Company: CWAN
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001866368-25-000018
Chunk: 132

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 2
Chunk 132
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7,197)Income (loss) before income taxes(26,498)355 (18,012)2,492 Provision for (benefit from) income taxes(2,347)79 (797)(19)Net income (loss)(24,151)276 (17,215)2,511 Less: Net income (loss) attributable to non-controlling interests(926)706 (663)1,044 Net income (loss) attributable to Clearwater Analytics Holdings, Inc.$(23,225)$(430)$(16,552)$1,467 

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

Cost of revenue$4,619 $3,273 $8,083 $6,419 Operating expenses:Research and development8,792 9,182 17,490 18,093 Sales and marketing10,182 2,692 14,191 6,513 General and administrative13,955 9,711 21,496 18,058 Total equity-based compensation expense$37,548 $24,858 $61,260 $49,083 

33

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

Three Months EndedJune 30,Six Months EndedJune 30,2025202420252024Revenue100%100%100%100%Cost of revenue35%28%32%28%Gross profit65%72%68%72%Operating expenses:Research and development27%33%28%35%Sales and marketing22%14%19%15%General and administrative24%21%24%21%Total operating expenses73%68%71%71%Income (loss) from operations(8%)4%(2%)2%Interest expense7%1%5%1%Tax receivable agreement expense0%6 %0%3%Other income, net(1%)(3%)(1%)(3%)Income (loss) before income taxes(15%)0%(6%)1%Provision for (benefit from) income taxes(1%)0%0%0%Net income (loss)(13%)0 %(6%)1 %

Comparison of the three and six months ended June 30, 2025 and 2024 (unaudited)

Revenue

Three Months EndedJune 30,Six Months EndedJune