Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2024

The following tables set forth the computation of basic and diluted net earnings (loss) per share of Class A and Class D common stock (in thousands, except share amounts and per share amounts):


	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


	Three Months Ended June 30, 2023				Six Months Ended June 30, 2023
	Class A		Class D		Class A		Class D
Basic and diluted net loss attributable to Class A and Class D common stockholders
Numerator:
Allocation of net loss attributable to Clearwater Analytics, Inc.	$	(4,368)	$	(6,553)	$	(5,656)	$	(9,649)
Denominator:
Weighted average number of shares of Class A and Class D common stock outstanding - basic and diluted	79,206,871		118,839,404		72,388,035		123,477,845
Basic and diluted net loss per share attributable to Class A and Class D common stockholders	$	(0.06)	$	(0.06)	$	(0.08)	$	(0.08)


	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 months ended June 30, 2024 and the three and six months ended June 30, 2023 is 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 Clearwater Analytics Holdings, Inc. 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 (loss) per share due to their anti-dilutive effect:


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Conversion of Class B and Class C common stock	27,535,479	43,105,127	—	45,657,312
Stock options of Clearwater Analytics Holdings, Inc.	9,010,390	9,839,839	867,859	10,168,188
RSUs of Clearwater Analytics Holdings, Inc.	1,185,552	1,079,149	358,356	4,542,512
Employee stock purchase plans	155,632	15,574	—	28,818
Total	37,887,053	54,039,689	1,226,215	60,396,830