Company: CWAN
Filing Date: 2025-03-20
Form Type: 424B3
Source: 0001193125-25-058975
Chunk: 140

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-20
Form: 424B3
Chunk 140
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 publicized
analyst estimates and forecasts. You should evaluate the Management Projections, if at all, in conjunction with Enfusion’s historical financial statements and other information regarding Enfusion contained in Enfusion’s public filings with
the SEC. The Management Projections may not be consistent with Enfusion historical operating data as a result of the assumptions and estimates detailed above. Except to the extent required by applicable federal securities laws, we do not intend to
update or otherwise revise the Management Projections to reflect circumstances existing after the date that such information was prepared or to reflect the occurrence of future events.

Because the Management Projections reflect estimates and judgments, they are susceptible to sensitivities and assumptions, as well as to
multiple interpretations based on actual experience and business developments. The Management Projections also cover multiple years, and such information by its nature becomes less predictive with each succeeding year. The Management Projections are
not, and should not be considered to be, a guarantee of future operating results. The Management Projections should not be regarded as an indication that Enfusion management, the Special Committee, the Enfusion Board or any of their respective
advisors, or any other person, considered or now considers the Management Projections to be necessarily predictive of actual future results.

Further, the Management Projections are not fact and should not be relied upon as being necessarily indicative of Enfusion’s future
results or for purposes of making any investment decision.

Certain of the financial measures included in the Management Projections are
not calculated in accordance with GAAP. Financial measures such as Adjusted EBITDA, Adjusted EBITDA margin and Unlevered Free Cash

89

Flow are non-GAAP financial measures. These non-GAAP financial measures should not be viewed as a substitute for
GAAP financial measures and may be different from similarly titled non-GAAP financial measures used by other companies. Furthermore, there are limitations inherent in
non-GAAP financial measures because they exclude charges and credits that are required to be included in a GAAP presentation. Accordingly, these non-GAAP financial
measures should be considered together with, and not as an alternative to, financial measures prepared in accordance with GAAP. Financial measures included in forecasts provided to a financial advisor and a board of directors in connection with a
business combination transaction, such as the Management Projections, are excluded from the definition of “non-GAAP financial measures” under applicable SEC rules and regulations. As a result, the
Management Projections are not subject to SEC rules regarding disclosures of