Clearwater Analytics Holdings Inc (CWAN) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Clearwater Analytics fourth-quarter and full-year 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 年第四季和全年財務業績電話會議。（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。

Welcome to Clearwater Analytics' fourth-quarter and full-year 2024 financial results conference call. Joining me on the call today are Sandeep Sahai, Chief Executive Officer; and Jim Cox, Chief Financial Officer. After their remarks, we will open the call to a question-and-answer session.

歡迎參加 Clearwater Analytics 2024 年第四季和全年財務表現電話會議。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）。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, expectations for the timing of the Enfusion acquisition and its expected benefits; 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，任何前瞻性陳述均依據 1995 年私人證券訴訟改革法案的安全港條款做出。未來目標、意圖和期望的表達，包括與業務前景、未來財務和產品表現、對 Enfusion 收購時機的預期及其預期收益相關的目標、意圖和期望；以及類似項目，包括但不限於使用可能、將、能夠、預期和相信等術語的表達；而反映除歷史事實以外的其他內容的表達旨在識別前瞻性陳述。

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

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 Q4 2024 was an outstanding quarter for our company.

謝謝你，Joon。我很高興地報告，2024 年第四季對我們公司來說是一個出色的季度。

Revenue for the quarter was $126.5 million, a 28% year-on-year growth, which I'm sure you will agree is spectacular. ARR grew to $474.9 million, a 25% year-on-year growth, one of the highest increases since our IPO. Coupled with our strong gross revenue retention, this allows us to look ahead to 2025 and beyond with very high confidence. And finally, adjusted EBITDA was $41.7 million, 33% of revenue, and up 39% year on year.

本季營收為 1.265 億美元，年成長 28%，我相信您會同意這是非常驚人的。ARR 成長至 4.749 億美元，年增 25%，是我們 IPO 以來的最高增幅之一。再加上我們強勁的總營收留任率，讓我們對 2025 年及以後充滿信心。最後，調整後的 EBITDA 為 4,170 萬美元，佔營收的 33%，較去年同期成長 39%。

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

我們持續實現強勁的有機成長，單位經濟效益和獲利水準不斷提高，同時大力投資策略舉措和創新。這確實是一個出色的季度。這一增長得益於我們業務各個方面的成功。

Number one, NRR grew to 116%, as we have laid out on several occasions in the past, one of the foundations of our growth strategy has been NRR growth. It involves a strong focus on client satisfaction and delight, investment in innovation and product development, a robust commercial model, and dedicated teams focused on driving NRR growth. We are excited to deliver an NRR growth of 116% for the quarter and believe that it provides a very strong foundation for sustained growth.

第一，NRR 成長到了 116%，正如我們過去多次提到的，NRR 成長是我們成長策略的基礎之一。它涉及高度關注客戶滿意度和愉悅度、對創新和產品開發的投資、強大的商業模式以及致力於推動 NRR 成長的專門團隊。我們很高興本季的 NRR 成長率達到 116%，並相信這為持續成長奠定了非常堅實的基礎。

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

第二，在我們日益多樣化的細分市場和地理區域進行廣泛擴張。我們擁有單一實例、多租戶平台，它能夠輕鬆適應相鄰的細分市場和地理位置，這使我們能夠制定具有極佳可視性的多年成長策略。如果你不關注單位經濟效益，成長就永遠不可能長期持續，這就是為什麼你會看到我們一直高度關注這一點。

I'm pleased to report that our gross margin has grown exceptionally well. For the quarter, our gross margin grew 190 bps year on year and 170 bps for the full year. These are significantly higher than the 50 bps per year improvement target we had set on Investor Day two years back. But at that time, we did not foresee the impact generative AI would have on our business.

我很高興地報告，我們的毛利率成長非常好。本季度，我們的毛利率年增190個基點，全年成長170個基點。這明顯高於我們兩年前在投資者日設定的每年 50 個基點的改善目標。但當時，我們並沒有預見到生成式人工智慧會對我們的業務產生的影響。

We believe that we can expand unit economics this year by an additional 50 bps, and we now believe that the long-term target for gross margin is north of 80%. The combination of strong execution, our development of gen AI use cases, and the benefits of our network effect provide us with ample opportunities to drive this expansion in margin.

我們相信，今年我們可以將單位經濟效益再擴大 50 個基點，現在我們認為毛利率的長期目標是 80% 以上。強大的執行力、我們對新一代人工智慧用例的開發以及我們的網路效應優勢，為我們提供了充足的機會來推動利潤的擴張。

Generative AI has the dual benefit of driving operational efficiency and providing customers with faster responses to the queries via self-serve agents. We have continued to invest heavily in this technology and believe that we are at the very leading edge of innovation in our industry, enabled by the fact that our platform users a single security master across all our clients.

生成式人工智慧具有雙重優勢，既可以提高營運效率，又可以透過自助服務代理為客戶提供更快的查詢回應。我們一直在對這項技術進行大量投資，並相信我們處於行業創新的最前沿，這要歸功於我們的平台用戶為所有客戶端使用單一的安全主機。

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

看到我們的勞動成果在整體獲利能力上發揮出應有的作用，我們感到非常欣慰。我們再次看到，由於公司內部各職能部門的單位經濟效益和可擴展性優勢不斷擴大，業績表現十分強勁。

EBITDA grew by 350 bps for the year, exceeding the already ambitious 200 bps goal we outlined during Investor Day in 2023. The overperformance in unit economics flew through to the bottom line almost entirely. Finally, we expect to deliver another 200 bps in EBITDA growth in 2025.

全年 EBITDA 成長了 350 個基點，超過了我們在 2023 年投資者日期間制定的雄心勃勃的 200 個基點目標。單位經濟效益的超額表現幾乎完全影響了利潤。最後，我們預期 2025 年 EBITDA 將再成長 200 個基點。

We are delivering a disruptive platform to the investment management industry, one that is constantly getting better because of our sustained investment in innovation. Our approach and plan for organic growth remains largely unchanged. We believe that having many irons in the fire for driving growth is the appropriate approach for delivering durable growth in our business.

我們正在為投資管理產業提供一個顛覆性的平台，由於我們對創新的持續投資，該平台正在不斷變得更好。我們的有機成長方法和計劃基本上保持不變。我們相信，採取多種措施推動成長是實現業務持久成長的適當方法。

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

我們對先前在單位經濟和盈利能力擴張方面概述的改進速度感到滿意，同時我們將繼續持續投資以推動持久增長。

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

成長的槓桿是：第一，在北美推動新標誌，我們在北美擁有最大的TAM和最高的獲勝權利，利用我們較高的NPS和CSAT評級。所有這些都帶來了持續強勁的勝率。

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

第二，繼續進行國際擴張，成為歐洲和亞洲投資管理產業的首選平台。

Number three, focusing on back-to-base investments to drive 1 to 4 bps expansion in our core markets. We actively manage our investments in new products and are rigorous about unfunding investments that show limited traction. Conversely, we increase support for investments that resonate with our clients.

第三，重點在於回歸基礎的投資，推動核心市場實現 1 至 4 個基點的擴張。我們積極管理對新產品的投資，並嚴格取消那些表現有限的投資。相反，我們會增加對與客戶產生共鳴的投資的支援。

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

第四，將我們的資產所有者範圍從傳統的保險公司和企業擴大到州和地方政府、基金會、房地產投資信託基金、退休金、主權基金和捐贈基金。

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

第五，透過與其他軟體供應商、系統整合商和顧問合作建立有效的成長管道。這是我們投資不足的領域，許多公司都透過這個管道獲得了可觀的收入。我們希望在今年稍後以及未來幾年看到成果。

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

第六，繼續選擇性地進行併購舉措，確保任何潛在的收購都符合我們的長期策略目標。

And number seven, we believe our core TAM stands at approximately $5.9 billion, a figure derived from the segments where we have achieved a long-term 80% win rate. With $474.9 million in ARR at the end of 2024, we have a long runway of growth ahead of us.

第七，我們認為我們的核心 TAM 約為 59 億美元，這一數字來自於我們長期實現 80% 勝率的細分市場。截至 2024 年底，我們的 ARR 為 4.749 億美元，未來還有很長的成長空間。

Let's discuss some of our initiatives in greater detail. Our new product initiatives, which focuses on expanding into adjacent markets are developed in partnership with our clients. These initiatives have played a significant role in driving engagement and growth in 2024. Our initiatives focus on platform modules that enhance customer efficiency. LPs, mortgages, regulatory reporting, funds, risk, and performance have all helped grow our business.

讓我們更詳細地討論我們的一些舉措。我們的新產品計劃專注於拓展鄰近市場，是與客戶合作開發的。這些措施在推動2024年的參與度和成長方面發揮了重要作用。我們的措施重點在於提高客戶效率的平台模組。LP、抵押貸款、監管報告、基金、風險和績效都幫助我們的業務成長。

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

Clearwater 在現有客戶的基礎上擴大了業務範圍，同時也增加了一些知名客戶，例如 Imperial Fund Capital Partners、Invictus Capital Management、全美房地產經紀人協會、Nucor Corporation、OpenAI、俄亥俄州學校僱員退休系統、路易斯安那州、聯合國聯邦信用合作社、WCF Insurance 等。

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

在保險領域，我們繼續向巨型和大型保險公司擴張。我想重點介紹一家全球商業財產保險提供商，我們提供自動化可擴展投資會計流程的能力使我們脫穎而出，暴露了其遺留系統的局限性。

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

我們也歡迎一家為美國各地企業提供服務的全國性財產和意外傷害工人賠償保險公司。據我們的客戶稱，我們現代化的平台是唯一能夠滿足其資產類別多樣化、精簡營運和長期可擴展成長需求的解決方案。

In the asset management industry, a leading OCIO has chosen to replace their legacy system, selecting us as a cornerstone of their long-term expansion, with the goal of growing their assets to $50 billion in AUM. Clearwater will replace six of their platforms, dramatically simplifying their technology infrastructure.

在資產管理行業，一家領先的 OCIO 選擇更換其舊系統，選擇我們作為長期擴張的基石，目標是將其資產管理規模增加到 500 億美元。Clearwater 將更換其六個平台，從而大大簡化其技術基礎設施。

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

除了傳統的保險和企業部門之外，資產所有者的範圍和規模還在不斷擴大。阿拉米達縣僱員退休協會等領先組織將依靠 Clearwater 進行數據驗證、影子記錄簿會計以及整個投資組合（包括另類資產）的總體計劃報告。

In the public sector, we welcome the State of Nevada and the State of Louisiana to Clearwater. When faced with significant key person risk and an internally built, outdated local government investment pool system, the State of Nevada selected Clearwater to manage their entire LGIP and general fund portfolio.

在公共部門，我們歡迎內華達州和路易斯安那州來到克利爾沃特。當面臨重大關鍵人物風險和內部構建的、過時的地方政府投資池系統時，內華達州選擇了 Clearwater 來管理其整個 LGIP 和普通基金投資組合。

Their state treasury team and the pool participants will be able to seamlessly navigate LGIPs complete with participant portal log-ins and statement preparation, all for one central secure platform.

他們的州財政團隊和資金池參與者將能夠無縫瀏覽 LGIP，包括參與者入口網站登入和聲明準備，所有這些都可以在一個中央安全平台上完成。

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

此外，俄亥俄州學校僱員退休系統選擇了 Clearwater 提供的強大的投資會計解決方案，該解決方案可以處理所有資產類別的會計工作。這些勝利鞏固了我們作為投資和退休金管理解決方案值得信賴的合作夥伴的聲譽，並得到了致力於該市場的團隊的支持。

Our expansion in Europe, Asia, and Africa has brought new clients. One notable success in Asia Pacific involves a leading asset management company that adopted Clearwater to unify their insurance assets under a single comprehensive platform.

我們在歐洲、亞洲和非洲的擴張帶來了新的客戶。亞太地區一個顯著的成功案例是一家領先的資產管理公司，該公司採用 Clearwater 將其保險資產統一到一個綜合平台下。

We couldn't be more excited to support this asset manager's ambitious expansion plans across multiple Asian countries. Our platform is designed to scale effortlessly, and we are proud of the growth that it enables.

我們非常高興能夠支持這家資產管理公司在多個亞洲國家的雄心勃勃的擴張計劃。我們的平台設計為可輕鬆擴展，我們為它所實現的成長感到自豪。

To highlight one of our cross-sell successes, I'm pleased to welcome a US investment management firm specializing in real estate and alternative investments that has selected Clearwater to empower its mortgage loan team. Our solution provides deep visibility into their expanded agency and non-agency mortgage-backed securities, repurchase agreements, and derivatives instrument.

為了強調我們的交叉銷售成功案例之一，我很高興歡迎一家專門從事房地產和另類投資的美國投資管理公司，該公司選擇 Clearwater 來增強其抵押貸款團隊。我們的解決方案提供了對其擴展的機構和非機構抵押貸款支援證券、回購協議和衍生工具的深入了解。

With Clearwater, the investment professionals gain a comprehensive platform to drive growth and make well-informed decisions throughout the entire low life cycle, from origination and deal management to analytics, accounting, and reporting. This win exemplifies the single pane of glass experience our platform is designed to deliver.

借助 Clearwater，投資專業人士可以獲得一個全面的平台，以推動成長並在整個低生命週期內做出明智的決策，從發起和交易管理到分析、會計和報告。這次勝利體現了我們的平台所設計的單一玻璃體驗。

These examples are just a glimpse of our expanding portfolio of new client wins, showcasing Clearwater's unmatched ability to meet diverse client needs. We are in the business of transformation, simplifying complex legacy systems and empowering clients to achieve bold, ambitious growth targets.

這些例子只是我們不斷擴大的新客戶組合的一部分，展示了 Clearwater 滿足不同客戶需求的無與倫比的能力。我們的業務是轉型，簡化複雜的舊系統並幫助客戶實現大膽、雄心勃勃的成長目標。

Our platform is precision-engineered to deliver purpose-built solutions that replace outdated, inflexible legacy systems, keeping our clients ahead in a fast-moving investment management landscape. We continue to build and support these initiatives, and our investment in R&D will continue to grow in dollar terms even as they fall as a percent of revenue, fully consistent with the plans we have discussed on earlier calls.

我們的平台經過精心設計，可以提供專用解決方案來取代過時、不靈活的傳統系統，使我們的客戶在快速發展的投資管理環境中保持領先地位。我們將繼續建立和支持這些舉措，儘管研發投資佔收入的百分比有所下降，但以美元計算，研發投資仍將繼續增長，這與我們在之前的電話會議上討論的計劃完全一致。

Now let me turn to the acquisition of Enfusion. Before I go any further, I believe that our first order of business is to ensure that the core Clearwater platform continues to perform and deliver the durable and efficient growth it has delivered over the past few years.

現在我來談談對 Enfusion 的收購。在繼續之前，我認為我們的首要任務是確保核心 Clearwater 平台繼續發揮作用，並實現過去幾年來實現的持久、高效的成長。

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

這是我向我們的團隊強調的一個關鍵訊息。我們有機會在全體會議環境中與 Enfusion 領導層進行接觸，隨後與整個團隊進行接觸。我們也有機會與幾個團隊親自會面。我很高興地告訴大家，我們所有人都懷著同樣的熱情和決心，共同打造一個能夠改變我們產業的市場領先、從前端到後端的平台。

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

Clearwater 和 Enfusion 均擁有強勁的多年成長記錄，這些記錄由專為日益複雜的投資環境而設計的下一代單一實例、多租戶平台提供支援。兩家公司都提供了端到端平台，滿足我們各自關注的細分市場的需求，並且在這方面取得了巨大的成功。

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

然而，從細分市場、規模、產業，包括各類資產管理者和資產所有者的角度來看，我們的核心優勢是完全互補的。Enfusion 提供一流的前台解決方案，而 Clearwater 的平台則在中後台功能方面表現出色。這項策略調整將使我們能夠提供滿足投資管理產業多樣化需求的全面解決方案。

We held a multi-day meeting of leaders from both organizations to align on the details of our shared strength. Working together, we defined our priorities and they include: number one, accelerate our goal of building a front-to-back platform for the entire investment life cycle, and thereby, uprate the need for having multiple systems that need to be constantly upgraded.

我們與兩個組織的領導人舉行了為期多天的會議，就我們共同優勢的細節達成協議。透過共同努力，我們確定了優先事項，包括：第一，加速實現建構整個投資生命週期前端到後端平台的目標，從而提高需要不斷升級的多個系統的必要性。

That, by itself, is a game changer. This should also dramatically reduce the need for reconciling data between the front, middle, and back office, which have been a long-standing problem for our industry. Another game changer, using that same data for risk, compliance, and regulatory reporting will alter the efficiency of these enabling functions very meaningful.

這本身就足以改變遊戲規則。這也將大大減少前台、中台和後台之間核對數據的需要，而這一直是我們行業存在的長期問題。另一個改變遊戲規則的因素是，使用相同的數據進行風險、合規和監管報告將非常有意義地改變這些支援功能的效率。

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

第二，實際提高資產管理產業跨策略、跨規模、跨地域的共同獲勝權。透過將 Clearwater、Enfusion 和 JUMP 技術的 IP、工程和產品團隊整合到統一的經銷商之下，我們希望為我們擁有的最大的 TAM 建立一個變革性的綜合平台。

Number three, effectively offer Enfusion's investment book of record, or EnIBOR, portfolio management system, and order and execution management system to Clearwater clients, furthering our 1 to 4 bp journey.

第三，有效地向 Clearwater 客戶提供 Enfusion 的投資記錄簿（EnIBOR）、投資組合管理系統以及訂單和執行管理系統，進一步推動我們 1 到 4 個基點的旅程。

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

第四，重新聚焦並投入產品、工程、營運和 GTM 資源於對沖基金市場，以增強和發展 Enfusion 的領導地位是另一個關鍵重點。專注的焦點和團隊發揮著重要作用，我們相信這種重新調整將帶來更快的成長。

Number five, use Enfusion's greater presence in Europe and Asia to drive faster adoption of our platform. The international market represents approximately 50% of our TAM and having additional resources across these geographies will help position us better.

第五，利用 Enfusion 在歐洲和亞洲的更大影響力來推動我們平台的更快普及。國際市場約占我們 TAM 的 50%，在這些地區擁有額外的資源將有助於我們獲得更好的定位。

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

第六，提高我們的毛利率並實現成本協同效應，從而創建具有財務吸引力的商業模式。

Ultimately, though, this acquisition is about growth and industry leadership. We also expect to realize strong synergies and sustained improvement in unit economics. We are enthusiastic about the opportunity to collaboratively build a best-in-class platform for the entire investment life cycle, one that we believe simply does not exist in our industry. Coming out of the leadership meeting, we have initial plans for each of these priorities and expect to hit the ground running when we close in quarter two.

但從根本上來說，此次收購是為了成長和產業領導地位。我們也希望實現強大的協同效應和單位經濟的持續改善。我們對共同建立一個涵蓋整個投資生命週期的一流平台的機會感到非常興奮，我們認為這樣的平台在我們的行業中根本不存在。領導會議結束後，我們對每個優先事項都制定了初步計劃，並期望在第二季末立即開始實施。

So what lies ahead? A comprehensive front-to-back platform that serves industries of all sizes. That is our promise. We are scaling with a clear vision, excited about the journey we are on, and remain committed to delivering exceptional value to our clients, employees, and shareholders.

那麼未來又會怎麼樣呢？一個全面的前端到後端平台，為各種規模的行業提供服務。這是我們的承諾。我們以清晰的願景不斷擴大規模，對我們正在進行的旅程感到興奮，並將繼續致力於為我們的客戶、員工和股東提供卓越的價值。

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

說完這些，我將把電話交給吉姆，讓他更深入地了解我們的財務表現。

Thanks, Sandeep. I'm proud to report an outstanding Q4 and full-year 2024 results, which continued the impressive momentum from the prior three quarters of 2024. Among our many stellar results, it was most satisfying to report NRR of 116% this quarter, a full year earlier than the goal we stated in our Investor Day back in September 2023. Overall, our key metrics were exceptional across the board in Q4 with multiple record highs.

謝謝，桑迪普。我很自豪地報告 2024 年第四季和全年的出色業績，延續了 2024 年前三個季度的強勁勢頭。在我們取得的眾多出色業績中，最令人滿意的是本季的 NRR 為 116%，比我們在 2023 年 9 月投資者日提出的目標提前了整整一年。整體而言，我們第四季的關鍵指標全面出色，創下多個歷史新高。

I'd also like to take a quick moment to thank our clients and employees who made this consistent track record of excellence possible. While investors have come to expect this performance as a routine occurrence, in reality, it's quite an accomplishment, and it takes the hard work and relentless dedication of individuals and the alignment of teams to our goals throughout the organization to achieve these stellar results.

我也想花一點時間感謝我們的客戶和員工，是他們讓我們持續保持卓越的績效。雖然投資人已經將這種表現視為常規現象，但實際上，這是一項相當大的成就，需要個人的辛勤工作和不懈奉獻，以及整個組織團隊與我們目標的協調，才能實現這些出色的成績。

Again, we achieved full-year revenue of $451.8 million, with year-over-year growth of 22.7%. For additional perspective, revenue also comfortably beat the midpoint of the original guidance we announced back on February 28, 2024, for full year 2024, by $17.8 million.

我們再次實現全年營收 4.518 億美元，年增 22.7%。從其他角度來看，收入也輕鬆超過了我們在 2024 年 2 月 28 日宣布的 2024 年全年原始指引的中點，高出 1780 萬美元。

In addition, the year-over-year growth of 22.7% marked yet another year in which Clearwater grew revenue by more than 20%. In Q4 2024, we delivered $126.5 million in revenue. This translates to an impressive 27.7% year-over-year revenue growth and beat guidance by $6.3 million.

此外，年增 22.7%，標誌著 Clearwater 的營收又一年增長超過 20%。2024 年第四季度，我們的營收為 1.265 億美元。這意味著營收年增了 27.7%，比預期高出 630 萬美元。

The NAIC made the most significant set of accounting and designation changes in over a decade, and those are effective in early 2025. Several of our insurance clients were somewhat unprepared and sought our help in ensuring compliance with these new rules.

美國全國保險監督官協會 (NAIC) 做出了十多年來最重大的會計和指定變更，這些變更將於 2025 年初生效。我們的幾位保險客戶有些措手不及，並尋求我們的幫助以確保遵守這些新規定。

We had planned to do the work in both Q4 2024 and in Q1 of 2025, but we were able to utilize some third-party resources to assist us to deliver those services more quickly than we had planned. Customers were delighted to get the work completed before the end of the year.

我們原計劃在 2024 年第四季和 2025 年第一季完成這項工作，但我們能夠利用一些第三方資源來幫助我們比計劃更快地提供這些服務。客戶們很高興能在年底前完成這項工作。

There was about $3 million in incremental revenue in the quarter relative to our expectations when we provided our Q4 guidance. The third-party expenses associated with that additional work was also booked in Q4. Because these services are not expected to reoccur, they were not included in the amounts reported for ARR or NRR.

與我們提供第四季度指引時的預期相比，本季的增量收入約為 300 萬美元。與該額外工作相關的第三方費用也計入第四季。由於這些服務預計不會再次發生，因此它們不包括在 ARR 或 NRR 報告的金額中。

Annualized recurring revenue, or ARR, at the end of December 2024 was a record $474.9 million, representing a robust year-over-year increase of 25.3% from $379.1 million in the prior year. In addition, as of December 31, 2024, the Clearwater platform processes and reports on $8.8 trillion in assets daily, which represents an increase of $1.5 trillion over the prior year.

截至 2024 年 12 月底，年化經常性收入 (ARR) 達到創紀錄的 4.749 億美元，較上年的 3.791 億美元強勁增長 25.3%。此外，截至 2024 年 12 月 31 日，Clearwater 平台每天處理和報告 8.8 兆美元的資產，比前一年增加了 1.5 兆美元。

Additionally, we grew the number of clients with over $1 million in ARR to 100 from the prior year's 86, achieving an impressive triple digits in Clearwater clients with over $1 million in ARR. We expect to further increase these record-breaking numbers in the future as we continue to both win new logo clients and also wind cross-sell initiatives and layer on additional assets with existing clients as well as cross-sell additional products to obtain more of our clients' wallet share, the program we call 1 to 4 bps.

此外，我們 ARR 超過 100 萬美元的客戶數量從上年的 86 個增加到 100 個，Clearwater ARR 超過 100 萬美元的客戶數量達到了令人印象深刻的三位數。我們預計，隨著我們繼續贏得新客戶、開展交叉銷售計劃和向現有客戶增加額外資產以及交叉銷售額外產品以獲得更多客戶錢包份額（我們稱此計劃為 1 到 4 個基點），這些破紀錄的數字將在未來進一步增加。

Now let's turn to profitability. We've continued our strong margin expansion path by delivering $145.7 million in EBITDA in the full year 2024 with an impressive year-over-year growth rate of 37.6% and an EBITDA margin for the full year of 32.2%, comfortably beating our guidance for the full year 2024. In Q4 2024, we achieved an EBITDA of $41.7 million with a record-high EBITDA margin of 33%.

現在我們來談談獲利能力。我們持續保持強勁的利潤率擴張勢頭，2024 年全年實現 EBITDA 1.457 億美元，年成長率高達 37.6%，全年 EBITDA 利潤率為 32.2%，輕鬆超越我們對 2024 年全年的預期。2024 年第四季，我們的 EBITDA 達到 4,170 萬美元，EBITDA 利潤率達到創紀錄的 33%。

That beat our guidance for the quarter by $3.2 million. Our strong margin expansion path was also reflected in our gross margin with a record-high 78.2% gross margin for the full year 2024 and Q4 2024 gross margin of 78.8%. This consistent achievement in margin expansion underscores the continued profitable unit economics, efficacy of growth initiatives and the strong value-add that we provide to our clients.

這比我們本季的預期高出 320 萬美元。我們強勁的利潤率擴張路徑也反映在我們的毛利率上，2024 年全年毛利率創歷史新高，達到 78.2%，2024 年第四季毛利率為 78.8%。利潤率持續擴大的成績凸顯了單位經濟的持續獲利、成長計畫的有效性以及我們為客戶提供的強大增值服務。

While free cash flow in the quarter was a negative $29.8 million, in December 2024, our unaffiliated shareholders approved the onetime payment to terminate the company's tax receivable agreement, which was $72.5 million plus approximately $6.5 million in third-party expenses.

雖然本季的自由現金流為負 2,980 萬美元，但在 2024 年 12 月，我們的非關聯股東批准了一次性付款以終止公司的稅收應收協議，該付款為 7,250 萬美元加上約 650 萬美元的第三方費用。

Absent that change, our working capital continues to noticeably improve, with our AR days outstanding decreasing to 77 days in Q4 from 86 in Q4 of last year. As a result, we ended Q4 with $285.8 million in cash, cash equivalents and investments. Current total debt is $45.9 million, and that results in net cash holdings of approximately $240 million.

如果沒有這種變化，我們的營運資本將繼續大幅改善，應收帳款未償天數從去年第四季的 86 天減少到第四季的 77 天。因此，我們在第四季結束時擁有 2.858 億美元的現金、現金等價物和投資。目前總債務為 4,590 萬美元，淨現金持有量約 2.4 億美元。

As I previously mentioned, we increased our net revenue retention rate to 116% from the prior year's 107%. This really represents a significant achievement, especially gratifying given it occurred 12 months ahead of our original scheduled target date of the end of 2025. Achievement of these results starts with our world-class and consistent gross revenue retention, which was 98% again in Q4.

正如我之前提到的，我們將淨收入保留率從去年的 107% 提高到了 116%。這確實是一項重大成就，尤其令人欣慰的是，它比我們原定的 2025 年底目標日期提前了 12 個月。取得這些成果始於我們世界一流且持續的總營收保留率，第四季的總營收保留率再次達到 98%。

Upsell of the core platform across clients was very strong at nearly 7% while new product cross-sell was 3% of the growth. This year, we yielded nearly 5% price increases across the portfolio, while AUM expansion provided the remainder of the growth from 98% at gross retention to 116% of net revenue retention.

核心平台跨客戶的追加銷售非常強勁，增幅接近 7%，而新產品交叉銷售則成長了 3%。今年，我們整個投資組合的價格上漲了近 5%，而 AUM 的擴張則帶來了剩餘的成長，從總保留率的 98% 成長到了淨收入保留率的 116%。

At Clearwater, it is incredibly important to set out and achieve ambitious goals. And so we are very proud to have achieved this goal for the first time. However, the goal was not to achieve NRR 115% once, but to achieve it reliably and consistently with the durability our investors expect in all aspects of our business. And we know there is more work to do to deliver these results consistently.

在 Clearwater，制定並實現雄心勃勃的目標極為重要。因此，我們非常自豪首次實現了這一目標。然而，我們的目標並不是一次性實現 115% 的 NRR，而是在我們業務的各個方面可靠、持續地實現這一目標，並滿足投資者對持久性的期望。我們知道，要持續達成這些成果，還有很多工作要做。

In addition to the terrific revenue and non-GAAP results, we achieved GAAP net income and a pretty impressive one at that. We reported $420.3 million for GAAP net income in Q4. That compares to a GAAP net loss of $3.4 million in Q4 of 2023.

除了出色的收入和非公認會計準則績效外，我們還實現了公認會計準則淨收入，而且是相當令人印象深刻的淨收入。我們報告第四季度的 GAAP 淨收入為 4.203 億美元。相比之下，2023 年第四季的 GAAP 淨虧損為 340 萬美元。

As much as we appreciate the very large GAAP net income, it was created by the release of a deferred tax valuation allowance in Q4. We now have an approximately $600 million deferred tax asset on our balance sheet. And as a result, our cash tax payments will be very limited over the next few years.

儘管我們很欣賞非常大的 GAAP 淨收入，但這是由於第四季度釋放了遞延所得稅估價準備而造成的。我們的資產負債表上現在有大約 6 億美元的遞延稅務資產。因此，未來幾年我們的現金納稅將非常有限。

Now let's turn to guidance. For the full year 2025, we expect revenue to be between $535.5 million to $542 million on a stand-alone basis, representing an initial year-over-year growth rate of approximately 19% to 20%.

現在讓我們來談談指引。就 2025 年全年而言，我們預計獨立收入將在 5.355 億美元至 5.42 億美元之間，初始年成長率約為 19% 至 20%。

We currently expect the Enfusion acquisition to close in the second quarter of 2025, and we'll update all our full year guidance to reflect the combined company at that time. For the full year 2025, we expect EBITDA to be $182 million to $185 million, representing an adjusted EBITDA margin of 34% for the year.

我們目前預計 Enfusion 收購將於 2025 年第二季完成，屆時我們將更新所有全年指引，以反映合併後的公司狀況。我們預計 2025 年全年 EBITDA 將達到 1.82 億至 1.85 億美元，全年調整後 EBITDA 利潤率為 34%。

For the first quarter of 2025, we expect revenue to be $125 million, representing a year-over-year growth rate of approximately 22%, which is a strong start to the year for year-over-year growth. Please note that approximately $3 million of revenues and associated expense related to the NAIC project expected to be recognized in Q1 of 2025 was recognized in Q4 of 2024.

對於 2025 年第一季度，我們預計營收為 1.25 億美元，年成長約 22%，這對今年的年成長來說是一個強勁的開端。請注意，預計在 2025 年第一季確認的與 NAIC 項目相關的約 300 萬美元收入和相關費用已於 2024 年第四季度確認。

In terms of adjusted EBITDA guidance, for the first quarter of 2025, we expect EBITDA to be $41.5 million, representing an adjusted EBITDA margin of 33.2% or approximately 200 basis points higher than the prior year Q1.

就調整後的 EBITDA 指引而言，對於 2025 年第一季度，我們預期 EBITDA 為 4,150 萬美元，調整後的 EBITDA 利潤率為 33.2%，或比去年同期高出約 200 個基點。

For the year, we currently expect equity-based compensation and related payroll taxes to be $106 million, basically flat for the third year in a row. With our continued revenue growth, we expect equity-based compensation will now represent less than 20% of revenues for 2025.

我們目前預計今年的股權薪酬和相關工資稅為 1.06 億美元，連續第三年基本持平。隨著我們營收的持續成長，我們預計到 2025 年股權薪酬將佔營收的 20% 以下。

Depreciation and amortization, before considering the impact of the Enfusion acquisition, will be $13 million in 2025. Although we will pay only a limited amount in cash taxes, we will continue to utilize a non-GAAP tax rate of 25% for 2025. Lastly, we expect our share count for the year, again, absent the impact of acquisitions, to be 263 million shares on a fully diluted basis.

在考慮 Enfusion 收購的影響之前，2025 年的折舊和攤提將達到 1,300 萬美元。雖然我們只需支付有限金額的現金稅，但我們將在 2025 年繼續採用 25% 的非 GAAP 稅率。最後，我們預計，除去收購的影響，今年的股票總數將達到完全稀釋後的 2.63 億股。

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

說完這些，我將把問題交給 Sandeep，讓他在提問之前給一些結束語。

Thank you, Jim. This quarter's stellar performance and record revenue growth, bolstered by a 116% NRR, reflects the remarkable execution of our strategic initiatives and the trust that our clients place in us. We are not only responding to market needs, but also actively shaping the future of investing with a powerful, scalable platform.

謝謝你，吉姆。本季的出色表現和創紀錄的收入成長，加上 116% 的 NRR，反映了我們策略舉措的出色執行以及客戶對我們的信任。我們不僅響應市場需求，而且還透過強大、可擴展的平台積極塑造投資的未來。

I'm proud of our team's dedication and our shared commitment to operational excellence, which positions us for sustained revenue growth and value creation for our clients, employees and shareholders alike. With the acquisition of Enfusion, we are bringing together two very strong companies, and we plan to build a truly transformative platform for the investment management industry.

我為我們團隊的奉獻精神和對卓越營運的共同承諾感到自豪，這使我們能夠為客戶、員工和股東實現持續的收入成長和價值創造。透過收購 Enfusion，我們將兩家非常強大的公司合併在一起，並計劃為投資管理產業打造一個真正具有變革性的平台。

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

我們期待在此基礎上再接再厲，在未來幾季和幾年內實現我們的計劃。謝謝。

(Operator Instructions) Rishi Jaluria, RBC.

(操作員指令) Rishi Jaluria，RBC。

Wonderful. Thanks so much for taking my question. Nice to see a continued solid execution. I've got two. First, I wanted to start with just kind of the upcoming Enfusion deal. I understand, obviously, you're limited in what you can do.

精彩的。非常感謝您回答我的問題。很高興看到持續穩健的執行。我有兩個。首先，我想先談談即將達成的 Enfusion 交易。我了解，顯然你能做的事情是有限的。

But Sandeep and Jim, as you've been talking to your existing customers and including these impressive new logos that you've been landing, what has been early feedback from those customers around the potential to have, the two of you together, the potential to bring some of the front-office solutions and retool them and integrate them? Any color you could share there would be helpful. And then I've got a quick follow-up.

但是桑迪普和吉姆，當你們與現有客戶交談，並包括你們獲得的這些令人印象深刻的新標誌時，這些客戶的早期反饋如何？您分享的任何顏色都會很有幫助。然後我會快速跟進。

Yeah. Thank you, Rishi. So the first thing is that people are generally very excited about what we have done. So what are they excited about? We have talked about 1 to 4 bps for a long time. And our ability to bring a market leader such as Enfusion into the play is, I think, very exciting for clients.

是的。謝謝你，Rishi。首先，人們普遍對我們所做的事情感到非常興奮。那麼他們為何興奮呢？我們已經談論1到4個基點很久了。我認為，我們能夠將 Enfusion 這樣的市場領導者引入我們的業務中，這對客戶來說非常令人興奮。

So we feel that it does accelerate our 1 to 4 bp journey. It's not super easy, though. We obviously have integration work to do. But the point here is that from a customer point of view, to get both pre-trade and post-trade from the same vendor is just very, very interesting and exciting.

因此，我們認為它確實加速了我們 1 到 4 個基點的旅程。但這並不是特別容易。我們顯然還有整合工作要做。但這裡的重點是，從客戶的角度來看，從同一供應商獲得交易前和交易後服務非常非常有趣和令人興奮。

Got it. Thanks. That's really helpful. And then maybe I just wanted to think about margins here. You're showing continued nice margin expansion. I know you've talked in the past about leveraging AI to drive greater efficiency and margin expansion. Maybe two pieces to this.

知道了。謝謝。這真的很有幫助。然後也許我只是想在這裡考慮一下利潤。您顯示利潤率持續良好的擴大。我知道您過去曾談到利用人工智慧來提高效率和擴大利潤。或許有兩個部分。

Number one, as we think about the glide path towards long-term margins, and we can Enfusion out of the discussion for right now. But as you just think about that, how do you think about maybe the potential headwinds that you may get from gen AI over time as you incorporate more of the technology and productize it in the set of solutions, especially just given how resource-intensive the technology is?

第一，當我們考慮長期利潤的下滑路徑時，我們現在可以將 Enfusion 排除在討論之外。但是，當您想到這一點時，當您融入更多的技術並將其產品化到解決方案中時，您如何看待隨著時間的推移，您可能會從人工智慧中獲得的潛在阻力，特別是考慮到該技術的資源密集程度？

And maybe related to that, Sandeep, you made a comment in your prepared remarks about how sometimes you find projects that you deemphasize because they're not demonstrating ROI. Can you give an example of maybe what has been one of those projects historically and how you made that decision? Thank you.

也許與此相關，桑迪普，你在準備好的發言中評論說，有時你會發現一些你不重視的項目，因為它們沒有顯示投資回報率。您能否舉例說明歷史上有過哪些這樣的項目以及您是如何做出這項決定的？謝謝。

Yeah. Thank you. Look, our Q4 margin was 78.8%, right? So that is obviously very close to 79%. Our long-term target was 80%. And so we feel we don't find it very challenging to tell you that it's going to be north of 80%.

是的。謝謝。你看，我們第四季的利潤率是 78.8%，對嗎？這顯然非常接近 79%。我們的長期目標是80%。因此，我們認為告訴您該數字將會超過 80% 並不困難。

Now is it going to be much higher? I think that is something time will tell. But I do think that the comment about gen AI, we feel it pays back very, very quickly, often within the year. So when it comes to margin expansion, we don't think there's any headwind at all in terms of gen AI sort of lowering the margin profile of the company. So that's how we think about it.

現在它會更高嗎？我認為時間會證明一切。但我確實認為，關於人工智慧的評論，我們感覺它的回報非常非常快，通常在一年之內。因此，就利潤率擴大而言，我們認為，人工智慧不會對公司利潤率造成任何負面影響。這就是我們的想法。

Now where did we get improvement because of these initiatives and these R&D investments? Everything that was adjacent, Rishi, worked well. And everything which was sort of two steps removed did not do well. And so at a broad level, that's how we sort of allocated resources in 2025.

那麼，我們透過這些措施和研發投資在哪些方面取得了進展？Rishi，一切相鄰的事物都運作良好。而所有距離兩步遠的東西都沒有做得很好。從廣義上講，這就是我們在 2025 年分配資源的方式。

I want to make one final point is the R&D investments we make in dollar terms continues to grow. But last year, we had approximately 60% of those investments focused on road map and new product for current clients or clients we just won.

我最後要指出的是，我們以美元計算的研發投資持續成長。但去年，我們大約 60% 的投資集中在針對現有客戶或剛贏得的客戶的路線圖和新產品。

So I do feel we have lots of room to invest in innovation. As long as that is driving growth, we are happy, more than happy, to continue to make them. So I do feel our investments are well timed. But this comment about unfunding things that don't work, we're also very, very stringent about that.

因此我確實覺得我們在創新方面有很大的投資空間。只要這能推動成長，我們就非常樂意繼續生產它們。因此我確實認為我們的投資時機很恰當。但對於取消對無效項目提供資金的支持，我們對此也非常非常嚴格。

If some program runs for 6 to 9 months and doesn't get customer traction, that's it. We're going to cut it. And so we feel that we have a good path right now and a good balance, if you will, between investments and returns from a shareholder point of view, but also from a client point of view.

如果某個程式運行了 6 到 9 個月卻沒有獲得客戶的青睞，那就結束了。我們要把它剪掉。因此，我們認為，我們現在走上了一條正確的道路，從股東的角度和客戶的角度來看，我們在投資和回報之間取得了良好的平衡。

Brian Schwartz, Oppenheimer.

奧本海默的布萊恩·施瓦茨。

Yeah. Hi. Thanks for taking my questions this afternoon, and congratulations on a real strong finish to the year. Sandeep, I wanted to ask you about the NAIC regs, kind of the effectiveness in that core insurance market. I'm just wondering if that mandate is still going to be a tailwind for replacement activity or other aspects of the business in 2025. Or did that demand boost mostly play out in 2024?

是的。你好。感謝您今天下午回答我的問題，並祝賀您今年取得了圓滿的成績。Sandeep，我想問您有關 NAIC 規定以及該核心保險市場有效性的問題。我只是想知道，這項授權是否仍會成為 2025 年替代活動或其他業務的推動力。或者這種需求成長主要會在 2024 年實現？

Yeah. Thank you, Brian. regulatory reporting has always been a bit of a tailwind for us, as has compliance, as has additional assets being brought in because of acquisitions. So we do think of regulatory reporting as a big tailwind, and we continue to make investments in that space. I think what Jim was referring to was usually, this is pretty broad-based. Every country is doing something.

是的。謝謝你，布萊恩。監管報告對我們來說一直是一種順風，合規性也是如此，因為收購而帶來的額外資產也是如此。因此，我們確實認為監管報告是一個巨大的順風，我們將繼續在該領域進行投資。我認為吉姆所指的通常是相當廣泛的。每個國家都在做一些事情。

Every region is doing something. NAIC made a massive change this year. And so that felt a little bit onetime-ish. And that's why I think Jim called out that there was $3 million of revenue, which we thought would come in Q1, it actually came in Q4. And so we felt it was different enough that we wanted to call it out.

每個地區都在做一些事情。NAIC 今年做出了重大改變。所以這感覺有點像是一次性的。這就是為什麼我認為吉姆說有 300 萬美元的收入，我們認為這筆收入將在第一季實現，但實際上它是在第四季度實現的。所以我們覺得它有足夠大的不同，所以我們想把它說出來。

But do we expect to continue to see regulatory changes all through '25 and '26? Heck, yeah. Absolutely. It doesn't mean there will be more regulations in every country, but changes are literally done all the time. I don't know, if you have anything?

但是，我們是否預計在2025年和2026年將繼續看到監管變化？哎呀，是的。絕對地。這並不意味著每個國家都會有更多的監管，但改變確實一直在發生。不知道你有什麼嗎？

The only thing I'd add, Brian, is this tailwind, I think it persists, right? And here's why it persists. When you were faced -- if you were a Clearwater client and you were faced with this significant NAIC change, we solved it for you. If you weren't a Clearwater client, you probably had to do a bunch of -- I'm not exactly sure what you had to do, but I'm reasonably certain it was gymnastics, and they may still be doing it.

布萊恩，我唯一想補充的是，這種順風我認為會持續下去，對嗎？這就是它持續存在的原因。當您面臨——如果您是 Clearwater 客戶，並且面臨這一重大的 NAIC 變化時，我們會為您解決。如果您不是 Clearwater 的客戶，您可能必須做很多事情——我不完全確定您必須做什麼，但我相當肯定那是體操，他們可能仍在做。

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

因此，我認為，當您考慮使用現代平台、單一實例、多租戶解決方案時，您可以在客戶的整個生態系統中進行這些更改，其好處是巨大的。

Of course, people may switch in order to solve that problem. But I think as Sandeep mentioned, there's always the next problem. And so understanding the pain of that and then realizing that you don't have to feel that pain as a Clearwater client, we think will continue to be a tailwind into the foreseeable future.

當然，人們可能會為了解決這個問題而做出改變。但我認為正如桑迪普所提到的，總是會存在下一個問題。因此，理解這種痛苦，然後意識到作為 Clearwater 的客戶您不必感受到這種痛苦，我們認為這在可預見的未來將繼續成為一種順風。

Yeah. And Brian, I would just add that if you talk with Clearwater clients and you also talk with other midsized insurers, I think the Clearwater client would tell you the NAIC change was a nonevent. It just got done. While the other who are not Clearwater clients will definitely tell you that, oh my lord, there's so much work to be done.

是的。布萊恩，我想補充一點，如果你與 Clearwater 的客戶以及其他中型保險公司交談，我認為 Clearwater 的客戶會告訴你 NAIC 的變化並不是什麼大事。剛剛完成。而其他不是 Clearwater 客戶的人肯定會告訴你，天哪，還有這麼多工作要做。

And I would tell you today, many, many of them have still not completed the NAIC work at all. So I do feel that weighs over time to say, if you were to Clearwater client and you continue to see regulatory changes around the world, it just is a better platform for handling those things.

今天我要告訴你們，他們中的許多人仍然根本沒有完成 NAIC 的工作。因此我確實覺得，隨著時間的推移，如果你是 Clearwater 的客戶並且你繼續看到世界各地的監管變化，那麼它就成為一個處理這些事情的更好的平台。

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

轉到我的後續問題。關於 Enfusion，只有一個人，Sandeep。您認為您能多快開始努力實現交易原理的綜效？我之所以問這個問題，是因為你們兩家公司之間的相似之處或者作為競爭對手的熟悉度是否可以加快交易完成時實現協同效應？感謝您回答我的問題。

Yeah, Brian, I don't know whether I should say this, but starting off, acquisitions always look really good in Excel spreadsheets. It's nice and easy. But I do want to say that we have had really detailed meetings with the Enfusion leadership.

是的，布萊恩，我不知道是否應該這麼說，但首先，收購在 Excel 電子表格中看起來總是很好。它既簡單又好用。但我想說的是，我們已經與 Enfusion 領導層進行了非常詳細的會談。

And I'll tell you the knowledge, the quality of the platform is very, very impressive. I do think that the integration is hopefully easier because we are both cloud-native, single-instance, multi-tenant platforms. The technologies we use is very, very similar. So we feel very confident that we can get things done relatively quickly.

我會告訴你們，這個平台的品質非常令人印象深刻。我確實認為整合會更容易，因為我們都是雲端原生、單一實例、多租用戶平台。我們使用的技術非常非常相似。因此我們非常有信心能夠相對較快地完成任務。

I do think we have provided guidance around our growth expectations and around margin expansion. And everything we have seen until now just allows us to say that we absolutely believe that those are completely doable. I don't know, Jim, whether you would add anything to that?

我確實認為我們已經針對成長預期和利潤率擴張提供了指導。到目前為止我們所看到的一切都讓我們可以說，我們絕對相信這些都是完全可行的。吉姆，我不知道您是否還有什麼要補充？

No more.

不再。

Kevin McVeigh, UBS.

瑞銀的凱文麥克維 (Kevin McVeigh)。

Thanks so much. I'll add my congratulations as well. Jim, I think you talked about kind of the NAIC was about $3 million. I think you exceeded the Street by $7 million. Is that incremental $4 million, anything to call out there that drove the incremental $4 million revenue beat?

非常感謝。我也要表示祝賀。吉姆，我認為你談到了 NAIC 的金額約為 300 萬美元。我認為你比華爾街多出了 700 萬美元。那增量為 400 萬美元，有什麼因素推動了增量為 400 萬美元的收入超出預期嗎？

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

是的。我認為我們第四季的預訂量表現不錯。我認為我們對預訂量轉化為收入的方式感到非常滿意。我們長期專注於此並嘗試越來越快地實現這一目標。我們開始看到這種成長。

Also, obviously, the NRR 116% is obviously helpful and better. If you recall, just last quarter, it's a couple of points better than that. And so going into the quarter, we wouldn't necessarily expect that to improve, but we were hopeful and pleasantly surprised by that as well. I think it was a very solid beat under any circumstance.

而且顯然，NRR 116% 顯然是有幫助的，而且更好。如果你還記得的話，就在上個季度，情況比這好了幾個百分點。因此，進入本季度，我們不一定期望情況會有所改善，但我們對此充滿希望，並且感到驚訝。我認為無論在什麼情況下這都是一次非常穩健的擊敗。

Yeah. Kevin, I would add that, obviously, Jim and I went to the Board and reported results for Q4. And if you were to think about it, we obviously think about 114%, we got 116%, that gives you 2% and that's very real money. And the conversion from booking was very strong. I think the onboarding was very strong. So literally, every element of the business outperformed what our expectation was. So quite thrilled with what we were able to deliver in Q4.

是的。凱文，我想補充一點，顯然，吉姆和我向董事會報告了第四季的業績。如果你仔細想想，我們顯然考慮的是 114%，我們得到了 116%，也就是 2%，這是非常真實的錢。預訂的轉換率非常高。我認為入職培訓非常強大。因此實際上，業務的每個要素都超出了我們的預期。因此，對於我們在第四季所取得的成績，我感到非常高興。

It's a fantastic outcome. And then Jim or Sandeep, I know you talked about the 116% a year early. If you think about what drove that relative to your expectations in terms of the upside, any thoughts?

這是一個非常棒的結果。然後 Jim 或 Sandeep，我知道你們提前一年談到了 116%。如果您思考一下是什麼推動了這一結果相對於您的預期，您有什麼想法嗎？

Yeah. I think that the main driver that was -- obviously, we have teams that are prosecuting against this. But what was a very pleasant piece, and I mentioned it in the results, is the upsell of the Clearwater platform across the other divisions and helping our clients grow was 7%.

是的。我認為主要的驅動因素是——顯然，我們有團隊正在對此進行起訴。但非常令人高興的是，我在結果中提到過，Clearwater 平台在其他部門的銷售量增加，並幫助我們的客戶成長了 7%。

That would be helpful and frankly, higher than what we would probably put in our base algorithm for that. Like, obviously, that's really hard work, but you're also a little reliant upon your clients to win that business, to grow, to do those acquisitions and those activities that they do.

這將是有幫助的，坦白說，這比我們在基礎演算法中投入的要高。就像，顯然，這真的很辛苦，但你也要有點依賴你的客戶來贏得業務、發展、進行那些收購以及他們所做的那些活動。

The other piece that I'm proud of, right, is the 3% of cross-sell, right? So that's kind of we talked about the Go initiatives and all of these different initiatives, and we're seeing that back into our base. I think the thing to remember about these new products is we're also selling them within our new logos as well.

我感到自豪的另一點是 3% 的交叉銷售，對嗎？這就是我們談論的 Go 計劃以及所有這些不同的計劃，我們正在將其重新納入我們的基地。我認為關於這些新產品需要記住的是我們也在用我們的新標誌銷售它們。

And so don't underestimate the power of these additional products flowing through. I don't have the number in front of me, but I think it was 28% or something like that of bookings for the year was in these additional products, which is meaningful. When you think about growing 20%, that's a meaningful growth driver for that. So those were the pieces that worked well.

所以，不要低估這些附加產品流經的力量。我沒有具體的數字，但我認為今年的預訂量中有 28% 左右是來自這些附加產品，這是很有意義的。當你考慮成長 20% 時，這是一個有意義的成長動力。這些都是運作良好的部分。

I'd also say that I'm very proud of the team that executes price increases. We have normalized price increases across the entire portfolio. We haven't asked for more from clients, but we're asking for it from all of our clients consistently. And we're doing it in an automated and regular way. And so that feels very sustainable to me.

我還要說，我為執行漲價的團隊感到非常自豪。我們已經使整個投資組合的價格上漲正常化。我們沒有向客戶要求更多，但我們始終如一地向所有客戶要求更多。我們正在以自動化和常規的方式進行這項工作。所以我覺得這非常永續。

Michael Infante, Morgan Stanley.

摩根士丹利的麥可‧因凡特 (Michael Infante)。

Hey, guys. Thanks for taking my questions and nice results. I just wanted to ask on -- Jim, you obviously gave some color on cross-sell and price. But at a high level, how early are you just in terms of tapping cross-sell and levering price across the base?

嘿，大家好。感謝您回答我的問題並取得了很好的結果。我只是想問一下——吉姆，你顯然對交叉銷售和價格進行了一些說明。但從高層次來看，您在利用交叉銷售和槓桿價格方面還處於多早的階段？

It seems like the third quarter was really the first quarter where it started to have a noticeable impact on the P&L, and we clearly had some nice flow-through in the fourth quarter. So just any high-level thoughts there would be helpful. And then I have a quick follow-up.

看起來第三季度實際上是第一個開始對損益表產生明顯影響的季度，而且我們在第四季度顯然獲得了一些良好的流通。因此，任何高層次的想法都會有幫助。然後我有一個快速的後續問題。

Yeah. I think that when I think of the sustainability of NRR 115%, I think we'd like to see that cross-sell be higher than 3%. We'd love for upsell to be 7% and cross-sell to be 7%. Then everything is easy at that point. But I do think the teams have become energized around it. They understand the value of it and obviously seeing the benefits of it. So I think we're pretty optimistic about our ability to execute against those plans going forward.

是的。我認為，當我考慮 NRR 115% 的可持續性時，我希望看到交叉銷售高於 3%。我們希望追加銷售額達到 7%，交叉銷售額達到 7%。那麼一切都變得簡單了。但我確實認為團隊已經為此充滿活力。他們了解它的價值並顯然看到了它的好處。因此我認為我們對未來執行這些計劃的能力非常樂觀。

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

正如吉姆所說，你看，NRR，它取決於什麼？這取決於良好的保留能力。一切就從那裡開始。然後吉姆列出了額外的資產、新產品、價格和一些 AUM 增長，對嗎？我認為，我們的工作是確保它們都能充分發揮潛力。

Now we don't expect all of them to work every quarter. And if all of them work, that would be great. We get to a really high number. But the point here is we want to try and deliver 115% on a consistent and durable way. And we're most happy to see additional assets at 7%, 8% and new products at a similar number. And that's what we hope to get.

現在我們並不期望他們每季都工作。如果它們都能發揮作用，那就太好了。我們得到了一個非常高的數字。但這裡的重點是，我們想要嘗試以一致且持久的方式實現 115% 的目標。我們最高興的是看到額外資產成長 7%、8%，新產品也成長了類似的數字。這也正是我們所希望得到的。

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

我確實想補充一點。我們確實認為新產品主要會用於 NRR。我們發現很多資金都被用來推動新標誌的誕生。這根本就不是我們所期望的。我們原本認為新產品會先供應給現有客戶，然後新客戶會將其融入他們所購買的產品中。但我們確實看到他們的業務因新客戶而出現了相當強勁的成長。

Very helpful, Sandeep. Just another quick follow-up on Enfusion. It would be good to get your preliminary thoughts on how you're thinking about the pricing model there and how it may evolve post close. If I think about the hedge fund industry broadly, they have, in general, priced on seats, and we've seen little incremental expansion in head count in the industry over the last couple of years.

非常有幫助，桑迪普。這只是對 Enfusion 的另一個快速跟進。最好能先了解您對那裡的定價模型的看法，以及交易結束後該模型將如何發展。如果我從廣泛的角度來看對沖基金行業，他們一般都是根據席位來定價的，而且我們在過去幾年中看到該行業員工數量幾乎沒有增加。

But I'm curious if you think about some of the early work that you've done and the ACV differential of Enfusion versus some of the incumbents in the space, whether or not that affords you the opportunity to begin to explore pricing on assets for seats without any meaningful uptick in churn?

但我很好奇，如果您考慮一下您早期所做的一些工作以及 Enfusion 與該領域一些現有企業的 ACV 差異，這是否為您提供了機會，開始探索席位資產定價，而不會出現任何有意義的客戶流失上升？

Yeah. Thank you. That's a really good question. I think I'll just start by saying that Enfusion delivers an absolutely industry-leading platform for the hedge fund industry. It absolutely does that. Number two is the client servicing and the operations team have really improved, I think, over the last seven, eight quarters and is very close to being world-class. So I think those two things just happen to be true.

是的。謝謝。這真是一個好問題。我想首先要說的是，Enfusion 為對沖基金產業提供了一個絕對領先的產業平台。它確實做到了這一點。第二，我認為客戶服務和營運團隊在過去七、八個季度確實有了進步，已經非常接近世界一流水準。所以我認為這兩件事恰好是真的。

I do think the commercial model could use a lot of help. I do think that if you look at Clearwater, we executed on that very swiftly and I think in a very responsible way in 2022. And so in all of our discussions with the Enfusion leadership, we have discussed how we might think about the commercial model. But I do think it needs to evolve.

我確實認為商業模式需要很多幫助。我確實認為，如果你看看 Clearwater，你會發現我們在 2022 年非常迅速地執行了這一目標，而且我認為是以非常負責任的方式。因此，在與 Enfusion 領導層的所有討論中，我們都討論瞭如何看待商業模式。但我確實認為它需要發展。

Obviously, we want to evolve it in a responsible way, in a thoughtful way, such that clients see the value of it. But I do think that the current model just has room to drive NRR. And driving NRR within the Enfusion client base is sort of a really important objective we have.

顯然，我們希望以負責任的方式、深思熟慮的方式發展它，以便客戶看到它的價值。但我確實認為目前車型仍有推動 NRR 的空間。在 Enfusion 客戶群中推動 NRR 是我們的一個非常重要的目標。

And so today, I couldn't tell you what exactly we might do at the commercial model, but it will be done obviously in partnership with the Enfusion leadership. But we do have lots of ideas we have worked on. And frankly, our NRR of 116% is testimony that it works, and it works in a sustainable way. So we expect to discuss it and execute on it in the coming quarters.

所以今天，我無法告訴你們我們在商業模式下究竟會做什麼，但顯然我們會與 Enfusion 領導層合作來完成。但我們確實已經研究了很多想法。坦白說，我們的 116% 的 NRR 證明它是有效的，並且能夠以可持續的方式發揮作用。因此，我們預計將在未來幾季討論並執行該政策。

Alexei Gogolev, JPMorgan.

摩根大通的 Alexei Gogolev。

Hello, everyone. My congratulations with great results. And Jim, I was wondering if you have any thoughts for us in terms of FX headwinds that you are incorporating into your 2025 guidance. What would your growth outlook be in a constant currency basis both on revenue and EBITDA?

大家好。恭喜你取得了優異的成績。吉姆，我想知道您對外匯逆風有何看法，並將其納入您的 2025 年指引中。以固定匯率計算，您的營收和 EBITDA 成長前景如何？

Thanks, Alexei. So although 18%, 19% of our revenues are international, the vast majority of those revenues are in US dollar currency. There are some in euros and some in pounds. How we think about it, Alexei, is looking at the currencies as well as the costs that we align to those.

謝謝，阿列克謝。因此，儘管我們的 18%、19% 的收入來自國際市場，但絕大多數的收入都是以美元計算。有些以歐元計算，有些以英鎊計算。阿列克謝，我們對此的看法是，考慮貨幣以及與之相關的成本。

And so we create kind of a natural hedge between the revenues of clients in that currency and the expenses within those currencies. So it's de minimis as it relates to EBITDA, okay? Then in addition, I think we are not impacted so much by FX on the revenue basis as we think about it because we bill monthly.

因此，我們在客戶以該貨幣獲得的收入和以該貨幣支付的支出之間創造了一種自然的對沖。所以它與 EBITDA 相關的是最低限度，好嗎？此外，我認為外匯對我們的收入基礎的影響並不大，因為我們是按月計費的。

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

因此，我認為我們對此的看法將會改變。但顯然，就我們今天所處的情況而言，這對我們來說是一點阻力，但我們希望利率在全年能夠回歸平均值。因此，這種情況將在一年內得到改善。

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

我只是想補充一點，我們現在在印度擁有大量員工。您可能知道，Enfusion 在印度也擁有大量勞動力。如果貨幣確實像現在這樣走強，我認為這顯然會對成本基礎有所幫助，因為我們在印度沒有匹配格式的收入，就像吉姆剛才談到的那樣，這種匹配格式適用於歐洲和其他地區。但考慮到其在印度的重要影響力，我確實預計這將是一股溫和的順風。

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

好的。謝謝你，桑迪普。謝謝你，吉姆。Sandeep，請繼續關注我們。您列出了本季的許多新客戶。也許您可以向我們提供更多您為這些客戶所做的用例。我對您所包含的 OpenAI 特別感興趣。可以詳細說明一下你為他們做了什麼嗎？

Yeah. So the thing about it, Alexei, is we don't do anything different for any of these clients. We do the same data ingestion for them. We do the same data reconciliation. We do the accounting. We do the reporting. So I wish I could give you some nuggets about what is different for OpenAI or any of these corporate clients. We do exactly the same thing for them. Now how they use it and what they use it for differs.

是的。所以，阿列克謝，事情是這樣的，我們不會為任何這些客戶做任何不同的事情。我們為他們進行相同的數據提取。我們進行相同的數據核對。我們負責會計工作。我們負責報道。所以我希望能夠提供你一些關於 OpenAI 或任何這些企業客戶的不同之處的資訊。我們也為他們做同樣的事情。現在，他們的使用方式和用途有所不同。

So for example, when they look at asset managers, they use it very heavily for third-party client reporting, right? People in the insurance industry may use it very much for reporting and regulatory reporting and compliance.

舉例來說，當他們審視資產管理人員時，他們會大量使用它來向第三方客戶進行報告，對嗎？保險業的人們可能會經常使用它來進行報告和監管報告和合規。

Corporates may do it, corporates like OpenAI, may use it for just consolidating reporting from multiple managers. But the work Clearwater does and the platform, what it does for them, is really not different at all. And so again, there are little nuggets here.

企業可能會這樣做，像 OpenAI 這樣的企業可能只是用它來整合來自多個經理的報告。但 Clearwater 所做的工作以及該平台為他們所做的事情實際上並沒有什麼不同。所以，這裡又有一些小金塊。

Now over time, Alexei, we do build visualization for other clients. So for example, if we go to the government sector, they see things a little bit differently. So we may build visualization for them about how they like to do reports, how they like to think about returns and how they want reports on that.

現在隨著時間的推移，Alexei，我們確實為其他客戶建立了視覺化。例如，如果我們去政府部門，他們的看法會有所不同。因此，我們可以為他們建立視覺化效果，說明他們喜歡如何做報告、如何考慮回報以及他們希望如何獲得相關報告。

So you may change that. But even there, nothing has changed in how we ingest data, reconcile it, account for it. We go to other industries in Europe, and they may want to see some things that are different. In the US, they might want to see NAIC differently.

因此你可以改變這一點。但即便如此，我們取得數據、協調數據和解釋數據的方式仍沒有任何改變。我們去歐洲的其他產業，他們可能想看到一些不同的東西。在美國，他們可能希望以不同的方式看待 NAIC。

But the platform is already doing all of those calculations. The question is what do clients normally like to see. So yeah, nothing different from any of the other listed corporate clients with what we're doing for OpenAI.

但該平台已經在進行所有這些計算。問題是客戶通常喜歡看到什麼。是的，我們為 OpenAI 所做的事情與其他上市企業客戶所做的事情沒有什麼不同。

Michael Turrin, Wells Fargo.

富國銀行的邁克爾·圖林。

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

嘿。偉大的。非常感謝。感謝您回答這個問題。Sandeep，我想從更高的層次問一下有關 Enfusion 的問題，也許只是聽您闡明如何確保能夠繼續執行並保持我們看到的核心業務的勢頭，朝著好的方向發展，同時努力整合比您歷史上同時進行的更大規模的收購。您要確保哪些事情已經到位，以便您可以繼續邊走邊嚼口香糖？

Yeah. Look, I just wanted to say that this is obviously meaningfully bigger than anything we have ever done. And so what do we expect and what do we think? Number one is we only did this because we think our core business is working well.

是的。聽著，我只是想說，這顯然比我們曾經做過的任何事情都更有意義。那我們期望什麼？首先，我們這樣做是因為我們認為我們的核心業務運作良好。

And without that, I think it would be far too risky a proposition. So what makes a difference is, is our operations working well, is the sales engine working well, is the enabling functions working well, is the technology and the platform working well. And I think the answer to those is very quickly, yes, yes, yes and yes. So that is the foundation for me.

如果沒有這一點，我認為這將是一個過於冒險的提議。所以，真正重要的是，我們的營運是否運作良好，銷售引擎是否運作良好，支援功能是否運作良好，技術和平台是否運作良好。我認為這些問題的答案很快就會是，是的，是的，是的。這就是我的基礎。

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

然後你必須思考這在戰略上是否是一個真正令人信服的提議。我必須告訴你，我對 Enfusion 和他們所建造的產品了解得越多，就越覺得這是一個絕對正確的決定。我的意思是客戶確實想要一個從前端到後端的解決方案，而當你考慮公共和私人資產時，這根本就不存在。

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

現在，在前台，私人方面——或者公共方面，請原諒我——已經存在一些解決方案，而在後台，也有很多解決方案，無論是針對私人還是針對公共。但我認為，將這些結合在一起的能力對於我們的產業來說具有重大的戰略意義。所以我對這裡的戰略意圖感到非常滿意。

Now the third thing is what are we going to do differently. One is we've had really good meetings about joint teams going after work streams. We have a very strong PMO function. We have a function for each of these items we have talked to you all about, accelerating revenue growth, cross-selling, improving margin and G&A, operating margin, each of them have workstream leaders, with leaders from both sides creating v1 of the plants, and we expect v2 over the next several weeks and v3 over the weeks after that. So I do think we are approaching this as a very important and giving it the right attention.

現在第三件事是我們要採取哪些不同的做法。一是，我們召開了非常好的會議，討論聯合團隊進行工作流程的問題。我們有非常強大的 PMO 功能。對於與大家討論過的每一項，我們都有一個功能，即加速收入增長、交叉銷售、提高利潤率和一般行政費用、營業利潤率，每個功能都有工作流負責人，雙方的負責人將創建工廠的 v1，我們預計 v2 將在未來幾週內推出，v3 將在接下來的幾週內推出。因此我確實認為我們正在非常重視這個問題並給予適當的關注。

Finally, really important for us to continue to run our own business well. So what we have done is taking out people from the current business so that the rest of them are focused entirely on the Clearwater platform for the next several months and quarters, while we take out several leaders and have them focus on working jointly with Enfusion.

最後，對我們來說，繼續經營好自己的事業確實非常重要。因此，我們所做的是從當前業務中抽調人員，以便其餘人員在接下來的幾個月和幾個季度內完全專注於 Clearwater 平台，同時我們抽調幾位領導者，讓他們專注於與 Enfusion 共同合作。

And I would just sort of add that the Enfusion leadership in operations, in the sales teams, in the technology teams are all very impressive. And so we feel really good about their ability to drive growth. So it's a question of working together, what can we do, what can we build. And that's where, frankly, the excitement comes from.

我還要補充一點，Enfusion 在營運、銷售團隊和技術團隊中的領導地位都非常令人印象深刻。因此，我們對他們推動成長的能力感到非常滿意。所以這是一個共同努力的問題，我們能做什麼，我們能建造什麼。坦白說，這就是興奮的來源。

Great color. Jim, just a quick one, if I may. Could you just help frame what you're assuming in terms of the initial guide? You're executing well. Growth stepped up in 4Q. You're guiding for 19% to 20% to start the year. Maybe just frame what you're assuming in terms of expansion or some of the drivers that you're executing on relative to base case and guidance.

顏色很棒。吉姆，如果可以的話，我只想快速問一句話。您能否幫助闡述您對初始指南的假設？你表現得很好。第四季成長加快。您預計年初的成長速度將達到 19％至 20％。也許只是在擴展方面構建您的假設，或者相對於基本情況和指導您正在執行的一些驅動因素。

Yeah. I think we targeted NRR 115% as of the end of the year. And so we think about that as something that is a North Star element for us. I would say, if you understand Clearwater historically, right, we like to make sure that we're highly confident in our guide and build throughout the year.

是的。我認為我們的目標是在年底實現 115% 的 NRR。因此，我們認為這對我們來說就像是一個北極星元素。我想說，如果你了解 Clearwater 的歷史，那麼我們希望確保我們對我們的指南和全年建設充滿信心。

And so I think we have anticipated the growth metrics and the evolution of the new products that we're driving as well as the markets where we exist there, while giving ourselves room vis-a-vis AUM. We have assumed no AUM tailwind built into this guidance for 2025.

因此，我認為我們已經預測了我們正在推動的新產品的成長指標和演變以及我們所在市場的狀況，同時為我們自己在 AUM 方面留出了空間。我們假設 2025 年的指引中沒有考慮 AUM 順風因素。

Andrew Schmidt, Citigroup.

花旗集團的安德魯·施密特。

Congrats on the results. Apologies, I hopped on a little bit late. Sorry if this has been asked. But going back to Clearwater Connect, obviously, a big focus on CWIC. I'm curious to hear how the demand for that product has been trending since launch and how that plays into the sort of the cross-sell opportunity in '25. Maybe it's a little bit early, but I'm just curious about the potential for that product.

恭喜你所取得的成果。抱歉，我來晚了一點。如果有人問到這個問題，我很抱歉。但回到 Clearwater Connect，顯然重點關注的是 CWIC。我很好奇，想聽聽自推出以來該產品的需求趨勢如何，以及這對 25 年的交叉銷售機會有何影響。可能有點早，但我只是好奇該產品的潛力。

Yeah. Thank you, Andrew, for the question. Look, the biggest result, which you can sort of see, is in the improvement of gross margin throughout this whole year and frankly, the last year, the second half of last year. I think Q4 gross margin was 78.8%. So we feel like, wow, we were able to get a lot of mileage from that investment.

是的。謝謝安德魯提出這個問題。你看，最大的成果，你可以看見，就是今年全年毛利率的提高，坦白說，就是去年，也就是去年下半年的毛利率的提高。我認為第四季的毛利率是 78.8%。所以我們覺得，哇，我們能夠從這項投資中獲得很多利益。

The revenue side, which is what I think you're talking about, how much the customer is paying for that. So I would just say to you that we have more than 10 clients who are all using it, but it's still early. I don't want to give the impression that it is a major contributor of revenue growth. It is not.

收入方面，我認為您正在談論的是客戶為此支付了多少錢。所以我只想告訴你，我們有超過 10 個客戶都在使用它，但現在還為時過早。我不想給人留下它是收入成長主要貢獻者的印象。它不是。

Do we expect that to be a major contributor of revenue growth in 2025? We don't. Do we expect it to be a major contributor in '26 and '27? Absolutely, we do. But not from selling CWIC. It is from the marketplaces and the Insights business we want to build and drive.

我們是否預計這將成為 2025 年營收成長的主要貢獻者？我們沒有。我們是否預期它會成為26年和27年的主要貢獻者？當然，我們會的。但不包括出售 CWIC。我們希望建立和推動的是市場和洞察業務。

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

所以我認為 CWIC 更能促進企業發展、提高營運效率和入職培訓。但 CWIC 本身是基礎設施部分。我想您會看到我們其他業務部分利用它來推動收入成長。

Got it. I know there's been a lot of questions on Enfusion, but maybe I could ask one more, and apologies if this is nitty gritty. If you can just talk about sort of end-state data architecture. I know, obviously, the one source of truth for data is important. The Enfusion engine has sort of a real-time risk decisioning. What's the data strategy when all this comes together, when we think about just one source of truth? Or will there have to be sort of multiple systems running?

知道了。我知道關於 Enfusion 有很多問題，但也許我可以再問一個，如果這是細節問題，請原諒。如果您可以談論某種最終狀態資料架構的話。我知道，顯然數據的真實來源非常重要。Enfusion 引擎具有即時風險決策功能。當我們把所有這些結合在一起時，當我們只考慮一個事實來源時，數據策略是什麼？或是必須運行多個系統？

Yeah. Look, I think that's a really, really good question. Thank you for asking it. Look, the way to think about this is Phase 1, Phase 2, Phase 3. Eventually, though, having a single data plane, having a single data ingestion mechanism and a data reconciliation mechanism obviously makes the most sense.

是的。看，我認為這是一個非常非常好的問題。謝謝你詢問這個問題。看，思考這個問題的方式是第 1 階段、第 2 階段、第 3 階段。但最終，擁有單一資料平面、單一資料提取機制和單一資料協調機制顯然是最有意義的。

Should you try and think about a single security master, of course, it makes the most sense, right? If you can achieve that in some reasonable time frame, you would create a complete game changer in our industry because then the data in the pre-trade systems would flow directly and without touch into the middle back-office systems. So that's where you want to go.

您是否應該嘗試考慮單一安全大師，當然，這是最有意義的，對嗎？如果您能在合理的時間範圍內實現這一目標，那麼您將徹底改變我們的行業，因為交易前系統中的資料將直接流入中後台系統，而無需接觸。那就是你想去的地方。

What we don't want to do, though, is just get locked into that goal. What we want to do is think about what do our current clients need. And so those are asset owners who want front-office applications, let's go cross-sell to them and what does that need. And so that feels like Phase 1 to me.

然而，我們不想做的是僅僅被鎖定在這個目標上。我們要做的就是思考我們目前的客戶需要什麼。因此，那些想要前台應用程式的資產所有者，讓我們向他們進行交叉銷售，看看他們需要什麼。所以對我來說這感覺就像是第一階段。

And then Phase 2 might be integration on the data side and the security master side. So I really like the question because that is the promise. The promise is we can have a single data layer with absolutely free flowing data back and forth. This concept of rinse and wipe and then repopulate makes no sense. We should have one set of golden truths, but that is a longer project. And so we think we'll do it in phases, but that's absolutely where we want to go.

然後第二階段可能是資料端和安全主端的整合。我真的很喜歡這個問題，因為這就是承諾。我們的承諾是可以擁有一個單一的資料層，其中的資料可以絕對自由地來回流動。這種沖洗、擦拭然後重新填充的概念毫無意義。我們應該有一套黃金法則，但這是一個長期的計畫。因此我們認為我們會分階段進行，但這絕對是我們想要的。

Gabriela Borges, Goldman Sachs.

高盛的加布里埃拉·博爾赫斯 (Gabriela Borges)。

Sandeep, I want to revisit the conversation from the time of the IPO around legacy replacement cycles and to what extent Clearwater is limited by the timing of those renewal cycles and how you position yourself to be in the best competitive position when those contracts come up for renewal. So I would love to hear how are things going now versus 2.5, 3 years ago? What are some of the things that are in control, in your control, that let you control some of those cycles? And what are the things that are out of control?

Sandeep，我想重新回顧 IPO 時圍繞遺留替換週期的討論，以及 Clearwater 在多大程度上受到這些續約週期時間的限制，以及當這些合約到期需要續約時，您如何定位自己才能處於最佳競爭地位。所以我很想聽聽現在的情況跟 2.5 年前或 3 年前相比怎麼樣？有哪些事情是您可以控制的，可以讓您控制其中的一些週期？那麼哪些事情是無法控制的呢？

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

是的，加布里埃拉，謝謝你的提問。我認為討論這一過程的演變非常有趣。當你考慮我們的業務時，我們一直認為推動業務發展的是營運效率。然後我們說，不，不，推動它的是監管報告及其周圍的需求。

And then we said, no, you should add compliance and the need for compliance. And then we said, no, you need to add risk for that. So what we have tried to build over time is continuing reasons for clients to move to Clearwater. That's what we've trying to build.

然後我們說，不，你應該添加合規性和合規性需求。然後我們說，不，你需要為此增加風險。因此，我們一直致力於創造讓客戶繼續選擇 Clearwater 的理由。這正是我們努力建構的。

As we went into this 1 to 4 bp world, we sort of said what clients really want is pre-trade platforms, which can integrate seamlessly with mid-office and back-office applications and platforms like we have. So our ambition about 1.5 years back changed, and we said we want to address the entire investment life cycle. And that was a big change.

當我們進入這個 1 到 4 個基點的世界時，我們說客戶真正想要的是交易前平台，它可以與我們現有的中台和後台應用程式和平台無縫整合。所以大約一年半前我們的目標發生了改變，我們說我們想要解決整個投資生命週期的問題。這是一個巨大的改變。

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

現在有些公司和客戶會說，如果你不能全部做到，我就不想轉換。太難了。因此他們現在又多了一個理由來轉向 Clearwater-Enfusion 平台。Enfusion 的情況也一樣，他們有許多客戶使用他們的前台業務，他們會說，看，如果你不做會計，不做監管報告，那就不值得這麼辛苦。我們的立場是，現在您有五個理由購買 Enfusion-Clearwater 平台。

And so what we are trying to do is continue to show the market that we can build the only end-to-end platform built on a single-instance, multi-tenant architecture, which has a single security master. Now do we have that for every other private asset class? We don't. And so we will continue to try and look at alternative assets, private debt, private credit and all of those areas, to provide a very modular but very deep insight into each of these asset classes.

因此，我們正在嘗試做的是繼續向市場展示，我們可以建立唯一基於單一實例、多租用戶架構的端到端平台，該平台具有單一安全主機。那麼，其他所有私人資產類別是否也都具備這種條件呢？我們沒有。因此，我們將繼續嘗試研究另類資產、私人債務、私人信貸和所有這些領域，以便對每個資產類別提供非常模組化但非常深入的見解。

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

是的，這就是我們利用另類資產建構的。因此，我確實認為我們的目標是成為一個私人和公共資產的統一平台，為公共和私人資產承擔風險，並為這些資產類別和角色進行前端交易前工作。我們認為我們正在努力實現這一目標。我認為，我們邁出的第一大步就是 Enfusion，我認為這會改變我們的遊戲規則。

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

所以，我們對此感到非常興奮，因為當你只考慮市場需要什麼而不考慮 Clearwater 時，市場需要的是端到端平台，該平台可以滿足公共和私人資產的需求，了解風險，可以進行衝擊和曝光以及所有這些事情，任何資產經理或資產所有者的首席資訊長都應該希望看到這些。我們認為我們正在實現這一目標。

Faith Brunner, William Blair.

費絲布倫納，威廉布萊爾。

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

再次恭喜本季取得佳績。首先，從高層角度來說，您能談談推動需求持久性的不同因素嗎？我知道您談到了正在進行的監管變化將起到推動作用，並為本季帶來一些一次性的推動作用。但我想，還有什麼能刺激需求並支持這些層面的成長和擴張呢？

By the way, why don't I start and then you start? So look, I wish I had a really good answer for you, but I'll tell you what the real answer. The real answer is we build many irons in the fire to drive growth. We don't know what will work in a given quarter or a given year, so what we do have is multiple irons in the fire. And what are those? It starts, number one, with retention. When you have a 99% or a 98% retention, that is a driver of growth.

順便問一下，為什麼先我先開始，然後你再開始呢？所以看，我希望我能給你一個很好的答案，但我會告訴你真正的答案是什麼。真正的答案是，我們正在全力以赴推動成長。我們不知道在某個季度或某一年什麼措施會奏效，因此我們只能同時做多項措施。這些是什麼？首先，從保留開始。當保留率達到 99% 或 98% 時，這就是成長的動力。

And then you get to the areas Jim talked about, which is additional assets. Do we have dedicated teams which are going from desk to desk and driving additional assets? Do we have new products we are investing in to drive additional assets, but also to get new logos?

然後你就談到了吉姆談到的領域，也就是額外資產。我們是否有專門的團隊逐一辦公桌來推動額外資產的增加？我們是否正在投資新產品以推動額外資產，同時也獲得新標誌？

And then do you have a commercial model and a pricing model, which is really good? And do you have an AUM growth, which can be captured by the new commercial model? And I just have to say that every year and every quarter, it's a little bit different. But if some of them show up in a given quarter, we can meet the needs of the quarter.

那麼，您是否有一個商業模型和定價模型？您的 AUM 是否實現了成長，可以透過新的商業模式來實現？我只想說，每年、每季都會有一點不同。但如果其中一些在某個季度出現，我們就可以滿足該季度的需求。

And that's what our agenda is, is really many irons in the fire. It's what leads to durability. You may have a spike in a quarter or two, that's hard to predict. But if you want durable growth, you've got to have those multiple irons in the fire.

這就是我們的議程，我們確實有很多事情要做。這正是實現耐用性的關鍵。你可能會在一兩個季度內出現高峰，這很難預測。但如果你想要實現持久成長，你必須同時做好多項工作。

Sorry, Jim, go ahead, please.

抱歉，吉姆，請繼續。

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

我原本也想說同樣的話。我唯一想補充的是地理上的，對，國際上的。在世界各地，我們也針對每個地理位置進行執行。

Okay. Helpful. And then a quick one, just a follow-up. So talk about some of the newer products and how they've been driving some of that expansion we saw in the quarter. Prior commentary kind of highlighted Insights is somewhat of a sleeping giant.

好的。很有幫助。然後還有一個簡短的後續問題。那麼，請談談一些新產品，以及它們是如何推動我們在本季看到的一些擴張的。先前的評論強調 Insights 就像一個沉睡的巨人。

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

那麼，您能具體了解這款產品在過去幾季的貢獻嗎？或者，隨著您擴展功能，有什麼方式可以推動與客戶進行不同的對話？

Yeah. Look, I think that I've said before, I think Insights and marketplaces is a really, really significant initiative for the company. But I think I've also said very clearly that this is not something which is going to deliver revenue growth in '25 and '26. Now what you find is our clients very interested in what we are building. And are they paying for it?

是的。看，我想我之前說過，我認為洞察和市場對公司來說是一項非常非常重要的舉措。但我想我已經非常清楚地說過，這不會在2025年和2026年帶來收入成長。現在你會發現我們的客戶對我們正在建立的東西非常感興趣。他們為此付錢了嗎？

Yeah. But is it going to be a major contributor to revenue? I don't think in the '25 time frame. I think we'll start to see more in '26. But I do think, if you look out longer term, when we think about three, five years, it could be a very significant part of our business is what I would say.

是的。但它會成為收入的主要貢獻者嗎？我認為在 25 年的時間範圍內不會發生。我認為我們將在26年看到更多。但我確實認為，如果放眼更長遠，當我們考慮三至五年時，它可能會成為我們業務中非常重要的一部分。

But I do think the other part is our core business also just continues to grow very nicely and very quickly. So to be a significant driver, that number needs to be really high. And so the value that creates is pretty high.

但我確實認為另一方面是我們的核心業務也持續保持良好且快速的成長。所以要成為一個重要的推動力，這個數字必須非常高。因此創造的價值相當高。

Arvind Ramnani, Piper Sandler.

阿爾文德·拉姆納尼，派珀·桑德勒。

It looks like there was not enough questions on the acquisition, so I just wanted to ask one more. I mean, clearly, there's an idiosyncratic value proposition you're providing your client now as a combined entity. But what you all have talked about in the past is the end markets move at a particular speed in terms of how they decide and how they kind of work with their partners.

看起來關於收購的問題不夠多，所以我只想再問一個。我的意思是，很明顯，作為一個綜合實體，您現在向您的客戶提供獨特的價值主張。但大家過去都談過，終端市場在決策方式和與合作夥伴的合作方式方面都以特定的速度發展。

Do you think that this kind of combined entity will be able to kind of meaningfully kind of move growth rates or decision-making rates further? Or do you think you'll still be subject to kind of the way the industry makes the decision-making?

您認為這種合併後的實體是否能夠進一步顯著提高成長率或決策率？或者您認為您仍然會受到行業決策方式的影響？

Yeah. I think the way to think about this is we are providing prospects and clients with one more reason and a very significant reason to move to the Clearwater platform. And the reverse, for people who are considering Enfusion at this time, we're providing them with one very big reason to move to the Enfusion platform.

是的。我認為思考這個問題的方式是，我們為潛在客戶和客戶提供了轉向 Clearwater 平台的另一個理由和非常重要的理由。相反，對於目前正在考慮使用 Enfusion 的用戶，我們為他們提供了一個非常重要的理由來轉向 Enfusion 平台。

And that is just at a very basic level. Like I said, if a client was going to move to Clearwater because of compliance or regulatory reporting or AUM expansion, but didn't want to do it because what about the front office and it will still have a different platform, well, now they have a really good reason to do it. So we do think it enhances the growth rates of both organizations, and that is really the promise of the transaction.

這只是非常基本的層面。就像我說的，如果客戶因為合規性或監管報告或 AUM 擴展而要轉向 Clearwater，但又不想這樣做，因為前台會怎麼樣，而且它仍然會有不同的平台，那麼，現在他們有一個很好的理由這樣做。因此，我們確實認為這將提高兩個組織的成長率，而這正是這筆交易的前景。

Then there may be some clients who only want a front-to-back solution. And we expect to provide that in the quarters and years to come, a joint platform with a shared data infrastructure, shared security master and things of that ilk. So I do think all of these three, though, are additive to what the company is able to do themselves.

那麼可能有些客戶只想要從前端到後端的解決方案。我們期望在未來幾季和幾年內提供一個具有共享資料基礎設施、共享安全主機和類似功能的聯合平台。因此我確實認為這三項都會增強公司本身的能力。

Yeah. That's helpful. Sandeep, I've known you for a couple of decades. And we've seen sometimes there's a change in the industry where, once a competitor basically moves to a particular solution, it forces others. I mean the big ones' move to the cloud, for instance, right?

是的。這很有幫助。桑迪普，我認識你有幾十年了。有時我們發現產業會發生這樣的變化，一旦某個競爭對手轉向某種特定的解決方案，就會迫使其他人也這麼做。我指的是大公司轉向雲端，對嗎？

Like, once one company starts, it kind of forces others in the industry to move as well. Is this solution going to provide that much value where it becomes like a cascading effect where folks will be forced to move to you?

例如，一旦一家公司開始起步，它也會迫使產業內的其他公司也跟著起步。這個解決方案是否能提供那麼大的價值，以至於產生連鎖反應，迫使人們轉向你？

Yeah. Arvind, you know the industry really well. How much money is spent reconciling data across all the platforms? Enormous. People have thousands of people doing this kind of work. And what the promise of this transaction is we could have a system, which has a pre-trade and a post-trade all of the same data plane, all of the same security mass, so that's the promise of it.

是的。Arvind，你非常了解這個行業。協調所有平台的數據需要花多少錢？巨大的。人們有成千上萬的人在做這種工作。這筆交易的承諾是我們可以擁有一個系統，該系統具有交易前和交易後的所有相同數據平面，所有相同安全質量，這就是它的承諾。

And you really would take away a very vast amount of reconciliation work, which is what legions of people, that's all they do. They make sure it all reconciles between the various applications, and we can obviate the need for doing that. Once you have it, you can use exactly that same data for risk. So you don't have to build lots and lots of systems outside for data being provided to risk systems and for compliance systems and for regulatory reporting systems. So I do think it can be a complete game changer.

你確實會省去大量的和解工作，這就是大批人所做的全部工作。他們確保各個應用程式之間能夠協調一致，這樣我們就無需再這樣做了。一旦您擁有了它，您就可以使用完全相同的數據來衡量風險。因此，您不必在外部建立大量系統來向風險系統、合規系統和監管報告系統提供資料。所以我確實認為它可以徹底改變遊戲規則。

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

今天你不會看到我們如此積極地推銷，因為這需要時間。實現這個願景需要時間。但如果有人有機會，你必須相信那就是我們，因為這兩個平台都是雲端原生的、單一執行個體架構、單一安全主基礎設施，這很難從傳統基礎設施轉變而來。

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

所以我覺得我們有權利和許可來建造它。我們覺得我們擁有極其優越的條件來建造它。如果我們能夠隨著時間的推移在另類資產上獲得更大的規模並在私人資產上承擔更大的風險，我認為這完全符合該行業的需求。

Yun Kim, Loop Capital.

Yun Kim，Loop Capital。

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

好的。偉大的。我會很快完成。Sandeep，您現在看到的以及預計的毛利率提高的驅動因素是什麼？此外，這是否能讓您的收入流更清晰？

Yeah. So very short answer, yes, it is. So we are very, very pleasantly surprised with how mature the onboarding process has become. I think our commercial model has also evolved. So do we see a shorter period of time between booking and ARR? Absolutely.

是的。簡短的回答是，是的。因此，我們對入職流程的成熟程度感到非常驚訝。我認為我們的商業模式也在進化。那麼，我們是否會看到預訂和 ARR 之間的時間間隔縮短了？絕對地。

Do we see a shorter period of time to go live? Absolutely. And all of that, obviously, as you can imagine, improves not just revenue growth, but also improves the margin profile. So we do think -- I think, Jim and I both spoke about excellent execution, and we feel that team continues to execute very, very well.

我們是否看到上線時間縮短了？絕對地。顯然，正如您所想像的，所有這些不僅可以促進收入成長，還可以提高利潤率。所以我們確實認為——我認為，吉姆和我都談到了出色的執行力，而且我們覺得團隊繼續執行得非常非常好。

Okay. Great. And then just one quick follow-up. With the new year, how should we think about your sales capacity this year and the timing of the ramp if you're planning to add sales reps, especially with the Enfusion acquisition set to close in Q2?

好的。偉大的。然後只需快速跟進一次。新的一年即將到來，如果您計劃增加銷售代表，我們應該如何看待您今年的銷售能力和成長時機，尤其是 Enfusion 收購即將在第二季完成？

Yeah. To be quite transparent, when the business grows 20%-plus organically, there is a lot of room to make investments. So I would just say that our ability to add more money to sales and marketing efforts, in fact, even R&D efforts, is very high; also because the economics are better.

是的。坦白說，當業務有機成長 20% 以上時，就有很大的投資空間。因此我想說的是，我們在銷售和行銷方面，甚至在研發方面投入更多資金的能力非常強；也因為經濟狀況較好。

So once you have 20% growth and improving unit economics, and you think about that, and then you say, yes, you should have a lot of money to invest. And so GTM teams are fully funded, not just in North America, but in Continental Europe, in the UK and in Asia, to the extent appropriate. So we do feel we continue to add muscle into the GTM function.

因此，一旦你實現了 20% 的成長率並且單位經濟效益不斷提高，你就會考慮到這一點，然後說，是的，你應該有很多錢可以投資。因此，GTM 團隊得到了充足的資助，不僅在北美，而且在歐洲大陸、英國和亞洲也獲得了適當的資助。因此我們確實感覺到我們會繼續增強 GTM 功能。

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

謝謝。沒有其它問題了。我想將電話交還給 Sandeep，請他做最後發言。

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

我只想花點時間向所有報道我們的分析師和過去幾個季度和幾年對我們表現出極大信心的投資者表示感謝。我們對自己所做的事情感到非常自豪，但我們也對您對我們的信任感到非常自豪。所以謝謝你。非常感謝。

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

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。