Company: CWAN
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001866368-25-000018
Chunk: 73

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 73
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 of the Company, on June 12, 2025, as a result of the WCAS Investors (as defined in the Certificate of Incorporation) owning less than 5% of the outstanding common stock of the Company, all outstanding 4,506,422 shares of Class C common stock and 2,069,714 shares of Class D common stock automatically converted to an equal number of shares of Class B common stock and Class A common stock, respectively. 47,377,587 shares of Class C common stock and 130,083,755 shares of Class D common stock were also retired, such that the number of authorized shares of Class C common stock and Class D common stock are 452,622,413 and 369,916,245, respectively. No consideration was exchanged as a result of these activities.

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

Basis of PresentationThe accompanying unaudited condensed consolidated financial statements and accompanying notes have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the SEC and, in the opinion of management, reflect all normal recurring adjustments necessary for a fair presentation of results for the unaudited interim periods presented. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The results of operations for the interim period are not necessarily indicative of the results to be obtained for the full fiscal year. Principles of ConsolidationThe condensed consolidated financial statements include the accounts of the Company and its directly and indirectly wholly-owned or controlled subsidiaries. All intercompany balances and transactions have been eliminated through 

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consolidation. The Company 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 EstimatesThe 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