ARR PerformanceNet new ARR of $19mm underperformed expectations and likely heightens investor skepticism about the company's ability to deliver full-year net new ARR of $95mm.
Churn ImpactChurn impacted net revenue retention by 2 points, although it was offset by gains in price, cross-sell, additional assets, and assets under management.
Investor ConcernsThe stock is down 30% over the last 6 months, which is largely attributed to investor concerns regarding the quality of acquired assets and Clearwater’s progress on integration of multiple inorganic pieces of business at the same time.