Open the filing on EDGARClarivate Reports Fourth Quarter and Full Year 2025 Results Full Year 2025 Results Re-occurring revenues were $434.2 million, compared to $429.8 million in 2024. Organic re-occurring revenues Use of Non-GAAP Financial Measures Consolidated Balance Sheets (Unaudited) Consolidated Statements of Operations (Unaudited) Consolidated Statements of Cash Flows (Unaudited) Supplemental Revenues Information Reconciliations to Certain Non-GAAP Measures The following tables present our calculation of Adjusted net income and Adjusted diluted EPS for the fourth Reconciliations to Certain Non-GAAP Measures - 2026 Outlook Free cash flow declined 0.4%, primarily due to lower IP segment volumes and sales. quarter and full year ended December 31, 2025 and 2024 and reconciles these non-GAAP measures to our Net The following table presents our calculation of Free cash flow for the 2026 outlook and reconciles this non-GAAP Total revenues for the full year 2025 were $2,455.2 million, compared to total revenues of $2,556.7 million in This release contains financial measures that have not been prepared in accordance with U.S. generally accepted accounting - Value Creation Plan accelerated organic ACV and drove higher cash flow in 2025 - As of December 31,(in millions)20252024ASSETSCurrent assets:Cash and cash equivalents, including restricted cash$329.2$295.2Accounts receivable, net821.7798.3Prepaid expenses94.285.9Other current assets64.965.2Total current assets1,310.01,244.6Property and equipment, net52.753.5Other intangible assets, net8,008.18,441.2Goodwill1,566.71,566.6Other non-current assets68.182.2Deferred income taxes17.248.5Operating lease right-of-use assets46.653.6Total assets$11,069.4$11,490.2LIABILITIES AND SHAREHOLDERS' EQUITYCurrent liabilities:Accounts payable$150.6$124.5Accrued compensation146.7119.2Accrued expenses and other current liabilities273.0308.8Current portion of deferred revenues878.6859.1Current portion of operating lease liability18.420.6Current portion of long-term debt101.51.3Total current liabilities1,568.81,433.5Long-term debt4,321.54,518.7Other non-current liabilities86.272.5Deferred income taxes212.1273.3Operating lease liabilities37.953.2Total liabilities6,226.56,351.2Commitments and contingenciesShareholders' equity:Ordinary Shares, no par value; unlimited shares authorized; 640.7 and 691.4 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively12,810.612,978.8Accumulated other comprehensive loss(453.1)(526.3)Accumulated deficit(7,514.6)(7,313.5)Total shareholders' equity4,842.95,139.0Total liabilities and shareholders' equity$11,069.4$11,490.2 Three Months Ended December 31,Year Ended December 31,(In millions, except per share data)2025202420252024Revenues$617.0$663.0$2,455.2$2,556.7Operating expenses:Cost of revenues204.8227.7833.6869.2Selling, general and administrative costs179.1180.8708.6727.6Depreciation and amortization189.1186.0757.2727.0Goodwill and intangible asset impairments15.0224.115.0540.7Restructuring and other impairments4.85.450.719.6Other operating expense (income), net(17.2)(98.7)18.6(51.8)Total operating expenses575.6725.32,383.72,832.3Income (loss) from operations41.4(62.3)71.5(275.6)Fair value adjustment of warrants - - - (5.2)Interest expense, net66.069.9265.4283.4Income (loss) before income taxes(24.6)(132.2)(193.9)(553.8)Provision (benefit) for income taxes(27.7)59.67.282.9Net income (loss)3.1(191.8)(201.1)(636.7)Dividends on preferred shares - - - 31.3Net income (loss) attributable to ordinary shares$3.1$(191.8)$(201.1)$(668.0)Per share:Basic$0.00$(0.27)$(0.30)$(0.96)Diluted$0.00$(0.27)$(0.30)$(0.96)Weighted average shares used to compute earnings per share:Basic654.2702.8673.3693.6Diluted662.3702.8673.3693.6 Year Ended December 31,(In millions)20252024Cash Flows From Operating ActivitiesNet income (loss)$(201.1)$(636.7)Adjustments to reconcile net income (loss) to net cash provided by operating activities:Depreciation and amortization757.2727.0Share-based compensation63.159.9Restructuring and other impairments, including goodwill18.6540.3Gain on sale from divestitures - (54.7)Deferred income taxes(41.5)21.2Amortization and write-off of debt issuance costs14.316.4Other operating activities14.4(1.9)Changes in operating assets and liabilities:Accounts receivable(5.0)92.6Prepaid expenses(7.5)1.5Other assets3.2(0.8)Accounts payable22.8(15.0)Accrued expenses and other current liabilities(11.3)3.8Deferred revenues(2.6)(106.2)Operating leases, net(5.4)(9.6)Other liabilities9.38.8Net cash provided by operating activities628.5646.6Cash Flows From Investing ActivitiesCapital expenditures(263.2)(289.1)Payments for acquisitions, net of cash acquired - (32.0)Proceeds from divestitures, net of cash divested - 84.4Net cash used for investing activities(263.2)(236.7)Cash Flows From Financing ActivitiesPrincipal payments on debt(600.0)(198.1)Proceeds from issuance of debt500.0 - Payment of debt issuance and extinguishment costs(9.4)(20.1)Repurchases of ordinary shares(224.5)(200.0)Cash dividends on preferred shares - (37.7)Payments related to tax withholding for share-based compensation(10.4)(15.6)Other financing activities1.21.4Net cash used for financing activities(343.1)(470.1)Effects of exchange rates11.8(15.3)Net change in cash and cash equivalents, including restricted cash34.0(75.5)Cash and cash equivalents, including restricted cash, beginning of period295.2370.7Cash and cash equivalents, including restricted cash, end of period$329.2$295.2Supplemental Cash Flow Information:Cash paid for interest$256.3$265.3Cash paid for income tax$42.1$52.9 Annualized contract value (“ACV”), at any point in time, represents the annualized value of all active customer Adjusted EBITDA and Adjusted EBITDA margin Adjusted EBITDA and Adjusted EBITDA margin income (loss) and diluted EPS for the same periods: measure to our Net cash provided by operating activities for the same period: principles (“GAAP”), including Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income, Adjusted diluted EPS, 2024, primarily reflecting the impact of inorganic divestitures and disposals. Organic revenues declined 0.1%, as Total recurring revenues, consisting of subscription and re-occurring revenues, increased 0.6% organically, subscription-based license agreements for the next 12 months, assuming those coming up for renewal during the - Financial outlook for 2026 projects continued momentum - Adjusted EBITDA represents Net income (loss) before the Provision (benefit) for income taxes, Depreciation and The following table presents our calculation of Adjusted EBITDA and Adjusted EBITDA margin for the 2026 Three Months Ended December 31,20252024(In millions, except per share amounts); (unaudited)AmountPer ShareAmountPer ShareNet income (loss) and Diluted EPS$3.1$0.00$(191.8)$(0.27)Amortization related to acquired intangible assets135.50.20137.20.20Share-based compensation expense17.40.0310.90.02Goodwill and intangible asset impairments15.00.02224.10.32Restructuring and other impairments4.80.015.40.01Transaction related costs4.00.014.30.01Other(1)(15.7)(0.02)(83.1)(0.13)Income tax impact of related adjustments(34.4)(0.05)38.50.05Adjusted net income and Adjusted diluted EPS$129.7$0.20$145.5$0.21Adjusted weighted average ordinary shares, diluted662.3707.7(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. The fourth quarter 2024 includes a gain of $69.5 from the ScholarOne divestiture. and Free cash flow. Non-GAAP financial measures are not recognized terms under GAAP, are not measures of financial 0.6% organic recurring revenue growth was offset by lower organic transactional revenues. compared to 2024, reflecting continued progress toward a more stable and predictable revenue profile. Year Ending December 31, 2026(Forecasted)(In millions); (unaudited)LowHighNet cash provided by operating activities$615$685Capital expenditures(250)(250)Free cash flow$365$435 measurement period are renewed at their current price level. Our organic ACV grew 1.8% in 2025, compared to amortization, and Interest expense, net, adjusted to exclude share-based compensation, impairments, restructuring outlook and reconciles these non-GAAP measures to our Net income (loss) and Net income (loss) margin for the - Provides update on strategic review; Currently engaged in active discussions with interested parties condition or liquidity, and should not be considered as an alternative to profit or loss for the period determined in accordance 2024, primarily driven by improved product pricing. Our total ACV for 2025, compared to 2024, declined 1.0% Organic ACV increased 1.8% compared to December 31, 2024, and the mix of organic recurring revenue Transactional revenues were $415.5 million compared to $500.1 million in the prior year, reflecting the impact of expenses, the impact of certain non-cash fair value adjustments on financial instruments, acquisition and/or same period: with GAAP or operating cash flows determined in accordance with GAAP. As a result, you should not consider such to sell Life Sciences & Healthcare business - primarily due to the wind-down of certain product groups beginning in the first quarter of 2025. improved significantly, increasing 800 basis points to 88% of total revenue, compared to 80% in the prior year. divestitures and disposals in A&G and LS&H segments. Organic transactional revenues declined 4.8%, primarily measures in isolation from, or as a substitute for, financial measures or results of operations calculated or determined in disposal-related transaction costs, unrealized foreign currency gains/losses, legal settlements, and other items that Year Ending December 31, 2026(Forecasted)(In millions); (unaudited)LowHighNet income (loss)$(189)$(124)Provision (benefit) for income taxes4348Depreciation and amortization786786Interest expense, net238228Share-based compensation expense7070Restructuring and other impairments(1)2525Transaction related costs1313Other(6)(6)Adjusted EBITDA$980$1,040Net income (loss) margin(8.2)%(5.1)%Adjusted EBITDA margin42.0%43.5%(1) Reflects restructuring costs expected to be incurred in 2026 associated with the Value Creation Plan. London, UK -- February 24, 2026 Clarivate Plc (NYSE: CLVT) (the “Company” or “Clarivate”), a leading This shift reflects continued progress toward a more sustainable, subscription-led revenue base. due to lower IP segment volumes. accordance with GAAP. are included in Net income (loss) for the period that we do not consider indicative of our ongoing operating The following tables present our revenues by type and by segment for the periods indicated, as well as the global provider of transformative intelligence, today reported results for the fourth quarter and full year ended performance. Net income (loss) margin is calculated by dividing Net income (loss) by Revenues. Adjusted components driving the changes between periods. We use non-GAAP measures internally in our operational and financial decision-making, to assess the operating performance Net loss for the full year 2025 improved to $201.1 million, or $0.30 per diluted share, compared to a net loss of Balance Sheet and Cash Flow December 31, 2025. EBITDA margin is calculated by dividing Adjusted EBITDA by Revenues. of our business, to assess performance for employee compensation purposes, and to decide how to allocate resources. We $636.7 million, or $0.96 per diluted share, in 2024. Adjusted net income was $468.1 million, or $0.69 per diluted Three Months EndedDecember 31,Change% of Change20252024$%AcquisitionsDisposalsFXOrganicSubscription$405.8$407.0$(1.2)(0.3)% - %(2.4)%1.1%1.0%Re-occurring114.1112.02.11.9% - %0.1%3.0%(1.2)%Recurring revenues519.9519.00.90.2% - %(1.8)%1.5%0.5%Transactional97.1144.0(46.9)(32.6)% - %(21.3)%0.6%(11.9)%Revenues$617.0$663.0$(46.0)(6.9)% - %(7.0)%1.3%(1.2)% As of December 31, 2025, cash and cash equivalents were $329.2 million, an increase of $34.0 million compared believe that such measures allow us to focus on what we deem to be more reliable indicators of ongoing operating share, compared to $525.3 million, or $0.73 per diluted share, in the prior year. Adjusted EBITDA was $1,001.8 Executive Commentary The following table presents our calculation of Adjusted EBITDA and Adjusted EBITDA margin for the fourth to December 31, 2024. performance and our ability to generate cash flow from operations, and we also believe that investors may find these nonmillion, compared to $1,060.4 million in 2024. quarter and full year ended December 31, 2025 and 2024 and reconciles these non-GAAP measures to our Net GAAP financial measures useful for the same reasons. Non-GAAP measures are frequently used by securities analysts, Matti Shem Tov, Chief Executive Officer: Total debt outstanding was $4,469.9 million as of December 31, 2025, a decrease of $101.2 million compared to income (loss) and Net income (loss) margin for the same periods: Strong Cash Flow Generation investors, and other interested parties in their evaluation of companies comparable to us, many of which present non-GAAP the prior year, driven by a $100.0 million accelerated debt repayment completed in September 2025. An “In 2025, Clarivate achieved significant innovation and growth. We advanced our Value Creation Plan by refining measures when reporting their results. Further, these measures can be useful in evaluating our performance against our peer Three Months Ended December 31,Year Ended December 31,(In millions, except percentages); (unaudited)2025202420252024Net income (loss)$3.1$(191.8)$(201.1)$(636.7)Provision (benefit) for income taxes(27.7)59.67.282.9Depreciation and amortization189.1186.0757.2727.0Interest expense, net66.069.9265.4283.4Share-based compensation expense17.410.963.060.6Goodwill and intangible asset impairments15.0224.115.0540.7Restructuring and other impairments4.85.450.719.6Fair value adjustment of warrants - - - (5.2)Transaction related costs4.04.322.517.9Other(1)(17.1)(83.1)21.9(29.8)Adjusted EBITDA$254.6$285.3$1,001.8$1,060.4Net income (loss) margin0.5%(28.9)%(8.2)%(24.9)%Adjusted EBITDA margin41.3%43.0%40.8%41.5%(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. The fourth quarter and full year 2024 includes a gain of $69.5 and a net gain of $54.7, respectively, from the divestitures completed in 2024. Clarivate generated $628.5 million of operating cash flow and $365.3 million of free cash flow during the full additional $100.0 million accelerated debt repayment was made in January 2026, fully redeeming the senior our business model, enhancing sales execution, and investing in proprietary assets while developing Agentic AI companies because we believe they provide users with valuable insight into key components of our GAAP financial Media Contact: year of 2025. The Company returned capital to shareholders through approximately $225 million in ordinary secured notes due November 2026. capabilities throughout our portfolio. These efforts have strengthened both our operational and financial standing disclosure. However, non-GAAP measures have limitations as analytical tools and because not all companies use identical Amy Bourke-Waite, Senior Director, Communications & Brand share repurchases, including 21.2 million shares during the fourth quarter, for a total of 56.0 million shares and improved our revenue composition through the broader adoption of subscription-based services. As a result, calculations, our presentation of non-GAAP financial measures may not be comparable to other similarly titled measures of Net cash provided by operating activities for the full year 2025 was $628.5 million compared to $646.6 million in newsroom@clarivate.com repurchased in 2025. other companies. we realized nearly 2% organic ACV growth, increased recurring organic revenue, and stronger free cash flow the prior year. Free cash flow increased $365.3 million compared to $357.5 million in 2024, reflecting continued conversion, all while meeting our full-year financial guidance for 2025.” Year EndedDecember 31,Change% of Change20252024$%AcquisitionsDisposalsFXOrganicSubscription$1,605.5$1,626.8$(21.3)(1.3)%0.1%(2.7)%0.5%0.8%Re-occurring434.2429.84.41.0% - % - %1.4%(0.4)%Recurring revenues2,039.72,056.6(16.9)(0.8)%0.1%(2.2)%0.7%0.6%Transactional415.5500.1(84.6)(16.9)%0.1%(12.6)%0.4%(4.8)%Revenues$2,455.2$2,556.7$(101.5)(4.0)%0.1%(4.7)%0.7%(0.1)% Investor Relations Contact: Selected Financial Information strong cash generation. Definitions and reconciliations of non-GAAP measures to the most directly comparable GAAP measures are provided within Year Ended December 31,20252024(In millions, except per share amounts); (unaudited)AmountPer ShareAmountPer ShareNet income (loss) and Diluted EPS$(201.1)$(0.30)$(636.7)$(0.92)Amortization related to acquired intangible assets545.50.81554.10.80Share-based compensation expense63.00.0960.60.09Goodwill and intangible asset impairments15.00.02540.70.78Restructuring and other impairments50.70.0819.60.03Fair value adjustment of warrants - - (5.2)(0.01)Transaction related costs22.50.0317.90.03Other(1)24.80.04(29.8)(0.08)Income tax impact of related adjustments(52.3)(0.08)4.10.01Adjusted net income and Adjusted diluted EPS$468.1$0.69$525.3$0.73Adjusted weighted average ordinary shares, diluted679.3721.5(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. The 2024 amount includes a net gain of $54.7 from divestitures. the schedules attached to this release. Our presentation of non-GAAP measures should not be construed as an inference that “As we look ahead to 2026, we are operating with improved focus, efficiency, and momentum. We are utilizing Mark Donohue, Vice President, Investor Relations (In millions, except percentages and per share data), (unaudited)Three Months EndedDecember 31,ChangeYear EndedDecember 31,Change20252024$%20252024$%Revenues$617.0$663.0$(46.0)(6.9)%$2,455.2$2,556.7$(101.5)(4.0)%Net income (loss)$3.1$(191.8)$194.9101.6%$(201.1)$(636.7)$435.668.4%Adjusted net income(1)$129.7$145.5$(15.8)(10.9)%$468.1$525.3$(57.2)(10.9)%Adjusted EBITDA(1)$254.6$285.3$(30.7)(10.8)%$1,001.8$1,060.4$(58.6)(5.5)%Diluted EPS$0.00$(0.27)$0.27100.0%$(0.30)$(0.96)$0.6668.8%Adjusted diluted EPS(1)$0.20$0.21$(0.01)(4.8)%$0.69$0.73$(0.04)(5.5)%Net cash provided by operating activities$159.9$141.3$18.613.2%$628.5$646.6$(18.1)(2.8)%Free cash flow(1)$89.2$59.1$30.150.9%$365.3$357.5$7.82.2% Outlook for 2026 (forward-looking statement) our future results will be unaffected by any of the adjusted items, or that any projections and estimates will be realized in our proprietary solutions in conjunction with AI to deliver greater value to our customers, and we remain investor.relations@clarivate.com their entirety or at all. committed to disciplined execution, continued organic growth, and thoughtful capital allocation.” The full-year outlook presented below assumes no further acquisitions, divestitures, or other unanticipated events. 215.243.2202
Forward-Looking Statements
Forward-looking statements notice
Full Year 2026 OutlookOrganic ACV2.0% to 3.0%Recurring Organic Revenue Growth0.75% to 2.25%Revenues$2.30B to $2.42BAdjusted EBITDA(1)$980M to $1.04BAdjusted EBITDA Margin(1)42.0% to 43.5%Adjusted Diluted EPS(1)(2)$0.70 to $0.80Free Cash Flow(1)$365M to $435M Jonathan Collins, Executive Vice President and Chief Financial Officer: This release includes statements that express our opinions, expectations, beliefs, plans, objectives, assumptions, or projections Adjusted diluted EPS “We anticipate a steady improvement in our financial performance for 2026. Although overall reported revenue regarding future events or future results and therefore are, or may be deemed to be, “forward-looking statements” within the will be lower due to the previously announced strategic divestitures of transactional based revenues, we forecast The following table presents our calculation of Adjusted diluted EPS for the 2026 outlook and reconciles this nonmeaning of the “safe harbor provisions” of the Private Securities Litigation Reform Act of 1995. These forward-looking growth in organic ACV and recurring organic revenue. Due to robust organic growth conversion and diligent cost GAAP measure to our Net income (loss) per share for the same period: statements can generally be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” Three Months EndedDecember 31,Change% of Change20252024$%AcquisitionsDisposalsFXOrganicAcademia & Government$312.3$342.9$(30.6)(8.9)% - %(10.9)%0.9%1.1%Intellectual Property206.4209.1(2.7)(1.3)% - % - %2.5%(3.8)%Life Sciences & Healthcare98.3111.0(12.7)(11.4)% - %(9.9)%0.4%(1.9)%Revenues$617.0$663.0$(46.0)(6.9)% - %(7.0)%1.3%(1.2)% management, Adjusted EBITDA is projected to grow, accompanied by an estimated 200 basis point expansion in “anticipates,” “expects,” “seeks,” “projects,” “intends,” “plans,” “may,” “will,” or “should” or, in each case, their negative or Year Ending December 31, 2026(Forecasted)(Unaudited)LowHighNet income (loss)$(0.29)$(0.19)Amortization related to acquired intangible assets0.840.84Share-based compensation expense0.110.11Restructuring and other impairments(1)0.040.04Transaction related costs0.020.02Other0.010.01Income tax impact of related adjustments(0.03)(0.03)Adjusted diluted EPS$0.70$0.80Adjusted weighted average ordinary shares, diluted~650 million(1) Reflects restructuring costs expected to be incurred in 2026 associated with the Value Creation Plan. margins. Additionally, we estimate free cash flow will rise by roughly 10% to nearly $400 million at midpoint, other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts, and include statements regarding our intentions, beliefs, or current expectations concerning, among other things, the allowing us to reinvest in our business and provide returns to shareholders.” anticipated divestiture of our LS&H business or any other strategic transactions we may explore, anticipated cost savings,
Sale Process for Life Sciences & Healthcare Segment
Forward-looking statements notice
results of operations, financial condition, liquidity, prospects, growth, strategies, anticipated transactions, and the markets in which we operate. Such forward-looking statements are based on available current market material and management’s The Company previously announced a strategic review of its business portfolio. Following a comprehensive Notes to press release expectations, beliefs, and forecasts concerning future events impacting us. There can be no assurance that future Adjusted net income and Adjusted diluted EPS evaluation, the Company today announced it is pursuing a sale of its Life Sciences & Healthcare business. (1) Non-GAAP measure. Please see “Reconciliations to Certain Non-GAAP Measures” in this release for important disclosures and reconciliations of these developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks Clarivate has retained Morgan Stanley & Co. LLC as its financial advisor, and is currently engaged in active financial measures to the most directly comparable GAAP measure. These terms are defined elsewhere in this press release. Adjusted net income represents Net income (loss), adjusted to exclude amortization related to acquired intangible and uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance Year EndedDecember 31,Change% of Change20252024$%AcquisitionsDisposalsFXOrganicAcademia & Government$1,266.0$1,326.4$(60.4)(4.6)% - %(6.7)%0.5%1.6%Intellectual Property799.4811.4(12.0)(1.5)%0.1%(1.0)%1.3%(1.9)%Life Sciences & Healthcare389.8418.9(29.1)(6.9)%0.2%(6.0)%0.3%(1.4)%Revenues$2,455.2$2,556.7$(101.5)(4.0)%0.1%(4.7)%0.7%(0.1)% discussions with interested parties. The Company believes that a potential sale will allow further emphasis on the Fourth Quarter 2025 Commentary (2) Adjusted diluted EPS for 2026 is calculated based on approximately 650 million fully diluted adjusted weighted average ordinary shares outstanding. assets, share-based compensation, impairments, restructuring expenses, the impact of certain non-cash fair value to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties Free cash flow Academia & Government and Intellectual Property markets, and it is anticipated that proceeds from a potential adjustments on financial instruments, acquisition and/or disposal-related transaction costs, unrealized foreign include, but are not limited to, those factors described in Item 1A. Risk Factors in our annual report on Form 10-K, along Subscription revenues were $405.8 million, compared to $407.0 million in the prior year period. On an organic sale would enable the Company to strengthen its balance sheet through reduced leverage. There can be no Conference Call and Webcast with our other filings with the U.S. Securities and Exchange Commission (“SEC”). Should one or more of these risks or currency gains/losses, legal settlements, and other items that are included in net income (loss) for the period that Free cash flow represents Net cash provided by operating activities less Capital expenditures. The following table basis, subscription revenues increased 1.0%, driven by new sales, improved retention and pricing actions. assurances that the sale process will result in a transaction. Clarivate does not intend to comment further regarding uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from we do not consider indicative of our ongoing operating performance and the associated income tax impact of such presents our calculation of Free cash flow for the fourth quarter and full year ended December 31, 2025 and 2024 Clarivate will host a conference call and webcast today to review the results for the fourth quarter and full year at 9:00 a.m. Re-occurring revenues were $114.1 million, compared to $112.0 million in the prior year period. Organic re- this matter until additional disclosure is determined to be appropriate. those projected in these forward-looking statements. We do not undertake any obligation to update or revise any forwardadjustments. and reconciles this non-GAAP measure to Net cash provided by operating activities for the same periods: Eastern Time. The webcast is open to all interested parties and may include forward-looking information. looking statements, whether as a result of new information, future events or otherwise, except as may be required under occurring revenues declined 1.2%, primarily reflecting lower Intellectual Property (“IP”) volumes and sales. Three Months Ended December 31,Year Ended December 31,(In millions); (unaudited)2025202420252024Net cash provided by operating activities$159.9$141.3$628.5$646.6Capital expenditures(70.7)(82.2)(263.2)(289.1)Free cash flow$89.2 $59.1$365.3 $357.5 Fourth Quarter 2025 Results Adjusted diluted EPS is calculated by dividing Adjusted net income by Adjusted diluted weighted average shares. The live webcast of the earnings call will be accessible through the investor relations section of the Company’s website. To applicable securities laws. Please consult our public filings with the SEC, which are also available on our website at Total recurring revenues, which include subscription and re-occurring revenues, increased 0.5% organically, The Adjusted diluted weighted average shares calculation assumes that all instruments in the calculation are join the webcast please visit https://events.q4inc.com/attendee/295400608. www.clarivate.com. Total revenues for the fourth quarter 2025 were $617.0 million, compared to $663.0 million in the fourth quarter compared to the prior year period, underscoring the resilience of Clarivate’s recurring revenue base. dilutive. Interested parties may access the live audio broadcast. U.S. participants may call 800-715-9871; international participants 2024, reflecting the impact of inorganic divestitures and disposals. On an organic basis, revenues declined 1.2%, About Clarivate Transactional revenues were $97.1 million compared to $144.0 million in the prior year period, reflecting the may call +1 646-307-1963 (long-distance charges will apply). The conference ID number is 7258454. as 1.0% organic subscription growth was more than offset by lower organic re-occurring and transactional Clarivate is a leading global provider of transformative intelligence. We offer enriched data, insights & analytics, workflow impact of divestitures and disposals in Academia & Government (“A&G”) and Life Sciences & Healthcare revenues. A replay of the webcast will also be available on https://ir.clarivate.com beginning two hours after the conclusion of the live solutions and expert services in the areas of Academia & Government, Intellectual Property, and Life Sciences & Healthcare. (“LS&H”). On an organic basis, transactional revenues declined 11.9%, primarily due to lower IP volumes. call and will remain available for one year. For more information, please visit www.clarivate.com. Net income for the fourth quarter 2025 improved to $3.1 million, or $0.00 per diluted share, compared to a net Full Year 2025 Commentary loss of $191.8 million, or $0.27 per diluted share, in the prior year period. Adjusted net income was $129.7 million, or $0.20 per diluted share, compared to $145.5 million, or $0.21 per diluted share, in the fourth quarter Subscription revenues were $1,605.5 million, compared to $1,626.8 million in the prior year. Organic subscription 2024. Adjusted EBITDA was $254.6 million, compared to $285.3 million in the prior year period. revenues increased 0.8%, driven by new customer wins, improved retention, and pricing.
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