10-Q 1 clvt-20220930.htm 10-Q clvt-20220930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to _______
Commission File No. 001-38911
CLARIVATE PLC
(Exact name of registrant as specified in its charter)
Jersey, Channel Islands
N/A
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
70 St. Mary Axe
London EC3A 8BE
United Kingdom
(Address of principal executive offices)
Not applicable
(Zip Code)
Registrant's telephone number, including area code: +44 207 4334000
Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each classTrading Symbol(s)Name of exchange on which registered
Ordinary Shares, no par valueCLVTNew York Stock Exchange
5.25% Series A Mandatory Convertible Preferred Shares, no par valueCLVT PR ANew York Stock Exchange
Securities registered pursuant to Section 12(g) of the Exchange Act: None

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 and post 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.
Large accelerated filer 
  Accelerated filer 
Non-accelerated filer 
  Smaller reporting company 
   Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).    Yes     No 
The number of ordinary shares of the Company outstanding as of October 28, 2022 was 674,188,796.
DOCUMENTS INCORPORATED BY REFERENCE
None


TABLE OF CONTENTS
2

CAUTIONARY STATEMENT 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:
any significant disruption in or unauthorized access to our computer systems or those of third parties that we utilize in our operations, including those relating to cybersecurity or arising from cyber-attacks;
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;
our loss of, or inability to attract and retain, key personnel;
our ability to comply with applicable data protection and privacy laws;
the effectiveness of our business continuity plans;
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 derive fully the anticipated benefits from organic growth, existing or future acquisitions, joint ventures, investments or dispositions;
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 revenue renewal rates;
the strength of our brand and reputation;
our exposure to risk from the international scope of our operations, and our exposure to potentially adverse tax consequences from the international scope of our operations and our corporate and financing structure;
our substantial indebtedness, which could adversely affect our business, financial condition, and results of operations;
volatility in our earnings due to changes in the fair value of our outstanding warrants each period; 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 under the heading “Item 1A. Risk Factors.” Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material
3

respects from those projected in these forward-looking statements. We will 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.

Note on 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; “LGP” refers to affiliated funds of Leonard Green & Partners, L.P. that from time to time hold our ordinary shares; "CIG" refers to affiliate funds of Cambridge Information Group that from time to time hold our ordinary shares; and "Atairos" refers to the affiliates of Atairos that from time to time hold our ordinary shares.
In the current year, the Company has changed its presentation of dollar amounts from thousands to millions and, as a result, any necessary rounding adjustments have been made to prior year disclosed amounts. Unless otherwise indicated, dollar amounts throughout this quarterly report are presented in millions of dollars, except for share and per share amounts.
Website and Social Media Disclosure
We use our website (www.clarivate.com) and corporate Twitter account (@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 Twitter account 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 the SEC, and any references to our website or our social media channels are intended to be inactive textual references only.

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PART I. Financial Information
Item 1. Financial Statements and Supplementary Data
CLARIVATE PLC
Condensed Consolidated Balance Sheets (Unaudited)
(In millions, except share and per share data)
September 30, 2022December 31, 2021
Assets
Current assets:
Cash and cash equivalents$446.0 $430.9 
Restricted cash8.6 156.7 
Accounts receivable, net748.6 906.4 
Prepaid expenses98.8 76.6 
Other current assets71.5 66.6 
Assets held for sale78.3  
Total current assets1,451.8 1,637.2 
Property and equipment, net56.9 83.8 
Other intangible assets, net9,248.9 10,392.4 
Goodwill2,804.4 7,904.9 
Other non-current assets100.5 50.8 
Deferred income taxes23.7 27.9 
Operating lease right-of-use assets62.4 86.0 
Total Assets$13,748.6 $20,183.0 
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable$105.9 $129.2 
Accrued compensation107.5 150.6 
Accrued expenses and other current liabilities416.7 529.0 
Current portion of deferred revenues857.8 1,030.4 
Current portion of operating lease liability 28.9 32.2 
Current portion of long-term debt57.4 30.6 
Liabilities held for sale58.3 

 
Total current liabilities1,632.5 1,902.0 
Long-term debt5,417.1 5,456.3 
Warrant liabilities25.1 227.8 
Non-current portion of deferred revenues37.7 54.2 
Other non-current liabilities136.1 142.7 
Deferred income taxes350.5 380.1 
Operating lease liabilities75.0 94.0 
Total liabilities7,674.0 8,257.1 
Commitments and contingencies (Note 19)
Shareholders’ equity:
Preferred Shares, no par value; 14,375,000 shares authorized; 5.25% Mandatory Convertible Preferred Shares, Series A, 14,375,000 shares issued and outstanding as of both September 30, 2022 and December 31, 2021
1,392.6 1,392.6 
Ordinary Shares, no par value; unlimited shares authorized at September 30, 2022 and December 31, 2021; 674,166,494 and 683,139,210 shares issued, and 673,801,480 and 683,139,210 shares outstanding at September 30, 2022 and December 31, 2021, respectively
11,718.4 11,827.9 
Treasury shares, at cost; 365,014 and 547,136 shares as of September 30, 2022 and December 31, 2021, respectively
(11.3)(16.9)
Accumulated other comprehensive (loss) income(1,069.7)326.7 
Accumulated deficit(5,955.4)(1,604.4)
Total shareholders’ equity6,074.6 11,925.9 
Total Liabilities and Shareholders’ Equity$13,748.6 $20,183.0 
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
5

CLARIVATE PLC
Condensed Consolidated Statements of Operations (Unaudited)
(In millions, except share and per share data)

Three Months Ended September 30,
20222021
Revenues, net$635.7 $442.1 
Operating expenses:
Cost of revenues223.7 140.7 
Selling, general and administrative costs169.5 144.8 
Depreciation and amortization169.7 130.7 
Restructuring and impairment26.0 7.1 
Goodwill impairment4,448.6 — 
Other operating (income) expense, net(26.6)4.4 
Total operating expenses5,010.9 427.7 
Income (loss) from operations(4,375.2)14.4 
Mark to market (gain) loss on financial instruments(53.3)(83.0)
Interest expense and amortization of debt discount, net71.5 65.3 
Income (loss) before income taxes(4,393.4)32.1 
Provision for income taxes22.1 3.7 
Net income (loss)(4,415.5)28.4 
Dividends on preferred shares18.9 22.4 
Net income (loss) attributable to ordinary shares$(4,434.4)$6.0 
Per share:
Basic$(6.58)$0.01 
Diluted$(6.64)$(0.12)
Weighted average shares used to compute earnings per share:
Basic673,553,256 634,508,967 
Diluted675,179,693 643,902,777 
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
6

CLARIVATE PLC
Condensed Consolidated Statement of Operations (Unaudited)
(In millions, except share and per share data)

Nine Months Ended September 30,
20222021
Revenues, net$1,984.5 $1,316.2 
Operating expenses:
Cost of revenues717.0 438.3 
Selling, general and administrative costs549.3 458.8 
Depreciation and amortization521.7 392.6 
Restructuring and impairment56.9 125.7 
Goodwill impairment4,448.6 — 
Other operating (income) expense, net(64.9)19.7 
Total operating expenses6,228.6 1,435.1 
Income (loss) from operations(4,244.1)(118.9)
Mark to market gain on financial instruments(202.7)(113.2)
Interest expense and amortization of debt discount, net193.3 141.2 
Income (loss) before income taxes(4,234.7)(146.9)
Provision for income taxes48.9 12.2 
Net income (loss)(4,283.6)(159.1)
Dividends on preferred shares56.3 22.4 
Net income (loss) attributable to ordinary shares$(4,339.9)$(181.5)
Per share:
Basic$(6.41)$(0.29)
Diluted$(6.66)$(0.47)
Weighted average shares used to compute earnings per share:
Basic676,732,992 616,135,071 
Diluted680,617,434 626,180,258 
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.


7

CLARIVATE PLC
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
(In millions)

Three Months Ended September 30,
20222021
Net income (loss)$(4,415.5)$28.4 
Other comprehensive income (loss), net of tax:
Interest rate swaps 34.9 0.4 
Defined benefit pension plans
  
Foreign currency translation adjustment(585.4)(241.5)
Total other comprehensive (loss) income, net of tax(550.5)(241.1)
Comprehensive loss$(4,966.0)$(212.7)

Nine Months Ended September 30,
20222021
Net income (loss)$(4,283.6)$(159.1)
Other comprehensive income (loss), net of tax:
Interest rate swaps50.6 1.9 
Defined benefit pension plans0.1  
Foreign currency translation adjustment(1,447.1)(176.3)
Total other comprehensive (loss) income, net of tax(1,396.4)(174.4)
Comprehensive loss$(5,680.0)$(333.5)
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.


8

CLARIVATE PLC
Condensed Consolidated Statements of Changes in Equity (Unaudited)
(In millions)

Ordinary SharesPreferred SharesTreasury SharesAccumulated
Other
Comprehensive
Income (Loss)
Accumulated
Deficit
Total
Shareholders’
 Equity
SharesAmountSharesAmountSharesAmount
Balance at December 31, 2021683.1 $11,827.9 14.4$1,392.6 0.5 $(16.9)$326.7 $(1,604.4)$11,925.9 
Reclassification of EBT Shares(0.5)— — — — — — — 
Exercise of stock options0.2 0.4 — — — — — 0.4 
Vesting of restricted stock units0.7 — — — — — — — 
Shares returned to the Company for net share settlements(0.4)(5.4)— — — — — (5.4)
Share-based award activity— 26.9 — — — — — 26.9 
Repurchases of ordinary shares(4.1)— — 4.1 (66.4)— — (66.4)
Retirement of treasury shares (34.8)— (2.1)33.3 — 1.5 — 
Sale of treasury shares — —  1.3 — (0.7)0.6 
Dividends to preferred shareholders  — — — — (18.7)(18.7)
Net income— — — — — — 69.5 69.5 
Other comprehensive loss— — — — — (223.2)— (223.2)
Balance at March 31, 2022679.0 $11,815.0 14.4$1,392.6 2.5 $(48.7)$103.5 $(1,552.8)$11,709.6 
Exercise of stock options 0.1 — — — — — 0.1 
Vesting of restricted stock units1.3 — — — — — — — 
Shares returned to the Company for net share settlements(0.4)(5.3)— — — — — (5.3)
Share-based award activity— 23.6 — — — — — 23.6 
Repurchases of ordinary shares(6.6)— — 6.6 (108.6)— — (108.6)
Retirement of treasury shares (132.5)— (8.6)141.7 — (9.2)— 
Sale of treasury shares — —   — 0.3 0.3 
Dividends to preferred shareholders  — — — — (18.7)(18.7)
Net income— — — — — — 62.4 62.4 
Other comprehensive loss— — — — — (622.7)— (622.7)
Balance at June 30, 2022673.3 $11,700.9 14.4$1,392.6 0.5 $(15.6)$(519.2)$(1,518.0)$11,040.7 


CLARIVATE PLC
Condensed Consolidated Statements of Changes in Equity (Unaudited)
(In millions)

Ordinary SharesPreferred SharesTreasury SharesAccumulated
Other
Comprehensive
Income (Loss)
Accumulated
Deficit
Total
Shareholders’
 Equity
SharesAmountSharesAmountSharesAmount
Balance at June 30, 2022673.3 $11,700.9 14.4$1,392.6 0.5 $(15.6)$(519.2)$(1,518.0)$11,040.7 
Exercise of stock options0.1 0.3 — — — — — 0.3 
Vesting of restricted stock units0.5 — — — — — — — 
Shares returned to the Company for net share settlements(0.2)(3.1)— — — — — (3.1)
Share-based award activity— 20.3 — — — — — 20.3 
Sale of treasury shares0.1 — — (0.1)4.3 — (3.0)1.3 
Dividends to preferred shareholders  — — — — (18.9)(18.9)
Net loss— — — — — — (4,415.5)(4,415.5)
Other comprehensive loss— — — — — (550.5)— (550.5)
Balance at September 30, 2022673.8 $11,718.4 14.4$1,392.6 0.4 $(11.3)$(1,069.7)$(5,955.4)$6,074.6 
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
















10

CLARIVATE PLC
Condensed Consolidated Statements of Changes in Equity (Unaudited)
(In millions)

Ordinary SharesPreferred SharesTreasury SharesAccumulated
Other
Comprehensive
Income (Loss)
Accumulated
Deficit
Total
Shareholders’
 Equity
SharesAmountSharesAmountSharesAmount
Balance at December 31, 2020606.3 $9,989.2 $— 6.3 $(196.0)$492.4 $(1,250.8)$9,034.8 
Exercise of Private Placement Warrants0.2 3.6 — — — — — 3.6 
Exercise of stock options0.8 5.1 — — — — — 5.1 
Shares returned to the Company for net share settlements(0.4)(4.5)— — — — — (4.5)
Issuance of ordinary shares, net4.4 105.5 — — — — — 105.5 
Share-based award activity— 10.5 — — — — — 10.5 
Net loss— — — — — — (56.0)(56.0)
Other comprehensive income— — — — — 19.6  19.6 
Balance at March 31, 2021611.3 $10,109.4 — $— 6.3 $(196.0)$512.0 $(1,306.8)$9,118.6 
Exercise of stock options1.6 9.7 — — — — — 9.7 
Vesting of restricted stock units0.5 — — — — — — — 
Shares returned to the Company for net share settlements(0.8)(17.2)— — — — — (17.2)
Issuance of ordinary shares, net206.0 5,780.9 — — — — — 5,780.9 
Share-based award activity— 12.9 — — — — — 12.9 
Repurchase of ordinary shares— — — (177.2)(5,052.2)— — (5,052.2)
Retirement of treasury shares(177.2)(5,052.2)— 177.2 5,052.2 — —  
Issuance of preferred shares, net — — 14.41,393.2 — — — — 1,393.2 
Net loss— — — — — — (131.5)(131.5)
Other comprehensive income— — — — — 47.1  47.1 
Balance at June 30, 2021641.4$10,843.514.4$1,393.26.3$(196.0)$559.1$(1,438.3)$11,161.5
11

CLARIVATE PLC
Condensed Consolidated Statements of Changes in Equity (Unaudited)
(In millions)

Ordinary SharesPreferred SharesTreasury SharesAccumulated
Other
Comprehensive
Income (Loss)
Accumulated
Deficit
Total
Shareholders’
 Equity
SharesAmountSharesAmountSharesAmount
Balance at June 30, 2021641.4 $10,843.5 14.4$1,393.2 6.3 $(196.0)$559.1 $(1,438.3)$11,161.5 
Exercise of stock options0.32.5— 2.5
Vesting of restricted stock units0.1— 
Shares returned to the Company for net share settlements(0.2)0.3— 0.3
Issuance of ordinary shares, net(0.7)— (0.7)
Share-based award activity13.613.6
Repurchases of ordinary shares(2.6)(65.2)(65.2)
Retirement of treasury shares(2.6)(65.2)2.665.2 
Issuance of preferred shares, net(0.5)— (0.5)
Dividends to preferred shareholders0.716.1— (22.4)(6.3)
Net income— 28.4 28.4
Other comprehensive loss— (241.1)(241.1)
Balance at September 30, 2021639.7$10,810.114.4$1,392.76.3$(196.0)$318.0$(1,432.3)$10,892.5