Group 1: Earnings Performance - Clearwater Analytics reported quarterly earnings of $0.12 per share, missing the Zacks Consensus Estimate of $0.13 per share, but showing an increase from $0.10 per share a year ago [1] - The earnings surprise for this quarter was -7.69%, while the previous quarter had a positive surprise of +8.33% [2] - Over the last four quarters, the company has surpassed consensus EPS estimates three times [2] Group 2: Revenue Performance - The company posted revenues of $181.94 million for the quarter ended June 2025, exceeding the Zacks Consensus Estimate by 3.72% and up from $106.79 million year-over-year [3] - Clearwater Analytics has topped consensus revenue estimates four times over the last four quarters [3] Group 3: Stock Performance and Outlook - Clearwater Analytics shares have declined approximately 25.9% since the beginning of the year, contrasting with the S&P 500's gain of 7.1% [4] - The current consensus EPS estimate for the upcoming quarter is $0.15 on revenues of $207.32 million, and for the current fiscal year, it is $0.59 on revenues of $725.47 million [8] Group 4: Industry Context - The Internet - Software industry, to which Clearwater Analytics belongs, is currently ranked in the top 32% of over 250 Zacks industries, indicating a favorable industry outlook [9] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Clearwater Analytics' stock performance [6]

Clearwater Analytics (CWAN) Q2 2025 Earnings Call August 06, 2025 05:00 PM ET Speaker0Ladies and gentlemen, thank you for standing by, and welcome to the Clearwater Analytics Second Quarter twenty twenty five Financial Results Call. At this time, all participants are in a listen only mode. After the speaker presentation, there will be a question and answer session. And now I'd like to welcome Michael Chen, Senior Vice President, Head of Corporate Development, to begin the conference.Speaker1Thank you, and w ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ______________________________________ FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-40838 Clearwater Analytics Holdings, Inc. (Exact Name of Registrant as Sp ...

Exhibit 99.1 Clearwater Analytics Announces Second Quarter 2025 Financial Results Quarterly Revenue of $181.9 Million, Up 70% Year-Over-Year Annualized Recurring Revenue of $783.5 Million, Up 83% Year-Over-Year Adjusted EBITDA of $58.3 Million, Up 74% Year-Over-Year BOISE, Idaho, CHICAGO, NEW YORK, LONDON and HONG KONG — August 6, 2025 — Clearwater Analytics Holdings, Inc. (NYSE: CWAN) ("Clearwater Analytics" or the "Company"), the most comprehensive technology platform for investment management, today anno ...

The market expects Clearwater Analytics (CWAN) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2025. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The stock might move higher if these key numbers top expectations in the upcoming earnings report. On the other hand, if th ...

Core Insights - Bloomberg and Clearwater Analytics have announced a strategic collaboration to provide a comprehensive front-to-back investment solution for asset owners and asset managers, utilizing an open and modular approach [1][2] Group 1: Collaboration Details - The new offering aims to enhance the operating model for clients, delivering scale, speed, and flexibility while managing costs and reducing risk [2] - The collaboration combines Bloomberg's enterprise investment solutions with Clearwater's accounting solution, which includes data aggregation, reconciliation, and reporting [2][3] - This partnership addresses the challenges faced by investment managers who often rely on a single provider or manage multiple vendors, streamlining front-to-back operations [3] Group 2: Company Backgrounds - Clearwater Analytics is transforming investment management with a cloud-native platform that integrates various functions such as portfolio management, trading, and risk analytics, supporting over $8.8 trillion in assets globally [4] - Bloomberg is recognized as a global leader in business and financial information, providing trusted data and technology solutions to enhance market transparency and efficiency [5]

Group 1 - Clearwater Analytics (NYSE: CWAN) is currently trading at approximately $21.50 per share, reflecting a decline of over 20% year-to-date [1] - There is a belief that Clearwater shares could potentially reach $30 or more by the end of the year [1]

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PART I [Condensed Consolidated Financial Statements (Unaudited)](index=8&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements for Q1 2025, detailing significant growth in assets, revenue, and net income, primarily driven by acquisitions Key Financial Performance (Q1 2025 vs Q1 2024) | Metric | Q1 2025 (in millions) | Q1 2024 (in millions) | Change | | :--- | :--- | :--- | :--- | | **Revenue** | $126.9 | $102.7 | +23.5% | | **Gross Profit** | $92.9 | $74.5 | +24.7% | | **Income from Operations** | $7.1 | $(0.2) | N/A | | **Net Income** | $6.9 | $2.2 | +210.2% | | **Net Income Attributable to CWAN** | $6.5 | $1.9 | +243.0% | | **Diluted EPS** | $0.03 | $0.01 | +200.0% | Condensed Balance Sheet Highlights (as of March 31, 2025) | Account | March 31, 2025 | Dec 31, 2024 | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | $1.285 billion | $1.170 billion | +9.9% | | Cash and cash equivalents | $275.2 million | $177.4 million | +55.2% | | Intangible assets, net | $142.9 million | $30.9 million | +362.8% | | Goodwill | $72.6 million | $71.0 million | +2.3% | | **Total Liabilities** | $142.7 million | $139.3 million | +2.4% | | **Total Stockholders' Equity** | $1.143 billion | $1.030 billion | +10.9% | Condensed Cash Flow Statement (Three Months Ended March 31) | Activity | 2025 (in millions) | 2024 (in millions) | | :--- | :--- | :--- | | Net cash provided by operating activities | $24.5 | $10.0 | | Net cash provided by (used in) investing activities | $99.5 | $(11.8) | | Net cash used in financing activities | $(27.2) | $(30.1) | | **Change in cash and cash equivalents** | **$97.8** | **$(32.1)** | - On March 31, 2025, the company acquired Blackstone's Bistro software platform for **$112.7 million**, consisting of **$102.7 million** in Class A common stock and **$10.0 million** in cash, resulting in the recognition of **$112.7 million** in intangible assets[52](index=52&type=chunk)[53](index=53&type=chunk) - Subsequent to the quarter end, the company completed acquisitions of Enfusion for **~$1.4 billion** and Beacon for **~$550 million**, financed by a new credit agreement for an **$800 million** term loan and a **$200 million** revolving facility[81](index=81&type=chunk)[82](index=82&type=chunk)[84](index=84&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=28&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses strong Q1 2025 performance, highlighting revenue growth from new clients and strategic acquisitions, positive trends in key operating metrics, and robust liquidity supported by a new $1 billion credit facility [Overview and Recent Developments](index=28&type=section&id=Overview%20and%20Recent%20Developments) The company provides a cloud-native SaaS platform managing over $8.8 trillion in assets for 1,400+ clients and recently acquired Bistro, Enfusion, and Beacon to build a comprehensive front-to-back investment solution - The company's platform provides comprehensive accounting, data, and analytics for over **$8.8 trillion** of global invested assets for over **1,400 clients** as of December 31, 2024[89](index=89&type=chunk) - The company maintains a high gross retention rate of at least **98%** in 24 of the last 25 quarters and a Net Promoter Score (NPS) of **60+**[89](index=89&type=chunk) - Recent strategic acquisitions include Blackstone's Bistro platform, Enfusion, and Beacon, aimed at creating a comprehensive, cloud-native front-to-back solution for the investment industry[94](index=94&type=chunk) [Key Operating and Financial Metrics](index=31&type=section&id=Key%20Operating%20and%20Financial%20Metrics) Key operating metrics show strong performance with Annualized Recurring Revenue growing 22.7% to $493.9 million, a Net Revenue Retention Rate of 114%, and Adjusted EBITDA increasing to $45.1 million with a 36% margin Key Operating Metrics | Metric | Q1 2025 | Q1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Annualized Recurring Revenue | $493.9 million | $402.3 million | +22.7% | | Gross Revenue Retention Rate | 98% | 99% | -1 ppt | | Net Revenue Retention Rate | 114% | 110% | +4 ppts | Adjusted EBITDA Reconciliation (in millions) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Net income** | **$6.9** | **$2.2** | | Adjustments | $38.1 | $30.0 | | **Adjusted EBITDA** | **$45.1** | **$32.2** | | **Adjusted EBITDA Margin** | **36%** | **31%** | [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Q1 2025 revenue increased 24% to $126.9 million, driven by new clients and acquisitions, leading to a significant improvement in operating income to $7.1 million and over 200% growth in net income Revenue Analysis (Q1 2025 vs Q1 2024) | Metric | Q1 2025 | Q1 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Revenue (in millions) | $126.9 | $102.7 | $24.1 | 24% | - The **24% revenue increase** was driven by **$6.9 million** from new clients, **$2.4 million** from the Wilshire Technology acquisition, and growth from existing clients, supported by a **13% increase** in average assets on the platform and a **5.5% increase** in the average basis point rate[124](index=124&type=chunk) Operating Expense Analysis (Q1 2025 vs Q1 2024, in millions) | Expense Category | Q1 2025 | Q1 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Cost of Revenue | $33.9 | $28.2 | $5.7 | 20% | | Research & Development | $37.4 | $37.7 | $(0.3) | (1)% | | Sales & Marketing | $19.6 | $16.3 | $3.3 | 20% | | General & Administrative | $28.8 | $20.7 | $8.1 | 39% | - The **39% increase** in General and Administrative expenses was primarily driven by a **$6.5 million** rise in outside services (legal, consulting, accounting) related to the Bistro, Enfusion, and Beacon acquisitions[129](index=129&type=chunk) [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2025, the company maintained strong liquidity with $282.9 million in cash and investments, further bolstered by a new $1 billion credit facility secured post-quarter to finance recent acquisitions - As of March 31, 2025, the company held **$275.2 million** in cash and cash equivalents and **$7.7 million** in short-term investments[133](index=133&type=chunk) - In April 2025, the company secured a new credit agreement with an **$800 million** term loan and a **$200 million** revolving facility to fund the Bistro, Enfusion, and Beacon acquisitions[134](index=134&type=chunk) - Net cash from operating activities increased to **$24.5 million** in Q1 2025 from **$10.0 million** in Q1 2024, primarily due to higher net income and non-cash charges[136](index=136&type=chunk)[137](index=137&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company identifies AUM market price risk and interest rate risk, particularly from a new $800 million term loan, as primary market exposures, while inflation is monitored but not currently material - AUM Market Price Risk: A significant portion of revenue is based on the value of assets on the platform (**$8.8 trillion** as of Dec 31, 2024), making fees susceptible to market fluctuations[147](index=147&type=chunk) - Interest Rate Risk: Following the new credit agreement in April 2025, which includes an **$800 million** term loan, a hypothetical **100 basis point (1%) increase** in SOFR would increase annual interest expense by approximately **$10 million**[150](index=150&type=chunk) [Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting during the quarter - Based on an evaluation as of March 31, 2025, the CEO and CFO concluded that the company's disclosure controls and procedures were effective[152](index=152&type=chunk) - No changes occurred in the internal control over financial reporting during the quarter ended March 31, 2025, that have materially affected, or are reasonably likely to materially affect, internal controls[153](index=153&type=chunk) PART II [Summary of Other Disclosures](index=42&type=section&id=Item%201.%20Legal%20Proceedings) This section details other SEC disclosures, confirming no material legal proceedings or changes to risk factors, and reports the unregistered issuance of 3,833,333 Class A common shares for the Bistro acquisition - The company is not currently involved in any litigation or proceedings that are expected to have a material adverse effect on its business or financial condition[157](index=157&type=chunk) - There have been no material changes to the risk factors disclosed in the company's Annual Report on Form 10-K[158](index=158&type=chunk) - On March 31, 2025, the company issued **3,833,333 shares** of Class A common stock as part of the consideration for the Bistro acquisition in an unregistered sale[160](index=160&type=chunk)

This presentation 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 our management's beliefs and assumptions and on information currently available to our management. Forward-looking statements include the following factors in reference to Clearwater (including its recently completed acquisitions), our possible or assumed future results of operations, possible or assume ...