Q4 2022 Revenue of $82.7 million, up 19%
year-over-year
Full Year 2022 Revenue of $303.4 million, up 20%
year-over-year
Q4 2022 EBITDA margin of 29.4%; Q4 2022
Free Cash Flows of $16.6
million
Q4 2022 Gross Revenue Retention Rate of
98%; Net Revenue Retention Rate of 106%
BOISE,
Idaho, Feb. 21, 2023 /PRNewswire/ -- Clearwater
Analytics Holdings, Inc. (NYSE: CWAN) ("Clearwater Analytics" or
the "Company"), a leading provider of SaaS-based investment
accounting, reporting, and analytics solutions, today announced its
financial results for the quarter and year ended December 31, 2022.
|
|
Fourth Quarter
2022
|
|
Full Year
2022
|
Revenue
|
|
$82.7
million
|
|
$303.4
million
|
Year-over-Year Revenue
Growth %
|
|
18.5 %
|
|
20.4 %
|
Annualized Recurring
Revenue (ARR)1
|
|
|
|
$323.5
million
|
Year-over-Year ARR
Growth %
|
|
|
|
16.4 %
|
Net Loss
|
|
$(2.0)
million
|
|
$(6.7)
million
|
Net Loss Margin
%
|
|
(2.4) %
|
|
(2.2) %
|
Adjusted
EBITDA
|
|
$24.3
million
|
|
$81.1
million
|
Adjusted EBITDA Margin
%
|
|
29.4 %
|
|
26.7 %
|
1ARR is a
point in time metric, therefore fourth quarter 2022 and full year
2022 results are the same.
|
|
"I am proud to report that 2022 was our strongest year on
record. We welcomed marquee clients across the globe, displaced
legacy vendors, drove R&D and technology innovation, and
empowered our clients to gain tremendous efficiency. While the
world continues to face a challenging macroeconomic environment
with both high interest rates and high inflation, we balanced
growth and profitability while generating strong cash flow," said
Sandeep Sahai, Chief Executive
Officer. "The leadership team, and frankly the entire company,
demonstrated resiliency with agile and deliberate adjustments to
our business model. This promises to help us maintain our momentum,
grow our leadership position, and further underscores what
differentiates Clearwater."
Fourth Quarter 2022 Financial Results Summary
- Revenue: Total revenue for the fourth quarter of 2022
reached $82.7 million, an increase of
18.5%, from $69.8 million in the
fourth quarter of 2021. Results for the fourth quarter of and
fiscal year 2022 include the results of the JUMP Technology
acquisition from December 1,
2022.
- Gross Profit: Gross profit for the fourth quarter of
2022 was $59.7 million, compared with
$49.6 million in the fourth quarter
of 2021. Non-GAAP gross profit for the fourth quarter of 2022 was
$62.6 million, which equates to a
75.7% non-GAAP gross margin.
- Net Income/(Loss): Net loss for the fourth quarter of
2022 was $2.0 million compared with
net income of $0.1 million in the
fourth quarter of 2021. In the fourth quarter of 2022, the Company
recorded a $5.9 million expense
related to its Tax Receivable Agreement and $0.4 million in transaction expenses related to
the JUMP Technology acquisition. Non-GAAP net income for the fourth
quarter of 2022 increased by 23.3% to $17.2
million from $14.0 million in
the fourth quarter of 2021.
- Adjusted EBITDA: Adjusted EBITDA for the fourth quarter
of 2022 was $24.3 million, compared
with $20.1 million in the fourth
quarter of 2021. Adjusted EBITDA margin for the fourth quarter of
2022 was 29.4%.
- Cash Flows: Operating cash flows for the fourth quarter
were $18.5 million. Free cash flows
for the fourth quarter were $16.6
million, compared with $10.9
million in the fourth quarter of 2021. Free cash flows
reflected a 68% conversion of Adjusted EBITDA to free cash
flow.
- Net Loss Per Share and Non-GAAP Net Income Per Share
attributable to Clearwater Analytics Holdings, Inc.: Net loss
per basic and diluted share was $0.02
in the fourth quarter of 2022. Non-GAAP net income per basic share
was $0.09, and non-GAAP net income
per diluted share was $0.07 in the
fourth quarter of 2022.
- Cash, cash equivalents and short-term investments were
$255.6 million as of December 31, 2022, compared to $254.6 million as of December 31, 2021.
Fourth Quarter and Full Year 2022 Key Metrics
Summary
- Annualized Recurring Revenue: As of December 31, 2022, annualized recurring revenue
("ARR") reached $323.5 million and
includes $6.4 million of JUMP
Technology's ARR, an increase of 16.4% from $277.8 million as of December 31, 2021.
ARR is calculated at the end of a period by dividing the recurring
revenue in the last month of such period by the number of days in
the month and multiplying by 365.
- Gross Revenue Retention Rate: As of December 31, 2022, the gross revenue retention
rate was 98%. The Company has reported a gross revenue retention
rate of approximately 98% for sixteen consecutive quarters.
Gross revenue retention rate represents annual contract value
("ACV") at the beginning of the 12-month period ended on the
reporting date less client attrition over the prior 12-month
period, divided by ACV at the beginning of the 12-month period,
expressed as a percentage. ACV is comprised of annualized recurring
revenue plus contracted-not-billed revenue, which represents the
estimated annual contracted revenue for new and existing client
opportunities prior to revenue recognition.
- Net Revenue Retention Rate: As of December 31, 2022, the net revenue retention rate
was 106%, an increase from 103% as of September 30, 2022. The new pricing construct
continues to bear fruit and reduces volatility in ARR.
Net revenue retention rate is the percentage of recurring revenue
from clients on the platform for 12 months and includes changes
from the addition, removal, or value of assets on our platform,
contractual changes that have an impact to annualized recurring
revenues and lost revenue from client attrition.
- Clients: As of December 31,
2022, the Company, including JUMP Technology, had 1,262
clients, and 67 clients that contributed at least $1.0 million in ARR.
- Assets Under Management (AUM): As of December 31, 2022, the platform processes and
reports on $6.4 trillion assets
daily, compared to $5.9 trillion
assets daily as of December 31,
2021.
Recent Business Highlights
- In the last one hundred days of 2022, two more of the top
twenty insurers by AUM in the U.S. chose to move off legacy
platforms and migrate to the Clearwater platform.
- Clearwater Analytics announced that it completed the
acquisition of Paris, France-based
JUMP Technology. In the fourth quarter of 2022, JUMP Technology
contributed $2.7 million in revenue.
The transaction expands Clearwater Analytics' total addressable
market in investment management with a complete end-to-end
lifecycle solution. With the addition of JUMP Technology,
Clearwater Analytics further positions itself to become an
industry-leading provider of innovative, modularized solutions to
investment management companies globally. Luxembourg-based insurance provider Cardif Lux
Vie selected the Clearwater JUMP solution to meet its asset
management, investment accounting, and reporting needs. Cardif Lux
Vie cited JUMP Technology now integrated into the Clearwater group for its best-of-breed
solutions and dedicated client services team that will enable the
insurer to reduce operational risk, comply with regulatory
requirements, and achieve greater operational efficiencies.
- In 2022, Clearwater Analytics focused on building out its
multi-product offering by introducing Clearwater Prism and
Clearwater LPx. Clearwater Prism and Clearwater LPx have gained
traction in the market, solving some of our clients' most complex
investment reporting needs.
-
- Clearwater LPx is an investment data platform dedicated to
streamlining the accounting process for limited partnerships.
Clearwater clients leverage the
automated solution to enable significant efficiency gains and solve
the operational challenges associated with data aggregation,
reconciliation, commitment tracking, document storage, accounting,
and reporting. Clients are using Clearwater LPx to gain a full
picture of all of their limited partnerships and to automate their
NAIC reporting.
- Clearwater Prism is a reporting engine that combines
information from multiple data sources, including those outside of
the core Clearwater platform. In
2022, existing client J.P. Morgan Asset Management expanded its
relationship with Clearwater Analytics to implement a regulatory
reporting solution. The Clearwater
platform with Clearwater Prism aggregates data and performs a
series of calculations and data validations that generate templated
reports for J.P. Morgan Asset Management to comply with a daily
regulatory reporting obligation. At Clearwater Connect 2022, J.P.
Morgan Asset Management was the recipient of the Partnered for
Success award for driving breakthrough efficiencies in investment
accounting with Clearwater Analytics.
- To further expand Clearwater's
footprint within existing clients, Clearwater Analytics continued
strong growth momentum across new markets and geographies. In the
fourth quarter, we added marquee clients such as Adventist Health
System, Avallis Investments, Bimini Advisors, Homestead Advisers
Corp., Meeder Investment Management, MSIG Insurance (Thailand) Public Company Limited, Payden &
Rygel, PT Asuransi MSIG Indonesia, Robinson Capital Management, and
WestCap Management. Singapore-based fund manager Avallis
Investments selected Clearwater Analytics to power its investment
data management, portfolio analytics, and investment reporting
operations in order to drive higher growth across its business. By
eliminating the need to manually aggregate, reconcile, and validate
data from different sources and systems, Avallis Investments will
benefit from having "a single pane of glass" to holistically view
their entire investment portfolio and easily respond to unique
reporting challenges.
- In the fourth quarter of 2022, Clearwater Analytics won
numerous industry awards, including:
-
- RiskTech Buyside 50 award in the Investment Lifecycle in the
Insurance/Pensions Fund category
- WatersTechnology 2022 Buy-Side Technology award for the best
buy-side client reporting platform for 2022
- Award for Excellence 2022 from InsuranceAsia News as the
Technology Provider of the Year
- European Insurance Technology award from InsurancePost as the
Best Reg Tech Solution
- Technology Firm of the Year from Insurance Asset
Management
First Quarter and Full Year 2023 Guidance
|
|
First Quarter
2023
|
|
Full Year
2023
|
Revenue
|
|
$83 million
|
|
$361 million to $364
million
|
Year-over-Year Growth
%
|
|
~17%
|
|
~19% to 20%
|
Adjusted
EBITDA
|
|
$20 million
|
|
$97 million to $98
million
|
Equity-based
compensation
|
|
|
|
~$80 million
|
Equity-based
compensation for JUMP Technology post-acquisition
|
|
|
|
~$25 million
|
Depreciation and
Amortization
|
|
|
|
~$9 million
|
Non-GAAP effective tax
rate
|
|
|
|
25 %
|
Diluted non-GAAP share
count
|
|
|
|
~255 million
|
|
|
|
|
|
Certain components of the guidance given above are provided on a
non-GAAP basis only without providing a reconciliation to guidance
provided on a GAAP basis. Information is presented in this manner,
consistent with Securities and Exchange Commission (the "SEC")
rules, because the preparation of such a reconciliation could not
be accomplished without "unreasonable efforts." The Company does
not have access to certain information that would be necessary to
provide such a reconciliation, including non-recurring items that
are not indicative of the Company's ongoing operations. The Company
does not believe that this information is likely to be significant
to an assessment of the Company's ongoing operations.
Conference Call Details
Clearwater Analytics will hold a conference call and webcast on
February 21, 2023, at 5:00 p.m. Eastern time to discuss fourth quarter
and full year 2022 financial results, provide a general business
update, and respond to analyst questions.
A live webcast of the call will also be available on the
Company's investor relations website. Please visit
investors.clearwateranalytics.com at least fifteen minutes
prior to the start of the event to register, download and install
any necessary audio software.
If you are unable to participate live, a replay of the webcast
will be available following the conference call on the Company's
investor relations website, along with the earnings press release,
and related financial tables.
About Clearwater Analytics 
Clearwater Analytics (NYSE: CWAN), a global, industry-leading
SaaS solution, automates the entire investment lifecycle. With a
single instance, multi-tenant architecture, Clearwater offers award-winning investment
portfolio planning, performance reporting, data aggregation,
reconciliation, accounting, compliance, risk, and order management.
Each day, leading insurers, asset managers, corporations, and
governments use Clearwater's
trusted data to drive efficient, scalable investing on more than
$6.4 trillion in assets spanning
traditional and alternative asset types. Additional information
about Clearwater can be found at
clearwateranalytics.com.
Use of non-GAAP Information
This press release contains certain non-GAAP measures, including
non-GAAP gross profit, non-GAAP gross margin, adjusted EBITDA,
adjusted EBITDA margin, non-GAAP net income, non-GAAP net income
per diluted share and free cash flow.
The non-GAAP measures are not based on any standardized
methodology prescribed by GAAP and are not necessarily comparable
to similar measures presented by other companies. However, the
Company believes that this non-GAAP information is useful as an
additional means for investors to evaluate its operating
performance, when reviewed in conjunction with its GAAP financial
statements. These measures should not be considered in isolation or
as a substitute for measures prepared in accordance with GAAP, and
because these amounts are not determined in accordance with GAAP,
they should not be used exclusively in evaluating the Company's
business and operations. In addition, undue reliance should not be
placed upon non-GAAP or operating information because this
information is neither standardized across companies nor subjected
to the same control activities and audit procedures that produce
the Company's GAAP financial results.
The Company's non-GAAP statement of operations measures,
including non-GAAP gross profit, non-GAAP gross margin, adjusted
EBITDA, adjusted EBITDA margin, non-GAAP net income, non-GAAP net
income per diluted share and free cash flow, are adjusted to
exclude the impact of certain costs, expenses, gains and losses and
other specified items that management believes are not indicative
of its ongoing operations. These adjusted measures exclude the
impact of share-based compensation and eliminate potential
differences in results of operations between periods caused by
factors such as financing and capital structures, taxation
positions or regimes, restructuring, impairment and other
charges. Please refer to the reconciliations of these
measures below to what the Company believes are the most directly
comparable measures evaluated in accordance with GAAP.
Use of Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
based on management's beliefs and assumptions and on information
currently available to management. Forward-looking statements
include information concerning the Company's possible or assumed
future results of operations, business strategies, technology
developments, financing and investment plans, dividend policy,
competitive position, industry, economic and regulatory
environment, potential growth opportunities and the effects of
competition. Forward-looking statements include statements that are
not historical facts and can be identified by terms such as
"anticipate," "believe," "could," "estimate," "expect," "intend,"
"may," "plan," "potential," "predict," "project," "seek," "should,"
"will," "would" or similar expressions and the negatives of those
terms, but are not the exclusive means of identifying such
statements.
Forward-looking statements involve known and unknown risks,
uncertainties, and other factors, many of which are beyond
Clearwater Analytics' control, that may cause the Company's actual
results, performance, or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. These risks and
uncertainties may cause actual results to differ materially from
Clearwater Analytics' current expectations and include, but are not
limited to, the Company's ability to keep pace with rapid
technological change and competitors in its industry, the
possibility that market volatility, a downturn in economic
conditions or other factors may cause negative trends or
fluctuations in the value of the assets on the Company's platform,
the Company's ability to manage growth, the Company's ability to
attract and retain skilled employees, the possibility that the
Company's solutions fail to perform properly, disruptions and
failures in the Company's and third parties' computer equipment,
cloud-based services, electronic delivery systems, networks and
telecommunications systems and infrastructure, the failure to
protect the Company, its customers' and/or its vendors'
confidential information and/or intellectual property, claims of
infringement of others' intellectual property, risk factors related
to the Company's acquisition of JUMP Technology, including the
Company's ability to (i) successfully integrate the operations and
technology of JUMP Technology with those of the Company, (ii)
retain and incentivize the management of JUMP Technology, and (iii)
retain the clients of JUMP technology, factors related to the
Company's ownership structure and status as a "controlled company"
as well as other risks and uncertainties detailed in Clearwater
Analytics' periodic public filings with the SEC, including but not
limited to those discussed under "Risk Factors" in the Company's
Annual Report on Form 10-K for the year ended December 31, 2021 filed on March 16, 2022, those discussed under "Risk
Factors" in the Company's Annual Report on Form 10-K for the year
ended December 31, 2022 that will be
filed following this earnings release, and in other periodic
reports filed by Clearwater Analytics with the SEC. These filings
are available at www.sec.gov and on Clearwater Analytics'
website.
Given these uncertainties, you should not place undue reliance
on forward-looking statements. Also, forward-looking statements
represent management's beliefs and assumptions only as of the date
of this press release and should not be relied upon as representing
Clearwater Analytics' expectations or beliefs as of any date
subsequent to the time they are made. Clearwater Analytics
does not undertake to and specifically declines any obligation to
update any forward-looking statements that may be made from time to
time by or on behalf of Clearwater Analytics.
Clearwater Analytics
Holdings, Inc.
|
Consolidated Balance
Sheets
|
(In thousands,
except share amounts and per share amounts,
unaudited)
|
|
|
|
December
31
|
|
|
|
2022
|
|
|
2021
|
|
Assets
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
250,724
|
|
|
$
|
254,597
|
|
Short-term
investments
|
|
|
4,890
|
|
|
|
—
|
|
Accounts receivable,
net
|
|
|
72,972
|
|
|
|
50,190
|
|
Prepaid expenses and
other current assets
|
|
|
28,679
|
|
|
|
16,551
|
|
Total current
assets
|
|
|
357,265
|
|
|
|
321,338
|
|
Property and equipment,
net
|
|
|
15,064
|
|
|
|
10,738
|
|
Operating lease
right-of-use assets, net
|
|
|
24,114
|
|
|
|
—
|
|
Deferred contract
costs, non-current
|
|
|
6,563
|
|
|
|
5,687
|
|
Debt issuance costs -
line of credit
|
|
|
728
|
|
|
|
922
|
|
Other non-current
assets
|
|
|
6,855
|
|
|
|
5,670
|
|
Intangible assets,
net
|
|
|
29,456
|
|
|
|
—
|
|
Goodwill
|
|
|
43,791
|
|
|
|
—
|
|
Total assets
|
|
$
|
483,836
|
|
|
$
|
344,355
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
3,092
|
|
|
$
|
1,416
|
|
Accrued expenses and
other current liabilities
|
|
|
43,036
|
|
|
|
27,032
|
|
Notes payable, current
portion
|
|
|
2,750
|
|
|
|
2,750
|
|
Operating lease
liability, current portion
|
|
|
5,851
|
|
|
|
—
|
|
Tax receivable
agreement liability
|
|
|
12,200
|
|
|
|
—
|
|
Total current
liabilities
|
|
|
66,929
|
|
|
|
31,198
|
|
Notes payable, less
current maturities and unamortized debt issuance costs
|
|
|
48,492
|
|
|
|
51,157
|
|
Operating lease
liability, less current portion
|
|
|
19,505
|
|
|
|
—
|
|
Other long-term
liabilities
|
|
|
10,524
|
|
|
|
132
|
|
Total
liabilities
|
|
|
145,450
|
|
|
|
82,487
|
|
Stockholders'
Equity
|
|
|
|
|
|
|
Class A common stock,
par value $0.001 per share; 1,500,000,000 shares authorized,
61,148,890 shares issued and outstanding as of December 31, 2022,
47,948,888 shares issued and outstanding as of December 31,
2021
|
|
|
61
|
|
|
|
48
|
|
Class B common stock,
par value $0.001 per share; 500,000,000 shares authorized,
1,439,251 shares issued and outstanding as of December 31, 2022,
11,151,110 shares issued and outstanding as of December 31,
2021
|
|
|
1
|
|
|
|
11
|
|
Class C common stock,
par value $0.001 per share; 500,000,000 shares authorized,
47,377,587 shares issued and outstanding as of December 31, 2022
and December 31, 2021
|
|
|
47
|
|
|
|
47
|
|
Class D common stock,
par value $0.001 per share; 500,000,000 shares authorized,
130,083,755 shares issued and outstanding as of December 31, 2022
and December 31, 2021
|
|
|
130
|
|
|
|
130
|
|
Additional
paid-in-capital
|
|
|
455,320
|
|
|
|
388,591
|
|
Accumulated other
comprehensive loss (loss)
|
|
|
609
|
|
|
|
(34)
|
|
Accumulated
Deficit
|
|
|
(186,647)
|
|
|
|
(191,926)
|
|
Total stockholders'
equity attributable to Clearwater Analytics Holdings,
Inc.
|
|
|
269,521
|
|
|
|
196,867
|
|
Non-controlling
interests
|
|
|
68,865
|
|
|
|
65,001
|
|
Total stockholders'
equity
|
|
|
338,386
|
|
|
|
261,868
|
|
Total liabilities and
Stockholders' Equity
|
|
$
|
483,836
|
|
|
$
|
344,355
|
|
Clearwater Analytics
Holdings, Inc.
|
Consolidated
Statements of Operations
|
(In thousands,
except share amounts and per share amounts,
unaudited)
|
|
|
|
Three Months
Ended
December 31,
|
|
|
Year Ended
December 31,
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
Revenue
|
|
$
|
82,687
|
|
|
$
|
69,762
|
|
|
$
|
303,426
|
|
|
$
|
252,022
|
|
Cost of
revenue(2)
|
|
|
22,973
|
|
|
|
20,180
|
|
|
|
87,784
|
|
|
|
67,864
|
|
Gross profit
|
|
|
59,714
|
|
|
|
49,582
|
|
|
|
215,642
|
|
|
|
184,158
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development(2)
|
|
|
24,553
|
|
|
|
21,699
|
|
|
|
94,120
|
|
|
|
72,690
|
|
Sales and
marketing(2)
|
|
|
14,383
|
|
|
|
12,914
|
|
|
|
52,638
|
|
|
|
39,065
|
|
General and
administrative(2)
|
|
|
16,903
|
|
|
|
14,316
|
|
|
|
63,767
|
|
|
|
43,942
|
|
Total operating
expenses
|
|
|
55,839
|
|
|
|
48,929
|
|
|
|
210,525
|
|
|
|
155,697
|
|
Income from
operations
|
|
|
3,875
|
|
|
|
653
|
|
|
|
5,117
|
|
|
|
28,461
|
|
Interest (income)
expense, net
|
|
|
(1,276)
|
|
|
|
421
|
|
|
|
(1,137)
|
|
|
|
25,682
|
|
Tax receivable
agreement expense
|
|
|
5,939
|
|
|
|
—
|
|
|
|
11,639
|
|
|
|
—
|
|
Loss on debt
extinguishment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
10,303
|
|
Other (income)
expense, net
|
|
|
778
|
|
|
|
147
|
|
|
|
(50)
|
|
|
|
83
|
|
Income (loss) before
provision for income taxes
|
|
|
(1,566)
|
|
|
|
85
|
|
|
|
(5,335)
|
|
|
|
(7,607)
|
|
Provision for income
taxes
|
|
|
401
|
|
|
|
(49)
|
|
|
|
1,360
|
|
|
|
487
|
|
Net income
(loss)
|
|
|
(1,967)
|
|
|
|
134
|
|
|
|
(6,695)
|
|
|
|
(8,094)
|
|
Less: Net income
attributable to non-controlling interests
|
|
|
941
|
|
|
|
33
|
|
|
|
1,272
|
|
|
|
119
|
|
Net income (loss)
attributable to Clearwater Analytics
Holdings, Inc.
|
|
$
|
(2,908)
|
|
|
$
|
101
|
|
|
$
|
(7,967)
|
|
|
$
|
(8,213)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share attributable to Class A and Class D common
stock(1):
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
$
|
(0.02)
|
|
|
$
|
0.00
|
|
|
$
|
(0.04)
|
|
|
$
|
(0.05)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
of Class A and Class D common stock
outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
|
190,015,070
|
|
|
|
177,695,551
|
|
|
|
185,560,683
|
|
|
|
177,680,507
|
|
|
|
(1) 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 December 31, 2022, which is
the period following our initial public offering and related
transactions.
|
(2) Amounts include equity-based
compensation as follows:
|
|
Cost of
revenue
|
|
$
|
1,761
|
|
|
$
|
2,614
|
|
|
$
|
9,043
|
|
|
$
|
4,786
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
3,947
|
|
|
|
4,497
|
|
|
|
17,950
|
|
|
|
10,409
|
|
Sales and
marketing
|
|
|
3,259
|
|
|
|
3,278
|
|
|
|
12,711
|
|
|
|
7,059
|
|
General and
administrative
|
|
|
6,134
|
|
|
|
7,068
|
|
|
|
24,166
|
|
|
|
14,441
|
|
General and
administrative - JUMP acquisition
|
|
|
1,821
|
|
|
|
—
|
|
|
|
1,821
|
|
|
|
—
|
|
Total equity-based
compensation expense
|
|
$
|
16,922
|
|
|
$
|
17,457
|
|
|
$
|
65,691
|
|
|
$
|
36,695
|
|
Clearwater Analytics
Holdings, Inc.
|
Consolidated
Statements of Cash Flows
|
(In thousands,
unaudited)
|
|
|
|
Three Months
Ended
December 31,
|
|
|
Year Ended December
31,
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
OPERATING
ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
(1,967)
|
|
|
$
|
134
|
|
|
$
|
(6,695)
|
|
|
$
|
(8,094)
|
|
Adjustments to
reconcile net income (loss) to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
1,640
|
|
|
|
1,289
|
|
|
|
5,139
|
|
|
|
3,493
|
|
Noncash operating
lease cost
|
|
|
1,600
|
|
|
|
—
|
|
|
|
5,950
|
|
|
|
—
|
|
Equity-based
compensation
|
|
|
16,922
|
|
|
|
17,457
|
|
|
|
65,691
|
|
|
|
36,695
|
|
Change in tax
receivable liability
|
|
|
6,500
|
|
|
|
—
|
|
|
|
12,200
|
|
|
|
—
|
|
Amortization of
deferred contract acquisition costs
|
|
|
1,106
|
|
|
|
981
|
|
|
|
4,327
|
|
|
|
3,385
|
|
Amortization of debt
issuance costs, included in interest expense
|
|
|
70
|
|
|
|
71
|
|
|
|
279
|
|
|
|
1,545
|
|
Debt extinguishment
costs
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
10,303
|
|
Deferred tax
benefit
|
|
|
(214)
|
|
|
|
(648)
|
|
|
|
(803)
|
|
|
|
(675)
|
|
Changes in operating
assets and liabilities, excluding the impact of business
acquisitions:
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable,
net
|
|
|
(4,444)
|
|
|
|
(1,191)
|
|
|
|
(19,495)
|
|
|
|
(17,308)
|
|
Prepaid expenses and
other assets
|
|
|
(6,659)
|
|
|
|
(4,446)
|
|
|
|
(5,059)
|
|
|
|
(13,136)
|
|
Deferred
commissions
|
|
|
(2,253)
|
|
|
|
(2,238)
|
|
|
|
(5,845)
|
|
|
|
(5,161)
|
|
Accounts
payable
|
|
|
1,369
|
|
|
|
167
|
|
|
|
1,609
|
|
|
|
361
|
|
Accrued expenses and
other liabilities
|
|
|
5,406
|
|
|
|
3,142
|
|
|
|
1,743
|
|
|
|
500
|
|
Accrued sales tax
liability
|
|
|
(561)
|
|
|
|
(2,301)
|
|
|
|
(1,036)
|
|
|
|
(8,550)
|
|
Deferred
revenue
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
|
—
|
|
Accrued interest on
debt
|
|
|
—
|
|
|
|
|
|
|
—
|
|
|
|
—
|
|
Net cash provided by
operating activities
|
|
|
18,515
|
|
|
|
12,417
|
|
|
|
58,005
|
|
|
|
3,358
|
|
INVESTING
ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
|
|
(1,877)
|
|
|
|
(1,526)
|
|
|
|
(7,758)
|
|
|
|
(5,025)
|
|
Purchase of short-term
investments
|
|
|
—
|
|
|
|
—
|
|
|
|
(3,000)
|
|
|
|
—
|
|
Acquisition of
business, net of cash acquired
|
|
|
(65,793)
|
|
|
|
—
|
|
|
|
(65,793)
|
|
|
|
—
|
|
Net cash used in
investing activities
|
|
|
(67,670)
|
|
|
|
(1,526)
|
|
|
|
(76,551)
|
|
|
|
(5,025)
|
|
FINANCING
ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance
of common units
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,560
|
|
Proceeds from exercise
of options
|
|
|
10,358
|
|
|
|
2,571
|
|
|
|
18,284
|
|
|
|
2,830
|
|
Minimum tax
withholding paid on behalf of employees for net share/ unit
settlement
|
|
|
(624)
|
|
|
|
—
|
|
|
|
(3,189)
|
|
|
|
(2,185)
|
|
Repurchase of common
units
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(626)
|
|
Proceeds from employee
stock purchase plan
|
|
|
1,814
|
|
|
|
—
|
|
|
|
4,215
|
|
|
|
—
|
|
Repayments of
borrowings
|
|
|
(688)
|
|
|
|
(688)
|
|
|
|
(2,750)
|
|
|
|
(434,919)
|
|
Payments of costs
associated with early repayment of debt
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(2,029)
|
|
Proceeds from
borrowings
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
55,000
|
|
Payment of debt
issuance costs
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,400)
|
|
Proceeds from initial
public offering, net of underwriting discounts
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
582,188
|
|
Payment of costs
associated with the IPO
|
|
|
—
|
|
|
|
(3,281)
|
|
|
|
(214)
|
|
|
|
(5,131)
|
|
Payment of tax
distributions to Continuing Equity Owners
|
|
|
(117)
|
|
|
|
—
|
|
|
|
(117)
|
|
|
|
—
|
|
Net cash provided by
(used in) financing activities
|
|
|
10,743
|
|
|
|
(1,398)
|
|
|
|
16,229
|
|
|
|
195,288
|
|
Effect of exchange rate
changes on cash and cash equivalents
|
|
|
613
|
|
|
|
10
|
|
|
|
(1,556)
|
|
|
|
(112)
|
|
Change in cash and cash
equivalents during the period
|
|
|
(37,799)
|
|
|
|
9,503
|
|
|
|
(3,873)
|
|
|
|
193,509
|
|
Cash and cash
equivalents, beginning of period
|
|
|
288,523
|
|
|
|
245,094
|
|
|
|
254,597
|
|
|
|
61,088
|
|
Cash and cash
equivalents, end of period
|
|
$
|
250,724
|
|
|
$
|
254,597
|
|
|
$
|
250,724
|
|
|
$
|
254,597
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for
interest
|
|
$
|
629
|
|
|
$
|
266
|
|
|
$
|
1,395
|
|
|
$
|
26,113
|
|
Cash paid for income
taxes
|
|
$
|
619
|
|
|
$
|
501
|
|
|
$
|
2,044
|
|
|
$
|
802
|
|
NON-CASH INVESTING
AND FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment included in accounts payable and accrued
expense
|
|
$
|
350
|
|
|
$
|
322
|
|
|
$
|
350
|
|
|
$
|
322
|
|
Disposal of property
and equipment
|
|
$
|
3,098
|
|
|
$
|
—
|
|
|
$
|
3,098
|
|
|
|
|
Business acquisition
holdback liability included in accrued expense and other long-term
liabilities
|
|
$
|
6,999
|
|
|
$
|
—
|
|
|
$
|
6,999
|
|
|
|
|
Direct costs incurred
with the IPO included in other assets and accrued
expenses
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
$
|
214
|
|
Tax distributions
payable to Continuing Equity Holders included in accrued
expenses
|
|
$
|
3,196
|
|
|
$
|
169
|
|
|
$
|
3,196
|
|
|
$
|
169
|
|
Tax liability related
to organization transaction included in accrued expenses
|
|
$
|
—
|
|
|
$
|
793
|
|
|
$
|
—
|
|
|
$
|
793
|
|
Clearwater Analytics
Holdings, Inc.
|
Reconciliation of
Net Income (Loss) to Adjusted EBITDA
|
(In thousands,
unaudited)
|
|
|
|
Three Months Ended
December 31,
|
|
|
|
2022
|
|
|
2021
|
|
Net income
(loss)
|
|
$
|
(1,967)
|
|
|
|
(2)
|
%
|
|
$
|
134
|
|
|
|
0
|
%
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest (income)
expense, net
|
|
|
(1,276)
|
|
|
|
(2)
|
%
|
|
|
421
|
|
|
|
1
|
%
|
Depreciation and
amortization
|
|
|
1,639
|
|
|
|
2
|
%
|
|
|
1,289
|
|
|
|
2
|
%
|
Equity-based
compensation expense and related payroll taxes
|
|
|
15,935
|
|
|
|
19
|
%
|
|
|
17,457
|
|
|
|
25
|
%
|
Equity-based
compensation expense related to JUMP acquisition
|
|
|
1,821
|
|
|
|
2
|
%
|
|
|
—
|
|
|
|
—
|
|
Tax receivable
agreement expense
|
|
|
5,939
|
|
|
|
7
|
%
|
|
|
—
|
|
|
|
—
|
|
Other
expenses(1)
|
|
|
2,257
|
|
|
|
3
|
%
|
|
|
763
|
|
|
|
1
|
%
|
Adjusted
EBITDA
|
|
|
24,348
|
|
|
|
29
|
%
|
|
|
20,064
|
|
|
|
29
|
%
|
Revenue
|
|
$
|
82,687
|
|
|
|
100
|
%
|
|
$
|
69,762
|
|
|
|
100
|
%
|
|
|
|
|
Year Ended December
31,
|
|
|
|
2022
|
|
|
2021
|
|
Net loss
|
|
$
|
(6,695)
|
|
|
|
(2)
|
%
|
|
$
|
(8,094)
|
|
|
|
(3)
|
%
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest (income)
expense, net
|
|
|
(1,137)
|
|
|
|
0
|
%
|
|
|
25,682
|
|
|
|
10
|
%
|
Loss on debt
extinguishment
|
|
|
—
|
|
|
|
0
|
%
|
|
|
10,303
|
|
|
|
4
|
%
|
Depreciation and
amortization
|
|
|
5,139
|
|
|
|
2
|
%
|
|
|
3,493
|
|
|
|
1
|
%
|
Equity-based
compensation expense and related payroll taxes
|
|
|
64,704
|
|
|
|
21
|
%
|
|
|
36,695
|
|
|
|
15
|
%
|
Equity-based
compensation expense related to JUMP acquisition
|
|
|
1,821
|
|
|
|
1
|
%
|
|
|
—
|
|
|
|
—
|
|
Tax receivable
agreement expense
|
|
|
11,639
|
|
|
|
4
|
%
|
|
|
—
|
|
|
|
—
|
|
Other
expenses(1)
|
|
|
5,665
|
|
|
|
2
|
%
|
|
|
4,597
|
|
|
|
2
|
%
|
Adjusted
EBITDA
|
|
|
81,136
|
|
|
|
27
|
%
|
|
|
72,676
|
|
|
|
29
|
%
|
Revenue
|
|
$
|
303,426
|
|
|
|
100
|
%
|
|
$
|
252,022
|
|
|
|
100
|
%
|
(1) Other
expenses includes management fees to our investors, income taxes,
foreign exchange gains and losses and other expenses that are not
reflective of our core operating performance including the costs to
set up our Up-C structure and Tax Receivable Agreement, and
transaction expenses including legal, accounting, banking,
consulting, diligence, and other expenses related to completed and
contemplated acquisitions.
|
|
|
|
Three Months Ended
December 31,
|
|
|
Year Ended December
31,
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
Up-C structure
expenses
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
158
|
|
|
$
|
1,660
|
|
Transaction
expenses
|
|
|
384
|
|
|
|
—
|
|
|
|
1,711
|
|
|
|
—
|
|
Amortization of prepaid
management fees and reimbursable expenses
|
|
|
694
|
|
|
|
665
|
|
|
|
2,486
|
|
|
|
2,367
|
|
Provision for income
tax expense
|
|
|
401
|
|
|
|
(49)
|
|
|
|
1,360
|
|
|
|
487
|
|
Miscellaneous
|
|
|
778
|
|
|
|
147
|
|
|
|
(50)
|
|
|
|
83
|
|
Total other
expenses
|
|
$
|
2,257
|
|
|
$
|
763
|
|
|
$
|
5,665
|
|
|
$
|
4,597
|
|
Clearwater Analytics
Holdings, Inc.
|
Reconciliation of
Free Cash Flow
|
(In thousands,
unaudited)
|
|
|
|
Three Months Ended
December 31,
|
|
|
Year Ended December
31,
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
Net cash provided by
operating activities
|
|
$
|
18,515
|
|
|
$
|
12,417
|
|
|
$
|
58,005
|
|
|
$
|
3,358
|
|
Less: Purchases
of property and equipment
|
|
|
1,877
|
|
|
|
1,526
|
|
|
|
7,758
|
|
|
|
5,025
|
|
Free Cash
Flow
|
|
$
|
16,638
|
|
|
$
|
10,891
|
|
|
$
|
50,247
|
|
|
$
|
(1,667)
|
|
Clearwater Analytics
Holdings, Inc.
|
Reconciliation of
Non-GAAP Information
|
(In thousands,
except share amounts and per share amounts,
unaudited)
|
|
|
Three Months Ended
December 31,
|
|
|
Year Ended December
31,
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
Revenue
|
$
|
82,687
|
|
|
$
|
69,762
|
|
|
$
|
303,426
|
|
|
$
|
252,022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
$
|
59,714
|
|
|
$
|
49,582
|
|
|
$
|
215,642
|
|
|
$
|
184,158
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Equity-based
compensation expense and related payroll taxes
|
|
1,801
|
|
|
|
2,614
|
|
|
|
9,083
|
|
|
|
4,786
|
|
Depreciation and
amortization
|
|
1,093
|
|
|
|
473
|
|
|
|
3,290
|
|
|
|
1,701
|
|
Gross profit,
non-GAAP
|
$
|
62,608
|
|
|
$
|
52,669
|
|
|
$
|
228,015
|
|
|
$
|
190,645
|
|
As a percentage of
revenue, non-GAAP
|
|
76
|
%
|
|
|
75
|
%
|
|
|
75
|
%
|
|
|
76
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
Revenue
|
$
|
22,973
|
|
|
$
|
20,180
|
|
|
$
|
87,784
|
|
|
$
|
67,864
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Equity-based
compensation expense and related payroll taxes
|
|
1,801
|
|
|
|
2,614
|
|
|
|
9,083
|
|
|
|
4,786
|
|
Depreciation and
amortization
|
|
1,093
|
|
|
|
473
|
|
|
|
3,290
|
|
|
|
1,701
|
|
Cost of revenue,
non-GAAP
|
$
|
20,079
|
|
|
$
|
17,093
|
|
|
$
|
75,411
|
|
|
$
|
61,377
|
|
As a percentage of
revenue, non-GAAP
|
|
24
|
%
|
|
|
25
|
%
|
|
|
25
|
%
|
|
|
24
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
$
|
24,553
|
|
|
$
|
21,699
|
|
|
$
|
94,120
|
|
|
$
|
72,690
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Equity-based
compensation expense and related payroll taxes
|
|
4,013
|
|
|
|
4,497
|
|
|
|
18,016
|
|
|
|
10,409
|
|
Depreciation and
amortization
|
|
415
|
|
|
|
693
|
|
|
|
1,293
|
|
|
|
1,337
|
|
Research and
development, non-GAAP
|
$
|
20,125
|
|
|
$
|
16,509
|
|
|
$
|
74,811
|
|
|
$
|
60,944
|
|
As a percentage of
revenue, non-GAAP
|
|
24
|
%
|
|
|
24
|
%
|
|
|
25
|
%
|
|
|
24
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
$
|
14,383
|
|
|
$
|
12,914
|
|
|
$
|
52,638
|
|
|
$
|
39,065
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Equity-based
compensation expense and related payroll taxes
|
|
3,937
|
|
|
|
3,278
|
|
|
|
13,389
|
|
|
|
7,059
|
|
Depreciation and
amortization
|
|
87
|
|
|
|
67
|
|
|
|
286
|
|
|
|
249
|
|
Sales and marketing,
non-GAAP
|
$
|
10,359
|
|
|
$
|
9,569
|
|
|
$
|
38,963
|
|
|
$
|
31,757
|
|
As a percentage of
revenue, non-GAAP
|
|
13
|
%
|
|
|
14
|
%
|
|
|
13
|
%
|
|
|
13
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative
|
$
|
16,903
|
|
|
$
|
14,316
|
|
|
$
|
63,767
|
|
|
$
|
43,942
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Equity-based
compensation expense and related payroll taxes
|
|
6,184
|
|
|
|
7,068
|
|
|
|
24,216
|
|
|
|
14,441
|
|
Equity-based
compensation expense related to JUMP acquisition
|
|
1,821
|
|
|
|
—
|
|
|
|
1,821
|
|
|
|
—
|
|
Depreciation and
amortization
|
|
44
|
|
|
|
56
|
|
|
|
270
|
|
|
|
206
|
|
Management fees
and reimbursed expenses
|
|
694
|
|
|
|
665
|
|
|
|
2,486
|
|
|
|
2,367
|
|
Transaction
expenses
|
|
384
|
|
|
|
—
|
|
|
|
1,711
|
|
|
|
—
|
|
Up-C structure
expenses
|
|
—
|
|
|
|
—
|
|
|
|
158
|
|
|
|
1,660
|
|
General and
administrative, non-GAAP
|
$
|
7,776
|
|
|
$
|
6,527
|
|
|
$
|
33,105
|
|
|
$
|
25,268
|
|
As a percentage of
revenue, non-GAAP
|
|
9
|
%
|
|
|
9
|
%
|
|
|
11
|
%
|
|
|
10
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
$
|
3,875
|
|
|
$
|
653
|
|
|
$
|
5,117
|
|
|
$
|
28,461
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Equity-based
compensation expense and related payroll taxes
|
|
15,935
|
|
|
|
17,457
|
|
|
|
64,704
|
|
|
|
36,695
|
|
Equity-based
compensation expense related to JUMP acquisition
|
|
1,821
|
|
|
|
—
|
|
|
|
1,821
|
|
|
|
—
|
|
Depreciation and
amortization
|
|
1,639
|
|
|
|
1,289
|
|
|
|
5,139
|
|
|
|
3,493
|
|
Management fees
and reimbursed expenses
|
|
694
|
|
|
|
665
|
|
|
|
2,486
|
|
|
|
2,367
|
|
Transaction
expenses
|
|
384
|
|
|
|
—
|
|
|
|
1,711
|
|
|
|
—
|
|
Up-C structure
expenses
|
|
—
|
|
|
|
—
|
|
|
|
158
|
|
|
|
1,660
|
|
Income from operations,
non-GAAP
|
$
|
24,348
|
|
|
$
|
20,064
|
|
|
$
|
81,136
|
|
|
$
|
72,676
|
|
As a percentage of
revenue, non-GAAP
|
|
29
|
%
|
|
|
29
|
%
|
|
|
27
|
%
|
|
|
29
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
(1,967)
|
|
|
$
|
134
|
|
|
$
|
(6,695)
|
|
|
$
|
(8,094)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
Equity-based
compensation expense and related payroll taxes
|
|
15,935
|
|
|
|
17,457
|
|
|
|
64,704
|
|
|
|
36,695
|
|
Equity-based
compensation expense related to JUMP acquisition
|
|
1,821
|
|
|
|
—
|
|
|
|
1,821
|
|
|
|
—
|
|
Depreciation and
amortization
|
|
1,639
|
|
|
|
1,289
|
|
|
|
5,139
|
|
|
|
3,493
|
|
Tax receivable
agreement expense
|
|
5,939
|
|
|
|
—
|
|
|
|
11,639
|
|
|
|
—
|
|
Management fees
and reimbursed expenses
|
|
694
|
|
|
|
665
|
|
|
|
2,486
|
|
|
|
2,367
|
|
Transaction
expenses
|
|
384
|
|
|
|
—
|
|
|
|
1,711
|
|
|
|
—
|
|
Up-C structure
expenses
|
|
—
|
|
|
|
—
|
|
|
|
158
|
|
|
|
1,660
|
|
Loss on
extinguishment of debt
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
10,303
|
|
Tax impacts of
adjustments to net loss(1)
|
|
(7,205)
|
|
|
|
(5,564)
|
|
|
|
(23,874)
|
|
|
|
(13,604)
|
|
Net income,
non-GAAP
|
$
|
17,240
|
|
|
$
|
13,981
|
|
|
$
|
57,089
|
|
|
$
|
32,820
|
|
As a percentage of
revenue, non-GAAP
|
|
21
|
%
|
|
|
20
|
%
|
|
|
19
|
%
|
|
|
13
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
share(2) - basic, non-GAAP
|
$
|
0.09
|
|
|
$
|
0.08
|
|
|
$
|
0.31
|
|
|
$
|
0.18
|
|
Net income per
share(2) - diluted, non-GAAP
|
$
|
0.07
|
|
|
$
|
0.06
|
|
|
$
|
0.23
|
|
|
$
|
0.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common
shares outstanding - basic
|
|
190,015,070
|
|
|
|
177,695,551
|
|
|
|
185,560,683
|
|
|
|
177,680,507
|
|
Weighted-average common
shares outstanding - diluted
|
|
252,020,192
|
|
|
|
252,300,560
|
|
|
|
249,664,138
|
|
|
|
252,298,649
|
|
|
NMF - not
meaningful
|
(1) The
estimated non-GAAP effective tax rate was 29% for the three months
and year ended December 31, 2022 and 2021, and has been used to
adjust the provision for income taxes for non-GAAP net income and
non-GAAP basic and diluted net income per share.
|
(2) 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 December 31, 2022, which is
the period following our initial public offering and related
transactions.
|
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SOURCE Clearwater Analytics, LLC