Company: CWAN
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-008169
Chunk: 65

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 65
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5,117 Interest income, net(8,621)(6,401)(1,137)Tax receivable agreement expense53,181 14,396 11,639 Other income, net(2,263)(1,874)(50)Loss before income taxes(30,063)(22,866)(5,335)Provision for (benefit from) income taxes(457,648)217 1,360 Net income (loss)427,585 (23,083)(6,695)Less: Net income (loss) attributable to non-controlling interests3,207 (1,456)1,272 Net income (loss) attributable to Clearwater Analytics Holdings, Inc.$424,378 $(21,627)$(7,967)

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

Year Ended December 31,202420232022(in thousands)Cost of revenue$13,634 $12,215 $9,043 Operating expenses:Research and development36,093 24,739 17,950 Sales and marketing15,304 15,843 12,711 General and administrative38,170 51,650 25,987 Total equity-based compensation expense$103,201 $104,447 $65,691 

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Table of Contents

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

Year Ended December 31,202420232022Revenue100 %100 %100 %Cost of revenue27 %29 %29 %Gross profit73 %71 %71 %Operating expenses:Research and development33 %34 %31 %Sales and marketing15 %16 %17 %General and administrative22 %25 %21 %Total operating expenses70 %75 %69 %Income (loss) from operations3 %(5 %)2 %Interest (income) expense, net(2 %)(2 %)0 %Tax receivable agreement expense12 %4 %4 %Other (income) expense, net(1 %)(1 %)0 %Loss before income taxes(7 %)(6 %)(2 %)Provision for (benefit from) income taxes(101 %)0 %0 %Net income (loss)95 %(6)%(2)