UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
10-Q
For the quarterly period ended
September 30, 2025
For the transition period from _________ to _______
Commission File No.
001-38911
(Exact name of registrant as specified in its charter)
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Not applicable
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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(Address of principal executive offices)
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Not applicable
(Zip Code)
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Registrant’s telephone number, including area code:
+
44
207
4334000
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) |
Name of each exchange on which registered
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes
☒
No
☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes
☒
No
☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Accelerated filer |
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| Non-accelerated filer |
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Smaller reporting company |
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| Emerging growth company |
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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.
☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
☐
No
☒
The number of ordinary shares of the Company outstanding as of September 30, 2025, was
661,435,069
.
TABLE OF CONTENTS
| Page | |||||
1
Cautionary Note Regarding Forward-Looking Statements
This quarterly report 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 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. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this quarterly report and include statements regarding our intentions, beliefs, or current expectations concerning, among other things, anticipated cost savings, results of operations, financial condition, liquidity, prospects, growth, strategies, and the markets in which we operate. Such forward-looking statements are based on available current market material and management’s expectations, beliefs, and forecasts concerning future events impacting us. Factors that may impact such forward-looking statements include:
•
our dependence on third parties, including public sources, for data, information, and other services, and our relationships with such third parties;
•
increased accessibility to free or relatively inexpensive information sources;
•
our ability to compete in the highly competitive industry in which we operate, and potential adverse effects of this competition;
•
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, macroeconomic market conditions, and changing regulatory requirements;
•
changes in government policy positions, including trade policy, spending priorities, or reductions in government programs, government spending, or research funding;
•
the success of our Value Creation Plan;
•
our loss of, or inability to attract and retain, key personnel;
•
the effectiveness of our business continuity plans;
•
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 having operations and employees in Israel;
•
our exposure to risk from the international scope of our operations, including potentially adverse tax consequences from the international scope of our operations and our corporate and financing structure;
•
the strength of our brand and reputation;
•
our level of indebtedness, which could adversely affect our business, financial condition, and results of operations;
•
our ability to obtain, protect, defend, or enforce our intellectual property rights;
•
our ability to leverage artificial intelligence technologies (“AI”) in our products and services, including generative AI, large language models (“LLMs”), machine learning, and other AI tools;
•
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, including those relating to cybersecurity or arising from cyberattacks;
•
our use of “open source” software in our products and services;
•
our ability to comply with applicable data protection and privacy laws; and
•
other factors beyond our control.
The forward-looking statements contained in this quarterly report are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. 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
of this quarterly report
and
Item 1A.
Risk Factors
in our most recently filed annual report on Form 10-K. 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
2
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.
Defined Terms and Presentation
We employ a number of defined terms in this quarterly report for clarity and ease of reference, which we have capitalized so that you may recognize them as such. As used throughout this quarterly report, unless otherwise indicated or the context otherwise requires, the terms “Clarivate,” the “Company,” “our,” “us,” and “we” refer to Clarivate Plc and its consolidated subsidiaries.
Unless otherwise indicated, dollar amounts throughout this quarterly report are presented in millions of dollars, except for per share amounts.
Website and Social Media Disclosure
We use our website (www.clarivate.com) and corporate social media accounts on Facebook, X, and LinkedIn (@Clarivate) as routine channels of distribution of company information, including news releases, analyst presentations, and supplemental financial information, as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD promulgated by the Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended (the “Securities Act”) and the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Accordingly, investors should monitor our website and our corporate Facebook, X, and LinkedIn accounts in addition to following press releases, SEC filings, and public conference calls and webcasts. Additionally, we provide notifications of news or announcements as part of our investor relations website. Investors and others can receive notifications of new information posted on our investor relations website in real time by signing up for email alerts.
None of the information provided on our website, in our press releases, public conference calls, and webcasts, or through social media channels is incorporated into, or deemed to be a part of, this quarterly report or in any other report or document we file with or furnish to the SEC, and any references to our website or our social media channels are intended to be inactive textual references only.
3
PART I. Financial Information
Item 1. Financial Statements.
CLARIVATE PLC
Condensed Consolidated Balance Sheets (Unaudited)
|
(In millions)
|
September 30, 2025 | December 31, 2024 | |||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents, including restricted cash | $ |
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$ |
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| Accounts receivable, net |
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| Prepaid expenses |
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| Other current assets |
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| Total current assets |
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| Property and equipment, net |
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| Other intangible assets, net |
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| Goodwill |
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| Other non-current assets |
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| Deferred income taxes |
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| Operating lease right-of-use assets |
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|||||||||
| Total assets | $ |
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$ |
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| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ |
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$ |
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| Accrued compensation |
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| Accrued expenses and other current liabilities |
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| Current portion of deferred revenues |
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| Current portion of operating lease liability |
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| Total current liabilities |
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| Long-term debt |
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| Other non-current liabilities |
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| Deferred income taxes |
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| Operating lease liabilities |
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| Total liabilities |
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Commitments and contingencies (Note 13)
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| Shareholders' equity: | |||||||||||
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Ordinary Shares,
|
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|||||||||
| Accumulated other comprehensive loss |
(
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(
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|||||||||
| Accumulated deficit |
(
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(
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|||||||||
| Total shareholders' equity |
|
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|||||||||
| Total liabilities and shareholders' equity | $ |
|
$ |
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|||||||
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
4
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
|
(In millions, except per share data)
|
2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Revenues | $ |
|
$ |
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$ |
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$ |
|
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| Operating expenses: | |||||||||||||||||||||||
| Cost of revenues |
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| Selling, general and administrative costs |
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| Depreciation and amortization |
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| Goodwill and intangible asset impairments |
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| Restructuring and other impairments |
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| Other operating expense (income), net |
(
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| Total operating expenses |
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| Income (loss) from operations |
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|
(
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|||||||||||||||||||
| Fair value adjustment of warrants |
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(
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| Interest expense, net |
|
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|
|||||||||||||||||||
| Income (loss) before income taxes |
(
|
(
|
(
|
(
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|||||||||||||||||||
| Provision (benefit) for income taxes |
|
|
|
|
|||||||||||||||||||
| Net income (loss) |
(
|
(
|
(
|
(
|
|||||||||||||||||||
| Dividends on preferred shares |
|
|
|
|
|||||||||||||||||||
| Net income (loss) attributable to ordinary shares | $ |
(
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$ |
(
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$ |
(
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$ |
(
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|||||||||||||||
| Per share: | |||||||||||||||||||||||
| Basic | $ |
(
|
$ |
(
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$ |
(
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$ |
(
|
|||||||||||||||
| Diluted | $ |
(
|
$ |
(
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$ |
(
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$ |
(
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|||||||||||||||
| Weighted average shares used to compute earnings per share: | |||||||||||||||||||||||
| Basic |
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| Diluted |
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|
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|||||||||||||||||||
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
5
CLARIVATE PLC
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
| Three Months Ended September 30, | |||||||||||
|
(In millions)
|
2025 | 2024 | |||||||||
| Net income (loss) | $ |
(
|
$ |
(
|
|||||||
| Other comprehensive income (loss), net of tax: | |||||||||||
|
Hedging relationships, net of tax of $(
|
(
|
(
|
|||||||||
| Defined benefit pension plans |
|
|
|||||||||
| Foreign currency translation adjustment |
(
|
|
|||||||||
| Other comprehensive income (loss), net of tax |
(
|
|
|||||||||
| Comprehensive income (loss) | $ |
(
|
$ |
(
|
|||||||
| Nine Months Ended September 30, | |||||||||||
|
(In millions)
|
2025 | 2024 | |||||||||
| Net income (loss) | $ |
(
|
$ |
(
|
|||||||
| Other comprehensive income (loss), net of tax: | |||||||||||
|
Hedging relationships, net of tax of $(
|
(
|
(
|
|||||||||
| Defined benefit pension plans |
|
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|||||||||
| Foreign currency translation adjustment |
|
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|||||||||
| Other comprehensive income (loss), net of tax |
|
|
|||||||||
| Comprehensive income (loss) | $ |
(
|
$ |
(
|
|||||||
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
6
| Ordinary Shares | Preferred Shares |
Accumulated Other
Comprehensive
Loss
|
Accumulated
Deficit |
Total
Shareholders’ Equity |
|||||||||||||||||||||||||||||||||||||
| (In millions) | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2024 |
|
$ |
|
— | $ | — | $ |
(
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||||
| Vesting of restricted stock units |
|
— | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Share-based award activity |
(
|
|
— | — | — | — |
|
||||||||||||||||||||||||||||||||||
| Repurchase and retirement of ordinary shares |
(
|
(
|
— | — | — | — |
(
|
||||||||||||||||||||||||||||||||||
| Net income (loss) | — | — | — | — | — |
(
|
(
|
||||||||||||||||||||||||||||||||||
|
Other comprehensive income (loss)
|
— | — | — | — |
|
— |
|
||||||||||||||||||||||||||||||||||
| Balance at March 31, 2025 |
|
$ |
|
— | $ | — | $ |
(
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||||
| Vesting of restricted stock units |
|
— | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Share-based award activity |
(
|
|
— | — | — | — |
|
||||||||||||||||||||||||||||||||||
| Repurchase and retirement of ordinary shares |
(
|
(
|
— | — | — | — |
(
|
||||||||||||||||||||||||||||||||||
| Net income (loss) | — | — | — | — | — |
(
|
(
|
||||||||||||||||||||||||||||||||||
|
Other comprehensive income (loss)
|
— | — | — | — |
|
— |
|
||||||||||||||||||||||||||||||||||
| Balance at June 30, 2025 |
|
$ |
|
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||||
| Vesting of restricted stock units |
|
— | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Share-based award activity |
(
|
|
— | — | — | — |
|
||||||||||||||||||||||||||||||||||
| Repurchase and retirement of ordinary shares |
(
|
(
|
— | — | — | — |
(
|
||||||||||||||||||||||||||||||||||
| Net income (loss) | — | — | — | — | — |
(
|
(
|
||||||||||||||||||||||||||||||||||
|
Other comprehensive income (loss)
|
— | — | — | — |
(
|
— |
(
|
||||||||||||||||||||||||||||||||||
| Balance at September 30, 2025 |
|
$ |
|
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||||
7
| Ordinary Shares | Preferred Shares |
Accumulated Other
Comprehensive
Loss
|
Accumulated
Deficit |
Total
Shareholders’ Equity |
|||||||||||||||||||||||||||||||||||||
| (In millions) | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2023 |
|
$ |
|
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||||
| Vesting of restricted stock units |
|
— | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Share-based award activity |
(
|
|
— | — | — | — |
|
||||||||||||||||||||||||||||||||||
| Dividends to preferred shareholders | — | — | — | — | — |
(
|
(
|
||||||||||||||||||||||||||||||||||
| Net income (loss) | — | — | — | — | — |
(
|
(
|
||||||||||||||||||||||||||||||||||
|
Other comprehensive income (loss)
|
— | — | — | — |
(
|
— |
(
|
||||||||||||||||||||||||||||||||||
| Balance at March 31, 2024 |
|
$ |
|
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||||
| Vesting of restricted stock units |
|
— | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Share-based award activity |
(
|
|
— | — | — | — |
|
||||||||||||||||||||||||||||||||||
| Conversion of preferred shares into ordinary shares |
|
|
(
|
(
|
— | — | — | ||||||||||||||||||||||||||||||||||
| Dividends to preferred shareholders | — | — | — | — | — |
(
|
(
|
||||||||||||||||||||||||||||||||||
|
Net income (loss)
|
— | — | — | — | — |
(
|
(
|
||||||||||||||||||||||||||||||||||
|
Other comprehensive income (loss)
|
— | — | — | — |
|
— |
|
||||||||||||||||||||||||||||||||||
| Balance at June 30, 2024 |
|
$ |
|
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||||
| Vesting of restricted stock units |
|
— | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Share-based award activity |
(
|
|
— | — | — | — |
|
||||||||||||||||||||||||||||||||||
| Repurchase and retirement of ordinary shares |
(
|
(
|
— | — | — | — |
(
|
||||||||||||||||||||||||||||||||||
|
Net income (loss)
|
— | — | — | — | — |
(
|
(
|
||||||||||||||||||||||||||||||||||
|
Other comprehensive income (loss)
|
— | — | — | — |
|
— |
|
||||||||||||||||||||||||||||||||||
| Balance at September 30, 2024 |
|
$ |
|
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||||
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
8
| Nine Months Ended September 30, | |||||||||||
|
(In millions)
|
2025 | 2024 | |||||||||
| Cash Flows From Operating Activities | |||||||||||
| Net income (loss) | $ |
(
|
$ |
(
|
|||||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization |
|
|
|||||||||
| Share-based compensation |
|
|
|||||||||
| Restructuring and other impairments, including goodwill |
|
|
|||||||||
| Deferred income taxes |
(
|
(
|
|||||||||
| Amortization and write-off of debt issuance costs |
|
|
|||||||||
| Other operating activities |
|
|
|||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable |
|
|
|||||||||
| Prepaid expenses |
(
|
(
|
|||||||||
| Other assets |
|
(
|
|||||||||
| Accounts payable |
|
(
|
|||||||||
| Accrued expenses and other current liabilities |
|
|
|||||||||
| Deferred revenues |
(
|
(
|
|||||||||
| Operating leases, net |
(
|
(
|
|||||||||
| Other liabilities |
|
|
|||||||||
| Net cash provided by operating activities |
|
|
|||||||||
| Cash Flows From Investing Activities | |||||||||||
| Capital expenditures |
(
|
(
|
|||||||||
| Payments for acquisitions, net of cash acquired |
|
(
|
|||||||||
| Proceeds from divestitures, net of cash divested |
|
(
|
|||||||||
| Net cash used for investing activities |
(
|
(
|
|||||||||
| Cash Flows From Financing Activities | |||||||||||
| Principal payments on debt |
(
|
(
|
|||||||||
| Proceeds from issuance of debt |
|
|
|||||||||
| Payment of debt issuance costs, extinguishment costs, and related fees |
(
|
(
|
|||||||||
| Repurchases of ordinary shares |
(
|
(
|
|||||||||
| Cash dividends on preferred shares |
|
(
|
|||||||||
| Payments related to tax withholding for share-based compensation |
(
|
(
|
|||||||||
| Other financing activities |
|
(
|
|||||||||
| Net cash used for financing activities |
(
|
(
|
|||||||||
| Effects of exchange rates |
|
|
|||||||||
| Net change in cash and cash equivalents, including restricted cash |
|
|
|||||||||
| Cash and cash equivalents, including restricted cash, beginning of period |
|
|
|||||||||
|
Cash and cash equivalents, including restricted cash, end of period
|
$ |
|
$ |
|
|||||||
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
9
CLARIVATE PLC
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(In millions or as otherwise noted)
Note 1:
Nature of Operations and Summary of Significant Accounting Policies
Clarivate Plc (“Clarivate,” “us,” “we,” “our,” or the “Company”) is a public limited company incorporated under the laws of Jersey, Channel Islands.
We are a leading global provider of transformative intelligence. We connect people and organizations to the intelligence they can trust to transform their perspective, their work, and our world. We support the entire innovation lifecycle, from cultivating curiosity to protecting the world’s critical intellectual property assets. We offer enriched data, insights & analytics, workflow solutions, and expert services to our customers in the Academia & Government (“A&G”), Intellectual Property (“IP”), and Life Sciences & Healthcare (“LS&H”) end markets, which form the basis of our
three
reportable segments, organized by the different products and services we offer and the markets we serve. For additional information on our reportable segments, see
Note 12 - Segment Information
.
Basis of Presentation
The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include our accounts and the accounts of our wholly owned subsidiaries. In our opinion, these interim statements reflect all adjustments necessary to a fair statement of the results for the periods presented, and such adjustments are of a normal, recurring nature. Results from interim periods should not be considered indicative of results for the full year. The financial statements included herein should be read in conjunction with the financial statements and notes included in our annual report on Form 10-K for the year ended December 31, 2024. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. All significant intercompany transactions and balances have been eliminated in consolidation.
Cash and cash equivalents is comprised of cash on hand and short-term deposits with an original maturity at the date of purchase of three months or less, and includes restricted cash of $
9.5
and $
10.5
as of September 30, 2025 and December 31, 2024, respectively.
Certain reclassifications of prior period amounts have been made to conform to the current period presentation.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the Condensed Consolidated Financial Statements and accompanying notes. Actual results could differ from those estimates. The most significant of these estimates relate to the initial valuation of acquired long-lived and intangible assets and goodwill, subsequent impairment analyses, and income taxes. We evaluate these estimates, assumptions, and judgments on an ongoing basis by reference to our historical experience and other factors, including worsening macroeconomic and market conditions, sustained declines in our share price, and expectations of future events that we believe are reasonable under the circumstances.
Significant Accounting Policies
Our significant accounting policies are those that we believe are important to the portrayal of our financial condition and results of operations, as well as those that involve significant judgments or estimates about matters that are inherently uncertain. There have been no material changes to the significant accounting policies discussed in
Note 1 - Nature of Operations and Summary of Significant Accounting Policies
included in Part II, Item 8 of our annual report on Form 10-K for the year ended December 31, 2024.
Recently Issued Accounting Standards
In December 2023, the FASB issued ASU 2023-09,
Improvements to Income Tax Disclosures
, which is designed to provide greater income tax disclosure transparency by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The amendments in this update are effective for fiscal years beginning after December 15, 2024 on a prospective basis. We are currently assessing the impact of this update on our related disclosures.
In November 2024, the FASB issued ASU 2024-03,
Disaggregation of Income Statement Expenses
, which requires footnote disclosure that disaggregates relevant expense captions, including the total amount of selling expenses. The amendments in this update are effective for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027 on a prospective basis, with the option for retrospective application. Early adoption is permitted. We are currently assessing the impact of this update on our financial statement disclosures.
In July 2025, the FASB issued ASU 2025-05,
Measurement of Credit Losses for Accounts Receivable and Contract Assets
, which provides a practical expedient to measure credit losses on current accounts receivable and current contract assets. The
10
CLARIVATE PLC
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(In millions or as otherwise noted)
practical expedient allows entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset when measuring credit losses. The amendments in this update are effective for fiscal years, including interim reporting periods, beginning after December 15, 2025, with early adoption permitted. We are currently assessing the impact of this update on our financial statements and related disclosures.
In September 2025, the FASB issued ASU 2025-06,
Targeted Improvements to the Accounting for Internal-Use Software
, which removes all references to project stages and clarifies the threshold entities apply to begin capitalizing costs. The update further specifies required disclosures for all capitalized internal-use software costs. The amendments in this update are effective for fiscal years, including interim reporting periods, beginning after December 15, 2027, with early adoption permitted as of the beginning of an annual reporting period. Entities are permitted to apply the new guidance using a prospective, modified, or retrospective transition approach. We are currently assessing the impact of this update on our financial statements and related disclosures.
Note 2:
Revenues
We provide solutions to our customers primarily through subscription arrangements and re-occurring contracts. We also provide transactional offerings that are typically quoted on a product, data set, or project basis.
•
Subscription-based revenues.
Recurring revenues that we typically earn under annual contracts, pursuant to which we license the right to use our products to our customers or provide maintenance services over a contractual term. We invoice and collect the subscription fee at the beginning of the subscription period. For multi-year agreements, we generally invoice customers annually at the beginning of each annual coverage period. Cash received or receivable in advance of completing the performance obligations is included in deferred revenue. We recognize subscription revenue ratably over the contractual term as the access or service is provided.
•
Re-occurring revenues.
Derived from our patent and trademark maintenance services provided to our customers that are renewed regularly. Our services help customers maintain and protect their patents and trademarks in multiple jurisdictions around the world. Because of the re-occurring nature of the patent and trademark lifecycle, our customers engage us to manage the renewal process on their behalf. These contracts typically include evergreen clauses or are multi-year agreements. We invoice and recognize revenue upon delivery of the service.
•
Transactional revenues.
Earned for specific deliverables that are typically quoted on a product, data set, or project basis. Transactional revenues include content sales (including single-document and aggregated collection sales), consulting engagements, and other professional services such as software implementation services. We typically invoice and record revenue for this revenue stream upon delivery of the product, data set, or project, although for longer software implementation projects, we will periodically invoice and recognize revenue in connection with the completion of related performance obligations.
The following table presents our revenues disaggregated by transaction type (see
Note 12 - Segment Information
for our revenues disaggregated by segment):
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Subscription revenues | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Re-occurring revenues |
|
|
|
|
|||||||||||||||||||
|
Transactional revenues
|
|
|
|
|
|||||||||||||||||||
| Revenues | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
The following table presents our contract balances:
| September 30, 2025 | December 31, 2024 | ||||||||||
| Accounts receivable, net | $ |
|
$ |
|
|||||||
| Current portion of deferred revenues | $ |
|
$ |
|
|||||||
|
Non-current portion of deferred revenues
(1)
|
$ |
|
$ |
|
|||||||
|
(1)
Included in Other non-current liabilities
on the Condensed Consolidated Balance Sheets.
|
|||||||||||
During the nine months ended September 30, 2025, we recognized revenues of $
687.6
attributable to deferred revenues recorded at the beginning of the period, primarily consisting of subscription revenues recognized ratably over the contractual term.
11
CLARIVATE PLC
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(In millions or as otherwise noted)
Our remaining performance obligations are included in the current or non-current portion of deferred revenues on the Condensed Consolidated Balance Sheets. The majority of these obligations relate to customer contracts where we license the right to use our products or provide maintenance services over a contractual term, generally one year or less.
Note 3:
Other Intangible Assets, Net
The following table summarizes the gross carrying amounts and accumulated amortization of our identifiable intangible assets by major class:
| September 30, 2025 | December 31, 2024 | ||||||||||||||||||||||||||||||||||
| Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | ||||||||||||||||||||||||||||||
| Customer relationships | $ |
|
$ |
(
|
$ |
|
$ |
|
$ |
(
|
$ |
|
|||||||||||||||||||||||
| Technology and content |
|
(
|
|
|
(
|
|
|||||||||||||||||||||||||||||
| Computer software |
|
(
|
|
|
(
|
|
|||||||||||||||||||||||||||||
| Trade names and other |
|
(
|
|
|
(
|
|
|||||||||||||||||||||||||||||
| Definite-lived intangible assets | $ |
|
$ |
(
|
$ |
|
$ |
|
$ |
(
|
$ |
|
|||||||||||||||||||||||
|
Indefinite-lived trade names
|
|
— |
|
|
— |
|
|||||||||||||||||||||||||||||
| Other intangible assets, net | $ |
|
$ |
(
|
$ |
|
$ |
|
$ |
(
|
$ |
|
|||||||||||||||||||||||
Amortization expense related to intangible assets was $
185.9
and $
172.8
for the three months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025 and 2024, amortization expense was $
551.7
and $
527.2
, respectively.
Note 4:
Derivative Instruments
We are exposed to various market risks, including foreign currency exchange rate risk and interest rate risk. We use derivative instruments to manage these risk exposures. We enter into foreign currency contracts and cross-currency swaps to help manage our exposure to foreign currency exchange rate risk and we use interest rate swaps to mitigate interest rate risk. We assess the fair value of these instruments by considering current and anticipated movements in future interest rates and the relevant currency spot and future rates available in the market. Accordingly, these instruments are classified within Level 2 of the fair value hierarchy.
Cash flow hedges
We have interest rate swap arrangements with counterparties to reduce our exposure to variability in cash flows related to interest payments on our outstanding term loans. These swaps are designated as cash flow hedges of the risk associated with floating interest rates on designated future monthly interest payments. The fair value of the swaps represents the estimated amount we would receive or pay to terminate such agreements, taking into account market interest rates and the remaining time to maturities or using market inputs with mid-market pricing as a practical expedient for the bid-ask spread.
As of September 30, 2025, we have outstanding interest rate swaps with an aggregate notional value of $
1,644.8
.
This amount includes
four
swap arrangements currently in effect and
two
forward-starting swaps that are scheduled to commence on the October 2026 maturity date of the May 2023 swaps, as further summarized in the table below:
| Type | Notional Value | Effective Date | Maturity Date | |||||||||||||||||
|
Swaps entered May 2023
|
$ |
|
May 2023 | October 2026 | ||||||||||||||||
| Swaps entered June 2025 |
|
June 2025 | January 2031 | |||||||||||||||||
|
Forward-starting swaps entered Aug 2025
|
|
October 2026 | January 2030 | |||||||||||||||||
|
Total
|
$ |
|
||||||||||||||||||
Changes in fair value are recorded in Accumulated other comprehensive loss (“AOCL”) in the Condensed Consolidated Balance Sheets, with a corresponding adjustment to the derivative asset or liability. Amounts recorded in AOCL are reclassified to Interest expense, net in the same period during which the hedged transactions affect earnings. As of September 30, 2025, we estimate that approximately $
4.7
of pre-tax gain related to interest rate swaps recorded in AOCL will be reclassified into earnings within the next 12 months. For additional information on changes recorded in AOCL, see
Note 7 - Shareholders' Equity
.
12
CLARIVATE PLC
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(In millions or as otherwise noted)
Fair value hedges
In June 2025, we entered into
two
cross-currency swaps with a combined notional value of €
350.0
, maturing in January 2031, to mitigate foreign currency exposure related to intercompany loans and economically reduce interest expense. We have designated these swaps as fair value hedges. We elected to assess the effectiveness of these hedges based on changes in spot rates.
Changes in fair value are recognized as foreign exchange gains or losses within Other operating expense (income), net, and are intended to offset the foreign exchange gains or losses arising from the remeasurement of the hedged intercompany loans. Unrealized gains or losses on components excluded from the hedge effectiveness assessment are recorded in AOCL and are reclassified into earnings over the life of the swaps. For additional information on changes recorded in AOCL, see
Note 7 - Shareholders' Equity
.
Net investment hedge
In July 2023, we entered into a €
100.0
cross-currency swap maturing in November 2026 to mitigate foreign currency exposure related to our net investment in various euro-functional-currency consolidated subsidiaries. We have designated this swap as a net investment hedge. We elected to assess the effectiveness of this net investment hedge based on changes in spot rates and we amortize the portion of the hedge excluded from the effectiveness assessment to Interest expense, net over the life of the swap.
Changes in fair value related to the effective portion of the hedge are recorded in AOCL as part of the foreign currency translation adjustment, with a corresponding adjustment to the derivative asset or liability. Any accumulated gain or loss will be reclassified into earnings when the hedged net investment is either sold or substantially liquidated. For additional information on changes recorded in AOCL, see
Note 7 - Shareholders' Equity
.
Derivatives not designated as accounting hedges
We periodically enter into foreign currency forward contracts, generally with maturities of
180
days or less, to reduce our exposure to foreign exchange rate risks. These contracts are not designated as accounting hedges. As of September 30, 2025 and December 31, 2024, the notional amount of our outstanding foreign currency forward contracts was $
160.4
and $
91.1
, respectively.
We initially recognize these contracts at fair value on the execution date and subsequently remeasure them at the end of each reporting period. We determine the fair value of these instruments using market-based inputs, including current and anticipated movements in future interest rates and the relevant currency spot and forward rates. We receive third-party valuation reports to corroborate our determination of fair value.
The gain or loss related to the change in fair value for these contracts is recognized within Other operating expense (income), net. We recognized a (gain) loss from the fair value adjustment of $
2.5
and $(
4.2
) for the three months ended September 30, 2025 and 2024, respectively, and $(
0.8
) and $(
1.9
) for the nine months ended September 30, 2025 and 2024, respectively.
The following table provides the location and the fair value of our derivative instruments in the Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024:
|
Balance Sheet Location
|
September 30, 2025 | December 31, 2024 | |||||||||||||||
|
Cash flow hedging relationships:
|
|||||||||||||||||
| Interest rate swaps | Other non-current assets | $ |
|
$ |
|
||||||||||||
| Interest rate swaps | Other non-current liabilities |
|
|
||||||||||||||
|
Fair value hedging relationships:
|
|||||||||||||||||
|
Cross-currency swaps
|
Other non-current liabilities |
|
|
||||||||||||||
|
Net investment hedge:
|
|||||||||||||||||
|
Cross-currency swap
|
Other non-current assets |
|
|
||||||||||||||
| Cross-currency swap | Other non-current liabilities |
|
|
||||||||||||||
| Not designated as accounting hedges: | |||||||||||||||||
| Foreign currency forwards | Other current assets |
|
|
||||||||||||||
| Foreign currency forwards | Accrued expenses and other current liabilities |
|
|
||||||||||||||
|
Total derivative assets
|
$ |
|
$ |
|
|||||||||||||
|
Total derivative liabilities
|
$ |
|
$ |
|
|||||||||||||
13
CLARIVATE PLC
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(In millions or as otherwise noted)
Note 5:
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following:
| September 30, 2025 | December 31, 2024 | ||||||||||
| Liabilities due to customers | $ |
|
$ |
|
|||||||
| Accrued royalties |
|
|
|||||||||
| Miscellaneous accruals |
|
|
|||||||||
| Accrued expenses and other current liabilities | $ |
|
$ |
|
|||||||
Note 6:
Debt
The following table summarizes our total indebtedness:
| September 30, 2025 | December 31, 2024 | |||||||||||||||||||||||||||||||
| Type | Maturity |
Effective
Interest Rate |
Carrying
Value |
Effective
Interest Rate |
Carrying
Value |
|||||||||||||||||||||||||||
| Senior Secured Notes | 2026 |
|
|
|
|
|||||||||||||||||||||||||||
| Senior Secured Notes | 2028 |
|
|
|
|
|||||||||||||||||||||||||||
| Senior Notes | 2029 |
|
|
|
|
|||||||||||||||||||||||||||
| Revolving Credit Facility | 2029 |
|
|
|
|
|||||||||||||||||||||||||||
|
Term Loan Facility (Tranche 1)
|
2031 |
|
|
|
|
|||||||||||||||||||||||||||
|
Term Loan Facility (Tranche 2)
|
2031 |
|
|
—% | — | |||||||||||||||||||||||||||
|
Finance lease
|
2036 |
|
|
|
|
|||||||||||||||||||||||||||
| Total debt outstanding | $ |
|
$ |
|
||||||||||||||||||||||||||||
| Debt discounts and issuance costs |
(
|
(
|
||||||||||||||||||||||||||||||
|
Current portion of long-term debt
|
(
|
(
|
||||||||||||||||||||||||||||||
| Long-term debt | $ |
|
$ |
|
||||||||||||||||||||||||||||
Senior Secured Notes (2026)
Interest on the Senior Secured Notes due 2026 is payable semi-annually to holders of record on May 1 and November 1 of each year. The Senior Secured Notes due 2026 are secured on a first-lien pari passu basis with borrowings under our credit facilities and Senior Secured Notes due 2028. These Notes are guaranteed on a joint and several basis by each of our indirect subsidiaries that is an obligor or guarantor under our credit facilities and are secured on a first-priority basis by the collateral now owned or hereafter acquired by Camelot Finance S.A. (the issuer) and each of the guarantors that secures the issuer’s and such guarantor’s obligations under our credit facilities (subject to permitted liens and other exceptions).
In May 2025, we used the proceeds from the incremental term loans (described below) to redeem $
500.0
aggregate principal amount of the outstanding Senior Secured Notes due 2026, plus accrued and unpaid interest through the May 30, 2025 redemption date. In September 2025, we redeemed an additional $
100.0
aggregate principal amount
of the outstanding Senior Secured Notes due 2026, plus accrued and unpaid interest through the September 30, 2025 redemption date.
Senior Secured Notes (2028) and Senior Notes (2029)
Interest on the Senior Secured Notes due 2028 and the Senior Notes due 2029 is payable semi-annually to holders of record on June 30 and December 30 of each year. The Senior Secured Notes due 2028 are secured on a first-lien pari passu basis with borrowings under our credit facilities and Senior Secured Notes due 2026. Both series of notes are guaranteed on a joint and several basis by each indirect subsidiary that is an obligor or guarantor under our credit facilities and Senior Secured Notes due 2026.
The Credit Facilities
Revolving Credit Facility (2029)
Our $
775.0
revolving credit facility provides for revolving loans, same-day borrowings, and letters of credit (with a sublimit of $
77.0
). Proceeds of loans made under the revolving credit facility may be borrowed, repaid, and reborrowed prior to maturity. As of September 30, 2025, letters of credit totaling $
6.5
were collateralized by the revolving credit facility.
14
CLARIVATE PLC
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(In millions or as otherwise noted)
Term Loan Facility (2031)
Our $
2,150.0
Tranche 1 term loans amortize in equal quarterly installments equivalent to a rate of
1.00
% per annum, with the remaining balance due at maturity. Optional principal prepayments are applied against the scheduled quarterly installments in the order of upcoming maturities.
In May 2025, we entered into an incremental $
500.0
tranche of term loans. These Tranche 2 term loans carry an interest rate margin of
325
basis points per annum in the case of loans bearing interest by reference to term SOFR and are not subject to amortization. The issuance proceeds were used to redeem a portion of the Senior Secured Notes due 2026 described above.
The carrying value of our variable interest rate debt, excluding unamortized debt issuance costs, approximates fair value due to the short-term nature of the interest rate benchmark rates. The fair value of our fixed rate debt is estimated based on market observable data for debt with similar prepayment features. As of September 30, 2025 and December 31, 2024, the fair value of our debt was $
4,372.8
and $
4,423.2
, respectively, and is considered Level 2 under the fair value hierarchy.
Note 7:
Shareholders' Equity
Share Repurchase Program
In December 2024, our Board authorized a new share repurchase program of up to $
500.0
of our ordinary shares for a period of two years, from January 1, 2025 through December 31, 2026. D
uring the
nine months ended September 30, 2025, we repurchased approximately
34.8
million ordinary shares for $
149.5
at an average price of $
4.29
per share. All repurchased shares were immediately retired and restored as authorized but unissued ordinary shares. As of September 30, 2025, we had $
350.5
of availability remaining under the share repurchase program.
Accumulated Other Comprehensive Loss (“AOCL”)
The tables below provide information about the changes in
AOCL by component and the related amounts reclassified to net earnings during the periods indicated (net of tax).
| Nine Months Ended September 30, 2025 | |||||||||||||||||||||||
|
Hedging relationships
(1)
|
Defined benefit pension plans |
Foreign currency translation adjustment
(2)
|
AOCL | ||||||||||||||||||||
| Balance as of December 31, 2024 | $ |
|
$ |
(
|
$ |
(
|
$ |
(
|
|||||||||||||||
| Other comprehensive income (loss) before reclassifications |
|
|
|
|
|||||||||||||||||||
| Reclassifications from AOCL to net earnings |
(
|
|
(
|
(
|
|||||||||||||||||||
| Net other comprehensive income (loss) |
(
|
|
|
|
|||||||||||||||||||
| Balance as of September 30, 2025 | $ |
|
$ |
(
|
$ |
(
|
$ |
(
|
|||||||||||||||
| Nine Months Ended September 30, 2024 | |||||||||||||||||||||||
|
Hedging relationships
(1)
|
Defined benefit pension plans |
Foreign currency translation adjustment
(2)
|
AOCL | ||||||||||||||||||||
| Balance as of December 31, 2023 | $ |
|
$ |
|
$ |
(
|
$ |
(
|
|||||||||||||||
| Other comprehensive income (loss) before reclassifications |
|
|
|
|
|||||||||||||||||||
|
Reclassifications from AOCL to net earnings
|
(
|
|
(
|
(
|
|||||||||||||||||||
| Net other comprehensive income (loss) |
(
|
|
|
|
|||||||||||||||||||
| Balance as of September 30, 2024 | $ |
|
$ |
|
$ |
(
|
$ |
(
|
|||||||||||||||
|
(1)
Includes amounts related to our interest rate swaps designated as cash flow hedges, and for
the
nine months ended September 30, 2025, also includes the excluded component of our cross-currency swaps designated as fair value hedges. Refer to
Note 4 - Derivative Instruments
for further information.
|
|||||||||||||||||||||||
|
(2)
Primarily includes the impact of translating foreign subsidiary assets and liabilities from their functional currency to USD, and, to a lesser extent, amounts related to our cross-currency swap designated as a net investment hedge.
|
|||||||||||||||||||||||
Conversion of Preferred Shares into Ordinary Shares
On June 3, 2024, all outstanding shares of our
5.25
% Series A Mandatory Convertible Preferred Shares (“MCPS”) automatically converted into ordinary shares. All accumulated preferred dividends were paid prior to the conversion.
15
CLARIVATE PLC
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(In millions or as otherwise noted)
Note 8:
Restructuring and Other Impairments
We have engaged in various restructuring programs to strengthen our business and streamline our operations, including taking actions related to the location and use of leased facilities. Our recent restructuring programs include the following:
•
Value Creation Plan
- During the fourth quarter of 2024, we approved a broad-based plan to optimize our business model, which includes a cost rationalization component. We expect to incur approximately $
5
of additional restructuring costs, primarily from a reduction in workforce, a majority of which we expect to incur in 2025.
•
Segment Optimization
- During the second quarter of 2023, we approved a restructuring plan to reduce operational costs within targeted areas of the Company, with the primary cost savings driver being from a reduction in workforce. This program is substantially complete.
•
ProQuest Acquisition Integration
- During the fourth quarter of 2021, we approved a restructuring plan to reduce operational costs within targeted areas of the Company, with the primary cost savings driver being from a reduction in workforce. This program is complete.
The following table summarizes the pre-tax charges by activity and program during the periods indicated:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Severance and related benefit costs: | |||||||||||||||||||||||
|
Value Creation Plan
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
|
Segment Optimization
|
|
|
|
|
|||||||||||||||||||
|
ProQuest Acquisition Integration
|
|
|
|
(
|
|||||||||||||||||||
| Total Severance and related benefit costs |
|
|
|
|
|||||||||||||||||||
| Exit and disposal costs: | |||||||||||||||||||||||
|
Value Creation Plan
|
|
|
|
|
|||||||||||||||||||
|
Segment Optimization
|
|
|
|
|
|||||||||||||||||||
| Total Exit and disposal costs |
|
|
|
|
|||||||||||||||||||
| Lease abandonment costs: | |||||||||||||||||||||||
|
Segment Optimization
|
|
(
|
|
(
|
|||||||||||||||||||
| Total Lease abandonment costs |
|
(
|
|
(
|
|||||||||||||||||||
| Restructuring and other impairments | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
The following table summarizes the pre-tax charges by program and segment during the periods indicated:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Academia & Government: | |||||||||||||||||||||||
|
Value Creation Plan
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
|
Segment Optimization
|
|
|
|
|
|||||||||||||||||||
|
ProQuest Acquisition Integration
|
|
|
|
(
|
|||||||||||||||||||
| Total A&G |
|
|
|
|
|||||||||||||||||||
| Intellectual Property: | |||||||||||||||||||||||
|
Value Creation Plan
|
|
|
|
|
|||||||||||||||||||
|
Segment Optimization
|
|
|
|
|
|||||||||||||||||||
| Total IP |
|
|
|
|
|||||||||||||||||||
| Life Sciences & Healthcare: | |||||||||||||||||||||||
|
Value Creation Plan
|
|
|
|
|
|||||||||||||||||||
|
Segment Optimization
|
|
|
|
|
|||||||||||||||||||
| Total LS&H |
|
|
|
|
|||||||||||||||||||
| Restructuring and other impairments | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
16
CLARIVATE PLC
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(In millions or as otherwise noted)
The table below summarizes the changes in our restructuring reserves by activity during the periods indicated:
|
Severance and
related benefit costs
|
Exit, disposal,
and abandonment costs
|
Total | |||||||||||||||
| Reserve balance as of December 31, 2024 | $ |
|
$ |
|
$ |
|
|||||||||||
| Expenses recorded |
|
|
|
||||||||||||||
| Payments made |
(
|
(
|
(
|
||||||||||||||
| Noncash items |
(
|
|
(
|
||||||||||||||
| Reserve balance as of September 30, 2025 | $ |
|
$ |
|
$ |
|
|||||||||||
| Reserve balance as of December 31, 2023 | $ |
|
$ |
|
$ |
|
|||||||||||
| Expenses recorded |
|
(
|
|
||||||||||||||
| Payments made |
(
|
(
|
(
|
||||||||||||||
| Noncash items |
(
|
|
|
||||||||||||||
| Reserve balance as of September 30, 2024 | $ |
|
$ |
|
$ |
|
|||||||||||
Note 9:
Other Operating Expense (Income), Net
Other operating expense (income), net, consisted of the following:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
|
Loss (gain) on divestiture
(1)
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
|
Net foreign exchange loss (gain)
|
(
|
|
|
|
|||||||||||||||||||
| Miscellaneous expense (income), net |
|
(
|
(
|
(
|
|||||||||||||||||||
| Other operating expense (income), net | $ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
|
(1)
Related to the sale of Valipat, a small product group within our IP segment.
|
|||||||||||||||||||||||
Note 10:
Income Taxes
We compute our provision (benefit) for income taxes by applying the estimated annual effective tax rate to year-to-date pre-tax income (loss) and adjust the provision for discrete tax items recorded in the period.
The income tax provision of $
3.8
and $
15.1
for the three months ended September 30, 2025 and 2024, respectively, was primarily due to the mix of jurisdictions in which pre-tax profits and losses were recognized.
The income tax provision of $
34.9
and $
23.3
for the nine months ended September 30, 2025 and 2024, respectively, was primarily due to the mix of jurisdictions in which pre-tax profits and losses were recognized and, in the prior year period, an offsetting $
14.2
tax benefit associated with the goodwill impairment.
On July 4, 2025, H.R.1, known as the One Big Beautiful Bill Act (“OBBBA”), was enacted into law. OBBBA contains provisions such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to international tax provisions, and the restoration of favorable tax treatment for certain business expenses. The change in U.S. tax law has been reflected in the current period and did not have a material impact on the income tax provision for the three and nine months ended September 30, 2025.
17
CLARIVATE PLC
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(In millions or as otherwise noted)
Note 11:
Earnings Per Share
The basic and diluted EPS computations for our ordinary shares are calculated as follows:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Basic EPS | |||||||||||||||||||||||
| Net income (loss) | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
|||||||||||||||
| Dividends on preferred shares |
|
|
|
|
|||||||||||||||||||
| Net income (loss) attributable to ordinary shares | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
|||||||||||||||
| Weighted average shares, basic |
|
|
|
|
|||||||||||||||||||
| Basic EPS | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
|||||||||||||||
| Diluted EPS | |||||||||||||||||||||||
| Net income (loss) attributable to ordinary shares, diluted | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
|||||||||||||||
| Weighted average shares, basic |
|
|
|
|
|||||||||||||||||||
| Weighted average effect of potentially dilutive shares |
|
|
|
|
|||||||||||||||||||
| Weighted average shares, diluted |
|
|
|
|
|||||||||||||||||||
| Diluted EPS | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
|||||||||||||||
Potential ordinary shares on a gross basis of
22.6
and
14.2
related to share-based awards were excluded from diluted EPS for the three months ended September 30, 2025 and 2024, respectively, as their inclusion would have been antidilutive. Potential ordinary shares on a gross basis of
20.1
and
22.3
related to share-based awards and private placement warrants were excluded from diluted EPS for the nine months ended September 30, 2025 and 2024, respectively, as their inclusion would have been antidilutive.
As a result of the MCPS conversion described in
Note 7 - Shareholders' Equity
, during the three and nine months ended September 30, 2024, the converted MCPS shares were included in basic EPS for the period subsequent to the conversion. Prior to the conversion, the MCPS shares were evaluated for inclusion in diluted EPS using the if-converted method and, in each period presented, were excluded from diluted EPS as their inclusion would have been antidilutive.
Note 12:
Segment Information
As discussed in
Note 1 - Nature of Operations and Summary of Significant Accounting Policies
, we have organized our business into
three
reportable segments: Academia & Government, Intellectual Property, and Life Sciences & Healthcare.
Our chief operating decision maker (“CODM”) evaluates performance for our reportable segments based primarily on revenues and Adjusted EBITDA. 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.
Significant segment expenses include people-related costs, royalties and other product costs, technology costs (comprised primarily of software licenses and hosting costs), and outside service costs (comprised primarily of professional services and contracted labor). Other costs primarily include facilities costs and product marketing costs.
The following table summarizes reportable segment revenues, expenses, and profit and provides a reconciliation of total reportable segment Adjusted EBITDA to Net income (loss) for the periods indicated:
18
CLARIVATE PLC
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(In millions or as otherwise noted)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Academia & Government | |||||||||||||||||||||||
| Revenues | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| People-related costs |
(
|
(
|
(
|
(
|
|||||||||||||||||||
| Royalties and other product costs |
(
|
(
|
(
|
(
|
|||||||||||||||||||
| Technology costs |
(
|
(
|
(
|
(
|
|||||||||||||||||||
| Outside service costs |
(
|
(
|
(
|
(
|
|||||||||||||||||||
| Other costs |
(
|
(
|
(
|
(
|
|||||||||||||||||||
| A&G Adjusted EBITDA | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Intellectual Property | |||||||||||||||||||||||
| Revenues | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| People-related costs |
(
|
(
|
(
|
(
|
|||||||||||||||||||
| Royalties and other product costs |
(
|
(
|
(
|
(
|
|||||||||||||||||||
| Technology costs |
(
|
(
|
(
|
(
|
|||||||||||||||||||
| Outside service costs |
(
|
(
|
(
|
(
|
|||||||||||||||||||
| Other costs |
(
|
(
|
(
|
(
|
|||||||||||||||||||
| IP Adjusted EBITDA | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Life Sciences & Healthcare | |||||||||||||||||||||||
| Revenues | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| People-related costs |
(
|
(
|
(
|
(
|
|||||||||||||||||||
| Royalties and other product costs |
(
|
(
|
(
|
(
|
|||||||||||||||||||
| Technology costs |
(
|
(
|
(
|
(
|
|||||||||||||||||||
| Outside service costs |
(
|
(
|
(
|
(
|
|||||||||||||||||||
| Other costs |
(
|
(
|
(
|
(
|
|||||||||||||||||||
| LS&H Adjusted EBITDA | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
|
Total Reportable Segments
|
|||||||||||||||||||||||
| Revenues | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| People-related costs |
(
|
(
|
(
|
(
|
|||||||||||||||||||
| Royalties and other product costs |
(
|
(
|
(
|
(
|
|||||||||||||||||||
| Technology costs |
(
|
(
|
(
|
(
|
|||||||||||||||||||
| Outside service costs |
(
|
(
|
(
|
(
|
|||||||||||||||||||
| Other costs |
(
|
(
|
(
|
(
|
|||||||||||||||||||
| Total Reportable Segments Adjusted EBITDA | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Benefit (provision) for income taxes |
(
|
(
|
(
|
(
|
|||||||||||||||||||
| Depreciation and amortization |
(
|
(
|
(
|
(
|
|||||||||||||||||||
| Interest expense, net |
(
|
(
|
(
|
(
|
|||||||||||||||||||
| Share-based compensation expense |
(
|
(
|
(
|
(
|
|||||||||||||||||||
| Goodwill and intangible asset impairments |
|
(
|
|
(
|
|||||||||||||||||||
| Restructuring and lease impairments |
(
|
(
|
(
|
(
|
|||||||||||||||||||
| Fair value adjustment of warrants |
|
|
|
|
|||||||||||||||||||
| Transaction related costs |
(
|
(
|
(
|
(
|
|||||||||||||||||||
|
Other
(1)
|
|
(
|
(
|
(
|
|||||||||||||||||||
| Net income (loss) | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
|||||||||||||||
|
(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 nine months ended September 30, 2024 includes a $
|
|||||||||||||||||||||||
Our CODM does not review assets by segment for the purpose of assessing performance or allocating resources due to the significant amount of intangible assets acquired through business combinations, as well as the centralized nature of our working capital management functions.
19
CLARIVATE PLC
Notes to the Condensed Consolidated Financial Statements (Unaudited)
(In millions or as otherwise noted)
Note 13:
Commitments and Contingencies
Lawsuits and Legal Claims
We are engaged in various legal proceedings, claims, audits, and investigations that have arisen in the ordinary course of business. These matters may include among others, antitrust/competition claims, intellectual property infringement claims, employment matters, and commercial matters. The outcome of the matters against us are subject to future resolution, including the uncertainties of litigation.
From time to time, we are involved in litigation in the ordinary course of our business, including claims or contingencies that may arise related to matters occurring prior to our acquisition of businesses. At the present time, primarily because the matters are generally in early stages, we can give no assurance as to the outcome of any pending litigation to which we are currently a party, and we are unable to determine the ultimate resolution of these matters or the effect they may have on us.
We have and will continue to vigorously defend ourselves against these claims. We maintain appropriate levels of insurance, which we expect are likely to provide coverage for some of these liabilities or other losses that may arise from these litigation matters.
Between January and March 2022, three putative securities class action complaints were filed in the United States District Court for the Eastern District of New York against Clarivate and certain of its executives and directors alleging that there were weaknesses in the Company’s internal controls over financial reporting and financial reporting procedures that it failed to disclose in violation of federal securities law. The complaints were consolidated into a single proceeding on May 18, 2022. On August 8, 2022, plaintiffs filed a consolidated amended complaint, seeking damages on behalf of a putative class of shareholders who acquired Clarivate securities between July 30, 2020, and February 2, 2022, and/or acquired Clarivate ordinary or preferred shares in connection with offerings on June 10, 2021, or Clarivate ordinary shares in connection with a September 13, 2021, offering. The amended complaint, like the prior complaints, references an error in the accounting treatment of an equity plan included in the Company’s 2020 business combination with CPA Global that was disclosed on December 27, 2021, and related restatements issued on February 3, 2022, of certain of the Company’s previously issued financial statements. The amended complaint also alleges that the Company and certain of its executives and directors made false or misleading statements relating to the Company’s product quality and expected organic revenues and organic growth rate, and that they failed to disclose significant known changes to the Company’s business model. Defendants moved to dismiss the amended complaint on October 7, 2022. Without deciding the motion, the court entered an order on June 23, 2023, allowing plaintiffs limited leave to amend, and plaintiffs filed an amended complaint on July 14, 2023. On August 10, 2023, the court issued an order deeming defendants’ prior motions and briefs to be directed at the amended complaint and permitting defendants to file supplemental briefs to address the new allegations in the amended complaint. Supplemental briefing on the motions was completed on September 8, 2023. Defendants’ motions to dismiss the amended complaint are currently pending.
In a separate but related litigation, on June 7, 2022, a class action was filed in Pennsylvania state court in the Court of Common Pleas of Philadelphia asserting claims under the Securities Act of 1933, based on substantially similar allegations, with respect to alleged misstatements and omissions in the offering documents for two issuances of Clarivate ordinary shares in June and September 2021. The Company moved to stay this proceeding on August 19, 2022, and filed its preliminary objections to the state court complaint on October 21, 2022. After granting a partial stay on January 4, 2023, the court denied a further stay of the proceedings on April 17, 2023. On April 24, 2024, the court sustained the Company’s preliminary objections, but permitted plaintiff leave to file an amended complaint, which plaintiff filed on May 28, 2024. On August 29, 2024, plaintiff filed a second amended complaint, to which the Company filed preliminary objections on September 30, 2024. On April 25, 2025, the court issued an order permitting the parties to take discovery on issues raised in the Company’s preliminary objections related to standing, and to file supplemental briefs upon completion of such discovery, to be followed by oral argument on the preliminary objections. Clarivate does not believe that the claims alleged in the complaints have merit and will vigorously defend against them. Given the early stage of the proceedings, we are unable to estimate the reasonably possible loss or range of loss, if any, arising from these matters.
20
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The following discussion should be read in conjunction with our historical financial statements and related notes included in our annual report on Form 10-K for the year ended December 31, 2024 and the financial statements and related notes included elsewhere in this quarterly report on Form 10-Q. Certain statements in this section are forward-looking statements as described in the Cautionary Note Regarding Forward-Looking Statements of this quarterly report. The risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements include, but are not limited to, factors described in Item 1A. Risk Factors of this quarterly report and Item 1A. Risk Factors in our most recently filed annual report on Form 10-K.
Overview
We are a leading global provider of transformative intelligence. We support the entire innovation lifecycle, from cultivating curiosity to protecting the world’s critical intellectual property assets. Whether it’s providing insights to advance an industry or accelerating the delivery of a critical drug, our vision at Clarivate is to fuel the world’s greatest breakthroughs by harnessing the power of human ingenuity. We offer enriched data, insights & analytics, workflow solutions, and expert services to our customers in the Academia & Government (“A&G”), Intellectual Property (“IP”), and Life Sciences & Healthcare (“LS&H”) end markets, which form the basis of our reportable segment structure. Within each of our three segments, we provide the following:
•
Enriched data.
Curated, up-to-date content collections validated by skilled data scientists and domain experts with real-world experience.
•
Insights & analytics.
Predictive analytics powered by a unique combination of AI-enabled software paired with human insights, developed and interpreted by PhD level experts.
•
Workflow solutions.
Automated, flexible software tools complemented by our enriched data sets and expert analysis tailored to meet specific needs.
•
Expert services.
We are home to industry specialists, consultants, and data scientists with deep subject-matter expertise and global experience.
Key Performance Indicators
We regularly monitor organic revenue growth, annualized contract value, annual renewal rates, Adjusted EBITDA, Adjusted EBITDA margin, and Free cash flow as key performance indicators that we use to evaluate our business and trends, measure performance, prepare financial projections, and make strategic decisions.
Adjusted EBITDA, Adjusted EBITDA margin, and Free cash flow are financial measures that are not prepared in accordance with U.S. generally accepted accounting principles (“non-GAAP”). Although we believe these measures may be useful to investors in evaluating our business, these measures are not a substitute for GAAP financial measures or disclosures. Reconciliations of our non-GAAP measures to the most directly comparable GAAP measures are provided further below.
Organic revenue growth
We review year-over-year organic revenue growth in our segments as a key measure of our success in addressing customer needs. We also review year-over-year organic revenue growth by transaction type to help us identify and address broad changes in product mix, and by geography to help us identify and address changes and revenue trends by region. We define the components of revenue growth as follows:
•
Organic.
Revenue generated from pricing, up-selling, securing new customers, sales of new or enhanced product offerings, and any other revenue change drivers except for changes from acquisitions, disposals, and foreign currency.
•
Acquisitions.
Revenue generated from acquired products and services from the date of acquisition to the first anniversary date of that acquisition.
•
Disposals.
Revenue generated in the comparative prior year period from product lines, services, and/or businesses divested from the date of the sale in the current period presented or included within a disposal group.
•
Foreign Currency (“FX”).
The difference between current revenue at current exchange rates and current revenue at the corresponding prior period exchange rates.
21
CLARIVATE PLC
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(In millions or as otherwise noted)
Annualized contract value
Our 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. We use ACV as a key indicator of the health and trajectory of our core business as well as to assist in the evaluation of underlying sales execution and customer engagement trends. This metric is particularly important to us because the majority of our revenues are generated from subscription-based license agreements.
Actual subscription revenues that we recognize during any 12-month period are likely to differ from ACV at the beginning of that period, sometimes significantly, due to subsequent changes in volume (including upgrades, downgrades, new business, and cancellations) and price, acquisitions and divestitures, and changes in FX.
Our organic ACV grew 1.6% compared to September 30, 2024, primarily driven by price increases. Our total ACV of $1,542.7 as of September 30, 2025 declined 3.4% compared to $1,596.4 as of September 30, 2024, primarily due to the ScholarOne divestiture in November 2024 and the wind-down of certain product groups beginning in the first quarter of 2025.
Annual renewal rate
Our annual renewal rate, at any point in time, represents (a) the annualized value of all active customer subscription-based license agreements renewed during the measurement period (including the value of any product downgrades), divided by (b) the annualized value of all active subscription-based license agreements that were up for renewal during the measurement period. “Open renewals,” which we define as active customer subscription-based license agreements that were up for renewal during the measurement period but were neither renewed nor canceled, are excluded from both the numerator and denominator of the calculation. Additionally, the impact from product downgrades upon renewal is reflected in the annual renewal calculation, but the impact from product upgrades is not, because upgrades reflect the purchase of additional products and services. The impact of upgrades, new subscriptions, and product price increases is reflected in ACV, but not in annual renewal rates.
As the majority of our revenues are generated from subscription-based license agreements, we use the annual renewal rate as a key indicator of our ability to retain existing customers, evaluate the execution of our sales strategy and customer engagement trends, and to help analyze our historical results and prepare financial projections.
Our annual renewal rate for the nine months ended September 30, 2025 and 2024 was 93% and 92%, respectively.
Adjusted EBITDA and Adjusted EBITDA margin
We use Adjusted EBITDA as a basis for evaluating our ongoing operating performance, and we believe it is useful for investors to understand the underlying trends of our operations. 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.
Our presentation of Adjusted EBITDA and Adjusted EBITDA margin should not be construed as an inference that our future results will be unaffected by any of the adjusted items, or that our projections and estimates will be realized in their entirety or at all. In addition, because of these limitations, Adjusted EBITDA should not be considered as a measure of liquidity or discretionary cash available to us to fund our cash needs, including investing in the growth of our business and meeting our obligations. For a reconciliation of Adjusted EBITDA and Adjusted EBITDA margin to Net income (loss) and Net income (loss) margin, refer to
Adjusted EBITDA and Adjusted EBITDA margin (non-GAAP measures)
below.
Free cash flow
We use Free cash flow in our operational and financial decision-making and believe it is useful to investors because similar measures are frequently used by securities analysts, investors, ratings agencies, and other interested parties to measure the ability of a company to service its debt. Our presentation of Free cash flow should not be considered as a measure of liquidity or discretionary cash available to us to fund our cash needs, including investing in the growth of our business and meeting our obligations. We define Free cash flow as Net cash provided by operating activities less Capital expenditures. For further
22
CLARIVATE PLC
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(In millions or as otherwise noted)
discussion related to Free cash flow, including a reconciliation to Net cash provided by operating activities, refer to
Liquidity and Capital Resources - Cash Flows
below.
Results of Operations
|
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
% Change
|
|||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 |
QTD
|
YTD
|
||||||||||||||||||||||||||||||
| Revenues | $ | 623.1 | $ | 622.2 | $ | 1,838.2 | $ | 1,893.7 | —% | (3)% | |||||||||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||||||||||||||
| Cost of revenues | 218.2 | 210.1 | 628.8 | 641.5 | 4% | (2)% | |||||||||||||||||||||||||||||
| Selling, general and administrative costs | 170.0 | 169.7 | 529.5 | 546.8 | —% | (3)% | |||||||||||||||||||||||||||||
| Depreciation and amortization | 191.8 | 177.2 | 568.1 | 541.0 | 8% | 5% | |||||||||||||||||||||||||||||
| Goodwill and intangible asset impairments | — | 13.8 | — | 316.6 | N/M | N/M | |||||||||||||||||||||||||||||
| Restructuring and other impairments | 11.9 | 4.0 | 45.9 | 14.2 | N/M | N/M | |||||||||||||||||||||||||||||
| Other operating expense (income), net | (12.8) | 25.7 | 35.8 | 46.9 | N/M | (24)% | |||||||||||||||||||||||||||||
| Total operating expenses | 579.1 | 600.5 | 1,808.1 | 2,107.0 | |||||||||||||||||||||||||||||||
| Income (loss) from operations | 44.0 | 21.7 | 30.1 | (213.3) | |||||||||||||||||||||||||||||||
| Fair value adjustment of warrants | — | — | — | (5.2) | N/M | N/M | |||||||||||||||||||||||||||||
| Interest expense, net | 68.5 | 72.2 | 199.4 | 213.5 | (5)% | (7)% | |||||||||||||||||||||||||||||
| Income (loss) before income taxes | (24.5) | (50.5) | (169.3) | (421.6) | |||||||||||||||||||||||||||||||
| Provision (benefit) for income taxes | 3.8 | 15.1 | 34.9 | 23.3 | (75)% | 50% | |||||||||||||||||||||||||||||
| Net income (loss) | (28.3) | (65.6) | (204.2) | (444.9) | |||||||||||||||||||||||||||||||
| Dividends on preferred shares | — | — | — | 31.3 | N/M | N/M | |||||||||||||||||||||||||||||
| Net income (loss) attributable to ordinary shares | $ | (28.3) | $ | (65.6) | $ | (204.2) | $ | (476.2) | |||||||||||||||||||||||||||
|
N/M - Represents a change approximately equal to or in excess of 100% or is not meaningful.
|
|||||||||||||||||||||||||||||||||||
The following factors had a significant impact on the comparability of our results of operations between the periods presented and may affect the comparability of our results of operations in future periods:
•
In December 2024, our Board approved the wind-down of three product groups within the LS&H and A&G segments, which is expected to reduce revenues and profit by less than 10% and 5%, respectively.
•
In November 2024, we completed the sale of our ScholarOne product group within our A&G segment.
•
In the second quarter of 2024, we recognized a substantial goodwill impairment.
•
In April 2024, we completed the sale of our Valipat product group within our IP segment.
Revenues
The following tables present our revenues by type, segment, and geography, as well as the components driving the changes between periods.
Revenues by transaction type
|
Three Months Ended
September 30, |
Change
|
% of Change | ||||||||||||||||||||||||||||||||||||
| 2025 | 2024 |
$
|
%
|
Acquisitions |
Disposals
|
FX
|
Organic
|
|||||||||||||||||||||||||||||||
| Subscription | $ | 405.4 | $ | 411.1 | $ | (5.7) | (1.4) | % | — | % | (3.4) | % | 0.8 | % | 1.2 | % | ||||||||||||||||||||||
| Re-occurring | 105.3 | 106.7 | (1.4) | (1.3) | % | — | % | — | % | 1.9 | % | (3.2) | % | |||||||||||||||||||||||||
| Recurring revenues | 510.7 | 517.8 | (7.1) | (1.4) | % | — | % | (2.7) | % | 1.0 | % | 0.3 | % | |||||||||||||||||||||||||
|
Transactional
|
112.4 | 104.4 | 8.0 | 7.7 | % | — | % | 9.8 | % | 0.7 | % | (2.8) | % | |||||||||||||||||||||||||
| Revenues | $ | 623.1 | $ | 622.2 | $ | 0.9 | 0.1 | % | — | % | (0.7) | % | 0.9 | % | (0.1) | % | ||||||||||||||||||||||
Subscription organic growth was driven by new sales and price increases, while the subscription disposals decrease was primarily attributed to the ScholarOne divestiture and product group wind-downs within LS&H. The re-occurring organic decline was primarily due to lower IP volumes and sales. The transactional organic decline was also primarily due to lower IP
23
CLARIVATE PLC
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(In millions or as otherwise noted)
activity, while the transactional disposal increase was primarily due to higher transactional book sales in A&G wind-down products.
|
Nine Months Ended
September 30, |
Change
|
% of Change | ||||||||||||||||||||||||||||||||||||
| 2025 | 2024 |
$
|
%
|
Acquisitions |
Disposals
|
FX
|
Organic
|
|||||||||||||||||||||||||||||||
| Subscription | $ | 1,199.7 | $ | 1,219.8 | $ | (20.1) | (1.6) | % | 0.1 | % | (2.9) | % | 0.4 | % | 0.8 | % | ||||||||||||||||||||||
| Re-occurring | 320.1 | 317.8 | 2.3 | 0.7 | % | — | % | — | % | 0.9 | % | (0.2) | % | |||||||||||||||||||||||||
| Recurring revenues | 1,519.8 | 1,537.6 | (17.8) | (1.2) | % | 0.1 | % | (2.4) | % | 0.5 | % | 0.6 | % | |||||||||||||||||||||||||
|
Transactional
|
318.4 | 356.1 | (37.7) | (10.6) | % | 0.1 | % | (9.0) | % | 0.4 | % | (2.1) | % | |||||||||||||||||||||||||
| Revenues | $ | 1,838.2 | $ | 1,893.7 | $ | (55.5) | (2.9) | % | 0.1 | % | (3.7) | % | 0.5 | % | 0.2 | % | ||||||||||||||||||||||
Subscription organic growth was driven by new sales, improved retention, and price increases, with the subscription disposals decrease primarily attributable to the ScholarOne divestiture and product group wind-downs within LS&H. Re-occurring organic revenues were flat, with FX translation gains driving the overall increase. The transactional organic decline was primarily due to lower IP activity, while the transactional disposal decrease was primarily due to the product group wind-downs in A&G and LS&H, as well as the Valipat divestiture.
Revenues by segment
|
|
Three Months Ended
September 30, |
Change
|
% of Change | |||||||||||||||||||||||||||||||||||
| 2025 | 2024 |
$
|
%
|
Acquisitions |
Disposals
|
FX
|
Organic
|
|||||||||||||||||||||||||||||||
| A&G | $ | 332.5 | $ | 321.3 | $ | 11.2 | 3.5 | % | — | % | 0.8 | % | 0.7 | % | 2.0 | % | ||||||||||||||||||||||
| IP | 197.8 | 199.8 | (2.0) | (1.0) | % | 0.1 | % | — | % | 1.6 | % | (2.7) | % | |||||||||||||||||||||||||
| LS&H | 92.8 | 101.1 | (8.3) | (8.2) | % | — | % | (7.7) | % | 0.2 | % | (0.7) | % | |||||||||||||||||||||||||
| Revenues | $ | 623.1 | $ | 622.2 | $ | 0.9 | 0.1 | % | — | % | (0.7) | % | 0.9 | % | (0.1) | % | ||||||||||||||||||||||
A&G segment revenues increased primarily due to subscription growth driven by new sales, improved retention, and price increases. IP segment revenues decreased primarily due to lower re-occurring and transactional volumes. LS&H segment revenues decreased primarily due to product group wind-downs.
|
|
Nine Months Ended
September 30, |
Change
|
% of Change | |||||||||||||||||||||||||||||||||||
| 2025 | 2024 |
$
|
%
|
Acquisitions |
Disposals
|
FX
|
Organic
|
|||||||||||||||||||||||||||||||
| A&G | $ | 953.7 | $ | 983.5 | $ | (29.8) | (3.0) | % | — | % | (5.1) | % | 0.3 | % | 1.8 | % | ||||||||||||||||||||||
| IP | 593.0 | 602.3 | (9.3) | (1.5) | % | 0.1 | % | (1.2) | % | 0.8 | % | (1.2) | % | |||||||||||||||||||||||||
| LS&H | 291.5 | 307.9 | (16.4) | (5.3) | % | 0.3 | % | (4.7) | % | 0.2 | % | (1.1) | % | |||||||||||||||||||||||||
| Revenues | $ | 1,838.2 | $ | 1,893.7 | $ | (55.5) | (2.9) | % | 0.1 | % | (3.7) | % | 0.5 | % | 0.2 | % | ||||||||||||||||||||||
A&G segment revenues decreased primarily due to the ScholarOne divestiture and product group wind-downs, partially offset by subscription organic growth driven by new sales, improved retention, and price increases. IP segment revenues decreased primarily due to the Valipat divestiture and lower re-occurring and transactional volumes. LS&H segment revenues decreased primarily due to product group wind-downs and lower subscription revenues.
Revenues by geography
|
Three Months Ended
September 30, |
Change
|
% of Change | ||||||||||||||||||||||||||||||||||||
| 2025 | 2024 |
$
|
%
|
Acquisitions |
Disposals
|
FX
|
Organic
|
|||||||||||||||||||||||||||||||
| Americas | $ | 331.3 | $ | 335.4 | $ | (4.1) | (1.2) | % | — | % | (0.5) | % | 0.2 | % | (0.9) | % | ||||||||||||||||||||||
| EMEA | 168.3 | 158.8 | 9.5 | 6.0 | % | — | % | 1.4 | % | 3.0 | % | 1.6 | % | |||||||||||||||||||||||||
| APAC | 123.5 | 128.0 | (4.5) | (3.5) | % | — | % | (3.8) | % | 0.3 | % | — | % | |||||||||||||||||||||||||
| Revenues | $ | 623.1 | $ | 622.2 | $ | 0.9 | 0.1 | % | — | % | (0.7) | % | 0.9 | % | (0.1) | % | ||||||||||||||||||||||
Americas revenues decreased primarily due to the ScholarOne divestiture and product group wind-downs within A&G and LS&H, partially offset by higher transactional book sales attributed to A&G wind-down products. EMEA (Europe/Middle East/Africa) revenues increased primarily due to FX translation gains and strong subscription and transactional orders in A&G. APAC (Asia Pacific) revenues decreased due to product group wind-downs within A&G.
24
CLARIVATE PLC
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(In millions or as otherwise noted)
|
Nine Months Ended
September 30, |
Change
|
% of Change | ||||||||||||||||||||||||||||||||||||
| 2025 | 2024 |
$
|
%
|
Acquisitions |
Disposals
|
FX
|
Organic
|
|||||||||||||||||||||||||||||||
| Americas | $ | 984.3 | $ | 1,020.6 | $ | (36.3) | (3.6) | % | 0.2 | % | (3.9) | % | — | % | 0.1 | % | ||||||||||||||||||||||
| EMEA | 484.9 | 497.3 | (12.4) | (2.5) | % | — | % | (4.3) | % | 1.5 | % | 0.3 | % | |||||||||||||||||||||||||
| APAC | 369.0 | 375.8 | (6.8) | (1.8) | % | — | % | (2.6) | % | 0.2 | % | 0.6 | % | |||||||||||||||||||||||||
| Revenues | $ | 1,838.2 | $ | 1,893.7 | $ | (55.5) | (2.9) | % | 0.1 | % | (3.7) | % | 0.5 | % | 0.2 | % | ||||||||||||||||||||||
Americas revenues decreased primarily due to the ScholarOne divestiture and product group wind-downs within A&G and LS&H. EMEA revenues decreased primarily due to the Valipat and ScholarOne product group divestitures and product group wind-downs within A&G. APAC revenues decreased due to product group wind-downs within A&G, partially offset by A&G subscription growth.
Cost of revenues
Cost of revenues consists of costs related to the production, servicing, and maintenance of our products and are composed primarily of related personnel costs, data center services and licensing costs, and costs to acquire or produce content, including royalty fees.
The 3.9% increase compared to the three months ended September 30, 2024 was primarily driven by increased royalties associated with higher transactional book sales in A&G wind-down products. The 2.0% decrease compared to the nine months ended September 30, 2024 was primarily driven by the Valipat and ScholarOne divestitures, as well as product wind-downs.
Selling, general and administrative costs
Selling, general and administrative (“SG&A”) costs include nearly all business costs not directly attributable to the production, servicing, and maintenance of our products and are composed primarily of personnel costs, third-party professional services fees, facility costs like rent and utilities, technology costs associated with our corporate infrastructure, and transaction expenses associated with acquisitions, divestitures, and capital market activities including advisory, legal, and other professional and consulting costs.
The 3.2% decrease compared to the nine months ended September 30, 2024 was primarily driven by cost management and reductions in share-based compensation expense. As a percentage of revenues, SG&A costs were largely unchanged compared to the respective comparative prior year periods.
Depreciation and amortization
Depreciation expense relates to our fixed assets, including computer hardware, leasehold improvements, and furniture and fixtures. Amortization expense relates to our definite-lived intangible assets, including customer relationships, technology and content, internally developed computer software, and trade names.
The increase of 8.2% and 5.0% compared to the three and nine months ended September 30, 2024, respectively, was primarily driven by increased investment in computer software assets.
Goodwill and intangible asset impairments
In the second quarter of 2024, primarily due to sustained declines in our share price, we performed an interim quantitative goodwill impairment assessment by comparing the estimated fair value to the carrying value for both of our segment reporting units carrying a goodwill balance. The carrying value of the LS&H segment reporting unit exceeded its fair value, resulting in a goodwill impairment charge of $302.8.
In the third quarter of 2024, we recorded $13.8 of goodwill associated with a small acquisition within the IP segment reporting unit. We recorded an impairment to the goodwill because the IP reporting unit’s fair value was significantly below its carrying value based on the results of our second quarter 2024 goodwill impairment assessment.
Restructuring and other impairments
Restructuring and other impairment expense includes costs associated with certain involuntary termination benefits, contract terminations, and other exit or disposal activities.
25
CLARIVATE PLC
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(In millions or as otherwise noted)
Charges for the three and nine months ended September 30, 2025 were primarily associated with the Value Creation Plan, which began in the fourth quarter of 2024 and is expected to be substantially completed by the end of 2025. Charges for the three and nine months ended September 30, 2024 were primarily associated with the Segment Optimization Program, which was substantively completed in 2024. For further information regarding each of our restructuring initiatives and impairment impacts, see
Note 8 - Restructuring and Other Impairments
included in Part I, Item 1 of this quarterly report.
Other operating expense (income), net
The change of $38.5 compared to the three months ended September 30, 2024 was primarily driven by the net impact of realized and unrealized gains and losses on foreign currency transactions, with the largest impacts derived from transactions denominated in GBP.
The change of $11.1 compared to the nine months ended September 30, 2024 was primarily driven by a $14.8 loss on divestiture in the prior year period. For further information, see
Note 9 - Other Operating Expense (Income), Net
included in Part I, Item 1 of this quarterly report.
Interest expense, net
The decrease of 5.1% and 6.6% compared to the three and nine months ended September 30, 2024, respectively, was driven by lower interest rates on our outstanding variable-rate debt and reduced borrowings under our notes and credit facilities.
Provision (benefit) for income taxes
The income tax provision of $3.8 and $15.1 for the three months ended September 30, 2025 and 2024, respectively, was primarily due to the mix of jurisdictions in which pre-tax profits and losses were recognized.
The income tax provision of $34.9 and $23.3 for the nine months ended September 30, 2025 and 2024, respectively, was primarily due to the mix of jurisdictions in which pre-tax profits and losses were recognized and, in the prior year period, an offsetting $14.2 tax benefit associated with the goodwill impairment.
The current quarter effective tax rate may not be indicative of our effective tax rates for future periods.
Adjusted EBITDA and Adjusted EBITDA margin (non-GAAP measures)
The following table presents our calculation of Adjusted EBITDA and Adjusted EBITDA margin for the three and nine months ended September 30, 2025 and 2024, and reconciles these non-GAAP measures to our Net income (loss) and Net income (loss) margin for the same periods:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Net income (loss) | $ | (28.3) | $ | (65.6) | $ | (204.2) | $ | (444.9) | |||||||||||||||
| Provision (benefit) for income taxes | 3.8 | 15.1 | 34.9 | 23.3 | |||||||||||||||||||
| Depreciation and amortization | 191.8 | 177.2 | 568.1 | 541.0 | |||||||||||||||||||
| Interest expense, net | 68.5 | 72.2 | 199.4 | 213.5 | |||||||||||||||||||
| Share-based compensation expense | 16.0 | 15.4 | 45.6 | 49.7 | |||||||||||||||||||
| Goodwill and intangible asset impairments | — | 13.8 | — | 316.6 | |||||||||||||||||||
| Restructuring and other impairments | 11.9 | 4.0 | 45.9 | 14.2 | |||||||||||||||||||
| Fair value adjustment of warrants | — | — | — | (5.2) | |||||||||||||||||||
| Transaction related costs | 4.1 | 6.1 | 18.5 | 13.6 | |||||||||||||||||||
|
Other
(1)
|
(15.4) | 26.2 | 39.0 | 53.3 | |||||||||||||||||||
| Adjusted EBITDA | $ | 252.4 | $ | 264.4 | $ | 747.2 | $ | 775.1 | |||||||||||||||
|
Net income (loss) margin
|
(4.5)% | (10.5)% | (11.1)% | (23.5)% | |||||||||||||||||||
| Adjusted EBITDA margin | 40.5% | 42.5% | 40.6% | 40.9% | |||||||||||||||||||
|
(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 nine months ended September 30, 2024 includes a $14.8 loss on the divestiture described in
Note 9 - Other Operating Expense (Income), Net
.
|
|||||||||||||||||||||||
26
CLARIVATE PLC
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(In millions or as otherwise noted)
Liquidity and Capital Resources
We finance our operations primarily through cash generated by operating activities and through borrowing activities. As of September 30, 2025, we had $318.7 of cash on hand and $768.5 of available borrowing capacity under our revolving credit facility.
Cash Flows
We have historically generated significant cash flows from our operating activities. Our subscription-based revenue model provides a steady and predictable source of revenue and cash flow for us, as we typically receive payments from our customers at the start of the subscription period (usually 12 months) and recognize revenue ratably throughout that period. Our high customer renewal rate, stable margins, and efforts to improve operating efficiencies and working capital management also contribute to our ability to generate solid operating cash flows.
The following table discloses our cash flows by activity for the periods presented:
| Nine Months Ended September 30, |
Change
|
||||||||||||||||||||||
| 2025 | 2024 |
$
|
%
|
||||||||||||||||||||
| Net cash provided by operating activities | $ | 468.6 | $ | 505.3 | (36.7) | (7) | % | ||||||||||||||||
| Net cash used for investing activities | $ | (192.5) | $ | (258.1) | 65.6 | (25) | % | ||||||||||||||||
| Net cash used for financing activities | $ | (265.2) | $ | (230.5) | (34.7) | 15 | % | ||||||||||||||||
The decrease in net cash provided by operating activities was primarily due to higher restructuring costs and related cash outflows compared to the prior year.
The decrease in net cash used for investing activities was primarily due to acquisition and divestiture-related outflows in the prior year, as well as lower capital expenditures in the current year.
The increase in net cash used for financing activities was driven by higher share repurchases and debt repayments in the current year, partially offset by the MCPS dividend payments made in the prior year.
Free cash flow (non-GAAP measure)
The following table reconciles our non-GAAP Free cash flow measure to Net cash provided by operating activities for the periods presented:
| Nine Months Ended September 30, |
Change
|
||||||||||||||||||||||
| 2025 | 2024 |
$
|
%
|
||||||||||||||||||||
| Net cash provided by operating activities | $ | 468.6 | $ | 505.3 | $ | (36.7) | (7) | % | |||||||||||||||
| Capital expenditures | (192.5) | (206.9) | 14.4 | (7) | % | ||||||||||||||||||
| Free cash flow | $ | 276.1 | $ | 298.4 | $ | (22.3) | (7) | % | |||||||||||||||
Free cash flow decreased due to the change in net cash provided by operating activities described above, partially offset by a reduction in capital expenditures. Our capital expenditures in both periods presented consisted primarily of capitalized labor, contract services, and other costs associated with product and content development.
Borrowings
As of September 30, 2025, we had $4,441.8 of outstanding borrowings under our notes and credit facilities. We incurred $199.4 and $213.5 of interest expense associated with our debt obligations during the nine months ended September 30, 2025 and 2024, respectively. Our contingent liabilities consist primarily of letters of credit and performance bonds and other similar obligations in the ordinary course of business.
In May 2025, we entered into an incremental $500.0 tranche of term loans under our term loan facility. These term loans carry an interest rate margin of 325 basis points per annum in the case of loans bearing interest by reference to term SOFR and are not subject to amortization. We used the issuance proceeds to redeem $500.0 aggregate principal amount of our outstanding Senior Secured Notes due 2026, plus accrued and unpaid interest through the May 30, 2025 redemption date. To offset the incremental interest expense impact of this refinancing, we entered into foreign currency swap transactions to effectively convert approximately 80% of the new term loan debt from U.S. dollars to Euro, economically reducing the interest rate by approximately 2%. In September 2025, we redeemed an additional $100.0 of our outstanding Senior Secured Notes due 2026, plus accrued and unpaid interest through the September 30, 2025 redemption date.
27
CLARIVATE PLC
Management’s Discussion and Analysis of Financial Condition and Results of Operations
(In millions or as otherwise noted)
For further discussion related to our outstanding borrowings and associated hedging activities, see
Note 6 - Debt
and
Note 4 - Derivative Instruments
included in Part I, Item 1 of this quarterly report.
Commitments and Contingencies
In addition to the scheduled future debt repayments that we will need to make, we also have commitments and plans related to our share repurchase program, capital expenditures, and other commitments in the ordinary course of business, primarily for cloud computing services and software license costs. Any amounts for which we are currently liable are reflected in our Condensed Consolidated Balance Sheets as Accounts payable or Accrued expenses and other current liabilities.
As of September 30, 2025, we had $350.5 of availability remaining under our current share repurchase program. The share repurchase authorization is valid through December 31, 2026. The share repurchase program does not obligate us to repurchase any set dollar amount or number of shares and may be modified, suspended, or terminated at any time without prior notice. Under the share repurchase program, we are authorized to conduct open-market purchases of our ordinary shares from time to time through any method or program, including through Rule 10b5-1 trading plans or the use of other techniques as permitted by our shareholder authorization, approved by our Board of Directors or a designated committee thereof, and subject to availability of ordinary shares, price, market conditions, alternative uses of capital, and applicable regulatory requirements, at management’s discretion.
In addition, we are engaged in various legal proceedings and claims that have arisen in the ordinary course of business and have taken what we believe to be adequate reserves related to the litigation and threatened claims. We maintain appropriate insurance policies in place, which are likely to provide some coverage for these liabilities or other losses that may arise from litigation matters. For additional information about our legal proceedings and claims, see
Note 13 - Commitments and Contingencies
included in Part I, Item 1 of this quarterly report.
We require and will continue to need significant cash resources to, among other things, meet our debt service requirements, fund our working capital requirements, make capital expenditures (including product and content development), and expand our business through acquisitions. Based on our forecasts, we believe that cash flow from operations, available cash on hand, borrowing capacity, and access to capital markets will be adequate to service debt, meet liquidity needs, and fund capital expenditures and other business plans for both the next 12 months and the foreseeable future. Our future capital requirements will depend on many factors, including the number of future acquisitions and the timing and extent of spending to support product development efforts. We could be required, or could elect, to seek additional funding through public or private equity or debt financings; however, additional funds may not be available on terms acceptable to us.
Critical Accounting Policies and Estimates
There have been no material changes to our critical accounting policies and estimates from those reported under Part I, Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies and Estimates
in our annual report on Form 10-K for the year ended December 31, 2024.
Recently Issued and Adopted Accounting Pronouncements
For recently issued and adopted accounting pronouncements, see
Note 1 - Nature of Operations and Summary of Significant Accounting Policies
included in Part I, Item 1 of this quarterly report.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Market risk is the risk that changes in market prices, such as foreign currency exchange rates and interest rates, will affect our cash flows or the fair value of our holdings of financial instruments. Market risks as of September 30, 2025 have not materially changed from those discussed under Part I, Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
in our annual report on Form 10-K for the year ended December 31, 2024.
Item 4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
Pursuant to Rules 13a-15(b) and 15d-15(b) under the Exchange Act, we have evaluated, under the supervision and with the participation of our management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), the effectiveness of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act as of the end of the period covered by this report. In designing and evaluating our disclosure controls and procedures,
28
management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply judgment in evaluating the benefits of our controls and procedures relative to their costs.
Based on that evaluation, our CEO and CFO concluded that, as of September 30, 2025 our disclosure controls and procedures were effective at the reasonable assurance level to ensure that the information required to be disclosed in the reports required to be filed or submitted under the Exchange Act is (i) recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and (ii) accumulated and communicated to our management, including our CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure.
Changes in Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting during the quarter ended September 30, 2025 that materially affected, or are reasonably likely to materially affect, internal control over financial reporting.
29
PART II. Other Information
Item 1. Legal Proceedings.
For information related to legal proceedings, see
Note 13 - Commitments and Contingencies
included in Part I, Item 1 of this quarterly report.
Item 1A. Risk Factors.
There have been no material changes to the risk factors associated with our business from those reported under Part I, Item 1A.
Risk Factors
in our annual report on Form 10-K for the year ended December 31, 2024.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Issuer Purchases of Equity Securities
The following table sets forth the total number of shares purchased, the average price paid per share, the total number of shares purchased as part of publicly announced programs, and the approximate dollar value of shares that may yet be purchased under the programs for each month during the three months ended September 30, 2025.
| Period |
Total Number of Shares Purchased
(1)
|
Average Price Paid Per Share | Total Number of Shares Purchased As Part of Publicly Announced Plans or Programs |
Approximate Dollar Value of Shares That May Yet Be Purchased Under Plans or Programs
(2)
|
||||||||||||||||||||||
|
July 1, 2025-July 31, 2025
|
15,056 | $ | 4.17 | — | $ | 401 | ||||||||||||||||||||
|
August 1, 2025-August 31, 2025
|
7,833,419 | $ | 4.27 | 7,431,386 | $ | 369 | ||||||||||||||||||||
|
September 1, 2025-September 30, 2025
|
4,229,945 | $ | 4.32 | 4,224,466 | $ | 351 | ||||||||||||||||||||
| Total | 12,078,420 | 11,655,852 | ||||||||||||||||||||||||
|
(1)
Includes shares withheld to satisfy tax withholding obligations on behalf of employees that occur upon vesting and delivery of outstanding shares underlying equity awards under the Amended and Restated 2019 Incentive Award Plan.
|
||||||||||||||||||||||||||
|
(2)
In December 2024, our Board of Directors authorized a share repurchase program of up to $500.0 for a period of two years, from January 1, 2025 through December 31, 2026. On May 7, 2025, we obtained shareholder approval updating our previous shareholder share repurchase authority. The updated authority allows us to conduct open-market purchases, as approved by our Board of Directors, of up to 100 million of our ordinary shares from time to time through May 6, 2030, at a purchase price of no less than $1 per share and no more than $35 per share.
|
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Item 5.
Other Information.
On
August 5, 2025
,
Bar Veinstein
,
President, Academia & Government
,
entered
into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. The trading plan provides for the sale of an aggregate of up to
309,902
ordinary shares of the Company held by Mr. Veinstein. The trading plan terminates on the earlier of the date all the shares covered by the trading plan are sold and
December 5, 2025
.
On
August 12, 2025
,
William Graff
,
Executive Vice President and Chief Information Officer
,
entered
into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. The trading plan provides for the sale of an aggregate of up to
150,000
ordinary shares of the Company held by Mr. Graff. The trading plan terminates on the earlier of the date all the shares covered by the trading plan are sold and
August 12, 2026
.
30
Item 6. Exhibits.
EXHIBIT INDEX
|
10.1*+
|
|||||
| 10.2 | |||||
| 31* | |||||
| 32* | |||||
| 101* |
The following information from our Form 10-Q for the quarter ended September 30, 2025, formatted in Inline Extensible Business Reporting Language: (i) Condensed Consolidated Balance Sheets (Unaudited), (ii) Condensed Consolidated Statements of Operations (Unaudited), (iii) Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited), (iv) Condensed Consolidated Statements of Changes in Equity (Unaudited), (v) Condensed Consolidated Statements of Cash Flows (Unaudited), and (vi) Notes to the Condensed Consolidated Financial Statements (Unaudited).
|
||||
| 104* | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) | ||||
* Filed herewith.
+ Compensatory plan or arrangement.
31
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 thereunto duly authorized in the City of London, United Kingdom on October 29, 2025.
| CLARIVATE PLC | |||||
| By: | /s/ Jonathan M. Collins | ||||
| Name: Jonathan M. Collins | |||||
| Title: Executive Vice President & Chief Financial Officer | |||||
32
TABLE OF CONTENTS
Part I. Financial InformationItem 1. Financial StatementsNote 1: Nature Of Operations and Summary Of Significant Accounting PoliciesNote 12 - Segment InformationNote 1 - Nature Of Operations and Summary Of Significant Accounting PoliciesNote 2: RevenuesNote 3: Other Intangible Assets, NetNote 4: Derivative InstrumentsNote 7 - Shareholders' EquityNote 5: Accrued Expenses and Other Current LiabilitiesNote 6: DebtNote 7: Shareholders' EquityNote 4 - Derivative InstrumentsNote 8: Restructuring and Other ImpairmentsNote 9: Other Operating Expense (income), NetNote 10: Income TaxesNote 11: Earnings Per ShareNote 12: Segment InformationNote 9 - Other Operating Expense (income), NetNote 13: Commitments and ContingenciesItem 2. Management S Discussion and Analysis Of Financial Condition and Results Of OperationsNote 8 - Restructuring and Other ImpairmentsNote 6 - DebtNote 13 - Commitments and ContingenciesItem 3. Quantitative and Qualitative Disclosures About Market RiskItem 4. Controls and ProceduresPart II. Other InformationItem 1. Legal ProceedingsItem 1A. Risk FactorsItem 2. Unregistered Sales Of Equity Securities and Use Of ProceedsItem 5. Other InformationItem 6. Exhibits