Technology
Clarivate Reports Third Quarter 2024 Results
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4 hours agoon
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LONDON, Nov. 6, 2024 /PRNewswire/ — Clarivate Plc (NYSE: CLVT) (the “Company” or “Clarivate”), a leading global provider of transformative intelligence, today reported results for the third quarter ended September 30, 2024.
Third Quarter 2024 Financial Highlights
Revenues of $622.2 million decreased 3.9%Organic revenues decreased 2.6%, as an increase in subscription revenues of 0.6% was offset by a decrease in re-occurring revenues of 1.1% and transactional and other revenues of 13.6%Net loss of $65.6 million; Net loss per diluted share of $0.09Adjusted net income(1) of $134.1 million decreased 12.1%; Adjusted diluted EPS(1) of $0.19 decreased 9.5% or $0.02Adjusted EBITDA(1) of $264.4 million decreased 6.0%; Adjusted EBITDA margin(1) of 42.5% decreased 100 basis points primarily due to lower revenuesNet cash provided by operating activities of $202.9 million increased $39.5 million; Free cash flow(1) of $126.3 million increased $24.6 million primarily due to the timing of working capital
Nine Months Ended September 30, 2024 Financial Highlights
Revenues of $1,893.7 million decreased 2.6%Organic revenues decreased 1.5% as an increase in subscription revenues of 1.2% was offset by a decline in re-occurring revenues of 2.3% and transactional and other revenues of 9.3%Net loss of $444.9 million; Net loss per diluted share of $0.69Adjusted net income(1) of $379.8 million decreased 12.8%; Adjusted diluted EPS(1) of $0.52 decreased 11.9% or $0.07Adjusted EBITDA(1) of $775.1 million decreased 5.4%; Adjusted EBITDA margin(1) of 40.9% decreased 120 basis points primarily due to lower revenuesNet cash provided by operating activities decreased $48.0 million to $505.3 million; Free cash flow(1) decreased $76.3 million to $298.4 million primarily due to lower operating income and increased capital expenditures
“Clarivate’s third quarter results are unsatisfactory and reflect an overdependency on fluctuating transactional revenue and areas of the business with low margin characteristics,” said Matti Shem Tov, Chief Executive Officer. “As we look ahead, it is clear the Company has work to do to improve performance. Our Value Creation Plan is designed to increase subscription and re-occurring revenue, improve sales execution, accelerate innovation and continue portfolio solutions rationalization. We will leverage Clarivate’s strong foundation, unique product offerings and talented team to take the necessary actions to improve predictability and drive profitable growth. Alongside the management team and Board, I am invigorated by the opportunities before us and remain focused on successfully executing our strategy to realize Clarivate’s potential.”
Removal of Outlook
As a result of the recent CEO transition and the work being done under the Value Creation Plan, the Company has removed its forward-looking outlook for 2024. All previous outlooks provided by the Company should no longer be relied upon.
Selected Financial Information
Three Months Ended
September 30,
Change
Nine Months Ended
September 30,
Change
(in millions, except percentages and per share data), (unaudited)
2024
2023
$
%
2024
2023
$
%
Revenues
$ 622.2
$ 647.2
$ (25.0)
(3.9) %
$ 1,893.7
$ 1,945.1
$ (51.4)
(2.6) %
Net income (loss)
$ (65.6)
$ 12.3
$ (77.9)
N/M
$ (444.9)
$ (67.3)
$ (377.6)
N/M
Diluted EPS
$ (0.09)
$ (0.01)
$ (0.08)
N/M
$ (0.69)
$ (0.18)
$ (0.51)
N/M
Weighted average ordinary shares, diluted
718.7
670.9
47.8
7.1 %
690.5
673.9
16.6
2.5 %
Adjusted EBITDA(1)
$ 264.4
$ 281.4
$ (17.0)
(6.0) %
$ 775.1
$ 819.0
$ (43.9)
(5.4) %
Adjusted net income(1)
$ 134.1
$ 152.6
$ (18.5)
(12.1) %
$ 379.8
$ 435.7
$ (55.9)
(12.8) %
Adjusted diluted EPS(1)
$ 0.19
$ 0.21
$ (0.02)
(9.5) %
$ 0.52
$ 0.59
$ (0.07)
(11.9) %
Adjusted weighted average ordinary shares, diluted(1)
723.5
731.4
(7.9)
(1.1) %
726.1
733.6
(7.5)
(1.0) %
Net cash provided by operating activities
$ 202.9
$ 163.4
$ 39.5
24.2 %
$ 505.3
$ 553.3
$ (48.0)
(8.7) %
Free cash flow(1)
$ 126.3
$ 101.7
$ 24.6
24.2 %
$ 298.4
$ 374.7
$ (76.3)
(20.4) %
Third Quarter 2024 Commentary
Revenues for the third quarter decreased $25.0 million, or 3.9%, to $622.2 million, primarily due to the divestiture of Valipat in April 2024 and lower transactional sales across all three segments. Organic revenues decreased $16.5 million or 2.6%.
Subscription revenues for the third quarter increased $3.0 million, or 0.7%, to $411.1 million. Organic subscription revenues increased 0.6%, driven by price increases, partially offset by lower net volume in IP and LS&H.
Re-occurring revenues for the third quarter decreased $0.1 million, or 0.1%, to $106.7 million. Organic re-occurring revenues decreased 1.1%, primarily due to lower IP patent renewal volume.
Transactional and other revenues for the third quarter decreased $27.9 million, or 21.1%, to $104.4 million. Organic transactional and other revenues decreased 13.6%, due to lower sales across all three segments.
Balance Sheet and Cash Flow
As of September 30, 2024, cash and cash equivalents of $388.5 million increased $17.8 million compared to December 31, 2023.
The Company’s total debt outstanding as of September 30, 2024 was $4,711.5 million, a decrease of $58.8 million compared to December 31, 2023, driven by an accelerated debt repayment.
Net cash provided by operating activities of $505.3 million for the nine months ended September 30, 2024 decreased $48.0 million compared to the prior year period, primarily due to lower operating results, partially offset by timing differences in working capital. Free cash flow(1) for the nine months ended September 30, 2024 was $298.4 million, a decrease of $76.3 million compared to the prior year period.
Notes to press release
(1) Non-GAAP measure. Please see “Reconciliations to Certain Non-GAAP Measures” in this release for important disclosures and reconciliations of these financial measures to the most directly comparable GAAP measure. These terms are defined elsewhere in this press release.
N/M – Represents a change approximately equal or in excess of 100% or not meaningful.
Conference Call and Webcast
Clarivate will host a conference call and webcast today to review the results for the third quarter at 9:00 a.m. Eastern Time. The webcast is open to all interested parties and may include forward-looking information.
The live webcast of the earnings call will be accessible through the investor relations section of the Company’s website. To join the webcast please visit https://events.q4inc.com/attendee/495058600.
Interested parties may access the live audio broadcast. U.S. participants may call 800-715-9871; international participants may call +1 646-307-1963 (long-distance charges will apply). The conference ID number is 5907538.
A replay of the webcast will also be available on https://ir.clarivate.com beginning two hours after the conclusion of the live call and will remain available for one year.
Use of Non-GAAP Financial Measures
Non-GAAP results are financial measures that are not prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and are presented only as a supplement to our financial statements based on GAAP. Non-GAAP financial information is provided to enhance the reader’s understanding of our financial performance, but none of these non-GAAP financial measures are recognized terms under GAAP. They are not measures of financial condition or liquidity, and should not be considered as an alternative to profit or loss for the period determined in accordance with GAAP or operating cash flows determined in accordance with GAAP. As a result, you should not consider such measures in isolation from, or as a substitute for, financial measures or results of operations calculated or determined in accordance with GAAP.
We use non-GAAP measures in our operational and financial decision-making. We believe that such measures allow us to focus on what we deem to be a more reliable indicator of ongoing operating performance and our ability to generate cash flow from operations, and we also believe that investors may find these non-GAAP financial measures useful for the same reasons. Non-GAAP measures are frequently used by securities analysts, investors, and other interested parties in their evaluation of companies comparable to us, many of which present non-GAAP measures when reporting their results. These measures can be useful in evaluating our performance against our peer companies because we believe the measures provide users with valuable insight into key components of GAAP financial disclosures. However, non-GAAP measures have limitations as analytical tools and because not all companies use identical calculations, our presentation of non-GAAP financial measures may not be comparable to other similarly titled measures of other companies.
Definitions and reconciliations of non-GAAP measures, such as Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income, Adjusted diluted EPS, and Free cash flow to the most directly comparable GAAP measures are provided within the schedules attached to this release. Our presentation of non-GAAP measures should not be construed as an inference that our future results will be unaffected by any of the adjusted items, or that any projections and estimates will be realized in their entirety or at all.
Forward-Looking Statements
This communication 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, and include statements regarding our intentions, beliefs, or current expectations concerning, among other things, 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. 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 in Item 1A. Risk Factors of our annual report on Form 10-K. 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 do 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. Please consult our public filings with the SEC or on our website at www.clarivate.com.
About Clarivate
Clarivate™ is a leading global provider of transformative intelligence. We offer enriched data, insights & analytics, workflow solutions and expert services in the areas of Academia & Government, Intellectual Property and Life Sciences & Healthcare. For more information, please visit www.clarivate.com.
Condensed Consolidated Balance Sheets (Unaudited)
(In millions)
September 30,
2024
December 31,
2023
ASSETS
Current assets:
Cash and cash equivalents, including restricted cash
$ 388.5
$ 370.7
Accounts receivable, net
771.8
908.3
Prepaid expenses
97.7
88.5
Other current assets
81.1
68.0
Assets held for sale
—
26.7
Total current assets
1,339.1
1,462.2
Property and equipment, net
47.3
51.6
Other intangible assets, net
8,726.7
9,006.6
Goodwill
1,736.8
2,023.7
Other non-current assets
71.8
60.8
Deferred income taxes
50.8
46.7
Operating lease right-of-use assets
58.1
55.2
Total assets
$ 12,030.6
$ 12,706.8
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$ 126.5
$ 144.1
Accrued compensation
111.7
126.5
Accrued expenses and other current liabilities
375.1
315.2
Current portion of deferred revenues
890.2
983.1
Current portion of operating lease liability
22.1
24.4
Liabilities held for sale
—
6.7
Total current liabilities
1,525.6
1,600.0
Long-term debt
4,632.5
4,721.1
Non-current portion of deferred revenues
21.6
38.7
Other non-current liabilities
52.5
41.9
Deferred income taxes
227.0
249.6
Operating lease liabilities
57.9
63.2
Total liabilities
6,517.1
6,714.5
Commitments and contingencies
Shareholders’ equity:
Preferred Shares, no par value; 14.4 shares authorized; 5.25% Mandatory Convertible Preferred Shares, Series A, zero and 14.4 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively
—
1,392.6
Ordinary Shares, no par value; unlimited shares authorized; 710.3 and 666.1 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively
13,069.0
11,740.5
Accumulated other comprehensive loss
(433.8)
(495.3)
Accumulated deficit
(7,121.7)
(6,645.5)
Total shareholders’ equity
5,513.5
5,992.3
Total liabilities and shareholders’ equity
$ 12,030.6
$ 12,706.8
Condensed Consolidated Statements of Operations (Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
(In millions, except per share data)
2024
2023
2024
2023
Revenues
$ 622.2
$ 647.2
$ 1,893.7
$ 1,945.1
Operating expenses:
Cost of revenues
210.1
220.6
641.5
674.8
Selling, general and administrative costs
169.7
171.9
546.8
559.3
Depreciation and amortization
177.2
176.8
541.0
527.5
Goodwill and intangible asset impairments
13.8
—
316.6
135.2
Restructuring and other impairments
4.0
3.7
14.2
25.3
Other operating expense (income), net
25.7
(13.0)
46.9
(30.5)
Total operating expenses
600.5
560.0
2,107.0
1,891.6
Income (loss) from operations
21.7
87.2
(213.3)
53.5
Fair value adjustment of warrants
—
(12.6)
(5.2)
(14.4)
Interest expense, net
72.2
71.9
213.5
218.5
Income (loss) before income taxes
(50.5)
27.9
(421.6)
(150.6)
Provision (benefit) for income taxes
15.1
15.6
23.3
(83.3)
Net income (loss)
(65.6)
12.3
(444.9)
(67.3)
Dividends on preferred shares
—
18.9
31.3
56.3
Net income (loss) attributable to ordinary shares
$ (65.6)
$ (6.6)
$ (476.2)
$ (123.6)
Per share:
Basic
$ (0.09)
$ (0.01)
$ (0.69)
$ (0.18)
Diluted
$ (0.09)
$ (0.01)
$ (0.69)
$ (0.18)
Weighted average shares used to compute earnings per share:
Basic
718.7
670.9
690.5
673.9
Diluted
718.7
670.9
690.5
673.9
Condensed Consolidated Statements of Cash Flows (Unaudited)
Nine Months Ended September 30,
(In millions)
2024
2023
Cash Flows From Operating Activities
Net income (loss)
$ (444.9)
$ (67.3)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization
541.0
527.5
Share-based compensation
48.9
97.1
Restructuring and other impairments, including goodwill
314.5
138.9
Gain on legal settlement
—
(49.4)
Deferred income taxes
(28.8)
(51.3)
Amortization of debt issuance costs
11.1
12.9
Other operating activities
36.1
2.4
Changes in operating assets and liabilities:
Accounts receivable
148.2
110.3
Prepaid expenses
(8.5)
(10.6)
Other assets
(9.8)
19.5
Accounts payable
(16.5)
(2.4)
Accrued expenses and other current liabilities
22.1
(33.8)
Deferred revenues
(102.3)
(56.9)
Operating leases, net
(7.8)
(6.2)
Other liabilities
2.0
(77.4)
Net cash provided by operating activities
505.3
553.3
Cash Flows From Investing Activities
Capital expenditures
(206.9)
(178.6)
Payments for acquisitions, net of cash acquired
(32.0)
(2.3)
Proceeds from divestitures, net of cash divested
(19.2)
10.5
Net cash provided by (used for) investing activities
(258.1)
(170.4)
Cash Flows From Financing Activities
Principal payments on term loans
(58.1)
(150.0)
Payment of debt issuance costs and discounts
(20.1)
0.1
Repurchases of ordinary shares
(100.0)
(100.0)
Cash dividends on preferred shares
(37.7)
(56.7)
Payments related to finance lease
(0.7)
(0.8)
Payments related to tax withholding for share-based compensation
(13.9)
(14.8)
Net cash provided by (used for) financing activities
(230.5)
(322.2)
Effects of exchange rates
1.1
(10.3)
Net change in cash and cash equivalents, including restricted cash
17.8
50.4
Cash and cash equivalents, including restricted cash, beginning of period
370.7
356.8
Cash and cash equivalents, including restricted cash, end of period
$ 388.5
$ 407.2
Supplemental Revenues Information
Annualized contract value (“ACV”) represents the annualized value for the next 12 months of subscription-based client license agreements, assuming that all expiring license agreements during that period are renewed at their current price level. Our ACV was $1,596.4 and $1,579.2 as of September 30, 2024 and 2023, respectively, which corresponds to an increase of 1.1%. The increase in ACV was primarily due to the impact of price increases, partially offset by volume declines.
The following tables present our revenues by type and by segment for the periods indicated, as well as the drivers of the variances between periods, including as a percentage of such revenues.
Three Months Ended
September 30,
Change
% of Change
(In millions, except percentages); (unaudited)
2024
2023
$
%
Acquisitions
Disposals
FX
Organic
Subscription revenues
$ 411.1
$ 408.1
$ 3.0
0.7 %
0.2 %
— %
(0.1) %
0.6 %
Re-occurring revenues
106.7
106.8
(0.1)
(0.1) %
— %
— %
1.0 %
(1.1) %
Transactional and other revenues
104.4
132.3
(27.9)
(21.1) %
0.5 %
(8.1) %
0.1 %
(13.6) %
Revenues
$ 622.2
$ 647.2
$ (25.0)
(3.9) %
0.2 %
(1.6) %
0.1 %
(2.6) %
Nine Months Ended
September 30,
Change
% of Change
(In millions, except percentages); (unaudited)
2024
2023
$
%
Acquisitions
Disposals
FX
Organic
Subscription revenues
$ 1,219.8
$ 1,207.3
$ 12.5
1.0 %
0.1 %
— %
(0.3) %
1.2 %
Re-occurring revenues
317.8
325.5
(7.7)
(2.4) %
— %
— %
(0.1) %
(2.3) %
Transactional and other revenues
356.1
412.3
(56.2)
(13.6) %
0.2 %
(4.5) %
— %
(9.3) %
Revenues
$ 1,893.7
$ 1,945.1
$ (51.4)
(2.6) %
0.1 %
(1.0) %
(0.2) %
(1.5) %
Three Months Ended
September 30,
Change
% of Change
(In millions, except percentages); (unaudited)
2024
2023
$
%
Acquisitions
Disposals
FX
Organic
Academia & Government
$ 321.3
$ 327.2
$ (5.9)
(1.8) %
— %
— %
(0.1) %
(1.7) %
Intellectual Property
199.8
211.7
(11.9)
(5.6) %
0.1 %
(4.6) %
0.7 %
(1.8) %
Life Sciences & Healthcare
101.1
108.3
(7.2)
(6.6) %
0.9 %
(0.7) %
(0.3) %
(6.5) %
Revenues
$ 622.2
$ 647.2
$ (25.0)
(3.9) %
0.2 %
(1.6) %
0.1 %
(2.6) %
Nine Months Ended
September 30,
Change
% of Change
(In millions, except percentages); (unaudited)
2024
2023
$
%
Acquisitions
Disposals
FX
Organic
Academia & Government
$ 983.5
$ 983.9
$ (0.4)
— %
— %
— %
(0.1) %
0.1 %
Intellectual Property
602.3
637.1
(34.8)
(5.5) %
— %
(2.6) %
(0.2) %
(2.7) %
Life Sciences & Healthcare
307.9
324.1
(16.2)
(5.0) %
0.5 %
(0.6) %
(0.5) %
(4.4) %
Revenues
$ 1,893.7
$ 1,945.1
$ (51.4)
(2.6) %
0.1 %
(1.0) %
(0.2) %
(1.5) %
Reconciliations to Certain Non-GAAP Measures
Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA represents Net income (loss) before the Provision (benefit) for income taxes, Depreciation and amortization, and Interest expense, net, adjusted to exclude acquisition and/or disposal-related transaction costs, share-based compensation, restructuring expenses, impairments, the impact of certain non-cash fair value adjustments on financial instruments, unrealized foreign currency gains/losses, legal settlements, and other items that are included in Net income (loss) for the period that we do not consider indicative of our ongoing operating performance. Net income (loss) margin is calculated by dividing Net income (loss) by Revenues. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by Revenues.
The following table presents our calculation of Adjusted EBITDA and Adjusted EBITDA margin for the three and nine months ended September 30, 2024 and 2023 and reconciles these non-GAAP measures to our Net income (loss) and Net income (loss) margin for the same periods:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(In millions, except percentages); (unaudited)
2024
2023
2024
2023
Net income (loss)
$ (65.6)
$ 12.3
$ (444.9)
$ (67.3)
Provision (benefit) for income taxes
15.1
15.6
23.3
(83.3)
Depreciation and amortization
177.2
176.8
541.0
527.5
Interest expense, net
72.2
71.9
213.5
218.5
Transaction related costs
6.1
2.7
13.6
5.1
Share-based compensation expense
15.4
25.4
49.7
97.1
Goodwill and intangible asset impairments
13.8
—
316.6
135.2
Restructuring and other impairments
4.0
3.7
14.2
25.3
Fair value adjustment of warrants
—
(12.6)
(5.2)
(14.4)
Other(1)
26.2
(14.4)
53.3
(24.7)
Adjusted EBITDA
$ 264.4
$ 281.4
$ 775.1
$ 819.0
Net income (loss) margin
(10.5) %
1.9 %
(23.5) %
(3.5) %
Adjusted EBITDA margin
42.5 %
43.5 %
40.9 %
42.1 %
(1) Primarily reflects the net impact of unrealized foreign currency gains and losses, as well as other items that do not reflect our ongoing operating performance. For the nine months ended September 30, 2024, the amount includes a $14.8 loss on divestiture and for the nine months ended September 30, 2023, the amount includes a $49.4 gain on legal settlement.
Adjusted net income and Adjusted diluted EPS
Adjusted net income represents Net income (loss), adjusted to exclude acquisition and/or disposal-related transaction costs, amortization related to acquired intangible assets, share-based compensation, restructuring expenses, impairments, the impact of certain non-cash fair value adjustments on financial instruments, unrealized foreign currency gains/losses, legal settlements, and other items that are included in net income (loss) for the period that we do not consider indicative of our ongoing operating performance and the associated income tax impact of such adjustments.
Adjusted diluted EPS is calculated by dividing Adjusted net income by Adjusted diluted weighted average shares. The Adjusted diluted weighted average shares calculation assumes that all instruments in the calculation are dilutive.
The following tables present our calculation of Adjusted net income and Adjusted diluted EPS for the three and nine months ended September 30, 2024 and 2023 and reconciles these non-GAAP measures to our Net income (loss) and diluted EPS for the same periods:
Three Months Ended September 30,
2024
2023
(In millions, except per share amounts); (unaudited)
Amount
Per Share
Amount
Per Share
Net income (loss) and EPS
$ (65.6)
$ (0.09)
$ 12.3
$ 0.02
Transaction related costs
6.1
0.01
2.7
—
Share-based compensation expense
15.4
0.02
25.4
0.04
Amortization related to acquired intangible assets
138.7
0.19
141.9
0.21
Goodwill and intangible asset impairments
13.8
0.02
—
—
Restructuring and other impairments
4.0
0.01
3.7
0.01
Fair value adjustment of warrants
—
—
(12.6)
(0.02)
Other(1)
26.2
0.04
(14.4)
(0.04)
Income tax impact of related adjustments
(4.5)
(0.01)
(6.4)
(0.01)
Adjusted net income and Adjusted diluted EPS
$ 134.1
$ 0.19
$ 152.6
$ 0.21
Adjusted weighted average ordinary shares, diluted
723.5
731.4
(1) Primarily reflects the net impact of unrealized foreign currency gains and losses, as well as other items that do not reflect our ongoing operating performance.
Nine Months Ended September 30,
2024
2023
(In millions, except per share amounts); (unaudited)
Amount
Per Share
Amount
Per Share
Net income (loss) and EPS
$ (444.9)
$ (0.64)
$ (67.3)
$ (0.10)
Transaction related costs
13.6
0.02
5.1
0.01
Share-based compensation expense
49.7
0.07
97.1
0.14
Amortization related to acquired intangible assets
416.9
0.60
429.8
0.64
Goodwill and intangible asset impairments
316.6
0.46
135.2
0.20
Restructuring and other impairments
14.2
0.02
25.3
0.04
Fair value adjustment of warrants
(5.2)
(0.01)
(14.4)
(0.02)
Other(1)
53.3
0.05
(24.7)
(0.10)
Income tax impact of related adjustments
(34.4)
(0.05)
(150.4)
(0.22)
Adjusted net income and Adjusted diluted EPS
$ 379.8
$ 0.52
$ 435.7
$ 0.59
Adjusted weighted average ordinary shares, diluted
726.1
733.6
(1) Primarily reflects the net impact of unrealized foreign currency gains and losses, as well as other items that do not reflect our ongoing operating performance. For the nine months ended September 30, 2024, the amount includes a $14.8 loss on divestiture and for the nine months ended September 30, 2023, the amount includes a $49.4 gain on legal settlement.
Free cash flow
Free cash flow represents Net cash provided by (used for) operating activities less Capital expenditures. The following table reconciles this non-GAAP measure to Net cash provided by operating activities:
Three Months Ended September 30,
Nine Months Ended September 30,
(In millions); (unaudited)
2024
2023
2024
2023
Net cash provided by operating activities
$ 202.9
$ 163.4
$ 505.3
$ 553.3
Capital expenditures
(76.6)
(61.7)
(206.9)
(178.6)
Free cash flow
$ 126.3
$ 101.7
$ 298.4
$ 374.7
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Technology
Conga Named a Leader in the IDC MarketScape for Worldwide Contract Lifecycle Management for Corporate Legal 2024 Vendor Assessment
Published
56 mins agoon
November 6, 2024By
Conga recognized for strengths in breadth and flexibility of its contract lifecycle management solutions
BROOMFIELD, Colo., Nov. 6, 2024 /PRNewswire-PRWeb/ — Conga, the pioneer and market leader in Revenue Lifecycle Management, today announced it has been named a Leader in the IDC MarketScape: Worldwide Contract Lifecycle Management for Corporate Legal 2024 Vendor Assessment (doc# US51541124, September 2024).
The IDC MarketScape evaluated 11 companies in the market based on vendors’ contract lifecycle management (CLM) applications for Corporate Legal. According to the report, “Conga’s solution is focused on transforming the entire contract management function within an enterprise. Conga focuses on functionality and solves the needs of every stakeholder along the contract assembly line, especially legal.”
Other strengths of Conga’s CLM platform emphasized in the assessment include its interfaces for every horizontal and vertical, including differentiated capabilities for legal within manufacturing, biotech, financial services, and others. Conga’s integrations and large partner ecosystem provide a CLM solution that easily integrates into any technology stack and enables each user to work where they want, which was also noted as a strength, along with its customizable platform that can be tailored to any and every organization.
Conga is a decade-long leader in CLM and AI, empowering all departments to get what they need from contracting by helping customers deliver a revenue advantage, streamline operations, reduce risk, and lower supplier costs. Conga CLM provides data and insights to help organizations effectively manage their obligations, team, customers, suppliers, and contracts.
“Demands for productivity are increasing, the global business and legal environment is constantly evolving, and there is never-ending pressure to improve revenue and profit on a tight budget,” said Noel Goggin, CEO and Culture Leader at Conga. “We believe the recognition of Conga as a Leader in the Corporate Legal market serves as a true testament to our ongoing efforts to help businesses transform and automate contract management to gain greater visibility into contract processes, improve customer experience, drive faster sales cycle times, and ultimately faster time to revenue for better business outcomes.”
Conga CLM offers end-to-end functionality that delivers better contract outcomes with state-of-the-art data extraction, integrated AI models, and legal data verification services to ensure the data businesses rely on is accurate and easy to access and report on. Rather than wasting time searching through contracts to answer questions, legal teams can leverage Conga CLM’s AI Copilot functionality to quickly retrieve information about specific contracts, clauses, terms or numbers to streamline tracking and reporting and ensure commitments are met. The ability to automatically connect contract data and processes across departments breaks down internal silos, empowering everyone to work where they want and access the information they need with a user interface that integrates with any CRM, ERP, or procurement system.
Read the full IDC MarketScape: Worldwide Contract Lifecycle Management for Corporate Legal 2024 Vendor Assessment. To learn more about Conga CLM, visit: https://conga.com/products/contract-management/conga-contract-lifecycle-management
About Conga
Conga, the Revenue Company, is the pioneer and market leader in Revenue Lifecycle Management. Its platform is chosen by the world’s growth champions to accelerate the end-to-end revenue lifecycle and achieve a Revenue Advantage. Conga brings Configure, Price, Quote, Contract Lifecycle Management, and Document Automation capabilities together on a single open platform that works with any ERP, any CRM, and any Cloud. Conga is born for the top line—powered by a unified revenue data model, complete revenue intelligence, and purpose-built AI—to help companies grow, protect, and expand their revenue.
Conga delivers a Revenue Advantage to over 10,000 customers and 6.4 million users around the world. More than 7 million contracts and 46 million quotes are generated annually with Conga. Founded in 2006, the company is headquartered in Broomfield, Colorado and has global operations in North America, Europe, Asia and Australia. Visit conga.com for more information.
About IDC MarketScape
IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of technology and service suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.
Media Contact
Addie Reed, Conga, 1 312-766-5515, addie.reed@finnpartners.com, www.conga.com
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SOURCE Conga
Technology
TAILG Unveils New Product S96MAX at EICMA, with High-Efficiency Integrated Motor and Fast Charging Technology
Published
56 mins agoon
November 6, 2024By
MILAN, Nov. 6, 2024 /CNW/ — As the world’s leading electric two-wheeler brand, TAILG launched its flagship new product S96MAX at the International Motorcycle and Accessories Exhibition (EICMA) on November 6. TAILG also showcased its new integrated motor and fast-charging technology, marking a significant breakthrough in the performance and range of electric two-wheelers.
Two Cutting-Edge Technologies Create a Buzz
In recent years, the global trend towards low-carbon travel and growing environmental awareness have driven rapid growth in the electric two-wheeler industry.
On November 6, TAILG invited Luca Talotta, a prominent figure in green mobility, as the product experience officer to unveil the S96MAX globally and introduce its new integrated motor and fast-charging technology.
The S96MAX is equipped with the industry’s first three-in-one integrated motor, the Star Ring Magnetic Motor. It features an axial flux motor structure that integrates the motor, transmission, and electronic control system. With an efficiency of up to 95%, it accelerates from 0 to 50 km/h in just 3.5 seconds and reaches a top speed of 120 km/h.
Comprehensive data indicates that the S96MAX achieves a peak power of 15000W. Overall range has increased by 13.5%, energy recovery efficiency by 108%, and motor size and weight have been reduced by 50%.
Another highlight of S96MAX is the Nebula Fast Charging System, the industry’s first low-voltage, high-current, high-rate charging solution. TAILG’s custom fast-charging pile can charge up to 80% in just 10 minutes, with a charging power of up to 20 kW.
It significantly improves charging efficiency and reduces costs, and can be expanded to more electric two-wheeled models in the future. In just the time it takes to have a cup of coffee, the S96MAX is ready to hit the road again.
In addition, the S96MAX is equipped with various intelligent features, including a TFT smart dashboard with multi-screen interaction, 55W wireless charging, and 1080P front and rear HD cameras. This offers a new option for users who pursue high-quality mobility.
EICMA Accelerates TAILG’s Overseas Expansion
At the exhibition, TAILG showcased 12 different models, attracting global clients for collaboration. The urban commuting and high-speed electric motorcycles with EEC certification saw strong interest for partnerships, while the off-road series Y1, Y3, and Y5 attracted much attention.
From product exports to brand expansion abroad, TAILG strategically set the goal of “recreat another TAILG overseas” in 2023. From launching the TLG brand to establishing factories abroad and participating in major global industry exhibitions, TAILG has taken significant steps toward brand globalization.
With the commissioning of Vietnam Smart Manufacturing Base and the opening of Indonesia Operations Center, TAILG has established ten smart manufacturing bases globally, with an annual production capacity exceeding 15 million units. TAILG operates seven marketing centers worldwide, exporting products to over 90 countries and regions, and leading the two-wheeler industry in quality exports.
Regarding technological innovation, TAILG has rapidly built core technology and product competitiveness with industry-leading R&D centers such as the Global E-Mobility Programme Research Institute. It has launched achievements such as sodium electric vehicles, hydrogen-powered electric vehicles, driverless technology, fast charging and battery swapping technologies.
At the exhibition, the renowned American motorcycle brand ZERO unveiled the model Neutrino, jointly developed with TAILG. TAILG is committed to leading the industry’s high-quality development through technological innovation.
As a global pioneer of long-range electric vehicles and a partner of the United Nations in electric mobility, TAILG will continue to develop new energy solutions that lead the way in global low-carbon mobility.
View original content to download multimedia:https://www.prnewswire.com/news-releases/tailg-unveils-new-product-s96max-at-eicma-with-high-efficiency-integrated-motor-and-fast-charging-technology-302297547.html
SOURCE TAILG
ARLINGTON, Va., Nov. 6, 2024 /PRNewswire/ — The Society of Chemical Manufacturers & Affiliates (SOCMA) proudly announces the addition of six new members in Q4 2024, further strengthening its diverse membership base.
Manufacturer members:
Integrity BioChem: “Joining SOCMA aligns with our commitment to sustainable innovation,” said Jimmy Jett, President & CEO of Integrity BioChem, which develops and produces modified biopolymers and bio-based surfactants for the energy, mining, industrial, ag, and specialty markets using renewable and sustainable practices. “We’re excited to collaborate with fellow members to advance bio-based solutions and contribute to the domestic manufacturing resurgence.”
Kodak Specialty Chemicals: “Kodak Specialty Chemicals is excited to join SOCMA and leverage their robust network of industry leaders and innovators to grow our CDMO business,” said Jonathan Hall, Business Development Director at Kodak Specialty Chemicals. “We look to benefit from their significant resources, including industry reports, regulatory updates, and best practices, to help us remain informed and competitive in a complex, heavily regulated industry. SOCMA membership will enable us to connect with industry professionals and generate new leads and opportunities as we drive our business forward.”
West Texas Blending: “SOCMA’s longstanding reputation was a major factor in our decision to join,” noted Hugo Lozano, CEO at West Texas Blending, which offers full-service chemical blending capabilities for oil & gas, water management, and agricultural services. “Their industry presence enhances our credibility and opens doors to potential partnerships. We look forward to leveraging this membership for future growth.”
Affiliate members
Chemical South Transport: “We decided it was a no-brainer to join SOCMA,” said Nicole Evans, Vice President of Chemical South Transport, which delivers safe, reliable, and innovative solutions in the handling, transporting, and transloading of bulk liquid chemicals. “SOCMA’s network of industry professionals, advocacy efforts, and resources will not only help us stay updated on regulatory changes but also enhance our safety and operational efficiency. This partnership positions us to be more competitive and well-informed in the ever-growing chemical industry.”
Hoover CS: “We really value SOCMA’s commitment to safe and sustainable practices, fostering connections and collaboration, and sharing valuable insights and resources,” said Lana Belmokadem of Hoover CS, which provides sustainable packaging solutions through its rental fleet of reusable liquid and dry IBCs and ISO tanks, helping customers reduce plastic waste, conserve water, and lower greenhouse gas emissions. “Their industry leadership aligns perfectly with our mission to advance circularity across the supply chain.”
WAB US Corp.: “SOCMA membership allows WAB US to reinforce current connections with member manufacturers and make new connections with a broader peer network,” said Daniel Grskovic, President of WAB US Corp., which provides advanced mixing and milling technologies critical to the specialty chemical sector. “WAB supports the aims of SOCMA by offering highly customized resources, operational excellence, and commercial growth. We see ourselves as enablers, providing the processing technology tools essential to chemical manufacturing in North America.”
“These six new members exemplify the innovation and diversity driving our industry forward,” said Jennifer Abril, President & CEO of SOCMA. ” From bio-based solutions to advanced processing technologies, each brings unique value to the specialty chemical sector and to the SOCMA community. Their decision to join SOCMA highlights the critical role of collaboration in navigating today’s complex chemical landscape. We are ready to work alongside them in strengthening North American specialty chemical manufacturing.”
For membership inquiries, contact Jenny Gaines, jgaines@socma.org.
About SOCMA:
SOCMA is the only U.S.-based trade association dedicated to the specialty and fine chemicals industry. Visit https://www.socma.org.
Contact:
Nate Bell
Sr. Manager, Member Communications & Programs
571-348-5100
nbell@socma.org
View original content to download multimedia:https://www.prnewswire.com/news-releases/socma-welcomes-six-new-members-in-q4-2024-302297551.html
SOURCE Society of Chemical Manufacturers & Affiliates
Conga Named a Leader in the IDC MarketScape for Worldwide Contract Lifecycle Management for Corporate Legal 2024 Vendor Assessment
TAILG Unveils New Product S96MAX at EICMA, with High-Efficiency Integrated Motor and Fast Charging Technology
SOCMA WELCOMES SIX NEW MEMBERS IN Q4 2024
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