Open the filing on EDGARClarivate Reports Third Quarter 2026 Results, Delivering Clear Path to Value Creation Net loss, including LS&H, was $389.6 million, or $0.61 per diluted share, compared to a net loss of $204.2 redemption of the senior secured notes due November 2026, as well as the retirement of $192.6 million aggregate GAAP. As a result, you should not consider such measures in isolation from, or as a substitute for, financial Supplemental Revenues Information Reconciliations to Certain Non-GAAP Measures The following table presents our calculation of Adjusted EBITDA, including discontinued operations and The following tables present our calculation of Adjusted net income including discontinued operations and Reconciliations to Certain Non-GAAP Measures - 2026 Outlook Free cash flow Condensed Consolidated Balance Sheets - Unaudited Condensed Consolidated Statements of Operations - Unaudited Condensed Consolidated Statements of Cash Flows - Unaudited million, or $0.30 per diluted share, for the first nine months of 2025, driven by a $283.9 million non-cash LS&H principal of the senior secured notes due 2028 and senior notes due 2029 through a series of debt repurchases at measures or results of operations calculated or determined in accordance with GAAP. Adjusted EBITDA margin for the three and nine months ended September 30, 2026 and 2025 and reconciles these Adjusted diluted EPS including discontinued operations for the three and nine months ended September 30, 2026 The following table presents our calculation of Free cash flow for the 2026 outlook, including the impact of Annualized contract value (“ACV”), at any point in time, represents the annualized value of all active customer - Improved recurring organic revenue growth driven by portfolio transformation (In millions)September 30, 2026December 31, 2025ASSETSCurrent assets:Cash and cash equivalents, including restricted cash$257.0 $329.2 Accounts receivable, net747.4 696.8 Prepaid expenses95.7 79.2 Other current assets61.6 62.0 Current assets held for sale70.6 142.8 Total current assets1,232.3 1,310.0 Property and equipment, net44.6 52.0 Other intangible assets, net7,155.5 7,515.9 Goodwill1,088.8 1,088.9 Other non-current assets109.3 59.9 Deferred income taxes19.4 16.1 Operating lease right-of-use assets38.7 45.4 Non-current assets held for sale679.7 981.2 Total assets$10,368.3 $11,069.4 LIABILITIES AND SHAREHOLDERS' EQUITYCurrent liabilities:Accounts payable$117.2 $138.8 Accrued compensation87.3 114.6 Accrued expenses and other current liabilities276.3 260.0 Current portion of deferred revenues761.3 737.4 Current portion of operating lease liability16.3 17.8 Current portion of long-term debt1.6 101.5 Current liabilities held for sale144.5 198.7 Total current liabilities1,404.5 1,568.8 Long-term debt4,136.8 4,321.5 Other non-current liabilities72.6 81.1 Deferred income taxes195.0 201.8 Operating lease liabilities29.2 37.3 Non-current liabilities held for sale15.8 16.0 Total liabilities5,853.9 6,226.5 Commitments and contingenciesShareholders' equity:Ordinary Shares, no par value; unlimited shares authorized; 639.9 and 640.7 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively12,825.8 12,810.6 Accumulated other comprehensive loss(407.2) (453.1) Accumulated deficit(7,904.2) (7,514.6) Total shareholders' equity4,514.4 4,842.9 Total liabilities and shareholders' equity$10,368.3 $11,069.4 Three Months Ended September 30,Nine Months Ended September 30,(In millions, except per share data)2026202520262025Revenues$481.6 $530.3 $1,472.4 $1,546.7 Operating expenses:Cost of revenues139.0 178.5 442.4 511.3 Selling, general and administrative costs134.6 145.7 447.3 453.2 Depreciation and amortization162.3 168.6 484.7 499.2 Restructuring costs4.5 7.9 24.9 34.3 Other operating expense (income), net1.1 (16.3) (8.4) 33.6 Total operating expenses441.5 484.4 1,390.9 1,531.6 Operating income (loss) 40.1 45.9 81.5 15.1 Interest expense, net61.0 68.5 180.4 199.4 Income (loss) from continuing operations before income taxes(20.9) (22.6) (98.9) (184.3) Provision (benefit) for income taxes5.5 2.3 23.4 29.0 Income (loss) from continuing operations, net of taxes(26.4) (24.9) (122.3) (213.3) Income (loss) from discontinued operations, net of taxes(54.4) (3.4) (267.3) 9.1 Net income (loss)$(80.8) $(28.3) $(389.6) $(204.2) Basic earnings (loss) per share:Continuing operations$(0.04) $(0.04) $(0.19) $(0.31) Discontinued operations(0.09) - (0.42) 0.01 Basic earnings (loss) per share$(0.13) $(0.04) $(0.61) $(0.30) Diluted earnings (loss) per share:Continuing operations$(0.04) $(0.04) $(0.19) $(0.31) Discontinued operations(0.09) - (0.42) 0.01 Diluted earnings (loss) per share$(0.13) $(0.04) $(0.61) $(0.30) Weighted average shares used to compute earnings per share:Basic639.7668.3639.9679.7Diluted639.7668.3639.9679.7 Nine Months Ended September 30,(In millions)20262025Cash Flows From Operating ActivitiesNet income (loss)$(389.6) $(204.2) Adjustments to reconcile net income (loss) to net cash provided by operating activities:Depreciation and amortization532.0 568.1 Share-based compensation40.2 45.4 Goodwill and intangible asset impairments283.9 - Loss on classification as held for sale10.1 - Deferred income taxes(9.8) (11.6) Amortization and write-off of debt issuance costs9.9 11.3 Other operating activities(16.5) 29.9 Changes in operating assets and liabilities:Accounts receivable19.3 6.2 Prepaid expenses(14.9) (7.2) Other assets(7.0) 0.5 Accounts payable(26.9) 11.7 Accrued expenses and other current liabilities(20.6) 27.3 Deferred revenues(7.4) (8.3) Operating leases, net(2.6) (4.3) Other liabilities(1.1) 3.8 Net cash provided by operating activities399.0 468.6 Cash Flows From Investing ActivitiesCapital expenditures(165.9) (192.5) Net cash used for investing activities(165.9) (192.5) Cash Flows From Financing ActivitiesPrincipal payments on debt(284.2) (600.0) Proceeds from issuance of debt - 500.0 Payment of debt issuance and extinguishment costs - (9.5) Repurchases of ordinary shares(18.1) (149.5) Payments related to tax withholding for share-based compensation(6.8) (9.6) Other financing activities4.1 3.4 Net cash used for financing activities(305.0) (265.2) Effects of exchange rates(0.3) 12.6 Net change in cash and cash equivalents, including restricted cash(72.2) 23.5 Cash and cash equivalents, including restricted cash, beginning of period329.2 295.2 Cash and cash equivalents, including restricted cash, end of period$257.0 $318.7 Adjusted EBITDA and Adjusted EBITDA margin Adjusted EBITDA and Adjusted EBITDA margin goodwill impairment charge. Adjusted net income, including LS&H, was $378.4 million, or $0.59 per diluted an approximate 5% discount to par. non-GAAP measures to our Net income (loss) and Net income (loss) margin for the same periods: and 2025 and reconciles these non-GAAP measures to our Net income (loss) and diluted EPS for the same We use non-GAAP measures internally in our operational and financial decision-making, to assess the operating discontinued operations for the first nine months, and reconciles this non-GAAP measure to our Net cash subscription-based license agreements for the next 12 months, assuming those coming up for renewal during the and AI-led innovation - share, compared to $338.4 million, or $0.49 per diluted share, for the first nine months of 2025. Adjusted periods: Adjusted EBITDA represents Net income (loss) before the Provision (benefit) for income taxes, Depreciation and The following table presents our calculation of Adjusted EBITDA and Adjusted EBITDA margin for continuing performance of our business, to assess performance for employee compensation purposes, and to decide how to Three Months Ended September 30,Nine Months Ended September 30,(In millions, except percentages); (unaudited)2026202520262025Net income (loss)$(80.8) $(28.3) $(389.6) $(204.2) Provision (benefit) for income taxes7.73.827.134.9Depreciation and amortization162.3191.8532.0568.1Interest expense, net61.068.5180.4199.4Share-based compensation expense10.816.040.545.6Goodwill and intangible asset impairments62.2 - 283.9 - Loss on classification as held for sale10.1 - 10.1 - Restructuring costs4.911.929.045.9Transaction related costs8.14.126.518.5Other(1)(1.0)(15.4)(6.2)39.0Adjusted EBITDA, including discontinued operations$245.3$252.4$733.7$747.2Net income (loss) margin(14.9) %(4.5) %(22.6) %(11.1) %Adjusted EBITDA margin43.2 %40.5 %42.1 %40.6 % provided by operating activities for the same period: Net cash provided by operating activities including discontinued operations for the first nine months of 2026 was measurement period are renewed at their current price level. Our organic ACV grew 1.8% compared to September EBITDA, including LS&H, was $733.7 million, compared to Adjusted EBITDA of $747.2 million for the first amortization, and Interest expense, net, adjusted to exclude share-based compensation, impairments, restructuring - Updates 2026 financial outlook following the divestiture of Life Sciences & Healthcare segment - allocate resources. We believe that such measures allow us to focus on what we deem to be more reliable Three Months Ended September 30,20262025(In millions, except per share amounts); (unaudited)AmountPer ShareAmountPer ShareNet income (loss) and Diluted EPS$(80.8)$(0.13)$(28.3)$(0.04)Amortization related to acquired intangible assets122.60.19136.70.20Share-based compensation expense10.80.0216.00.02Goodwill and intangible asset impairments62.20.10 - - Loss on classification as held for sale10.10.02 - - Restructuring costs4.90.0111.90.02Transaction related costs8.10.014.10.01Other(1)0.7(0.01)(14.0)(0.02)Income tax impact of related adjustments(2.6) - (7.1)(0.01)Adjusted net income and Adjusted diluted EPS$136.0$0.21$119.3$0.18Adjusted weighted average ordinary shares, diluted643.6675.5 operations for the 2026 outlook and reconciles these non-GAAP measures to our Net income (loss) and Net $399.0 million compared to $468.6 million in the prior year period. Free cash flow including discontinued 30, 2025, primarily driven by improved product pricing. Our total ACV for September 30, 2026, compared to Year Ending December 31, 2026(Forecasted)(In millions); (unaudited)LowHighNet cash provided by operating activities$550$570Capital expenditures(230)(230)Free cash flow$320$340 nine months of 2025. expenses, the impact of certain non-cash fair value adjustments on financial instruments, acquisition and/or income (loss) margin for the same period: indicators of ongoing operating performance and our ability to generate cash flow from operations, and we also operations for the first nine months of 2026 was $233.1 million compared to $276.1 million in the prior year September 30, 2025, increased 3.6%, primarily due to improved product pricing and FX movements. London, UK -- November 3, 2026 Clarivate Plc (NYSE: CLVT) (the “Company” or “Clarivate”), a leading disposal-related transaction costs, unrealized foreign currency gains/losses, legal settlements, and other items that believe that investors may find these non-GAAP financial measures useful for the same reasons. Non-GAAP Year Ending December 31, 2026(Forecasted)(In millions); (unaudited)Low HighNet income (loss)$(154)$(144)Provision (benefit) for income taxes4545Depreciation and amortization650650Interest expense, net225230Share-based compensation expense4550Restructuring costs(1)3030Transaction related costs3535Other(11)(11)Adjusted EBITDA$865$885Net income (loss) margin(7.8)%(7.3)%Adjusted EBITDA margin43.0%45.0% Clarivate, including LS&H, generated $399.0 million of operating cash flow and $233.1 million of free cash flow period. global provider of transformative intelligence, today reported results for the third quarter ended September 30, 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 segment, as well as the components driving the changes measures are frequently used by securities analysts, investors, and other interested parties in their evaluation of during the first nine months of 2026. 2026. On October 6, 2026 the company completed the sale of the LS&H segment for net cash proceeds of $488.4 performance. Net income (loss) margin is calculated by dividing Net income (loss) by Revenues. Adjusted between periods. companies comparable to us, many of which present non-GAAP measures when reporting their results. Further, million. EBITDA margin is calculated by dividing Adjusted EBITDA by Revenues. Selected Financial Information Executive Commentary these measures can be useful in evaluating our performance against our peer companies because we believe they
Revenues by transaction type
(In millions, except percentages and per share data), (unaudited)Three Months EndedSeptember 30,ChangeNine Months EndedSeptember 30,Change20262025$%20262025$%Revenues, including discontinued operations$567.9 $623.1 $(55.2) (8.9)%$1,740.7 $1,838.2 $(97.5) (5.3)%Revenues, continuing operations$481.6 $530.3 $(48.7) (9.2)%$1,472.4 $1,546.7 $(74.3) (4.8)%Net income (loss)$(80.8) $(28.3) $(52.5) N/M$(389.6) $(204.2) $(185.4) N/MAdjusted net income(1)$136.0 $119.3 $16.7 14.0%$378.4 $338.4 $40.0 11.8%Adjusted EBITDA, including discontinued operations(1)$245.3 $252.4 $(7.1) (2.8)%$733.7 $747.2 $(13.5) (1.8)%Adjusted EBITDA, continuing operations(1)$218.2 $222.2 $(4.0) (1.8)%$645.6 $645.7 $(0.1) - %Diluted EPS, continuing operations$(0.04) $(0.04) $0.00 - %$(0.19) $(0.31) $0.12 (38.7)%Diluted EPS, discontinued operations$(0.09) $0.00 $(0.09) N/M$(0.42) $0.01 $(0.43) N/MDiluted EPS, including discontinued operations$(0.13) $(0.04) $(0.09) N/M$(0.61) $(0.30) $(0.31) N/MAdjusted diluted EPS(1)$0.21$0.18$0.0316.7%$0.59$0.49$0.1020.4%Net cash provided by operating activities$165.6$181.1$(15.5)(8.6)%$399.0$468.6$(69.6)(14.9)%Free cash flow(1)$110.2$115.5$(5.3)(4.6)%$233.1$276.1$(43.0)(15.6)% provide users with valuable insight into key components of our GAAP financial disclosure. However, non-GAAP The following table presents our calculation of Adjusted EBITDA and Adjusted EBITDA margin for the three Updates 2026 outlook excluding discontinued operations (forward-looking statement) Matti Shem Tov, Chief Executive Officer: (In millions, except percentages); (unaudited)Three Months EndedSeptember 30,Change% of Change20262025$%AcquisitionsDisposalsFXOrganicSubscription$338.3$335.9$2.40.7% - %(0.1)%(0.7)%1.5%Re-occurring105.8105.30.50.5% - % - %(0.2)%0.7%Recurring revenues444.1441.22.90.7% - %(0.1)%(0.5)%1.3%Transactional37.589.1(51.6)(57.9)% - %(45.3)%(0.2)%(12.4)%Revenues$481.6$530.3$(48.7)(9.2)% - %(9.1)%(0.5)%0.4% measures have limitations as analytical tools and because not all companies use identical calculations, our and nine months ended September 30, 2026 and 2025 and reconciles these non-GAAP measures to our Income The full year 2026 outlook presented below assumes no further acquisitions, divestitures, or unanticipated events. “Third quarter results continued to improve across key metrics, including organic recurring revenue growth and presentation of non-GAAP financial measures may not be comparable to other similarly titled measures of other Media Contact: (loss) from continuing operations, net of taxes and Income (loss) from continuing operations margin for the same The Q4 2026 outlook presented below is provided in connection with the completion of the LS&H divestiture and the return to positive ACV growth in the Intellectual Property segment. We also achieved a major milestone with companies. periods: Amy Bourke-Waite, Senior Director, Communications & Brand also assumes no further acquisitions, divestitures, or unanticipated events. the early close of the Life Sciences & Healthcare segment divestiture, positioning us for enhanced value creation Definitions and reconciliations of non-GAAP measures to the most directly comparable GAAP measures are newsroom@clarivate.com Three Months Ended September 30,Nine Months Ended September 30,(In millions, except percentages); (unaudited)2026202520262025Income (loss) from continuing operations, net of taxes$(26.4) $(24.9) $(122.3) $(213.3) Provision (benefit) for income taxes5.52.323.429.0Depreciation and amortization162.3168.6484.7499.2Interest expense, net61.068.5180.4199.4Share-based compensation expense7.713.132.337.1Restructuring costs4.57.924.934.3Transaction related costs(0.2)3.017.517.3Other(1)3.8(16.3)4.742.7Adjusted EBITDA$218.2$222.2$645.6$645.7Income (loss) from continuing operations margin(5.5) %(4.7) %(8.3) %(13.8) %Adjusted EBITDA margin45.3 %41.9 %43.8 %41.7 % in our two market-leading segments, Academia & Government and Intellectual Property. The growing Full Year 2026 OutlookQ4 2026 OutlookACV Organic Growth1.75% to 2.25%1.75% to 2.25%Recurring Organic Revenue Growth1.00% to 1.50%2.00% to 2.50%Revenues$1.965B to $1.985B$490M to $510MAdjusted EBITDA(1)$0.865B to $0.885B$215M to $235MAdjusted EBITDA Margin(1)43.0% to 45.0%44.0% to 46.0%Adjusted Diluted EPS(1)(2)$0.73 to $0.77 $0.14 to $0.18Free Cash Flow(1)(3)$320M to $340M$85M to $105M provided within the schedules attached to this release. Our presentation of non-GAAP measures should not be commercial traction and customer validation from our AI-led innovation within A&G and IP give us confidence Investor Relations Contact: construed as an inference that our future results will be unaffected by any of the adjusted items, or that any in our ability to deliver on our commitments of accelerating sustained organic growth, expanding free cash flow Mark Donohue, Vice President, Investor Relations projections and estimates will be realized in their entirety or at all. and reducing leverage.” investor.relations@clarivate.com
Forward-Looking Statements
Michael Easton, Executive Vice President and Chief Financial Officer: (1)Includes the net impact of foreign exchange gains and losses related to the remeasurement of balances and other items that do not reflect our ongoing (In millions, except percentages); (unaudited)Nine Months EndedSeptember 30,Change% of Change20262025$%AcquisitionsDisposalsFXOrganicSubscription$1,004.7$989.4$15.31.5% - %(0.2)%0.4%1.3%Re-occurring323.7320.13.61.1% - %(0.1)%1.5%(0.3)%Recurring revenues1,328.41,309.518.91.4% - %(0.2)%0.7%0.9%Transactional144.0237.2(93.2)(39.3)% - %(30.1)%0.4%(9.6)%Revenues$1,472.4$1,546.7$(74.3)(4.8)% - %(5.5)%0.6%0.1% operating performance. This release includes statements that express our opinions, expectations, beliefs, plans, objectives, assumptions, or “We are seeing the benefits of disciplined execution across the business, with improving growth trends, strong (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 Nine Months Ended September 30,20262025(In millions, except per share amounts); (unaudited)AmountPer ShareAmountPer ShareNet income (loss) and Diluted EPS$(389.6)$(0.61)$(204.2)$(0.30)Amortization related to acquired intangible assets393.30.61410.00.60Share-based compensation expense40.50.0645.60.07Goodwill and intangible asset impairments283.90.44 - - Loss on classification as held for sale10.10.02 - - Restructuring costs29.00.0545.90.07Transaction related costs26.50.0418.50.03Other(1)(1.2) - 40.50.05Income tax impact of related adjustments(14.1)(0.02)(17.9)(0.03)Adjusted net income and Adjusted diluted EPS$378.4$0.59$338.4$0.49Adjusted weighted average ordinary shares, diluted644.5685.0 projections regarding future events or future results and therefore are, or may be deemed to be, “forward-looking operating performance. margins and continued free cash flow generation. Our focus remains on translating organic growth into statements” within the meaning of the “safe harbor provisions” of the Private Securities Litigation Reform Act of (1)Reflects restructuring costs expected to be incurred in 2026 associated with the Value Creation Plan. Adjusted net income and Adjusted diluted EPS sustainable earnings and free cash flow, while maintaining a disciplined approach to capital allocation. Looking 1995. These forward-looking statements include all matters that are not historical facts, including statements Adjusted diluted EPS ahead, we are well positioned to further strengthen our financial profile and enhance our financial flexibility.” Adjusted net income represents Net income (loss), adjusted to exclude amortization related to acquired intangible relating to our intentions, beliefs, or current expectations concerning, among other things, any future strategic The following table presents our calculation of Adjusted diluted EPS for the 2026 outlook, including the impact of assets, share-based compensation, impairments, restructuring expenses, the impact of certain non-cash fair value Third Quarter 2026 Results transactions we may explore, the anticipated use of proceeds from the divestiture of our Life Sciences & discontinued operations for the first nine months, and reconciles this non-GAAP measure to our Net income (loss) Notes to press release adjustments on financial instruments, acquisition and/or disposal-related transaction costs, unrealized foreign Healthcare business, and any related cost savings or other benefits, our results of operations, financial condition, Total revenues were $567.9 million, including the Life Sciences & Healthcare segment (“LS&H”), which was per share for the same period: currency gains/losses, legal settlements, and other items that are included in net income (loss) for the period that (1)Non-GAAP measure. Please see “Reconciliations to Certain Non-GAAP Measures” in this release for important disclosures and reconciliations of liquidity, capital allocation plans and share repurchases, foreign exchange impacts, our prospects, growth, divested on October 6, 2026, compared to total revenues of $623.1 million for the third quarter of 2025, primarily these financial measures to the most directly comparable GAAP measure. These terms are defined elsewhere in this press release. we do not consider indicative of our ongoing operating performance and the associated income tax impact of such Year Ending December 31, 2026(Forecasted)(Unaudited)LowHighNet income (loss) per share$(0.65)$(0.62)Amortization related to acquired intangible assets0.800.80Share-based compensation expense0.070.08Goodwill and intangible asset impairments0.460.46Restructuring costs(1)0.050.05Transaction related costs0.050.05Other(0.02)(0.02)Income tax impact of related adjustments(0.03)(0.03)Adjusted diluted EPS$0.73$0.77Adjusted weighted average ordinary shares, diluted~650 million strategies and shareholder value, the markets in which we operate, our financial guidance for the fiscal year 2026 Revenues by segment due to inorganic disposals. Excluding LS&H, which is now presented as discontinued operations, total adjustments. (2)Adjusted diluted EPS for the full year and Q4 2026 outlooks are calculated based on approximately 646 million fully diluted adjusted weighted average and key drivers thereof and underlying assumptions, the impact or anticipated benefits of our Value Creation Plan ordinary shares outstanding. The full year 2026 outlook includes results from discontinued operations for the nine months ended September 30, 2026 revenues were $481.6 million, compared to total revenues of $530.3 million for the third quarter of 2025, (In millions, except percentages); (unaudited)Three Months EndedSeptember 30,Change% of Change20262025$%AcquisitionsDisposalsFXOrganicAcademia & Government$286.9$332.5$(45.6)(13.7)% - %(14.1)%(0.5)%0.9%Intellectual Property194.7197.8(3.1)(1.6)% - %(0.6)%(0.6)%(0.4)%Revenues$481.6$530.3$(48.7)(9.2)% - %(9.1)%(0.5)%0.4% (1)Includes the net impact of foreign exchange gains and losses related to the remeasurement of balances, the impact of initiatives to reduce our cost Adjusted diluted EPS is calculated by dividing Adjusted net income by Adjusted diluted weighted average shares. and other growth strategies, the global macroeconomic uncertainty and volatility, the impact of artificial and excludes results from discontinued operations for the three months ended December 31, 2026. structure related to the LS&H divestiture, and other items that do not reflect our ongoing operating performance. primarily due to inorganic disposals. The Adjusted diluted weighted average shares calculation assumes that all instruments in the calculation are intelligence (“AI”) on our business and strategy, and the timing of any of the foregoing. These forward-looking (3)Free cash flow includes results from discontinued operations for the nine months ended September 30, 2026 and excludes results from discontinued Organic revenues for continuing operations increased 0.4% as organic subscription growth of 1.5% and organic Third Quarter 2026 Continuing Operations Commentary dilutive. statements can generally be identified by the use of forward-looking terminology, including the terms “believes,” operations for the three months ended December 31, 2026. re-occurring growth of 0.7% was partially offset by lower organic transactional revenues. “estimates,” “anticipates,” “expects,” “seeks,” “projects,” “intends,” “plans,” “may,” “will,” or “should” or, in Subscription revenues increased $2.4 million, or 0.7%, to $338.3 million. Organic subscription revenues increased
Conference Call and Webcast
Forward-looking statements notice
each case, their negative or other variations or comparable terminology. Such forward-looking statements are Organic ACV for continuing operations grew 1.8% compared to September 30, 2025, reflecting continued 1.5%, primarily due to new sales and pricing actions. Clarivate will host a conference call and webcast today to review the results for the third quarter at 8:30 a.m. based on available current market material and management’s expectations, beliefs, and forecasts concerning progress toward a more sustainable, subscription-led revenue base. Eastern Time. The webcast is open to all interested parties and may include forward-looking information. Re-occurring revenues increased $0.5 million, or 0.5%, to $105.8 million. Organic re-occurring revenues future events impacting us. These forward-looking statements involve a number of risks and uncertainties (some (In millions, except percentages); (unaudited)Nine Months EndedSeptember 30,Change% of Change20262025$%AcquisitionsDisposalsFXOrganicAcademia & Government$882.2$953.7$(71.5)(7.5)% - %(8.9)%0.3%1.1%Intellectual Property590.2593.0(2.8)(0.5)% - %(0.3)%1.1%(1.3)%Revenues$1,472.4$1,546.7$(74.3)(4.8)% - %(5.5)%0.6%0.1% (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 Net loss, including LS&H, was $80.8 million, or $0.13 per diluted share, compared to a net loss of $28.3 million, increased 0.7%, primarily due to higher IP volumes. The live webcast of the earnings call will be accessible through the investor relations section of the Company’s operating performance. of which are beyond our control) or other assumptions that may cause actual results or performance to be or $0.04 per diluted share, for the third quarter of 2025, driven by a $62.2 million non-cash LS&H goodwill website. To join the webcast please visit https://events.q4inc.com/attendee/388781202. Free cash flow materially different from those expressed or implied by these forward-looking statements. These risks and Recurring revenues, which consist of subscription and re-occurring revenues, increased 1.3% organically, or $5.7 impairment charge. Adjusted net income, including LS&H, was $136.0 million, or $0.21 per diluted share, Interested parties may access the live audio broadcast. U.S. participants may call 833-461-5787; international uncertainties include, but are not limited to, those factors described in Item 1A. Risk Factors in our annual report million. Free cash flow represents Net cash provided by operating activities less Capital expenditures. The following table compared to $119.3 million, or $0.18 per diluted share, for the third quarter of 2025. Adjusted EBITDA, participants may call +1 585-542-9983 (long-distance charges will apply). The conference ID number is 388 781 on Form 10-K, along with our other filings with the U.S. Securities and Exchange Commission (“SEC”). There presents our calculation of Free cash flow including discontinued operations for the three and nine months ended including LS&H, was $245.3 million, compared to Adjusted EBITDA of $252.4 million for the third quarter of Transactional revenues decreased $51.6 million to $37.5 million, primarily due to product group wind-downs 202. can be no assurance that future developments affecting us will be those that we have anticipated. Should one or September 30, 2026 and 2025 and reconciles this non-GAAP measure to Net cash provided by operating activities 2025. within A&G. On an organic basis, the decline was 12.4%, or $3.9 million, primarily due to lower activity across (1)Reflects restructuring costs expected to be incurred in 2026 associated with the Value Creation Plan. A replay of the webcast will also be available on https://ir.clarivate.com beginning two hours after the conclusion more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results for the same periods: both segments, driven in part by customer migration to higher margin subscription products as we focus on our of the live call and will remain available for one year. may vary in material respects from those projected in these forward-looking statements. We do not undertake any First Nine Months 2026 Results Three Months Ended September 30,Nine Months Ended September 30,(In millions); (unaudited)2026202520262025Net cash provided by operating activities$165.6$181.1$399.0$468.6Capital expenditures(55.4)(65.6)(165.9)(192.5)Free cash flow$110.2 $115.5$233.1 $276.1 recurring revenues. obligation to update or revise any forward-looking statements, whether as a result of new information, future Use of Non-GAAP Financial Measures Total revenues were $1,740.7 million, including the LS&H segment, compared to total revenues of $1,838.2 events, or otherwise, except as may be required under applicable securities laws. Please consult our public filings Balance Sheet and Cash Flow This release contains financial measures that have not been prepared in accordance with U.S. generally accepted million, primarily due to inorganic disposals. Excluding the LS&H segment, which is now presented as with the SEC, which are also available on our website at www.clarivate.com. accounting principles (“GAAP”), including Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income, As of September 30, 2026, cash and cash equivalents of $257.0 million decreased $72.2 million compared to discontinued operations, total revenues were $1,472.4 million, compared to total revenues of $1,546.7 million About Clarivate Adjusted diluted EPS, and Free cash flow. Non-GAAP financial measures are not recognized terms under GAAP, December 31, 2025. for the first nine months of 2025, primarily due to inorganic disposals. are not measures of financial condition or liquidity, and should not be considered as an alternative to profit or loss Clarivate is a leading global provider of transformative intelligence. We offer enriched data, insights & analytics, Organic revenues for continuing operations increased 0.1%, as a 0.9% increase in organic recurring revenues Total debt outstanding was $4,176.1 million as of September 30, 2026, a decrease of $293.8 million compared to for the period determined in accordance with GAAP or operating cash flows determined in accordance with workflow solutions and expert services in the areas of Academia & Government and Intellectual Property. For (subscription and re-occurring) was offset by lower organic transactional revenues. the prior year, driven by a $100.0 million accelerated debt repayment in January 2026 resulting in the full more information, please visit www.clarivate.com. 1 2 3 4 5 6 7 8 9 10 11 12 13