In a recent 8-K filing with the Securities and Exchange Commission, Clearwater Analytics Holdings, Inc., a prepackaged software services company, detailed the outcomes of its 2024 Annual Meeting of Stockholders, which took place on Monday, June 11, 2024. The meeting involved voting on several key proposals, including the election of directors and advisory votes on executive compensation.
The stockholders elected three Class III directors to serve until the 2027 Annual Meeting. Eric Lee received 1,057,865,515 votes for and 62,937,393 votes withheld. Cary Davis garnered 1,066,579,273 votes for and 54,223,635 votes withheld. Andrew Young had a similar vote count with 1,066,567,358 votes for and 54,235,550 votes withheld. There were 8,708,694 broker non-votes for each director nominee.
Additionally, the appointment of KPMG LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified with an overwhelming 1,129,331,855 votes for, 111,927 votes against, and 67,820 withheld.
The advisory non-binding vote on the company's executive compensation saw 1,027,622,383 votes for, 93,099,433 against, and 81,092 withheld, with 8,708,694 broker non-votes. In a separate advisory vote on the frequency of stockholder votes on executive compensation, the option of one year received the most support with 1,245,524,574 votes, followed by three years with 996,106,883, and two years with 55,004. There were 88,563 votes withheld and 8,708,695 broker non-votes.
In other recent news, Clearwater Analytics has demonstrated strong financial performance in Q1 2024, with a substantial 21% year-over-year increase in revenue to $102.7 million and a significant 42.9% rise in EBITDA to $32.2 million. This growth is attributed to low churn rates, high net promoter scores, and the successful addition of new clients. The company's recent acquisition of Wilshire Advisors' risk performance and analytics platforms has further strengthened its capabilities.
Clearwater Analytics exceeded its revenue and EBITDA guidance for the quarter and has raised its full-year revenue and EBITDA guidance for 2024. The company has a net revenue retention rate of 110% and a record high gross margin of 78%. Concerns were raised about Q2 guidance due to the early go-live of a large client in Q1 impacting Q2 revenue.
InvestingPro Insights
As Clearwater Analytics Holdings, Inc. (CWAN) navigates through its corporate governance, recent data from InvestingPro offers a glimpse into the financial health and market performance of the company. CWAN holds a market capitalization of around $4.75 billion and has shown a notable revenue growth of 21.76% over the last twelve months as of Q1 2024. This financial growth is coupled with a gross profit margin of 71.4%, indicating efficient operations and a strong ability to generate earnings.
InvestingPro Tips suggest that CWAN is expected to see net income growth this year, a positive sign for investors looking for profitability. Additionally, the company's liquid assets surpass its short-term obligations, providing financial flexibility and stability. For those interested in further insights, InvestingPro offers additional tips that could guide investment decisions. Remember to use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which includes an extensive list of 12 additional InvestingPro Tips for CWAN.
While the company does not pay dividends, suggesting a reinvestment of earnings back into the business, CWAN's stock has experienced a strong return over the last three months, with a 16.13% increase. This performance is particularly relevant for investors evaluating the stock's recent trend in the context of the company's governance outcomes. With the next earnings date set for July 31, 2024, stakeholders will be keen to see how these financial metrics translate into future growth and profitability.
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