Core Insights - Bloomberg and Clearwater Analytics have announced a strategic collaboration to provide a comprehensive front-to-back investment solution for asset owners and asset managers, utilizing an open and modular approach [1][2] Group 1: Collaboration Details - The new offering aims to enhance the operating model for clients, delivering scale, speed, and flexibility while managing costs and reducing risk [2] - The collaboration combines Bloomberg's enterprise investment solutions with Clearwater's accounting solution, which includes data aggregation, reconciliation, and reporting [2][3] - This partnership addresses the challenges faced by investment managers who often rely on a single provider or manage multiple vendors, streamlining front-to-back operations [3] Group 2: Company Backgrounds - Clearwater Analytics is transforming investment management with a cloud-native platform that integrates various functions such as portfolio management, trading, and risk analytics, supporting over $8.8 trillion in assets globally [4] - Bloomberg is recognized as a global leader in business and financial information, providing trusted data and technology solutions to enhance market transparency and efficiency [5]

Group 1 - Clearwater Analytics (NYSE: CWAN) is currently trading at approximately $21.50 per share, reflecting a decline of over 20% year-to-date [1] - There is a belief that Clearwater shares could potentially reach $30 or more by the end of the year [1]

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PART I [Condensed Consolidated Financial Statements (Unaudited)](index=8&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements for Q1 2025, detailing significant growth in assets, revenue, and net income, primarily driven by acquisitions Key Financial Performance (Q1 2025 vs Q1 2024) | Metric | Q1 2025 (in millions) | Q1 2024 (in millions) | Change | | :--- | :--- | :--- | :--- | | **Revenue** | $126.9 | $102.7 | +23.5% | | **Gross Profit** | $92.9 | $74.5 | +24.7% | | **Income from Operations** | $7.1 | $(0.2) | N/A | | **Net Income** | $6.9 | $2.2 | +210.2% | | **Net Income Attributable to CWAN** | $6.5 | $1.9 | +243.0% | | **Diluted EPS** | $0.03 | $0.01 | +200.0% | Condensed Balance Sheet Highlights (as of March 31, 2025) | Account | March 31, 2025 | Dec 31, 2024 | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | $1.285 billion | $1.170 billion | +9.9% | | Cash and cash equivalents | $275.2 million | $177.4 million | +55.2% | | Intangible assets, net | $142.9 million | $30.9 million | +362.8% | | Goodwill | $72.6 million | $71.0 million | +2.3% | | **Total Liabilities** | $142.7 million | $139.3 million | +2.4% | | **Total Stockholders' Equity** | $1.143 billion | $1.030 billion | +10.9% | Condensed Cash Flow Statement (Three Months Ended March 31) | Activity | 2025 (in millions) | 2024 (in millions) | | :--- | :--- | :--- | | Net cash provided by operating activities | $24.5 | $10.0 | | Net cash provided by (used in) investing activities | $99.5 | $(11.8) | | Net cash used in financing activities | $(27.2) | $(30.1) | | **Change in cash and cash equivalents** | **$97.8** | **$(32.1)** | - On March 31, 2025, the company acquired Blackstone's Bistro software platform for **$112.7 million**, consisting of **$102.7 million** in Class A common stock and **$10.0 million** in cash, resulting in the recognition of **$112.7 million** in intangible assets[52](index=52&type=chunk)[53](index=53&type=chunk) - Subsequent to the quarter end, the company completed acquisitions of Enfusion for **~$1.4 billion** and Beacon for **~$550 million**, financed by a new credit agreement for an **$800 million** term loan and a **$200 million** revolving facility[81](index=81&type=chunk)[82](index=82&type=chunk)[84](index=84&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=28&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses strong Q1 2025 performance, highlighting revenue growth from new clients and strategic acquisitions, positive trends in key operating metrics, and robust liquidity supported by a new $1 billion credit facility [Overview and Recent Developments](index=28&type=section&id=Overview%20and%20Recent%20Developments) The company provides a cloud-native SaaS platform managing over $8.8 trillion in assets for 1,400+ clients and recently acquired Bistro, Enfusion, and Beacon to build a comprehensive front-to-back investment solution - The company's platform provides comprehensive accounting, data, and analytics for over **$8.8 trillion** of global invested assets for over **1,400 clients** as of December 31, 2024[89](index=89&type=chunk) - The company maintains a high gross retention rate of at least **98%** in 24 of the last 25 quarters and a Net Promoter Score (NPS) of **60+**[89](index=89&type=chunk) - Recent strategic acquisitions include Blackstone's Bistro platform, Enfusion, and Beacon, aimed at creating a comprehensive, cloud-native front-to-back solution for the investment industry[94](index=94&type=chunk) [Key Operating and Financial Metrics](index=31&type=section&id=Key%20Operating%20and%20Financial%20Metrics) Key operating metrics show strong performance with Annualized Recurring Revenue growing 22.7% to $493.9 million, a Net Revenue Retention Rate of 114%, and Adjusted EBITDA increasing to $45.1 million with a 36% margin Key Operating Metrics | Metric | Q1 2025 | Q1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Annualized Recurring Revenue | $493.9 million | $402.3 million | +22.7% | | Gross Revenue Retention Rate | 98% | 99% | -1 ppt | | Net Revenue Retention Rate | 114% | 110% | +4 ppts | Adjusted EBITDA Reconciliation (in millions) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Net income** | **$6.9** | **$2.2** | | Adjustments | $38.1 | $30.0 | | **Adjusted EBITDA** | **$45.1** | **$32.2** | | **Adjusted EBITDA Margin** | **36%** | **31%** | [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Q1 2025 revenue increased 24% to $126.9 million, driven by new clients and acquisitions, leading to a significant improvement in operating income to $7.1 million and over 200% growth in net income Revenue Analysis (Q1 2025 vs Q1 2024) | Metric | Q1 2025 | Q1 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Revenue (in millions) | $126.9 | $102.7 | $24.1 | 24% | - The **24% revenue increase** was driven by **$6.9 million** from new clients, **$2.4 million** from the Wilshire Technology acquisition, and growth from existing clients, supported by a **13% increase** in average assets on the platform and a **5.5% increase** in the average basis point rate[124](index=124&type=chunk) Operating Expense Analysis (Q1 2025 vs Q1 2024, in millions) | Expense Category | Q1 2025 | Q1 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Cost of Revenue | $33.9 | $28.2 | $5.7 | 20% | | Research & Development | $37.4 | $37.7 | $(0.3) | (1)% | | Sales & Marketing | $19.6 | $16.3 | $3.3 | 20% | | General & Administrative | $28.8 | $20.7 | $8.1 | 39% | - The **39% increase** in General and Administrative expenses was primarily driven by a **$6.5 million** rise in outside services (legal, consulting, accounting) related to the Bistro, Enfusion, and Beacon acquisitions[129](index=129&type=chunk) [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2025, the company maintained strong liquidity with $282.9 million in cash and investments, further bolstered by a new $1 billion credit facility secured post-quarter to finance recent acquisitions - As of March 31, 2025, the company held **$275.2 million** in cash and cash equivalents and **$7.7 million** in short-term investments[133](index=133&type=chunk) - In April 2025, the company secured a new credit agreement with an **$800 million** term loan and a **$200 million** revolving facility to fund the Bistro, Enfusion, and Beacon acquisitions[134](index=134&type=chunk) - Net cash from operating activities increased to **$24.5 million** in Q1 2025 from **$10.0 million** in Q1 2024, primarily due to higher net income and non-cash charges[136](index=136&type=chunk)[137](index=137&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company identifies AUM market price risk and interest rate risk, particularly from a new $800 million term loan, as primary market exposures, while inflation is monitored but not currently material - AUM Market Price Risk: A significant portion of revenue is based on the value of assets on the platform (**$8.8 trillion** as of Dec 31, 2024), making fees susceptible to market fluctuations[147](index=147&type=chunk) - Interest Rate Risk: Following the new credit agreement in April 2025, which includes an **$800 million** term loan, a hypothetical **100 basis point (1%) increase** in SOFR would increase annual interest expense by approximately **$10 million**[150](index=150&type=chunk) [Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting during the quarter - Based on an evaluation as of March 31, 2025, the CEO and CFO concluded that the company's disclosure controls and procedures were effective[152](index=152&type=chunk) - No changes occurred in the internal control over financial reporting during the quarter ended March 31, 2025, that have materially affected, or are reasonably likely to materially affect, internal controls[153](index=153&type=chunk) PART II [Summary of Other Disclosures](index=42&type=section&id=Item%201.%20Legal%20Proceedings) This section details other SEC disclosures, confirming no material legal proceedings or changes to risk factors, and reports the unregistered issuance of 3,833,333 Class A common shares for the Bistro acquisition - The company is not currently involved in any litigation or proceedings that are expected to have a material adverse effect on its business or financial condition[157](index=157&type=chunk) - There have been no material changes to the risk factors disclosed in the company's Annual Report on Form 10-K[158](index=158&type=chunk) - On March 31, 2025, the company issued **3,833,333 shares** of Class A common stock as part of the consideration for the Bistro acquisition in an unregistered sale[160](index=160&type=chunk)

This presentation contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management. Forward-looking statements include the following factors in reference to Clearwater (including its recently completed acquisitions), our possible or assumed future results of operations, possible or assume ...

Group 1: Earnings Performance - Clearwater Analytics reported quarterly earnings of $0.13 per share, exceeding the Zacks Consensus Estimate of $0.12 per share, and up from $0.10 per share a year ago [1] - The earnings surprise for the quarter was 8.33%, and the company had a previous surprise of 18.18% when it reported $0.13 per share against an expectation of $0.11 [2] - Over the last four quarters, Clearwater Analytics has surpassed consensus EPS estimates three times [2] Group 2: Revenue Performance - The company posted revenues of $126.86 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 1.32%, compared to $102.72 million in the same quarter last year [3] - Clearwater Analytics has topped consensus revenue estimates four times over the last four quarters [3] Group 3: Stock Performance and Outlook - Clearwater Analytics shares have declined approximately 17.4% since the beginning of the year, while the S&P 500 has decreased by 5.5% [4] - The current consensus EPS estimate for the upcoming quarter is $0.13 on revenues of $129.45 million, and for the current fiscal year, it is $0.53 on revenues of $540.13 million [8] - The Zacks Industry Rank for Internet - Software is currently in the bottom 44% of over 250 Zacks industries, indicating potential challenges for stock performance [9]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $126.9 million, representing a year-on-year growth of 23.5% [4][29] - Annualized recurring revenue (ARR) reached $493.9 million, up 22.7% year-on-year [5][30] - Adjusted EBITDA was $45.1 million, accounting for 35.5% of revenue, with a year-on-year growth of 40% [5][31] - Gross margin improved to 78.9%, up from 75.1% in FY 2022, exceeding expectations [13][30] Business Line Data and Key Metrics Changes - The company has maintained over 20% revenue growth for the past six years, with a win rate of 80% and a gross revenue retention rate (GRR) of over 98% [9][10] - The launch of a commercial contract restructuring program in 2022 has helped dampen revenue downside during AUM declines while retaining revenue upside during AUM growth [10] Market Data and Key Metrics Changes - The company has secured significant wins in Europe, including a leading German insurance company, which validates its expansion strategy [18] - A global asset manager expanded its partnership to include additional solutions, demonstrating strong cross-sell momentum [18] Company Strategy and Development Direction - The strategic acquisitions of Infusion, Beacon, and Bistro aim to create a fully cloud-native investment platform that integrates front, middle, and back office operations [19][20] - The company plans to implement a three-phase roadmap focusing on maximizing standalone business potential, cross-selling, and developing a unified platform [23][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute and drive growth despite market complexities [5][16] - The company is focused on client satisfaction and operational efficiency, which are seen as key to improving profitability [12][31] Other Important Information - The company expects to achieve a 20% growth rate, with a 50 basis point gross margin improvement and a 200 basis point EBITDA expansion per year [27] - The integration of operations and client servicing teams under common leadership is expected to enhance efficiency [14] Q&A Session Summary Question: Thoughts on future growth rates and margin pacing - Management reiterated a commitment to 20% growth for Clearwater and Beacon, with expectations for Infusion to improve from 13% growth [46][47] Question: Demand outlook and macroeconomic impact - Management noted that Q1 revenue was solid and that they have not seen significant negative impacts from recent market turmoil [58][60] Question: Synergies from acquisitions - Management confirmed expectations for $20 million in cost synergies and improvements in gross margin over the next two years [66] Question: Organic growth expectations - Management provided guidance indicating that organic growth for Clearwater would remain above 20%, with contributions from acquisitions factored in [84][87] Question: Insights on Infusion's pricing and customer conversations - Management indicated a strong receptivity to developing a stable commercial model for Infusion, aiming for consistent growth [79][80]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $126.9 million, representing a year-on-year growth of 23.5% [6][31] - Annualized recurring revenue (ARR) reached $493.9 million, up 22.7% year-on-year from $402.3 million [6][32] - Adjusted EBITDA was $45.1 million, accounting for 35.5% of revenue, with a year-on-year growth of 40% [6][31] - Gross margin improved to 78.9%, up from 75.1% in FY 2022, exceeding expectations [15][32] Business Line Data and Key Metrics Changes - The company has maintained over 20% revenue growth for the past six years, with a win rate of 80% and a gross revenue retention rate (GRR) of over 98% [11][12] - The restructuring program launched in 2022 has helped dampen revenue downside during market volatility while retaining revenue upside during favorable conditions [12] Market Data and Key Metrics Changes - The company secured significant wins in Q1, including partnerships with a leading German insurance company and a global asset manager, indicating strong market demand [19][20] - The company’s platform is positioned to address complex operational challenges across diverse clients, enhancing cross-sell momentum [20] Company Strategy and Development Direction - The strategic acquisitions of Infusion, Beacon, and Bistro aim to create a fully cloud-native investment platform that integrates front, middle, and back office operations [20][21] - The company plans to implement a three-phase roadmap focusing on maximizing standalone business potential, cross-selling strategies, and developing a unified platform [25][27] - The company anticipates achieving 20% growth, 50 basis points gross margin improvement, and 200 basis points EBITDA expansion per year post-acquisitions [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company’s ability to navigate market complexities and maintain revenue growth despite potential headwinds [7][65] - The company is focused on client satisfaction and operational efficiency as key drivers for future growth [14][17] - Management highlighted the importance of integrating new acquisitions to enhance overall business performance and client offerings [29][72] Other Important Information - The company spent $37.4 million on R&D in Q1, representing 21.6% of revenue, which is more than double the amount spent when going public in 2021 [35] - Free cash flow for Q1 was $23 million, a year-on-year increase of 168% [36] Q&A Session Summary Question: Insights on future growth rates and margin pacing - Management confirmed a commitment to 20% growth for Clearwater and Beacon, with expectations for Infusion to improve from 13% growth to 20% over the next two years [50][54] Question: Role of Bistro in the overall strategy - Bistro is seen as a horizontal capability applicable across various markets, enhancing the company’s offerings in alternative asset visualization [56][58] Question: Demand outlook and macroeconomic impact - Management noted that Q1 performance was solid, with no significant negative impact from macroeconomic factors observed in April [64][68] Question: Synergies from acquisitions - Management expects to achieve $20 million in cost synergies and improve gross margins by 400 basis points in the first year post-acquisition [71][72] Question: Organic growth expectations - Management indicated that organic growth for Clearwater is expected to remain above 20%, with contributions from the acquired companies factored into the overall guidance [87][92]

Financial Performance - Total revenue for Q1 2025 was $126.9 million, a 24% increase year-over-year[1] - Annualized recurring revenue (ARR) reached $493.9 million, up 23% year-over-year[1] - Adjusted EBITDA for Q1 2025 was $45.1 million, reflecting a 40% increase from Q1 2024[3] - Gross profit for Q1 2025 was $92.9 million, resulting in a GAAP gross margin of 73.3%[3] - Revenue for Q1 2025 was $126,864,000, representing a 23.5% increase from $102,719,000 in Q1 2024[24] - Gross profit for Q1 2025 was $92,940,000, up from $74,541,000 in Q1 2024, indicating a gross margin improvement[24] - Net income attributable to Clearwater Analytics Holdings, Inc. for Q1 2025 was $6,510,000, compared to $1,898,000 in Q1 2024, reflecting a significant increase[24] - Net income for the quarter was $6,936 million, compared to $2,236 million in the same period last year, reflecting a strong growth trajectory[33] - Non-GAAP net income was $34,855 million, or 27% of revenue, up from 25% in the previous year[33] - Basic non-GAAP net income per share increased to $0.15 from $0.12, while diluted non-GAAP net income per share rose to $0.13 from $0.10[33] Cash Flow and Assets - Free cash flow generation increased by 168% year-over-year, totaling $23.0 million in Q1 2025[2] - Free cash flow for Q1 2025 was $23,032,000, significantly higher than $8,599,000 in Q1 2024[30] - The company reported a net cash provided by operating activities of $24,500,000 for Q1 2025, compared to $10,037,000 in Q1 2024[30] - Cash and cash equivalents rose to $275,159,000 at the end of Q1 2025, compared to $177,350,000 at the end of Q4 2024, marking a substantial increase[26] - Total current assets increased to $422,063,000 as of March 31, 2025, from $384,646,000 as of December 31, 2024[22] - Total assets increased to $1,285,322,000 as of March 31, 2025, from $1,169,572,000 as of December 31, 2024[22] Operational Metrics - Gross revenue retention rate was 98% as of March 31, 2025, compared to 99% a year earlier[4] - Net revenue retention rate was 114% as of March 31, 2025, down from 116% at the end of 2024[4] - Total operating expenses for Q1 2025 were $85,858,000, compared to $74,707,000 in Q1 2024, reflecting increased investment in operations[24] - Research and development expenses were $37,400 million, slightly down from $37,676 million, with non-GAAP R&D at $27,451 million, or 22% of revenue[32] - Sales and marketing expenses increased to $19,631 million from $16,311 million, with non-GAAP sales and marketing at $14,478 million, or 11% of revenue[32] - General and administrative expenses rose to $28,827 million from $20,720 million, with non-GAAP G&A at $13,079 million, maintaining 10% of revenue[32] - Income from operations was $7,082 million, a significant improvement from a loss of $166 million in 2024[32] Guidance and Future Outlook - Guidance for Q2 2025 includes projected revenue of $129 million, representing approximately 21% year-over-year growth[8] - Full year 2025 revenue guidance is set between $720 million and $728 million, indicating a year-over-year growth of approximately 59% to 61%[9] Acquisitions - The company completed acquisitions of Enfusion and Beacon, aiming to enhance its investment management platform[7]

Financial Performance - Total revenue for 2024 reached $451.8 million, a 22.7% increase from $368.2 million in 2023[360]. - Gross profit for 2024 was $328.8 million, up 25.9% from $261.0 million in 2023[360]. - Net income for 2024 was $427.6 million, compared to a net loss of $23.1 million in 2023[360]. - Comprehensive income for 2024 was $423.1 million, compared to a loss of $20.3 million in 2023[362]. - Basic net earnings per share for 2024 were $1.93, a recovery from a loss of $0.11 per share in 2023[360]. - Employee compensation expense increased to $208.4 million in 2024, up from $184.7 million in 2023, reflecting a 12.7% rise[492]. - Consolidated net income for 2024 was $427.6 million, a significant recovery from a net loss of $23.1 million in 2023[492]. Assets and Liabilities - As of December 31, 2024, the total assets loaded on the platform reached $8.8 trillion, up from $7.3 trillion in 2023, indicating a significant growth in asset management[19]. - Total assets as of December 31, 2024, were $1.17 billion, significantly up from $558.7 million in 2023[358]. - The company reported a debt balance of $46.1 million under the Credit Agreement, with a potential interest expense fluctuation of approximately $0.2 million for a hypothetical 100 basis points change in the Secured Overnight Financing Rate (SOFR)[332]. - The company’s net carrying amount of debt as of December 31, 2024, was $45.914 million, with future maturities of $2.750 million due in 2025 and $43.313 million in 2026[460]. - Total stockholders' equity attributable to Clearwater Analytics Holdings, Inc. increased to $1.01 billion in 2024, compared to $354.3 million in 2023[358]. Tax and Deferred Assets - Deferred tax assets related to the investment in partnership amounted to $514 million as of December 31, 2024, reflecting the company's strategic financial positioning[344]. - The company reported a total of $625.1 million in deferred tax assets as of December 31, 2024, compared to $512.9 million in 2023[499]. - The valuation allowance decreased by $493 million during 2024, primarily due to the release of the valuation allowance on most U.S. federal and state deferred tax assets[501]. - The effective tax rate for 2024 was 1,522.3%, significantly impacted by the release of the majority of the valuation allowance on U.S. deferred tax assets[497]. Revenue Recognition and Deferred Revenue - The Company recognizes revenue from professional services on a time and materials basis as services are delivered[392]. - Deferred revenue consists of non-refundable fees invoiced during the period in which the Company is performing set-up activities for the SaaS solution[397]. - The company’s deferred revenue increased significantly to $7.329 million in 2024 from $2.766 million in 2023, marking a growth of about 164.5%[453]. - For the year ended December 31, 2024, $2.4 million of total revenue was included in the deferred revenue balance as of December 31, 2023, related to the company's SaaS solution[439]. Acquisitions and Growth - The company completed the acquisition of Wilshire Technology for a total purchase consideration of $40.1 million in cash on April 22, 2024, which includes goodwill of $28.24 million attributed to expected post-acquisition synergies[443][445]. - The company entered into a merger agreement to acquire Enfusion, Inc. for approximately $1.5 billion, expected to close in Q2 2025, subject to shareholder and regulatory approvals[517][518]. - A senior secured term loan B facility of $800 million was completed to finance part of the cash consideration for the Enfusion acquisition, with an interest rate based on SOFR plus 2.25%[519]. Operational Challenges - The company faces prolonged sales cycles and substantial upfront sales costs when targeting large financial institutions, which may affect revenue predictability[16]. - The company relies heavily on fees based on the value of assets on its platform, making it vulnerable to market volatility and economic downturns[16]. - Rising inflation has impacted operations in India, although it has not materially affected the overall business performance as of now[333]. Internal Controls and Audit Matters - The company maintains effective internal control over financial reporting as of December 31, 2024, according to the independent auditor's opinion[351]. - The evaluation of deferred tax assets is considered a critical audit matter, requiring complex judgment and specialized knowledge[345]. Stock and Equity - The company issued 291,266 shares under the Employee Stock Purchase Plan (ESPP), generating $4,693,000 in additional capital[365]. - The total paid-in capital increased to $725,174,000 as of December 31, 2024, up from $532,507,000 in 2023[365]. - The total number of shares outstanding as of December 31, 2023, was 212,857,580, reflecting significant growth from the previous year[365]. - The Company granted 4.1 million RSUs in 2024, with a weighted average grant date fair value of $20.02[477]. Research and Development - Research and development expenses increased to $150.6 million in 2024, a 21.5% rise from $123.9 million in 2023[360]. - Research and development costs consist of personnel expenses, including salaries and benefits, for employees engaged in the design and development of the Company's offerings[415].