Item 7.01. Regulation FD Disclosure.
Clarivate Investor Day Conference
As previously announced, Clarivate Plc (the “Company” or “Clarivate”) is hosting an Investor Day conference 9:00 a.m. ET, on Thursday, March 9, during which management is providing an update on the business. All are invited to listen to the event and view the presentation via the live video stream on the Clarivate Investor Relations website at http://ir.clarivate.com/. The virtual event can also be accessed directly by visiting https://investorday2023.virtualevent.page/. A replay will be available on the investor relations section of the Company's website. See Exhibit 99.1 for certain presentations that Company management is delivering at the Investor Day conference.
2023 Outlook
On March 9, 2023, Clarivate announced that it reaffirmed its guidance previously announced on March 1, 2023 for the year ending December 31, 2023.
The full year outlook presented below assumes no further acquisitions, divestitures, or unanticipated events.
| | | | | | | | |
| | 2023 Outlook |
Revenues | | $2.63B to $2.73B |
Organic Revenue Growth | | 2.75% to 3.75% |
Adjusted EBITDA | | $1.10B to $1.16B |
Adjusted EBITDA Margin | | 42.0% to 42.5% |
Adjusted Diluted EPS | | $0.75 to $0.85 |
Free Cash Flow | | $450M to $550M |
Adjusted Diluted EPS for 2023 is calculated based on approximately 740 million fully diluted weighted average shares outstanding.
See Exhibit 99.2 for important disclosures and reconciliations of these financial measures to the most directly comparable U.S. generally accepted accounting principles (“GAAP”) measure.
Forward-Looking Statements
This communication contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management’s current views concerning future business, events, trends, contingencies, financial performance, or financial condition, appear at various places in this communication and may use words like “aim,” “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “goal,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “see,” “seek,” “should,” “strategy,” “strive,” “target,” “will,” and “would” and similar expressions, and variations or negatives of these words. Examples of forward-looking statements include, among others, statements we make regarding: guidance outlook and predictions relating to expected operating results, such as revenue growth and earnings; strategic actions such as acquisitions, joint ventures, and dispositions, including the anticipated benefits therefrom, and our success in integrating acquired businesses; anticipated levels of capital expenditures in future periods; our ability to successfully realize cost savings initiatives and transition services expenses; our belief that we have sufficient liquidity to fund our ongoing business operations; expectations of the effect on our financial condition of claims, litigation, environmental costs, the impact of inflation, the impact of foreign currency fluctuations, the COVID-19 pandemic and governmental responses thereto, international hostilities, contingent liabilities, and governmental and regulatory investigations and proceedings; and our strategy for customer retention, growth, product development, market position, financial results, and reserves. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on management’s current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Because forward-looking statements relate to the future, they are difficult to predict and many of which are outside of our control. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include those factors discussed under the caption “Risk Factors” in our annual report on Form 10-K, along with our other filings with the U.S. Securities and Exchange Commission (“SEC”). However, those factors should not be considered to be a complete statement of all potential risks and uncertainties. Additional risks and uncertainties not known to us or that we currently deem immaterial may also impair our business operations. Forward-looking statements are based only on information currently available to our management and speak only as of the date of this communication. We do not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of
new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. Please consult our public filings with the SEC or on our website at www.clarivate.com.
No Incorporation by Reference
The information in this Item 7.01, including Exhibits 99.1 and 99.2 furnished herewith, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section and shall not be incorporated by reference into any registration statement or other filing pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise expressly stated in such filing.