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Mar 31, 2023
Clearwater Q1 2023 Earnings Report
Reported record quarterly revenue with ARR reaching $337.4 million and net revenue retention rate of 106%.
Key Takeaways
Clearwater Analytics announced strong Q1 2023 financial results, with record quarterly revenue of $84.6 million, up 19.5% year-over-year. The company's ARR reached $337.4 million, and the net revenue retention rate was 106%. Adjusted EBITDA was $22.5 million, representing a 26.6% margin.
Total revenue for the first quarter of 2023 reached $84.6 million, an increase of 19.5% year-over-year.
ARR reached $337.4 million, an increase of 17.5% year-over-year.
The net revenue retention rate was 106%.
Adjusted EBITDA for the first quarter of 2023 was $22.5 million.
Forward Guidance
Clearwater Analytics provided guidance for the second quarter and full year 2023.
Positive Outlook
- Second Quarter 2023 Revenue: $87.5 million
- Full Year 2023 Revenue: $362 million to $364 million
- Year-over-Year Growth %: ~19%
- Year-over-Year Growth %: ~19% to 20%
- Adjusted EBITDA: $22.8 million
Challenges Ahead
- Full Year 2023 Adjusted EBITDA: $97 million to $98 million
- Equity-based compensation expense and related payroll taxes: ~$80 million
- Equity-based compensation expense related to JUMP Technology acquisition: ~$25 million
- Depreciation and Amortization: ~$9 million
- Non-GAAP effective tax rate: 25%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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