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Sep 30, 2023
Clearwater Q3 2023 Earnings Report
Clearwater Analytics reported strong Q3 2023 financial results with record quarterly revenue and increased profitability.
Key Takeaways
Clearwater Analytics announced its Q3 2023 financial results, reporting a 24% year-over-year increase in revenue to $94.7 million. The company's adjusted EBITDA grew by 51% year-over-year to $28.6 million, with an adjusted EBITDA margin of 30%.
Total revenue for the third quarter of 2023 was $94.7 million, an increase of 23.7% from $76.6 million in the third quarter of 2022.
Adjusted EBITDA for the third quarter of 2023 was $28.6 million, up from $18.8 million in the third quarter of 2022.
As of September 30, 2023, annualized recurring revenue (“ARR”) reached $362.4 million, an increase of 19.4% from $303.6 million as of September 30, 2022.
Net revenue retention rate was 108%.
Forward Guidance
Clearwater Analytics provided guidance for Q4 2023 and full year 2023.
Positive Outlook
- Q4 2023 Revenue: $98.5 million
- Q4 2023 Year-over-Year Growth: ~19%
- Q4 2023 Adjusted EBITDA: $28 million
- Q4 2023 Adjusted EBITDA Margin: ~28%
- Full Year 2023 Revenue: $367.6 million
Challenges Ahead
- Full Year 2023 Year-over-Year Growth: ~21%
- Full Year 2023 Adjusted EBITDA: $104 million
- Full Year 2023 Adjusted EBITDA Margin: ~28%
- Equity-based compensation expense and related payroll taxes: ~$80 million
- Equity-based compensation expense related to JUMP Technology acquisition: ~$25 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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