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]