Exhibit 99.1

BOISE, Idaho — May 1, 2024 — Clearwater Analytics Holdings, Inc. (NYSE: CWAN) (“Clearwater Analytics” or the “Company”), a leading worldwide provider of SaaS-based investment management, accounting, reporting, and analytics solutions, today announced its financial results for the quarter ended March 31, 2024.

“The 21% organic year-over-year revenue growth in Q1 2024 demonstrates the continued disruptive power of our platform and its adoption by a diverse group of clients across industries and geographies. We continue to invest in and bring to market new innovative products that resonate with our current clients’ needs. This is one of the key levers of increasing NRR in the long-term, and we are pleased with the progress we are making. We’re also committed to expanding our TAM, and we believe that the acquisition of the risk, performance, and analytics products of Wilshire Advisors will position us as a leading player in that market. Combined with the JUMP Technology acquisition in November 2022, we have now addressed two key elements of solutions needed by the middle and front office,” said Sandeep Sahai, CEO at Clearwater Analytics. “We’re also very pleased with increased operational and onboarding efficiency driven by our strong network effects, AI-driven functionality, and other innovations which yielded significantly improved operating metrics. These are truly exciting times for the Company.”

•Revenue: Total revenue for the first quarter of 2024 was $102.7 million, an increase of 21.4%, from $84.6 million in the first quarter of 2023.

•Gross Profit: Gross profit for the first quarter of 2024 increased to $74.5 million, which equates to a 72.6% GAAP gross margin, compared with $59.8 million in the first quarter of 2023. Non-GAAP gross profit for the first quarter of 2024 was $80.2 million, which equates to a 78.0% non-GAAP gross margin and an increase of 210 basis points over the first quarter of 2023.

•Net Income/(Loss): Net income for the first quarter of 2024 was $2.2 million, compared with net loss of $5.4 million in the first quarter of 2023. Non-GAAP net income for the first quarter of 2024 increased to $26.2 million, an increase of 48.8%, from $17.6 million in the first quarter of 2023.

•Adjusted EBITDA: Adjusted EBITDA for the first quarter of 2024 was $32.2 million, an increase of 42.9%, from $22.5 million in the first quarter of 2023. Adjusted EBITDA margin for the first quarter of 2024 was 31.3%, an increase of 470 basis points over the first quarter of 2023.

•Cash Flows: Operating cash flows for the first quarter of 2024 were $10.0 million. Free cash flows for the first quarter of 2024 were $8.6 million, an increase of 38.3%, from $6.2 million in the first quarter of 2023.

•Earnings Per Share and Non-GAAP Net Income Per Share attributable to Clearwater Analytics Holdings, Inc.: Earnings per basic and diluted share was $0.01 in the first quarter of 2024. Non-GAAP net income per basic share was $0.12, and non-GAAP net income per diluted share was $0.10 in the first quarter of 2024.

•Cash, cash equivalents, and investments were $296.5 million as of March 31, 2024. During the first quarter, the Company reduced share count dilution by paying $28.8 million in taxes for net share settlement of equity awards. Total debt, net of debt issuance cost, was $47.9 million as of March 31, 2024.

•Annualized Recurring Revenue: As of March 31, 2024, annualized recurring revenue (“ARR”) reached $402.3 million, an increase of 19.3% from $337.4 million as of March 31, 2023.

ARR is calculated at the end of a period by dividing the recurring revenue in the last month of such period by the number of days in the month and multiplying by 365.

•Gross Revenue Retention Rate: As of March 31, 2024, the gross revenue retention rate was 99%, compared to 97% as of March 31, 2023. The Company has reported a gross revenue retention rate of at least 98% for twenty out of the twenty-one prior quarters.

Gross revenue retention rate represents annual contract value (“ACV”) at the beginning of the 12-month period ended on the reporting date less client attrition over the prior 12-month period, divided by ACV at the beginning of the 12-month period, expressed as a percentage. ACV is comprised of annualized recurring revenue plus contracted-not-billed revenue, which represents the estimated annual contracted revenue for new and existing client opportunities prior to revenue recognition.

•Net Revenue Retention Rate: As of March 31, 2024, the net revenue retention rate was 110%, compared to 107% as of December 31, 2023.

Net revenue retention rate is the percentage of recurring revenue from clients on the platform for 12 months and includes changes from the addition, removal, or value of assets on our platform, contractual changes that have an impact to annualized recurring revenues and lost revenue from client attrition.

•On April 22, 2024, Clearwater Analytics completed its acquisition of the risk performance, and analytics platforms of Wilshire Advisors LLC, a leading global financial services firm. Specifically, Clearwater acquired Wilshire AxiomSM, Wilshire AtlasSM, Wilshire Abacus, and Wilshire iQComposite, which provide fixed income analytics, equity analytics and performance measurement, accounting, and GIPS® compliance support analytics, respectively, merging them with its own risk and performance analytics platform to create a best-in-class solution for front and middle office clients.

•Clearwater Analytics continued on its journey towards a multi-product company and successfully drove cross-sell and upsell in the first quarter. Highlights include:

◦Clearwater PRISM clients, including Aegon Asset Management, that successfully went live on our market-leading next-gen investment data management hub for enhanced client portal and reporting. Clearwater announced that Aegon Asset Management is using Clearwater PRISM to easily aggregate multi-asset client investment data, enabling growth and a differentiated client experience.

◦A growing roster of clients that use both Clearwater’s JUMP solution for OMS/PMS and Clearwater’s accounting and reconciliation solution.

◦Clearwater also announced the availability of Clearwater CWIC LPx, the Company’s latest generative AI-based solution. CWIC LPx brings enhanced front office, accounting, and operations functionality to LPx users at leading insurance firms, asset managers, private banks, wealth managers, and pension managers, allowing them to easily extract investment insights on-demand.

•Clearwater Analytics announced that leading general insurer MSIG Singapore selected Clearwater to power its investment data management, portfolio analytics, and investment reporting operations. MSIG Singapore will leverage Clearwater’s single instance, multi-tenant technology platform to gain a comprehensive view of investment portfolio reporting and analytics. By having the flexibility to conduct digital reporting, investment teams and regional stakeholders will be able to comply with international reporting standards, including IFRS 9.

•Clearwater Analytics announced that France Active successfully implemented the Clearwater platform after a five-month onboarding period, in order to simplify their investment accounting operations and centralize their accounting book of record. France Active will realize significant business benefits with Clearwater, including timely book-of-record accounting, efficient period-end operational tasks, and increased productivity as a result of automating tasks associated with reconciliation and reporting.

•Clearwater Analytics won the IFRS 9 Solution Provider of the Year award for the second consecutive year. Insurance Asset Risk Awards honored Clearwater for its cloud-based SaaS platform and dedicated Client Services offering, which provides a robust foundation to assist clients with their IFRS 9 plan, or global equivalents such as PSAK 71.

•Clearwater Analytics won the Technology Provider of the Year Excellence Award for the second year in a row. The InsuranceAsia News Excellence Awards celebrate the best firms in the Asia Pacific (re)insurance market, and honored Clearwater Analytics for playing a crucial role in helping insurers achieve efficiency, analytical superiority, and leverage new technologies to future-proof their business and the industry.

•Clearwater Analytics won the Best RegTech Platform award at the 8th annual FinTech Breakthrough Awards. This recognition highlights Clearwater’s commitment to simplifying accounting, regulatory reporting, and investment operations for its growing base of global clients.

Certain components of the guidance given above are provided on a non-GAAP basis only without providing a reconciliation to guidance provided on a GAAP basis. Information is presented in this manner because the preparation of such a reconciliation could not be accomplished without “unreasonable efforts.” The Company does not have access to certain information that would be necessary to provide such a reconciliation, including non-recurring items that are not indicative of the Company’s ongoing operations. The Company does not believe that this information is likely to be significant to an assessment of the Company’s ongoing operations.

Clearwater Analytics will hold a conference call and webcast on May 1, 2024, at 5:00 p.m. Eastern time to discuss first quarter 2024 financial results, provide a general business update, and respond to analyst questions.

A live webcast of the call will also be available on the Company’s investor relations website. Please visit investors.clearwateranalytics.com at least fifteen minutes prior to the start of the event to register, download and install any necessary audio software.

If you are unable to participate live, a replay of the webcast will be available following the conference call on the Company’s investor relations website, along with the earnings press release, and related financial tables.

About Clearwater Analytics 

Clearwater Analytics (NYSE: CWAN), a global, industry-leading SaaS solution, automates the entire investment lifecycle. With a single instance, multi-tenant architecture, Clearwater offers award-winning investment portfolio planning, performance reporting, data aggregation, reconciliation, accounting, compliance, risk, and order management. Each day, leading insurers, asset managers, corporations, and governments use Clearwater’s trusted data to drive efficient, scalable investing on more than $7.3 trillion in assets spanning traditional and alternative asset types. Additional information about Clearwater can be found at clearwateranalytics.com.

Joon Park | +1 415-906-9242 | investors@clearwateranalytics.com

Claudia Cahill | +1 703-728-1221 | press@clearwateranalytics.com

This press release contains certain non-GAAP measures, including non-GAAP gross profit, non-GAAP gross margin, adjusted EBITDA, adjusted EBITDA margin, non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP effective tax rate, diluted non-GAAP share count and free cash flow.

The non-GAAP measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies. However, the Company believes that this non-GAAP information is useful as an additional means for investors to evaluate its operating performance, when reviewed in conjunction with its GAAP financial statements. These measures should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP and, because these amounts are not determined in accordance with GAAP, they should not be used exclusively in evaluating the Company's business and operations. In addition, undue reliance should not be placed upon non-GAAP or operating information because this information is neither standardized across companies nor subjected to the same control activities and audit procedures that produce the Company's GAAP financial results.

The Company's non-GAAP statement of operations measures, including non-GAAP gross profit, non-GAAP gross margin, adjusted EBITDA, adjusted EBITDA margin, non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP effective tax rate, diluted non-GAAP share count and free cash flow, are adjusted to exclude the impact of certain costs, expenses, gains and losses and other specified items that management believes are not indicative of its ongoing operations. These adjusted measures exclude the impact of share-based compensation and eliminate potential differences in results of operations between periods caused by factors such as financing and capital structures, taxation positions or regimes, restructuring, transaction expenses, impairment and other charges. Please refer to the reconciliations of these measures below to what the Company believes are the most directly comparable measures evaluated in accordance with GAAP.

This press release 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 management’s beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning the Company's possible or assumed future results of operations, business strategies, technology developments, financing and investment plans, dividend policy, competitive position, industry, economic and regulatory environment, potential growth opportunities and the effects of competition. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “aim,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would” or similar expressions and the negatives of those terms, but are not the exclusive means of identifying such statements.

Forward-looking statements involve known and unknown risks, uncertainties, and other factors, many of which are beyond Clearwater Analytics’ control, that may cause the Company's actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks and uncertainties may cause actual results to differ materially from Clearwater Analytics’ current expectations and include, but are not limited to, the Company's ability to keep pace with rapid technological change and market developments, including artificial intelligence, competitors in its industry, the possibility that market volatility, a downturn in economic conditions or other factors may cause negative trends or fluctuations in the value of the assets on the Company’s platform, the Company's ability to manage growth, the Company's ability to attract and retain skilled employees, the possibility that the Company's solutions fail to perform properly, disruptions and failures in the Company's and third parties’ computer equipment, cloud-based services, electronic delivery systems, networks and telecommunications systems and infrastructure, the failure to protect the Company, its customers’ and/or its vendors’ confidential information and/or intellectual property, claims of infringement of others’ intellectual property, factors related to the Company's ownership structure and status as a “controlled company” as well as other risks and uncertainties detailed in Clearwater Analytics’ periodic public filings with the U.S. Securities and Exchange Commission (the “SEC”), including but not limited to those discussed under “Risk Factors” in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 filed on February 29, 2024, and in other periodic reports filed by Clearwater Analytics with the SEC. These filings are available at www.sec.gov and on Clearwater Analytics’ website.

Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent management’s beliefs and assumptions only as of the date of this press release and should not be relied upon as representing Clearwater Analytics’ expectations or beliefs as of any date subsequent to the time they are made. Clearwater Analytics does not undertake to and specifically declines any obligation to update any forward-looking statements that may be made from time to time by or on behalf of Clearwater Analytics.

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(1)Amounts include equity-based compensation as follows:

(1) Other (benefit) expenses include management fees to our investors, provision for income taxes, foreign exchange gains and losses and other expenses that are not reflective of our core operating performance, including the costs to set up our Up-C structure and Tax Receivable Agreement.

(1)The non-GAAP effective tax rate was 25% for the three months ended March 31, 2024 and 2023, respectively, and has been used to adjust the provision for income taxes for non-GAAP net income and non-GAAP basic and diluted net income per share.