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Clarivate (NYSE: CLVT) posts Q1 2026 results and keeps 2026 outlook

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Clarivate Plc reported a mixed but improving first quarter of 2026. Revenue was $585.5 million, down 1.4% from a year earlier, mainly due to business disposals, while organic revenue grew modestly. Subscription sales rose, helping recurring revenue grow 1.0% organically.

Profitability and cash generation strengthened in quality. Net loss narrowed to $40.2 million from $103.9 million, and Adjusted EBITDA increased to $241.2 million with margin improving to 41.2%. Adjusted diluted EPS rose to $0.18. Free cash flow was $78.9 million, below last year, partly because of higher working-capital outflows.

The company continued to deleverage and reaffirmed its 2026 outlook. Clarivate used strong operating cash flow to retire $143 million of debt and repurchased $18 million of shares. For full-year 2026, it reaffirmed guidance for revenue of $2.30–$2.42 billion, Adjusted EBITDA of $980 million–$1.04 billion, Adjusted diluted EPS of $0.70–$0.80 and free cash flow of $365–$435 million.

Positive

  • None.

Negative

  • None.

Insights

Clarivate shows modest organic growth, better margins, and steady deleveraging while keeping 2026 guidance intact.

Clarivate’s Q1 2026 results highlight stabilizing fundamentals. Revenue fell 1.4% to $585.5M, but this was driven by prior divestitures, while organic revenue grew 0.6%. Subscription revenue and recurring streams improved organically, shifting the mix toward more predictable, contract-based sales.

Profitability metrics strengthened: Adjusted EBITDA rose to $241.2M with margin expanding to 41.2%, and Adjusted diluted EPS increased to $0.18. Net loss narrowed to $40.2M, helped by lower restructuring, interest, and tax costs. Free cash flow of $78.9M declined year over year, largely because of higher incentive compensation and other working-capital movements.

Balance sheet actions are notable. The company used free cash flow and cash on hand to retire $143M of debt, cutting total debt to $4,326.8M as of March 31, 2026. Management reaffirmed full-year 2026 guidance, including revenue of $2.30B–$2.42B, Adjusted EBITDA of $980M–$1.04B, and free cash flow of $365M–$435M, signaling confidence in its Value Creation Plan despite ongoing restructuring and portfolio rationalization.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q1 2026 Revenue $585.5M Total revenues for the quarter ended March 31, 2026; down 1.4% year over year
Q1 2026 Net Loss $40.2M Net loss for the quarter; improved from $103.9M in Q1 2025
Q1 2026 Adjusted EBITDA $241.2M Adjusted EBITDA for Q1 2026; up from $233.2M with 41.2% margin
Q1 2026 Adjusted Diluted EPS $0.18 Adjusted diluted earnings per share for the quarter; up from $0.14
Q1 2026 Free Cash Flow $78.9M Free cash flow for the three months ended March 31, 2026; down from $110.3M
Debt Outstanding $4,326.8M Total debt outstanding as of March 31, 2026 after $143.1M of repayments
2026 Revenue Guidance $2.30B–$2.42B Full-year 2026 revenue outlook reaffirmed by management
2026 Free Cash Flow Guidance $365M–$435M Forecast free cash flow for year ending December 31, 2026
Adjusted EBITDA financial
"Adjusted EBITDA improved to $241.2 million, compared to $233.2 million in the first quarter 2025."
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
free cash flow financial
"Clarivate generated $134.7 million of operating cash flow and $78.9 million of free cash flow during the first quarter of 2026."
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
organic ACV financial
"Organic ACV increased 1.6% compared to March 31, 2025, reflecting continued progress toward a more sustainable, subscription-led revenue base."
Organic ACV is the portion of a company’s annual contract value — the expected yearly revenue from subscription, service, or maintenance contracts — that comes from its own ongoing operations, excluding gains from acquisitions, divestitures, or currency effects. For investors, it’s a clearer measure of underlying sales momentum and customer demand, like watching a car’s steady speed rather than brief boosts from external pushes; rising organic ACV indicates healthier, repeatable revenue growth.
Value Creation Plan financial
"We are off to a solid start to 2026, with first‑quarter results demonstrating tangible progress against the Value Creation Plan we launched in early 2025."
Adjusted diluted EPS financial
"Adjusted diluted EPS (1) | $ 0.18 | | $ 0.14 | | $ 0.04 | | 28.6 %"
Adjusted diluted EPS is a company’s profit per share after adding back or removing one-time items (like restructuring costs or gains) and dividing by the number of shares including potential shares from options and convertible securities. Investors use it as a cleaner view of ongoing earnings—like looking at a car’s regular fuel efficiency rather than a trip boosted by downhill coasting—to judge underlying performance and compare companies without temporary distortions.
Revenue $585.5M -1.4% YoY
Net income (loss) -$40.2M improved from -$103.9M YoY
Adjusted EBITDA $241.2M +3.4% YoY
Adjusted diluted EPS $0.18 +28.6% YoY
Free cash flow $78.9M -28.5% YoY
Guidance

For full-year 2026, Clarivate reaffirmed revenue guidance of $2.30–$2.42 billion, Adjusted EBITDA of $980 million–$1.04 billion, Adjusted EBITDA margin of 42.0%–43.5%, Adjusted diluted EPS of $0.70–$0.80, and free cash flow of $365–$435 million.

Understanding 8-K Material Events →
0001764046false00-000000000017640462026-04-292026-04-29
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
April 29, 2026
Date of Report (date of earliest event reported)
CLARIVATE PLC
(Exact name of registrant as specified in its charter)
Jersey, Channel Islands
(State or other jurisdiction of incorporation or organization)
001-38911
(Commission File Number)
N/A
(I.R.S. Employer Identification No.)
70 St. Mary Axe
London
EC3A 8BE
United Kingdom
(Address of Principal Executive Offices)
(44) 207-433-4000
Registrant's telephone number, including area code
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Ordinary Shares, no par value
CLVT
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933
(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Item 2.02.  Results of Operations and Financial Condition.
On April 29, 2026, Clarivate Plc (the “Company”) issued a press release announcing earnings for the first quarter ended March
31, 2026. The press release has been furnished with this Form 8-K as Exhibit 99.1 and is posted on the investor relations section
of the Company’s website (http://ir.clarivate.com/).
The information in this Item 2.02, including Exhibit 99.1 furnished herewith, is being furnished and shall not be deemed “filed”
for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject
to the liabilities of that Section and shall not be incorporated by reference into any filing pursuant to the Securities Act of 1933,
as amended (the “Securities Act”), or the Exchange Act, except as otherwise expressly stated in such filing.
Item 7.01.  Regulation FD Disclosure.
On April 29, 2026, the Company posted to its website supplemental information related to revenue, earnings, and guidance. The
supplemental information has been furnished with this Current Report on Form 8-K as Exhibit 99.2 and is posted on the
investor relations section of the Company’s website (http://ir.clarivate.com/).
The information in this Item 7.01, including Exhibit 99.2 furnished herewith, is being furnished and shall not be deemed “filed”
for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section and shall not be
incorporated by reference into any filing pursuant to the Securities Act or the Exchange Act, except as otherwise expressly
stated in such filing.
Item 9.01.  Financial Statements and Exhibits
(d) Exhibits.
No.
Description
99.1
Press release issued by Clarivate Plc dated April 29, 2026
99.2
Supplemental Information dated April 29, 2026
104
The cover page from the Company's Current Report on Form 8-K dated April 29, 2026, formatted in Inline
XBRL
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
 
CLARIVATE PLC
 
Date: April 29, 2026
By: /s/ Jonathan M. Collins
 
Name:  Jonathan M. Collins
 
Executive Vice President & Chief Financial Officer
 
1
Clarivate Reports First Quarter 2026 Results
— Value Creation Plan delivering accelerated organic revenue growth —
— Utilized solid free cash flow generation to deleverage —
— Reaffirms 2026 financial outlook —
London, UK -- April 29, 2026 Clarivate Plc (NYSE: CLVT) (the “Company” or “Clarivate”), a leading global
provider of transformative intelligence, today reported results for the first quarter ended March 31, 2026.
Executive Commentary
Matti Shem Tov, Chief Executive Officer:
“We are off to a solid start to 2026, with first‑quarter results demonstrating tangible progress against the Value
Creation Plan we launched in early 2025. Execution of the VCP is strengthening the quality and durability of our
performance. We are simplifying and optimizing our business model, improving commercial effectiveness, and
accelerating innovation across the portfolio. Together, these actions are expanding margins, increasing free cash
flow generation, and improving the consistency of our results. AI is becoming a meaningful enabler of this
progress, embedded in our products to enhance customer workflows and decision‑making, and deployed
internally to drive efficiency and scalability. With a more focused strategy and continued execution discipline, we
remain confident in our ability to deliver sustainable growth and long‑term value for shareholders.”
Jonathan Collins, Executive Vice President and Chief Financial Officer:
“We generated solid free cash flow of $79 million in the first quarter, reflecting strong Adjusted EBITDA
performance and continued financial discipline. During the quarter, we used free cash flow and excess cash on
hand to retire $143 million of debt, further strengthening our balance sheet. Based on our first‑quarter
performance and continued execution under the Value Creation Plan, we are reaffirming our full‑year 2026
outlook, including expectations for margin expansion and approximately $400 million of free cash flow.”
First Quarter 2026 Results
Total revenues for the first quarter 2026 were $585.5 million, compared to total revenues of $593.7 million in the
first quarter 2025, reflecting the impact of inorganic disposals. On an organic basis, revenues improved 0.6%, as
1.7% organic subscription growth was partially offset by organic re-occurring and transactional revenues.
Organic ACV increased 1.6% compared to March 31, 2025, reflecting continued progress toward a more
sustainable, subscription-led revenue base.
Net loss for the first quarter 2026 improved to $40.2 million, or $0.06 per diluted share, compared to a net loss of
$103.9 million, or $0.15 per diluted share, in the first quarter 2025. Adjusted net income was $119.3 million, or
$0.18 per diluted share, compared to $95.8 million, or $0.14 per diluted share, in the first quarter 2025. Adjusted
EBITDA improved to $241.2 million, compared to $233.2 million in the first quarter 2025.
Clarivate generated $134.7 million of operating cash flow and $78.9 million of free cash flow during the first
quarter of 2026.
2
Selected Financial Information
(In millions, except percentages and per share data), (unaudited)
Three Months Ended
March 31,
Change
2026
2025
$
%
Revenues
$585.5
$593.7
$(8.2)
(1.4) %
Net income (loss)
$(40.2)
$(103.9)
$63.7
61.3 %
Adjusted net income(1)
$119.3
$95.8
$23.5
24.5 %
Adjusted EBITDA(1)
$241.2
$233.2
$8.0
3.4 %
Diluted EPS
$(0.06)
$(0.15)
$0.09
60.0 %
Adjusted diluted EPS(1)
$0.18
$0.14
$0.04
28.6 %
Net cash provided by operating activities
$134.7
$171.2
$(36.5)
(21.3) %
Free cash flow(1)
$78.9
$110.3
$(31.4)
(28.5) %
First Quarter 2026 Commentary
Subscription revenues were $397.5 million, compared to $388.6 million in the prior year period. Organic
subscription revenues increased 1.7%, driven by new customer wins and pricing.
Re-occurring revenues were $108.6 million, compared to $105.9 million in the prior year period. Organic re-
occurring revenues declined 1.6%, primarily due to lower IP segment volumes.
Total recurring revenues, consisting of subscription and re-occurring revenues, increased 1.0% organically,
compared to the prior year period, reflecting continued progress toward a more stable and predictable revenue
profile.
Transactional revenues were $79.4 million compared to $99.2 million in the prior year period, reflecting the
impact of disposals in A&G and LS&H segments. Organic transactional revenues declined 2.0%, primarily due to
lower A&G activity.
Balance Sheet and Cash Flow
As of March 31, 2026, cash and cash equivalents were $242.2 million, a decrease of $87.0 million compared to
December 31, 2025.
Total debt outstanding was $4,326.8 million as of March 31, 2026, a decrease of $143.1 million compared to the
prior year, driven by a $100.0 million accelerated debt repayment completed in January 2026, fully redeeming the
senior secured notes due November 2026, as well as the retirement of $42.6 million aggregate principal of the
senior secured notes due 2028 and senior notes due 2029 through a series of debt repurchases completed in March
2026 at an approximate 10% discount to par.
Net cash provided by operating activities for the three months ended March 31, 2026 was $134.7 million
compared to $171.2 million in the prior year period. Free cash flow was $78.9 million compared to $110.3 million
in the prior year period.
3
Reaffirms outlook for 2026 (forward-looking statement)
The full-year outlook presented below assumes no further acquisitions, divestitures, or other unanticipated events.
Full Year 2026 Outlook
Organic ACV
2.0% to 3.0%
Recurring Organic Revenue Growth
0.75% to 2.25%
Revenues
$2.30B to $2.42B
Adjusted EBITDA(1)
$980M to $1.04B
Adjusted EBITDA Margin(1)
42.0% to 43.5%
Adjusted Diluted EPS(1)(2)
$0.70 to $0.80
Free Cash Flow(1)
$365M to $435M
Notes to press release
(1)Non-GAAP measure. Please see “Reconciliations to Certain Non-GAAP Measures” in this release for important disclosures and reconciliations of
these financial measures to the most directly comparable GAAP measure. These terms are defined elsewhere in this press release.
(2)Adjusted diluted EPS for 2026 is calculated based on approximately 650 million fully diluted adjusted weighted average ordinary shares outstanding.
Conference Call and Webcast
Clarivate will host a conference call and webcast today to review the results for the first quarter at 9:30 a.m.
Eastern Time. The webcast is open to all interested parties and may include forward-looking information.
The live webcast of the earnings call will be accessible through the investor relations section of the Company’s
website. To join the webcast please visit https://events.q4inc.com/attendee/839803049.
Interested parties may access the live audio broadcast. U.S. participants may call 800-715-9871; international
participants may call +1 646-307-1963 (long-distance charges will apply). The conference ID number is 3598988.
A replay of the webcast will also be available on https://ir.clarivate.com beginning two hours after the conclusion
of the live call and will remain available for one year.
Use of Non-GAAP Financial Measures
This release contains financial measures that have not been prepared in accordance with U.S. generally accepted
accounting principles (“GAAP”), including Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income,
Adjusted diluted EPS, and Free cash flow. Non-GAAP financial measures are not recognized terms under GAAP,
are not measures of financial condition or liquidity, and should not be considered as an alternative to profit or loss
for the period determined in accordance with GAAP or operating cash flows determined in accordance with
GAAP. As a result, you should not consider such measures in isolation from, or as a substitute for, financial
measures or results of operations calculated or determined in accordance with GAAP.
We use non-GAAP measures internally in our operational and financial decision-making, to assess the operating
performance of our business, to assess performance for employee compensation purposes, and to decide how to
allocate resources. We believe that such measures allow us to focus on what we deem to be more reliable
indicators of ongoing operating performance and our ability to generate cash flow from operations, and we also
believe that investors may find these non-GAAP financial measures useful for the same reasons. Non-GAAP
measures are frequently used by securities analysts, investors, and other interested parties in their evaluation of
companies comparable to us, many of which present non-GAAP measures when reporting their results. Further,
these measures can be useful in evaluating our performance against our peer companies because we believe they
provide users with valuable insight into key components of our GAAP financial disclosure. However, non-GAAP
measures have limitations as analytical tools and because not all companies use identical calculations, our
presentation of non-GAAP financial measures may not be comparable to other similarly titled measures of other
companies.
4
Definitions and reconciliations of non-GAAP measures to the most directly comparable GAAP measures are
provided within the schedules attached to this release. Our presentation of non-GAAP measures should not be
construed as an inference that our future results will be unaffected by any of the adjusted items, or that any
projections and estimates will be realized in their entirety or at all.
Forward-Looking Statements
This release includes statements that express our opinions, expectations, beliefs, plans, objectives, assumptions, or
projections regarding future events or future results and therefore are, or may be deemed to be, “forward-looking
statements” within the meaning of the “safe harbor provisions” of the Private Securities Litigation Reform Act of
1995. These forward-looking statements include all matters that are not historical facts, including statements
relating to our intentions, beliefs, or current expectations concerning, among other things, the anticipated
divestiture of our LS&H business or any other strategic transactions we may explore, anticipated cost savings,
results of operations, financial condition, liquidity, capital allocation plans and share repurchases, foreign
exchange impacts, prospects, growth, strategies, and the markets in which we operate, our financial guidance for
the fiscal year 2026 and key drivers thereof and underlying assumptions, the impact or anticipated benefits of our
Value Creation Plan and other growth strategies, the global macroeconomic uncertainty and volatility, the impact
of artificial intelligence (“AI”) on our business and strategy, and the timing of any of the foregoing. These
forward-looking statements can generally be identified by the use of forward-looking terminology, including the
terms “believes,” “estimates,” “anticipates,” “expects,” “seeks,” “projects,” “intends,” “plans,” “may,” “will,” or
“should” or, in each case, their negative or other variations or comparable terminology. Such forward-looking
statements are based on available current market material and management’s expectations, beliefs, and forecasts
concerning future events impacting us. These forward-looking statements involve a number of risks and
uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or
performance to be materially different from those expressed or implied by these forward-looking statements.
These risks and uncertainties include, but are not limited to, those factors described in Item 1A. Risk Factors in
our annual report on Form 10-K, along with our other filings with the U.S. Securities and Exchange Commission
(“SEC”). There can be no assurance that future developments affecting us will be those that we have anticipated.
Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect,
actual results may vary in material respects from those projected in these forward-looking statements. We do not
undertake any obligation to update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required under applicable securities laws. Please consult
our public filings with the SEC, which are also available on our website at www.clarivate.com.
About Clarivate
Clarivate is a leading global provider of transformative intelligence. We offer enriched data, insights & analytics,
workflow solutions and expert services in the areas of Academia & Government, Intellectual Property, and Life
Sciences & Healthcare. For more information, please visit www.clarivate.com.
5
Condensed Consolidated Balance Sheets (Unaudited)
(In millions)
March 31, 2026
December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents, including restricted cash
$242.2
$329.2
Accounts receivable, net
882.9
821.7
Prepaid expenses
109.1
94.2
Other current assets
66.9
64.9
Total current assets
1,301.1
1,310.0
Property and equipment, net
50.9
52.7
Other intangible assets, net
7,863.7
8,008.1
Goodwill
1,566.6
1,566.7
Other non-current assets
85.8
68.1
Deferred income taxes
16.5
17.2
Operating lease right-of-use assets
42.5
46.6
Total assets
$10,927.1
$11,069.4
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable
$135.7
$150.6
Accrued compensation
100.6
146.7
Accrued expenses and other current liabilities
286.3
273.0
Current portion of deferred revenues
1,000.4
878.6
Current portion of operating lease liability
17.6
18.4
Current portion of long-term debt
1.5
101.5
Total current liabilities
1,542.1
1,568.8
Long-term debt
4,281.6
4,321.5
Other non-current liabilities
75.9
86.2
Deferred income taxes
205.0
212.1
Operating lease liabilities
33.7
37.9
Total liabilities
6,138.3
6,226.5
Commitments and contingencies
Shareholders' equity:
Ordinary Shares, no par value; unlimited shares authorized; 639.2 and 640.7 shares issued
and outstanding as of March 31, 2026 and December 31, 2025, respectively
12,801.3
12,810.6
Accumulated other comprehensive loss
(457.7)
(453.1)
Accumulated deficit
(7,554.8)
(7,514.6)
Total shareholders' equity
4,788.8
4,842.9
Total liabilities and shareholders' equity
$10,927.1
$11,069.4
6
Condensed Consolidated Statements of Operations (Unaudited)
Three Months Ended March 31,
(In millions, except per share data)
2026
2025
Revenues
$585.5
$593.7
Operating expenses:
Cost of revenues
192.1
207.0
Selling, general and administrative costs
176.3
178.4
Depreciation and amortization
184.0
185.4
Restructuring costs
12.0
24.7
Other operating expense (income), net
(9.1)
19.0
Total operating expenses
555.3
614.5
Income (loss) from operations
30.2
(20.8)
Interest expense, net
59.0
64.3
Income (loss) before income taxes
(28.8)
(85.1)
Provision (benefit) for income taxes
11.4
18.8
Net income (loss)
$(40.2)
$(103.9)
Per share:
Basic
$(0.06)
$(0.15)
Diluted
$(0.06)
$(0.15)
Weighted average shares used to compute earnings per share:
Basic
640.7
689.8
Diluted
640.7
689.8
7
Condensed Consolidated Statements of Cash Flows (Unaudited)
Three Months Ended March 31,
(In millions)
2026
2025
Cash Flows From Operating Activities
Net income (loss)
$(40.2)
$(103.9)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization
184.0
185.4
Share-based compensation
14.2
10.7
Amortization and write-off of debt issuance costs
3.3
2.9
Other operating activities
(16.8)
21.6
Changes in operating assets and liabilities:
Accounts receivable
(62.3)
(33.6)
Prepaid expenses
(15.2)
(14.7)
Other assets
(8.7)
1.9
Accounts payable
(14.5)
(5.8)
Accrued expenses and other current liabilities
(34.8)
(3.9)
Deferred revenues
129.3
111.3
Operating leases, net
(0.8)
(1.5)
Other liabilities
(2.8)
0.8
Net cash provided by operating activities
134.7
171.2
Cash Flows From Investing Activities
Capital expenditures
(55.8)
(60.9)
Net cash used for investing activities
(55.8)
(60.9)
Cash Flows From Financing Activities
Principal payments on debt
(138.5)
–
Repurchases of ordinary shares
(18.1)
(50.0)
Payments related to tax withholding for share-based compensation
(5.3)
(6.4)
Other financing activities
(0.4)
(0.2)
Net cash used for financing activities
(162.3)
(56.6)
Effects of exchange rates
(3.6)
5.1
Net change in cash and cash equivalents, including restricted cash
(87.0)
58.8
Cash and cash equivalents, including restricted cash, beginning of period
329.2
295.2
Cash and cash equivalents, including restricted cash, end of period
$242.2
$354.0
8
Supplemental Revenues Information
Annualized contract value (“ACV”), at any point in time, represents the annualized value of all active customer
subscription-based license agreements for the next 12 months, assuming those coming up for renewal during the
measurement period are renewed at their current price level. Our organic ACV grew 1.6% compared to March 31,
2025, primarily driven by improved product pricing. Our total ACV for March 31, 2026, compared to March 31,
2025, increased 3.2%, primarily due to improved product pricing and FX movements.
The following tables present our revenues by type and by segment for the periods indicated, as well as the
components driving the changes between periods.
(In millions, except percentages);
(unaudited)
Three Months Ended
March 31,
Change
% of Change
2026
2025
$
%
Acquisitions
Disposals
FX
Organic
Subscription
$397.5
$388.6
$8.9
2.3 %
– %
(1.3) %
1.9 %
1.7 %
Re-occurring
108.6
105.9
2.7
2.5 %
– %
(0.1) %
4.2 %
(1.6) %
Recurring revenues
506.1
494.5
11.6
2.3 %
– %
(1.1) %
2.4 %
1.0 %
Transactional
79.4
99.2
(19.8)
(20.0) %
– %
(19.3) %
1.3 %
(2.0) %
Revenues
$585.5
$593.7
$(8.2)
(1.4) %
– %
(4.2) %
2.2 %
0.6 %
(In millions, except percentages);
(unaudited)
Three Months Ended
March 31,
Change
% of Change
2026
2025
$
%
Acquisitions
Disposals
FX
Organic
Academia & Government
$295.0
$302.7
$(7.7)
(2.5) %
– %
(6.2) %
1.7 %
2.0 %
Intellectual Property
197.2
192.7
4.5
2.3 %
– %
– %
3.6 %
(1.3) %
Life Sciences & Healthcare
93.3
98.3
(5.0)
(5.1) %
– %
(6.9) %
1.0 %
0.8 %
Revenues
$585.5
$593.7
$(8.2)
(1.4) %
– %
(4.2) %
2.2 %
0.6 %
Reconciliations to Certain Non-GAAP Measures
Adjusted EBITDA and Adjusted EBITDA margin
Adjusted EBITDA represents Net income (loss) before the Provision (benefit) for income taxes, Depreciation and
amortization, and Interest expense, net, adjusted to exclude share-based compensation, impairments, restructuring
expenses, the impact of certain non-cash fair value adjustments on financial instruments, acquisition and/or
disposal-related transaction costs, unrealized foreign currency gains/losses, legal settlements, and other items that
are included in Net income (loss) for the period that we do not consider indicative of our ongoing operating
performance. Net income (loss) margin is calculated by dividing Net income (loss) by Revenues. Adjusted
EBITDA margin is calculated by dividing Adjusted EBITDA by Revenues.
The following table presents our calculation of Adjusted EBITDA and Adjusted EBITDA margin for the three
months ended March 31, 2026 and 2025 and reconciles these non-GAAP measures to our Net income (loss) and
Net income (loss) margin for the same periods:
9
Three Months Ended March 31,
(In millions, except percentages); (unaudited)
2026
2025
Net income (loss)
$(40.2)
$(103.9)
Provision (benefit) for income taxes
11.4
18.8
Depreciation and amortization
184.0
185.4
Interest expense, net
59.0
64.3
Share-based compensation expense
14.6
11.1
Restructuring costs
12.0
24.7
Transaction related costs
8.2
6.3
Other(1)
(7.8)
26.5
Adjusted EBITDA
$241.2
$233.2
Net income (loss) margin
(6.9)%
(17.5)%
Adjusted EBITDA margin
41.2%
39.3%
(1)Includes the net impact of foreign exchange gains and losses related to the remeasurement of balances and other items that do not reflect our ongoing
operating performance.
Adjusted net income and Adjusted diluted EPS
Adjusted net income represents Net income (loss), adjusted to exclude amortization related to acquired intangible
assets, share-based compensation, impairments, restructuring expenses, the impact of certain non-cash fair value
adjustments on financial instruments, acquisition and/or disposal-related transaction costs, unrealized foreign
currency gains/losses, legal settlements, and other items that are included in net income (loss) for the period that
we do not consider indicative of our ongoing operating performance and the associated income tax impact of such
adjustments.
Adjusted diluted EPS is calculated by dividing Adjusted net income by Adjusted diluted weighted average shares.
The Adjusted diluted weighted average shares calculation assumes that all instruments in the calculation are
dilutive.
The following table presents our calculation of Adjusted net income and Adjusted diluted EPS for the three
months ended March 31, 2026 and 2025 and reconciles these non-GAAP measures to our Net income (loss) and
diluted EPS for the same periods:
Three Months Ended March 31,
2026
2025
(In millions, except per share amounts); (unaudited)
Amount
Per Share
Amount
Per Share
Net income (loss) and Diluted EPS
$(40.2)
$(0.06)
$(103.9)
$(0.15)
Amortization related to acquired intangible assets
135.4
0.21
136.3
0.20
Share-based compensation expense
14.6
0.02
11.1
0.02
Restructuring costs
12.0
0.02
24.7
0.04
Transaction related costs
8.2
0.01
6.3
0.01
Other(1)
(6.2)
(0.01)
26.5
0.03
Income tax impact of related adjustments
(4.5)
(0.01)
(5.2)
(0.01)
Adjusted net income and Adjusted diluted EPS
$119.3
$0.18
$95.8
$0.14
Adjusted weighted average ordinary shares, diluted
647.3
695.2
(1)Includes the net impact of foreign exchange gains and losses related to the remeasurement of balances and other items that do not reflect our ongoing
operating performance.
10
Free cash flow
Free cash flow represents Net cash provided by operating activities less Capital expenditures. The following table
presents our calculation of Free cash flow for the three months ended March 31, 2026 and 2025 and reconciles
this non-GAAP measure to Net cash provided by operating activities for the same periods:
Three Months Ended March 31,
(In millions); (unaudited)
2026
2025
Net cash provided by operating activities
$134.7
$171.2
Capital expenditures
(55.8)
(60.9)
Free cash flow
$78.9
 
$110.3
Reconciliations to Certain Non-GAAP Measures - 2026 Outlook
Adjusted EBITDA and Adjusted EBITDA margin
The following table presents our calculation of Adjusted EBITDA and Adjusted EBITDA margin for the 2026
outlook and reconciles these non-GAAP measures to our Net income (loss) and Net income (loss) margin for the
same period:
Year Ending December 31, 2026
(Forecasted)
(In millions); (unaudited)
Low
High
Net income (loss)
$(189)
$(124)
Provision (benefit) for income taxes
43
48
Depreciation and amortization
786
786
Interest expense, net
238
228
Share-based compensation expense
70
70
Restructuring costs(1)
25
25
Transaction related costs
13
13
Other
(6)
(6)
Adjusted EBITDA
$980
$1,040
Net income (loss) margin
(8.2)%
(5.1)%
Adjusted EBITDA margin
42.0%
43.5%
(1)Reflects restructuring costs expected to be incurred in 2026 associated with the Value Creation Plan.
Adjusted diluted EPS
The following table presents our calculation of Adjusted diluted EPS for the 2026 outlook and reconciles this non-
GAAP measure to our Net income (loss) per share for the same period:
Year Ending December 31, 2026
(Forecasted)
(Unaudited)
Low
High
Net income (loss)
$(0.29)
$(0.19)
Amortization related to acquired intangible assets
0.84
0.84
Share-based compensation expense
0.11
0.11
Restructuring costs(1)
0.04
0.04
Transaction related costs
0.02
0.02
Other
0.01
0.01
Income tax impact of related adjustments
(0.03)
(0.03)
Adjusted diluted EPS
$0.70
$0.80
Adjusted weighted average ordinary shares, diluted
~650 million
(1)Reflects restructuring costs expected to be incurred in 2026 associated with the Value Creation Plan.
11
Free cash flow
The following table presents our calculation of Free cash flow for the 2026 outlook and reconciles this non-GAAP
measure to our Net cash provided by operating activities for the same period:
Year Ending December 31, 2026
(Forecasted)
(In millions); (unaudited)
Low
High
Net cash provided by operating activities
$615
$685
Capital expenditures
(250)
(250)
Free cash flow
$365
$435
Media Contact:
Amy Bourke-Waite, Senior Director, Communications & Brand
newsroom@clarivate.com
Investor Relations Contact:
Mark Donohue, Vice President, Investor Relations
investor.relations@clarivate.com
215.243.2202
Q1 2026 Earnings Call April 29, 2026

 

Safe Harbor Statement and Non-GAAP Financial Measures © 2026 Clarivate. All rights reserved. 2 Forward-Looking Statements This presentation includes statements that express our opinions, expectations, beliefs, plans, objectives, assumptions, or projections regarding future events or future results and therefore are, or may be deemed to be, “forward-looking statements” within the meaning of the “safe harbor provisions” of the Private Securities Litigation Reform Act of 1995. Forward-looking statements included in this presentation include all matters that are not historical facts, including statements relating to our intentions, beliefs, or current expectations concerning, among other things, the anticipated divestiture of our LS&H business or any other strategic transactions we may explore, anticipated cost savings, results of operations, financial condition, liquidity, capital allocation plans and share repurchases, foreign exchange impacts, prospects, growth, strategies, and the markets in which we operate, our financial guidance for the fiscal year 2026 and key drivers thereof and underlying assumptions, the impact or anticipated benefits of our Value Creation Plan and other growth strategies, the global macroeconomic uncertainty and volatility, the impact of artificial intelligence (“AI”) on our business and strategy, and the timing of any of the foregoing. These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “seeks,” “projects,” “intends,” “plans,” “may,” “will,” or “should” or, in each case, their negative or other variations or comparable terminology. Such forward-looking statements are based on available current market material and management's expectations, beliefs, and forecasts concerning future events impacting us. These forward-looking statements involve a number of risks, uncertainties, and other important factors (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Factors that may impact such forward-looking statements include, but are not limited to, our ability to compete in the highly competitive industry in which we operate; our ability to maintain high annual renewal rates; our ability to maintain revenues if our products and services do not achieve and maintain broad market acceptance, or if we are unable to keep pace with or adapt to rapidly changing technology, evolving industry standards, and changing regulatory requirements; reductions in customers’ research budgets or government funding; the success of our Value Creation Plan; our ability to derive fully the anticipated benefits from organic growth, existing or future acquisitions, joint ventures, investments, or dispositions; our exposure to risk from the international scope of our operations; our level of indebtedness; our ability to leverage AI in our products and services; any significant disruption in or unauthorized access to or breaches of our computer systems or those of third parties that we utilize in our operations; other factors beyond our control; and those factors described in Item 1A. Risk Factors in our annual report on Form 10-K, along with our other filings with the U.S. Securities and Exchange Commission (“SEC”). There can be no assurance that future developments affecting us will be those that we have anticipated. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws. Please consult our public filings with the SEC, which are also available on our website at www.clarivate.com.

 

Safe Harbor Statement and Non-GAAP Financial Measures © 2026 Clarivate. All rights reserved. 3 Non-GAAP Financial Measures This presentation contains financial measures that have not been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted EPS, and Free Cash Flow. Non-GAAP financial measures are not recognized terms under GAAP, are not measures of financial condition or liquidity, and should not be considered as an alternative to profit or loss for the period determined in accordance with GAAP or operating cash flows determined in accordance with GAAP. As a result, you should not consider such measures in isolation from, or as a substitute for, financial measures or results of operations calculated or determined in accordance with GAAP. We use non-GAAP measures internally in our operational and financial decision-making, to assess the operating performance of our business, to assess performance for employee compensation purposes, and to decide how to allocate resources. We believe that such measures allow us to focus on what we deem to be more reliable indicators of ongoing operating performance and our ability to generate cash flow from operations, and we also believe that investors may find these non-GAAP financial measures useful for the same reasons. Non-GAAP measures are frequently used by securities analysts, investors, and other interested parties in their evaluation of companies comparable to us, many of which present non-GAAP measures when reporting their results. Further, these measures can be useful in evaluating our performance against our peer companies because we believe they provide users with valuable insight into key components of our GAAP financial disclosure. However, non-GAAP measures have limitations as analytical tools and because not all companies use identical calculations, our presentation of non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. Definitions and reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures are provided within the Appendix to this presentation. Our presentation of non- GAAP measures should not be construed as an inference that our future results will be unaffected by any of the adjusted items, or that any projections and estimates will be realized in their entirety or at all. Industry and Market Data The market data and other statistical information used throughout this presentation are based on industry publications and surveys, public filings, and various government sources. Industry publications and surveys generally state that the information contained therein has been obtained from sources believed to be reliable, but there can be no assurance as to the accuracy or completeness of the included information. We have not independently verified such third-party information, nor have we ascertained the underlying economic assumptions relied upon in those sources, and we are unable to assure you of the accuracy or completeness of such information contained in this presentation. While we are not aware of any misstatements regarding our market, industry, or similar data presented herein, such data involve risks and uncertainties and are subject to change based on various factors.

 

Agenda 4© 2026 Clarivate. All rights reserved. Business Review Financial Review Q&A Matti Shem Tov Chief Executive Officer Jonathan Collins Chief Financial Officer

 

Matti Shem Tov Chief Executive Officer Business Review

 

Q1 2026 Overview 6© 2026 Clarivate. All rights reserved. ACV Organic Growth: 1.6% ▲ 40 bps YoY Subscription Organic Growth: 1.7% ▲ 230 bps YoY Recurring Organic Growth: 1.0% ▲ 40 bps YoY 41.2% Margin1 ▲ 190 bps YoY, +$8m $143m debt reduction $18m share repurchase ▲ 4₵ YoY Revenues Adj. EBITDA¹ Free Cash Flow1 Adj. EPS1 $586M $241M $79M 18₵ Academia & Government Organic ACV and subs revenue growth >2% Accelerated adoption of subscription-based content solutions Intellectual Property ACV performance continues to strengthen; results approaching flat Released AI-powered Brand Landscape Analyzer Image Search Life Sciences & Healthcare Organic subs revenue growth accelerated to >1% on last year’s ACV improvement Expanded AI ecosystem access through partnership with Anthropic 1 See the Appendix for a reconciliation of GAAP to Non-GAAP measures.

 

Value Creation Plan Driving Focus, Growth and Innovation Product & Agentic AI Accelerated Innovation Invest in proprietary assets and drive development of Agentic-AI capabilities across portfolio Optimize ROI and Support Sales Execution Sales Improved Sales Execution Drive sales execution, customer engagement and retention Increase Organic Growth and Achieve Targets Revenue Business Model Optimization Focus on driving core subscription and re-occurring revenue improving predictability Increase Subscription and Re-occurring Revenue Mix Portfolio Solutions Rationalization Assess strategic alternatives to increase execution focus and optimize capital allocation Unlock Value for Shareholders 7 Value Creation Enablers Talent and Culture Cost Rationalization Enterprise Technology © 2026 Clarivate. All rights reserved.

 

Scaling Subscription Adoption, Strategic Partnerships, and AI-Driven Impact © 2026 Clarivate. All rights reserved. 8 Academia & Government Web of Science BUSINESS MODEL OPTIMIZATION Accelerating Adoption of Subscription-Based Content Solutions Drove continued adoption of new ProQuest subscription offerings, with over 600 new subscriptions sold since launch, reflecting successful transition to recurring revenue ACCELERATED INNOVATION Delivering Significant Impact With Clarivate Academic AI1 Transforming academic library workflows with AI-powered solutions delivering 30% – 60% reduction in time spent on manual, repetitive work and 2–4x increase in feasible workload without additional staff 1 Research paper prepared by Emerging Strategy on behalf of Clarivate examining the operational impact of two Clarivate products (Alma AI Metadata Assistant and Leganto Syllabus Assistant) in two core academic library workflows: (1) metadata creation and cataloguing and (2) course reading list and syllabus support. IMPROVED SALES EXECUTION Driving Growth Through Strategic Cross-Sell Wins Secured multi-solution (research and analytics and content solutions) institutional win with Fuyao University of Science and Technology, underscoring continued success in strategic cross-sell adoption ProQuest One Academic

 

Driving Business Optimization, National IP Wins, and Product Innovation © 2026 Clarivate. All rights reserved. 9 Intellectual Property Brand Landscape Analyzer BUSINESS MODEL OPTIMIZATION Increasing Focus on Subscription Organic Growth ~100bps improvement in Q1 renewal rate helping to return ACV organic growth to nearly flat IMPROVED SALES EXECUTION Securing National IP Office Partnerships and Digital Transformation Wins Awarded major trademark analytics and large-scale digitalization programs, advancing modernization of patent and trademark operations ACCELERATED INNOVATION Advancing AI-Powered Decision Intelligence and Search Released Brand Landscape Analyzer Image Search for brand IP professionals with enhanced AI capabilities including clustering and multilingual support

 

Advancing AI Ecosystem Impact and Commercial Momentum © 2026 Clarivate. All rights reserved. 10 Life Sciences & Healthcare DRG Fusion BUSINESS MODEL OPTIMIZATION Advancing Subscription Transition Across Commercial Business Progressing ahead of schedule in the shift to subscriptions, with strong customer feedback and a sales cadence delivering repeatable and predictable results IMPROVED SALES EXECUTION Driving Growth Across Enterprise, Public Sector, and Biotech Won a new Top 20 pharma customer for DRG Fusion1 and secured a six-figure biotech deal for OFF-X2, reflecting strong momentum across key customer segments ACCELERATED INNOVATION Expanding Access to Trusted Regulatory Intelligence With Anthropic Integrated Cortellis Regulatory Intelligence with Claude Enterprise, combining proprietary data with advanced AI reasoning to deliver trusted insights across the AI ecosystem 1 Life sciences commercial analytics platform. 2 Drug safety and toxicology intelligence solution.

 

Shareholder Value Creation Focus © 2026 Clarivate. All rights reserved. 11 Announced process in Q1 to pursue sale of the LS&H business LS&H Sale ProcessRationalizing Portfolio Ongoing process with due diligence progressing No guarantee of an agreement; will update as appropriate

 

Scaling AI Enablement, Enhancing Efficiency to Augment FCF Growth © 2026 Clarivate. All rights reserved. 12 AI Driven Cost Efficiencies GO-TO-MARKET Embedding AI within sales and customer care to accelerate revenue growth, streamline customer interactions, and increase retention TECHNOLOGY Deploying AI across software engineering and content operations to accelerate innovation, streamline build cycles and enhance platform capability CORPORATE FUNCTIONS Implementing AI across finance, human resources, and legal functions to automate workflows and drive scalable efficiencies across enterprise systems Return to healthy organic growth will augment margin expansion and FCF growth, which can be further accelerated by AI-driven cost efficiencies

 

Jonathan Collins Chief Financial Officer Financial Review

 

Q1 2026 Financial Results 14 Changes from Prior Year 1 See the Appendix for a reconciliation of GAAP to Non-GAAP measures. Note: Amounts in table may not sum due to rounding. © 2026 Clarivate. All rights reserved. $m except per share data Q1 2026 Q1 2025 Change Revenues $586 $594 $(8) Operating Expenses 555 615 (60) Income / (Loss) from Operations $30 $(21) $51 Interest Expense, Net 59 64 (5) Income Tax Expense (Benefit) 11 19 (8) Net Income / (Loss) $(40) $(104) $64 Net Income / (Loss) Per Share, basic $(0.06) $(0.15) $0.09 Adjusted EBITDA1 241 233 8 Adjusted EBITDA Margin1 41.2% 39.3% +190 bps Adjusted Diluted EPS1 $0.18 $0.14 $0.04 Operating Cash Flow $135 $171 $(36) Capital Spending 56 61 (5) Free Cash Flow1 79 110 (31) Revenues • Change driven by disposals, partially offset by organic growth and Fx translation impact Net Income / Loss • Improvement over the prior year primarily due to Fx transaction benefit as well as lower restructuring, interest, and tax expenses Operating Cash Flow • Change entirely from higher working capital largely driven by incentive compensation payments, partially offset by higher Adj. EBITDA

 

Changes from Prior Year Q1 2026 Revenues and Adj. EBITDA1 15© 2026 Clarivate. All rights reserved. 1 See the Appendix for a reconciliation of GAAP to Non-GAAP measures. Note: Amounts in table may not sum due to rounding. Q1 2025 Q1 2026 $594 $586 $233 39.3% $241 41.2% Revenues Adj. EBITDA1 Year + Better - Worse FX +$13 +$2 Organic +$3m +$9m Inorganic Disposals ($24) ($3) Changes from P ior Year ($ millions) Inorganic Divestitures Organic • Accelerated subscription revenue growth partially offset by re- occurring and transactional headwinds; cost efficiencies led to strong profit contribution Inorganic Disposals • Revenue impact from A&G (transactional books and digital collections) and LS&H (real world data reselling) disposals with negligible profit impact due to cost reductions Foreign Exchange • Revenue benefit from translation impact due to weaker USD was partially offset by transaction gains in 2025 that did not recur in 2026 Subscription ~+6 Re-occurring & Transactional ~(3)

 

Q1 2026 Cash Flow 16© 2026 Clarivate. All rights reserved. Changes from Prior Year ($ millions) Q1 2026 Q1 2025 Change Adj. EBITDA1 $241 $233 $8 One-Time Costs2 (18) (23) 5 Interest (40) (33) (7) Taxes (8) (7) (1) Working Capital (37) 10 (47) Other3 (3) (8) 5 Operating Cash Flow 135 171 (36) Capital Spending (56) (61) 5 Free Cash Flow1 $79 $110 $(31) Debt Reduction (139) - (139) Share Repurchase (18) (50) 32 M&A - - - Other4 (9) (2) (7) Cash Flow $(87) $59 $(146) Free Cash Flow1 • Change from prior year driven entirely by working capital, largely due to expected incentive compensation payments Capital Allocation • Redeemed remaining $100m of 2026 bonds • Repurchased $43m face value of 2028 and 2029 bonds in the open market at a discount of ~10% • Repurchased ~7m shares of stock to offset the dilutive impact of this year’s stock compensation vesting, most of which occurred in March 1 See the Appendix for a reconciliation of GAAP to Non-GAAP measures. 2 Includes restructuring-related severance and transaction cost. 3 Includes impaired contractual costs. 4 Fx, tax withholding for share-based compensation, and refinancing cost. Note: Amounts in table may not sum due to rounding.

 

FY 2026 Guidance Reaffirmed 17© 2026 Clarivate. All rights reserved. ACV Organic Growth • Expect continued acceleration as momentum from Value Creation Plan continues Recurring Organic Growth • Subscription growth acceleration and stable re-occurring revenues Revenues • Decline due entirely to strategic disposals, expect 2026 to be final year of decline Adj. EBITDA / Margin / EPS1 • Margin expansion driven by organic growth and cost discipline • EPS growth due to share repurchases Free Cash Flow1 • Growth driven by disciplined capital spending, lower one-time costs and interest +70 bps ACV Organic Growth 2% 3% ~2½% Recurring Organic Revenue Mix3 88% 90% ~89% +100 bps Adj. EBITDA1 $980m $1,040m ~$1,010m +1% Adj. EBITDA Margin1 42% 43½% ~42¾% +200 bps Adj. Diluted EPS1 80₵70₵ ~75₵ +9% Free Cash Flow1 $365m $435m ~$400m +10% (4)%Revenues $2,300m $2,420m ~$2,360m +90 bps Recurring Organic Growth2 ¾% 2¼% ~1½% Mid Point4 vs. PY 1 See the Appendix for a reconciliation of GAAP to Non-GAAP measures. 2 Subscription + Re-occurring order types. 3 (Subscription + Re-occurring) / Total Revenues excluding disposals. 4 Mid Point included for illustrative purposes only. Mid Point4Guidance Range

 

FY 2026 Revenues and Adj. EBITDA1 Outlook 18 2025A 2026T $2,455 ~$2,360 $1,002 40.8% ~$1,010 ~42.8% Revenues Adj. EBITDA1 Year + Better - Worse FX ~$10 ~$5 © 2026 Clarivate. All rights reserved. Organic ~$25 Inorganic Disposals ~($130) ~($25) Changes from Prior Year ($ millions) Inorganic Divestitures 1 See the Appendix for a reconciliation of GAAP to Non-GAAP measures. Note: Amounts in table may not sum due to rounding. ~$25 Organic • Recurring revenue growth partially offset by modest transactional decline • Strong profit flow-through driven by disciplined cost management Inorganic Disposals • Books transactional revenues gone by mid-year, RWD by end of year Inorganic Divestitures • Guidance does not include potential sale of LS&H business Foreign Exchange • Expect modest benefit associated with weaker USD

 

0.9% 1.2% 1.3% 1.6% 1.8% 1.6% 0.1% 0.6% 0.8% 0.3% 0.5% 1.0% -2.00% -1.00% 0.00% 1.00% 2.00% 3.00% 4.00% 2024A Q1 25A Q2 25A Q3 25A Q4 25A Q1 26A Q2 26E Q3 26E Q4 26E Organic ACV Growth (%) Organic Recurring Revenue Growth (%) FY 2026 Quarterly Phasing © 2026 Clarivate. All rights reserved. 19 Revenue, Organic ACV Growth, Organic Recurring Revenue Growth and Adj. EBITDA % Revenue • Less seasonality this year due to increased recurring revenue mix due to the disposals Organic ACV • Expect acceleration through the balance of the year from momentum of new subs sales Organic Recurring Revenue • Expect slight sequential pull back in Q2 due to patent renewal re- occurring revenues, which are expected to accelerate in H2 Adj. EBITDA Margin1 • Expect acceleration through the balance of the year from organic growth conversion and disposals Revenue ($M) 41.5% 39.3% 42.1% 40.5% 41.3% 41.2% 36.00% 37.00% 38.00% 39.00% 40.00% 41.00% 42.00% 43.00% 44.00% 45.00% 2025A2024A 2026E Adj. EBITDA Margin (%)1 500 520 540 560 580 600 620 640 660 2024A revenue represents quarterly average revenue for the year. 1 See the Appendix for a reconciliation of GAAP to Non-GAAP measures.

 

FY 2026 Cash Flow Outlook 20© 2026 Clarivate. All rights reserved. Changes from Prior Year ($ millions) Free Cash Flow1 • Expecting ~10% growth from lower one-time costs, interest, and capital spending driven by efficiencies to be partially offset by higher working capital Capital Allocation • Redeemed remaining $100m of 2026 notes in January • Repurchased $43m of 2028 and 2029 notes in March • Plan to repurchase $300m of 2028 notes through the rest of the year • Achieved efficiencies lowering target operating cash balance to ~$250m 1 See the Appendix for a reconciliation of GAAP to Non-GAAP measures. 2 Includes restructuring-related severance and transaction cost. 3 Includes impaired contractual costs. 4 Fx, tax withholding for share-based compensation, and refinancing cost. Note: Amounts in table may not sum due to rounding. 2026 Outlook 2025 Actuals Change Adj. EBITDA1 ~$1,010 $1,002 ~$5 One-Time Costs2 ~(40) (67) ~25 Interest ~(235) (253) ~20 Taxes ~(50) (42) ~(10) Working Capital ~(20) 12 ~(30) Other3 ~(15) (23) ~10 Operating Cash Flow ~650 629 ~20 Capital Spending ~(250) (263) ~15 Free Cash Flow1 ~$400 $365 ~$35 Share Repurchase ~(20) (225) ~205 Debt Repayment ~(430) (100) ~(330) M&A - 3 ~(5) Other4 ~(15) (9) ~(5) Cash Flow ~$(65) $34 ~$(100)

 

Focusing Capital Allocation to Deleverage via Mid-Term Debt Maturities © 2026 Clarivate. All rights reserved. 21 Debt Maturity Profile • Favorable runway with no near- term debt maturities 2028 and 2029 Notes • Like the last three years, expect to generate at least ~$100m of FCF per quarter on average over the next three years • Based on current debt market conditions, intend to use FCF to retire the 2028 notes in their entirety by their maturity leaving ~$500m of the 2029 notes to be refinanced in the next three years • Proceeds from the potential LS&H sale would likely eliminate the need for a future bond refinancing 900 900 775 2,499 2026 2027 2028 2029 2030 2031 Senior Secured Notes Senior Notes Undrawn RCF Term Loan B Debt Maturity Profile ($ millions) Illustrative Deleveraging Path ($ millions) 900 ~500 900 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Q2 27 Q3 27 Q4 27 Q1 28 Q2 28 Q3 28 Q4 28 Q1 29 Q2 29 2028 Senior Secured Notes 2029 Senior Notes Net Leverage 4.0x ~3.5x ~3.0x ~2.5x

 

Q&A Session

 

Appendix Presentation of Certain Non-GAAP Financial Measures

 

24© 2026 Clarivate. All rights reserved. Presentation of Certain Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDA margin Adjusted EBITDA represents net income (loss) before the provision (benefit) for income taxes, depreciation and amortization, and interest expense, net, adjusted to exclude share-based compensation, impairments, restructuring expenses, the impact of certain non-cash fair value adjustments on financial instruments, acquisition and/or disposal-related transaction costs, unrealized foreign currency gains/losses, legal settlements, and other items that are included in net income (loss) for the period that we do not consider indicative of our ongoing operating performance. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by Revenues. Net income (loss) margin is calculated by dividing Net income (loss) by Revenues. Adjusted net income and Adjusted diluted EPS Adjusted net income represents net income (loss), adjusted to exclude amortization related to acquired intangible assets, share-based compensation, impairments, restructuring expenses, the impact of certain non-cash fair value adjustments on financial instruments, acquisition and/or disposal-related transaction costs, unrealized foreign currency gains/losses, legal settlements, and other items that are included in net income (loss) for the period that we do not consider indicative of our ongoing operating performance and the associated income tax impact of such adjustments. Adjusted diluted EPS is calculated by dividing Adjusted net income by Adjusted diluted weighted average shares. The adjusted diluted weighted average shares calculation assumes that all instruments in the calculation are dilutive. Free cash flow Free cash flow represents Net cash provided by (used for) operating activities less capital expenditures.

 

25 $m Q1 ‘26 Q1 ’25 Net income (loss) $(40.2) $(103.9) Provision (benefit) for income taxes 11.4 18.8 Depreciation and amortization 184.0 185.4 Interest expense, net 59.0 64.3 Share-based compensation expense 14.6 11.1 Restructuring costs 12.0 24.7 Transaction related costs 8.2 6.3 Other1 (7.8) 26.5 Adjusted EBITDA $241.2 $233.2 Net income (loss) margin (6.9)% (17.5)% Adjusted EBITDA margin 41.2% 39.3% © 2026 Clarivate. All rights reserved. 1 Includes the net impact of foreign exchange gains and losses related to the remeasurement of balances and other items that do not reflect our ongoing operating performance. Reconciliation of Non-GAAP Financial Measures Net income (loss) to Adjusted EBITDA and Adjusted EBITDA margin

 

Reconciliation of Non-GAAP Financial Measures 26 Net income (loss) and Net income (loss) per share to Adjusted net income and Adjusted diluted EPS © 2026 Clarivate. All rights reserved. 1 Includes the net impact of foreign exchange gains and losses related to the remeasurement of balances and other items that do not reflect our ongoing operating performance. Q1 ‘26 Q1 ‘25 $m except per share data Amount Per Share Amount Per Share Net income (loss) and Diluted EPS $(40.2) $(0.06) $(103.9) $(0.15) Amortization related to acquired intangible assets 135.4 0.21 136.3 0.20 Share-based compensation expense 14.6 0.02 11.1 0.02 Restructuring costs 12.0 0.02 24.7 0.04 Transaction related costs 8.2 0.01 6.3 0.01 Other1 (6.2) (0.01) 26.5 0.03 Income tax impact of related adjustments (4.5) (0.01) (5.2) (0.01) Adjusted net income and Adjusted diluted EPS $119.3 $0.18 $95.8 $0.14 Adjusted weighted average ordinary shares, diluted 647.3 695.2

 

27© 2026 Clarivate. All rights reserved. $m Q1 ‘26 Q1 ‘25 Net cash provided by operating activities $134.7 $171.2 Capital expenditures (55.8) (60.9) Free cash flow $78.9 $110.3 Reconciliation of Non-GAAP Financial Measures Net cash provided by operating activities to Free cash flow

 

28© 2026 Clarivate. All rights reserved. Year Ending December 31, 2026 (Forecasted) Year Ended December 31, $m Low High 2025 Net income (loss) $(189) $(124) $(201.1) Provision (benefit) for income taxes 43 48 7.2 Depreciation and amortization 786 786 757.2 Interest expense, net 238 228 265.4 Share-based compensation expense 70 70 63.0 Goodwill and intangible asset impairments — — 15.0 Restructuring costs1 25 25 50.7 Transaction related costs 13 13 22.5 Other (6) (6) 21.9 Adjusted EBITDA $980 $1,040 $1,001.8 Net income (loss) margin (8.2)% (5.1)% (8.2)% Adjusted EBITDA margin 42.0% 43.5% 40.8% 1 For the 2026 outlook, reflects restructuring costs expected to be incurred associated with the Value Creation Plan. Reconciliation of Non-GAAP Financial Measures – 2026 Outlook Net income (loss) to Adjusted EBITDA and Adjusted EBITDA margin

 

29© 2026 Clarivate. All rights reserved. Year Ending December 31, 2026 (Forecasted) $m Low High Net income (loss) per share $(0.29) $(0.19) Amortization related to acquired intangible assets 0.84 0.84 Share-based compensation expense 0.11 0.11 Restructuring costs1 0.04 0.04 Transaction related costs 0.02 0.02 Other 0.01 0.01 Income tax impact of related adjustments (0.03) (0.03) Adjusted diluted EPS $0.70 $0.80 Adjusted weighted average ordinary shares, diluted ~650 million Reconciliation of Non-GAAP Financial Measures – 2026 Outlook 1 Reflects restructuring costs expected to be incurred in 2026 associated with the Value Creation Plan. Net income (loss) per fully diluted weighted shares outstanding to Adjusted diluted EPS

 

30 Year Ending December 31, 2026 (Forecasted) Year Ended December 31, $m Low High 2025 Net cash provided by operating activities $615 $685 $628.5 Capital expenditures (250) (250) (263.2) Free cash flow $365 $435 $365.3 © 2026 Clarivate. All rights reserved. Reconciliation of Non-GAAP Financial Measures – 2026 Outlook Net cash provided by operating activities to Free cash flow

 

© 2026 Clarivate Clarivate and its logo, as well as all other trademarks used herein, are trademarks of their respective owners and used under license. About Clarivate Clarivate is a leading global provider of transformative intelligence. We offer enriched data, insights & analytics, workflow solutions and expert services in the areas of Academia & Government, Intellectual Property and Life Sciences & Healthcare. For more information, please visit www.clarivate.com

 

Source: View Original Filing on SEC EDGAR

FAQ

How did Clarivate (CLVT) perform financially in Q1 2026?

Clarivate delivered revenue of $585.5 million in Q1 2026, down 1.4% year over year, mainly from prior disposals. Net loss improved to $40.2 million, while Adjusted EBITDA rose to $241.2 million with a 41.2% margin, indicating stronger underlying profitability.

What were Clarivate (CLVT) earnings per share in Q1 2026?

Clarivate reported a diluted loss per share of $0.06 in Q1 2026, an improvement from a $0.15 loss a year earlier. Adjusted diluted EPS increased to $0.18 from $0.14, reflecting higher adjusted net income and the impact of cost discipline and restructuring benefits.

How much free cash flow did Clarivate (CLVT) generate in Q1 2026?

Clarivate generated $78.9 million of free cash flow in Q1 2026, down from $110.3 million in the prior-year quarter. The decline was driven primarily by less favorable working capital, including higher incentive compensation payments, partly offset by slightly lower capital expenditures.

What is Clarivate’s (CLVT) debt and cash position as of March 31, 2026?

As of March 31, 2026, Clarivate held $242.2 million in cash and cash equivalents and had total debt of $4,326.8 million. During the quarter it retired $143.1 million of debt, including fully redeeming notes due November 2026 and repurchasing portions of 2028 and 2029 notes.

Did Clarivate (CLVT) reaffirm its full-year 2026 guidance?

Yes. Clarivate reaffirmed 2026 guidance, projecting revenue of $2.30–$2.42 billion and Adjusted EBITDA of $980 million–$1.04 billion. The company also expects Adjusted diluted EPS of $0.70–$0.80 and free cash flow of $365–$435 million, assuming no major acquisitions or divestitures.

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