Company: CWAN
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001866368-25-000031
Chunk: 138

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 2
Chunk 138
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%Amortization of prepaid management fees and reimbursable expenses— —%608 0%10 0%1,780 0%Provision for (benefit from) income tax expense510 0%(486)0%(287)0%(505)0%Other (income) expense, net439 0%(3,365)(3%)(3,429)(1%)(10,560)(3%)Adjusted EBITDA$70,733 34%$38,340 33%$174,117 34%$103,992 32%Revenue$205,110 100%$115,828 100%$513,911 100%$325,338 100%

(1)        Transaction expenses primarily consist of severance costs, transaction related bonuses, professional & legal fees and administrative costs for closed acquisitions.

34

Results of Operations

The following tables set forth our results of operations for the three and nine months ended September 30, 2025 and 2024 (in thousands):

Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024(in thousands)Revenue$205,110 $115,828 $513,911 $325,338 Cost of revenue(1)70,638 31,357 167,984 89,426 Gross profit134,472 84,471 345,927 235,912 Operating expenses:Research and development(1)52,065 36,618 139,219 109,654 Sales and marketing(1)44,471 17,889 103,323 49,369 General and administrative(1)31,382 22,626 104,328 65,873 Total operating expenses127,918 77,133 346,870 224,896 Income (loss) from operations6,554 7,338 (943)11,016 Interest expense16,119 1,076 30,502 3,256 Tax receivable agreement expense— 5,344 — 11,545 Other (income) expense, net439 (3,365)(3,429)(10,560)Income (loss) before income taxes(10,004)4,283 (28,016)6,775 Provision for (benefit from) income taxes510 (486)(287)(505)Net income