Business Overview - CWAN aims to be the world's most trusted and comprehensive technology platform simplifying the investment lifecycle[14] - CWAN's platform offers a single, integrated solution for various stages of the investment lifecycle, including investment research, portfolio construction, risk evaluation, and regulatory reporting[24] - CWAN's architecture is open and extensible, creating a network that includes research, pre-trade compliance, OEMS/PMS, IABOR, risk & performance, reconciliation, and reporting[27] - CWAN addresses the complexity arising from numerous data sources (3,500+), security types (~140), accounting bases (35+), active securities (1 million+), and custodian feeds (2,400+)[28] Financial Performance - CWAN boasts a strong gross revenue retention rate of 98%[16,44,49] - CWAN's Q3 2025 EBITDA margin is 34%[16,44] - CWAN has 110 clients with over $1 million in ARR as of H1 2025[16,17,44] - CWAN's Q3 2025 Adjusted EBITDA is $71 million, representing a 34% Adjusted EBITDA margin[76] - CWAN's nine months ended Sept 30, 2025 Excess Free Cashflow is $112 million, which is 22% of revenue[60] Growth Strategy - CWAN's net revenue retention rate is 108% as of September 30, 2025[40] - Approximately half of CWAN's total addressable market (TAM) is located outside North America[40] - CWAN's gross margin is expected to continuously improve, with a target of ~82%+ in the long term[53]

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]