Company: CWAN
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001866368-25-000031
Chunk: 139

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 2
Chunk 139
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 (loss)(10,514)4,769 (27,729)7,280 Less: Net income (loss) attributable to non-controlling interests(179)1,140 (988)2,184 Net income (loss) attributable to Clearwater Analytics Holdings, Inc.$(10,335)$3,629 $(26,741)$5,096 

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

Cost of revenue$4,398 $3,460 $12,480 $9,879 Operating expenses:Research and development7,097 8,674 24,588 26,767 Sales and marketing12,680 3,905 26,870 10,418 General and administrative9,295 9,937 30,792 27,995 Total equity-based compensation expense$33,470 $25,976 $94,730 $75,059 

35

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

Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024Revenue100%100%100%100%Cost of revenue34%27%33%27%Gross profit66%73%67%73%Operating expenses:Research and development25%32%27%34%Sales and marketing22%15%20%15%General and administrative15%20%20%20%Total operating expenses62%67%67%69%Income (loss) from operations3%6%0%3%Interest expense8%1%6%1%Tax receivable agreement expense0%5 %0%4%Other (income) expense, net0%(3%)(1%)(3%)Income (loss) before income taxes(5%)4%(5%)2%Provision for (benefit from) income taxes0%0%0%0%Net income (loss)(5%)4 %(5%)2 %

Comparison of the three and nine months ended September 30, 2025 and 2024 (unaudited)

Revenue

Three Months EndedSeptember 30,Nine Months EndedSeptember 30,(In thousands, except percentages)20252024$ Change% Change20252024$ Change% ChangeRevenue$205,110 $115,828 $89,282 77 %$513,911 $