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Clearwater Analytics Announces Q1 2023 Financial Results
Clearwater Analytics Holdings, Inc. a top SaaS-based investment accounting, reporting, and analytics solution provider, recently revealed its Q1 2023 financial results.
Sandeep Sahai, CEO of Clearwater Analytics, said, “I’m extremely proud of our team’s continued focus on client success.” He added, “During the recent banking challenges, our clients were able to make effective investment decisions because of the transparency that we provide. ”
For Q1 2023, the company reported a total revenue of $84.6 million, marking a 19.5% increase from $70.8 million in Q1 2022. The gross profit for the same quarter was $59.8 million, compared to $49.6 million in Q1 2022. However, the company had a net loss of $5.4 million in Q1 2023, compared to a net income of $0.5 million in Q1 2022. The non-GAAP net income for Q1 2023 was $17.6 million, a 37.6% increase from $12.8 million in Q1 2022.
The adjusted EBITDA for Q1 2023 was $22.5 million, while the company’s operating cash flows were $7.9 million. Free cash flows for Q1 2023 increased by 32.6% to $6.2 million from $4.7 million in Q1 2022. As of March 31, 2023, the company’s cash, cash equivalents, and investments totaled $256.8 million.
Clearwater Analytics announced new clients, such as Bank of America Private Bank, Merrill Lynch, and others during Q1 2023. The company also expanded its footprint within existing clients and added notable clients like Alaska Permanent Capital Management Company and Robinhood Markets, among others.
Clearwater Connect will be hosted in London on June 14, 2023, providing current and prospective users the opportunity to enhance their knowledge of the world’s most comprehensive investment accounting solution.
The company has also received industry recognition for its innovative investment accounting solution, winning several awards, including the 2023 FinTech Breakthrough Award for Best Overall Accounting Platform and the IFRS 9 Solution Provider of the Year award from Insurance Asset Risk Awards 2023.
For Q2 and the full year 2023, Clearwater Analytics has provided guidance for revenue and adjusted EBITDA, with revenue expected to reach $87.5 million in Q2 2023 and between $362 million and $364 million for the full year.
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