Clearwater Analytics Holdings, Inc. · NYSE:CWAN
Clearwater Analytics — Q3 2025 Earnings Presentation
33 slides from Clearwater Analytics's earnings presentation, Nov 5, 2025
Slide 1: CWAN Investor Presentation
CWAN Investor Presentation November 5, 2025
Slide 2: Safe Harbor
Safe Harbor This presentation contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our management’s beliefs and assumptions and on information currently available
Slide 3: Financial Information and NPS
Financial Information and NPS. Net Promoter Score ("NPS") refers to our net promoter score, which can range from a low of negative 100 to a high of positive 100, that we use to gauge customer satisfaction. NPS benchmarks can vary significantly by industry, but a score greater than zero represents a
Slide 4: Our vision for the future remains the same
Our vision for the future remains the same Be the world’s most trusted and comprehensive technology platform that simplifies the entire investment lifecycle... and eventually revolutionize the world of investing. PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESERVED. CWAN.COM
Slide 5: Q3 CWAN results at a Glance
Q3 CWAN results at a Glance Powerful business model ARR ($ in millions) $807 SaaS 34% 50+ Revenue model Q3 2025 EBITDA margin Rule of 50+ company1 $475 $323 $379 Clients love us $278 $185 $220 $146 $90 $119 60+ 98% 110 Durable & Reliable Growth NPS2 Gross Clients with $1 million+ revenue retention i
Slide 6: CWAN Overview
CWAN Overview CWAN.COM
Slide 7: Every new asset & global location adds layers of complexity
INVESTM Every new asset ENT LIFE C YC LE & global location adds MMF Investment Research Portfolio layers of complexity EQUITY Construction & Rebalancing Pre/Post Trade Infrastructure Compliance Order Execution PRIVATE & Portfolio EQUITY Management Risk REAL Evaluation & ESTATE Analytics PRIVATE Perf
Slide 8: We know that there is a better way
We know that there is a better way If you had to build your systems from the ground up, you would have a single, integrated solution Instead of… …you should have a Every system representing the same Single Security Master security in different ways Each system and client having their Single Data Ing
Slide 9: One integrated platform
One integrated platform User Experience Investment Lifecycle Investment Portfolio Pre/Post Trade OEMS/PMS Risk Evaluation Performance Transaction ABOR Regulatory Client Reporting Research Construction compliance & Analytics Attribution Reconciliation & Financial and Advisory & Rebalance Reporting Ge
Slide 10: Generative AI
Generative AI A N NETWORK CW A N NETWORK C W Pre-Trade Research Compliance Increasingly, embedded in all that we do, is Generative AI. cial Intelligenc tifi Data being available in one Ar e cc o untin gE logical database enables our leA ng g i models to learn quickly. Data Pla n le ne Si Reporting n
Slide 11: CWAN's open and extensible architecture
CWAN’s open and W A N NETWORK C extensible architecture Pre-Trade Research Compliance ial Intelligen Marketplace for rtific ce A Other OEMS / other Reporting and ccounting En PMS Systems Analytics Engines leA gi g ata le D Pla n ne Si Reporting ng n OEMS / e Si Single PMS Client proprietary Security
Slide 12: Why is it hard to do what we do?
Why is it hard to 2,400+ Custodian feeds do what we do? 3,500+ 1 million+ Active securities Data sources ~140 35+ Security types Accounting bases and regulatory regimes PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESERVED. CWAN.COM
Slide 13: Together, we unlock 4bps
Together, we unlock 4bps Enfusion Platform Current spend 4bp Front Office we address 1bp applications PRISM PRISM Total Investment 4bps Management Technology Spend LPx New geography Alternative assets 3bp risk and modeling 2bp MLx specific needs APAC EMEA Beacon & Bistro Platform PROPRIETARY ©2025 C
Slide 14: We now have coverage for a fully integrated Front-to-back platform
FRONT OFF ICE We now have coverage for Comprehensive Performance Post-Trade Risk a fully integrated Front- OEMS Attribution for Alts & PMS Derivatives to-back platform Client IBOR Reporting Data Portfolio Management Rebalancing Single Instance/ Multi-Tenant Trading Post-Trade Asset Class Venue Compl
Slide 15: As an integrated company, our TAM has more than doubled
As an integrated company, our TAM has more than doubled PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESERVED. CWAN.COM
Slide 16: Enhanced opportunities for Growth
Enhanced opportunities for Growth Accelerate where combined Opportunities to Continue where each offering offerings uniquely positions us change industry has undisputed right to win to win today landscape Deepen Gain Market Share Expand Risk and Deliver Front-to- Deepen Support Single Source of Open
Slide 17: Financials & Growth
Financials & Growth CWAN.COM
Slide 18: Clearwater: Financial Snapshot
50+ 23% 34% Rule of 50+ Clearwater: ARR CAGR (Organic) 2016 – Q3’25 EBITDA Margin Q3 2025 Company Financial Snapshot 110 100+ 98% Clients with $1 million+ Fortune 500 Gross Revenue in ARR in H1 2025 Clients Retention Rate PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESERVED. CWAN.COM
Slide 19: Durable 115% NRR waterfall, multiple irons in the fire
Durable 115% NRR waterfall, multiple irons in the fire +2% ~115% +4-5% +7-8% +5% 100% -2% Beginning Churn Upsell / Cross-Sell / Commercial AUM Ending ARR ARR New New Products Model and Tailwind Mandates Price PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESERVED. CWAN.COM
Slide 20: ARR by Market Vertical and Geography
ARR by Market Vertical and Geography ARR by Market Vertical ARR by Geography 25% 21% 37% 22% 79% 16% Insurance Asset Management US International Hedge Funds Asset Owners PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESERVED. CWAN.COM
Slide 21: All while maintaining world class client retention
All while maintaining world class At least 98% for 26 out of the past 27 quarters client retention Quarterly Gross Revenue Retention Rate 98% 98% 98% 98% 98% 98% 98% 98% 98% 98% 98% 98% 98% 98% 98% 98% 97% 98% 98% 98% 99% 99% 99% 98% 98% 98% 98% 100 90 80 70 60 50 40 30 20 10 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 22: CWAN: Quarterly ARR Detail
CWAN: Quarterly ARR Detail + Enfusion + Beacon + Bistro ($ in millions) PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL RIGHTS RESERVED. CWAN.COM
Slide 23: Current Operating Model (Non-GAAP)
Current Operating Model (Non-GAAP) % of FY 2025 FY 2025 Long term FY 2022 FY 2023 FY 2024 Q3-2025 FY 2026 FY 2027 Revenue Guidance Investor Day targets1 Gross 75% 77% 78% 78% ~77.5% ~78.0% ~78.5% ~82%+ Margin +YoY 50 bps R&D 25% 26% 24% 22% ~22.5% ~22.0% ~21.5% ~20% -YoY 50 bps S&M 13% 12% 11% 12% ~
Slide 24: Gross Margin - Expect Continuous Improvements
Gross Margin - Expect Continuous Improvements Consistent with our Track Record Non-GAAP Gross Margin Path to Additional Gross Margin Expansion Incremental Margin Opportunities Already Yielding 400 bps improvement on ENFN 1 Broader deployment of Generative AI Historical Gross Margin 78% 2 Automation
Slide 25: De-Leveraging … year early
De-Leveraging … 1 year early A More Representative TTM Based View of Leverage Leverage By By Annualized Q3:25 EBITDA is $283M Dec 2025 Dec 2026 <4.0 X <3.0 X Target Debt to Q3:2025 Net Debt is Debt to Debt to TTM EBITDA $775M EBITDA EBITDA 3.5 X Forecast Debt to TTM EBITDA Debt to ~2.7x EBITDA Net D
Slide 26: Cash Flow Machine
Cash Flow Machine Nine Months Ended Sept 30, 2025 $174m $9m $23m $31m $112m Change in Working Excess Free Adj EBITDA CapEx Capital1 GAAP Interest Cashflow % of Revenue: 34% 2% 4% 6% 22% 1 Change in Working Capital also includes $2 million in cash-based EBITDA add backs PROPRIETARY ©2025 CLEARWATER A
Slide 27: CWAN People & Team
CWAN People & Team CWAN.COM
Slide 28: World Class Management Team
World Class Management Team Sandeep Sahai Shane Akeroyd Cindy Blendu Jim Cox Souvik Das Scott Erickson Chief Executive Officer Chief Strategy Officer Chief Administrative Chief Financial Officer Chief Technology Officer Chief Revenue Officer Officer Pedro Piccoli Subi Sethi Kirat Singh Fleur Sohtz A
Slide 29: Global Team and Footprint
Global Dublin Edinburgh Team and Boise New York Tokyo Footprint Seattle London New Delhi to Address Hong Kong DC Paris All Client San Jose Chicago Mumbai Needs Singapore Bangalore Headcount by Geography United States 1,312 Sydney APAC/Other 1,187 EMEA 500 PROPRIETARY ©2025 CLEARWATER ANALYTICS. ALL
Slide 30: Appendix
Appendix CWAN.COM
Slide 31: Definitions of Non-GAAP Terms and Key Operating Measures
Definitions of Non-GAAP Terms and Key Operating Measures Adjusted EBITDA Annualized Recurring Revenue We define Adjusted EBITDA as net income plus (i) interest expense, net, (ii) Annualized recurring revenue is calculated at the end of a period by depreciation and amortization expense, (iii) equity-
Slide 32: CWAN: Reconciliation of Net Income/(Loss) to Adjusted EBITDA
CWAN: Reconciliation of Net Income/(Loss) to Adjusted EBITDA Three Months Ended Sept 30 Nine Months Ended Sept 30 ($ in millions) 2025 2024 2025 2024 Net Income/(Loss) $(11) $5 $(28) $7 Interest Expense 16 1 31 3 Depreciation and Amortization 29 3 56 9 Equity-based Comp & related payroll tax 34 27 1
Slide 33: C°VAN
C°VAN
Clearwater Analytics Holdings — Q3 2025 Earnings Presentation on 6ix