Company: CWAN
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001628280-25-021833
Chunk: 27

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 27
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393)269 2.3Total intangible assets$40,647 $(9,779)$30,868 

We recognized amortization expense of $1.5 million and $1.0 million for the three months ended March 31, 2025 and 2024, respectively. 

Note 7. Supplemental Consolidated Balance Sheet Information

Accounts Receivable, netAccounts receivable, net consisted of the following (in thousands):March 31,December 31,20252024Billed accounts receivable$41,972 $46,316 Unbilled accounts receivable70,023 59,995 Allowance for doubtful accounts and reserves(548)(160)Accounts receivable, net$111,447 $106,151 The majority of invoices included within the unbilled accounts receivable balance are issued within the first few days of the month directly following the period of service.

12

Prepaid Expenses and Other Current AssetsPrepaid expenses and other current assets consisted of the following (in thousands):March 31,December 31,20252024Prepaid expenses$18,371 $12,834 Deferred contract costs, current portion4,718 5,047 Contract assets1,288 1,841 Tax receivable— 687 Other receivable1,756 1,493 Other current assets1,629 1,104 Prepaid expense and other current assets$27,762 $23,006 Property and equipment, netDepreciation and amortization expense for the three months ended March 31, 2025 and 2024 was $1.6 million and $1.5 million, respectively. Accumulated depreciation and amortization as of March 31, 2025 and December 31, 2024 was $24.6 million and $22.9 million, respectively.Accrued Expenses and Other Current LiabilitiesAccrued expenses and other current liabilities consisted of the following (in thousands):March 31,December 31,20252024Accrued interest$8 $550 Accrued bonus3,398 16,034 Accrued vendor liabilities17,861 9,725 Accrued benefits and retirement17,986 15,478 Acquisition holdback liability10,000 — Accrued commissions1,250 3,204 Income tax payable196 403 Tax distributions payable to Continuing Equity Owners29