Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 135

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 135
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 | $     |   4 |     | $     |  16 |     | $     |  32 |     | $     |  50 |     | $     |  72 |     | $     |  97 |     | $     | 125 |     | $     | 150 |     | $     | 173 |     | $     | 191 |

| (1) | “Adjusted EBITDA,” a non-GAAP financial measure,                                                                                                                                                               
 represents earnings before interest, taxes, depreciation and amortization, adjusted to exclude stock-based compensation expense, the effect of foreign currency fluctuations, and certain non-recurring items. 
 “Adjusted EBITDA margin” is calculated as Adjusted EBITDA divided by total revenues.                                                                                                                           |

| (2) | “Unlevered Free Cash Flow,” a non-GAAP financial                                                                                                                                                      
 measure, is defined as Adjusted EBITDA plus (i) provision for bad debt and non-cash lease expense less lease liabilities less (ii) the impact of capitalized expenditures, capitalized software,      
 increases in net working capital and certain other items. Given Enfusion’s non-discretionary expenditures, Unlevered Free Cash Flow does not represent residual cash flow available for discretionary 
 expenditures.                                                                                                                                                                                         |

Tax Receivables Projections and Tax Attribute Projections The TRA provided for the payment by Enfusion to such TRA Parties of 85% of the benefits (the “ Tax Receivables Benefits”), if any, that Enfusion actually realizes, or is deemed to realize (calculated using certain assumptions), as a result of: (i) existing tax basis acquired in the IPO; (ii) increases in existing tax basis and adjustments to the tax basis of the tangible and intangible assets of Enfusion OpCo as a result of sales or exchanges (or deemed exchanges) of Enfusion Common Units for shares of Enfusion Common Stock or distributions (or deemed distributions) with respect to Enfusion Common Units in connection with or after the IPO; (iii) Enfusion’s utilization of certain tax attributes of certain entities that are taxable as corporations for U.S. federal income tax purposes in which the TRA Parties hold interests; and (iv) certain other tax benefits related to entering into the TRA, including tax benefits attributable to payments under the TRA. The following table presents a summary of certain financial analyses and forecasts of the Tax Receivables Benefits forecast to be received by Enfusion as well as forecasts of the portions