Clearwater Analytics Holdings, Inc.

Listed Company

CWANCIK 0001866368NYSELarge AcceleratedServices-Prepackaged SoftwareDelawareFY ends Dec 31

Period

FY 2025

Revenue

$731.37M

Net Income

$-38.81M

Total Assets

—

Equity

—

Shares Out

Op. Cash Flow

$175.90M

Business

Clearwater Analytics Holdings, Inc. provides a cloud-native, single-instance, multi-tenant technology platform that delivers investment accounting and analytics for institutional investors. Its offerings include comprehensive accounting and reporting, performance measurement, compliance monitoring, planning and order management, risk analytics, and adjacent products such as Prism, LPx, MLx and OMS/PMS. The business is organized around a core Clearwater platform plus modular add-on solutions and acquired capabilities (including portfolio and order management and advanced analytics) serving asset managers, insurers and other institutional clients. The company sells globally via a web-based interface, direct sales, professional services and integrations with custodians, managers and market data providers.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	731	452	368	303	252
Cost of revenue	239	123	107	88	68
Gross profit	492	329	261	216	184
Research and development	196	151	124	94	73
Sales and marketing	149	67	60	53	39
General and administrative	154	99	93	64	44
Total operating expenses	500	317	278	211	156
Income (loss) from operations	−8	12	−17	5	28
Interest expense	46	4	5	−1	—
Tax receivable agreement expense	0	53	14	12	—
Other income, net	−4	−15	−13	−50,000	83,000
Loss before income taxes	−50	−30	−23	−5	−8
Provision for (benefit from) income taxes	−9	−458	217,000	1	487,000
Net income (loss)	−40	428	−23	−7	−8
Less: Net income (loss) attributable to non-controlling interests	−1	3	−1	1	119,000
Net income (loss) attributable to Clearwater Analytics Holdings, Inc.	−39	424	−22	−8	−8
Basic (in USD per share)	−0.14	1.93	−0.11	−0.04	−0.05
Diluted (in USD per share)	−0.14	1.68	−0.11	−0.04	−0.05
Basic (in shares)	271	219	200	186	178
Diluted (in shares)	271	254	200	186	178

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	91	177	222	251	255
Short-term investments	0	78	74	5	—
Accounts receivable, net	167	106	92	73	50
Prepaid expenses and other current assets	37	23	28	28	17
Total current assets	296	385	416	356	321
Property, equipment and software, net	27	15	15	15	11
Operating lease right-of-use assets, net	34	25	23	24	0
Deferred contract costs, non-current	13	7	6	7	6
Debt issuance costs - line of credit	3	339,000	533,000	728,000	922,000
Deferred tax assets, net	696	603	1	—	—
Other non-current assets	5	3	4	6	6
Intangible assets, net	688	31	26	29	—
Goodwill	1,270	71	45	44	—
Long-term investments	0	30	21	0	—
Total assets	3,032	1,170	559	482	344
Accounts payable	4	3	3	3	1
Accrued expenses and other current liabilities	112	56	50	42	27
Deferred revenue	22	7	—	—	—
Notes payable, current portion	8	3	3	3	3
Operating lease liability, current portion	15	8	7	6	0
Tax receivable agreement liability	0	35,000	—	—	—
Total current liabilities	161	77	81	66	31
Notes payable, less current maturities and unamortized debt issuance costs	815	43	46	48	51
Operating lease liability, less current portion	23	18	17	20	0
Other long-term liabilities	2	1	6	10	132,000
Total liabilities	1,001	139	149	144	82
Commitments and contingencies (Note 11)	—	—	—	—	—
Additional paid-in-capital	1,754	725	533	455	389
Accumulated other comprehensive (loss) income	7	−1	3	609,000	−34,000
Retained earnings	260	284	−181	−187	−192
Total stockholders' equity attributable to Clearwater Analytics Holdings, Inc.	2,022	1,008	354	—	—
Non-controlling interests	9	22	55	69	65
Total stockholders' equity	2,031	1,030	410	338	262
Total liabilities and stockholders' equity	3,032	1,170	559	482	344

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	86	12	10	5	3
Noncash operating lease cost	17	9	8	6	0
Equity-based compensation	128	103	104	66	37
Amortization of deferred contract acquisition costs	11	5	5	4	3
Amortization of debt issuance costs, included in interest expense	3	280,000	280,000	279,000	2
Debt extinguishment costs	419,000	0	0	—	—
Provision for bad debt	2	0	0	—	—
Deferred tax benefit	−13	−460	−2	−803,000	−675,000
Accretion of discount on investments	−284,000	−2	−1	0	0
Realized gain on investments	−112,000	−35,000	−89,000	0	0
Accounts receivable, net	−11	−14	−19	−19	−17
Prepaid expenses and other assets	−11	6	1	−5	−13
Deferred contract acquisition costs	−17	−6	−5	—	—
Accounts payable	−1	269,000	−115,000	2	361,000
Accrued expenses and other liabilities	22	12	1	207,000	−8
Tax receivable agreement liability	−35,000	−19	6	12	0
Other long-term liabilities	463,000	0	0	—	—
Net cash provided by operating activities	176	74	85	58	3
Purchases of property, equipment and software	−12	−5	−6	−8	−5
Purchases of intangible assets	−10	0	0	—	—
Purchase of held to maturity investments	−5	−3	−3	−3	0
Purchase of available-for-sale investments	0	−115	−124	0	0
Proceeds from sale of available-for-sale investments	89	0	6	0	0
Proceeds from maturities of investments	24	107	32	0	0
Acquisition of business, net of cash acquired	−1,075	−40	0	−66	0
Payment of initial direct costs for operating lease	−89,000	−104,000	0	0	—
Net cash used in investing activities	−988	−56	−95	−77	−5
Proceeds from exercise of options	168,000	248,000	5	18	3
Taxes paid related to net share settlement of equity awards	−34	−55	−21	−3	−2
Repurchase of common stock	−18	0	0	0	−626,000
Proceeds from borrowings, net of payment of debt issuance costs	924	0	0	—	—
Repayments of borrowings	−154	−3	−3	−3	−435
Proceeds from employee stock purchase plan	7	5	5	—	—
Payment of tax distributions	0	−4	−2	—	—
Payment of business acquisition holdback liability	0	−5	−3	0	0
Net cash provided by (used in) financing activities	725	−62	−19	16	195
Effect of exchange rate changes on cash and cash equivalents	713,000	−1	785,000	−2	−112,000
Change in cash and cash equivalents during the period	−86	−44	−29	−4	194
Cash paid for interest	31	3	3	1	26
Cash paid for income taxes	3	2	2	2	802,000
Purchase of property and equipment included in accounts payable and accrued expense	210,000	38,000	435,000	350,000	322,000
Acquisition of Bistro intangible assets paid in common stock	103	0	0	—	—
Tax distributions payable to Continuing Equity Owners included in accrued expenses	3,000	23,000	3	0	793,000

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