Clarivate Q1 2023 Earnings Report
Key Takeaways
Clarivate reported a 5.0% decrease in revenues to $629.1 million, driven by the divestiture of MarkMonitor and currency headwinds. Despite this, the company saw a 3.1% increase in subscription revenues and a significant rise in free cash flow to $168.2 million. The company reaffirmed its 2023 outlook, anticipating an acceleration of organic growth.
Revenues decreased by 5.0% to $629.1 million, with a 3.1% decrease at constant currency.
Organic revenues decreased by 0.2%, as subscription revenue growth was offset by declines in re-occurring and transactional revenues.
Net income attributable to ordinary shares decreased by $26.1 million to $24.7 million.
Free cash flow increased significantly by $142.2 million to $168.2 million.
Clarivate
Clarivate
Forward Guidance
Clarivate reaffirmed its 2023 outlook, expecting an acceleration of organic growth and strong cash flows to invest in product innovation and strengthen the balance sheet.
Positive Outlook
- Revenues between $2.63B to $2.73B
- Organic Revenue Growth of 2.75% to 3.75%
- Adjusted EBITDA between $1.10B to $1.16B
- Adjusted EBITDA Margin of 42.0% to 42.5%
- Free Cash Flow between $450M to $550M