Business Context and Reporting Period
This Form 6-K filing by Clarivate Analytics Plc (Clarivate) was submitted on October 21, 2019. The report serves to reaffirm the company's financial outlook for the fiscal year ending December 31, 2019, originally announced on August 7, 2019.
Key Financial Metrics and Outlook
Clarivate has provided forward-looking guidance for the full year 2019 based on non-GAAP measures. The filing does not provide historical GAAP results for the period.
- Adjusted Revenues: Expected range of $962 million to $995 million.
- Adjusted EBITDA: Expected range of $290 million to $310 million.
- Adjusted EBITDA Margins: Approximately 30%.
The filing explicitly states that a reconciliation of these non-GAAP measures to GAAP is not provided because management cannot reliably predict all necessary components.
Material Changes and Assumptions
There are no material changes to the previously announced outlook; the company is reaffirming its prior guidance. The projections assume:
- No further currency movements.
- No acquisitions or divestitures.
- No unanticipated events.
Management Commentary, Risks, and Unusual Items
Management emphasizes that the forward-looking statements are based on current beliefs and assumptions and are not assurances of future performance. The filing includes standard disclaimers regarding the limitations of non-GAAP measures, noting they should not be considered a substitute for GAAP measures or a measure of liquidity.
Risk factors that could cause actual results to differ materially are referenced in the proxy statement/prospectus filed on April 26, 2019. The company does not assume an obligation to update these statements unless required by law.
Investor Verification Checklist
- Verify the definition of "Adjusted Revenues" and "Adjusted EBITDA" to understand specific exclusions (e.g., deferred revenue purchase accounting adjustments, IPM Product Line revenues).
- Review the April 26, 2019 proxy statement/prospectus (File No. 333-229899) for detailed risk factors.
- Monitor currency fluctuations, as the outlook assumes no further movements.
- Confirm that no new acquisitions, divestitures, or unanticipated events have occurred since the filing date.