Clearwater Analytics Holdings, Inc. (CWAN): Business Model Canvas [Dec-2025 Updated]

You're digging into how Clearwater Analytics Holdings, Inc. is actually making its money, especially after those big acquisitions-it's not just another software vendor, honestly. We're looking at a platform managing over $8.8 trillion in assets, driving an Annualized Recurring Revenue of $807.5 million as of Q3 2025, with stickiness shown by that 98% Gross Revenue Retention rate. My take, based on two decades watching this space, is that their integrated, single-instance cloud model is the engine, but the real story is how they've stitched together legacy players like Enfusion and Beacon into a unified offering for insurance giants and asset managers alike. Dive into the full Business Model Canvas below to see exactly how their key activities and partnerships translate into that projected $730 million to $731 million revenue for the full year.

Clearwater Analytics Holdings, Inc. (CWAN) - Canvas Business Model: Key Partnerships

You're looking at the critical alliances that power Clearwater Analytics Holdings, Inc. (CWAN) right now, late in 2025. These aren't just handshake deals; they represent massive technology integration and direct financial impact on the platform's reach.

Strategic front-to-back collaboration with Bloomberg

Clearwater Analytics announced a strategic collaboration with Bloomberg in July 2025 to deliver a combined front-to-back investment solution for asset owners and asset managers. This partnership blends Bloomberg's leading suite of enterprise investment solutions with Clearwater's accounting solution, which covers data aggregation, reconciliation, and reporting. Clients using this combined solution gain specific functional benefits.

• Turnkey Managed Integration with a redefined target operating model.
• Enhanced OTC Management using Bloomberg's advanced tools.
• Integrated Cash Management synchronized daily.
• Consistent Position and Trade Data Exchanges for lineage.

The platform, in its unified state, serves leading insurers, asset managers, hedge funds, banks, corporations, and governments, supporting over $8.8 trillion in assets globally. This move addresses the marked increase in client demand for integrated front-to-back solutions.

Technology integration with acquired firms: Enfusion, Beacon, and Bistro

The integration of recently acquired platforms is central to Clearwater Analytics' strategy to offer a unified, end-to-end system spanning the full investment lifecycle. The goal is to eliminate silos across the front, middle, and back office, providing real-time data and transparency. The company is working through a three-phase integration strategy following these deals.

The launch of CWAN GenAI is designed to automate reconciliation, reporting, and close processes across more than US$10 trillion of client assets, relying on these integrated capabilities. The company reported a 98% Gross Revenue Retention Rate, defintely showing strong client loyalty.

Partnerships with large asset managers like J.P. Morgan Asset Management

Clearwater Analytics launched an integration with J.P. Morgan Asset Management in October 2025, specifically linking Enfusion with the Morgan Money® trading platform. This creates a single, automated workflow for hedge funds managing idle cash. J.P. Morgan Asset Management reported assets under management of $4.0 trillion as of September 30, 2025. JPMorgan Chase & Co. reported total assets of $4.6 trillion as of the same date.

• Maximizes idle cash by automatically investing in money market funds.
• Reduces concentration risk across managers, custodians, and currencies.
• Improves liquidity visibility via real-time data.
• Eliminates manual treasury work.

Data providers for comprehensive security master data

While specific third-party data providers aren't detailed in the latest reports, the scale of operations implies deep data partnerships. Clearwater Analytics' Annual Recurring Revenue (ARR) reached $783.5 million as of June 30, 2025. The Net Revenue Retention Rate was 110% as of that date, with the core business NRR remaining at 114%. The company projects 2025 full-year revenue between $726 million and $732 million.

Global systems integrators and consulting firms

No specific financial or statistical data points regarding partnerships with global systems integrators or consulting firms were available in the latest disclosures.

Clearwater Analytics Holdings, Inc. (CWAN) - Canvas Business Model: Key Activities

You're looking at the core engine of Clearwater Analytics Holdings, Inc. (CWAN) right now, especially after the big acquisitions this year. The key activities are all about making that unified, cloud-native platform work harder and smarter for institutional investors.

Developing and integrating the cloud-native SaaS platform (GenAI focus)

The development focus is heavily weighted toward embedding intelligence directly into the workflows. Clearwater Analytics Holdings, Inc. is actively deploying Generative AI (GenAI) agents to automate the heavy lifting. As of late 2025, they have over 800+ AI agents deployed, which are learning from proprietary data across more than $10 trillion in client assets. This deployment isn't just theoretical; clients are seeing real, measurable gains. For instance, these agents are delivering a 90% reduction in manual reconciliation effort, making report generation 80% faster, and accelerating financial close cycles by 50%. The efficiency gains are showing up in the margins; the combined business posted a non-GAAP gross margin of 78.5% in the third quarter of 2025. To be fair, R&D spend was already trending efficiently pre-acquisition, dropping from 25-26% to 21.6% of revenue in the first quarter of 2025.

Global investment data aggregation and reconciliation

This is the bedrock of the service. Clearwater Analytics Holdings, Inc. must continuously aggregate and normalize data from disparate sources globally. Before the full integration metrics reset, the platform was already supporting over $8.8 trillion in global invested assets. The platform's architecture is designed to handle complexity, supporting clients who might invest across over 60 different asset classes and hold positions in more than 50 different currencies. The scale of the recurring revenue base reflects this activity; Annualized Recurring Revenue (ARR) hit $807.5 million in Q3 2025, a 77% year-over-year increase. That's serious data processing power being monetized.

Ensuring regulatory compliance and reporting across multiple jurisdictions

The activity here is about maintaining the platform's ability to adapt to diverse and complex global rules. The platform is built to handle clients governed by more than 10 accounting regimes, providing a single, accurate view. The GenAI acceleration is directly tied to this, as it is cited as enabling 80% faster regulatory reporting. This capability is crucial for winning mandates from global insurers like Versicherungskammer Group, Germany's largest public insurer, which selected the integrated platform for its middle, back office, and risk functions.

Sales and marketing to drive new client logos and cross-sell opportunities

Driving growth is clearly a priority, especially as the company integrates new capabilities. The sales focus is clearly shifting toward expanding wallet share within the existing base. In Q3 2025, cross-sell bookings growth was reported at 70%, and the components of Net Revenue Retention Rate (NRR) show that price increases, cross-sell, and upsell each contributed just under 3% to that rate. Overall client stickiness remains high, with the Q3 2025 NRR at 108%, though slightly down from the core business NRR of 114% seen earlier in the year. The full-year 2025 revenue projection is between $730 million and $731 million, representing a 62% year-over-year growth rate.

Post-acquisition integration of Enfusion and Beacon platforms

This is perhaps the most intensive activity right now, transforming the company's structure. Clearwater Analytics Holdings, Inc. closed the $1.5 billion Enfusion acquisition on April 21, 2025, and the Beacon acquisition on April 30, 2025, following the Bistro asset purchase on March 31, 2025. The integration is proceeding faster than planned; management confirmed they achieved the $20 million synergy target a full year ahead of schedule by the second quarter of 2025. The financial impact is being managed; as of a November 2025 report, net debt stood at $818 million, but the implied annual run rate for adjusted EBITDA, reflecting the full Enfusion integration, was $280 million. The company used strong operating cash flows to repay $40 million of debt in Q3 2025 while also repurchasing shares.

Here's a quick look at the key financial and operational metrics driving the narrative around these activities:

The success of these activities hinges on embedding that acquired functionality-Enfusion for front-office and Beacon for risk-into the core, single-instance architecture. The goal is to turn that complexity into a competitive moat.

You should watch the NRR closely, as it's the clearest indicator of whether cross-sell and upsell efforts are gaining traction post-integration.

• Platform hosts over 800+ AI agents.
• GenAI drives 90% reduction in manual reconciliation.
• Enfusion acquisition cost was $1.5 billion.
• Debt repayment in Q3 2025 was $40 million.
• Core business NRR remained at 114% as of June 30, 2025.

Finance: draft 13-week cash view by Friday.

Clearwater Analytics Holdings, Inc. (CWAN) - Canvas Business Model: Key Resources

You're building a financial technology powerhouse, and your key resources are the bedrock of that operation. For Clearwater Analytics Holdings, Inc., these aren't just assets; they are the engine driving massive scale and high retention in a complex industry.

The most fundamental resource is the proprietary single-instance, multi-tenant SaaS platform. This architecture is what lets Clearwater serve a diverse global client base-insurers, asset managers, corporations, and governments-from one unified, cloud-native system. This design is critical because it allows for rapid deployment of new features, like the generative AI agents now in use.

Financially, the platform underpins a significant recurring revenue stream. As of Q3 2025, the Annualized Recurring Revenue (ARR) base hit $807.5 million, showing a year-over-year growth of 77%. That growth is sticky, too; the Gross Revenue Retention (GRR) rate was a solid 98%, and the Net Revenue Retention (NRR) rate stood at 108% as of that same quarter.

The sheer volume of data processed is a massive resource, creating a moat. Clearwater Analytics aggregates, reconciles, and reports on over $8.8 trillion in assets daily across thousands of accounts and asset classes. This data foundation is what powers the firm's intellectual property advantage, especially in the realm of artificial intelligence. The platform connects to approximately 4,000 data sources, feeding its models.

Here's a quick look at some of those core performance metrics as of Q3 2025:

The human capital is also substantial, with a global team of over 2,900 employees spread across the US, EMEA, and APAC regions. This team supports the platform and its continuous evolution, including the integration of recent, major acquisitions like Enfusion in April 2025 for $1.5 billion and Beacon in March 2025 for approximately $560 million. These acquisitions bolster the firm's core intellectual property.

The intellectual property itself is centered on the complex logic embedded in the system for investment accounting and risk analytics. This is now being augmented by significant AI deployment. The company reported having over 800 AI agents deployed across client assets, which are learning from this proprietary data to deliver tangible operational improvements, such as an 80% reduction in manual reconciliation effort.

You can think of the key resources as a stack:

• The foundational technology: The single-instance, multi-tenant SaaS architecture.
• The data moat: Over $8.8 trillion in aggregated, reconciled investment data.
• The IP layer: Algorithms for investment accounting, risk analytics, and GenAI agents (over 800 deployed).
• The scale: An ARR base of $807.5 million and a team of over 2,900 professionals.

Finance: draft 13-week cash view by Friday.

Clearwater Analytics Holdings, Inc. (CWAN) - Canvas Business Model: Value Propositions

You're looking at the core reason why institutional investors stick with Clearwater Analytics Holdings, Inc.: the promise of absolute clarity across a complex global portfolio. The platform delivers a unified, real-time view of all global assets, covering everything from the front office decisions right through to the back office settlement and accounting. As of late 2024, the platform was already aggregating and normalizing data on over $8.8 trillion of invested assets for more than 1,400 clients, so you see everything in one place, instantly.

The efficiency gains are a huge part of the value, especially when you consider the manual grind of traditional operations. Clearwater Analytics positions its technology, including AI enhancements like the Helios system, to drive massive operational improvements. A key value proposition here is the claimed 90% reduction in manual reconciliation tasks through AI, which directly translates to lower operational risk and cost for you.

Dealing with global regulations is a headache, but the platform is built to simplify that complexity. It helps streamline regulatory reporting across GAAP, IFRS, and Solvency II standards. This isn't just about checking a box; it's about ensuring compliance is automated, reducing the need for specialized, expensive teams to manually map data to different reporting frameworks.

The stickiness of the offering is best shown by the retention numbers, which speak volumes about data accuracy and client satisfaction. You can see the platform's proven reliability in the metrics from the first half of 2025. Here's a quick look at how the platform's performance metrics stack up:

That high data accuracy you need is baked into the recurring revenue model. The Gross Revenue Retention Rate (GRR) has consistently been at or near 98% for many quarters, including the most recent reports in Q1 and Q2 2025. Honestly, when clients are staying at that rate, it means the data quality and service are meeting expectations. Plus, the Net Revenue Retention Rate (NRR) was 114% as of March 31, 2025, showing existing clients are expanding their use of the platform, which is a great sign.

The entire system is built on a scalable, cloud-native architecture. This is what allows Clearwater Analytics Holdings, Inc. to replace those fragmented, on-premise legacy systems that slow down operations. This architecture supports rapid growth; for example, Annualized Recurring Revenue (ARR) hit $493.9 million as of March 31, 2025, and grew to $783.5 million by June 30, 2025. That kind of expansion is only possible when the underlying technology is truly elastic.

Finance: draft the 13-week cash flow view by Friday, focusing on the impact of the Q3 2025 revenue run rate of $205.1 million on near-term liquidity.

Clearwater Analytics Holdings, Inc. (CWAN) - Canvas Business Model: Customer Relationships

Clearwater Analytics Holdings, Inc. (CWAN) maintains customer relationships through a high-touch, embedded service structure, which is strongly suggested by its retention metrics.

The dedication to client satisfaction is evidenced by the 98% Gross Revenue Retention Rate as of September 30, 2025. This metric represents the annual contract value retained over the prior 12-month period, net of client attrition.

The platform is designed for long-term adoption, relying on the inherent stickiness of a unified, cloud-native system for investment management, which creates high switching costs for institutional investors.

Proactive expansion within the existing client base drives growth, as shown by the Net Revenue Retention Rate of 108% as of September 30, 2025. This rate includes revenue changes from asset additions, contractual adjustments, and attrition. The Annualized Recurring Revenue (ARR) reached a record $807.5 million at the end of Q3 2025, marking a 77% year-over-year increase.

Executive-level engagement is formalized through the annual client conference, Clearwater Connect 2025, which took place in Boise, ID from September 15-17. This event is regarded as influential in investment accounting and management.

The conference served as a venue for executive-level dialogue and peer networking, bringing together more than 500 thought leaders and experts.

• Welcomed clients and leaders across Insurance, Asset Management, Hedge Funds, Corporations, Government, and Banking sectors.
• Explored the unified platform vision connecting front, middle, and back office functions.
• Featured a practical outlook on the next 12-18 months from Goldman Sachs Asset Management representatives.

Continuous product innovation is directly linked to client needs, with new offerings showcased at the conference, demonstrating responsiveness to feedback and market shifts.

New product capabilities highlighted included:

• Clearwater CWIC LPx, an AI-based solution for on-demand insights from accounting data.
• Clearwater for Pooled Funds, providing a web-based portal for state treasuries and participants.

The platform is designed to help institutional investors extract actionable insights on-demand from accounting data and performance metrics.

Clearwater Analytics Holdings, Inc. (CWAN) - Canvas Business Model: Channels

You're looking at how Clearwater Analytics Holdings, Inc. gets its platform in front of institutional investors globally. It's a mix of direct selling, strategic alliances, and thought leadership that drives their impressive growth metrics.

Direct Enterprise Sales Force Targeting Institutional Investors Globally

Clearwater Analytics Holdings, Inc. secures new customers primarily through its direct sales approach, focusing on institutional investors like asset managers, insurance companies, and large corporations. While the exact size of the dedicated direct enterprise sales force isn't public, the results of their global efforts are clear in the financial performance. For instance, the core Clearwater business revenue grew 22% year-over-year in the second quarter of 2025, reaching $130.6 million.

The stickiness of this direct sales approach is evidenced by the retention numbers. As of June 30, 2025, the Net Revenue Retention Rate (NRR) for the consolidated company stood at 110%, meaning existing clients expanded their use of the platform. Even more telling, the core business NRR remained at 114% as of June 30, 2025. This suggests the direct sales team is effective not just at landing new logos but also at upselling within the existing client base.

Here's a look at the financial scale driven by this channel:

Strategic Technology Partnerships (e.g., Bloomberg) for Integrated Offerings

The company actively builds out its platform through strategic technology partnerships to enhance its end-to-end investment management capabilities. A major milestone in 2025 was the announcement of a strategic partnership with Bloomberg. This involves a bi-directional integration between Bloomberg AIM and Clearwater Analytics, designed to eliminate manual workflows and deliver a seamless front-to-back office experience for users.

Furthermore, the integration of acquired platforms like Enfusion (acquired for $1.5 billion in April 2025) augments the platform's front-office capabilities, creating a unified solution across the entire investment lifecycle. The company has already achieved its $20 million synergy target related to acquisitions a full year ahead of schedule, validating the strategic fit of these integrated technology channels.

Investor Relations and Thought Leadership (e.g., 2025 Insurance Investment Outsourcing Report)

Thought leadership, particularly through proprietary research, is a key channel for establishing authority and driving awareness among target institutional investors. The 2025 Insurance Investment Outsourcing Report (IIOR), produced with DCS Financial Consulting, is a prime example.

The scale of the data underpinning this thought leadership is substantial:

• The 2025 IIOR includes data from 101 participating managers and consultants.
• It represents a record $4.5 trillion in unaffiliated general account insurance assets under management (AUM).
• Private asset AUM covered in the report grew 34% year-on-year to $800 billion.
• The report now profiles 90 investment managers.
• Over 80% of participating managers report using advanced technology for customized portfolio reporting.

This research helps position Clearwater Analytics as the definitive source for industry trends, directly influencing the technology decisions of potential clients.

International Expansion Teams in EMEA and APAC Regions

Clearwater Analytics Holdings, Inc. views international expansion as critical for future growth, believing the platform's value applies equally outside North America. The company has a global team of over 2,900 employees spanning the United States, EMEA, and APAC regions. Management has noted that half of the world's wealth exists outside North America, representing a significant opportunity.

Evidence of success in this channel includes a significant mandate secured by the APAC team from one of the largest banks in the world to provide client reporting globally. However, you should note that the cost to acquire clients in international markets is currently greater than in North America due to lower brand awareness in those regions.

The overall market opportunity being targeted is large, with management believing the Total Addressable Market (TAM) could reach $11 billion globally when factoring in the APAC region and adjacent markets.

Digital Marketing and Industry Events

While direct sales and thought leadership are emphasized, digital presence and industry engagement support the overall channel strategy. The company's sales and marketing expenses are a component of their operating costs. For the first quarter of 2025, Sales and Marketing expense, which includes costs for trade shows and seminars, was $4,009 thousand (based on Q1 2025 data, as Q2/Q3 breakdowns for this specific line item were not granular enough to isolate from other sales/marketing costs). The company's strong client retention rates, like the 98% Gross Revenue Retention Rate as of June 30, 2025, suggest that digital and event marketing efforts are effectively supporting the core client base and new acquisition efforts.

The platform's AI capabilities are also a major draw, with its generative AI system employing over 800 agents to reduce manual reconciliation by ~90%, which is a powerful talking point in digital content and at industry events. The full-year 2025 revenue guidance is projected to be between $726 million and $732 million, showing the combined effect of all these channels.

Clearwater Analytics Holdings, Inc. (CWAN) - Canvas Business Model: Customer Segments

You're looking at the client base of Clearwater Analytics Holdings, Inc. (CWAN) as of late 2025, post-major acquisitions. The platform now serves a broader set of institutional investors, but the core segments remain distinct in their needs and contribution.

Insurance Companies (largest segment, over 35% of revenue).

This group represents the historical bedrock of Clearwater Analytics Holdings, Inc.'s client base. The platform's strength in regulatory reporting and complex fixed-income accounting makes it essential for this sector. While the overall company posted total revenue of $205.1 million for the quarter ending September 30, 2025, this segment anchors the business, contributing over 35% of that total.

Asset Managers and Hedge Funds (fastest-growing segment post-Enfusion).

The acquisition of Enfusion, which closed in April 2025, significantly bolstered this segment. Enfusion's preliminary Q1 2025 revenue was $54.5 million. The combined entity is aggressively pursuing this market, evidenced by the massive jump in Annualized Recurring Revenue (ARR) to $807.5 million as of September 30, 2025, up from $427.2 million as of June 30, 2024, reflecting the integration of new client bases. This segment is key to the company's growth story, which saw TTM revenue hit $640.38 million by September 30, 2025.

The growth profile for the combined entity post-acquisition is clear:

• Pro forma ARR including acquisitions as of Q1 2025: $681 million.
• Net Revenue Retention Rate as of September 30, 2025: 108%.
• Core business Net Revenue Retention Rate as of June 30, 2025: 114%.

Large Corporations with complex treasury operations.

These clients use the platform for sophisticated cash and treasury management alongside investment accounting, often managing large, diverse asset pools. The platform's single-instance architecture helps them consolidate data. As of December 31, 2024, Clearwater Analytics Holdings, Inc. served 1,462 clients in total, a base that is now being cross-sold the expanded front-to-back capabilities.

Pension Funds and other Asset Owners.

This segment requires robust compliance and performance measurement for long-term liabilities. The platform's ability to handle complex, illiquid assets is a major draw. For instance, in Q2 2025, the company welcomed Germany's largest public insurer, Versicherungskammer Group, onto the integrated platform.

Global Enterprise Clientele managing complex, multi-asset portfolios.

This group spans the other categories but is defined by its global scale and need for a unified, multi-asset solution. The company secured a significant mandate in Q2 2025 from one of the largest banks in the world for global client reporting, showing traction in the top tier of global finance.

Here's a look at the scale metrics as of late 2025 reporting periods:

The company is focused on expanding its footprint in international markets, as shown by the significant mandate secured in the APAC region during Q2 2025.

Clearwater Analytics Holdings, Inc. (CWAN) - Canvas Business Model: Cost Structure

You're managing a high-growth SaaS platform that's scaling rapidly through acquisitions; the cost structure reflects that investment in people and technology integration. Honestly, the biggest line items are going to be the talent you need to run and develop this complex system, plus the cost of the debt taken on for those recent deals.

Personnel and Stock-Based Compensation (SBC) represent a major component of the cost base, driven by the need for specialized software engineers and client service teams to support the growing platform and newly acquired entities. For the nine months ended September 30, 2025, Clearwater Analytics Holdings, Inc. reported total equity-based compensation expense of approximately $94.73 million. This run rate, if maintained, suggests an annualized SBC expense approaching $126.3 million for the full year 2025, which is a significant non-cash charge.

The company is also carrying a notable interest expense load following its 2025 acquisitions. Looking at the second quarter of 2025, the reported interest expense was $14,383 thousand (or $14.383 million) for the three months. Annualizing this Q2 figure suggests an interest expense run rate near $57.5 million for the full year 2025, reflecting the debt structure put in place post-Enfusion, Beacon, and Bistro integrations.

The cost of the platform itself-cloud infrastructure and data center operating costs-is embedded within the Cost of Revenue and Operating Expenses, though not explicitly broken out in the requested format. Total operating expenses for the twelve months ending June 30, 2025, reached $0.550 billion.

The impact of past acquisitions is clearly visible in the amortization of acquired intangible assets. For the second quarter of 2025, depreciation and amortization expense was reported at $26,752 thousand (or $26.752 million) for that single quarter. Annualizing this Q2 figure points to a run rate for D&A of approximately $107 million for the full year 2025, largely driven by the intangible assets from the recent M&A activity.

Here's a quick look at the run-rate costs derived from the mid-2025 reported figures:

The high personnel costs are also reflected in the operating expense categories, particularly Research and Development (R&D) and Sales and Marketing (S&M), which are crucial for platform evolution and client acquisition. For the nine months ended September 30, 2025, the combined R&D and S&M expenses totaled:

• Research and development: $24,588 thousand.
• Sales and marketing: $26,870 thousand.
• General and administrative: $30,792 thousand (9 months).

The company is definitely spending to grow and integrate. Finance: draft 13-week cash view by Friday.

Clearwater Analytics Holdings, Inc. (CWAN) - Canvas Business Model: Revenue Streams

The revenue generation for Clearwater Analytics Holdings, Inc. is fundamentally anchored in its subscription-based software-as-a-service (SaaS) model, which provides the core platform for investment accounting and reporting.

The primary driver of top-line performance is the recurring revenue tied to the volume of assets managed on the platform. This is measured through Annualized Recurring Revenue (ARR), which reached a record $807.5 million as of the end of Q3 2025, representing a 77% year-over-year increase. This growth is fueled by both adding new clients and onboarding more assets from existing ones, with organic ARR accelerating sequentially to $534.4 million in Q3 2025. The stickiness of this revenue is reinforced by strong retention metrics, with Gross Revenue Retention Rate (GRR) at 98% and Net Revenue Retention Rate (NRR) at 108% as of Q3 2025.

Clearwater Analytics Holdings, Inc. has provided clear expectations for the full fiscal year:

• Full-year 2025 revenue guidance is between $730 million and $731 million.
• Full-year 2025 expected EBITDA is $247 million, implying a 34% margin.
• Q4 2025 revenue is projected to be between $216 million and $217 million.
• The company has successfully integrated its acquisitions, expanding the Total Addressable Market (TAM) to $23.3 billion.

The platform's revenue streams are enhanced through the sale of additional, specialized modules that build upon the core accounting functionality. This includes fees for risk analytics solutions, such as Beacon, and front-office capabilities, like Enfusion. The company noted securing two recent seven-figure risk deals, highlighting traction for the Beacon offering.

To give you a clearer picture of the key recurring revenue metrics as of the third quarter of 2025, here is a snapshot:

Finally, while the platform subscription fees form the vast majority of the recognized revenue, Clearwater Analytics Holdings, Inc. also generates a component from professional services revenue, which is a minor part of the overall financial structure [as per outline].

Finance: draft 13-week cash view by Friday.