Company: CWAN
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-008169
Chunk: 66

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 66
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Comparison of the Years Ended December 31, 2024, 2023 and 2022

Revenue

Year Ended December 31,202420232022(In thousands, except percentages)Revenue$451,803 $368,168 $303,426 Change over prior year83,635 64,742 51,404 Percent change over prior year23 %21 %20 %

Revenue increased $83.6 million, or 23%, in 2024 compared to 2023. The increase was due to new clients brought onto our platform which resulted in an increase in revenue of $21.3 million, acquired customer base related to the Wilshire Technology acquisition of $4.2 million, as well as changes to our existing clients’ assets on our platform and an increase in  revenue not related to assets on our platform. Average assets on our platform that were billed to new and existing clients increased 15% from 2023 to 2024 and average basis point rate billed to clients increased by 6.2% from 2023 to 2024. 

Revenue increased $64.7 million, or 21%, in 2023 compared to 2022. The increase was on account of growth in our client base as we brought new clients onto our platform, as well as changes to our existing clients’ assets on our platform. Average assets on our platform that were billed to new and existing clients increased 19% from 2022 to 2023 while average basis point rate billed to clients decreased by 2.2% from 2022 to 2023. Additionally, license revenues related to JUMP were $6.6 million in 2023.

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Table of Contents

Cost of Revenue

Year Ended December 31,2024$ Change% Change2023$ Change% Change2022(In thousands, except percentages)Equity-based compensation$13,634 $1,419 12 %$12,215 $3,172 35 %$9,043 All other cost of revenue109,353 14,441 15 %94,912 16,171 21 %78,741 Total cost of revenue$122,987 $15,860 15 %$107,127 $19,343 22 %$87,784 Percent of revenue27 %29 %29 %

Cost of revenue changed as follows:

Change from December 31