| Earnings (Loss) Per Share |
Earnings (Loss) Per Share The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted net earnings (loss) per share of Class A and Class D common stock for the periods presented (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | 2025 | | 2024 | | 2025 | | 2024 | | Numerator: | | | | | | | | | Net income (loss) | $ | (24,151) | | | $ | 276 | | | $ | (17,215) | | | $ | 2,511 | | | Less: Net income (loss) attributable to non-controlling interests | (926) | | | 706 | | | (663) | | | 1,044 | | | Net income (loss) attributable to Clearwater Analytics Holdings, Inc. - basic and diluted | $ | (23,225) | | | $ | (430) | | | $ | (16,552) | | | $ | 1,467 | |
The following tables set forth the computation of basic and diluted net earnings per share of Class A and Class D common stock (in thousands, except share amounts and per share amounts): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2025 | | Six Months Ended June 30, 2025 | | | Class A | | Class D | | Class A | | Class D | | | | | | Basic net loss attributable to Class A and Class D common stockholders | | | | | | | | | | | | | Numerator: | | | | | | | | | | | | | Allocation of net loss attributable to Clearwater Analytics Holdings, Inc. | $ | (22,444) | | | $ | (781) | | | $ | (15,564) | | | $ | (988) | | | | | | | Denominator: | | | | | | | | | | | | | Weighted average number of shares of Class A and Class D common stock outstanding - basic | 261,537,057 | | 9,095,251 | | 238,908,250 | | 15,162,196 | | | | | | Basic net loss per share attributable to Class A and Class D common stockholders | $ | (0.09) | | | $ | (0.09) | | | $ | (0.07) | | | $ | (0.07) | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2024 | | Six Months Ended June 30, 2024 | | Class A | | Class D | | Class A | | Class D | | Basic net earnings (loss) attributable to Class A and Class D common stockholders | | | | | | | | | Numerator: | | | | | | | | | Allocation of net income (loss) attributable to Clearwater Analytics Holdings, Inc. | $ | (294) | | | $ | (136) | | | $ | 959 | | | $ | 508 | | | Denominator: | | | | | | | | | Weighted average number of shares of Class A and Class D common stock outstanding - basic | 149,405,616 | | 68,943,951 | | 141,122,643 | | 74,681,872 | | Basic net earnings (loss) per share attributable to Class A and Class D common stockholders | $ | (0.00) | | | $ | (0.00) | | | $ | 0.01 | | | $ | 0.01 | |
| | | | | | | | | | | | | Six Months Ended June 30, 2024 | | Class A | | Class D | | Diluted net earnings attributable to Class A and Class D common stockholders | | | | | Numerator: | | | | | Undistributed earnings for basic computation | $ | 959 | | | $ | 508 | | | Reallocation of earnings as a result of conversion of Class B common stock to Class A common stock and conversion of Class C common stock to Class D common stock | 683 | | | 361 | | | Reallocation of earnings as a result of conversion of Class D common stock to Class A common stock | 869 | | | — | | | Allocation of undistributed earnings | $ | 2,511 | | | $ | 869 | | | | | | | Denominator: | | | | | Weighted average number of shares of Class A and Class D common stock outstanding - basic | 141,122,643 | | 74,681,872 | | Add: weighted-average effect of dilutive securities exchangeable for Class A common stock: | | | | | Stock options of Clearwater Analytics Holdings, Inc. | 8,654,260 | | — | | RSUs of Clearwater Analytics Holdings, Inc. | 2,166,169 | | — | | ESPP of Clearwater Analytics Holdings, Inc. | 48,542 | | — | | Conversion of Class B common stock to Class A stock, and conversion of Class C common stock to Class D common stock | 111,191 | | 27,424,288 | | Conversion of Class D common stock to Class A common stock outstanding | 102,106,160 | | — | | Weighted average number of shares of Class A and Class D common stock outstanding - diluted | 254,208,965 | | 102,106,160 | | Diluted net earnings per share attributable to Class A and Class D common stockholders | $ | 0.01 | | | $ | 0.01 | |
The computation of diluted net earnings per share for the three and six months ended June 30, 2025 and three months ended June 30, 2024 are not separately presented as the Company was in a net loss position in such periods. Shares of the Company's Class B and Class C common stock do not participate in the earnings or losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted earnings per share of Class B and Class C common stock under the two-class method has not been presented. The following weighted-average potentially dilutive securities were evaluated under the treasury stock method for potentially dilutive effects and have been excluded from diluted net earnings per share due to their anti-dilutive effect: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | 2025 | | 2024 | | 2025 | | 2024 | | Conversion of Class B and Class C common stock | 10,624,863 | | 27,535,479 | | 23,029,148 | | | — | | | Stock options of Clearwater Analytics Holdings, Inc. | 5,072,204 | | 9,010,390 | | 5,341,159 | | 867,859 | | RSUs of Clearwater Analytics Holdings, Inc. | 3,381,518 | | 1,185,552 | | 2,622,395 | | 358,356 | | Employee stock purchase plans | 17,331 | | 155,632 | | 34,725 | | — | | Total | 19,095,916 | | 37,887,053 | | 31,027,427 | | 1,226,215 |
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