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, 2024

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 Specified in its Charter)

______________________________________

Delaware	87-1043711
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
777 W. Main Street Suite 900 Boise, ID	83702
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (208) 433-1200

______________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A common stock, par value $0.001 per share	CWAN	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.       Yes x      No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      Yes x      No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	x	Accelerated filer	o
Non-accelerated filer	o	Smaller reporting company	o
Emerging growth company	o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of July 26, 2024, the number of outstanding shares of the registrant’s common stock was:

160,483,489 shares of Class A common stock.

111,191 shares of Class B common stock.

27,424,288 shares of Class C common stock.

58,304,726 shares of Class D common stock.

Table of Contents

		Page
	Glossary	ii
	Special Note Regarding Forward-Looking Statements	iv
PART I.	Financial Information	1
Item 1.	Condensed Consolidated Financial Statements (Unaudited)	1
	Condensed Consolidated Balance Sheets	2
	Condensed Consolidated Statements of Operations	3
	Condensed Consolidated Statements of Comprehensive Income (Loss)	4
	Condensed Consolidated Statements of Changes in Equity	5
	Condensed Consolidated Statements of Cash Flows	7
	Notes to Unaudited Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	33
Item 4.	Controls and Procedures	34
PART II.	Other Information	35
Item 1.	Legal Proceedings	35
Item 1A.	Risk Factors	35
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	35
Item 3.	Defaults Upon Senior Securities	35
Item 4.	Mine Safety Disclosures	35
Item 5.	Other Information	35
Item 6.	Exhibits	36
Signatures		37

i

GLOSSARY

As used in this Quarterly Report on Form 10-Q, the terms identified below have the meanings specified below unless otherwise noted or the context indicates otherwise:

•“Company,” “we,” “us,” “our,” “Clearwater” and similar references refer, (1) following the consummation of the Transactions, to Clearwater Analytics Holdings, Inc., and, unless otherwise stated, all of its direct and indirect subsidiaries, including CWAN Holdings, and (2) prior to the completion of the Transactions, to CWAN Holdings and, unless otherwise stated, all of its direct and indirect subsidiaries.

•“AAA” refers to Wilshire AxiomSM, Wilshire AtlasSM, Wilshire Abacus, and Wilshire iQComposite.

•“Acquisition” refers to the acquisition of Wilshire AxiomSM, Wilshire AtlasSM, Wilshire Abacus, and Wilshire iQComposite and the associated workforce and customer contracts by Clearwater Analytics, LLC.

•“Acquisition Date” refers to April 22, 2024.

•“Annual Report” refers to our Annual Report on Form 10-K, dated December 31, 2023 (File No. 001-40838), as filed with the SEC on February 29, 2024.

•“Blocker Entities” refers to entities that, prior to the consummation of the Transactions, were affiliated with certain of the Continuing Equity Owners, each of which was a direct or indirect owner of LLC Interests in CWAN Holdings prior to the Transactions and is taxable as a corporation for U.S. federal income tax purposes.

•“Blocker Shareholders” refers to entities affiliated with certain of the Continuing Equity Owners, each of which was an owner of one or more of the Blocker Entities prior to the Transactions, which exchanged their interests in the Blocker Entities for shares of our Class A common stock, in the case of Other Continuing Equity Owners, and for shares of our Class D common stock, in the case of the Principal Equity Owners, in connection with the consummation of the Transactions.

•“Borrower” refers to Clearwater Analytics, LLC as borrower under the Credit Agreement.

•“Continuing Equity Owners” refers collectively to direct or indirect holders of LLC Interests and/or our Class B common stock, Class C common stock and/or Class D common stock immediately following consummation of the Transactions, including the Principal Equity Owners and certain of our directors and officers and their respective Permitted Transferees who may exchange at each of the irrespective options, in whole or in part from time to time, their LLC Interests (along with an equal number of shares of Class B common stock or Class C common stock, as the case may be (and such shares shall be immediately cancelled)) for newly issued shares of our Class A common stock or our Class D common stock, as the case may be, and additionally holders of shares of our Class D common stock may convert such shares at any time for newly issued shares of our Class A common stock, on a one-for-one basis (in which case their shares of our Class D common stock will be cancelled on a one-for-one basis upon any such issuance).

•“CWAN Holdings” refers to CWAN Holdings, LLC.

•“Exchange Act” refers to the Securities Exchange Act of 1934, as amended.

•“IPO” refers to our initial public offering, which closed in September 2021.

•“JUMP” refers to JUMP Technology SAS and its consolidated subsidiary JUMP Consulting Luxembourg S.a.r.l.

•“JOBS Act” means the Jumpstart Our Business Startups Act of 2012, as amended.

•“LLC Agreement” refers to CWAN Holdings, LLC’s Third Amended and Restated Limited Liability Company Agreement.

•“LLC Interests” refers to the common units of CWAN Holdings, LLC, including those that we purchased with a portion of the net proceeds from the IPO.

•“New Credit Agreement” refers to a new credit agreement which Clearwater Analytics, LLC entered into with JPMorgan Chase Bank, N.A. in connection with the closing of the IPO.

•“NPS” refers to our net promoter score, which can range from a low of negative 100 to a high of positive 100, that we use to gauge customer satisfaction. NPS benchmarks can vary significantly by industry, but a score greater than zero represents a company having more promoters than detractors. Our methodology of

ii

calculating NPS reflects responses from customers who purchase investment accounting and reporting, performance measurement, compliance monitoring and risk analytic solutions from us and choose to respond to the survey question. In particular, it reflects responses given in the fourth quarter of 2023 and reflects a sample size of 148 responses over that period. NPS gives no weight to customers who decline to answer the survey question.

•“NYSE” refers to the New York Stock Exchange.

•“Other Continuing Equity Owners” refers to Continuing Equity Owners who are not also Principal Equity Owners.

•“Permira” refers to Permira Advisers LLC, one of our largest owners through holdings by its affiliates.

•“Permitted Transferee” refers to, subject to the provisions of the LLC Agreement, (a) with respect to any Principal Equity Owner, any of such Principal Equity Owner’s affiliates and (b) with respect to any Other Continuing Equity Owner, any such Other Continuing Equity Owner’s affiliates or, in the case of individuals, members of their immediate family.

•“Principal Equity Owners” refers to Welsh Carson, Warburg Pincus, Permira and their respective affiliates and Permitted Transferees.

•“QTD” for any given year means the three months ended June 30 of that year.

•“SaaS” refers to Software-as-a-Service.

•“SEC” refers to the Securities and Exchange Commission.

•“Securities Act” refers to the Securities Act of 1933, as amended.

•“Secondary Offerings” refers to the sale by certain affiliates of Welsh Carson, Warburg Pincus and Permira, as applicable, of an aggregate of 14,950,000, 10,000,000, 20,000,000, 17,000,000, 16,250,000 and 12,000,000 shares of Class A common stock in underwritten secondary public offerings entered into on March 8, 2023, June 15, 2023, November 6, 2023, November 30, 2023, March 6, 2024 and June 10, 2024, respectively.

•“Tax Receivable Agreement” or “TRA” refers to the Tax Receivable Agreement, dated as of September 28, 2021, by and among Clearwater Analytics Holdings, Inc., CWAN Holdings and the other parties thereto.

•“TRA Bonus Agreement” refers to the Tax Receivable Agreement Bonus Letters, each dated as of September 28, 2021, by and among Clearwater Analytics Holdings, Inc. and certain of our executive officers.

•“Transactions” refers to the organizational transactions described under “Transactions” in Note 1 - Organization and Description of Business in our Annual Report.

•“Up-C” refers to the Company’s umbrella partnership-C-corporation organizational structure. See Note 1 “Organization and Description of Business” to our unaudited condensed consolidated financial statements of this Quarterly Report on Form 10-Q.

•“Warburg Pincus” refers to Warburg Pincus LLC, one of our largest owners through holdings by its affiliates.

•“Welsh Carson” refers to Welsh, Carson, Anderson & Stowe, one of our largest owners through holdings by its affiliates.

•“Wilshire” refers to Wilshire Advisors LLC.

•“Wilshire Technology” refers collectively, to Wilshire AxiomSM, Wilshire AtlasSM, Wilshire Abacus and Wilshire iQComposite.

iii

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q 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. The forward-looking statements are contained principally in the section captioned “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, technology developments, financing and investment plans, dividend policy, competitive position, industry 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. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

Important factors that could cause actual results, performance or achievements to differ materially from our expectations include, but are not limited to, the following:

•we operate in a highly competitive industry, with many companies competing for business from insurance companies, asset managers, corporations and government entities on the basis of a number of factors, including the quality and breadth of solutions and services provided, ability to innovate, reputation and the prices of services, and this competition could hurt our financial performance and cash flows;

•we are dependent on fees based on the value of the assets on our platform for the vast majority of our revenues, and to the extent market volatility, a downturn in economic conditions or other factors cause negative trends or fluctuations in the value of the assets on our platform, our fee-based revenue and earnings may decline;

•because some of our sales efforts are targeted at large financial institutions, corporations and government entities, we face prolonged sales cycles, substantial upfront sales costs and less predictability in completing some of our sales. If our sales cycle lengthens, or if our upfront sales investments do not result in sufficient revenue, our results of operations may be harmed;

•we have experienced considerable revenue growth over the past several years, which may be difficult to sustain, and we depend on attracting and retaining top talent to continue growing and operating our business, and if we are unable to hire, integrate, develop, motivate and retain our personnel, we may not be able to maintain or manage our growth, which could have a material adverse effect on our business, financial condition, results of operations and cash flows;

•if our investment accounting and reporting solutions, regulatory reporting solutions or risk management or performance analytics solutions fail to perform properly due to undetected errors or similar problems, our business, financial condition, reputation or results of operations could be materially adversely affected;

•our business relies heavily on computer equipment, cloud-based services, electronic delivery systems, networks and telecommunications systems and infrastructure, the Internet and the information technology systems of third parties. Any failures or disruptions in any of the foregoing could result in reduced revenues, increased costs and the loss of clients and could harm our business, financial condition, reputation and results of operations;

•our failure to successfully integrate acquisitions, including the Wilshire Technology acquisition, could strain our resources. In addition, there are significant risks associated with growth through acquisitions, which may materially adversely affect our business, financial condition or results of operations;

•if we are unable to protect the confidentiality of our trade secrets, our business and competitive position would be harmed;

•if our trademarks and trade names are not adequately protected, we may not be able to build name recognition in our markets of interest, and our competitive position may be harmed;

•we may need to defend ourselves against third-party claims that we are infringing, misappropriating or otherwise violating others’ intellectual property rights, which could divert management’s attention, cause us to incur significant costs, and prevent us from selling or using the technology to which such rights relate;

iv

•the Principal Equity Owners continue to have significant influence over us, including control over decisions that require the approval of stockholders, which could limit your ability to influence the outcome of matters submitted to stockholders for a vote;

•we are classified as a “controlled company,” and as a result, we qualify for, and rely on, exemptions from certain corporate governance requirements. You will not have the same protections afforded to stockholders of companies that are subject to such requirements. In addition, the Principal Equity Owners’ interests may conflict with our interests and the interests of other stockholders;

•provisions in our certificate of incorporation and bylaws may have the effect of delaying or preventing a change of control or changes in our management;

•if we fail to remediate an identified material weakness or implement and maintain effective internal controls over financial reporting, we may be unable to accurately or timely report our financial condition or results of operations, which may adversely affect our business; and

•other risks described in the section titled “Risk Factors” in our Annual Report and in periodic reports that we file with the SEC, and our reports to shareholders. These filings are available at www.sec.gov and on our website.

Given these risks and uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date of this Quarterly Report on Form 10-Q and should not be relied upon as representing Clearwater's expectations or beliefs as of any date subsequent to the time they are made. Clearwater 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.

You should read this Quarterly Report on Form 10-Q in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2023 included in our Annual Report.

v

PART I—FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements (unaudited).

1

Clearwater Analytics Holdings, Inc.

Condensed Consolidated Balance Sheets

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

	June 30		December 31
	2024		2023
Assets
Current assets:
Cash and cash equivalents	$	190,095	$	221,765
Short-term investments	67,819		74,457
Accounts receivable, net	97,220		92,091
Prepaid expenses and other current assets	27,577		27,683
Total current assets	382,711		415,996
Property and equipment, net	15,158		15,349
Operating lease right-of-use assets, net	28,084		22,554
Deferred contract costs, non-current	5,845		6,439
Intangible assets, net	34,607		26,132
Goodwill	72,245		45,338
Long-term investments	39,718		21,495
Other non-current assets	6,779		5,440
Total assets	$	585,147	$	558,743
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	2,962	$	3,062
Accrued expenses and other current liabilities	49,844		49,535
Notes payable, current portion	2,750		2,750
Operating lease liability, current portion	7,696		6,551
Tax receivable agreement liability	16,749		18,894
Total current liabilities	80,001		80,792
Notes payable, less current maturities and unamortized debt issuance costs	45,183		45,828
Operating lease liability, less current portion	21,306		16,948
Tax receivable agreement, less current portion	6,500		—
Other long-term liabilities	3,486		5,518
Total liabilities	156,476		149,086
Stockholders' Equity
Class A common stock, par value $0.001 per share; 1,500,000,000 shares authorized, 160,421,799 shares issued and outstanding as of June 30, 2024, 127,604,185 shares issued and outstanding as of December 31, 2023	160		128
Class B common stock, par value $0.001 per share; 500,000,000 shares authorized, 111,191 shares issued and outstanding as of June 30, 2024, 111,191 shares issued and outstanding as of 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 June 30, 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, 58,304,726 shares issued and outstanding as of June 30, 2024, 82,955,977 shares issued and outstanding as of December 31, 2023	58		83
Additional paid-in-capital	549,580		532,507
Accumulated other comprehensive income	832		2,909
Accumulated deficit	(170,050)		(181,331)
Total stockholders' equity attributable to Clearwater Analytics Holdings, Inc.	380,607		354,329
Non-controlling interests	48,064		55,328
Total stockholders' equity	428,671		409,657
Total liabilities and stockholders' equity	$	585,147	$	558,743

The accompanying notes are an integral part of these condensed consolidated financial statements.

2

Clearwater Analytics Holdings, Inc.

Condensed Consolidated Statements of Operations

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenue	$	106,791	$	89,879	$	209,510	$	174,485
Cost of revenue(1)	29,890		26,954		58,069		51,779
Gross profit	76,901		62,925		151,441		122,706
Operating expenses:
Research and development(1)	35,360		29,848		73,036		57,948
Sales and marketing(1)	15,169		14,331		31,480		29,029
General and administrative(1)	22,528		25,871		43,248		49,177
Total operating expenses	73,057		70,050		147,764		136,154
Income (loss) from operations	3,844		(7,125)		3,677		(13,448)
Interest income, net	(1,841)		(1,333)		(3,901)		(2,689)
Tax receivable agreement expense	5,915		6,573		6,201		6,678
Other income, net	(585)		(315)		(1,115)		(234)
Income (loss) before income taxes	355		(12,050)		2,492		(17,203)
Provision for (benefit from) income taxes	79		(174)		(19)		90
Net income (loss)	276		(11,876)		2,511		(17,293)
Less: Net income (loss) attributable to non-controlling interests	706		(955)		1,044		(1,988)
Net income (loss) attributable to Clearwater Analytics Holdings, Inc.	$	(430)	$	(10,921)	$	1,467	$	(15,305)
Net income (loss) per share attributable to Class A and Class D common stockholders stock:
Basic	$	(0.00)	$	(0.06)	$	0.01	$	(0.08)
Diluted	$	(0.00)	$	(0.06)	$	0.01	$	(0.08)
Weighted average shares of Class A and Class D common stock outstanding:
Basic	218,349,567		198,046,275		215,804,515		195,865,881
Diluted	218,349,567		198,046,275		254,208,965		195,865,881

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

Cost of revenue	$	3,273	$	3,248	$	6,419	$	5,491
Operating expenses:
Research and development	9,182		5,971		18,093		10,626
Sales and marketing	2,692		3,246		6,513		7,211
General and administrative	9,711		16,105		18,058		28,442
Total equity-based compensation expense	$	24,858	$	28,570	$	49,083	$	51,770

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

Condensed Consolidated Statements of Comprehensive Income (Loss)

(In thousands, unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net income (loss)	$	276	$	(11,876)	$	2,511	$	(17,293)
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustment	(483)		(13)		(2,247)		1,361
Unrealized loss on available-for-sale investments	(60)		(320)		(126)		(279)
Comprehensive income (loss)	$	(267)	$	(12,209)	$	138	$	(16,211)
Less: Comprehensive income (loss) attributable to non-controlling interests	(61)		(1,015)		(296)		(1,767)
Comprehensive income (loss) attributable to Clearwater Analytics Holdings, Inc.	$	(206)	$	(11,194)	$	434	$	(14,444)

The accompanying notes are an integral part of these condensed consolidated financial statements.

4

Condensed Consolidated Statements of Changes in Equity

(In thousands, except share amounts, unaudited)

	Class A Shares	Class A Amount		Class B Shares	Class B Amount		Class C Shares	Class C Amount		Class D Shares	Class D Amount		Additional Paid in Capital		Accumulated Other Comprehensive Income		Accumulated Deficit		Non- controlling Interest		Total stockholders' equity
Balance at December 31, 2023	127,604,185	$	128	111,191	$	—	32,684,156	$	33	82,955,977	$	83	$	532,507	$	2,909	$	(181,331)	$	55,328	$	409,657
Exercise of options to purchase common stock	626,608	—		—	—		—	—		—	—		91		—		—		13		104
Restricted stock units released	3,344,058	3		—	—		—	—		—	—				—		—				3
Shares withheld for net share settlement and other	(1,635,604)	(1)		—	—		—	—		—	—		(25,083)		—		—		(3,691)		(28,775)
Equity-based compensation	—	—		—	—		—	—		—	—		21,197		—		—		3,119		24,316
Foreign currency translation adjustment	—	—		—	—		—	—		—	—		—		(1,537)		—		(227)		(1,764)
Unrealized gain on available-for-sale investments	—	—		—	—		—	—		—	—		—		(58)		—		(8)		(66)
Net income	—	—		—	—		—	—		—	—		—		—		1,898		338		2,236
Accrued tax distributions payable to Continuing Equity Owners	—	—		—	—		—	—		—	—		—		—		—		505		505
Effect of LLC unit exchanges	16,250,000	16		—	—		(5,259,868)	(5)		(10,990,132)	(11)		—		—		9,830		(9,830)		—
Balance at March 31, 2024	146,189,247	$	146	111,191	$	—	27,424,288	$	27	71,965,845	$	72	$	528,712	$	1,314	$	(169,603)	$	45,547	$	406,215
Exercise of options to purchase common stock	836,970	1		—	—		—	—		—	—		5		—		—		—		6
Restricted stock units released	199,874	—		—	—		—	—		—	—		—		—		—		—		—
Shares withheld for net share settlement and other	(638,679)	(1)		—	—		—	—		—	—		(3,824)		—		—		(482)		(4,307)
ESPP shares issued	173,268	—		—	—		—	—		—	—		2,482		—		—		313		2,795
Equity-based compensation	—	—		—	—		—	—		—	—		22,205		—		—		2,800		25,005
Foreign currency translation adjustment	—	—		—	—		—	—		—	—		—		(429)		—		(54)		(483)
Unrealized gain on available-for-sale investments	—	—		—	—		—	—		—	—		—		(53)		—		(7)		(60)
Net income (loss)	—	—		—	—		—	—		—	—		—		—		(430)		706		276
Accrued tax distributions payable to Continuing Equity Owners	—	—		—	—		—	—		—	—		—		—		—		(776)		(776)
Effect of LLC unit exchanges	13,661,119	14		—	—		—	—		(13,661,119)	(14)		—		—		(17)		17		—
Balance at June 30, 2024	160,421,799	$	160	111,191	$	—	27,424,288	$	27	58,304,726	$	58	$	549,580	$	832	$	(170,050)	$	48,064	$	428,671

5

	Class A Shares	Class A Amount		Class B Shares	Class B Amount		Class C Shares	Class C Amount		Class D Shares	Class D Amount		Additional Paid in Capital		Accumulated Other Comprehensive Income		Accumulated Deficit		Non- controlling Interest		Total stockholders' equity
Balance at December 31, 2022	61,148,890	$	61	1,439,251	$	1	47,377,587	$	47	130,083,755	$	130	$	455,320	$	609	$	(186,647)	$	68,865	$	338,386
Exercise of options to purchase common stock	790,873	1		—	—		—	—		—	—		2,158		—		—		534		2,693
Restricted stock units released	1,150,785	—		—	—		—	—		—	—		—		—		—		—		—
Shares withheld for net share settlement and other	(661,451)	—		—	—		—	—		—	—		(5,832)		—		—		(1,443)		(7,275)
Equity-based compensation	—	—		—	—		—	—		—	—		18,680		—		—		4,621		23,301
Foreign currency translation adjustment	—	—		—	—		—	—		—	—		—		1,101		—		273		1,374
Unrealized gain on available-for-sale investments	—	—		—	—		—	—		—	—		—		33		—		8		41
Net loss	—	—		—	—		—	—		—	—		—		—		(4,384)		(1,033)		(5,417)
Accrued tax distributions payable to Continuing Equity Owners	—	—		—	—		—	—		—	—		—		—		—		362		362
Effect of LLC unit exchanges	14,975,000	15		(25,000)	—		(4,823,901)	(5)		(10,126,099)	(10)		—		—		7,743		(7,743)		—
Balance at March 31, 2023	77,404,097	$	77	1,414,251	$	1	42,553,686	$	43	119,957,656	$	120	$	470,326	$	1,742	$	(183,288)	$	64,444	$	353,465
Exercise of options to purchase common stock	334,226	—		—	—		—	—		—	—		398		—		—		88		486
Restricted stock units released	114,392	—		—	—		—	—		—	—		—		—		—		—		—
Shares withheld for net share settlement and other	(175,295)	—		—	—		—	—		—	—		(961)		—		—		(211)		(1,172)
ESPP shares issued	189,390	—		—	—		—	—		—	—		2,128		—		—		467		2,595
Equity-based compensation	—	—		—	—		—	—		—	—		23,552		—		—		5,170		28,722
Foreign currency translation adjustment	—	—		—	—		—	—		—	—		—		(11)		—		(2)		(13)
Unrealized loss on available-for-sale investments	—	—		—	—		—	—		—	—		—		(262)		—		(58)		(320)
Net loss	—	—		—	—		—	—		—	—		—		—		(10,921)		(955)		(11,876)
Accrued tax distributions payable to Continuing Equity Owners	—	—		—	—		—	—		—	—		—		—		—		(1,161)		(1,161)
Effect of LLC unit exchanges	10,012,066	10		(12,066)	—		(3,215,940)	(3)		(6,784,060)	(7)		—		—		5,085		(5,085)		—
Balance at June 30, 2023	87,878,876	$	88	1,402,185	$	1	39,337,746	$	39	113,173,596	$	113	$	495,444	$	1,469	$	(189,124)	$	62,696	$	370,726

The accompanying notes are an integral part of these condensed consolidated financial statements.

6

Clearwater Analytics Holdings, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands, unaudited)

	Six Months Ended June 30,
	2024		2023
OPERATING ACTIVITIES
Net income (loss)	$	2,511	$	(17,293)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	5,491		4,860
Noncash operating lease cost	4,545		3,769
Equity-based compensation	49,083		51,770
Amortization of deferred contract acquisition costs	2,413		2,351
Amortization of debt issuance costs, included in interest expense	140		139
Deferred tax benefit	(1,992)		(210)
Accretion of discount on investments	(1,177)		(396)
Realized (gain) loss on investments	24		(89)
Changes in operating assets and liabilities:
Accounts receivable, net	(4,718)		(9,898)
Prepaid expenses and other assets	(1,093)		(540)
Deferred contract acquisition costs	(1,771)		(1,287)
Accounts payable	335		100
Accrued expenses and other liabilities	(4,183)		(11,204)
Tax receivable agreement liability	4,355		7,000
Net cash provided by operating activities	53,963		29,072
INVESTING ACTIVITIES
Purchases of property and equipment	(2,947)		(3,293)
Purchase of held to maturity investments	(3,009)		—
Purchases of available-for-sale investments	(67,390)		(91,684)
Proceeds from sale of available-for-sale investments	—		5,950
Proceeds from maturities of investments	59,842		3,242
Acquisition of business, net of cash acquired	(40,121)		—
Payment of initial direct costs for operating leases	(104)		—
Net cash used in investing activities	(53,729)		(85,785)
FINANCING ACTIVITIES
Proceeds from exercise of options	109		3,179
Taxes paid related to net share settlement of equity awards	(33,081)		(8,447)
Repayments of borrowings	(688)		(1,374)
Payment of business acquisition holdback liability	(780)		—
Proceeds from employee stock purchase plan	2,795		2,595
Tax distributions	(8)		—
Net cash used in financing activities	(31,653)		(4,047)
Effect of exchange rate changes on cash and cash equivalents	(251)		252
Change in cash and cash equivalents during the period	(31,670)		(60,508)
Cash and cash equivalents, beginning of period	221,765		250,724
Cash and cash equivalents, end of period	$	190,095	$	190,216
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	$	1,762	$	2,220
Cash paid for income taxes	$	590	$	1,068
NON-CASH INVESTING AND FINANCING ACTIVITIES
Purchase of property and equipment included in accounts payable and accrued expense	$	55	$	1
Tax distributions payable to Continuing Equity Owners included in accrued expenses	$	3,209	$	3,994

The accompanying notes are an integral part of these condensed consolidated financial statements.

7

Clearwater Analytics Holdings, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

Note 1. Organization and Description of Business

Clearwater Analytics Holdings, Inc. (the “Company” or “Clearwater”) was incorporated as a Delaware corporation on May 18, 2021, as a holding company for the purpose of facilitating the IPO and other related transactions in order to carry on the business of the Company. Prior to the IPO, all business operations were conducted through Carbon Analytics Holdings, LLC, which changed its name to CWAN Holdings, LLC (“CWAN Holdings”) in connection with the IPO. Clearwater provides a SaaS solution for automated investment data aggregation, reconciliation, accounting and reporting services to insurers, investment managers, corporations, institutional investors and government entities. Following the IPO, Clearwater’s principal asset consists of ownership of common units in CWAN Holdings. As the sole managing member of CWAN Holdings, Clearwater operates and controls all the business operations of the Company. Our corporate structure following the IPO, as described above, is commonly referred to as an “Up-C” structure and is described in Note 1 - Organization and Description of Business in our Annual Report.

The Company headquarters is located in Boise, ID, and we operate in five offices throughout the U.S. and seven offices internationally.

Secondary Offerings

As required by the Registration Rights Agreement dated September 28, 2021, the Company participated in multiple underwritten offerings of shares held by our Principal Equity Owners during the year ended December 31, 2023 and in the three and six months ended June 30, 2024.

Pursuant to underwriting agreements executed on March 8 and June 15, 2023, certain affiliates of Welsh Carson (the “WCAS Selling Stockholders”) sold 14,950,000 and 10,000,000 shares, respectively, of Class A common stock in underwritten secondary public offerings. As part of these secondary offerings, the WCAS Selling Stockholders exchanged a total of 8,039,841 shares of Class C common stock, together with corresponding LLC Interests of CWAN Holdings, and 16,910,159 shares of Class D common stock for an equivalent number of shares of Class A common stock that were purchased by the underwriters. The Company did not sell any securities in these secondary offerings and did not receive any proceeds from the sale of the shares sold by the WCAS Selling Stockholders. For the year ended December 31, 2023, the Company incurred $1.6 million in expenses associated with these secondary offerings which were recorded as general and administrative expenses.

Pursuant to underwriting agreements executed on November 6 and November 30, 2023, certain affiliates of Welsh Carson, Warburg Pincus and Permira (the “Selling Stockholders”) sold 20,000,000 and 17,000,000 shares, respectively, of Class A common stock in underwritten secondary public offerings. As part of these secondary offerings, the Selling Stockholders exchanged a total of 6,653,590 shares of Class C common stock, together with corresponding LLC Interests of CWAN Holdings, and 30,212,119 shares of Class D common stock for an equivalent number of shares of Class A common stock that were purchased by the underwriter. The Company did not sell any securities in these secondary offerings and did not receive any proceeds from the sale of the shares sold by the Selling Stockholders. The Company incurred $0.5 million in expenses associated with these secondary offerings in the year ended December 31, 2023 which were recorded as general and administrative expenses.

Pursuant to an underwriting agreement executed on March 6, 2024, WCAS Selling Stockholders sold 16,250,000 shares of Class A common stock in an underwritten secondary public offering. As part of the secondary public offering the WCAS Selling Stockholders exchanged a total of 5,259,868 shares of Class C common stock and 10,990,132 shares of Class D common stock, and corresponding units in CWAN Holdings, for an equivalent number of shares of Class A common stock that were purchased by the underwriter. The Company did not sell any securities in the secondary offering and did not receive any proceeds from the sale of the shares sold by the WCAS Selling Stockholders. The Company incurred $0.2 million in expenses associated with the secondary offering in the three months ended March 31, 2024, which were recorded as general and administrative expenses.

Pursuant to an underwriting agreement executed on June 10, 2024, certain affiliates of Warburg Pincus and Permira (the “Warburg Pincus and Permira Selling Stockholders”) sold 12,000,000 shares of Class A common stock in an underwritten secondary offering. As part of this secondary offering, the Warburg Pincus and Permira Selling Stockholders exchanged a total of 11,917,765 shares of Class D common stock for an equivalent number of shares of Class A common stock that were purchased by the underwriter. The Company did not sell any securities in this secondary offering and did not receive any proceeds from the sale of the shares sold by the Warburg Pincus and Permira Selling Stockholders. The

8

Company incurred $0.2 million in expenses associated with this secondary offering in the three and six months ended June 30, 2024, which were recorded as general and administrative expenses.

As of June 30, 2024, the Company owns 88.8% of the interests in CWAN Holdings. Continuing Equity Owners which hold Class B and Class C common stock own the remaining 11.2% of the interests in CWAN Holdings. The attributes of the Company's classes of common stock are summarized in the following table:

Class of Common Stock	Votes per Share	Economic Rights
Class A common stock	1	Yes
Class B common stock	1	No
Class C common stock	10	No
Class D common stock	10	Yes

Note 2. Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements and accompanying notes have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the SEC and, in the opinion of management, reflect all normal recurring adjustments necessary for a fair presentation of results for the unaudited interim periods presented. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The results of operations for the interim period are not necessarily indicative of the results to be obtained for the full fiscal year.

Principles of consolidation

The condensed consolidated financial statements include the accounts of the Company and its directly and indirectly wholly-owned or controlled subsidiaries. All intercompany balances and transactions have been eliminated through consolidation. Clearwater Analytics Holdings, Inc. consolidated the financial results of CWAN Holdings as a Variable Interest Entity (“VIE”). Clearwater Analytics Holdings, Inc. owns the majority economic interest and has the power to control all the business and affairs of CWAN Holdings.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the condensed consolidated financial statements, as well as the reported amounts of revenue and expenses during the periods presented. Actual results could differ materially from those estimates.

Items subject to estimates and assumptions include the useful lives and recoverability of long-lived assets, the average period of benefit associated with deferred contract costs, sales reserves, the incremental borrowing rate applied in lease accounting, accruals for sales tax liabilities, the fair value and probability of achieving performance conditions of equity awards, business combinations, tax valuation allowance and probability of making payments under the TRA, among others. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the result of which forms the basis for making judgments about the carrying values of assets and liabilities, and measurement of revenues and expenses. To the extent there are material differences between these estimates, judgments, or assumptions and actual results, the Company’s condensed consolidated financial statements will be affected.

Significant Accounting Policies

The Company's significant accounting policies are discussed in Note 2 – Basis of Presentation and Summary of Significant Accounting Policies in the Annual Report. There have been no significant changes to these policies that have had a material impact on the Company's unaudited condensed consolidated financial statements and related notes during the three and six months ended June 30, 2024.

9

Note 3. Revenue Recognition

For SaaS offerings, the Company is applying the optional exemption to not disclose transaction price allocated to the remaining performance obligations given the Company’s monthly recurring revenue contracts.

For Licenses, the Company's remaining performance obligations represent the transaction price allocated to maintenance and support performance obligations that have yet to be satisfied. The following table includes estimated revenue expected to be recognized in the future related to maintenance and support performance obligations that are partially satisfied (in thousands):

	Remainder of 2024		2025		2026		2027		2028		Thereafter
Revenue expected to be recognized in the future as of June 30, 2024	$	888	$	902	$	536	$	277	$	160	$	—

Of the total revenue recognized for the three and six months ended June 30, 2024, $0.7 million and $1.9 million, respectively, was included in the deferred revenue balance as of December 31, 2023. Revenues recognized from performance obligations satisfied (or partially satisfied) in previous periods were not material. Contract asset balances classified as current are $2.6 million and $2.8 million as of June 30, 2024 and December 31, 2023, respectively. Contract asset balances classified as non-current are $0.6 million and $1.9 million as of June 30, 2024 and December 31, 2023, respectively.

The following table presents the Company’s revenue disaggregated by geography, based on billing address of the customer (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
United States	$	87,937	$	74,203	$	171,288	$	144,262
Rest of World	18,854		15,676		38,222		30,223
Total revenue	$	106,791	$	89,879	$	209,510	$	174,485

Note 4. Cash, Cash Equivalents and Investments

The following tables show the Company’s cash, cash equivalents and investments by significant investment category as of June 30, 2024 and December 31, 2023 in accordance with the fair value hierarchy (in thousands):

	June 30, 2024
	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Short-Term Investments		Long-Term Investments
Cash	$	17,227	$	—	$	—	$	17,227	$	17,227	$	—	$	—
Level 1 (1):
Money market funds	$	169,327	$	—	$	—	$	169,327	$	169,327	$	—	$	—
Level 2 (2):
Treasury bills	$	996	$	—	$	—	$	996	$	—	$	996	$	—
U.S. government bonds	$	32,242	$	2	$	(44)	$	32,201	$	3,541	$	17,119	$	11,541
U.S. agency securities	$	9,360	$	—	$	(16)	$	9,345	$	—	$	5,474	$	3,871
Commercial paper	$	15,293	$	—	$	(5)	$	15,288	$	—	$	15,288	$	—
Corporate debt securities	$	50,260	$	35	$	(56)	$	50,239	$	—	$	25,933	$	24,306
Certificates of deposit	$	3,009	$	—	$	—	$	3,009	$	—	$	3,009	$	—
Subtotal	$	111,160	$	37	$	(121)	$	111,078	$	3,541	$	67,819	$	39,718
Total	$	297,714	$	37	$	(121)	$	297,632	$	190,095	$	67,819	$	39,718

10

	December 31, 2023
	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Short-Term Investments		Long-Term Investments
Cash	$	24,247	$	—	$	—	$	24,247	$	24,247	$	—	$	—
Level 1 (1):
Money market funds	$	190,610	$	—	$	—	$	190,610	$	190,610	$	—	$	—
Level 2 (2):
Treasury bills	$	1,485	$	—	$	(2)	$	1,483	$	—	$	1,483	$	—
U.S. government bonds	$	9,553	$	20	$	(11)	$	9,562	$	—	$	4,387	$	5,175
U.S. agency securities	$	23,843	$	2	$	(22)	$	23,823	$	—	$	23,823	$	—
Commercial paper	$	16,983	$	9	$	(1)	$	16,991	$	6,908	$	10,083	$	—
Corporate debt securities	$	47,951	$	91	$	(45)	$	47,997	$	—	$	31,677	$	16,320
Certificates of deposit	$	3,004	$	—	$	—	$	3,004	$	—	$	3,004	$	—
Subtotal	$	102,819	$	122	$	(80)	$	102,860	$	6,908	$	74,457	$	21,495
Total	$	317,676	$	122	$	(80)	$	317,717	$	221,765	$	74,457	$	21,495

(1) Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities.

(2) Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

During the six months ended June 30, 2024 and year ended December 31, 2023, there were no transfers of assets or liabilities between Level 1, Level 2 and Level 3 of the fair value hierarchy.

Note 5. Business Combinations

On April 22, 2024, we completed our acquisition of Wilshire AxiomSM, Wilshire AtlasSM, Wilshire Abacus (“AAA”), and Wilshire iQComposite, which together (the “Wilshire Technology”) comprise the risk and performance analytics solutions businesses of Wilshire Advisors LLC, (“Wilshire”) a leading global financial services firm. Included in the transaction, we acquired the employee base and all customer contracts associated with the Wilshire Technology.Following the acquisition, the Wilshire Technology is co-branded as Clearwater Wilshire Analytics and enables clients to calculate performance and risk attribution, assist with security-level portfolio construction, access high-quality portfolio models, and identify investment opportunities that maximize returns and mitigate risk. The total purchase consideration for the acquisition of the Wilshire Technology was $40.1 million in cash, paid upon completion of the acquisition. In connection with the acquisition, the Company and Wilshire entered into a Transition Services Agreement pursuant to which Wilshire agreed to perform certain services for a period of time with respect to the Company’s use and operation of the Wilshire Technology, and a Master SaaS Agreement for Wilshire to license back the underlying technology for use in their retained business. We expensed acquisition-related costs in the amount of $1.3 million in general and administrative expenses in the three months ended June 30, 2024.

We have accounted for this transaction as a business combination and allocated the fair value of the consideration to the assets acquired as well as liabilities assumed, based on their estimated fair values. The excess of the purchase price over

11

the fair values of these identifiable assets and liabilities was recorded as goodwill. The preliminary allocated fair value is summarized as follows (in thousands):

	Fair Value
Accounts receivable	$	412
Prepaid expenses	325
Intangible assets	11,700
Goodwill	28,237
Deferred revenue	(552)
Cash paid for acquisition of business	$	40,121

Goodwill generated from this business combination is primarily attributable to the assembled workforce, expected post-acquisition synergies from integrating the Wilshire Technology into our platform and the expansion of product offerings to our existing global customer base. The goodwill is deductible for income tax purposes.

The following table presents details of the preliminary fair values of identified intangible assets acquired (in thousands, except years):

	Fair Value		Estimated Useful Life
Developed technology - AAA	$	9,100	5 years
Developed technology - iQComposite	900		6 years
Customer relationships	1,350		11 years
Trademarks	350		3 years
Total	$	11,700

The identified intangible assets are measured at fair value as Level III in accordance with the fair value hierarchy.

Note 6. Goodwill and Intangible Assets

Goodwill

The following table presents details of our goodwill during the six months ended June 30, 2024 (in thousands):

	Amount
Balance as of December 31, 2023	$	45,338
Goodwill acquired	28,237
Foreign currency translation adjustments	(1,330)
Balance as of June 30, 2024	$	72,245

12

Purchased Intangible Assets

The following table presents details of our purchased intangible assets as of June 30, 2024 and December 31, 2023 (in thousands):

	June 30, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Useful Life (In Years)
Intangible assets with finite lives:
Developed technology	$	35,071	$	(6,043)	$	29,028	5.4
Customer relationships	5,743		(558)		5,185		11.2
Trade name / Trademarks	671		(277)		394		2.5
Total intangible assets	$	41,485	$	(6,878)	$	34,607

	December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Useful Life (In Years)
Intangible assets with finite lives:
Developed technology	$	25,829	$	(3,997)	$	21,832	5.9
Customer relationships	4,526		(377)		4,149		11.9
Trade name / Trademarks	331		(179)		152		0.9
Total intangible assets	$	30,686	$	(4,553)	$	26,132

We recognized amortization expense of $1.4 million and $1.1 million for the three months ended June 30, 2024 and 2023, respectively, and of $2.5 million and $2.1 million for the six months ended June 30, 2024 and 2023, respectively.

Note 7. Supplemental Consolidated Balance Sheet Information

Accounts Receivable, net

Accounts receivable, net consisted of the following (in thousands):

	June 30,		December 31,
	2024		2023
Billed accounts receivable	$	48,705	$	46,595
Unbilled accounts receivable	48,828		45,805
Allowance for credit losses	(313)		(309)
Accounts receivable, net	$	97,220	$	92,091

The majority of invoices included within the unbilled accounts receivable balance are issued within the first few days of the month directly following the period of service.

13

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):

	June 30,		December 31,
	2024		2023
Prepaid expenses	$	14,538	$	13,234
Deferred contract costs, current portion	4,596		4,644
Contract assets	2,561		2,772
Other receivable	5,043		6,074
Other current assets	840		959
Prepaid expenses and other current assets	$	27,577	$	27,683

Property and equipment, net

Depreciation and amortization expense for the three months ended June 30, 2024 and 2023 was $1.5 million and $1.3 million, respectively, and for the six months ended June 30, 2024 and 2023 was $3.0 million and $2.7 million, respectively. Accumulated depreciation and amortization as of June 30, 2024 and December 31, 2023 was $21.2 million and $18.3 million, respectively.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):

	June 30,		December 31,
	2024		2023
Accrued benefits and retirement	$	7,102	$	10,329
Accrued vendor liabilities	7,257		6,883
Acquisition holdback liability	3,904		4,679
Accrued bonus	6,762		11,808
Deferred revenue	10,795		2,766
Tax distributions payable to Continuing Equity Owners	3,209		2,945
Accrued commissions	1,930		3,415
Income tax payable	1,010		456
Other current liabilities	7,875		6,254
Accrued expenses and other liabilities	$	49,844	$	49,535

Other Long-term Liabilities

Other long-term liabilities consisted of the following (in thousands):

	June 30,		December 31,
	2024		2023
Deferred tax liabilities	$	3,325	$	5,356
Asset retirement obligation	161		161
Other long-term liabilities	$	3,486	$	5,518

Note 8. Leases

The Company leases facilities under non-cancelable operating lease agreements with varying terms that range from one to 10 years. In addition, some of these leases have renewal options for up to five years. The Company determines if an arrangement contains a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, and operating lease liabilities on the Company's condensed consolidated balance sheets. The Company does not have any finance leases.

14

Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes initial direct costs incurred and excludes lease incentives. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. The Company does not account for lease components (e.g., fixed payments including rent) separately from the non-lease components (e.g., common-area maintenance costs).

Operating lease costs were $2.3 million and $4.5 million for the three and six months ended June 30, 2024, respectively. Variable lease cost and short-term lease costs were immaterial during the three and six months ended June 30, 2024. Future minimum lease payments at June 30, 2024 under the Company’s non-cancelable leases were as follows (in thousands):

2024 (remaining six months)	$	4,449
2025	9,658
2026	9,106
2027	4,647
2028	1,698
Thereafter	3,125
Total future minimum lease payments	32,683
Less: Imputed interest	(3,681)
Present value of future minimum lease payments	29,002
Less: Current portion of operating lease liability	(7,696)
Operating lease liabilities - noncurrent	$	21,306

The following table presents supplemental information for the Company's non-cancelable operating leases for the six months ended June 30, 2024 and 2023 (in thousands, except for weighted average and percentage data):

	Six Months Ended June 30,
	2024			2023
Weighted average remaining lease term	3.84			3.81
Weighted average discount rate	5.69		%	4.69		%
Cash paid for amounts included in the measurement of lease liabilities	$	4,459		$	1,973
Leased assets obtained in exchange for new lease liabilities	$	9,159		$	3,637

Note 9. Non-controlling Interest

The Company is the sole managing member of CWAN Holdings, and has the sole voting interest in, and control of the management of CWAN Holdings. As a result, the Company consolidates the financial results of CWAN Holdings. The non-controlling interest on our condensed consolidated balance sheet relates to the interests of CWAN Holdings held by the Continuing Equity Owners.