Company: CWAN
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001866368-25-000018
Chunk: 60

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 60
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 expenses:Research and development(1)49,755 35,360 87,154 73,036 Sales and marketing(1)39,221 15,169 58,853 31,480 General and administrative(1)44,118 22,528 72,945 43,248 Total operating expenses133,094 73,057 218,952 147,764 Income (loss) from operations(14,580)3,844 (7,498)3,677 Interest expense13,464 1,082 14,383 2,181 Tax receivable agreement expense— 5,915 — 6,201 Other income, net(1,546)(3,508)(3,869)(7,197)Income (loss) before income taxes(26,498)355 (18,012)2,492 Provision for (benefit from) income taxes(2,347)79 (797)(19)Net income (loss)(24,151)276 (17,215)2,511 Less: Net income (loss) attributable to non-controlling interests(926)706 (663)1,044 Net income (loss) attributable to Clearwater Analytics Holdings, Inc.$(23,225)$(430)$(16,552)$1,467 

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

Cost of revenue$4,619 $3,273 $8,083 $6,419 Operating expenses:Research and development8,792 9,182 17,490 18,093 Sales and marketing10,182 2,692 14,191 6,513 General and administrative13,955 9,711 21,496 18,058 Total equity-based compensation expense$37,548 $24,858 $61,260 $49,083 

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

Three Months EndedJune 30,Six Months EndedJune 30,2025202420252024Revenue100%100%100%100%Cost of revenue35%28%32%28%Gross profit65%72%68%72%Operating expenses:Research and development27%33%28%35%Sales and marketing22%14%19%15%General and