Company: CWAN
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-008169
Chunk: 73

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 73
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10, 2025 to acquire Enfusion for purchase consideration of $1.5 billion that includes approximately $800 million in cash. We plan to obtain a senior secured term loan B facility due 2033 in an aggregate principal amount of $800 million (“2025 Term Loan”) and a revolving credit facility agreement that provides an unsecured $200 million revolving credit facility with a tenure of 5 years to finance this acquisition, and any other acquisitions we may make in the next 12 months. For more information, see Note 19 “Subsequent Events” to the  consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K.

Additional funds may not be available on terms favorable to us or at all, including as a result of disruptions in the credit markets. See “Risk Factors” elsewhere in this Annual Report on Form 10-K.

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Table of Contents

The following table shows our cash flows from operating activities, investing activities and financing activities for the stated periods:

Year Ended December 31,202420232022(in thousands)Net cash provided by operating activities$74,321 $84,602 $58,005 Net cash used in investing activities(55,648)(95,055)(76,551)Net cash (used in) provided by financing activities(61,668)(19,291)16,229 Effect of exchange rate changes on cash and cash equivalents(1,420)785 (1,556)Change in cash and cash equivalents during the period$(44,415)$(28,959)$(3,873)

Cash Flows from Operating Activities

Net cash provided by operating activities of $74.3 million during 2024 was primarily the result of our net income plus non-cash charges, including equity-based compensation, operating lease expense and depreciation and amortization, offset by deferred tax benefits of $460 million and changes in operating assets and liabilities that decreased operating cash flow by $21.2 million. Accounts receivable increased $13.6 million, which is comprised of $25.5 million from growth in revenues, offset by $11.9 million from improved collections of receivable balances. Deferred commissions increased $6.2 million due to higher revenue in the year. TRA liability decreased $18.9 million due to the TRA Settlement Payments, in a gross amount of approximately $72.5 million plus approximately $6.5 million in third-party expenses in 2024. TRA payments are net of