Clearwater Analytics(NYSE:CWAN) 
Clearwater Analytics is a software-as-a-service fintech company that provides automated investment accounting, performance, compliance, and risk reporting for insurance companies, asset managers, corporations, banks, governments, and other institutions.
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At a glance:
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Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
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revenue | 221,228,000 | 217,457,000 | 205,110,000 | 181,937,000 | 126,864,000 | 126,465,000 | 115,828,000 | 106,791,000 | 102,719,000 | 99,019,000 | 94,664,000 | 89,879,000 | 84,606,000 | 82,687,000 | 76,552,000 | 73,409,000 | 70,778,000 | 69,763,000 | 64,489,000 |
yoy | 74.38% | 71.95% | 77.08% | 70.37% | 23.51% | 27.72% | 22.36% | 18.82% | 21.41% | 19.75% | 23.66% | 22.44% | 19.54% | 18.53% | 18.71% | ||||
qoq | 1.73% | 6.02% | 12.74% | 43.41% | 0.32% | 9.18% | 8.46% | 3.96% | 3.74% | 4.60% | 5.32% | 6.23% | 2.32% | 8.01% | 4.28% | 3.72% | 1.45% | 8.18% | |
cost of revenue | 75,681,000 | 71,236,000 | 70,638,000 | 63,423,000 | 33,924,000 | 33,561,000 | 31,357,000 | 29,890,000 | 28,178,000 | 28,335,000 | 27,013,000 | 26,954,000 | 24,825,000 | 22,973,000 | 22,720,000 | 20,919,000 | 21,172,000 | 20,181,000 | 17,785,000 |
gross profit | 145,547,000 | 146,221,000 | 134,472,000 | 118,514,000 | 92,940,000 | 92,904,000 | 84,471,000 | 76,901,000 | 74,541,000 | 70,684,000 | 67,651,000 | 62,925,000 | 59,781,000 | 59,714,000 | 53,832,000 | 52,490,000 | 49,606,000 | 49,582,000 | 46,704,000 |
yoy | 56.60% | 57.39% | 59.19% | 54.11% | 24.68% | 31.44% | 24.86% | 22.21% | 24.69% | 18.37% | 25.67% | 19.88% | 20.51% | 20.43% | 15.26% | ||||
qoq | -0.46% | 8.74% | 13.47% | 27.52% | 0.04% | 9.98% | 9.84% | 3.17% | 5.46% | 4.48% | 7.51% | 5.26% | 0.11% | 10.93% | 2.56% | 5.81% | 0.05% | 6.16% | |
gross margin % | 65.79% | 67.24% | 65.56% | 65.14% | 73.26% | 73.46% | 72.93% | 72.01% | 72.57% | 71.38% | 71.46% | 70.01% | 70.66% | 72.22% | 70.32% | 71.50% | 70.09% | 71.07% | 72.42% |
operating expenses: | |||||||||||||||||||
research and development | 57,050,000 | 57,009,000 | 52,065,000 | 49,755,000 | 37,400,000 | 40,904,000 | 36,618,000 | 35,360,000 | 37,676,000 | 33,727,000 | 32,250,000 | 29,848,000 | 28,100,000 | 24,552,000 | 25,438,000 | 22,836,000 | 21,294,000 | 21,699,000 | 18,415,000 |
sales and marketing | 46,241,000 | 45,857,000 | 44,471,000 | 39,221,000 | 19,631,000 | 17,885,000 | 17,889,000 | 15,169,000 | 16,311,000 | 16,316,000 | 15,020,000 | 14,331,000 | 14,698,000 | 14,384,000 | 13,187,000 | 13,074,000 | 11,993,000 | 12,914,000 | 10,126,000 |
general and administrative | 33,266,000 | 50,098,000 | 31,382,000 | 44,118,000 | 28,827,000 | 32,897,000 | 22,626,000 | 22,528,000 | 20,720,000 | 18,051,000 | 26,268,000 | 25,871,000 | 23,306,000 | 16,903,000 | 16,371,000 | 15,453,000 | 15,040,000 | 14,315,000 | 10,900,000 |
total operating expenses | 136,557,000 | 152,964,000 | 127,918,000 | 133,094,000 | 85,858,000 | 91,686,000 | 77,133,000 | 73,057,000 | 74,707,000 | 68,094,000 | 73,538,000 | 70,050,000 | 66,104,000 | 55,839,000 | 54,996,000 | 51,363,000 | 48,327,000 | 48,928,000 | 39,441,000 |
income from operations | 8,990,000 | -6,743,000 | 6,554,000 | -14,580,000 | 7,082,000 | 1,218,000 | 7,338,000 | 3,844,000 | -166,000 | 2,590,000 | -5,887,000 | -7,125,000 | -6,323,000 | 3,875,000 | -1,164,000 | 1,127,000 | 1,279,000 | 654,000 | 7,263,000 |
yoy | 26.94% | -653.61% | -10.68% | -479.29% | -4366.27% | -52.97% | -224.65% | -153.95% | -97.37% | -33.16% | 405.76% | -732.21% | -594.37% | 492.51% | -116.03% | ||||
qoq | -233.32% | -202.88% | -144.95% | -305.87% | 481.44% | -83.40% | 90.89% | -2415.66% | -106.41% | -144.00% | -17.38% | 12.68% | -263.17% | -432.90% | -203.28% | -11.88% | 95.57% | -91.00% | |
operating margin % | 4.06% | -3.10% | 3.20% | -8.01% | 5.58% | 0.96% | 6.34% | 3.60% | -0.16% | 2.62% | -6.22% | -7.93% | -7.47% | 4.69% | -1.52% | 1.54% | 1.81% | 0.94% | 11.26% |
interest expense | 12,646,000 | 15,162,000 | 16,119,000 | 13,464,000 | -1,979,000 | -1,733,000 | -1,356,000 | -1,276,000 | -693,000 | 403,000 | 429,000 | 421,000 | 8,302,000 | ||||||
other income | -51,000 | -1,546,000 | -585,000 | -301,250 | -971,000 | -315,000 | -207,000 | -469,000 | |||||||||||
income before income taxes | -3,605,000 | -21,656,000 | -10,004,000 | -26,498,000 | 8,486,000 | -36,838,000 | 4,283,000 | 355,000 | 2,138,000 | -3,046,000 | -2,617,000 | -12,050,000 | |||||||
provision for income taxes | -809,000 | -9,131,000 | 510,000 | -2,347,000 | 1,550,000 | 79,000 | -98,000 | 401,000 | -274,000 | 264,000 | 401,000 | 424,000 | 298,000 | 237,000 | -49,000 | 216,000 | |||
net income | -2,796,000 | -12,525,000 | -10,514,000 | -24,151,000 | 6,936,000 | 420,305,000 | 4,769,000 | 276,000 | 2,236,000 | -3,447,000 | -2,343,000 | -11,876,000 | -5,417,000 | -1,967,000 | -3,026,000 | -2,230,000 | 528,000 | 134,000 | -11,428,000 |
yoy | -140.31% | -102.98% | -320.47% | -8850.36% | 210.20% | -12293.36% | -303.54% | -102.32% | -141.28% | 75.24% | -22.57% | 432.56% | -1125.95% | -1567.91% | -73.52% | ||||
qoq | -77.68% | 19.13% | -56.47% | -448.20% | -98.35% | 8713.27% | 1627.90% | -87.66% | -164.87% | 47.12% | -80.27% | 119.24% | 175.39% | -35.00% | 35.70% | -522.35% | 294.03% | -101.17% | |
net income margin % | -1.26% | -5.76% | -5.13% | -13.27% | 5.47% | 332.35% | 4.12% | 0.26% | 2.18% | -3.48% | -2.48% | -13.21% | -6.40% | -2.38% | -3.95% | -3.04% | 0.75% | 0.19% | -17.72% |
less: net income attributable to non-controlling interests | -20,000 | -459,000 | -179,000 | -926,000 | 426,000 | 1,023,000 | 1,140,000 | 706,000 | 338,000 | 986,000 | -454,000 | -955,000 | -1,033,000 | 995,000 | -52,000 | 198,000 | 130,000 | ||
net income attributable to clearwater analytics holdings, inc. | -2,776,000 | -12,066,000 | -10,335,000 | -23,225,000 | 6,510,000 | 419,282,000 | 3,629,000 | -430,000 | 1,898,000 | -10,921,000 | -4,384,000 | 398,000 | |||||||
net income per share | |||||||||||||||||||
basic | -0.01 | -0.025 | -0.04 | -0.09 | 0.03 | 0.005 | 0.02 | 0.01 | -0.02 | -0.008 | -0.02 | ||||||||
diluted | -0.01 | -0.025 | -0.04 | -0.09 | 0.03 | 0.005 | 0.02 | 0.01 | -0.02 | -0.005 | -0.01 | ||||||||
weighted-average shares of class a and class d common stock outstanding: | |||||||||||||||||||
basic | 294,989,154 | 271,323,558 | 287,979,411 | 270,632,308 | 237,324,564 | 219,316,625 | 219,009,124 | 218,349,567 | 213,259,463 | 192,993,574 | 187,824,531 | 185,781,262 | 178,517,480 | 177,680,507 | 177,449,844 | ||||
diluted | 294,989,154 | 271,323,558 | 287,979,411 | 270,632,308 | 246,212,517 | 254,362,539 | 231,467,214 | 218,349,567 | 255,458,196 | 192,993,574 | 237,869,291 | 237,545,574 | 246,916,663 | 236,209,204 | 235,978,541 | ||||
tax receivable agreement expense | 41,636,000 | 5,344,000 | 5,915,000 | 286,000 | 8,284,000 | -566,000 | 6,573,000 | 5,939,000 | 2,600,000 | 3,100,000 | |||||||||
other expense | -857,250 | 439,000 | 290,000 | -278,250 | 1,000 | -530,000 | 186,000 | -444,000 | 85,000 | 148,000 | -130,000 | ||||||||
interest income | -1,694,000 | -2,430,000 | -2,290,000 | -1,841,000 | -2,060,000 | -1,333,000 | |||||||||||||
benefit from income taxes | -126,250 | -486,000 | -174,000 | ||||||||||||||||
net loss attributable to clearwater analytics holdings, inc. | -4,433,000 | -1,889,000 | -2,962,000 | -2,974,000 | -2,428,000 | 101,000 | -8,314,000 | ||||||||||||
net income per share | |||||||||||||||||||
basic and diluted | -0.02 | -0.01 | -0.06 | -0.01 | -0.05 | ||||||||||||||
weighted-average shares of class a and class d common stock outstanding: | |||||||||||||||||||
basic and diluted | 199,691,873 | 201,582,951 | 198,046,275 | 185,560,683 | |||||||||||||||
income before provision for income taxes | -5,153,000 | -1,566,000 | -2,602,000 | -1,932,000 | 765,000 | 85,000 | -11,212,000 | ||||||||||||
loss on debt extinguishment | 10,303,000 | ||||||||||||||||||
less: net income attributable to noncontrolling interests | 21,500 | -3,114,000 | |||||||||||||||||
nmf - not meaningful | |||||||||||||||||||
basic and diluted net loss per share of class a and class d common stock is applicable only for the period from september 24, 2021 to september 30, 2021, which is the period following our initial public offering and related transactions. |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
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assets | |||||||||||||||||||
current assets: | |||||||||||||||||||
cash and cash equivalents | 81,507,000 | 91,245,000 | 60,750,000 | 68,404,000 | 275,159,000 | 177,350,000 | 228,694,000 | 190,095,000 | 189,644,000 | 221,765,000 | 205,665,000 | 190,216,000 | 220,845,000 | 250,724,000 | 288,523,000 | 278,646,000 | 263,674,000 | 254,597,000 | 245,094,000 |
accounts receivable | 169,630,000 | 167,348,000 | 152,791,000 | 148,020,000 | 111,447,000 | 106,151,000 | 100,377,000 | 97,220,000 | 96,766,000 | 92,091,000 | 91,656,000 | 82,690,000 | 78,931,000 | 72,575,000 | 65,241,000 | 55,593,000 | 53,179,000 | 50,190,000 | 48,999,000 |
prepaid expenses and other current assets | 43,107,000 | 36,977,000 | 33,871,000 | 37,656,000 | 27,762,000 | 23,006,000 | 24,635,000 | 27,577,000 | 31,410,000 | 27,683,000 | 24,341,000 | 29,129,000 | 29,986,000 | 28,157,000 | 16,382,000 | 17,223,000 | 17,765,000 | 16,551,000 | 11,110,000 |
total current assets | 294,244,000 | 295,570,000 | 250,810,000 | 257,598,000 | 422,063,000 | 384,646,000 | 430,840,000 | 382,711,000 | 395,750,000 | 415,996,000 | 401,230,000 | 365,353,000 | 348,991,000 | 356,346,000 | 373,146,000 | 354,462,000 | 334,618,000 | 321,338,000 | 305,203,000 |
property, equipment and software | 30,454,000 | 26,607,000 | 26,262,000 | 24,554,000 | |||||||||||||||
operating lease right-of-use assets | 51,639,000 | 34,300,000 | 40,315,000 | 43,657,000 | 23,124,000 | 24,797,000 | 25,752,000 | 28,084,000 | 27,750,000 | 22,554,000 | 22,940,000 | 24,839,000 | 26,362,000 | 24,114,000 | 21,402,000 | 21,583,000 | 23,183,000 | ||
deferred contract costs, non-current | 11,044,000 | 13,017,000 | 9,551,000 | 7,926,000 | 5,985,000 | 7,013,000 | 6,172,000 | 5,845,000 | 6,218,000 | 6,439,000 | 5,636,000 | 5,605,000 | 6,022,000 | 6,563,000 | 5,765,000 | 5,572,000 | 5,331,000 | 5,687,000 | 4,773,000 |
debt issuance costs - line of credit | 3,268,000 | 3,467,000 | 3,670,000 | 3,874,000 | 291,000 | 339,000 | 533,000 | 728,000 | 776,000 | 826,000 | 874,000 | 922,000 | 971,000 | ||||||
deferred tax assets | 702,300,000 | 695,998,000 | 671,801,000 | 669,660,000 | 600,626,000 | 602,500,000 | |||||||||||||
intangible assets | 660,650,000 | 687,578,000 | 714,118,000 | 740,534,000 | 142,869,000 | 30,868,000 | 34,014,000 | 34,607,000 | 24,526,000 | 26,132,000 | 26,037,000 | 27,742,000 | 28,866,000 | 29,456,000 | |||||
goodwill | 1,268,440,000 | 1,270,056,000 | 1,267,108,000 | 1,267,261,000 | 72,627,000 | 70,971,000 | 74,160,000 | 72,245,000 | 44,332,000 | 45,338,000 | 42,585,000 | 43,621,000 | 43,838,000 | 43,791,000 | |||||
other non-current assets | 4,816,000 | 5,336,000 | 6,877,000 | 6,159,000 | 2,990,000 | 3,340,000 | 6,347,000 | 6,779,000 | 5,298,000 | 4,907,000 | 4,675,000 | 4,776,000 | 5,265,000 | 5,880,000 | 5,105,000 | 5,589,000 | 5,748,000 | 5,670,000 | 5,672,000 |
total assets | 3,026,855,000 | 3,031,929,000 | 2,990,512,000 | 3,021,223,000 | 1,285,322,000 | 1,169,572,000 | 623,453,000 | 585,147,000 | 547,803,000 | 558,743,000 | 535,507,000 | 511,666,000 | 491,390,000 | 481,942,000 | 419,728,000 | 400,645,000 | 381,608,000 | 344,355,000 | 326,608,000 |
liabilities and stockholders' equity | |||||||||||||||||||
current liabilities: | |||||||||||||||||||
accounts payable | 1,630,000 | 4,096,000 | 3,316,000 | 6,141,000 | 2,042,000 | 2,934,000 | 4,238,000 | 2,962,000 | 2,719,000 | 3,062,000 | 2,853,000 | 2,843,000 | 2,656,000 | 3,092,000 | 1,714,000 | 891,000 | 967,000 | 1,416,000 | 1,472,000 |
accrued expenses and other current liabilities | 78,605,000 | 112,249,000 | 83,610,000 | 79,238,000 | 60,514,000 | 62,983,000 | 60,680,000 | 49,844,000 | 40,948,000 | 49,535,000 | 40,779,000 | 33,865,000 | 35,357,000 | 42,119,000 | 25,745,000 | 20,916,000 | 18,822,000 | 27,032,000 | 28,044,000 |
deferred revenue | 28,027,000 | 21,860,000 | 17,152,000 | 20,811,000 | 9,061,000 | ||||||||||||||
notes payable, current portion | 8,000,000 | 8,000,000 | 8,000,000 | 6,000,000 | 2,750,000 | 2,750,000 | 2,750,000 | 2,750,000 | 2,750,000 | 2,750,000 | 2,750,000 | 2,750,000 | 2,750,000 | 2,750,000 | 2,750,000 | 2,750,000 | 2,750,000 | 2,750,000 | 2,750,000 |
operating lease liability, current portion | 14,210,000 | 15,138,000 | 15,537,000 | 15,463,000 | 8,584,000 | 8,350,000 | 7,806,000 | 7,696,000 | 7,650,000 | 6,551,000 | 6,402,000 | 6,448,000 | 6,446,000 | 5,851,000 | 5,343,000 | 5,185,000 | 5,285,000 | ||
total current liabilities | 130,472,000 | 161,343,000 | 127,615,000 | 127,653,000 | 82,951,000 | 77,052,000 | 92,402,000 | 80,001,000 | 70,817,000 | 80,792,000 | 63,139,000 | 58,106,000 | 59,409,000 | 66,012,000 | 35,552,000 | 29,742,000 | 27,824,000 | 31,198,000 | 32,266,000 |
notes payable, less current maturities and unamortized debt issuance costs | 798,399,000 | 814,643,000 | 830,869,000 | 872,096,000 | 42,497,000 | 43,164,000 | 43,830,000 | 45,183,000 | 45,162,000 | 45,828,000 | 46,494,000 | 47,160,000 | 47,826,000 | 48,492,000 | 49,158,000 | 49,824,000 | 50,491,000 | 51,157,000 | 51,823,000 |
operating lease liability, less current portion | 40,228,000 | 22,555,000 | 28,448,000 | 31,311,000 | 15,719,000 | 17,655,000 | 19,121,000 | 21,306,000 | 21,129,000 | 16,948,000 | 17,678,000 | 19,535,000 | 21,111,000 | 19,505,000 | 17,411,000 | 17,789,000 | 19,400,000 | ||
other long-term liabilities | 3,194,000 | 2,296,000 | 2,029,000 | 2,193,000 | 1,548,000 | 1,470,000 | 2,581,000 | 3,486,000 | 4,180,000 | 5,518,000 | 8,561,000 | 9,139,000 | 9,579,000 | 9,547,000 | 1,644,000 | 965,000 | 129,000 | 132,000 | 132,000 |
total liabilities | 972,293,000 | 1,000,837,000 | 988,961,000 | 1,033,253,000 | 142,715,000 | 139,341,000 | 169,834,000 | 156,476,000 | 141,588,000 | 149,086,000 | 144,072,000 | 140,940,000 | 137,925,000 | 143,556,000 | 109,465,000 | 101,420,000 | 97,844,000 | 82,487,000 | 84,221,000 |
stockholders' equity | |||||||||||||||||||
class a common stock, par value 0.001 per share... | 297,000 | 291,000 | 288,000 | 288,000 | 226,000 | 213,000 | 172,000 | 160,000 | 146,000 | 128,000 | 89,000 | 88,000 | 77,000 | 61,000 | 59,000 | 58,000 | 55,000 | 48,000 | 47,000 |
class b common stock, par value 0.001 per share... | 1,000 | 2,000 | 5,000 | 5,000 | 1,000 | 1,000 | 1,000 | 1,000 | 2,000 | 3,000 | 5,000 | 11,000 | 11,000 | ||||||
class c common stock, par value 0.001 per share... | 13,000 | 13,000 | 27,000 | 27,000 | 27,000 | 33,000 | 39,000 | 39,000 | 43,000 | 47,000 | 47,000 | 47,000 | 47,000 | 47,000 | 47,000 | ||||
class d common stock, par value 0.001 per share... | 16,000 | 22,000 | 48,000 | 58,000 | 72,000 | 83,000 | 113,000 | 113,000 | 120,000 | 130,000 | 130,000 | 130,000 | 130,000 | 130,000 | 130,000 | ||||
additional paid-in-capital | 1,784,861,000 | 1,754,387,000 | 1,712,800,000 | 1,688,311,000 | 827,389,000 | 725,174,000 | 564,331,000 | 549,580,000 | 528,712,000 | 532,507,000 | 516,485,000 | 495,444,000 | 470,326,000 | 455,320,000 | 432,640,000 | 420,123,000 | 404,884,000 | 388,591,000 | 373,314,000 |
accumulated other comprehensive income | 2,777,000 | 7,089,000 | 7,448,000 | 8,286,000 | 1,978,000 | -1,113,000 | 4,626,000 | 832,000 | 1,314,000 | 2,909,000 | -500,000 | 1,469,000 | 1,742,000 | 609,000 | -34,000 | -40,000 | |||
retained earnings | 261,564,000 | 259,963,000 | 261,009,000 | 270,689,000 | 286,208,000 | 283,946,000 | |||||||||||||
total stockholders' equity attributable to clearwater analytics holdings, inc. | 2,049,500,000 | 2,021,732,000 | 1,981,550,000 | 1,967,579,000 | 1,115,830,000 | 1,008,255,000 | 403,247,000 | 380,607,000 | 360,668,000 | 354,329,000 | 325,628,000 | 308,030,000 | 289,021,000 | 269,521,000 | 246,350,000 | 236,151,000 | 221,681,000 | 182,275,000 | |
non-controlling interests | 5,062,000 | 9,360,000 | 20,001,000 | 20,391,000 | 26,777,000 | 21,976,000 | 50,372,000 | 48,064,000 | 45,547,000 | 55,328,000 | 65,807,000 | 62,696,000 | 64,444,000 | 68,865,000 | 63,913,000 | 63,074,000 | 62,083,000 | 65,001,000 | |
total stockholders' equity | 2,054,562,000 | 2,031,092,000 | 2,001,551,000 | 1,987,970,000 | 1,142,607,000 | 1,030,231,000 | 453,619,000 | 428,671,000 | 406,215,000 | 409,657,000 | 391,435,000 | 370,726,000 | 353,465,000 | 338,386,000 | 310,263,000 | 299,225,000 | 283,764,000 | ||
total liabilities and stockholders' equity | 3,026,855,000 | 3,031,929,000 | 2,990,512,000 | 3,021,223,000 | 1,285,322,000 | 1,169,572,000 | 623,453,000 | 585,147,000 | 547,803,000 | 558,743,000 | 535,507,000 | 511,666,000 | 491,390,000 | 481,942,000 | 419,728,000 | 400,645,000 | 381,608,000 | ||
short-term investments | 3,398,000 | 3,518,000 | 7,695,000 | 78,139,000 | 77,134,000 | 67,819,000 | 77,930,000 | 74,457,000 | 79,568,000 | 63,318,000 | 19,229,000 | 4,890,000 | 3,000,000 | 3,000,000 | |||||
long-term investments | 30,301,000 | 30,889,000 | 39,718,000 | 28,894,000 | 21,495,000 | 17,600,000 | 24,299,000 | 16,749,000 | |||||||||||
tax receivable agreement liability | 35,000 | 16,928,000 | 16,749,000 | 16,750,000 | 18,894,000 | 12,200,000 | 5,700,000 | 3,100,000 | |||||||||||
commitments and contingencies | |||||||||||||||||||
property and equipment | 14,747,000 | 14,797,000 | 15,279,000 | 15,158,000 | 15,035,000 | 15,349,000 | 14,804,000 | 15,431,000 | 15,297,000 | 15,064,000 | 13,534,000 | 12,613,000 | 11,854,000 | 10,738,000 | 9,989,000 | ||||
tax receivable agreement, less current portion | 11,900,000 | 6,500,000 | 300,000 | ||||||||||||||||
accumulated deficit | -165,957,000 | -170,050,000 | -169,603,000 | -181,331,000 | -190,599,000 | -189,124,000 | -183,288,000 | -186,647,000 | -184,648,000 | -183,198,000 | -183,180,000 | -191,926,000 | -191,234,000 | ||||||
tax receivable agreement liability, current portion | 10,355,000 | 12,200,000 | 12,200,000 | ||||||||||||||||
tax receivable agreement liability, less current portion | 8,200,000 | 7,000,000 | |||||||||||||||||
accumulated other comprehensive loss | -1,880,000 | -1,012,000 | -260,000 | ||||||||||||||||
liabilities and stockholders' equity/ members' deficit | |||||||||||||||||||
stockholders' equity/ members' deficit | |||||||||||||||||||
members' deficit | |||||||||||||||||||
total stockholders' equity/ members' deficit attributable to clearwater analytics holdings, inc. | 196,867,000 | ||||||||||||||||||
total stockholders' equity/ members' deficit | 261,868,000 | 242,387,000 | |||||||||||||||||
total liabilities and stockholders' equity/ members' deficit | 344,355,000 | 326,608,000 | |||||||||||||||||
noncontrolling interests | 60,112,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating activities | ||||||||||||||||||
net income | -2,796,000 | -12,525,000 | -10,514,000 | -24,151,000 | 6,936,000 | 420,305,000 | 4,769,000 | 275,000 | 2,236,000 | -11,876,000 | -5,417,000 | -2,230,000 | 528,000 | 134,000 | ||||
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||||
depreciation and amortization | 29,557,000 | 29,489,000 | 29,300,000 | 23,606,000 | 3,146,000 | 3,451,000 | 3,239,000 | 2,941,000 | 2,550,000 | 2,593,000 | 2,476,000 | 2,411,000 | 2,449,000 | 1,640,000 | 1,381,000 | 1,159,000 | 959,000 | 1,289,000 |
noncash operating lease cost | 4,123,000 | 4,383,000 | 5,281,000 | 4,643,000 | 2,375,000 | 2,321,000 | 2,355,000 | 2,313,000 | 2,232,000 | 1,952,000 | 1,898,000 | 1,917,000 | 1,852,000 | 724,000 | 1,892,000 | |||
equity-based compensation | 28,575,000 | 33,166,000 | 33,470,000 | 37,548,000 | 23,712,000 | 28,142,000 | 25,976,000 | 24,858,000 | 24,225,000 | 22,321,000 | 30,356,000 | 28,570,000 | 23,200,000 | 16,923,000 | 16,701,000 | 16,191,000 | 15,876,000 | 17,456,000 |
amortization of deferred contract acquisition costs | 3,121,000 | 4,362,000 | 4,022,000 | 1,753,000 | 1,350,000 | 1,692,000 | 1,160,000 | 1,196,000 | 1,217,000 | 1,200,000 | 1,212,000 | 1,150,000 | 1,201,000 | 1,106,000 | 1,154,000 | 1,102,000 | 965,000 | 981,000 |
amortization of debt issuance costs, included in interest expense | 954,000 | 977,000 | 977,000 | 747,000 | 69,000 | 71,000 | 69,000 | 71,000 | 69,000 | 70,000 | 71,000 | 69,000 | 70,000 | 69,000 | 72,000 | 69,000 | 69,000 | 71,000 |
provision for bad debt | 216,000 | |||||||||||||||||
deferred tax expense | -2,000,000 | -36,000 | 24,000 | |||||||||||||||
accretion of discount on investments | 0 | 0 | 0 | -284,000 | -453,000 | -555,000 | -603,000 | -574,000 | -573,000 | -505,000 | ||||||||
realized gain on investments | -112,000 | 0 | 0 | -2,000 | -87,000 | |||||||||||||
gain on disposal of fixed assets | -80,000 | |||||||||||||||||
changes in operating assets and liabilities, net of acquisitions: | ||||||||||||||||||
accounts receivable | -2,498,000 | -16,722,000 | -4,771,000 | 15,641,000 | -5,296,000 | -5,773,000 | -3,157,000 | -42,000 | -4,676,000 | -434,000 | -8,966,000 | -3,759,000 | -6,139,000 | -4,047,000 | -9,648,000 | -2,414,000 | -2,989,000 | -1,191,000 |
prepaid expenses and other assets | -4,078,000 | -2,539,000 | 2,802,000 | -8,846,000 | -2,576,000 | 3,066,000 | 3,654,000 | 3,105,000 | -4,198,000 | -3,068,000 | 4,759,000 | 1,046,000 | -1,586,000 | -6,574,000 | 1,563,000 | 1,168,000 | -1,113,000 | -4,419,000 |
deferred contract acquisition costs | -3,006,000 | -8,325,000 | -5,355,000 | -3,363,000 | 7,000 | -2,826,000 | -1,645,000 | -1,024,000 | -747,000 | -2,405,000 | ||||||||
accounts payable | -2,458,000 | 624,000 | -2,815,000 | 1,768,000 | -918,000 | -1,317,000 | 1,251,000 | 326,000 | 9,000 | -224,000 | 9,000 | 395,000 | -295,000 | 1,369,000 | 661,000 | -76,000 | -345,000 | 167,000 |
accrued expenses and other liabilities | -32,824,000 | 28,599,000 | -1,101,000 | 75,000 | -5,124,000 | 7,864,000 | 7,946,000 | 5,261,000 | -9,444,000 | 7,375,000 | 5,033,000 | -4,513,000 | -6,691,000 | 5,916,000 | 2,457,000 | 657,000 | -7,787,000 | 2,989,000 |
tax receivable agreement liability | 0 | 0 | 0 | -35,000 | -28,793,000 | 5,579,000 | 6,195,000 | -1,840,000 | ||||||||||
other long-term liabilities | 869,000 | 1,554,000 | -73,000 | |||||||||||||||
net cash from operating activities | 17,675,000 | 55,331,000 | 48,984,000 | 47,081,000 | 24,500,000 | -29,199,000 | 49,557,000 | 43,926,000 | 10,037,000 | 24,097,000 | 31,433,000 | 21,137,000 | 7,935,000 | 18,158,000 | 14,680,000 | 18,251,000 | 6,916,000 | 12,417,000 |
capital expenditures | -6,238,000 | -3,042,000 | -4,067,000 | 0 | -1,404,000 | -809,000 | -1,520,000 | -1,537,000 | -1,355,000 | -1,129,000 | -769,000 | -1,576,000 | -1,508,000 | -1,690,000 | -1,912,000 | -1,741,000 | -1,529,000 | |
free cash flows | 11,437,000 | 52,289,000 | 44,917,000 | 47,081,000 | 23,096,000 | -30,008,000 | 48,037,000 | 42,389,000 | 8,682,000 | 22,968,000 | 30,664,000 | 19,561,000 | 6,427,000 | 16,468,000 | 12,768,000 | 16,510,000 | 10,888,000 | |
investing activities | ||||||||||||||||||
purchases of property, equipment and software | -6,440,000 | -3,042,000 | -4,057,000 | |||||||||||||||
purchase of held to maturity investments | 0 | 0 | 0 | -4,686,000 | 0 | 0 | ||||||||||||
proceeds from sale of available-for-sale investments | 0 | 0 | 0 | 89,479,000 | 0 | 0 | 3,960,000 | 1,990,000 | ||||||||||
proceeds from maturities of investments | 3,341,000 | 0 | 4,175,000 | 16,200,000 | 20,550,000 | 27,025,000 | 38,306,000 | 21,536,000 | 18,284,000 | 10,275,000 | 2,000,000 | 1,242,000 | ||||||
net cash from investing activities | -6,440,000 | 328,000 | -4,112,000 | -1,083,868,000 | 99,525,000 | -876,000 | -1,043,000 | -41,929,000 | -11,800,000 | 558,000 | -9,828,000 | -53,139,000 | -32,646,000 | -67,671,000 | -1,912,000 | -4,741,000 | -2,227,000 | -1,526,000 |
financing activities | ||||||||||||||||||
taxes paid related to net share settlement of equity awards | -2,248,000 | -1,517,000 | -2,893,000 | -4,937,000 | -24,402,000 | -12,638,000 | -9,582,000 | -4,307,000 | -28,774,000 | -5,897,000 | -6,440,000 | -1,172,000 | -7,275,000 | |||||
repayments of borrowings | -17,000,000 | -17,000,000 | -40,000,000 | -96,375,000 | -688,000 | -688,000 | -1,374,000 | -1,000 | -687,000 | -687,000 | -688,000 | -687,000 | -687,000 | -687,000 | -688,000 | -688,000 | -687,000 | -688,000 |
payment of debt issuance costs | -2,159,000 | 0 | ||||||||||||||||
net cash from financing activities | -19,248,000 | -24,748,000 | -51,396,000 | 828,806,000 | -27,249,000 | -19,143,000 | -10,872,000 | -1,508,000 | -30,145,000 | -9,367,000 | -5,877,000 | 1,222,000 | -5,269,000 | 10,760,000 | -1,727,000 | 2,484,000 | 4,712,000 | -1,398,000 |
effect of exchange rate changes on cash and cash equivalents | -1,725,000 | -416,000 | -1,130,000 | 1,226,000 | 1,033,000 | -2,126,000 | 957,000 | -38,000 | -213,000 | 812,000 | -279,000 | 151,000 | 101,000 | 954,000 | -1,164,000 | -1,022,000 | -324,000 | 10,000 |
change in cash and cash equivalents during the period | -9,738,000 | 30,495,000 | -7,654,000 | -206,755,000 | 97,809,000 | -51,344,000 | 38,599,000 | 451,000 | -32,121,000 | 16,100,000 | 15,449,000 | -30,629,000 | -29,879,000 | |||||
cash and cash equivalents, beginning of period | 91,245,000 | 0 | 0 | 0 | 177,350,000 | 0 | 0 | 0 | 221,765,000 | 0 | 0 | 0 | 250,724,000 | 0 | 0 | 0 | 254,597,000 | 0 |
cash and cash equivalents, end of period | 81,507,000 | 30,495,000 | -7,654,000 | -206,755,000 | 275,159,000 | -51,344,000 | 38,599,000 | 451,000 | 189,644,000 | 16,100,000 | 15,449,000 | -30,629,000 | 220,845,000 | -37,799,000 | 9,877,000 | 14,972,000 | 263,674,000 | 9,503,000 |
supplemental disclosure of cash flow information | ||||||||||||||||||
cash paid for interest | 21,708,000 | 14,250,000 | 15,137,000 | 473,000 | 1,282,000 | 837,000 | 865,000 | 851,000 | 911,000 | 924,000 | 310,000 | 870,000 | 1,350,000 | 629,000 | 151,000 | 347,000 | 268,000 | 266,000 |
cash paid for income taxes | 1,154,000 | 2,320,000 | 310,000 | 273,000 | 583,000 | 800,000 | 589,000 | 145,000 | 445,000 | 948,000 | 416,000 | 759,000 | 309,000 | 619,000 | 939,000 | 116,000 | 370,000 | 735,000 |
non-cash investing and financing activities | ||||||||||||||||||
purchase of property, equipment and software included in accounts payable and accrued expense | 202,000 | -10,000 | ||||||||||||||||
tax distributions payable to continuing equity owners included in accrued expenses | 1,000 | -11,000 | -16,000 | 29,000 | -3,866,000 | 680,000 | 776,000 | 2,433,000 | -893,000 | -156,000 | 1,160,000 | 2,834,000 | ||||||
acquisition of intangible assets paid in common stock | 102,729,000 | |||||||||||||||||
acquisition holdback liability included in accrued expenses and other liabilities | 10,000,000 | |||||||||||||||||
debt extinguishment costs | 0 | |||||||||||||||||
deferred tax benefit | -9,877,000 | -2,239,000 | -1,741,000 | 1,250,000 | -456,956,000 | -1,084,000 | -970,000 | -1,022,000 | -1,141,000 | -314,000 | -213,000 | -106,000 | ||||||
changes in operating assets and liabilities, excluding the impact of business acquisitions: | ||||||||||||||||||
purchases of intangible assets | -10,000,000 | -55,000 | ||||||||||||||||
purchase of available-for-sale investments | ||||||||||||||||||
acquisition of business, net of cash acquired | 0 | 0 | ||||||||||||||||
payment of initial direct costs for operating lease | ||||||||||||||||||
proceeds from exercise of options | 0 | 0 | 38,000 | 101,000 | 5,000 | 104,000 | 273,000 | 1,286,000 | 486,000 | 2,693,000 | 10,358,000 | 1,542,000 | 771,000 | 5,613,000 | 2,571,000 | |||
repurchase of common stock | -9,551,000 | |||||||||||||||||
proceeds from borrowings, net of payment of debt issuance costs | 0 | 0 | ||||||||||||||||
proceeds from employee stock purchase plan | 3,320,000 | 0 | 1,898,000 | 0 | 1,993,000 | 0 | 1,814,000 | 0 | ||||||||||
payment of tax distributions | -3,848,000 | -8,000 | -2,149,000 | |||||||||||||||
payment of business acquisition holdback liability | -3,905,000 | 0 | 0 | -780,000 | ||||||||||||||
purchase of property and equipment included in accounts payable and accrued expense | 64,000 | 13,000 | -30,000 | -28,000 | 83,000 | 433,000 | 209,000 | 188,000 | -3,000 | |||||||||
acquisition of bistro intangible assets paid in common stock | 0 | 0 | ||||||||||||||||
debt extinguishment cost | 0 | |||||||||||||||||
realized loss on investments | 0 | 0 | ||||||||||||||||
purchases of available-for-sale investments | -26,578,000 | -35,492,000 | -31,898,000 | -19,334,000 | -57,523,000 | -34,161,000 | ||||||||||||
acquisition of businesses, net of cash acquired | 0 | |||||||||||||||||
payment of asset acquisition holdback liability | 0 | |||||||||||||||||
payment of initial direct costs for operating leases | 0 | 0 | ||||||||||||||||
repurchase of common stock included in accrued expenses and other liabilities | ||||||||||||||||||
business acquisition liability included in accrued expenses and other liabilities | -3,060,000 | |||||||||||||||||
changes in operating assets and liabilities: | ||||||||||||||||||
purchases of property and equipment | -1,468,000 | -822,000 | -1,490,000 | -1,509,000 | -1,438,000 | -1,562,000 | -769,000 | -1,576,000 | -1,717,000 | -1,878,000 | -1,912,000 | -1,741,000 | -2,227,000 | -1,526,000 | ||||
payment of acquisition holdback liability | ||||||||||||||||||
release of tax distributions payable to continuing equity owners accrued in prior year | -23,000 | -512,000 | ||||||||||||||||
loss on fixed assets disposal | ||||||||||||||||||
payment of costs associated with offering | -214,000 | -3,281,000 | ||||||||||||||||
business acquisition holdback liability included in accrued expense and other long-term liabilities | ||||||||||||||||||
tax distributions | ||||||||||||||||||
net loss | -3,447,000 | -1,967,000 | ||||||||||||||||
adjustments to reconcile net loss to net cash from operating activities: | ||||||||||||||||||
proceeds from issuance of common unit options | 0 | |||||||||||||||||
repurchase of common units | 0 | |||||||||||||||||
payments of costs associated with early repayment of debt | 0 | |||||||||||||||||
proceeds from borrowings | 0 | |||||||||||||||||
proceeds from initial public offering, net of underwriting discounts | 0 | |||||||||||||||||
direct costs incurred with the offering included in accrued expense | ||||||||||||||||||
tax liability related to organizational transaction included in accrued expenses | ||||||||||||||||||
change in tax receivable liability | -878,000 | |||||||||||||||||
payment of costs associated with the ipo | 0 | |||||||||||||||||
deferred commissions | -701,000 | -586,000 | -2,252,000 | -1,478,000 | -1,304,000 | -811,000 | -2,239,000 | |||||||||||
accrued sales tax liability | -2,301,000 | |||||||||||||||||
purchase of short-term investments | 0 | 0 | ||||||||||||||||
contributions from selling unitholders | ||||||||||||||||||
minimum tax withholding paid on behalf of employees for net share/ unit settlement | ||||||||||||||||||
dividend distributed to unitholders | ||||||||||||||||||
distributions to unitholders for taxes | ||||||||||||||||||
payment of tax distributions to continuing equity owners | ||||||||||||||||||
change in tax receivable agreement liability | ||||||||||||||||||
proceeds from issuance of common units | ||||||||||||||||||
minimum tax withholding paid on behalf of employees for net share/unit settlement | ||||||||||||||||||
net increase in cash and cash equivalents during the period | 9,503,000 | |||||||||||||||||
direct costs incurred with the ipo included in other assets and accrued expenses | ||||||||||||||||||
tax distributions to unitholders included in accrued expense | 670,000 | |||||||||||||||||
minimum tax withholding paid on behalf of employees for net unit settlement | 0 | |||||||||||||||||
net change in cash and cash equivalents during the period | 14,972,000 | 9,077,000 | ||||||||||||||||
operating lease expense | 1,540,000 | |||||||||||||||||
tax distributions included in accrued expenses | 11,000 | |||||||||||||||||
deferred revenue | 159,000 | |||||||||||||||||
accrued interest on debt | -4,000 | |||||||||||||||||
accrued legal matters | ||||||||||||||||||
direct costs incurred with the offering included in accrued expenses | ||||||||||||||||||
direct costs incurred with the offering included in accounts payable and accrued expense |