Company: CWAN
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001628280-25-021833
Chunk: 107

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 2
Chunk 107
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 %16 %

Sales and marketing expense changed as follows:

Change From 2024 to 2025 QTD(in thousands)Increased payroll and related costs2,853 Increased facilities cost297 Increased equity-based compensation188 Other items(18)Total change$3,320 

The increase in sales and marketing expense for the three months ended March 31, 2025 was primarily due to increased payroll and related costs as a result of headcount growth to expand sales coverage and increases in merit-based compensation, increased allocation of facilities cost due to additional office space, and increased equity-based compensation due to grants of additional awards to employees.

29

General and Administrative

Three Months EndedMarch 31,(In thousands, except percentages)20252024$ Change% ChangeEquity-based compensation$7,541 $8,347 $(806)(10)%All other general and administrative21,286 12,373 8,913 72 %Total general and administrative$28,827 $20,720 $8,107 39 %Percent of revenue23 %20 %

General and administrative expenses changed as follows:

Change From 2024 to 2025 QTD(in thousands)Increased outside services and contractors$6,458 Increased payroll and related costs$1,514 Increased technology cost$247 Increased recruiting expense$240 Decreased equity-based compensation$(806)Other items454 Total change$8,107 

The increase in general and administrative expense for the three months ended March 31, 2025 was primarily due to increased outside services and contractors related to legal, consulting and accounting professional services supporting the Bistro, Enfusion and Beacon acquisitions, increased payroll and related costs due to headcount growth and increases in merit-based compensation, increased technology costs due to higher utilization of third-party IT services, and increased recruiting expense to support key hires, offset by decreased equity-based compensation expense due to reduction in new grants.    

Non-Operating Expenses

Three Months EndedMarch 31,(In thousands, except percentages)20252024$ Change% ChangeInterest income, net$(1,694)$(2,060)$366 (18 %)Tax receivable agreement expense— 286 (286)(100)%Other (income) expense, net$290 $(530)$820 (155)%

Interest income, net decreased in the three months ended March 31, 2025 due to sale of the investment portfolios.

The tax receivable agreement expense