United States securities and exchange commission logo
May 14, 2024
Jonathan M. Collins
Executive Vice President and Chief Financial Officer
Clarivate Plc
70 St. Mary Axe
London EC3A 8BE
United Kingdom
Re: Clarivate Plc
Form 10-K for the
fiscal year ended December 31, 2023
File No. 001-38911
Dear Jonathan M. Collins:
We have limited our review of your filing to the financial
statements and related
disclosures and have the following comments.
Please respond to this letter within ten business days by
providing the requested
information or advise us as soon as possible when you will respond. If
you do not believe a
comment applies to your facts and circumstances, please tell us why in
your response.
After reviewing your
response to this letter, we may have additional comments.
Form 10-K for the fiscal year ended December 31, 2023
Management s Discussion and Analysis of Financial Condition and
Results of Operations
Critical Accounting Policies and Estimates
Goodwill and Indefinite-Lived Intangible Assets, page 28
1. We note your
disclosures regarding the quantitative goodwill impairment tests performed
in 2022 and 2023.
Please tell us the percentage by which the fair value of each of
your reporting units
exceeded their carrying value as of your most recent impairment test.
To the extent any of
the reporting unit's fair value was not substantially in excess of its
carrying value,
disclose the percentage by which the fair value exceeded the carrying
value. Alternatively,
revise to state if true, that the estimated fair value substantially
exceeded the carrying
value for each of the reporting units. Refer to our comment and
your response to prior
comment 13 in your letter dated March 29, 2019.
Jonathan M. Collins
FirstName LastNameJonathan M. Collins
Clarivate Plc
Comapany
May NameClarivate Plc
14, 2024
May 14,
Page 2 2024 Page 2
FirstName LastName
Results of Operations
Adjusted EBITDA and Adjusted EBITDA margin (non-GAAP measure), page 35
2. We note that you present non-GAAP adjusted EBITDA margin without
disclosing the
most directly comparable GAAP measure. Please revise to present net
income (loss)
margin with equal or greater prominence whenever you disclose adjusted
EBITDA
margin. Refer to Item Item 10(e)(1)(i)(A) of Regulation S-K and
Question 102.10(a) of
the Non-GAAP C&DIs. Similar concerns apply to your earnings releases
on Form 8-K.
In closing, we remind you that the company and its management are
responsible for the
accuracy and adequacy of their disclosures, notwithstanding any review,
comments, action or
absence of action by the staff.
Please contact Chen Chen at 202-551-7351 or Christine Dietz at
202-551-3408 with any
questions.
Sincerely,
Division of
Corporation Finance
Office of
Technology
cc: Michael Easton