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CWAN Investor Presentation November 5, 2025
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CWAN.COM Safe Harbor PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. This presentation contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. Forward -looking statements include the following factors in reference to CWAN (including its recently completed acquisitions), our possible or assumed future results of operations, possible or assum ed performance, business strategies, technology developments, financing and investment plans, competitive position, industry, economic and regulatory environment, potential growth opportunities and the effects of competition. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “aim,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would” or similar expressions and the negatives of those terms but are not the exclusive means of identifying such statements. Forward-looking statements involve known and unknown risks, uncertainties, and other factors, many of which are beyond CWAN’s control, that may cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forw ard-looking statements. These risks and uncertainties include, but are not limited to, CWAN's ability to successfully integrate the operations and technology of Enfusion, Beacon and Bistro (the “Recent Acquisitions”) with those of CWAN and to obtain third party data rights, retain and incentivize the employees of the Recent Acquisitions, retain the clients of the Recent Acquisitions, repay debt incurred in connection with the Recent Acquisitions and meet financial covenants imposed in connection with such debt, risks that synergies and growth from the Recent Acquisitions may no t be fully realized or may take longer to realize than expected, CWAN's ability to keep pace with rapid technological change and market developments, including artificial intelligence, compe titors in its industry, the possibility that market volatility, a downturn in economic conditions or other factors may cause negative trends or fluctuations in the value of the assets on Clearwaters’ platform, Clearwaters' ability to manage growth, Clearwaters' ability to attract and retain skilled employees, the possibility that Clearwaters' solutions fail to perform properly, disruptions and failures in Clearwaters' and third parties’ computer equipment, cloud- based services, electronic delivery systems, networks and telecommunications systems and infrastructure, the failure to prote ct Clearwater, its customers’ and/or its vendors’ confidential information and/or intellectual property, claims of infringement of others’ intellectual property, factors related to Clearwaters' ownership structure as well as other risks and uncertainties detailed in Clearwaters’ periodic public filings with the U.S. Securities and Exchange Commission (the “SEC”), including but not limited to those di scussed under “Risk Factors” in Clearwaters’ Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 26, 2025 (as amended by Amendment No. 1 thereto, filed with the SEC on March 7, 2025), and in other periodic reports Clearwater Analytics subsequently files with the SEC, including Clearwater’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 filed with the SEC on November 5, 2025. These filings are available at www.sec.gov and on our website, investors.cwan.com. Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward- looking statements represent our management’s beliefs and assumptions only as of the date of the release of this investor pre sentation. and should not be relied upon as representing CWAN's expectations or beliefs as of any date subsequent to the time they are made. CWAN does not undertake to and specifically declines any obligation to update any forward -looking statements that may be made from time to time by or on behalf of CWAN. This presentation also contains estimates and other statistical data made by independent parties and by CWAN relating to mark et size and growth and other data about CWAN. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Neither CWAN nor any other person makes any representation as to the accuracy or completeness of such data or undertakes any obligation to update such data after the date of this presentation. I n addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which CWAN operates are necessarily subject to a high degree of uncertainty and risk. In light of the foregoing, you are urged not to rely on any forward-looking statement or third-party data in reaching any conclusion or making any investment decision about any securities of CWAN.
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CWAN.COM PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. Financial Information and NPS. Net Promoter Score ("NPS") refers to our net promoter score, which can range from a low of negative 100 to a high of positive 100, that we use to gauge customer satisfaction. NPS benchmarks can vary significantly by industry, but a score greater than zero represents a company having more promoters than detractors. Our methodology of calculating NPS reflects responses from customers who purchase investment accounting and reporting, performance measurement, compliance monitoring and risk analytics solutions from us and choose to respond to the survey question. In particular, it reflects responses given in the second quarter of 2025 and reflects a sample size of 176 responses over that period. NPS give s no weight to customers who decline to answer the survey question. This presentation contains certain non-GAAP measures, including non-GAAP gross margin, adjusted EBITDA, adjusted EBITDA margin, non-GAAP diluted share count and non-GAAP effective tax rate. The non-GAAP measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to sim ilar measures presented by other companies. However, we believe that this non-GAAP information is useful as an additional means for investors to evaluate our operating performance, when reviewed in conjunction with our GAAP financial statements. These measures should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP, and because these amounts are not determined in accordance with GAAP, they should not be used exclusively in evaluating our business and operations. In addition, undue relia nce should not be placed upon non-GAAP or operating information because this information is neither standardized across companies nor subjected to the same control activities and audit proc edures that produce our GAAP financial results. Our non-GAAP statement of operations measures, including non-GAAP gross profit, non-GAAP gross margin, adjusted EBITDA, adjusted EBITDA margin and free cash flow, are adjusted to exclude the impact of certain costs, expenses, gains and losses and other specified items that management believes are not indicative of our ongoing operations. These adjusted measures exclude the impact of share-based compensation and eliminate potential differences in results of operations between periods caused by factor s such as financing and capital structures, taxation positions or regimes, restructuring, impairment and other charges. A reconciliation of certain of the non-GAAP measures is presented in the Appendix to this presentation and in the Current Report on Form 8-K filed in reference to our earnings for the third quarter of 2025. No Offer or Solicitation. This presentation is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1 933, as amended.
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Our vision for the future remains the same PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESERVED. CWAN.COM Be the world’s most trusted and comprehensive technology platform that simplifies the entire investment lifecycle... and eventually revolutionize the world of investing.
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CWAN.COM PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. 1 Rule of 50 calculated using LTM revenue growth % plus EBITDA margin % from most recent quarter. 2 Average NPS since IPO 3 110 clients with $1 million+ in ARR as of H1 2025. 60+ NPS2 98% Gross revenue retention Powerful business model 34% Q3 2025 EBITDA margin Durable & Reliable Growth 50+ Rule of 50+ company1 110 Clients with $1 million+ in ARR3 Durable & Reliable Growth ARR $90 $119 $146 $185 $220 $278 $323 $475 $379 ($ in millions) SaaS Revenue model $807 Q3 CWAN results at a Glance Clients love us
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CWAN.COM CWAN Overview
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CWAN.COM INVESTMENT LIFECYCLE GLOBALPORTFOLIO Investment Research Portfolio Construction & Rebalancing Pre/Post Trade Compliance Order Execution & Portfolio Management Risk Evaluation & Analytics Performance Attribution Transaction Reconciliation ABOR Regulatory & Financial Reporting Client Reporting & Advisory Infrastructure EQUITY MMF REAL ESTATE PRIVATE DEBT Derivatives FIXED INCOME PRIVATE EQUITY Every new asset & global location adds layers of complexity
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CWAN.COM If you had to build your systems from the ground up, you would have a single, integrated solution Instead of… …you should have a Single Data Ingestion SystemEach system and client having their own data management process Single Front-to-Back SystemUtilizing separate systems for different stages of the investment lifecycle Real-Time Risk and PerformanceHaving a batch warehouse to aggregate risk analytics and performance data Single Security MasterEvery system representing the same security in different ways PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. We know that there is a better way
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CWAN.COM PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. Investment Research Portfolio Construction & Rebalance Pre/Post Trade compliance OEMS/PMS Risk Evaluation & Analytics Performance Attribution Transaction Reconciliation ABOR Regulatory & Financial Reporting Client Reporting and Advisory User Experience Investment Lifecycle Risk Analytics & Scenario Analysis Order & Execution Management Portfolio Optimization & Management Public & Private Security Characteristic Accounting Entries & Transactions Trade Reconciliation Other Calculation Engines Generative AI Layer Single Data Master for all Assets Single Security Master Public Single Security Master Private One integrated platform CWAN Investment Data Hub Data Inputs & Recipients
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CWAN.COM CWAN NETWORK CWAN NETWORK Research Pre-Trade Compliance OEMS / PMS IABOR (ABOR+IBOR) Risk & Performance Reconciliation Reporting Generative AI PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. Increasingly, embedded in all that we do, is Generative AI. Data being available in one logical database enables our models to learn quickly. Artificial Intelligence SingleAccounting Engine Single Data Plane Single Security Master Building customer facing context sensitive workflows using Agentic AI Engineering, Operations and Client solutions now use Agentic AI tools built internally
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CWAN.COM CWAN’s open and extensible architecture PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. CWAN NETWORK Research Pre-Trade Compliance OEMS / PMS IABOR (ABOR+IBOR) Risk & Performance Reconciliation Reporting Artificial Intelligence SingleAccounting Engine Single Data Plane Single Security Master Marketplace for other Reporting and Analytics Engines Client proprietary models and analytics Shared Security Master creating a CWAN compliant standard for the industry Other OEMS / PMS Systems
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CWAN.COM Why is it hard to do what we do? PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. 3,500+ Data sources ~140 Security types 35+ Accounting bases and regulatory regimes 1 million+ Active securities 2,400+ Custodian feeds
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CWAN.COM PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. Total Investment Management Technology Spend4bps PRISM EMEA MLx LPx Front Office applications New geography specific needs Current spend we address Alternative assets risk and modeling 4bp 2bp 1bp 3bp Beacon & Bistro Platform Enfusion Platform APAC PRISM Together, we unlock 4bps
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CWAN.COM FRONT OFFICE MIDDLE & BACK OFFICE Comprehensive Post-Trade RiskPerformance Attribution for Alts & Derivatives Client Reporting Data Management Post-Trade Compliance Regulatory Reporting Multi- GAAP Solutions Core Accounting -ABOR Data Ingestion, Aggregation & Reconciliation Connectivity with Markets & Custodian Pre-Trade Risk for Alts Structured Product & Derivatives Workflow Pre-Trade Compliance Trading Venue Connectivity Portfolio Rebalancing IBOR PMS OEMS Single Instance/ Multi-Tenant Asset Class Coverage Cloud-Native Technology Platform PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESERVED. We now have coverage for a fully integrated Front- to-back platform
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CWAN.COM PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. As an integrated company, our TAM has more than doubled PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED.
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CWAN.COM Enhanced opportunities for Growth PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. ~Half of TAM is outside North America 108% Net Revenue Retention as of September 30, 2025 Right to win ~80% Win Rate1 Risk, Performance, OEMS, PMS, Accounting and Reporting Out of the box and extensible derivatives and alternatives risk and reporting Actionable global consolidated view across privates and publics Single-instance, Single-data plane, Single- security master Enables benchmarking and marketplaces Deepen Relationships with Existing Clients Gain Market Share in Asset Managers, Insurers, Hedge Funds, and Asset Owners Expand International Coverage Continue where each offering has undisputed right to win Deliver Front-to- Back Solutions Deepen Support for Alternative Assets Risk and Accounting for All Assets in All Markets Accelerate where combined offerings uniquely positions us to win today Single Source of Truth Open Architecture Opportunities to change industry landscape 1 Based on deals over the past four years that reached the proposal stage .
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CWAN.COM Financials & Growth
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CWAN.COM PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. 98% Gross Revenue Retention Rate 100+ Fortune 500 Clients 23% ARR CAGR (Organic) 2016 – Q3’25 34% EBITDA Margin Q3 2025Clearwater: Financial Snapshot Rule of 50+ Company 50+ 110 Clients with $1 million+ in ARR in H1 2025
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CWAN.COM Durable 115% NRR waterfall, multiple irons in the fire PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. 100% +4-5% +7-8% +5% +2% ~115% Beginning ARR Churn Upsell / New Mandates Cross-Sell / New Products Commercial Model and Price AUM Tailwind Ending ARR -2%
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CWAN.COM ARR by Market Vertical and Geography PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. 25% 22% 16% 37% ARR by Market Vertical Insurance Asset Management Hedge Funds Asset Owners 21% 79% ARR by Geography US International
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CWAN.COM All while maintaining world class client retention Quarterly Gross Revenue Retention Rate 10 20 30 40 50 60 70 80 90 100 98% 98% 98% 98% 98% 98% 98% 98% 98% 98% 98% 98% 98% 98% 98% 98% 97% 98% 98% 98% 99% 99% 99% 98% 98% 98% 0 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 At least 98% for 26 out of the past 27 quarters PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. 98% Q3 25
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CWAN.COM CWAN: Quarterly ARR Detail PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. ($ in millions) + Enfusion + Beacon + Bistro
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CWAN.COM Current Operating Model (Non-GAAP) PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. % of Revenue FY 2022 FY 2023 FY 2024 Q3-2025 FY 2025 Guidance FY 2025 Investor Day FY 2026 FY 2027 Long term targets1 Gross Margin 75% 77% 78% 78% ~77.5% ~78.0% ~78.5% ~82%+ R&D 25% 26% 24% 22% ~22.5% ~22.0% ~21.5% ~20% S&M 13% 12% 11% 12% ~13% ~13% ~13% ~13% G&A 11% 10% 11% 10% ~10% ~9% ~8% ~7% EBITDA Margin 27% 29% 32% 34% 34% ~32% ~34% ~36% ~42%+ +YoY 200 bps +YoY 350 bps +YoY 50 bps -YoY 50 bps -YoY 100 bps 1. These are not projections; they are goals/targets and are forward-looking, subject to significant business, economic, and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and are based upon assumptions with respect to future decisions, which are subject to change. Actual results will vary and those variations may be material. Nothing in this presentation should be regarded as a representation by any person that these goals/targets will be achieved and the Company undertakes no duty to update its goals. +YoY 200 bps
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CWAN.COM Gross Margin - Expect Continuous Improvements Consistent with our Track Record PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. Non-GAAP Gross Margin 75% 78% Already Yielding 400 bps improvement on ENFN Path to Additional Gross Margin Expansion Incremental Margin Opportunities 2 Automation of operational workflows 3 Improved commercial model to reduce churn 4 Global workforce strategy 5 Network effect of single security platform 1 Broader deployment of Generative AI 2024 Q3 2025 Historical Gross Margin CWAN: 78.2% ENFN: 68.7%
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CWAN.COM De-Leveraging PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. TTM Based Leverage By Dec 2025 By Dec 2026 Target Debt to TTM EBITDA <4.0 X Debt to EBITDA <3.0 X Debt to EBITDA ~2.7x Net Debt to Annualized Q3:25 EBITDA A More Representative View of Leverage Q3:2025 Net Debt is $775M Annualized Q3:25 EBITDA is $283M … 1 year early Forecast Debt to TTM EBITDA 3.5 X Debt to EBITDA
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CWAN.COM $174m $9m $23m $31m $112m Adj EBITDA CapEx Change in Working Capital1 GAAP Interest Excess Free Cashflow 2% 4% PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. Nine Months Ended Sept 30, 2025 Cash Flow Machine 6% 22%% of Revenue: 34% 1 Change in Working Capital also includes $2 million in cash-based EBITDA add backs
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CWAN.COM CWAN People & Team
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CWAN.COM Keith Viverito World Class Management Team PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. Fleur Sohtz Chief Marketing Officer Pedro Piccoli Chief of Staff to the CEO and Head of Corporate Strategy Shane Akeroyd Chief Strategy Officer Jim Cox Chief Financial Officer Cindy Blendu Chief Administrative Officer Sandeep Sahai Chief Executive Officer Chief Legal Officer Alphonse ValbruneSubi Sethi Chief Operating Officer Scott Erickson Chief Revenue Officer Kirat Singh President, Risk and Alternative Assets Souvik Das Chief Technology Officer Managing Director, EMEA
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CWAN.COM PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. Bangalore Sydney Chicago DC Dublin Edinburgh Boise Seattle Hong Kong Mumbai New Delhi Paris London San Jose New York Singapore Global Team and Footprint to Address All Client Needs Tokyo EMEA APAC/Other Headcount by Geography United States 1,312 1,187 500
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CWAN.COM Appendix
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CWAN.COM Definitions of Non-GAAP Terms and Key Operating Measures PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. We define Adjusted EBITDA as net income plus (i) interest expense, net, (ii) depreciation and amortization expense, (iii) equity-based compensation expense and related payroll taxes, (iv) tax receivable agreement expense, (v) transaction expenses, (vi) provision for (benefit from) income taxes, and (vii) other expense, net. Annualized recurring revenue is calculated at the end of a period by dividing the recurring revenue in the last month of such period by the number of days in the month and multiplying by 365. Gross revenue retention rate represents annual contract value (“ACV”) at the beginning of the 12-month period ended on the reporting date less client attrition over the prior 12-month period, divided by ACV at the beginning of the 12-month period, expressed as a percentage. ACV is comprised of annualized recurring revenue plus booked not billed revenue, which represents the estimated annual contracted revenue for new and existing client opportunities prior to revenue recognition. Client attrition occurs when a client provides a contract termination notice. The amount of client attrition is calculated as the reduction in annualized revenue of the client at the time of the notice and is recorded in the month the final billing occurs. Net revenue retention rate is the percentage of recurring revenue retained from clients on the platform for 12 months and includes changes from the addition, removal or value of assets on our platform, contractual changes that have an impact to annualized recurring revenues and lost revenue from client attrition. We calculate net revenue retention rate as of a period end by starting with the annualized recurring revenue from clients as of the 12 months prior to such period end. We then calculate the annualized recurring revenue from these clients as of the current period end. We then divide the total current period end annualized recurring revenue by the 12- month prior period end annualized recurring revenue to arrive at the net revenue retention rate. Adjusted EBITDA Annualized Recurring Revenue Gross Revenue Retention Rate Net Revenue Retention Rate
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CWAN.COM CWAN: Reconciliation of Net Income/(Loss) to Adjusted EBITDA PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESE RVED. ($ in millions) 2025 2024 2025 2024 Net Income/(Loss) $(11) $5 $(28) $7 Interest Expense 16 1 31 3 Depreciation and Amortization 29 3 56 9 Equity-based Comp & related payroll tax 34 27 101 81 Tax Receivable Agreement Expense 0 5 0 12 Transaction Expense 1 0 18 2 Provision for (Benefit from) Income Taxes 1 0 0 (1) Other Income, net1 0 (3) (3) (9) Adjusted EBITDA $71 $38 $174 $104 Revenue $205 $116 $514 $325 Adjusted EBITDA Margin 34% 33% 34% 32% Net Income/(Loss) Margin (5)% 4% (5)% 2% 1Other income, net includes amortization of prepaid management fees, income taxes, foreign exchange gains and losses and other expenses that are not reflective of our core operating performance including the costs to set up our Up-C structure and Tax Receivable Agreement. Three Months Ended Sept 30 Nine Months Ended Sept 30