Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 230

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 230
---
 year ended December 31, 2024. Upon completion of the Transactions, management will perform a comprehensive review of the accounting policies between the two entities. Management
is currently not aware of any significant accounting policy differences and therefore not made any adjustments to the pro forma condensed combined financial information related to these potential differences other than the adjustments described in
Note 3 below. Upon completion of the Transactions and management’s comprehensive review, management may identify differences in accounting policies between the two entities which, when conformed, could have a material impact on the consolidated
financial statements of Clearwater following the Transactions.

151

Note 3 Enfusion’s Reclassifications Certain reclassifications are reflected in the pro forma adjustments to conform Enfusion’s presentation to Clearwater’s in the unaudited pro forma condensed combined balance sheet and statement of operations. These reclassifications have no effect on previously reported shareholders’ equity, or income from operations of Clearwater or Enfusion. The pro forma financial information may not reflect all reclassifications necessary to conform Enfusion’s presentation to that of Clearwater due to limitations on the availability of information as of the date of this Proxy Statement/Prospectus. Accounting policy differences and additional reclassification adjustments may be identified as more information becomes available. The following preliminary reclassification adjustments were made to conform Enfusion’s presentation to Clearwater’s presentation:

| a. | Adjustments to align Enfusion’s financial statement captions to Clearwater’s presentation. |

| b. | Adjustments to allocate certain operating expenses to cost of revenue. |

Note 4. Calculation of Merger Consideration and preliminary Purchase Price Allocation The unaudited pro forma condensed combined financial information reflects the acquisition of Enfusion for an estimated preliminary Merger Consideration of $1.5 billion. The fair value of the estimated preliminary Merger Consideration expected to be transferred on the Closing Date includes the value of the estimated cash consideration; the estimated fair value of Clearwater Common Stock to be transferred; and the estimated amount of cash to be paid to terminate Enfusion’s TRA The unaudited pro forma condensed combined financial information does not include equity awards that will, in the ordinary course, either vest and settle and/or be granted between the date of the Merger Agreement and Closing of the Transactions. The calculation of the estimated preliminary Merger Consideration is as follows: Consideration Transferred

|                                                                                                |     | -in thousands |
| Estimated cash consideration                                                                   |     |               |
| Estimated fair value of Clearwater Common Stock to be issued