Clearwater Analytics (CWAN) 10-Q 2 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	Apr. 26, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001866368
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		146,215,459
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		111,191
Class C common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		27,424,288
Class D common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		71,965,845

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 189,644	$ 221,765
Short-term investments	77,930	74,457
Accounts receivable, net	96,766	92,091
Prepaid expenses and other current assets	31,410	27,683
Total current assets	395,750	415,996
Property and equipment, net	15,035	15,349
Operating lease right-of-use assets, net	27,750	22,554
Deferred contract costs, non-current	6,218	6,439
Intangible assets, net	24,526	26,132
Goodwill	44,332	45,338
Long-term investments	28,894	21,495
Other non-current assets	5,298	5,440
Total assets	547,803	558,743
Current liabilities:
Accounts payable	2,719	3,062
Accrued expenses and other current liabilities	40,948	49,535
Notes payable, current portion	2,750	2,750
Operating lease liability, current portion	7,650	6,551
Tax receivable agreement liability	16,750	18,894
Total current liabilities	70,817	80,792
Notes payable, less current maturities and unamortized debt issuance costs	45,162	45,828
Operating lease liability, less current portion	21,129	16,948
Tax receivable agreement, less current portion	300	0
Other long-term liabilities	4,180	5,518
Total liabilities	141,588	149,086
Stockholders' Equity
Additional paid-in-capital	528,712	532,507
Accumulated other comprehensive income	1,314	2,909
Accumulated deficit	(169,603)	(181,331)
Total stockholders' equity attributable to Clearwater Analytics Holdings, Inc.	360,668	354,329
Non-controlling interests	45,547	55,328
Total stockholders' equity	406,215	409,657
Total liabilities and stockholders' equity	547,803	558,743
Class A
Stockholders' Equity
Common stock	146	128
Class B
Stockholders' Equity
Common stock	0	0
Class C
Stockholders' Equity
Common stock	27	33
Class D
Stockholders' Equity
Common stock	$ 72	$ 83

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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)	146,189,247	127,604,185
Common stock, shares outstanding	146,189,247	127,604,185
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)	111,191	111,191
Common stock, shares outstanding	111,191	111,191
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)	27,424,288	32,684,156
Common stock, shares outstanding	27,424,288	32,684,156
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)	71,965,845	82,955,977
Common stock, shares outstanding	71,965,845	82,955,977

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue		$ 102,719	$ 84,606
Cost of revenue	[1]	28,178	24,825
Gross profit		74,541	59,781
Operating expenses:
Research and development	[1]	37,676	28,100
Sales and marketing	[1]	16,311	14,698
General and administrative	[1]	20,720	23,306
Total operating expenses		74,707	66,104
Loss from operations		(166)	(6,323)
Interest income, net		(2,060)	(1,356)
Tax receivable agreement expense		286	105
Other (income) expense, net		(530)	81
Income (loss) before income taxes		2,138	(5,153)
Provision for (benefit from) income taxes		(98)	264
Net income (loss)		2,236	(5,417)
Less: Net income (loss) attributable to non-controlling interests		338	(1,033)
Net income (loss) attributable to Clearwater Analytics Holdings, Inc.		$ 1,898	$ (4,384)
Net income (loss) per share attributable to Class A and Class D common stockholders stock:
Basic (in USD per share)		$ 0.01	$ (0.02)
Diluted (in USD per share)		$ 0.01	$ (0.02)
Weighted average shares of Class A and Class D common stock outstanding:
Basic (in shares)		213,259,463	192,993,574
Diluted (in shares)		255,458,196	192,993,574
[1] Amounts include equity-based compensation as follows: Cost of revenue $ 3,146 $ 2,243 Operating expenses: Research and development 8,911 4,655 Sales and marketing 3,821 3,965 General and administrative 8,347 12,337 Total equity-based compensation expense $ 24,225 $ 23,200

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Total equity-based compensation expense	$ 24,225	$ 23,200
Cost of revenue
Total equity-based compensation expense	3,146	2,243
Research and development
Total equity-based compensation expense	8,911	4,655
Sales and marketing
Total equity-based compensation expense	3,821	3,965
General and administrative
Total equity-based compensation expense	$ 8,347	$ 12,337

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 2,236	$ (5,417)
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustment	(1,764)	1,374
Unrealized gain (loss) on available-for-sale investments	(66)	41
Comprehensive income (loss)	406	(4,002)
Less: Comprehensive income (loss) attributable to non-controlling interests	103	(752)
Comprehensive income (loss) attributable to Clearwater Analytics Holdings, Inc.	$ 303	$ (3,250)

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, 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 (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	(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, 2023		127,604,185	111,191	32,684,156	82,955,977
Beginning balance at Dec. 31, 2023	409,657	$ 128	$ 0	$ 33	$ 83	532,507	2,909	(181,331)	55,328
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options to purchase common stock (in shares)		626,608
Exercise of options to purchase common stock	104					91			13
Restricted stock units released (in shares)		3,344,058
Restricted stock units released	3	$ 3
Shares withheld for net share settlement and other (in shares)		(1,635,604)
Shares withheld for net share settlement and other	(28,775)	$ (1)				(25,083)			(3,691)
Equity-based compensation	24,316					21,197			3,119
Foreign currency translation adjustment	(1,764)						(1,537)		(227)
Unrealized gain (loss) on available-for-sale investments	(66)						(58)		(8)
Net income	2,236							1,898	338
Accrued tax distributions payable to Continuing Equity Owners	505								505
Effect of LLC Unit Exchanges (in shares)		16,250,000	0	(5,259,868)	(10,990,132)
Effect of LLC unit exchanges	0	$ 16		$ (5)	$ (11)			9,830	(9,830)
Ending balance (in shares) at Mar. 31, 2024		146,189,247	111,191	27,424,288	71,965,845
Ending balance at Mar. 31, 2024	$ 406,215	$ 146	$ 0	$ 27	$ 72	$ 528,712	$ 1,314	$ (169,603)	$ 45,547

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
OPERATING ACTIVITIES
Net income (loss)	$ 2,236	$ (5,417)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	2,550	2,449
Noncash operating lease cost	2,232	1,852
Equity-based compensation	24,225	23,200
Amortization of deferred contract acquisition costs	1,217	1,201
Amortization of debt issuance costs, included in interest expense	69	70
Deferred tax benefit	(1,022)	(36)
Accretion of discount on investments	(574)	0
Realized gain on investments	0	(87)
Changes in operating assets and liabilities:
Accounts receivable, net	(4,676)	(6,139)
Prepaid expenses and other assets	(4,198)	(1,586)
Deferred contract acquisition costs	(747)	(586)
Accounts payable	9	(295)
Accrued expenses and other liabilities	(9,444)	(6,796)
Tax receivable agreement liability	(1,840)	105
Net cash provided by operating activities	10,037	7,935
INVESTING ACTIVITIES
Purchases of property and equipment	(1,438)	(1,717)
Purchases of available-for-sale investments	(31,898)	(34,161)
Proceeds from sale of available-for-sale investments	0	1,990
Proceeds from maturities of investments	21,536	1,242
Net cash used in investing activities	(11,800)	(32,646)
FINANCING ACTIVITIES
Proceeds from exercise of options	104	2,693
Taxes paid related to net share settlement of equity awards	(28,774)	(7,275)
Repayments of borrowings	(687)	(687)
Payment of business acquisition holdback liability	(780)	0
Payment of tax distributions	(8)	0
Net cash used in financing activities	(30,145)	(5,269)
Effect of exchange rate changes on cash and cash equivalents	(213)	101
Change in cash and cash equivalents during the period	(32,121)	(29,879)
Cash and cash equivalents, beginning of period	221,765	250,724
Cash and cash equivalents, end of period	189,644	220,845
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	911	1,350
Cash paid for income taxes	445	309
NON-CASH INVESTING AND FINANCING ACTIVITIES
Purchase of property and equipment included in accounts payable and accrued expense	83	209
Release of tax distributions payable to Continuing Equity Owners accrued in prior year	(512)	0
Tax distributions payable to Continuing Equity Owners included in accrued expenses	$ 2,433	$ 2,834

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2024
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 and is described in Note 1 - Organization and Description of Business in our Annual Report. The Company headquarters are located in Boise, ID, and we operate in five offices throughout the U.S. and seven offices internationally. Secondary Offerings As required by the Registration Rights Agreement dated September 28, 2021, the Company participated in multiple underwritten offerings of shares held by our Principal Equity Owners during the year ended December 31, 2023 and in the three months ended March 31, 2024. Pursuant to underwriting agreements executed on March 8 and June 15, 2023, certain affiliates of Welsh Carson (the “WCAS Selling Stockholder”) sold 14,950,000 and 10,000,000 shares, respectively, of Class A common stock in underwritten secondary public offerings. As part of these secondary offerings, the WCAS Selling Stockholders exchanged a total of 8,039,841 shares of Class C common stock, together with corresponding LLC Interests of CWAN Holdings, and 16,910,159 shares of Class D common stock for an equivalent number of shares of Class A common stock that were purchased by the underwriters. The Company did not sell any securities in these secondary offerings and did not receive any proceeds from the sale of the shares sold by the WCAS Selling Stockholders. For the year ended December 31, 2023, the Company incurred $1.6 million in expenses associated with these secondary offerings which were recorded as general and administrative expenses. Pursuant to underwriting agreements executed on November 6 and November 30, 2023, certain affiliates of Welsh Carson, Warburg Pincus and Permira (the “Selling Stockholders”) sold 20,000,000 and 17,000,000 shares, respectively, of Class A common stock in underwritten secondary public offerings. As part of these secondary offerings, the Selling Stockholders exchanged a total of 6,653,590 shares of Class C common stock, together with corresponding LLC Interests of CWAN Holdings, and 30,212,119 shares of Class D common stock for an equivalent number of shares of Class A common stock that were purchased by the underwriters. The Company did not sell any securities in these secondary offerings and did not receive any proceeds from the sale of the shares sold by the Selling Stockholders. The Company incurred $0.5 million in expenses associated with these secondary offerings in the year ended December 31, 2023 which were recorded as general and administrative expenses. Pursuant to an underwriting agreement executed on March 6, 2024, WCAS Selling Stockholder sold 16,250,000 shares of Class A common stock in an underwritten secondary public offering. As part of the secondary public offering the WCAS Selling Stockholders exchanged a total of 5,259,868 shares of Class C common stock and 10,990,132 shares of Class D common stock, and corresponding units in CWAN Holdings, for an equivalent number of shares of Class A common stock that were purchased by the underwriters. The Company did not sell any securities in the secondary offering and did not receive any proceeds from the sale of the shares sold by the Selling Stockholders. The Company incurred $0.2 million in expenses associated with the secondary offering in the three months ended March 31, 2024, which were recorded as general and administrative expenses. As of March 31, 2024, the Company owns 88.8% of the interests in CWAN Holdings. Continuing Equity Owners which hold Class B and Class C common stock own the remaining 11.2% of the interests in CWAN Holdings. The attributes of the Company's classes of common stock are summarized in the following table: Class of Common Stock Votes per Share Economic Rights Class A common stock 1 Yes Class B common stock 1 No Class C common stock 10 No Class D common stock 10 Yes

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
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 months ended March 31, 2024.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2024
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 given the Company’s monthly recurring revenue contracts. For Licenses, the Company's remaining performance obligations represent the transaction price allocated to maintenance and support performance obligations that have yet to be satisfied. The following table includes estimated revenue expected to be recognized in the future related to maintenance and support performance obligations that are partially satisfied (in thousands): Remainder of 2024 2025 2026 2027 2028 Thereafter Revenue expected to be recognized in the future as of March 31, 2024 $ 1,236 $ 785 $ 539 $ 278 $ 161 $ — Of the total revenue recognized for the three months ended March 31, 2024, $1.2 million was included in the deferred revenue balance as of December 31, 2023. Revenues recognized from performance obligations satisfied (or partially satisfied) in previous periods were not material. Contract asset balances classified as current are $3.3 million and $2.8 million as of March 31, 2024 and December 31, 2023, respectively. Contract asset balances classified as non-current are $0.7 million and $1.9 million as of March 31, 2024 and December 31, 2023, respectively. The following table presents the Company’s revenue disaggregated by geography, based on billing address of the customer (in thousands): Three Months Ended 2024 2023 United States $ 83,135 $ 70,059 Rest of World 19,584 14,547 Total revenue $ 102,719 $ 84,606

Cash, Cash Equivalents and Inve

Cash, Cash Equivalents and Investments	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023 in accordance with the fair value hierarchy (in thousands): March 31, 2024 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Short-Term Investments Long-Term Investments Cash $ 11,011 $ — $ — $ 11,011 $ 11,011 $ — $ — Level 1 (1) : Money market funds $ 177,637 $ — $ — $ 177,637 $ 177,637 $ — $ — Level 2 (2) : Treasury bills $ 996 $ — $ — $ 996 $ 996 $ — $ — U.S. government bonds $ 21,483 $ 1 $ (31) $ 21,453 $ — $ 12,065 $ 9,388 U.S. agency securities $ 15,867 $ — $ (21) $ 15,847 $ — $ 15,847 $ — Commercial paper $ 16,827 $ 6 $ (4) $ 16,829 $ — $ 16,829 $ — Corporate debt securities $ 49,666 $ 84 $ (60) $ 49,690 $ — $ 30,185 $ 19,506 Certificates of deposit $ 3,004 $ — $ — $ 3,004 $ — $ 3,004 $ — Subtotal $ 107,843 $ 91 $ (116) $ 107,819 $ 996 $ 77,930 $ 28,894 Total $ 296,491 $ 91 $ (116) $ 296,467 $ 189,644 $ 77,930 $ 28,894 December 31, 2023 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Short-Term Investments Long-Term Investments Cash $ 24,247 $ — $ — $ 24,247 $ 24,247 $ — $ — Level 1 (1) : Money market funds $ 190,610 $ — $ — $ 190,610 $ 190,610 $ — $ — Level 2 (2) : Treasury bills $ 1,485 $ — $ (2) $ 1,483 $ — $ 1,483 $ — U.S. government bonds $ 9,553 $ 20 $ (11) $ 9,562 $ — $ 4,387 $ 5,175 U.S. agency securities $ 23,843 $ 2 $ (22) $ 23,823 $ — $ 23,823 $ — Commercial paper $ 16,983 $ 9 $ (1) $ 16,991 $ 6,908 $ 10,083 $ — Corporate debt securities $ 47,951 $ 91 $ (45) $ 47,997 $ — $ 31,677 $ 16,320 Certificates of deposit $ 3,004 $ — $ — $ 3,004 $ — $ 3,004 $ — Subtotal $ 102,819 $ 122 $ (80) $ 102,860 $ 6,908 $ 74,457 $ 21,495 Total $ 317,676 $ 122 $ (80) $ 317,717 $ 221,765 $ 74,457 $ 21,495 (1) Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities. (2) Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. During each of the three months ended March 31, 2024 and year ended December 31, 2023, there were no transfers of assets or liabilities between Level 1, Level 2 and Level 3 of the fair value hierarchy.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2024
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 three months ended March 31, 2024 (in thousands): Amount Balance as of December 31, 2023 $ 45,338 Foreign currency translation adjustments (1,006) Balance as of March 31, 2024 $ 44,332 Purchased Intangible Assets The following table presents details of our purchased intangible assets as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Useful Life (In Years) Intangible assets with finite lives: Developed technology $ 25,256 $ (4,811) $ 20,445 5.7 Customer relationships 4,425 (452) 3,973 11.7 Trade name / Trademarks 324 (216) 108 0.7 Total intangible assets $ 30,005 $ (5,479) $ 24,526 December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Useful Life (In Years) Intangible assets with finite lives: Developed technology $ 25,829 $ (3,997) $ 21,832 5.9 Customer relationships 4,526 (377) 4,149 11.9 Trade name / Trademarks 331 (179) 152 0.9 Total intangible assets $ 30,686 $ (4,553) $ 26,132

Supplemental Consolidated Balan

Supplemental Consolidated Balance Sheet Information	3 Months Ended
	Mar. 31, 2024
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): March 31, December 31, 2024 2023 Billed accounts receivable $ 48,284 $ 46,595 Unbilled accounts receivable 48,823 45,805 Allowance for doubtful accounts and reserves (341) (309) Accounts receivable, net $ 96,766 $ 92,091 The majority of invoices included within the unbilled accounts receivable balance are issued within the first few days of the month directly following the period of service. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): March 31, December 31, 2024 2023 Prepaid expenses $ 16,024 $ 13,234 Deferred contract costs, current portion 4,394 4,644 Contract assets 3,330 2,772 Other receivable 6,630 6,074 Other current assets 1,032 959 Prepaid expense and other current assets $ 31,410 $ 27,683 Property and equipment, net Depreciation and amortization expense for the three months ended March 31, 2024 and 2023 was $1.5 million and $2.4 million, respectively. Accumulated depreciation and amortization as of March 31, 2024 and December 31, 2023 was $19.8 million and $18.3 million, respectively. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, December 31, 2024 2023 Accrued benefits and retirement $ 9,600 $ 10,329 Accrued vendor liabilities 5,265 6,883 Acquisition holdback liability, current portion 3,864 4,679 Accrued bonus 3,294 11,808 Deferred revenue 5,943 2,766 Tax distributions payable to Continuing Equity Owners 2,433 2,945 Accrued commissions 2,208 3,415 Income tax payable 857 456 Other current liabilities 7,484 6,254 Accrued expenses and other liabilities $ 40,948 $ 49,535 Other Long-term Liabilities Other long-term liabilities consisted of the following (in thousands): March 31, December 31, 2024 2023 Deferred tax liabilities $ 4,020 $ 5,356 Asset retirement obligation 160 161 Other long-term liabilities $ 4,180 $ 5,518

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	Leases The 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 $2.2 million for the three months ended March 31, 2024. Variable lease cost and short-term lease costs were immaterial during the three months ended March 31, 2024. Future minimum lease payments at March 31, 2024 under the Company’s non-cancelable leases were as follows (in thousands): 2024 (remaining nine months) $ 6,934 2025 9,427 2026 8,875 2027 4,697 2028 1,136 Thereafter 1,289 Total future minimum lease payments 32,358 Less: Imputed interest (3,579) Present value of future minimum lease payments 28,779 Less: Current portion of operating lease liability (7,650) Operating lease liabilities - noncurrent $ 21,129 The following table presents supplemental information for the Company's non-cancelable operating leases for the three months ended March 31, 2024 and 2023 (in thousands, except for weighted average and percentage data): Three Months Ended March 31, 2024 2023 Weighted average remaining lease term 3.59 4.04 Weighted average discount rate 5.73 % 4.67 % Cash paid for amounts included in the measurement of lease liabilities $ 2,147 $ 1,905 Leased assets obtained in exchange for new lease liabilities $ 7,175 $ 3,637

Non-controlling Interest

Non-controlling Interest	3 Months Ended
	Mar. 31, 2024
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: March 31, 2024 December 31, 2023 Shares Ownership % Shares Ownership % Clearwater Analytics Holdings, Inc. interest in CWAN Holdings 218,155,092 88.8 % 210,560,162 86.5 % Continuing Equity Owners' interest in CWAN Holdings 27,535,479 11.2 % 32,795,347 13.5 % 245,690,571 100.0 % 243,355,509 100.0 %

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	oss) Per Share The following tables set forth the computation of basic and diluted net earnings (loss) per share of Class A and Class D common stock (in thousands, except share amounts and per share amounts): Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Class A Class D Class A Class D Basic net earnings (loss) attributable to Class A and Class D common stockholders Numerator: Allocation of net income (loss) attributable to Clearwater Analytics Holdings, Inc. $ 1,182 $ 716 $ (1,473) $ (2,911) Denominator: Weighted average number of shares of Class A and Class D common stock outstanding - basic 132,839,670 80,419,793 64,825,746 128,167,828 Basic net earnings (loss) per share attributable to Class A and Class D common stockholders $ 0.01 $ 0.01 $ (0.02) $ (0.02) Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Class A Class D Class A Class D Diluted net earnings (loss) attributable to Class A and Class D common stockholders Numerator: Undistributed earnings (loss) for basic computation $ 1,182 $ 716 $ (1,473) $ (2,911) Reallocation of earnings as a result of conversion of Class B common stock to Class A common stock and conversion of Class C common stock to Class D common stock 211 127 — — Reallocation of earnings as a result of conversion of Class D common stock to Class A common stock 843 — — — Allocation of undistributed earnings (loss) $ 2,236 $ 843 $ (1,473) $ (2,911) Denominator: Weighted average number of shares of Class A and Class D common stock outstanding - basic 132,839,670 80,419,793 64,825,746 128,167,828 Add: weighted-average effect of dilutive securities exchangeable for Class A common stock: Stock options of Clearwater Analytics Holdings, Inc. 9,485,201 — — — RSUs of Clearwater Analytics Holdings, Inc. 1,122,269 — — — ESPP of Clearwater Analytics Holdings, Inc. 183,134 — — — Conversion of Class B common stock to Class A stock, and conversion of Class C common stock to Class D common stock 111,191 31,296,938 — — Conversion of Class D common stock to Class A common stock outstanding 111,716,731 — — — Weighted average number of shares of Class A and Class D common stock outstanding - diluted 255,458,196 111,716,731 64,825,746 128,167,828 Diluted net earnings (loss) per share attributable to Class A and Class D common stockholders $ 0.01 $ 0.01 $ (0.02) $ (0.02) 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 earnings (loss) per share due to their anti-dilutive effect: Three Months Ended 2024 2023 Conversion of Class B and Class C common stock — 47,766,503 Stock options of Clearwater Analytics Holdings, Inc. 641,357 7,904,321 RSUs of Clearwater Analytics Holdings, Inc. 421,141 3,535,085 Employee stock purchase plans — 179,314 Total 1,062,498 59,385,223

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2024
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 three months ended March 31, 2024 (in thousands, except per share data): Stock Options Weighted Average Exercise Price Weighted Average Remaining Aggregate Intrinsic Value Balance - December 31, 2023 13,245,354 $ 8.31 6.65 $ 155,438 Granted — — Exercised (626,608) 5.17 8,577 Forfeited (22,499) 11.45 Balance - March 31, 2024 12,596,247 $ 8.46 5.76 $ 116,658 Options vested - March 31, 2024 10,362,685 $ 7.84 $ 102,347 The aggregate intrinsic value as of March 31, 2024 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 March 31, 2024. As of March 31, 2024, the total unrecognized compensation expense related to unvested options was $11.2 million, which is expected to be recognized over a weighted average period of 1.0 year. RSUs The summary of RSU activity for the three months ended March 31, 2024 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, 2023 13,720,137 $ 18.61 $ 278,519 Granted 3,119,544 19.27 Released (3,344,058) 18.80 Cancelled (571,395) 18.18 Unvested units as of March 31, 2024 12,924,228 $ 18.72 $ 228,630 The aggregate intrinsic value disclosed in the above table is based on the closing stock price on the NYSE on March 31, 2024. As of March 31, 2024, there was $195.5 million of unrecognized equity-based compensation expense related to RSUs, which is expected to be recognized over a weighted average period of 2.5 years. Employee Stock Purchase Plan In September 2021, the Board adopted the Clearwater Analytics Holdings, Inc. 2021 Employee Stock Purchase Plan (“ESPP”). As of March 31, 2024, 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 March 31, 2024, 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 May 31, 2024. ESPP payroll contributions accrued at March 31, 2024 and December 31, 2023 totaled $2.2 million and $0.4 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	3 Months Ended
	Mar. 31, 2024
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. 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 attributed to the non-controlling interest 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 (benefit from) income taxes: Three Months Ended 2024 2023 Income (loss) before income taxes $ 2,138 $ (5,153) Provision for (benefit from) income taxes (98) 264 Effective tax rate (4.6 %) (5.1 %) For the three months ended March 31, 2024 and March 31, 2023, the Company’s effective tax rate was different than the statutory rate primarily because of foreign taxes, equity-based compensation, the generation of tax credits and incentives, 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 the non-controlling interest. The Company regularly monitors its uncertain tax positions, and as of March 31, 2024, 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 March 31, 2024, we believe that it is more likely than not that the tax benefits of the U.S. deferred tax assets may not be realized. Accordingly, we have recorded a full valuation allowance against the U.S. net deferred tax assets. In our valuation allowance evaluation, we give more weight to evidence that can be objectively verified than to evidence that cannot be objectively verified. Our consideration of the evidence requires management to make a number of significant judgements, estimates, and assumptions about highly complex and inherently uncertain matters. Pursuant to our election under Section 754 of the Internal Revenue Code of 1986, as amended (the “Code”), we expect to obtain an increase in our share of the tax basis in the net assets of CWAN Holdings when its units are redeemed or exchanged. We intend to treat any redemptions and exchanges of CWAN Holdings units as direct purchases of the units for U.S. federal income tax purposes. These increases in our tax basis may reduce the amounts that we would otherwise pay in the future to various tax authorities. They may also decrease gains (or increase losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets. 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 March 31, 2024 are estimated to be $490 million, of which $416 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 March 31, 2024. Before considering the tax benefits subject to our TRA, we estimate that we will report taxable income in 2024 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). 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. A reconciliation of the beginning and ending balance of the TRA liability is as follows (in thousands): Three Months Ended 2024 2023 Beginning $ 18,894 $ 12,200 TRA expense related to current year $ 286 $ 105 TRA bonus expense related to the current year $ 14 $ — Payments $ (2,144) $ — Ending $ 17,050 $ 12,305 Tax receivable agreement expense $ 286 $ 105 TRA bonus expense in operating expenses $ 14 $ — Total expense $ 300 $ 105 As of March 31, 2024, the non-controlling interest holders held 27,535,479 units in CWAN Holdings that could, at their discretion, be exchanged for Class A shares. As units are exchanged, we may record future tax benefits and an associated TRA liability as a result of the increases in our tax basis in CWAN Holdings from the exchanges. The amount of the increase in the tax basis, the related estimated tax benefits, and the related TRA liability to be recorded will depend (among other things) on the price of the Company’s Class A stock at the time of the relevant redemption or exchange. If the non-controlling interest holders exchanged all of their units at the Company’s Class A stock price as of March 31, 2024, we estimate the future tax benefits related to these hypothetical exchanges to be $165 million, of which $140 million is estimated to be the associated TRA liability.

Tax Receivable Agreement Liabil

Tax Receivable Agreement Liability	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Tax Receivable Agreement Liability	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. 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 attributed to the non-controlling interest 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 (benefit from) income taxes: Three Months Ended 2024 2023 Income (loss) before income taxes $ 2,138 $ (5,153) Provision for (benefit from) income taxes (98) 264 Effective tax rate (4.6 %) (5.1 %) For the three months ended March 31, 2024 and March 31, 2023, the Company’s effective tax rate was different than the statutory rate primarily because of foreign taxes, equity-based compensation, the generation of tax credits and incentives, 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 the non-controlling interest. The Company regularly monitors its uncertain tax positions, and as of March 31, 2024, 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 March 31, 2024, we believe that it is more likely than not that the tax benefits of the U.S. deferred tax assets may not be realized. Accordingly, we have recorded a full valuation allowance against the U.S. net deferred tax assets. In our valuation allowance evaluation, we give more weight to evidence that can be objectively verified than to evidence that cannot be objectively verified. Our consideration of the evidence requires management to make a number of significant judgements, estimates, and assumptions about highly complex and inherently uncertain matters. Pursuant to our election under Section 754 of the Internal Revenue Code of 1986, as amended (the “Code”), we expect to obtain an increase in our share of the tax basis in the net assets of CWAN Holdings when its units are redeemed or exchanged. We intend to treat any redemptions and exchanges of CWAN Holdings units as direct purchases of the units for U.S. federal income tax purposes. These increases in our tax basis may reduce the amounts that we would otherwise pay in the future to various tax authorities. They may also decrease gains (or increase losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets. 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 March 31, 2024 are estimated to be $490 million, of which $416 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 March 31, 2024. Before considering the tax benefits subject to our TRA, we estimate that we will report taxable income in 2024 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). 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. A reconciliation of the beginning and ending balance of the TRA liability is as follows (in thousands): Three Months Ended 2024 2023 Beginning $ 18,894 $ 12,200 TRA expense related to current year $ 286 $ 105 TRA bonus expense related to the current year $ 14 $ — Payments $ (2,144) $ — Ending $ 17,050 $ 12,305 Tax receivable agreement expense $ 286 $ 105 TRA bonus expense in operating expenses $ 14 $ — Total expense $ 300 $ 105 As of March 31, 2024, the non-controlling interest holders held 27,535,479 units in CWAN Holdings that could, at their discretion, be exchanged for Class A shares. As units are exchanged, we may record future tax benefits and an associated TRA liability as a result of the increases in our tax basis in CWAN Holdings from the exchanges. The amount of the increase in the tax basis, the related estimated tax benefits, and the related TRA liability to be recorded will depend (among other things) on the price of the Company’s Class A stock at the time of the relevant redemption or exchange. If the non-controlling interest holders exchanged all of their units at the Company’s Class A stock price as of March 31, 2024, we estimate the future tax benefits related to these hypothetical exchanges to be $165 million, of which $140 million is estimated to be the associated TRA liability.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In April 2024, subsequent to the balance sheet date, the Company completed its previously announced acquisition of Wilshire Axiom SM , Wilshire Atlas SM , Wilshire Abacus, and Wilshire iQComposite, the risk and performance analytics solutions businesses of Wilshire Advisors LLC, a leading global financial services firm (“Wilshire”). Pursuant to an Asset Purchase Agreement, dated April 1, 2024, between the Company and Wilshire, the Company purchased substantially all of the assets that are related to the Wilshire Axiom SM , Wilshire Atlas SM , Wilshire Abacus and Wilshire iQComposte business from Wilshire for a cash purchase price of $40.0 million. In connection with the acquisition, the Company and Wilshire entered into a Transition Services Agreement pursuant to which Wilshire has agreed to perform certain services for a period of time with respect to the Company’s use and operation of the Acquired Assets, and a Master SaaS Agreement for Wilshire to license back the Acquired Assets for use in their retained business. The transaction will be accounted for in accordance with the acquisition method of accounting which requires, among other things, that assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date. Due to the limited time since the acquisition date, we are currently in the process of evaluating the acquisition accounting considerations, including consideration transferred and the initial purchase price allocation in accordance with the guidance in ASC 805, Business Combinations .

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Allocation of net income (loss) attributable to Clearwater Analytics Holdings, Inc.	$ 1,898	$ (4,384)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Date Action Expiration Date Total Shares Subject to Plan Scott Erickson, Chief Revenue Officer March 8, 2024 Adoption December 31, 2024 141,544 James Cox, Chief Financial Officer March 11, 2024 Adoption June 15, 2026 448,800 Souvik Das, Chief Technology Officer March 13, 2024 Adoption December 31, 2024 75,000
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Scott Erickson [Member]
Trading Arrangements, by Individual
Name	Scott Erickson
Title	Chief Revenue Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 8, 2024
Arrangement Duration	298 days
Aggregate Available	141,544
James Cox [Member]
Trading Arrangements, by Individual
Name	James Cox
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 11, 2024
Arrangement Duration	826 days
Aggregate Available	448,800
Souvik Das [Member]
Trading Arrangements, by Individual
Name	Souvik Das
Title	Chief Technology Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 13, 2024
Arrangement Duration	293 days
Aggregate Available	75,000

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
Principles of consolidation	Principles of consolidation
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	For SaaS offerings, the Company is applying the optional exemption to not disclose transaction price allocated to the remaining performance obligations given the Company’s monthly recurring revenue contracts.

Organization and Description _2

Organization and Description of Business (Tables)	3 Months Ended
	Mar. 31, 2024
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)	3 Months Ended
	Mar. 31, 2024
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 2024 2025 2026 2027 2028 Thereafter Revenue expected to be recognized in the future as of March 31, 2024 $ 1,236 $ 785 $ 539 $ 278 $ 161 $ —
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 2024 2023 United States $ 83,135 $ 70,059 Rest of World 19,584 14,547 Total revenue $ 102,719 $ 84,606

Cash, Cash Equivalents and In_2

Cash, Cash Equivalents and Investments (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023 in accordance with the fair value hierarchy (in thousands): March 31, 2024 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Short-Term Investments Long-Term Investments Cash $ 11,011 $ — $ — $ 11,011 $ 11,011 $ — $ — Level 1 (1) : Money market funds $ 177,637 $ — $ — $ 177,637 $ 177,637 $ — $ — Level 2 (2) : Treasury bills $ 996 $ — $ — $ 996 $ 996 $ — $ — U.S. government bonds $ 21,483 $ 1 $ (31) $ 21,453 $ — $ 12,065 $ 9,388 U.S. agency securities $ 15,867 $ — $ (21) $ 15,847 $ — $ 15,847 $ — Commercial paper $ 16,827 $ 6 $ (4) $ 16,829 $ — $ 16,829 $ — Corporate debt securities $ 49,666 $ 84 $ (60) $ 49,690 $ — $ 30,185 $ 19,506 Certificates of deposit $ 3,004 $ — $ — $ 3,004 $ — $ 3,004 $ — Subtotal $ 107,843 $ 91 $ (116) $ 107,819 $ 996 $ 77,930 $ 28,894 Total $ 296,491 $ 91 $ (116) $ 296,467 $ 189,644 $ 77,930 $ 28,894 December 31, 2023 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Short-Term Investments Long-Term Investments Cash $ 24,247 $ — $ — $ 24,247 $ 24,247 $ — $ — Level 1 (1) : Money market funds $ 190,610 $ — $ — $ 190,610 $ 190,610 $ — $ — Level 2 (2) : Treasury bills $ 1,485 $ — $ (2) $ 1,483 $ — $ 1,483 $ — U.S. government bonds $ 9,553 $ 20 $ (11) $ 9,562 $ — $ 4,387 $ 5,175 U.S. agency securities $ 23,843 $ 2 $ (22) $ 23,823 $ — $ 23,823 $ — Commercial paper $ 16,983 $ 9 $ (1) $ 16,991 $ 6,908 $ 10,083 $ — Corporate debt securities $ 47,951 $ 91 $ (45) $ 47,997 $ — $ 31,677 $ 16,320 Certificates of deposit $ 3,004 $ — $ — $ 3,004 $ — $ 3,004 $ — Subtotal $ 102,819 $ 122 $ (80) $ 102,860 $ 6,908 $ 74,457 $ 21,495 Total $ 317,676 $ 122 $ (80) $ 317,717 $ 221,765 $ 74,457 $ 21,495 (1) Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities. (2) Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	The following table presents details of our goodwill during the three months ended March 31, 2024 (in thousands): Amount Balance as of December 31, 2023 $ 45,338 Foreign currency translation adjustments (1,006) Balance as of March 31, 2024 $ 44,332
Finite-Lived Intangible Assets Amortization Expense	The following table presents details of our purchased intangible assets as of March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Useful Life (In Years) Intangible assets with finite lives: Developed technology $ 25,256 $ (4,811) $ 20,445 5.7 Customer relationships 4,425 (452) 3,973 11.7 Trade name / Trademarks 324 (216) 108 0.7 Total intangible assets $ 30,005 $ (5,479) $ 24,526 December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Remaining Useful Life (In Years) Intangible assets with finite lives: Developed technology $ 25,829 $ (3,997) $ 21,832 5.9 Customer relationships 4,526 (377) 4,149 11.9 Trade name / Trademarks 331 (179) 152 0.9 Total intangible assets $ 30,686 $ (4,553) $ 26,132

Supplemental Consolidated Bal_2

Supplemental Consolidated Balance Sheet Information (Tables)	3 Months Ended
	Mar. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Schedule of Accounts Receivable, Net	Accounts receivable, net consisted of the following (in thousands): March 31, December 31, 2024 2023 Billed accounts receivable $ 48,284 $ 46,595 Unbilled accounts receivable 48,823 45,805 Allowance for doubtful accounts and reserves (341) (309) Accounts receivable, net $ 96,766 $ 92,091
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following (in thousands): March 31, December 31, 2024 2023 Prepaid expenses $ 16,024 $ 13,234 Deferred contract costs, current portion 4,394 4,644 Contract assets 3,330 2,772 Other receivable 6,630 6,074 Other current assets 1,032 959 Prepaid expense and other current assets $ 31,410 $ 27,683
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, December 31, 2024 2023 Accrued benefits and retirement $ 9,600 $ 10,329 Accrued vendor liabilities 5,265 6,883 Acquisition holdback liability, current portion 3,864 4,679 Accrued bonus 3,294 11,808 Deferred revenue 5,943 2,766 Tax distributions payable to Continuing Equity Owners 2,433 2,945 Accrued commissions 2,208 3,415 Income tax payable 857 456 Other current liabilities 7,484 6,254 Accrued expenses and other liabilities $ 40,948 $ 49,535
Other Long-term Liabilities	Other long-term liabilities consisted of the following (in thousands): March 31, December 31, 2024 2023 Deferred tax liabilities $ 4,020 $ 5,356 Asset retirement obligation 160 161 Other long-term liabilities $ 4,180 $ 5,518

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Future Minimum Lease Payments Under Non-Cancellable Operating Leases	Future minimum lease payments at March 31, 2024 under the Company’s non-cancelable leases were as follows (in thousands): 2024 (remaining nine months) $ 6,934 2025 9,427 2026 8,875 2027 4,697 2028 1,136 Thereafter 1,289 Total future minimum lease payments 32,358 Less: Imputed interest (3,579) Present value of future minimum lease payments 28,779 Less: Current portion of operating lease liability (7,650) Operating lease liabilities - noncurrent $ 21,129
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 three months ended March 31, 2024 and 2023 (in thousands, except for weighted average and percentage data): Three Months Ended March 31, 2024 2023 Weighted average remaining lease term 3.59 4.04 Weighted average discount rate 5.73 % 4.67 % Cash paid for amounts included in the measurement of lease liabilities $ 2,147 $ 1,905 Leased assets obtained in exchange for new lease liabilities $ 7,175 $ 3,637

Non-controlling Interest (Table

Non-controlling Interest (Tables)	3 Months Ended
	Mar. 31, 2024
Noncontrolling Interest [Abstract]
Schedule of Ownership of Non-Controlling Interest	The ownership of the LLC interests is summarized as follows: March 31, 2024 December 31, 2023 Shares Ownership % Shares Ownership % Clearwater Analytics Holdings, Inc. interest in CWAN Holdings 218,155,092 88.8 % 210,560,162 86.5 % Continuing Equity Owners' interest in CWAN Holdings 27,535,479 11.2 % 32,795,347 13.5 % 245,690,571 100.0 % 243,355,509 100.0 %

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Net Loss Per Share	The following tables set forth the computation of basic and diluted net earnings (loss) per share of Class A and Class D common stock (in thousands, except share amounts and per share amounts): Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Class A Class D Class A Class D Basic net earnings (loss) attributable to Class A and Class D common stockholders Numerator: Allocation of net income (loss) attributable to Clearwater Analytics Holdings, Inc. $ 1,182 $ 716 $ (1,473) $ (2,911) Denominator: Weighted average number of shares of Class A and Class D common stock outstanding - basic 132,839,670 80,419,793 64,825,746 128,167,828 Basic net earnings (loss) per share attributable to Class A and Class D common stockholders $ 0.01 $ 0.01 $ (0.02) $ (0.02) Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Class A Class D Class A Class D Diluted net earnings (loss) attributable to Class A and Class D common stockholders Numerator: Undistributed earnings (loss) for basic computation $ 1,182 $ 716 $ (1,473) $ (2,911) Reallocation of earnings as a result of conversion of Class B common stock to Class A common stock and conversion of Class C common stock to Class D common stock 211 127 — — Reallocation of earnings as a result of conversion of Class D common stock to Class A common stock 843 — — — Allocation of undistributed earnings (loss) $ 2,236 $ 843 $ (1,473) $ (2,911) Denominator: Weighted average number of shares of Class A and Class D common stock outstanding - basic 132,839,670 80,419,793 64,825,746 128,167,828 Add: weighted-average effect of dilutive securities exchangeable for Class A common stock: Stock options of Clearwater Analytics Holdings, Inc. 9,485,201 — — — RSUs of Clearwater Analytics Holdings, Inc. 1,122,269 — — — ESPP of Clearwater Analytics Holdings, Inc. 183,134 — — — Conversion of Class B common stock to Class A stock, and conversion of Class C common stock to Class D common stock 111,191 31,296,938 — — Conversion of Class D common stock to Class A common stock outstanding 111,716,731 — — — Weighted average number of shares of Class A and Class D common stock outstanding - diluted 255,458,196 111,716,731 64,825,746 128,167,828 Diluted net earnings (loss) per share attributable to Class A and Class D common stockholders $ 0.01 $ 0.01 $ (0.02) $ (0.02)
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 earnings (loss) per share due to their anti-dilutive effect: Three Months Ended 2024 2023 Conversion of Class B and Class C common stock — 47,766,503 Stock options of Clearwater Analytics Holdings, Inc. 641,357 7,904,321 RSUs of Clearwater Analytics Holdings, Inc. 421,141 3,535,085 Employee stock purchase plans — 179,314 Total 1,062,498 59,385,223

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	The following table summarizes the stock option activity for the three months ended March 31, 2024 (in thousands, except per share data): Stock Options Weighted Average Exercise Price Weighted Average Remaining Aggregate Intrinsic Value Balance - December 31, 2023 13,245,354 $ 8.31 6.65 $ 155,438 Granted — — Exercised (626,608) 5.17 8,577 Forfeited (22,499) 11.45 Balance - March 31, 2024 12,596,247 $ 8.46 5.76 $ 116,658 Options vested - March 31, 2024 10,362,685 $ 7.84 $ 102,347
Summary of RSU Activity	The summary of RSU activity for the three months ended March 31, 2024 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, 2023 13,720,137 $ 18.61 $ 278,519 Granted 3,119,544 19.27 Released (3,344,058) 18.80 Cancelled (571,395) 18.18 Unvested units as of March 31, 2024 12,924,228 $ 18.72 $ 228,630

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Provision for Income Taxes	The following table provides details of the provision for (benefit from) income taxes: Three Months Ended 2024 2023 Income (loss) before income taxes $ 2,138 $ (5,153) Provision for (benefit from) income taxes (98) 264 Effective tax rate (4.6 %) (5.1 %)

Tax Receivable Agreement Liab_2

Tax Receivable Agreement Liability (Tables) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Reconciliation of Tax Receivable Agreement Liability	A reconciliation of the beginning and ending balance of the TRA liability is as follows (in thousands): Three Months Ended 2024 2023 Beginning $ 18,894 $ 12,200 TRA expense related to current year $ 286 $ 105 TRA bonus expense related to the current year $ 14 $ — Payments $ (2,144) $ — Ending $ 17,050 $ 12,305 Tax receivable agreement expense $ 286 $ 105 TRA bonus expense in operating expenses $ 14 $ — Total expense $ 300 $ 105
Tax receivable agreement expense	$ 286	$ 105
TRA bonus expense related to the current year	$ 14	$ 0

Organization and Description _3

Organization and Description of Business - Additional Information (Details) $ in Millions							1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 06, 2024 shares	Nov. 30, 2023 shares	Nov. 06, 2023 shares	Jun. 15, 2023 shares	Mar. 08, 2023 shares	Sep. 28, 2021	Nov. 30, 2023 shares	Mar. 31, 2024 USD ($) office	Dec. 31, 2023 USD ($)
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
CWAN Holdings, LLC
Subsidiary, Sale of Stock [Line Items]
Percentage of ownership								88.80%	86.50%
Percentage of continuing equity ownership interest								11.20%	13.50%
Class C
Subsidiary, Sale of Stock [Line Items]
Conversion ratio						1
Class C | Common Stock
Subsidiary, Sale of Stock [Line Items]
Shares issued (in shares)	5,259,868			8,039,841			6,653,590
Class D
Subsidiary, Sale of Stock [Line Items]
Conversion ratio						1
Class D | Common Stock
Subsidiary, Sale of Stock [Line Items]
Shares issued (in shares)	10,990,132			16,910,159			30,212,119
Secondary Offerings Dated March 8 and June 15, 2023
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of common stock, net of underwriters discount | $								$ 0.2	$ 1.6
Secondary Offerings Dated March 8 and June 15, 2023 | Class A
Subsidiary, Sale of Stock [Line Items]
Issuance of common units (in shares)				10,000,000	14,950,000
Secondary Offerings Dated November 6 and 30, 2023
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of common stock, net of underwriters discount | $									$ 0.5
Secondary Offerings Dated November 6 and 30, 2023 | Class A
Subsidiary, Sale of Stock [Line Items]
Issuance of common units (in shares)		17,000,000	20,000,000
Secondary Offerings Dated March 6, 2024 | Class A
Subsidiary, Sale of Stock [Line Items]
Issuance of common units (in shares)	16,250,000

Organization and Description _4

Organization and Description of Business - Summary of Classes of Common Stock (Details)	3 Months Ended
	Mar. 31, 2024 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

Revenue Recognition - Performan

Revenue Recognition - Performance Obligations (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized in the future as of March 31, 2024	$ 1,236
Remaining performance obligation, expected timing of satisfaction, period	9 months
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 March 31, 2024	$ 785
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 March 31, 2024	$ 539
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 March 31, 2024	$ 278
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 March 31, 2024	$ 161
Remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized in the future as of March 31, 2024	$ 0
Remaining performance obligation, expected timing of satisfaction, period

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Deferred revenue recognized	$ 1,200
Contract assets	3,330	$ 2,772
Contract assets, non current	$ 700	$ 1,900

Revenue Recognition - Summary o

Revenue Recognition - Summary of Revenue Disaggregated by Geography (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 102,719	$ 84,606
United States
Disaggregation of Revenue [Line Items]
Revenue	83,135	70,059
Rest of World
Disaggregation of Revenue [Line Items]
Revenue	$ 19,584	$ 14,547

Cash, Cash Equivalents and In_3

Cash, Cash Equivalents and Investments - Summary of Financial Assets Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash, adjusted cost	$ 296,491	$ 317,676
Cash, unrealized gains	91	122
Cash, unrealized loss	(116)	(80)
Cash, fair value	296,467	317,717
Cash and cash equivalents	189,644	221,765
Short-term investments	77,930	74,457
Long-term investments	28,894	21,495
Level 1 | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash, adjusted cost	177,637	190,610
Cash, unrealized gains	0	0
Cash, unrealized loss	0	0
Cash, fair value	177,637	190,610
Cash and cash equivalents	177,637	190,610
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	16,827	16,983
Cash, unrealized gains	6	9
Cash, unrealized loss	(4)	(1)
Cash, fair value	16,829	16,991
Cash and cash equivalents	0	6,908
Short-term investments	16,829	10,083
Long-term investments	0	0
Level 1 | Cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash, adjusted cost	11,011	24,247
Cash, unrealized gains	0	0
Cash, unrealized loss	0	0
Cash, fair value	11,011	24,247
Cash and cash equivalents	11,011	24,247
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	107,843	102,819
Cash, unrealized gains	91	122
Cash, unrealized loss	(116)	(80)
Cash, fair value	107,819	102,860
Cash and cash equivalents	996	6,908
Short-term investments	77,930	74,457
Long-term investments	28,894	21,495
Level 2 | Treasury bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash, adjusted cost	996	1,485
Cash, unrealized gains	0	0
Cash, unrealized loss	0	(2)
Cash, fair value	996	1,483
Cash and cash equivalents	996	0
Short-term investments	0	1,483
Long-term investments	0	0
Level 2 | U.S. government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash, adjusted cost	21,483	9,553
Cash, unrealized gains	1	20
Cash, unrealized loss	(31)	(11)
Cash, fair value	21,453	9,562
Cash and cash equivalents	0	0
Short-term investments	12,065	4,387
Long-term investments	9,388	5,175
Level 2 | U.S. agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash, adjusted cost	15,867	23,843
Cash, unrealized gains	0	2
Cash, unrealized loss	(21)	(22)
Cash, fair value	15,847	23,823
Cash and cash equivalents	0	0
Short-term investments	15,847	23,823
Long-term investments	0	0
Level 2 | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash, adjusted cost	49,666
Cash, unrealized gains	84
Cash, unrealized loss	(60)
Cash, fair value	49,690
Cash and cash equivalents	0
Short-term investments	30,185
Long-term investments	19,506
Level 2 | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash, adjusted cost	3,004	47,951
Cash, unrealized gains	0	91
Cash, unrealized loss	0	(45)
Cash, fair value	3,004	47,997
Cash and cash equivalents	0	0
Short-term investments	3,004	31,677
Long-term investments	$ 0	16,320
Level 2 | Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash, adjusted cost		3,004
Cash, unrealized gains		0
Cash, unrealized loss		0
Cash, fair value		3,004
Cash and cash equivalents		0
Short-term investments		3,004
Long-term investments		$ 0

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule Of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill [Roll Forward]
Balance as of December 31, 2023	$ 45,338
Foreign currency translation adjustments	(1,006)
Balance as of March 31, 2024	$ 44,332

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule Of Purchased Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 30,005	$ 30,686
Accumulated Amortization	(5,479)	(4,553)
Net Carrying Amount	24,526	26,132
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	25,256	25,829
Accumulated Amortization	(4,811)	(3,997)
Net Carrying Amount	$ 20,445	$ 21,832
Weighted Average Remaining Useful Life (In Years)	5 years 8 months 12 days	5 years 10 months 24 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 4,425	$ 4,526
Accumulated Amortization	(452)	(377)
Net Carrying Amount	$ 3,973	$ 4,149
Weighted Average Remaining Useful Life (In Years)	11 years 8 months 12 days	11 years 10 months 24 days
Trade name / Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 324	$ 331
Accumulated Amortization	(216)	(179)
Net Carrying Amount	$ 108	$ 152
Weighted Average Remaining Useful Life (In Years)	8 months 12 days	10 months 24 days

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 1	$ 1.1

Supplemental Consolidated Bal_3

Supplemental Consolidated Balance Sheet Information - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Billed accounts receivable	$ 48,284	$ 46,595
Unbilled accounts receivable	48,823	45,805
Allowance for doubtful accounts and reserves	(341)	(309)
Accounts receivable, net	$ 96,766	$ 92,091

Supplemental Consolidated Bal_4

Supplemental Consolidated Balance Sheet Information - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Prepaid expenses	$ 16,024	$ 13,234
Deferred contract costs, current portion	4,394	4,644
Contract assets	3,330	2,772
Other receivable	6,630	6,074
Other current assets	1,032	959
Prepaid expense and other current assets	$ 31,410	$ 27,683

Supplemental Consolidated Bal_5

Supplemental Consolidated Balance Sheet Information - Additional Information - (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 2,550	$ 2,449
Accumulated depreciation and amortization	19,800		$ 18,300
Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 1,500	$ 2,400

Supplemental Consolidated Bal_6

Supplemental Consolidated Balance Sheet Information - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Accrued benefits and retirement	$ 9,600	$ 10,329
Accrued vendor liabilities	5,265	6,883
Acquisition holdback liability, current portion	3,864	4,679
Accrued bonus	3,294	11,808
Deferred revenue	5,943	2,766
Tax distributions payable to Continuing Equity Owners	2,433	2,945
Accrued commissions	2,208	3,415
Income tax payable	857	456
Other current liabilities	7,484	6,254
Accrued expenses and other liabilities	$ 40,948	$ 49,535

Supplemental Consolidated Bal_7

Supplemental Consolidated Balance Sheet Information - Schedule of Other Long-term Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Liabilities, Noncurrent [Abstract]
Deferred tax liabilities	$ 4,020	$ 5,356
Asset retirement obligation	160	161
Other long-term liabilities	$ 4,180	$ 5,518

Leases - Additional Information

Leases - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 USD ($)
Lessee, Lease, Description [Line Items]
Lessee, operating lease, renewal term	5 years
Finance leases	$ 0
Operating lease initial term	12 months
Operating lease cost	$ 2,200,000
Minimum
Lessee, Lease, Description [Line Items]
Lease, operating lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease, operating lease term	10 years

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments under Non-cancellable Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2024 (remaining nine months)	$ 6,934
2025	9,427
2026	8,875
2027	4,697
2028	1,136
Thereafter	1,289
Total future minimum lease payments	32,358
Less: Imputed interest	(3,579)
Present value of future minimum lease payments	28,779
Less: Current portion of operating lease liability	(7,650)	$ (6,551)
Operating lease liabilities - noncurrent	$ 21,129	$ 16,948

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Information for Non-cancellable Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Weighted average remaining lease term	3 years 7 months 2 days	4 years 14 days
Weighted average discount rate	5.73%	4.67%
Cash paid for amounts included in the measurement of lease liabilities	$ 2,147	$ 1,905
Leased assets obtained in exchange for new lease liabilities	$ 7,175	$ 3,637

Non-controlling Interest - Sche

Non-controlling Interest - Schedule of Ownership of Non-controlling Interest (Details) - CWAN Holdings, LLC - shares	Mar. 31, 2024	Dec. 31, 2023
Noncontrolling Interest [Line Items]
Non-controlling shares interest held by parent (in shares)	218,155,092	210,560,162
Ownership shares by noncontrolling owners (in shares)	27,535,479	32,795,347
Total shares economic interest ownership (in shares)	245,690,571	243,355,509
Percentage of ownership	88.80%	86.50%
Percentage of continuing equity ownership interest	11.20%	13.50%
Total economic interest ownership percentage	100%	100%

Earnings (Loss) Per Share - Sch

Earnings (Loss) Per Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Allocation of net income (loss) attributable to Clearwater Analytics Holdings, Inc.	$ 1,898,000	$ (4,384,000)
Denominator:
Weighted average number of shares of Class A and Class D common stock outstanding - basic (in shares)	213,259,463	192,993,574
Weighted average number of shares of Class A and Class D common stock outstanding - diluted (in shares)	255,458,196	192,993,574
Basic net loss per share attributable to Class A and Class D common stockholders (in USD per share)	$ 0.01	$ (0.02)
Diluted net loss per share attributable to Class A and Class D common stockholders (in USD per share)	$ 0.01	$ (0.02)
Class A
Numerator:
Allocation of net income (loss) attributable to Clearwater Analytics Holdings, Inc.	$ 1,182,000	$ (1,473,000)
Allocation of undistributed earnings (loss)	$ 2,236,000	$ (1,473,000)
Denominator:
Weighted average number of shares of Class A and Class D common stock outstanding - basic (in shares)	132,839,670	64,825,746
Weighted average number of shares of Class A and Class D common stock outstanding - diluted (in shares)	255,458,196	64,825,746
Basic net loss per share attributable to Class A and Class D common stockholders (in USD per share)	$ 0.01	$ (0.02)
Diluted net loss per share attributable to Class A and Class D common stockholders (in USD per share)	$ 0.01	$ (0.02)
Class A | Class B Common Conversion Into Class A Common And Class C Common Into Class D Common
Numerator:
Dilutive Securities, Effect on Basic Earnings Per Share, Dilutive Convertible Securities	$ 211,000	$ 0
Denominator:
Dilutive effect of conversion of common stock (in shares)	111,191	0
Class A | Class D Common Conversion Into Class A Common
Numerator:
Dilutive Securities, Effect on Basic Earnings Per Share, Dilutive Convertible Securities	$ 843,000	$ 0
Denominator:
Dilutive effect of conversion of common stock (in shares)	111,716,731	0
Class A | Options
Denominator:
Dilutive effect of share-based payment arrangements (in shares)	9,485,201	0
Class A | RSUs
Denominator:
Dilutive effect of share-based payment arrangements (in shares)	1,122,269	0
Class A | Employee stock purchase plans
Denominator:
Dilutive effect of share-based payment arrangements (in shares)	183,134	0
Class D
Numerator:
Allocation of net income (loss) attributable to Clearwater Analytics Holdings, Inc.	$ 716,000	$ (2,911,000)
Allocation of undistributed earnings (loss)	$ 843,000	$ (2,911,000)
Denominator:
Weighted average number of shares of Class A and Class D common stock outstanding - basic (in shares)	80,419,793	128,167,828
Weighted average number of shares of Class A and Class D common stock outstanding - diluted (in shares)	111,716,731	128,167,828
Basic net loss per share attributable to Class A and Class D common stockholders (in USD per share)	$ 0.01	$ (0.02)
Diluted net loss per share attributable to Class A and Class D common stockholders (in USD per share)	$ 0.01	$ (0.02)
Class D | Class B Common Conversion Into Class A Common And Class C Common Into Class D Common
Numerator:
Dilutive Securities, Effect on Basic Earnings Per Share, Dilutive Convertible Securities	$ 127,000	$ 0
Denominator:
Dilutive effect of conversion of common stock (in shares)	31,296,938	0
Class D | Class D Common Conversion Into Class A Common
Numerator:
Dilutive Securities, Effect on Basic Earnings Per Share, Dilutive Convertible Securities	$ 0	$ 0
Denominator:
Dilutive effect of conversion of common stock (in shares)	0	0
Class D | Options
Denominator:
Dilutive effect of share-based payment arrangements (in shares)	0	0
Class D | RSUs
Denominator:
Dilutive effect of share-based payment arrangements (in shares)	0	0
Class D | Employee stock purchase plans
Denominator:
Dilutive effect of share-based payment arrangements (in shares)	0	0

Earnings (Loss) Per Share - S_2

Earnings (Loss) Per Share - Schedule of Weighted-average Potentially Dilutive Securities Excluded from Diluted Net Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive impact	1,062,498	59,385,223
Conversion of Class B and Class C common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive impact	0	47,766,503
Stock options of Clearwater Analytics Holdings, Inc.
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive impact	641,357	7,904,321
RSUs of Clearwater Analytics Holdings, Inc.
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive impact	421,141	3,535,085
Employee stock purchase plans
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive impact	0	179,314

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unrecognized compensation expense	$ 11,200
Weighted-average period to recognize expense	1 year
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted-average period to recognize expense	2 years 6 months
Unrecognized equity-based compensation expense	$ 195,500
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	10%
Maximum value of shares eligible to purchase during offering period	$ 25
ESPP payroll contributions	$ 2,200	$ 400
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	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Stock Options
Stock options, beginning balance (in shares)	13,245,354
Stock options, granted (in shares)	0
Stock options, exercised (in shares)	(626,608)
Stock options, forfeited (in shares)	(22,499)
Stock Options, ending balance (in shares)	12,596,247	13,245,354
Stock options, options vested, ending balance (in shares)	10,362,685
Weighted Average Exercise Price
Weighted average exercise price, beginning balance (in USD per share)	$ 8.31
Weighted average exercise price, granted (in USD per share)	0
Weighted average exercise price, exercised (in USD per share)	5.17
Weighted average exercise price, forfeited (in USD per share)	11.45
Weighted average exercise price, ending balance (in USD per share)	8.46	$ 8.31
Weighted average exercise price, options vested, ending balance (in USD per share)	$ 7.84
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Weighted Average Remaining Contractual Life (Years)	5 years 9 months 3 days	6 years 7 months 24 days
Aggregate Intrinsic Value, beginning balance	$ 155,438
Aggregate Intrinsic Value, exercised	8,577
Aggregate intrinsic value, ending balance	116,658	$ 155,438
Aggregate intrinsic value, options vested, ending balance	$ 102,347

Equity-Based Compensation - S_2

Equity-Based Compensation - Summary of RSU Activity (Details) - RSUs $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Units Activity
Unvested units, beginning balance (in shares) | shares	13,720,137
Granted (in shares) | shares	3,119,544
Released (in shares) | shares	(3,344,058)
Cancelled (in shares) | shares	(571,395)
Unvested units, ending balance (in shares) | shares	12,924,228
Weighted Average Grant Date Fair Value
Unvested units, beginning balance (in USD per share) | $ / shares	$ 18.61
Granted (in USD per share) | $ / shares	19.27
Released (in USD per share) | $ / shares	18.80
Cancelled (in USD per share) | $ / shares	18.18
Unvested units, ending balance (in USD per share) | $ / shares	$ 18.72
Unvested units as of December 31, 2023 | $	$ 278,519
Unvested units as of March 31, 2024 | $	$ 228,630

Income Taxes - Schedule of Prov

Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income (loss) before income taxes	$ 2,138	$ (5,153)
Provision for (benefit from) income taxes	$ (98)	$ 264
Effective tax rate	(4.60%)	(5.10%)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)		3 Months Ended
	Sep. 28, 2021	Mar. 31, 2024	Mar. 31, 2023
Income Tax Contingency [Line Items]
Percentage of estimated tax benefits to be realized	85%
Percentage of expected remaining tax benefits to be realized	15%
Estimated future tax benefit related to ownership exchanges		$ 490,000,000
Estimated future tax benefit related to ownership exchanges associated to TRA liability		416,000,000
TRA liability related to future years		0
Tax receivable agreement expense		286,000	$ 105,000
TRA bonus expense related to the current year		14,000	$ 0
Non- controlling Interest
Income Tax Contingency [Line Items]
Estimated future tax benefit related to ownership exchanges		165,000,000
Estimated future tax benefit related to ownership exchanges associated to TRA liability		$ 140,000,000
Shares issuable (in shares)		27,535,479

Tax Receivable Agreement Liab_3

Tax Receivable Agreement Liability - Narrative (Details) - USD ($)		3 Months Ended
	Sep. 28, 2021	Mar. 31, 2024
Income Tax Examination [Line Items]
Percentage of estimated tax benefits to be realized	85%
Percentage of expected remaining tax benefits to be realized	15%
Estimated future tax benefit related to ownership exchanges		$ 490,000,000
Estimated future tax benefit related to ownership exchanges associated to tax receivable agreement liability		416,000,000
TRA liability related to future years		0
Non- controlling Interest
Income Tax Examination [Line Items]
Estimated future tax benefit related to ownership exchanges		165,000,000
Estimated future tax benefit related to ownership exchanges associated to tax receivable agreement liability		$ 140,000,000
Shares issuable (in shares)		27,535,479

Tax Receivable Agreement Liab_4

Tax Receivable Agreement Liability - Schedule Of Reconciliation Of Tax Receivable Agreement Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Tax Receivables Agreement Liability [Roll Forward]
Beginning	$ 18,894	$ 12,200
Tax receivable agreement expense	286	105
TRA bonus expense related to the current year	14	0
Payments	(2,144)	0
Ending	17,050	12,305
Total expense	300	105
Latest Tax Year
Tax Receivables Agreement Liability [Roll Forward]
Tax receivable agreement expense	286	105
TRA bonus expense related to the current year	$ 14	$ 0

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	Apr. 01, 2024 USD ($)
Subsequent Event | Wilshire
Subsequent Event [Line Items]
Consideration transferred	$ 40