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Clarivate Reports Second Quarter 2023 Results

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— Updates 2023 Outlook —

LONDON, Aug. 3, 2023 /PRNewswire/ — Clarivate Plc – (NYSE: CLVT) (the “Company” or “Clarivate”), a global leader in connecting people and organizations to intelligence they can trust, today reported results for the second quarter.

Second Quarter 2023 Financial Highlights

  • Revenues of $668.8 million decreased 2.6%, and 3.5% 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
  • Organic revenues(1) decreased 0.4% as an increase in subscription revenues of 2.9% was offset by a decline in re-occurring revenues of 1.6% and transactional and other revenues of 7.5%
  • Net loss attributable to ordinary shares of $141.7 million increased $185.4 million driven primarily by the impairment charge in the current year period; Net loss per diluted share of $0.21 decreased by $0.21
  • Adjusted Net Income(1) of $152.2 million decreased 7.8%; Adjusted Income per diluted share(1) of $0.21 decreased 4.5% or $0.01
  • Adjusted EBITDA(1) of $284.9 million increased 3.8% driven by cost savings from integration programs; Adjusted EBITDA Margin(1) of 42.6% increased 270 basis points
  • Net cash provided by operating activities increased $65.2 million to $162.4 million; Free cash flow(1) increased $55.3 million to $104.8 million, allowing for continued deleveraging through further debt reduction and share repurchases 

First Half of 2023 Financial Highlights

  • Revenues of $1,297.9 million decreased 3.8%, and 3.3% 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
  • Organic revenues(1) decreased 0.3% as an increase in subscription revenues of 2.9% was offset by a decline in re-occurring revenues of 1.7% and transactional and other revenues of 7.9%
  • Net loss attributable to ordinary shares of $117.0 million decreased $211.5 million driven primarily by the impairment charge in the current year period and lower mark-to-market gain on financial instruments; Net loss per diluted share of $0.17 decreased by $0.10
  • Adjusted Net Income(1) of $283.1 million decreased 11.6%; Adjusted Income per diluted share(1) of $0.39 decreased 9.3% or $0.04
  • Adjusted EBITDA(1) of $537.6 million increased 0.2% driven by cost savings from integration programs; Adjusted EBITDA Margin(1) of 41.4% increased 160 basis points
  • Net cash provided by operating activities increased $225.3 million to $389.9 million; Free cash flow(1) increased $197.5 million to $273.0 million 

“Clarivate continued to deliver on operational progress during the quarter, reinforcing the value proposition of our mission critical solutions across key sectors. The Academia & Government segment delivered improved results following the successful integration of ProQuest and recent product enhancements, which are driving new business, increased usage and higher retention rates,” said Jonathan Gear, Chief Executive Officer. “We are taking steps to leverage the power of our portfolio, particularly in the Intellectual Property and  Life Sciences & Healthcare segments, which fell short of expectations this quarter. With an established, resilient business model, and a new organizational structure and leadership well in place to enhance accountability, we remain confident in our strategy to deliver accelerating organic growth and margin expansion, as highlighted in our March Investor Day.  We remain focused on creating value for our customers, colleagues,  and shareholders.”  

Selected Financial Information

The prior year results include MarkMonitor, which was divested on October 31, 2022, for which there are no comparable amounts in the current year periods.

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Three Months Ended June 30,

Change

Six Months Ended June 30,

Change

(in millions, except percentages and per share data), (unaudited)

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2023

2022

$

%

2023

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2022

$

%

Revenues, net

$      668.8

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$     686.6

$      (17.8)

(2.6) %

$  1,297.9

$  1,348.8

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$     (50.9)

(3.8) %

Net (loss) income attributable to ordinary shares

$    (141.7)

$       43.7

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$    (185.4)

(424.3) %

$   (117.0)

$       94.5

$   (211.5)

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(223.8) %

Net loss per share, diluted

$      (0.21)

$          —

$      (0.21)

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(100.0) %

$     (0.17)

$     (0.07)

$     (0.10)

(142.9) %

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Weighted-average ordinary shares (diluted)

675.9

678.4

(0.4) %

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675.4

683.2

(1.1) %

Adjusted EBITDA(1)

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$      284.9

$     274.4

$        10.5

3.8 %

$     537.6

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$     536.7

$         0.9

0.2 %

Adjusted net income(1)

$      152.2

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$     165.1

$      (12.9)

(7.8) %

$     283.1

$     320.2

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$     (37.1)

(11.6) %

Adjusted diluted EPS(1)

$        0.21

$       0.22

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$      (0.01)

(4.5) %

$       0.39

$       0.43

$     (0.04)

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(9.3) %

Adjusted weighted-average ordinary shares (diluted)(1)

734.9

736.6

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(0.2) %

734.8

741.6

(0.9) %

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Net cash provided by operating activities

$      162.4

$       97.2

$        65.2

67.0 %

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$     389.9

$     164.6

$     225.3

136.9 %

Free cash flow(1)

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$      104.8

$       49.5

$        55.3

111.6 %

$     273.0

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$       75.5

$     197.5

261.5 %

(Amounts in tables may not sum due to rounding)

(1) Non-GAAP measure. Please see “Reconciliation to Certain Non-GAAP measures” in this earnings release for important disclosures and reconciliations of these financial measures to the most directly comparable GAAP measure. These terms are defined elsewhere in this earnings release.

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Second Quarter 2023 Commentary

Subscription revenues for the second quarter decreased $1.4 million, or 0.3%, to $406.0 million, and decreased 1.6% on a constant currency basis(1), due to the divestiture of MarkMonitor. Organic subscription revenues(1) increased 2.9%, primarily due to price increases and the benefit of net installations.

Re-occurring revenues for the second quarter decreased $1.0 million, or 0.9% to $111.0 million, and decreased 1.6% on a constant currency basis(1). Organic re-occurring revenues(1) decreased 1.6%, primarily driven by the timing of accelerated patent renewals in the prior year period.

Transactional and other revenues for the second quarter decreased $16.2 million, or 9.6%, to $151.8 million, and decreased 9.8% on a constant currency basis(1). Organic transactional and other revenues(1) decreased 7.5%. primarily due to lower transactional sales in Life Sciences & Healthcare and Intellectual Property segments.

Balance Sheet and Cash Flow

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As of June 30, 2023, cash and cash equivalents of $436.1 million increased $87.3 million compared to December 31, 2022 due to working capital improvements.

The Company’s total debt outstanding as of June 30, 2023 was $4,920.8 million, a decrease of $150.5 million compared to December 31, 2022 due to $150.0 million accelerated debt prepayments on our Term Loan.

Net cash provided by operating activities of $389.9 million for the six months ended June 30, 2023 increased $225.3 million compared to $164.6 million for the prior year, primarily due to the prior year employee payroll payments related to the CPA Global Equity Plan and working capital improvements. Free cash flow(1) for the six months ended June 30, 2023, was $273.0 million, an increase of $197.5 million compared to the prior year period. 

Updated Outlook for 2023 (forward-looking statement)

“We revised our 2023 outlook due to lower than expected transactional sales of Life Sciences and Healthcare products and consulting services, and lower recurring sales of patent renewals,” said Jonathan Collins, Executive Vice President and Chief Financial Officer. “However, we reaffirmed our Adjusted EBITDA Margin outlook, and still expect our revenues, Adjusted EBITDA, Adjusted Diluted EPS and Free Cash Flow to be within our original ranges. We continue to anticipate generating strong cash flow, which we currently expect to allocate between debt repayment to achieve our target of below four-times net leverage by the end of the year and share repurchases.”

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The full year outlook presented below assumes no further acquisitions, divestitures, or unanticipated events.  

Updated 2023 Outlook

Prior 2023 Outlook

Revenues

$2.60B to $2.67B

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$2.63B to $2.73B

Organic Revenue Growth

0.00% to 2.00%

2.75% to 3.75%

Adjusted EBITDA

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$1.09B to $1.14B

$1.10B to $1.16B

Adjusted EBITDA Margin

No change

42.0% to 42.5%

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Adjusted Diluted EPS(2)

$0.77 to $0.83

$0.75 to $0.85

Free Cash Flow

$450M to $500M

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$450M to $550M

(2) Adjusted Diluted EPS for 2023 is calculated based on approximately 738 million fully diluted weighted average ordinary shares outstanding. 

The outlook includes Non-GAAP measures. Please see “Reconciliation to Certain Non-GAAP measures” presented below for important disclosure and reconciliations of these financial measures to the most directly comparable GAAP measures. These terms are defined elsewhere in this earnings release.

Conference Call and Webcast

Clarivate will host a conference call and webcast today to review the results for the second quarter at 9:00 a.m. Eastern Time. The conference call will be simultaneously webcast on the Investor Relations section of the Company’s website.

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Interested parties may access the live audio broadcast by dialing +1 404-975-4839 or toll-free +1 833-470-1428 (in North America) and 44 208 068 2558 or toll free 44 808 189 6484 (internationally). The conference ID number is 677201. To join the webcast please visit https://events.q4inc.com/attendee/182614049. A replay will also be available on https://ir.clarivate.com.  

Use of Non-GAAP Financial Measures

Non-GAAP results are not presentations made in accordance with U.S. generally accepted accounting principles (“GAAP”) and are presented only as a supplement to our financial statements based on GAAP. Non-GAAP financial information is provided to enhance the reader’s understanding of our financial performance, but none of these non-GAAP financial measures are recognized terms under GAAP. They are not measures of financial condition or liquidity, and should not be considered as an alternative to profit or loss for the period determined in accordance with GAAP or operating cash flows determined in accordance with GAAP. As a result, you should not consider such measures in isolation from, or as a substitute for, financial measures or results of operations calculated or determined in accordance with GAAP.

We use non-GAAP measures in our operational and financial decision-making. We believe that such measures allow us to focus on what we deem to be a more reliable indicator of ongoing operating performance and our ability to generate cash flow from operations, and we also believe that investors may find these non-GAAP financial measures useful for the same reasons. Non-GAAP measures are frequently used by securities analysts, investors, and other interested parties in their evaluation of companies comparable to us, many of which present non-GAAP measures when reporting their results. These measures can be useful in evaluating our performance against our peer companies because we believe the measures provide users with valuable insight into key components of GAAP financial disclosures. However, non-GAAP measures have limitations as analytical tools and because not all companies use identical calculations, our presentation of non-GAAP financial measures may not be comparable to other similarly titled measures of other companies.

Definitions and reconciliations of non-GAAP measures, such as Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted EPS, Free Cash Flow, Standalone Adjusted EBITDA, organic revenue, organic subscription revenue, organic re-occurring revenue, and organic transactional and other revenue to the most directly comparable GAAP measures are provided within the schedules attached to this release. Our presentation of non-GAAP measures should not be construed as an inference that our future results will be unaffected by any of the adjusted items, or that any projections and estimates will be realized in their entirety or at all.

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We calculate constant currency by converting the non-U.S. dollar income statement balances for the most current year to U.S. dollars by applying the average exchange rates of the preceding year.

Forward-Looking Statements

This communication contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management’s current views concerning future business, events, trends, contingencies, financial performance, or financial condition, appear at various places in this communication and may use words like “aim,” “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “goal,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “see,” “seek,” “should,” “strategy,” “strive,” “target,” “will,” and “would” and similar expressions, and variations or negatives of these words. Examples of forward-looking statements include, among others, statements we make regarding: guidance outlook and predictions relating to expected operating results, such as revenue growth and earnings; strategic actions such as acquisitions, joint ventures, and dispositions, including the anticipated benefits therefrom, and our success in integrating acquired businesses; anticipated levels of capital expenditures in future periods; our ability to successfully realize cost savings initiatives and transition services expenses; our belief that we have sufficient liquidity to fund our ongoing business operations; expectations of the effect on our financial condition of claims, litigation, environmental costs, the impact of inflation, the impact of foreign currency fluctuations, the COVID-19 pandemic and governmental responses thereto, international hostilities, contingent liabilities, and governmental and regulatory investigations and proceedings; and our strategy for customer retention, growth, product development, market position, financial results, and reserves. 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, 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 of which 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 annual report on Form 10-K, along with 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. Additional risks and uncertainties not known to us or that we currently deem immaterial may also impair our business operations. Forward-looking statements are based only on information currently available to our management and speak only as of the date of this communication. 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.

About Clarivate

Clarivate™ is a leading global information services provider. We connect people and organizations to intelligence they can trust to transform their perspective, their work and our world. Our subscription and technology-based solutions are coupled with deep domain expertise and cover the areas of Academia & Government, Intellectual Property and Life Sciences & Healthcare. For more information, please visit clarivate.com.

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Condensed Consolidated Balance Sheets

(In millions)

(unaudited)

June 30, 2023

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December 31,
2022

Assets

Current assets:

Cash and cash equivalents

$              436.1

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$              348.8

Restricted cash

7.0

8.0

Accounts receivable, net

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769.7

872.1

Prepaid expenses

101.9

89.4

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Other current assets

76.8

76.9

Assets held for sale

26.1

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0.0

Total current assets

1,417.6

1,395.2

Property and equipment, net

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50.7

54.5

Other intangible assets, net

9,186.4

9,437.7

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Goodwill

2,895.5

2,876.5

Other non-current assets

76.0

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97.9

Deferred income taxes

26.5

24.2

Operating lease right-of-use assets

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52.9

58.9

Total Assets

$         13,705.6

$         13,944.9

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Liabilities and Shareholders’ Equity

Current liabilities:

Accounts payable

$              108.2

$              101.4

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Accrued compensation

101.2

132.1

Accrued expenses and other current liabilities

317.1

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352.1

Current portion of deferred revenues

939.6

947.5

Current portion of operating lease liability

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24.2

25.7

Current portion of long-term debt

1.1

1.0

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Liabilities held for sale

6.5

0.0

Total current liabilities

1,497.9

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1,559.8

Long-term debt

4,863.2

5,005.0

Non-current portion of deferred revenues

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37.9

38.5

Other non-current liabilities

41.4

140.1

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Deferred income taxes

262.1

316.1

Operating lease liabilities

64.8

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72.9

Total liabilities

6,767.3

7,132.4

Commitments and contingencies

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Shareholders’ equity:

Preferred Shares, no par value; 14.4 shares authorized; 5.25% Mandatory Convertible Preferred Shares, Series A, 14.4 shares issued and outstanding as of both June 30, 2023 and December 31, 2022

1,392.6

1,392.6

Ordinary Shares, no par value; unlimited shares authorized as of June 30, 2023 and December 31, 2022; 676.1 and 674.4 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively

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11,809.2

11,744.7

Accumulated other comprehensive loss

(487.6)

(665.9)

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Accumulated deficit

(5,775.9)

(5,658.9)

Total shareholders’ equity

6,938.3

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6,812.5

Total Liabilities and Shareholders’ Equity

$         13,705.6

$         13,944.9

 

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Condensed Consolidated Statement of Operations

(In millions)

(unaudited)

Three Months Ended June 30,

2023

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2022

Revenues, net

$                    668.8

$                    686.6

Operating expenses:

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Cost of revenues

224.2

244.1

Selling, general and administrative costs

192.9

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186.1

Depreciation and amortization

178.1

175.6

Restructuring and lease impairments

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12.2

19.2

Goodwill and intangible asset impairments

135.2

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Other operating expense (income), net

14.5

(24.6)

Total operating expenses

757.1

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600.4

(Loss) income from operations

(88.3)

86.2

Mark to market gain on financial instruments

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(2.9)

(49.0)

Interest expense and amortization of debt discount, net

73.0

62.3

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(Loss) income before income taxes

(158.4)

72.9

(Benefit) provision for income taxes

(35.3)

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10.5

Net (loss) income

(123.1)

62.4

Dividends on preferred shares

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18.6

18.7

Net (loss) income attributable to ordinary shares

$                  (141.7)

$                       43.7

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Per share:

Basic

$                     (0.21)

$                       0.06

Diluted

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$                     (0.21)

$                       0.00

Weighted average shares used to compute earnings per share:

Basic

675.9

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674.3

Diluted

675.9

678.4

 

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Condensed Consolidated Statement of Operations

(In millions)

(unaudited)

Six Months Ended June 30,

2023

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2022

Revenues, net

$                 1,297.9

$                 1,348.8

Operating expenses:

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Cost of revenues

453.9

493.3

Selling, general and administrative costs

387.7

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379.8

Depreciation and amortization

350.7

352.0

Restructuring and lease impairments

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21.6

30.9

Goodwill and intangible asset impairments

135.2

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Other operating income, net

(17.5)

(38.3)

Total operating expenses

1,331.6

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1,217.7

(Loss) income from operations

(33.7)

131.1

Mark to market gain on financial instruments

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(1.8)

(149.4)

Interest expense and amortization of debt discount, net

146.6

121.8

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(Loss) income before income taxes

(178.5)

158.7

(Benefit) provision for income taxes

(98.9)

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26.8

Net (loss) income

(79.6)

131.9

Dividends on preferred shares

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37.4

37.4

Net (loss) income attributable to ordinary shares

$                  (117.0)

$                       94.5

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Per share:

Basic

$                     (0.17)

$                       0.14

Diluted

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$                     (0.17)

$                     (0.07)

Weighted average shares used to compute earnings per share:

Basic

675.4

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678.3

Diluted

675.4

683.2

 

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Condensed Consolidated Statements of Cash Flows

(In millions)

(unaudited)

Six Months Ended June 30,

2023

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2022

Cash Flows From Operating Activities

Net (loss) income

$                   (79.6)

$                   131.9

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Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

350.7

352.0

Share-based compensation

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71.6

47.2

Restructuring and impairments

138.7

(1.0)

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Mark to market gain on financial instruments

(1.8)

(149.4)

Amortization of debt issuance costs

9.1

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7.6

Gain on legal settlement

(49.4)

Deferred income taxes

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(47.8)

(0.9)

Other operating activities

18.8

(33.6)

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Changes in operating assets and liabilities:

Accounts receivable

121.7

53.8

Prepaid expenses

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(11.9)

(26.9)

Other assets

38.6

(24.8)

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Accounts payable

6.2

(8.8)

Accrued expenses and other current liabilities

(74.2)

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(150.3)

Deferred revenues

(18.4)

(29.5)

Operating leases, net

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(4.5)

3.4

Other liabilities

(77.9)

(6.1)

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Net cash provided by operating activities

389.9

164.6

Cash Flows From Investing Activities

Capital expenditures

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(116.9)

(89.1)

Payments for acquisitions and cost method investments, net of cash acquired

(1.1)

(14.3)

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Proceeds from divestitures, net of cash and restricted cash

10.5

Net cash used in investing activities

(107.5)

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(103.4)

Cash Flows From Financing Activities

Principal payments on term loan

(150.0)

(14.3)

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Payment of debt issuance costs and discounts

0.1

(2.1)

Proceeds from issuance of treasury shares

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0.9

Repurchases of ordinary shares

(175.0)

Cash dividends on preferred shares

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(37.7)

(37.7)

Proceeds from stock options exercised

0.5

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Payments related to finance lease

(0.5)

(1.0)

Payments related to tax withholding for stock-based compensation

(9.7)

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(10.7)

Net cash used in financing activities

(197.8)

(239.4)

Effects of exchange rates

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1.7

(36.5)

Net increase (decrease) in cash and cash equivalents

$                     87.3

$                   (71.2)

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Net decrease in restricted cash

(1.0)

(143.5)

Net increase (decrease) in cash and cash equivalents, and restricted cash

86.3

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(214.7)

Beginning of period:

Cash and cash equivalents

$                   348.8

$                   430.9

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Restricted cash

8.0

156.7

Total cash and cash equivalents, and restricted cash, beginning of period

356.8

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587.6

End of period:

Cash and cash equivalents

436.1

359.7

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Restricted cash

7.0

13.2

Total cash and cash equivalents, and restricted cash, end of period

$                   443.1

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$                   372.9

Supplemental Cash Flow Information:

Cash paid for interest

$                   136.4

$                   113.4

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Cash paid for income tax

$                     22.5

$                     23.7

Capital expenditures included in accounts payable

$                     10.3

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$                     23.8

Non-Cash Financing Activities:

Retirement of treasury shares

(175.0)

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Dividends accrued on our 5.25% Series A Mandatory Convertible Preferred Shares

6.2

6.2

Total Non-Cash Financing Activities

$                       6.2

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$                 (168.8)

Reconciliations to Certain Non-GAAP Measures
(Amounts in tables may not sum due to rounding)

Adjusted EBITDA and Adjusted EBITDA Margin

Adjusted EBITDA represents Net income (loss) before the provision for income taxes, depreciation and amortization, and interest expense adjusted to exclude acquisition and disposal-related transaction costs, losses on extinguishment of debt, share-based compensation, unrealized foreign currency remeasurement, transformational and restructuring expenses, acquisition-related adjustments to deferred revenues prior to the adoption of FASB ASU No. 2021-08 in 2021, non-operating income or expense, the impact of certain non-cash mark-to-market adjustments on financial instruments, legal settlements, impairments, and other items that are included in net income (loss) for the period that the Company does not consider indicative of its ongoing operating performance and certain unusual items impacting results in a particular period. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by Revenues, net plus the impact of the deferred revenue purchase accounting adjustments relating to acquisitions prior to 2021. 

The following table presents our calculation of Adjusted EBITDA and Adjusted EBITDA Margin for the three and six months ended June 30, 2023 and 2022 and reconciles these measures to our Net income (loss) for the same periods:

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Three Months Ended June 30,

Six Months Ended June 30,

(in millions, except percentages); (unaudited)

2023

2022

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2023

2022

Net (loss) income attributable to ordinary shares

$         (141.7)

$            43.7

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$        (117.0)

$            94.5

Dividends on preferred shares

18.6

18.7

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37.4

37.4

Net (loss) income

$         (123.1)

$            62.4

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$          (79.6)

$          131.9

(Benefit) provision for income taxes

(35.3)

10.5

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(98.9)

26.8

Depreciation and amortization

178.1

175.6

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350.7

352.0

Interest expense and amortization of debt discount, net

73.0

62.3

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146.6

121.8

Deferred revenues adjustment

0.8

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0.6

Transaction related costs(1)

0.7

5.1

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2.4

11.8

Share-based compensation expense

30.5

22.1

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71.7

59.1

Restructuring and lease impairments(2)

12.2

19.2

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21.6

30.9

Goodwill and intangible asset impairments(3)

135.2

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135.2

Mark-to-market gain on financial instruments(4)

(2.9)

(49.0)

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(1.8)

(149.4)

Other(5)

16.5

(34.6)

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(10.3)

(48.8)

Adjusted EBITDA

$          284.9

$          274.4

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$          537.6

$          536.7

Adjusted EBITDA Margin

42.6 %

39.9 %

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41.4 %

39.8 %

(1) Includes costs incurred to complete business combination transactions, including acquisitions, dispositions, and capital market activities and include advisory, legal, and other professional and consulting costs.

(2) Primarily reflects severance and related benefit costs related to approved restructuring programs.

(3) Primarily includes the intangible assets impairment recorded during the three months ended June 30, 2023 related to Assets Held for Sale and Divested Operations.

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(4) Reflects mark-to-market adjustments on financial instruments under ASC 815, Derivatives and Hedging.

(5) The current year periods primarily include net losses on foreign exchange re-measurement and other individually insignificant items that do not reflect our ongoing operating performance. The current year-to-date period was offset by a gain on legal settlement. The prior year periods include net gains on foreign exchange re-measurement and other individually insignificant items that do not reflect our ongoing operating performance.

Adjusted Net Income and Adjusted Diluted EPS 

Adjusted Net Income is calculated using Net income (loss), adjusted to exclude acquisition or disposal-related transaction costs (such costs include net income from continuing operations before the provision for income taxes, depreciation and amortization, and interest income and expense from the divested business), amortization related to acquired intangible assets, share-based compensation, mandatory convertible preferred share dividend expense, unrealized foreign currency remeasurement, transformational and restructuring expenses, acquisition-related adjustments to deferred revenues prior to the adoption of FASB ASU No. 2021-08 in 2021, the impact of certain non-cash mark-to-market adjustments on financial instruments, legal settlements, impairments, and other items that are included in net income (loss) for the period that the Company does not consider indicative of its ongoing operating performance and certain unusual items impacting results in a particular period, and the income tax impact of any adjustments.

We calculate Adjusted Diluted EPS by using Adjusted Net Income divided by Adjusted diluted weighted average shares for the period. The Adjusted diluted weighted average shares assumes that all instruments in the calculation are dilutive.

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The following table presents our calculation of Adjusted Net Income and Adjusted Diluted EPS for the three and six months ended June 30, 2023 and 2022 and reconciles these measures to our Net income (loss) and EPS for the same periods:

Three Months Ended June 30,

2023

2022

(in millions, except per share amounts); (unaudited)

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Amount

Per Share

Amount

Per Share

Net loss attributable to ordinary shares, diluted

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$            (141.7)

$               (0.21)

$                (3.1)

$                   —

Change in fair value of private placement warrants

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46.8

0.07

Net (loss) income attributable to ordinary shares

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$            (141.7)

$               (0.21)

$                43.7

$                0.06

Dividends on preferred shares

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18.6

0.03

18.7

0.03

Net (loss) income

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$            (123.1)

$               (0.18)

$                62.4

$                0.09

Deferred revenues adjustment

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0.8

Transaction related costs(1)

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0.7

5.1

0.01

Share-based compensation expense

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30.5

0.05

22.1

0.03

Amortization related to acquired intangible assets

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143.5

0.21

146.1

0.22

Restructuring and lease impairments(2)

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12.2

0.02

19.2

0.03

Goodwill and intangible asset impairments(3)

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135.2

0.20

Mark-to-market gain on financial instruments(4)

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(2.9)

(49.0)

(0.07)

Other(5)

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16.5

(34.6)

(0.08)

Income tax impact of related adjustments

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(60.4)

(0.09)

(7.0)

(0.01)

Adjusted net income and Adjusted diluted EPS

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$              152.2

$                 0.21

$              165.1

$                0.22

Adjusted weighted-average ordinary shares (Diluted)

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734.9

736.6

(1-5) Refer to associated line item descriptions provided for the Adjusted EBITDA reconciliation table above.

 

Six Months Ended June 30,

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2023

2022

(in millions, except per share amounts); (unaudited)

Amount

Per Share

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Amount

Per Share

Net loss attributable to ordinary shares, diluted

$          (117.0)

$            (0.17)

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$            (47.2)

$            (0.07)

Change in fair value of private placement warrants

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141.7

0.21

Net (loss) income attributable to ordinary shares

$          (117.0)

$            (0.17)

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$              94.5

$              0.14

Dividends on preferred shares

37.4

0.06

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37.4

0.05

Net (loss) income

$            (79.6)

$            (0.12)

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$            131.9

$              0.19

Deferred revenues adjustment

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0.6

Transaction related costs(1)

2.4

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11.8

0.02

Share-based compensation expense

71.7

0.11

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59.1

0.09

Amortization related to acquired intangible assets

287.9

0.43

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295.8

0.43

Restructuring and lease impairments(2)

21.6

0.03

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30.9

0.05

Goodwill and intangible asset impairments(3)

135.2

0.20

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Mark-to-market gain on financial instruments(4)

(1.8)

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(149.4)

(0.22)

Other(5)

(10.3)

(0.05)

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(48.8)

(0.11)

Income tax impact of related adjustments

(144.0)

(0.21)

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(11.7)

(0.02)

Adjusted net income and Adjusted diluted EPS

$            283.1

$              0.39

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$            320.2

$              0.43

Adjusted weighted-average ordinary shares (Diluted)

734.8

741.6

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(1-5) Refer to associated line item descriptions provided for the Adjusted EBITDA reconciliation table above.

Free Cash Flow

Free cash flow is calculated using net cash provided by operating activities less capital expenditures. The following table reconciles our non-GAAP free cash flow measure to Net cash provided by operating activities:

Three Months Ended June 30,

Six Months Ended June 30,

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(in millions); (unaudited)

2023

2022

2023

2022

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Net cash provided by operating activities

$                    162.4

$                      97.2

$                    389.9

$                    164.6

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Capital expenditures

(57.6)

(47.7)

(116.9)

(89.1)

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Free cash flow

$                    104.8

$                      49.5

$                    273.0

$                      75.5

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Required Reported Data

Standalone Adjusted EBITDA

We are required to report Standalone Adjusted EBITDA, which is identical to Consolidated EBITDA and EBITDA as such terms are defined under our credit facilities, dated as of October 31, 2019, and the indentures governing our secured notes due 2026 issued by Camelot Finance S.A. and guaranteed by certain of our subsidiaries, and the indentures governing the secured and unsecured notes issued by Clarivate Science Holdings Corporation in August 2021, respectively. In addition, the credit facilities and the indentures contain certain restrictive covenants that govern debt incurrence and the making of restricted payments, among other matters. These restrictive covenants utilize Standalone Adjusted EBITDA as a primary component of the compliance metric governing our ability to undertake certain actions otherwise proscribed by such covenants. Standalone Adjusted EBITDA reflects further adjustments to Adjusted EBITDA for cost savings already implemented.

Because Standalone Adjusted EBITDA is required pursuant to the terms of the reporting covenants under the credit facilities and the indentures and because this metric is relevant to lenders and noteholders, management considers Standalone Adjusted EBITDA to be relevant to the operation of its business.

Standalone Adjusted EBITDA is calculated under the credit facilities and the indentures by using our Consolidated Net income (loss) for the trailing 12-month period (defined in the credit facilities and the indentures as our U.S. GAAP net income adjusted for certain items specified in the credit facilities and the indentures) adjusted for items including: taxes, interest expense, depreciation and amortization, non-cash charges, including impairments, expenses related to capital markets transactions, acquisitions and dispositions, restructuring and business optimization charges and expenses, consulting and advisory fees, run-rate cost savings to be realized as a result of actions taken or to be taken in connection with an acquisition, disposition, restructuring or cost savings or similar initiatives, “run rate” expected cost savings, operating expense reductions, restructuring charges and expenses and synergies related to the transition projected by us, costs related to any management or equity stock plan, other adjustments that were presented in the offering memorandum used in connection with the issuance of the secured notes due in 2026, and earnout obligations incurred in connection with an acquisition or investment. 

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The following table bridges Net loss to Adjusted EBITDA to Standalone Adjusted EBITDA, as Adjusted EBITDA reflects a substantial portion of the adjustments that comprise Standalone Adjusted EBITDA for the period presented: 

(in millions); (unaudited)

Twelve months
ended June 30, 2023

Net loss attributable to ordinary shares

$                    (4,247.1)

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Dividends on preferred shares

75.4

Net loss

$                    (4,171.7)

(Benefit) provision for income taxes

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(154.6)

Depreciation and amortization

709.2

Interest expense and amortization of debt discount, net

295.1

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Deferred revenues adjustment

0.4

Transaction related costs

4.8

Share-based compensation expense

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114.8

Gain on sale from divestitures(1)

(278.5)

Restructuring and lease impairments(2)

57.4

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Goodwill and intangible asset impairments(3)

4,584.3

Mark-to-market gain on financial instruments(4)

(59.2)

Other

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11.6

Adjusted EBITDA

$                      1,113.6

Realized foreign exchange gain

(23.1)

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Cost savings(5)

13.2

Standalone Adjusted EBITDA

$                      1,103.7

(1) Represents the net gain from the sale of the MarkMonitor Domain Management business during the three months ended December 31, 2022.

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(2) Primarily reflects severance and related benefit costs related to approved restructuring programs.

(3) Primarily includes the intangible assets impairment recorded during the three months ended June 30, 2023 related to Assets Held for Sale and Divested Operations.

(4) Reflects mark-to-market adjustments on financial instruments under ASC 815, Derivatives and Hedging.

(5) Reflects the estimated annualized run-rate cost savings, net of actual cost savings realized, related to restructuring and other cost savings initiatives undertaken during the period (exclusive of any cost reductions in our estimated standalone operating costs), including synergies related to acquisitions.

The foregoing adjustment (5) is an estimate and is not intended to represent a pro forma adjustment presented within the guidance of Article 11 of Regulation S-X. Although we believe the estimate is reasonable, actual results may differ from the estimate, and any difference may be material. See “Forward-Looking Statements.” 

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Annualized Contract Value (“ACV”) represents the annualized value for the next 12 months of subscription-based client license agreements, assuming that all expiring license agreements during that period are renewed at their current price level. We calculate ACV on a constant currency basis to exclude the effect of foreign currency fluctuations. The following table presents our Annualized Contract Value (“ACV”) as of the periods indicated.

June 30,

Change

(in millions, except percentages); (unaudited)

2023

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2022

      2023 vs. 2022(1)

Annualized Contract Value

$                 1,567.2

$                 1,625.9

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$                 (58.7)

(3.6) %

(1) The change in ACV is primarily due to the divestiture of MarkMonitor in October 2022 and changes in foreign exchange rates, supplemented by organic ACV growth of 2.8% largely attributed to the impact of price increases.

The following table presents the amounts of our subscription, re-occurring and transactional and other revenues, including as a percentage of our total revenues, for the periods indicated, as well as the drivers of the variances between periods.

Variance
Increase/(Decrease)

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Percentage of Factors Increase/(Decrease)

Three Months Ended
June 30,

Total Variance (Dollars)

Total Variance (Percentage)

Acquisitions

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Disposals(1)

FX Impact

Organic

(in millions, except percentages); (unaudited)

2023

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2022

Subscription revenues

$      406.0

$     407.4

$        (1.4)

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(0.3) %

— %

(4.4) %

1.2 %

2.9 %

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Re-occurring revenues

111.0

112.0

(1.0)

(0.9) %

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— %

— %

0.7 %

(1.6) %

Transactional and other revenues

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151.8

168.0

(16.2)

(9.6) %

— %

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(2.3) %

0.2 %

(7.5) %

Deferred revenues adjustment

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(0.8)

0.8

100.0 %

100.0 %

— %

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— %

— %

Revenues, net

$      668.8

$     686.6

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$      (17.8)

(2.6) %

0.1 %

(3.2) %

0.9 %

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(0.4) %

(1) Represents revenues from the MarkMonitor divestiture completed in October 2022 and from the assets held-for-sale disposal group.

 

Variance
Increase/(Decrease)

Percentage of Factors Increase/(Decrease)

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Six Months Ended
June 30,

Total Variance

(Dollars)

Total Variance

(Percentage)

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Acquisitions

Disposals(1)

FX Impact

Organic

(in millions, except percentages); (unaudited)

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2023

2022

Subscription revenues

$     799.2

$   811.2

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$      (12.0)

(1.5) %

— %

(4.4) %

— %

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2.9 %

Re-occurring revenues

218.7

226.5

(7.8)

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(3.4) %

— %

— %

(1.8) %

(1.7) %

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Transactional and other revenues

280.0

311.7

(31.7)

(10.2) %

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— %

(1.5) %

(0.8) %

(7.9) %

Deferred revenues adjustment

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(0.6)

0.6

100.0 %

100.0 %

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— %

— %

— %

Revenues, net

$  1,297.9

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$ 1,348.8

$      (50.9)

(3.8) %

— %

(3.0) %

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(0.5) %

(0.3) %

(1) Represents revenues from the MarkMonitor divestiture completed in October 2022 and from the assets held-for-sale disposal group.

The following table presents our revenues by Segment for the periods indicated, as well as the drivers of the variances between periods, including as a percentage of such revenues.

Variance
Increase/(Decrease)

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Percentage of Factors Increase/(Decrease)

Three Months Ended
June 30,

Total Variance (Dollars)

Total Variance (Percentage)

Acquisitions

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Disposals(1)

FX Impact

Organic

(in millions, except percentages); (unaudited)

2023

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2022

Academia & Government

$      342.0

$     332.7

$          9.3

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2.8 %

— %

— %

1.0 %

1.8 %

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Intellectual Property

216.3

239.2

(22.9)

(9.6) %

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— %

(9.1) %

0.6 %

(1.1) %

Life Sciences & Healthcare

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110.5

115.5

(5.0)

(4.3) %

— %

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— %

1.0 %

(5.4) %

Deferred revenues adjustment

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(0.8)

0.8

100.0 %

100.0 %

— %

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— %

— %

Revenues, net

$      668.8

$     686.6

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$      (17.8)

(2.6) %

0.1 %

(3.2) %

0.9 %

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(0.4) %

(1) Represents revenues from the MarkMonitor divestiture completed in October 2022 and from the assets held-for-sale disposal group.

 

Variance
Increase/(Decrease)

Percentage of Factors Increase/(Decrease)

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Six Months Ended
June 30,

Total Variance (Dollars)

Total Variance (Percentage)

Acquisitions

Disposals(1)

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FX Impact

Organic

(in millions, except percentages); (unaudited)

2023

2022

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Academia & Government

$     656.7

$   644.5

$        12.2

1.9 %

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— %

— %

— %

1.9 %

Intellectual Property

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425.4

480.8

(55.4)

(11.5) %

— %

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(8.4) %

(1.4) %

(1.7) %

Life Sciences & Healthcare

215.8

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224.1

(8.3)

(3.7) %

— %

— %

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— %

(3.7) %

Deferred revenues adjustment

(0.6)

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0.6

100.0 %

100.0 %

— %

— %

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— %

Revenues, net

$  1,297.9

$ 1,348.8

$      (50.9)

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(3.8) %

— %

(3.0) %

(0.5) %

(0.3) %

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(1) Represents revenues from the MarkMonitor divestiture completed in October 2022 and from the assets held-for-sale disposal group.

The following table presents our calculation of Revenues, net for the 2023 outlook:

Variance
Increase / (Decrease)

Percentage of Factors Increase / (Decrease)

Year Ending December 31,

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Total Variance (Dollars)

Total Variance (Percentage)

Acquisitions

Disposals

FX Impact

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Organic

(in millions, except percentages)

2023 Outlook mid-point

2022

Revenues, net

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$           2,635

$           2,660

$         (25)

(0.9) %

— %

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(2.6) %

0.7 %

1.0 %

The following table presents our calculation of Adjusted EBITDA and Adjusted EBITDA Margin for the 2023 outlook and reconciles these measures to our Net loss for the same period:

Year Ending December 31, 2023

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(Forecasted)

(in millions, except percentages)

Low

High

Net loss attributable to ordinary shares

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$                 (217)

$                 (167)

Dividends on preferred shares(1)

75

75

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Net loss

$                 (142)

$                   (92)

(Benefit) provision for income taxes

(55)

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(55)

Depreciation and amortization

709

709

Interest expense and amortization of debt discount, net

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288

288

Restructuring and lease impairments(2)

33

33

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Goodwill and intangible asset impairments(3)

135

135

Transaction related costs

2

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2

Mark to market adjustment on financial instruments

(2)

(2)

Share-based compensation expense

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131

131

Other(4)

(10)

(10)

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Adjusted EBITDA

$                1,090

$                1,140

Adjusted EBITDA margin

42.0 %

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42.5 %

(1) Dividends on our mandatory convertible preferred shares (“MCPS”) are payable quarterly at an annual rate of 5.25% of the liquidation preference of $100 per share. For the purposes of calculating net loss attributable to Clarivate, we have excluded the accrued and anticipated MCPS dividends.

(2) Reflects restructuring costs expected to be incurred in 2023 associated with the ProQuest acquisition and Segment Optimization restructuring programs.

(3) Primarily includes the intangible assets impairment recorded during the three months ended June 30, 2023 related to Assets Held for Sale and Divested Operations

(4) Primarily includes the gain on legal settlement partially offset by a net loss on foreign exchange re-measurement.

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The following table presents our calculation of Adjusted Diluted EPS for the 2023 outlook and reconciles this measure to our Net loss per share for the same period:

Year Ending December 31, 2023

(Forecasted)

Low

High

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(in millions)

Per Share

Per Share

Net loss attributable to ordinary shares

$                    (0.29)

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$                    (0.23)

Dividends on preferred shares(1)

0.10

0.10

Net loss

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$                    (0.19)

$                    (0.13)

Restructuring and lease impairments(2)

0.04

0.04

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Goodwill and intangible asset impairments(3)

0.18

0.18

Share-based compensation expense

0.18

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0.18

Amortization related to acquired intangible assets

0.78

0.78

Other(4)

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(0.01)

(0.01)

Income tax impact of related adjustments

(0.21)

(0.21)

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Adjusted Diluted EPS

$                      0.77

$                      0.83

Adjusted weighted-average ordinary shares (Diluted)(5)

738 million

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(1-4) Refer to associated line item descriptions provided for the Adjusted EBITDA outlook reconciliation table above.

(5) For the purposes of calculating adjusted earnings per share, the Company has excluded the accrued and anticipated MCPS dividends and assumed the “if-converted” method of share dilution.

The following table presents our calculation of Free cash flow for the 2023 outlook and reconciles this measure to our Net cash provided by operating activities for the same period:

Year Ending December 31, 2023

(Forecasted)

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(in millions)

Low

High

Net cash provided by operating activities

$                       695

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$                       745

Capital expenditures

(245)

(245)

Free cash flow

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$                       450

$                       500

 

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Blockchain Press Releases

Bybit Pledges RMB 5 Million to Support Relief Efforts Following Devastating Tibet Earthquake

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on

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DUBAI, UAE, Jan. 16, 2025 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is deeply saddened by the devastating earthquake that struck Tibet earlier this week, leaving a trail of destruction and heartache.

The tragedy has claimed at least 126 lives, injured 188 people, and displaced tens of thousands as over 3,000 buildings collapsed in the remote region near the northern base of Mount Everest. In response, Bybit is committing RMB 5 million in collaboration with the Red Cross Society of China (RCSC) to support critical relief and recovery efforts in the affected communities.

The 7.1-magnitude earthquake, which struck on January 7, has caused widespread devastation, with extreme winter conditions complicating rescue operations. More than 14,000 rescue workers have been mobilized to search for survivors amid sub-zero temperatures and strong winds, highlighting the urgent need for immediate aid.

“As a responsible global leader in the blockchain industry, Bybit is committed to standing with communities in their time of need,” said Helen Liu, Chief Operating Officer at Bybit. “Our thoughts are with the survivors, the rescue teams, and the families affected by this tragic event. We hope our contribution will help provide much-needed relief and support the road to recovery.”

The donation will be directed towards essential services, including emergency shelter, medical supplies, and food aid, as well as long-term rehabilitation efforts. Bybit is proud to partner with RCSC to ensure swift and impactful assistance to those in need.

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At Bybit, we firmly believe in the power of compassion and collaboration. This contribution reflects our commitment to fostering resilience and hope in the face of adversity.

#Bybit / #TheCryptoArk

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

For more details about Bybit, please visit Bybit Press 

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Bybit & SignalPlus Unveil the 100,000 USDC Global Trading Showdown

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DUBAI, UAE, Jan. 16, 2025 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, and SignalPlus, an innovative social trading platform aimed at democratizing options trading for digital and crypto assets, are excited to announce the Bybit x SignalPlus 2025 Global Trading Competition. With a staggering total prize pool of 100,000 USDC, this competition promises to be the ultimate stage for traders to showcase their skills and seize lucrative rewards.

From now until February 5, 2025, 8:00 AM UTC, the competition is open to all Bybit users—excluding residents of restricted jurisdictions.. This event invites participants to engage in options, spot, or futures trading for their chance to claim a share of the impressive prize pool.

“We are thrilled to partner with SignalPlus for the Bybit x SignalPlus 2025 Global Trading Competition,” said Joan Han, Sales & Marketing Director at Bybit. “This event reflects our commitment to fostering an active and vibrant trading community. Whether you’re a novice or a seasoned trader, this competition offers a platform to enhance your trading skills and earn exciting rewards.”

Chris Yu, CEO at SignalPlus, shared his enthusiasm: “Collaborating with Bybit reflects our unwavering commitment to empowering traders with cutting-edge tools and actionable insights. This competition is a unique opportunity for participants to showcase their trading expertise and be handsomely rewarded for their achievements.”

Competition Highlights

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  • 100,000 USDC Prize Pool: Compete for your share of a massive prize pool.
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  • Team Competition: The top four (4) teams will split a 7,300 USDC prize pool. Daily, one lucky team member will win a luxury 3-day, 2-night trip to Korea or its equivalent value in USDC.
  • Individual Competition: The top 35 winners will share 7,702 USDC, with individual prizes ranging from 30 USDC to 2,000 USDC. Daily rankings and lucky draws offer opportunities to win up to 250 USDC.
  • Daily Lucky Draw: Over 21 days, 129 winners will be chosen daily, ensuring that every trade counts toward exciting rewards.
  • Special Bonuses: Link your Bybit API to SignalPlus for a 10 USDC rebate. Complete your first Options trade on SignalPlus to earn an additional 20 USDC rebate.

For more details on the Bybit x SignalPlus 2025 Global Trading Competition, please visit here: https://announcements.bybit.com/article/-bybit-x-signalplus-2025-global-trading-competition-returns-with-bigger-rewards-win-your-share-of-the-100-000-usdc-prize-pool–blt36f0435aff9e950f/

#Bybit / #TheCryptoArk

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

For more details about Bybit, please visit Bybit Press
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Blockchain

Blocks & Headlines: Today in Blockchain (BubbleMaps, Pantera Capital, Week 2025, FP Complete, FP Block, Bybit, FarmX)

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blocks-&-headlines:-today-in-blockchain-(bubblemaps,-pantera-capital,-week-2025,-fp-complete,-fp-block,-bybit,-farmx)

 

Op-Ed: Blockchain’s Expanding Horizons

Blockchain technology continues to disrupt traditional systems, fostering innovation across diverse industries. From advancing digital infrastructure to enhancing transparency and security, its transformative potential is undeniable. Today’s briefing delves into groundbreaking developments that underline blockchain’s growing influence globally.


BubbleMaps Enhances Transparency in Solana Ecosystem

BubbleMaps, a blockchain investigation platform, has extended its capabilities to include Solana tokens. This platform empowers users to visualize token distributions, enhancing transparency and accountability within decentralized ecosystems. By highlighting token relationships, BubbleMaps aids in identifying potential risks, such as centralized holdings or suspicious activity.

This expansion underscores the increasing demand for tools that ensure trust and integrity in blockchain networks, a critical factor in driving mass adoption.

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Source: Decrypt


Pantera Capital Highlights Blockchain’s Role in USD Dominance

Pantera Capital has published insights emphasizing blockchain’s crucial role in fortifying the U.S. dollar’s global supremacy. By creating robust digital infrastructures, blockchain technologies enable seamless cross-border transactions, enhance financial transparency, and reduce reliance on intermediaries.

The report advocates for strategic adoption of blockchain solutions to maintain the dollar’s position in an increasingly digital financial landscape. This perspective aligns with broader trends favoring blockchain’s integration into national economic strategies.

Source: Daily Hodl


German Blockchain Week 2025: Bridging Europe and Asia

The recently concluded German Blockchain Week 2025 showcased innovative projects and fostered collaboration between European and Asian markets. Key discussions revolved around regulatory harmonization, decentralized finance (DeFi) opportunities, and cross-border partnerships.

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This event highlights the importance of international cooperation in addressing challenges and unlocking the full potential of blockchain technology on a global scale.

Source: AccessWire


FP Complete Evolves into FP Block, Emphasizing Blockchain Engineering

FP Complete has announced its strategic transformation into FP Block, marking a significant shift toward blockchain engineering. This rebranding reflects the company’s commitment to delivering cutting-edge blockchain solutions, including smart contract development, decentralized application (dApp) frameworks, and tokenomics design.

The move positions FP Block as a key player in the blockchain innovation space, catering to the growing demand for specialized engineering expertise in decentralized technologies.

Source: Business Wire

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Bybit Web3 Launches FarmX on Telegram

Bybit Web3 has unveiled FarmX, a decentralized farming game integrated into Telegram’s Web3 ecosystem. FarmX combines gaming with blockchain-based rewards, enabling players to earn digital assets through in-game activities.

This innovative approach to gaming exemplifies the potential of blockchain to redefine user engagement, blending entertainment with financial incentives in decentralized environments.

Source: PR Newswire


Analysis and Takeaways

  1. Enhanced Transparency: BubbleMaps’ integration of Solana tokens demonstrates the importance of tools that promote transparency in blockchain networks.
  2. Strategic Infrastructure: Pantera Capital’s insights reinforce the critical role of blockchain in maintaining economic dominance in the digital age.
  3. Global Collaboration: Events like German Blockchain Week 2025 emphasize the need for international partnerships to address regulatory and operational challenges.
  4. Specialized Engineering: FP Block’s focus on blockchain engineering highlights the growing demand for expertise in building decentralized systems.
  5. Blockchain Gaming: Bybit Web3’s FarmX showcases the fusion of gaming and blockchain, paving the way for innovative user experiences and financial inclusivity.

 

The post Blocks & Headlines: Today in Blockchain (BubbleMaps, Pantera Capital, Week 2025, FP Complete, FP Block, Bybit, FarmX) appeared first on News, Events, Advertising Options.

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