Company: CWAN
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001628280-25-021833
Chunk: 105

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 2
Chunk 105
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Three Months EndedMarch 31,20252024Revenue100 %100 %Cost of revenue27 %27 %Gross profit73 %73 %Operating expenses:Research and development29 %37 %Sales and marketing15 %16 %General and administrative23 %20 %Total operating expenses68 %73 %Income (loss) from operations6 %0 %Interest income, net(1 %)(2 %)Tax receivable agreement expense0 %0 %Other (income) expense, net0 %(1 %)Income before income taxes7 %2 %Provision for (benefit from) income taxes1 %0 %Net income5 %2 %

Comparison of the three months ended March 31, 2025 and 2024 (unaudited)

Revenue

Three Months EndedMarch 31,(In thousands, except percentages)20252024$ Change% ChangeRevenue$126,864 $102,719 $24,145 24 %

Revenue increased $24.1 million for the three months ended March 31, 2025 as compared to the corresponding period in 2024. The increase was due to new clients brought onto our platform which resulted in an increase in revenue of $6.9 million, acquired customer base related to the Wilshire Technology acquisition of $2.4 million, as well as changes to our existing clients’ assets on our platform and increasing revenue which is not related to assets on our platform. Average assets on our platform that were billed to new and existing clients increased 13% for the three months ended March 31, 2025 as compared to the corresponding period in 2024. Average basis point rate billed to clients increased by 5.5% for the three months ended March 31, 2025, compared to the corresponding period in 2024. 

27

Cost of Revenue

Three Months EndedMarch 31,(In thousands, except percentages)20252024$ Change% ChangeEquity-based compensation$3,464 $3,146 $318 10 %All other cost of revenue30,460 25,032 5,428 22 %Total cost of revenue$33,924 $28,178 $5,746 20 %Percent of revenue27 %27 %

Cost of revenue changed as follows:

Change From 2024 to 2025 QTD(in