Q3 2024 Clarivate PLC Earnings Call Transcript
Key Points
- Clarivate PLC (CLVT) has a strong foundation with mission-critical solutions and a blue-chip customer base, including leading academic institutions and top pharmaceutical companies.
- The company is focusing on optimizing its business model by emphasizing core subscription and recurring revenue, which is expected to improve revenue predictability and profitability.
- Clarivate PLC (CLVT) is investing in product innovation, including the development of the Web of Science Research Intelligence Platform, which is powered by AI.
- The company is reorganizing its sales strategy to improve execution, including strengthening the sales organization and enhancing customer engagement.
- Clarivate PLC (CLVT) is committed to a multiyear turnaround plan, focusing on value creation and setting the stage for predictable, long-term organic growth.
- Clarivate PLC (CLVT) reported disappointing financial performance in Q3 2024, with a revenue decline of $25 million compared to the prior year.
- The company experienced a 14% decline in transactional lines of business, particularly in its Academic & Government (A&G) and Life Sciences & Healthcare (LS&H) segments.
- There are challenges with integrating recent acquisitions, which have led to a loss of focus on product innovation and organic growth.
- The sales model has been suboptimal, with a generalist account management approach undermining the ability to sell expert solutions.
- Clarivate PLC (CLVT) has decided to remove all long-term guidance due to the need to focus on executing its value-creation plan.
Mike. Thanks. Thanks. Hello, and thank you for standing by. At this time, I would like to welcome everyone to the clear the third quarter 2024 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. You would like to ask a question during this time, simply press star then the number one on your telephone keypad. To withdraw your question, press star one. Again. I would now like to turn the conference over to the company to start the call. Please go ahead.
Thank you, and good morning, everyone. Thank you for joining us for the quarter third quarter 2021 Earnings Conference Call. As a reminder, this conference call is being recorded and webcast and is the copyrighted property of clarity. Any rebroadcast of this information in whole or in part without prior written consent of Clarivate is prohibited. The accompanying earnings call presentation is available on the Investor Relations section of the company website. During our call, we may make certain
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