0001764046-26-000090
SEC filingClarivate二季度营收下滑但调整后盈利稳健，重申全年指引，聚焦生命科学业务剥离与降杠杆。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $587.3M | $621.4M | (5.5)% |
| Adjusted EBITDA | $247.2M | $261.6M | (5.5)% |
| Adjusted EBITDA Margin | 42.1% | 42.1% | — |
| Net Income (Loss) | $(268.6)M | $(72.0)M | N/M |
| Diluted EPS (GAAP) | $(0.42) | $(0.11) | N/M |
| Adjusted Net Income | $123.1M | $123.3M | (0.2)% |
| Adjusted Diluted EPS | $0.19 | $0.18 | 5.6% |
| Operating Cash Flow (H1) | $233.4M | $287.5M | (18.8)% |
| Free Cash Flow (H1) | $122.9M | $160.6M | (23.5)% |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2026 | ACV Organic Growth | 2.0% to 3.0% | N/A |
| FY2026 | Recurring Organic Revenue Growth | 0.75% to 2.25% | N/A |
| FY2026 | Revenue, Including Discontinued Operations | $2.30B to $2.42B | Non-GAAP |
| FY2026 | Adjusted EBITDA | $980M to $1.04B | Non-GAAP |
| FY2026 | Adjusted EBITDA Margin | 42.0% to 43.5% | Non-GAAP |
| FY2026 | Adjusted Diluted EPS | $0.70 to $0.80 | Non-GAAP |
| FY2026 | Free Cash Flow | $365M to $435M | Non-GAAP |
简评
Clarivate 二季度营收同比下滑 5.5% 至 $587.3M，主要受此前宣布的 Life Sciences & Healthcare 业务剥离及资产处置影响；有机收入下降 1.5%，其中订阅有机增长 0.7% 被交易性收入有机下滑 15.7% 部分抵消，反映客户向订阅模式迁移的结构性趋势。净亏损扩大至 $268.6M，主因 $221.7M 非现金商誉减值，但调整后净利润 $123.1M 与去年同期基本持平，调整后 EBITDA 利润率稳定在 42.1%，显示核心盈利能力在剥离与重组背景下保持韧性。
分部表现分化：Academia & Government 收入 $300.3M（-5.7%），有机增长 0.3%；Intellectual Property 收入 $198.3M（-2.1%），有机下滑 2.3%；Life Sciences & Healthcare 收入 $88.7M（-11.7%），有机下滑 5.2%，为拖累最大的板块。管理层强调 Value Creation Plan 持续推进，上半年通过自由现金流和折价债务回购将总债务降至 $4,251.5M，较年初减少 $218.4M，资产负债表进一步强化。
公司重申 2026 全年指引，预计营收（含终止经营业务）$2.30B-$2.42B、调整后 EBITDA $980M-$1.04B、调整后 EPS $0.70-$0.80，显示管理层对全年目标信心未变。CEO Matti Shem Tov 称业务剥离将打造更聚焦、经常性收入占比更高、财务灵活性更强的公司；CFO Jonathan Collins 强调上半年利润扩张与债务削减超 $200M，验证商业模式韧性。主要风险在于交易性收入持续下滑及 LS&H 剥离完成前的不确定性。