Clearwater Analytics (CWAN) investor relations material

Strategic vision and business integration

• Executed a strategy to integrate Clearwater with Beacon, Blackstone's Bistro, and Infusion, creating a unified platform covering the investment lifecycle and leveraging each company's strengths.

• Focused on building a single security master and event-driven, cloud-native architecture for real-time data, risk, and compliance workflows across asset classes and geographies.

• Emphasized maintaining core business performance while improving through cross-sell, dedicated teams, and commercial model innovation.

• Transitioned from organic to inorganic growth, with acquisitions expanding front office, risk, and alternatives capabilities.

• Stressed disciplined execution, clear roles, and phased integration to ensure growth and operational excellence.

Financial performance and guidance

• Delivered revenue growth of 21% in 2023 and 23% in 2024, with 2025 guidance of $726M–$732M and consolidated Enfusion and Beacon for 8 months.

• Gross margin improved from 75.6% in 2019 to 78.2% in 2024, with a 2025 target of ~77.5% and long-term goal of 82%+; EBITDA margin rose from 27% in 2019 to 32% in 2024, targeting 42%+ long-term.

• Achieved 98% gross revenue retention over 25 of 26 quarters and maintained a net promoter score above 60 across all verticals for five years.

• Announced a $100 million share repurchase authorization for 2026, supported by deleveraging and excess free cash flow projections of $210–$238 million next year.

• Committed to keeping stock-based compensation flat in dollar terms and below 15% of revenue, while reducing leverage to below three times by end of 2026.

Technology and product innovation

• Investing heavily in R&D to build a unified, cloud-native, single-instance, multi-tenant platform, enabling seamless integration of public and private assets, risk, and compliance.

• Leveraged generative AI and proprietary data to drive margin expansion, automate workflows, and deliver real-time, context-sensitive insights for clients.

• Demonstrated advanced Gen AI-powered workflows for risk management and portfolio analytics, aiming to fundamentally change client operations and decision-making.

• Maintained a competitive edge through a single data platform, rapid deployment of updates, and the ability to model and price complex alternative assets at scale.

• Platform processes $10T+ daily for over 2,350 clients, with a single security master and multi-tenant cloud-native technology.