Clearwater Analytics Holdings, Inc. Class A ( (CWAN) ) has released its Q3 earnings. Here is a breakdown of the information Clearwater Analytics Holdings, Inc. Class A presented to its investors.
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Clearwater Analytics Holdings, Inc. is a global provider of SaaS-based solutions for investment management, accounting, reporting, and analytics, facilitating the entire investment lifecycle for diverse clients. The company recently reported its third-quarter financial results for 2024, showcasing strong performance metrics and strategic advancements.
Clearwater Analytics achieved a record quarterly revenue of $115.8 million, marking a 22% increase year-over-year, and an annualized recurring revenue of $456.9 million, up 26% from the previous year. The company also reported a net income of $4.8 million, with adjusted EBITDA rising by 34% to $38.3 million. The gross revenue retention rate was notably high at 99%, indicating strong client loyalty, while the net revenue retention rate improved to 114%.
The company’s forward strategy includes the termination of the Tax Receivable Agreement, expected to generate significant savings and improve financial predictability for shareholders. Additionally, Clearwater is focusing on innovative product development by leveraging its single-instance, multi-tenant platform for generative AI applications, enhancing its market differentiation and operational efficiency.
Looking ahead, Clearwater Analytics remains committed to its strategic investments in research and development, operations, and market expansion to foster long-term growth. The management’s outlook underscores their confidence in continuing to build a leading investment management platform while maintaining robust financial health and shareholder value.
