Company: CWAN
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001628280-25-021833
Chunk: 104

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 2
Chunk 104
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,550 2 %Equity-based compensation expense and related payroll taxes27,562 22 %28,481 28 %Tax receivable agreement expense— — %286 0 %Transaction expenses(1)7,280 6 %802 1 %Provision for (benefit from) income tax expense1,550 1 %(98)0 %Other expense, net290 — %5 0 %Adjusted EBITDA45,070 36 %32,202 31 %Revenue$126,864 100 %$102,719 100 %

(1)        Transaction expenses primarily consist of professional fees and administrative costs for closed and pending acquisitions.

Results of Operations

The following tables set forth our results of operations for the three months ended March 31, 2025 and 2024 (in thousands):

Three Months EndedMarch 31,20252024(in thousands)Revenue$126,864 $102,719 Cost of revenue(1)33,924 28,178 Gross profit92,940 74,541 Operating expenses:Research and development(1)37,400 37,676 Sales and marketing(1)19,631 16,311 General and administrative(1)28,827 20,720 Total operating expenses85,858 74,707 Income (loss) from operations7,082 (166)Interest income, net(1,694)(2,060)Tax receivable agreement expense— 286 Other (income) expense, net290 (530)Income before income taxes8,486 2,138 Provision for (benefit from) income taxes1,550 (98)Net income6,936 2,236 Less: Net income attributable to non-controlling interests426 338 Net income attributable to Clearwater Analytics Holdings, Inc.$6,510 $1,898 

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

Cost of revenue$3,464 $3,146 Operating expenses:Research and development8,698 8,911 Sales and marketing4,009 3,821 General and administrative7,541 8,347 Total equity-based compensation expense$23,712 $24,225 

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