In 2024, PitchBook revenue grew 12.0%, or 12.1% on an organic basis, compared to 2023, when revenue grew 22.5%,or 17.6% on an organic basis, compared to 2022. Adjusted operating margin increased 3.3 percentage points to 30.1% from 26.8%.
While adjusted operating margins increased, revenue growth did slow in 2024, driven in large part by a more challenging macro environment that continued to limit capital raising and deal activity, as described in responses to related questions filed in an 8-K dated May 7, 2025. Depressed deal making put the most pressure on our non-core client segments, which experienced higher churn and weaker conversion rates. These customers typically have fewer use cases in stressed markets. Demand from our core investor and advisor clients—including VC and PE firms and investment banks—remained relatively robust. We did, however, see some softening of conversion rates with new clients in the core client segments and pressure on revenue renewal rates, as discussed in related questions this month.
As you note, Leveraged Commentary & Data (LCD) was included in our organic revenue growth metrics for full year 2024 and for seven months of 2023. As we completed the integration of LCD into PitchBook in 2023 and transitioned these clients to the PitchBook platform in 2024, our focus was primarily on retention.