Clearwater Analytics (CWAN) 10-Q 3 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Oct. 26, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-40838
Entity Registrant Name	Clearwater Analytics Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-1043711
Entity Address, Address Line One	777 W. Main Street
Entity Address, Address Line Two	Suite 900
Entity Address, City or Town	Boise
Entity Address, State or Province	ID
Entity Address, Postal Zip Code	83702
City Area Code	208
Local Phone Number	433-1200
Title of 12(b) Security	Class A common stock, par value $0.001 per share
Trading Symbol	CWAN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001866368
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		89,945,389
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,402,185
Class C common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		39,337,746
Class D common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		113,173,596

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 205,665	$ 250,724
Short-term investments	79,568	4,890
Accounts receivable, net	91,656	72,575
Prepaid expenses and other current assets	24,341	28,157
Total current assets	401,230	356,346
Property and equipment, net	14,804	15,064
Operating lease right-of-use assets, net	22,940	24,114
Intangible assets, net	26,037	29,456
Goodwill	42,585	43,791
Long-term investments	17,600	0
Deferred contract costs, non-current	5,636	6,563
Other non-current assets	4,675	6,608
Total assets	535,507	481,942
Current liabilities:
Accounts payable	2,853	3,092
Accrued expenses and other current liabilities	40,779	42,119
Notes payable, current portion	2,750	2,750
Operating lease liability, current portion	6,402	5,851
Tax receivable agreement liability, current portion	10,355	12,200
Total current liabilities	63,139	66,012
Notes payable, less current maturities and unamortized debt issuance costs	46,494	48,492
Operating lease liability, less current portion	17,678	19,505
Tax receivable agreement liability, less current portion	8,200	0
Other long-term liabilities	8,561	9,547
Total liabilities	144,072	143,556
Stockholders' Equity
Additional paid-in-capital	516,485	455,320
Accumulated other comprehensive income (loss)	(500)	609
Accumulated deficit	(190,599)	(186,647)
Total stockholders' equity attributable to Clearwater Analytics Holdings, Inc.	325,628	269,521
Non-controlling interests	65,807	68,865
Total stockholders' equity	391,435	338,386
Total liabilities and stockholders' equity	535,507	481,942
Class A
Stockholders' Equity
Common stock	89	61
Class B
Stockholders' Equity
Common stock	1	1
Class C
Stockholders' Equity
Common stock	39	47
Class D
Stockholders' Equity
Common stock	$ 113	$ 130

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Class A
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized	1,500,000,000	1,500,000,000
Common stock, shares issued (in shares)	88,848,638	61,148,890
Common stock, shares outstanding	88,848,638	61,148,890
Class B
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued (in shares)	1,402,185	1,439,251
Common stock, shares outstanding	1,402,185	1,439,251
Class C
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued (in shares)	39,337,746	47,377,587
Common stock, shares outstanding	39,337,746	47,377,587
Class D
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued (in shares)	113,173,596	130,083,755
Common stock, shares outstanding	113,173,596	130,083,755

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenue		$ 94,664	$ 76,552	$ 269,149	$ 220,739
Cost of revenue	[1]	27,013	22,720	78,792	64,811
Gross profit		67,651	53,832	190,357	155,928
Operating expenses:
Research and development	[1]	32,250	25,438	90,198	69,568
Sales and marketing	[1]	15,020	13,187	44,049	38,254
General and administrative	[1]	26,268	16,371	75,445	46,864
Total operating expenses		73,538	54,996	209,692	154,686
Income (loss) from operations		(5,887)	(1,164)	(19,335)	1,242
Interest (income) expense, net		(1,733)	(693)	(4,422)	139
Tax receivable agreement (benefit) expense		(566)	2,600	6,112	5,700
Other income, net		(971)	(469)	(1,205)	(828)
Loss before income taxes		(2,617)	(2,602)	(19,820)	(3,769)
Provision for (benefit from) income taxes		(274)	424	(184)	959
Net loss		(2,343)	(3,026)	(19,636)	(4,728)
Less: Net income (loss) attributable to non-controlling interests		(454)	(52)	(2,442)	277
Net loss attributable to Clearwater Analytics Holdings, Inc.		$ (1,889)	$ (2,974)	$ (17,194)	$ (5,005)
Net loss per share attributable to Class A and Class D common stockholders stock:
Basic (in USD per share)		$ (0.01)	$ (0.02)	$ (0.09)	$ (0.03)
Diluted (in USD per share)		$ (0.01)	$ (0.02)	$ (0.09)	$ (0.03)
Weighted average shares of Class A and Class D common stock outstanding:
Basic (in shares)		201,582,951	187,824,531	197,903,361	184,026,378
Diluted (in shares)		201,582,951	187,824,531	197,903,361	184,026,378
[1]Amounts include equity-based compensation as follows: Cost of revenue $ 3,346 $ 2,594 $ 8,837 $ 7,281 Operating expenses: Research and development 6,768 5,133 17,393 14,003 Sales and marketing 4,010 2,941 11,221 9,452 General and administrative 16,233 6,033 44,675 18,032 Total equity-based compensation expense $ 30,357 $ 16,701 $ 82,126 $ 48,768

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Total equity-based compensation expense	$ 30,357	$ 16,701	$ 82,126	$ 48,768
Cost of revenue
Total equity-based compensation expense	3,346	2,594	8,837	7,281
Research and development
Total equity-based compensation expense	6,768	5,133	17,393	14,003
Sales and marketing
Total equity-based compensation expense	4,010	2,941	11,221	9,452
General and administrative
Total equity-based compensation expense	$ 16,233	$ 6,033	$ 44,675	$ 18,032

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (2,343)	$ (3,026)	$ (19,636)	$ (4,728)
Other comprehensive loss, net of taxes:
Foreign currency translation adjustment	(2,358)	(1,100)	(997)	(2,362)
Unrealized loss on available-for-sale investments	(10)	0	(289)	0
Comprehensive loss	(4,711)	(4,126)	(20,922)	(7,090)
Less: Comprehensive loss attributable to non-controlling interests	(853)	(284)	(2,620)	(239)
Comprehensive loss attributable to Clearwater Analytics Holdings, Inc.	$ (3,858)	$ (3,842)	$ (18,302)	$ (6,851)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock Class A	Common Stock Class B	Common Stock Class C	Common Stock Class D	Additional Paid in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Non- controlling Interest
Beginning balance (in shares) at Dec. 31, 2021		47,948,888	11,151,110	47,377,587	130,083,755
Beginning balance at Dec. 31, 2021	$ 261,868	$ 48	$ 11	$ 47	$ 130	$ 388,591	$ (34)	$ (191,926)	$ 65,001
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options to purchase common stock (in shares)		857,647
Exercise of options to purchase common stock	5,613	$ 1				4,226			1,387
Equity-based compensation	16,028					12,067			3,960
Foreign currency translation adjustment	(300)						(226)		(74)
Net income (loss)	528							398	130
Accrued tax distributions payable to Continuing Equity Owners	27								27
Effect of LLC Unit Exchanges (in shares)		6,643,614	(6,643,614)
Effect of LLC unit exchanges	0	$ 7	$ (7)					8,348	(8,348)
Ending balance (in shares) at Mar. 31, 2022		55,450,149	4,507,496	47,377,587	130,083,755
Ending balance at Mar. 31, 2022	283,764	$ 55	$ 5	$ 47	$ 130	404,884	(260)	(183,180)	62,083
Beginning balance (in shares) at Dec. 31, 2021		47,948,888	11,151,110	47,377,587	130,083,755
Beginning balance at Dec. 31, 2021	261,868	$ 48	$ 11	$ 47	$ 130	388,591	(34)	(191,926)	65,001
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized gain (loss) on available-for-sale investments	0
Net income (loss)	(4,728)
Ending balance (in shares) at Sep. 30, 2022		59,199,868	1,662,802	47,377,587	130,083,755
Ending balance at Sep. 30, 2022	310,263	$ 59	$ 2	$ 47	$ 130	432,640	(1,880)	(184,648)	63,913
Beginning balance (in shares) at Mar. 31, 2022		55,450,149	4,507,496	47,377,587	130,083,755
Beginning balance at Mar. 31, 2022	283,764	$ 55	$ 5	$ 47	$ 130	404,884	(260)	(183,180)	62,083
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options to purchase common stock (in shares)		105,251
Exercise of options to purchase common stock	771					603			168
Restricted stock units released, net of shares sold to cover tax (in shares)		93,750
ESPP shares issued (in shares)		200,220
ESPP shares issued	2,401	$ 1				1,877			523
Equity-based compensation	16,314					12,759			3,555
Foreign currency translation adjustment	(961)						(752)		(209)
Net income (loss)	(2,230)							(2,428)	198
Accrued tax distributions payable to Continuing Equity Owners	(834)								(834)
Effect of LLC Unit Exchanges (in shares)		1,810,711	(1,810,711)
Effect of LLC unit exchanges	0	$ 2	$ (2)					2,410	(2,410)
Ending balance (in shares) at Jun. 30, 2022		57,660,081	2,696,785	47,377,587	130,083,755
Ending balance at Jun. 30, 2022	299,225	$ 58	$ 3	$ 47	$ 130	420,123	(1,012)	(183,198)	63,074
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options to purchase common stock (in shares)		188,758
Exercise of options to purchase common stock	1,542					1,218			324
Restricted stock units released, net of shares sold to cover tax (in shares)		479,485
Shares withheld for net share settlement and other (in shares)		(162,439)
Shares withheld for net share settlement and other	(2,564)					(2,025)			(539)
Equity-based compensation	16,873					13,324			3,549
Foreign currency translation adjustment	(1,100)						(868)		(232)
Unrealized gain (loss) on available-for-sale investments	0
Net income (loss)	(3,026)							(2,974)	(52)
Accrued tax distributions payable to Continuing Equity Owners	(687)								(687)
Effect of LLC Unit Exchanges (in shares)		1,033,983	(1,033,983)
Effect of LLC unit exchanges	0	$ 1	$ (1)					1,524	(1,524)
Ending balance (in shares) at Sep. 30, 2022		59,199,868	1,662,802	47,377,587	130,083,755
Ending balance at Sep. 30, 2022	310,263	$ 59	$ 2	$ 47	$ 130	432,640	(1,880)	(184,648)	63,913
Beginning balance (in shares) at Dec. 31, 2022		61,148,890	1,439,251	47,377,587	130,083,755
Beginning balance at Dec. 31, 2022	338,386	$ 61	$ 1	$ 47	$ 130	455,320	609	(186,647)	68,865
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options to purchase common stock (in shares)		790,873
Exercise of options to purchase common stock	2,693	$ 1				2,158			534
Restricted stock units released, net of shares sold to cover tax (in shares)		1,150,785
Shares withheld for net share settlement and other (in shares)		(661,451)
Shares withheld for net share settlement and other	(7,275)					(5,832)			(1,443)
Equity-based compensation	23,301					18,680			4,621
Foreign currency translation adjustment	1,374						1,101		273
Unrealized gain (loss) on available-for-sale investments	41						33		8
Net income (loss)	(5,417)							(4,384)	(1,033)
Accrued tax distributions payable to Continuing Equity Owners	362								362
Effect of LLC Unit Exchanges (in shares)		14,975,000	(25,000)	(4,823,901)	(10,126,099)
Effect of LLC unit exchanges	0	$ 15		$ (5)	$ (10)			7,743	(7,743)
Ending balance (in shares) at Mar. 31, 2023		77,404,097	1,414,251	42,553,686	119,957,656
Ending balance at Mar. 31, 2023	353,465	$ 77	$ 1	$ 43	$ 120	470,326	1,742	(183,288)	64,444
Beginning balance (in shares) at Dec. 31, 2022		61,148,890	1,439,251	47,377,587	130,083,755
Beginning balance at Dec. 31, 2022	338,386	$ 61	$ 1	$ 47	$ 130	455,320	609	(186,647)	68,865
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized gain (loss) on available-for-sale investments	(289)
Net income (loss)	(19,636)
Ending balance (in shares) at Sep. 30, 2023		88,848,638	1,402,185	39,337,746	113,173,596
Ending balance at Sep. 30, 2023	391,435	$ 89	$ 1	$ 39	$ 113	516,485	(500)	(190,599)	65,807
Beginning balance (in shares) at Mar. 31, 2023		77,404,097	1,414,251	42,553,686	119,957,656
Beginning balance at Mar. 31, 2023	353,465	$ 77	$ 1	$ 43	$ 120	470,326	1,742	(183,288)	64,444
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options to purchase common stock (in shares)		334,226
Exercise of options to purchase common stock	486					398			88
Restricted stock units released, net of shares sold to cover tax (in shares)		114,392
Shares withheld for net share settlement and other (in shares)		(175,295)
Shares withheld for net share settlement and other	(1,172)					(961)			(211)
ESPP shares issued (in shares)		189,390
ESPP shares issued	2,595					2,128			467
Equity-based compensation	28,722					23,552			5,170
Foreign currency translation adjustment	(13)						(11)		(2)
Unrealized gain (loss) on available-for-sale investments	(320)						(262)		(58)
Net income (loss)	(11,876)							(10,921)	(955)
Accrued tax distributions payable to Continuing Equity Owners	(1,161)								(1,161)
Effect of LLC Unit Exchanges (in shares)		10,012,066	(12,066)	(3,215,940)	(6,784,060)
Effect of LLC unit exchanges	0	$ 10		$ (3)	$ (7)			5,085	(5,085)
Ending balance (in shares) at Jun. 30, 2023		87,878,876	1,402,185	39,337,746	113,173,596
Ending balance at Jun. 30, 2023	370,726	$ 88	$ 1	$ 39	$ 113	495,444	1,469	(189,124)	62,696
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options to purchase common stock (in shares)		1,211,583
Exercise of options to purchase common stock	1,286	$ 1				1,069			216
Restricted stock units released, net of shares sold to cover tax (in shares)		468,830
Shares withheld for net share settlement and other (in shares)		(710,651)
Shares withheld for net share settlement and other	(6,440)					(5,357)			(1,083)
Equity-based compensation	30,454					25,329			5,125
Foreign currency translation adjustment	(2,358)						(1,961)		(397)
Unrealized gain (loss) on available-for-sale investments	(10)						(8)		(2)
Net income (loss)	(2,343)							(1,889)	(454)
Accrued tax distributions payable to Continuing Equity Owners	120								120
Effect of LLC unit exchanges	0							414	(414)
Ending balance (in shares) at Sep. 30, 2023		88,848,638	1,402,185	39,337,746	113,173,596
Ending balance at Sep. 30, 2023	$ 391,435	$ 89	$ 1	$ 39	$ 113	$ 516,485	$ (500)	$ (190,599)	$ 65,807

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
OPERATING ACTIVITIES
Net loss	$ (19,636,000)	$ (4,728,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	7,336,000	3,499,000
Noncash operating lease cost	5,667,000	5,226,000
Equity-based compensation	82,126,000	48,768,000
Change in tax receivable liability	6,122,000	5,700,000
Amortization of deferred contract acquisition costs	3,563,000	3,221,000
Amortization of debt issuance costs, included in interest expense	210,000	210,000
Deferred tax benefit	(524,000)	(590,000)
Accretion of discount on investments	(901,000)	0
Realized gain on investments	(89,000)	0
Changes in operating assets and liabilities:
Accounts receivable, net	(18,864,000)	(15,051,000)
Prepaid expenses and other assets	4,219,000	1,618,000
Deferred contract acquisition costs	(2,662,000)	(3,593,000)
Accounts payable	109,000	240,000
Accrued expenses and other liabilities	(6,171,000)	(4,673,000)
Net cash provided by operating activities	60,505,000	39,847,000
INVESTING ACTIVITIES
Purchases of property and equipment	(4,062,000)	(5,880,000)
Purchase of held to maturity investments	0	(3,000,000)
Purchases of available-for-sale investments	(111,018,000)	0
Proceeds from sale of available-for-sale investments	5,950,000	0
Proceeds from maturities of investments	13,517,000	0
Net cash used in investing activities	(95,613,000)	(8,880,000)
FINANCING ACTIVITIES
Proceeds from exercise of options	4,465,000	7,926,000
Taxes paid related to net share settlement of equity awards	(14,887,000)	(2,564,000)
Proceeds from employee stock purchase plan	2,595,000	2,401,000
Repayments of borrowings	(2,062,000)	(2,063,000)
Payment of costs associated with the IPO	0	(214,000)
Payment of tax distributions	(35,000)	(17,000)
Net cash provided by (used in) financing activities	(9,924,000)	5,469,000
Effect of exchange rate changes on cash and cash equivalents	(27,000)	(2,510,000)
Change in cash and cash equivalents during the period	(45,059,000)	33,926,000
Cash and cash equivalents, beginning of period	250,724,000	254,597,000
Cash and cash equivalents, end of period	205,665,000	288,523,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	2,530,000	766,000
Cash paid for income taxes	1,484,000	1,425,000
NON-CASH INVESTING AND FINANCING ACTIVITIES
Purchase of property and equipment included in accounts payable and accrued expense	2,000	162,000
Tax distributions payable to Continuing Equity Owners included in accrued expenses	$ 3,838,000	$ 1,646,000

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	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. The Company headquarters are located in Boise, ID, and we operate in five offices throughout the U.S. and seven offices internationally. Initial Public Offering On September 28, 2021, the Company completed its IPO, in which it sold 34,500,000 shares of Class A common stock (including shares issued pursuant to the exercise in full of the underwriters’ option to purchase additional shares) at a public offering price of $18.00 per share for net proceeds of $582.2 million, after deducting underwriting discounts of $38.8 million (but excluding other offering expenses of $5.3 million). The Company used proceeds from the IPO to (i) purchase 34,500,000 common units of CWAN Holdings (“LLC interests”); (ii) repay approximately $437.4 million of outstanding borrowings under the Previous Credit Agreement including prepayment premiums and accrued interest; (iii) pay $5.3 million of expenses related to the IPO; with the remaining proceeds intended to be used for general corporate purposes. Transactions In connection with the IPO, the Company completed the following organizational transactions (the “Transactions”): • the amendment and restatement of the limited liability company agreement of CWAN Holdings to, among other things, appoint Clearwater Analytics Holdings, Inc. as the sole managing member of CWAN Holdings and provide certain exchange and redemption rights to direct or indirect holders of interests in CWAN Holdings 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 the Continuing Equity Owners; • the amendment and restatement of the certificate of incorporation of Clearwater Analytics Holdings, Inc. to create Class A, B, C and D common stock; • the mergers of Blocker Entities into Clearwater Analytics Holdings, Inc. and the issuance of Class A common stock, Class B common stock, Class C common stock, and Class D common stock to Blocker Shareholders and the Continuing Equity Owners. Blocker Entities refers to entities 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 was taxable as a corporation for U.S. federal income tax purposes, and 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 Continuing Equity Owners other than the Principal 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; • the issue of 11,151,110 shares of Class B common stock to Continuing Equity Owners other than the Principal Equity Owners and 47,377,587 shares of Class C common stock to the Principal Equity Owners, on a one-to-one basis with the number of common units of CWAN Holdings. Holders of our Class B and Class C common stock, along with the holders of our Class A and Class D common stock have certain voting rights, but holders of our Class B and Class C common stock do not have an economic interest in the Company; • the issue of 130,083,755 shares of Class D common stock to the Principal Equity Owners, on a one-to-one basis, with the number of common units of CWAN Holdings. Holders of Class D common stock have certain voting rights and are entitled an economic interest in the Company; and • the execution of the Tax Receivable Agreement, by and among Clearwater Analytics Holdings, Inc., CWAN Holdings, LLC and the other parties thereto (Note 12). Secondary Offerings Pursuant to an underwriting agreement executed on March 8, 2023, certain affiliates of Welsh Carson (the “Selling Stockholders”) sold 14,950,000 shares of Class A common stock in an underwritten secondary public offering (the “March Secondary Offering”). As part of the March Secondary Offering, the Selling Stockholders exchanged a total of 4,823,901 shares of Class C common stock and 10,126,099 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 underwriters. The Company did not sell any securities in the March Secondary Offering and did not receive any proceeds from the sale of the shares sold by the Selling Stockholders. The Company incurred $1.3 million in expenses associated with the March Secondary Offering during the three months ended March 31, 2023, which were recorded as general and administrative expenses. Pursuant to an underwriting agreement executed on June 15, 2023, the Selling Stockholders sold 10,000,000 shares of Class A common stock in an underwritten secondary public offering (the “June Secondary Offering”). As part of the June Secondary Offering, the Selling Stockholders exchanged a total of 3,215,940 shares of Class C common stock and 6,784,060 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 underwriters. The Company did not sell any securities in the June Secondary Offering and did not receive any proceeds from the sale of the shares sold by the Selling Stockholders. The Company incurred $0.3 million in expenses associated with the June Secondary Offering during the three months ended June 30, 2023, which were recorded as general and administrative expenses. As of September 30, 2023, the Company owns 83.2% of the interests in CWAN Holdings. Continuing Equity Owners which hold Class B and Class C common stock own the remaining 16.8% 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

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	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 nine months ended September 30, 2023, except as noted below. Revenue Recognition The Company earns revenue primarily from providing access to its SaaS platform solution to its customers, services that support the implementation on the SaaS platform, selling perpetual and term-based software licenses, maintenance and support, and professional services under contracts with customers. The Company recognizes revenue when it satisfies performance obligations under the terms of the contract in an amount that reflects the consideration the Company expects to receive in exchange for the services or licenses. The Company determines the appropriate amount of revenue to be recognized using the following steps: (i) identification of contracts with customers, (ii) identification of the performance obligations in the contract, (iii) determination of transaction price, (iv) allocation of contract transaction price to the performance obligations, and (v) recognition of revenue when or as the Company satisfies a performance obligation. Often contracts contain more than one performance obligation. Performance obligations are the unit of accounting for revenue recognition and generally represent the distinct services that are promised to the customer. SaaS The Company’s SaaS services allow the customer to access the services without taking possession of the software. Non-refundable fees invoiced in advance of the delivery of the Company’s performance obligations are deemed set-up activities and are deferred as a material right and recognized over time, typically 12 months. After set-up activities, customers typically receive benefits from implementation services prior to the “go live” date, at which point they can use the platform as intended in the arrangement. We have determined these implementation services are generally a separate performance obligation. As the Company’s platform must stand ready to provide the services throughout the contract period, revenues are recognized as the services are provided over time beginning on the date the service is made available as intended in the arrangement. Customers generally have the right to cancel with 30 days’ notice with no penalty. The Company typically bills its customers for SaaS services monthly in arrears based on a percentage of the average of the daily value of the assets within a customer’s accounts on the platform, or based on a fixed monthly base fee. Payment terms may vary by contract but generally include a requirement of payment within 30 days following the month in which services were provided. Sales tax collected from customers and remitted to governmental authorities is not included in revenue and is reflected as a liability on the Company’s condensed consolidated balance sheets. Licenses As a result of the acquisition of JUMP Technology (“JUMP”) on November 30, 2022, the Company earns license revenue through the sale of software license agreements to new customers and sales of additional licenses to the existing customers who can purchase additional users for existing licenses or purchase new licenses. Licenses can be either perpetual or term-based and provide the customer with a right to use the software. When a term license is purchased, maintenance and support is bundled with the license for the term of the license period. The Company requires customers purchasing perpetual licenses to also purchase maintenance and support services covering at least one year from the beginning of the perpetual license. The Company also offers professional services, including consulting and training, that are not integral to the functionality of the license. Revenue is recognized when the performance obligation is satisfied. Revenue from our perpetual and term-based licenses is recognized when the software is delivered or made available to the customer and all other revenue recognition criteria are satisfied. We satisfy our maintenance and support performance obligations and recognize revenue ratably over the maintenance and support term or license term, consistent with the pattern of benefit to the customer of such services. Professional services are provided on a time basis or over a contract term. We satisfy our professional services and training performance obligations and recognize the associated revenue as services are delivered. The Company typically bills its customers for licenses and maintenance annually in advance and professional services are billed monthly in arrears as services are performed . Investments Investments primarily consist of money market funds, commercial paper, U.S. agency securities, corporate debt securities and certificates of deposit. The Company invests in a diversified portfolio of investment securities and limits the concentration of its investment in any particular security. We classify our investments with an original maturity of greater than three months, but less than one year, as short-term investments, and investments with maturities greater than one year as long-term investments. Investments in debt securities that we have the positive intent and ability to hold until maturity are classified as held-to-maturity debt securities. Our held-to-maturity debt securities consist of short-term certificates of deposit which mature in less than one year. Held-to-maturity debt investments are recorded at amortized cost, which approximates fair value, and realized gains or losses are reported in earnings. Available-for-sale securities consist of commercial paper, U.S. agency securities and corporate debt securities. Available-for-sale investments are recorded at fair value, and unrealized gains or losses related to changes in fair value between periods are reported in accumulated other comprehensive loss. Realized gains or losses related to available-for-sale investments are reported in earnings. Realized gains or losses were not material during the three and nine months ended September 30, 2023. If the estimated fair value of an available-for-sale debt security is below its amortized cost basis, then the Company evaluates the security for impairment. The Company considers its intent to sell the security or whether it is more likely than not that it will be required to sell the security before recovery of its amortized basis. If either of these criteria are met, the debt security’s amortized cost basis is written down to fair value through other income (expense), net in the consolidated statements of operations. If neither of these criteria are met, the Company evaluates whether unrealized losses have resulted from a credit loss or other factors. The factors considered in determining whether a credit loss exists can include the extent to which fair value is less than the amortized cost basis, changes to the rating of the security by a rating agency, any adverse conditions specifically related to the security, as well as other factors. An impairment relating to credit losses is recorded through an allowance for credit losses reported in other income (expense), net in the consolidated statements of operations. The allowance is limited by the amount that the fair value of the debt security is below its amortized cost basis. When a credit loss exists, the Company compares the present value of cash flows expected to be collected from the debt security with the amortized cost basis of the security to determine what allowance amount, if any, should be recorded. As of September 30, 2023 and December 31, 2022, no allowance of credit losses related to our available-for-sale investments was recorded. Unrealized losses not resulting from credit losses are recorded through accumulated other comprehensive loss.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition For SaaS offerings, the Company is applying the optional exemption to not disclose transaction price allocated to the remaining performance obligations as the Company’s performance obligations are part of contracts that have an expected original duration of one year or less. 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 2023 2024 2025 2026 2027 Thereafter Revenue expected to be recognized in the future as of September 30, 2023 $ 419 $ 905 $ 595 $ 396 $ 196 $ 102 Of the total revenue recognized for the three and nine months ended September 30, 2023, $0.2 million and $0.9 million was included in the deferred revenue balance as of December 31, 2022, respectively. Revenues recognized from performance obligations satisfied (or partially satisfied) in previous periods were not material. Contract asset balances classified as current are $2.1 million and $2.5 million as of September 30, 2023 and December 31, 2022, respectively. Contract asset balances classified as non-current are $1.6 million and $1.2 million as of September 30, 2023 and December 31, 2022, respectively. The following table presents the Company’s revenue disaggregated by geography, based on billing address of the customer (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 United States $ 76,704 $ 65,420 $ 220,967 $ 189,307 Rest of World 17,960 11,132 48,182 31,432 Total revenue $ 94,664 $ 76,552 $ 269,149 $ 220,739

Cash, Cash Equivalents and Inve

Cash, Cash Equivalents and Investments	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Cash, Cash Equivalents and Investments	Cash, Cash Equivalents and Investments The following tables show the Company’s cash, cash equivalents and investments by significant investment category as of September 30, 2023 and December 31, 2022 in accordance with the fair value hierarchy (in thousands): September 30, 2023 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Short-Term Investments Long-Term Investments Cash $ 45,118 $ — $ — $ 45,118 $ 45,118 $ — $ — Level 1 (1) : Money market funds $ 153,724 $ — $ — $ 153,724 $ 153,724 $ — $ — Level 2 (2) : Treasury bills $ 1,467 $ — $ (6) $ 1,462 $ — $ 1,462 $ — US government bond $ 6,082 $ — $ (33) $ 6,049 $ — $ 2,895 $ 3,154 U.S. agency securities $ 25,283 $ — $ (92) $ 25,191 $ — $ 22,742 $ 2,449 Commercial paper $ 18,608 $ — $ — $ 18,608 $ 6,822 $ 11,786 $ — Corporate debt securities $ 49,834 $ — $ (158) $ 49,677 $ — $ 37,679 $ 11,997 Certificates of deposit $ 3,004 $ — $ — $ 3,004 $ — $ 3,004 $ — Subtotal $ 104,278 $ — $ (289) $ 103,991 $ 6,822 $ 79,568 $ 17,600 Total $ 303,120 $ — $ (289) $ 302,833 $ 205,665 $ 79,568 $ 17,600 December 31, 2022 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Short-Term Investments Long-Term Investments Cash $ 7,337 $ — $ — $ 7,337 $ 7,337 $ — $ — Level 1 (1) : Money market funds $ 243,387 $ — $ — $ 243,387 $ 243,387 $ — $ — Level 2 (2) : Certificates of deposit $ 3,000 $ — $ — $ 3,000 $ — $ 3,000 $ — Non-US Treasury securities $ 1,890 $ — $ — $ 1,890 $ — $ 1,890 $ — Subtotal $ 4,890 $ — $ — $ 4,890 $ — $ 4,890 $ — Total $ 255,614 $ — $ — $ 255,614 $ 250,724 $ 4,890 $ — (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 each of the nine months ended September 30, 2023 and year ended December 31, 2022, there were no transfers of assets or liabilities between Level 1, Level 2 and Level 3 of the fair value hierarchy.

Business Combinations

Business Combinations	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Business Combinations	Business Combinations On November 30, 2022, we completed our acquisition of JUMP, acquiring 100% of the outstanding common shares and voting interest in JUMP. We believe the acquisition will strengthen our position to become an industry-leading provider of innovative, end-to-end solutions to investment management companies globally. The total purchase consideration for the acquisition of JUMP was €75 million in cash, which approximated to $77.1 million based on the exchange rate at the time of the acquisition. A total of €67.5 million cash was paid as purchase consideration upon completion of the acquisition. The Share Purchase Agreement includes an indemnification holdback which requires the remaining €7.5 million cash to be paid as purchase consideration over the subsequent two years subject to no indemnification claims being submitted. We expensed acquisition-related costs in the amount of $1.7 million in general and administrative expenses in the third and fourth quarters of 2022. We have accounted for this transaction as a business combination and allocated the fair value of the consideration to the tangible and intangible assets acquired as well as liabilities assumed, based on their estimated fair values. The excess of the purchase price over 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 Cash and cash equivalents $ 4,353 Short-term investments 1,832 Accounts receivable 3,186 Operating lease right-of-use asset 3,715 Other assets 5,776 Intangible assets 28,890 Goodwill 42,450 Operating lease liability (3,622) Deferred tax liability (5,670) Other liabilities (3,765) Total consideration 77,145 Deferred consideration related to indemnification holdback (6,999) Cash acquired (4,353) Cash paid for acquisition of business, net of cash acquired $ 65,793 We expect to finalize the allocation of the purchase consideration as soon as practicable, pending finalization of taxes and any other adjustments related to acquired assets or liabilities, but no later than 12 months from the Acquisition Date. Goodwill generated from this business combination is primarily attributable to the assembled workforce and expected post-acquisition synergies from integrating JUMP technology into our platform and strengthening our ability to serve a global customer base and accelerate delivery of solutions to investment management companies. The goodwill is not expected to be 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 $ 24,317 7 years Customer relationships 4,261 13 years Trade name / Trademarks 312 2 years Total $ 28,890 The identified intangible assets are measured at fair value as Level III in accordance with the fair value hierarchy. Revenue of $2.7 million and net income of $1.1 million is included in our consolidated statements of operations for the year ended December 31, 2022. Pro forma information has not been presented as disclosure is impracticable due to JUMP's historical financial statements not being prepared in accordance with U.S. GAAP.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill The following table presents details of our goodwill during the nine months ended September 30, 2023 (in thousands): Amount Balance as of December 31, 2022 $ 43,791 Purchase accounting adjustment (623) Foreign currency translation adjustments (583) Balance as of September 30, 2023 $ 42,585 Purchased Intangible Assets The following table presents details of our purchased intangible assets as of September 30, 2023 and December 31, 2022 (in thousands): September 30, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Useful Life (In Years) Intangible assets with finite lives: Developed technology $ 24,740 $ (2,945) $ 21,795 6.2 Customer relationships 4,335 (278) 4,057 12.2 Trade name / Trademarks 317 (132) 185 1.2 Total intangible assets $ 29,392 $ (3,355) $ 26,037 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Useful Life (In Years) Intangible assets with finite lives: Developed technology $ 25,086 $ (305) $ 24,781 6.9 Customer relationships 4,395 (29) 4,366 12.9 Trade name / Trademarks 322 (13) 309 1.9 Total intangible assets $ 29,803 $ (347) $ 29,456

Supplemental Consolidated Balan

Supplemental Consolidated Balance Sheet Information	9 Months Ended
	Sep. 30, 2023
Balance Sheet Related Disclosures [Abstract]
Supplemental Consolidated Balance Sheet Information	Supplemental Consolidated Balance Sheet Information Accounts Receivable, net Accounts receivable, net consisted of the following (in thousands): September 30, December 31, 2023 2022 Billed accounts receivable $ 41,654 $ 41,718 Unbilled accounts receivable 50,171 30,963 Allowance for doubtful accounts and reserves (169) (106) Accounts receivable, net $ 91,656 $ 72,575 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. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): September 30, December 31, 2023 2022 Prepaid expenses $ 10,575 $ 14,947 Deferred contract costs, current portion 4,241 4,215 Contract assets 2,147 2,518 Other receivable 4,294 4,142 Other current assets 3,084 2,335 Prepaid expense and other current assets $ 24,341 $ 28,157 Property and equipment, net Depreciation and amortization expense for the three months ended September 30, 2023 and 2022 was $1.4 million and $1.4 million, respectively, and for the nine months ended September 30, 2023 and 2022 was $4.1 million and $3.5 million, respectively. Accumulated depreciation and amortization as of September 30, 2023 and December 31, 2022 was $18.6 million and $14.5 million, respectively. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): September 30, December 31, 2023 2022 Accrued benefits and retirement $ 7,980 $ 10,566 Accrued vendor liabilities 6,838 4,811 Acquisition holdback liability, current portion 3,920 3,770 Accrued bonus 7,564 10,005 Deferred revenue 3,473 1,185 Tax distributions payable to Continuing Equity Owners 3,839 3,196 Accrued commissions 2,020 2,709 Income tax payable 130 920 Other current liabilities 5,015 4,957 Accrued expenses and other liabilities $ 40,779 $ 42,119 Other Long-term Liabilities Other long-term liabilities consisted of the following (in thousands): September 30, December 31, 2023 2022 Deferred tax liabilities $ 4,756 $ 5,932 Acquisition holdback liability 3,650 3,496 Asset retirement obligation 155 119 Other long-term liabilities $ 8,561 $ 9,547

Leases

Leases	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Leases	LeasesThe Company leases facilities under non-cancelable operating lease agreements with varying terms that range from one 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 any lease payments made and excludes lease incentives and initial direct costs incurred. 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 $1.9 million and $5.6 million for the three and nine months ended September 30, 2023, respectively. Variable lease cost and short-term lease costs were immaterial during the three and nine months ended September 30, 2023. Future minimum lease payments at September 30, 2023 under the Company’s non-cancelable leases were as follows (in thousands): 2023 (remaining three months) $ 1,853 2024 7,269 2025 7,375 2026 6,758 2027 2,770 Thereafter 156 Total future minimum lease payments 26,181 Less: Imputed interest (2,101) Present value of future minimum lease payments 24,080 Less: Current portion of operating lease liability (6,402) Operating lease liabilities - noncurrent $ 17,678 The following table presents supplemental information for the Company's non-cancelable operating leases for the nine months ended September 30, 2023 and 2022 (in thousands, except for weighted average and percentage data): Nine Months Ended September 30, 2023 2022 Weighted average remaining lease term 3.58 4.29 Weighted average discount rate 4.72 % 3.77 % Cash paid for amounts included in the measurement of lease liabilities $ 1,897 $ 1,534 Leased assets obtained in exchange for new lease liabilities (1) $ 3,637 $ 26,027

Non-controlling Interest

Non-controlling Interest	9 Months Ended
	Sep. 30, 2023
Noncontrolling Interest [Abstract]
Non-controlling Interest	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. The ownership of the LLC interests is summarized as follows: September 30, 2023 December 31, 2022 Shares Ownership % Shares Ownership % Clearwater Analytics Holdings, Inc. interest in CWAN Holdings 202,022,234 83.2 % 191,232,645 79.7 % Continuing Equity Owners' interest in CWAN Holdings 40,739,931 16.8 % 48,816,838 20.3 % 242,762,165 100.0 % 240,049,483 100.0 %

Loss Per Share

Loss Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Loss Per Share	Loss Per Share The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted net loss per share of Class A and Class D common stock (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Numerator: Net loss $ (2,343) $ (3,026) $ (19,636) $ (4,728) Less: Net income (loss) attributable to non-controlling interests (454) (52) (2,442) 277 Net loss attributable to Clearwater Analytics Holdings, Inc. - basic and diluted (1,889) (2,974) (17,194) (5,005) The following tables set forth the computation of basic and diluted net loss per share of Class A and Class D common stock (in thousands, except share amounts and per share amounts): Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Class A Class D Class A Class D Basic and diluted net loss attributable to Class A and Class D common stockholders Numerator: Allocation of net loss attributable to Clearwater Analytics Holdings, Inc. $ (828) $ (1,061) $ (6,768) $ (10,426) Denominator: Weighted average number of shares of Class A and Class D common stock outstanding - basic and diluted 88,409,355 113,173,596 77,898,011 120,005,350 Basic and diluted net loss per share attributable to Class A and Class D common stockholders $ (0.01) $ (0.01) $ (0.09) $ (0.09) Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Class A Class D Class A Class D Basic and diluted net loss attributable to Class A and Class D common stockholders Numerator: Allocation of net loss attributable to Clearwater Analytics, Inc. $ (914) $ (2,060) $ (1,467) $ (3,538) Denominator: Weighted average number of shares of Class A and Class D common stock outstanding - basic and diluted 57,740,776 130,083,755 53,942,623 130,083,755 Basic and diluted net loss per share attributable to Class and Class D common stockholders $ (0.02) $ (0.02) $ (0.03) $ (0.03) Shares of the Company's Class B and Class C common stock do not participate in the earnings or losses of Clearwater Analytics Holdings, Inc. and are therefore not participating securities. As such, separate presentation of basic and diluted earnings per share of Class B and Class C common stock under the two-class method has not been presented. The following weighted-average potentially dilutive securities were evaluated under the treasury stock method for potentially dilutive effects and have been excluded from diluted net loss per share for the three and nine months ended September 30, 2023 due to their anti-dilutive effect: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Conversion of Class B and Class C common stock 40,739,931 50,044,760 43,964,990 53,414,846 Stock options of Clearwater Analytics Holdings, Inc. 10,225,813 10,163,645 9,690,549 10,939,998 RSUs of Clearwater Analytics Holdings, Inc. 2,923,756 713,091 5,425,091 1,044,382 Employee stock purchase plans 21,583 11,536 14,509 7,187 Total 53,911,083 60,933,032 59,095,139 65,406,413

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation In September 2021, the Board of Directors of the Company (the “Board”) adopted the Clearwater Analytics Holdings, Inc. 2021 Omnibus Incentive Plan (the “2021 Plan”), pursuant to which employees, consultants and directors of our Company and our affiliates performing services for us, including our executive officers, are eligible to receive awards. The 2021 Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”), bonus stock, dividend equivalents, other stock-based awards, substitute awards, annual incentive awards and performance awards intended to align the interests of participants with those of our shareholders. A total of 69,200,278 shares of common stock are authorized for issuance under the 2021 Plan. In connection with the approval of the 2021 Plan, the 2017 Equity Incentive Plan was terminated and all outstanding stock options and RSUs were transferred to the 2021 Plan. Options The following table summarizes the stock option activity for the nine months ended September 30, 2023 (in thousands, except per share data): Stock Options Weighted Average Exercise Price Weighted Average Remaining Aggregate Intrinsic Value Balance - December 31, 2022 17,754,770 $ 8.47 7.06 $ 183,315 Granted — — Exercised (2,336,682) 7.23 23,942 Forfeited (1,411,142) 12.63 Balance - September 30, 2023 14,006,946 $ 8.26 6.52 $ 155,598 Options vested - September 30, 2023 10,052,596 $ 7.44 $ 119,944 The aggregate intrinsic value as of September 30, 2023 disclosed in the above table is based on the difference between the exercise price of the stock option and the estimated fair value of the Company’s common stock as of September 30, 2023. As of September 30, 2023, the total unrecognized compensation expense related to unvested options was $18.6 million, which is expected to be recognized over a weighted average period of 1.4 years. RSUs The summary of RSU activity for the nine months ended September 30, 2023 is as follows (in thousands, except per share data): Units Activity Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Unvested units as of December 31, 2022 9,527,348 $ 18.32 $ 178,638 Granted 7,341,300 18.69 Released (1,734,007) 18.11 Cancelled (1,201,956) 17.55 Unvested units as of September 30, 2023 13,932,685 $ 18.07 $ 269,458 The aggregate intrinsic value disclosed in the above table is based on the closing stock price on the NYSE on September 30, 2023. As of September 30, 2023, there was $184.4 million of unrecognized equity-based compensation expense related to RSUs, which is expected to be recognized over a weighted average period of 2.6 years. Employee Stock Purchase Plan In September 2021, the Board adopted the Clearwater Analytics Holdings, Inc. 2021 Employee Stock Purchase Plan (“ESPP”). As of January 1, 2023, a total of 7,889,367 shares of Class A common stock were available for issuance under the ESPP. The offering periods are scheduled to start on June 1 and December 1 of each year. Eligible employees may purchase the Company's common stock through payroll deductions at a price equal to 85% of the lower of the fair market values of the stock as of the beginning or the end of six-month offering periods. An employee's payroll deductions under the ESPP are limited to 10% of the employee's compensation and an employee may not purchase more than $25,000 of stock during any calendar year in which the employee’s option to purchase stock under the ESPP is outstanding at any time. As of September 30, 2023, total unrecognized equity-based compensation costs related to ESPP were $0.3 million, which is expected to be recognized over the remaining current offering period ending November 30, 2023. ESPP payroll contributions accrued at September 30, 2023 and December 31, 2022 totaled $1.7 million and $0.5 million, respectively, and are included within accrued expenses in the consolidated balance sheets. Employee payroll contributions used to purchase shares under the ESPP will be reclassified to stockholders' equity at the end of the offering period.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes As a part of the Up-C structure, Clearwater Analytics Holdings, Inc. owns a portion of CWAN Holdings, which contains all operations of the business and is treated as a partnership for U.S. federal and most applicable state and local income tax purposes. As a partnership, CWAN Holdings is generally not subject to U.S. federal, state, and local income taxes. Any taxable income or loss generated by CWAN Holdings is passed through to and included in the taxable income or loss of its members in accordance with the terms of the operating agreement of CWAN Holdings. Before the IPO, the majority of CWAN Holdings’ income was passed through to its members and was nontaxable to the entity. CWAN Holdings’ international wholly-owned subsidiaries are subject to taxes in foreign jurisdictions. Clearwater Analytics Holdings, Inc. is taxed as a corporation and pays corporate federal, state, and local taxes on income allocated to it from CWAN Holdings based on Clearwater Analytics Holdings, Inc.’s economic interest held in CWAN Holdings. While the Company consolidates CWAN Holdings for financial reporting purposes, the Company will not be taxed on the earnings attributed to the non-controlling interests. As a result, the income tax burden on the earnings taxed to the non-controlling interests is not reported by the Company in its condensed consolidated financial statements. Our tax provision for interim periods is determined using an estimated annual effective tax rate, adjusted for discrete items arising in the applicable quarter. In each quarter, we update the estimated annual effective tax rate and make a year-to-date adjustment to the provision. The estimated annual effective tax rate may be subject to significant volatility due to several factors, including our ability to accurately predict the proportion of our pretax income in multiple jurisdictions, certain book-tax differences, and exchanges from non-controlling interests. The following table provides details of the provision for income taxes: Three Months Ended Nine Months Ended September 30, 2023 2022 2023 2022 Loss before income taxes $ (2,617) $ (2,602) $ (19,820) $ (3,769) Provision for (benefit from) income taxes (274) 424 (184) 959 Effective tax rate 10.5 % (16.3 %) 0.9 % (25.4 %) For the three and nine months ended September 30, 2023 and September 30, 2022, the Company’s effective tax rate was different than the statutory rate primarily because of foreign taxes, equity-based compensation and the valuation allowance on U.S. deferred tax assets. In addition, the Company is not liable for income taxes on the portion of CWAN Holdings’ earnings that are attributable to non-controlling interests. The Company regularly monitors its uncertain tax positions, and as of September 30, 2023, there were no material unrecognized tax benefits that, if realized, would affect the estimated annual effective tax rate, nor do we expect any significant changes within the next 12 months. We recognize deferred tax assets to the extent that we believe that these assets are more likely than not to be realized. The realization of tax benefits of net deferred tax assets is dependent upon future levels of taxable income, of an appropriate character, in the periods the items are expected to be deductible or taxable. Based on the available objective evidence as of September 30, 2023, we believe that it is more likely than not that the tax benefits of the U.S. losses incurred may not be realized. Accordingly, we have recorded a full valuation allowance against the tax benefits of the U.S. losses incurred. We intend to maintain the full valuation allowance on the U.S. net deferred tax assets until sufficient positive evidence exists to support a reversal of, or decrease in, the valuation allowance. Tax Receivable Agreement Liability In connection with the IPO and related transactions, we entered into a TRA that provides for the payment by us of 85% of the amount of any tax benefits that we actually realize, or in some cases are deemed to realize, as a result of (i) increases in our share of the tax basis in the net assets of CWAN Holdings resulting from any redemptions or exchanges of CWAN Holdings units, (ii) tax basis increases attributable to payments made under the TRA, and (iii) deductions attributable to imputed interest and bonus payments pursuant to the TRA Bonus Agreements (the “TRA Payments”). We expect to benefit from the remaining 15% of any tax benefits that we may actually realize. The TRA Payments are not conditioned upon any continued ownership interest in CWAN Holdings or the Company. The rights of each member of CWAN Holdings, that is a party to the TRA, are assignable to transferees of their respective CWAN Holdings units. The estimation of a liability under the TRA is, by its nature, imprecise and subject to significant assumptions regarding a number of factors, including (but not limited to) the amount and timing of taxable income generated by the Company each year as well as the tax rate then applicable. The future tax benefits related to ownership exchanges completed as of September 30, 2023 are estimated to be $437 million, of which $372 million is estimated to be the associated TRA liability. As noted above, the Company evaluated the realizability of its U.S. deferred tax assets and has recorded a full valuation allowance against the future realization of those benefits. As such, no TRA liability related to future years has been recorded as of September 30, 2023, as it is not probable that we will realize any tax benefits. Before considering the tax benefits subject to our TRA Agreement, we estimate that we will report taxable income in 2023 primarily due to capitalization of research and development expenses under Section 174 and equity-based compensation expense that has either not yet met the rules for deductibility or has had the deduction limited under Section 162(m). Therefore, we expect to utilize tax benefits subject to our TRA and have recorded the associated TRA liability of $18.6 million as of September 30, 2023, of which $8.2 million relates to tax year 2023 and $10.4 million relates to tax year 2022. We anticipate paying the TRA liability related to tax year 2022 in Q4 of 2023. We have recorded $6.1 million of tax receivable agreement expense and $0.3 million of TRA Bonus expense in the nine months ended September 30, 2023. As there are many assumptions and considerations that impact our taxable income position in the current year, the estimate of our taxable income position (and thus, the TRA liability recognized) for the current year could change significantly.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Allocation of net loss attributable to Clearwater Analytics Holdings, Inc.	$ (1,889)	$ (2,974)	$ (17,194)	$ (5,005)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 30, 2023 shares	Sep. 30, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		During the three months ended September 30, 2023, each of the following directors and/or officers adopted or terminated a “Rule 10b5-1 trading arrangement”, as such term is defined in Item 408(a) of Regulation S-K. All trading plans that were adopted during the period were entered into during an open insider trading window and are intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act, and our policies regarding transactions in our securities. Name and Title Date Action Expiration Date Total Shares Subject to Plan Souvik Das, Chief Technology Officer August 11, 2023 Termination March 10, 2024 38,688 Scott Erickson, Chief Revenue Officer August 31, 2023 Termination December 1, 2023 98,859 Subi Sethi, Chief Client Officer August 7, 2023 Termination March 10, 2024 47,300 Souvik Das, Chief Technology Officer August 28, 2023 Adoption August 23, 2024 See footnote (1) (1) Mr. Das’ trading arrangement provides for an aggregate of 60% of the shares of Class A common stock to be received from the vesting of certain of his RSUs on January 1, 2024, to be sold at pre-determined prices. The aggregate number of shares of Class A common stock to be received by Mr. Das in connection with such vesting will be determined by subtracting such shares of Class A common stock as are required to satisfy Mr. Das' withholding taxes from the 89,062 shares of Class A common stock issuable pursuant to RSUs vesting on January 1, 2024.
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	true
Non-Rule 10b5-1 Arrangement Terminated	false
Souvik Das August 11, 2023 Trading Plan [Member] | Souvik Das [Member]
Trading Arrangements, by Individual
Name	Souvik Das
Title	Chief Technology Officer
Adoption Date	August 11, 2023
Arrangement Duration	212 days
Aggregate Available	38,688	38,688
Officer Trading Arrangement [Member] | Scott Erickson [Member]
Trading Arrangements, by Individual
Name	Scott Erickson
Title	Chief Revenue Officer
Adoption Date	August 31, 2023
Arrangement Duration	92 days
Aggregate Available	98,859	98,859
Officer Trading Arrangement [Member] | Subi Sethi [Member]
Trading Arrangements, by Individual
Name	Subi Sethi
Title	Chief Client Officer
Adoption Date	August 7, 2023
Arrangement Duration	216 days
Aggregate Available	47,300	47,300
Souvik Das August 28, 2023 Trading Plan [Member] | Souvik Das [Member]
Trading Arrangements, by Individual
Name	Souvik Das
Title	Chief Technology Officer
Adoption Date	August 28, 2023
Arrangement Duration	361 days
Aggregate Available	89,062	89,062

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe 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	Principles of consolidationThe 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	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.
Revenue Recognition	Revenue Recognition The Company earns revenue primarily from providing access to its SaaS platform solution to its customers, services that support the implementation on the SaaS platform, selling perpetual and term-based software licenses, maintenance and support, and professional services under contracts with customers. The Company recognizes revenue when it satisfies performance obligations under the terms of the contract in an amount that reflects the consideration the Company expects to receive in exchange for the services or licenses. The Company determines the appropriate amount of revenue to be recognized using the following steps: (i) identification of contracts with customers, (ii) identification of the performance obligations in the contract, (iii) determination of transaction price, (iv) allocation of contract transaction price to the performance obligations, and (v) recognition of revenue when or as the Company satisfies a performance obligation. Often contracts contain more than one performance obligation. Performance obligations are the unit of accounting for revenue recognition and generally represent the distinct services that are promised to the customer. SaaS The Company’s SaaS services allow the customer to access the services without taking possession of the software. Non-refundable fees invoiced in advance of the delivery of the Company’s performance obligations are deemed set-up activities and are deferred as a material right and recognized over time, typically 12 months. After set-up activities, customers typically receive benefits from implementation services prior to the “go live” date, at which point they can use the platform as intended in the arrangement. We have determined these implementation services are generally a separate performance obligation. As the Company’s platform must stand ready to provide the services throughout the contract period, revenues are recognized as the services are provided over time beginning on the date the service is made available as intended in the arrangement. Customers generally have the right to cancel with 30 days’ notice with no penalty. The Company typically bills its customers for SaaS services monthly in arrears based on a percentage of the average of the daily value of the assets within a customer’s accounts on the platform, or based on a fixed monthly base fee. Payment terms may vary by contract but generally include a requirement of payment within 30 days following the month in which services were provided. Sales tax collected from customers and remitted to governmental authorities is not included in revenue and is reflected as a liability on the Company’s condensed consolidated balance sheets. Licenses As a result of the acquisition of JUMP Technology (“JUMP”) on November 30, 2022, the Company earns license revenue through the sale of software license agreements to new customers and sales of additional licenses to the existing customers who can purchase additional users for existing licenses or purchase new licenses. Licenses can be either perpetual or term-based and provide the customer with a right to use the software. When a term license is purchased, maintenance and support is bundled with the license for the term of the license period. The Company requires customers purchasing perpetual licenses to also purchase maintenance and support services covering at least one year from the beginning of the perpetual license. The Company also offers professional services, including consulting and training, that are not integral to the functionality of the license. Revenue is recognized when the performance obligation is satisfied. Revenue from our perpetual and term-based licenses is recognized when the software is delivered or made available to the customer and all other revenue recognition criteria are satisfied. We satisfy our maintenance and support performance obligations and recognize revenue ratably over the maintenance and support term or license term, consistent with the pattern of benefit to the customer of such services. Professional services are provided on a time basis or over a contract term. We satisfy our professional services and training performance obligations and recognize the associated revenue as services are delivered. The Company typically bills its customers for licenses and maintenance annually in advance and professional services are billed monthly in arrears as services are performed .
Investments	Investments Investments primarily consist of money market funds, commercial paper, U.S. agency securities, corporate debt securities and certificates of deposit. The Company invests in a diversified portfolio of investment securities and limits the concentration of its investment in any particular security. We classify our investments with an original maturity of greater than three months, but less than one year, as short-term investments, and investments with maturities greater than one year as long-term investments. Investments in debt securities that we have the positive intent and ability to hold until maturity are classified as held-to-maturity debt securities. Our held-to-maturity debt securities consist of short-term certificates of deposit which mature in less than one year. Held-to-maturity debt investments are recorded at amortized cost, which approximates fair value, and realized gains or losses are reported in earnings. Available-for-sale securities consist of commercial paper, U.S. agency securities and corporate debt securities. Available-for-sale investments are recorded at fair value, and unrealized gains or losses related to changes in fair value between periods are reported in accumulated other comprehensive loss. Realized gains or losses related to available-for-sale investments are reported in earnings. Realized gains or losses were not material during the three and nine months ended September 30, 2023.

Organization and Description _2

Organization and Description of Business (Tables)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Classes of Common Stock	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

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction	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 2023 2024 2025 2026 2027 Thereafter Revenue expected to be recognized in the future as of September 30, 2023 $ 419 $ 905 $ 595 $ 396 $ 196 $ 102
Summary of Revenue Disaggregated by Geography	The following table presents the Company’s revenue disaggregated by geography, based on billing address of the customer (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 United States $ 76,704 $ 65,420 $ 220,967 $ 189,307 Rest of World 17,960 11,132 48,182 31,432 Total revenue $ 94,664 $ 76,552 $ 269,149 $ 220,739

Cash, Cash Equivalents and In_2

Cash, Cash Equivalents and Investments (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Summary of Financial Assets Measured at Fair Value	The following tables show the Company’s cash, cash equivalents and investments by significant investment category as of September 30, 2023 and December 31, 2022 in accordance with the fair value hierarchy (in thousands): September 30, 2023 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Short-Term Investments Long-Term Investments Cash $ 45,118 $ — $ — $ 45,118 $ 45,118 $ — $ — Level 1 (1) : Money market funds $ 153,724 $ — $ — $ 153,724 $ 153,724 $ — $ — Level 2 (2) : Treasury bills $ 1,467 $ — $ (6) $ 1,462 $ — $ 1,462 $ — US government bond $ 6,082 $ — $ (33) $ 6,049 $ — $ 2,895 $ 3,154 U.S. agency securities $ 25,283 $ — $ (92) $ 25,191 $ — $ 22,742 $ 2,449 Commercial paper $ 18,608 $ — $ — $ 18,608 $ 6,822 $ 11,786 $ — Corporate debt securities $ 49,834 $ — $ (158) $ 49,677 $ — $ 37,679 $ 11,997 Certificates of deposit $ 3,004 $ — $ — $ 3,004 $ — $ 3,004 $ — Subtotal $ 104,278 $ — $ (289) $ 103,991 $ 6,822 $ 79,568 $ 17,600 Total $ 303,120 $ — $ (289) $ 302,833 $ 205,665 $ 79,568 $ 17,600 December 31, 2022 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Short-Term Investments Long-Term Investments Cash $ 7,337 $ — $ — $ 7,337 $ 7,337 $ — $ — Level 1 (1) : Money market funds $ 243,387 $ — $ — $ 243,387 $ 243,387 $ — $ — Level 2 (2) : Certificates of deposit $ 3,000 $ — $ — $ 3,000 $ — $ 3,000 $ — Non-US Treasury securities $ 1,890 $ — $ — $ 1,890 $ — $ 1,890 $ — Subtotal $ 4,890 $ — $ — $ 4,890 $ — $ 4,890 $ — Total $ 255,614 $ — $ — $ 255,614 $ 250,724 $ 4,890 $ — (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.

Business Combinations (Tables)

Business Combinations (Tables)	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The preliminary allocated fair value is summarized as follows (in thousands): Fair Value Cash and cash equivalents $ 4,353 Short-term investments 1,832 Accounts receivable 3,186 Operating lease right-of-use asset 3,715 Other assets 5,776 Intangible assets 28,890 Goodwill 42,450 Operating lease liability (3,622) Deferred tax liability (5,670) Other liabilities (3,765) Total consideration 77,145 Deferred consideration related to indemnification holdback (6,999) Cash acquired (4,353) Cash paid for acquisition of business, net of cash acquired $ 65,793
Schedule of Acquired Finite-Lived Intangible Assets by Major Class	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 $ 24,317 7 years Customer relationships 4,261 13 years Trade name / Trademarks 312 2 years Total $ 28,890

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	The following table presents details of our goodwill during the nine months ended September 30, 2023 (in thousands): Amount Balance as of December 31, 2022 $ 43,791 Purchase accounting adjustment (623) Foreign currency translation adjustments (583) Balance as of September 30, 2023 $ 42,585
Finite-Lived Intangible Assets Amortization Expense	The following table presents details of our purchased intangible assets as of September 30, 2023 and December 31, 2022 (in thousands): September 30, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Useful Life (In Years) Intangible assets with finite lives: Developed technology $ 24,740 $ (2,945) $ 21,795 6.2 Customer relationships 4,335 (278) 4,057 12.2 Trade name / Trademarks 317 (132) 185 1.2 Total intangible assets $ 29,392 $ (3,355) $ 26,037 December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Useful Life (In Years) Intangible assets with finite lives: Developed technology $ 25,086 $ (305) $ 24,781 6.9 Customer relationships 4,395 (29) 4,366 12.9 Trade name / Trademarks 322 (13) 309 1.9 Total intangible assets $ 29,803 $ (347) $ 29,456

Supplemental Consolidated Bal_2

Supplemental Consolidated Balance Sheet Information (Tables)	9 Months Ended
	Sep. 30, 2023
Balance Sheet Related Disclosures [Abstract]
Schedule of Accounts Receivable, Net	Accounts receivable, net consisted of the following (in thousands): September 30, December 31, 2023 2022 Billed accounts receivable $ 41,654 $ 41,718 Unbilled accounts receivable 50,171 30,963 Allowance for doubtful accounts and reserves (169) (106) Accounts receivable, net $ 91,656 $ 72,575
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following (in thousands): September 30, December 31, 2023 2022 Prepaid expenses $ 10,575 $ 14,947 Deferred contract costs, current portion 4,241 4,215 Contract assets 2,147 2,518 Other receivable 4,294 4,142 Other current assets 3,084 2,335 Prepaid expense and other current assets $ 24,341 $ 28,157
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): September 30, December 31, 2023 2022 Accrued benefits and retirement $ 7,980 $ 10,566 Accrued vendor liabilities 6,838 4,811 Acquisition holdback liability, current portion 3,920 3,770 Accrued bonus 7,564 10,005 Deferred revenue 3,473 1,185 Tax distributions payable to Continuing Equity Owners 3,839 3,196 Accrued commissions 2,020 2,709 Income tax payable 130 920 Other current liabilities 5,015 4,957 Accrued expenses and other liabilities $ 40,779 $ 42,119
Other Long-term Liabilities	Other long-term liabilities consisted of the following (in thousands): September 30, December 31, 2023 2022 Deferred tax liabilities $ 4,756 $ 5,932 Acquisition holdback liability 3,650 3,496 Asset retirement obligation 155 119 Other long-term liabilities $ 8,561 $ 9,547

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Schedule of Future Minimum Lease Payments Under Non-Cancellable Operating Leases	Future minimum lease payments at September 30, 2023 under the Company’s non-cancelable leases were as follows (in thousands): 2023 (remaining three months) $ 1,853 2024 7,269 2025 7,375 2026 6,758 2027 2,770 Thereafter 156 Total future minimum lease payments 26,181 Less: Imputed interest (2,101) Present value of future minimum lease payments 24,080 Less: Current portion of operating lease liability (6,402) Operating lease liabilities - noncurrent $ 17,678
Schedule of Supplemental Information for Non-Cancellable Operating Leases	The following table presents supplemental information for the Company's non-cancelable operating leases for the nine months ended September 30, 2023 and 2022 (in thousands, except for weighted average and percentage data): Nine Months Ended September 30, 2023 2022 Weighted average remaining lease term 3.58 4.29 Weighted average discount rate 4.72 % 3.77 % Cash paid for amounts included in the measurement of lease liabilities $ 1,897 $ 1,534 Leased assets obtained in exchange for new lease liabilities (1) $ 3,637 $ 26,027

Non-controlling Interest (Table

Non-controlling Interest (Tables)	9 Months Ended
	Sep. 30, 2023
Noncontrolling Interest [Abstract]
Schedule of Ownership of Non-Controlling Interest	The ownership of the LLC interests is summarized as follows: September 30, 2023 December 31, 2022 Shares Ownership % Shares Ownership % Clearwater Analytics Holdings, Inc. interest in CWAN Holdings 202,022,234 83.2 % 191,232,645 79.7 % Continuing Equity Owners' interest in CWAN Holdings 40,739,931 16.8 % 48,816,838 20.3 % 242,762,165 100.0 % 240,049,483 100.0 %

Loss Per Share (Tables)

Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Net Loss Per Share	The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted net loss per share of Class A and Class D common stock (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Numerator: Net loss $ (2,343) $ (3,026) $ (19,636) $ (4,728) Less: Net income (loss) attributable to non-controlling interests (454) (52) (2,442) 277 Net loss attributable to Clearwater Analytics Holdings, Inc. - basic and diluted (1,889) (2,974) (17,194) (5,005) The following tables set forth the computation of basic and diluted net loss per share of Class A and Class D common stock (in thousands, except share amounts and per share amounts): Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Class A Class D Class A Class D Basic and diluted net loss attributable to Class A and Class D common stockholders Numerator: Allocation of net loss attributable to Clearwater Analytics Holdings, Inc. $ (828) $ (1,061) $ (6,768) $ (10,426) Denominator: Weighted average number of shares of Class A and Class D common stock outstanding - basic and diluted 88,409,355 113,173,596 77,898,011 120,005,350 Basic and diluted net loss per share attributable to Class A and Class D common stockholders $ (0.01) $ (0.01) $ (0.09) $ (0.09) Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Class A Class D Class A Class D Basic and diluted net loss attributable to Class A and Class D common stockholders Numerator: Allocation of net loss attributable to Clearwater Analytics, Inc. $ (914) $ (2,060) $ (1,467) $ (3,538) Denominator: Weighted average number of shares of Class A and Class D common stock outstanding - basic and diluted 57,740,776 130,083,755 53,942,623 130,083,755 Basic and diluted net loss per share attributable to Class and Class D common stockholders $ (0.02) $ (0.02) $ (0.03) $ (0.03)
Schedule of Weighted-Average Potentially Dilutive Securities Excluded from Diluted Net Loss Per Share	The following weighted-average potentially dilutive securities were evaluated under the treasury stock method for potentially dilutive effects and have been excluded from diluted net loss per share for the three and nine months ended September 30, 2023 due to their anti-dilutive effect: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Conversion of Class B and Class C common stock 40,739,931 50,044,760 43,964,990 53,414,846 Stock options of Clearwater Analytics Holdings, Inc. 10,225,813 10,163,645 9,690,549 10,939,998 RSUs of Clearwater Analytics Holdings, Inc. 2,923,756 713,091 5,425,091 1,044,382 Employee stock purchase plans 21,583 11,536 14,509 7,187 Total 53,911,083 60,933,032 59,095,139 65,406,413

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	The following table summarizes the stock option activity for the nine months ended September 30, 2023 (in thousands, except per share data): Stock Options Weighted Average Exercise Price Weighted Average Remaining Aggregate Intrinsic Value Balance - December 31, 2022 17,754,770 $ 8.47 7.06 $ 183,315 Granted — — Exercised (2,336,682) 7.23 23,942 Forfeited (1,411,142) 12.63 Balance - September 30, 2023 14,006,946 $ 8.26 6.52 $ 155,598 Options vested - September 30, 2023 10,052,596 $ 7.44 $ 119,944
Summary of RSU Activity	The summary of RSU activity for the nine months ended September 30, 2023 is as follows (in thousands, except per share data): Units Activity Weighted Average Grant Date Fair Value Aggregate Intrinsic Value Unvested units as of December 31, 2022 9,527,348 $ 18.32 $ 178,638 Granted 7,341,300 18.69 Released (1,734,007) 18.11 Cancelled (1,201,956) 17.55 Unvested units as of September 30, 2023 13,932,685 $ 18.07 $ 269,458

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Summary of Revenue Disaggregated by Geography	The following table presents the Company’s revenue disaggregated by geography, based on billing address of the customer (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 United States $ 76,704 $ 65,420 $ 220,967 $ 189,307 Rest of World 17,960 11,132 48,182 31,432 Total revenue $ 94,664 $ 76,552 $ 269,149 $ 220,739

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Schedule of Provision for Income Taxes	The following table provides details of the provision for income taxes: Three Months Ended Nine Months Ended September 30, 2023 2022 2023 2022 Loss before income taxes $ (2,617) $ (2,602) $ (19,820) $ (3,769) Provision for (benefit from) income taxes (274) 424 (184) 959 Effective tax rate 10.5 % (16.3 %) 0.9 % (25.4 %)

Organization and Description _3

Organization and Description of Business - Additional Information (Details) $ / shares in Units, $ in Thousands					3 Months Ended					9 Months Ended
	Jun. 19, 2023 shares	Mar. 08, 2023 shares	Sep. 28, 2021 USD ($) $ / shares shares	Sep. 28, 2021 $ / shares shares	Jun. 30, 2023 USD ($) shares	Mar. 31, 2023 USD ($) shares	Sep. 30, 2022 shares	Jun. 30, 2022 shares	Mar. 31, 2022 shares	Sep. 30, 2023 USD ($) office shares	Sep. 30, 2022 USD ($)	Dec. 31, 2022 shares
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of common stock, net of underwriters discount | $										$ 0	$ 214
Repayment of borrowings | $										$ 2,062	$ 2,063
U.S
Subsidiary, Sale of Stock [Line Items]
Number of offices | office										5
Internationally
Subsidiary, Sale of Stock [Line Items]
Number of offices | office										7
Previous Credit Agreement
Subsidiary, Sale of Stock [Line Items]
Repayment of borrowings | $			$ 437,400
CWAN Holdings, LLC [Member]
Subsidiary, Sale of Stock [Line Items]
Purchase of common units (in shares)			34,500,000	34,500,000
Percentage of ownership										83.20%		79.70%
Percentage of continuing equity ownership interest										16.80%		20.30%
Class A
Subsidiary, Sale of Stock [Line Items]
Common stock, shares issued (in shares)										88,848,638		61,148,890
Class A | Common Stock
Subsidiary, Sale of Stock [Line Items]
Effect of LLC unit exchanges (in shares)	10,000,000	14,950,000			(10,012,066)	(14,975,000)	(1,033,983)	(1,810,711)	(6,643,614)
Class B
Subsidiary, Sale of Stock [Line Items]
Common stock, shares issued (in shares)			11,151,110	11,151,110						1,402,185		1,439,251
Class B | Common Stock
Subsidiary, Sale of Stock [Line Items]
Effect of LLC unit exchanges (in shares)					12,066	25,000	1,033,983	1,810,711	6,643,614
Class C
Subsidiary, Sale of Stock [Line Items]
Common stock, shares issued (in shares)			47,377,587	47,377,587						39,337,746		47,377,587
Conversion ratio				1
Class C | Common Stock
Subsidiary, Sale of Stock [Line Items]
Effect of LLC unit exchanges (in shares)	3,215,940	4,823,901			3,215,940	4,823,901
Class D
Subsidiary, Sale of Stock [Line Items]
Common stock, shares issued (in shares)			130,083,755	130,083,755						113,173,596		130,083,755
Conversion ratio				1
Class D | Common Stock
Subsidiary, Sale of Stock [Line Items]
Effect of LLC unit exchanges (in shares)	6,784,060	10,126,099			6,784,060	10,126,099
IPO
Subsidiary, Sale of Stock [Line Items]
Share price (in USD per share) | $ / shares			$ 18	$ 18
Proceeds from initial public offering, net of underwriting discounts | $			$ 582,200
Proceeds from issuance of common stock, net of underwriters discount | $			38,800
Other offering expenses | $			$ 5,300
IPO | Class A
Subsidiary, Sale of Stock [Line Items]
Issuance of common units (in shares)				34,500,000
Second Offering
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of common stock, net of underwriters discount | $					$ 300	$ 1,300

Organization and Description _4

Organization and Description of Business - Summary of Classes of Common Stock (Details)	9 Months Ended
	Sep. 30, 2023 vote
Class A common stock
Subsidiary, Sale of Stock [Line Items]
Votes per Share	1
Class B common stock
Subsidiary, Sale of Stock [Line Items]
Votes per Share	1
Class C common stock
Subsidiary, Sale of Stock [Line Items]
Votes per Share	10
Class D common stock
Subsidiary, Sale of Stock [Line Items]
Votes per Share	10

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies- Additional Information (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Allowance for credit loss	$ 0	$ 0

Revenue Recognition - Performan

Revenue Recognition - Performance Obligations (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized in the future as of September 30, 2023	$ 419
Remaining performance obligation, expected timing of satisfaction, period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized in the future as of September 30, 2023	$ 905
Remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized in the future as of September 30, 2023	$ 595
Remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized in the future as of September 30, 2023	$ 396
Remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized in the future as of September 30, 2023	$ 196
Remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized in the future as of September 30, 2023	$ 102
Remaining performance obligation, expected timing of satisfaction, period

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Deferred revenue recognized	$ 200	$ 900
Contract assets	2,147	2,147	$ 2,518
Contract assets, non current	$ 1,600	$ 1,600	$ 1,200

Revenue Recognition - Summary o

Revenue Recognition - Summary of Revenue Disaggregated by Geography (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 94,664	$ 76,552	$ 269,149	$ 220,739
United States
Disaggregation of Revenue [Line Items]
Revenue	76,704	65,420	220,967	189,307
Rest of World
Disaggregation of Revenue [Line Items]
Revenue	$ 17,960	$ 11,132	$ 48,182	$ 31,432

Cash, Cash Equivalents and In_3

Cash, Cash Equivalents and Investments - Summary of Financial Assets Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash, adjusted cost	$ 303,120	$ 255,614
Cash, unrealized gains	0	0
Cash, unrealized loss	(289)	0
Cash, fair value	302,833	255,614
Cash and cash equivalents	205,665	250,724
Short-term investments	79,568	4,890
Long-term investments	17,600	0
Level 1 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash, adjusted cost	153,724	243,387
Cash, unrealized gains	0	0
Cash, unrealized loss	0	0
Cash, fair value	153,724	243,387
Cash and cash equivalents	153,724	243,387
Short-term investments	0	0
Long-term investments	0	0
Level 1 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash, adjusted cost	18,608
Cash, unrealized gains	0
Cash, unrealized loss	0
Cash, fair value	18,608
Cash and cash equivalents	6,822
Short-term investments	11,786
Long-term investments	0
Level 1 | Cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash, adjusted cost	45,118	7,337
Cash, unrealized gains	0	0
Cash, unrealized loss	0	0
Cash, fair value	45,118	7,337
Cash and cash equivalents	45,118	7,337
Short-term investments	0	0
Long-term investments	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash, adjusted cost	104,278	4,890
Cash, unrealized gains	0	0
Cash, unrealized loss	(289)	0
Cash, fair value	103,991	4,890
Cash and cash equivalents	6,822	0
Short-term investments	79,568	4,890
Long-term investments	17,600	0
Level 2 | Treasury bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash, adjusted cost	1,467
Cash, unrealized gains	0
Cash, unrealized loss	(6)
Cash, fair value	1,462
Cash and cash equivalents	0
Short-term investments	1,462
Long-term investments	0
Level 2 | US government bond
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash, adjusted cost	6,082
Cash, unrealized gains	0
Cash, unrealized loss	(33)
Cash, fair value	6,049
Cash and cash equivalents	0
Short-term investments	2,895
Long-term investments	3,154
Level 2 | U.S. agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash, adjusted cost	25,283
Cash, unrealized gains	0
Cash, unrealized loss	(92)
Cash, fair value	25,191
Cash and cash equivalents	0
Short-term investments	22,742
Long-term investments	2,449
Level 2 | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash, adjusted cost	49,834
Cash, unrealized gains	0
Cash, unrealized loss	(158)
Cash, fair value	49,677
Cash and cash equivalents	0
Short-term investments	37,679
Long-term investments	11,997
Level 2 | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash, adjusted cost	3,004	3,000
Cash, unrealized gains	0	0
Cash, unrealized loss	0	0
Cash, fair value	3,004	3,000
Cash and cash equivalents	0	0
Short-term investments	3,004	3,000
Long-term investments	$ 0	0
Level 2 | Non-US Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash, adjusted cost		1,890
Cash, unrealized gains		0
Cash, unrealized loss		0
Cash, fair value		1,890
Cash and cash equivalents		0
Short-term investments		1,890
Long-term investments		$ 0

Business Combinations - Narrati

Business Combinations - Narrative (Details) € in Millions, $ in Millions			3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
	Nov. 30, 2022 EUR (€) shares	Nov. 30, 2022 USD ($) shares	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2023 USD ($) shares	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Period of repayment	2 years	2 years
Revenue						$ 2.7
Net income						$ 1.1
JUMP Technology
Business Acquisition [Line Items]
Percentage of voting interests acquired	100%	100%
Consideration transferred	€ 75	$ 77.1
Cash payment | €	67.5
Cash to be paid consideration over subsequent two years subject to no indemnification claims being submitted | €	€ 7.5
Acquisition related costs				$ 1.7
JUMP Technology | Research and development
Business Acquisition [Line Items]
Allocated share-based compensation expense			$ 0.3		$ 1
JUMP Technology | General and administrative
Business Acquisition [Line Items]
Allocated share-based compensation expense			$ 5.2		$ 15.5
RSUs
Business Acquisition [Line Items]
Granted (in shares) | shares					7,341,300
RSUs | JUMP Technology
Business Acquisition [Line Items]
Granted (in shares) | shares	3,200,000	3,200,000
Stock awards vesting period					4 years

Business Combinations - Summary

Business Combinations - Summary of Fair Value of Assets Acquired And Liabilities Assumed (Details) - USD ($) $ in Thousands	Nov. 30, 2022	Sep. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill		$ 42,585	$ 43,791
JUMP Technology
Business Acquisition [Line Items]
Cash and cash equivalents	$ 4,353
Short-term investments	1,832
Accounts receivable	3,186
Operating lease right-of-use asset	3,715
Other assets	5,776
Intangible assets	28,890
Goodwill	42,450
Operating lease liability	(3,622)
Deferred tax liability	(5,670)
Other liabilities	(3,765)
Total consideration	77,145
Deferred consideration related to indemnification holdback	(6,999)
Cash acquired	(4,353)
Cash paid for acquisition of business, net of cash acquired	$ 65,793

Business Combinations - Schedul

Business Combinations - Schedule of Preliminary Fair Values of Identified Intangible Assets Acquired (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
	Nov. 30, 2022	Sep. 30, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 28,890
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 24,317
Estimated Useful Life	7 years	6 years 2 months 12 days	6 years 10 months 24 days
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 4,261
Estimated Useful Life	13 years	12 years 2 months 12 days	12 years 10 months 24 days
Trade name / Trademarks
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 312
Estimated Useful Life	2 years	1 year 2 months 12 days	1 year 10 months 24 days

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule Of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Goodwill [Roll Forward]
Balance as of December 31, 2022	$ 43,791
Purchase accounting adjustment	(623)
Foreign currency translation adjustments	(583)
Balance as of September 30, 2023	$ 42,585

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule Of Purchased Intangible Assets (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
	Nov. 30, 2022	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount		$ 29,392	$ 29,803
Accumulated Amortization		(3,355)	(347)
Net Carrying Amount		26,037	29,456
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount		24,740	25,086
Accumulated Amortization		(2,945)	(305)
Net Carrying Amount		$ 21,795	$ 24,781
Weighted Average Remaining Useful Life (In Years)	7 years	6 years 2 months 12 days	6 years 10 months 24 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount		$ 4,335	$ 4,395
Accumulated Amortization		(278)	(29)
Net Carrying Amount		$ 4,057	$ 4,366
Weighted Average Remaining Useful Life (In Years)	13 years	12 years 2 months 12 days	12 years 10 months 24 days
Trade name / Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount		$ 317	$ 322
Accumulated Amortization		(132)	(13)
Net Carrying Amount		$ 185	$ 309
Weighted Average Remaining Useful Life (In Years)	2 years	1 year 2 months 12 days	1 year 10 months 24 days

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 1,100,000	$ 0	$ 3,200,000	$ 0

Supplemental Consolidated Bal_3

Supplemental Consolidated Balance Sheet Information - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Billed accounts receivable	$ 41,654	$ 41,718
Unbilled accounts receivable	50,171	30,963
Allowance for doubtful accounts and reserves	(169)	(106)
Accounts receivable, net	$ 91,656	$ 72,575

Supplemental Consolidated Bal_4

Supplemental Consolidated Balance Sheet Information - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Prepaid expenses	$ 10,575	$ 14,947
Deferred contract costs, current portion	4,241	4,215
Contract assets	2,147	2,518
Other receivable	4,294	4,142
Other current assets	3,084	2,335
Prepaid expense and other current assets	$ 24,341	$ 28,157

Supplemental Consolidated Bal_5

Supplemental Consolidated Balance Sheet Information - Additional Information - (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense			$ 7,336	$ 3,499
Accumulated depreciation and amortization	$ 18,600		18,600		$ 14,500
Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 1,400	$ 1,400	$ 4,100	$ 3,500

Supplemental Consolidated Bal_6

Supplemental Consolidated Balance Sheet Information - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Accrued benefits and retirement	$ 7,980	$ 10,566
Accrued vendor liabilities	6,838	4,811
Acquisition holdback liability, current portion	3,920	3,770
Accrued bonus	7,564	10,005
Deferred revenue	3,473	1,185
Tax distributions payable to Continuing Equity Owners	3,839	3,196
Accrued commissions	2,020	2,709
Income tax payable	130	920
Other current liabilities	5,015	4,957
Accrued expenses and other liabilities	$ 40,779	$ 42,119

Supplemental Consolidated Bal_7

Supplemental Consolidated Balance Sheet Information - Schedule of Other Long-term Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Other Liabilities, Noncurrent [Abstract]
Deferred tax liabilities	$ 4,756	$ 5,932
Acquisition holdback liability	3,650	3,496
Asset retirement obligation	155	119
Other long-term liabilities	$ 8,561	$ 9,547

Leases - Additional Information

Leases - Additional Information (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Lessee, operating lease, renewal term	5 years	5 years
Finance leases	$ 0	$ 0
Operating lease initial term		12 months
Operating lease cost	$ 1,900,000	$ 5,600,000
Minimum
Lessee, Lease, Description [Line Items]
Lease, operating lease term	1 year	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease, operating lease term	10 years	10 years

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments under Non-cancellable Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Leases [Abstract]
2023 (remaining three months)	$ 1,853
2024	7,269
2025	7,375
2026	6,758
2027	2,770
Thereafter	156
Total future minimum lease payments	26,181
Less: Imputed interest	(2,101)
Present value of future minimum lease payments	24,080
Less: Current portion of operating lease liability	(6,402)	$ (5,851)
Operating lease liabilities - noncurrent	$ 17,678	$ 19,505

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Information for Non-cancellable Operating Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term	3 years 6 months 29 days	4 years 3 months 14 days
Weighted average discount rate	4.72%	3.77%
Cash paid for amounts included in the measurement of lease liabilities	$ 1,897	$ 1,534
Leased assets obtained in exchange for new lease liabilities	$ 3,637	26,027
ASU 2016-02
Lessee, Lease, Description [Line Items]
Leased assets obtained in exchange for new lease liabilities		$ 23,100

Non-controlling Interest - Sche

Non-controlling Interest - Schedule of Ownership of Non-controlling Interest (Details) - CWAN Holdings, LLC [Member] - shares	Sep. 30, 2023	Dec. 31, 2022
Noncontrolling Interest [Line Items]
Non-controlling shares interest held by parent (in shares)	202,022,234	191,232,645
Ownership shares by noncontrolling owners (in shares)	40,739,931	48,816,838
Total shares economic interest ownership (in shares)	242,762,165	240,049,483
Percentage of ownership	83.20%	79.70%
Percentage of continuing equity ownership interest	16.80%	20.30%
Total economic interest ownership percentage	100%	100%

Loss Per Share - Schedule of Co

Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income (loss)	$ (2,343)	$ (11,876)	$ (5,417)	$ (3,026)	$ (2,230)	$ 528	$ (19,636)	$ (4,728)
Less: Net income (loss) attributable to non-controlling interests	(454)			(52)			(2,442)	277
Net loss attributable to Clearwater Analytics Holdings, Inc. - basic	(1,889)			(2,974)			(17,194)	(5,005)
Net loss attributable to Clearwater Analytics Holdings, Inc. - diluted	(1,889)			(2,974)			(17,194)	(5,005)
Numerator:
Allocation of net loss attributable to Clearwater Analytics Holdings, Inc.	$ (1,889)			$ (2,974)			$ (17,194)	$ (5,005)
Denominator:
Weighted average number of shares of Class A and Class D common stock outstanding - basic (in shares)	201,582,951			187,824,531			197,903,361	184,026,378
Weighted average number of shares of Class A and Class D common stock outstanding - diluted (in shares)	201,582,951			187,824,531			197,903,361	184,026,378
Basic net loss per share attributable to Class A and Class D common stockholders (in USD per share)	$ (0.01)			$ (0.02)			$ (0.09)	$ (0.03)
Diluted net loss per share attributable to Class A and Class D common stockholders (in USD per share)	$ (0.01)			$ (0.02)			$ (0.09)	$ (0.03)
Class A
Numerator:
Allocation of net loss attributable to Clearwater Analytics Holdings, Inc.	$ (828)			$ (914)			$ (6,768)	$ (1,467)
Denominator:
Weighted average number of shares of Class A and Class D common stock outstanding - basic (in shares)	88,409,355			57,740,776			77,898,011	53,942,623
Weighted average number of shares of Class A and Class D common stock outstanding - diluted (in shares)	88,409,355						77,898,011
Basic net loss per share attributable to Class A and Class D common stockholders (in USD per share)	$ (0.01)			$ (0.02)			$ (0.09)	$ (0.03)
Diluted net loss per share attributable to Class A and Class D common stockholders (in USD per share)	$ (0.01)			$ (0.02)			$ (0.09)	$ (0.03)
Class D
Numerator:
Allocation of net loss attributable to Clearwater Analytics Holdings, Inc.	$ (1,061)			$ (2,060)			$ (10,426)	$ (3,538)
Denominator:
Weighted average number of shares of Class A and Class D common stock outstanding - basic (in shares)	113,173,596			130,083,755			120,005,350	130,083,755
Weighted average number of shares of Class A and Class D common stock outstanding - diluted (in shares)	113,173,596						120,005,350
Basic net loss per share attributable to Class A and Class D common stockholders (in USD per share)	$ (0.01)			$ (0.02)			$ (0.09)	$ (0.03)
Diluted net loss per share attributable to Class A and Class D common stockholders (in USD per share)	$ (0.01)			$ (0.02)			$ (0.09)	$ (0.03)

Loss Per Share - Schedule of We

Loss Per Share - Schedule of Weighted-average Potentially Dilutive Securities Excluded from Diluted Net Loss Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive impact	53,911,083	60,933,032	59,095,139	65,406,413
Conversion of Class B and Class C common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive impact	40,739,931	50,044,760	43,964,990	53,414,846
Stock options of Clearwater Analytics Holdings, Inc.
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive impact	10,225,813	10,163,645	9,690,549	10,939,998
RSUs of Clearwater Analytics Holdings, Inc.
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive impact	2,923,756	713,091	5,425,091	1,044,382
Employee stock purchase plans
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive impact	21,583	11,536	14,509	7,187

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Jan. 01, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unrecognized compensation expense	$ 18,600
Weighted-average period to recognize expense	1 year 4 months 24 days
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted-average period to recognize expense	2 years 7 months 6 days
Unrecognized equity-based compensation expense	$ 184,400
2021 Plan | Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized for issuance	69,200,278
2021 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized equity-based compensation expense	$ 300
Purchase price as percentage of lower of fair market value as of beginning or end of offering period	85%
Maximum percentage of employee payroll deduction for stock purchase	1,000%
Maximum value of shares eligible to purchase during offering period	$ 25
ESPP payroll contributions	$ 1,700		$ 500
2021 Employee Stock Purchase Plan | Class A
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock were initially reserved for issuance (in shares)		7,889,367

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Stock Options
Stock options, beginning balance (in shares)	17,754,770
Stock options, granted (in shares)	0
Stock options, exercised (in shares)	(2,336,682)
Stock options, forfeited (in shares)	(1,411,142)
Stock Options, ending balance (in shares)	14,006,946	17,754,770
Stock options, options vested, ending balance (in shares)	10,052,596
Weighted Average Exercise Price
Weighted average exercise price, beginning balance (in USD per share)	$ 8.47
Weighted average exercise price, granted (in USD per share)	0
Weighted average exercise price, exercised (in USD per share)	7.23
Weighted average exercise price, forfeited (in USD per share)	12.63
Weighted average exercise price, ending balance (in USD per share)	8.26	$ 8.47
Weighted average exercise price, options vested, ending balance (in USD per share)	$ 7.44
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Weighted Average Remaining Contractual Life (Years)	6 years 6 months 7 days	7 years 21 days
Aggregate Intrinsic Value, beginning balance	$ 183,315
Aggregate Intrinsic Value, exercised	23,942
Aggregate intrinsic value, ending balance	155,598	$ 183,315
Aggregate intrinsic value, options vested, ending balance	$ 119,944

Equity-Based Compensation - S_2

Equity-Based Compensation - Summary of RSU Activity (Details) - RSUs $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares
Units Activity
Unvested units, beginning balance (in shares) | shares	9,527,348
Granted (in shares) | shares	7,341,300
Released (in shares) | shares	(1,734,007)
Cancelled (in shares) | shares	(1,201,956)
Unvested units, ending balance (in shares) | shares	13,932,685
Weighted Average Grant Date Fair Value
Unvested units, beginning balance (in USD per share) | $ / shares	$ 18.32
Granted (in USD per share) | $ / shares	18.69
Released (in USD per share) | $ / shares	18.11
Cancelled (in USD per share) | $ / shares	17.55
Unvested units, ending balance (in USD per share) | $ / shares	$ 18.07
Unvested units as of December 31, 2022 | $	$ 178,638
Unvested units as of September 30, 2023 | $	$ 269,458

Segment Information - Summary o

Segment Information - Summary of Revenue Disaggregated by Geography (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 94,664	$ 76,552	$ 269,149	$ 220,739
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	76,704	65,420	220,967	189,307
Rest of World
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 17,960	$ 11,132	$ 48,182	$ 31,432

Income Taxes - Schedule of Prov

Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Loss before income taxes	$ (2,617)	$ (2,602)	$ (19,820)	$ (3,769)
Provision for (benefit from) income taxes	$ (274)	$ 424	$ (184)	$ 959
Effective tax rate	10.50%	(16.30%)	0.90%	(25.40%)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)		3 Months Ended		9 Months Ended
	Sep. 28, 2021	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Contingency [Line Items]
Percentage of estimated tax benefits to be realized	8,500%
Percentage of expected remaining tax benefits to be realized	1,500%
Estimated future tax benefit related to ownership exchanges				$ 437,000,000
Estimated future tax benefit related to ownership exchanges associated to TRA liability				372,000,000
TRA liability related to future years		$ 0		0
Tax receivable agreement liability		18,600,000		18,600,000
Tax receivable agreement (benefit) expense		(566,000)	$ 2,600,000	6,112,000	$ 5,700,000
Tax receivable agreement bonus				300,000
Tax Year 2023
Income Tax Contingency [Line Items]
Tax receivable agreement liability		8,200,000		8,200,000
Tax Year 2022
Income Tax Contingency [Line Items]
Tax receivable agreement liability		$ 10,400,000		10,400,000
Non- controlling Interest
Income Tax Contingency [Line Items]
Estimated future tax benefit related to ownership exchanges				240,000,000
Estimated future tax benefit related to ownership exchanges associated to TRA liability				$ 204,000,000
Shares issuable (in shares)		40,739,931		40,739,931