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2021-09-24

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IPO opening reminder: Clearwater Analytics opens for trading at $23.8, up about 32% from IPO price<blockquote>IPO开盘提醒：Clearwater Analytics开盘价为23.8美元，较IPO价格上涨约32%</blockquote>

(Sept 24) Clearwater Analytics Holdings, Inc. opens for trading at $23.8, up about 32% from IPO pric

IPO opening reminder: Clearwater Analytics opens for trading at $23.8, up about 32% from IPO price<blockquote>IPO开盘提醒：Clearwater Analytics开盘价为23.8美元，较IPO价格上涨约32%</blockquote>

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{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":861211559,"tweetId":"861211559","gmtCreate":1632497294371,"gmtModify":1632715824984,"author":{"id":3585350696038563,"idStr":"3585350696038563","authorId":3585350696038563,"authorIdStr":"3585350696038563","name":"JPTL","avatar":"https://static.tigerbbs.com/6f6dde4c2c1d83e8d80141b547948419","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":11,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>👍</body></html>","htmlText":"<html><head></head><body>👍</body></html>","text":"👍","highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/861211559","repostId":1114004721,"repostType":4,"repost":{"id":"1114004721","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1632496493,"share":"https://www.laohu8.com/m/news/1114004721?lang=zh_CN&edition=full","pubTime":"2021-09-24 23:14","market":"us","language":"en","title":"IPO opening reminder: Clearwater Analytics opens for trading at $23.8, up about 32% from IPO price<blockquote>IPO开盘提醒：Clearwater Analytics开盘价为23.8美元，较IPO价格上涨约32%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1114004721","media":"Tiger Newspress","summary":"(Sept 24) Clearwater Analytics Holdings, Inc. opens for trading at $23.8, up about 32% from IPO pric","content":"(Sept 24)&nbsp;<a href=\"https://laohu8.com/S/CWAN\">Clearwater Analytics Holdings, Inc.</a> opens for trading at $23.8, up about 32% from IPO price.<blockquote>（9月24日）<a href=\"https://laohu8.com/S/CWAN\">清水分析控股公司。</a>开盘价为23.8美元，较IPO价格上涨约32%。</blockquote> <img src=\"https://static.tigerbbs.com/076505c7b70dbe2ad6cfcae8c44f52cb\" tg-width=\"902\" tg-height=\"557\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Company &amp; Technology<blockquote>公司与技术</blockquote> Boise, Idaho-based Clearwater was founded to develop a SaaS platform to simplify investment accounting and analysis for asset managers, insurance companies and large corporations.<blockquote>总部位于爱达荷州博伊西的Clearwater成立的目的是开发一个SaaS平台，为资产管理公司、保险公司和大型企业简化投资会计和分析。</blockquote> Management is headed by Chief Executive Officer Sandeep Sahai, who has been with the firm since September 2016 and was previously CEO of Solmark, an investment partnership.<blockquote>管理层由首席执行官Sandeep Sahai领导，他自2016年9月以来一直在该公司工作，此前曾担任投资合伙企业Solmark的首席执行官。</blockquote> The company’s primary offerings include:<blockquote>该公司的主要产品包括：</blockquote> <ul> <li>Investment accounting and reporting<blockquote><ul><li>投资会计和报告</li></ul></blockquote></li> <li>Performance measurement<blockquote><li>绩效衡量</li></blockquote></li> <li>Compliance monitoring<blockquote><li>合规监控</li></blockquote></li> <li>Risk analysis<blockquote><li>风险分析</li></blockquote></li> </ul> Clearwater has received at least $421 million in notes payable in equity investment from investors including Welsh Carson, Permira, Warburg Pincus and Dragoneer.<blockquote>Clearwater已从Welsh Carson、Permira、Warburg Pincus和Dragoneer等投资者那里获得了至少4.21亿美元的股权投资应付票据。</blockquote> Customer Acquisition<blockquote>客户获取</blockquote> The firm pursues client relationships with asset managers, insurance companies and large corporations via a direct sales and marketing force that is focused on the United States.<blockquote>该公司通过专注于美国的直销和营销力量寻求与资产管理公司、保险公司和大公司的客户关系。</blockquote> CWAN also has international clients and will seek to expand its international presence post-IPO.<blockquote>CWAN还拥有国际客户，并将寻求在IPO后扩大其国际影响力。</blockquote> Clearwater handles data on over $5.6 trillion in assets between more than 1,000 clients.<blockquote>Clearwater处理1,000多个客户之间超过5.6万亿美元资产的数据。</blockquote> Sales and Marketing expenses as a percentage of total revenue have varied as revenues have increased, as the figures below indicate:<blockquote>销售及营销开支佔总收入的百分比随收入增加而变化，如下图所示：</blockquote> <table> <colgroup></colgroup> <tbody> <tr> <td>Sales and Marketing<blockquote><table><colgroup></colgroup><tbody><tr><td>销售及市场推广</td></tr></tbody></table></blockquote></td> <td>Expenses vs. Revenue<blockquote><td>费用与收入</td></blockquote></td> </tr> <tr> <td>Period<blockquote><tr><td>周期</td></tr></blockquote></td> <td>Percentage<blockquote><td>百分比</td></blockquote></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021<blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></td> <td>13.6%<blockquote><td>13.6%</td></blockquote></td> </tr> <tr> <td>2020<blockquote><tr><td>2020</td></tr></blockquote></td> <td>10.9%<blockquote><td>10.9%</td></blockquote></td> </tr> <tr> <td>2019<blockquote><tr><td>2019</td></tr></blockquote></td> <td>11.4%<blockquote><td>11.4%</td></blockquote></td> </tr> </tbody> </table> The Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, dropped to 1.4x in the most recent reporting period, as shown in the table below:<blockquote>销售和营销效率率（定义为每美元的销售和营销支出产生多少美元的额外新收入）在最近一个报告期下降到1.4倍，如下表所示：</blockquote> <table> <colgroup></colgroup> <tbody> <tr> <td>Sales and Marketing<blockquote><table><colgroup></colgroup><tbody><tr><td>销售及市场推广</td></tr></tbody></table></blockquote></td> <td>Efficiency Rate<blockquote><td>效率率</td></blockquote></td> </tr> <tr> <td>Period<blockquote><tr><td>周期</td></tr></blockquote></td> <td>Multiple<blockquote><td>多个的</td></blockquote></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021<blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></td> <td>1.4<blockquote><td>1.4</td></blockquote></td> </tr> <tr> <td>2020<blockquote><tr><td>2020</td></tr></blockquote></td> <td>1.6<blockquote><td>1.6</td></blockquote></td> </tr> </tbody> </table> The Rule of 40 is a software industry rule of thumb that says that as long as the combined revenue growth rate and EBITDA percentage rate equal or exceed 40%, the firm is on an acceptable growth/EBITDA trajectory.<blockquote>40法则是软件行业的经验法则，只要收入增长率和EBITDA百分比率的总和等于或超过40%，公司就处于可接受的增长/EBITDA轨迹上。</blockquote> CWAN’s most recent calculation was 41% during the six months ended June 30, 2021, so the firm has performed well in this regard, per the table below:<blockquote>截至2021年6月30日的六个月内，CWAN的最新计算结果为41%，因此该公司在这方面表现良好，如下表所示：</blockquote> <table> <colgroup></colgroup> <tbody> <tr> <td>Rule of 40<blockquote><table><colgroup></colgroup><tbody><tr><td>40法则</td></tr></tbody></table></blockquote></td> <td>Calculation<blockquote><td>计算</td></blockquote></td> </tr> <tr> <td>Recent Rev. Growth %<blockquote><tr><td>近期收入增长%</td></tr></blockquote></td> <td>24%<blockquote><td>24%</td></blockquote></td> </tr> <tr> <td>EBITDA %<blockquote><tr><td>EBITDA%</td></tr></blockquote></td> <td>17%<blockquote><td>17%</td></blockquote></td> </tr> <tr> <td>Total<blockquote><tr><td>总的</td></tr></blockquote></td> <td>41%<blockquote><td>41%</td></blockquote></td> </tr> </tbody> </table> The firm’s dollar-based net revenue retention rate for June 30, 2021 was 109%, a reasonably good result.<blockquote>截至2021年6月30日，该公司以美元计算的净收入保留率为109%，这是一个相当不错的结果。</blockquote> The dollar-based net revenue retention rate metric measures how much additional revenue is generated over time from each cohort of customers, so that a figure over 100% means that the company is generating more revenue from the same customer cohort over time, indicating good product/market fit and efficient sales and marketing efforts.<blockquote>基于美元的净收入保留率指标衡量随着时间的推移，每个客户群产生了多少额外收入，因此超过100%的数字意味着公司随着时间的推移从同一客户群产生了更多收入，表明良好的产品/市场契合度以及高效的销售和营销工作。</blockquote> Market &amp; Competition<blockquote>市场与竞争</blockquote> According to a 2021 marketresearch reportby Market Primes, the global investment management software market was an estimated $3 billion in 2019 and is forecast to reach nearly $4.5 billion by 2025.<blockquote>根据Market Primes的2021年市场研究报告，2019年全球投资管理软件市场估计为30亿美元，预计到2025年将达到近45亿美元。</blockquote> This represents a forecast CAGR of 10.2% from 2019 to 2025.<blockquote>这意味着2019年至2025年的预测复合年增长率为10.2%。</blockquote> The main drivers for this expected growth are a desire by users to automate repetitive tasks so they can focus on maximizing portfolio performance and creating more sophisticated approaches.<blockquote>这种预期增长的主要驱动力是用户希望自动化重复性任务，这样他们就可以专注于最大化投资组合绩效和创建更复杂的方法。</blockquote> Also, assessing risks and exposures and being able to efficiently report and share the information with stakeholders will drive demand for more capable solutions.<blockquote>此外，评估风险和暴露以及能够有效地报告和与利益相关者共享信息将推动对更强大解决方案的需求。</blockquote> Major competitive or other industry participants include:<blockquote>主要竞争对手或其他行业参与者包括：</blockquote> <ul> <li>SS&amp;C<blockquote><ul><li>SSC</li></ul></blockquote></li> <li>State Street<blockquote><li>道富街</li></blockquote></li> <li>SAP<blockquote><li>SAP</li></blockquote></li> <li>BNY Mellon (Eagle)<blockquote><li>纽约梅隆银行（鹰）</li></blockquote></li> <li>Simcorp<blockquote><li>Simcorp</li></blockquote></li> <li>BlackRock<blockquote><li>贝莱德</li></blockquote></li> <li>FIS<blockquote><li>FIS</li></blockquote></li> <li>Northern Trust<blockquote><li>北方信托</li></blockquote></li> <li>Others<blockquote><li>其他</li></blockquote></li> </ul> Financial Performance<blockquote>财务表现</blockquote> Clearwater’s recent financial results can be summarized as follows:<blockquote>Clearwater最近的财务业绩可总结如下：</blockquote> <ul> <li>Strong topline revenue growth<blockquote><ul><li>营收强劲增长</li></ul></blockquote></li> <li>Increasing gross profit and gross margin<blockquote><li>提高毛利及毛利率</li></blockquote></li> <li>A swing to operating profit and net profit<blockquote><li>营业利润和净利润的波动</li></blockquote></li> <li>Uneven cash used in operations<blockquote><li>经营中使用的现金不均衡</li></blockquote></li> </ul> Below are relevant financial results derived from the firm’s registration statement:<blockquote>以下是来自公司注册声明的相关财务业绩：</blockquote> <table> <colgroup></colgroup> <tbody> <tr> <td>Total Revenue<blockquote><table><colgroup></colgroup><tbody><tr><td>收入总额</td></tr></tbody></table></blockquote></td> </tr> <tr> <td>Period<blockquote><tr><td>周期</td></tr></blockquote></td> <td>Total Revenue<blockquote><td>收入总额</td></blockquote></td> <td>% Variance vs. Prior<blockquote><td>与既往相比的%差异</td></blockquote></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021<blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></td> <td>$ 117,770,000<blockquote><td>$117,770,000</td></blockquote></td> <td>23.8%<blockquote><td>23.8%</td></blockquote></td> </tr> <tr> <td>2020<blockquote><tr><td>2020</td></tr></blockquote></td> <td>$ 203,222,000<blockquote><td>$203,222,000</td></blockquote></td> <td>21.0%<blockquote><td>21.0%</td></blockquote></td> </tr> <tr> <td>2019<blockquote><tr><td>2019</td></tr></blockquote></td> <td>$ 168,001,000<blockquote><td>$168,001,000</td></blockquote></td> </tr> <tr></tr> <tr> <td>Gross Profit (Loss)<blockquote><tr></tr><tr><td>毛利（亏损）</td></tr></blockquote></td> </tr> <tr> <td>Period<blockquote><tr><td>周期</td></tr></blockquote></td> <td>Gross Profit (Loss)<blockquote><td>毛利（亏损）</td></blockquote></td> <td>% Variance vs. Prior<blockquote><td>与既往相比的%差异</td></blockquote></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021<blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></td> <td>$ 87,872,000<blockquote><td>$87,872,000</td></blockquote></td> <td>28.8%<blockquote><td>28.8%</td></blockquote></td> </tr> <tr> <td>2020<blockquote><tr><td>2020</td></tr></blockquote></td> <td>$ 149,959,000<blockquote><td>$149,959,000</td></blockquote></td> <td>24.1%<blockquote><td>24.1%</td></blockquote></td> </tr> <tr> <td>2019<blockquote><tr><td>2019</td></tr></blockquote></td> <td>$ 120,856,000<blockquote><td>$120,856,000</td></blockquote></td> </tr> <tr></tr> <tr> <td>Gross Margin<blockquote><tr></tr><tr><td>毛利率</td></tr></blockquote></td> </tr> <tr> <td>Period<blockquote><tr><td>周期</td></tr></blockquote></td> <td>Gross Margin<blockquote><td>毛利率</td></blockquote></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021<blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></td> <td>74.61%<blockquote><td>74.61%</td></blockquote></td> </tr> <tr> <td>2020<blockquote><tr><td>2020</td></tr></blockquote></td> <td>73.79%<blockquote><td>73.79%</td></blockquote></td> </tr> <tr> <td>2019<blockquote><tr><td>2019</td></tr></blockquote></td> <td>71.94%<blockquote><td>71.94%</td></blockquote></td> </tr> <tr></tr> <tr> <td>Operating Profit (Loss)<blockquote><tr></tr><tr><td>经营溢利（亏损）</td></tr></blockquote></td> </tr> <tr> <td>Period<blockquote><tr><td>周期</td></tr></blockquote></td> <td>Operating Profit (Loss)<blockquote><td>经营溢利（亏损）</td></blockquote></td> <td>Operating Margin<blockquote><td>营业利润率</td></blockquote></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021<blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></td> <td>$ 20,544,000<blockquote><td>$20,544,000</td></blockquote></td> <td>17.4%<blockquote><td>17.4%</td></blockquote></td> </tr> <tr> <td>2020<blockquote><tr><td>2020</td></tr></blockquote></td> <td>$ (20,418,000)<blockquote><td>$(20,418,000)</td></blockquote></td> <td>-10.0%<blockquote><td>-10.0%</td></blockquote></td> </tr> <tr> <td>2019<blockquote><tr><td>2019</td></tr></blockquote></td> <td>$ 25,697,000<blockquote><td>$25,697,000</td></blockquote></td> <td>15.3%<blockquote><td>15.3%</td></blockquote></td> </tr> <tr></tr> <tr> <td>Net Income (Loss)<blockquote><tr></tr><tr><td>净利润（亏损）</td></tr></blockquote></td> </tr> <tr> <td>Period<blockquote><tr><td>周期</td></tr></blockquote></td> <td>Net Income (Loss)<blockquote><td>净利润（亏损）</td></blockquote></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021<blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></td> <td>$ 3,200,000<blockquote><td>$3,200,000</td></blockquote></td> </tr> <tr> <td>2020<blockquote><tr><td>2020</td></tr></blockquote></td> <td>$ (44,230,000)<blockquote><td>$(44,230,000)</td></blockquote></td> </tr> <tr> <td>2019<blockquote><tr><td>2019</td></tr></blockquote></td> <td>$ 7,732,000<blockquote><td>$7,732,000</td></blockquote></td> </tr> <tr></tr> <tr> <td>Cash Flow From Operations<blockquote><tr></tr><tr><td>经营所得现金流量</td></tr></blockquote></td> </tr> <tr> <td>Period<blockquote><tr><td>周期</td></tr></blockquote></td> <td>Cash Flow From Operations<blockquote><td>经营所得现金流量</td></blockquote></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021<blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></td> <td>$ (16,352,000)<blockquote><td>$(16,352,000)</td></blockquote></td> </tr> <tr> <td>2020<blockquote><tr><td>2020</td></tr></blockquote></td> <td>$ (6,486,000)<blockquote><td>$(6,486,000)</td></blockquote></td> </tr> <tr> <td>2019<blockquote><tr><td>2019</td></tr></blockquote></td> <td>$ (230,029,000)<blockquote><td>$(230,029,000)</td></blockquote></td> </tr> </tbody> </table> As of June 30, 2021, Clearwater had $41 million in cash and $450 million in total liabilities.<blockquote>截至2021年6月30日，Clearwater拥有4100万美元现金和4.5亿美元总负债。</blockquote> Free cash flow during the twelve months ended June 30, 2021, was negative ($38 million).<blockquote>截至2021年6月30日的12个月内，自由现金流为负（3800万美元）。</blockquote> Valuation Metrics<blockquote>估值指标</blockquote> Below is a table of the firm’s relevant capitalization and valuation metrics at IPO, excluding the effects of underwriter options:<blockquote>下表列出了该公司IPO时的相关资本化和估值指标，不包括承销商期权的影响：</blockquote> <table> <colgroup></colgroup> <tbody> <tr> <td>Measure [TTM]<blockquote><table><colgroup></colgroup><tbody><tr><td>测量[TTM]</td></tr></tbody></table></blockquote></td> <td>Amount<blockquote><td>数量</td></blockquote></td> </tr> <tr> <td>Market Capitalization at IPO<blockquote><tr><td>IPO时的市值</td></tr></blockquote></td> <td>$3,472,178,130<blockquote><td>$3,472,178,130</td></blockquote></td> </tr> <tr> <td>Enterprise Value<blockquote><tr><td>企业价值</td></tr></blockquote></td> <td>$3,470,109,130<blockquote><td>$3,470,109,130</td></blockquote></td> </tr> <tr> <td>Price / Sales<blockquote><tr><td>价格/销售额</td></tr></blockquote></td> <td>15.37<blockquote><td>15.37</td></blockquote></td> </tr> <tr> <td>EV / Revenue<blockquote><tr><td>EV/收入</td></tr></blockquote></td> <td>15.36<blockquote><td>15.36</td></blockquote></td> </tr> <tr> <td>EV / EBITDA<blockquote><tr><td>EV/EBITDA</td></tr></blockquote></td> <td>-141.93<blockquote><td>-141.93</td></blockquote></td> </tr> <tr> <td>Earnings Per Share<blockquote><tr><td>每股盈利</td></tr></blockquote></td> <td>-$0.23<blockquote><td>-$0.23</td></blockquote></td> </tr> <tr> <td>Float To Outstanding Shares Ratio<blockquote><tr><td>流通股与流通股比率</td></tr></blockquote></td> <td>12.96%<blockquote><td>12.96%</td></blockquote></td> </tr> <tr> <td>Proposed IPO Midpoint Price per Share<blockquote><tr><td>建议IPO每股中点价格</td></tr></blockquote></td> <td>$15.00<blockquote><td>$15.00</td></blockquote></td> </tr> <tr> <td>Net Free Cash Flow<blockquote><tr><td>净自由现金流</td></tr></blockquote></td> <td>-$38,024,000<blockquote><td>-$38,024,000</td></blockquote></td> </tr> <tr> <td>Free Cash Flow Yield Per Share<blockquote><tr><td>每股自由现金流收益率</td></tr></blockquote></td> <td>-1.10%<blockquote><td>-1.10%</td></blockquote></td> </tr> <tr> <td>Revenue Growth Rate<blockquote><tr><td>收入增长率</td></tr></blockquote></td> <td>23.83%<blockquote><td>23.83%</td></blockquote></td> </tr> </tbody> </table> Commentary<blockquote>评论</blockquote> CWAN intends to go public to pay down debt and will have a net of $55 million in debt post-IPO.<blockquote>CWAN打算上市偿还债务，IPO后净债务为5500万美元。</blockquote> The firm’s financials show strong topline revenue growth and gross profit growth and a rebound to operating profit and net income after negative results in 2020.<blockquote>该公司的财务数据显示，营收和毛利润增长强劲，营业利润和净利润在2020年出现负面业绩后出现反弹。</blockquote> Free cash flow for the twelve months ended June 30, 2021, was a decidedly unimpressive negative ($38 million).<blockquote>截至2021年6月30日的12个月的自由现金流明显为负（3800万美元）。</blockquote> Sales and Marketing expenses as a percentage of total revenue have varied as revenue has increased; its Sales and Marketing efficiency rate dropped slightly to 1.4x in the most recent six-month period.<blockquote>销售和营销费用占总收入的百分比随着收入的增加而变化；最近六个月，其销售和营销效率略有下降至1.4倍。</blockquote> CWAN's dollar-based net retention rate was 109% for June 30, 2021, a positive result and its Rule of 40 performance was good as well.<blockquote>截至2021年6月30日，CWAN以美元计算的净保留率为109%，这是一个积极的结果，其40法则表现也不错。</blockquote> The market opportunity for selling investment management software is large and expected to grow substantially in the years ahead, but the firm has extensive competition.<blockquote>销售投资管理软件的市场机会很大，预计在未来几年将大幅增长，但该公司面临广泛的竞争。</blockquote> Goldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 40.5% since their IPO. This is a middle-tier performance for all major underwriters during the period.<blockquote>高盛是首席承销商，该公司在过去12个月内牵头的IPO自IPO以来的平均回报率为40.5%。这是期内所有主要承销商的中等业绩。</blockquote> The primary risk to the company’s outlook is the degree of competition and specialization present in various submarkets in which it competes, as well as the ability for some larger prospects to develop solutions in-house.<blockquote>该公司前景的主要风险是其竞争的各个子市场中存在的竞争和专业化程度，以及一些较大的潜在客户在内部开发解决方案的能力。</blockquote> As for valuation, compared to competitor Simcorp, the CWAN IPO is much more highly priced on a revenue multiple basis. In my view, this is justified as the firm is growing revenue at a significantly higher rate of growth.<blockquote>至于估值，与竞争对手Simcorp相比，CWAN IPO的收入倍数定价要高得多。在我看来，这是合理的，因为该公司的收入增长率要高得多。</blockquote> After a difficult period during 2020 where the firm produced operating losses, 2021 has seen a return to operating and net profits with impressive growth as well.<blockquote>在经历了2020年营业亏损的困难时期后，2021年营业利润和净利润也出现了令人印象深刻的增长。</blockquote> Given CWAN’s growth trajectory and the investment management software industry’s strong growth potential in the years ahead, the IPO is worth a close look.<blockquote>鉴于CWAN的增长轨迹和投资管理软件行业未来几年的强劲增长潜力，此次IPO值得密切关注。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>IPO opening reminder: Clearwater Analytics opens for trading at $23.8, up about 32% from IPO price<blockquote>IPO开盘提醒：Clearwater Analytics开盘价为23.8美元，较IPO价格上涨约32%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIPO opening reminder: Clearwater Analytics opens for trading at $23.8, up about 32% from IPO price<blockquote>IPO开盘提醒：Clearwater Analytics开盘价为23.8美元，较IPO价格上涨约32%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\nTiger Newspress \n2021-09-24 23:14\n</div>\n</a>\n</h4>\n</header>\n<article>\n(Sept 24)&nbsp;<a href=\"https://laohu8.com/S/CWAN\">Clearwater Analytics Holdings, Inc.</a> opens for trading at $23.8, up about 32% from IPO price.<blockquote>（9月24日）<a href=\"https://laohu8.com/S/CWAN\">清水分析控股公司。</a>开盘价为23.8美元，较IPO价格上涨约32%。</blockquote> <img src=\"https://static.tigerbbs.com/076505c7b70dbe2ad6cfcae8c44f52cb\" tg-width=\"902\" tg-height=\"557\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Company &amp; Technology<blockquote>公司与技术</blockquote> Boise, Idaho-based Clearwater was founded to develop a SaaS platform to simplify investment accounting and analysis for asset managers, insurance companies and large corporations.<blockquote>总部位于爱达荷州博伊西的Clearwater成立的目的是开发一个SaaS平台，为资产管理公司、保险公司和大型企业简化投资会计和分析。</blockquote> Management is headed by Chief Executive Officer Sandeep Sahai, who has been with the firm since September 2016 and was previously CEO of Solmark, an investment partnership.<blockquote>管理层由首席执行官Sandeep Sahai领导，他自2016年9月以来一直在该公司工作，此前曾担任投资合伙企业Solmark的首席执行官。</blockquote> The company’s primary offerings include:<blockquote>该公司的主要产品包括：</blockquote> <ul> <li>Investment accounting and reporting<blockquote><ul><li>投资会计和报告</li></ul></blockquote></li> <li>Performance measurement<blockquote><li>绩效衡量</li></blockquote></li> <li>Compliance monitoring<blockquote><li>合规监控</li></blockquote></li> <li>Risk analysis<blockquote><li>风险分析</li></blockquote></li> </ul> Clearwater has received at least $421 million in notes payable in equity investment from investors including Welsh Carson, Permira, Warburg Pincus and Dragoneer.<blockquote>Clearwater已从Welsh Carson、Permira、Warburg Pincus和Dragoneer等投资者那里获得了至少4.21亿美元的股权投资应付票据。</blockquote> Customer Acquisition<blockquote>客户获取</blockquote> The firm pursues client relationships with asset managers, insurance companies and large corporations via a direct sales and marketing force that is focused on the United States.<blockquote>该公司通过专注于美国的直销和营销力量寻求与资产管理公司、保险公司和大公司的客户关系。</blockquote> CWAN also has international clients and will seek to expand its international presence post-IPO.<blockquote>CWAN还拥有国际客户，并将寻求在IPO后扩大其国际影响力。</blockquote> Clearwater handles data on over $5.6 trillion in assets between more than 1,000 clients.<blockquote>Clearwater处理1,000多个客户之间超过5.6万亿美元资产的数据。</blockquote> Sales and Marketing expenses as a percentage of total revenue have varied as revenues have increased, as the figures below indicate:<blockquote>销售及营销开支佔总收入的百分比随收入增加而变化，如下图所示：</blockquote> <table> <colgroup></colgroup> <tbody> <tr> <td>Sales and Marketing<blockquote><table><colgroup></colgroup><tbody><tr><td>销售及市场推广</td></tr></tbody></table></blockquote></td> <td>Expenses vs. Revenue<blockquote><td>费用与收入</td></blockquote></td> </tr> <tr> <td>Period<blockquote><tr><td>周期</td></tr></blockquote></td> <td>Percentage<blockquote><td>百分比</td></blockquote></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021<blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></td> <td>13.6%<blockquote><td>13.6%</td></blockquote></td> </tr> <tr> <td>2020<blockquote><tr><td>2020</td></tr></blockquote></td> <td>10.9%<blockquote><td>10.9%</td></blockquote></td> </tr> <tr> <td>2019<blockquote><tr><td>2019</td></tr></blockquote></td> <td>11.4%<blockquote><td>11.4%</td></blockquote></td> </tr> </tbody> </table> The Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, dropped to 1.4x in the most recent reporting period, as shown in the table below:<blockquote>销售和营销效率率（定义为每美元的销售和营销支出产生多少美元的额外新收入）在最近一个报告期下降到1.4倍，如下表所示：</blockquote> <table> <colgroup></colgroup> <tbody> <tr> <td>Sales and Marketing<blockquote><table><colgroup></colgroup><tbody><tr><td>销售及市场推广</td></tr></tbody></table></blockquote></td> <td>Efficiency Rate<blockquote><td>效率率</td></blockquote></td> </tr> <tr> <td>Period<blockquote><tr><td>周期</td></tr></blockquote></td> <td>Multiple<blockquote><td>多个的</td></blockquote></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021<blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></td> <td>1.4<blockquote><td>1.4</td></blockquote></td> </tr> <tr> <td>2020<blockquote><tr><td>2020</td></tr></blockquote></td> <td>1.6<blockquote><td>1.6</td></blockquote></td> </tr> </tbody> </table> The Rule of 40 is a software industry rule of thumb that says that as long as the combined revenue growth rate and EBITDA percentage rate equal or exceed 40%, the firm is on an acceptable growth/EBITDA trajectory.<blockquote>40法则是软件行业的经验法则，只要收入增长率和EBITDA百分比率的总和等于或超过40%，公司就处于可接受的增长/EBITDA轨迹上。</blockquote> CWAN’s most recent calculation was 41% during the six months ended June 30, 2021, so the firm has performed well in this regard, per the table below:<blockquote>截至2021年6月30日的六个月内，CWAN的最新计算结果为41%，因此该公司在这方面表现良好，如下表所示：</blockquote> <table> <colgroup></colgroup> <tbody> <tr> <td>Rule of 40<blockquote><table><colgroup></colgroup><tbody><tr><td>40法则</td></tr></tbody></table></blockquote></td> <td>Calculation<blockquote><td>计算</td></blockquote></td> </tr> <tr> <td>Recent Rev. Growth %<blockquote><tr><td>近期收入增长%</td></tr></blockquote></td> <td>24%<blockquote><td>24%</td></blockquote></td> </tr> <tr> <td>EBITDA %<blockquote><tr><td>EBITDA%</td></tr></blockquote></td> <td>17%<blockquote><td>17%</td></blockquote></td> </tr> <tr> <td>Total<blockquote><tr><td>总的</td></tr></blockquote></td> <td>41%<blockquote><td>41%</td></blockquote></td> </tr> </tbody> </table> The firm’s dollar-based net revenue retention rate for June 30, 2021 was 109%, a reasonably good result.<blockquote>截至2021年6月30日，该公司以美元计算的净收入保留率为109%，这是一个相当不错的结果。</blockquote> The dollar-based net revenue retention rate metric measures how much additional revenue is generated over time from each cohort of customers, so that a figure over 100% means that the company is generating more revenue from the same customer cohort over time, indicating good product/market fit and efficient sales and marketing efforts.<blockquote>基于美元的净收入保留率指标衡量随着时间的推移，每个客户群产生了多少额外收入，因此超过100%的数字意味着公司随着时间的推移从同一客户群产生了更多收入，表明良好的产品/市场契合度以及高效的销售和营销工作。</blockquote> Market &amp; Competition<blockquote>市场与竞争</blockquote> According to a 2021 marketresearch reportby Market Primes, the global investment management software market was an estimated $3 billion in 2019 and is forecast to reach nearly $4.5 billion by 2025.<blockquote>根据Market Primes的2021年市场研究报告，2019年全球投资管理软件市场估计为30亿美元，预计到2025年将达到近45亿美元。</blockquote> This represents a forecast CAGR of 10.2% from 2019 to 2025.<blockquote>这意味着2019年至2025年的预测复合年增长率为10.2%。</blockquote> The main drivers for this expected growth are a desire by users to automate repetitive tasks so they can focus on maximizing portfolio performance and creating more sophisticated approaches.<blockquote>这种预期增长的主要驱动力是用户希望自动化重复性任务，这样他们就可以专注于最大化投资组合绩效和创建更复杂的方法。</blockquote> Also, assessing risks and exposures and being able to efficiently report and share the information with stakeholders will drive demand for more capable solutions.<blockquote>此外，评估风险和暴露以及能够有效地报告和与利益相关者共享信息将推动对更强大解决方案的需求。</blockquote> Major competitive or other industry participants include:<blockquote>主要竞争对手或其他行业参与者包括：</blockquote> <ul> <li>SS&amp;C<blockquote><ul><li>SSC</li></ul></blockquote></li> <li>State Street<blockquote><li>道富街</li></blockquote></li> <li>SAP<blockquote><li>SAP</li></blockquote></li> <li>BNY Mellon (Eagle)<blockquote><li>纽约梅隆银行（鹰）</li></blockquote></li> <li>Simcorp<blockquote><li>Simcorp</li></blockquote></li> <li>BlackRock<blockquote><li>贝莱德</li></blockquote></li> <li>FIS<blockquote><li>FIS</li></blockquote></li> <li>Northern Trust<blockquote><li>北方信托</li></blockquote></li> <li>Others<blockquote><li>其他</li></blockquote></li> </ul> Financial Performance<blockquote>财务表现</blockquote> Clearwater’s recent financial results can be summarized as follows:<blockquote>Clearwater最近的财务业绩可总结如下：</blockquote> <ul> <li>Strong topline revenue growth<blockquote><ul><li>营收强劲增长</li></ul></blockquote></li> <li>Increasing gross profit and gross margin<blockquote><li>提高毛利及毛利率</li></blockquote></li> <li>A swing to operating profit and net profit<blockquote><li>营业利润和净利润的波动</li></blockquote></li> <li>Uneven cash used in operations<blockquote><li>经营中使用的现金不均衡</li></blockquote></li> </ul> Below are relevant financial results derived from the firm’s registration statement:<blockquote>以下是来自公司注册声明的相关财务业绩：</blockquote> <table> <colgroup></colgroup> <tbody> <tr> <td>Total Revenue<blockquote><table><colgroup></colgroup><tbody><tr><td>收入总额</td></tr></tbody></table></blockquote></td> </tr> <tr> <td>Period<blockquote><tr><td>周期</td></tr></blockquote></td> <td>Total Revenue<blockquote><td>收入总额</td></blockquote></td> <td>% Variance vs. Prior<blockquote><td>与既往相比的%差异</td></blockquote></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021<blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></td> <td>$ 117,770,000<blockquote><td>$117,770,000</td></blockquote></td> <td>23.8%<blockquote><td>23.8%</td></blockquote></td> </tr> <tr> <td>2020<blockquote><tr><td>2020</td></tr></blockquote></td> <td>$ 203,222,000<blockquote><td>$203,222,000</td></blockquote></td> <td>21.0%<blockquote><td>21.0%</td></blockquote></td> </tr> <tr> <td>2019<blockquote><tr><td>2019</td></tr></blockquote></td> <td>$ 168,001,000<blockquote><td>$168,001,000</td></blockquote></td> </tr> <tr></tr> <tr> <td>Gross Profit (Loss)<blockquote><tr></tr><tr><td>毛利（亏损）</td></tr></blockquote></td> </tr> <tr> <td>Period<blockquote><tr><td>周期</td></tr></blockquote></td> <td>Gross Profit (Loss)<blockquote><td>毛利（亏损）</td></blockquote></td> <td>% Variance vs. Prior<blockquote><td>与既往相比的%差异</td></blockquote></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021<blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></td> <td>$ 87,872,000<blockquote><td>$87,872,000</td></blockquote></td> <td>28.8%<blockquote><td>28.8%</td></blockquote></td> </tr> <tr> <td>2020<blockquote><tr><td>2020</td></tr></blockquote></td> <td>$ 149,959,000<blockquote><td>$149,959,000</td></blockquote></td> <td>24.1%<blockquote><td>24.1%</td></blockquote></td> </tr> <tr> <td>2019<blockquote><tr><td>2019</td></tr></blockquote></td> <td>$ 120,856,000<blockquote><td>$120,856,000</td></blockquote></td> </tr> <tr></tr> <tr> <td>Gross Margin<blockquote><tr></tr><tr><td>毛利率</td></tr></blockquote></td> </tr> <tr> <td>Period<blockquote><tr><td>周期</td></tr></blockquote></td> <td>Gross Margin<blockquote><td>毛利率</td></blockquote></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021<blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></td> <td>74.61%<blockquote><td>74.61%</td></blockquote></td> </tr> <tr> <td>2020<blockquote><tr><td>2020</td></tr></blockquote></td> <td>73.79%<blockquote><td>73.79%</td></blockquote></td> </tr> <tr> <td>2019<blockquote><tr><td>2019</td></tr></blockquote></td> <td>71.94%<blockquote><td>71.94%</td></blockquote></td> </tr> <tr></tr> <tr> <td>Operating Profit (Loss)<blockquote><tr></tr><tr><td>经营溢利（亏损）</td></tr></blockquote></td> </tr> <tr> <td>Period<blockquote><tr><td>周期</td></tr></blockquote></td> <td>Operating Profit (Loss)<blockquote><td>经营溢利（亏损）</td></blockquote></td> <td>Operating Margin<blockquote><td>营业利润率</td></blockquote></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021<blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></td> <td>$ 20,544,000<blockquote><td>$20,544,000</td></blockquote></td> <td>17.4%<blockquote><td>17.4%</td></blockquote></td> </tr> <tr> <td>2020<blockquote><tr><td>2020</td></tr></blockquote></td> <td>$ (20,418,000)<blockquote><td>$(20,418,000)</td></blockquote></td> <td>-10.0%<blockquote><td>-10.0%</td></blockquote></td> </tr> <tr> <td>2019<blockquote><tr><td>2019</td></tr></blockquote></td> <td>$ 25,697,000<blockquote><td>$25,697,000</td></blockquote></td> <td>15.3%<blockquote><td>15.3%</td></blockquote></td> </tr> <tr></tr> <tr> <td>Net Income (Loss)<blockquote><tr></tr><tr><td>净利润（亏损）</td></tr></blockquote></td> </tr> <tr> <td>Period<blockquote><tr><td>周期</td></tr></blockquote></td> <td>Net Income (Loss)<blockquote><td>净利润（亏损）</td></blockquote></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021<blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></td> <td>$ 3,200,000<blockquote><td>$3,200,000</td></blockquote></td> </tr> <tr> <td>2020<blockquote><tr><td>2020</td></tr></blockquote></td> <td>$ (44,230,000)<blockquote><td>$(44,230,000)</td></blockquote></td> </tr> <tr> <td>2019<blockquote><tr><td>2019</td></tr></blockquote></td> <td>$ 7,732,000<blockquote><td>$7,732,000</td></blockquote></td> </tr> <tr></tr> <tr> <td>Cash Flow From Operations<blockquote><tr></tr><tr><td>经营所得现金流量</td></tr></blockquote></td> </tr> <tr> <td>Period<blockquote><tr><td>周期</td></tr></blockquote></td> <td>Cash Flow From Operations<blockquote><td>经营所得现金流量</td></blockquote></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021<blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></td> <td>$ (16,352,000)<blockquote><td>$(16,352,000)</td></blockquote></td> </tr> <tr> <td>2020<blockquote><tr><td>2020</td></tr></blockquote></td> <td>$ (6,486,000)<blockquote><td>$(6,486,000)</td></blockquote></td> </tr> <tr> <td>2019<blockquote><tr><td>2019</td></tr></blockquote></td> <td>$ (230,029,000)<blockquote><td>$(230,029,000)</td></blockquote></td> </tr> </tbody> </table> As of June 30, 2021, Clearwater had $41 million in cash and $450 million in total liabilities.<blockquote>截至2021年6月30日，Clearwater拥有4100万美元现金和4.5亿美元总负债。</blockquote> Free cash flow during the twelve months ended June 30, 2021, was negative ($38 million).<blockquote>截至2021年6月30日的12个月内，自由现金流为负（3800万美元）。</blockquote> Valuation Metrics<blockquote>估值指标</blockquote> Below is a table of the firm’s relevant capitalization and valuation metrics at IPO, excluding the effects of underwriter options:<blockquote>下表列出了该公司IPO时的相关资本化和估值指标，不包括承销商期权的影响：</blockquote> <table> <colgroup></colgroup> <tbody> <tr> <td>Measure [TTM]<blockquote><table><colgroup></colgroup><tbody><tr><td>测量[TTM]</td></tr></tbody></table></blockquote></td> <td>Amount<blockquote><td>数量</td></blockquote></td> </tr> <tr> <td>Market Capitalization at IPO<blockquote><tr><td>IPO时的市值</td></tr></blockquote></td> <td>$3,472,178,130<blockquote><td>$3,472,178,130</td></blockquote></td> </tr> <tr> <td>Enterprise Value<blockquote><tr><td>企业价值</td></tr></blockquote></td> <td>$3,470,109,130<blockquote><td>$3,470,109,130</td></blockquote></td> </tr> <tr> <td>Price / Sales<blockquote><tr><td>价格/销售额</td></tr></blockquote></td> <td>15.37<blockquote><td>15.37</td></blockquote></td> </tr> <tr> <td>EV / Revenue<blockquote><tr><td>EV/收入</td></tr></blockquote></td> <td>15.36<blockquote><td>15.36</td></blockquote></td> </tr> <tr> <td>EV / EBITDA<blockquote><tr><td>EV/EBITDA</td></tr></blockquote></td> <td>-141.93<blockquote><td>-141.93</td></blockquote></td> </tr> <tr> <td>Earnings Per Share<blockquote><tr><td>每股盈利</td></tr></blockquote></td> <td>-$0.23<blockquote><td>-$0.23</td></blockquote></td> </tr> <tr> <td>Float To Outstanding Shares Ratio<blockquote><tr><td>流通股与流通股比率</td></tr></blockquote></td> <td>12.96%<blockquote><td>12.96%</td></blockquote></td> </tr> <tr> <td>Proposed IPO Midpoint Price per Share<blockquote><tr><td>建议IPO每股中点价格</td></tr></blockquote></td> <td>$15.00<blockquote><td>$15.00</td></blockquote></td> </tr> <tr> <td>Net Free Cash Flow<blockquote><tr><td>净自由现金流</td></tr></blockquote></td> <td>-$38,024,000<blockquote><td>-$38,024,000</td></blockquote></td> </tr> <tr> <td>Free Cash Flow Yield Per Share<blockquote><tr><td>每股自由现金流收益率</td></tr></blockquote></td> <td>-1.10%<blockquote><td>-1.10%</td></blockquote></td> </tr> <tr> <td>Revenue Growth Rate<blockquote><tr><td>收入增长率</td></tr></blockquote></td> <td>23.83%<blockquote><td>23.83%</td></blockquote></td> </tr> </tbody> </table> Commentary<blockquote>评论</blockquote> CWAN intends to go public to pay down debt and will have a net of $55 million in debt post-IPO.<blockquote>CWAN打算上市偿还债务，IPO后净债务为5500万美元。</blockquote> The firm’s financials show strong topline revenue growth and gross profit growth and a rebound to operating profit and net income after negative results in 2020.<blockquote>该公司的财务数据显示，营收和毛利润增长强劲，营业利润和净利润在2020年出现负面业绩后出现反弹。</blockquote> Free cash flow for the twelve months ended June 30, 2021, was a decidedly unimpressive negative ($38 million).<blockquote>截至2021年6月30日的12个月的自由现金流明显为负（3800万美元）。</blockquote> Sales and Marketing expenses as a percentage of total revenue have varied as revenue has increased; its Sales and Marketing efficiency rate dropped slightly to 1.4x in the most recent six-month period.<blockquote>销售和营销费用占总收入的百分比随着收入的增加而变化；最近六个月，其销售和营销效率略有下降至1.4倍。</blockquote> CWAN's dollar-based net retention rate was 109% for June 30, 2021, a positive result and its Rule of 40 performance was good as well.<blockquote>截至2021年6月30日，CWAN以美元计算的净保留率为109%，这是一个积极的结果，其40法则表现也不错。</blockquote> The market opportunity for selling investment management software is large and expected to grow substantially in the years ahead, but the firm has extensive competition.<blockquote>销售投资管理软件的市场机会很大，预计在未来几年将大幅增长，但该公司面临广泛的竞争。</blockquote> Goldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 40.5% since their IPO. This is a middle-tier performance for all major underwriters during the period.<blockquote>高盛是首席承销商，该公司在过去12个月内牵头的IPO自IPO以来的平均回报率为40.5%。这是期内所有主要承销商的中等业绩。</blockquote> The primary risk to the company’s outlook is the degree of competition and specialization present in various submarkets in which it competes, as well as the ability for some larger prospects to develop solutions in-house.<blockquote>该公司前景的主要风险是其竞争的各个子市场中存在的竞争和专业化程度，以及一些较大的潜在客户在内部开发解决方案的能力。</blockquote> As for valuation, compared to competitor Simcorp, the CWAN IPO is much more highly priced on a revenue multiple basis. In my view, this is justified as the firm is growing revenue at a significantly higher rate of growth.<blockquote>至于估值，与竞争对手Simcorp相比，CWAN IPO的收入倍数定价要高得多。在我看来，这是合理的，因为该公司的收入增长率要高得多。</blockquote> After a difficult period during 2020 where the firm produced operating losses, 2021 has seen a return to operating and net profits with impressive growth as well.<blockquote>在经历了2020年营业亏损的困难时期后，2021年营业利润和净利润也出现了令人印象深刻的增长。</blockquote> Given CWAN’s growth trajectory and the investment management software industry’s strong growth potential in the years ahead, the IPO is worth a close look.<blockquote>鉴于CWAN的增长轨迹和投资管理软件行业未来几年的强劲增长潜力，此次IPO值得密切关注。</blockquote>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CWAN":"Clearwater Analytics Holdings, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114004721","content_text":"(Sept 24) Clearwater Analytics Holdings, Inc. opens for trading at $23.8, up about 32% from IPO price.\n\nCompany & Technology\nBoise, Idaho-based Clearwater was founded to develop a SaaS platform to simplify investment accounting and analysis for asset managers, insurance companies and large corporations.\nManagement is headed by Chief Executive Officer Sandeep Sahai, who has been with the firm since September 2016 and was previously CEO of Solmark, an investment partnership.\nThe company’s primary offerings include:\n\nInvestment accounting and reporting\nPerformance measurement\nCompliance monitoring\nRisk analysis\n\nClearwater has received at least $421 million in notes payable in equity investment from investors including Welsh Carson, Permira, Warburg Pincus and Dragoneer.\nCustomer Acquisition\nThe firm pursues client relationships with asset managers, insurance companies and large corporations via a direct sales and marketing force that is focused on the United States.\nCWAN also has international clients and will seek to expand its international presence post-IPO.\nClearwater handles data on over $5.6 trillion in assets between more than 1,000 clients.\nSales and Marketing expenses as a percentage of total revenue have varied as revenues have increased, as the figures below indicate:\n\n\n\n\nSales and Marketing\nExpenses vs. Revenue\n\n\nPeriod\nPercentage\n\n\nSix Mos. Ended June 30, 2021\n13.6%\n\n\n2020\n10.9%\n\n\n2019\n11.4%\n\n\n\nThe Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, dropped to 1.4x in the most recent reporting period, as shown in the table below:\n\n\n\n\nSales and Marketing\nEfficiency Rate\n\n\nPeriod\nMultiple\n\n\nSix Mos. Ended June 30, 2021\n1.4\n\n\n2020\n1.6\n\n\n\nThe Rule of 40 is a software industry rule of thumb that says that as long as the combined revenue growth rate and EBITDA percentage rate equal or exceed 40%, the firm is on an acceptable growth/EBITDA trajectory.\nCWAN’s most recent calculation was 41% during the six months ended June 30, 2021, so the firm has performed well in this regard, per the table below:\n\n\n\n\nRule of 40\nCalculation\n\n\nRecent Rev. Growth %\n24%\n\n\nEBITDA %\n17%\n\n\nTotal\n41%\n\n\n\nThe firm’s dollar-based net revenue retention rate for June 30, 2021 was 109%, a reasonably good result.\nThe dollar-based net revenue retention rate metric measures how much additional revenue is generated over time from each cohort of customers, so that a figure over 100% means that the company is generating more revenue from the same customer cohort over time, indicating good product/market fit and efficient sales and marketing efforts.\nMarket & Competition\nAccording to a 2021 marketresearch reportby Market Primes, the global investment management software market was an estimated $3 billion in 2019 and is forecast to reach nearly $4.5 billion by 2025.\nThis represents a forecast CAGR of 10.2% from 2019 to 2025.\nThe main drivers for this expected growth are a desire by users to automate repetitive tasks so they can focus on maximizing portfolio performance and creating more sophisticated approaches.\nAlso, assessing risks and exposures and being able to efficiently report and share the information with stakeholders will drive demand for more capable solutions.\nMajor competitive or other industry participants include:\n\nSS&C\nState Street\nSAP\nBNY Mellon (Eagle)\nSimcorp\nBlackRock\nFIS\nNorthern Trust\nOthers\n\nFinancial Performance\nClearwater’s recent financial results can be summarized as follows:\n\nStrong topline revenue growth\nIncreasing gross profit and gross margin\nA swing to operating profit and net profit\nUneven cash used in operations\n\nBelow are relevant financial results derived from the firm’s registration statement:\n\n\n\n\nTotal Revenue\n\n\nPeriod\nTotal Revenue\n% Variance vs. Prior\n\n\nSix Mos. Ended June 30, 2021\n$ 117,770,000\n23.8%\n\n\n2020\n$ 203,222,000\n21.0%\n\n\n2019\n$ 168,001,000\n\n\n\nGross Profit (Loss)\n\n\nPeriod\nGross Profit (Loss)\n% Variance vs. Prior\n\n\nSix Mos. Ended June 30, 2021\n$ 87,872,000\n28.8%\n\n\n2020\n$ 149,959,000\n24.1%\n\n\n2019\n$ 120,856,000\n\n\n\nGross Margin\n\n\nPeriod\nGross Margin\n\n\nSix Mos. Ended June 30, 2021\n74.61%\n\n\n2020\n73.79%\n\n\n2019\n71.94%\n\n\n\nOperating Profit (Loss)\n\n\nPeriod\nOperating Profit (Loss)\nOperating Margin\n\n\nSix Mos. Ended June 30, 2021\n$ 20,544,000\n17.4%\n\n\n2020\n$ (20,418,000)\n-10.0%\n\n\n2019\n$ 25,697,000\n15.3%\n\n\n\nNet Income (Loss)\n\n\nPeriod\nNet Income (Loss)\n\n\nSix Mos. Ended June 30, 2021\n$ 3,200,000\n\n\n2020\n$ (44,230,000)\n\n\n2019\n$ 7,732,000\n\n\n\nCash Flow From Operations\n\n\nPeriod\nCash Flow From Operations\n\n\nSix Mos. Ended June 30, 2021\n$ (16,352,000)\n\n\n2020\n$ (6,486,000)\n\n\n2019\n$ (230,029,000)\n\n\n\nAs of June 30, 2021, Clearwater had $41 million in cash and $450 million in total liabilities.\nFree cash flow during the twelve months ended June 30, 2021, was negative ($38 million).\nValuation Metrics\nBelow is a table of the firm’s relevant capitalization and valuation metrics at IPO, excluding the effects of underwriter options:\n\n\n\n\nMeasure [TTM]\nAmount\n\n\nMarket Capitalization at IPO\n$3,472,178,130\n\n\nEnterprise Value\n$3,470,109,130\n\n\nPrice / Sales\n15.37\n\n\nEV / Revenue\n15.36\n\n\nEV / EBITDA\n-141.93\n\n\nEarnings Per Share\n-$0.23\n\n\nFloat To Outstanding Shares Ratio\n12.96%\n\n\nProposed IPO Midpoint Price per Share\n$15.00\n\n\nNet Free Cash Flow\n-$38,024,000\n\n\nFree Cash Flow Yield Per Share\n-1.10%\n\n\nRevenue Growth Rate\n23.83%\n\n\n\nCommentary\nCWAN intends to go public to pay down debt and will have a net of $55 million in debt post-IPO.\nThe firm’s financials show strong topline revenue growth and gross profit growth and a rebound to operating profit and net income after negative results in 2020.\nFree cash flow for the twelve months ended June 30, 2021, was a decidedly unimpressive negative ($38 million).\nSales and Marketing expenses as a percentage of total revenue have varied as revenue has increased; its Sales and Marketing efficiency rate dropped slightly to 1.4x in the most recent six-month period.\nCWAN's dollar-based net retention rate was 109% for June 30, 2021, a positive result and its Rule of 40 performance was good as well.\nThe market opportunity for selling investment management software is large and expected to grow substantially in the years ahead, but the firm has extensive competition.\nGoldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 40.5% since their IPO. This is a middle-tier performance for all major underwriters during the period.\nThe primary risk to the company’s outlook is the degree of competition and specialization present in various submarkets in which it competes, as well as the ability for some larger prospects to develop solutions in-house.\nAs for valuation, compared to competitor Simcorp, the CWAN IPO is much more highly priced on a revenue multiple basis. In my view, this is justified as the firm is growing revenue at a significantly higher rate of growth.\nAfter a difficult period during 2020 where the firm produced operating losses, 2021 has seen a return to operating and net profits with impressive growth as well.\nGiven CWAN’s growth trajectory and the investment management software industry’s strong growth potential in the years ahead, the IPO is worth a close look.","news_type":1,"symbols_score_info":{"CWAN":0.9}},"isVote":1,"tweetType":1,"viewCount":2885,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}