Clearwater Analytics Holdings Inc (CWAN) 2024 Q3 法說會逐字稿

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

女士們，先生們，感謝你們的支持，歡迎參加 Clearwater Analytics 2024 年第三季財務業績電話會議。（操作員指令）

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 third quarter 2024 financial results conference call. Joining me on the call today, as usual, are Sandeep Sahai, Chief Executive Officer; and Jim Cox, Chief Financial Officer. In addition, Subi Sethi, our Chief Client Officer, will also join the call introducing herself to investors. 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 2024 年第三季財務業績電話會議。和往常一樣，今天與我一起參加電話會議的還有執行長 Sandeep Sahai；以及財務長吉姆·考克斯（Jim Cox）。此外，我們的首席客戶長 Subi Sethi 也將參加電話會議，向投資者介紹自己。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.

我想提醒所有參與者，在本次電話會議中，任何前瞻性聲明均依據 1995 年《私人證券訴訟改革法》的安全港條款做出。未來目標、意圖和期望的表述，包括與業務前景、未來財務和產品表現及類似項目相關的表述，包括但不限於使用可能、將會、能夠、期望和相信等術語的表述，以及反映其他內容的表述歷史事實，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.

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中「風險因素」部分所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。除法律要求外，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出現的事件的義務。欲了解更多信息，請參閱我們的收益新聞稿中的警告聲明。

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，本次電話會議中討論的所有指標均以非 GAAP 或調整後的基礎呈現。在我們發佈到投資者關係網站的收益新聞稿中可以找到與 GAAP 結果的對帳。

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

說完這些，我將把電話轉給我們的執行長桑迪普·薩海 (Sandeep Sahai)。

Thank you, Joon. I'm pleased to report that Q3 2024 was a truly outstanding quarter for our company. We continue to make solid progress on the growth initiatives we've been working on, and it's very rewarding to deliver these financial results. Revenue for the quarter was $115.8 million, a 22.4% year-on-year increase. Our annualized recurring revenue, ARR, grew by 26.1% year-on-year to $456.9 million.

謝謝你，Joon。我很高興地報告，2024 年第三季對我們公司來說是一個真正出色的季度。我們繼續在一直致力於的成長計劃上取得堅實進展，取得這些財務表現是非常值得的。本季營收為1.158億美元，年增22.4%。我們的年度經常性收入ARR年增26.1%至4.569億美元。

As I'm sure you'll agree, these are really strong growth numbers. Since the acquisition of the Wilshire asset is so new, we can measure its impact separately this quarter. So excluding the impact of the Wilshire ARR, ARR grew 24% year-over-year. The backbone of our growth story is our best-in-class gross revenue retention. For the last 22 out of the 23 quarters, our GRR has been 98% or higher, and for the last three quarters, we have recorded a 99% gross revenue retention. That is extraordinary.

我相信您會同意，這些是真正強勁的成長數字。由於對威爾希爾資產的收購剛剛開始，我們可以在本季單獨衡量其影響。因此，排除威爾希爾 ARR 的影響，ARR 年比增長了 24%。我們成長故事的支柱是我們一流的總收入保留率。在過去 23 個季度中的 22 個季度中，我們的 GRR 都保持在 98% 或更高，而在過去 3 個季度中，我們的總收入保留率達到了 99%。這真是太了不起了。

Next is the upside from AUM growth. After a long and sustained period where AUM expansion provided a gentle tailwind to ARR growth, it turned into a real headwind in 2022. You may recall the extensive work we did on the restructuring of our client contracts. We worked very hard to limit our downside while ensuring that we share in the upside with our clients. It is very rewarding to see that effort bear fruit in this quarter and provide a gentle tailwind to our growth.

接下來是AUM成長帶來的上行空間。在經歷了一段長期而持續的時期後，AUM 擴張為 ARR 增長提供了溫和的順風，但在 2022 年，它變成了真正的逆風。您可能還記得我們在重組客戶合約方面所做的大量工作。我們竭盡全力限制我們的不利因素，同時確保與我們的客戶分享有利因素。看到這些努力在本季度取得成果並為我們的成長帶來溫和的推動力，我們感到非常欣慰。

New logos have long been a driver of growth, and we continue to see significant runway in each of the markets we serve. The North American insurance, asset management and asset owner markets continue to be important levers for growth. Increasingly, though, we see the international markets as an emerging engine for growth, and I'm very encouraged to report that we see continued and sustained expansion in both booking and pipeline.

新標誌長期以來一直是成長的驅動力，我們在所服務的每個市場中都看到了顯著的成長勢頭。北美保險、資產管理和資產所有者市場繼續成為成長的重要槓桿。然而，我們越來越多地將國際市場視為成長的新興引擎，我很高興地報告，我們看到訂單和管道都持續擴張。

To support our growth in Europe and Asia, we have been very fortunate to add exceptional talent to our leadership ranks with four strategic hires. They include Adrien de La Grange as Head of Sales in France, Belgium and Luxembourg; Alessandro Pavone as Head of Sales in the UK and Ireland; Amina Troger as the new Head of Global Delivery for EMEA; and Jose Salas as Head of Partnerships and Alliances for EMEA. We also opened a new office in Hong Kong, further reinforcing our commitment to that region.

為了支持我們在歐洲和亞洲的發展，我們非常幸運地透過四次策略性招募為我們的領導層增添了傑出人才。其中包括擔任法國、比利時和盧森堡銷售主管的 Adrien de La Grange；亞歷山德羅·帕沃內 (Alessandro Pavone) 擔任英國和愛爾蘭銷售主管； Amina Troger 擔任歐洲、中東和非洲地區新任全球交付主管；以及任命 Jose Salas 為歐洲、中東和非洲地區合作夥伴與聯盟主管。我們也在香港開設了新辦事處，進一步加強了我們對該地區的承諾。

Selling within our current client base is the next big lever of growth. We have done several things to ensure sustained ARR expansion within those markets. Number one, maintained a very high level of client satisfaction, where our success is evidenced by our NPS, which is meaningfully higher than 60%.

在我們現有客戶群內進行銷售是下一個重大成長槓桿。我們已採取多項措施來確保這些市場內的 ARR 持續擴大。第一，維持了非常高的客戶滿意度，我們的成功體現在 NPS 上，顯著高於 60%。

Number two, we set up dedicated relationship teams that focus exclusively on those key clients. And number three, a majority of our new product renovations are directed at these key relationships. As a result of this, we have seen our revenue from current clients continue to expand. Overall, we feel really good about the disruptive power of our platform, the competitive position we have in our industry and, therefore, our ability to grow.

第二，我們設立了專門的關係團隊，專注於那些關鍵客戶。第三，我們大部分新產品的革新都是針對這些關鍵關係的。因此，我們看到現有客戶的收入持續增加。總體而言，我們對我們的平台的顛覆性力量、我們在行業中的競爭地位以及因此我們的成長能力感到非常滿意。

Talking about our platform, let's also discuss our approach to leveraging GenAI for both efficiency and growth. We believe that Clearwater is at the forefront of using GenAI. As you all know, generative AI models are only as good as the data on which they are trained. Our single-instance, multi-tenant platform provides us with an outstanding and comprehensive investment management data set, and that can help power our GenAI work.

談到我們的平台，我們也將討論一下利用 GenAI 提高效率和成長的方法。我們相信 Clearwater 在使用 GenAI 方面處於領先地位。眾所周知，生成式人工智慧模型的優劣取決於訓練它的資料。我們的單一實例、多租戶平台為我們提供了出色、全面的投資管理資料集，這可以幫助我們進行 GenAI 工作。

Our technology teams are already integrating this critical technology to transform internal workflows, training them on the best-in-class reconciliation data we alone have access to, and providing our clients with the ability to interact conversationally with the data in real time.

我們的技術團隊已經整合了這項關鍵技術，以轉變內部工作流程，對他們進行我們才能存取的一流對帳資料的培訓，並為我們的客戶提供即時與資料對話互動的能力。

And finally, the next growth lever I'd like to talk about is inorganic growth through strategic partnerships and M&A to complement our organic efforts. While our programs in these areas are still in their early days, we're already starting to see benefits.

最後，我想談的下一個成長槓桿是透過策略合作夥伴關係和併購實現的無機成長，以補充我們的有機成長。雖然我們在這些領域的專案尚處於早期階段，但我們已經開始看到效益。

Our recent alliance with Snowflake exemplifies this effort. Insurance firms, asset managers and asset owners can now seamlessly access all the investment data together. Think equities, fixed income, real estate, private equity, loans and private debt, allowing them to capitalize on new opportunities to grow their business.

我們最近與 Snowflake 的聯盟就體現了這種努力。保險公司、資產管理者和資產所有者現在可以無縫地存取所有投資數據。想想股票、固定收益、房地產、私募股權、貸款和私人債務，讓他們利用新的機會來發展業務。

We could not have achieved these exceptional results without continued operational rigor and a strong commitment to continuous improvement. Our ability to invest in these growth initiatives, while simultaneously improving gross margins is driven in large part by the steady incremental margin expansion that our operations teams have delivered.

如果沒有持續的嚴謹營運和對持續改善的堅定承諾，我們就不可能取得這些卓越的成果。我們能夠投資這些成長計劃，同時提高毛利率，這在很大程度上得益於我們的營運團隊實現的穩步增量利潤擴大。

And to discuss our operations, I would like to introduce you to our Chief Client Officer, Subi Sethi. Subi leads our operations teams globally and is responsible for onboarding and ongoing customer service. Not only does her team do a great job delivering on a daily basis, but they're also true partners for our clients' growth.

為了討論我們的運營，我想向您介紹我們的首席客戶長 Subi Sethi。Subi 領導我們全球的營運團隊並負責入職和持續的客戶服務。她的團隊不僅在日常工作中表現出色，也是我們客戶成長的真正合作夥伴。

With over 25 years of experience leading operations teams for both large and midsized organizations around the world, Subi have been instrumental in scaling our business and processes across the company. With Subi at the helm, we have deepened client relationships, improved service delivery and enhanced our platform's capabilities.

Subi 擁有超過 25 年領導全球大中型組織營運團隊的經驗，在擴展整個公司的業務和流程方面發揮了重要作用。在 Subi 的領導下，我們加深了客戶關係，改善了服務交付，並增強了我們平台的功能。

With that, I'll hand the call to Subi to talk about operations and how her team contributes to this powerful engine that drives Clearwater forward.

說完這些，我將把電話交給 Subi，讓她談談營運情況以及她的團隊如何為推動 Clearwater 前進的強大引擎做出貢獻。

Thank you, Sandeep. Hello, everyone. It's genuinely a pleasure to be here with you today. As we take a look back at our quarter three performance, I'm excited to share that Clearwater's business model continues to shine brightly as a beacon of operational excellence. Serving clients across five continents, our more than 1,400 relationships demonstrate our commitment to delivering exceptional performance.

謝謝你，桑迪普。大家好。今天能和你們在一起我感到非常高興。當我們回顧第三季的業績時，我很高興地告訴大家，Clearwater 的業務模式繼續作為卓越營運的燈塔閃耀著光芒。我們為五大洲的客戶提供服務，超過 1,400 個合作關係體現了我們致力於提供卓越績效的承諾。

Every day, we dive into complexities of managing trillions of assets from fixed income to mortgage loans, private credit and derivatives. It is a challenging but rewarding space, where we leverage advanced technology to reconcile data in real time and provide insights that help our clients thrive. Hence, our goal was to create an operating model that works seamlessly day in and day out, using technology, not just to perform but to outperform.

每天，我們都會深入研究管理數兆資產的複雜問題，從固定收益到抵押貸款、私人信貸和衍生性商品。這是一個充滿挑戰但又回報豐厚的領域，我們利用先進的技術即時協調數據並提供幫助客戶蓬勃發展的見解。因此，我們的目標是創造一種日復一日無縫運作的營運模式，利用科技不僅要發揮作用，而且要超越對手。

Before we dwell further, I would like to take a moment to welcome four leading organizations to Clearwater, reminding us of the trust our clients place in our comprehensive solutions. First, the American Endowment Foundation recognized the power of our platform to consolidate intricate reporting across tens of thousands of donor-advised fund accounts, providing comprehensive insights to both the foundation and their end clients. Their decision to select Clearwater demonstrates a commitment to precision, efficiency and a transformative approach to data management, bringing their operations to a new level of excellence.

在我們進一步討論之前，我想花點時間歡迎四家領先的組織加入 Clearwater，讓我們記住客戶對我們綜合解決方案的信任。首先，美國捐贈基金會認識到我們平台的強大功能，它可以整合數以萬計的捐贈者建議基金帳戶的複雜報告，為基金會及其最終客戶提供全面的見解。他們選擇 Clearwater 的決定表明了其對精確性、效率和變革性資料管理方法的承諾，從而將他們的營運提升到了一個全新的卓越水平。

Second, the American Civil Liberties Union made a forward-looking decision in choosing Clearwater to simplify its investment management processes. Incorporating Clearwater LPx and Clearwater for Pooled Funds, the ACLU is on a path to modernization, transitioning away from multiple legacy systems to a singular expansive Clearwater solution. This strategic move signifies the ACLU's commitment to leveraging advanced technology to enhance fund stewardship, particularly for private fund management.

其次，美國公民自由聯盟選擇 Clearwater 來簡化其投資管理流程是一個具有前瞻性的決定。透過整合 Clearwater LPx 和 Clearwater for Pooled Funds，美國公民自由聯盟走上了現代化的道路，從多個傳統系統過渡到單一的 Clearwater 解決方案。這項策略性舉措顯示美國公民自由聯盟致力於利用先進技術加強基金管理，特別是私募基金管理。

Third, the Alameda County Employees' Retirement Association, or ACERA for short, selected Clearwater to achieve greater transparency into its financial data. ACERA's initiative to adopt our automated reconciliation platform reflects their focus on data integrity and a scalable future as they expand their alternatives portfolio, along with the understanding of the value proposition and efficiencies that Clearwater will deliver.

第三，阿拉米達縣僱員退休協會（簡稱 ACERA）選擇 Clearwater 來實現其財務數據的更大透明度。ACERA 主動採用我們的自動對帳平台，反映了其在擴大替代品組合時對資料完整性和可擴展未來的關注，以及對 Clearwater 將提供的價值主張和效率的理解。

Last but not the least, Lux Nordic Wealth Management is an asset and wealth management firm in Luxembourg that switched from legacy tool to Clearwater to leverage our platform's advanced order management, portfolio management, reporting, integrated client web portal and comprehensive asset class coverage. Clearwater perfectly aligns with Lux Nordic's wealth management focus and goals of elevating its market position and enriching its distinctive offering.

最後但同樣重要的一點是，Lux Nordic Wealth Management 是盧森堡的資產和財富管理公司，它從傳統工具轉向Clearwater，以利用我們平台的先進訂單管理、投資組合管理、報告、整合客戶網路入口網站和全面的資產類別涵蓋。Clearwater 與 Lux Nordic 的財富管理重點以及提升其市場地位和豐富其獨特產品的目標完美契合。

I also want to celebrate some incredible milestones that reflect our operational philosophy. Employee Reassurance Corporation. We recently onboarded ERAC, a GE Aerospace company, onto our platform. I want to express my heartfelt gratitude to both teams for their hard work and collaboration. It is this kind of partnership that we truly value. And I'm eager to see how they benefit from our best-in-class solution.

我還想慶祝一些體現我們營運理念的令人難以置信的里程碑。員工保證公司。我們最近將通用電氣航空航太公司 (GE Aerospace) 的子公司 ERAC 納入了我們的平台。我要向兩個團隊的辛勤工作和合作表示衷心的感謝。我們真正珍惜的正是這種夥伴關係。我迫切希望看到他們如何從我們一流的解決方案中受益。

A large US insurer. I'm thrilled to announce that a large US insurer is now live on our investment accounting platform. This transition has transformed their operations, replacing cumbersome manual processes with streamlined workflows. They're already feeling the positive impact from enhanced analytics to lowered cost.

一家大型美國保險公司。我很高興地宣布，一家大型美國保險公司現已加入我們的投資會計平台。這種轉變徹底改變了他們的運作方式，用精簡的工作流程取代了繁瑣的手動流程。他們已經感受到了增強分析能力對降低成本的正面影響。

A European global financial firm. In under six months, we welcomed another European global financial services leader to our platform to provide effective risk and compliance oversight for their wealth management business. This achievement empowers them to enhance client service and boost productivity, and I couldn't be prouder of our team for making it happen so swiftly.

一家歐洲全球金融公司。在不到六個月的時間內，我們迎來了另一家歐洲全球金融服務領導者加入我們的平台，為他們的財富管理業務提供有效的風險和合規監督。這項成就使他們能夠加強客戶服務並提高生產力，我為我們的團隊如此迅速地實現這一目標感到無比自豪。

Transitioning to our guiding principles. When I took on my role at Clearwater, four years ago, I knew we needed to sharpen our focus on the principles that drive us forward. I would like to discuss the very beginning of our organization, which has been instrumental in propelling us forward. First and foremost, our global capacity. It ensures that we deliver effectively for our clients no matter the client's location. To best illustrate this, let's discuss data ingestion and normalization.

過渡到我們的指導原則。四年前，當我在 Clearwater 任職時，我知道我們需要更加關注推動我們前進的原則。我想討論一下我們組織的成立之初的情況，這對推動我們前進起到了重要作用。首先，我們的全球產能。它確保無論客戶身在何處，我們都能有效地為客戶提供服務。為了最好地說明這一點，讓我們討論一下資料提取和規範化。

As you can imagine, data comes to us from thousands of sources globally at all hours of the day. By having centers in Noida, Edinburgh and Boise, we effectively run a 24 hour operation when one team hands off to the other seamlessly, and the client gets reconciled portfolio within hours of us receiving the data. This would have been incredibly hard without these three centers. However, client servicing is usually local, and that allows customers to get responses to their questions locally in near real-time.

你可以想像，一天當中的任何時候，我們都會有來自全球數千個來源的數據。透過在諾伊達、愛丁堡和博伊西設立中心，我們可以有效地進行24 小時運營，一個團隊可以無縫地交接給另一個團隊，客戶可以在我們收到數據的幾個小時內就得到核對後的投資組合。如果沒有這三位中鋒，這將會異常困難。然而，客戶服務通常是本地的，這使得客戶能夠近乎即時地在本地得到他們問題的答案。

Let's discuss leadership. As the company has become global, it was very important to build a leadership team that increased client proximity and included industry veterans who could build trusted relationships. I'm happy to report that our leaders have deep industry expertise and experience in managing large client relationships.

讓我們討論一下領導力。隨著公司走向全球，建立一支能夠拉近客戶距離並吸收能夠建立信任關係的行業資深人士的領導團隊變得非常重要。我很高興地報告，我們的領導者擁有深厚的行業專業知識和管理大客戶關係的經驗。

Domain expertise is another area we have focused very heavily on. Our teams are dedicated to understanding and addressing each client's unique needs, a skill that's both art and science, given the complexities of asset classes we deal with.

領域專業知識是我們非常重視的另一個領域。我們的團隊致力於理解和滿足每個客戶的獨特需求，鑑於我們處理的資產類別的複雜性，這是一項既是藝術又是科學的技能。

For example, a mortgage loan reconciler will know exactly how many commands it takes to provide an accurate figure in the portfolio, and similarly for derivatives. We've established systematic ways to monitor and measure number of commands on Clearwater system with the ability to drill down and take action in real time. Our tier delivery model aligns our delivery to the unique size and complexity of each client, demonstrating our commitment to bespoke services.

例如，抵押貸款調節員會準確地知道需要多少命令才能提供投資組合的準確數字，衍生性商品也是如此。我們已經建立了系統化的方法來監控和測量 Clearwater 系統上的命令數量，並能夠深入研究並即時採取行動。我們的分層交付模式使我們的交付與每位客戶的獨特規模和複雜程度保持一致，體現了我們對客製化服務的承諾。

And last but not the least, continuous improvement. This is where we truly excel and something which I'm very passionate about. For example, we used to resolve the client inquiry within six hours, and using a continuous improvement mindset, this has been cut down to two hours.

最後但同樣重要的一點是，持續改進。這是我們真正擅長的領域，也是我非常熱衷的事。例如，我們過去通常在六小時內解決客戶詢問，而採用持續改進的思維方式，現在這個時間縮短到了兩小時。

Today with GenAI, we're resolving queries in near real-time. This leap-forward means the client is just a click away from creating an account or understanding intricate calculations like book yield, all while receiving relevant, timely insights with our quick platform. We have made tremendous advances in the integrated use of GenAI across our platform, and I'm happy to report that an increasing number of our inquiry volume has been deflected using GenAI. It has also made our team members incredibly effective and productive.

今天借助 GenAI，我們可以近乎即時地解決查詢。這一飛躍意味著客戶只需單擊一下即可建立帳戶或了解諸如圖書收益之類的複雜計算，同時透過我們的快速平台獲得相關、及時的見解。我們在平台中整合使用 GenAI 方面取得了巨大進步，我很高興地報告，我們的越來越多的諮詢量已經透過 GenAI 得到了解決。這也使我們的團隊成員變得異常高效和富有成效。

These five principles aren't just words to us. They are the heartbeat of our operations and shine through in our exceptional outcomes. Our operational best practices empower our clients with daily transparency and simplified processes, translating into an impressive 99% gross revenue retention rate, something we are incredibly proud of. Timeliness and accuracies are cornerstones of our service. Achieving auto reconciliation for over 90% of transactions with up-to-the-minute data at their fingertips, our clients can make investment decision with utmost confidence.

對我們來說，這五項原則不只是言辭。他們是我們營運的核心，並在我們卓越的成果中閃耀光芒。我們的最佳實踐為我們的客戶提供了日常透明度和簡化的流程，從而實現了令人印象深刻的 99% 的總收入保留率，對此我們感到非常自豪。及時性和準確性是我們服務的基石。超過 90% 的交易均可自動核對，並且客戶可以輕鬆獲得最新數據，從而充滿信心地做出投資決策。

Now changing gears. We not only deliver every day, but we also anticipate what's on the horizon. To give you a sense of our forward-looking mindset, consider how we are gearing up for 2025 regulatory changes from NAIC. With eight substantiative guidance changes, 27 reporting changes and the introduction of 24 new data elements, these changes are massive. While others are just getting started, Clearwater was the first to market with these updates, showcasing our commitment to innovation and leadership in the industry and demonstrating how our technology adapts and remains invaluable.

現在換檔。我們不僅每天交付成果，而且還預測未來會發生什麼。為了讓您了解我們的前瞻性思維，請考慮我們如何為 NAIC 的 2025 年監管變化做好準備。其中包括 8 項實質指導變更、27 項報告變更以及 24 個新資料元素的引入，這些變化非常巨大。當其他公司才剛起步時，Clearwater 卻率先將這些更新推向市場，展示了我們對行業創新和領導地位的承諾，並展示了我們的技術如何適應並保持其價值。

We adopted a tailored approach for approximately 600 insurance clients, successfully automating bon classification and data gathering. Our work empowered insurers to swiftly identify and reclassify bonds while offering customizable report that enhanced transparency and efficiency. Our proactive approach rooted in deep industry expertise, cements our role as a trusted partner continuously delivering tremendous value to both our clients and our shareholders.

我們針對約 600 名保險客戶採用了客製化方法，成功實現了保險分類和資料收集的自動化。我們的工作使保險公司能夠迅速識別和重新分類債券，同時提供可自訂的報告，以提高透明度和效率。我們的積極主動的方法植根於深厚的行業專業知識，鞏固了我們作為值得信賴的合作夥伴的角色，不斷為我們的客戶和股東提供巨大的價值。

Let me take you through a recent example of how our clients closely work with us to deliver on value. In quarter three, we launched a Commercial Paper Issuance Tool, making our first foray into the debt side of the corporate balance sheet. Historically, commercial paper has been issued and managed entirely manually, relying on faxes, telephone calls and e-mails to execute. Our Commercial Paper Issuance Tool replaces these outdated manual methods with a suite of sophisticated modules that allow institutional investors to gain a real-time panoramic view of their CP issuance program.

讓我向您介紹一個最近的例子，說明我們的客戶如何與我們密切合作以實現價值。第三季度，我們推出了商業票據發行工具，首次涉足企業資產負債表的債務。從歷史上看，商業票據的發行和管理完全是手動的，依靠傳真、電話和電子郵件來執行。我們的商業票據發行工具以一套複雜的模組取代了這些過時的手動方法，使機構投資者能夠即時全景了解他們的 CP 發行計劃。

Last but not the least, we believe what gets measured gets done. Every day, our operation teams track key metrics, including auto reconciliation rate, the number of data models and securities, the number of commands, the frequency of client inquiries and resolution rates, among many others. We share these insights with our clients every day, ensuring they're as informed as we are. Our remarkable 60-plus Net Promoter Score reflects our dedication to meeting and exceeding our clients' expectation.

最後但同樣重要的一點是，我們相信，有衡量才有完成。我們的營運團隊每天都會追蹤關鍵指標，包括自動對帳率、資料模型和證券的數量、命令數量、客戶查詢頻率和解決率等等。我們每天與客戶分享這些見解，確保他們和我們一樣了解情況。我們卓越的60多的淨推薦值反映了我們致力於滿足並超越客戶期望的努力。

I would also like to talk about the importance of community and exchange of knowledge as demonstrated by our recent Clearwater Connect event. This occasion brought together nearly 600 operations and finance experts from around the world. Connecting face-to-face was a highlight for our team and truly underscored our commitment to reshaping the industry together. We also celebrated our Excellence Award winners and launched our inaugural Women in Finance networking breakfast, creating a space for connection and empowerment in our community.

我還想談談社區和知識交流的重要性，正如我們最近的 Clearwater Connect 活動所體現的那樣。本次高峰會聚集了來自全球近600名營運和財務專家。面對面的交流是我們團隊的一大亮點，真正強調了我們共同重塑產業的決心。我們也慶祝了我們的卓越獎獲獎者，並啟動了首屆金融界女性聯誼早餐會，為社區創造了一個聯繫和賦權的空間。

And now some closing thoughts. As we continue to navigate a changing financial landscape, please note, Clearwater focus on operational excellence remains steadfast. We are here to support client growth and confidently tackle the challenges and opportunities ahead together.

現在來談談最後的想法。隨著我們繼續應對不斷變化的金融環境，請注意，Clearwater 對卓越營運的關注始終堅定不移。我們在此支持客戶成長，並滿懷信心地共同應對未來的挑戰和機會。

Now I'll hand the call over to Jim to dive deeper into our financial results. Thank you for your time.

現在我將把電話交給吉姆，讓他更深入地介紹我們的財務表現。感謝您的時間。

Thanks, Subi. Welcome to the call and thank you on behalf of all of our shareholders for your leadership in delivering these tremendous results. I'd like to quickly discuss our Q3 results, provide Q4 guidance and then spend the majority of my time sharing our perspective on the proposal we will be providing to shareholders to terminate our Tax Receivable Agreement or what we call the TRA agreement.

謝謝，Subi。歡迎大家參加電話會議，我謹代表全體股東感謝您發揮的領導作用，取得如此出色的成績。我想快速討論我們的第三季業績，提供第四季度指導，然後花大部分時間分享我們對向股東提供的終止稅收應收協議或我們稱為 TRA 協議的提案的看法。

Our third quarter results were outstanding and continue to build upon the impressive momentum from the first half of 2024. Our key metrics were exceptional across the board in Q3 with multiple record highs. We comfortably outperformed our revenue and adjusted EBITDA guidance in Q3, with a beat of $2.3 million over the midpoint of our revenue guidance and an equivalent $2.3 million beat over EBITDA guidance for the quarter. These results underscore the profitable economics driving Clearwater's strong performance and the efficacy of our growth initiatives.

我們第三季的業績非常出色，並繼續延續 2024 年上半年的強勁勢頭。我們第三季的關鍵指標全面出色，創下多個歷史新高。我們在第三季的業績輕鬆超出了我們的營收和調整後的 EBITDA 預期，比我們的營收預期中位數高出 230 萬美元，比本季的 EBITDA 預期高出 230 萬美元。這些結果凸顯了推動 Clearwater 強勁業績的獲利經濟效應以及我們成長計畫的有效性。

The strong EBITDA in part generated record high free cash flow of $48.1 million in Q3. This represents an increase of 55.6% from last year's Q3. In addition to the strong EBITDA, positive working capital changes in the quarter also helped free cash flow, as our days sales outstanding decreased to 80 days from 89 days in Q3 of last year. We ended Q3 with $336.7 million in cash, cash equivalents and investments, and total debt was $46.6 million, thereby resulting in net cash holdings of approximately $290 million. This strong cash generation puts us in prime position to make strategic investments or reward our shareholders.

強勁的 EBITDA 在一定程度上創造了第三季創紀錄的 4,810 萬美元的自由現金流。這比去年第三季成長了 55.6%。除了強勁的 EBITDA 之外，本季的正營運資本變動也有助於自由現金流，因為我們的應收帳款週轉天數從去年第三季的 89 天減少到 80 天。截至第三季度，我們的現金、現金等價物和投資總額為 3.367 億美元，總債務為 4,660 萬美元，因此淨現金持有量約為 2.9 億美元。強勁的現金創造能力使我們處於進行策略性投資或回報股東的有利位置。

We increased our net revenue retention rate to 114% this quarter. This is a monumental accomplishment and frankly, surprised us. It represents a notable increase from the 110% in net revenue retention we recorded last quarter. This meaningful increase is a reflection of our continued progress in growing with our clients as approximately 9 points of the contribution to NRR 114% related to the onboarding of additional assets and cross-selling new products to existing clients.

本季度，我們的淨收入保留率提高至 114%。這是一個巨大的成就，坦白說，這讓我們感到驚訝。這比我們上個季度記錄的 110% 的淨收入保留率有顯著增長。這一有意義的成長反映了我們在與客戶共同成長方面取得的持續進步，因為對 NRR 114% 的貢獻中約有 9 個百分點與引入額外資產和向現有客戶交叉銷售新產品有關。

Additionally, we believe the interest rate environment from the Fed rate cut in September led to an incremental increase in AUM on the platform of approximately 2% over the gentle tailwind we had observed in the June quarter.

此外，我們認為，Fed 9 月降息帶來的利率環境導致該平台的 AUM 較我們在 6 月季度觀察到的溫和順風階段增加了約 2%。

Finally, we achieved solid GAAP net income of $4.8 million in Q3 versus a GAAP net loss of $2.3 million in Q3 2023. The GAAP net income was driven in part by lower year-over-year equity-based compensation expense. We heard from investors that the level of equity compensation and that achieving GAAP income was important, so it is rewarding to achieve profitability on both a GAAP basis as well as non-GAAP basis throughout the first nine months of 2024.

最後，我們在第三季實現了 480 萬美元的穩健 GAAP 淨收入，而 2023 年第三季的 GAAP 淨虧損為 230 萬美元。依照美國通用會計準則計算的淨收入部分得益於股權激勵費用年減。我們從投資者那裡聽說，股權補償水平和實現 GAAP 收入非常重要，因此在 2024 年前 9 個月在 GAAP 基礎和非 GAAP 基礎上實現盈利都是有益的。

For the full year 2024, we have again raised our revenue guidance to $445.5 million, representing an improved year-over-year growth rate of approximately 21%. This full year guidance incorporated both, the outperformance in revenue in the third quarter and our view on Q4.

對於 2024 年全年，我們再次調高營收預期至 4.455 億美元，年成長率約為 21%。全年預期綜合考慮了第三季營收的優異表現和我們對第四季的展望。

For the fourth quarter 2024, we expect revenue to be at least $120.2 million, representing a year-over-year growth rate of approximately 21%. This guidance does not assume any incremental market-based AUM expansion in the fourth quarter.

對於 2024 年第四季度，我們預計營收至少為 1.202 億美元，年成長率約為 21%。本指引不假設第四季基於市場的 AUM 規模出現任何增量擴張。

For the full year 2024, we have also raised adjusted EBITDA guidance to $142.5 million, an increase of $2.5 million from our prior guidance. This provides adjusted EBITDA margin of approximately 32% for the full year and a powerful 35% increase in EBITDA year-over-year. For the fourth quarter of 2024, we expect adjusted EBITDA to be $38.5 million, representing an EBITDA margin of, again, approximately 32%.

對於 2024 年全年，我們也將調整後的 EBITDA 指引上調至 1.425 億美元，較先前的指引增加 250 萬美元。這使得全年調整後的 EBITDA 利潤率達到約 32%，EBITDA 年比大幅成長 35%。對於 2024 年第四季度，我們預計調整後的 EBITDA 為 3,850 萬美元，EBITDA 利潤率再次約為 32%。

Today, along with these stellar third quarter results, we are announcing that we have filed an 8-K and related proxy statement related to the Tax Receivable Agreement between the company and our pre-IPO shareholders. In the proxy statement, we are asking our unaffiliated stockholders to vote on a proposal to terminate the Tax Receivable Agreement by paying an aggregate of $72.5 million to the TRA counterparties and certain pre-IPO members of management.

今天，除了這些出色的第三季業績外，我們還宣布，我們已經提交了一份 8-K 文件和相關代理聲明，該聲明涉及公司與 IPO 前股東之間的稅收應收協議。在代理聲明中，我們要求我們的無關聯股東對一項終止稅收應收協議的提議進行投票，透過向 TRA 交易對手和某些 IPO 前管理成員支付總計 7,250 萬美元。

We will only terminate the agreement if a majority of the company's unaffiliated stockholders, a group that excludes all parties to the TRA and all TRA bonus holders who we refer to as TRA participants as well as all named executive officers and those of our directors who are affiliated with the TRA participants, vote to approve the termination. Said another way, we will not terminate the TRA unless a majority of the company's unaffiliated stockholders vote to approve the termination.

只有在公司大多數非關聯股東（不包括TRA 的所有相關方和所有TRA 紅利持有者（我們稱之為TRA 參與者）以及所有指定高階主管和董事）同意終止協議的情況下，我們才會終止協議。換句話說，除非公司大多數非關聯股東投票批准終止，否則我們不會終止 TRA。

The proxy statement has additional details, and we'll encourage you to review it, but I'd like to underscore why the Board and management believe the termination of the TRA is in the best interest of all shareholders. Let me start with some background. In connection with our IPO, the company entered into a TRA, which provides for the payment by our public holding company to the TRA participants of 85% of the amount of any tax benefits that the company realizes or in some cases, is deemed to realize as a result of certain tax attributes.

代理聲明中有更多詳細信息，我們鼓勵您查看，但我想強調為什麼董事會和管理層認為終止 TRA 符合所有股東的最佳利益。首先我要介紹一些背景。在我們的首次公開發行 (IPO) 中，公司簽訂了 TRA，規定我們的公共控股公司向 TRA 參與者支付公司實現的或在某些情況下被視為實現的任何稅收優惠金額的 85%。某些稅收屬性。

One of those attributes is any increase in the tax basis of the net assets of CWAN Holdings, which is our less than wholly-owned subsidiary, that result from exchanges of CWAN Holding units that TRA participants make for shares of Class A common stock in our public holding company. In 2022, we recorded TRA expense of $11.6 million. In 2023, we recorded TRA expense of $14.4 million. Through the first nine months of 2024, we have recorded $11.5 million of TRA expense and expect the full year TRA expense to be approximately $17 million absent any settlement.

這些屬性之一是 CWAN Holdings（我們的非全資子公司）淨資產的稅基增加，這是由於 TRA 參與者將 CWAN Holding 單位交換為我們 A 類普通股而導致的。2022 年，我們記錄了 TRA 費用 1,160 萬美元。2023 年，我們記錄了 TRA 費用 1,440 萬美元。截至 2024 年前 9 個月，我們已記錄 1,150 萬美元的 TRA 費用，並預計全年 TRA 費用（若無任何結算）將約為 1,700 萬美元。

We have not yet paid to the TRA participants the TRA expense owed to them for 2023 or year-to-date in 2024, and as of September 30, 2024, we have liabilities of $28.8 million recorded on our balance sheet related to the TRA liabilities incurred in the past.

我們尚未向 TRA 參與者支付 2023 年或 2024 年年初至今所欠的 TRA 費用，截至 2024 年 9 月 30 日，我們的資產負債表上記錄了與 TRA 負債相關的 2880 萬美元的負債過去發生的事。

While the amount and timing of future TRA payment obligations is inherently uncertain and is dependent upon the amount and timing of future taxable income and our share price, among other things, we estimate the potential sum of future TRA liability from past exchanges and hypothetical future exchanges as of September 30, 2024, to be $614 million, of which $417 million relates to historical exchanges, and $197 million is related to future exchanges at the company's share price as if exchanged on September 30, 2024.

雖然未來TRA 支付義務的金額和時間本質上是不確定的，並且取決於未來應稅收入的金額和時間以及我們的股價等，但我們根據過去的交易和假設的未來交易估計了未來TRA 負債的潛在總額截至 2024 年 9 月 30 日，為 6.14 億美元，其中 4.17 億美元與歷史交易有關，1.97 億美元與按公司股價於 2024 年 9 月 30 日進行的未來交易有關。

In contrast, if termination of the TRA is approved by a majority of the company's unaffiliated stockholders. The company will settle all TRA liabilities, the unpaid $28.8 million on the books as of September 30, and all future estimated TRA obligations for a total of $72.5 million.

相反，如果終止 TRA 得到公司大多數非關聯股東的批准。該公司將償還所有 TRA 債務、截至 9 月 30 日帳面上的未付 2,880 萬美元以及所有未來預計的 TRA 債務，總額為 7,250 萬美元。

We believe this transaction will have a number of benefits for the company. First, it will generate significant savings compared to the cumulative expenses we expect we will incur over the life of the TRA. Second, once terminated, the company will not have to utilize cash to fund ongoing TRA obligations. This will positively impact the company's future operating cash flow and potentially the company's valuation to the extent the company is valued based on cash flows. Finally, terminating the TRA will eliminate the need to record a large liability win, or if the company were to release the valuation allowance we currently maintain on our deferred tax asset balances.

我們相信，此次交易將為公司帶來許多好處。首先，與我們預期在 TRA 整個生命週期內產生的累積開支相比，它將節省大量開支。其次，一旦終止，公司將不必使用現金來為持續的 TRA 義務提供資金。這將對公司未來的營運現金流產生正面影響，並可能對公司的估值產生正面影響，因為公司的估值是依據現金流來衡量的。最後，終止 TRA 將消除記錄大額負債勝利的需要，或者如果公司釋放我們目前在遞延所得稅資產餘額上維持的估值準備金。

By eliminating the potential to record the liability, we believe the company has greater ability to complete strategic transactions and provide shareholders greater certainty about the company's future financial performance. The payments made to TRA participants are not conditioned upon those TRA participants continuing to hold any ownership interest in CWAN Holdings or in the public company.

透過消除記錄負債的可能性，我們相信公司有更大的能力完成策略交易，並為股東提供對公司未來財務表現的更大確定性。向 TR​​A 參與者支付的款項並不以 TRA 參與者繼續持有 CWAN Holdings 或上市公司的任何所有權為條件。

Given the company's current strong cash position and the fact that certain of the TRA participants remain significant shareholders and hence, are aligned with the interests of other shareholders, which may change in the future, we believe now is the right time to terminate the Tax Receivable Agreement. For example, at the beginning of 2023, there were over 177 million Class C and Class D shares outstanding of the company's common stock, which were held exclusively by TRA participants. That number reduced to approximately 115 million Class C and Class D shares outstanding at the end of 2023. And today, there are less than 75 million Class C and Class D shares outstanding.

鑑於公司目前現金狀況強勁，部分 TRA 參與者仍為重要股東，因此與其他股東的利益一致，而這些利益在未來可能會發生變化，我們認為現在是終止應收稅收的正確時機協議。例如，截至 2023 年初，該公司普通股的 C 類和 D 類股份流通量超過 1.77 億股，由 TRA 參與者獨家持有。到 2023 年底，這一數字將減少至約 1.15 億股 C 類和 D 類流通股。如今，C 類股和 D 類股流通股數不足 7,500 萬股。

For these reasons, we believe it is a good and shareholder-friendly use of resources to execute this TRA termination at this time. We hope you agree, and we are all very happy that we are putting the ultimate decision whether to proceed or not to you, our shareholders.

基於這些原因，我們認為此時執行此 TRA 終止是一種良好且對股東有利的資源利用方式。我們希望您同意，並且我們都很高興將是否繼續進行的最終決定權交給您，我們的股東。

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

說完這些，我將把話題交給 Sandeep 來提供一些結束語。

Thank you, Jim. We are very pleased with the Q3 results and inspire to carry our business momentum forward. As we have noted, our key metrics were exceptional across the board with multiple record highs. We are excited about the continued strides we are making across the business and remain steadfast in our mission to deliver the world's leading investment management platform for the investing world.

謝謝你，吉姆。我們對第三季的業績非常滿意，並激勵我們繼續保持業務發展勢頭。正如我們所注意到的，我們的關鍵指標全都表現出色，創下了多個歷史新高。我們對整個業務不斷取得的進步感到非常興奮，並堅定不移地致力於為投資界提供世界領先的投資管理平台。

(Operator Instructions)

（操作員指令）

Brian Schwartz, Oppenheimer.

奧本海默的布萊恩·施瓦茨。

Congratulations on these results. Sandeep, just trying to dive into the booking strength that you're showing here this quarter. Did you have any outsized mega deals? Or did any markets have an outsized impact? Or was the bookings strength pretty broad-based across your core end markets?

對這個結果我表示祝賀。Sandeep，只是想深入了解您本季所展現的預訂實力。你們有過什麼超大型交易嗎？或者是否有任何市場產生了巨大影響？或者您的核心終端市場的預訂實力是否相當廣泛？

Yeah. Thank you, Brian. So in getting ready for this call, I must admit, we looked for that. We looked for geography and tried to think of -- international grow faster or did the US domestic business grow faster? Or did we get a lot of deals from current products or new products? And frankly, what we found was it was very, very broad-based. So there wasn't at all a situation where there was one deal or two deals. It was across industries, it was across geographies.

是的。謝謝你，布萊恩。因此，我必須承認，在準備這通通話時，我們正在尋找這一點。我們研究了地理位置並試圖思考——是國際業務成長更快還是美國國內業務成長更快？或者我們從現有產品或新產品中獲得了很多優惠？坦白說，我們發現它的影響範圍非常非常廣泛。因此根本不存在一筆交易或兩筆交易的情況。它跨越行業、跨越地域。

Now, new products continue to bring momentum to booking. I think we had said in quarter one, if I remember correctly, that a-quarter of our booking was from these new product innovations, and that is almost exactly that number even now. So again, it was new logos, it was back-to-base sales. Nothing really stands out, which I would point to.

現在，新產品繼續為預訂帶來動力。如果我沒記錯的話，我們在第一季就說過，我們的四分之一的訂單來自這些新產品創新，而現在這個數字幾乎還是這個數字。再次強調，這是新的標誌，這是回歸基地的銷售。我想指出的是，沒有什麼真正突出的地方。

And the follow-up question I have for Jim. The NRR result that you're reporting here is pretty close to your goal for 2026. So how should we think about that 115% ceiling? How hard is that ceiling? Or could that ceiling potentially be a soft ceiling? And there is potential that the back-to-the-base motion could perform even better than what we were previously thinking with that goal that you gave us.

我還有後續問題想問吉姆。您在此處報告的 NRR 結果非常接近您 2026 年的目標。那我們該如何看待 115% 的上限呢？天花板有多硬？或者說，這個天花板有可能是軟天花板嗎？並且，根據您給出的目標，回到基地的動作可能會比我們之前想像的更好。

Thanks, Brian. So I think that, that's -- I think we continue to believe that NRR 115% in 2026 is a very achievable goal. I think we're obviously buoyed by these results. In particular, the fact that 9% of that kind of 14% was from new products and increased wallet share from clients on our platform. That was 3% higher than last quarter. But remember, a lot of these new products are mature -- not mature. They're maturing. They're not fully mature. And so to think about our ability to perform with respect to those consistently quarter after quarter after quarter. I think that we'd like to see more consistency before we know there's a straight line.

謝謝，布萊恩。所以我認為，那是——我認為我們仍然相信 2026 年的 NRR 115% 是一個非常可以實現的目標。我想我們顯然對這些結果感到振奮。具體來說，這 14% 中的 9% 來自新產品和我們平台客戶的錢包份額增加。這比上一季高出 3%。但請記住，許多新產品都已經成熟——尚未成熟。他們正在成熟。他們還沒有完全成熟。因此，我們要思考我們能否在一個又一個季度中持續保持這樣的表現。我認為，在我們知道直線之前，我們希望看到更多的一致性。

I think that -- we all laugh. As soon as we get close to achieving any of these metrics that we laid out last September, we start thinking, do we need to move to the next step? And I think we'll stay focused on delivering 115% consistently, reliably, durably. That's what we're really focused on, is that durable, reliable growth and focus on achieving that next.

我想——我們都笑了。一旦我們接近實現去年九月制定的任何指標，我們就會開始思考，我們是否需要進入下一步？我認為我們將繼續專注於持續、可靠、持久地提供 115% 的服務。這才是我們真正關注的，實現持久、可靠的成長，並專注於實現下一步目標。

Andrew Schmidt, Citi.

花旗銀行的安德魯‧施密特 (Andrew Schmidt)。

Hi Sandeep, Jim, Subi, I want to go back to NRR. Obviously, a great result this quarter. And you mentioned onboarding of additional assets. It sounds like that was a nice surprise relative to expectations. If you could just talk about what drove those wallet share wins? And to what extent that -- obviously still a lot of opportunity to gain wallet share, to what extent that momentum can continue?

嗨，Sandeep、Jim、Subi，我想回到 NRR。顯然，本季的業績非常好。您提到了額外資產的引入。聽起來，相對於預期來說，這是一個令人驚喜的驚喜。您能談談是什麼推動了錢包份額的成長嗎？而且在多大程度上——顯然仍有許多機會獲得錢包份額，這種勢頭可以在多大程度上持續下去？

Yeah. So wallet share really comes in to two ways, traditionally. Number one is with our large asset management clients as they grow, we grow with them. In fact, that's one of our large value props when we think about selling to their business, how can you grow and expand your business? That's one area. Another area can be through M&A and those sorts of transactions. And those were helpful as well as cross-selling the new products that we have, including LPx, MLx and those variety of products.

是的。因此，傳統上，錢包份額實際上分為兩種方式。第一是隨著我們的大型資產管理客戶的成長，我們也隨之成長。事實上，當我們考慮向他們的企業銷售產品時，這是我們最大的價值主張之一，您如何發展和擴展您的業務？那是一個領域。另一個領域是透過併購和類似的交易。這些都很有幫助，並有助於交叉銷售我們的新產品，包括 LPx、MLx 和各種產品。

One other thing, just to give a little more color to folks. In Q2, we had said, hey, we see a gentle tailwind, a small tailwind from AUM, which would be that activity that we actually aren't selling necessarily for, but we see growth in those clients. That can be difficult to isolate the market impact of that. But we were able to kind of do some work and we feel very confident that in September, we saw a 2% increase in that relative to what we saw in the June period. So I think that also helped on the NRR 115%, just to be transparent with folks.

還有一件事，只是為了提供人們更多一點的色彩。在第二季度，我們曾說過，嘿，我們看到了溫和的順風，來自 AUM 的小順風，這可能是我們實際上不一定進行銷售的活動，但我們看到這些客戶在成長。隔離其對市場的影響可能會很困難。但我們還是能夠做一些工作，我們非常有信心，9 月份的銷售額相對於 6 月份增長了 2%。所以我認為這也有助於 NRR 115%，只是為了對人們保持透明。

Yes. Andrew, I would just add that obviously, we are spending a real amount of money on new product and innovation, and 40% of all that new product innovation goes into current clients. And so that is a back-to-sales motion, and that obviously helps the NRR cause. And like Jim said, these aren't mature, so we can't be -- they aren't reliable growth levers, but we absolutely expect that to happen in due course. And which is why we've always said that quarter 1, 2026 is when we want to try and achieve 115% reliably.

是的。安德魯，我只想補充一點，顯然我們在新產品和創新上投入了大量資金，而所有新產品創新的 40% 都用於現有客戶。因此，這是一項回歸銷售的動議，顯然有助於 NRR 事業。正如吉姆所說，這些還不成熟，所以我們不能——它們不是可靠的成長槓桿，但我們絕對期望這會在適當的時候發生。這就是為什麼我們一直說，2026 年第一季是我們想要嘗試實現 115% 可靠性的時候。

Got it. And then I know GenAI, the quick modules were a big focus of Clearwater Connect. It sounds like there's a little more clarity on how you want to monetize those. It seems like that could be a big opportunity when we think about 2025 cross-sells versus 2024. Can you just talk about the opportunity there? And any additional details on how you're planning to monetize the AI functionality would be helpful.

知道了。然後我知道了 GenAI，快速模組是 Clearwater Connect 的一大重點。聽起來您對如何將其貨幣化有了更清晰的認識。當我們考慮 2025 年與 2024 年的交叉銷售時，這似乎是一個巨大的機會。您能談談那裡的機會嗎？關於您計劃如何將 AI 功能貨幣化的任何其他細節都會很有幫助。

Thank you, Andrew. And on that question, look, there are two parts to this. One is, does it make our platform and our operations much more efficient? On that, we have lots and lots of proof points, and I think Subi in her remarks was talking about deflection. So a client wants to ask a question and they have a GenAI tool on their platform, and they ask the question of the tool. Sometimes they're happy with the answer and sometimes they're not, but if they are happy with the answer that question never comes to us. And therefore, we don't have to go out and invest people's time to respond to that question.

謝謝你，安德魯。關於這個問題，你看，它分成兩個部分。一是，它是否使我們的平台和營運更有效率？對此，我們有大量的證據，我認為 Subi 在她的演講中談論的是偏轉。因此，客戶想要提出一個問題，並且他們的平台上有一個 GenAI 工具，他們會詢問該工具的問題。有時他們對答案感到滿意，有時不滿意，但如果他們對答案感到滿意，我們就不會再提出這個問題。因此，我們不必出去浪費人們的時間來回答這個問題。

So on the efficiency side, I think there are many use cases, and Subi and her team have done a great job of using it to drive gross margin. The same thing happens in data and reconciliation, is that can the GenAI tool give us ideas about how to reconcile? And if that is correct, then we accept it, and that saves a lot of time.

因此，從效率方面來看，我認為有很多用例，而且 Subi 和她的團隊在利用它來提高毛利率方面做得很好。同樣的事情發生在數據和協調中，GenAI 工具能否為我們提供如何協調的想法？如果正確的話，我們就接受它，這樣可以節省大量時間。

On the other side, which is revenue growth, right? So that is the one we have talked about a little bit, and one of the big areas where we are trying to use this is insights, insights on our product. And I think at Clearwater Connect, we talked about that, and frankly, it was one of the most attended sessions because of the level of interest. At this time, we launched our product -- Jim, when did we launch this?

另一方面，這是收入成長，對嗎？這就是我們稍微討論過的一點，我們嘗試運用這一點的一大領域就是洞察，對我們產品的洞察。我認為我們在 Clearwater Connect 上討論過這個問題，坦白說，由於人們的興趣程度，這是參與人數最多的會議之一。這次，我們推出了我們的產品——吉姆，我們什麼時候推出的？

September. September 9.

九月。9 月 9 日。

So we launched it in September, and we have a little bit more than 10 clients who are paying customers. Now, this is only for the corporate market, Andrew, and we expect that to take that out to the insurance clients at a later point of time. So we are excited about it, but if you asked me, hey, is that giving you 5% of growth? No, it's not there at all. If you ask me, hey, is it contributing meaningfully to gross margin? Yes, it already is.

因此我們在九月推出了它，我們有十多個付費客戶。現在，這只針對企業市場，安德魯，我們預計稍後將其推廣到保險客戶。所以我們對此感到很興奮，但如果你問我，嘿，這會為你帶來 5% 的成長嗎？不，它根本就不存在。如果你問我，嘿，它對毛利率有意義嗎？是的，已經是了。

Now, both those levers are not like, "Oh, this is the end of what GenAI can do." I think it's very, very early in terms of being able to drive revenue or frankly, even improve margins. So we are big fans of it. We continue to make a real amount of investment in it, but we see benefit of that literally every quarter.

現在，這兩個槓桿不再像“哦，這就是 GenAI 所能做的結束了。”我認為，從增加收入，甚至提高利潤率的角度來看，現在還為時過早。所以我們非常喜歡它。我們繼續對其進行大量投資，幾乎每個季度都能看到收益。

Got it. Thanks so much, Sandeep.

知道了。非常感謝，Sandeep。

Yun Kim, Loop Capital Markets.

Yun Kim，Loop Capital Markets。

Great, thank you. Congrats on another solid quarter. Jim, I'm just going to continue the theme on the NRR here. Obviously, you saw a 9% uptick or contribution from the new products and asset types and whatnot. How much of that 9% was driven by new products versus simply new asset types and more asset volume? We're -- I guess we're trying to figure out how sustainable this strong uptick is going forward, so if you can give us at a high level, at least, what you're expecting around the NRR to trend in the near term.

太好了，謝謝。恭喜您又一個季度取得豐碩成果。吉姆，我只是想在這裡繼續討論 NRR 的主題。顯然，您看到新產品、新資產類型等帶來了 9% 的成長或貢獻。這 9% 中有多少是由新產品推動的，而不是只是新資產類型和更多資產量所推動的？我想我們正在試圖弄清楚這種強勁的上漲趨勢在未來的可持續性，所以如果你能給我們一個大概的數據，至少你預期 NRR 在近期的趨勢是怎樣的學期。

Yeah. So I think the question of what's the trend, obviously, NRR 114% was a very strong trend and sequentially strong. I think I mentioned there were a couple of points from the AUM tailwind in September from that rate change. But I think that if we live in this range for the next quarter to two, I think that we're comfortable in this range, give or take 1 point or 2 points.

是的。所以我認為問題是趨勢是什麼，顯然，NRR 114% 是一個非常強勁的趨勢，而且連續強勁。我想我提到過，9 月利率變動給 AUM 帶來了一些順風。但我認為，如果我們在接下來的一個季度到兩個季度內保持在這個範圍內，那麼我認為我們會在這個範圍內感到舒服，上下浮動 1 點或 2 點。

Yeah, I think the only point I would add is that we've been -- historically never ever looked at the interest rate or the impact of that. We've always never either talked about it or discussed it or built it into our models. So I think if we stay around this range over the next two, three quarters, I think that would feel good. But if the products continue to do more and more, that will make us feel more satisfied about the trend. Having said all of that...

是的，我想我要補充的唯一一點是，從歷史上看，我們從來沒有考慮過利率或其影響。我們從來沒有談論過它、討論過它或將它納入我們的模型中。因此，我認為，如果我們在接下來的兩到三個季度保持在這個範圍內，那會感覺很好。但如果產品繼續做得更好，那會讓我們對趨勢感到更滿意。說了這麼多...

Okay, great. Thank you for that answer.

好的，太好了。謝謝你的回答。

Yeah, we should be happy about the 114%.

是的，我們應該對 114% 感到高興。

We're very happy with the 114%, I would say.

我想說，我們對 114% 這個數字感到非常滿意。

Yes, definitely. Sandeep, if you can just talk about the mix between asset managers and insurance companies. Is that mix skewing towards one or the other? And if it is, is that changing your go-to-market and the overall go-to-market around the adoption around your newer products?

是的，當然。Sandeep，您能不能談談資產管理公司和保險公司之間的結合。這種混合是否偏向其中一種？如果是的話，這是否會改變您的新產品的上市方式以及整體的上市策略？

Yes. So we were just looking at that data, and there really isn't -- within 1% of the earlier distribution. So no real change. I think the question was asked earlier about this really high-quality ARR growth, which industry did it come from? Was there one or two deals which made the difference? And it's just been really broad-based.

是的。所以我們只是查看了這些數據，但實際上並沒有——與之前的分佈相差 1% 以內。因此沒有真正的改變。我認為之前有人問過這個真正高品質的 ARR 成長，它來自哪個產業？是否有一兩筆交易造成了不同結果？而且它的影響範圍非常廣泛。

Frankly, even on geography, we try to see is there something on the geography side which contributed unnaturally to it, and not true. So yes, that movement of within insurance and asset managers and asset owners, literally within a percent of what it was a year back.

坦白說，即使在地理方面，我們也試圖找出地理方面是否存在一些不自然的因素，但事實並非如此。是的，保險、資產管理者和資產所有者內部的流動情況，實際上與一年前相比只有百分之一。

Okay, great thanks.

好的，非常感謝。

Rishi Jaluria, RBC Capital Markets.

Rishi Jaluria，加拿大皇家銀行資本市場。

Nice to see some pretty solid numbers across the board here. I want to maybe first start, kind of better understanding, Jim, you called out the impact to AUM, AUA from the coming interest rate cut. If we think about maybe the potential for future interest rate cuts, I know historically, it's obviously been a tailwind to overall ARR growth, to AUM growth. Under the new pricing model, the subscription plus model, how should we be thinking about the sensitivity?

很高興看到這裡有一些非常可靠的數據。我想先從更好的理解開始，吉姆，你指出了即將到來的降息對 AUM 和 AUA 的影響。如果我們考慮未來降息的可能性，我知道從歷史上看，這顯然對整體 ARR 成長和 AUM 成長起到了順風作用。在新的定價模式、訂閱加模式下，我們該如何考慮敏感度？

And you don't have to do an exact number, but conceptually, right, a 50 bps cut or 100 bps cut, what sort of tailwind would that have on ARR over kind of the duration of the contract? Maybe help us understand that sensitivity, and then I've got a quick follow-up.

您不必給出確切的數字，但從概念上講，對吧，削減 50 個基點或 100 個基點，在合約期限內，這會對 ARR 產生什麼樣的順風？也許可以幫助我們理解這種敏感性，然後我會快速跟進。

I think I'd summarize -- so I can't give you the exact specifics. But just for those of us who haven't been as familiar with the story forever, when we first went public, we were 100% AUM, and we went up and down. After 2022, we pivoted to what we call the base plus model, limiting our downside and also modifying, to some extent, the upside. So it's a little bit of a new model for us. And then what I've always said in the past is it also depends on -- the interest rate change impact also depends very much on the duration in how our clients' portfolios are changing.

我想我會總結一下——所以我無法給你具體細節。但是，對於那些一直不太熟悉這個故事的人來說，當我們首次上市時，我們的 AUM 是 100％，並且一直有起有落。2022 年之後，我們轉向了所謂的“基礎加法模式”，限制了我們的下行空間，同時也在一定程度上修改了上行空間。所以這對我們來說是一個新模型。我過去一直說的是，這也取決於——利率變化的影響在很大程度上還取決於我們客戶的投資組合變化的持續時間。

And as a result of our insights tool, we're able to see that at least on the corporate side, throughout the summer, our clients moved from shorter duration into much longer duration. And so you have to look at the long end of the yield curve. I'll contrast that by saying back in 2022 under the old model, when there were roughly 500 basis points of change where interest rates went up by that amount, that became a headwind of about 500 basis points. So we think directionally, it's far less than that. But that was a very significant move where the entire rate curve pivoted.

透過我們的洞察工具，我們能夠看到，至少在企業方面，整個夏天，我們的客戶的合作期限從較短轉為較長。因此你必須關注殖利率曲線的長端。我要進行比較的是，在 2022 年的舊模型下，當利率大約上漲 500 個基點時，這將成為約 500 個基點的阻力。所以我們從方向思考，它遠遠少於這個數。但這是一個非常重大的舉措，整個利率曲線都發生了轉變。

So look, I think it's a tailwind. Obviously, we're happy with interest rate cuts because it is a tailwind. It hasn't been that meaningful. We focus on the underlying growth drivers of winning new clients, doing more for our clients and driving that, and that drives a durable, reliable 20%-plus growth algorithm for us. But look, we're happy about it, and it's a bit of a tailwind. And we think under our new contract structures, the positive impact of that is somewhat less than what we saw back in 2022.

所以看，我認為這是一個順風。顯然，我們對降息感到高興，因為這是一個順風。這並沒有那麼有意義。我們專注於贏得新客戶、為客戶做更多事情並推動這一進程的根本成長動力，這為我們帶來了持久、可靠的 20% 以上的成長演算法。但看，我們對此感到很高興，而且這有點像順風。我們認為，在新的合約結構下，其正面影響比 2022 年略小。

And Rishi, we -- we're not giving you a straight answer with numbers because let's say the interest rate goes down by 50 basis points. That doesn't translate into anything except that what does it do for bonds? Does that take the price up by [X] percent? What does it do for bank loans? What does it do for derivatives? What does it -- so you have to look at all the asset classes and see what the impact on the price of that security or asset class was and then what is the distribution on our platform, and therefore, effectively how much does AUM go up.

而且 Rishi，我們 — — 我們不會用數字給你直接的答案，因為假設利率下降了 50 個基點。這除了對債券有什麼影響之外，沒有任何意義。這會導致價格上漲 [X] 個百分點嗎？它對銀行貸款有什麼作用？它對衍生性商品有何作用？所以你必須查看所有資產類別，看看該證券或資產類別的價格受到什麼影響，然後看看我們平台上的分佈情況如何，因此，AUM 實際上上升了多少。

But to the other part of your question, we would capture most of it. So when you think about the contract structure, if it went up let's say, by 1%, we would capture most of it, right? But how much exactly the impact of a 50-basis point cut is on all of these asset class pricing, that's just hard to sort of lay out.

但對於你問題的另一部分，我們會掌握大部分內容。因此，當您考慮合約結構時，如果它上漲了，比如說 1%，我們就能獲得大部分，對嗎？但降息 50 個基點對所有這些資產類別的定價究竟有多大影響，很難說清楚。

All right. No, understood. That's helpful framework to kind of think about. And then in your prepared remarks, you both talked about wanting to preserve flexibility for both partnerships and M&A. Obviously, M&A has been pretty successful, especially over the past couple of years with JUMP and Wilshire and a few others.

好的。不，明白。這是一個很有幫助的思考架構。然後在你們準備好的發言中，你們都談到希望為合作夥伴關係和併購保留靈活性。顯然，併購相當成功，尤其是過去幾年與 JUMP、Wilshire 和其他一些公司的併購。

I want to ask a little bit about partnerships, though. Really excited to see that Snowflake partnership in the past week. Seems really exciting. Just kind of going forward, especially as you leverage more GenAI and analytical capabilities, how do you think about your ability to work with other vendors and how partnerships similar to what you have with Snowflake and ultimately just add more value for your clients?

不過，我想問一些有關合作關係的問題。非常高興看到過去一週的 Snowflake 合作夥伴關係。看起來確實很令人興奮。展望未來，特別是當您利用更多的 GenAI 和分析功能時，您如何看待與其他供應商合作的能力，以及與 Snowflake 類似的合作夥伴關係如何最終為您的客戶增加更多價值？

So I'll answer one part and maybe Subi can talk about Snowflake more specifically. But look, we were -- one of the big reasons of wanting to go to AWS was that, is once you have it on our platform, which very -- many people can use and access, then you can open up the platform. As you might know from before, we are very committed to an open architecture. We think closed architectures do not drive the market, and we feel an open architecture where we can work with other technologies in the industry is the powerful way to think about it.

因此我將回答一部分，也許 Subi 可以更具體地談談 Snowflake。但是，你看，我們想要使用 AWS 的一個重要原因是，一旦你將它放在我們的平台上，很多人都可以使用和訪問，那麼你就可以開放該平台。正如您之前可能知道的，我們非常致力於開放式架構。我們認為封閉的架構不會推動市場發展，我們認為開放的架構才是思考這個問題的有效方式，在這種架構中我們可以與業界的其他技術合作。

And that applies to order management systems, portfolio management system, risk management systems. And so a lot of our energy in 2025 would go into really establishing deep relationships who can help us grow, but we want to be part of that ecosystem. We don't want everything end-to-end necessarily to be on Clearwater, but if a client wanted that, they would have that option. So we would be able to provide JUMP, we would be able to provide Wilshire and our own risk technologies and obviously, our accounting platform.

這適用於訂單管理系統、投資組合管理系統、風險管理系統。因此，我們在 2025 年將投入大量精力來真正建立可以幫助我們成長的深厚關係，但我們希望成為這個生態系統的一部分。我們不希望一切都端到端地在 Clearwater 上進行，但如果客戶想要，他們就有這個選擇。因此，我們能夠提供 JUMP，我們能夠提供 Wilshire 和我們自己的風險技術，當然還有我們的會計平台。

So Subi, could you just talk a little bit about Snowflake and what that does for clients?

那麼 Subi，您能否簡單談談 Snowflake 以及它能為客戶做些什麼呢？

Sure, Sandeep. As far as Snowflake partnership is concerned, Rishi, it enables our clients to kind of access Clearwater data through the entire Snowflake lake, which means that in case if our client is looking for a single pane of a reporting solution in a single pane of glass, they can run their data through that. And our partnership enables us to kind of -- the point which Sandeep was alluding to on the open architecture and create a one common view about how their portfolio is looking like, what is the risk looking like, how is their performance looking like.

當然，桑迪普。就 Snowflake 合作夥伴關係而言，Rishi 使我們的客戶能夠透過整個 Snowflake 湖存取 Clearwater 數據，這意味著，如果我們的客戶正在尋找單一窗格中的單一報告解決方案，他們可以透過它來運行數據。我們的合作使我們能夠實現 Sandeep 提到的開放式架構，並創建一個關於他們的投資組合是什麼樣的、風險是什麼樣的、他們的表現是什麼樣的共同觀點。

So that has -- that, we believe, will give us an update for our clients and solve different reporting solutions and different pane of glass for our clients, which honestly speaking, our clients every day ask us for. That's their biggest pain point. Needless to say, Snowflake is also a great client for us, so that partnership works both ways. So I'm very happy to say that.

所以，我們相信，這將為我們的客戶提供最新信息，並為我們的客戶解決不同的報告解決方案和不同的玻璃窗格，老實說，我們的客戶每天都會向我們要求這些。這是他們最大的痛點。毋庸置疑，Snowflake 也是我們的一個重要客戶，因此這種合作關係是雙向的。我很高興這麼說。

Well said, Subi.

說得好，Subi。

All right, wonderful. Thank you so much.

好的，太棒了。太感謝了。

Michael Infante, Morgan Stanley.

摩根士丹利的麥可‧因凡特 (Michael Infante)。

Apologies for beating a dead horse here on the interest rate dynamic. I just want to make sure I understand the 2 point benefit relative to the 50 basis point Fed funds. Kind of like why, conceptually, was it so strong? Like I would imagine the cohort of your insurance clients aren't able to pivot their books as aggressively towards the front end of the curve, whereas the asset management and corporate clients are. So maybe just any high-level views on why the AUM impact was so pronounced?

對於在此就利率動態發表的無用言論，我深感抱歉。我只是想確保我理解相對於 50 個基點的聯邦基金的 2 點收益。有點像為什麼從概念上來說它如此強大？就像我可以想像的那樣，您的保險客戶群無法將他們的帳簿積極地轉向曲線的前端，而資產管理和企業客戶則可以。那麼，也許只是任何關於為什麼 AUM 影響如此明顯的高層觀點？

Yeah, I think the thing you got to think about is don't index too much on the 50 basis points. Index on what did that do to the price of municipal bonds. What did that do to the price of corporate bonds? What did that do to bank loans? And so you've got to think about the price of assets. And asset pricing moves because of the interest rate, but also sometimes with the expectation of a change of the interest rates. So all of that combines to give you a change in the price of the asset.

是的，我認為你要考慮的是不要在 50 個基點上進行過多的指數化。這對市政債券價格有何影響？這對公司債價格有何影響？這對銀行貸款有何影響？所以你必須考慮資產的價格。資產定價有時會因為利率而變動，但有時也會因為對利率變動的預期而變動。所有這些因素結合起來就導致了資產價格的變動。

And if the asset price goes up by 2%, let's say, we would capture much of that as growth in ARR because our billing to them is based on -- obviously, we limit the downside, but the upside is shared. So if it did go up by a certain percent, we would capture that. So there's no -- there isn't a mathematical way to calculate the one or the other. What it does is increases the price of assets, and that reflects in the AUM, and that reflects in the ARR. I don't know, Michael, if that's clear or not, but we're happy to sort of obviously try and provide more clarification.

假設資產價格上漲 2%，我們將把其中的大部分作為 ARR 的成長，因為我們向他們收取的費用是基於——顯然，我們限制了下行空間，但上行空間是共享的。因此，如果它確實上漲了一定百分比，我們就會抓住它。所以沒有——沒有數學方法來計算這兩者。它的作用是提高資產價格，這反映在 AUM 中，也反映在 ARR 中。邁克爾，我不知道這是否清楚，但我們很樂意嘗試提供更多澄清。

No, that's helpful. And maybe just a quick follow-up. On the implied 4Q revenue outlook, any sort of puts and takes just in terms of why the guide to the slightly slower growth rate in fourth quarter? It looks like the prior year comp is a little bit easier than what you faced in 3Q, and obviously, the overall demand environment and the new product strength is really starting to kick in to high gear here. So just any high-level commentary there would be helpful.

不，這很有幫助。或許只是一個快速的跟進。對於隱含的第四季營收前景，有什麼看法，例如為什麼預期第四季的成長率會略有放緩？看起來，與第三季相比，去年同期的業績要容易一些，顯然，整體需求環境和新產品實力確實開始發揮重要作用。因此任何高層的評論都會有幫助。

Yeah, Michael, I think that -- this is Jim. If you look at our history of what we do, we think it's very important for us to deliver on what we guide, and that's been our history. And I think we feel that way. In fact, I said at least the revenue number for Q4 for the guide there. So I think we feel confident, but I think after such great results in Q3, I think we feel comfortable with where we sit in, looking at Q4, and we'll talk about 2025 after we report Q4.

是的，邁克爾，我認為——這是吉姆。如果你回顧我們所做事情的歷史，我們會發現我們認為履行我們的指導方針非常重要，這就是我們的歷史。我想我們也有同樣的感覺。事實上，我至少在那裡提到了第四季的收入數字。所以我認為我們有信心，但我認為在第三季度取得如此出色的成績後，我們對目前的狀況感到滿意，展望第四季度，我們將在報告第四季度後討論 2025 年的情況。

Thanks, Jim.

謝謝，吉姆。

I just want to add. I don't think you should interpret that as we see any weakness or see any softness. We just feel, at this point, it's a good guide.

我只是想補充一下。我認為你不應該將其解讀為我們看到了任何弱點或軟弱。我們只是覺得，就目前而言，這是一個很好的指南。

Peter Heckmann, D.A. Davidson.

彼得‧赫克曼（Peter Heckmann），地方檢察官戴維森。

Most of my questions have been answered, but I was wondering if you could comment a little bit about the longer-term roadmap and the functionality that you're looking to either build or acquire as you increasingly target that 4 basis points in investment management technology spend.

我的大部分問題都得到了回答，但我想知道您是否可以就長期路線圖和您希望構建或獲取的功能發表一些評論，因為您越來越多地瞄準投資管理技術的 4 個基點花費。

Yeah. Thank you, Peter. So this is -- might be little because we're sitting here building out the planning for 2025. I just have to sort of firstly say that I don't think directionally very much is changing. Are you going to see us continue to make a real amount of investments in alternatives? Yes, we are. Are you going to see us continue to build out a JUMP offering to provide high-quality order management system and a portfolio management system? Yes, we will. Do you expect to see us continue to do more work on the risk and compliance space? Yes, we will. We obviously bought Wilshire for that, and are we going to continue to build that? Yes, we will.

是的。謝謝你，彼得。所以這可能不算什麼，因為我們正坐在這裡制定 2025 年的規劃。我首先要說的是，我認為方向上不會有太大的改變。你會看到我們繼續對替代品進行大量的投資嗎？是的。您是否會看到我們繼續建立 JUMP 產品以提供高品質的訂單管理系統和投資組合管理系統？是的，我們會的。您是否期望我們繼續在風險和合規領域開展更多工作？是的，我們會的。我們顯然是為了這個目的而收購了威爾希爾，我們還會繼續建造它嗎？是的，我們會的。

So I do think a lot of it is about being able to provide clients an end-to-end solution should they want it. But I think it's really important for us to be thinking about ourselves as an open architecture. Historically, companies which have tried to build closed systems don't work. What succeeds over time is really what are open systems.

因此，我確實認為，這在很大程度上是為了能夠為客戶提供他們需要的端到端解決方案。但我認為，將我們自己視為一個開放的架構是非常重要的。從歷史上看，嘗試建立封閉系統的公司都沒有成功。隨著時間的推移而成功的才是真正的開放系統。

So again, opening up our platform to allow partnerships with multiple order management systems, multiple risk systems, multiple regulatory reporting systems, all while having one data plane and one security master is what we are building.

因此，我們再次開放平台，允許與多個訂單管理系統、多個風險系統、多個監管報告系統建立合作夥伴關係，同時擁有一個資料平面和一個安全主機，這就是我們正在建構的。

So are we building a little bit more for the international markets? Yes. That is more nascent than here. Are we building more for asset owners? Yes, we are. And so -- but those are just tweaks, I think, based on what we think about the market.

那麼，我們是否針對國際市場做了更多努力？是的。那比這裡更為新生。我們是否為資產所有者建造了更多資產？是的。所以 — — 但我認為，這些只是基於我們對市場的看法而做出的調整。

But in the GTM, I think a little will change. We'll obviously invest more resources as we continue to grow. We'll invest some more money in R&D. Do we continue to expect to invest 60% of all R&D dollars on growth? Yes, we will. Are we happy with the innovation? We are actually never happy, but we are quite satisfied with where we are, and we expect all these new innovations to mature more through all of 2025 and get us to a much more durable position by the beginning of 2026. I don't know, Jim, would you add anything to that?

但在GTM中，我認為會有一些變化。隨著我們的不斷發展，我們顯然將投入更多資源。我們將在研發方面投入更多資金。我們是否繼續期望將 60% 的研發資金投入成長？是的，我們會的。我們對這項創新滿意嗎？我們實際上從不滿足，但我們對現狀相當滿意，我們預計所有這些新創新將在整個 2025 年更加成熟，並在 2026 年初讓我們處於更持久的地位。我不知道，吉姆，你還有什麼補充嗎？

It was perfect. Yeah.

非常完美。是的。

Okay, that's all I have for this evening. Have a great rest of the day.

好的，今晚我要講的內容就這些。祝您今天剩餘時間愉快。

Alexei Gogolev, JPMorgan.

摩根大通的 Alexei Gogolev。

Thank you. Sandeep, Jim, Subi, also congrats with very strong results. Jim, I had a follow-up question on the guide. It sounds like you're suggesting that your 4Q guide may be conservative, and it does imply on EBITDA margin that you're looking for lower EBITDA margin in 4Q versus 3Q. So I was wondering if there is anything that you anticipate in the fourth quarter, maybe some elevated expense? And in addition to that, are you still committed to deliver 200 bps of EBITDA margin expansion next year?

謝謝。Sandeep、Jim、Subi 也祝賀你們取得了非常出色的成績。吉姆，我對該指南有一個後續問題。聽起來您是在暗示您的第四季度指引可能有些保守，而且這確實暗示了 EBITDA 利潤率您希望第四季度的 EBITDA 利潤率低於第三季度。所以我想知道您對第四季有什麼預期嗎，也許是費用增加？除此之外，您是否仍致力於明年實現 200 個基點的 EBITDA 利潤率擴大？

Let me start with that last thing, Alexei. 100%, we are committed to delivering at least 200 basis points of margin expansion next year on wherever we end here in 2024. Now let's talk about Q4. Last year, we talked about investing a bit in the second half of this year to fortify our growth rate, not only in 2024 and 2025, but to make the investments now while already delivering on the 200 basis point improvement in 2024, exceeding that in 2024 and using some of that expansion and the efficiency that Subi and her team have driven to make incremental investments that are going to fortify that growth in the future.

讓我從最後一件事開始，阿列克謝。 100%，我們致力於在 2024 年結束時實現至少 200 個基點的利潤率成長。現在我們來談談 Q4。去年，我們談到了在今年下半年進行一些投資，以鞏固我們的成長率，不僅是在2024 年和2025 年，而且現在就進行投資，同時已經在2024 年實現了200 個基點的改善，超過了2017 年的水準。

Sandeep mentioned four names in his prepared remarks, just on the international go-to-market side. We continue to see that we're adding more folks on the go-to-market side, including in Q3, we added Fleur, our Chief Marketing Officer, but I would also say that we are looking for adding multiple people in the go-to-market and product side in that expertise. I think we're very happy with how we've built out the partnership program, and that's enabling us to do some of the things that Sandeep talked about. And so we're looking at Q4 as an opportunity to build to that.

僅在國際市場方面，桑迪普 (Sandeep) 在他的準備好的演講中就提到了四個名字。我們繼續看到我們在行銷方面增加了更多的人員，包括在第三季度，我們增加了首席行銷長弗勒爾，但我還想說，我們正在尋求在行銷方面增加多名人員。市場和產品方面的專業知識。我認為我們對合作夥伴計劃的建立感到非常滿意，這使我們能夠做 Sandeep 談到的一些事情。因此，我們將第四季度視為實現這一目標的機會。

I would say also the revenue beat in Q3 flowed straight through to the EBITDA beat in Q3, and when you normalize for those, you'll see that, that -- the guide there was 32%. And so I think we feel -- look, it's a privilege to have optionality to think about investing for the long term, and that's how we've approached the fourth quarter.

我想說的是，第三季的收入超出預期直接影響了第三季的 EBITDA 超出預期，當你將這些指標標準化時，你會看到，那裡的指導值為 32%。因此我認為，我們覺得——看，擁有選擇權來考慮長期投資是一種榮幸，這就是我們對第四季的態度。

Great. And then second question, either to Sandeep or to Subi. This Snowflake integration that you recently announced, could you elaborate a bit more on potential financial impact? Do you think you could see any leverage on OpEx from this integration, perhaps maybe lower R&D expense?

偉大的。然後是第二個問題，問 Sandeep 還是 Subi。您最近宣布的 Snowflake 集成，能否詳細說明其潛在的財務影響？您認為這次整合能對營運支出 (OpEx) 產生任何優勢嗎，或許能降低研發費用？

Yeah. This is Sandeep. Look, eventually, absolutely. I think right now, we deliver files if you were -- why am I saying this? Subi, do you want to just take this question?

是的。這是桑迪普。看起來，最終是絕對的。我認為現在，我們會傳送文件，如果您——我為什麼這麼說？Subi，你想只回答這個問題嗎？

I think -- this is Subi. There are two places or probably directionally where we would have -- where we would see a positive impact. Number one being how -- when the new data sources or new platforms or new technologies come in, how do you integrate this? So there was a little bit of a setup effort, which was required to be able for us to kind of make sure that the data flows. So that, over a period of time, we see going down and having a positive impact.

我認為——這是 Subi。有兩個地方，或者可能在方向上，我們會看到正面的影響。第一是當新的資料來源、新的平台或新的技術出現時，您如何將其整合起來？因此，我們需要進行一些設定工作，以確保資料流通。因此，在一段時間內，我們看到它正在下降並產生積極的影響。

The second being on the cycle times of onboarding. As we kind of onboard new assets and as we onboard new books and as we onboard the new data sources, I think that itself has a cycle time of its own and thereby impact revenue recognition. So I anticipate as we continue to strengthen this partnership and the volume goes there, you will see a nice uptick in the implementations and onboarding cycle times and thereby revenue recognition.

第二個是入職週期。當我們加入新資產、新帳簿和新資料來源時，我認為這本身就有其自己的週期，從而影響收入確認。因此，我預計，隨著我們繼續加強這種合作夥伴關係以及業務量的增加，您將看到實施和入職週期時間的良好上升，從而實現收入確認。

Alexei, I think I would just say that, look, I think we did it first and foremost for client delight. We want clients to be really happy about it. Secondarily, will it save us money? Yes. I think what Jim said is true on both counts. I think he said that we are committed to doing 200 basis point improvement next year on EBITDA. But also, we are committed to improving gross margin 50 basis points, and we're committed to doing that, too. So I feel it helps in gross margin, but really the reason for doing it was our clients are going to be meaningfully happier when they set up new assets and during onboarding.

阿列克謝，我想我只想說，看，我認為我們這樣做首先是為了讓客戶高興。我們希望客戶對此感到真正滿意。其次，它會幫我們省錢嗎？是的。我認為吉姆說的兩點都是對的。我認為他說我們致力於明年將 EBITDA 提高 200 個基點。但同時，我們致力於將毛利率提高 50 個基點，我們也致力於做到這一點。所以我覺得這有助於提高毛利率，但這樣做的真正原因是我們的客戶在建立新資產和入職期間會更加高興。

Okay, thank you.

好的，謝謝。

Gabriela Borges, Goldman Sachs.

高盛的加布里埃拉·博爾赫斯 (Gabriela Borges)。

Sandeep and Jim, I wanted to ask you a little bit about your 2025 planning process. More specifically, I'm thinking back to Investor Day and the targets you put out there are now all the progress that you've highlighted in the prepared remarks, not just this quarter, but over the last half quarters. I think the easy answer here on what are your priorities in 2025 is just more of the same, but I'm wondering if there's maybe one or two priorities that have incrementally surfaced to the top given all the progress that you've made over the last year?

Sandeep 和 Jim，我想問你們一些關於 2025 年規劃過程的問題。更具體地說，我回想起投資者日，您在那裡提出的目標現在都是您在準備好的發言中強調的所有進展，不僅是本季度，而且是過去半個季度。我認為，關於2025 年你的優先事項是什麼，最簡單的答案就是繼續做同樣的事情，但我想知道，考慮到你在過去幾年取得的所有進展，是否有一兩個優先事項逐漸浮出水面去年？

Thank you, Gabriela. Look, I think that's a really good observation. I do feel very differently from the Investor Day about our operations. It works very well, and this is not me just seeing it, if we look at the gross margin for this year, it's 110 basis points ahead versus we had thought 50 basis points ahead. We talked about EBITDA being 200 basis points ahead, and it's 290 basis points ahead.

謝謝你，加布里埃拉。看，我認為這是一個非常好的觀察。我對我們的營運的感受與投資者日時確實有很大不同。效果非常好，這不只是我看到的，如果我們看看今年的毛利率，它領先了 110 個基點，而我們原先認為是領先 50 個基點。我們之前說過 EBITDA 領先 200 個基點，結果卻是領先 290 個基點。

So I feel a lot more confident about the ability to continue to scale. And that, I think, gives us a bit of a license to be more ambitious about who Clearwater could be. And so what you -- I think Jim also referenced that a little bit and said, look, we have $290 million of net cash, and that gives us optionality. So I think what has changed in our thinking is in 2025 and beyond that, how do we pivot to take a more aggressive position, if you will, in the market?

因此，我對繼續擴大規模的能力更有信心。我認為這給了我們一些自由，讓我們可以更有野心地規劃 Clearwater 的未來。所以你想——我想吉姆也提到了這一點，他說，看，我們有 2.9 億美元的淨現金，這給了我們選擇權。所以我認為我們的思維發生了變化，在 2025 年及以後，我們將如何轉變以便在市場上採取更積極的地位？

Why would we want to do that? One is our clients are really happy. So when you have an NPS like we do and they have real pain, it sort of gets them to think about what else can Clearwater do. So I do think on the margin, you will see us be more aggressive on opportunities of partnership, opportunities in M&A, and frankly, opportunities of using technology like GenAI to continue to improve our performance even faster. So focus on growth, but with somewhat more aggression on what we might be tomorrow or day after.

我們為什麼要這麼做？一是我們的客戶非常高興。因此，當您擁有像我們這樣的 NPS 並且他們有真正的痛苦時，它就會讓他們思考 Clearwater 還能做些什麼。因此，我確實認為，從邊際上看，你會看到我們更積極地尋找合作機會、併購機會，坦白說，還有利用 GenAI 等技術的機會，以繼續更快地提高我們的業績。因此，我們要專注於成長，但要對明天或後天的發展抱持更積極的心態。

Thank you. That's all for me.

謝謝。對我來說這就是全部了。

Dylan Becker, William Blair.

迪倫貝克爾、威廉布萊爾。

I'll just ask one for the sake of time. But maybe Sandeep, Jim, Subi, appreciate the question here. I'll just ask one for the sake of time. But maybe Sandeep, for you. Wondering if you could talk to the momentum you're seeing with upmarket insurers. I think you called out another large win in the quarter. There's obviously a substantial opportunity to drive adoption here. But maybe thinking about the nuances here and the progress you're making in that segment of the market as they maybe have a growing propensity to spend and expand.

由於節省時間，我只想問一個問題。但也許 Sandeep、Jim 和 Subi 能夠理解這個問題。由於節省時間，我只想問一個問題。但也許 Sandeep 適合你。想知道您是否可以談談高端保險公司的發展勢頭。我認為您在本季度又取得了一次重大勝利。顯然，這裡有一個巨大機會來推動其採用。但也許考慮一下這裡的細微差別以及你在那個市場領域所取得的進展，因為他們可能有日益增長的消費和擴張的傾向。

Yes. So look, I think we get excited when we take a large client, a large insurer who thinks about onboarding in the two, three, four year time frame, and we can bring them live in a year or 12, 14, 15 months. And so that's exciting, and that's why we announced it because you can take really a significant insurer and bring them on board that quickly. And so that's why we pointed out.

是的。所以，當我們接到一個大客戶，一個大型保險公司，他們考慮在兩年、三年、四年的時間範圍內進行入職培訓，而我們可以在一年或12、14、15 個月內讓當他們上線時，我們會感到興奮。這是令人興奮的，這就是我們宣布這一消息的原因，因為您可以真正吸引一家重要的保險公司並迅速讓他們加入。這就是我們指出的原因。

Look, I think there continues to be real opportunity in that market. There is pain, as you all know. There is more pain from alternative assets as they continue to invest more and more in alternative assets, and that's why you always see us talk about we are building more and more there. But the basic platform just works. The basic platform works, it does well. It scales well.

看，我認為該市場仍然存在真正的機會。大家都知道，這是有痛苦的。隨著他們繼續在另類資產上投入越來越多的資金，另類資產帶來的痛苦也越來越大，這就是為什麼你總是看到我們談論我們在那裡建立越來越多的資產。但基本平台可以正常運作。基礎平台運作良好。它的可擴展性很好。

So really, why are we spending all of this money on R&D? Well, this is the reason, that I do think alternative assets continues to grow and our ability to service them well is important. And I think on the margin, I think, large insurers is a big target area for us. We continue to win there. And we hope to continue to win there over the next two, three, four years.

那麼，我們為什麼要花這麼多錢在研發上呢？嗯，這就是原因，我確實認為另類資產持續成長，我們為其提供良好服務的能力非常重要。我認為從邊緣角度來看，大型保險公司是我們的重要目標領域。我們在那裡繼續獲勝。我們希望在未來兩、三年、四年內繼續取得勝利。

Great. Thanks, Sandeep. Congratulations.

偉大的。謝謝，桑迪普。恭喜。

Michael Turrin, Wells Fargo.

富國銀行的邁克爾·圖林。

Okay, great. I'll keep it to one as well, just given the time constraints. But you've gotten a number of questions just on the retention characteristics in the uptick. I wanted to just spend some time more specifically on the base plus business model, which the team did a remarkable job of executing on in a tougher environment previously.

好的，太好了。由於時間限制，我也會將其保留為一個。但您已經收到了許多有關上升趨勢中的保留特徵的問題。我想花一些時間更具體地研究基礎加商業模式，團隊之前在更艱難的環境中出色地執行了該模式。

So maybe you can just help level set for us scenarios that the base price model now enables. Is it still AUM-based change on top of the more stable base? I think just given we're now seeing trend lines improve, I want to go back to various scenarios there, understand if the upside scenario is still as robust as it was in the prior model and maybe just spend some time revisiting that to encapsulate some of the commentary throughout.

所以也許您可以幫助我們設定現在基本價格模型所支援的場景。這是否仍然是在更穩定的基礎上基於 AUM 的變化？我認為，鑑於我們現在看到趨勢線有所改善，我想回顧一下那裡的各種情景，了解上行情景是否仍然像之前的模型一樣強勁，也許可以花一些時間重新審視這一點，以概括一些整個評論。

Yeah. Thanks, Michael. So I think it has been successful. We obviously implemented it in a time when we were worried about assets going down, and it stabilized the business during that period of time. We still capture the upside as far as AUM, so we have -- that is what the plus is for. As assets grow, we have that basis.

是的。謝謝，麥可。所以我認為它是成功的。顯然，我們在擔心資產下降的時候實施了這項措施，並且它在那段時期穩定了業務。就 AUM 而言，我們仍然佔上風，因此，這就是優勢所在。隨著資產的成長，我們就有了這個基礎。

I think the other thing that we did that has turned out to be far more strategic is that we also defined what we sold at the time of sale to the client. And that has enabled us to really enter into this multiproduct upsell program. If you go back 5 or 10 years, we just built everything onto a platform and just added it and rolled forward. And so I think when you see some of the upside, of course there is a tailwind from AUM. But there's also -- you're also seeing the tailwind through the cross-sell of these new products.

我認為我們所做的另一件更具策略性的事情是，我們還在向客戶銷售時定義了我們銷售的產品。這使我們能夠真正進入這項多產品追加銷售計劃。如果回顧 5 年或 10 年前，我們只是將一切構建到一個平台上，然後將其添加並繼續前進。因此我認為，當你看到一些好處時，當然會有來自 AUM 的順風。但是，您還會看到透過這些新產品的交叉銷售帶來的順風。

And it helps everyone because we're commercializing these products discretely, we're able to understand the ROI and really invest in doing more for our clients. We've been able to turn things from what was a burden, collectively for all of us, into an opportunity for both of us, both our clients and for Clearwater. And I'll just use one small example of this. NAIC, Subi described it all, where this was a significant change. And we've been able to enable our clients to kind of execute with very little burden on their behalf to this change, to this significant regulatory change for them.

這對每個人都有幫助，因為我們正在謹慎地將這些產品商業化，我們能夠了解投資回報率，並真正投入資金為我們的客戶做更多的事情。我們已能夠將對我們所有人而言都是負擔的事情轉變為對我們雙方、對我們的客戶以及 Clearwater 而言都是機會。我只想舉一個小例子。NAIC 的 Subi 如此描述這一切，這是一個重大的變化。並且我們已經能夠使我們的客戶在執行這項變更時，以很小的負擔，承受這一重大的監管變化。

And guess what? They're very comfortable paying for that service and for us to solve that problem for them. So that's kind of a small example of a real nice win-win.

猜猜怎麼著？他們很樂意為這項服務付費並讓我們為他們解決這個問題。這是一個真正雙贏的小例子。

Great detail. Thank you.

非常詳細。謝謝。

That concludes today's call. Thank you for your participation and enjoy the rest of your day.

今天的電話會議到此結束。感謝您的參與並祝您有個愉快的一天。

You want to say some last words? Go ahead. We're still on, go ahead.

你想說最後幾句話嗎？前進。我們還在繼續，繼續吧。

We're still on, but I just wanted to thank the Clearwater team. These results were extraordinary, but they are not generated by Jim or myself, or just Subi. It is the team which does that. I also want to take a moment to thank the Board special committee, which did extraordinary work in bringing the TRA termination proposal to our shareholders for ratification on a vote.

我們仍在繼續，但我只想感謝 Clearwater 團隊。這些結果非同尋常，但它們並不是由 Jim 或我本人，或僅僅是 Subi 創造的。正是團隊做到了這一點。我還想花點時間感謝董事會特別委員會，他們做出了出色的工作，將 TRA 終止提案提交給我們的股東投票批准。

So thank you all and thank you for your interest in Clearwater.

謝謝大家，謝謝你們對 Clearwater 的關注。