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Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Statement [Abstract]        
Revenue $ 106,791 $ 89,879 $ 209,510 $ 174,485
Cost of revenue [1] 29,890 26,954 58,069 51,779
Gross profit 76,901 62,925 151,441 122,706
Operating expenses:        
Research and development [1] 35,360 29,848 73,036 57,948
Sales and marketing [1] 15,169 14,331 31,480 29,029
General and administrative [1] 22,528 25,871 43,248 49,177
Total operating expenses 73,057 70,050 147,764 136,154
Income (loss) from operations 3,844 (7,125) 3,677 (13,448)
Interest income, net (1,841) (1,333) (3,901) (2,689)
Tax receivable agreement expense 5,915 6,573 6,201 6,678
Other income, net (585) (315) (1,115) (234)
Income (loss) before income taxes 355 (12,050) 2,492 (17,203)
Provision for (benefit from) income taxes 79 (174) (19) 90
Net income (loss) 276 (11,876) 2,511 (17,293)
Less: Net income (loss) attributable to non-controlling interests 706 (955) 1,044 (1,988)
Net income (loss) attributable to Clearwater Analytics Holdings, Inc. $ (430) $ (10,921) $ 1,467 $ (15,305)
Net income (loss) per share attributable to Class A and Class D common stockholders stock:        
Basic (in USD per share) $ 0.00 $ (0.06) $ 0.01 $ (0.08)
Diluted (in USD per share) $ 0.00 $ (0.06) $ 0.01 $ (0.08)
Weighted average shares of Class A and Class D common stock outstanding:        
Basic (in shares) 218,349,567 198,046,275 215,804,515 195,865,881
Diluted (in shares) 218,349,567 198,046,275 254,208,965 195,865,881
[1] Amounts include equity-based compensation as follows:
Cost of revenue$3,273 $3,248 $6,419 $5,491 
Operating expenses:
Research and development9,182 5,971 18,093 10,626 
Sales and marketing2,692 3,246 6,513 7,211 
General and administrative9,711 16,105 18,058 28,442 
Total equity-based compensation expense$24,858 $28,570 $49,083 $51,770