— reaffirmed 2023 outlook — london , may 9, 2023 /prnewswire/ -- clarivate plc - (nyse: clvt) (the "company" or "clarivate"), a global leader in connecting people and organizations to intelligence they can trust to transform their world, today reported results for the first quarter ended march 31, 2023. first quarter 2023 financial highlights revenues of $629.1 million decreased 5.0%, and 3.1% at constant currency(1), driven primarily by the divestiture of markmonitor in october 2022, for which there were no comparable amounts in the current year period and year-over-year strengthening of the us dollar organic revenues(1) decreased 0.2% as an increase in subscription revenues of 3.1% was partially offset by a decline in re-occurring revenues of 1.7% and transactional and other revenues of 8.3% net income attributable to ordinary shares of $24.7 million decreased $26.1 million driven by the mark-to-market gain on financial instruments in the prior year quarter and an increase in interest costs, which was partially offset by a tax benefit in the current year quarter; net income per diluted share of $0.04 increased by $0.10 adjusted net income(1) of $130.9 million decreased 15.6%; adjusted income per diluted share(1) of $0.18 decreased 14.3% or $0.03 adjusted ebitda(1) of $252.7 million decreased 3.7% driven by the divestiture of markmonitor, partially offset by cost savings from integration programs; adjusted ebitda margin(1) of 40.2% increased 60 basis points net cash provided by operating activities increased $160.1 million to $227.5 million; free cash flow(1) increased $142.2 million to $168.2 million, allowing for continued deleveraging through further debt reduction "clarivate delivered results in line with our expectations for the first quarter including improved subscription revenue and strong cash flow," said jonathan gear, chief executive officer.
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