Clearwater Analytics Holdings Inc (CWAN) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the CWAN Third Quarter 2025 Financial Results Conference Call.

女士們、先生們，感謝各位的耐心等待，歡迎參加 CWAN 2025 年第三季財務業績電話會議。

(Operator Instructions) And now I would like to welcome Kamil Mielczarek, Head of Investor Relations to begin the conference. You may proceed.

（操作員指示）現在，我謹歡迎投資者關係主管卡米爾·米爾扎雷克先生開始本次會議。您可以繼續。

Thank you, and welcome, everyone, to CWAN's Third 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.

謝謝大家，歡迎參加 CWAN 2025 年第三季財務業績電話會議。今天與我一起參加電話會議的有首席執行官桑迪普·薩海 (Sandeep Sahai) 和首席財務官吉姆·考克斯 (Jim Cox)。他們發言結束後，我們將開放問答環節。

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 acquisitions 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.

我想提醒各位與會者，在本次電話會議中，任何前瞻性聲明均符合 1995 年《私人證券訴訟改革法案》的安全港條款。表達未來目標、意圖和期望，包括與業務前景、未來財務和產品表現、對收購 Enfusion、Beacon 和 Bistro 的期望及其預期收益等類似事項相關的內容，包括但不限於使用“可能”、“將”、“可以”、“預期”和“相信”等術語的表達，以及反映歷史事實以外的其他前瞻性內容的表達，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，包括我們在提交給美國證券交易委員會的文件「風險因素」部分中討論的風險和不確定性。實際結果可能與任何前瞻性陳述有重大差異。除法律要求外，本公司不承擔任何義務修改或更新任何前瞻性聲明，以反映本次電話會議後可能發生的事件。更多資訊請參閱我們盈利新聞稿中包含的警示聲明。

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

最後，除非另有說明，本次電話會議中討論的所有指標均以非GAAP或調整後的形式呈現。有關與 GAAP 結果的調整表，請參閱我們發佈在投資者關係網站上的獲利新聞稿。

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

接下來，我將把電話交給我們的執行長桑迪普·薩海。

Thank you, Kamil. I'm pleased to report that Q3 was a very strong quarter for CWAN. The nearly unanimous attestation of our strategy from clients, partners, analysts and employees is very inspiring, and we look forward to continuing to build the investment management platform of the Clearwater future.

謝謝你，卡米爾。我很高興地報告，CWAN 第三季業績非常強勁。客戶、合作夥伴、分析師和員工幾乎一致認可我們的策略，這非常鼓舞人心，我們期待繼續建立 Clearwater 未來的投資管理平台。

We delivered revenues of $205.1 million, a 77% year-on-year growth and ARR reached $807.5 million also up 77% year-over-year, demonstrating the durability and predictability of our business model.

我們實現了 2.051 億美元的收入，年增 77%；年度經常性收入 (ARR) 達到 8.075 億美元，年成長 77%，證明了我們商業模式的持久性和可預測性。

I don't use the word stunning very often when it was hard to use another word for our adjusted quarterly EBITDA of $70.7 million, up sequentially from $58.3 million in Q2. This was exceptional for several reasons. Number one, adjusted EBITDA for Q3 was 34.5% versus 32.1% and in the second quarter.

我很少用「驚艷」這個詞，但很難用其他詞來形容我們調整後的季度 EBITDA 為 7070 萬美元，比第二季度的 5830 萬美元環比增長。這在很多方面都非同尋常。第一，第三季調整後 EBITDA 為 34.5%，而第二季為 32.1%。

It is helpful to remember that the lower-margin Enfusion business was a part of CWAN for only a portion of Q1 and therefore, the expectation was that the overall margin would decline in Q3. Instead, it improved by 240 basis points.

值得注意的是，利潤率較低的輸液業務在第一季只是 CWAN 的一部分，因此，預計第三季的整體利潤率將會下降。相反，它提高了 240 個基點。

Number two, gross revenue retention, or GRR, for the combined company was 98%, an excellent metrics that can be attributed to the exceptional work done by the operations teams.

第二，合併後公司的毛收入留存率（GRR）為 98%，這是一個非常優秀的指標，這要歸功於營運團隊的出色工作。

Number three, our gross margin performance felt an even more compelling story. We achieved 78.5% gross margins for the integrated business, hitting our targets meaningfully sooner than the two-year timeline we set with investors.

第三，我們的毛利率表現更令人信服。我們實現了整合業務 78.5% 的毛利率，比我們與投資者設定的兩年時間表提前很多實現了目標。

In another significant achievement, gross margin for the steady-state clients of the core business of Clearwater reached 82% in Q3. The use of GenAI is continuing to accelerate and is outpacing our own assessment of the margin improvement it can drive. We're working on several levels that allow us to continue identifying use cases for GenAI and improving the overall margin of the business.

另一項重大成就是，Clearwater 核心業務穩定客戶的毛利率在第三季達到了 82%。GenAI 的應用正在加速發展，其帶來的利潤提升幅度已經超過了我們自身的評估。我們正在多個層面開展工作，以便繼續尋找 GenAI 的應用案例，並提高業務的整體利潤率。

Number four. Under the data point that was very impressive compared to the stand-alone Q3 margin in 2024, the integrated business delivered an additional 140 basis points of EBITDA in Q3 of this year. Think about that. We integrated two businesses with meaningfully lower profitability profiles and still expanded our margins very meaningfully. It's all about the team, relentless execution and the power of the platform.

第四名。與 2024 年第三季獨立利潤率相比，這一數據點非常令人印象深刻，因為整合後的業務在今年第三季實現了額外的 140 個基點 EBITDA。想想看。我們整合了兩家獲利能力明顯較低的企業，但利潤率仍大幅提升。關鍵在於團隊、堅持不懈的執行力和平台的力量。

I want to now spend some time discussing the incredible opportunity we have to grow our business into an industry powerhouse. There are several vectors of growth worth noting. Number one, our TAM has grown to roughly $23 billion and is balanced across geographies and markets.

現在我想花點時間討論我們所擁有的巨大機遇，那就是將我們的業務發展成為行業巨頭。有幾個值得注意的成長方向。第一，我們的潛在市場規模已成長至約 230 億美元，並且在各個地區和市場之間實現了平衡。

And this is not a passive opportunity. There is real need driving and yearning for next-generation technology. The move to alternative assets, globalization of portfolios, increased need for risk and performance, increasing complexity related to regulatory and compliance needs on result in the need for technology like ours.

這並非一個被動的機會。人們對下一代技術有著切實的需求和渴望。轉向另類資產、投資組合全球化、對風險和績效日益增長的需求、監管和合規需求日益複雜化，都導致了對像我們這樣的技術的需求。

Number two, our platform gives us a very deep technological moat. Our ability to build and deliver and open modular extensible front-to-back platform is, we believe, largely uncontested.

第二，我們的平台為我們提供了非常深厚的科技護城河。我們相信，我們建構、交付和開放模組化、可擴展的端到端平台的能力在很大程度上是無可爭議的。

And finally, number three, a highly favorable competitive landscape leaves us with multiple avenues for growth. This TAM and our competitive position to provide it an extended run rate for us to continue growing.

最後，第三點，非常有利的競爭環境為我們提供了多種發展途徑。憑藉這一市場規模和我們的競爭優勢，我們可以獲得持續成長所需的長期發展速度。

Let me talk about our current achievements. Number one, while it is becoming harder to identify the revenue associated with each individual business. core Clearwater grew close to 21% year-to-date over last year. That resilience is what we expect.

讓我談談我們目前所取得的成就。第一，雖然越來越難以確定每個獨立業務相關的收入，但Clearwater核心業務今年迄今的營收比去年同期成長了近21%。這種韌性正是我們所期待的。

Number two, we expect Enfusion to grow 12% for the year and are very energized by the continued booking execution in Q2 and Q3.

第二，我們預計 Enfusion 今年將成長 12%，而第二季和第三季持續的預訂執行情況讓我們倍感振奮。

Number three, Beacon continues to perform very well. That was our number one priority, ensuring that the core platforms and businesses continue to grow. It's reassuring to see the progress we have made in the last two quarters.

第三，Beacon 的表現依然非常出色。確保核心平台和業務持續成長是我們的首要任務。令人欣慰的是，我們在過去兩個季度取得了進展。

Growth in Q3 booking was very evenly spread across insurance, asset management, asset owners and hedge funds. For the first time, on a year-to-date basis, asset management accounted for the highest booking, matching the opportunity size as defined by available TAM for each market.

第三季預訂量的成長在保險、資產管理、資產所有者和對沖基金之間分佈非常均勻。今年迄今為止，資產管理業務的預訂量首次達到最高，與各市場可用總市場規模所定義的機會規模相符。

In new client acquisition, we signed a global multi-billion hedge fund with a record three-month sales cycle while also creating expansion opportunities across asset classes.

在拓展新客戶方面，我們與一家全球數十億美元的對沖基金簽署了協議，創下了三個月銷售週期的記錄，同時也創造了跨資產類別的擴張機會。

Our wins in the hedge fund market during the quarter was very balanced between launches and conversions and geographies. North America, Europe and Asia. Insurance continues to do very well, powered by our strength in alternatives. LPx MLx Risk and Prism all had a strong quarter, reflecting the growing breadth of our solution.

本季我們在對沖基金市場的成功，在基金發行量、轉換率和地理分佈方面都非常均衡。北美洲、歐洲和亞洲。保險業務持續表現良好，這得益於我們在另類投資領域的優勢。LPx MLx Risk 和 Prism 在本季度均表現強勁，反映出我們解決方案的覆蓋範圍不斷擴大。

We are establishing ourselves as the partner of choice for the asset order sector. We welcomed a leading global AI platform to CWAN, and our relationship with another global AI leader continues to flourish.

我們正在努力成為資產訂單領域的首選合作夥伴。我們歡迎一家全球領先的人工智慧平台加入 CWAN，我們與另一家全球人工智慧領導者的關係也持續蓬勃發展。

In the government market, Texas Treasury Safekeeping Trust chose us to account for $30 billion in state assets, winning against multiple providers. Our differentiated ability to address complex alternative assets with LPx and fund accounting was the key differentiator.

在政府市場，德州財政部保管信託公司選擇我們管理 300 億美元的州資產，擊敗了多家供應商。我們利用 LPx 和基金會計處理複雜另類資產的獨特能力是關鍵的差異化因素。

Internationally, our expanding global capabilities continue to drive growth. Our global asset manager selected our premium close and income analytics solutions while expanding with us into the U.K. operations, leveraging our U.K. GAAP and Solvency II expertise. The Latin American Reserve Fund, a regional financial institutions supporting central banks through credit facilities and international reserve management chose CWAN.

在國際上，我們不斷擴大的全球能力持續推動成長。我們的全球資產管理公司在與我們合作拓展英國業務的同時，選擇了我們的高級結算和收益分析解決方案，並利用了我們在英國通用會計準則和償付能力 II 方面的專業知識。拉丁美洲儲備基金（透過信貸機制和國際儲備管理為中央銀行提供支援的區域性金融機構）選擇了 CWAN。

Finally, I could not be more excited about our risk valuation and performance capabilities. In just the last week, we signed two seven-digit deals with leading financial institutions. Cross-selling has begun in earnest, and we entered Q4 with the best pipeline we have had in our history. We expect cross-selling to power growth in Q4 and in 2026 and beyond.

最後，我對我們的風險評估和績效能力感到無比興奮。就在上週，我們與兩家領先的金融機構簽署了兩筆七位數的交易。交叉銷售已正式啟動，我們進入第四季時擁有了公司歷史上最好的銷售管道。我們預計交叉銷售將在第四季度以及 2026 年及以後推動成長。

Overall, our growth plans for each platform remains the same, and we approached 2026 with renewed confidence. Specifically, the growth plans are for core Clearwater, number one, insurance, continue to win new logos and accelerate wins in Europe and Asia on the strength of our recent wins there.

總體而言，我們對每個平台的成長計劃保持不變，我們滿懷信心地迎接 2026 年。具體而言，成長計畫是圍繞核心業務 Clearwater（排名第一的保險業務）繼續贏得新客戶，並憑藉我們最近在歐洲和亞洲取得的成功，加速在歐洲和亞洲的業務成長。

Beyond new logos, providing a more comprehensive solution with a back-to-base motion is a key driver, and we expect to provide solutions to alternative assets, comprehensive risk and valuation capabilities and a front middle office back solution.

除了新的標誌之外，提供更全面的解決方案，回歸本源，是關鍵的驅動因素，我們期望提供另類資產解決方案、全面的風險和估值能力以及前台中台後台解決方案。

Number two, combining the capabilities of the Enfusion and Clearwater platforms, we are seeing very high traction with asset managers. And we continue to invest and grow in that segment. We expect this platform to continue to mature and become the platform of choice for the industry. Helping global asset managers provide a comprehensive reporting solution to the clients under the avenue of continued growth.

第二，結合 Enfusion 和 Clearwater 平台的功能，我們看到資產管理公司對此展現了非常高的熱情。我們將繼續在該領域進行投資和發展。我們期望該平台能夠不斷完善，並成為業界首選平台。幫助全球資產管理公司在持續成長的道路上，為客戶提供全面的報告解決方案。

Number three, asset owners continue to be a very important growth set. Corporate trust, foundations, state and local governments, REITs, pensions and retail banks are all significant opportunities for our platform.

第三，資產所有者仍然是非常重要的成長群體。企業信託、基金會、州和地方政府、房地產投資信託基金、退休金和零售銀行都是我們平台的重要機會。

Number four, executing against opportunities across geographies, markets and products will allow us to continue our current growth trajectory. Those were the vectors of growth for core Clearwater.

第四，掌握不同地域、市場和產品領域的機遇，將使我們能夠繼續維持目前的成長動能。這些都是克利爾沃特核心區域的成長動力。

Now let's talk about growth of the Enfusion platform. Number one, we have a dedicated product and engineering focus, and we want to ensure client delight across the entire spectrum of clients.

現在我們來談談 Enfusion 平台的成長情況。第一，我們專注於產品和工程，我們希望確保所有客戶都能滿意。

Number two, there is significant time available, and we expect the core business to accelerate. With the addition of Beacon and Bistro, we now have an outstanding solution for various subsegments, including global macro hedge funds and funds that focus on risk of their investing.

第二，我們有充足的時間，我們預期核心業務將會加速發展。隨著 Beacon 和 Bistro 的加入，我們現在為包括全球宏觀對沖基金和專注於投資風險的基金在內的各個細分市場提供了出色的解決方案。

Number three, we have begun work on the commercial model, and we expect that have impact in 2026.

第三，我們已經開始著手商業模式的研究，預計到 2026 年將會產生影響。

And number four. Finally, we are building a strong back-to-base motion that includes providing risk, client reporting by appraisal and expanded reconciliation using our internal tool, Helios.

還有第四個。最後，我們正在建立一個強大的回歸基礎的機制，包括提供風險評估、客戶報告，以及使用我們的內部工具 Helios 進行擴展對帳。

Each platform's growth is very important, but the driving force behind the combination of these businesses was our ability to build and deliver an integrated open modular and extensible front-to-back platform, one that has the capacity to disrupt our industry and dramatically alter the efficiency and operations of our clients.

每個平台的發展都非常重要，但推動這些業務合併的動力是我們有能力建構和交付一個整合的、開放的、模組化的、可擴展的從前到後的平台，該平台有能力顛覆我們的行業，並極大地改變我們客戶的效率和營運。

With that aim in sight, we have started to make progress on: number one, a single security master; number two, a single comprehensive data platform that incorporates all asset process; number three, a single interaction layer that allows clients to talk to the data; and number four, a single interchange layer that allows effective internal and external connectivity. This is incredibly exciting, and we expect to bring these to market in H2 2026 and early 2027.

為了實現這一目標，我們已開始在以下方面取得進展：第一，單一安全主數據；第二，包含所有資產流程的單一綜合數據平台；第三，允許客戶與數據交互的單一交互層；第四，實現有效內部和外部連接的單一交換層。這令人無比興奮，我們預計將於 2026 年下半年和 2027 年初將這些產品推向市場。

Now let's talk about Generative AI. We believe that Generative AI represents the most important technological advancement of our lifetime. We embraced the technology early in 2023. We used to drive very meaningful gross margin improvements and have brought this technology to our clients.

現在我們來談談生成式人工智慧。我們認為，生成式人工智慧代表了我們這個時代最重要的技術進步。我們在 2023 年初就採用了這項技術。我們曾經推動毛利率顯著提高，並將這項技術帶給了我們的客戶。

We have built out a team of GenAI experts who are actively automating internal and client processes. We have partnered with global leaders like AWS to build our own agenetic platform. In fact, AWS recognized us as an early adopter of Amazon Bedrock Agent Core, which will make generally available last month.

我們已經組建了一支 GenAI 專家團隊，他們正在積極地實現內部流程和客戶流程的自動化。我們與 AWS 等全球領先企業合作，建立了我們自己的基因工程平台。事實上，AWS 已將我們評為 Amazon Bedrock Agent Core 的早期採用者，該產品將於上個月正式發布。

Unlike experimental AI tools or Copilots, layed on legacy systems, CWAN GenAI is fully integrated and deployed into production on our front-to-back platform. Our platform hosts over 800 AI agents created by internal teams and clients and is available to act across more than $10 trillion in institutional assets.

與基於傳統系統的實驗性 AI 工具或 Copilot 不同，CWAN GenAI 已完全整合到我們的端對端平台上，並已部署到生產環境中。我們的平台擁有超過 800 個由內部團隊和客戶創建的 AI 代理，可用於管理超過 10 兆美元的機構資產。

We are, we believe, uniquely positioned to lead our industry in bringing the full potential of GenAI to our clients. And it is fair to ask why are we still uniquely positioned generally via our leadership rests on three foundational pillars, which are very difficult for our competitors to replicate without many years of investment.

我們相信，我們擁有獨特的優勢，能夠引領業界，將 GenAI 的全部潛力帶給我們的客戶。我們有理由問，為什麼我們仍然保持著獨特的地位？這主要歸功於我們的領導力建立在三大支柱之上，而我們的競爭對手如果沒有多年的投資，很難複製這些支柱。

First is the modern architecture of our platform. We have a single instance, multi-tenant architecture with all the data close into a single logical data store. All our clients are on this single platform. Our decades-long history of ingesting data aggregating it and reconciling it are all recorded on the platform.

首先是我們平台的現代化架構。我們採用單一實例多租用戶架構，所有資料都集中在一個邏輯資料儲存中。我們所有的客戶都在這一個平台上。我們數十年來收集、匯總和核對數據的歷史都記錄在平台上。

This makes it relatively easy for GenAI agents to learn. And the agents are only as powerful as an ability to learn. Without this foundation, you cannot properly leverage Generative AI and our competitors will need to rebuild the entire tech stack to reach parity.

這使得 GenAI 智能體相對容易學習。而智能體的強度取決於其學習能力。如果沒有這個基礎，你就無法充分利用生成式人工智慧，我們的競爭對手將需要重建整個技術堆疊才能達到同等水平。

Second, the breadth of data on our platform is extensive. We connect to approximately 4,000 data sources. This ecosystem of complex data permissions, websites scraping cleaning and you refine thousands of data sources and incorporating constantly changing accounting, tax and regulatory goals, this would be incredibly difficult to replicate without many years of investment.

其次，我們平台上的數據範圍非常廣泛。我們連接到大約 4,000 個資料來源。這種複雜的資料權限、網站抓取清理以及對數千個資料來源的最佳化和整合，再加上不斷變化的會計、稅務和監管目標，如果沒有多年的投資，是很難複製的。

The analytics linked to valuation, risk calculations, accounting values and performance are generated by our platform, providing valuable insights for the CWAN GenAI agents to learn from.

我們的平台產生與估值、風險計算、會計價值和績效相關的分析，為 CWAN GenAI 代理提供寶貴的學習見解。

In addition to this, details about many alternative assets are not publicly available. But if any one of our clients wants us to track and account for it, we added to our security(inaudible). What we already have is a production-grade generative AI platform lies in the market, transforming how our clients operate.

此外，許多另類資產的詳細資料並未公開。但是，如果我們的任何一位客戶希望我們追蹤並記錄此事，我們已加強了我們的安全措施（聽不清楚）。我們已經擁有一個生產級的生成式人工智慧平台，該平台已投放市場，正在改變我們客戶的運作方式。

While others are still talking about what GenAI may do, we're already executing at a global scale. Our clients have seen 90% reductions in manual reconciliation, 80% faster regulatory reporting and 50% faster financial close cycles. We believe that it is not a 6- or 12-month lead, but our multiyear competitive moat, positioning us to capture significant market share.

當其他人還在討論 GenAI 可能帶來的影響時，我們已經在全球範圍內實施了。我們的客戶發現，人工對帳減少了 90%，監管報告速度提高了 80%，財務結算週期提高了 50%。我們相信，這並非6個月或12個月的領先優勢，而是我們多年累積的競爭優勢，使我們能夠佔據顯著的市場份額。

Before closing, let me review the strategic and financial merit of the acquisitions we did. Strategically, the expansion of our TAM, the ability to provide an open, modular and extensible platform has changed our position in the market and dramatically enhanced our ability to cross-sell and compete with all providers of legacy technology in our industry.

在結束之前，請容許我回顧我們所進行收購的策略和財務價值。從戰略角度來看，我們TAM的擴大，以及提供開放、模組化和可擴展平台的能力，改變了我們在市場中的地位，並極大地增強了我們交叉銷售和與業內所有傳統技術提供商競爭的能力。

Financially, with an approximately 15% dilution on share count, the quarterly revenue has grown 77% year-on-year and EBITDA has grown 84% largely from our organic growth, but the majority effect from these acquisitions.

從財務角度來看，儘管股份數量稀釋了約 15%，但季度收入同比增長了 77%，EBITDA 同比增長了 84%，這主要得益於我們的內生增長，但大部分影響來自這些收購。

We have already improved the margin and profitability profile of these businesses to a level close to ours and expect to improve growth over the next 1.5 years. We see this as incredibly accretive to our shareholders and very valuable to our clients. We are very excited about the two one recent Board appointment of Dr. Mukesh Aghi; and Bas NieuweWeme as well as several key leadership hires across multiple functions. We are very proud of the progress we have already made and the platform we are building for our clients.

我們已經將這些企業的利潤率和獲利能力提升到接近我們自身的水平，並預計在未來 1.5 年內實現成長。我們認為這對我們的股東來說意義重大，對我們的客戶來說也極具價值。我們對近期董事會任命的兩位新成員——Mukesh Aghi 博士和 Bas NieuweWeme——以及多個職能部門的幾位關鍵領導層成員的加入感到非常興奮。我們為已經取得的進展以及我們正在為客戶建立的平台感到非常自豪。

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

接下來，我會把電話交給吉姆，讓他更深入探討我們的財務細節。

Thanks, Sandeep. Q3 2025 marks a milestone for us as we delivered solid results with the first full quarter contributions from Enfusion, Beacon and Bistro acquisitions. We achieved revenue of $205 million. That equates to year-over-year growth of 77% and exceeded the high end of our guidance by over $1 million. The hedge fund market was a key contributor to the revenue upside this quarter, reflecting the growing continence clients have in the breadth and depth of our combined offering.

謝謝你，桑迪普。2025 年第三季對我們來說是一個里程碑，因為我們取得了穩健的業績，Enfusion、Beacon 和 Bistro 的收購在第一個完整的季度中都做出了貢獻。我們實現了2.05億美元的營收。這相當於年增 77%，比我們預期的上限高出 100 多萬美元。對沖基金市場是本季營收成長的主要貢獻者，反映出客戶對我們綜合產品的廣度和深度越來越有信心。

Annualized recurring revenue, or ARR, at the end of Q3 was a record $807.5 million again, up 77% year-over-year. While our combined net new ARR growth plus several large wins, we are excited about our trajectory as organic ARR improved to a multi-quarter high. On an organic basis, ARR accelerated to $534.4 million, an increase of $22 million from June 2025.

第三季末的年度經常性收入（ARR）再次創下 8.075 億美元的紀錄，年增 77%。雖然我們新增淨 ARR 成長加上幾項重大勝利，但我們對自身的發展軌跡感到興奮，因為有機 ARR 已提升至多個季度以來的最高水平。以自然成長計算，年度經常性收入加速成長至 5.344 億美元，比 2025 年 6 月增加了 2,200 萬美元。

Stepping back, I wanted to share that as we've gone through the process of integrating these businesses, I've become significantly more confident in our competitive positioning. The tide has turned and internal goals that we laid out are coming to fruition. Clients were saying this in words when we started. Now they're voting with their wallets. Our work is not yet done, but we feel we're firmly on the right path forward.

退一步講，我想分享的是，隨著我們逐步整合這些業務，我對我們的競爭地位有了更大的信心。情況已經逆轉，我們所製定的內部目標正在逐步實現。我們剛開始的時候，客戶就用語言表達過這種想法。現在他們用錢包投票了。我們的工作尚未完成，但我們感覺我們正堅定地走在正確的道路上。

Let me provide some more details about our growth, starting with revenue retention. The gross revenue retention rate was 98% at September 30, 2025, for yet another quarter, as clients increasingly recognize the strategic benefits of consolidating their investment management software around the CWAN suite of offerings.

讓我進一步詳細介紹我們的成長情況，先從收入留存率說起。截至 2025 年 9 月 30 日，總收入留存率連續第二季達到 98%，因為客戶越來越認識到圍繞 CWAN 產品套件整合其投資管理軟體的策略優勢。

We have achieved 98% or better gross retention in 26 of the last 27 quarters. That is nearly seven years of consistent 98% gross retention. That is the definition of durability.

在過去的 27 個季度中，我們有 26 個季度實現了 98% 或更高的毛留存率。這意味著近七年來毛留存率一直維持在 98%。這就是耐用性的定義。

Our net revenue retention rate was 108% in Q3, a slight decline from Q2's 110%, driven by a lower contribution from AUM growth and asset-based upsells as we lapped several large wins in September 2025. We remain confident in the path to 115% net revenue retention. supported by the drivers we laid out at our Investor Day.

第三季我們的淨收入留存率為 108%，較第二季的 110% 略有下降，這是由於我們在 2025 年 9 月完成了幾筆大額交易，導致資產管理規模增長和基於資產的追加銷售貢獻減少所致。我們仍對實現115%淨收入留存率的目標充滿信心，這得益於我們在投資者日上提出的各項驅動因素。

Let me discuss the drivers of our NRR expansion and provide color on this quarter's performance. We have four drivers of NRR growth that we manage and measure. The first key to achieving NRR of 115 is maintaining gross retention of 98% and across the entire business. As we stated, we achieved 98% this quarter across the entirety of the business.

讓我來探討一下我們淨收入成長的驅動因素，並詳細介紹本季的業績。我們有四個影響淨收入成長的驅動因素，我們會對其進行管理和衡量。實現 115 的淨收入率 (NRR) 的第一個關鍵是保持 98% 的總留存率，並且在整個業務範圍內保持這一水平。正如我們所說，本季我們整個業務的完成率達到了 98%。

The second element is price increases and commercial model aligned. At scale, we expect 4% to 5% contribution in the long run. And in the third quarter, we achieved just under 3% net increase across the entirety of the business. As Sandeep mentioned in his remarks, we've begun the commercial model work for the new businesses and expect to see the impact of these changes in 2026.

第二個要素是價格上漲和商業模式的協調一致。從長遠來看，我們預計規模擴大後將貢獻 4% 到 5% 的份額。第三季度，我們整個業務的淨成長率略低於 3%。正如桑迪普在演講中提到的那樣，我們已經開始為新業務制定商業模式，並預計在 2026 年看到這些變化的影響。

The third element is the cross-sell of incremental products. In the long run, we aspire to have up to 8% of our growth derived from the cross-sell of solutions across our clients. The impact of cross-sell in the current quarter was just under 3%. We have obviously the most opportunity here, and we're excited to say that we are seeing good momentum in this area.

第三個要素是交叉銷售增量產品。從長遠來看，我們希望透過向客戶交叉銷售解決方案，實現高達 8% 的成長。本季交叉銷售的影響略低於 3%。顯然，我們在這裡擁有最大的機遇，我們很高興地說，我們在這個領域看到了良好的發展勢頭。

In this quarter, we saw a 70% increase in bookings for our core cross-sell modules, which include LPx MLx Prism and Risk. This growth doesn't yet factor in contributions from what I call our hero products, the accounting portfolio management system, OEMS and risk for which we're ramping up those cross-sell motions and see great opportunities for Q4.

本季度，我們的核心交叉銷售模組（包括 LPx MLx Prism 和 Risk）的預訂量增加了 70%。這一增長尚未計入我稱之為我們明星產品的貢獻，即會計投資組合管理系統、OEMS 和風險管理，我們正在加大對這些產品的交叉銷售力度，並看到了第四季度的巨大機會。

The fourth element of NRR growth is upsell of existing products to existing clients. Many clients choose our solutions because they know we will invest, and we will enable them to grow their business and consequently, we grow with them. In the quarter, upsell was just under 3% on a consolidated basis compared to our longer-term target of 5%.

NRR 成長的第四個要素是向現有客戶追加銷售現有產品。許多客戶選擇我們的解決方案，因為他們知道我們會進行投資，幫助他們發展業務，從而與他們一起成長。本季度，合併後的追加銷售額略低於 3%，而我們的長期目標為 5%。

These trends in upsell were evident when looking at NRR within our target markets. NRR in insurance was the strongest, followed by strong performance in asset owners and asset managers. Our current NRR in the hedge fund market weighed on the company's combined net expansion rate, but we're excited about the potential for improvement as we evolve the commercial model to align with the growth in that market and offer our risk offerings to our hedge fund clients.

當我們觀察目標市場的淨收入時，這些追加銷售趨勢就顯而易見了。保險業的淨收益率表現最為強勁，其次是資產所有者和資產管理公司，它們的表現也十分出色。我們目前在對沖基金市場的淨收入率對公司的整體淨擴張率造成了壓力，但隨著我們不斷改進商業模式以適應該市場的成長，並向我們的對沖基金客戶提供風險產品，我們對改善的潛力感到興奮。

The final element to NRR expansion is other, which typically captures other movements in NRR that are not included in those four metrics. Historically, we've experienced a small uptick in growth from AUM expansion at our clients. In our September 2025 results, this improved NRR by less than 1% compared to nearly 3% in the June 2025 quarter.

NRR 擴張的最後一個要素是其他，它通常捕捉 NRR 中未包含在這四個指標中的其他變化。從歷史上看，我們客戶的資產管理規模擴張帶來了小幅成長。在我們 2025 年 9 月的業績中，淨收益率 (NRR) 的改善幅度不到 1%，而 2025 年 6 月季度的改善幅度接近 3%。

Although a small contribution from AUM and other and the lower contribution from upsell led to a sequential decline in net revenue retention, we saw significant improvements in the strategically important drivers such as new product cross-sell, gross retention and uplift within our broader portfolio.

儘管 AUM 和其他方面的貢獻較小，追加銷售的貢獻也較低，導致淨收入留存率環比下降，但我們在具有戰略意義的重要驅動因素方面看到了顯著改善，例如新產品交叉銷售、毛留存率和我們更廣泛產品組合中的提升。

Now let's turn to profitability. Our Q3 gross margin reached 78.5%, flat year-over-year and in line with the 2027 targets, not Q3 2025, 2027 targets we set at our Investor Day. This showcases the incredible progress the team has made in integrating the businesses and the benefits we are seeing from utilizing GenAI.

現在我們來談談獲利能力。我們第三季的毛利率達到 78.5%，與去年同期持平，符合 2027 年的目標，而不是我們在投資者日上設定的 2025 年第三季和 2027 年的目標。這充分展現了團隊在整合業務方面的巨大進步，以及我們從利用 GenAI 中獲得的收益。

Adjusted EBITDA was $70.7 million in the quarter, more than $5 million above our guidance.

本季調整後 EBITDA 為 7,070 萬美元，比我們預期高出 500 多萬美元。

EBITDA margin expanded meaningfully to 34.5%. That is 140 basis points better than the Q3 2024 EBITDA margins. This EBITDA achievement reflects the efficiency being generated within the business, which is important to all investors because it provides additional strategic optionality for all of us.

EBITDA利潤率顯著成長至34.5%。這比 2024 年第三季的 EBITDA 利潤率高出 140 個基點。這項 EBITDA 業績反映了公司內部產生的效率，這對所有投資者來說都很重要，因為它為我們所有人提供了額外的策略選擇。

For example, this strong EBITDA enables us to both pay down $40 million in debt in the quarter and repurchased more than 800,000 shares of CWAN stock at the same time. This strong EBITDA evidences our confidence in rapidly deleveraging the business. If you annualize our Q3 EBITDA, our first full quarter as a consolidated basis, our net debt to annualized Q3 EBITDA leverage ratio is 2.7times, already comfortably below our targeted 3times leverage.

例如，強勁的 EBITDA 使我們能夠在本季償還 4,000 萬美元的債務，並同時回購超過 80 萬股 CWAN 股票。強勁的 EBITDA 證明了我們對快速降低業務槓桿率的信心。如果將我們第三季 EBITDA（我們第一個完整的合併季度）按年計算，我們的淨債務與第三季 EBITDA 年化槓桿率為 2.7 倍，已經遠低於我們設定的 3 倍槓桿目標。

Now turning to guidance. For the fourth quarter of 2025, we expect total revenue to be $216 million to $217 million, representing a year-over-year growth rate of 71% to 72%. For the full year 2025, we expect total revenue to be between $730 million and $731 million, representing year-over-year growth rate of approximately 62%.

現在進入指導環節。我們預計 2025 年第四季總營收將達到 2.16 億美元至 2.17 億美元，年成長率將達到 71% 至 72%。預計 2025 年全年總收入將在 7.3 億美元至 7.31 億美元之間，年成長率約為 62%。

We expect fourth quarter EBITDA to be $73 million, representing an adjusted EBITDA margin of 34%. That results in expected EBITDA of $247 million for the full year 2025. That is a full year margin of 34% for 2025, and that is 180 basis points better than the 2024 margins even after including multiple businesses with significantly lower margins. I think we can all agree that any question about margin synergy can be put to bed. And now we are squarely focused on growth of the combined CWAN, and we are very optimistic about our opportunities.

我們預計第四季 EBITDA 為 7,300 萬美元，調整後 EBITDA 利潤率為 34%。預計到 2025 年全年，EBITDA 將達到 2.47 億美元。這意味著 2025 年全年利潤率為 34%，即使包括多家利潤率明顯較低的企業，也比 2024 年的利潤率高出 180 個基點。我想我們都能同意，關於利潤綜效的任何問題都可以就此作罷。現在，我們正全力以赴發展合併後的 CWAN，我們對未來的發展機會非常樂觀。

In summary, we are truly better positioned than ever to capture this massive, growing total addressable market. Despite closing these acquisitions, just one quarter ago, our gross revenue retention and margins are again near all-time months. Meanwhile, our comprehensive product offering, compiled through both our organic build and inorganic investments puts us in the best position we have ever been to obtain market share.

總而言之，我們現在比以往任何時候都更有優勢來開拓這個龐大且不斷成長的潛在市場。儘管完成了這些收購，但就在一個季度前，我們的毛收入留存率和利潤率再次接近歷史最高水準。同時，我們透過自身發展和外部投資整合的全面產品組合，使我們處於前所未有的最佳地位，能夠獲得市場份額。

I don't know if it's because the demand environment has improved overall or the fact that we have so many different entry points with our clients and prospects, but what I do know is that our client conversations our pipeline and the cross-selling we're seeing today is the richest I have seen, and this gives me incredible confidence and a clear path for accelerating growth.

我不知道這是因為整體需求環境有所改善，還是因為我們與客戶和潛在客戶的接觸點越來越多，但我知道的是，我們與客戶的溝通、銷售管道以及交叉銷售情況都是我見過的最豐富的，這給了我極大的信心，也為加速增長指明了清晰的方向。

With that, I'll pass it back to Sandeep for closing remarks.

接下來，我將把發言權交還給桑迪普，請他作總結發言。

Thank you, Jim. We have made incredible progress in integrating the businesses and are very excited about the opportunity to build the leading platform of our industry. We believe that we are well on our way to doing that.

謝謝你，吉姆。我們在業務整合方面取得了令人矚目的進展，並且非常高興有機會打造我們領先業界的平台。我們相信我們正朝著這個目標穩步前進。

Thank you, and we look forward to answering your questions.

謝謝，我們期待回答您的問題。

(Operator Instructions) Dylan Becker, William Blair.

（操作說明）迪倫·貝克爾，威廉·布萊爾。

Maybe it seemed like a key theme here, Sandeep and Jim was around kind of the quality of the pipeline and enthusiasm going into the fourth quarter. I know we signed a large deal last quarter. It sounds like there are several others that were signed here and maybe others that are progressing throughout the balance of the year.

也許這看起來像是一個關鍵主題，Sandeep 和 Jim 都圍繞著第四季度的人才儲備品質和熱情展開討論。我知道我們上個季度簽了一份大合約。聽起來這裡已經簽了好幾份合同，而且今年剩下的時間可能還會有其他合約在推進中。

But can you just kind of give us a general sense or update on any particular segments of the market that you're seeing elevated strength? It feels a little bit more broad-based, but kind of receptivity into that unified platform vision and how maybe some of those early proof points that you guys are bringing to bear in the market are starting to resonate and drive conviction in that pipeline activity? Thanks.

您能否大致介紹一下您觀察到的市場中哪些特定領域表現強勁，或提供一些最新資訊？感覺基礎更廣泛一些，但人們對統一平台願景的接受度也更高了，而且你們在市場上提出的一些早期證明點可能開始引起共鳴，並推動了相關業務活動的開展？謝謝。

Yes. Thank you for the question, Dylan. I think booking across the quarter was very evenly spread. I think I said in my remarks, but if you were to ask for which areas do you see the most growth in one is alternatives. So the core alternatives of LPx and MLx and Risk and Prism, we found that grew like 70% year-on-year in terms of bookings. So, and we continue to see a very expanded pipeline for that. So alternative continues to be a driver across the world.

是的。謝謝你的提問，迪倫。我認為本季的預訂量分佈非常均勻。我想我在演講中已經說過，但如果你問你認為哪些領域成長最快，其中一個就是替代療法。因此，我們發現 LPx 和 MLx 以及 Risk 和 Prism 的核心替代方案的預訂量比去年同期增長了約 70%。所以，我們看到這方面的產品線持續大幅擴展。因此，替代能源仍然是全球範圍內的驅動力。

The second thing we're most excited about is risk. When we went out and acquired Beacon, we were hopeful, but we also thought that these would have long sales cycles. And what we have been able to do is get seven-figure deals much quicker than we thought. So, if you look at the pipeline and the opportunity for risk, I think it is tremendously higher than we had expected and pipeline for alternatives continues to be really high. So those are the two I will call out.

我們第二大興奮點是風險。當我們收購 Beacon 時，我們充滿希望，但我們也認為這些產品的銷售週期會很長。而我們所取得的成果是，我們比預期更快達成了七位數的交易。所以，如果你看一下專案儲備和風險機會，我認為它比我們預期的要高得多，而替代方案的儲備仍然非常高。所以，我要特別指出這兩點。

I think the expansion in insurance for Europe is another positive one. And I would be remiss if I did the last one, which is hedge funds did really well in Q2 and back that up by doing really well in Q3 and are forecasting a very good Q4 after Q1 was not good, and Q1 booking for hedge funds was much slower than we thought, but Q2, Q3 and our Q4, we expect really good numbers. Jim, do you want to say anything, would like to add?

我認為歐洲保險業的擴張是另一個正面的訊號。最後一點，如果我沒說，那就太失職了。對沖基金在第二季度表現出色，並在第三季度延續了良好的勢頭，預計第四季度也會非常出色。第一季對沖基金的業績並不理想，第一季的業績成長速度也遠低於預期。但我們預計第二季、第三季和第四季的數據都會非常好。吉姆，你還有什麼要補充的嗎？

No, that's it. You're right, Dylan, it's across every vertical and across geos.

不，就是這樣。你說得對，迪倫，這種情況遍及各個產業和各個地區。

Okay. Great. That's helpful. And then maybe, Jim, for you. I think kind of the implied performance and maybe some of the revised Enfusion guide would suggest that the core business continues to grow pretty steadily at that 20% clip. And I know that's been kind of an internal barometer for you guys. Can you just help us kind of reconcile that versus the 17% for ARR growth in the quarter?

好的。偉大的。那很有幫助。或許，吉姆，也是為了你。我認為，從隱含的業績表現以及 Enfusion 修訂後的業績指引來看，其核心業務將繼續以 20% 的速度穩定成長。我知道這在某種程度上一直是你們內部的一個風向標。您能否幫我們解釋一下，這個數字與本季 17% 的 ARR 成長率之間有何關聯？

Is there kind of any nuance to be aware of there? I know these are some large lumpy deals that are subjective to when they come online but maybe reconcile what feels like a pretty healthy kind of sustained core business momentum here. Thank you.

這裡面有什麼需要注意的細微差別嗎？我知道這些都是一些數額龐大的交易，何時上線還有待觀察，但這或許能解釋目前看來相當健康的、持續的核心業務發展勢頭。謝謝。

Yes, I think we feel great about the revenue and in the quarter, I think also the acceleration of the organic ARR within the quarter on the Clearwater business was strong and nice to see. You combine that with what we talked about at the recent bookings in the pipeline, and I think we feel very good about that.

是的，我認為我們對本季的營收感到非常滿意，而且我認為 Clearwater 業務在本季的有機 ARR 成長也十分強勁，令人欣喜。結合我們最近討論的正在籌備的預訂情況，我認為我們對此感到非常滿意。

Sandeep did mention that the Enfusion business in Q1 was slower but had great Q2 and Q3. It takes a while for that to flow in both through revenue and ARR in that side of the business. But I think if you look back at what we put up in our September Investor Day and how those pieces fit together, it was a very -- it was again, obviously, a strong and Q4 looks very similar to that. It looks very similar, the impression that we put to that.

Sandeep 提到，Enfusion 業務在第一季成長緩慢，但第二季和第三季表現非常出色。這需要一段時間才能體現在業務的這一方面的收入和年度經常性收入（ARR）上。但我認為，如果你回顧一下我們在 9 月投資者日上發布的內容以及這些內容是如何組合在一起的，你會發現——很明顯，那是一個強勁的季度，而第四季度看起來也與此非常相似。看起來非常相似，我們給它留下的印像也是如此。

Alexei Gogolev, JPMorgan.

阿列克謝‧戈戈列夫，摩根大通。

Thank you very much. I wanted to double check a follow-up on Dylan's question just now. So how should we think about ARR growth of 17% for the core business? Obviously, it's coming off a high base. But looking into 2026, how does that dynamic compared to your comments about the strongest pipeline you're seeing?

非常感謝。我想再次確認 Dylan 剛才提出的問題。那麼，我們該如何看待核心業務17%的年度經常性收入成長呢？顯然，它的起點很高。但展望 2026 年，這種動態與您之前所說的最強勁的市場前景相比如何？

Yes. Alex, this is Sandeep. Thank you for the question here. Look, I think that the business has trended towards doing larger deals, and that does create a lot of lumpiness in ARR when it comes online. We do expect this to match though over time.

是的。Alex，我是Sandeep。感謝您提出的這個問題。我認為，企業的發展趨勢是進行更大規模的交易，而這確實會導致年度經常性收入（ARR）在上線時出現很大的波動。我們預計隨著時間的推移，這種情況會趨於一致。

I think if you look at the overall business, we said revenue grew 77% year-on-year, but ARR also grew 77% year-on-year. So there can be a little bit of a difference and that can come from AUM growth and the lumpiness. But over time, and actually, you would expect that we continue to grow the core business at a certain rate, then the ARR would match. It just doesn't match quarter-to-quarter. And I think we obviously have two quarters of $18 million each of and growth I think Q3 had $22 million. And so you shouldn't expect to see a acceleration there in Q4 onwards.

我認為，從整體業務來看，我們說營收年增了 77%，但 ARR 也比去年同期成長了 77%。所以可能會有一些差異，而這種差異可能源自於資產管理規模的成長和波動性。但隨著時間的推移，實際上，你會期望我們繼續以一定的速度成長核心業務，那麼 ARR 就會與之匹配。季度之間的數據根本不符。我認為我們顯然有兩個季度都實現了 1800 萬美元的成長，我認為第三季實現了 2,200 萬美元的成長。因此，從第四季度開始，你不應該期待看到成長加速。

And now that we're sort of already in November, is it possible to give an estimate of organic ARR for the full year?

現在差不多進入11月了，能否估算全年的有機ARR？

I think we'll do that for -- you're saying for 2026? I think we'll do that in the February call (inaudible)

我想我們會在──你是說2026年──這樣做？我認為我們會在二月的電話會議上討論這個問題。（聽不清楚）

Okay, thank you.

好的，謝謝。

Michael Infante, Morgan Stanley.

麥可‧因凡特，摩根士丹利。

Hey guys, thanks for taking my question. I just wanted to ask on Enfusion. Obviously, early days in terms of the actual conversations with customers on the pricing and contract structure revision. But how are you sort of thinking about the timing and the magnitude of the potential uplift in 2016? I mean, obviously, on a run rate basis, we all know the four points. I'm just curious like how quickly you expect to sort of act on these revisions. And obviously, you have your own sort of history in terms of executing on this, but I'm curious how you would frame that for us.

各位好，感謝你們回答我的問題。我只是想在 Enfusion 上問一下。顯然，目前與客戶就定價和合約結構修訂進行實際對話還處於早期階段。但您如何看待 2016 年潛在的成長時機和幅度？我的意思是，很顯然，從勝率來看，我們都知道是四分。我只是好奇你們預計多久會對這些修改做出回應。顯然，你在這方面有自己的一套執行經驗，但我很好奇你會如何向我們闡述。

Yes. I think we're underway in the program, and the target of that program is to roll out the new pricing model for all new clients starting January 1, 2026. So all new clients at that point in time. And we'll go through that. And then we will roll through the existing client base following that program.

是的。我認為我們已經開始實施該計劃，該計劃的目標是從 2026 年 1 月 1 日起對所有新客戶推出新的定價模式。所以當時所有的新客戶都是如此。我們會詳細討論這個問題。然後我們將按照該計劃逐步涵蓋現有客戶群。

Yes. I would just add, Mike, that our intention isn't to raise prices. Our intention is to align value with the price that client pays. And this approach is very similar to what we did with Clearwater about 2.5 years back. So that's point number one.

是的。我還要補充一點，麥克，我們的目的並非要提高價格。我們的目標是使產品價值與客戶支付的價格相符。這種方法與我們大約 2.5 年前在 Clearwater 採取的方法非常相似。這是第一點。

Point number two is when you have devised a new commercial model, you simply try and implement that with all the new clients. So that's step 2. The step 3, you go back and see where it is most misaligned and you start to go back and talk to those clients and change contractually what the pricing model is.

第二點是，當你設計出新的商業模式後，你只需嘗試將其應用於所有新客戶。這是第二步。第三步，你要回頭看看哪裡最不協調，然後開始與這些客戶溝通，並在合約中更改定價模式。

So I think like we said in our remarks, we expect that to take all of 2026. But by the end of 2026, we should be substantially done just like I think in the last time we had this program, we took one year to do it, and we expect sort of a similar pace, but it is a nuanced thing. I don't think it is everybody, you can follow the same process as you can different platform, different asset markets, different large head funds. And so again, we want to do this with care, and that's the process with Jim and the whole team sort of kicked off in this quarter.

所以我覺得就像我們在演講中提到的那樣，我們預計這將持續到 2026 年全年。但到 2026 年底，我們應該基本上完成，就像上次我們開展這個專案時一樣，我們花了一年時間完成，我們預計這次也會是類似的進度，但這其中有很多微妙之處。我不認為這對每個人都適用，你可以遵循相同的流程，但不同的平台、不同的資產市場、不同的大型基金都可以適用。所以，我們再次強調，我們要謹慎行事，而這正是吉姆和整個團隊在本季開始著手進行的工作。

Well, I think just the other thing to add, when I talked about the NRR, we talked about it being roughly 3% in September 2025 numbers, and our goal of that being 4% to 5%. That isn't about increasing the percent. It's about broadening the applicable base of ARR that is subject to those periodic (inaudible)

嗯，我想補充一點，當我談到 NRR 時，我們談到到 2025 年 9 月，NRR 大約為 3%，而我們的目標是達到 4% 到 5%。那不是要提高百分比的問題。其目的是擴大適用這些週期性因素的年度經常性收入（ARR）的適用範圍。（聽不清楚）

Makes sense. And just as a quick follow-up. You obviously signed several deals of delivering some pretty material EBITDA upside. But maybe just in terms of the trade-off between that and sort of more aggressively allocating incremental implementation resources to sort of speed up some of the revenue go live? How are you thinking about that?

有道理。最後再補充一點。顯然，你們簽署了幾項協議，這些協議將帶來相當可觀的 EBITDA 成長。但或許應該權衡一下，是應該更積極分配增量實施資源，以加快部分收入的實現速度？你對此有何看法？

Yes. Thank you. So, we were literally talking about that is, should we continue to make a harsher trade-off, but I do think like that the trade isn't between dollars. It is with the use of Generative AI and accelerating onboarding using that.

是的。謝謝。所以，我們當時討論的其實是，我們是否應該繼續做出更艱難的權衡，但我認為這種權衡並非關乎美元。這是透過運用生成式人工智慧來加速新用戶註冊流程。

Eventually, we feel quite strongly that the benefits we have seen already in being able to use generative AI on more clients faster is what is going to deliver a result in a more sustained way. So, more self-service, more agent-driven onboarding.

最終，我們強烈認為，我們已經看到的，能夠更快地將生成式人工智慧應用於更多客戶所帶來的好處，將以更永續的方式帶來成果。所以，更多自助服務，更多代理主導的客戶導入流程。

I think that's sort of more of the future rather than should we go hire 20 more people to help onboard clients faster. So we do think it's about the tech we are focused on the tech. Could we spend some more money on marketing and things like that perhaps? And that is something which we time to think about for the rest of the quarter here as you look at 2026.

我認為這更多的是面向未來的問題，而不是我們是否應該再僱用 20 個人來幫助客戶更快地完成入職流程。所以我們認為關鍵在於技術，我們專注於技術。我們是否可以增加一些資金用於行銷等方面？展望 2026 年，這是我們在本季剩餘時間裡需要思考的問題。

Peter Heckmann, D.A. Davidson.

彼得‧赫克曼，D.A.戴維森。

Just wanted to follow up. Reasonably difficult comparisons with the prior year in terms of ARR growth is the core Clearwater in the third and fourth quarters last year. Just in terms of thinking about the run rates for Enfusion. If we're looking for about 12% revenue growth this year over what they reported last year, you still feel like -- I know it's going to take some time, but do you still think that can accelerate by maybe a couple of hundred basis points for 2026?

只是想跟進一下。與前一年相比，ARR 成長方面存在相當大的困難，因為 Clearwater 的核心業務在去年第三季和第四季表現不佳。僅從考慮 Enfusion 的運行率來看。如果我們期望今年的收入比去年增長約 12%，您仍然覺得——我知道這需要一些時間，但您仍然認為到 2026 年，這個數字可以加快幾百個基點嗎？

Yes. So, I would just say that very little, very, very little of the thesis has changed. We believe that the Enfusion platform is robust. We feel it is scalable. We feel it is stable. And so we feel we can drive growth.

是的。所以，我想說的是，這個論點幾乎沒有改變。我們認為 Enfusion 平台非常強大。我們認為它具有可擴展性。我們認為它很穩定。因此，我們認為我們可以推動成長。

Now there are two ways we think about growth. One is dedicated engineering and product teams focusing on just hedge funds. So separating that out. That has been done. We now the leadership to guide that. Would that drive 12% or a little bit more, Yes, we expect that. We also think, like Jim said, a commercial model to be put in place over 2026, and that can drive growth in both in revenue.

現在我們對成長有兩種看法。一個是專門專注於對沖基金的工程和產品團隊。所以要把它分開來看。這件事已經辦妥了。我們現在需要領導層來指導這項工作。那會推動成長 12% 甚至更多嗎？是的，我們預計會是這樣。我們也像吉姆說的那樣認為，到 2026 年將建立一個商業模式，這可以推動收入的成長。

The third thing which is perhaps the most exciting thing for the client base is to go take back risk to the hedge fund work to take back manage services and client reporting. We think all those three products can be sold or solutions can be sold, we've had good early success with that in Q3, so we feel really good about it. So we do believe that the core business can grow and perhaps accelerate from 12. We feel the commercial model can help, and we feel selling more products to our current client base in terms of risk made services and try and reporting, all can help contribute to growth.

第三件事，或許也是客戶群最興奮的事，就是將風險收回對沖基金的工作，收回管理服務和客戶報告。我們認為這三款產品或解決方案都可以銷售出去，我們在第三季度已經取得了不錯的初步成功，所以我們對此感覺非常好。因此，我們相信核心業務可以成長，甚至可能從 12 年開始加速成長。我們認為商業模式可以有所幫助，我們認為向現有客戶群銷售更多產品，例如風險管理服務和嘗試報告，都有助於促進成長。

Now what's the magnitude of all these three things were put together? And I think we'll have probably a better view of that in the February time frame when we guide for 2026. And I think we also said that this will take us about 1.5 years, so bias for reacceleration coming out speak in 2027 in the first half. So again, none of that has changed.

那麼，這三件事加在一起會產生多大的影響呢？我認為，在2月發布2026年業績指引時，我們可能會對此有更清晰的了解。而且我認為我們也說過，這將需要大約 1.5 年的時間，因此，重新加速的趨勢將在 2027 年上半年出現。所以，這一切依然沒有改變。

But I do want to say that yes, very pleasantly surprised and happy about the momentum of bookings in Q2 and Q3. Does all of that show up in ARR? No. It does take some time for it to go from a contract and a booking and to ARR revenue, but we are very, very happy with what they achieved in the last quarters.

但我確實想說，是的，我對第二季和第三季的預訂動能感到非常驚訝和高興。所有這些都會體現在 ARR 中嗎？不。從簽訂合約、完成預訂到最終產生年度經常性收入確實需要一些時間，但我們對他們在過去幾個季度的成就非常非常滿意。

Okay. That's helpful. And then just on Bistro, I guess you feel like the functionality of Bistro is applicable to all of your current insurance carrier customers? And I guess when would you expect secure contract with the first couple of customers on that solution?

好的。那很有幫助。那麼就 Bistro 而言，我想您覺得 Bistro 的功能適用於您目前所有的保險公司客戶吧？那麼，您預計何時能與該解決方案的前幾位客戶簽訂正式合約呢？

Yes. Thank you. Look, I think it is all about the alternatives. And I said a little deliver slightly happen it, but I do think it's about alternatives and risk. Those two are huge. I think Bistro helps us provide sort of best-in-class rationalization reporting four alternatives.

是的。謝謝。你看，我認為關鍵在於選擇。我說過，可能會發生一些小插曲，但我認為這關乎選擇和風險。這兩個塊頭都很大。我認為 Bistro 幫助我們提供了一流的合理化報告，列出了四種替代方案。

So, I think it's strategically incredibly important, but we did have the work of taking it out from that environment to the Clearwater environment, and that has been largely completed, then integrating it with the rest of the core platform that's underway.

所以，我認為這在戰略上極其重要，但我們確實需要將其從該環境轉移到克利爾沃特環境，這項工作已經基本完成，然後將其與正在進行的其餘核心平台整合起來。

So, there's some work needed here. But is it the right thing to do, creating depth in our offerings around alternative assets? Without question. Is it driving growth already? No, it's not. But it is out of their that environment into the Clearwater environment. So, I think we're going through these steps, and we do expect to see traction of that in 2026.

所以，這裡還有一些工作要做。但是，圍繞著另類資產拓展我們的產品線，這樣做是否正確呢？毫無疑問。它是否已經開始推動成長了？不，不是。但它是從他們原來的環境進入了克利爾沃特的環境。所以，我認為我們正在按部就班地進行這些步驟，並且我們預計在 2026 年會看到成效。

Max Persico, RBC.

馬克斯·佩爾西科，RBC。

Thanks for taking my questions guys. I've got two quick ones here. The first, on the international business, is there any way to quantify how that business performed in the quarter maybe relative to the overall business? Any metrics you're willing to share there?

謝謝各位回答我的問題。我這裡有兩個簡短的問題。首先，關於國際業務，有沒有辦法量化該業務在本季相對於整體業務的表現？您願意分享一些指標嗎？

And then second, the core Clearwater retention, I know last quarter, we disclosed that it was stable at 114%. Could you comment maybe just directionally on how retention is kind of trended in the quarter on the core business?

其次，Clearwater 的核心客戶留存率，我知道上個季度我們揭露，該指標穩定在 114%。您能否就本季核心業務的客戶留存率趨勢做一些方向性評論？

Yes. Let me do these too quickly. Number one, you can see in our investor deck, the split between ARR by geo, and you'll see that it's consistent in Q3 as it was in Q2.

是的。讓我盡快完成這些。第一，您可以在我們的投資者簡報中看到按地理劃分的 ARR，您會發現第三季與第二季保持一致。

As far as the core Clearwater, all of those metrics we've given are across the entirety of the business. But obviously, AUM and upsell are pieces that are mostly within the core Clearwater business. So that's the delta there. Do you want to go the next one? I'm just writing down.

就 Clearwater 的核心業務而言，我們給出的所有指標都涵蓋了整個業務。但很顯然，資產管理規模和追加銷售主要屬於 Clearwater 的核心業務範疇。這就是差值所在。你想去下一個嗎？我只是在記錄。

Okay thanks for taking the questions.

好的，謝謝你們回答問題。

Brian Schwartz, Oppenheimer.

Brian Schwartz，奧本海默。

This is Idan Gutkind sitting in for Brian Schwartz. Thanks for taking the questions. Sandeep, I'm curious in terms of adoption of the combined company assets. Is there a particular end market or geography that sticks out where customers are adopting the combined assets first?

這是伊丹·古特金德代替布萊恩·施瓦茨解說。謝謝您回答問題。Sandeep，我對合併後的公司資產的採用情況很感興趣。是否存在某個特定的終端市場或地區，其客戶率先採用了這種組合資產？

Yes, I think that one, we were so surprised with it is asset managing now becoming the largest when you look at TD on a year-to-date basis, the largest booking industry. I mean that has never happened. And we have -- as you know, we've wanted that to happen for a long time, only because that is the largest TAM it had. So that is 1 thing we feel strongly about.

是的，我認為最讓我們感到驚訝的是，資產管理現在已經成為TD今年迄今為止最大的業務，也是最大的預訂行業。我的意思是，這種情況從未發生過。如您所知，我們一直希望這種情況發生，因為這是它最大的潛在市場規模。所以這是我們非常重視的一件事。

But I think the right way to think about it would be a lot more traction in risk-related offerings up and down the stack. So I think that is one big change. Alternatives is the other big one. So in terms of what's already happened and where we already see traction, I would say, asset management is meaningfully different. I would say risk is being equally different and alternatives are meaningfully different on the (inaudible).

但我認為正確的思考方式應該是，在與風險相關的產品和服務領域，從上到下，都應該有更大的發展空間。所以我認為這算是一個很大的改變。替代方案是另一個重要方面。所以就目前已經發生的事情以及我們已經看到成效的地方而言，我認為資產管理領域有著顯著的差異。我認為風險在於其差異性，而替代方案在本質上也存在顯著差異。（聽不清楚）

Thank you and then are you seeing any responses or changes to competitor behavior in the market given the company transformation at Clearwater?

謝謝。那麼，鑑於 Clearwater 的公司轉型，您是否觀察到市場上競爭對手的行為有任何反應或變化？

Yes. I think we got a lot more phone calls. But look, I think that -- I think competitively, this puts us in a position to compete with absolutely anyone and up and down the stack up and down the size. Is it all together yet already? No, it's not. There is work to be done to bring all these things together and to sort of get the growth from it. But competitively, do people our clients more importantly and analysts sort of appreciate that we have a chance to build something very special. I think it's -- that's evident to most people.

是的。我覺得我們接到的電話多了許多。但是，我認為——我認為從競爭的角度來看，這使我們能夠與任何人競爭，無論規模大小，無論技術水平高低。都準備好了嗎？不，不是。要將所有這些因素結合起來，並從中實現成長，還有很多工作要做。但從競爭的角度來看，我們的客戶（更重要的是）和分析師似乎都意識到，我們有機會創造一些非常特別的東西。我認為——這對大多數人來說都是顯而易見的。

I think we talk about Generative AI quite a bit. And we feel very strongly that the fact that we have a single instrument multi-tenant model, a single security master, our ability to deploy and use generative AI is just meaningfully different. So look, we really like our competitive environment right now. I'm not sure that's the right thing to say, but we like it.

我認為我們已經多次討論過生成式人工智慧。我們強烈認為，我們擁有單一儀器多租戶模型和單一安全主控，這使得我們在部署和使用生成式人工智慧方面具有顯著優勢。所以你看，我們真的很喜歡我們現在這種競爭環境。我不確定這樣說是否合適，但我們喜歡它。

Thank you.

謝謝。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

This is Laura on for Gabriela. Thanks for taking the question. I wanted to follow up on the 70% increase in bookings for the core cross-sell. I know that you've discussed in the past kind of the path to penetration for LPx specifically across all the Clearwater customers. Can you just level set us on where you are in the current penetration and adoption for modules and how you see the white space for more adoption?

這是勞拉替加布里埃拉主持節目。感謝您回答這個問題。我想跟進一下核心交叉銷售預訂量增加 70% 的情況。我知道您之前討論過 LPx 在所有 Clearwater 客戶中的滲透路徑。能否簡單介紹一下目前模組的滲透率和採用情況，以及您認為在進一步推廣採用方面還有哪些空白領域？

Yes. I think we're making really strong progress. And over the next few years, we hope to have LPx across our entire insurance client base. I think we're a few years away from that, but making great progress on that. But right behind that, where we're quite nascent is what the product we call MLx, but it's really mortgages, private credit, private debt. And that is, again, we're seeing great momentum in there as well as within Prism and with some of our risk solutions.

是的。我認為我們取得了非常顯著的進展。在接下來的幾年裡，我們希望將 LPx 推廣到我們所有的保險客戶群。我認為我們距離那個目標還有幾年時間，但我們在這方面取得了巨大進展。但緊隨其後的是我們尚處於起步階段的產品，我們稱之為 MLx，但它實際上是抵押貸款、私人信貸、私人債務。也就是說，我們再次看到，無論是 Prism 還是我們的一些風險解決方案，都呈現出強勁的發展勢頭。

So, I do see LPx kind of flowing through to the entirety of our insurance client base within the next few years, given the adoption that we're seeing there. The next thing will be, okay, what else can we do? What could we do for our asset owner segment or other folks around that.

因此，鑑於我們目前看到的採用情況，我確實認為 LPx 將在未來幾年內普及到我們所有的保險客戶群中。接下來我們會想，好吧，我們還能做些什麼？我們能為資產所有者群體或其他相關人士做些什麼？

Yes. If I could add one thing. When you just think of the overall market sort of level setting at the highest level. Anything of accounting as being of a certain size, what you would find is that risk is also of similar size. You'll find that alternative assets, which is what LPx and MLx and bank loans, all of them do is sort of from a similar size. And front to back, the middle back office, middle front office is also of a similar size.

是的。如果我能補充一點的話。當你從最高層面考慮整個市場水準時。如果會計核算的規模達到一定程度，你會發現風險的規模也類似。你會發現另類資產，也就是 LPx、MLx 和銀行貸款，它們所做的，規模都差不多。從前到後，中間後台辦公室和中間前台辦公室的面積也差不多。

So, the way to think about this contextually is if you have a certain ARR in accounting, you should be able to generate a similar ARR in alternative assets, a similar ARR in risk and similar ARR in front, middle office. And that's what we've always talked about this one to four bps.

因此，從上下文角度思考這個問題的方法是：如果你在會計方面獲得了一定的 ARR，你應該能夠在另類資產方面獲得類似的 ARR，在風險方面獲得類似的 ARR，以及在前台和中台方面獲得類似的 ARR。這就是我們一直以來討論的1到4個鹼基對的問題。

Now the reason we sound excited is, yes, now we're seeing some numbers. We are seeing a 40% growth year-on-year, and we also see 2026 to have similar or even faster growth in booking in this segment. So we have talked about one to four bps for a period of time, but to see current Enfusion in terms of signed contracts is frankly what means, I guess, you detect the excitement about that.

現在我們聽起來很興奮的原因是，是的，我們現在看到了一些數據。我們看到該領域年增 40%，並且預計 2026 年該領域的預訂量將出現類似甚至更快的成長。所以我們已經討論過 1 到 4 個基點一段時間了，但坦白說，從已簽署的合約來看，Enfusion 目前的情況才真正意味著，我想，你會感受到大家對此的興奮之情。

Great. Thanks. And on the KB deal that you discussed last quarter, bringing together components of Clearwater Enfusion and Beacon, can you talk a bit about how that integration is trending? And any takeaways as you compiled the more unified platform that you intend to go to market in 2026 and 2027?

偉大的。謝謝。關於您上個季度討論的 KB 交易，即將 Clearwater Enfusion 和 Beacon 的組件整合在一起，您能否談談該整合的進展情況？在建構計畫於 2026 年和 2027 年推向市場的更統一的平台的過程中，您有哪些經驗總結？

So these are the two perfect questions. Yes, we are very also very laser-focused on bringing this to bear in front of a client. Obviously, we are we feel strongly that we have done it. Other clients have already integrated with these platforms. So, our ability to integrate them should be high but obviously, it sounds like I think it's expected to go live until the middle of next year. And it's proceeding quite nicely, and we expect to deliver that in time with the functionality they expect. So yes, we have put it out there saying go deliver it publicly, and we expect to do that.

所以，這兩個問題問得太好了。是的，我們也非常注重將這一點運用到為客戶服務的過程中。顯然，我們強烈感覺到我們已經做到了。其他客戶已經與這些平台整合。因此，我們整合它們的能力應該很強，但顯然，聽起來預計要到明年年中才能上線。目前進展順利，我們預計能夠按時交付他們期望的功能。所以，是的，我們已經公開表示要公開發布，我們也希望他們能做到這一點。

Thanks

謝謝

Yun Kim, Loop Capital Markets.

Yun Kim，Loop Capital Markets。

Okay. Great. Thank you. Sandeep, a lot of moving parts here, but if we focus on the core Clearwater business, alternative asset was a key driver for you guys a couple of years ago. I know that you mentioned alternative here and there in the call today. But if you can update us at least, how much of your new bookings is driven by alternative assets today versus a couple of years ago and how that has been trending?

好的。偉大的。謝謝。Sandeep，這裡有很多變數，但如果我們聚焦在 Clearwater 的核心業務，那麼幾年前另類資產是你們的關鍵驅動因素。我知道你今天在電話裡時不時提到了其他方案。但如果您至少能更新一下信息，請告訴我們，與幾年前相比，您目前的新增預訂中有多少是由另類資產驅動的，以及這一趨勢如何？

Yes. I firstly, I would just say here that alternative assets is a big bet (inaudible). So, that's just point number one. we think, like I was saying, over time, we expect that alternative asset booking to be or ARR to be similar to the accounting ARR.

是的。首先，我想說的是，另類資產是一項巨大的賭注。（聽不清楚）所以，這只是第一點。正如我剛才所說，我們認為，隨著時間的推移，我們預計另類資產帳面價值或年度經常性收入將與會計年度經常性收入相似。

I don't have a number of straight up for alternative assets and how much it is driving, but I don't know if I can say that, but we used to talk about 24%, 25% of our bookings coming from alternatives. And we know it is, at this point, north of 35%. So, it's to give you a sense of context. We do expect that to continue to accelerate though. We do think more and more of our booking is going to come from alternatives and risk and so you should continue to expect that in 2026 and beyond.

我沒有另類資產的具體數據以及它對業績的推動作用，但我不知道我是否可以這麼說，但我們過去常說，我們24%到25%的訂單來自另類資產。我們知道，目前這個數字已經超過 35%。所以，這是為了讓你們了解一下背景。我們預計這一趨勢還將持續加速。我們認為，越來越多的預訂將來自另類選擇和風險投資，因此，您應該繼續期待在 2026 年及以後出現這種情況。

Yes. This -- that number we talked about was year-to-date 70% increase year-over-year. That includes more than just alternatives, but that's kind of look, alternatives is a big piece of that if that helps contextualize it for.

是的。我們剛才提到的數字是今年迄今年增了 70%。這不僅包括替代方案，但替代方案是其中很重要的一部分，如果這有助於理解其背景的話。

And there's 70% was on Q-on-Q.

其中 70% 是 Q-on-Q。

Yes, year-over-year growth in Q3.

是的，第三季年增。

Okay. Great. And then on the agentic AI front, it looks like there's a lot of progress there based on the separate press release today. If you can remind us what's the pricing model there. What's the go-to-market motion? Is that primarily focused on existing customers? And if you can just share any insights from some earlier adopters? Thanks.

好的。偉大的。而在智慧AI領域，根據今天發布的另一份新聞稿來看，似乎取得了很大的進展。可以提醒我們一下那裡的定價模式是什麼嗎？市場推廣策略是什麼？主要目標客戶是現有客戶嗎？如果您能分享一些早期使用者的經驗和見解就太好了？謝謝。

Yes. The best thing you can find is gross margin. Look at the gross margin and look at the movement. I think we had talked about 80% for a long time, and we changed that to 82% gross margin. And we also said today in our remarks in that the core Clearwater business, the steady-state clients are already at 82% versus an expectation to get there in three to four years. So, we feel very excited about our ability to drive efficiency in our company using Generative AI, and that's one section.

是的。你能找到的最好的指標是毛利率。看看毛利率和變動情況。我想我們之前討論過 80% 的毛利率，後來我們把它改成了 82%。我們今天在演講中也提到，Clearwater 的核心業務，即穩定客戶群，已經達到 82%，而預計需要三到四年才能達到這個目標。因此，我們對利用生成式人工智慧提高公司效率的能力感到非常興奮，這是其中一部分。

The second area where you can have major impact is enhanced client reporting. So, we think about client interaction with the data and what's going to happen, and clients are already using it as such is clients' ability to talk to their data.

第二個你可以發揮重大影響力的領域是增強客戶報告功能。因此，我們會考慮客戶與數據的互動以及將會發生什麼，而客戶已經在使用它，因為客戶能夠與他們的數據對話。

That is an area which will show up, I think, in additional booking for products like Prism. So it's not like you're selling Generative AI as GenAI give me this wall of money for it. That's not how we're doing it. We are taking products clients can use and pay us for that. And so therefore, they're just the next generation of client interaction, which we are with clients are doing.

我認為，這方面的問題將會反映在 Prism 等產品的額外預訂量上。所以，這並不是說你把生成式人工智慧（Generative AI）當作 GenAI 來推銷，然後讓我花一大筆錢。我們不是那樣做的。我們銷售的產品是客戶可以使用並為此付費的產品。因此，它們只是下一代客戶互動方式，而我們與客戶互動的方式正是如此。

The only other one I would point out is because of the success we have had in our internal processes, we have taken this technology to clients, and they are building processes which automates the internal things. So we talked about 90% improvement in manual reconciliation, things like that. And at our user conference, I think in September, we had a client actually presented what they have done with our technology and continue to sort of use our platform for. So, I don't think we're charging separately for generative AI as then, hey, payment is for generative AI. It's more about the products we are bringing us in generative AI, which we are charging transform.

我唯一想指出的另一點是，由於我們在內部流程中取得了成功，我們將這項技術推廣給了客戶，他們正在建立能夠自動化內部事務的流程。所以我們討論了人工對帳效率提高 90% 之類的事情。在九月的用戶大會上，我們的一位客戶展示了他們如何利用我們的技術，以及他們如何繼續使用我們的平台。所以，我認為我們不會單獨對生成式人工智慧收費，因為那樣的話，付款就是為生成式人工智慧支付的。更重要的是，我們正在為生成式人工智慧領域帶來產品，我們正在推動其變革。

And so, we've been tracking engagement, and that and engagement since the Connect Conference has been just extremely impressive, the growth in engagement.

因此，我們一直在追蹤用戶參與度，自 Connect 大會以來，用戶參與度的成長非常令人印象深刻。

Okay great, thank you so much.

好的，太好了，非常感謝。

Due to the interest of time, that was our last question. I would now like to pass the conference back for any closing remarks.

由於時間有限，這是我們最後一個問題。現在我把會議交還給各位，請你們作總結發言。

Yes. Just wanted to thank you all for your continued interest in Clearwater. I think we had a very solid quarter integrated company for the first quarter, and we look forward to the quarter four and 2026 with a lot of confidence. So, thank you.

是的。非常感謝大家一直以來對克利爾沃特的關注。我認為我們第一季整體業績非常穩健，我們對第四季和2026年充滿信心。所以，謝謝。

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

今天的電話會議到此結束。感謝您的參與，祝您今天餘下的時間愉快。