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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
    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.)
Friars House, 160 Blackfriars Road
London SE1 8EZ
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 25, 2021 was 639,776,102.
DOCUMENTS INCORPORATED BY REFERENCE
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TABLE OF CONTENTS     
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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, the ProQuest acquisition, 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:
our ability to make, consummate and integrate acquisitions, including the ProQuest acquisition, and realize any
expected benefits or effects of any acquisitions or the timing, final purchase price, costs associated with achieving
synergies or integration or consummation of any acquisitions, including the ProQuest acquisition;

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.
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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 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; “Baring” refers to the affiliated funds of Baring Private Equity Asia Pte Ltd that from time to time hold our ordinary shares; “LGP” refers to affiliated funds of Leonard Green & Partners, L.P. that from time to time hold our ordinary shares; and “Onex” refers to the affiliates of Onex Partners Advisor LP that from time to time hold our ordinary shares.
Unless otherwise indicated, dollar amounts throughout this quarterly report are presented in thousands 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 thousands, except share and per share data)
September 30, 2021

December 31, 2020
Assets
Current assets:
Cash and cash equivalents$2,479,880 $257,730 
Restricted cash1,854,257 11,278 
Accounts receivable, net of allowance of $8,642 and $8,745 at September 30, 2021 and December 31, 2020, respectively
610,755 737,733 
Prepaid expenses58,056 58,273 
Other current assets186,298 262,494 
Total current assets5,189,246 1,327,508 
Property and equipment, net27,948 36,267 
Other intangible assets, net6,964,081 7,370,350 
Goodwill6,198,701 6,252,636 
Other non-current assets41,808 47,944 
Deferred income taxes30,110 29,786 
Operating lease right-of-use assets45,880 132,356 
Total Assets$18,497,774 $15,196,847 
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable$94,494 $82,038 
Accrued expenses and other current liabilities592,721 716,356 
Current portion of deferred revenues579,935 707,318 
Current portion of operating lease liability 28,459 35,455 
Current portion of long-term debt1,865,627 28,600 
Total current liabilities3,161,236 1,569,767 
Long-term debt3,443,578 3,457,900 
Warrant liabilities195,952 312,751 
Non-current portion of deferred revenues44,934 41,399 
Other non-current liabilities58,332 67,722 
Deferred income taxes324,959 362,261 
Operating lease liabilities58,443 104,324 
Total liabilities7,287,434 5,916,124 
Commitments and contingencies
Shareholders’ equity:
Preferred Shares, no par value; 14,375,000 shares authorized; 5.25% Mandatory Convertible Preferred Shares, Series A, 14,375,000 and 0 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively
1,392,671  
Ordinary Shares, no par value; unlimited shares authorized at September 30, 2021 and December 31, 2020; 639,750,620 and 606,329,598 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively
10,810,130 9,989,284 
Accumulated other comprehensive income324,904 503,521 
Accumulated deficit(1,317,365)(1,212,082)
Total shareholders’ equity11,210,340 9,280,723 
Total Liabilities and Shareholders’ Equity$18,497,774 $15,196,847 
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
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CLARIVATE PLC
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except share and per share data)

Three Months Ended September 30,
20212020
(As Restated)
Revenues, net$442,117 $284,360 
Operating expenses:
Cost of revenues(141,111)(93,554)
Selling, general and administrative costs(141,219)(131,526)
Depreciation(2,657)(2,918)
Amortization(128,026)(65,696)
Restructuring and impairment(15,621)(3,192)
Other operating expense, net(4,411)(138)
Total operating expenses(433,045)(297,024)
Income (loss) from operations9,072 (12,664)
Mark to market adjustment on financial instruments83,013 (144,753)
Income (loss) before interest expense and income tax92,085 (157,417)
Interest expense and amortization of debt discount, net(65,194)(20,244)
Income (loss) before income tax26,891 (177,661)
Provision for income taxes(3,579)(4,325)
Net income (loss)23,312 (181,986)
Dividends on preferred shares(22,431)— 
Net income (loss) attributable to ordinary shares$881 $(181,986)
Per share:
Basic$ $(0.47)
Diluted$ $(0.47)
Weighted average shares used to compute earnings per share:
Basic640,834,827 387,845,438 
Diluted645,933,513 387,845,438 
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
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CLARIVATE PLC
Condensed Consolidated Statement of Operations (Unaudited)
(In thousands, except share and per share data)

Nine Months Ended September 30,
20212020
(As Restated)
Revenues, net$1,316,192 $798,452 
Operating expenses:
Cost of revenues(416,459)(268,614)
Selling, general and administrative costs(402,378)(368,247)
Depreciation(9,243)(8,151)
Amortization(383,270)(168,049)
Restructuring and impairment(121,988)(26,792)
Other operating (expense) income, net(19,741)14,675 
Total operating expenses(1,353,079)(825,178)
Loss from operations(36,887)(26,726)
Mark to market adjustment on financial instruments113,207 (224,175)
Income (loss) before interest expense and income tax76,320 (250,901)
Interest expense and amortization of debt discount, net(141,156)(72,306)
Loss before income tax(64,836)(323,207)
Provision for income taxes(18,016)(13,693)
Net loss(82,852)(336,900)
Dividends on preferred shares(22,431)— 
Net loss attributable to ordinary shares$(105,283)$(336,900)
Per share:
Basic$(0.17)$(0.91)
Diluted$(0.17)$(0.91)
Weighted average shares used to compute earnings per share:
Basic622,460,931 369,019,802 
Diluted622,460,931 369,019,802 
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.


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

Three Months Ended September 30,
20212020
(As Restated)
Net income (loss)$23,312 $(181,986)
Other comprehensive income (loss), net of tax:
Interest rate swaps 333 1,092 
Defined benefit pension plans
(4)(15)
Foreign currency translation adjustment(246,979)9,359 
Total other comprehensive income (loss), net of tax(246,650)10,436 
Comprehensive loss$(223,338)$(171,550)

Nine Months Ended September 30,
20212020
(As Restated)
Net loss$(82,852)$(336,900)
Other comprehensive income (loss), net of tax:
Interest rate swaps 1,884 (2,052)
Defined benefit pension plans
(12)(57)
Foreign currency translation adjustment(180,489)1,795 
Total other comprehensive loss, net of tax(178,617)(314)
Comprehensive loss$(261,469)$(337,214)
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.


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CLARIVATE PLC
Condensed Consolidated Statements of Changes in Equity (Unaudited)
(In thousands, except share data)

Ordinary SharesPreferred SharesTreasury SharesAccumulated
Other
Comprehensive
Income (Loss)
Accumulated
Deficit
Total
Shareholders’
 Equity
SharesAmountSharesAmountSharesAmount
Balance at December 31, 2020606,329,598 $9,989,284 $— — $— $503,521 $(1,212,082)$9,280,723 
Exercise of Private Placement Warrants212,174 3,592 — — — — — 3,592 
Exercise of stock options835,917 5,074 — — — — — 5,074 
Vesting of restricted stock units15,958 — — — — — — — 
Shares returned to the Company for net share settlements(434,059)(4,489)— — — — — (4,489)
Issuance of ordinary shares, net4,395,638 105,509 — — — — — 105,509 
Share-based award activity— 10,479 — — — — — 10,479 
Net loss— — — — — — (23,954)(23,954)
Other comprehensive income— — — — — 19,838  19,838 
Balance at March 31, 2021611,355,226 10,109,449 — — — — 523,359 (1,236,036)9,396,772 
Exercise of stock options1,581,518 9,761 — — — — — 9,761 
Vesting of restricted stock units446,324 — — — — — — — 
Shares returned to the Company for net share settlements(809,644)(17,245)— — — — — (17,245)
Issuance of ordinary shares, net206,052,933 5,780,933 — — — — — 5,780,933 
Share-based award activity— 12,816 — — — — — 12,816 
Repurchase of ordinary shares— — — (177,206,779)(5,052,165)— — (5,052,165)
Retirement of treasury shares(177,206,779)(5,052,165)— 177,206,779 5,052,165 — —  
Issuance of preferred shares, net — — 14,375,0001,393,222 — — — — 1,393,222 
Net loss— — — — — — (82,210)(82,210)
Other comprehensive income— — — — — 48,195  48,195 
Balance at June 30, 2021641,419,57810,843,54914,375,0001,393,222— 571,554(1,318,246)11,490,079
Exercise of stock options328,5312,4152,415
Vesting of restricted stock units114,962
Shares returned to the Company for net share settlements(177,481)279279
Issuance of ordinary shares, net(688)(688)


CLARIVATE PLC
Consolidated Statements of Changes in Equity
(In thousands, except share data)

Ordinary SharesPreferred SharesTreasury SharesAccumulated
Other
Comprehensive
Income (Loss)
Accumulated
Deficit
Total
Shareholders’
 Equity
SharesAmountSharesAmountSharesAmount
Share-based award activity13,64913,649
Repurchases of ordinary shares(2,599,700)(65,215)(65,215)
Retirement of treasury shares(2,599,700)(65,215)2,599,70065,215
Issuance of preferred shares, net(551)(551)
Dividends to preferred stockholders664,73016,141(22,431)(6,290)
Net income23,312 23,312 
Other comprehensive loss(246,650)(246,650)
Balance at September 30, 2021639,750,620$10,810,13014,375,000$1,392,671$$324,904$(1,317,365)$11,210,340
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CLARIVATE PLC
Consolidated Statements of Changes in Equity
(In thousands, except share data)

Ordinary SharesPreferred SharesTreasury SharesAccumulated
Other
Comprehensive
Income (Loss)
Accumulated
Deficit
Total
Shareholders’
 Equity
SharesAmountSharesAmount
Balance at December 31, 2019306,874,115 $2,144,372 $— $— $(4,879)$(890,894)$1,248,599 
Adjustment to opening Accumulated deficit related to adoption of ASC Topic 326— — — — — (9,319)(9,319)
Exercise of public warrants28,880,098 277,526 — — — — 277,526 
Exercise of stock options3,715,455 1,182 — — — — 1,182 
Vesting of restricted stock units169,842 — — — — — — 
Shares returned to the Company for net share settlements(2,301,458)(10,302)— — — — (10,302)
Issuance of ordinary shares, net27,600,000 539,714 — — — — 539,714 
Share-based award activity— 16,384 — — — — 16,384 
Net loss (As Restated)— — — — — (129,633)(129,633)
Other comprehensive loss— — — — (8,470) (8,470)
Balance at March 31, 2020364,938,052 2,968,876 — — — (13,349)(1,029,846)1,925,681 
Exercise of stock options3,723,332 — — — — — — 
Vesting of restricted stock units2,528 — — — — — — 
Shares returned to the Company for net share settlements(2,311,293)(15,118)— — — — (15,118)
Issuance of ordinary shares, net20,982,500 304,030 — — — — 304,030 
Share-based award activity— 4,322 — — — — 4,322 
Net loss (As Restated)— — — — — (25,281)(25,281)
Other comprehensive loss— — — — (2,280) (2,280)
Balance at June 30, 2020 (As Restated)387,335,119 3,262,110 — — — (15,629)(1,055,127)2,191,354 
Exercise of stock options4,068,307 125 — — — — — 125 
Vesting of restricted stock units2,459 — — — — — — — 
Shares returned to the Company for net share settlements(2,184,918)(3,136)— — — — — (3,136)
Share-based award activity— 5,520 — — — — — 5,520 
Net loss (As Restated)— — — — — — (181,986)(181,986)
Other comprehensive income (loss)— — — — — 10,436  10,436 
Balance at September 30, 2020 (As Restated)389,220,967 $3,264,619 — $— $— $(5,193)$(1,237,113)$2,022,313 
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.
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CLARIVATE PLC
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)


Nine Months Ended September 30,
20212020
(As Restated)
Cash Flows From Operating Activities
Net loss$(82,852)$(