Clarivate Plc · NYSE:CLVT
Clarivate — Q3 2026 Earnings Presentation
33 slides from Clarivate's earnings presentation, Nov 3, 2026
Slide 1: Q3 2026 Earnings Call
Q3 2026 Earnings Call November 03, 2026
Slide 2: Safe Harbor Statement: Forward-Looking Statements
Safe Harbor Statement and Non-GAAP Financial Measures © 2026 Clarivate. All rights reserved. 2 Forward-Looking Statements This presentation includes statements that express our opinions, expectations, beliefs, plans, objectives, assumptions, or projections regarding future events or future results a
Slide 3: Safe Harbor Statement: Non-GAAP Financial Measures
Safe Harbor Statement and Non-GAAP Financial Measures © 2026 Clarivate. All rights reserved. 3 Non-GAAP Financial Measures This presentation contains financial measures that have not been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), including Adjusted EBITDA, A
Slide 4: Agenda
Agenda 4© 2026 Clarivate. All rights reserved. Business Review Financial Review Q&A Matti Shem Tov Chief Executive Officer Michael Easton Chief Financial Officer
Slide 5: Business Review
Matti Shem Tov Chief Executive Officer Business Review
Slide 6: Q3 2026 Overview
Q3 2026 Overview 6 ACV Organic Growth: 1.8% ▲ 30 bps YoY Recurring Organic Growth: 1.3% ▲ 110 bps YoY 43.2% Margin1,2 ▲ 270 bps sequentially $75m debt reduction YTD debt reduction of $293m ▲ 3₵ YoY Revenues Adj. EBITDA1,2 Free Cash Flow1,2 Adj. EPS1,2 $568M $245M $110M 21₵ 1 See the Appendix for a r
Slide 7: The New Clarivate: Uniquely Scaled AI-Powered Transformative Intelligence
The New Clarivate | Uniquely Scaled AI-Powered Transformative Intelligence © 2026 Clarivate. All rights reserved. 7 Intellectual PropertyScaled, Focused and Highly Recurring Trusted, proprietary AI-powered solutions enabling confident, high-impact decisions Intelligence Solutions 50% of Revenue1 Cla
Slide 8: Academia & Government: Powering the Global Research Landscape
Academia & Government | Powering the Global Research Landscape © 2026 Clarivate. All rights reserved. 8 99% of top 400 universities use our solutions 120M+ Students and researchers use our solutions to enhance learning 75% of national and regional research assessments are powered by our data Leading
Slide 9: Web of Science Research Intelligence: Early Traction, Global Reach
Web of Science Research Intelligence: Early Traction, Global Reach © 2026 Clarivate. All rights reserved. 9 Global Adoption 6 Months Since Release in May 2026 100+ Institutional customers across the globe 25 Countries with signed customers ~$20M Active 2026-27 sales pipeline 15+ Americas 40+ EMEA 40
Slide 10: Intellectual Property: Powering the Global IP Economy
Intellectual Property | Powering the Global IP Economy © 2026 Clarivate. All rights reserved. 10 90% of top 100 R&D investors use our solutions to accelerate innovation 15K+ IP customers rely on our solutions to manage and protect their portfolios 40 Patent & Trademark Offices (including all the IP5
Slide 11: IPOne: Reimagining IP Ecosystem Through Agentic AI
IPOne: Reimagining IP Ecosystem Through Agentic AI © 2026 Clarivate. All rights reserved. 11 Blue-Chip Development & Early Access Partners Signed Ahead of November 2026 Early Adopter Launch 25 Countries with signed customers 40+ Development & Early Access Partners inc. 15+ Fortune Global 500 compani
Slide 12: On Track to Accelerate Organic Growth and Drive Increased Shareholder Value
On Track to Accelerate Organic Growth and Drive Increased Shareholder Value © 2026 Clarivate. All rights reserved. 12 Clarivate Today FOCUSED on two market-leading segments STREAMLINED portfolio and operations STRENGTHENED financial profile 1 Organic subscription + Re-occurring order types. 2 Midpoi
Slide 13: Financial Review
Michael Easton Chief Financial Officer Financial Review
Slide 14: Q3 and YTD 2026 Financial Results
Q3 and YTD 2026 Financial Results 14 Changes from Prior Year 1 See the Appendix for a reconciliation of GAAP to Non-GAAP measures. 2 Includes results of discontinued operations. Note: Amounts in table may not sum due to rounding. $m except per share data Q3 ’26 Q3 ‘25 Change YTD ‘26 YTD ‘25 Change R
Slide 15: Q3 2026 Revenues and Adj. EBITDA
Q3 2026 Revenues and Adj. EBITDA1 151 See the Appendix for a reconciliation of GAAP to Non-GAAP measures. 2 Represents the results of discontinued operations of LS&H. Note: Amounts in table may not sum due to rounding. Organic • Organic recurring revenues of ~$6, offset by transactional revenues; di
Slide 16: YTD 2026 Revenues and Adj. EBITDA
YTD 2026 Revenues and Adj. EBITDA1 16© 2026 Clarivate. All rights reserved. $1,547 +$1 Revenues Adj. EBITDA1 Year + Better - Worse Changes from Last Year 2025 Previously Reported 2026 Continuing Operations $1,838 $1,472 $747 40.6% $646 43.8% FX +$9 ($10) Organic +$23 ($291) ($101) LS&H Discontinued
Slide 17: Q3 and YTD 2026 Cash Flow
Q3 and YTD 2026 Cash Flow 17 Changes from Prior Year $m Q3 ‘26 Q3 ‘25 Change YTD ‘26 YTD ‘25 Change Adj. EBITDA, incl disc ops1 $245 $252 $(7) $734 $747 $(14) One-Time Costs2 (11) (13) 2 (45) (55) 10 Interest (40) (45) 5 (157) (171) 14 Taxes (14) (5) (8) (40) (29) (11) Working Capital (13) (3) (10)
Slide 18: FY 2026 Updated Guidance Post LS&H Sale
FY 2026 Updated Guidance Post LS&H Sale 18 ACV and Recurring Organic Growth • Range updated as LS&H moved to discontinued ops Revenues • Range updated as LS&H moved to discontinued ops Adj. EBITDA / Margin / Adj. EPS1 • Profit and Margin expansion driven by organic growth, cost discipline and dispos
Slide 19: FY 2026 Revenues and Adj. EBITDA Outlook
FY 2026 Revenues and Adj. EBITDA1 Outlook 19 Organic • Recurring revenue growth of ~$20m partially offset by transactional decline • Strong profit flow-through driven by disciplined cost management Inorganic Disposals • Books transactional revenues wind-down completed in H1; smaller wind-downs remai
Slide 20: FY 2026 Quarterly Performance Building Momentum
~500 460 470 480 490 500 510 520 530 1.6% 1.7% 1.4% 1.8% ~2% 0.5% 0.9% 0.5% 1.3% >2% Q4 25A Q1 26A Q2 26A Q3 26A Q4 26E Organic ACV Growth (%) Organic Recurring Revenue Growth (%) 41.1% 42.2% 44.0% 45.3% ~45% FY 2026 Quarterly Performance Building Momentum 20 Revenue, Organic ACV Growth, Organic Rec
Slide 21: FY 2026 Cash Flow Outlook
FY 2026 Cash Flow Outlook 21 Changes from Prior Year ($ millions) Free Cash Flow1 • Expecting lower versus prior year due to timing of LS&H sale closing in Q4 and related working capital impacts Capital Allocation • Repurchased $75m of 2028 notes in Q3, bringing year-to-date debt reduction to $293m
Slide 22: Q&A Session
Q&A Session
Slide 23: Appendix: Presentation of Certain Non-GAAP Financial Measures
Appendix Presentation of Certain Non-GAAP Financial Measures
Slide 24: Historical Revenue Growth Metrics
Historical Revenue Growth Metrics 24 Quarterly organic growth: Continuing Operations © 2026 Clarivate. All rights reserved. Continuing Operations Q4 ‘25 Q1 ‘26 Q2 ‘26 Q3 ‘26 Retention Rate 93.5% 93.7% 93.1% 93.7% Organic ACV Growth +1.6% +1.7% +1.4% +1.8% Subscription Growth +1.1% +1.8% +0.6% +1.5%
Slide 25: Presentation of Certain Non-GAAP Financial Measures
25© 2026 Clarivate. All rights reserved. Presentation of Certain Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDA margin Adjusted EBITDA represents net income (loss) before the provision (benefit) for income taxes, depreciation and amortization, and interest expense, net, adjusted to
Slide 26: Reconciliation to Adjusted EBITDA, Continuing Operations
26 $m Q3 ‘26 Q3 ’25 YTD ’26 YTD ’25 Income (loss) from continuing operations, net of taxes $(26.4) $(24.9) $(122.3) $(213.3) Provision (benefit) for income taxes 5.5 2.3 23.4 29.0 Depreciation and amortization 162.3 168.6 484.7 499.2 Interest expense, net 61.0 68.5 180.4 199.4 Share-based compensati
Slide 27: Reconciliation to Adjusted EBITDA, Including Discontinued Operations
27 $m Q3 ‘26 Q3 ’25 YTD ’26 YTD ’25 Net income (loss) $(80.8) $(28.3) $(389.6) $(204.2) Provision (benefit) for income taxes 7.7 3.8 27.1 34.9 Depreciation and amortization 162.3 191.8 532.0 568.1 Interest expense, net 61.0 68.5 180.4 199.4 Share-based compensation expense 10.8 16.0 40.5 45.6 Goodwi
Slide 28: Reconciliation to Adjusted Net Income and Adjusted Diluted EPS
Reconciliation of Non-GAAP Financial Measures 28 Net income (loss) and Net income (loss) per share to Adjusted net income and Adjusted diluted EPS © 2026 Clarivate. All rights reserved. 1 Includes the net impact of foreign exchange gains and losses related to the remeasurement of balances and other
Slide 29: Net Cash from Operating Activities to Free Cash Flow
29© 2026 Clarivate. All rights reserved. $m Q3 ‘26 Q3 ‘25 YTD ’26 YTD ’25 Net cash provided by operating activities $165.6 $181.1 $399.0 $468.6 Capital expenditures (55.4) (65.6) (165.9) (192.5) Free cash flow $110.2 $115.5 $233.1 $276.1 Reconciliation of Non-GAAP Financial Measures Net cash provide
Slide 30: 2026 Outlook: Net Income (Loss) to Adjusted EBITDA
30© 2026 Clarivate. All rights reserved. Year Ending December 31, 2026 (Forecasted) Year Ended December 31, $m Low High 2025 Net income (loss) $(154) $(144) $(201) Provision (benefit) for income taxes 45 45 9 Depreciation and amortization 650 650 666 Interest expense, net 225 230 265 Share-based com
Slide 31: 2026 Outlook: Net Income (Loss) per Share to Adjusted Diluted EPS
31© 2026 Clarivate. All rights reserved. Year Ending December 31, 2026 (Forecasted) Low High Net income (loss) per share $(0.65) $(0.62) Amortization related to acquired intangible assets 0.80 0.80 Share-based compensation expense 0.07 0.08 Goodwill and intangible asset impairments 0.46 0.46 Restruc
Slide 32: 2026 Outlook: Operating Cash Flow to Free Cash Flow
32 Year Ending December 31, 2026 (Forecasted) Year Ended December 31, $m Low High 2025 Net cash provided by operating activities $550 $570 $628.5 Capital expenditures (230) (230) (263.2) Free cash flow $320 $340 $365.3 © 2026 Clarivate. All rights reserved. Reconciliation of Non-GAAP Financial Measu
Slide 33: About Clarivate
© 2026 Clarivate Clarivate and its logo, as well as all other trademarks used herein, are trademarks of their respective owners and used under license. About Clarivate Clarivate is a leading global provider of transformative intelligence. We offer enriched data, insights & analytics, workflow soluti