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Mar 31, 2024
Clearwater Q1 2024 Earnings Report
Reported a record quarterly revenue with significant year-over-year growth and improved operational efficiency.
Key Takeaways
Clearwater Analytics announced strong Q1 2024 results, with a 21.4% increase in revenue to $102.7 million and a 42.9% increase in Adjusted EBITDA to $32.2 million. The company also reported a net income of $2.2 million, a significant improvement from the previous year's net loss. Key metrics such as ARR and retention rates showed healthy growth, and strategic acquisitions are expected to further expand the company's market presence.
Revenue increased by 21.4% year-over-year, reaching $102.7 million.
Adjusted EBITDA grew by 42.9% year-over-year, totaling $32.2 million.
Annualized Recurring Revenue (ARR) reached $402.3 million, a 19.3% increase year-over-year.
Net income was $2.2 million, a notable improvement compared to a net loss of $5.4 million in the previous year.
Forward Guidance
Clearwater Analytics provided guidance for the second quarter and full year 2024, including revenue and Adjusted EBITDA expectations.
Positive Outlook
- Second quarter revenue is expected to be between $105 million and $106 million.
- Full year revenue is projected to be between $438 million and $442 million.
- Second quarter Adjusted EBITDA is anticipated to be $31 million.
- Full year Adjusted EBITDA is expected to be between $137 million and $139 million.
- Full year revenue growth is expected to be ~19% to 20%.
Challenges Ahead
- Total equity-based compensation expense and related payroll taxes are expected to be approximately $106 million for the full year.
- Depreciation and Amortization is expected to be approximately $11 million.
- Non-GAAP effective tax rate of 25%.
- Diluted non-GAAP share count of approximately 258 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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