Financial Performance & Guidance - Clearwater core business revenue in 2024 was $451.8 million, with a forecasted 20% growth[183] - The company significantly exceeded gross margin expectations, delivering 78.2% in H1 2023 against a 76% forecast[29, 27] - Non-GAAP EBITDA expectations were also exceeded, with 35.5% in H1 2023 compared to a 31% forecast[33, 31] - FY 2025E revenue guidance is between $726 million and $732 million[183, 185] - The company aims to reduce leverage to below 3 times by December 31, 2026[210] Strategic Initiatives & Growth Drivers - The company's Total Addressable Market (TAM) has more than doubled after integration[83] - Enfusion is expected to re-accelerate growth, targeting a ~20% ending growth rate[96, 97] - The company is enabling a "1 to 4 bps journey," referring to increased technology spending by clients, with current spend addressing 1bp and a target to reach 4bp[106, 112] - Insurance market represents a $6.3 billion ARR global opportunity[117, 119] Technology & Platform - Clearwater has a single data ingestion platform that processes over $10 trillion for over 1,450 clients daily[63] - The company is creating a CWAN compliant standard for the industry, aiming to become the standard for reporting for Alternative Assets with $10T on the platform[160]