Clearwater Analytics Announces First Quarter 2024 Financial Results

Published

Record Quarterly Revenue of $102.7 Million, Up 21% Year-Over-Year

Adjusted EBITDA of $32.2 Million, Up 43% Year-Over-Year

Gross Revenue Retention Rate of 99%; Net Revenue Retention Rate of 110%

Annualized Recurring Revenue of $402.3 Million, Up 19% Year-Over-Year

Adjusted Gross Margin Increases to 78%, Up 210 bps Year-Over-Year

BOISE, Idaho, May 1, 2024 /PRNewswire/ -- Clearwater Analytics Holdings, Inc. (NYSE: CWAN) ("Clearwater Analytics" or the "Company"), a leading worldwide provider of SaaS-based investment management, accounting, reporting, and analytics solutions, today announced its financial results for the quarter ended March 31, 2024.

Clearwater Analytics (PRNewsfoto/Clearwater Analytics, LLC)

"The 21% organic year-over-year revenue growth in Q1 2024 demonstrates the continued disruptive power of our platform and its adoption by a diverse group of clients across industries and geographies. We continue to invest in and bring to market new innovative products that resonate with our current clients' needs. This is one of the key levers of increasing NRR in the long-term, and we are pleased with the progress we are making. We're also committed to expanding our TAM, and we believe that the acquisition of the risk, performance, and analytics products of Wilshire Advisors will position us as a leading player in that market. Combined with the JUMP Technology acquisition in November 2022, we have now addressed two key elements of solutions needed by the middle and front office," said Sandeep Sahai, CEO at Clearwater Analytics. "We're also very pleased with increased operational and onboarding efficiency driven by our strong network effects, AI-driven functionality, and other innovations which yielded significantly improved operating metrics. These are truly exciting times for the Company."

First Quarter 2024 Financial Results Summary

  • Revenue: Total revenue for the first quarter of 2024 was $102.7 million, an increase of 21.4%, from $84.6 million in the first quarter of 2023.
  • Gross Profit: Gross profit for the first quarter of 2024 increased to $74.5 million, which equates to a 72.6% GAAP gross margin, compared with $59.8 million in the first quarter of 2023. Non-GAAP gross profit for the first quarter of 2024 was $80.2 million, which equates to a 78.0% non-GAAP gross margin and an increase of 210 basis points over the first quarter of 2023.
  • Net Income/(Loss): Net income for the first quarter of 2024 was $2.2 million, compared with net loss of $5.4 million in the first quarter of 2023. Non-GAAP net income for the first quarter of 2024 increased to $26.2 million, an increase of 48.8%, from $17.6 million in the first quarter of 2023.
  • Adjusted EBITDA: Adjusted EBITDA for the first quarter of 2024 was $32.2 million, an increase of 42.9%, from $22.5 million in the first quarter of 2023. Adjusted EBITDA margin for the first quarter of 2024 was 31.3%, an increase of 470 basis points over the first quarter of 2023.
  • Cash Flows: Operating cash flows for the first quarter of 2024 were $10.0 million. Free cash flows for the first quarter of 2024 were $8.6 million, an increase of 38.3%, from $6.2 million in the first quarter of 2023.
  • Earnings Per Share and Non-GAAP Net Income Per Share attributable to Clearwater Analytics Holdings, Inc.: Earnings per basic and diluted share was $0.01 in the first quarter of 2024. Non-GAAP net income per basic share was $0.12, and non-GAAP net income per diluted share was $0.10 in the first quarter of 2024.
  • Cash, cash equivalents, and investments were $296.5 million as of March 31, 2024. During the first quarter, the Company reduced share count dilution by paying $28.8 million in taxes for net share settlement of equity awards. Total debt, net of debt issuance cost, was $47.9 million as of March 31, 2024.

First Quarter 2024 Key Metrics Summary

  • Annualized Recurring Revenue: As of March 31, 2024, annualized recurring revenue ("ARR") reached $402.3 million, an increase of 19.3% from $337.4 million as of March 31, 2023.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 March 31, 2024, the gross revenue retention rate was 99%, compared to 97% as of March 31, 2023. The Company has reported a gross revenue retention rate of at least 98% for twenty out of the twenty-one prior 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 March 31, 2024, the net revenue retention rate was 110%, compared to 107% as of December 31, 2023.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.

Recent Business Highlights

  • On April 22, 2024, Clearwater Analytics completed its acquisition of the risk performance, and analytics platforms of Wilshire Advisors LLC, a leading global financial services firm. Specifically, Clearwater acquired Wilshire AxiomSM, Wilshire AtlasSM, Wilshire Abacus, and Wilshire iQComposite, which provide fixed income analytics, equity analytics and performance measurement, accounting, and GIPS® compliance support analytics, respectively, merging them with its own risk and performance analytics platform to create a best-in-class solution for front and middle office clients.
  • Clearwater Analytics continued on its journey towards a multi-product company and successfully drove cross-sell and upsell in the first quarter. Highlights include:
    • Clearwater PRISM clients, including Aegon Asset Management, that successfully went live on our market-leading next-gen investment data management hub for enhanced client portal and reporting. Clearwater announced that Aegon Asset Management is using Clearwater PRISM to easily aggregate multi-asset client investment data, enabling growth and a differentiated client experience.
    • A growing roster of clients that use both Clearwater's JUMP solution for OMS/PMS and Clearwater's accounting and reconciliation solution.
    • Clearwater also announced the availability of Clearwater CWIC LPx, the Company's latest generative AI-based solution. CWIC LPx brings enhanced front office, accounting, and operations functionality to LPx users at leading insurance firms, asset managers, private banks, wealth managers, and pension managers, allowing them to easily extract investment insights on-demand.
  • Clearwater Analytics announced that leading general insurer MSIG Singapore selected Clearwater to power its investment data management, portfolio analytics, and investment reporting operations. MSIG Singapore will leverage Clearwater's single instance, multi-tenant technology platform to gain a comprehensive view of investment portfolio reporting and analytics. By having the flexibility to conduct digital reporting, investment teams and regional stakeholders will be able to comply with international reporting standards, including IFRS 9.
  • Clearwater Analytics announced that France Active successfully implemented the Clearwater platform after a five-month onboarding period, in order to simplify their investment accounting operations and centralize their accounting book of record. France Active will realize significant business benefits with Clearwater, including timely book-of-record accounting, efficient period-end operational tasks, and increased productivity as a result of automating tasks associated with reconciliation and reporting.
  • Clearwater Analytics won the IFRS 9 Solution Provider of the Year award for the second consecutive year. Insurance Asset Risk Awards honored Clearwater for its cloud-based SaaS platform and dedicated Client Services offering, which provides a robust foundation to assist clients with their IFRS 9 plan, or global equivalents such as PSAK 71.
  • Clearwater Analytics won the Technology Provider of the Year Excellence Award for the second year in a row. The InsuranceAsia News Excellence Awards celebrate the best firms in the Asia Pacific (re)insurance market, and honored Clearwater Analytics for playing a crucial role in helping insurers achieve efficiency, analytical superiority, and leverage new technologies to future-proof their business and the industry.
  • Clearwater Analytics won the Best RegTech Platform award at the 8th annual FinTech Breakthrough Awards. This recognition highlights Clearwater's commitment to simplifying accounting, regulatory reporting, and investment operations for its growing base of global clients.

Second Quarter and Full Year 2024 Guidance

Second Quarter 2024

Full Year 2024

Revenue

$105 million to $106 million

$438 million to $442 million

Year-over-Year Growth %

~17% to 18%

~19% to 20%

Adjusted EBITDA

$31 million

$137 million to $139 million

Adjusted EBITDA Margin %

~29% to 30%

~31%

Total Equity-based compensation expense and related payroll taxes

~$106 million

Depreciation and Amortization

~$11 million

Non-GAAP effective tax rate

25 %

Diluted non-GAAP share count

~258 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 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 May 1, 2024, at 5:00 p.m. Eastern time to discuss first quarter 2024 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 $7.3 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 basic and diluted share, non-GAAP effective tax rate, diluted non-GAAP share count 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 basic and diluted share, non-GAAP effective tax rate, diluted non-GAAP share count 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, transaction expenses, 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," "aim," "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 market developments, including artificial intelligence, 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, 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 U.S. Securities and Exchange Commission (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, 2023 filed on February 29, 2024, 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)

March 31

December 31

2024

2023

Assets

Current assets:

Cash and cash equivalents

$           189,644

$           221,765

Short-term investments

77,930

74,457

Accounts receivable, net

96,766

92,091

Prepaid expenses and other current assets

31,410

27,683

Total current assets

395,750

415,996

Property and equipment, net

15,035

15,349

Operating lease right-of-use assets, net

27,750

22,554

Deferred contract costs, non-current

6,218

6,439

Intangible assets, net

24,526

26,132

Goodwill

44,332

45,338

Long-term investments

28,894

21,495

Other non-current assets

5,298

5,440

Total assets

$           547,803

$           558,743

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable

$               2,719

$               3,062

Accrued expenses and other current liabilities

40,948

49,535

Notes payable, current portion

2,750

2,750

Operating lease liability, current portion

7,650

6,551

Tax receivable agreement liability

16,750

18,894

Total current liabilities

70,817

80,792

Notes payable, less current maturities and unamortized debt issuance costs

45,162

45,828

Operating lease liability, less current portion

21,129

16,948

Tax receivable agreement, less current portion

300

Other long-term liabilities

4,180

5,518

Total liabilities

141,588

149,086

Stockholders' Equity

Class A common stock, par value $0.001 per share; 1,500,000,000 shares authorized, 146,189,247 shares issued and outstanding as of March 31, 2024, 127,604,185 shares issued and outstanding as of December 31, 2023

146

128

Class B common stock, par value $0.001 per share; 500,000,000 shares authorized, 111,191 shares issued and outstanding as of March 31, 2024 and  December 31, 2023

Class C common stock, par value $0.001 per share; 500,000,000 shares authorized, 27,424,288 shares issued and outstanding as of March 31, 2024, 32,684,156 shares issued and outstanding as of December 31, 2023

27

33

Class D common stock, par value $0.001 per share; 500,000,000 shares authorized, 71,965,845 shares issued and outstanding as of March 31, 2024, 82,955,977 shares issued and outstanding as of December 31, 2023

72

83

Additional paid-in-capital

528,712

532,507

Accumulated other comprehensive income

1,314

2,909

Accumulated deficit

(169,603)

(181,331)

Total stockholders' equity attributable to Clearwater Analytics Holdings, Inc.

360,668

354,329

Non-controlling interests

45,547

55,328

Total stockholders' equity

406,215

409,657

Total liabilities and stockholders' equity

$           547,803

$           558,743

 

Clearwater Analytics Holdings, Inc.

Consolidated Statements of Operations

(In thousands, except share amounts and per share amounts, unaudited)

Three Months EndedMarch 31,

2024

2023

Revenue

$         102,719

$           84,606

Cost of revenue(1)

28,178

24,825

Gross profit

74,541

59,781

Operating expenses:

Research and development(1)

37,676

28,100

Sales and marketing(1)

16,311

14,698

General and administrative(1)

20,720

23,306

Total operating expenses

74,707

66,104

Loss from operations

(166)

(6,323)

Interest income, net

(2,060)

(1,356)

Tax receivable agreement expense

286

105

Other (income) expense, net

(530)

81

Income (loss) before income taxes

2,138

(5,153)

Provision for (benefit from) income taxes

(98)

264

Net income (loss)

2,236

(5,417)

Less: Net income (loss) attributable to non-controlling interests

338

(1,033)

Net income (loss) attributable to Clearwater Analytics Holdings, Inc.

$             1,898

$           (4,384)

Net income (loss) per share attributable to Class A and Class D common stockholders stock:

Basic

$                0.01

$              (0.02)

Diluted

$                0.01

$              (0.02)

Weighted average shares of Class A and Class D common stock outstanding:

Basic

213,259,463

192,993,574

Diluted

255,458,196

192,993,574

(1) Amounts include equity-based compensation as follows:

Cost of revenue

$              3,146

$              2,243

Operating expenses:

Research and development

8,911

4,655

Sales and marketing

3,821

3,965

General and administrative

8,347

12,337

Total equity-based compensation expense

$           24,225

$           23,200

 

Clearwater Analytics Holdings, Inc.

Consolidated Statements of Cash Flows

(In thousands, unaudited)

Three Months Ended March 31,

2024

2023

OPERATING ACTIVITIES

Net income (loss)

$               2,236

$             (5,417)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depreciation and amortization

2,550

2,449

Noncash operating lease cost

2,232

1,852

Equity-based compensation

24,225

23,200

Amortization of deferred contract acquisition costs

1,217

1,201

Amortization of debt issuance costs, included in interest expense

69

70

Deferred tax benefit

(1,022)

(36)

Accretion of discount on investments

(574)

Realized gain on investments

(87)

Changes in operating assets and liabilities:

Accounts receivable, net

(4,676)

(6,139)

Prepaid expenses and other assets

(4,198)

(1,586)

Deferred contract acquisition costs

(747)

(586)

Accounts payable

9

(295)

Accrued expenses and other liabilities

(9,444)

(6,796)

Tax receivable agreement liability

(1,840)

105

Net cash provided by operating activities

10,037

7,935

INVESTING ACTIVITIES

Purchases of property and equipment

(1,438)

(1,717)

Purchases of available-for-sale investments

(31,898)

(34,161)

Proceeds from sale of available-for-sale investments

1,990

Proceeds from maturities of investments

21,536

1,242

Net cash used in investing activities

(11,800)

(32,646)

FINANCING ACTIVITIES

Proceeds from exercise of options

104

2,693

Taxes paid related to net share settlement of equity awards

(28,774)

(7,275)

Repayments of borrowings

(687)

(687)

Payment of business acquisition holdback liability

(780)

Payment of tax distributions

(8)

Net cash used in financing activities

(30,145)

(5,269)

Effect of exchange rate changes on cash and cash equivalents

(213)

101

Change in cash and cash equivalents during the period

(32,121)

(29,879)

Cash and cash equivalents, beginning of period

221,765

250,724

Cash and cash equivalents, end of period

$           189,644

$           220,845

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

Cash paid for interest

$                  911

$               1,350

Cash paid for income taxes

$                  445

$                  309

NON-CASH INVESTING AND FINANCING ACTIVITIES

Purchase of property and equipment included in accounts payable and accrued expense

$                    83

$                  209

Tax distributions payable to Continuing Equity Owners included in accrued expenses

$               2,433

$               2,834

 

Clearwater Analytics Holdings, Inc.

Reconciliation of Net Loss to Adjusted EBITDA

(In thousands, unaudited)

Three Months Ended March 31,

2024

2023

(in thousands, except percentages)

Net income (loss)

$              2,236

2 %

$            (5,417)

(6 %)

Adjustments:

Interest income, net

(2,060)

(2 %)

(1,356)

(2 %)

Depreciation and amortization

2,550

2 %

2,449

3 %

Equity-based compensation expense and related payroll taxes

28,481

28 %

24,507

29 %

Tax receivable agreement expense

286

0 %

105

0 %

Transaction expenses

802

1 %

1,293

2 %

Other (benefit) expenses(1)

(93)

0 %

960

1 %

Adjusted EBITDA

32,202

31 %

22,541

27 %

Revenue

$         102,719

100 %

$           84,606

100 %

(1)  

Other (benefit) expenses include management fees to our investors, provision for 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.

 

Three Months Ended March 31,

2024

2023

(in thousands)

Amortization of prepaid management fees and reimbursable expenses

535

615

Provision for income taxes

(98)

264

Other (income) expense, net

(530)

81

Total other expenses

$                 (93)

$                 960

 

Clearwater Analytics Holdings, Inc.

Reconciliation of Free Cash Flow

(In thousands, unaudited)

Three Months Ended March 31,

2024

2023

Net cash provided by operating activities

$           10,037

$              7,935

Less: Purchases of property and equipment

1,438

1,717

Free Cash Flow

$              8,599

$              6,218

 

Clearwater Analytics Holdings, Inc.

Reconciliation of Non-GAAP Information

(In thousands, except share amounts and per share amounts, unaudited)

Three Months Ended March 31,

2024

2023

Revenue

$      102,719

$        84,606

Gross profit

$        74,541

$        59,781

Adjustments:

Equity-based compensation expense and related payroll taxes

3,522

2,475

Depreciation and amortization

2,102

1,964

Gross profit, non-GAAP

$        80,165

$        64,220

As a percentage of revenue, non-GAAP

78 %

76 %

Cost of Revenue

$        28,178

$        24,825

Adjustments:

Equity-based compensation expense and related payroll taxes

3,522

2,475

Depreciation and amortization

2,102

1,964

Cost of revenue, non-GAAP

$        22,554

$        20,386

As a percentage of revenue, non-GAAP

22 %

24 %

Research and development

$        37,676

$        28,100

Adjustments:

Equity-based compensation expense and related payroll taxes

11,874

5,119

Depreciation and amortization

201

288

Research and development, non-GAAP

$        25,601

$        22,693

As a percentage of revenue, non-GAAP

25 %

27 %

Sales and marketing

$        16,311

$        14,698

Adjustments:

Equity-based compensation expense and related payroll taxes

4,169

4,325

Depreciation and amortization

135

153

Sales and marketing, non-GAAP

$        12,007

$        10,220

As a percentage of revenue, non-GAAP

12 %

12 %

General and administrative

$        20,720

$        23,306

Adjustments:

Equity-based compensation expense and related payroll taxes

8,916

12,588

Depreciation and amortization

112

44

Amortization of prepaid management fees and reimbursable expenses

535

615

Transaction expenses

802

1,293

General and administrative, non-GAAP

$        10,355

$          8,766

As a percentage of revenue, non-GAAP

10 %

10 %

Loss from operations

$           (166)

$        (6,323)

Adjustments:

Equity-based compensation expense and related payroll taxes

28,481

24,507

Depreciation and amortization

2,550

2,449

Amortization of prepaid management fees and reimbursable expenses

535

615

Transaction expenses

802

1,293

Income from operations, non-GAAP

$        32,202

$        22,541

As a percentage of revenue, non-GAAP

31 %

27 %

Net income (loss)

$          2,236

$        (5,417)

Adjustments:

Equity-based compensation expense and related payroll taxes

28,481

24,507

Depreciation and amortization

2,550

2,449

Tax receivable agreement expense

286

105

Amortization of prepaid management fees and reimbursable expenses

535

615

Transaction expenses

802

1,293

Tax impacts of adjustments to net income (loss)(1)

(8,698)

(5,954)

Net income, non-GAAP

$        26,192

$        17,598

As a percentage of revenue, non-GAAP

25 %

21 %

Net income per share - basic, non-GAAP

$            0.12

$            0.09

Net income per share - diluted, non-GAAP

$            0.10

$            0.07

Weighted-average common shares outstanding - basic

213,259,463

192,993,574

Weighted-average common shares outstanding - diluted

255,458,196

252,378,797

(1)

The non-GAAP effective tax rate was 25% for the three months ended March 31, 2024 and 2023, respectively, 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.

 

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SOURCE Clearwater Analytics Holdings, Inc.

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