Company: CWAN
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001866368-25-000018
Chunk: 59

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 59
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 Months Ended June 30,Six Months Ended June 30,2025202420252024(in thousands, except percentages)(in thousands, except percentages)Net income (loss)$(24,151)(13%)$276 0%$(17,215)(6%)$2,511 1%Adjustments:Interest expense13,464 7%1,082 1%14,383 5%2,181 1%Depreciation and amortization23,606 13%2,941 3%26,752 9%5,491 3%Equity-based compensation expense and related payroll taxes38,843 21%25,151 24%66,405 22%53,632 26%Tax receivable agreement expense— 0%5,915 6%— 0%6,201 3%Transaction expenses(1)10,433 6%875 1 %17,713 6%1,678 1 %Amortization of prepaid management fees and reimbursable expenses10 0%637 2%10 0%1,172 2%Provision for (benefit from) income tax expense(2,347)(1%)79 0%(797)0%(19)0%Other income, net(1,546)(1%)(3,508)(3%)(3,869)(1%)(7,197)(3%)Adjusted EBITDA$58,312 32%$33,448 31%$103,382 33%$65,650 31%Revenue$181,937 100%$106,791 100%$308,801 100%$209,510 100%

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

32

Results of Operations

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

Three Months EndedJune 30,Six Months EndedJune 30,2025202420252024(in thousands)Revenue$181,937 $106,791 $308,801 $209,510 Cost of revenue(1)63,423 29,890 97,347 58,069 Gross profit118,514 76,901 211,454 151,441 Operating