Company: CWAN
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001866368-25-000018
Chunk: 110

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 110
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 equity-based compensation due to grants of additional awards to employees, and movement of a key employee from research and development to sales and marketing with a change in responsibilities, increased depreciation and amortization of acquired intangible assets, increased marketing expense related to company-hosted marketing events, increased allocation of facilities cost due to additional office space, and increased technology costs from higher utilization of third-party cloud computing services and other third-party IT services.

36

General and Administrative

Three Months EndedJune 30,Six Months EndedJune 30,(In thousands, except percentages)20252024$ Change% Change20252024$ Change% ChangeEquity-based compensation$13,955 $9,711 $4,244 44 %$21,496 $18,058 $3,438 19 %All other general and administrative30,163 12,817 17,346 135 %51,449 25,190 26,259 104 %Total general and administrative$44,118 $22,528 $21,590 96 %$72,945 $43,248 $29,697 69 %Percent of revenue24 %21 %24 %21 %

General and administrative expenses changed as follows:

Change From 2024 to 2025 QTDChange From 2024 to 2025 YTD(in thousands)Increased payroll and related costs$10,744 $12,257 Increased equity-based compensation4,244 3,438 Increased outside services and contractors2,053 8,512 Increased facility costs1,524 1,559 Increased technology costs809 1,056 Increased depreciation and amortization692 686 Increased insurance costs562 610 Other items962 1,579 Total change$21,590 $29,697 

The increase in general and administrative expense for the three and six months ended June 30, 2025 was primarily due to increased payroll and related costs due to headcount growth from acquisitions of $10.3 million in the three and six months ended June 30, 2025, increases in merit-based compensation, increased equity-based compensation due to grants of additional awards to employees, include new grants to employees from acquired entities of $3.8 million in the three and six months ended June 30, 2025, increased outside services and contractors related to legal, consulting and accounting professional services supporting the Enfusion, Beacon and