Clearwater Analytics reports Q2 adjusted EPS 13c, consensus 12c

Reports Q2 revenue $181.9M, consensus $174.13M. “Q2 was very successful, both for our standalone business and as an integrated company. Most encouraging were our meetings with clients across multiple countries, where we found near unanimous excitement and support for what we are building and how it could help transform our industry. We have moved expeditiously to reorganize the company for the next growth phase, and in doing that, we have already achieved our $20 million synergy target a full year ahead of schedule. Our strong metric-driven focus on client delight has already started to bear fruit, as evidenced by our combined non-GAAP gross margin of 77.4% for the quarter,” said Sandeep Sahai, CEO of Clearwater Analytics (CWAN). “Our core business continues its strong growth trajectory with revenues growing 22% in the quarter, with the gross margin of our platform exceeding 80%, a long-term target we had hoped to achieve in a few years. We are delighted to welcome Germany’s largest public insurer, Versicherungskammer Group, to the Clearwater community. Their implementation of our combined Clearwater, Enfusion and Beacon solutions will serve as a powerful validation of our integrated platform strategy. Additionally, we are thrilled that our APAC team secured a significant mandate from one of the largest banks in the world to provide client reporting globally, further demonstrating our expanding international footprint.”