Company: CWAN
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001628280-25-021833
Chunk: 70

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 8
Chunk 70
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,562 28,481    Tax receivable agreement expenses— 286    Depreciation and amortization expense3,146 2,550    Interest income, net(1,694)(2,060)   Other segment items(1)12,290 4,469 Consolidated net income6,936 2,236 

18

(1) Other segment items included in consolidated net income includes legal, travel, marketing, training, recruiting and other overhead expenses. The following table presents the Company’s revenue disaggregated by geography, based on billing address of the customer (in thousands):Three Months EndedMarch 31,20252024United States$102,937 $83,135 Rest of World23,927 19,584 Total revenue$126,864 $102,719 The following table presents the Company’s long-lived assets including property and equipment, net, operating lease right-of-use assets, net, and intangible assets, net, disaggregated by geography (in thousands):March 31,December 31,20252024United States$142,788 $31,826 Rest of World37,952 38,636 Total long-lived assets, net$180,740 $70,462 

Note 13. Income Taxes

As a part of the Up-C structure, Clearwater Analytics Holdings, Inc. owns a portion of CWAN Holdings, which contains all operations of the business and is treated as a partnership for U.S. federal and most applicable state and local income tax purposes. As a partnership, CWAN Holdings is generally not subject to U.S. federal, state, and local income taxes. Any taxable income or loss generated by CWAN Holdings is passed through to and included in the taxable income or loss of its members in accordance with the terms of the operating agreement of CWAN Holdings. CWAN Holdings’ international wholly-owned subsidiaries are subject to taxes in foreign jurisdictions.The Company is taxed as a corporation and pays corporate federal, state, and local taxes on income allocated to it from CWAN Holdings based on the Company’s economic interest held in CWAN Holdings. While the Company consolidates CWAN Holdings for financial reporting purposes, the Company will not be taxed on the earnings attributed to the non-controlling interests. As a result, the income tax burden on the earnings attributed to the non-controlling interest is not reported by the Company in its condensed consolidated financial statements.Our tax provision for interim periods is determined using an