Clearwater Analytics Holdings, Inc. (NYSE:CWAN) Q1 2024 Earnings Call Transcript

Sandeep Sahai: Yes, this is Sandeep again. I’ll let Jim sort of add to it. I don’t think it’s changing very meaningfully at all, but is it moving up 2% this way? Yes, it is. So I think that these are quarterly numbers. From a market perspective, we think it hasn’t moved very much at all, but would it be 2% points up in one sector versus another sector for the given quarter? Absolutely possible. Yes, I was going to say that it remains very consistent. That same trend remains very consistent, but one notable thing is that, we talked a little bit about these portals, right? The investment portal at the government agency. And I think we’ve seen nice momentum where that’s off of a small number, it’s growing nicely as a percentage of revenue, the state and local governments.

Yun Kim: Okay, great. Thank you so much.

Sandeep Sahai: Thank you so much.

Operator: Thank you. With no further questions in the queue, this will bring us to the end of Q&A. At this time, I would like to hand back to Sandeep for any closing remarks.

Sandeep Sahai: Yes, we would like to thank all of you for your continued support and interest in Clearwater. We would also like to acknowledge the tremendous partnership we’ve had with Welsh, Carson, XII, which invested in Clearwater in 2016, and fully exited the position in March of 2024. We note that they continue to have a significant investment to Welsh, Carson, XIII, which invested in our company in 2020. Thank you all. And we really appreciate the support of Clearwater.

Operator: This concludes today’s conference call. Thank you all for joining. You may now disconnect your lines.