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Clarivate Reports First Quarter 2021 Results Updates 2021 Outlook- London , UK -- April 29 , 2021 - Clarivate Plc ( NYSE : CLVT ) ( the " Company " or " Clarivate " ) , a global leader in providing trusted information and insights to accelerate the pace of innovation , today reported results for the first quarter ended March 31 , 2021 . • 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 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. " Selected Financial Information ( Amounts in tables may not sum due to rounding ) On April 29 , 2021 , the Company filed a Current Report on Form 8 - K noting that following consideration of an April 12 , 2021 announcement by the Securities and Exchange Commission that is broadly applicable to warrants issued by special purpose acquisition companies ( " SPACS " ) , the Company concluded that certain of its warrants , originally issued by the SPAC that the Company merged with in 2019 , should be classified as liabilities in the Company's financial statements prepared according to generally accepted accounting principles ( " GAAP " ) . As noted , we are in the process of restating previously issued financial statements , and we are finalizing our financial statements for the quarter ended March 31 , 2021 , to reflect this change . We anticipate that this change will require certain non - cash adjustments to our financial statements that , among other things , will increase the liabilities carried on our balance sheet by the fair value of these warrants and will require us to assess the fair value of these liabilities each period , with any resulting increase or decrease in fair value recognized in our earnings . We anticipate that this change will not affect GAAP revenues , loss from operations , long - term debt or cash flows from operating activities , or the non - GAAP measures Adjusted EBITDA , Free Cash Flow or Adjusted Free Cash Flow . As a result , in this earnings release we are providing these unaffected measures to illustrate our operational performance for the quarter ended March 31 , 2021. We anticipate that this change will affect GAAP benefit ( provision ) for income taxes , net loss , earnings per share , current liabilities , total liabilities and shareholders ' equity . We do not expect the change to have any significant impact on ( 1 ) Non - GAAP measure . Please see " Reconciliation to Certain Non - GAAP measures " in this earnings release for important disclosures and reconciliations of these financial measures to the most directly comparable GAAP measure . These terms are defined elsewhere in this earnings press release .