Company: CWAN
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001628280-25-021833
Chunk: 83

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 8
Chunk 83
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707 Income (loss) from operations7,082 (166)Interest income, net(1,694)(2,060)Tax receivable agreement expense— 286 Other (income) expense, net290 (530)Income before income taxes8,486 2,138 Provision for (benefit from) income taxes1,550 (98)Net income6,936 2,236 Less: Net income attributable to non-controlling interests426 338 Net income attributable to Clearwater Analytics Holdings, Inc.$6,510 $1,898 

26

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

Cost of revenue$3,464 $3,146 Operating expenses:Research and development8,698 8,911 Sales and marketing4,009 3,821 General and administrative7,541 8,347 Total equity-based compensation expense$23,712 $24,225 

The following table sets forth our consolidated statements of operations data expressed as a percentage of revenue for the periods indicated.

Three Months EndedMarch 31,20252024Revenue100 %100 %Cost of revenue27 %27 %Gross profit73 %73 %Operating expenses:Research and development29 %37 %Sales and marketing15 %16 %General and administrative23 %20 %Total operating expenses68 %73 %Income (loss) from operations6 %0 %Interest income, net(1 %)(2 %)Tax receivable agreement expense0 %0 %Other (income) expense, net0 %(1 %)Income before income taxes7 %2 %Provision for (benefit from) income taxes1 %0 %Net income5 %2 %

Comparison of the three months ended March 31, 2025 and 2024 (unaudited)

Revenue

Three Months EndedMarch 31,(In thousands, except percentages)20252024$ Change% ChangeRevenue$126,864 $102,719 $24,145 24 %

Revenue increased $24.1 million for the three months ended March 31, 2025 as compared to the corresponding period in 2024. The increase was due to new clients brought onto our platform which resulted in an increase in revenue of $6.9 million, acquired customer base related to the Wilshire Technology acquisition of $2.