Clearwater Analytics Holdings Inc (CWAN) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the Clearwater Analytics first-quarter 2025 financial results conference call. (Operator Instructions) And now I would like to turn the conference over to Joon Park, Head of Investor Relations, to begin the conference. Joon, please proceed.

女士們，先生們，謝謝你們的支持，歡迎參加 Clearwater Analytics 2025 年第一季財務業績電話會議。（操作員指示）現在，我想將會議交給投資者關係主管 Joon Park，開始會議。Joon，請繼續。

Thank you, and welcome, everyone, to Clearwater Analytics first-quarter 2025 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.

感謝大家，歡迎大家參加 Clearwater Analytics 2025 年第一季財務業績電話會議。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 Jim Cox。在他們發言之後，我們將進入問答環節。

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 acquisition of Enfusion, Beacon, and Bistro and their 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，任何前瞻性陳述均根據 1995 年《私人證券訴訟改革法案》的安全港條款做出。對未來目標、意圖和期望的表達，包括與業務前景、未來財務和產品表現、對收購 Enfusion、Beacon 和 Bistro 及其預期收益的預期以及類似項目相關的表達，包括但不限於使用可能、將、可以、預期和相信等術語的表達，以及反映非歷史事實內容的表達，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。您可以在我們發佈到投資者關係網站的收益新聞稿中找到與 GAAP 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 Q1 marked another quarter of strong execution and continued progress. Let me share some highlights that underscore our strong performance. Revenue for the quarter was $126.9 million, up 23.5% and year-on-year growth. ARR was $493.9 million, up 22.7% year on year.

謝謝你，俊。我很高興地報告，第一季又是一個執行力強勁、持續進步的季度。讓我分享一些彰顯我們強勁表現的亮點。本季營收為1.269億美元，年增23.5%。ARR為4.939億美元，年增22.7%。

Our adjusted EBITDA of $45.1 million was 35.5% of revenue and up 40% year on year. Gross margin was 78.9%, very close to our long-term target of 80%.

我們的調整後 EBITDA 為 4,510 萬美元，佔營收的 35.5%，年增 40%。毛利率為78.9%，非常接近我們80%的長期目標。

In today's environment of heightened market complexity, our value proposition has never been more relevant. In times like these, institutional investors want to make ongoing adjustments to the global portfolios, which in turn requires a comprehensive view of their assets and the ability to perform advanced analysis at a much higher frequency.

在當今市場日益複雜的環境中，我們的價值主張從未如此重要。在這樣的時期，機構投資者希望對全球投資組合進行持續調整，這反過來又需要對其資產有全面的了解，並能夠以更高的頻率進行高級分析。

Managing investments through disconnected legacy systems is no longer merely inefficient. It has become an existential risk. Data silos across legacy platforms, slow decision-making the most critical risks and introduce unnecessary costs precisely when agility and transparency are most essential.

透過不相連的遺留系統管理投資不再只是效率低。這已成為一種生存風險。遺留平台上的資料孤島會減緩決策制定，帶來最關鍵的風險，並在靈活性和透明度最重要的時候引入不必要的成本。

Take regulatory reporting next, conforming with the new NAIC mandate often requires extensive work. And most of the industry is in various stages of planning and execution. But most of Clearwater's clients are already compliant. We made changes to our platform in a timely manner.

接下來以監理報告為例，遵守新的 NAIC 規定通常需要大量的工作。大多數行業正處於規劃和執行的不同階段。但 Clearwater 的大多數客戶已經遵守規定。我們及時對我們的平台做出了改變。

And it was immediately available to all our customers, and the effort required to comply was dramatically reduced. The single instance multi-tenant model is simply superior.

它可以立即提供給我們的所有客戶，並且遵守規定所需的工作量也大大減少。單一實例多租用戶模型顯然更勝一籌。

This is the last quarterly call focused almost entirely on Clearwater before these acquisitions, and it is therefore a good time to take stock and reflect on what we have achieved over the past few years and what lies ahead.

這是這些收購之前幾乎完全專注於 Clearwater 的最後一次季度電話會議，因此，這是盤點和反思我們過去幾年取得的成就以及未來的好時機。

Looking back, it is clear to us that these enduring financials are not just a matter of chance. We have been focused on improving the quality of our business, very programmatically and methodically, and have executed with rigor.

回顧過去，我們清楚地認識到，這些持久的財務狀況並非只是偶然。我們一直致力於以程序化、系統化的方式提高業務質量，並嚴格執行。

Let's start with revenue growth. We have grown 20%-plus for each of the last six years. Our platform is clearly disruptive and a win rate of 80%, GRR of 98%-plus, NPS of 60%-plus are own testimony to that fact. Our single-instance multi-tenant platform with a single security master is simply the right technology to address the complex global portfolios that our clients have. We believe that all clients will migrate to this architecture in the days and years ahead and are confident in our competitive position versus the legacy platforms most of our major competitors have.

讓我們從收入成長開始。過去六年，我們每年的成長率都超過20%。我們的平台顯然具有顛覆性，80% 的勝率、98% 以上的 GRR 和 60% 以上的 NPS 就是這一事實的證明。我們的單一實例多租用戶平台具有單一安全主控，正是解決客戶複雜的全球投資組合問題的正確技術。我們相信，在未來的日子裡，所有客戶都會遷移到這種架構，而我們對於與大多數主要競爭對手的傳統平台相比的競爭地位充滿信心。

But we did not stop there. We launched a large commercial contract restructuring program in 2022 that aims to dampen revenue downside in times of AUM decline, while still retaining a majority of the revenue upside when there is an AUM tailwind. This was again apparent in Q1 of this year. markets were very volatile, but ARR grew 22.7% year on year.

但我們並沒有就此止步。我們於 2022 年啟動了一項大型商業合約重組計劃，旨在抑制 AUM 下降時期的收入下滑，同時在 AUM 順風時仍保留大部分收入上漲空間。這現像在今年第一季再次顯現。儘管市場波動很大，但 ARR 年增 22.7%。

Looking back, growth and sustained growth powered by investment in innovation and the development of new functionality helped us become more responsive to clients while increasing TAM. Add to that superior client servicing and operations; and finally, a balanced commercial model and you get sustained durable growth. Looking ahead now, we believe that this playbook can be applied almost in its entirety to both Enfusion and Beacon. The finance and legal teams have already been integrated under common leadership, and we will start work on this almost immediately.

回顧過去，由創新投資和新功能開發推動的成長和持續成長幫助我們在提高 TAM 的同時對客戶做出更快的回應。再加上卓越的客戶服務和營運；最後，透過平衡的商業模式，您可以獲得持續的持久成長。展望未來，我們相信這個劇本幾乎可以完全應用於 Enfusion 和 Beacon。財務和法律團隊已經整合到共同領導下，我們將立即開始這項工作。

Let's discuss gross margin and unit economics next. Firstly, the key to consistently improving both of these metrics starts with a focus on client satisfaction and ensuring consistency and reliability in our operations, essential ingredients to earning the trust of our clients and in delighting them.

接下來我們來討論一下毛利率和單位經濟效益。首先，持續改善這兩個指標的關鍵在於專注於客戶滿意度並確保我們營運的一致性和可靠性，這是贏得客戶信任並讓他們滿意的必要因素。

We use MBS and CSAT extensively to track and measure progress at a team level, at an industry level and at the company level. We use a metrics-driven approach to measure productivity and drive constant improvement. Not rocket science, but relentless execution is what sets us apart.

我們廣泛使用 MBS 和 CSAT 來追蹤和衡量團隊層面、產業層面和公司層面的進展。我們使用指標驅動的方法來衡量生產力並推動持續改善。雖然不是火箭科學，但堅持不懈的執行才是我們與眾不同之處。

Second, and as importantly, we invest in technology to make our workflows and processes much more efficient. We developed a proprietary reconciliation to Helios to modernize how we aggregate and process daily investment data from custodians, clients asset managers and brokers. And given the single security master and single data ingestion system, we have led the charge on generative AI.

其次，同樣重要的是，我們投資技術，使我們的工作流程和流程更有效率。我們開發了 Helios 專有對帳系統，以實現我們匯總和處理來自託管人、客戶資產管理人和經紀人的日常投資數據的方式的現代化。憑藉單一安全主機和單一資料提取系統，我們在生成人工智慧領域處於領先地位。

The financial expression of these programs have been very strong. Gross margin has grown from 75.1% in fiscal year 2022 and to 78.9% in Q1 of 2025, a 370 basis point improvement. We discussed gross margin improvement at our Investor Day conference in September 2023 and forecast of 50 bps per year improvement from 75.8% gross margin in the first half of 2023, just before the conference, we have grown gross margin by 300 basis points in less than two years, far exceeding the 100 bp improvement investors should have expected.

這些項目的財務表現非常強勁。毛利率從 2022 財年的 75.1% 成長至 2025 年第一季的 78.9%，提高了 370 個基點。我們在 2023 年 9 月的投資者日會議上討論了毛利率的提高，並預測毛利率將從 2023 年上半年的 75.8% 每年提高 50 個基點。就在會議召開前，我們在不到兩年的時間內將毛利率提高了 300 個基點，遠遠超過了投資者預期的 100 個基點的提高。

We have taken their technology and piloted the use of Helios to drive efficiency across Enfusions operations and the early signs are very positive. Similar improvement in client onboarding. A single security master has enabled us to reduce the average time to onboard a client to just 5.5 months, a remarkable achievement when you consider other similar platforms.

我們採用了他們的技術並試用 Helios 來提高 Enfusions 的營運效率，早期跡象非常積極。客戶入職方面也有類似的改進。一位安全大師使我們能夠將客戶入職的平均時間縮短至僅 5.5 個月，與考慮其他類似平台相比，這是一個了不起的成就。

Once again, we expect to bring these technologies and capabilities to Enfusion and beacon and drive meaningful gross margin improvement. To facilitate this, all operations and client servicing teams have been brought under one common leadership and will be operating as one integrated team.

我們再次期望將這些技術和能力帶入 Enfusion 和 Beacon，並推動毛利率的顯著提升。為了實現這一點，所有營運和客戶服務團隊都已納入一個共同的領導之下，並將作為一個綜合團隊運作。

R&D and operations are increasingly seen as partners in growth. And we were very excited to have reached our NRR target of 115% at the end of 2024. A full year ahead of a January 2026 goal.

研發和營運越來越被視為成長的合作夥伴。我們非常高興在 2024 年底實現了 115% 的 NRR 目標。比 2026 年 1 月的目標提早整整一年。

Finally then, let me discuss EBITDA expansion. Here again, we continue to meaningfully outpace the goals we set for ourselves. Q1 2025 generated 35.5% adjusted EBITDA, which was 420 basis points better than Q1 of 2024, which in turn was 470 basis points better than Q1 of 2023.

最後，讓我來討論一下 EBITDA 擴張。在這裡，我們再次繼續顯著超越我們為自己設定的目標。2025 年第一季的調整後 EBITDA 為 35.5%，比 2024 年第一季高出 420 個基點，又比 2023 年第一季高出 470 個基點。

That is extraordinary. And when you consider the organic growth we have been driving, while improving profitability, it should give you very high confidence in our ability to execute.

這真是太了不起了。當您考慮到我們一直在推動的有機成長，同時提高獲利能力時，您應該對我們的執行能力充滿信心。

None of this would have been possible without the infectious passion, active collaboration and the striving for excellence that my partners in the leadership team have displayed over the last several years that we have been together. Our entire team works tirelessly to be client advocates, and we have been fortunate to have built an extraordinary team across the globe. I could not be more thankful.

如果沒有我的領導團隊的合作夥伴在過去幾年中表現出的富有感染力的熱情、積極的合作和對卓越的追求，這一切都不可能實現。我們的整個團隊孜孜不倦地致力於成為客戶的擁護者，我們很幸運能夠在全球範圍內建立一支非凡的團隊。我非常感激。

Before we move on, I'd like to highlight some of the notable strategic wins from Q1. A Magnificent 7 tech leader selected our PRISM solution to integrate the investment data into their Snowflake cloud environment, supporting both immediate liquidity management needs and longer-term plans to consolidate the investment operations infrastructure.

在我們繼續之前，我想強調第一季的一些顯著的戰略勝利。Magnificent 7 的技術領導者選擇了我們的 PRISM 解決方案，將投資數據整合到他們的 Snowflake 雲端環境中，既支援即時的流動性管理需求，也支援整合投資營運基礎設施的長期計畫。

In Europe, we secured a pivotal win with a leading German insurance company, the first step in replacing a competitor's middle to back-office solution. This validates our expansion strategy and opens up significant market opportunity and TAM in Europe with potential replacements for firms managing over $5 trillion in AUM collectively.

在歐洲，我們與一家領先的德國保險公司取得了關鍵的勝利，這是取代競爭對手的中後台解決方案的第一步。這驗證了我們的擴張策略，並在歐洲開闢了巨大的市場機會和 TAM，為管理總額超過 5 兆美元的 AUM 的公司提供了潛在的替代者。

A global asset manager expanded their partnership to include both LPx and MLx solutions to support their insurance clients book of record accounting and regulatory reporting needs. These wins demonstrate our ability to solve very complex operational challenges across diverse clients while also showing strong cross-sell momentum for our PRISM LPx and MLx solutions as well as our general capabilities.

一家全球資產管理公司擴大了合作夥伴關係，包括 LPx 和 MLx 解決方案，以支援其保險客戶的記錄簿會計和監管報告需求。這些勝利證明了我們有能力解決不同客戶的非常複雜的營運挑戰，同時也展示了我們的 PRISM LPx 和 MLx 解決方案以及我們的一般能力的強勁交叉銷售勢頭。

Now though, let's look ahead. Our strategic acquisitions of Enfusion, Beacon and Bistro position us to deliver what the market has long demanded and what is increasingly necessary to manage a complex global portfolio. the industry's first fully cloud-native investment platform that seamlessly integrates the front, middle and back-office operations.

現在，讓我們展望未來。我們對 Enfusion、Beacon 和 Bistro 的策略性收購使我們能夠滿足市場長期以來的需求以及管理複雜的全球投資組合日益必要的東西。業界首個完全雲端原生的投資平台，無縫整合前中後台業務。

By combining Clearwater's trusted middle-end back-office infrastructure with Enfusion's industry-leading front office platform Beacon's next-generation risk and quantitative analytics and Bistros visualization capabilities focused on alternative assets. We aim to eliminate the fragmentation that has plagued to our industry.

透過將 Clearwater 值得信賴的中端後台基礎設施與 Enfusion 業界領先的前台平台 Beacon 的下一代風險和定量分析以及專注於另類資產的 Bistros 視覺化功能相結合。我們的目標是消除困擾我們產業的分裂現象。

Our single-instance multi-tenant architecture is already disruptive in our industry. But what sets us apart now and in the future will be our ability to create a single security master and a single data plan for all asset classes, public and private. We believe that the business value of this will be completely transformative.

我們的單一實例多租用戶架構已經顛覆了我們的產業。但現在和將來我們的獨特之處在於，我們有能力為所有資產類別（公共和私人）創建單一的安全主控和單一的資料計劃。我們相信，其商業價值將具有徹底的變革性。

Number one, the platform will provide a comprehensive global view of our clients' assets, public and private. This is incredibly hard to do when you think about LPs, mortgages, loans, private credit, derivatives, structured products, et cetera, along with equities and fixed income instruments.

首先，該平台將為我們的客戶提供全面的全球資產視圖，包括公共和私人資產。當你考慮 LP、抵押貸款、貸款、私人信貸、衍生性商品、結構性產品等以及股票和固定收益工具時，這一點就變得極其困難。

Number two, drill down to understand real exposure to a company and industry or geography, and most importantly, across asset classes. You must know what is in every CLO, every MBS, every LP investments every real estate portfolio and so on and so forth to generally understand real exposure.

第二，深入了解一家公司、一個行業或一個地區的實際風險敞口，最重要的是，了解跨資產類別的風險敞口。您必須知道每個 CLO、每個 MBS、每個 LP 投資、每個房地產投資組合等等中的內容，才能大致了解實際風險敞口。

Number three, understand overall risk. Very tough to model because it is difficult to ensure that the assumptions are consistent across asset classes. Risks across asset classes, often compound and or cancel each other, making it important to understand overall risk model cash flows performance shock analysis and scenario review across your entire portfolio.

第三，了解整體風險。建模非常困難，因為很難確保各個資產類別的假設一致。跨資產類別的風險通常會相互疊加或抵消，因此了解整個投資組合的整體風險模型現金流量績效衝擊分析和情境審查非常重要。

Number four, all of this will lead us to an event-driven platform where actions taken anywhere in the trade life cycle are immediately reflected across the front-to-back platform. Fully integrated, our platform will deliver this and will completely revolutionize the industry.

第四，所有這些都將引領我們走向一個事件驅動的平台，在這個平台上，交易生命週期中任何地方採取的行動都會立即反映在前端到後端的平台上。我們的平台完全集成，將實現這一目標並將徹底改變整個行業。

Integration does not happen overnight, but gives us high confidence in the fact that all these platforms use modern cloud technologies and are operating at scale. Secondly, and perhaps more importantly, large sophisticated clients already use these platforms together with one stellar example being Blackstone building Bistro.

整合並非一朝一夕就能實現，但我們對所有這些平台都使用現代雲端技術並大規模運行充滿信心。其次，也許更重要的是，大型成熟客戶已經使用這些平台，其中一個很好的例子就是黑石集團打造的 Bistro。

And while this vision is very exciting, we also want to deliver in the short and medium term. Given the complexity and time needed to launch new products, enter new markets and geographies, we have developed a road map for execution that has three phases. In Phase 1, the focus will be on maximizing the potential of each stand-alone business as it relates to their 2025 goals.

雖然這個願景非常令人興奮，但我們也希望在短期和中期內實現這個願景。考慮到推出新產品、進入新市場和地區所需的複雜性和時間，我們制定了分為三個階段的執行路線圖。在第一階段，重點將放在最大限度地發揮每個獨立企業的潛力，以實現其 2025 年目標。

We want the GTM and operations teams to do what they were doing before these acquisitions, but do it incrementally better. For Clearwater, the ability to provide industry-leading front office functionality, cutting-edge risk and market-leading alternative asset visualization should make the market proposition stronger and help growth incrementally.

我們希望 GTM 和營運團隊能夠繼續進行收購先前的工作，但要逐步做得更好。對於 Clearwater 而言，提供業界領先的前台功能、尖端風險和市場領先的另類資產視覺化的能力應該會使市場主張更加強大，並有助於逐步成長。

For Beacon, they will have the ability to take their platform to over 1,400 Clearwater clients and over 900 Enfusion clients, and that should help them grow incrementally faster. For Enfusion, our joint ability to invest in R&D and GTM for both head funds and separately for asset management, and to take this solution to over 1,400 Clearwater clients should also help them drive incrementally higher growth.

對於 Beacon 而言，他們將有能力將其平台推廣給超過 1,400 個 Clearwater 客戶和超過 900 個 Enfusion 客戶，這將有助於他們更快地逐步發展。對於 Enfusion 而言，我們共同投資於核心基金和資產管理的研發和 GTM，並將解決方案推廣給超過 1,400 名 Clearwater 客戶，這也有助於他們逐步實現更高的成長。

Phase two consists of a robust cross-sell strategy across the combined organization. Building on the successful model we developed with our Wilshire cross-sell team, we are creating a dedicated organization to capitalize on the need for a comprehensive platform for investment management across our client base. This approach will not only drive revenue growth but also deliver enhanced value to our clients.

第二階段包括在合併後的組織內實施強而有力的交叉銷售策略。在我們與威爾希爾交叉銷售團隊共同開發的成功模式的基礎上，我們正​​在創建一個專門的組織，以滿足客戶群對綜合投資管理平台的需求。這種方法不僅能推動營收成長，還能為我們的客戶帶來更高的價值。

In the third phase, we are going to bring a long-term vision of one platform to fruition. The R&D, operations and GTM efforts to drive all these phases will start in earnest right away. This includes developing a single security master on a unified data plane that will form the foundation for the industry's most comprehensive front-to-back platform. This integration is our goal and its success will be built on the momentum we generate from our immediate focus on stand-alone growth and cross-selling initiatives. That's the strategic opportunity.

在第三階段，我們將實現一個平台的長期願景。推動所有這些階段的研發、營運和 GTM 工作將立即認真啟動。這包括在統一資料平面上開發單一安全主控，為業界最全面的前端到後端平台奠定基礎。此次整合是我們的目標，其成功將建立在我們目前對獨立成長和交叉銷售計畫的關注所產生的動力之上。這就是戰略機會。

But on the financial side, we think these transactions create an extraordinary opportunity for shareholders. We have issued shares that led to dilution of approximately 15%, but have added a little over 50% in revenue though not at the same level of profitability, but we are very confident about our ability to execute and drive incrementally higher growth, higher gross margin, and meaningfully improve profitability to get these businesses to financial metrics that are similar to ours. Taken together, all of these actions should power 20% growth, 50 basis point gross margin improvement and 200 basis point EBITDA expansion per year. all very consistent with our earlier guidance.

但從財務方面來看，我們認為這些交易為股東創造了非凡的機會。我們發行的股票導致股權被稀釋了約 15%，但收入增加了 50% 多一點，儘管盈利水平沒有達到同樣的水平，但我們對自己的執行能力非常有信心，能夠逐步推動更高的增長、更高的毛利率，並顯著提高盈利能力，使這些業務達到與我們相似的財務指標。綜合起來，所有這些舉措應該能夠推動每年 20% 的成長、50 個基點的毛利率提高和 200 個基點的 EBITDA 擴張。一切都與我們先前的指導非常一致。

Finally, we began this chapter as one integrated team strengthened by the addition of executive and exceptional leadership and talent. I'm delighted to welcome Neal Pawar, former CEO of Enfusion; and Kirat Singh, former CEO of Beacon to our leadership team. Their expertise and vision will be invaluable as we execute on our ambitious road map. To the Enfusion and Beacon teams joining us, welcome to Clearwater.

最後，我們以一個綜合團隊的形式開始了這一篇章，並透過增加高階主管和傑出的領導力和人才而變得更加強大。我很高興歡迎 Enfusion 前執行長 Neal Pawar；以及 Beacon 前執行長 Kirat Singh 加入我們的領導團隊。當我們執行雄心勃勃的路線圖時，他們的專業知識和遠見將發揮無價的作用。歡迎加入我們的 Enfusion 和 Beacon 團隊來到 Clearwater。

And to all our employees, thank you for your unwavering dedication and collaborative spirit that have established Clearwater as a global leader. Together, we are doubling down on our commitment to innovation and operational excellence as we build the industry's most comprehensive cloud-native investment management platform. The future has never been brighter for our clients, our shareholders and our entire Clearwater team.

我們也要感謝所有員工，感謝你們堅定的奉獻和協作精神，正是你們讓 Clearwater 成為全球領導者。我們正共同加倍致力於創新和卓越運營，打造業界最全面的雲端原生投資管理平台。對於我們的客戶、股東和整個 Clearwater 團隊來說，未來從未如此光明。

With that, I'll hand the call over 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. We delivered another excellent set of quarterly results in Q1 2025 and which continued the impressive trajectory that we enjoyed in 2024. We achieved revenue of $126.9 million, with year-over-year growth of 23.5%, which comfortably beat our guidance by $1.9 million and grew sequentially from Q4. This is impressive, as we noted in our earnings call last quarter that $3 million in incremental revenue from NAIC services originally expected to be recognized this quarter. was recognized last quarter in Q4.

謝謝，桑迪普。我們在 2025 年第一季再次取得了出色的季度業績，延續了 2024 年令人印象深刻的發展軌跡。我們實現了 1.269 億美元的收入，年增 23.5%，輕鬆超出我們的預期 190 萬美元，並且與第四季度相比有所增長。這令人印象深刻，正如我們在上個季度的收益電話會議上指出的那樣，原本預計本季將確認來自 NAIC 服務的 300 萬美元增量收入。已於上個季度第四季獲得認可。

Annualized recurring revenue, or ARR, at the end of Q1 was a record $493.9 million representing strong year-over-year increase of 22.7% from the $402.3 million in Q1 of the prior year.

第一季末的年化經常性營收（ARR）達到創紀錄的 4.939 億美元，較去年同期的 4.023 億美元強勁成長 22.7%。

Now let's turn to unit economics and profitability. Our robust margin expansion is anchored in our consistent incremental improvement in gross margin, which in Q1 was at a record high of 78.9%. For comparison, our gross margin was 76.5% for fiscal year 2023 when at our September 2023 Investor Day, we committed to improving gross margins by 50 basis points per year. In Q1, we are 240 basis points better. in 1.5 years, not five years as we committed.

現在讓我們來討論單位經濟和獲利能力。我們強勁的利潤率成長得益於我們毛利率的持續提升，第一季毛利率達到了創紀錄的 78.9%。相較之下，我們 2023 財年的毛利率為 76.5%，而在 2023 年 9 月的投資者日上，我們承諾每年將毛利率提高 50 個基點。在第一季度，我們的業績提高了 240 個基點。一年半，而不是我們承諾的五年。

This dramatic improvement was achieved, not with a silver bullet, but with grit, and the achievement of many efforts to incrementally improve both the economics and the efficiency of our operations.

這項顯著進步並非靠靈丹妙藥就能實現的，而是靠堅持不懈的努力以及為逐步提高營運的經濟效益和效率而做出的許多努力。

Teams across operations, sales and development have collaborated across many programs. Each of these individual programs contributed to incremental improvements to achieve these results, and it is gratifying to see the team's successes reflected in our numbers. We've continued our stellar EBITDA margin expansion path by delivering $45.1 million in EBITDA in Q1, and with an impressive year-over-year growth rate of 40% and a record EBITDA margin of 35.5%.

營運、銷售和開發團隊已在許多專案上展開合作。每一個單獨的專案都為實現這些結果做出了逐步的改進，我們很高興看到團隊的成功反映在我們的數字中。我們繼續保持出色的 EBITDA 利潤率擴張勢頭，第一季 EBITDA 達到 4510 萬美元，年成長率高達 40%，EBITDA 利潤率創下 35.5% 的新高。

Now I'm going to turn to GAAP results. We achieved a GAAP net income for the fifth quarter in a row with GAAP net income of $6.9 million in Q1. We have seen the scale of this business accrue, benefits to both shareholders and clients. For example, in the first quarter alone, we spent $37.4 million on R&D. This is more than double the amount we spent on R&D when we became public in 2021.

現在我要談談 GAAP 結果。我們連續第五個季度實現 GAAP 淨收入，第一季 GAAP 淨收入為 690 萬美元。我們看到這項業務的規模不斷擴大，為股東和客戶帶來了利益。例如，光是在第一季度，我們就花了 3,740 萬美元進行研發。這比我們 2021 年上市時投入的研發經費增加了一倍以上。

Yet as a percentage of revenue, R&D has become 21.6% of revenue on a non-GAAP basis. This reflects leverage of more than 320 basis points since we became public.

然而，以非公認會計準則計算，研發收入佔比已達 ​​21.6%。這反映出我們上市以來的槓桿率已超過 320 個基點。

Free cash flow in Q1 was $23 million, which represents a year-over-year increase of 168% from our prior year's Q1 of $8.6 million. Total cash and cash equivalents at the end of Q1 was $282.9 million with net cash of $237.6 million.

第一季的自由現金流為 2,300 萬美元，較去年同期的 860 萬美元年增 168%。第一季末的現金和現金等價物總額為 2.829 億美元，淨現金為 2.376 億美元。

Our net revenue retention rate was 114% in Q1, which was a step down from the prior quarter's NRR of 116%. As the AUM growth within our clients was less of a tailwind. However, the key elements to drive to NRR 115% remains strong with new product growth, low churn, and price increases remaining steady. In terms of gross revenue retention rate in Q1, it remained at a solid 98%.

我們第一季的淨收入保留率為 114%，較上一季的 116% 有所下降。由於我們客戶的 AUM 成長不太順風。然而，推動 NRR 達到 115% 的關鍵因素依然強勁，即新產品成長、低客戶流失率和價格上漲保持穩定。從第一季的總收入保留率來看，仍保持在 98% 的穩定水平。

In Q1, equity-based compensation and the related payroll taxes was $27.6 million, which represented 21.7% of Q1 revenue. This metric has become meaningfully lower as a percentage of revenue and as a percentage of EBITDA as we have scaled.

第一季度，股權薪酬及相關工資稅為 2,760 萬美元，佔第一季營收的 21.7%。隨著我們規模的擴大，這項指標佔收入的百分比和占 EBITDA 的百分比已顯著下降。

Before we turn to the future and guidance, please forgive me for a moment of reflection. When I joined Sandeep in 2019, I don't think either of us envisioned we would find ourselves in this moment today. between adding private investors in 2020 to going public in 2021 to navigating COVID and to all the inevitable market excitement in between.

在我們展望未來和指導之前，請原諒我思考片刻。當我在 2019 年加入 Sandeep 時，我想我們倆都沒有想到我們會走到今天這一步。從 2020 年引進私人投資者，到 2021 年上市，再到應對新冠疫情，以及其間所有不可避免的市場興奮。

We, and all of us at Clearwater, have experienced so many changes. During this time, we've added so many great people along the way, and all of us have learned how to get better, time and again, even when we thought we were already pretty good.

我們，以及 Clearwater 的所有人，都經歷了許多變化。在此期間，我們一路吸收了許多優秀人才，我們所有人都一次又一次地學會瞭如何變得更好，即使我們認為自己已經相當優秀了。

There may have been exciting moments along the way, but none of them are more exciting than the opportunity that lies in front of us today.

一路上或許有過激動人心的時刻，但沒有什麼比今天擺在我們面前的機會更令人興奮的了。

We can give you our assurance that we will remain ever focused on clients and our employees and on our shareholders as we have been all along this journey. With these acquisitions completed, we can also assure shareholders that we will not pursue further M&A activities until the benefits of these acquisitions are truly apparent to investors, clients and employees. And we have sufficiently deleveraged the business.

我們可以向您保證，我們將一如既往地關注客戶、員工和股東。隨著這些收購的完成，我們也可以向股東保證，在這些收購的好處真正為投資者、客戶和員工所見之前，我們不會進行進一步的併購活動。我們已經充分降低了業務槓桿。

Now let's turn to guidance. Q1 will be our last reporting quarter in which we are showing our historical business results as we closed the Enfusion transaction on April 21 and the Beacon transaction today. As a result, we have provided guidance for Q2 2025 for our historical business and summarized the expected contribution from the acquired businesses.

現在讓我們轉向指導。由於我們於 4 月 21 日完成了 Enfusion 交易，並於今天完成了 Beacon 交易，因此第一季將是我們展示歷史業務成果的最後一個報告季度。因此，我們為歷史業務提供了 2025 年第二季的指導，並總結了收購業務的預期貢獻。

For the entire year, we are providing combined consolidated guidance for the full year 2025. For everyone's context, Enfusion's preliminary revenue for Q1 2025 was $54.5 million as we expected, which is a 13% increase over Q1 of 2024.

對於全年，我們將提供 2025 年全年的綜合綜合指導。供大家參考，Enfusion 2025 年第一季的初步營收符合我們的預期，為 5,450 萬美元，比 2024 年第一季成長 13%。

For the second quarter of 2025, before considering the impact of Bistro, Enfusion and Beacon acquisitions, we expect revenue to be $129 million. representing a year-over-year growth rate of approximately 21%.

對於 2025 年第二季度，在考慮 Bistro、Enfusion 和 Beacon 收購的影響之前，我們預計營收將達到 1.29 億美元。年成長率約為21%。

In addition, we expect a combined revenue contribution from the date of acquisition of Enfusion and Beacon of $45 million to the quarter and a total expected revenue of $174 million in the second quarter of 2025. This represents total year-over-year growth of approximately 63%.

此外，我們預計從收購 Enfusion 和 Beacon 之日起到本季的綜合收入貢獻為 4,500 萬美元，2025 年第二季的預計總收入為 1.74 億美元。這意味著同比總體增長約 63%。

In terms of adjusted EBITDA guidance for the second quarter of 2025 before considering the impact of the acquisitions, we expect EBITDA to be $45 million, representing an adjusted EBITDA margin of 35% or approximately 360 basis points higher than our prior year Q2. Additionally, we expect the acquired businesses to contribute approximately $8 million in EBITDA in Q2 at an EBITDA margin of 18%.

在考慮收購影響之前，就 2025 年第二季的調整後 EBITDA 指引而言，我們預期 EBITDA 為 4,500 萬美元，調整後的 EBITDA 利潤率為 35%，或比去年同期第二季高出約 360 個基點。此外，我們預計收購的業務將在第二季貢獻約 800 萬美元的 EBITDA，EBITDA 利潤率為 18%。

On a consolidated basis, the EBITDA margin is 30.5% or approximately 250 basis points higher than 2024. Additionally, in Q2, below EBITDA, we expect $6 million of onetime cash costs related to transition activities and $16 million of onetime equity-based compensation expense resulting from the double trigger of awards granted at the legacy companies. We expect interest expense for Q2 to be $15 million.

以合併口徑計算，EBITDA 利潤率為 30.5%，比 2024 年高出約 250 個基點。此外，在第二季度，我們預計低於 EBITDA 的一次性現金成本為 600 萬美元，與過渡活動有關，一次性股權薪酬費用為 1600 萬美元，這源於原有公司授予的獎勵的雙重觸發。我們預計第二季的利息支出為 1500 萬美元。

For the full year 2025, on a combined basis, we expect revenue to be between $720 million to $728 million, representing a year-over-year growth rate of approximately 59% to 61%. We also expect EBITDA to be $230 million to $235 million for the full year 2025, representing an adjusted EBITDA margin of approximately 32% for the year.

就 2025 年全年而言，我們預計綜合收入將在 7.2 億美元至 7.28 億美元之間，年成長率約為 59% 至 61%。我們也預計 2025 年全年 EBITDA 將達到 2.3 億美元至 2.35 億美元，這意味著全年調整後的 EBITDA 利潤率約為 32%。

For the full year, although we are still finalizing our purchase accounting work, we currently expect depreciation and amortization expense to be in the range of $100 million to $120 million. We expect the combined company will have equity-based compensation expense of approximately $139 million including the $16 million of onetime costs I described in Q2. This equates to equity-based compensation expense of approximately 19% of revenue. This is slightly less than the 20% of revenue in Clearwater's initial full year guidance.

就全年而言，儘管我們仍在完成採購會計工作，但我們目前預計折舊和攤銷費用將在 1 億美元至 1.2 億美元之間。我們預計合併後公司的股權薪酬費用約為 1.39 億美元，其中包括我在第二季度描述的 1,600 萬美元的一次性成本。這相當於股權薪酬費用約佔收入的 19%。這略低於 Clearwater 最初全年預期的 20% 的收入。

We expect net interest expense to be approximately $40 million for 2025. Share count for the year is expected to be approximately 303 million shares. And although we will pay a limited amount in cash taxes, we will continue to utilize a non-GAAP tax rate of 25% for 2025.

我們預計 2025 年淨利息支出約為 4,000 萬美元。預計全年股數約3.03億股。儘管我們將支付有限數額的現金稅，但我們將在 2025 年繼續採用 25% 的非 GAAP 稅率。

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

說完這些，我將把時間交給 Sandeep，讓他在提問之前提供一些結束語。

Thank you, Jim. Before we open the call for questions, let me leave you with this thought. We are working backwards from a future where fragmented investment systems will be as obsolete as paper ledgers. A future with the world's most sophisticated investors will see, analyze and act on their entire portfolio. public and private, simple or complex through a single pill of glass in near real time.

謝謝你，吉姆。在我們開始提問之前，請容許我先談談這個想法。我們正在回顧一個未來，那時分散的投資系統將像紙本帳簿一樣過時。未來，世界上最成熟的投資者將會審視、分析他們的整個投資組合併採取行動。透過一塊玻璃藥丸，幾乎可以即時控制公共和私人、簡單和複雜。

Q1 strong results are meaningful and foundational for what we are building. which goes much beyond an integrated platform. We are eliminating an entire category of problems that the investment industry has accepted as unchangeable for over a decade. That's the future we see, that's the future we are building, and that's the future we will deliver.

Q1 的強勁業績對於我們正在建立的目標來說意義重大且具有基礎性。它遠遠超出了一個整合平台的範圍。我們正在消除投資業十多年來一直認為無法改變的一整類問題。這就是我們所看到的未來​​，這就是我們正在建立的未來，這就是我們將要實現的未來。

Thank you.

謝謝。

(Operator Instructions) Kevin McVeigh, UBS.

（操作員指示）瑞銀的 Kevin McVeigh。

Great. And let me congratulate you. Obviously, transactions, but also the execution, I'd imagine there was a lot of focus on the deals and to be able to put the core numbers up really, really impressive. I think you gave a lot of really, really helpful context.

偉大的。讓我向你表示祝賀。顯然，除了交易，還有執行，我想大家非常關注交易，並且能夠把核心數字提高到非常令人印象深刻的水平。我認為您提供了很多非常非常有用的信息。

As we're modeling, I don't know if this is for Jim or Sandeep, is there any way to think -- I know that 20% is longer term, but -- and 25% is pretty clear, but any sense of how we should think about '26 and '27 from just a top-line perspective? And then just the pacing of the margins.

在我們建模時，我不知道這是否適用於 Jim 或 Sandeep，有什麼方法可以思考 - 我知道 20% 是長期的，但是 - 25% 非常清楚，但從頂線角度來看我們應該如何考慮 '26 和 '27？然後只是邊緣的步調。

Sure thing, Kevin, this is Jim. I hope you're doing well. Thanks for that. Let me start it's okay with 2025, just so that everybody is grounded in the same because I know there's lots of moving pieces here. But simply the way we've done our 2025 guidance is this.

當然可以，凱文，我是吉姆。我希望你一切都好。謝謝。首先，我認為 2025 年是可以的，這樣每個人都能有一個共同的基礎，因為我知道這裡有很多變動因素。但我們制定 2025 年指導方針的方式很簡單。

We've always said Clearwater grows 20%. We're committed to that rate. We also then said, "Hey, we're going to grow Beacon 20%, just like that. If you can see Enfusion in Q4 and in Q1 grew about 13%. And so those are the components that we used to come to our guidance.

我們一直說 Clearwater 的成長率為 20%。我們致力於實現這一目標。我們當時還說，「嘿，我們要讓 Beacon 成長 20%，就這樣。如果你能看到 Enfusion 在第四季度和第一季增長了約 13%。這些就是我們用來提供指導的要素。

Obviously, we will continue that longer-term commitment to the 20% top line growth remains. Sandeep described the three phases that we will step through as we're looking for an incremental improvement. And so I think as we look to those levels, we would expect that Enfusion business to move from that 13%, up a few percent each year as we drive to that 20% top-line rate.

顯然，我們將繼續長期致力於實現 20% 的營收成長。Sandeep 描述了我們在尋求逐步改進的過程中將經歷的三個階段。因此，我認為，當我們著眼於這些水平時，我們預計 Enfusion 業務將從 13% 開始，每年增長幾個百分點，直至達到 20% 的營收率。

In addition, I think it's impressive when you look at 2025 and you look at the full-year EBITDA guide, that we are able to grow that as a consolidated entity. And so I think when we talked about the acquisition in January, we talked about the incremental improvement in the Enfusion business EBITDA margin growing.

此外，我認為，當你展望 2025 年並查看全年 EBITDA 指南時，我們能夠將其發展為合併實體，這令人印象深刻。因此，我認為，當我們在一月份談論收購時，我們談論的是 Enfusion 業務 EBITDA 利潤率的逐步提高。

And we've also always talked about consistently thinking about 200 basis points improvement in EBITDA margin in our business historically, and how that is our mantra. And I think we feel very comfortable with the idea that we can expand the larger consolidated enterprise at that same EBITDA margin expansion over that period. Sandeep?

我們也一直在談論始終如一地考慮將我們業務的 EBITDA 利潤率提高 200 個基點，這是我們的座右銘。我認為，我們對能夠在同一時期以相同的 EBITDA 利潤率擴張來擴大更大的合併企業感到非常滿意。桑迪普？

Yes. I would just add here, Kevin, that to be very specific about the Enfusion growth rate. I think we had said before the acquisition that is starting up at about 13%, and we expect to reaccelerate growth through 20% in two years. So obviously, the transaction just closed 10 days back. And so we expect to get some improvement this year, but very little.

是的。凱文，我只想在這裡補充一點，具體說明一下 Enfusion 的成長率。我想我們在收購之​​前就說過，起步成長率約為 13%，我們預計兩年內成長率將再次達到 20%。顯然，交易 10 天前剛結束。因此，我們預計今年會取得一些進步，但進步幅度很小。

We expect to see some real acceleration, if you will, in 2026. And by the time we get to Q2 of 2027, we expect that to be growing at the pace we grow. So just in terms of scaling it how this might go in the outer years, that's how we think about it.

如果你願意的話，我們預計 2026 年會看到一些真正的加速。到 2027 年第二季度，我們預計這一數字將以我們的成長速度成長。所以，就未來幾年可能如何發展的規模而言，我們就是這樣考慮的。

That's very, very helpful, Sandeep. And I know you talked about the three phases of the execution, the first one being the go-to-market of Beacon clients to Clearwater and Enfusion and then Enfusion of Clearwater, can you just remind us how does Bistro fit into that? And does that come across the same optionality of Beacon? Or just how do we think about Bistro within the mosaic of Beacon and Enfusion?

這非常非常有幫助，桑迪普。我知道您談到了執行的三個階段，第一個階段是將 Beacon 客戶推向 Clearwater 和 Enfusion，然後是 Enfusion 推向 Clearwater，您能否提醒我們 Bistro 是如何融入其中的？這是否具有與 Beacon 相同的可選性？或者我們如何在 Beacon 和 Enfusion 的馬賽克中思考 Bistro？

Yes. Thank you, Kevin. Simply put, when you think about Beacon, it is visualization of alternative assets. And I'm sure you'll agree that A lot of the inefficiency in the world in this world comes from processing and dealing with alternative assets. And so what Beacon will do is -- Bistro will do is provide that capability across asset management, hedge funds, insurance companies and other asset owners.

是的。謝謝你，凱文。簡單來說，當你想到 Beacon 時，它就是替代資產的視覺化。我相信你會同意，世界上很多的低效率都來自於處理和處理替代資產。因此，Beacon 所做的是——Bistro 所做的是為資產管理、對沖基金、保險公司和其他資產所有者提供這種能力。

So we see that as a horizontal capability, which is applicable to all of the vertical markets we operate in. And while on that subject, Kevin, we think of Beacon almost is the same thing. The risks and analytics is not restricted to any one of these industries and we expect it will be a horizontal. We'll take it to the 1,400 clients of Clearwater, we will take it to the 900-plus clients of Enfusion and frankly, to their own market segments, which is energy and other areas.

因此，我們將其視為一種橫向能力，適用於我們營運的所有垂直市場。凱文，談到這個話題，我們認為 Beacon 幾乎是同一件事。風險和分析並不局限於任何一個行業，我們預計它將是一個橫向的。我們將把它帶給 Clearwater 的 1,400 名客戶，我們將把它帶給 Enfusion 的 900 多名客戶，坦白說，我們將把它帶給它們自己的細分市場，即能源和其他領域。

So yeah, we expect these two capabilities to be horizontal going forward.

是的，我們預期這兩種能力在未來將會保持同步發展。

Thank you so much.

太感謝了。

Thanks, Kevin.

謝謝，凱文。

Operator, can you give the next question, please?

接線生，請問您能提出下一個問題嗎？

Brian Schwartz, Oppenheimer.

布萊恩·施瓦茨，奧本海默。

Yeah. Hi. Thanks for taking my questions this afternoon. Sandeep, wondering if you can give us maybe a heads up on what you're seeing in terms of demand out there. Obviously, it seems like the macro impacted the business in 1Q. But what are you seeing now since the tariffs and the market turmoil took hold this month.

是的。你好。感謝您今天下午回答我的問題。Sandeep，想知道您是否可以告訴我們您所看到的市場需求。顯然，宏觀經濟似乎對第一季的業務產生了影響。但是自從本月關稅和市場動盪開始以來，你現在看到了什麼？

And then with Jim, did you put in any potential macro risk into the guidance? And then I have a follow-up.

那麼吉姆，您是否將任何潛在的宏觀風險納入了指導中？然後我有一個後續問題。

Yeah. Thank you for the question, Brian. So I don't think we saw very much in Q1. We literally in the day today, looked at April to see churn to see booking, to see items which may reflect a slowdown. But when you think about revenue, though, our revenue is very well protected from the downside.

是的。謝謝你的提問，布萊恩。所以我認為我們在第一季沒有看到太多變化。我們今天確實查看了四月份的情況，查看了客戶流失率、預訂量以及可能反映出經濟放緩的項目。但是，當你考慮收入時，我們的收入受到很好的保護，不會受到負面影響。

So have the prices of asset class has gone down, generally speaking, I think that's true. But has the revenue gone down like it did in 2022 or any other time, not so.

因此資產類別的價格已經下降，總的來說，我認為這是真的。但收入是否像 2022 年或其他任何時候一樣下降？答案是沒有。

So I think the overall revenue growth of the company was solid in Q1. I think we looked at Jon, we looked at hedge funds, we looked at each of these markets, obviously, Q1 is solid, what we are saying and Q1 is -- April is very preliminary, but we have seen nothing here which affects the revenue of the business. Obviously, earnings is a completely different story and earnings outpaced any guidance we provided. And so that's how we think about Q1 and April, very preliminary.

所以我認為公司第一季的整體營收成長穩健。我想我們研究了喬恩，研究了對沖基金，研究了每個市場，顯然，第一季表現穩健，我們所說的第一季——四月份的數據非常初步，但我們沒有看到任何影響業務收入的跡象。顯然，收益是一個完全不同的故事，收益超過了我們提供的任何指導。這就是我們對第一季和四月的看法，非常初步。

I don't know, Jim, about the second question.

吉姆，我不知道第二個問題。

On the guidance, I think, it's the framework that we just described as far as thinking about those businesses and the relative contributions of those based on the information that we have today. I would say on the margin, right, NRR is down slightly in Q1 from Q4.

關於指導，我認為，這是我們剛才描述的框架，基於我們今天掌握的資訊來思考這些業務以及這些業務的相對貢獻。我想說的是，就邊際而言，第一季的 NRR 較第四季略有下降。

But all of the things that are entirely in our control, the churn, price increase, cross-sell of product, upsell was a little bit lighter, and that can be because asset growth is a little less and that tailwind of AUM was a little bit less as well to contrast from Q4 to Q1. But it was -- I would characterize it as less of a tailwind rather than a head.

但所有完全在我們控制範圍內的事情，客戶流失、價格上漲、產品交叉銷售、追加銷售都稍微少了一些，這可能是因為資產增長少了一點，而且與第四季度和第一季度相比，AUM 的順風也少了一點。但事實上──我認為它並不是順風，而是順風。

I think that's a fair point, which I don't think has stressed enough was there was a tailwind and that helps revenue percent to 2%. And that tailwind just did not show up like we expected. And that's why we're always cautious about guidance because who knows what the tailwind is going to be but we are much better protected against headwinds, and that's what you saw in Q1 is there was -- prices went down, but guess what, the revenue growth was still totally solid. But is it down the percent compared to what it would have been with a good tailwind. Yes, I think that's fair.

我認為這是一個合理的觀點，但我認為沒有足夠強調的是，存在順風，這有助於將收入百分比提高到 2%。但順風並沒有像我們預期的那樣出現。這就是為什麼我們總是對指導持謹慎態度，因為誰知道順風會是什麼，但我們可以更好地抵禦逆風，這就是你在第一季度看到的情況——價格下降了，但你猜怎麼著，收入增長仍然非常穩固。但與順風情況下相比，這百分比是否下降了呢？是的，我認為這很公平。

And the follow-up question I had was just on the consolidated guidance. I'm just thinking about how fast you can get going on achieving the top line and cost synergies. If I look at the consolidated guidance and just considering the acquired companies ARR, the upside that you did in Q1, it doesn't seem like you're baking in much synergies with these acquisitions. So the question is coming back to how fast do you think you can get going on working to achieve both the top line and the cost synergies for the deal rationale? Thanks again for taking my questions.

我的後續問題只是關於合併指導。我只是在思考你能多快實現營收和成本綜效。如果我看一下合併後的指引，並只考慮被收購公司的 ARR，也就是你們在第一季取得的進展，那麼這些收購似乎並沒有帶來太多的綜效。所以問題又回到了您認為您能多快開始努力實現交易原理中的營業收入和成本協同效應？再次感謝您回答我的問題。

Yeah. Thank you, Brian. Look, I think there are two different things. One is revenue growth, which is what is really important, and we think we reaccelerate in two years. So that's number one.

是的。謝謝你，布萊恩。看，我認為這是兩件不同的事情。一是營收成長，這才是真正重要的，我們認為兩年後營收成長將再次加速。這是第一點。

On the cost side, I think we said we will improve gross margin 400 basis points in year one and another 400 basis points in year two, and we will take out $20 million in cost synergy. Sitting as we do right now, we feel very, very confident that we can deliver on all of those three items. And so we see nothing having changed from the time we provided you with our thoughts about these acquisitions.

在成本方面，我想我們說過，我們將在第一年將毛利率提高 400 個基點，在第二年再提高 400 個基點，並且我們將獲得 2000 萬美元的成本協同效應。就目前情況而言，我們感到非常非常有信心能夠實現所有這三項目標。因此，從我們向您提供關於這些收購的想法以來，我們認為沒有任何變化。

I do want to also add that many of these synergies related to G&A have already been acted on, and they were acted on earlier this week. And we expect them to play out over Q3 and Q4.

我還想補充一點，許多與 G&A 相關的協同效應已經付諸行動，並且是在本週早些時候採取的。我們預計它們將在第三季和第四季發揮作用。

Michael Infante, Morgan Stanley.

摩根士丹利的邁克爾·因凡特。

Hi. Thanks for taking our questions. Nice result. Jim, I just wanted to ask, if I run the pro rata calcs based on the acquisition close date of Enfusion and Beacon, even if I assume roughly even seasonality throughout the year. I'm getting to roughly $170 million of inorganic for the full year, if you back that out from the midpoint getting to, call it, 23% organic for Clearwater, which seems a touch high in relation to the 2Q guide of 21%. Is there any nuance you would add just from a seasonality perspective for Enfusion or Beacon and/or or whether or not you're baking any cross-sell synergies into that number? Thanks.

你好。感謝您回答我們的問題。不錯的結果。吉姆，我只是想問一下，如果我根據 Enfusion 和 Beacon 的收購結束日期進行按比例計算，即使我假設全年的季節性大致均勻。我預計全年無機投資約為 1.7 億美元，如果從中間點推算，Clearwater 的有機投資佔比為 23%，相對於第二季度預測的 21% 來說，這個數字似乎有點高。您是否會從季節性角度為 Enfusion 或 Beacon 添加任何細微差別，或者是否將任何交叉銷售協同效應納入該數字中？謝謝。

Yeah. I'm just grabbing my numbers to try and look, I have a little bit more in the inorganic than your one -- I think I heard you say $170 million. I'm just trying to pull up my numbers here. It's a little bit more than that, but that organic number sounds sounds consistent with what we were looking at, at the beginning of the year. And including the good Q1 that we have.

是的。我只是試著拿一些數字來看看，我的無機資產比你的要多一點——我想我聽到你說的是 1.7 億美元。我只是想在這裡統計一下我的數字。雖然比這個數字多一點，但這個有機數字聽起來與我們年初看到的數字一致。包括我們擁有的良好的第一季業績。

Yeah. And Michael, I would just add that like we said, the first deal flows 10 days back, and the second one is literally posed in the morning today. These teams are going to be integrated immediately, because we do believe that risk can be sold harizontally, and you can sell even the front office horizontally to all of our client base, and you can sell Bistro horizontally. So we'll integrate them really quickly. At that point, it will be hard to tease out exactly what growth comes from where.

是的。邁克爾，我想補充一點，就像我們說的，第一筆交易是 10 天前達成的，第二筆交易是今天早上達成的。這些團隊將立即整合，因為我們確實相信風險可以橫向出售，你甚至可以將前台橫向出售給我們所有的客戶群，你可以橫向出售 Bistro。所以我們很快就會將它們整合起來。到那時，就很難弄清楚成長究竟從何而來。

But we do feel that our guidance is solid. And obviously, the Clearwater numbers are very ground up. We do a very rigorous process. I think we spent a lot of time with Enfusion to make sure we understand it and the same with Beacon.

但我們確實認為我們的指導是可靠的。顯然，Clearwater 的數據非常準確。我們的流程非常嚴格。我認為我們花了很多時間研究 Enfusion 以確保我們理解它，對 Beacon 也是如此。

So it has been built ground up. And what it comes to is really if you model 20% or slightly better for both Beacon and Clearwater and your model is 13% for Enfusion, Well, that's where you will roughly come out.

所以它是從頭開始建造的。而實際上，如果你對 Beacon 和 Clearwater 的模型準確率為 20% 或略好一些，而對 Enfusion 的模型準確率為 13%，那麼，你的結果大致就是這樣。

Got it. That's helpful. Sandeep, I asked last quarter on Enfusion pricing. I wanted to ask the same question again. I know it's only been part of the company for nine days now.

知道了。這很有幫助。Sandeep，我上季詢問 Enfusion 的定價。我想再問同樣的問題。我知道它成為公司的一部分才九天。

But any incremental detail you could share just in terms of your conversations with customers and/or Neal Pawar just in terms of how you're thinking about pricing and contract structures and whether or not that might be playing into your assumptions for a few points of growth acceleration at Enfusion next year? Thanks.

但是，您能否就您與客戶和/或 Neal Pawar 的對話分享一些細節，例如您如何考慮定價和合約結構，以及這是否會影響您對明年 Enfusion 成長加速幾個點的假設？謝謝。

Yeah. Thank you, Michael. Listen, I had a whole paragraph for you. We go to the script, I actually don't spend a whole gap making sure I addressed your point. But listen, what I would tell you is this, one is super high receptivity at Enfusion to come up with a commercial model which is similar to what we have done.

是的。謝謝你，麥可。聽著，我為你準備了整整一段話。讓我們來看看劇本，實際上我並沒有花很長時間來確保我解決了你的問題。但聽著，我想告訴你的是，Enfusion 的接受度非常高，能夠提出與我們所做的類似的商業模式。

So that's question number one. So if we talk about Neal Pawar and his desire to build a more stable commercial model, sky high. So that's number one.

這是第一個問題。因此，如果我們談論 Neal Pawar 和他建立更穩定的商業模式的願望，那就太好了。這是第一點。

Number two, what we did was we took the entire finance organization and the legal organization, which drives these initiatives from all three businesses and brought it under Jim right away, mean that transition has already occurred.

第二，我們所做的是，將推動這三個業務部門舉措的整個財務部門和法律部門立即納入吉姆的領導之下，這意味著過渡已經發生。

And the point being, let's go out and drive that centrally and purposefully. But I do want to caution on one thing. The last time we did it, we went through a four-month exercise to build a model, which is going to work and endure. What we don't want to do is get 8% this year and then 2% next year. We don't want to do that.

重點是，讓我們走出去，集中而有目的地推動這一進程。但我確實想提醒一點。上次我們這樣做的時候，我們經過了四個月的練習來建立一個模型，這個模型將會發揮作用並且持久。我們不想今年達到 8% 的成長，明年只達到 2% 的成長。我們不想這麼做。

We want a consistent 4% to 5% growth from price, which I think is durable. But if you grow price 8% to 9%, I don't think it's durable.

我們希望價格能夠持續成長 4% 到 5%，我認為這是可持續的。但如果價格上漲 8% 到 9%，我認為它不會持久。

And so we want to build the model correctly. So do we think it adds to growth in Q2 and Q3, we don't. Do we think it might add to booking in Q4? Yes. Do we think it will add to revenue in Q4?

因此我們希望正確地建構模型。那麼我們是否認為它會促進第二季和第三季的成長？答案是不會。我們認為它可能會增加第四季度的預訂量嗎？是的。我們認為它會增加第四季的收入嗎？

I don't think so. So would you see impact in 2026? Yes, we do believe that. But this is a big initiative for us. We want to get the commercial model right.

我不這麼認為。那麼你會在 2026 年看到影響力嗎？是的，我們確實相信這一點。但這對我們來說是一項重大舉措。我們希望建立正確的商業模式。

We don't want this constant movement up and down. We have done it before. We think it can be executed. And I've got to tell you, the Enfusion team is completely behind that.

我們不希望出現這種不斷上下移動的情況。我們以前也做過。我們認為這是可以實現的。我必須告訴你，Enfusion 團隊完全支持這一點。

Rishi Jaluria, RBC.

Rishi Jaluria，RBC。

Wonderful. Thanks so much for taking my questions. Nice to see the deals close. Maybe one for you, Jim and one for you, Sandeep. Jim, just to go back to the numbers. It sounds like you're supporting the idea that organic growth or core Clearwater growth will remain above 20%. Just can you give us a sense for what would the inorganic contribution?

精彩的。非常感謝您回答我的問題。很高興看到交易完成。也許一個給你，吉姆，一個給你，桑迪普。吉姆，我們再回到數字上來。聽起來您支持有機成長或核心 Clearwater 成長將保持在 20% 以上的想法。您能否讓我們了解一下無機貢獻是什麼？

I know Bistro is immaterial, but from Beacon and Enfusion for the year, just so we can all align our numbers? Because if I just take your Q2 guide and then consensus for Q3 and Q4, I'm going to come up with a number that's much lower than 20% organic. So maybe just can you walk us through that? And then I've got a follow-up for Sandeep.

我知道 Bistro 並不重要，但對於 Beacon 和 Enfusion 來說，只是為了讓我們的數字一致嗎？因為如果我只採用您的第二季指南以及第三季和第四季的共識，我就會得出一個遠低於 20% 有機率的數字。那你能給我們講講這個嗎？然後我要跟進 Sandeep 的情況。

Sure. So I think what we said was there was $45 million of combined contribution, right, in -- and that's basically two-thirds of the second quarter, right? So if you lay that out, you can then expand that into Q3 and Q4. So take the pro rata from the intra-quarter into a full quarter and start to look at that in those areas.

當然。所以我認為我們所說的是，總貢獻額為 4500 萬美元，對吧——這基本上佔第二季度的三分之二，對吧？因此，如果您將其佈局良好，那麼您就可以將其擴展到 Q3 和 Q4。因此，將季度內的比例轉化為整個季度的比例，並開始從這些領域進行研究。

Yeah, Rishi, I think if you look at parking revenues, Rishi.

是的，Rishi，我想如果你看看停車收入，Rishi。

Go ahead.

前進。

Yeah. I was just going to say, if you look at the revenue for 2024 for Clearwater and for Enfusion, that's obviously fully publicly available. And we've given you a guidance of what Beacon was, you just take those metrics and say 20% growth for Clearwater 20% growth for Beacon in the 13%-ish growth for Enfusion. And that's the guide.

是的。我只是想說，如果你看看 Clearwater 和 Enfusion 2024 年的收入，這顯然是完全公開的。我們已經為您提供了有關 Beacon 的指導，您只需採用這些指標並說 Clearwater 增長了 20%，Beacon 增長了 20%，Enfusion 增長了 13% 左右。這就是指南。

I think the quarterly thing will shake out a little bit because we're not in that book today. Like I said, one deal closed in the morning today. So the quarterly may move up and down a little bit, but I do think at a full year level, we feel really good about our guide here.

我認為季度的事情會有些變化，因為我們今天不在那本書裡。就像我說的，今天早上有一筆交易要完成。因此，季度數據可能會有小幅波動，但我確實認為，從全年水準來看，我們對目前的指引感到非常滿意。

Okay. Got it. No, that's helpful. And then Sandeep, for you. One of the things that I think gets me really excited about the Enfusion deal, along with everything else that you stated is really the ability for Clearwater over time to get deeper into equities, right?

好的。知道了。不，這很有幫助。然後是 Sandeep，為你。我認為，讓我對 Enfusion 交易感到非常興奮的一件事，以及您所說的其他所有事情，就是 Clearwater 隨著時間的推移能夠更深入地涉足股票市場，對嗎？

And it feels like especially given your large asset manager customer base, it feels like a big opportunity that you can go after. Maybe can you walk us through your road map over time? I understand it's not going to happen this year, probably not going to happen next year, but for you to really get deeper on the equities book of portfolio, especially for your largest asset management clients and maybe what that can look like in terms of a growth driver for now the combined Clearwater? Thank you.

考慮到您龐大的資產管理客戶群，這感覺就像是您可以抓住的巨大機會。或許您可以向我們介紹一下您的未來發展路線圖？我知道這不會在今年發生，可能明年也不會發生，但對於您來說，真正深入了解股票投資組合，特別是針對您最大的資產管理客戶，也許這對目前合併後的 Clearwater 的增長動力來說會是什麼樣子？謝謝。

Thank you, Rishi. Yeah, that's a big piece, right, Rishi. When you think about the work Enfusion does, it's a very different profile from what we do. We think about what head funds trade in and what asset managers trade in, you're right, equity is a much bigger component than in the general accounts of insurance companies. So we get that expertise where the technological needs are very different.

謝謝你，Rishi。是的，那是一件大事，對吧，Rishi。當你思考 Enfusion 所做的工作時，你會發現它與我們所做的工作非常不同。我們考慮一下總基金交易什麼，資產管理人交易什麼，您說得對，股票的成分比保險公司的一般帳戶要大得多。因此，我們在技術需求截然不同的領域中獲得了專業知識。

It's near real time, it is very low latency. So the technology and the platform requirements are also different.

它接近實時，延遲非常低。因此技術和平台要求也不同。

What this does for us is it brings all the intellectual property you need under one roof. But that doesn't mean it's done. What it does mean is all of these are cloud-native modern technologies under one roof. Do clients already use it together. Lots of clients use it together today.

對我們來說，它能將您所需的所有智慧財產權集中到一個屋簷下。但這並不意味著事情已經完成了。它的意義是，所有這些都是同一屋簷下的雲端原生現代技術。客戶是否已經一起使用它了？今天很多客戶都一起使用它。

So people have Clearwater and Enfusion, Clearwater and Beacon and so on and so forth. So even without us being together clients have been able to pull this together. So we feel very confident about that.

因此人們有了 Clearwater 和 Enfusion、Clearwater 和 Beacon 等等。因此，即使我們不在一起，客戶也能夠完成這項工作。所以我們對此非常有信心。

The final vision, though, is can you create a single security master which is across all asset classes and across all functionality. If you do that, I believe that's a holy grail of investment management tech. Single data ingestion system, single aggregation system, single reconciliation system, but a singular data -- singular security master, which is used by the front office is used by risk, is used for regulatory reporting, is used for accounting that I feel we have a legitimate and more than legitimate right to try. And all the intellectual property, while not integrated, is under one roof.

但最終的願景是，您能否建立一個涵蓋所有資產類別和所有功能的單一安全主控。如果你這樣做了，我相信這就是投資管理技術的聖杯。單一資料提取系統、單一聚合系統、單一對帳系統，但有一個單一資料——單一安全主系統，供前台使用，用於風險，用於監管報告，用於會計，我認為我們有合法的、甚至超過合法的權利去嘗試。儘管所有智慧財產權尚未整合，但都集中在一個屋簷下。

Now we don't want to get over excited about trying to take all of our energy and put it behind that. And that's why we had that three-phase approach of less sell things incrementally and better. So we protect and do well in 2025 and then in the medium term, cross-sell much more aggressively and therefore, improve '25 and '26. But yeah, we do expect after that for this full front-to-back platform. And if we can get there I think it will completely revolutionize how people think about investment management technology.

現在我們不想因為試圖耗費我們所有的精力而過於興奮。這就是為什麼我們採用三階段方法，即逐步減少銷售量並提高品質。因此，我們將在 2025 年保護並取得良好業績，然後在中期更積極地進行交叉銷售，從而改善 2025 年和 2026 年的業績。但是的，我們確實期待這個完整的前後平台。如果我們能夠實現這一目標，我認為它將徹底改變人們對投資管理技術的看法。

Andrew Schmidt, Citi.

花旗銀行的安德魯·施密特。

Hi, Sandeep. Hi, Jim. Thank you for all the details, and it's good to hear the progress report card here. Maybe you just dig into Enfusion for a moment and just the hedge fund end market. If you could just talk a little bit about what you're seeing in the market. This taps on to a prior question around just the environment. But what you're seeing in the hedge fund end market in terms of just client health, hedge fund starts and things like that?

你好，桑迪普。你好，吉姆。感謝您提供的所有詳細信息，很高興聽到這裡的進度報告卡。也許您只是稍微深入了解一下 Enfusion 和對沖基金終端市場。您能否簡單談談您在市場上看到的情況？這涉及先前有關環境的問題。但是，就客戶健康狀況、對沖基金啟動等而言，您在對沖基金終端市場看到了什麼？

And then perhaps a correlator to that, Sandeep, you mentioned Phase one some tactical blocking and tackling, current run rate of business plus some improvements. I would you go put some finer points on what those near-term improvements you can make in the Enfusion business, that would be helpful. Thank you so much.

然後也許與此相關的是，桑迪普，你提到第一階段的一些戰術阻擋和解決，目前的業務運作率加上一些改進。我希望您能更詳細地說明您可以在 Enfusion 業務中做出哪些近期改進，這將會很有幫助。太感謝了。

Sure. So maybe just for context, just to be transparent with everybody. If you go back to Q1 of 2024, Enfusion had about $4 million of churn in Q2. They had between $3.5 million and $4 million in Q3. They had $3 million in Q4.

當然。所以也許只是為了背景，只是為了對每個人都透明。如果回顧 2024 年第一季，Enfusion 在第二季度的流失率約為 400 萬美元。他們在第三季的資產為 350 萬至 400 萬美元。他們在第四季有 300 萬美元。

They had $2.5 million of churn. And in Q1, they had $3 million of churn. So again, looking at a full quarter basis, that profile is identical. I'd also say we just checked in to see how April looked and April looks I would say, consistent with the normal pattern. And so we haven't seen anything with regard to that.

他們的客戶流失額達 250 萬美元。而在第一季度，他們的客戶流失額為 300 萬美元。因此，再次從整個季度來看，情況是相同的。我還想說，我們剛剛檢查了四月的情況，我想說四月的情況與正常模式一致。因此我們還沒有看到任何與此相關的訊息。

I think the things to think about with Enfusion and a real focus for the team that they are increasingly becoming more and more successful with is not only winning in the new hedge fund market, but hedge fund conversions. And when we dig under the covers and look at some of the good work that they did in Q1, there are a number of hedge fund conversions as well that went through in that quarter.

我認為 Enfusion 需要考慮的事情以及團隊真正關注的重點不僅是在新的對沖基金市場中取勝，而且還要實現對沖基金轉換，因為他們正憑藉這些努力變得越來越成功。當我們深入研究並看看他們在第一季所做的一些出色工作時，我們會發現該季度也進行了一些對沖基金轉換。

Andrew, I would just add that, if you look at the work Neal Pawar and his team have done, they migrated away from very small hedge funds. And frankly, if you look at the volatility, it comes from the very small hedge funds. They come in and out of the market. So I think the migration makes the business somewhat stickier, which is why you've seen the churn level off completely.

安德魯，我只想補充一點，如果你看看尼爾·帕瓦爾和他的團隊所做的工作，你會發現他們已經不再從事小型對沖基金了。坦白說，如果你看一下波動性，你會發現它來自非常小的對沖基金。他們進出市場。所以我認為遷移會讓業務變得更加黏稠，這就是為什麼你會看到客戶流失率完全趨於平穩。

Now just like you, we have been looking also and trying to see what does Q1 look like? What does April look like and it's completely consistent with everything they saw in 2024. So we feel we're very watchful but we don't see anything yet, which would say to us that something has changed or something is trending in a certain way.

現在就像您一樣，我們也一直在觀察並試圖看看 Q1 是什麼樣子的？四月是什麼樣子的？它與他們在 2024 年看到的一切完全一致。因此，我們感到我們非常警惕，但我們還沒有看到任何東西，這表明某些事情已經發生了變化，或者某些事情正在以某種方式趨勢發展。

So the question I think -- the other question was, what can we do to help Enfusion grow incrementally faster? And -- the most simple thing is Clearwater obviously has 1,400 clients. Many of them need a front office system and a middle office system, most people would agree Enfusion is best-in-class. And so could you take that and sell it to those clients, I think that would increase their growth incrementally? Is that x percent is hard to tell today.

所以我認為另一個問題是，我們能做些什麼來幫助 Enfusion 更快逐步發展？而且——最簡單的事情是 Clearwater 顯然有 1,400 名客戶。他們中的許多人都需要前台系統和中台系統，大多數人都會同意 Enfusion 是同類中最好的。那麼，您能否將其出售給那些客戶，我認為這會逐步增加他們的成長？今天很難說是 x 百分比。

But yeah, that we see as a major component of growth. That's one.

但確實，我們認為這是成長的主要因素。那是一個。

The second thing is Enfusion has traditionally invested a lot lower in R&D, and they always have to make a choice. Do you invest in hedge funds or you invest in asset managers. But what Clearwater will be able to do right away is pool our resources, the resources we were deploying behind asset management pull them together, put it under the joint leadership of Neal Pawar.

第二件事是，Enfusion 傳統上在研發方面的投資要低得多，他們總是必須做出選擇。您投資對沖基金還是投資資產管理公司。但 Clearwater 可以立即做的是集中我們的資源，將我們在資產管理背後部署的資源整合在一起，並置於 Neal Pawar 的聯合領導之下。

And I think that will help quite dramatically their bandwidth to focus incrementally on growth. And so we expect them to grow faster. Does it happen tomorrow? No? But we do think, like we said, we expect that in two years, they should be at the growth rate of 20%, and we absolutely expect to meet that. Thank you.

我認為這將極大地幫助他們逐步集中精力實現成長。因此我們預計它們會成長得更快。明天會發生嗎？不？但我們確實認為，就像我們所說的那樣，我們預計兩年內它們的成長率應該達到 20%，而且我們絕對希望實現這一目標。謝謝。

That's extremely helpful. Thank you so much. Thank you, both. Maybe just ask about the new foundation, the single security master, obviously, hugely beneficial, an important part of this, the process here. If you could talk about just the R&D intensity associated with building that out?

這非常有幫助。太感謝了。謝謝你們兩位。也許只是詢問有關新基金會、單一安全大師的問題，顯然，這非常有益，是這個過程的重要組成部分。您能否談談與建構該目標相關的研發強度？

And then on the flip side, when you do get that live in the future, can you deprecate technology assets and drive a higher level of scale when we think about that new combined security master? Thank you so much.

另一方面，當您在未來確實實現這一目標時，當我們考慮新的組合安全大師時，您是否可以貶低技術資產並推動更高水平的規模？太感謝了。

Yeah. Thank you. So I would just say, yes, yes, and very loudly so I think those are exactly right. But I do think that we should just consider for a second what the architecture of Clearwater is. It is a single security master system today.

是的。謝謝。所以我只會大聲地說，是的，是的，所以我認為這些是完全正確的。但我確實認為我們應該花一點時間考慮 Clearwater 的建築是什麼樣的。如今它是一個單一的安全主系統。

Then you're going to ask yourself, what's the architecture of Enfusion. And it is a single security master a different security master but architecturally a single security master. And then you got to think about Beacon.

然後你會問自己，Enfusion 的架構是什麼。它是一個單一的安全主控，一個不同的安全主控，但從架構上來說是一個單一的安全主控。然後你就得考慮 Beacon。

So the benefit we have is each of these systems are architected as a single security master. Use the same security master for front office applications for OEMS and PMS and then risk and then accounting and the regulatory reporting.

因此，我們獲得的好處是，每個系統都被設計為單一的安全主機。對 OEMS 和 PMS 的前台應用程式使用相同的安全主控，然後是風險、會計和監管報告。

And what you do is you completely get rid of this notion of reconciliation. And all of us on the call know that. We have teams after teams after teams of people reconciling within an asset class between front office, middle office, middle office and back office and it goes on and on. And then you put in other asset classes and other countries and best of luck, reconcile and reconcile and reconcile.

而你所做的就是徹底擺脫這種和解的想法。我們所有參加電話會議的人都知道這一點。我們擁有一支又一支團隊，負責協調前台、中台、中台和後台之間資產類別的協調，如此循環往復。然後你放入其他資產類別和其他國家，祝你好運，調和，調和，調和。

So I think the single security master would completely change the game of how people think about investment management technology. So we are very excited about it. We think that architecturally, we are set up to do it, but it doesn't mean it gets done in six months. I think it takes time.

因此，我認為單一安全大師將徹底改變人們對投資管理技術的看法。因此我們對此感到非常興奮。我們認為從架構上來說我們已經做好了準備，但這並不代表它能在六個月內完成。我認為這需要時間。

One last point on the R&D. We have -- the joint integrated company has 1,000 people in R&D. And so we think there's a lot of synergy there, but we don't expect at a dollar level to reduce R&D expense, but we do expect us to be able to fund these initiatives without adding too much of cost.

關於研發的最後一點。我們－聯合綜合公司有 1,000 名研發人員。因此，我們認為這其中存在著許多協同效應，但我們並不期望在美元層面上減少研發費用，但我們確實希望能夠在不增加太多成本的情況下為這些計畫提供資金。

Very helpful. Thank you so much, Sandeep.

非常有幫助。非常感謝，桑迪普。

Thank you.

謝謝。

Alexei Gogolev, JPMorgan.

摩根大通的 Alexei Gogolev。

Good day, Sandeep and Jim. This is Eleanor on for Alexei. Thank you for taking our question. So first, I was hoping to like everyone else on the call asked about the Enfusion acquisition, which brings significant equities exposure to you. How do you intend to manage this new risk as it relates to your pricing?

大家好，桑迪普和吉姆。這是埃莉諾 (Eleanor) 代替阿列克謝 (Alexei)。感謝您回答我們的問題。因此，首先，我希望像電話中的其他人一樣詢問有關 Enfusion 收購的問題，這將為您帶來巨大的股票敞口。您打算如何管理與定價相關的新風險？

Yeah, thank you for the question. But we think a lot about AUM when you talk about just Clearwater, Enfusion doesn't price like that at all. So they aren't subject, I think, to the vagaries of the market growing 5% up and 5% down. But I do think that the commercial model needs to be report. It's in the commercial model -- we don't think it's best-in-class right now.

是的，謝謝你的提問。但是，當您談論 Clearwater 時，我們會考慮很多 AUM，而 Enfusion 的定價根本不是那樣的。因此，我認為，他們不會受到市場上漲 5% 或下跌 5% 的影響。但我確實認為商業模式需要報告。它屬於商業模式——我們認為它目前還不是最好的。

I think the Enfusion platform is completely best-in-class, and there's really no reason they shouldn't have a commercial model, which is best-in-class. But we do expect to launch that effort very quickly, but we do think it takes us four months before we go to the market with it. And then it will take a little bit of time to get people to convert to it but we will switch all new clients to that new commercial model right away.

我認為 Enfusion 平台絕對是同類最佳的，他們沒有理由不推出同類最佳的商業模式。但我們確實希望很快啟動這項工作，但我們確實認為需要四個月的時間才能將其推向市場。然後需要一點時間讓人們轉變過來，但我們會立即讓所有新客戶轉向這種新的商業模式。

And I think clients will like it. I don't expect clients to be resistant to it because we hope it aligns to how they run their business. So look, we feel it is a journey, but it's a journey we've been on before. So we feel pretty confident about it.

我認為客戶會喜歡它。我不希望客戶對此產生抵觸，因為我們希望它符合他們的業務運作方式。所以，你看，我們覺得這是一趟旅程，但這是我們以前經歷過的旅程。所以我們對此非常有信心。

And Al, if I can refer you to the deck we put out when we closed the Enfusion transaction. I think you'll see the client segments within that deck. And I think something that was really compelling to me and, frankly, probably should have understood it, but it really popped out at me was after the consolidation, all right, we have about half of our revenues, our asset owners and half are asset managers. And of those asset managers, 23% are hedge funds.

艾爾，我可以向你推薦我們在完成 Enfusion 交易時發布的簡報嗎？我認為您將會在該平台上看到客戶細分。我認為有些事情對我來說真的很有吸引力，坦白說，我可能應該理解這一點，但真正讓我印象深刻的是合併之後，好吧，我們的收入中大約有一半來自資產所有者，另一半來自資產管理者。在這些資產管理公司中，23% 是對沖基金。

So it's about -- it's less than one-quarter of our exposure across all that to hedge funds. And yet, we still have that incredible blend of both asset owners and asset managers. And I think it uniquely positions us from a financial stability perspective, but also from a strategic perspective, when we think about being able to see both sides of the market.

因此，我們對沖基金的投資還不到總投資的四分之一。然而，我們仍然擁有資產所有者和資產管理者令人難以置信的組合。我認為，當我們考慮能夠看到市場的雙方時，它不僅從金融穩定的角度，而且從戰略的角度，都為我們提供了獨特的地位。

That's really clear. Thank you, both. And as a really quick follow-up, I want to ask about Bistro, how is that embedded in your guidance? And how do you think about its forward growth or opportunities since you acquired it as a no revenue asset?

這確實很清楚。謝謝你們兩位。作為一個非常快速的後續問題，我想問 Bistro，它是如何融入您的指導中的？自從您將其作為無收益資產收購以來，您如何看待它的未來成長或機會？

Yeah, thank you for reminding everybody of that. It was an asset acquisition, and there aren't revenues associated with it. Sandeep described how it is a horizontal it is provided as a horizontal use case. And so I think as we continue to build that out, we'll look for evolution there.

是的，謝謝你提醒大家這一點。這是一項資產收購，並沒有相關的收入。Sandeep 描述了它是如何作為水平用例提供的。因此我認為，隨著我們繼續建設，我們將在那裡尋求進化。

Yes, I would just say a little bit there aren't any good solutions in the market, which is -- goes across alternative assets, other complex assets. I mean there really isn't a platform, which you can look at private credit and private debt in all of these asset classes together.

是的，我只想說，市場上沒有任何好的解決方案，就是涵蓋另類資產和其他複雜資產。我的意思是，實際上沒有一個平台可以讓你同時查看所有這些資產類別中的私人信貸和私人債務。

And when we think about the biggest player in the world in this area, it's Blackstone and they built it, but they built it using some of the technology of Clearwater and some of the technology of Beacon and they developed on top of that to build something which could be used by their desks across the company. So I think it is a very unique asset.

當我們想到這個領域世界上最大的參與者時，那就是黑石集團，他們建立了它，但他們使用了一些 Clearwater 和 Beacon 的技術，並在此基礎上進行了開發，以構建可供整個公司使用的東西。所以我認為這是一項非常獨特的資產。

And for us to build it would have taken a long time. But more importantly, our access to that domain expertise would be really hard to get. -- mean they use it on a daily basis. So we are going to stay abreast of everything that happens in that market. And I think that alternative assets is such a big part of the whole story, that it will really help accelerate growth for all three companies, including Clearwater, Enfusion, and Beacon.

而對我們來說，建造它需要很長時間。但更重要的是，我們很難獲得該領域的專業知識。 ——意味著他們每天都在使用它。因此我們將密切關注該市場發生的一切。我認為另類資產是整個故事的重要組成部分，它將真正幫助加速包括 Clearwater、Enfusion 和 Beacon 在內的三家公司的成長。

Thanks. Thank you, Jim and Sandeep.

謝謝。謝謝你，吉姆和桑迪普。

Thanks.

謝謝。

Dylan Becker, William Blair.

迪倫貝克爾、威廉布萊爾。

Thanks, Sandeep, Jim. I'll just ask one for the sake of time. you hinted at it, but Sandeep, you guys have obviously undergone a similar transition throughout the core Clearwater business over the last five years and outexecuted or outperformed expectations there.

謝謝，桑迪普，吉姆。為了節省時間，我只問一個。你暗示了這一點，但是桑迪普，你們在過去五年裡顯然在 Clearwater 的核心業務中經歷了類似的轉變，並且超出了預期。

I guess I wonder how that breeds confidence in your ability to run the same playbook. And if there are any parallels that you would make as the starting point we look at today relative to where Clearwater was five years or so ago.

我想知道這會如何增強你對運行相同劇本的能力的信心。如果您認為有任何相似之處，那麼我們可以將今天的情況與五年前左右 Clearwater 的情況進行比較。

Yeah. I think -- thank you for the question, Dylan. Everything we have seen until now, super high confidence. We have moved very quickly to integrate all the operations under Subi Sethi as our new Chief Operating Officer. And we should be able to play the exact playbook again.

是的。我想——謝謝你的提問，迪倫。到目前為止我們所看到的一切，都具有極高的信心。我們已迅速將所有業務整合到新任營運長 Subi Sethi 的領導下。我們應該能夠再次按照同樣的劇本進行。

And if you think about and look at the integrated margin and how we got from there back to where we are today, we think we can pay -- we can just execute on that same playbook. The advantage this time will be two things.

如果你考慮並看看綜合利潤率以及我們如何從那時回到今天的水平，我們認為我們可以支付——我們可以按照相同的劇本執行。這次的優勢有兩點。

One is, the technology of Helios already exists, so you don't have to build it, and we know how to drive it. So our level of confidence in driving gross margin improvement is really high. Our ability to execute on the synergy is really high.

一是，Helios 的技術已經存在，所以你不必建造它，我們知道如何駕駛它。因此，我們對提高毛利率的信心非常高。我們的協同執行能力非常高。

And so we believe that we will do what we have guided to or spoken about at the time of acquisition, super high confidence in that.

因此，我們相信，我們將按照收購時所指導或談到的去做，我們對此充滿信心。

Thanks, Dylan.

謝謝，迪倫。

Thank you.

謝謝。

Michael Turrin, Wells Fargo.

富國銀行的邁克爾·圖林。

Hey. Thanks for taking our questions. It's David Unger on for Michael Turrin. Just one from us. I think we all know that Clearwater has a very strong win rate. and revenue per quota-carrying rep metrics. Just wondering how should we think about whether rates and sales efficiency as you work through the integration going forward? Thank you.

嘿。感謝您回答我們的問題。大衛·昂格 (David Unger) 取代邁克爾·圖林 (Michael Turrin)。我們只有一個。我想我們都知道 Clearwater 的勝率非常高。以及按配額計算的收入代表指標。只是想知道，在您進行未來的整合時，我們應該如何考慮利率和銷售效率？謝謝。

Yeah. I would just say that if you look at the launches of hedge funds and you look at the conversion, Enfusion win rates are really high. They are a really disruptive platform. And when people go out and look for the platform, I think they are the platform of choice. Now I think as we get into the business more, I think we will evaluate where exactly their losses, where did they lose, why did the news.

是的。我只想說，如果你看一下對沖基金的推出和轉換情況，你會發現 Enfusion 的勝率確實很高。它們確實是一個顛覆性的平台。當人們出去尋找平台時，我認為他們是首選平台。現在我認為，隨著我們更多地進入這個行業，我們將評估他們的損失到底在哪裡，他們在哪裡損失，為什麼會出現這樣的新聞。

So I think a little bit early for us today to say what do we think about the long-term trend there. But obviously, they've been a public company and they have gone very, very consistently. So look, we feel really confident about it, but I don't think we are really in a position today to be able to dive into all of it.

所以我認為我們今天談論那裡的長期趨勢還為時過早。但顯然，他們是一家上市公司，並且一直非常穩定地發展。所以，看，我們對此真的很有信心，但我認為我們今天還沒有能力深入研究這一切。

I don't know, Jim -- will add.

我不知道，吉姆——會補充。

The other thing, I don't think -- our experience has taught us that cross-selling. We have great win rates. -- cross-selling win rates are even higher. And I think that's not a controversial thing across all businesses. And this the combination -- the strategic combination of all of these firms together, enable that cross-sell motion much more strongly than we had two weeks ago.

另一件事，我不認為——我們的經驗告訴我們交叉銷售。我們的勝率很高。 ——交叉銷售的成功率甚至更高。我認為這對所有企業來說都不是一個有爭議的事情。所有這些公司的策略組合使得交叉銷售活動比兩週前更強勁。

Okay. Thank you.

好的。謝謝。

Thank you.

謝謝。

Yun Kim, Loop Capital Markets.

Yun Kim，Loop Capital Markets。

Okay. Great. For the sake of time, I'll just ask one quick question to Jim. For modeling Enfusion business, I think it will help us if you can give us some insights into what the renewal seasonality is like within that business? Is it heavily geared towards Q4, which implies that some of the uptick in revenue should come in Q4, whether that is linearly through Q4?

好的。偉大的。為了節省時間，我只想問吉姆一個簡單的問題。對於 Enfusion 業務建模，如果您能為我們提供一些關於該業務的更新季節性的見解，我認為這會對我們有所幫助？它是否主要面向第四季度，這意味著部分收入的成長應該出現在第四季度，無論這是否線性地貫穿第四季度？

That's right. That's right. Two triggers within their business is, one is there's an annual element to it in the renewal cycle and as more of their business was won in the fourth quarter, year over year over year, there's more business in Q4. They also had a cadence where at the beginning of the year, they would make certain changes. And so that Q4, Q1 time frame is a step change.

這是正確的。這是正確的。他們的業務中有兩個觸發因素，一是更新周期中有一個年度元素，並且由於他們在第四季度贏得的業務逐年增加，因此第四季度的業務也隨之增加。他們也有一個節奏，在年初他們會做出某些改變。因此 Q4、Q1 時間框架是一個階躍變化。

Okay. Great. Thank you so much.

好的。偉大的。太感謝了。

At this time, there are no more questions for in queue. (Operator Instructions)

目前，隊列中沒有其他問題。（操作員指示）

Just want to say just thank you for your continued interest, and we look forward to meeting many of you over the next few days and weeks and on the next call in about a quarter from now. Thank you.

我只想對你們一直以來的關注表示感謝，我們期待在接下來的幾天、幾週內以及大約一個季度後的下一次電話會議上與你們見面。謝謝。

Take care.

小心。

That will conclude today's conference 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，祝您今天過得愉快。