Company: CWAN
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001628280-25-021833
Chunk: 108

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 2
Chunk 108
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 decreased in the three months ended March 31, 2025 due to the TRA Amendment. All obligations of the tax receivable agreement have been fully paid in accordance with the TRA Amendment and no further tax receivable agreement expense is expected in the future.

Other (income) expense, net relates to foreign exchange gains and losses driven by fluctuations in exchange rates, and gains and losses related to our investments.

30

Provision for (Benefit from) Income Taxes

Three Months EndedMarch 31,(In thousands, except percentages)20252024$ Change% ChangeProvision for (benefit from) income taxes$1,550 $(98)$1,648 (1682)%

The provision for (benefit from) income taxes for the three months ended March 31, 2025 increased due to the valuation allowance release on most of our U.S. net deferred tax assets in the fourth quarter of 2024. The provision for income taxes in the current year includes taxes on our U.S. income whereas no taxes were provided for on our U.S. income in the prior year due to the valuation allowance.

Liquidity and Capital Resources

To date, we have primarily financed our operations through cash flows from operations and financing activities.

As of March 31, 2025, we had total cash, cash equivalents and investments of $282.9 million, including cash and cash equivalents of $275.2 million, and short-term investments of $7.7 million. Cash, cash equivalents and short-term investments primarily consist of highly-liquid investments in money market funds, and certificates of deposit. 

On April 21, 2025, subsequent to our reporting date, we replaced the Prior Credit Agreement with the 2025 Credit Agreement and the debt balance under the Prior Credit Agreement was repaid contemporaneously. We obtained term loans due 2033 in an aggregate principal amount of $800 million (the “2025 Term Loan”) and revolving commitments in an aggregate principal amount of $200 million with a tenure of 5 years, which includes a $20 million letter of credit and $20 million of swingline loans (the “2025 Revolving Facility”), to finance the Bistro, Enfusion and Beacon acquisitions. See Note 15 “Subsequent Events” to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

We believe our existing cash and cash equivalents, investments, together with cash expected to be generated from operations, borrow