Adjusted diluted EPS was $0.18, impacted by divestitures and disposals.
Adjusted EBITDA margin for H1 2025 increased 50 basis points to 41%, driven by internal cost efficiencies.
Capital allocation included $50 million free cash flow used for share repurchases totaling $100 million in H1, reducing net debt.
Clarivate reported solid Q2 2025 financial performance with organic ACV growth of 1.3% year-over-year and a 40 basis point improvement from end of 2024.
Debt refinancing extended maturity by 5 years, with a swap to fixed interest rate, increasing annual cash interest by $7 million but favorable in current rate environment.
Free cash flow was $50 million in Q2 and $161 million for the first half of 2025.
Operating cash flow was $116 million in Q2, with $18 million of onetime restructuring costs related to the Value Creation Plan.
Q2 revenue was $621 million, with a net loss of $72 million, improved from prior year due to absence of noncash impairment charges.
Total organic revenue grew 0.5% in Q2, with recurring organic revenue growing nearly 1%.
Adoption of FASB fair value accounting increased stockholders' equity by $12.7 billion as of January 1, 2025.
Annualized interest and dividend obligations total $614 million, representing only 1.6% of capital raised in the last 12 months.
Bitcoin holdings provide 15x over-collateralization against out-of-the-money convertible debt and cover approximately 120 years of preferred dividend needs.
Bitcoin holdings valued at over $74 billion with a low-cost basis of $46 billion, all fully unencumbered.
Bitcoin per share (BPS) increased to 198,543 Satoshis cumulatively since 2020, with a year-to-date BTC Yield of 25% and BTC Gain of 111,894 Bitcoin.
First half 2025 GAAP operating income was $8.1 billion, net income $5.7 billion, and EPS $19.43, setting record highs.
Market capitalization surpassed $112 billion, ranking 96th largest public company in the U.S.
Q2 2025 GAAP operating income reached a record $14 billion, with net income of $10 billion and fully diluted EPS of $32.60, the highest in company history.
Q2 saw a $14 billion unrealized fair value gain on Bitcoin holdings, following a $5.9 billion unrealized loss in Q1.
Raised $18.3 billion in capital year-to-date, 81% of total capital raised in all of last year, through four preferred equity offerings.
Strategy holds 628,791 Bitcoin, representing 3% of all Bitcoin ever mined, positioning it as the dominant Bitcoin Treasury Company.
Total stockholders' equity stands at $47.5 billion with $8.2 billion in convertible debt and $6.3 billion in perpetual preferred equity outstanding.
Treasury operations generated $13.2 billion in BTC dollar gain year-to-date, nearing the $15 billion full-year target.
Dafinchi