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Clarivate Stock Falls After In-line Q2 Earnings, Trimmed FY21 EPS Outlook

Clarivate Stock Falls After In-line Q2 Earnings, Trimmed FY21 EPS Outlook
  • Clarivate PLC (NYSE: CLVTreported second-quarter revenue growth of 61.4% year-over-year to $447 million (up 5% on an organic basis), beating the consensus of $435.24 million.
  • Revenues from Subscription increased 12.5% Y/Y to $243.6 million, driven by the acquisition of CPA Global, Re-occurring revenues were $113.7 million, and Transactional increased 48.7% Y/Y to $89.8 million.
  • Adjusted EPS of $0.17 (down from $0.18 in 2Q20) was in line with the consensus of $0.17.
  • Adjusted EBITDA increased by 88.8% Y/Y to $189, and margin expanded by 613 bps to 42.3%.
  • Clarivate generated an operating cash flow of $87.7 million, compared to $61.5 million a year ago, with an adjusted Free cash flow of $95.3 million.
  • It held cash and cash equivalents of $2.6 billion at the end of the quarter. Total debt outstanding as of June 30, 2021, was $5.53 billion, increasing $1.99 billion compared to December 31, 2020.
  • The company expects to exit 4Q21 with organic revenue growth towards the upper-end of 6% to 8% target.
  • FY21 Outlook: Clarivate sees Adjusted Revenues of $1.80 billion to $1.84 billion (from $1.79 billion to $1.84 billion earlier )versus the consensus of 1.82 billion. It expects Adjusted EBITDA of $790 million to $825 million and a margin of 44% to 45%.
  • It expects Adjusted EPS of $0.70 to $0.74 vs. a consensus estimate of $0.78 (down from prior $0.74 to $0.79).
  • Price action: CLVT shares trading lower by 6.56% at $22.57 on the last check Thursday.

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