Clarivate : Q1 2021 – Supplemental Materials

Q1 2021 Earnings

Supplemental

Materials

April 29, 2021

Forward-Looking Statements

These materials contain "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on management's current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, outlook, anticipated cost savings, anticipated events and trends, the economy, and other future conditions. Because forward-looking statements relate to the future, they are difficult to predict, and many are outside of our control. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include those factors discussed under the caption "Risk Factors" in our 2020 annual report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission ("SEC"). However, those factors should not be considered to be a complete statement of all potential risks and uncertainties. Forward- looking statements are based only on information currently available to our management and speak only as of the date of this press release. We do not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. Please consult our public filings with the SEC or on our website at www.clarivate.com.

Non-GAAP Financial Measures

This presentation contains financial measures which have not been calculated in accordance with United States generally accepted accounting principles ("GAAP"), including Adjusted Revenues, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, and Adjusted Free Cash Flow because they are a basis upon which our management assesses our performance and we believe they reflect the underlying trends and indicators of our business. Although we believe these measures may be useful for investors for the same reasons, these financial measures should not be considered as an alternative to GAAP financial measures as a measure of the Company's financial condition, profitability and performance or liquidity. In addition, these financial measures may not be comparable to similar measures used by other companies. At the Appendix to this presentation, we provide further descriptions of these non-GAAP measures and reconciliations of these non-GAAP measures to the corresponding most closely related GAAP measures.

Organic revenue illustrates growth in businesses owned by the Company as of January 1, 2020.

Results excluding divestitures in this presentation exclude the previously announced November 6, 2020 divestiture of Techstreet.

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Q1 Highlights

Financial Highlights(1)

+75% +75% +7%

$428M$432M+$17M

Revenue	Adjusted Revenue(2)	Adjusted organic
		revenue growth

21%+111%

$34M$165M

Loss from operations

Adjusted EBITDA(1)

38% +277% +110%

+600bps$174M$163M

Adjusted EBITDA	Net Cash Operating	Adjusted Free Cash
Margin(2) (3)	Activities	Flow(2)

Operational Highlights

• Improving overdue renewal discipline
• • $31M / 85% decline compared to 1Q'20
• Driving growth in professional services
• • 11% growth compared to 1Q'20
• Migrating majority of customer accounts to new inside sales / Global Business Centers
• • On target to complete by end of 2Q'21
• CPA Global integration 4 mths ahead of schedule
• • On target to achieve $75M of cost synergies
• "Easier to do business with"; simplifying processes and approvals to be even more efficient and quick to respond to customer needs
• Connected Workforce initiative; closed / downsized 35% of our global real estate footprint out of our total target of 60% reduction

"One Clarivate"

• Transforming from being a collection of distinct market-leading products and services to becoming a key partner to our customers by delivering the critical data, insights and workflow solutions coupled with deep domain expertise that they need to drive their innovations and their businesses with confidence
• Strategy to become outside-in; changing from a product-centric organization to a customer- centric organization
• Industry-focusedrather than product-focused
• Customer-facingactivities in 5 industries:
• 1. Healthcare & Life Sciences
  2. Professional Services
  3. Academic & Government
  4. Manufacturing
  5. Technology & Consumer Products

(1)	Revenue at constant currency.	3
(2)	See the Appendix for a reconciliation of GAAP to Non-GAAP measures.

1. Adjusted EBITDA Margin equals Adjusted EBITDA divided by Adjusted Revenue.

Published First Ever Annual Sustainability Report

• We're committed to maintaining the highest level of integrity and ethics, protecting our planet, empowering our colleagues to thrive and building collaborative global communities
• Our goals are aligned to the United Nations (UN) Sustainable Development Goals (SDGs) - an important connection to a larger global mission
• Aiming to be listed on the Dow Jones Sustainability Index and FTSE 4 GOOD Index based on 2023 performance and be carbon neutral by 2024
• Our 2021 sustainability goals are aligned with the UN SDGs - our universal blueprint for collective actions we can take to address the most pressing issues we face as a global community
• Our report includes 2020 progress across our four sustainability pillars - Government, Environment, Colleagues and Community - and our 2021 scorecard goals:https://ebooks.clarivate.com/story/2020-clarivate-sustainability-report/

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Q1 Results

Growth was driven by the acquisitions of DRG and CPA Global and a recovery in adjusted organic revenue of 7%(1)

Revenue(2)	Adjusted Revenue(3)		Adjusted EBITDA(3)
+78% actual f/x		+78% actual f/x		Adjusted EBITDA
+75% constant f/x		+75% constant f/x		Margin(4) 38% up 600
				basis points

	$428				$432
						Organic Revenue Growth				$165
				Subscription	$235			(at constant f/x)
		$243			Adjusted subscription	6%
$241		+22%						+111%
		$193	Transactional	$84			Adjusted transactional	10%		$78
		+71%			Adjusted re-occurring	---
				Re-occurring	$112
		$49			Adjusted Revenue	7%
		+100%
Q1'20	Q1'21		Q1'20		Q1'21						Q1'20	Q1'21

($ in millions, actual f/x)

(1)	Adjusted organic revenue at constant currency
(2)	1Q'21 includes $3M and 1Q'20 includes $2M of deferred revenue adjustment, a result of purchase accounting primarily related to acquisitions.	5
(3)	See the Appendix for a reconciliation of GAAP to Non-GAAP measures.
(4)	Adjusted EBITDA Margin equals Adjusted EBITDA divided by Adjusted Revenue. See the Appendix for a reconciliation of GAAP to Non-GAAP measures.