Clearwater Analytics (US:CWAN)2023-08-10 15:10Company Overview - Clearwater Analytics aims to be the world's most trusted and comprehensive technology platform for investment accounting and analytics[9,31] - The company has a durable and reliable growth model with a recurring revenue model, providing a mission-critical platform to clients[16] - Clearwater Analytics has a high-quality business and financial profile with meaningful operating leverage, consistently profitable for the last 4 years, with a path to 40% adjusted EBITDA margin[16] - The company's disruptive technology platform has deep competitive moats, with a sustained competitive win rate of approximately 80%[16,55] - Clearwater Analytics has multiple drivers for continued growth, with continued investment expanding the core total addressable market (TAM) from $47 billion to $59 billion, moving the total addressable market from $10 billion to $11 billion[16,108] - The company focuses on clients, helping them grow their business or enhance their ability to invest across asset classes and geographies[16] Financial Performance - The company's Annual Recurring Revenue (ARR) has grown significantly from 2016 to 2022[11] - Clearwater Analytics has a 100% SaaS revenue model[12] - The company's Q2 2023 EBITDA margin is approximately 28%, making it a ~Rule of 50 company with a score of 47%[12,130] - Clearwater Analytics has a strong Net Revenue Retention (NRR) rate of 109% as of June 30, 2023[16] - In FY 2022, international revenue accounted for 14% of the total, up from 9% in FY 2021[105] Client Satisfaction - Clearwater Analytics has a high Net Promoter Score (NPS) of 60+[16,34] - The company has a gross revenue retention rate of 98% for 17 out of the past 18 quarters[34,124]