我們對第二季的業績感到非常滿意，但更高興的是業務不斷增長的勢頭，能夠有意義地增加收入，提高單位經濟效益，同時增加EBITDA 和現金流，這令人難以置信的令人興奮。我們對自己的執行能力越來越有信心，我們將持續努力，爭取在投資管理行業（而不僅僅是在投資會計和分析領域）佔據領導地位。

(Operator Instructions)

（操作員說明）

Brian Schwartz, Oppenheimer.

布萊恩·施瓦茨，奧本海默。

Thanks for taking my question this afternoon and congratulations on a good result.

感謝您今天下午提出我的問題，並祝賀取得了良好的結果。

Sandeep, I wanted to ask you about -- thinking about the new product cadence. We've seen a faster new product cadence from the company over the past year. And I'm just wondering how sustainable is this trend whether it's either through organic or inorganic R&D? And could the new product cadence possibly accelerate over the next 12 to 18 months?

Sandeep，我想問你關於新產品節奏的思考。在過去的一年裡，我們看到該公司的新產品節奏更快。我只是想知道這種趨勢的可持續性如何，無論是透過有機還是無機研發？未來 12 到 18 個月內新產品的推出節奏是否可能加快？

Well, thank you, Brian.

嗯，謝謝你，布萊恩。

I think that the new product addition is very deliberate in our path to become a multiproduct company. When we funded a number of these last year frankly, we thought that would take a reasonable amount of time to get adopted by our current clients and are just being quicker. I think we reported in first quarter that 25% of all bookings in Q1 came from these new products. And we thought is that sustainable. But if we look at Q2 I think we said earlier in the script that it was incrementally faster.

我認為，在我們成為多產品公司的道路上，添加新產品是經過深思熟慮的。坦白說，當我們去年資助其中一些項目時，我們認為這需要相當長的時間才能被我們現有的客戶採用，而且速度會更快。我認為我們在第一季報告稱，第一季所有預訂的 25% 來自這些新產品。我們認為這是可持續的。但如果我們看一下第二季度，我認為我們在腳本前面說過它的速度逐漸加快。

I do feel that a number of these products are just getting started, though. I do want to say here that we think we are going to run at this pace. I do think we can run faster so the answer to the question is we do expect more activity from new products and more contribution in booking. And I'll tell you, Brian, that when we look back what we think is the core reason, it's the NPS.

不過，我確實覺得其中一些產品才剛起步。我確實想說，我們認為我們將以這個速度運行。我確實認為我們可以跑得更快，所以問題的答案是我們確實期望新產品有更多的活動以及預訂方面的更多貢獻。我會告訴你，布萊恩，當我們回顧我們認為的核心原因時，那就是 NPS。

Our NPS is really high and our clients want us to solve problems which are adjacent with products we can provide, so I think the adoption by clients has been frankly very, very encouraging. I think one of the last point, Brian, there was, we always thought that these products would be adopted by our current clients side.

我們的 NPS 非常高，我們的客戶希望我們解決與我們可以提供的產品相關的問題，所以坦白說，我認為客戶的採用非常非常令人鼓舞。我認為最後一點，布萊恩，我們一直認為這些產品會被我們目前的客戶端採用。

But frankly, we're quite surprised to see that 50% of bookings for these new products come from new logos where customers are not even on the Clearwater platform and they buy a new product. So to be incredibly excited about it, we do think there's room to accelerate. We don't have a logical point which says, hey, we're going to stop this at this point. But as you know, we're investing 60% of R&D capacity. That's a lot.

但坦白說，我們非常驚訝地發現這些新產品的預訂中有 50% 來自新徽標，而客戶甚至不在 Clearwater 平台上購買新產品。因此，我們確實認為還有加速的空間，對此感到非常興奮。我們沒有一個邏輯點說，嘿，我們現在要停止這件事。但如您所知，我們投資了 60% 的研發能力。就這麼多了。

I don't know Jim, whether you'd add anything to that.

我不知道吉姆，你是否願意補充一些內容。

No, that's great.

不，那太好了。

The follow-up question I had for Jim was just wanted to see if you could provide a little more color on what you're seeing in terms of sales cycles and buying patterns for the new logos in 2Q? And if the businesses experienced any shifts into Q2 when compared to earlier in the year, trying to get a read to see if the macro challenges that are out there are having any impact, at least in the buying pattern doesn't look like it based on your ARR results. But what are you seeing in terms of sales cycles and buying patterns on the new logo side?

我向吉姆提出的後續問題只是想看看您是否可以就第二季新商標的銷售週期和購買模式所看到的內容提供更多資訊？與今年早些時候相比，如果企業在第二季度經歷了任何轉變，請嘗試了解當前的宏觀挑戰是否產生了任何影響，至少在購買模式方面看起來並不像這樣關於您的 ARR 結果。但是您對新商標方面的銷售週期和購買模式有何看法？

Thanks for taking my questions this afternoon.

感謝您今天下午回答我的問題。

Sandeep I'll start, but please feel free to chime in.

桑迪普：我先開始，但請隨意插話。

What I would say is we're obviously optimistic about the second half of the year, and I would say we're incrementally optimistic relative to where we were at the beginning of the year. Pipelines are good. And I think we see a lot of opportunity out there. And I think that's really reflected in the increment, not only the results you can see, which is that ARR expansion, but also in our guidance. And as we look to the second half of the year, we've always felt good about that and we're feeling even better.

我想說的是，我們顯然對今年下半年持樂觀態度，而且相對於年初的情況，我們的樂觀程度越來越高。管道狀況良好。我認為我們看到了很多機會。我認為這確實反映在增量中，不僅是你可以看到的結果，即 ARR 擴展，而且還反映在我們的指導中。展望今年下半年，我們一直對此感覺良好，而且感覺更好。

Sandeep?

桑迪普？

Yeah, I would just add, Brian, that look, if we look at a second -- the full year guidance, you can see that we feel pretty confidently that we will continue to grow at this pace or higher. So we feel really good, but we are super watchful and we are very aware that a number of enterprise software companies saw weakness in pipeline and eventually in booking and eventually in revenue and so over the last several months, we continue to be watchful. We haven't seen anything change in new logo momentum towards our platform and very little change in new products also. Like I said, our new products adoption has been faster than we thought. So all very positive right now.

是的，我想補充一點，布萊恩，如果我們看一下全年指導，你會發現我們非常有信心我們將繼續以這樣的速度或更高的速度成長。所以我們感覺非常好，但我們非常警惕，我們非常清楚許多企業軟體公司在管道、最終預訂和最終收入方面都出現了疲軟，因此在過去的幾個月裡，我們繼續保持警惕。我們沒有看到新標誌對我們平台的推動力有任何變化，新產品幾乎沒有變化。正如我所說，我們的新產品採用速度比我們想像的要快。所以現在一切都非常積極。

Thank you, Brian.

謝謝你，布萊恩。

Rishi Jaluria, RBC.

Rishi Jaluria，加拿大皇家銀行。

Great, thank you. This is Chris Fountain on for Rishi Jaluria. Thanks for taking the question.

太好了，謝謝。我是 Rishi Jaluria 的 Chris Fountain。感謝您提出問題。

You've mentioned a couple of times using Gen AI internally to speed up implementations and onboardings for customers. That's really exciting to hear about what that can do for margins over time. But do you also think this initiative could also accelerate new business if simply the onboarding process is just easier as well?

您曾多次提到在內部使用 Gen AI 來加快客戶的實施和入職速度。聽到隨著時間的推移這對利潤率有何影響，真是令人興奮。但您是否也認為，如果入職流程也變得更容易，這項措施也可以加速新業務的發展？

Chris, thank you for the question.

克里斯，謝謝你的提問。

Look, we are very excited about Gen AI. We continue to make very significant amount of investment in that. Obviously, the gross margin has continued to improve, at least partially because of that. So one is that is true. The second thing is onboarding, like you mentioned, but onboarding also accelerates revenue growth, right? Now has this volume initiative been as effective in growing bookings and revenue? Not yet. Have we got 10 clients who have signed up on new products we're developing for Gen AI, yes.

看，我們對 Gen AI 感到非常興奮。我們繼續在這方面進行大量投資。顯然，毛利率持續改善，至少部分是因為這個原因。所以其中之一就是這是真的。第二件事是入職，就像您提到的，但入職也會加速收入成長，對吧？現在，這一數量計劃在增加預訂量和收入方面是否同樣有效？還沒有。我們是否有 10 位客戶簽約購買我們為 Gen AI 開發的新產品，是的。

So I think the right answer would be a lot of promise by clients actually signing up but the impact on revenue and booking is not as significant as what we have seen on the efficiency side. The efficiency side return came right away, shockingly faster, if you will. But on the revenue side, it's been more incremental, if you will as we have taken products out to market. But like I said, 10 clients signed on, real purchase orders with deals, and ARR, yes, they have. In the longer term, (inaudible) in the longer term, we do believe that will play a massive role in revenue expansion also.

因此，我認為正確的答案是實際簽約的客戶做出很多承諾，但對收入和預訂的影響並不像我們在效率方面看到的那麼重要。效率方面的回報立刻就出現了，如果你願意的話，速度快得驚人。但在收入方面，如果你願意的話，它會更加增量，因為我們已經將產品推向市場。但就像我說的，有 10 個客戶簽約了，有交易的真實採購訂單，以及 ARR，是的，他們有。從長遠來看，（聽不清楚）從長遠來看，我們確實相信這也將在收入擴張方面發揮巨大作用。

Alexei Gogolev, JPMorgan.

阿列克謝‧戈戈列夫，摩根大通。

My first question is probably more to Jim. Would you be able to provide us with organic growth of your revenue in both 2Q and also for your guidance in 3Q and 4Q of this year without Wilshire?

我的第一個問題可能更多是問吉姆的。在沒有 Wilshire 的情況下，您能否向我們提供第二季收入的有機成長以及今年第三季和第四季的指導？

Sure, Alexei.

當然，阿列克謝。

What we said at the time of the acquisition was that it was about a $7 million run rate and that is reflected in our ARR now in Q2. And so what we said on that call was, although our ARR grew 22.2%, even if you take out that amount that then we're still growing ARR organically north of 20% in Q2.

我們在收購時所說的是，運行費用約為 700 萬美元，這反映在我們現在第二季的 ARR 中。因此，我們在電話會議上所說的是，儘管我們的 ARR 成長了 22.2%，即使你去掉這個金額，我們第二季的 ARR 有機成長仍然超過 20%。

I think the other thing we said was we said about two-thirds of that $7 million was incorporated in our guidance in Q -- when we did the Q1 update on guidance, and I think that's -- that was what was acquired obviously, we're out in the market selling that along with our other products that is now in our stable. And so we're hopeful to see that grow going forward.

我認為我們所說的另一件事是，我們說過，這700 萬美元的大約三分之二已納入我們在Q 中的指導中——當我們對指導進行第一季度更新時，我認為——這顯然是我們所獲得的，我們在市場上將其與我們現在穩定的其他產品一起銷售。因此，我們希望看到這種增長繼續下去。

Hope that helps.

希望有幫助。

Thank you, Jim.

謝謝你，吉姆。

And then the second question on NRR. Obviously, it's still at a very solid level unchanged sequentially. What is your new outlook for NRR for the rest of the year? And can you update us on the path to 115% by first quarter of 2026?

然後是關於 NRR 的第二個問題。顯然，它仍處於非常穩定的水平，沒有連續變化。您對今年剩餘時間的 NRR 有何新展望？您能否向我們介紹一下在 2026 年第一季達到 115% 的最新進展？

I think that when we look at NRR in Q2 and compare that to our in Q1, it's very, very similar, not only was the top line similar. But the elements of it remained very similar between those periods, which is to say AUM was not a headwind in either Q1 or Q2, but it was also not a meaningful tailwind within the first half of this year where we -- when you think about the components of doing more with our clients, cross-selling, upselling, increasing wallet share, those numbers were strong.

我認為，當我們查看第二季的 NRR 並將其與第一季進行比較時，會發現它非常非常相似，不僅是頂線相似。但這些時期之間的要素仍然非常相似，也就是說，AUM 在第一季或第二季都不是逆風，但在今年上半年，它也不是有意義的順風，當你考慮時與客戶做更多的事情、交叉銷售、追加銷售、增加錢包份額，這些數字都很強勁。

And as we look to grow that NRR from 110% to 115% or beyond that as we have more of these solutions in the hands of our salespeople and delivering them to our clients, we see that expanding. I think Sandeep mentioned this earlier, but I think the interesting thing was we had thought of these multiple product sales as all being back-to-base sales and about half of them are just larger bundles upfront as we're selling core with these additional products to our new clients and so that's encouraging as we're able to do that suite sale, both back-to-base as well as to new clients.

當我們希望將 NRR 從 110% 提高到 115% 或更高時，因為我們的銷售人員手中有更多這些解決方案並將它們交付給我們的客戶，我們看到這種情況正在擴大。我認為桑迪普之前提到過這一點，但我認為有趣的是，我們認為這些多種產品銷售都是返基銷售，其中大約一半只是預先較大的捆綁銷售，因為我們正在銷售這些附加產品的核心產品我們能夠向我們的新客戶銷售產品，這令人鼓舞，因為我們能夠進行套件銷售，無論是返回基地還是向新客戶。

And then the last thing I'll say, Alexei, is as excited as we are about these new products, right? We're just booking that now and so I've had and obviously it then has to get into revenue and then once it's in revenue, then it starts to reflect an NRR. So I think we expect a larger impact from that and as we look out and these products mature.

最後我要說的是，阿列克謝，和我們對這些新產品一樣興奮，對吧？我們現在只是預訂，所以我已經預訂了，顯然它必須計入收入，然後一旦計入收入，它就開始反映 NRR。因此，我認為隨著我們的觀察和這些產品的成熟，我們預計會產生更大的影響。

Sandeep, anything to add?

桑迪普，有什麼要補充的嗎？

No, I think that is very comprehensive. Thank you.

不，我認為這非常全面。謝謝。

Michael Turrin, Wells Fargo.

麥可特林，富國銀行。

Hey, guys, it's David Unger on for Michael Turrin, and thanks for taking the questions.

嘿，夥計們，我是邁克爾·特林 (Michael Turrin) 的大衛·昂格 (David Unger)，感謝您提出問題。

So I just wanted to go back to the 60% of R&D capacity on the prepared remarks. So would you mind just giving us the way to think about the margin impacts in the near term? And if you continue to see momentum in bookings from this, how should we think about the LTV to CAC dynamics in the long run?

所以我只想回到準備好的發言中的60%研發能力。那麼您介意給我們提供一下考慮近期利潤影響的方法嗎？如果您繼續看到預訂量的成長勢頭，那麼從長遠來看，我們應該如何考慮 LTV 與 CAC 的動態關係？

Jim, do you want to answer that?

吉姆，你想回答這個問題嗎？

Sure. Thanks, David.

當然。謝謝，大衛。

So we've -- obviously, we already have a very highly efficient sales and marketing when you look function, when you look at that and that is attributed to the fact that we have high NPS with good references from clients that helps us sell. I think a natural course across the SaaS industry is that as you're selling back-to-base, the time period to close that deal would be shorter than a new logo. And so you would get yet incremental efficiency in that selling process.

所以，很明顯，當你看功能時，我們已經擁有非常高效的銷售和行銷，這歸因於我們擁有高 NPS 和來自客戶的良好參考，幫助我們進行銷售。我認為整個 SaaS 行業的一個自然過程是，當你進行返銷銷售時，完成交易的時間會比新徽標的時間短。因此，您將在銷售流程中獲得更高的效率。

So I think long term, we expect more efficiency from that back-to-base sales motion than we do from the new logo. However, I caution you that I think, and Sandy, keep me honest on this, but I think we collectively feel like that efficiency we then want to pour into our global expansion of our sales and marketing. As we add more opportunities, we're very encouraged by the European signals that we've seen in the French-speaking market, in the German-speaking market, and Asia is still very, very early for us. And so I think we could see incremental investments there which perhaps offset that incremental efficiency in the back-to-base motion.

因此，我認為從長遠來看，我們預期返基地銷售行動比新標誌帶來的效率更高。然而，我提醒您，我認為，桑迪，請讓我誠實地回答這一點，但我認為我們集體感覺我們希望將這種效率注入到我們的銷售和行銷的全球擴張中。隨著我們增加更多的機會，我們在法語市場、德語市場看到的歐洲訊號讓我們深受鼓舞，而亞洲對我們來說還處於非常非常早期的階段。因此，我認為我們可以看到那裡的增量投資，這可能抵消了返基地運動中增量效率的影響。

Yeah, David, I would just add that our attitude to this is we have a disruptive platform where we win 80% of the time. And once we get a client, our gross revenue retention for the last two quarters was 99% and before that, it was largely 98%. So our sense is that you have the advantage to have a disruptive product, which is superior suppress the advantage. But we want to do this in a disciplined way, which is why we said, we will grow EBITDA 200 basis points while continuing to make these investments.

是的，大衛，我想補充一點，我們對此的態度是，我們擁有一個顛覆性的平台，我們在這個平台上 80% 的勝率都是如此。一旦我們獲得了客戶，我們過去兩個季度的總收入保留率為 99%，而在此之前，基本上為 98%。所以我們的感覺是，你有優勢擁有一個顛覆性的產品，這是優越的壓制優勢。但我們希望以一種有紀律的方式做到這一點，這就是為什麼我們說，我們將在繼續進行這些投資的同時將 EBITDA 成長 200 個基點。

Now do we expect that R&D investment into new products to become more efficient? Yes, we have started to make that investment at the end of last year and there is a learning about what succeeds, what doesn't succeed, what GTM works, and what doesn't work. So do we expect that to become more efficient? Yes. Do we expect that number to continue to grow? No. And that is why we have said that this 25%, 26% R&D expense will trend down in the mid-long term to 20%. So again, we have set up a discipline about how to think about this, but we are also pretty aggressive about pushing our advantage, which we know we have technologically.

現在我們是否期望新產品的研發投資變得更有效率？是的，我們從去年底開始進行這項投資，並了解什麼成功、什麼不成功、GTM 的哪些有效、哪些無效。那麼我們是否期望它變得更有效率？是的。我們預計這個數字會繼續成長嗎？不。這就是為什麼我們說這個25%、26%的研發費用在中長期會下降到20%。再說一次，我們已經建立了一套關於如何思考這個問題的規則，但我們也非常積極地推動我們的優勢，我們知道我們在技術上擁有這些優勢。

I appreciate the comprehensive answer there. And then if I could just squeeze one more in. Your balance and growth with investment, but just from the gross margin side, I know we've talked about 80%. Can we just hit on that and where we see gross margin trending, perhaps over the next three years, maybe just going back to Investor Day and then you could elaborate on there.

我很欣賞那裡的全面答案。然後如果我能再擠一個進去就好了。你的平衡和成長與投資有關，但僅從毛利率來看，我知道我們已經討論過80%。我們能否順便談談這一點以及我們看到的毛利率趨勢，也許在未來三年內，也許只是回到投資者日，然後您可以在那裡詳細說明。

Thank you.

謝謝。

Yeah. I think what we've committed to at the Investor Day was 50%. So pardon me, I'd love that 50 bps of gross margin improvement year over year over year until we get to that 80%. Now we've been able to do better in 2023 than that and in the beginning of 2024. But I think we're very comfortable with a 50-bps improvement year over year consistently.

是的。我認為我們在投資者日的承諾是 50%。所以請原諒，我希望毛利率能夠逐年提高 50 個基點，直到我們達到 80%。現在，我們在 2023 年和 2024 年初能夠做得更好。但我認為我們對每年 50 個基點的持續改善感到非常滿意。

I would just add, Jim, that when we did the Investor Day last year, while it feels like a long time back, the impact of Gen AI wasn't fully understood. And I think what you have said in the past few months is we think that we have a glide path to the 80%, which you can see, but is the other numbers which are higher than that, which we could get behind? And I think the answer is yes.

吉姆，我想補充一點，當我們去年舉辦投資者日時，雖然感覺像是很久以前的事了，但人們並沒有完全理解 Gen AI 的影響。我想你在過去幾個月裡所說的是，我們認為我們有一條通往 80% 的道路，你可以看到這一點，但是其他高於這個數字的數字我們可以落後嗎？我認為答案是肯定的。

But we also said that will take a couple more quarters to come up with a number. We feel like we have a real plan for and that would be in the use of Gen AI and machine learning to improve data ingestion to improve onboarding, to improve client servicing. And so we feel there is room there because of Gen AI and the impact has already been felt, but we don't have a number yet about what this could be.

但我們也表示，還需要幾個季度才能得出數字。我們覺得我們有一個真正的計劃，那就是使用 Gen AI 和機器學習來改善資料攝取，以改善入職，改善客戶服務。因此，我們認為，由於人工智慧時代，那裡還有空間，而且我們已經感受到了影響，但我們還沒有關於這可能是什麼的數字。

Michael Infante, Morgan Stanley.

麥可‧因方特，摩根士丹利。

Apologies if I missed it, but I just wanted to clarify whether or not interest rate cuts are directly contemplated in the '24 analog. It doesn't seem to be when I look at the full year raise versus the prior guide. So just curious if you have a view surrounding the impact of perhaps 25 basis point rate cut just in terms of NRR and revenue growth in '24 and beyond?

如果我錯過了，我深表歉意，但我只是想澄清一下，24 年模擬中是否直接考慮了降息。當我查看全年加薪與先前的指南時，情況似乎並非如此。因此，我只是好奇，您是否對 24 年及以後的 NRR 和收入增長方面可能降息 25 個基點的影響有何看法？

Thanks.

謝謝。

You're exactly right, Michael. It is no rate cut for AUM. Impact from that is included in our 2024 guidance. Remember, at the beginning of this year, we thought we were going to have seven cuts. And so I think I saw the note quickly from the meeting that nothing this time. So we'll have a -- we'll definitely have a point of view should they adjust rates in September.

你說得完全正確，麥可。資產管理規模並未降息。其影響已包含在我們的 2024 年指導中。請記住，今年年初，我們認為我們將進行七次削減。所以我想我很快就看到了會議上的說明，這次什麼都沒有。因此，如果他們在 9 月調整利率，我們肯定會有一個觀點。

Got it. That's helpful.

知道了。這很有幫助。

And then just in terms of the commentary surrounding 50% of the new products, new product bookings being driven by new clients, I think we're all well accustomed to your 80% plus win rate. I was just curious if those new products in and of themselves are either driving win rates higher or perhaps allowing you to close deals that maybe would have taken a little bit longer to get some prospective customers over the hump. I'm just curious if you have any commentary there.

然後，就圍繞 50% 新產品、新產品預訂由新客戶推動的評論而言，我認為我們都已經習慣了 80% 以上的勝率。我只是好奇這些新產品本身是否會提高獲勝率，或者可能讓您能夠完成交易，而這些交易可能需要更長的時間才能讓一些潛在客戶度過難關。我只是好奇你是否有任何評論。

Thanks.

謝謝。

Yeah, we could actually just go to many instances, but the answer to both of those is yes. I do think the new products help us close deals faster. There is no question about that. The value proposition is superior to what it would be without that new product. So I think that has helped many a deal in Q1 and Q2, which is we are feeling really good about the second half of the year. So we feel like that does happen.

是的，我們實際上可以討論很多實例，但這兩個問題的答案都是肯定的。我確實認為新產品可以幫助我們更快完成交易。毫無疑問。此價值主張優於沒有該新產品的價值主張。所以我認為這對第一季和第二季的許多交易都有幫助，我們對今年下半年的感覺非常好。所以我們覺得這種情況確實發生了。

I think when we sell to current clients, I think the only reason we don't win would be the client decides us to push the decision out a little bit, but the win rate is very high. I don't have a number for you, Michael, but those -- the answer -- short answer to both your questions is a very strong yes.

我認為當我們向現有客戶銷售時，我認為我們沒有獲勝的唯一原因是客戶決定我們稍微推遲決定，但獲勝率非常高。邁克爾，我沒有給你一個電話號碼，但對你的兩個問題的簡短回答是非常強烈的「是」。

Gabriela Borges, Goldman.

加布里埃拉·博爾赫斯，高盛。

Sandeep, you made an interesting comment earlier about how some other companies have talked about slowdown in enterprise, and it's not something that you're seeing. I'll ask you about the insurance industry in particular. We had PCC last night talking about how their new product instruction is flowing because their customers are evaluating more wholesale transformation and digitization type AI.

Sandeep，您之前對其他一些公司如何談論企業放緩發表了有趣的評論，但這不是您所看到的。我會特別問你關於保險業的問題。昨晚我們讓 PCC 談論了他們的新產品指令是如何流動的，因為他們的客戶正在評估更多的批發轉型和數位化類型的人工智慧。

Are you seeing any of that in the insurance industry? How do you think about the risks that perhaps your business also sees a pause, not because the new product aren't valuable but because customers are trying to think through more holistically how they want to adopt over a longer period of time?

您在保險業看過這樣的情況嗎？您如何看待您的業務可能也會遇到暫停的風險，不是因為新產品沒有價值，而是因為客戶試圖更全面地思考他們希望如何在更長的時間內採用？

I feel very strongly very, very strongly that when it comes to our platform, we lead the industry today in how to think about Gen AI in the insurance industry, in the asset management world. So I feel like if things change and they change quickly, we are at the forefront of it. What we are achieving today, even financially, when you look at how much we've been able to grow gross margin and how quickly, it is real impact of Gen AI. We have products in the hands of many, many clients today who are using it today. So I feel like if these changes continue to occur faster, we will be a big recipient of the -- on the positive.

我非常非常強烈地感覺到，就我們的平台而言，我們在如何思考保險業和資產管理領域的 Gen AI 方面處於行業領先地位。所以我覺得，如果事情發生變化，而且變化很快，我們就處於最前線。我們今天所取得的成就，甚至在財務上，當你看看我們毛利率的成長幅度和速度，這就是 Gen AI 的真正影響。如今，我們的產品已交到許多正在使用的客戶手中。所以我覺得，如果這些變化繼續更快發生，我們將成為積極的受益者。

The second thing is and I would love for you to think about this a little bit is what is the core skill you have to have for Gen AI to do better? Access to training data. That's what you need. It's about how much data do you have on which these models can be trained. And if you think about Clearwater's model, all of our data, the data of all 1,000-plus clients is in one logical database and none of our competitors have that at all. So our access to data and our push on Gen AI very early in the cycle and the continued push, I think, positions us very strongly. We have many, many clients who come to us and say, what are you all doing? What can you do to help us adopt Gen AI more broadly? So I feel like Gen AI is a very strong strength of Clearwater.

第二件事是，我希望您能思考一下，要讓 Gen AI 做得更好，您必須具備的核心技能是什麼？存取訓練資料。這就是你所需要的。問題在於你有多少資料可以用來訓練這些模型。如果你考慮 Clearwater 的模型，我們所有的數據，所有 1,000 多個客戶的數據都在一個邏輯資料庫中，而我們的競爭對手根本沒有這個資料庫。因此，我認為，我們在周期早期對數據的存取和對 Gen AI 的推動以及持續的推動使我們處於非常有利的地位。我們有很多很多客戶來找我們說，你們都在做什麼？您可以做些什麼來幫助我們更廣泛地採用 Gen AI？所以我覺得Gen AI是Clearwater的一個非常強大的優勢。

I want to make one more point here is, yeah, it's not a horizontal solution which can be just disrupted. Accounting, as I was saying, is super nuanced no two companies do accounting exactly the same way. And so you have to be thinking it's not just a horizontal project. It's going to be disrupted. The nuance matters. Clearwater has that built on our platform today. So I feel we are competitively very strongly positioned and mostly because of a platform we have and the single instance, multi-tenant platform we have. So I didn't mean to go on for this long, but Gen AI is something where I think we lead and we look forward to having real impact with that on a continuing basis.

我想在這裡再強調一點，是的，這不是一個可以被破壞的橫向解決方案。正如我所說，會計是非常微妙的，沒有兩家公司的會計方式完全相同。所以你必須認為這不僅僅是一個橫向項目。它將被打亂。細微差別很重要。Clearwater 今天已經在我們的平台上建立了這一點。所以我覺得我們在競爭中處於非常有利的地位，這主要是因為我們擁有一個平台以及我們擁有的單一實例、多租戶平台。所以我本來不想講這麼久，但我認為 Gen AI 是我們領先的領域，我們期待持續產生真正的影響。

That's helpful. Thank you.

這很有幫助。謝謝。

Jim, a follow-up for you is on sales and marketing productivity. I know that Clearwater has been thoughtful over the last six to nine months from how you think about which leaders go in which geographies. Help us understand how you're thinking about hiring over the next 12 months? And it sounds like the productivity part of it coming up nicely. Any additional color you can provide on sales and marketing productivity would be helpful.

吉姆，您的後續工作是關於銷售和行銷生產力的。我知道克利爾沃特在過去六到九個月裡一直深思熟慮，從你如何看待哪些領導者去哪個地區。請協助我們了解您對未來 12 個月的招募有何看法？聽起來生產力部分進展順利。您可以提供有關銷售和行銷生產力的任何其他顏色都會有所幫助。

Thank you.

謝謝。

Sure thing, Gabriela.

當然可以，加布里埃拉。

So I do think that we're -- we've obviously been leaning into hiring around the globe. And I think we're happy with the pace of people onboarding. In fact, we're implementing the concept of everboarding as we're onboarding these new reps, we're also refreshing all of our existing reps because we have so many more solutions for them to sell today. And so perhaps if they joined years ago, it's a little bit of a different story. And so I think that's helping us with the onboarding.

所以我確實認為我們——我們顯然一直傾向於在全球範圍內招募。我認為我們對人員入職的速度感到滿意。事實上，當我們招募這些新代表時，我們正在實施「everboarding」的概念，我們也正在更新所有現有的代表，因為我們今天有更多的解決方案可供他們銷售。因此，如果他們幾年前加入，情況可能會有所不同。所以我認為這有助於我們的入職。

I think that -- I think we feel comfortable with where we are with sales and marketing as a percentage of revenue. As I mentioned, we're able to deliver these EBITDA -- expanded EBITDA margins while incrementally investing. And I think we're open to that and leaning into that across these different products.

我認為，我們對銷售和行銷佔收入的百分比感到滿意。正如我所提到的，我們能夠實現這些 EBITDA——在增量投資的同時擴大 EBITDA 利潤率。我認為我們對此持開放態度，並在這些不同的產品中傾向於這一點。

Sandeep, anything to add?

桑迪普，有什麼要補充的嗎？

No, Jim, that's good. Thanks.

不，吉姆，那很好。謝謝。

Dylan Becker, Blair.

迪倫貝克爾、布萊爾。

Appreciate the questions. And really nice job here.

感謝您提出的問題。這裡的工作非常好。

Maybe Sandeep, starting with you on that 50% of new bookings from new logos. Maybe some additional color on how that's creating greater surface area. I think you called out some JUMP wins in the quarter as well. But unlocking some of those newer capabilities given is inherently is that untapped funnel that you can leverage more of that back-to-base effort in the future?

也許是桑迪普（Sandeep），從你開始，新標誌帶來的 50% 新預訂。也許還有一些關於如何創造更大表面積的額外顏色。我認為您在本季度也取得了一些 JUMP 的勝利。但解鎖一些新功能本質上是一個未開發的漏斗，您可以在未來利用更多的返基地工作嗎？

Yeah, thank you for the question, Dylan.

是的，謝謝你的提問，迪倫。

So just we obviously are building products as you know, not in isolation. So what we do is we go to clients in separate industries and geographies and try and understand what else we could do in an adjacent space. Let me take some examples, right?

因此，正如您所知，我們顯然正在建立產品，而不是孤立的。因此，我們所做的就是拜訪不同行業和地區的客戶，試著了解我們在相鄰空間還可以做些什麼。讓我舉幾個例子吧？

So I think one of the best stand out product family, if you will, which emerged in the first half was funds. And so we did really well with stable value funds. We did really well with pooled funds and unit-linked funds. Now these are things we did at a certain level in accounting, but our ability to go deep into addressing the need of these industries, essentially 90% of it is still already in the Clearwater core platform, and we had to build a layer on top of it to make it work for pooled funds. And then we have built a certain amount to make it work for stable value funds and likewise for unit-linked funds.

因此，我認為上半年出現的最突出的產品系列之一是基金。因此，我們在穩定價值基金方面做得非常好。我們在集合基金和投資掛鉤基金方面做得非常好。現在這些都是我們在會計上做了一定程度的事情，但是我們能夠深入解決這些行業的需求，基本上90%還是已經在Clearwater核心平台了，我們必須在上面再建一層使其適用於集合基金。然後我們建立了一定的金額，使其適用於穩定價值基金和投資掛鉤基金。

So these products tend to be adjacent, which is why they are doing well and they're getting adoption faster than we imagined so we expect to continue to make these investments. But we also will be prudent about cutting back on areas which don't get client traction or which look very difficult to build. And one of those examples is risk. We started to build it and we talk to clients, is there a need? Yes, how long will it take for us to come up with a credible product which people can use and we felt the timeline was too long.

因此，這些產品往往是相鄰的，這就是為什麼它們表現良好，而且它們的採用速度比我們想像的要快，因此我們預計將繼續進行這些投資。但我們也會謹慎地削減那些無法吸引客戶或看起來很難建設的領域。這些例子之一就是風險。我們開始建造它並與客戶交談，有必要嗎？是的，我們需要多長時間才能拿出一個人們可以使用的可信產品，我們覺得時間太長了。

So there it made sense to say, let's go buy a certain asset and use that, intermingle it with the work we are doing already, and then come out with a stronger product. So again, I still think we are learning and we will continue to evolve how we think about investing in these initiatives, but very happy with the booking we are getting from there and subsequent revenue.

因此，我們可以說，讓我們購買某種資產並使用它，將其與我們已經在做的工作混合起來，然後推出更強大的產品。再說一遍，我仍然認為我們正在學習，我們將繼續發展我們對投資這些措施的看法，但對我們從中獲得的預訂和後續收入感到非常滿意。

Okay. That's great. Thanks, Sandeep.

好的。那太棒了。謝謝，桑迪普。

Maybe switching over to Jim, pretty impressive million-dollar ARR customer count and growth metrics there. Effectively, given that it's growing above your guy's broader growth target. I would assume that many of these customers aren't entirely tapped out those? How should we think about the runway within that large enterprise base and maybe the potential dynamics here as that enterprise cohort maybe becomes a larger contributor to the aggregate business?

也許轉向 Jim，那裡的 ARR 客戶數量和成長指標相當令人印象深刻。實際上，考慮到它的成長超出了你的人更廣泛的成長目標。我想這些客戶中的許多人並沒有完全利用這些？我們應該如何考慮這個大型企業基礎內的跑道，以及這裡的潛在動態，因為該企業群體可能成為整體業務的更大貢獻者？

Thanks.

謝謝。

Yeah, that's Dylan, you're exactly right. That's why we track that metric is that's not a finishing point. That's a starting point with many of these clients and so you're right. It's a great vertical to be in because our clients are generally quite successful and they have lots of problems that they need solved. And they are looking to valued partners to help them with those. And so that's we're very fortunate to be in that place with our clients so we hope to optimize on that.

是的，那是迪倫，你說得完全正確。這就是我們追蹤該指標的原因，因為這不是終點。這是許多客戶的起點，所以你是對的。這是一個很棒的垂直行業，因為我們的客戶通常都非常成功，而且他們有很多問題需要解決。他們正在尋找有價值的合作夥伴來幫助他們實現這些目標。因此，我們非常幸運能夠與我們的客戶一起處於這個位置，因此我們希望對此進行最佳化。

Jim, if I could add a little bit, Dylan, to that is that these clients obviously significant clients if they are spending that much money on investment accounting analytics. We have a really high NPS, but we also know that they are spending a total of 4 bps on investment and management technology while we are getting 1 bps or whatever that number close to that for investment accounting.

吉姆，迪倫，如果我可以補充一點的話，如果這些客戶在投資會計分析上花那麼多錢，那麼他們顯然是重要的客戶。我們的淨推薦值非常高，但我們也知道他們在投資和管理技術上總共花費了 4 個基點，而我們在投資會計方面花費了 1 個基點或任何接近該數字的數字。

So there is usually room in investment accounting, but there's also a big runway in this 4-bps market, which is why you see us launch these products and make this significant, significant R&D investment because you want to go try and capture that and thereby extend the runway with those clients.

因此，投資會計通常有空間，但在這個4 個基點的市場中也有一個很大的跑道，這就是為什麼你會看到我們推出這些產品並進行重大的研發投資，因為你想嘗試並抓住這一點，從而與這些客戶一起拓展跑道。

Yun Kim, Loop Capital Markets.

Yun Kim，Loop 資本市場。

All right. I'll make this pretty quick.

好的。我會很快完成這件事。

Jim, gross margin again showed a pretty big improvement in the quarter. Can you remind us the drivers behind that improvement? How much is still left?

吉姆，本季的毛利率再次出現了相當大的改善。您能提醒我們這項改進背後的驅動因素嗎？還剩下多少？

And then also I am assuming new customer on-ramp continues to shorten. Is that also providing the better visibility into your revenue flow?

然後我還假設新客戶的入口會繼續縮短。這是否也可以更了解您的收入流？

Thanks.

謝謝。

Sure.

當然。

So I think for a lot -- it's a virtuous cycle, right? Which is when we onboard clients faster generally, that's in the onboarding process, clients have a lower gross margin than they do in the steady-state process. And so that shortens that helps on the gross margin and helps for all those reasons that you alluded to. And so I would just say that but don't forget the fundamental reason why our gross margin goes up over time is because of the single instance multi-tenant platform, the Single Security Master. Every client is more efficient. Every new security that's held by more than one client helps us with that. And that is the fundamental reason.

所以我認為，這是一個良性循環，對吧？當我們通常更快地吸引客戶時，即在吸引過程中，客戶的毛利率比穩態過程中的要低。因此，縮短時間有助於提高毛利率，並且對您提到的所有這些原因都有幫助。所以我只想說，但不要忘記我們的毛利率隨著時間的推移而上升的根本原因是單一實例多租戶平台，即單一安全大師。每個客戶都更有效率。每一個由多個客戶持有的新證券都可以幫助我們實現這一目標。這就是根本原因。

I think if you look at the marginal gross margin in the last two quarters, it's -- I don't have the number in front of me, it's like 88%, 89% on the marginal dollar to the marginal gross profit. And that just comes from -- that is truly the financial expression of the network effect.

我認為，如果你看看過去兩個季度的邊際毛利率，你會發現──我面前沒有這個數字，邊際美元與邊際毛利比約為 88%、89%。這就是網路效應真正的財務表現。

We have no additional questions, so I'll pass the call to Sandeep for any closing remarks.

我們沒有其他問題了，所以我會將電話轉給桑迪普，讓他發表結束語。

Thank you all for joining the call. Look, we really appreciate your questions, your advice throughout the quarter, and your following our company. So thank you again. We appreciate all your support and we look forward to continue to talk to you and more formally talk to you at the end of next quarter.

感謝大家加入通話。看，我們非常感謝您在整個季度提出的問題、提供的建議以及您對我們公司的關注。所以再次感謝你。我們感謝您的所有支持，我們期待繼續與您交談，並在下個季度末與您進行更正式的交談。

Thank you.

謝謝。

That concludes today's call. Thank you all for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝大家的參與。現在您可以斷開線路。