$CLVT
CLARIVATE PLC

2023 Q2 Form 10-Q Financial Statement

#000176404623000070 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $668.8M $629.1M
YoY Change -2.59% -5.0%
Cost Of Revenue $224.2M $229.7M
YoY Change -8.15% -7.83%
Gross Profit $444.6M $399.4M
YoY Change 0.47% -3.29%
Gross Profit Margin 66.48% 63.49%
Selling, General & Admin $192.9M $194.8M
YoY Change 3.65% 0.57%
% of Gross Profit 43.39% 48.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $178.1M $172.6M
YoY Change 1.42% -2.15%
% of Gross Profit 40.06% 43.21%
Operating Expenses $385.5M $194.8M
YoY Change 107.15% 0.57%
Operating Profit $59.10M $54.60M
YoY Change -31.44% 21.6%
Interest Expense -$70.10M $73.60M
YoY Change -212.52% 23.7%
% of Operating Profit -118.61% 134.8%
Other Income/Expense, Net
YoY Change
Pretax Income -$158.4M -$20.10M
YoY Change -317.28% -123.43%
Income Tax -$35.30M -$63.60M
% Of Pretax Income
Net Earnings -$141.7M $43.50M
YoY Change -327.08% -37.41%
Net Earnings / Revenue -21.19% 6.91%
Basic Earnings Per Share -$0.21 $0.04
Diluted Earnings Per Share -$0.21 $0.04
COMMON SHARES
Basic Shares Outstanding 675.8M shares 674.4M shares
Diluted Shares Outstanding 675.9M shares 679.3M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $436.1M $364.2M
YoY Change 21.24% -27.19%
Cash & Equivalents $436.1M $364.2M
Short-Term Investments
Other Short-Term Assets $211.8M $127.0M
YoY Change 190.93% 65.15%
Inventory
Prepaid Expenses $101.9M $111.4M
Receivables $769.7M $838.6M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.418B $1.451B
YoY Change 4.22% -6.37%
LONG-TERM ASSETS
Property, Plant & Equipment $103.6M $111.2M
YoY Change -28.75% -30.76%
Goodwill $2.896B $2.892B
YoY Change -61.57% -62.95%
Intangibles $9.186B $9.397B
YoY Change -5.27% -7.31%
Long-Term Investments
YoY Change
Other Assets $102.5M $63.90M
YoY Change 43.76% 1.27%
Total Long-Term Assets $12.29B $12.49B
YoY Change -29.69% -31.36%
TOTAL ASSETS
Total Short-Term Assets $1.418B $1.451B
Total Long-Term Assets $12.29B $12.49B
Total Assets $13.71B $13.94B
YoY Change -27.24% -29.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $108.2M $101.7M
YoY Change -7.28% -13.3%
Accrued Expenses $442.5M $466.8M
YoY Change -9.97% -11.37%
Deferred Revenue $939.6M $1.040B
YoY Change -1.79% -3.75%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.100M $1.100M
YoY Change -98.07% -96.41%
Total Short-Term Liabilities $1.498B $1.610B
YoY Change -9.85% -10.12%
LONG-TERM LIABILITIES
Long-Term Debt $4.863B $4.885B
YoY Change -10.3% -10.4%
Other Long-Term Liabilities $144.1M $40.00M
YoY Change 5.41% -72.07%
Total Long-Term Liabilities $5.007B $40.00M
YoY Change 3562.98% -72.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.498B $1.610B
Total Long-Term Liabilities $5.007B $40.00M
Total Liabilities $6.767B $6.980B
YoY Change -13.19% -13.12%
SHAREHOLDERS EQUITY
Retained Earnings -$5.776B -$5.634B
YoY Change 280.49% 262.84%
Common Stock $11.81B $11.78B
YoY Change 0.93% -0.31%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 0.000 shares
Shareholders Equity $6.938B $6.959B
YoY Change
Total Liabilities & Shareholders Equity $13.71B $13.94B
YoY Change -27.24% -29.4%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$141.7M $43.50M
YoY Change -327.08% -37.41%
Depreciation, Depletion And Amortization $178.1M $172.6M
YoY Change 1.42% -2.15%
Cash From Operating Activities $162.4M $227.5M
YoY Change 67.08% 237.54%
INVESTING ACTIVITIES
Capital Expenditures $57.60M $59.30M
YoY Change -209.3% 43.24%
Acquisitions $1.100M
YoY Change -15.38%
Other Investing Activities $10.50M
YoY Change -231.25%
Cash From Investing Activities -$47.10M -$60.40M
YoY Change -22.41% 41.45%
FINANCING ACTIVITIES
Cash Dividend Paid $18.90M
YoY Change 0.0%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $125.0M
YoY Change
Cash From Financing Activities -46.20M -$151.6M
YoY Change -69.32% 70.72%
NET CHANGE
Cash From Operating Activities 162.4M $227.5M
Cash From Investing Activities -47.10M -$60.40M
Cash From Financing Activities -46.20M -$151.6M
Net Change In Cash 69.10M $17.50M
YoY Change -160.56% -124.34%
FREE CASH FLOW
Cash From Operating Activities $162.4M $227.5M
Capital Expenditures $57.60M $59.30M
Free Cash Flow $104.8M $168.2M
YoY Change -30.09% 546.92%

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CY2023Q1 us-gaap Nature Of Operations
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Background and Nature of Operations <div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Clarivate Plc (“Clarivate,” “us,” “we,” “our,” or the “Company”), is a public limited company organized under the laws of Jersey, Channel Islands, pursuant to the definitive agreement entered into on May 13, 2019 to effect a merger between Camelot Holdings (Jersey) Limited ("Jersey") and Churchill Capital Corp, a Delaware corporation ("Churchill") (the “2019 Transaction”).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is a provider of proprietary and comprehensive information, analytics, professional services and workflow solutions that enable users across government and academic institutions, life science and healthcare companies, corporations and law firms to power the entire innovation lifecycle, from cultivating curiosity to protecting the world's critical intellectual property assets. Clarivate has three reportable segments: Academia &amp; Government ("A&amp;G"), Intellectual Property ("IP"), and Life Sciences &amp; Healthcare ("LS&amp;H"). Our segment structure is organized based on the products we offer and the markets they serve. See Note 16 - Segment Information, for additional information on the Company's reportable segments.</span></div>
CY2023Q1 us-gaap Number Of Reportable Segments
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CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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674800000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
682500000 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.07
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
24700000 usd
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 segment
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
629100000 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
50800000 usd
CY2023Q1 us-gaap Dilutive Securities
DilutiveSecurities
0 usd
CY2022Q1 us-gaap Dilutive Securities
DilutiveSecurities
-94900000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
24700000 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-44100000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
674800000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
682500000 shares
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
4500000 shares
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
5500000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
679300000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
688000000.0 shares
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.04
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.06
CY2023Q1 us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
49400000 usd
CY2022Q1 us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
0 usd
CY2023Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-20600000 usd
CY2022Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
20400000 usd
CY2023Q1 us-gaap Other Nonrecurring Income Expense
OtherNonrecurringIncomeExpense
-3200000 usd
CY2022Q1 us-gaap Other Nonrecurring Income Expense
OtherNonrecurringIncomeExpense
6700000 usd
CY2023Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
32000000.0 usd
CY2022Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
13700000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
662200000 usd
CY2023Q1 clvt Adjusted Ebitda
AdjustedEBITDA
252700000 usd
CY2022Q1 clvt Adjusted Ebitda
AdjustedEBITDA
262300000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-63600000 usd
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
16300000 usd
CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
172600000 usd
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
176400000 usd
CY2023Q1 us-gaap Interest Expense
InterestExpense
73600000 usd
CY2022Q1 us-gaap Interest Expense
InterestExpense
59500000 usd
CY2023Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
1100000 usd
CY2022Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-100400000 usd
CY2023Q1 clvt Deferred Revenues Adjustment
DeferredRevenuesAdjustment
0 usd
CY2022Q1 clvt Deferred Revenues Adjustment
DeferredRevenuesAdjustment
-200000 usd
CY2023Q1 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
1700000 usd
CY2022Q1 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
6700000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
41200000 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
37000000.0 usd
CY2023Q1 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
9400000 usd
CY2022Q1 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
11700000 usd
CY2023Q1 clvt Other Reconciling Items Ebitda To Net Income Loss Attributable To Parent
OtherReconcilingItemsEBITDAToNetIncomeLossAttributableToParent
-26800000 usd
CY2022Q1 clvt Other Reconciling Items Ebitda To Net Income Loss Attributable To Parent
OtherReconcilingItemsEBITDAToNetIncomeLossAttributableToParent
-14200000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
43500000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
69500000 usd
CY2023Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
18800000 usd
CY2022Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
18700000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
24700000 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
50800000 usd
CY2023Q1 us-gaap Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
32000000 usd
CY2023Q1 us-gaap Restructuring Charges
RestructuringCharges
9400000 usd
CY2022Q1 us-gaap Restructuring Charges
RestructuringCharges
11700000 usd
CY2023Q1 us-gaap Restructuring Charges
RestructuringCharges
9400000 usd
CY2022Q1 us-gaap Restructuring Charges
RestructuringCharges
11700000 usd
CY2022Q4 us-gaap Restructuring Reserve
RestructuringReserve
11600000 usd
CY2023Q1 us-gaap Restructuring Charges
RestructuringCharges
9400000 usd
CY2023Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
12900000 usd
CY2023Q1 clvt Restructuring Reserve Noncash Items And Other Adjustments
RestructuringReserveNoncashItemsAndOtherAdjustments
-500000 usd
CY2023Q1 us-gaap Restructuring Reserve
RestructuringReserve
7600000 usd
CY2021Q4 us-gaap Restructuring Reserve
RestructuringReserve
29000000.0 usd
CY2022Q1 us-gaap Restructuring Charges
RestructuringCharges
11700000 usd
CY2022Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
24200000 usd
CY2022Q1 clvt Restructuring Reserve Noncash Items And Other Adjustments
RestructuringReserveNoncashItemsAndOtherAdjustments
400000 usd
CY2022Q1 us-gaap Restructuring Reserve
RestructuringReserve
16900000 usd

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