Clarivate (CLVT) Reports Q1 Revenues Above Consensus; Offers FY21 Revenues Mid-Point Guidance Above Consensus

Clarivate (NYSE: CLVT) reported Q1 revenue for the quarter came in at $428.4 million versus the consensus estimate of $417.08 million.

First Quarter 2021 Financial Highlights

• Revenues of $428.4 million and Adjusted Revenues(1) of $431.5 million, both increased 78%.
• Organic revenues(1), which exclude the impact of acquisitions and divestitures, increased 8% on a reported basis and 7% on an adjusted basis, at constant currency; organic subscription and transactional revenues(1) increased 6% and 10%, respectively, at constant currency.
• GAAP Loss from operations of $(34.2) million, an increase of $5.9 million.
• Adjusted EBITDA(1) of $164.8 million increased 111% and Adjusted EBITDA Margin(1) of 38% increased 600 basis points.
• Cash Flow from Operations of $174.0 million increased $127.9 million; Adjusted Free Cash Flow(1) of $163.2 million increased $85.3 million.
• Total cash and cash equivalents of $399.0 million increased $141.3 million.

"Our strong first quarter results reflect the benefits of continued operational improvements and recent acquisitions," said Jerre Stead, Executive Chairman and CEO. "While the COVID pandemic impacted our business for most of 2020, we are very pleased to see a recovery in organic subscription and transactional revenue growth. With the solid start to the year, we have updated our 2021 financial outlook and continue to see a pathway to achieving 6% to 8% organic revenue growth exiting 2021."

GUIDANCE:

Clarivate sees FY2021 revenue of $1.79-1.84 billion, versus the consensus of $1.8 billion.

For earnings history and earnings-related data on Clarivate (CLVT) click here.

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